Poste Italiane

Investor Presentation • May 12, 2022

1

POSTE ITALIANE Q1-22 FINANCIAL RESULTS 12 MAY 2022

PAVING THE WAY TO A SUCCESSFUL 2022

CONTENTS

EXECUTIVE SUMMARY

Q1-22 RESULTS OVERVIEW

POSITIVE COMMERCIAL TRENDS COMBINED WITH COST DISCIPLINE LEADING TO INCREASING EBIT

€ m unless otherwise stated
	Q1-21	Q1-22	VAR.	VAR. (%)
REVENUES	2,933	2,973	+40	+1.4%
TOTAL COSTS	2,313	2,279	(33)	(1.4%)
EBIT	620	694	+73	+11.8%
NET PROFIT	447	495	+47	+10.6%

REVENUES POSITIVE CONTRIBUTION FROM PAYMENTS & MOBILE AND INSURANCE DRIVING TOP LINE GROWTH

1. Q1-21 figures have been restated to account for Poste Welfare Servizi (PWS) change of perimeter

CONTENTS

MAIL, PARCEL & DISTRIBUTION COST DISCIPLINE MITIGATING THE IMPACT OF PARCEL NORMALIZATION

with Financial Services revenues

● Resilient EBIT supported by cost discipline in a challenging market scenario

1. Q1-21 figures have been restated to include Poste Welfare Servizi (PWS), now in Mail, Parcel & Distribution; 2. Includes Tax Credit contribution, Digital Identities fees, EGI, Poste Air Cargo, Patenti Via Poste, Philately, Poste Motori; 3. Includes income received by Other Segments in return for use of the distribution network and Corporate Services.

• Stable mail revenues with higher margin integratedservices up, compensating unrecorded mail decline
• Parcel revenues normalizing compared to Q1-21 (benefitting from pandemic restrictions) and impacted by lower contribution from China
• Other revenues² supported by new business initiatives

● Distribution fees flat, in line

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MAIL, PARCEL & DISTRIBUTION: VOLUMES AND PRICING NORMALIZING PARCEL VOLUMES – MAIL DOWN DUE TO UNRECORDED VOLUMES

QUARTERLY BUSINESS TRENDS: PARCELS

NORMALIZING WELL ABOVE PRE-PANDEMIC LEVELS; FLEXIBILITY TO ADDRESS POTENTIAL HEADWINDS

• Tough Y/Y comparison, parcel upward shift – expected normalization well above pre-pandemic levels
• Latest developments suggesting market headwinds related to changing consumers' demand
• Flexible levers available to offset potential impacts at operating level

FINANCIAL SERVICES REVENUES SUPPORTED BY NII (TAX CREDIT INVESTMENTS)

1. Figures presented include intersegment distribution revenues; 2. Includes revenues from payment slips (bollettino), banking accounts related revenues, fees from INPS and money transfers, Postamat (only for Q1-21); 3. Includes reported revenues from custody accounts, credit cards, other revenues from third party products distribution.

• Strong NII supported by tax credit investments and market tailwinds
• Active portfolio management: FY-22 fully secured (o.w. €176m booked in Q1-22)
• Postal savings fees down higher than expected net outflows
• Transaction banking fees impacted by lower payment slips volumes
• Loan and mortgage fees up due to improving volumes and pricing
• Asset management revenues up supported by higher AUM

10

● EBIT up thanks to lower provisions and lower intersegment costs

NET INTEREST INCOME EVOLUTION

POSITIVE IMPACT FROM TAX CREDIT INV.; EXPECTED UPSIDE FROM HIGHER S/T RATES FOR BTP PTF

GROUP TOTAL FINANCIAL ASSETS POSITIVE NET INFLOWS TREND DRIVEN BY DEPOSITS AND INSURANCE PRODUCTS

1. End of period figures; 2. Includes deposits and Assets Under Custody; 3. Deposits do not include REPOs and Poste Italiane liquidity.

impacted by interest rates

INSURANCE SERVICES SOLID REVENUE GROWTH SUPPORTED BY HIGHER VOLUMES AND MARGINS

Q1 HIGHLIGHTS

• Life revenues up:
  • Increasing average technical reserves with growing share of higher-margin multiclass products
  • Higher investment margin benefitting from inflation-linked bonds
• P&C healthy growth sustained by increasing gross written premiums (+19% Y/Y)
• EBIT up benefitting from positive revenue trend

1. Includes Private Pension Plan (PPP); 2. Net of claims; includes Poste Insurance Broker; 3. Q1-21 figures have been restated net of Poste Welfare Servizi (PWS), now included in Mail, Parcel & Distribution business segment; 4. Net of reinsurance.

SOLVENCY II RATIO SOLVENCY RATIO ABOVE MANAGERIAL AMBITION, BENEFITTING FROM HIGHER RISK-FREE RATES

1. EoP figures; 2. Core Solvency Ratio defined as (shareholders' Equity + retained earnings + Restricted Tier 1 + Tier 2) / SCR. More details on page 38.

PAYMENTS & MOBILE IMPRESSIVE REVENUE GROWTH ACROSS ALL BUSINESS LINES

HUMAN CAPITAL FTEs DOWN – VALUE ADDED PER FTE INCREASING MORE THAN AVERAGE HR COSTS

1. Annualised figure; 2. Group revenues minus cost of goods sold.

HUMAN CAPITAL LOWER FTE BASE MORE THAN OFFSETTING SALARY INCREASE IMPACT ON HR COSTS

1. Excluding legal disputes with employees; 2. Unpaid leaves and provisions for festivities

NON-HR COSTS COGS DOWN DESPITE HIGHER PAYMENT BUSINESS COSTS AND INFLATION EFFECT

SOLID OPERATING PROFIT PAVING THE WAY TO A SUCCESSFUL 2022

1. Q1-21 figures have been restated to account for Poste Welfare Servizi (PWS) change of perimeter

CLOSING REMARKS

● GROUP REVENUES UP COMBINED WITH STRONG EBIT PROGRESSION – ON TRACK TO MEET 2022 TARGETS

● PAYMENTS & MOBILE AND INSURANCE DRIVING RECURRING REVENUE GROWTH

● CONTINUED FOCUS ON COST EFFICIENCY IN A CHALLENGING ENVIRONMENT

● DIVERSIFIED BUSINESS MODEL SUPPORTING A STRONG PERFORMANCE

CONTENTS

SEGMENT REVENUES POSITIVE CONTRIBUTION FROM PAYMENTS & MOBILE AND INSURANCE DRIVING TOP LINE GROWTH

SEGMENT OPERATING PROFIT PAVING THE WAY TO A SUCCESSFUL 2022

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MAIL, PARCEL & DISTRIBUTION: VOLUMES AND PRICING NORMALIZING PARCEL VOLUMES – MAIL DOWN DUE TO UNRECORDED VOLUMES

1. Includes International parcels and partnerships with other logistic operators; 2. Including logistic value chain contribution from China inbound volumes; 3. Includes Multichannel services, Editorial services, Postel volumes and other basic services; 4. Including mix effect.

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POSTE ITALIANE'S ESG RATED PERFORMANCE, AWARDS AND MEMBERSHIPS

Rating agency	Performance
CDP	A- Rating (Leader)
MSCI	A Rating (Average)
ISS E&S Disclosure Quality Score	1- Environmental & Social
Equileap Gender Equality Index	Top 100 globally
Vigeo Eiris Eurozone 120	#1 (Universo - Transport & Logistics)
Borsa Italiana	#1 MIB ESG
Sustainalytics	ESG Industry Top-Rated

Included in these indices

ESG Index Scores Awards & Recognitions Memberships LinkedIn - Best Talent Acquisition Team 2021 Most attractive employer 2021 Postepay Green product of the year 2022 European Funds Trophy 2021 Financial Innovation-Italian Award Top Employer Italia 2022 One of the World's Top 25 strongest brands Certificate of Excellence 2021 Celent Model Insurer Award for Customer Experience Transformation Top Rated ESG Performer

Find out more about our awards and recognition in our annual report

• UN Global Compact
• Principles for Responsible Investment
• UNEP FI Principles for Sustainable Insurance
• UN Women
• CSR Exhibition
• Sodalitas
• Anima per Il Sociale
• CSR Manager
• Valore D
• Fondazione ASPHI Onlus
• Organismo Italiano di Business Reporting – Sustainability, Non-Financial e Integrated Reporting (O.I.B.R.)
• Parks Liberi e Uguali

STRONG CASH GENERATION, AMPLE LIQUIDITY & BALANCED DEBT PROFILE

1. As of March 2022; 2 . Debt capacity consistent with current rating (based on the Moody's credit opinion as of June 2021) and available for future potential financing operations.

MAIL, PARCEL AND DISTRIBUTION NET FINANCIAL POSITION

1. Dec-21 figures have been restated to include Poste Welfare Servizi (PWS), now included in Mail, Parcel & Distribution business segment.

TAX CREDIT PURCHASE – OVERVIEW €8.6BN PURCHASED AS OF MARCH 2022¹AT GROUP LEVEL

BANCOPOSTA ASSETS AND LIABILITIES STRUCTURE CURRENT ACCOUNT DEPOSITS SUPPORTED MAINLY BY PUBLIC ADMINISTRATION

1. Entirely invested in floating rate deposits c/o MEF; 2. Including deposits from PA, liquidity Buffer, deposits c/o other financial institutions, short term bonds (for treasury management) and excluding Poste Italiane liquidity; 3. Includes business current accounts, PostePay business and other customers debt; 4. Average yield calculated as interest income on average current account deposits.

30

UNREALISED GAINS & LOSSES AND SENSITIVITIES NET UNREALISED GAINS AT € 1.4BN

€ m unless otherwise stated

31

BTP 30Y 1.84 1.82 1.99 2.49 +50

SWAP 30Y 0.48 0.48 0.48 1.02 +54

POSTAL SAVINGS EARLY PENSION PAYMENTS IN 2021 AND INCREASED CONSUMPTION PROPENSITY DRIVING OUTFLOWS

ASSET MANAGEMENT POSITIVE NET INFLOWS SUPPORTED BY MULTICLASS PRODUCTS

ASSET MANAGEMENT NET INFLOWS POSITIVE NET INFLOWS THANKS TO MULTICLASS CLASS III COMPONENT AND MUTUAL FUNDS

BANCOPOSTA: SOLID AND EFFICIENT CAPITAL POSITION AN ASSET GATHERER WITH A CAPITAL LIGHT BALANCE SHEET

INSURANCE SERVICES SOLVENCY II EVOLUTION

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INSURANCE SERVICES SOLVENCY II OWN FUNDS TIERING AND SOLVENCY CAPITAL REQUIREMENTS

CHANGE VS DECEMBER 2021 (€ M)

INSURANCE SERVICES: SOLVENCY II RATIO COMPOSITION BROADLY STABLE CORE SOLVENCY II RATIO

SOLVENCY II RATIO SENSITIVITIES RESILIENT UNDER SEVERE SCENARIOS

INSURANCE SERVICES STRONG MULTICLASS PRODUCT NET INFLOWS – UNREALIZED GAINS IMPACTED BY HIGHER RATES

€ bn unless otherwise stated

1. Includes non-life technical reserves and net of re-insurance reserves; EoP figures; 2. Includes life protection and PPP; 3. EoP figure; 4. Includes interests, upfront fees and other minor items.

40

INSURANCE SERVICES GWP INCREASING SHARE OF MULTICLASS AND NON-LIFE GROSS WRITTEN PREMIUMS

LIFE (757) (13%) NON-LIFE +19 +19% Multiclass Segregated funds products (class I-V)¹ Unit Linked (Class III) CPI Modular Welfare 3,099 1,933 2,645 3,049 5 Q1-21 8 Q1-22 5,749 4,991 ^{37 45} 8 10 50 59 Q1-21 Q1-22 96 114 Multiclass (% of life GWP) ^{46 61}

TOTAL

1. Includes life protection and PPP.

INSURANCE SERVICES NET INFLOWS POSITIVE NET INFLOWS THANKS TO MULTICLASS INSURANCE PRODUCTS

INSURANCE SERVICES INVESTMENT PORTFOLIO ONGOING DIVERSIFICATION

1. Includes financial assets covering Class I technical provisions and free surplus investments according to local GAAP.

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PAYMENTS & MOBILE KEY METRICS STEADY INCREASE ACROSS KEY METRICS

1. Including social measures related cards; 2. Including payments, top ups and withdrawals; 3. Includes e-commerce and web transactions on Poste Italiane channels; 4. An innovative electronic tool associated to a single customer, able to authorize in app payment transactions.

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POSTE ITALIANE DIGITAL FOOTPRINT KEY METRICS CONSTANTLY IMPROVING

INTERSEGMENT COSTS AS OF Q1-22 INTERSEGMENT DYNAMICS' KEY DRIVERS

INTERSEGMENT € m unless otherwise stated COST FLOWS		MAIN INDICATIVE MAIN
		RATIONALE REMUNERATION SCHEME	€ M
Mail, Parcel & Distribution Payments & a) d) Mobile g)		• Payments and Mobile remunerates: a) Mail, Parcel and Distribution for providing IT, delivery a) Number of payment transactions flat volume and other corporates services1 ; fee (depending on the product) b) Financial Services for promoting and selling card b) Fixed % of revenues payments and other payments (e.g. tax payments) throughout the network; • Insurance Services remunerates: c) Financial Services for promoting and selling insurance c) Fixed % of upfront fees products2 and for investment management services3 ; d) Depending on service/product d) Mail, Parcel and Distribution for providing corporate services1 ;	a) 60 b) 51 Total: 112 c) 146 d) 21 Total: 167
Insurance h) f) c) b)	Services	• Financial Services remunerates: e) Mail, Parcel and Distribution for promoting and selling e) Fixed % (depending on the product) Financial, Insurance and PMD products throughout the of revenues network and for proving corporate services4 ; f) Depending on service/product f) Payments & Mobile for providing certain payment services5	e) 1,189 f) 50 Total: 1,2396
	Financial Services	• Mail, Parcel and Distribution remunerates: g) Payments & Mobile for acquiring services and postman g) Annual fee electronic devices h) Flat fee for each «Bollettino» h) Financial Services as distribution fees related to "Bollettino DTT"	g) 10 h) 4 Total: 14

1. Corporate Services such as communication, anti money laundering, IT, back office and call centers; 2. Which, in turn, remunerates Mail, Parcel and Distribution; 3. Investment management services provided by BancoPosta Fondi SGR; 4. E.g. Corporate services are remunerated according to number of allocated FTEs, volumes of sent letters and communication costs; 5. E.g. 'Bollettino' 6. Excluding interest charges.

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CONSOLIDATED ACCOUNTS PROFIT & LOSS

€m	Q1-21	Q1-22	Var.	% Var.
Total revenues	2 933 ,	2 973 ,	+40	+1%
of which:
Mail Parcel and Distribution ,	919	901	(18)	(2%)
Financial Services	1 327 ,	1 311 ,	(16)	(1%)
Insurance Services	494	529	+35	+7%
and Mobile Payments	192	231	+39	+20%
Total costs	2 313 ,	2 279 ,	(33)	(1%)
of which:
Total personnel expenses	358 1 ,	326 1 ,	(32)	(2%)
of which personnel expenses	1 358 ,	1 327 ,	(31)	(2%)
of which early retirement incentives	2	2	+1	+34%
of which legal disputes with employees	(2)	(3)	(1)	n.m.
Other operating costs	755	758	3	+0%
and Depreciation , amortisation impairments	199	195	(4)	(2%)
EBIT	620	694	+73	+12%
EBIT Margin	+21%	+23%
income/(costs) and profit/(loss) accounted for Finance on investments the method using equity	2 0	9 1	(1)	(4%)
Profit before tax	640	713	+72	+11%
Income tax expense	193	218	+25	+13%
Profit for the period	447	495	+47	+11%

MAIL, PARCEL & DISTRIBUTION PROFIT & LOSS

€m	Q1-21	Q1-22	Var	Var %
Segment revenue	919	901	(18)	(2%)
Intersegment revenue	1 275 ,	1 269 ,	(6)	(0%)
Total revenues	2 194 ,	2 170 ,	(24)	(1%)
Personnel expenses	1 333 ,	1 300 ,	(33)	(3%)
of which personnel expenses	331 1 ,	298 1 ,	(34)	(3%)
of which early retirement incentives	2	2	1	+32%
Other operating costs	590	610	2 0	+3%
Intersegment costs	20	14	(6)	(28%)
Total costs	1 942 ,	1 924 ,	(18)	(1%)
EBITDA	252	246	(6)	(2%)
and Depreciation , amortisation impairments	194	190	(4)	(2%)
EBIT	58	56	(2)	(4%)
EBIT MARGIN	+3%	+3%
Finance income/(costs)	5	3	(2)	(47%)
Profit/(Loss) before tax	63	58	(4)	(7%)
Income tax expense	2 5	2 7	+2	+10%

FINANCIAL SERVICES PROFIT & LOSS

€m	Q1-21	Q1-22	Var	% Var
Segment revenue	327 1 ,	311 1 ,	(16)	(1%)
Intersegment revenue	199	196	(3)	(2%)
Total revenues	1 527 ,	1 507 ,	(19)	(1%)
Personnel expenses	1 1	1 1	+0	+0%
of which personnel expenses	1 1	1 1	(0)	(0%)
of which early retirement incentives	0	0	+0	n.m.
Other operating costs	4 2	2 6	(16)	(38%)
and Depreciation , amortisation impairments	0	0	+0	+47%
Intersegment costs	1 268 ,	1 239 ,	(29)	(2%)
Total costs	321 1 ,	276 1 ,	(45)	(3%)
EBIT	206	231	26	+12%
EBIT MARGIN	13%	15%
income/(costs) Finance	5	5	(0)	(0%)
Profit/(Loss) before tax	211	236	26	+12%
Income tax expense	9 5	6 5	6	+11%
Profit for the period	152	171	19	+13%

INSURANCE SERVICES PROFIT & LOSS

€m	Q1-21	Q1-22	Var	Var %
Segment revenue	494	529	+35	+7%
Intersegment revenue	1	1	(0)	(2%)
Total revenues	495	530	+35	+7%
Personnel expenses	8	9	+1	+12%
of which personnel expenses	8	9	+1	+12%
of which early retirement incentives	0	0	+0	n.m.
Other operating costs	2 7	2 4	(3)	(11%)
and Depreciation , amortisation impairments	1	1	0	+7%
Intersegment costs	172	167	(4)	(3%)
Total costs	208	201	(6)	(3%)
EBIT	287	329	+41	+14%
MARGIN EBIT	58%	62%
income/(costs) Finance	1 1	1 1	(0)	(1%)
Profit/(Loss) before tax	299	340	41	+14%
Income tax expense	9 0	104	+14	+16%
Profit for the period	209	236	+27	+13%

PAYMENTS & MOBILE PROFIT & LOSS

€m	Q1-21	Q1-22	Var.	Var. %
Segment revenue	192	231	+39	+20%
Intersegment revenue	8 3	6 7	(16)	(20%)
Total revenues	276	298	+23	+8%
Personnel expenses	6	7	+1	+9%
of which personnel expenses	6	7	+1	+9%
Other operating costs	9 7	9 8	+1	+1%
Intersegment costs	9 8	112	+14	+14%
Total costs	202	217	+15	+7%
EBITDA	74	81	+8	+10%
Depreciation, amortisation and impairments	4	3	(1)	(18%)
EBIT	70	78	+8	+12%
EBIT MARGIN	25%	26%
Finance income/(costs)	(2)	(0)	+1	+91%
Profit/(Loss) before tax	68	78	+10	+14%
Income tax expense	2 0	2 2	+3	+13%
Profit for the period	48	55	+7	+15%

DISCLAIMER

This document contains certain forward-looking statements that reflect Poste Italiane's management's current views with respect to future events and financial and operational performance of the Company and of the Company's Group.

These forward-looking statements are made as of the date of this document and are based on current expectations, reasonable assumptions and projections about future events and are therefore subject to risks and uncertainties. Actual future results and performance may indeed differ materially from what is expressed or implied in this presentation, due to any number of different factors, many of which are beyond the ability of Poste Italiane to foresee, control or estimate precisely, including, but not limited to, changes in the legislative and regulatory framework, market developments, price fluctuations and other risks and uncertainties, such as, for instance, risks deriving from the recent Covid-19 pandemic and from the direct and indirect effects resulting from the international conflict in Eastern Europe.

Forward-looking statements contained herein are not a guarantee of future performance and you are therefore cautioned not to place undue reliance thereon.

This document does not constitute a recommendation regarding the securities of the Company; it does not contain an offer to sell or a solicitation of any offer to buy any securities issued by Poste Italiane or any of its Group companies or other forms of financial assets, products or services.

Except as may be required by applicable law, Poste Italiane denies any intention or obligation to update or revise any forward-looking statements contained herein to reflect events or circumstances after the date of this presentation.

Pursuant to art. 154- BIS, par.2,of the Consolidated Financial Bill of February 24, 1998, the executive (Dirigente Preposto) in charge of preparing the corporate accounting documents at Poste Italiane, Alessandro Del Gobbo, declares that the accounting information contained herein corresponds to document results and accounting books and records.

This presentation includes summary financial information and should not be considered a substitute for Poste Italiane's full financial statements.

Numbers in the document may not add up only due to roundings.