Poste Italiane

Earnings Release • Feb 21, 2025

1

POSTE ITALIANE Q4 & FY-24 PRELIMINARY FINANCIAL RESULTS 21 FEBRUARY 2025

THE CONNECTING PLATFORM

EXECUTIVE SUMMARY THE LARGEST ITALIAN PLATFORM COMPANY

RECORD 12-MONTH REVENUE AND PROFITABILITY DRIVEN BY ALL BUSINESS UNITS

• 5% Y/Y REVENUE GROWTH WITH ROBUST COMMERCIAL PERFORMANCE ACROSS THE PLATFORM
• COST DISCIPLINE MITIGATING INFLATION IMPACT EVOLUTION REFLECTING HIGHER BUSINESS VOLUMES
• €2.96BN ADJUSTED EBIT¹ – c.3X 2017 EBIT AND EXCEEDING LATEST GUIDANCE OF €2.8BN
• STRONG NET INFLOWS IN INVESTMENT PRODUCTS AT €5.2BN IMPROVING INSURANCE NET FLOWS

DIVIDEND POLICY FURTHER UPGRADED, PAY-OUT STRUCTURALLY INCREASED FROM ≥65% TO 70%, BACKED BY STRONG VISIBILITY ON CASH FLOW GENERATION AND CAPITAL OPTIMIZATION

● RECORD NET PROFIT AT €2.01BN, PROPOSED FY-24 DPS OF €1.08 (+35% Y/Y), €1.4BN TOTAL 2024 DIVIDEND – BALANCE OF €0.75 P/S (€0.97BN TOTAL) TO BE PAID IN JUNE 2025²

CONTENTS

Q4 & FY-24 RESULTS OVERVIEW

RECORD ADJUSTED EBIT¹ AND NET PROFIT DRIVEN BY TOP-LINE GROWTH AND COST DISCIPLINE

€ m unless otherwise stated

	Q4-23	Q4-24	Δ%	FY-23	FY-24	Δ%
REVENUES	3,186	3,362	+6%	11,989	12,589	+5%
ADJUSTED EBIT1	515	685	+33%	2,620	2,961	+13%
NET PROFIT	411	418	Includes Systemic charges and Tax Credit VRA impact2 +2%	Includes 109 from sennder capital gain 1,933	2,013	Includes Systemic charges and Tax Credit VRA impact2 +4%

HIGHLIGHTS

• 5% Y/Y revenue growth with robust commercial performance across the platform
• Cost discipline mitigating inflation impact – evolution reflecting higher business volumes
• €2.96bn Adjusted EBIT¹ – c.3x 2017 EBIT and exceeding latest guidance of €2.8bn
• Record Net Profit at €2.01bn, in line with upgraded guidance
• EBIT adjustments:
  • ➢ Systemic charges related to the insurance guarantee fund impact 2024 for €74m
  • ➢ Tax credit adjustment: window of opportunity to de-risk balance sheet leading to €341m extraordinary pre-tax charge as result of voluntary risk assessment agreed with Italian Revenue Agency

Revenues and costs are restated net of commodity price and pass-through charges of the energy business; 1. Adjusted excluding systemic charges related to insurance guarantee fund (€74m for 2024) and costs and proceeds of extraordinary nature (€341m charge related to tax credit Voluntary Risk Assessment "VRA"); 2. Post-tax impact of VRA benefiting from recovery of tax deductability on provisions and losses on tax credits also from previous years

2024 ORDINARY DPS c.3X 2016 – €7BN¹CUMULATED DIVIDENDS PAID SINCE 2016 UPGRADED 70% PAYOUT RATIO DIVIDEND POLICY

€ unless otherwise stated

1. Includes final installment of 2024 dividend and additional dividend to be paid, following AGM approval, in June 2025; 2. Initial target of 0.55 published for 24SI (Mar-21); 3. Initial target of 0.59 published for 24SI (Mar-21), first upgrade at 0.63 published for 24SI PLUS (Mar-22); 4. Initial target of 0.62 published for 24SI (Mar-21), first upgrade at 0.68 published for 24SI PLUS (Mar-22), second upgrade at 0.71 published for CMD 2023 (Mar-23); 5. Initial target of 0.92 was implied on Net Profit initial guidance of €1.9bn and 65% payout ratio; 6. Calculated on the average market cap of 2024; 7. Data from 27 October 2015 to 14 February 2025

FTSE MIB: +140%

EXTERNAL REVENUES

stated

RECORD 12-MONTH REVENUES WITH ALL BUSINESS UNITS REPORTING SIGNIFICANT GROWTH

7

ADJUSTED EBIT¹ BY SEGMENT

2024 PROFITABILITY GROWTH BENEFITING FROM HIGHER REVENUES & EFFECTIVE COST MANAGEMENT

1. Adjusted excluding systemic charges related to insurance guarantee fund and costs and proceeds of extraordinary nature (€341m charge related to tax credit VRA for Mail, Parcel & Distribution). Please refer to slide 38 for a full reconciliation

CONTENTS

MAIL, PARCEL & DISTRIBUTION MAIL AND PARCEL REVENUES AND ADJUSTED EBIT ABOVE PLAN¹

1. 2024-2028 Strategic Plan "The Connecting Platform" presented in March 2024; 2. Adjusted excluding costs and proceeds of extraordinary nature (€341m charge related to tax credit VRA). Please refer to slide 38 for a full reconciliation; 3. Includes Digital Identities fees, EGI, Poste, Patenti Via Poste, Philately, Poste Motori, Poste Welfare Service, Agile Lab and Sourcesense; 4. Includes income received by other segments in return for use of the distribution network, Corporate Services and capex costs reimbursement

MAIL, PARCEL & DISTRIBUTION: VOLUMES AND PRICING PARCEL VOLUME GROWTH CONTINUES INTO PEAK SEASON; FAVOURABLE MAIL MIX & REPRICING

• Parcel volumes growth continues driven by e-commerce and market share gains, successfully managing a strong peak season
• Parcels delivered by Postini reached 40%, in line with Business Plan² FY-24 projections
• Parcel average tariff up supported by volume growth spread across customer segments
• Higher mail average tariff driven by favourable product mix and repricing offsetting volume decline

1. Parcel tariffs adjusted for COVID-19 related contract for PPE logistics and sennder Italia deconsolidation; 2. 2024-2028 Strategic Plan "The Connecting Platform" presented in March 2024

FINANCIAL SERVICES RESULTS ABOVE PLAN¹ MAINLY DRIVEN BY SOLID INVESTMENT PORTFOLIO REVENUES

€ m unless otherwise stated

GROSS REVENUES ADJUSTED EBIT² & NET PROFIT Q4 HIGHLIGHTS

• Investment portfolio revenues driven by NII growth benefiting from management yield enhancement actions
• Postal Savings fees impacted by unfavorable comparison with Q4-23, reflecting different quarterly allocation of fees
• Transaction Banking fees up including some non-recurring items
• Positive trend in Consumer Loans confirmed, driven by higher volumes and higher fee margin
• Asset Management fees supported by higher AUM
• Adjusted EBIT² trend reflecting positive revenue momentum

1. 2024-2028 Strategic Plan "The Connecting Platform" presented in March 2024; 2. Adjusted excluding systemic charges related to insurance guarantee fund. Please refer to slide 38 for a full reconciliation; 3. Includes revenues from payment slips (bollettino), current accounts related revenues, fees from INPS and money transfer; 4. Includes reported revenues from custody accounts, credit cards and other revenues from third party products distribution; 5. Includes intersegment distribution revenues

GROUP CLIENT TOTAL FINANCIAL ASSETS GROWING TFAs DRIVEN BY INVESTMENT PRODUCTS AND DEPOSITS

• 5.2 bn positive net flows in investment products with:
  • i. record high net inflows in Mutual Funds, driven by resilient demand for "target date" products
  • ii. positive and recovering Life Investments & Pension net flows in a challenging market supported by newly launched products
• Postal Savings net outflows driven by high maturities, mitigated by new commercial initiatives (e.g. 9 bn inflows of premium products)
• Deposits benefiting from higher retail and PA balances

INSURANCE SERVICES IMPROVING LIFE NET INFLOWS in Q4 – REACHED €1BN PROTECTION GWP MILESTONE IN FY-24

1. Adjusted excluding systemic charges related to insurance guarantee fund. Please refer to slide 38 for a full reconciliation; 2. Net Insurance consolidated from 1 Apr 2023; 3. Lapse rate is calculated as surrenders divided by average technical provisions; 4. Includes Motor (distribution only) and €191m in FY-23 and €277m in FY-24 related to Net Insurance; 5. Protection CoR calculated as: (insurance expenses + net reinsurance expenses -/+ other technical income and expenses + not directly attributable expenses) / gross insurance revenues, net of reinsurance; 6. 2024-2028 Strategic Plan "The Connecting Platform" presented in March 2024

CONTRACTUAL SERVICE MARGIN EVOLUTION €13.7BN CSM SUPPORTING SUSTAINABLE PROFITABILITY GOING FORWARD

SOLVENCY II STRONG SII RATIO EMBEDDING 100% REMITTANCE RATIO AND c.€1.5BN OF ADDITIONAL REMITTANCE

1. EoP figures; 2. Net of foreseeable dividend; 3. 2024-2028 Strategic Plan "The Connecting Platform" presented in March 2024

POSTEPAY SERVICES STRONG EBIT GROWTH CONFIRMED – OUTPACING THE MARKET

• Payments revenues growth driven by double digit transaction value (+12%² ) supported by e-commerce and higher stock of Postepay Evolution cards (+5% revenues Y/Y)
• Telco: new fiber offer mitigating the impact of lower mobile acquisitions
• Energy: strong revenue growth confirming positive commercial trends and lasting favorable market conditions
• Adjusted EBIT growth driven by strong top-line performance

1. Revenues are restated net of commodity price and pass-through charges of the energy business for a total of €75m in Q4-23, €150m in FY-23, €148m in Q4-24 and €461m in FY-24; 2. Issuing transaction value excluding government welfare cards; +11% growth Y/Y including government welfare cards

HUMAN CAPITAL – FTEs CONTINUED WORKFORCE TRANSFORMATION AND PRODUCTIVITY IMPROVEMENT

1. Annualized figures, calculated excluding IFRS17 effect and 2023 one-off bonus; 2. Group revenues minus cost of goods sold

HUMAN CAPITAL – HR COSTS HR COSTS EMBEDDING THE IMPACT OF SALARY INCREASE

€ m unless otherwise stated

ORDINARY HR COSTS

1. Unpaid leave and provisions for holidays and other welfare benefits

NON-HR COSTS INCREASE MAINLY DRIVEN BY VARIABLE COSTS SUPPORTING BUSINESS GROWTH AND BY INFLATION

1. Excluding other non-HR costs. Numbers are restated net of commodity price and pass through charges of the energy business; 2. Refers to parcels, payments and telco

CONTENTS

HUMAN CAPITAL – HR COSTS FULLY REFLECTING THE IMPACT OF THE NEWLY SIGNED LABOUR CONTRACT

€ m unless otherwise stated

ORDINARY HR COSTS

NON-HR COSTS INCREASE MAINLY RELATED TO BUSINESS DRIVEN VARIABLE COSTS AND INFLATION

1. Excluding other non-HR costs. Numbers are restated net of commodity price and pass through charges of the energy business; 2. Refers to parcels, payments and telco

STRONG CASH GENERATION, AMPLE LIQUIDITY & BALANCED DEBT PROFILE

1. As of December 2024; 2. Shareholders' equity net of revaluation reserves and accrued dividend for the period; 3. Other includes buyback, the coupon on the hybrid bond, options for minority buyouts, reserve variation related to incentive schemes (IFRS 2) and other

MAIL, PARCEL & DISTRIBUTION NET FINANCIAL POSITION STRONG NET FINANCIAL POSITION

1. Includes dividends from subsidiaries, dividends to shareholders, coupons on hybrid instruments, buyback

BANCOPOSTA ASSETS AND LIABILITIES STRUCTURE RESILIENT RETAIL DEPOSITS

1. Includes short term REPO and collateral; 2. Entirely invested in floating rate deposits c/o MEF; 3. Includes business current accounts, Postepay business clients' deposits, Long-term REPO, Poste Italiane liquidity and other balances; 4. Includes Tax Credits & Others; 5. Average yield calculated as income on average deposits

UNREALISED GAINS & LOSSES AND SENSITIVITIES NET UNREALISED LOSSES NOT IMPACTING BANCO POSTA CAPITAL POSITION

POSTAL SAVINGS NET OUTFLOWS FROM POSTAL SAVINGS IMPROVING Y/Y

€ m unless otherwise stated

ASSET MANAGEMENT AUM GROWTH SUPPORTED BY STRONG NET INFLOWS

ASSET MANAGEMENT NET INFLOWS STRONG NET INFLOWS DRIVEN BY MULTICLASS PRODUCTS AND MUTUAL FUNDS

BANCOPOSTA: SOLID AND EFFICIENT CAPITAL POSITION STRONG BALANCE SHEET

111

21

124

16

(BP)

BTP-SWAP SPREAD (BP)

121

109

17

21

V.A. CURR. (BP)

116

23

31

Impact on SII ratio

(42) p.p.

(6) p.p.

+48 p.p.

(48) p.p.

SOLVENCY II RATIO SENSITIVITIES

WELL ABOVE RISK TOLERANCE AND MANAGERIAL AMBITION UNDER SIMULATED SCENARIOS

Q4 HIGHLIGHTS

• Solvency II ratio sensitivity to BTP-Swap spread (+100bps):
  • (129) p.p. as of Dec-20
  • (98) p.p. as of Dec-21
  • (29) p.p. as of Dec-22²
  • (41) p.p. as of Dec-23
  • (37) p.p. as of Sep-24
  • (42) p.p. as of Dec-24
• Solvency II ratio sensitivity to Swap rate (+100bps):
  • (32) p.p. as of Dec-22
  • (38) p.p. as of Dec-23
  • (44) p.p. as of Sep-24
  • (48) p.p. as of Dec-24

INSURANCE SERVICES SOLVENCY II OWN FUNDS TIERING AND SOLVENCY CAPITAL REQUIREMENTS

€ m unless otherwise stated

SOLVENCY II CAPITAL AND SOLVENCY II CAPITAL REQUIREMENT BREAKDOWN

CHANGE VS SEPTEMBER 2024

INSURANCE SERVICES GWP SOLID COMMERCIAL ACTIVITY – STRONG GROWTH ACROSS LI&P AND PROTECTION

1. Includes Motor (distribution only) GPW for a total of €4m in Q4-23 and €5m in Q4-24

INSURANCE SERVICES TECHNICAL PROVISIONS GROWTH DRIVEN BY PERFORMANCE AND POSITIVE NET FLOWS IN A CHALLENGING ENVIRONMENT

INSURANCE SERVICES LI&P NET INFLOWS

INFLOWS IN MULTICLASS & UNIT LINKED PRODUCTS COMPENSATING SEGREGATED FUNDS OUTFLOWS

INSURANCE SERVICES STABLE AND DIVERSIFIED INVESTMENT PORTFOLIO

RECLASSIFICATIONS ADJUSTED EBIT AND ENERGY

€ m unless otherwise stated

		Q4-24			FY-24
	MAIL, PARCEL & DISTRIBUTION	FINANCIAL SERVICES	INSURANCE SERVICES	CONSOLIDATED ACCOUNTS	MAIL, PARCEL & DISTRIBUTION	FINANCIAL SERVICES	INSURANCE SERVICES	CONSOLIDATED ACCOUNTS
EBIT Reported	(420)	254	343	325	(237)	884	1,371	2,546
Systemic charges related to insurance guarantee fund	0	4	14	18	0	16	58	74
Tax Credit VRA Adjustment1	341	0	0	341	341	0	0	341
Adjusted EBIT	(79)	258	358	685	104	900	1,429	2,961
		Q4-23		Q4-24		FY-23	FY-24
	POSTEPAY SERVICES	CONSOLIDATED ACCOUNTS	POSTEPAY SERVICES	CONSOLIDATED ACCOUNTS	POSTEPAY SERVICES	CONSOLIDATED ACCOUNTS	POSTEPAY SERVICES	CONSOLIDATED ACCOUNTS
External revenue - reported	464	3 251 ,	546	3 480 ,	586 1 ,	12 128 ,	923 1 ,	12 927 ,
Commodity and pass-through prices charges for external clients	(65)	(65)	(117)	(117)	(140)	(140)	(338)	(338)
External revenue reclassified	399	3 186 ,	428	3 362 ,	1 447 ,	989 11 ,	585 1 ,	12 589 ,
	78		99		275		396
revenue - reported Intersegment Commodity and pass-through prices
charges for Group consumption	(10)		(31)		(11)		(122)
revenue reclassified Intersegment	68		69		264		274
of Cost and services	237	935	316	081 1	777	3 237	113 1	3 717
goods - reported Commodity and pass-through prices charges	(75)	(65)	(148)	, (117)	(150)	, (140)	, (461)	, (338)
of goods and reclassified Cost services	162	869	168	964	627	3 098 ,	652	3 378 ,

1. Extraordinary costs related to tax credit Voluntary Risk Assessment

POSTEPAY SERVICES KEY METRICS IMPROVING 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

POSTE ITALIANE DIGITAL FOOTPRINT KEY METRICS CONSTANTLY IMPROVING

FY-23 FY-24

1. App Users Stickiness is calculated as daily active users/monthly active users; 2. Defined as any digital contact the client has with Poste Italiane (e.g. App login, access to website etc.), excluding LIS interactions; 3. Defined as all transactions (e.g. bill payments, bank transfers, etc.) as well as sales (e.g. subscription of financial products), excluding LIS transactions and sales

POSTEPAY PAYMENTS TRANSACTION VALUE STEADY INCREASE IN E-COMMERCE TRANSACTIONS

INTERSEGMENT COSTS AS OF Q4-24 INTERSEGMENT DYNAMICS KEY DRIVERS

€ m unless otherwise stated	MAIN RATIONALE		INDICATIVE MAIN REMUNERATION SCHEME	Q4-23	Q4-24
• a) b)	Postepay Services remunerates: Mail, Parcel and Distribution for providing IT, delivery volume, promoting and selling SIMs and energy contracts 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) 72 b) 70 Total: 142	a) 75 b) 69 Total: 144
• c) d)	Insurance Services remunerates: Financial Services for promoting and selling insurance products2 and for investment management services3 ; for providing corporate services1 Mail, Parcel and Distribution	c) d)	Fixed % of upfront, maintenance and management fees Depending on service/product	c) 155 d) 23 Total: 178	c) 189 d) 21 Total: 210
	Insurance Services reported intersegment costs under IFRS17, remunerating MPD only4			Total: 6	Total: 8
• e) f)	Financial Services remunerates: Mail, Parcel and Distribution for promoting and selling Financial, Insurance and products throughout the network and for proving corporate services5 Postepay ; Services for providing certain payment services6. Postepay	e) f)	Fixed % (depending on the product) of revenues Depending on service/product	e) 1,282 f) 48 Total: 1,3297	e) 1,383 f) 44 Total: 1,4277
• g) h)	Mail, Parcel and Distribution remunerates: Postepay Services for acquiring services, postman electronic devices and utilities; Financial Services as distribution fees related to "Bollettino DTT".	g) h)	Annual fee, fee * volumes Flat fee for each "Bollettino"	g) 10 h) 0 Total: 10	g) 11 h) 0 Total: 11

1. Corporate Services such as communication, anti money laundering, IT, back office and call centres; 2. Which, in turn, remunerates Mail, Parcel and Distribution; 3. Investment management services provided by BancoPosta Fondi SGR; 4. Under IFRS17 costs directly attributable to insurance policies – incl. distribution costs to remunerate Poste Italiane network – are attributed to Insurance Services' revenues; 5. E.g. Corporate services are remunerated according to number of allocated FTEs, volumes of letters sent and communication costs; 6. E.g. "Bollettino"; 7. Excluding interest charges

CONSOLIDATED ACCOUNTS PROFIT & LOSS

€m	Q4-23	Q4-24	Var.	Var. %	FY-23	FY-24	Var.	Var. %
Total revenues1	3,186	3,362	+177	+6%	11,989	12,589	+600	+5%
of which:
Mail, Parcel and Distribution	991	1,046	+55	+6%	3,746	3,843	+97	+3%
Financial Services	1,371	1,474	+103	+8%	5,229	5,521	+292	+6%
Insurance Services	425	414	(11)	(3%)	1,567	1,640	+73	+5%
Postepay Services1	399	428	+29	+7%	1,447	1,585	+138	+10%
Total costs1,2	2,671	2,678	+7	+0%	9,369	9,627	+259	+3%
of which:
Total personnel expenses	1,476	1,408	(68)	(5%)	5,170	5,135	(35)	(1%)
of which personnel expenses	1,262	1,275	+13	+1%	4,859	4,988	+129	+3%
of which early retirement incentives	165	132	(33)	(20%)	171	136	(35)	(21%)
of which legal disputes with employees	48	0	(48)	n.m.	140	11	(129)	(92%)
Other operating costs1	1,002	1,045	+43	+4%	3,388	3,638	+250	+7%
Depreciation, amortisation and impairments	193	225	+32	+16%	811	855	+44	+5%
Adjusted EBIT1,2	515	685	+169	+33%	2,620	2,961	+341	+13%
Systemic charges related to insurance guarantee fund	0	18	+18	n.m.	0	74	+74	n.m.
Tax Credit VRA Adjustment	0	341	+341	n.m.	0	341	+341	n.m.
EBIT	515	325	(190)	(37%)	2,620	2,546	(74)	(3%)
EBIT Margin	+16%	+10%			+22%	+20%
Finance income/(costs) and profit/(loss) on investments accounted for using the equity method	31	49	+18	+58%	107	124	+17	+16%
Profit before tax	546	374	(172)	(32%)	2,727	2,671	(56)	(2%)
Income tax expense	135	(44)	(179)	n.m	794	658	(136)	(17%)
Profit for the period	411	418	+7	+2%	1,933	2,013	+79	+4%

1. Restated net of commodity price and pass-through charges of the energy business. Please refer to slide 38 for a full reconciliation; 2. Adjusted excluding systemic charges related to insurance guarantee fund and costs and proceeds of extraordinary nature (€341m charge related to tax credit VRA). Please refer to slide 38 for a full reconciliation

44

CONSOLIDATED ACCOUNTS – SEGMENT VIEW FY-24 PROFIT & LOSS

€m	Mail, Parcels & Distribution	Financial Services	Insurance Services	Postepay Services	Adjustments & eliminations1	Total
External Revenues	3,843	5,521	1,640	1,585	0	12,589
Intersegment Revenues	5,597	919	(160)	274	(6,631)	0
Total revenues2	9,441	6,440	1,480	1,858	(6,631)	12,589
Labour cost	5,469	51	11	58	(454)	5,135
COGS2	2,743	48	7	652	(72)	3,378
Other Costs3	137	39	0	10	0	187
Capitalised Costs and Expenses	(66)	0	0	(1)	0	(67)
Impairment Loss/(Reversal) on debt instruments, receivables and other assets	123	(2)	0	19	0	140
Intersegment Costs	41	5,403	31	557	(6,032)	0
Total costs2,3	8,446	5,539	49	1,294	(6,557)	8,773
Depreciation, amortisation and impairments	890	0	2	35	(74)	855
Adjusted EBIT2,3	104	900	1,429	529	(0)	2,961
Systemic charges estimate related to insurance guarantee fund	0	16	58	0	0	74
Tax Credit VRA Adjustment	341	0	0	0	0	341
EBIT	(237)	884	1,371	529	(0)	2,546
Finance income/(cost)	(18)	37	76	30	(0)	124
Profit before tax	(256)	921	1,447	558	(0)	2,671
Tax cost/(income)	(168)	248	414	164	0	658
Profit for the period	(88)	674	1,033	394	(0)	2,013

1. IFRS17 requires the attribution of costs directly attributable to insurance policies – incl. distribution costs to remunerate Poste Italiane network – to Insurance Services' revenues. To ensure full elimination of intersegment costs we make an adjustment at Group level, allocating such costs to Labour costs, COGS and D&A; 2. Restated net of commodity price and pass-through charges of the energy business. Please refer to slide 38 for a full reconciliation; 3. Adjusted excluding systemic charges related to insurance guarantee fund and costs and proceeds of extraordinary nature (€341m charge related to tax credit VRA). Please refer to slide 38 for a full reconciliation

MAIL, PARCEL & DISTRIBUTION PROFIT & LOSS

€m	Q4-23	Q4-24	Var.	Var. %	FY-23	FY-24	Var.	Var. %
Segment revenue	991	1,046	+55	+6%	3,746	3,843	+97	+3%
Intersegment revenue	1,374	1,478	+103	+8%	5,244	5,597	+353	+7%
Total revenues	2,365	2,524	+158	+7%	8,991	9,441	+450	+5%
Personnel expenses	1,545	1,492	(54)	(3%)	5,494	5,469	(25)	(0%)
of which personnel expenses	1,380	1,359	(21)	(2%)	5,324	5,334	+10	+0%
of which early retirement incentives	165	132	(33)	(20%)	171	136	(35)	(21%)
Other operating costs1	805	867	+61	+8%	2,660	2,937	+277	+10%
Depreciation, amortisation and impairments	202	233	+31	+16%	844	890	+47	+6%
Intersegment costs	10	11	+2	+18%	36	41	+5	+14%
Total costs1	2,562	2,603	+41	+2%	9,033	9,337	+304	+3%
Adjusted EBIT1	(197)	(79)	+118	+60%	(43)	104	+146	n.m
Tax Credit VRA Adjustment	0	341	+341	n.m.	0	341	+341	n.m.
EBIT	(197)	(420)	(223)	n.m	(43)	(237)	(195)	n.m
EBIT MARGIN	(8%)	(17%)			(0%)	(3%)
Finance income/(costs)	(10)	12	+22	n.m	(5)	(18)	(13)	n.m
Profit/(Loss) before tax	(207)	(408)	(201)	(98%)	(48)	(256)	(208)	n.m
Income tax expense	(38)	(252)	(214)	n.m	(2)	(168)	(166)	n.m
Profit for the period	(169)	(156)	+13	+8%	(46)	(88)	(42)	(92%)

1. Adjusted excluding costs and proceeds of extraordinary nature (€341m charge related to tax credit VRA). Please refer to slide 38 for a full reconciliation

FINANCIAL SERVICES PROFIT & LOSS

€m	Q4-23	Q4-24	Var.	Var. %	FY-23	FY-24	Var.	Var. %
Segment revenue	1,371	1,474	+103	+8%	5,229	5,521	+292	+6%
Intersegment revenue	205	248	+42	+21%	866	919	+53	+6%
Total revenues	1,576	1,722	+146	+9%	6,095	6,440	+345	+6%
Personnel expenses	10	13	+4	+36%	45	51	+6	+12%
of which personnel expenses	10	13	+3	+34%	45	51	+6	+12%
of which early retirement incentives	0	0	+0	+0%	0	0	+0	+22%
Other operating costs1	23	23	+0	+2%	106	85	(21)	(19%)
Depreciation, amortisation and impairments	0	0	(0)	(1%)	0	0	+0	+5%
Intersegment costs	1,329	1,427	+98	+7%	5,081	5,403	+323	+6%
Total costs1	1,362	1,464	+102	+7%	5,232	5,540	+308	+6%
Adjusted EBIT1	214	258	+44	+20%	863	900	+38	+4%
Systemic charges related to insurance guarantee fund	0	4	+4	n.m.	0	16	+16	n.m.
EBIT	214	254	+40	+18%	863	884	+22	+3%
EBIT MARGIN	14%	15%			14%	14%
Finance income/(costs)	13	3	(10)	n.m	30	37	+7	+22%
Profit/(Loss) before tax	227	257	+30	+13%	893	921	+28	+3%
Income tax expense	62	60	(2)	(3%)	246	248	+2	+1%
Profit for the period	165	196	+32	+19%	647	674	+26	+4%

1. Adjusted excluding systemic charges related to insurance guarantee fund. Please refer to slide 38 for a full reconciliation

INSURANCE SERVICES PROFIT & LOSS

€m	Q4-23	Q4-24	Var.	Var. %	FY-23	FY-24	Var.	Var. %
Segment revenue	425	414	(11)	(3%)	1,567	1,640	+73	+5%
Intersegment revenue	(32)	(43)	(11)	(35%)	(148)	(160)	(12)	(8%)
Total revenues	393	371	(22)	(6%)	1,419	1,480	+61	+4%
Personnel expenses	1	3	+1	n.m	9	11	+2	+21%
of which personnel expenses	1	3	+1	n.m	9	11	+2	+21%
of which early retirement incentives	0	0	+0	n.m	0	0	+0	n.m
Other operating costs1	11	(0)	(11)	n.m	20	7	(13)	n.m.
Depreciation, amortisation and impairments	0	0	(0)	n.m.	2	2	+0	+8%
Intersegment costs	6	11	+5	n.m.	28	31	+3	+11%
Total costs1	18	13	(5)	(27%)	59	51	(8)	(13%)
Adjusted EBIT1	375	358	(17)	(4%)	1,360	1,429	+69	+5%
Systemic charges related to insurance guarantee fund	0	14	+14	n.m.	0	58	+58	n.m.
EBIT	375	343	(31)	(8%)	1,360	1,371	+11	+1%
EBIT MARGIN	95%	92%			96%	93%
Finance income/(costs)	18	28	+10	+52%	50	76	+26	+51%
Profit/(Loss) before tax	393	371	(22)	(6%)	1,410	1,447	+37	+3%
Income tax expense	84	98	+14	+17%	417	414	(3)	(1%)
Profit for the period	309	273	(36)	(12%)	994	1,033	+40	+4%

1. Adjusted excluding systemic charges related to insurance guarantee fund. Please refer to slide 38 for a full reconciliation

€m	Q4-23	Q4-24	Var.	Var. %	FY-23	FY-24	Var.	Var. %
Segment revenue	399	428	+29	+7%	1,447	1,585	+138	+10%
Intersegment revenue	68	69	+1	+1%	264	274	+10	+4%
Total revenues1	467	497	+30	+6%	1,710	1,858	+148	+9%
Personnel expenses	15	16	+2	+10%	53	58	+5	+9%
of which personnel expenses	14	16	+2	+13%	53	58	+5	+10%
Other operating costs1	179	178	(1)	(0%)	663	679	+16	+2%
Depreciation, amortisation and impairments	9	10	+1	+17%	36	35	(1)	(3%)
Intersegment costs	142	144	+2	+1%	518	557	+39	+7%
Total costs1	344	349	+5	+1%	1,271	1,330	+59	+5%
EBIT	122	148	+26	+21%	440	529	+89	+20%
EBIT MARGIN	26%	30%			26%	28%
Finance income/(costs)	10	6	(4)	(38%)	32	30	(2)	(7%)
Profit/(Loss) before tax	132	154	+22	+17%	471	558	+87	+18%
Income tax expense	27	50	+23	+84%	134	164	+31	+23%
Profit for the period	105	104	(1)	(1%)	338	394	+56	+17%

1. Restated net of commodity price and pass-through charges of the energy business. Please refer to slide 38 for a full reconciliation

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 direct and indirect effects resulting from the international ongoing conflict.

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 document includes preliminary results and forward-looking statements that are not a guarantee of future performance as well as summary financial information that 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.