Poste Italiane

Investor Presentation • Mar 23, 2022

1

POSTE ITALIANE Q4 & FY-21 FINANCIAL RESULTS 23 MARCH 2021

CONTENTS

EXECUTIVE SUMMARY

● RECORD HIGH PERFORMANCE: SOLID RESULTS OVER-DELIVERING AGAINST 24SI TARGETS

● STRONG REVENUE INCREASE IN 2021, WITH ALL BUSINESSES PROGRESSING IN LINE WITH PLAN PROJECTORY

● 2021 NET PROFIT AT €1.6BN (€1.3BN EXCL. NEXI REVALUATION AND POSITIVE TAX ONE-OFFS) AND €405M IN

Q4-21 (€172M EXCL. NEXI AND TAX ONE-OFFS)

● LOWER AVERAGE FTEs UNDERPINNING COST DISCIPLINE

● PROPOSED DISTRIBUTION OF €0.59 DIVIDEND ON FY-21 (+21% Y/Y), PAYOUT RATIO AT 58%1,2 – UPGRADING DIVIDEND POLICY AND ANTICIPATING ORIGINALLY ENVISAGED 2022 DPS

Q4 & FY-21 RESULTS OVERVIEW

FY EBIT IN LINE WITH UPGRADED GUIDANCE, Q4 IMPACTED BY ACTIVE PORTFOLIO MANAGEMENT TIMING

€ m unless otherwise stated

	Q4-20	Q4-21	VAR.	FY-20	FY-21	VAR.
REVENUES	2,964	2,775	(189) (6.4%)	10,526	11,220	+694 +6.6%
TOTAL COSTS	2,685	2,545	(140) (5.2%)	9,002	9,375	+372 +4.1%
EBIT	280	230	(49) (17.6%)	1,524	1,846	+322 +21.1%
	212 excl. positive tax one-off		172 excl. Nexi revaluation and positive tax one-offs	1,110 excl. positive tax one-off	1,335	excl. Nexi revaluation and positive tax one-offs
NET PROFIT	308	405	+97 +31.7%	1,206	1,580	+373 +31.0%

REVENUES TOP LINE TRENDS IN LINE WITH 24SI ACROSS ALL BUSINESS SEGMENTS

CONTENTS

MAIL, PARCEL & DISTRIBUTION RECORDED MAIL RECOVERY SUPPORTING REVENUES – PARCEL GROWTH NORMALIZING

MAIL, PARCEL & DISTRIBUTION: VOLUMES AND PRICING PARCEL VOLUMES NORMALIZING – MAIL VOLUMES RECOVERING AS EXPECTED

Q4-HIGHLIGHTS

• Normalizing B2C parcel volumes, in line with 24SI expectations
• Mail volumes up thanks to Nexive integration and PA notifications
• B2C tariffs improved mainly thanks to better customer base mix
• Mail tariffs down mainly due to product mix effect

1. Includes International parcels and partnerships with other logistic operators 2. Including logistic value chain contribution from China inbound volumes and proforma for Nexive in 2020 3.Includes Multichannel services, Editorial services, Postel volumes and other basic services; 4. Including mix effect

FINANCIAL SERVICES TRENDS IN LINE WITH 24SI – 4Q EBIT IMPACTED BY NON-OPERATING ITEMS AND TIMING EFFECT

1. Figures presented include intersegment distribution revenues 2. Revenues are now presented net of interest income charges and capital losses on investment portfolio, previously booked as costs. 2020 figures have been restated accordingly 3. Includes revenues from payment slips (bollettino), banking accounts related revenues, fees from INPS and money transfers, Postamat 4. Includes reported revenues from custody accounts, credit cards, other revenues from third party products distribution.

• Resilient NII thanks to higher deposits and contribution from tax credits
• Active portfolio management in line with 24SI - 2022 already secured
• Postal savings revenues in line with 24SI targets
• Transaction banking fees comparison impacted by Q4-20 non-operating oneoff
• Loan and mortgage revenues down due to potential early repayments, volumes improving
• Asset management revenues up thanks to increasing net inflows
• EBIT resilient against revenue trend

GROUP TOTAL FINANCIAL ASSETS TFA'S GROWING STEADILY, OVER-DELIVERING 24SI FY-21 TARGET

1. End of period figures 2. Includes deposits and Assets Under Custody 3. Deposits do not include REPOs and Poste Italiane liquidity 4. Includes accrued interests

• Stable postal savings thanks to accrued interest
• Net technical reserves up thanks to multiclass products net inflows more than offsetting negative market effect
• Higher deposits thanks to Public Administration and retail accounts
• Mutual funds up thanks to both net inflows and market effect

INSURANCE SERVICES FY-21 STRONG PERFORMANCE IN LINE WITH 24SI, SUPPORTED BY FAVOURABLE MARKET CONDITIONS

1. Includes Private Pension Plan (PPP) 2. Includes Poste Welfare Servizi (PWS) and Poste Insurance Broker (PIB) net of claims 3. Related to COVID-19 and dormant policies 4. Net of reinsurance

SOLVENCY II RATIO SOLVENCY II RATIO ABOVE MANAGERIAL AMBITION THROUGH THE CYCLE

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

HIGHLIGHTS

• Solvency II ratio impacted by:
  • higher BTP spread, partially offset by higher risk free rate
  • FY21 dividend distribution to parent company (9pp)
• Transitional measures provide additional 24pp to address potential market volatility

PAYMENTS & MOBILE ALL BUSINESS LINES BOOSTING SOLID REVENUE GROWTH

€ m unless otherwise stated

Q4-HIGHLIGHTS

• Card payments strongly up thanks to higher (and recurring) margin on prepaid cards and transactions
• Other payments up thanks to transactions directly managed by PostePay as payment service provider
• Telco revenues up thanks to increasing customer base
• Intersegment revenues impacted by decreasing payment slips volumes
• Higher revenues and new telco wholesale contract savings leading to solid EBIT increase

HUMAN CAPITAL ONGOING WORKFORCE TRANSFORMATION, OVER-DELIVERING 24SI 2021 TARGET

1. €41.7k reported. Presented figures include One-off items related to employee wage support during the emergency, lower overtime and allowances and variable compensation 2. Annualised figure 2. Group revenues minus cost of goods sold

15

HUMAN CAPITAL HR COSTS DOWN THANKS TO LOWER FTEs

NON-HR COSTS HIGHER COGS SUPPORTING BUSINESS GROWTH

1. Excluding one-off expenses to face the emergency 2. Q4-20 including Nexive 3. Ordinary labour costs and fixed COGS

SEGMENT OPERATING PROFIT EBIT PROGRESSION EMBEDDING POSITIVE COMMERCIAL MOMENTUM

CLOSING REMARKS

● RECORD HIGH PERFORMANCE: SOLID RESULTS OVER-DELIVERING AGAINST 24SI TARGETS

● STRONG REVENUE INCREASE IN 2021, WITH ALL BUSINESSES PROGRESSING IN LINE WITH PLAN PROJECTORY

● 2021 NET PROFIT AT €1.6BN (€1.3BN EXCL. NEXI REVALUATION AND POSITIVE TAX ONE-OFFS) AND €405M IN

Q4-21 (€172M EXCL. NEXI AND TAX ONE-OFFS)

● LOWER AVERAGE FTEs UNDERPINNING COST DISCIPLINE

● PROPOSED DISTRIBUTION OF €0.59 DIVIDEND ON FY-21 (+21% Y/Y), PAYOUT RATIO AT 58%1,2 – UPGRADING DIVIDEND POLICY AND ANTICIPATING ORIGINALLY ENVISAGED 2022 DPS

CONTENTS

SEGMENT REVENUES TOP LINE GROWTH ACROSS ALL SEGMENTS

SEGMENT OPERATING PROFIT EBIT PROGRESSION SUPPORTED BY STRONG UNDERLYING TRENDS

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

ESG Index Scores Awards & Recognitions Memberships

European Funds Trophy 2021

Top Employer Italia 2022

Best performance in the 500 Top Brand Finance

LinkedIn - Best Talent Acquisition Team 2021

Find out more about our awards and recognition in our

Most attractive employer 2021

Postepay Digital product of the year 2021

Top Rated ESG Performer

1st in the world's Top 100 insurance companies

Certificate of Excellence

• 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.)

QUARTERLY BUSINESS TRENDS: PAYMENTS & MOBILE, FINANCIAL & INSURANCE

1. Credit protection insurance

STRONG CASH GENERATION, AMPLE LIQUIDITY & BALANCED DEBT PROFILE

1. As of December 2021 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

HUMAN CAPITAL ORDINARY HR COSTS IN LINE WITH 24SI TARGET – LOWER SHARE ON REVENUES

NON-HR COSTS HIGHER COGS SUPPORTING BUSINESS GROWTH IN LINE WITH 24SI

1. Excluding one-off expenses to face the emergency 2. FY-20 including Nexive 3. Ordinary labour costs and fixed COGS

TAX CREDIT PURCHASE – OVERVIEW €6.5BN BOUGHT AT DECEMBER 2021¹

BANCOPOSTA ASSETS AND LIABILITIES STRUCTURE PRUDENT ALM STRATEGY TO MATCH ASSETS AND LIABILITIES

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

UNREALISED GAINS & LOSSES AND SENSITIVITIES NET UNREALISED GAINS AT € 2.1BN

€ m unless otherwise stated

BTP 30Y 1.42 1.84 1.82 1.99 +18

SWAP 30Y (0.03) 0.48 0.48 0.48 -1

POSTAL SAVINGS EARLY PENSION PAYMENTS IN 2020 AND INCREASED CONSUMPTION PROPENSITY DRIVING OUTFLOWS

€ m unless otherwise stated

ASSET MANAGEMENT POSITIVE NET INFLOWS SUPPORTED BY MULTICLASS PRODUCTS

€ m unless otherwise stated

845

567

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

€ m unless otherwise stated

MULTICLASS CLASS III & UNIT LINKED

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

INSURANCE SERVICES SOLVENCY II EVOLUTION

INSURANCE SERVICES SOLVENCY II OWN FUNDS TIERING AND SOLVENCY CAPITAL REQUIREMENTS

SOLVENCY II CAPITAL AND SOLVENCY II CAPITAL REQUIREMENT BREAKDOWN (€ M)

Underw. Risk Counterparty Risk Market risk Diversification BSCR Operational risk LAC DT & Other SCR Own Funds

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

SOLVENCY II RATIO SENSITIVITIES

RESILIENT UNDER SEVERE SCENARIOS BENEFITTING FROM FAVOURABLE MARKET CONDITIONS

INSURANCE SERVICES CONTINUED DIVERSIFICATION TOWARDS MULTICLASS INSURANCE PRODUCTS

€ 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

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

€ m unless otherwise stated

1. Includes life protection and PPP

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

€ m unless otherwise stated

INSURANCE SERVICES INVESTMENT PORTFOLIO ONGOING DIVERSIFICATION

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

44

PAYMENTS & MOBILE KEY METRICS STEADY INCREASE ACROSS ALL 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

PAYMENTS & MOBILE: POSTEPAY TRANSACTIONS VALUE¹ STEADY INCREASE IN E-COMMERCE TRANSACTIONS

POSTEPAY DAILY AVERAGE TRANSACTION VALUE (BASE 100)

POSTE ITALIANE DIGITAL FOOTPRINT KEY METRICS CONSTANTLY IMPROVING

1. Source: App stores (iOS and Android) 2. Electronic identification refers to number of ID outstanding

GROUP PERFORMANCE MAIN KPIs

OPERATIONAL KPI's		Q4-20	Q4-21	Var.	FY-20	FY-21	Var.
MAIL PARCEL & DISTRIBUTION	Mail Volumes (#m) Parcels delivered by mailmen (#m) Parcel volumes (#m) B2C Revenues (€m)	603 2 1 7 0 205	669 2 5 6 8 201	+11% +21% (4%) (2%)	2280 7 4 210 603	2558 8 0 249 723	+12% +9% +18% +20%
PAYMENTS & MOBILE	PostePay cards (#m) of which PostePay Evolution cards (#m) Total payment cards transactions (#bn) of which eCommerce transactions (#m) Mobile & land-lines (#m) Digital e-Wallets (#m)			n.a. n.a. n.a. n.a. n.a. n.a.	21.7 7.7 1.6 397 4.6 7.4	21.1 8.4 2.0 520 4.7 9.1	(3%) +9% +29% +31% +2% +23%
FINANCIAL SERVICES	Total Financial Assets - TFAs (€/bn) Unrealized gains (€m)			n.a. n.a.	569 4,653	586 2,096	+3% n.m.
INSURANCE SERVICES	Gross Written Premiums (€m) GWP – Life (€m) GWP – Private Pension Plan (€m) GWP – P&C (€m) o.w. Modular o.w. Welfare o.w. Payment	4,475 4,044 378 5 3 3 2 1 5 6	3,737 3,298 369 7 0 3 8 2 3 9	(16%) (18%) (2%) +33% +19% +53% +55%	16,898 15,566 1,095 237 129 8 1 2 8	17,883 16,451 1,123 309 150 119 3 9	+6% +6% +3% +30% +17% +47% +43%

INTERSEGMENT COSTS AS OF Q4-21 INTERSEGMENT DYNAMICS' KEY DRIVERS

€ m unless	INTERSEGMENT		MAIN		INDICATIVE MAIN
otherwise stated COST FLOWS			RATIONALE		REMUNERATION SCHEME	€ M
	Mail, Parcel & Distribution	• a) b)	Payments and Mobile remunerates: Mail, Parcel and Distribution for providing IT, delivery volume and other corporates services1 ; Financial Services for promoting and selling card payments and other payments (e.g. tax payments) throughout the network;	a) b)	Number of payment transactions flat fee (depending on the product) Fixed % of revenues	a) 69 b) 71 Total: 141
Payments & a) d) Mobile g) e) Insurance h) Services f) c) b)	• c) d)	Insurance Services remunerates: Financial Services for promoting and selling insurance products2 and for investment management services3 ; Mail, Parcel and Distribution for providing corporate services1 ;	c) d)	Fixed % of upfront fees Depending on service/product	c) 128 d) 19 Total: 148
	• e) f)	Financial Services remunerates: Mail, Parcel and Distribution for promoting and selling Financial, Insurance and PMD products throughout the network and for proving corporate services4 ; Payments & Mobile for providing certain payment services5	e) f)	Fixed % (depending on the product) of revenues Depending on service/product	e) 1,024 f) 54 Total: 1,0786
	Financial Services	• Mail, Parcel g) h)	and Distribution remunerates: Payments & Mobile for acquiring services and postman electronic devices Financial Services as distribution fees related to "Bollettino DTT"	g) h)	Annual fee Flat fee for each «Bollettino»	g) 10 h) 8 Total: 18 48

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

€ 1BN 4-YR & 8-YR DUAL SENIOR-TRANCHE & € 800M HYBRID ISSUANCE DIVERSIFYING FUNDING SOURCES AND INVESTOR BASE AT ALL TIME LOW RATES ENVIRONMENT

SENIOR KEY TERMS AND CONDITIONS HYBRID KEY TERMS AND CONDITIONS

Issuer	Poste Italiane S.p.A. ("Poste")
Issuer Ratings:	Baa3 (stable) and BBB (stable) by Moody's and S&P
Expected Issue Ratings:	Baa3 / BBB by Moody's and S&P
Notes	EUR Senior Unsecured, Reg S Bearer, dematerialized
Pricing Date	2 December 2020
Settlement Date	10 December 2020 (T+6)
Maturity Date	10 December 2024 (4-yr)	10 December 2028 (8-yr)
Amount Issued	Eur 500mln	Eur 500mln
Re-offer Spread vs MS	45bps	85bps
Re-offer Yield	-0.025%	0.531%
Coupon (FX)	0.000%, Annual, ACT/ACT	0.500%, Annual, ACT/ACT
Re-offer/Issuer Price	100.100%	99.758%
ISIN	XS2270395408	XS2270397016
Call Options	Clean-Up (80%) 1M par call	Clean-Up (80%) 3M par call

Issuer	Italiane S.p.A. Poste
Issuer Rating	(stable) and (stable) by Moody's and Baa3 BBB S&P
Expected Issue Rating	and by Moody's and Ba2 BB+ S&P
Expected Credit Equity	Moody's until the 50% / S&P 50% First Reset Date
	of RegS. Bearer, Direct, unsecured and subordinated obligations the Issuer,
Ranking/Format	ranking only to Junior Securities, and to all other outstanding senior junior
	of indebtedness the Issuer
Pricing Date	16 June 2021
Settlement Date	24 June 2021 (T+6)
Tranche Maturity	Perpetual NC8
Size	€800mn
Call First Date	March (3 months to the Date) 24 2029 prior First Reset
First Reset Date	24 June 2029
IPTs	3.000% area
Final Landing	2.625%
Interest	fixed 2.625 %, annual until First Reset Date then reset every 5 years at 5yr Mid
	swaps + initial (incl . relevant step-up) margin
Initial Margin	bps MS+267.7
Yield/Issue Price	2.625% (ann.) / 100.00%
1st Step-Up	+ 25bps on 24 June 2034
2nd Step-Up	+ 75bps on 24 2049 June
Optional Deferral Interest	of at the the (in whole part) on a cash-cumulative At any time option Issuer or in
	and not compounding basis
Redemption	3-month Call Make-Whole Call Withholding Substantial Par / / Tax Event /
Law	English law , status and subordination governed by Italian law
Listing	Luxembourg Stock Exchange (Regulated Market)
of Proceeds Use	General corporate purposes and to strengthen the regulatory capital structure of
Denominations	100k 1k EUR + EUR
ISIN	XS2353073161

SENIOR BOND INVESTOR TYPE ALLOCATION

HYBRID BOND INVESTOR TYPE ALLOCATION

CONSOLIDATED ACCOUNT PROFIT & LOSS

€m	Q4-20	Q4-21	Var.	Var. %	FY-20	FY-21	Var.	Var. %
Total revenues	2,964	2,775	(189)	(6%)	10,526	11,220	+694	+7%
of which:
Mail, Parcel and Distribution	950	1,010	+60	+6%	3,201	3,685	+484	+15%
Financial Services	1,349	1,088	(261)	(19%)	4,945	4,783	(162)	(3%)
Insurance Services	451	415	(35)	(8%)	1,643	1,870	+228	+14%
Payments and Mobile	215	263	+47	+22%	737	882	+144	+20%
Total costs	2,685	2,545	(140)	(5%)	9,002	9,375	+372	+4%
of which:
Total personnel expenses	1,760	1,533	(227)	(13%)	5,638	5,467	(171)	(3%)
of which personnel expenses	1,341	1,322	(19)	(1%)	5,204	5,236	+32	+1%
of which early retirement incentives	423	210	(213)	(50%)	434	235	(200)	(46%)
of which legal disputes with employees	(3)	1	+5	n.m.	(1)	(3)	(2)	n.m.
Other operating costs	741	819	7 7	+10%	2,664	3,117	+452	+17%
Depreciation, amortisation and impairments	183	193	1 0	+6%	700	790	+91	+13%
EBIT	280	230	(49)	(18%)	1,524	1,846	+322	+21%
EBIT Margin	+9%	+8%			+14%	+16%
Finance income/(costs) and profit/(loss) on investments accounted for using the equity method	2 5	263	+238	n.m.	5 2	322	+270	n.m.
Profit before tax	305	493	+188	+62%	1,576	2,168	+591	+38%
Income tax expense	(3)	8 8	+91	n.m.	370	588	+218	+59%
Profit for the period	308	405	+97	+32%	1,206	1,580	+373	+31%

MAIL, PARCEL & DISTRIBUTION PROFIT & LOSS

€m	Q4-20	Q4-21	Var.	Var. %	FY-20	FY-21	Var.	Var. %
Segment revenue	950	1,010	+60	+6%	3,201	3,685	+484	+15%
Intersegment revenue	1,253	1,111	(141)	(11%)	4,633	4,694	+62	+1%
Total revenues	2,203	2,121	(81)	(4%)	7,833	8,380	+546	+7%
Personnel expenses	1,736	1,507	(228)	(13%)	5,539	5,363	(176)	(3%)
of which personnel expenses	1,313	1,298	(15)	(1%)	5,107	5,130	2 3	+0%
of which early retirement incentives	422	210	(213)	(50%)	432	233	(199)	(46%)
Other operating costs	615	688	7 3	+12%	2,143	2,473	330	+15%
Intersegment costs	19	18	(1)	(4%)	73	78	5	+7%
Total costs	2,370	2,214	(156)	(7%)	7,755	7,914	+159	+2%
EBITDA	(167)	(92)	+74	+45%	78	465	+387	n.m.
Depreciation, amortisation and impairments	178	189	+11	+6%	667	770	+104	+16%
EBIT	(344)	(281)	+64	+18%	(588)	(305)	+283	+48%
EBIT MARGIN	(16%)	(13%)			(8%)	(4%)
Finance income/(costs)	6	2 2	+16	n.m.	1 2	2 9	+17	n.m.
Profit/(Loss) before tax	(338)	(259)	+80	+24%	(577)	(276)	+301	+52%
Income tax expense	(96)	(53)	+43	+45%	(158)	(46)	+112	+71%
Profit for the period	(242)	(206)	+36	+15%	(419)	(230)	+189	+45%

FINANCIAL SERVICES PROFIT & LOSS

PROFIT & LOSS
€m	Q4-20	Q4-21	Var.	Var. %	FY-20	FY-21	Var.	Var. %
Segment revenue	1,349	1,088	(261)	(19%)	4,945	4,783	(162)	(3%)
Intersegment revenue	186	199	+13	+7%	665	759	9 4	+14%
Total revenues	1,535	1,287	(248)	(16%)	5,610	5,542	(68)	(1%)
Personnel expenses	1 1	1 0	(1)	(6%)	4 0	4 2	+1	+3%
of which personnel expenses	1 0	1 0	(0)	(3%)	3 9	4 1	+2	+6%
of which early retirement incentives	0	0	+0	n.m.	0	0	+0	n.m.
Other operating costs	(13)	(6)	+7	+56%	4 6	119	+73	n.m.
Depreciation, amortisation and impairments	0	0	+0	+17%	0	0	(0)	(0%)
Intersegment costs	1,251	1,078	(172)	(14%)	4,658	4,634	(24)	(1%)
Total costs	1,248	1,082	(166)	(13%)	4,745	4,796	+51	+1%
EBIT	287	205	(82)	(29%)	866	747	(119)	(14%)
EBIT MARGIN	19%	16%			15%	13%
Finance income/(costs)	3	1	(1)	(58%)	(9)	1 0	+19	+214%
Profit/(Loss) before tax	289	206	(83)	(29%)	857	757	(100)	(12%)
Income tax expense	4 9	4 3	(6)	(13%)	210	200	(10)	(5%)
Profit for the period	240	163	(77)	(32%)	647	556	(91)	(14%)

INSURANCE SERVICES PROFIT & LOSS

€m	Q4-20	Q4-21	Var.	Var. %	FY-20	FY-21	Var.	Var. %
Segment revenue	451	415	(35)	(8%)	1,643	1,870	+228	+14%
Intersegment revenue	1	1	(1)	(42%)	1	3	+1	+88%
Total revenues	452	416	(36)	(8%)	1,644	1,873	+229	+14%
Personnel expenses	8	9	+1	+17%	3 3	3 7	+4	+12%
of which personnel expenses	8	9	+1	+17%	3 2	3 6	+4	+11%
of which early retirement incentives	0	0	+0	n.m.	1	1	+0	+38%
Other operating costs	2 5	2 8	+3	+12%	9 2	105	+13	+14%
Depreciation, amortisation and impairments	1	1	(0)	(5%)	8	4	(4)	(47%)
Intersegment costs	143	148	+4	+3%	523	604	+81	+15%
Total costs	177	186	+8	+5%	656	750	+94	+14%
EBIT	274	230	(44)	(16%)	988	1,123	+135	+14%
EBIT MARGIN	61%	55%			60%	60%
Finance income/(costs)	1 4	1 4	(0)	(3%)	4 1	5 4	+13	+31%
Profit/(Loss) before tax	289	244	(45)	(16%)	1,029	1,177	148	+14%
Income tax expense	2 7	7 0	+43	n.m.	245	349	+104	+42%
Profit for the period	262	174	(88)	(34%)	784	828	44	+6%

PAYMENTS & MOBILE PROFIT & LOSS

PROFIT & LOSS
€m	Q4-20	Q4-21	Var.	Var. %	FY-20	FY-21	Var.	Var. %
Segment revenue	215	263	+47	+22%	737	882	+144	+20%
Intersegment revenue	8 1	7 3	(8)	(9%)	341	319	(22)	(6%)
Total revenues	296	336	+40	+13%	1,079	1,201	+123	+11%
Personnel expenses	6	6	+0	+1%	2 5	2 5	(0)	(0%)
of which personnel expenses	6	6	+0	+1%	2 5	2 5	(0)	(0%)
Other operating costs	115	109	(6)	(5%)	384	420	+36	+9%
Intersegment costs	108	141	+33	+30%	385	459	+73	+19%
Total costs	229	255	+27	+12%	795	904	+109	+14%
EBITDA	67	80	+13	+19%	284	298	+14	+5%
Depreciation, amortisation and impairments	4	4	(0)	(10%)	2 5	1 6	(9)	(36%)
EBIT	63	77	+14	+21%	259	282	+23	+9%
EBIT MARGIN	21%	23%			24%	23%
Finance income/(costs)	2	226	+224	n.m.	8	229	+221	n.m.
Profit/(Loss) before tax	66	303	+237	n.m.	267	510	+244	n.m.
Income tax expense	1 7	2 8	+11	+64%	7 3	8 5	+12	+17%
Profit for the period	49	275	+226	n.m.	194	425	+231	n.m.

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.