Poste Italiane

Investor Presentation • Aug 4, 2021

POSTE ITALIANE Q2 & H1-21 FINANCIAL RESULTS 4 AUGUST 2021

CONTENTS

EXECUTIVE SUMMARY

● REVENUES UP ACROSS ALL DIVISIONS ABOVE PRE-PANDEMIC LEVELS

● FLEXIBLE COST BASE SUPPORTING GROWTH – COST REDUCTION LEVERS AVAILABLE

● STRONG OPERATING PERFORMANCE SUPPORTED BY SOLID BUSINESS DRIVERS

● 24SI IMPLEMENTATION WELL ON TRACK – REDUCED EXECUTION RISK

Q2 & H1 RESULTS OVERVIEW ROBUST OPERATING PERFORMANCE CONSISTENT WITH 24SI …

€ m unless otherwise stated

	Q2-201	Q2-21	VAR.	VAR. %	H1-201	H1-21	VAR.	VAR. %
REVENUES	2,317	2,751 Including 170	+434	+18.7%	4,988	5,684 Including 140	+696	+14.0%
TOTAL COSTS	1,992	one-off pandemic & other savings2 2,322	+330	+16.6%	4,222	one-off pandemic & other savings2 4,634	+412	+9.8%
EBIT	325	429	+104	+32.0%	766	1,049	+284	+37.1%
NET PROFIT	239	326	+87	+36.4%	546	773	+228	+41.8%

1. Excluding Nexive 2.. Q2-20 one-offs amounted to 170m (65m related to performance incentives, 75m to solidarity fund wage support and the pro-rata 30m to lower D&A as a result real assets reassessment of residual useful life and residual value). Refer to page 23 of the Q2-20 earnings presentation for more details

Q2 & H1 RESULTS OVERVIEW … BACK TO PRE-PANDEMIC LEVELS

€ m unless otherwise stated

	Q2-19	Q2-211	VAR.	VAR. %	H1-19	H1-211	VAR.	VAR. %
REVENUES	2,658	2,751	+93 Including 25 emergency	+3.5%	5,487	5,684	+197 Including 48 emergency	+3.6%
TOTAL COSTS	2,194	2,322	related expenses +128	+5.8%	4,406	4,634	related expenses +228	+5.2%
EBIT	464	429	(35)	(7.5%)	1,081	1,049	(31)	(2.9%)
NET PROFIT	324	326	+2	+0.6%	763	773	+10	+1.3%

6

STRATEGIC UPDATE - 24SI IMPLEMENTATION FULLY ON TRACK COMMITTED TO DELIVER

MAIL, PARCEL & DISTRIBUTION	• New Group labour contract signed in July – in line with 24SI targets • Poste Italiane participating in Italian EU Recovery Plan to support local communities • New logistic HUB inaugurated in June (up to 300k items daily automated sorting capacity) • Parcel normalizing and mail recovering – on track with 24SI FY-21 target
FINANCIAL SERVICES	• Wealth management strategy offsetting NII decline • Active portfolio management for 2022 secured for more than 50% Tax credits purchased for c. €2.2bn to date1 • • JV with BNP on salary-backed loans fully operational
INSURANCE SERVICES	• Multiclass over 60% of GWP • P&C roll-out on track • JV with Intesa Sanpaolo to build a national champion in real-asset investments • Increased investment margin in H1-21 leveraging on market conditions
PAYMENTS & MOBILE	• Sustained growth of payment transactions supporting omnichannel strategy roll-out • Ongoing shareholding portfolio optimization (SIA, Tink, Volante) • Migration to Vodafone telco network already reducing variable costs from H2-21 • Energy project set-up on track

SEGMENT REVENUES TOP LINE GROWTH ACROSS ALL SEGMENTS IN LINE WITH TARGETS

CONTENTS

MAIL, PARCEL & DISTRIBUTION STRONG REVENUE INCREASE BOOSTED BY ALL BUSINESS LINES – IMPROVING UNDERLYING EBIT

1. 2020 excluding Nexive 2. Includes Philately, Patenti Via Poste, Poste Motori, Poste Air Cargo, ecobonus contribution and vaccination plan related expense recovery 3. Includes income received by Other Segments in return for use of the distribution network and Corporate Services 4. Q2-20 one-offs amounted to 170 (65 related to performance incentives, 75 to solidarity fund wage support and the pro-rata 30 due to lower D&A as a result real assets reassessment of residual useful life and residual value). Refer to page 23 of the Q2-20 earnings presentation for more details 5. Of which 31 in mail and 10 in parcel in Q2-21; of which 64 in mail and 22 in parcel in H1-21

Q2-HIGHLIGHTS

• B2C supported by top customers and China
• B2B volumes up 4% y/y, excluding corporates shipping also to retail customers in Q2-20
• B2C tariff up thanks to favourable mix effect
• Mail volumes supported by recovery from lockdown and Nexive consolidation
• Mail tariff recovering thanks to improving recorded mail volumes

FINANCIAL SERVICES OPERATING PROGRESSION IN LINE WITH 24SI – WEALTH MANAGEMENT STRATEGY OFFSETTING NII

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.

• distribution fees supported by volume recovery and improving market share
• Transaction banking fees
• Intersegment distribution fees up thanks to improving
• EBIT down mainly related to higher reserve releases in Q2-20

GROUP TOTAL FINANCIAL ASSETS ALL COMPONENTS OF TFA GROWING STEADILY – 24SI FY-21 TARGET ALREADY ACHIEVED

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

INSURANCE SERVICES STRONG OPERATING PROFIT GROWTH DRIVEN BY LIFE PRODUCT DIVERSIFICATION – IN LINE WITH 24SI

Q2-HIGHLIGHTS

• Life revenues steady growth, thanks to increasing volumes and higher margin multiclass products
• Increased investment margin leveraging on market conditions in H1-21
• Non-life revenues impacted by COVID-19 protections and one-off reserve provisions
• EBIT up despite increased distribution costs related to higher inflows

SOLVENCY II RATIO SOLVENCY II RATIO BENEFITTING FROM FAVOURABLE MARKET CONDITIONS

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

PAYMENTS & MOBILE STRONG REVENUE GROWTH BOOSTED BY PAYMENTS

€ m unless otherwise stated

HUMAN CAPITAL ONGOING WORKFORCE TRANSFORMATION – ACCELERATED FTE REDUCTION

HUMAN CAPITAL HR COSTS/REVENUE DECREASING – HR COSTS IN LINE WITH 24SI

revenues (%)

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

1. Excluding one-off expenses to face the emergency 2. Q2-20 including Nexive 3. Ordinary labour costs and fixed COGS

SEGMENT OPERATING PROFIT EBIT PROGRESSION SUPPORTED BY STRONG REVENUE AND COST UNDERLYING TRENDS

a result real assets reassessment of residual useful life and residual value). Refer to page 23 of the Q2-20 earnings presentation for more details

CLOSING REMARKS

● REVENUES UP ACROSS ALL DIVISIONS ABOVE PRE-PANDEMIC LEVELS

● FLEXIBLE COST BASE SUPPORTING GROWTH – COST REDUCTION LEVERS AVAILABLE

● STRONG OPERATING PERFORMANCE SUPPORTED BY SOLID BUSINESS DRIVERS

● 24SI IMPLEMENTATION WELL ON TRACK – REDUCED EXECUTION RISK

CONTENTS

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
Equaleap Gender Parity Index	#3 in Italy
Vigeo Eris Eurozone 120	#3 (Transport & Logistics)
European Women on Boards	Among Top 10 in Italy

Included in these indices since 2019

ESG Index Scores Awards & Recognition in 2021 Memberships

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.)

QUARTERLY BUSINESS TRENDS: MAIL, PARCEL & DISTRIBUTION

1. Includes digital and third party networks 2. 2020 figures excluding Nexive 3. Includes C2X, International, other 4. Includes multichannel service, basic services, Postel, other integrated services 5. Includes unrecorded mail, direct marketing and editorial 6. Includes recorded mail and integrated services

QUARTERLY BUSINESS TRENDS: PAYMENTS & MOBILE, FINANCIAL & INSURANCE

25

4.8

+6%

468

1. Credit protection insurance

STRONG CASH GENERATION, AMPLE LIQUIDITY & BALANCED DEBT PROFILE

1. As of June 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

1. Excluding legal disputes with employees 2. 65m related to performance incentives, 75m to solidarity fund wage support

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

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 (< 12 months), tax credit purchases and excluding Poste Italiane liquidity 4. Average yield calculated as interest income on average current account deposits

31

UNREALISED GAINS & LOSSES AND SENSITIVITIES NET UNREALISED GAINS AT € 4.3BN

€ m unless otherwise stated

POSTAL SAVINGS POSTAL SAVINGS UP DUE TO ACCRUED INTERESTS – OUTFLOWS IN LINE WITH TARGETS

€ m unless otherwise stated

1. Average postal savings excludes interests accrued year-to-date and interests compounded, but not yet payable, on postal bonds not matured as of the reporting date 2. Average postal saving stock on which the recurring fee is calculated

ASSET MANAGEMENT POSITIVE NET INFLOWS SUPPORTED BY MULTICLASS PRODUCTS

€ m unless otherwise stated

1,053

516

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

(50)

BANCOPOSTA: SOLID AND EFFICIENT CAPITAL POSITION AN ASSET GATHERER WITH A 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 EVOLUTION (€ M)

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

SOLVENCY II RATIO KEY SENSITIVITIES RESILIENT UNDER SEVERE SCENARIOS

INSURANCE SERVICES CONTINUED DIVERSIFICATION TOWARDS MORE CAPITAL EFFICIENT 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

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

€ m unless otherwise stated

INSURANCE SERVICES INVESTMENT PORTFOLIO ONGOING DIVERSIFICATION

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 AND MOBILE: POSTEPAY TRANSACTION VALUE STEADY INCREASE IN E-COMMERCE TRANSACTIONS

POSTE ITALIANE DIGITAL FOOTPRINT KEY METRICS STEADILY IMPROVING

GROUP PERFORMANCE MAIN KPIs

OPERATIONAL	KPI's		Q2-20	Q2-21	Δ% YoY	H1-20	H1-21	Δ% YoY
	MAIL PARCEL & DISTRIBUTION	Mail Volumes (#m) Parcels delivered by mailmen (#m) Parcel volumes (#m) B2C Revenues (€m)	523 19 52 145	641 19 61 174	+23% (3%) +19% +20%	137 1 , 33 90 254	294 1 , 39 127 362	+14% +18% +41% +43%
	PAYMENTS & MOBILE	cards PostePay (#m) of which Evolution cards (#m) PostePay 1 Total cards (#bn) transactions payment 2 of which eCommerce (#m) transactions Mobile & land-lines (#m) Digital e-Wallets (#m)			n.a. n.a. n.a. n.a. n.a. n.a.	21 7 7 3 0 70 181 4 6 6 4	21 7 8 1 0 93 248 8 4 8 4	+0% +11% +34% +37% +6% +32%
	FINANCIAL SERVICES	Total Financial (€/bn) Assets - TFAs Unrealized gains (€m)			n.a. n.a.	548 (1 411) ,	576 4 335 ,	+5% n.m.
	INSURANCE SERVICES	Gross Written Premiums (€m) – Life GWP (€m) Plan GWP – Private Pension (€m) (€m) GWP – P&C o.w. Modular o.w. Welfare o.w. Payment	3 147 , 2 877 , 218 52 31 15 5	4 486 , 4 186 , 232 68 37 19 12	+43% +45% +6% +32% +18% +24% +150%	7 746 , 7 150 , 467 128 65 50 13	10 331 , 9 670 , 498 163 74 70 20	+33% +35% +7% +27% +13% +38% +57%

INTERSEGMENT COSTS AS OF Q2-21 INTERSEGMENT DYNAMICS' KEY DRIVERS

INTERSEGMENT		MAIN		INDICATIVE MAIN
COST FLOWS		RATIONALE			€ M
Mail, Parcel & Distribution	• a) b)	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) 59 b) 51 Total: 109
g)	c) d) d)	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) 18 Total: 146
f)	Services • e) c)	Mail, Parcel and Distribution for promoting and selling Financial, Insurance and PMD products throughout the network and for proving corporate services4 ;	e)	Fixed % (depending on the product) of revenues	e) 994
	f)	Payments & Mobile for providing certain payment services5	f)	Depending on service/product	f) 66 Total: 1,0606
	•	and Distribution remunerates:
Financial Services	g) h)	Payments & Mobile for acquiring services and postman electronic devices Financial Services as distribution fees related to	g) h)	Annual fee Flat fee for each «Bollettino»	g) 11 h) 10 Total: 21
	e) h) b)	• Insurance	Payments and Mobile remunerates: Insurance Services remunerates: Financial Services remunerates: Mail, Parcel		REMUNERATION SCHEME

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	Baa3 (stable) and (stable) by Moody's and S&P BBB
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
	unsecured and subordinated obligations of the RegS. Bearer, Direct, Issuer,
Ranking/Format	ranking only and to all other outstanding to Junior Securities, 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
Deferral Interest	at the of the (in whole part) on a cash-cumulative At any time option Issuer or in
Optional	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	Q2-20	Q2-21	Var.	Var. %	H1-20	H1-21	Var.	Var. %
Total revenues	2,317	2,751	+434	+19%	4,988	5,684	+696	+14%
of which:
Mail, Parcel and Distribution	701	909	+209	+30%	1,472	1,826	+355	+24%
Financial Services	1,060	1,082	+22	+2%	2,440	2,409	(30)	(1%)
Insurance Services	384	552	+169	+44%	739	1,049	+310	+42%
Payments and Mobile	172	207	+34	+20%	338	399	+62	+18%
Total costs	1,992	2,322	+330	+17%	4,222	4,634	+412	+10%
of which:
Total personnel expenses	1,228	1,335	+106	+9%	2,633	2,693	+60	+2%
of which personnel expenses	1,223	1,328	+105	+9%	2,625	2,687	+61	+2%
of which early retirement incentives	3	10	+ 7	n.m.	4	11	+ 7	+180%
of which legal disputes with employees	2	(3)	(6)	n.m.	3	(5)	(8)	n.m.
Other operating costs	627	788	160	+26%	1,250	1,543	+293	+23%
Depreciation, amortisation and impairments	136	200	64	+47%	339	398	+59	+18%
EBIT	325	429	+104	+32%	766	1,049	+284	+37%
EBIT Margin	+14%	+16%			+15%	+18%
Finance income/(costs) and profit/(loss) on investments accounted for using the equity method	1	19	+18	n.m.	8	39	+31	n.m.
Profit before tax	326	448	+122	+37%	773	1,088	+315	+41%
Income tax expense	87	122	+35	+40%	228	315	+87	+38%
Profit for the period	239	326	+87	+36%	546	773	+228	+42%

MAIL, PARCEL & DISTRIBUTION PROFIT & LOSS

€m	Q2-20	Q2-21	Var.	Var. %	H1-20	H1-21	Var.	Var. %
Segment revenue	701	909	+209	+30%	1,472	1,826	+355	+24%
Intersegment revenue	997	1,072	+75	+8%	2,256	2,346	+90	+4%
Total revenues	1,697	1,981	+284	+17%	3,728	4,173	+444	+12%
Personnel expenses	1,206	1,305	99	+8%	2,581	2,637	56	+2%
of which personnel expenses	1,203	1,297	93	+8%	2,579	2,628	49	+2%
of which early retirement incentives	3	8	+ 6	n.m.	3	10	+ 7	n.m.
Other operating costs	504	619	+115	+23%	987	1,208	+221	+22%
Intersegment costs	17	21	+ 4	+24%	34	41	+ 7	+20%
Total costs	1,727	1,945	+219	+13%	3,603	3,886	+283	+8%
EBITDA	(29)	36	+65	n.m.	126	287	+161	n.m.
Depreciation, amortisation and impairments	128	195	+67	+52%	319	388	+69	+22%
EBIT	(157)	(159)	(2)	(1%)	(194)	(102)	+92	+47%
EBIT MARGIN	(9%)	(8%)			(5%)	(2%)
Finance income/(costs)	3	(4)	(7)	n.m.	6	1	(6)	(87%)
Profit/(Loss) before tax	(154)	(163)	(9)	(6%)	(187)	(101)	+86	+46%
Income tax expense	(50)	(57)	(7)	(13%)	(53)	(32)	+20	+39%

FINANCIAL SERVICES PROFIT & LOSS

€m	Q2-20	Q2-21	Var.	Var. %	H1-20	H1-21	Var.	Var. %
Segment revenue	1,060	1,082	+22	+2%	2,440	2,409	(30)	(1%)
Intersegment revenue	136	181	+45	+33%	296	380	+85	+29%
Total revenues	1,195	1,263	+67	+6%	2,735	2,789	+54	+2%
Personnel expenses	10	11	+ 2	+20%	20	22	+ 2	+8%
of which personnel expenses	9	11	+ 2	+24%	20	22	+ 2	+10%
of which early retirement incentives	1	0	(0)	n.m.	1	0	(0)	n.m.
Other operating costs	11	35	+24	+232%	39	77	+38	+97%
Depreciation, amortisation and impairments	0	0	(0)	(10%)	0	0	+ 0	+1%
Intersegment costs	1,000	1,060	+61	+6%	2,278	2,329	+51	+2%
Total costs	1,020	1,107	+87	+9%	2,337	2,428	+90	+4%
EBIT	175	156	(19)	(11%)	398	362	(36)	(9%)
EBIT MARGIN	15%	12%			15%	13%
Finance income/(costs)	(12)	2	+14	n.m.	(14)	7	+21	n.m.
Profit/(Loss) before tax	163	159	(5)	(3%)	384	369	(15)	(4%)
Income tax expense	46	46	0	+1%	112	105	(6)	(6%)
Profit for the period	117	112	(5)	(5%)	273	264	(9)	(3%)

INSURANCE SERVICES PROFIT & LOSS

€m	Q2-20	Q2-21	Var.	% Var.	H1-20	H1-21	Var.	% Var.
Segment revenue	384	552	+169	+44%	739	1 049 ,	+310	+42%
Intersegment revenue	0	0	+ 0	n.m.	0	1	+ 1	n.m.
Total revenues	384	553	+169	+44%	739	1,050	+311	+42%
Personnel expenses	7	11	+ 4	+54%	18	20	+ 2	+11%
of which personnel expenses	7	10	+ 3	+37%	17	19	+ 2	+9%
of which early retirement incentives	0	1	+ 1	n.m.	1	1	0	+46%
Other operating costs	21	25	+ 4	+18%	47	52	+ 6	+13%
and Depreciation , amortisation impairments	1	1	(0)	(23%)	6	2	(3)	(61%)
Intersegment costs	107	146	+39	+37%	234	317	+84	+36%
Total costs	136	183	+47	+34%	304	392	+88	+29%
EBIT	248	370	+122	+49%	435	658	+223	+51%
EBIT MARGIN	64%	67%			59%	63%
Finance income/(costs)	13	16	+ 3	+19%	15	27	+12	+82%
Profit/(Loss) before tax	261	386	125	+48%	450	685	236	+52%
Income tax expense	75	116	+41	+55%	133	206	+73	+55%
Profit for the period	186	270	+84	+45%	317	480	163	+51%

PAYMENTS & MOBILE PROFIT & LOSS

€m	Q2-20	Q2-21	Var.	Var. %	H1-20	H1-21	Var.	Var. %
Segment revenue	172	207	+34	+20%	338	399	+62	+18%
Intersegment revenue	81	84	+ 3	+3%	172	167	(4)	(2%)
Total revenues	254	291	+37	+15%	509	567	+58	+11%
Personnel expenses	6	7	+ 1	+13%	13	13	+ 1	+4%
of which personnel expenses	6	7	+ 1	+13%	13	13	+ 1	+4%
of which early retirement incentives	0	0	+ 0	n.m.	0	0	+ 0	n.m.
Other operating costs	91	109	+17	+19%	178	206	+28	+16%
Intersegment costs	90	109	+19	+21%	177	208	+30	+17%
Total costs	188	225	+37	+20%	368	427	+59	+16%
EBITDA	66	66	(0)	(0%)	141	139	(1)	(1%)
and Depreciation , amortisation impairments	7	4	(3)	(44%)	15	8	(6)	(44%)
EBIT	59	62	+ 3	+5%	126	131	+ 5	+4%
MARGIN EBIT	23%	21%			25%	23%
income/(costs) Finance	-3	5	+ 8	n.m.	0	3	+ 3	n.m.
Profit/(Loss) before tax	55	67	+11	+20%	126	135	+ 9	+7%
Income tax expense	16	17	+ 0	+0%	36	36	+ 1	+1%

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 Covid-19 pandemic and from the restrictive measures taken by each Country to face it.

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.