Poste Italiane Group Report on Operations at 31 December 2024

2024 ANNUAL REPORT

2024 Annual Report

Translation from the italian which remains the definitive version.

AT 31 DECEMBER 2024 1REPORT ON OPERATIONS AT 31 DECEMBER 2024

REPORT ON OPERATIONS

Poste Italiane Group Report on Operations at 31 December 2024

2024 Annual Report

REPORT ON OPERATIONS AT 31 DECEMBER 2024 1
1. Introduction 3
Statement from the Chairwoman and the Chief Executive Officer 4
Presentation of the Annual Report 7
2. Highlights 9
2.1 2024 outcomes of the value creation process at Poste Italiane 10
2.2 Impacts generated by Poste Italiane 12
3. Outlook 16

4. Business model and strategy 19
4.1 Poste Italiane's ownership and organisational structure 19
4.2 Poste Italiane's Corporate Governance 23
4.3 Poste Italiane's business model 26
4.4 Group structure 27
4.5 Omnichannel approach and operating segments 38
4.6 Poste Italiane's strategy 94
5. Risk management at Poste Italiane97
5.1 Poste Italiane's integrated internal control and risk management system 97
5.2 SCIGR assurance activities 97
5.3 Risk management and risk assessment model 98
5.4 Poste Italiane's main risks 99
6. Creation of value106
6.1 Share performance 106
6.2 Impacts resulting from ongoing conflicts 107
6.3 Group operating results 109
6.4 Digital and third-party physical networks in the Group's omnichannel strategy 152
6.5 Group Capital Management Framework 160
6.6 Group financial position and cash flow 162
6.7 Performance of Poste Italiane SpA and Report on Operations of BancoPosta RFC 169
7. Proposed shareholder resolutions and other information182
7.1 Proposed shareholder resolutions 182
7.2 Other information 183
8. Sustainability Statement 197
8.1 General information 197
8.2 Environmental Information 256
8.3 Social Information 312
8.4 Governance Information 373

9. Glossary391
POSTE ITALIANE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 400
1. INTRODUCTION 402
2. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES403
3. MATERIAL EVENTS DURING THE YEAR AND EVENTS AFTER 31 DECEMBER 2024 446
4. POSTE ITALIANE GROUP - FINANCIAL STATEMENTS AT 31 DECEMBER 2024449
5. POSTE ITALIANE SPA FINANCIAL STATEMENTS AT 31 DECEMBER 2024626
6. BANCOPOSTA RFC SEPARATE REPORT AT 31 DECEMBER 2024743
REPORTS AND ATTESTATIONS 873

Statement from the Chairwoman and the Chief Executive Officer

Shareholders,

on behalf of the entire Board of Directors, we are pleased to present to you the Annual Report of the Poste Italiane Group, which for the seventh consecutive year integrates financial information with sustainability information and includes, as a new feature, the inclusion of the Sustainability Statement within a specific section of the Report on Operations, in line with the provisions of Legislative Decree 125/2024, which implements the European Corporate Sustainability Reporting Directive (CSRD) on sustainability reporting.

We are all aware that 2024 was a particularly difficult year, marked by unprecedented challenges due to converging crises. The effects of the profound changes brought about by the health emergency some four years ago, together with the growing evidence of climate change, are part of a global context characterised by geopolitical and economic instability. The conflict between Russia and Ukraine continues without clear prospects of a resolution, while tensions in the Middle East, heightened by the conflict between Israel and Hamas in 2023, remain a major factor of instability. Meanwhile, the results of the US presidential elections and the European elections throw up elements of uncertainty in the international equilibrium and open up new political and strategic scenarios. On the economic front, inflation remains a critical variable, influenced by the monetary policies of the major central banks and developments in the energy market.

The climate was also a cause for new alarms: 2024 saw record temperatures and increasingly frequent extreme weather events. Natural disasters related to climate change are having devastating impacts on economies and populations, making a more effective and coordinated global response a matter of urgency. In an increasingly complex and ever-changing scenario, the global system is called upon to find innovative and sustainable solutions to the economic, geopolitical, climate and social challenges that are redefining our present and future. With regard to environmental sustainability, special attention was paid to COP 29, held in November 2024 in Baku, which brought together the signatory states of the UN Climate Change Convention to discuss future strategies to tackle the climate crisis. This summit provided an important opportunity to strengthen global commitments to reducing emissions and financing adaptation and mitigation initiatives. In this context, the European Union and its Member States continue to play a leading role in supporting the most vulnerable countries, contributing to the debate on climate financing and how to implement international agreements. According to the World Economic Forum's Global Risk Report 2024, extreme weather events as an effect of climate change are generating significant social and economic impacts. The report highlights the need to undertake adequate adaptation initiatives and strategies to cope with the intensity and speed of the transformations taking place, as well as the global risks involved. From an economic and social point of view, pressures on the rising cost of living lead to a reduction in people's prospects and expectations, fuelling a widespread sense of uncertainty related to inflation, which is difficult to contain. This situation further increases the difficulties in coping with daily needs. In this scenario, the most relevant risk identified for the 2024-2026 three-year period is disinformation, a phenomenon that, in an increasingly interconnected environment, can amplify real risks or compromise the ability to manage them effectively. The main critical issues identified include not only extreme climatic events, but the growing social and demographic polarisation, as well as difficulties in the governance of technological accelerations, with particular reference to cyber security risks.

In this context, the Poste Italiane Group was able to continue its sustainable growth path, developing its activities in all strategic areas. The changed context has made clear the importance of a strategy based on continuous innovation, capable of anticipating and driving change, which has now become a constant in order to guarantee sustainable economic and social value in the long-term. Thanks to a far-sighted vision, the Poste Italiane Group has been able to identify the new needs of customers and citizens and evolve, responding with speed and efficiency. The Poste Italiane Group responded to the progressive reduction in demand for traditional mail delivery services, caused by the gradual replacement of physical mail with digital mail, by strengthening its presence in delivery and logistics services, positioning itself in line with the leading global operators in the sector. This was made possible by an effective internal reorganisation and numerous partnerships and acquisitions, particularly in the last three years, with a focus on the areas of logistics and digital innovation. The consolidated leadership of the Poste Italiane Group in the payments sector testifies to the soundness of the strategic choices made over the years. The expansion of the range of services, embracing domestic, family and personal needs, has been made possible thanks to the widespread network of some 13,000 post offices throughout the country, which has enabled the Group to ensure its infrastructure continues to serve citizens.

The results achieved in 2024 were once again extraordinary: they exceeded market expectations and confirmed the positive trend of recent years, translating into generated value for all stakeholders. This success is the result of a longterm commitment to seize emerging opportunities and meet the needs of stakeholders and shareholders. In this regard, in 2024, the Poste Italiane Group generated a significant impact on the national economy, contributing a total of €14 billion to the formation of Gross Domestic Product (GDP), employing roughly 199 thousand people and contributing around €2.6 billion in tax revenue to the Public Administration. Furthermore, it is estimated that Poste Italiane Group contributed directly and indirectly to the distribution of income to workers, totalling €7.3 billion. This translates into a significant economic impact: for every euro invested by the Group in the purchase of goods and services, an added value for the country system of €3 is generated.

The Poste Italiane Group has resolutely pursued the digital transformation of its infrastructure and internal organisational processes, strengthening its market position. At the same time, it has never lost sight of key objectives such as decarbonisation, occupational health and safety and staff training. The Poste Italiane Group's ability to anticipate changes in the market environment has enabled it to make a real impact on the environment in which it operates. This path of growth has been developed in full respect of the traditional activities that have always represented the heart of the Group's identity, such as delivery, postal savings and financial and insurance services, while guaranteeing continuity and innovation in the offer to customers.

With a strong presence in the postal-logistics, financial, insurance and payment services, telephony and energy sectors, the Group continues to play a key role in the national economic landscape, with the aim of fostering responsible growth and promoting digital evolution. Through the achievement of financial, operational and sustainability objectives, the Group stands out for its solidity and ability to offer innovative solutions, even in a context characterised by significant challenges and transformations, confirming itself as a pillar of the Italian economy and maintaining its supremacy as the largest employer in the country and the main operator in the logistics sector. The commitment to digital transformation also continues to provide support to citizens, businesses and PAs in the process of digitising the country. In this context, the Poste Italiane Group consolidates its strategic role, ensuring an effective and efficient link between the various economic and social entities. A concrete example of the Group's commitment comes in the form of the "Polis Project, Houses of Digital Services", launched in 2022, with the aim of promoting the economic, social and territorial cohesion of the country and bridging the digital divide in small towns and inland areas, some 7,000 municipalities with a population of less than 15 thousand inhabitants, with post offices that, in addition to providing all postal, logistics, insurance, financial and payment services, also operate as a one-stop shop for digital access to Public Administration services. The initiative envisages total investments of around €1.2 billion to be realised by 31 December 2026 and the allocation by the Ministry of Enterprise and Made in Italy of a total contribution of €800 million. In more than two thousand post offices in municipalities with less than 15 thousand inhabitants, citizens can apply for Inps services, registry certificates and passports. Finally, work was completed on 81 co-working spaces.

The ongoing process of profound transformation and significant evolution has made our Group a reliable partner, recognised nationally and internationally, with a well-defined strategic development path founded on solid foundations. The direction we are taking has been clearly outlined in the 2024-2028 Strategic Plan, which aims to continue the

transformation of the logistics sector, orienting it towards an end-to-end model capable of offering integrated solutions for all stages of the logistics chain. The focus will remain on developing products and services in line with market developments, while preserving the central role of postal savings within the Group's offering. In addition, thanks to the growing popularity of e-commerce and digital payments, the PostePay business will continue its evolution towards innovative payment solutions, representing the central focus of integration for the development of the telephony, electricity and gas offer, in order to meet customers' everyday needs. The Group will continue to expand and strengthen customer relationships through the Post Office network, digital channels and third-party networks, ensuring increasingly integrated and omnichannel experiences. The objective is to establish Poste Italiane as a constantly evolving business platform, based on a diversified, integrated and sustainable business model, capable of offering citizens a wide range of innovative services. The 2024-2028 Strategic Plan centres on the Environmental, Social & Governance (ESG) principles and responds to sustainability challenges by setting Group-wide emission reduction targets. These are complemented by initiatives aimed at developing professional skills and enhancing human resources, with a focus on diversity, inclusion and equal opportunities, identifying the needs of all generations, including young workers.

The Group's commitment to sustainable development is reflected in the update of the ESG Plan, renewed on the basis of the materiality analysis and in full synergy with the 2024-2028 Strategic Plan. The need to generate sustainable, long-term value for all stakeholders has never been more relevant than today. Indeed, the Poste Italiane Group is called upon to support the national economy throughout the country and to counteract the process of climate change through environmental sustainability measures. In support of this commitment, the Group has carried out specific initiatives according to two macro-areas - fleet overhaul and building energy efficiency - outlining projects that address both direct emissions generated by logistics activities and owned facilities, and indirect emissions associated with the electricity consumed. In addition, the Poste Italiane Group and Enilive (ENI Group) signed an agreement for the supply of biofuels for land vehicles and aircraft. The cooperation, which started with a letter of intent in July 2024, provides for the use of HVOlution, a diesel from renewable raw materials, for road transport, which is also operated via Multicard for external partners. For aviation, the agreement includes the supply of Eni Biojet, a sustainable fuel produced from 100% biological materials, which can be blended with conventional jet fuel up to 50%, at some Italian airports.

The "Green Index" certification was also obtained, an innovative carbon footprint measurement model, conforming to the highest industry standards, for the parcel service for the benefit of our customers. Finally, by 2028, through the PuntoPoste network, the Group aims to ensure the presence of a collection point at a maximum distance of 2.5 km from each customer throughout the country, thus contributing to a significant reduction in logistics-related atmospheric emissions.

The goals achieved in 2024 are therefore part of a context characterised by a growing commitment to Environmental, Social & Governance issues. On the skills development front, in 2024 the Poste Italiane Group provided around 6 million hours of training, through initiatives aimed at meeting the challenges of the strategic plan and supporting specific professional needs. In parallel, the corporate welfare platform was enhanced. In the area of diversity and inclusion, the LGBTQ+ Inclusion Policy was formalised in 2024, in addition to the Active Parenting Policy in force since 2022.

Customer satisfaction continues to be a priority for the Poste Italiane Group: as proof of its commitment in this area, Poste Italiane is the first among large Italian companies to have obtained UNI ISO 22222 and UNI TS 11348 certification for its investment advisory model aimed at customers through its specialised financial advisors. The digitisation process initiated by the Group involved both the evolution of the service offering and the optimisation of business processes, transforming the distribution model into one with an omnichannel approach. The Fraud Management Centre, operating 24 hours a day, monitored and protected transactions carried out both in post offices and through digital channels, preventing attempted fraud with a total value of approximately €25 million, ensuring customer protection. The Poste Italiane Group has also completed an extensive overhaul plan for the company fleet, reaching 28,400 low-emission vehicles. At the same time, the commitment to the energy efficiency of real estate assets continued, with the installation

of photovoltaic systems in the main logistics HUBs in Piacenza and Caserta. Group customers can also rely on an extensive and flexible distribution network, which includes more than 15,700 PuntoPoste pick-up points, in addition to Post Offices, offering efficient alternatives to home delivery. Finally, in the area of sustainable finance, Group companies operating in the financial sector have launched investment funds that promote environmental and social criteria, consolidating Poste Italiane's commitment to creating sustainable value for the community. In this regard, all Poste Vita's investment products in 2024 have an ESG component. In addition, in 2024 BancoPosta Fondi and Poste Vita published, for the second year running, their respective "Statement on the main negative impacts of investment decisions on sustainability factors", also known as the "PAI Statement", providing evidence of the main actions planned by each company to limit the negative impacts on sustainability challenges related to their investments.

The results achieved represent the fruit of a strategic process aimed at creating shared value, through the adoption of a dynamic business model, capable of adapting to the continuous changes in the economic and social context, without ever losing sight of its values and principles. The relationship with all stakeholders is increasingly central, and fostering dialogue allows us to maintain a solid relationship built on trust, based on essential pillars such as transparency and inclusion. This approach enables the Group to address challenges with awareness, capitalise on new opportunities and achieve long-term sustainability. The Poste Italiane Group has always been keen to promote initiatives aimed at listening to stakeholders, with the aim of creating constructive dialogue and sharing strategic objectives. A longestablished formula and concrete example is the Multi-stakeholder Forum, now in its eighth edition, which represents a fundamental opportunity for discussion and full sharing of the key objectives of the Group's Sustainability Strategy. As part of the initiative, which was attended by about 1,000 participants, stakeholders took part in the double relevance process, defined by the Group in compliance with the requirements of the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS) in order to identify the ESG information to be included in the Group's Sustainability Reporting 2024, as well as to outline the main sustainability issues that, at a strategic level, can guide our ESG efforts.

We are extremely proud of our achievements, which are the result of our professionalism, determination and ambition, which are the hallmark of our work. The path undertaken is geared towards continuous evolution, with the aim of consolidating the role of the Poste Italiane Group as a point of reference for the community in which it operates. Trust and reputation are fundamental values on which to base a solid future for the benefit of all stakeholders.

A heartfelt thank you goes out to everyone in the Group for their constant support in pursuing all common goals with great dynamism and determination.

Finally, we thank you in advance for your attention to this document, which has been prepared in accordance with the principle of maximum transparency towards all our stakeholders.

Presentation of the Annual Report

The Annual Report of the Poste Italiane Group, which for the seventh consecutive year presents both financial and sustainability information in an integrated manner, aims to provide a clear, accurate and transparent representation of the activities carried out, the results achieved, their performance and the services offered by the Group.

This document has been significantly revised with respect to previous years, both in terms of structure and content, in order to comply with the requirements of EU Directive 2022/2464 - Corporate Sustainability Reporting Directive (CSRD), transposed in Italy by Legislative Decree 125/2024, applicable to the Poste Italiane Group from this reporting year. This step represented a challenge that the Group tackled determinedly, in order to provide stakeholders with a complete and transparent view of ESG performance and ensure an easy comparison with other European entities. The application of the provisions of Legislative Decree no. 125/2024, as an element of discontinuity with previous years, involved revising the structure of the document, by including sustainability information in a specific section of the Report on Operations - Chapter 8 "the Sustainability Statement". Furthermore, the information contained in the Sustainability

Statement was prepared in accordance with the European Sustainability Reporting Standards (ESRS) developed by the European Financial Reporting Advisory Group (EFRAG). These reporting standards were therefore adopted by the Group for the first time in 2024 to replace the Global Reporting Initiative's GRI Standards, previously used for the preparation of the Consolidated Non-Financial Statement (DNF) in accordance with Legislative Decree 254/2016, now superseded by the transposition of CSRD in Italy through Legislative Decree no. 125/2024.

With particular reference to the Group's ESG Strategic Plan, based on 8 Sustainability Pillars - Integrity and Transparency, People Development, Diversity and Inclusion, Creating Value for the Country, Green Transition, Customer Experience, Innovation and Sustainable Finance - the application of the ESRS standards entailed the need to relocate the strategic objectives within the ESRS topics relevant to the Group, thus going beyond the usual representation of the document, previously organised by Sustainability Pillar. However, in order to highlight the evolution of the strategy between past and current reporting, a graphic reference to the reference pillars has been included within the Sustainability Statement for each ESRS topic.

In this regard, a table linking the ESRS topics and the Group's Strategic Pillars is given below:

In line with Appendix F of ESRS 1, the Sustainability Statement is structured into the following four sections: "General Information", containing the information referred to in ESRS 2 "General Information"; "Environmental Information", containing the information referred to in ESRS E1 "Climate Change", E2 "Pollution" and E5 "Resource Use and Circular Economy", as well as the information related to the EU Taxonomy "Social information", containing the information set out in ESRS S1 "Own workforce", S2 "Workers in the value chain", S3 "Affected communities" and S4 "Consumers and end-users"; "Governance information", containing the information set out in ESRS G1 "Business conduct" and Entity-Specific "Sustainable finance". With particular reference to information related to the European Taxonomy, the Group undertook an in-depth analysis of its operations and the current regulatory environment, developing an ad hoc methodological approach to ensure proper and transparent disclosure. In line with the EU Regulation no. 2020/852 (Taxonomy Regulation) and the specific regulations that emerged in 2024 (reference FAQs approved by the Commission in November 2024), the Poste Italiane Group provided information in terms of the KPIs governed by the Taxonomy Regulation with reference to both the business and financial segments, as well as addressing the respective reporting methods of mixed groups. In addition, the "General Information" section of the Sustainability Statement describes the methodology adopted by the Group for the double materiality analysis, whose process has been updated from previous years in order to comply with the ESRS standards and the Materiality Assessment Implementation Guidance (MAIG Guidance Line) developed by EFRAG. This analysis enabled the identification of the most relevant sustainability issues for the Poste Italiane Group, adopting an integrated approach that took into account both the positive and negative impacts on people and the environment that can be generated or could be generated through the performance of business activities, and the sustainability risks and opportunities that could influence the Group's economic and financial performance. In addition, within the "General Information" section, under the heading "Index of ESRS content and content from other EU legislation", there is a list of the disclosure requirements reported within the

Sustainability Statement, associated with the issues found to be relevant for the Group as a result of the double materiality analysis conducted, as well as their positioning within the document.

In addition, the Poste Italiane Group has taken into account the ESMA priorities in terms of sustainability disclosure, including key aspects such as double materiality considerations, the scope of consolidation and the structure of Sustainability Reporting, as outlined in the ESRS, and information relating to Article 8 of the Taxonomy Regulation. Finally, with the aim of reflecting future developments related to climate change, this year the Group again updated its climate scenarios, referring to documents drawn up by the international organisations Intergovernmental Panel on Climate Change (IPCC) and International Energy Agency (IEA), as well as the main literature available on the subject.

In continuity with previous years, the document highlights the increasingly more in-depth integration of sustainability into the Group's business model, offering a comprehensive overview of performance in the financial, environmental, social and governance spheres. The Poste Italiane Group's sustainability strategy is reflected in a set of annual and multi-year objectives, with the aim of ensuring stakeholders maximum transparency on the commitment made in these areas and the progress achieved. Through this approach, the Group aims to illustrate its ability to generate and maintain value over time and in the context in which it operates by adopting a sustainable business model.

Through numerous ESG initiatives, the Poste Italiane Group aims to lead the country's sustainability path, promoting an inclusive society and a more sustainable future. In addition to offering products and services with sustainable characteristics, this development allows customers to be actively involved, encouraging them to adopt more environmentally responsible behaviour. The Group's business model shows an interconnection between the resources available and the performance achieved, illustrating the outputs and outcomes generated and the benefits brought to stakeholders, both in financial terms and in terms of social and environmental impacts. The document includes a detailed analysis of the company's performance, with a summary of the results achieved, in Chapter 2: "Highlights".

In addition to the Report on Operations, the Annual Report is composed of the following documents: the consolidated financial statements of the Poste Italiane Group, Poste Italiane's separate financial statements, including Bancoposta RFC's Separate Report, and the related attestations pursuant to art. 154 bis paragraph 5 of Legislative Decree no. 58/1998 and the reports of the Board of Statutory Auditors and the Independent Auditors, referring to the financial year ended 31 December 2024, and the Report on Corporate Governance and Ownership Structure published on the Company's website, in the Governance section, which is to be considered an integral part of this document, and to which reference should be made for further details on the Corporate Governance structure.

Finally, this Annual Report, which was approved by the Board of Directors of Poste Italiane S.p.A. on 26 March 2025, will be made available to the public within the deadlines set forth by applicable regulations (i.e., by 30 April 2025) on the following website: https://www.posteitaliane.it/it/bilanci-e-relazioni.html#/.

The following infographics are used in this document:

to indicate, by means of a hyperlink, that it is possible to go deeper into the topic dealt with in the relevant paragraph; to indicate, by means of a hyperlink, that it is possible to return to the beginning of the chapter and the general index;
to indicate that it is possible to elaborate on the subject in Chapter 9 "Glossary" in the Report on Operations section of the 2024 Annual Report.

2. Highlights

2024 outcomes of the value creation process at Poste Italiane Impacts generated by Poste Italiane

2.1 2024 outcomes of the value creation process at Poste Italiane

During 2024, the shared value creation path undertaken by the Poste Italiane Group generated significant results at system level. The main financial and Environmental, Social & Governance (ESG) performances achieved by the Group based on the objectives defined on the 8 pillars of the sustainability strategy integrated in the 2024-2028 Strategic Plan "The Connecting Platform" are presented below.

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2024 Annual Report

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2.2 Impacts generated by Poste Italiane

IMPACTS GENERATED BY POSTE ITALIANE

Through its leadership in the logistics, financial, insurance and payment services sectors, Poste Italiane plays a key role in the creation of economic value both for the stakeholders directly impacted by its business activities and for the country as a whole.

In particular, the activities carried out by Poste Italiane generate impacts on GDP, employment income, employment and contributions to PA. The estimated impacts ¹can be distinguished into:

Direct impacts: impacts generated by the operating activities carried out directly by Poste Italiane;
Indirect impacts: impacts generated along the supply chain as a result of Poste Italiane's spending on goods and services (€3.82 billion in 2024) from Italian suppliers;
Induced impacts: impacts generated by consumer spending that is realised through the income earned by workers employed directly and indirectly by the Group

¹ In order to estimate the indirect and induced impacts of the Poste Italiane Group generated in 2024, the latest available multipliers published on the ISTAT website were used.

x 3

one euro spent by Poste Italiane for the purchase of goods and services generates an economic value for the country system of €3 in terms of production value

In 2024, the Poste Italiane Group had an impact on the country's economy, in terms of Gross Domestic Product (GDP), of €14 billion and, employed a total of roughly 199 thousand people and contributed around €2.6 billion in tax revenue to the Public Administration. Furthermore, it is estimated that Poste Italiane contributed directly and indirectly to the distribution of income to workers, totalling €7.3 billion.

Poste Italiane's creation of value is based on the contribution that the Group's individual people make through their daily work and commitment. Indeed, during 2024, each Poste Italiane person contributed to the creation of economic impacts for the territory amounting to €116 thousand of GDP, €60 thousand of income for families, €22 thousand of tax contributions and the employment of 1.6 people.

The figures shown have been rounded off for ease of reference. For this reason, the sums may differ slightly from the reported figures

The commitment that Poste Italiane dedicates to serving the country's economy is not limited to 2024, but is embedded in a path of annual value creation. In fact, from 2018, Poste Italiane Group generated total impacts for the Country of approximately €90 billion of Gross Domestic Product (GDP), €51 billion of employment income and €15 billion of tax revenue. In addition, the Group contributed an average of 189 thousand jobs between 2018 and 2024.

The figures shown have been rounded off for ease of reference. For this reason, the sums may differ slightly from the reported figures

Below are two focus areas of Poste Italiane's suppliers, respectively the impacts generated by Italian suppliers in the individual Territorial Areas and the indirect contributions generated by Italian SME suppliers.

Impacts generated in individual Territorial Areas in 2024

Considering the region of the registered office of suppliers, the indirect impacts generated by them in each Territorial Area in 2024 have been identified.

Impacts of Italian SME suppliers

Considering the parameters defined by the European Commission, the Italian suppliers that are characterised as Small and Medium Enterprises (SMEs) and the indirect impacts attributable to them have been identified.

In 2024, SMEs impacted the level of Gross Domestic Product for a value of €1.2 billion, leading to the employment of roughly 22,000 people and an income distribution of €617 million. Finally, €368 million has been generated in terms of tax revenue.

3. Outlook

In the latter part of 2024, economic activity in Italy resumed the modest growth trend observed in the first half of the year, after the stagnation of gross domestic product recorded in the third quarter; this trend was affected, as in the rest of the Eurozone, by the persistent weakness of manufacturing and the slowdown in services² .

Recent projections estimate an increase in national GDP of 0.5% in the year 2024 and an acceleration in the three-year period 2025-2027 with average GDP growth of 1% per year. Growth will remain subdued in the first part of 2025, gaining momentum thereafter, supported by consumption and exports. However, the estimates for the three-year period remain shrouded in uncertainty due to the international scenario: a more protectionist trade policy stance and continuing tensions resulting from ongoing conflicts could dampen foreign and domestic demand.

Against this backdrop, the Poste Italiane Group ended 2024 with new records: adjusted EBIT³ in 2024 reached €2.96 billion, which, in addition to being higher than the plan guidance communicated last July, has grown significantly over the last few years, almost tripling with respect to the 2017 level. Similar growth was recorded by the Group's net profit in the period, which amounted to more than €2 billion in the financial year 2024, in line with the updated plan guidance. Revenue growth in all strategic business units and, in particular, strong performances in net interest income and the parcel business as well as careful cost control were contributors to these results. New all-time highs were also reached in the Group's total gross inflows, and in particular in mutual funds. The insurance segment continued to register positive net flows during the year, outperforming the market.

The Poste Vita Group closes 2024 with a solvency ratio of 322%, which becomes about 300% net of the forecast to distribute additional dividends of about €1 billion to the parent company Poste Italiane S.p.A. over the plan period, in addition to the distribution of 100% of profits.

Based on the results achieved by the Group, as well as the broad visibility on future cash flows and the solid capital generation and optimisation, management proposed an improved dividend policy, increasing the payout ratio to 70% for 2024-2028. The preliminary dividend for the year 2024 is €1.08 per share, up 35% on the previous year's figure. Since the listing in 2015, shareholders have benefited from a high and growing overall remuneration with performance exceeding the values recorded by the main index of the Italian Stock Exchange and the historical record of the share price which reached €16.580 on 18 March 2025.

The new "2024 - 2028 Strategic Plan - The Connecting Platform", presented to the financial community in March 2024, lays the foundations on:

I) a new business service model that maximises the value of the "platform" company in a diversified, integrated and sustainable way;
II) the Group's transformation to a complete logistics operator, ensuring the financial sustainability of the Mail, Parcels and Distribution segment.

The new service model aims to optimise customer coverage and management based on an omnichannel approach, directing advisors' efforts into "relational" rather than "transactional" activities, generating value for the Group. In 2024, the role of the Post Office as a reference point for building and maintaining customer relationships was confirmed and the service model was refined by focusing on strategic and higher-value customer segments. The Punto Poste Casa e Famiglia network was also further enhanced with the aim of improving the channels for accessing and selling products/services, also by expanding the offer.

² Bank of Italy - Economic Bulletin no. 1 - 2025.

³ Adjusted EBIT does not include the charges for the contribution to the Life Insurance Guarantee Fund (amounting to €74 million in 2024) and the portion of charges of an extraordinary nature, resulting from the outcome of the voluntary risk analysis on tax credits carried out in 2024, amounting to €341 million. For more details on the risk analysis, please refer to the notes to the financial statements (Note A10 - Tax Credits Law no. 77/2020 and Note B4 - Provisions for risks and charges).

In the context of the logistical transformation towards an end-to-end logistics operator, note should be taken of the evolution of the postal network, increasingly geared towards parcel management, the development of international business and integrated logistics; this strategy includes the strategic partnership signed with DHL in 2023 and the establishment in April 2024 of Locker Italia S.p.A. for the development in Italy of a network of lockers on which last mile parcel deliveries will be made. In September 2024, the first of the 10,000 lockers that will be activated nationwide was inaugurated. Thanks to their extensive coverage and technology, they will further improve the quality of services supporting e-commerce. In order to accelerate and co-finance the Group's infrastructural and real estate transformation process, February 2025 saw the establishment of the joint venture Patrimonio Italia Logistica – SICAF SpA (externally managed) which aims to manage the Poste Italiane Group's logistics infrastructure in a state-of-the-art manner and according to the highest quality and ESG standards. The operation will also involve several operators specialised in logistics real estate development who will be able to contribute financial resources and specialised know-how and thus accelerate the site renewal process.

The establishment of NewCo Poste Logistics S.p.A. in March 2024 also helps bolster integrated logistics.

SPV Cosenza was established to manage and rationalise integrated healthcare logistics for the Cosenza Provincial Health Authority.

Also for 2025, the Poste Italiane Group confirms the centrality of Postal Savings in its offers and its focus on providing products/services that are in step with customers' evolving needs. There will also be new commercial offers aimed at supporting inflows and facilitating the generational change of customers, as well as initiatives dedicated to the 150th anniversary of the postal savings book and the 100th anniversary of the Interest-bearing Postal Certificate.

In the insurance sector, the Group is committed to the evolution of the commercial offer in the Life Investment and Pension segment, taking into account both market dynamics and the optimisation of the quality of services, in order to protect savings from market risks and inflation with the launch of financial instruments with characteristics adapted to customers'

needs (Multi-class products and new funds both target affluent and premium). In the Protection segment, the Group confirms its ambition to reduce the country's under-insurance by making insurance protection more accessible through the evolution of the offer and an integrated advisory model, and in 2025 it will continue to develop the integrated protectioninvestment offer by enriching the protection offer in the Insurance Based Investment Products (IBIPs) range; furthermore, in response to the evolution of the regulatory framework, the Group will continue to develop the business offer with natural catastrophe and catastrophic event covers. Finally, the Group will be committed in 2025 to increasing the channels of access to the insurance offer, including by enhancing Net Insurance as the Poste Vita Group's product factory for physical and digital third-party networks.

Benefiting from the growth of e-commerce and cashless payments, the PostePay business will evolve towards digital and innovative payment solutions so as to increase the level of customer loyalty, stock and, in particular, the use of payment cards. In the area of telephony, the commitment to proposing new products and integrated services will continue, with a focus on Postepay Connect developments. Moreover, the recent entry of Poste Italiane into the shareholding structure of Telecom Italia S.p.A. enables the development of business relations between the two companies and aims to create synergies and favour the consolidation of the domestic telecommunications market.

The most important initiatives in the omnichannel area include the migration of the customer base of the BancoPosta and Postepay apps to the single Poste Italiane app which will be completed in 2025. The latter will represent a single point of access and reference for operations on the app channel and will handle potential traffic of over 6 million visits per day. Thanks also to artificial intelligence, the app will be highly customised through diversified real time content, views and dedicated functionalities, in order to adapt it to the behaviour and needs of the individual customer. As part of the enhancement of the Group's digital channels, a process of transformation of the web channel has also been launched, which will see the first revision of the consumer site Poste.it during the year, with a customer-centric perspective and a design consistent with the Poste Italiane app. During the year, the Group will also continue on the development trajectory

it has already embarked upon, extending the use of artificial intelligence within its business model for the benefit of internal processes and customers, and in order to make access to the Group's ecosystem of services increasingly inclusive.

The commitment to the implementation of artificial intelligence will be developed with a view to enhancing the Group's core values, within the ethical framework of reference and putting people at the centre. An artificial intelligence governance model will be set up that, starting from the principles identified in the Ethical Manifesto finalised last December 2024, will establish the rules, processes and responsibilities for the safe and effective use of new technologies.

On 16 July 2024, an agreement was reached with the Trade Unions aimed at introducing effective organisational solutions to adapt the postal network to the profound transformation that the postal market is undergoing, characterised by a decline in volumes of traditional mail and a growth in parcels. The project involves an overall reorganisation of the Group's logistics network that will adapt the postal network to this change, strengthening the company's competitiveness on parcels and logistics. During the first half of 2025, the reorganisation of the postal network will be piloted, with the new courier network supporting the traditional delivery network, which will in turn be reconfigured; the reorganisation aims to accommodate the growth in parcels, increasing demands for personalisation during delivery and last-mile logistics requirements.

In addition, on 23 July 2024, the National Collective Labour Agreement which expired at the end of 2023 was renewed, allowing the Group to develop its people as the key to success in implementing the new Strategic Plan. The economicfinancial impacts of this renewal are sustainable with respect to the provisions of the plan period.

In 2025, the Group will continue with the implementation of "Polis", a strategic project to support the country's social cohesion, which involves approximately 7,000 municipalities with less than 15 thousand inhabitants, in which the Post Office will be transformed into a hub of digital services for rapid and easy access to the Public Administration's services. Some 250 co-working spaces nationwide are also planned, as well as the implementation of numerous initiatives to support the country's energy transition. Since the start of the project, 2,918 Post Offices and 81 Spaces for Italy (coworking) have been completed.

In the transition path undertaken towards carbon neutrality, investments and strategic initiatives will continue, such as the renewal of the delivery fleet with low CO² emission vehicles, the installation of photovoltaic panels for energy supply and efficiency of properties; the replacement of current Postepay cards with cards made with eco-sustainable materials and digital cards will continue, as will the development of specific offers aimed at enhancing customers' sustainable behaviour, such as the development of an omnichannel donation platform that will enable customers who hold a Postepay card to make charitable donations to third-party Associations and Organisations, using the Postepay cards themselves. As part of the green transition, we also note the establishment in 2024 of the new company Postego S.p.A., which aims to progressively internalise Poste Italiane's car fleet.

The recent initiatives that enhance Poste Italiane's social vocation include the recent partnership signed in view of the 2026 Winter Games, during which the Company will be premium logistics partner of the Milan-Cortina 2026 Olympic and Paralympic Games, by managing, through the subsidiary Poste Logistics, the transport and logistics of all the goods, equipment and materials required for the success of the event at the Olympic and Paralympic venues.

4. Business model and strategy

Poste Italiane's ownership and organisational structure

Poste Italiane's Corporate Governance

Poste Italiane's business model

Group structure

Omnichannel approach and operating segments

Poste Italiane's strategy

4.1 Poste Italiane's ownership and organisational structure

4.1.1 Poste Italiane's Ownership

Poste Italiane has issued shares listed on the Mercato Telematico Azionario (Electronic Stock Exchange - MTA) organised and managed by Borsa Italiana S.p.A. as of 27 October 2015. At 31 December 2024, the Company is 29.26% owned by the Ministry of the Economy and Finance (MEF) and 35% owned by Cassa Depositi e Prestiti SpA (CDP), also controlled by the MEF. The remaining shares are held by institutional and retail investors. A total of 32.1%⁴ of the shares held by institutional investors of Poste Italiane S.p.A. belong to investors who follow ESG (Environment, Social, Governance) criteria in their investment choices. The share capital of Poste Italiane S.p.A. consists of 1,306,110,000 ordinary shares, of which 1,294,617,396 are outstanding at 31 December 2024. Poste Italiane S.p.A., in execution of the authorisation to purchase treasury shares resolved by the Shareholders' Meeting of 31 May 2024, announced to the market on the same date the start of the treasury share purchase programme aimed at fulfilling the obligations deriving from the variable remuneration to be paid in Poste Italiane shares to Poste Italiane Group directors and employees. Under this programme, Poste Italiane S.p.A. acquired a total of 1,877,469 shares for a total equivalent value of €23,317,707.94 (between 3 and 10 June 2024 it acquired 1.166,667 shares for a total equivalent value of €14,938,498.18 at an average price of €12.804423 and between 7 and 9 August 2024 it purchased 710,802 shares for a total equivalent value of €8,379,209.76 at an average unit price of €11.788388). Following the transaction, considering also the treasury shares in the portfolio deriving from previous buy-back transactions and the delivery to the beneficiaries of the incentive plans, at 31 December 2024, Poste Italiane holds 11,492,604 treasury shares, equal to 0.88% of the share capital.

On 17 September 2024, the Council of Ministers approved the Decree of the Presidency of the Council of Ministers, which provides for the sale, also in several stages, of a portion of the shareholding held by the Ministry of the Economy and

⁴ Source: Nasdaq Corporate Solutions.

Finance (MEF) in the share capital of Poste Italiane S.p.A., without prejudice to the maintenance of a State shareholding in the Company's capital, including through its direct or indirect subsidiaries, in excess of 50%. During the month of October, Poste Italiane, together with the Ministry of the Economy and Finance (MEF), initiated the procedure at Consob for the approval of the prospectus for the share offer by the MEF itself, following the approval of the Decree of the Presidency of the Council of Ministers of 17 September. This process is currently halted pending ongoing decisions and evaluations regarding the modalities and timing of the offer.

4.1.2 Poste Italiane's Organisational Structure

In line with the strategic guidelines set out in the Strategic Plan, the Group's activities are divided into four Strategic Business Units (also referred to as operating segments in the Poste Italiane's Financial Statements): Mail, Parcels and Distribution; Financial Services; Insurance Services; and Postepay Services (formerly Payments and Mobile), the latter renamed at the presentation of the new Strategic Plan "2024-2028 The Connecting Platform" to the financial community on 20 March 2024.

2024 Annual Report

Poste Italiane Group Report on Operations at 31 December 2024

Below is Poste Italiane's organisational structure:

The organisation of Poste Italiane S.p.A. envisages business functions⁵ specialising in the main areas of offer that cover the Group's 4 business sectors and two commercial channels responsible for sales of products/services, which are supported by corporate functions of guidance, governance, control and provision of services in support of business processes. The objective of transforming the Group into a Platform Company and the inherent Group customer focus are pursued with the help of the two cross-company functions Digital, Technology & Operations and Group Strategic Marketing.

In February 2024, it became necessary to adjust the Company's organisational structure through a redistribution of responsibilities and competencies among the top corporate governance functions in order to make it even more responsive to the current business environment and to more effectively achieve the challenging objectives of the new strategic plan.

The decision was therefore taken to focus the strategic development and establishment of corporate strategies on the Chief Executive Officer, with particular reference to the "supervised" businesses and to entrust the management of the Group's industrial businesses to the General Manager, reporting directly to him, with the responsibility of supervising and coordinating the activities of all organisational structures (with the exception of the Internal Auditing function, the BancoPosta function and the insurance, asset management, payment and card payments sectors).

During the first quarter of 2024, moreover, considering the important role played by the logistics business in the overall strategy and the transformation required to cope with the continuous and profound developments of the related market, the tools available to the Mail, Communication and Logistics function were further strengthened to develop, on the one hand, the integrated logistics business and oversee, on the other, network, process and supply engineering activities as well as service quality.

In July 2024, in the Business Market and Public Administration sector, with the aim of strengthening and consolidating the Poste Italiane Group's position in the express and parcel delivery business, a review of the service model was necessary in order to optimise commercial action and ensure better management of customer needs. The new model is based on the following drivers:

preserving the effectiveness of the specialised model per industry, to protect the highest value customers;
optimising the commercial coverage of Medium and Low-end Large customers, improving geographical coverage according to a proximity approach;
strengthening the direct sales network dedicated to express courier and parcel offers by redistributing portfolios and rebalancing between parcel and mail sellers.

It is worth mentioning the creation, reporting directly to the General Manager, of the Chief of GM Staff function, as well as Group Risk and Compliance and Group Sustainable Development function, the latter established in line with the process launched by the Company in recent years to strengthen the Poste Italiane Group's risk governance model and Sustainable Development strategy, with the aim of constantly improving sustainability performance, in line with the provisions of the ESG Strategic Plan.

In addition, the Board of Directors, at its meeting held on 12 December 2024, assigned to the Head of the Group Sustainable Development function the role of Sustainability Reporting Manager, with the task of certifying, in line with the provisions of the Consob Model, with a specific report, that the Sustainability Statement included in the report on operations is drafted in compliance with the reporting standards applied pursuant to current regulations.

⁵ These are the Mail, Communication and Logistics functions for the offer of mail, parcels and commercial communication services and BancoPosta as placement intermediary for the financial and insurance offer. The other two business areas are covered by PostePay for the payments, telephony and energy sales services offering and by Poste Vita Group for the insurance range.

4.2 Poste Italiane's Corporate Governance

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Poste Italiane has adopted a traditional governance model, separating the roles of the Board of Directors and the Board of Statutory Auditors. The Company's accounts are audited by an independent auditing firm.

Poste Italiane's financial management is overseen by the Italian Court of Auditors (Law 259 of 21 March 1958); the relevant controls are conducted by a Magistrate appointed by the Court of Auditors, who attends meetings of the Board of Directors and the Board of Statutory Auditors.

The Board of Directors and Board of Statutory Auditors are elected and dismissed by the Shareholders' Meeting, which is also responsible for engaging the independent auditor and determining the related fees. The Shareholders' Meeting also approves the annual financial statements, amendments to the Company's By-laws and transactions of a non-recurring nature, such as rights issues, mergers and demergers in cases where the law does not grant the relevant authority to the Board of Directors.

The Board of Directors consists of nine members⁶ (eight non-executives and one executive) and normally meets once a month to examine and resolve on the operating performance and vote on resolutions regarding the results of operations, proposals relating to the organisational structure and transactions of strategic importance.

The Board met 11 times in 2024. Of the nine members of the Board, seven meet the independence requirements of the TUF, the By-laws and the new Corporate Governance Code.

In accordance with the provisions of the Italian Civil Code, the Board of Directors has delegated certain executive powers to the Chief Executive Officer and has established, in accordance with the recommendations in the Corporate Governance Code and the Bank of Italy's supervisory standards, five Board Committees to provide proposals and advice: the Appointments and Corporate Governance Committee, the Remuneration Committee, the Audit and Risk Committee, the Sustainability Committee and the Related and Connected Parties Committee.

5 Board committees with propositional and advisory functions

The role of the Chairwoman of the Board of Directors is to lead and oversee the Board of Directors. She is the Company's legal representative and exercises the powers provided for by law and the Company's By-laws, and those assigned by the Board of Directors' meeting of 8 May 2023.

The Chief Executive Officer has the powers for the administration of the Company except for those otherwise attributed by law and by the By-Laws and except for the powers that the Board of Directors has reserved to itself. The Chief Executive Officer is also the Company's legal representative within the scope of the powers delegated to him.

The Board of Directors, upon the proposal of the Chief Executive Officer, who concurrently resigned as General Manager, by resolution of 28 February 2024 appointed Giuseppe Lasco as General Manager, formerly Joint General Manager. The General Manager Giuseppe Lasco participates in Board meetings without voting rights. From that date, all organisational structures report to the General Manager - who reports to the Chief Executive Officer - with the exception of (i) the Internal Auditing function (which reports directly to the Board of Directors under the supervision - with the aim of liaising with the Board of Directors - of the Chairwoman) (ii) the corporate function dedicated to the international development of the Poste Italiane Group's activities, which reports to the Board of Directors (iii) BancoPosta RFC, and thus the entire BancoPosta function, which continues to report to the Chief Executive Officer; (iv) the insurance, asset management, payments and emoney businesses, which continue to report to the Chief Executive Officer.

The Board of Statutory Auditors has three standing members and three alternates. The Board verifies compliance with the law, the Company's By-laws and with correct corporate governance principles, also verifying the adequacy of the organisational structure and administrative and accounting systems adopted by the Company and their functionality. During the year, the Board of Statutory Auditors met 35 times, 10 of which jointly with the Control and Risk Committee.

⁶ In replacement of Director Armando Ponzini, who resigned from office as of 31 July 2024, the Board of Directors, in its meeting of 26 March 2025, appointed by co-optation Alessandro Marchesini who will remain in office until the next Shareholders' Meeting.

The Supervisory Board has three members. It is endowed with autonomous powers of initiative and control, supervises the functioning of and compliance with the Organisational Model pursuant to Legislative Decree 231/2001 and updates it in line with changes in the organisational structure and the relevant regulatory framework, by making justified proposals to the Chief Executive Officer, who submits them to the Board of Directors.

The statutory audit of the accounts is entrusted for the years 2020-2028 to the auditing firm Deloitte & Touche S.p.A. for the entire Group. The aforementioned appointment was made pursuant to Legislative Decree 39/2010 implementing Directive 2006/43/EC and European Regulation 537/2014 on public interest entities and the audit of public interest entities, in force since 17 June 2016.

With regard to BancoPosta RFC's governance, the rules governing the organisation, management and control of BancoPosta's operations are contained in the specific BancoPosta RFC Regulation in the Report on Operations of BancoPosta RFC, to which reference is made.

As a result of the new Supervisory Provisions applicable to BancoPosta RFC, issued by the Bank of Italy on 27 May 2014, Poste Italiane, in providing financial services to the public, is comparable – for the purposes of application of corporate governance regulations – to a major bank in terms of size and operational complexity.

For further details on the corporate governance structure, reference is made to the document "Report on Corporate Governance and Ownership Structure - Year 2024".

4.3 Poste Italiane's business model

The value creation process at Poste Italiane

At 31 December 2024, the Group held, directly and indirectly, equity investments in 57 companies and consortia, of which 39 are consolidated on a line-by-line basis, one is a subsidiary and valued using the equity method, 9 are associates and valued using the equity method, one is an associate classified under assets held for sale pursuant to IFRS 5, one is subject to joint control valued using the equity method and 6 represent minority stakes. In addition, Poste Italiane fully consolidates, as of 30 September 2024, 11 Multi-Asset Funds (MAFs) as further detailed below and in the consolidated financial statements at 31 December 2024.

(1) The remaining 5% of Consorzio Logistica Pacchi S.c.p.A. is held by Poste Assicura S.p.A.
(2) The investment in sennder Technologies GmbH fully diluted is equal to 9.74%.
(3) The investment in Milkman S.p.A. fully diluted is equal to 6.03%.
(4) The investment in Sengi Express Limited is equal to 51% of the shares with voting rights (40% of equity rights).
(5) The investment in Volante Technologies Inc fully diluted is equal to 2.02%.
(6) The investment in Conio Inc fully diluted is equal to 14.53% at 31 October 2024.
(7) The investment in MFM Holding Ltd is equal to 13.98% of the shares with voting rights (14.81% of equity rights).
(8) The investment in ECRA is equal to a total of 40% of the share capital (24.5% of voting rights distributed in equal parts between the shareholders).
(9) The investment in Scalapay Limited fully diluted is equal to 2.15%.
(10) Sourcesense S.p.A. wholly owns Sourcesense Digital S.r.l., Sourcesense Technology S.r.l., Sourcesense Limited (UK) and Sourcesense Platforms S.r.l. and holds 33.3% in Consorzio Italia Cloud.
(11) Net Insurance S.p.A. wholly owns Net Insurance Life S.p.A.
(12) Plurima S.p.A. wholly owns Bridge Technologies S.r.l. and Logos S.r.l.

SDA Express Courier S.p.A.

(13) Casina Poste Società Sportiva Dilettantistica a Responsabilità Limitata is wholly owned through Poste Italiane S.p.A. 72%, PostePay S.p.A.7%, Postel S.p.A.7%, Poste Vita S.p.A. 7% SDA Express Courier S.p.A. 7%.

The following table describes the activities of the Group companies, including them within the respective Business Units, described in the paragraph "Omnichannel approach and operating segments", to which reference is made for further information. To find out more

A Group company that mainly carries out activities in the service of logistics processes in the Express Courier sector in relation to the Poste Italiane branded Parcels offer. It also offers dedicated logistics services with customised integrated logistics solutions.

MAIL, PARCELS AND DISTRIBUTION	Postel S.p.A.	Company operating in the business communications sector mainly oriented towards companies and Public Administration, to which it provides a full suite of services from printing, delivery, electronic document management (GED), incorporating integrated Data Driven Marketing solutions.
	Poste Air Cargo S.r.l.	This company provides commercial air transport, cargo courier transport and insures, as the Group's sole provider, the air logistics in support of mail and parcel delivery.
	MLK Deliveries S.p.A.	Company that carries out home delivery activities for e-commerce through innovative and technologically advanced delivery services, such as Scheduled Delivery, which allows customers to customise deliveries by choosing the date and time of receipt and Same Day (the same day on which the purchase is made) and to have a detailed tracking service. On 31 January 2024, the company formalised the partnership with Mazzocco S.r.l., through the establishment of the vehicle MLK Fresh S.r.l., through which the parties offer advanced delivery services in Italy dedicated to the fresh food segment in the B2C e-commerce and/or scheduled deliveries market.
	Poste Welfare Servizi S.r.l.	Company that manages Supplementary Medical Funds, services for the acquisition and validation of databases, services and liquidation of services on behalf of private medical funds; it also supplies services for the management of Poste Vita Group health and welfare products. Following the transfer in January 2022 by Poste Vita in favour of Poste Italiane of 100% of the shares held in Poste Welfare Servizi, said company, as from 2022, is included within the Mail, Parcels and Distribution Strategic Business Unit.
	Plurima S.p.A.	Company operating in the field of healthcare logistics and document storage and management services for public and private hospitals. Wholly owns Bridge Technologies S.r.l. and Logos S.r.l.
	Nexive Network S.r.l.	Operating Company which, as of 1 October 2021, carries out the management and coordination of the new delivery network, made up of Nexive's external partners, used to support the "last mile" phase of Poste Italiane's delivery process for postal products and small parcels.
	Europa Gestioni Immobiliari S.p.A.	This company manages and optimises Poste's real estate assets that are not instrumental; it carries out town planning and construction transformations, in order to assure the relative marketing (new leases and sales).

Nexive S.c.a.r.l.	Consortium company that coordinates the activities of consortium members for postal delivery activities mainly for Public Administration customers, awarded through participation in public tenders.
Sourcesense S.p.A.	Sourcesense is a company operating in the Information Technologies sector in Italy and the UK with significant expertise in developing cloud native solutions based on open source technology. Wholly owns Sourcesense Digital S.r.l., Sourcesense Technology S.r.l., Sourcesense Limited (UK) and Sourcesense Platforms S.r.l. and holds 33.3% in Consorzio Italia Cloud.
Agile Lab S.r.l.	The company specialises in Data Management, offering tailor-made technology solutions that exploit artificial intelligence, as well as reselling services for open source software products developed by technology partners.
PatentiViaPoste S.c.p.A.	Non-profit consortium that provides centralised printing services, the dispatch and delivery of new licences and copies of log books. The contracted activities are terminated during 2022 with the exception of the Driver's Licence Delivery service extended to 30 June 2023. As of November 2023, this service was awarded to Poste Italiane S.p.A.; the subsidiary will ensure the completion of some work.
Consorzio PosteMotori	This is a non-profit consortium that manages and reports on the payment of prices due by users for the cases within the competence of the Transport Department of the Ministry of Infrastructure and Transport (e.g. issue of "pink sheets", issue and renewal of copies of driving licences, registrations, MOTs, etc.). As provided for in the Contract of Assignment prot. 5266 of 13 July 2021, the activities covered by this agreement were completed on 31 March 2022; however, activities pending development are in progress.
Sengi Express Limited	Company based in Hong Kong that deals with the creation and management of cross-border logistics solutions for Chinese e-commerce players active in the Italian market. It offers a complete range of services to Chinese e-commerce operators, tailored to the specific needs of individual merchants , with competitive commercial solutions for each stage of the logistics chain connecting China to Italy.
Sengi Express Guangzhou Limited	Company, based in China, of Sengi Express Limited to which it provides business support services (operations, IT services, back office, administrative services, etc.).
Consorzio Logistica Pacchi S.c.p.A.	Consortium that coordinates the activities of the consortium members (Poste Italiane, SDA, Postel, Poste Air Cargo, Poste Assicura and Nexive Network) in transport overland and by air of postal effects, integrated

	logistics, printing and envelope filling, electronic document management, e-commerce, marketing and telemarketing.
Indabox S.r.l.	This company develops IT and telematic systems offering logistics support to e-commerce, proposing to customers a collection service of parcels purchased online from authorised retailers.
Kipoint S.p.A.	Company that offers, through a network of franchise stores, the sale of national and international deliveries, packaging and wrapping. Kipoint is also Punto Poste. In addition, following the stipulation of the contract with Grandi Stazioni, it also manages luggage deposits at major railway stations.
sennder Technologies GmbH sennder Italia S.r.l.	The Companies carry out national and international long-distance road transport activities. The business model is based on highly digitised processes and proprietary IT platforms, creating optimised management of processes and distances covered.
Italia Camp S.r.l.	Organisation that develops social innovation processes with a positive impact for the country, creating connections between institutions, companies, associations and universities.
SPV Cosenza S.p.A.	Company dedicated to the performance of all services covered by the public-private partnership contract for the management and rationalisation of integrated healthcare logistics for the Cosenza Provincial Health Authority.
Postego S.p.A.	Company dedicated to the provision of long-term vehicle rental services, initially to Poste Italiane and Group companies, in order to meet their needs in terms of operating, service and mixed-use vehicles. The service consists of the complete management of the vehicle fleet, from the vehicle order phase and its delivery by interacting without intermediaries with vehicle manufacturers, to the maintenance of the vehicle throughout its life and still guaranteeing mobility to the customer in the event of vehicle stoppage, up to the resale of the vehicle at the end of its service cycle.
Casina Poste SSD a.r.l.	Amateur sports club dedicated to the organisation and management as well as the promotion, enhancement and dissemination of amateur sports activities.
Poste Logistics S.p.A.	Company dedicated to integrated logistics activities for the Poste Italiane Group. The logistics business covers inbound, warehouse handling, Full Truck Load (FTL) and Less Than Truck Load (LTL) transport, warehousing and international logistics activities. It benefited from the business unit of SDA Express Courier S.p.A. relating to the integrated logistics business, through a partial demerger transaction.

	Locker Italia S.p.A.	Investee of Poste Italiane S.p.A. and Deutsche Post International BV with equal stakes of 50% respectively - dedicated to the development in Italy of a network of lockers for last mile deliveries of parcels.
FINANCIAL SERVICES	BancoPosta RFC	On 14/04/2011, Poste Italiane S.p.A.'s Shareholders' Meeting resolved to set up assets for BancoPosta business as governed by Presidential Decree 144 of 14 March 2001 and determined the assets and legal relations included therein and the rules of organisation, management and control. On 1 October 2018, the set of activities, assets, goods and legal relations constituting the electronic money and payment services business unit was contributed to an earmarked asset within the subsidiary PostePay S.p.A. in order to enable the latter to operate as an Electronic Money Institution (EMI).
		On 28 May 2021, Poste Italiane's Extraordinary Shareholders' Meeting approved the removal of the restriction on the allocation of BancoPosta RFC regarding activities, assets and legal relations constituting the "Debit Business" in order to confer the latter in favour of PostePay S.p.A., effective 1 October 2021.
	BancoPosta Fondi S.p.A. SGR	Asset management company that operates through the establishment and management of mutual investment funds and the individual portfolio management service relative to institutional mandates assigned to the Group.
	Replica SIM S.p.A.	A securities brokerage company, it is active in proprietary and third-party brokerage and asset management as investment manager and execution broker for the management of a number of investment funds.
	Financit S.p.A.	Company, part of the BNP Paribas Group, which operates in the salary or pension-backed loan and delegation of payment sector.
	Eurizon Capital Real Asset SGR S.p.A.	Company specialising in investments supporting the real economy, it sets up and manages Alternative Investment Funds (AIFs) for private and institutional clients.
	Anima Holding S.p.A.	Investment holding company in the asset management sector. It controls 100% of Anima SGR, which, in turn, controls 100% of Anima Asset Management Ltd.
	Moneyfarm Holding LTD	Digital asset management company, specialised in ETF (Exchange Traded Funds) portfolios.
	Scalapay Limited	Company operating in several European countries in the Buy Now Pay Later ("BNPL") market on on-line and physical channels, allowing end

		customers to pay for a product/service in three interest-free monthly instalments.
	Poste Vita S.p.A.	Insurance company that provides insurance and reinsurance in Life classes.
	Poste Assicura S.p.A.	Insurance company that provides personal protection (health and accident), property protection (home and assets) and credit protection (insurance of loans and mortgages from unforeseen events).
INSURANCE SERVICES	Poste Insurance Broker S.r.l.	Insurance broker for the distribution and brokerage of insurance and reinsurance.
	Net Holding S.p.A.	Holding company engaged in the holding and management of equity investments set up for the acquisition of Net Insurance S.p.A. On 3 February 2025, following the authorisations received from the regulatory authority, the resolution to liquidate and the appointment of the liquidator was registered with the Companies' Register. The liquidation is expected to be completed by the end of the first half of 2025.
	Net Insurance S.p.A.	An insurance company whose offer is dedicated to insurance coverage connected to the world of credit and, in particular, salary or pension backed loans, protection and insurtech thanks to agreements with technological partners; it wholly owns Net Insurance Life S.p.A., an insurance company active in the life insurance classes that mainly offers insurance coverage connected and instrumental to the P&C products offered by the parent company Net Insurance S.p.A.
	Cronos Vita Assicurazioni S.p.A.	Corporate vehicle set up in August 2023 to complete the rescue of Eurovita. In October 2023, Cronos Vita S.p.A. changed its company name to Cronos Vita Assicurazioni S.p.A. as a result of the change in its corporate purpose, which now includes the provision of private insurance as well as the management of supplementary pension schemes.
	PostePay S.p.A.	A company that integrates electronic money and payment services, acting as an Electronic Money Institution (EMI) and Mobile Virtual Network Operator (MVNO) services, with the PosteMobile brand and Energy (electricity and gas) sale services through the Poste Energia service.
POSTEPAY SERVICES	LIS Holding S.p.A.	A company operating (directly or on behalf of third parties) top-up services for web accounts, telephone and digital TV and other third-party processing services dedicated to mobility, postal services and the issuance of stamps.

emarket sdir scorage
CERTIFIED

	In addition, it is the company that oversees the entire suite of terminals - with which the points of sale forming part of the PuntoLis network are equipped throughout the country - to provide PuntoLis services.
LIS Pay S.p.A.	Electronic money institution providing payment and electronic money services through the PUNTOLIS network, wholly owned by PostePay S.p.A.
ConsorzioServiz i S.c.p.A.	Consortium for the supply of mobile telephony services, integrated messaging services, (device info services connected to financial instruments) exclusively for Poste Italiane, as well as, as of 1 July 2023, the natural gas supply service for Poste Italiane S.p.A. and, as of 1 January 2024, the electricity supply service for Poste Italiane S.p.A.
Volante Technologies Holdco Inc.	American company that wholly owns the company Volante Technologies LLC., specialising in the development of technological solutions underlying the payment and financial messaging processes on cloud and on-premise for the acceleration of digital transformation and the modernisation of financial services. Following the corporate restructuring, which took place in November 2023, PostePay S.p.A. became a shareholder of Volante Technologies Holdco Inc. with the same stake previously held in Volante Technologies Inc. now called Volante Technologies LLC.
Nexi S.p.A.	Company that carries out activities in the field of digital payments (PayTech), offers services and technology infrastructure for banks, enterprises and public administration. It operates in three market segments: Merchant Services & Solutions, Cards & Digital Payments and Digital Banking & Corporate Solutions.
Conio Inc.	American company that creates and offers innovative services in digital currencies. It wholly owns of Conio S.r.l. which is involved in the research, development and testing of results consisting of innovative electronic payment technology solutions (cryptocurrencies, bitcoin).
N&TS Group Networks & Transactional Systems Group S.p.A.	Company active in the IT sector as a software house specialising in electronic payments. Within the Italian market, it ranks among the leading providers of omnichannel technology solutions, serving both enterprises and financial sector players (including banks, Electronic Money Institutions and payment institutions)

Below are the main transactions that took place during the year and after 31 December 2024. It should be noted that the 2025 transactions had no impact on the Group structure at 31 December 2024.

MLK Fresh	On 31 January 2024, through the establishment of the NewCo named "MLK
S.r.l.	Fresh S.r.l." ("MLK Fresh"), the partnership in the Fresh Food sector between

		MLK Deliveries S.p.A. (MLK) and Mazzocco S.r.l. ("Mazzocco"), an Italtrans Group company operating as a national refrigerated courier, was formalised.
MAIL, PARCELS AND DISTRIBUTION		MLK Fresh, 70% owned by MLK and 30% by Mazzocco, is the vehicle through which the parties offer advanced delivery services in Italy dedicated to the fresh food segment in the Business To Consumer (B2C) e-commerce and/or scheduled deliveries market. These services are offered using: (i) the logistics infrastructure provided by the Italtrans Group company; (ii) the technology enabling the Scheduled and Same Day7 delivery services provided by MLK; and (iii) commercial services mainly provided by Poste Italiane through its Business and Public Administration channel.
	Locker Italia S.p.A.	On 18 April 2024 the company Locker Italia S.p.A. (also "JV Poste Italiane - DHL") was established - owned by Poste Italiane S.p.A. and Deutsche Post International BV with equal stakes of 50% respectively - dedicated to the development in Italy of a network of lockers for last mile deliveries of parcels managed by Poste Italiane S.p.A. and the e-commerce division of the DHL Group. The Poste Italiane - DHL JV is part of the broader strategic partnership in the Italian and international parcel market signed in 2023 between the Poste Italiane Group and DHL Group.
	Poste Logistics S.p.A.	On 4 March 2024, Poste Logistics S.p.A. was established. - whose share capital is wholly-owned by Poste Italiane S.p.A. - dedicated to integrated logistics activities for the Poste Italiane Group, benefiting from the business unit of SDA Express Courier S.p.A. ("SDA") concerning the integrated logistics business, through a partial demerger transaction. With this transaction, the Group aims to strengthen its presence in the integrated logistics business, a business that covers inbound, warehouse handling, Full Truck Load (FTL) and Less Than Truck Load (LTL) transport, warehousing and international logistics. The partial demerger transaction, which was resolved by the Extraordinary Shareholders' Meetings of SDA and Poste Logistics S.p.A. on 27 March 2024, was formalised on 25 June 2024, effective as of 1 July 2024.
	Postego S.p.A.	On 9 May 2024, Postego S.p.A., a wholly-owned subsidiary of Poste Italiane, was established with the aim of progressively internalising the Poste Italiane car fleet (about 30 thousand delivery vehicles). The transaction will make it possible to accelerate the Poste Group's green transition, to select and customise technologies and vehicle models to the needs of Poste Italiane, as well as to modulate the duration of the related services, thus enabling the pursuit of economies of scale and synergies.
	Plurima S.p.A.	On 17 June 2024, the Extraordinary Shareholders' Meetings of Plurima S.p.A., respectively. ("Plurima") and Logos S.p.A. ("Logos"), a wholly-owned subsidiary of Plurima, resolved on the merger by incorporation of Logos into Plurima. The operation, whose merger project was approved by the respective boards of directors last May, is aimed at streamlining the management of the two companies, with the primary objective of achieving savings in structural costs and in the use of available resources.

⁷ Scheduled Delivery allows the customer to customise the delivery by choosing the date and time of receipt and to have a detailed tracking service. Same Day (same-day delivery).

emarket sdir scorage
CERTIFIED

	SPV Cosenza S.p.A.	On 25 June 2024, SPV Cosenza S.p.A. was established, a company 95% owned by Poste Italiane S.p.A. and 5% by Plurima S.p.A., dedicated to the performance of all the services covered by the public-private partnership contract for the management and rationalisation of integrated healthcare logistics for the Cosenza Provincial Health Authority.
INSURANCE SERVICES	Multi Asset Funds (MAF)	During the course of 2023, the Poste Italiane Group launched a project to "replace" the Luxembourg-law multi-compartment SICAV sub-funds, in which Poste Vita S.p.A. had invested a portion of the assets (around €25 billion) pertaining to the Separately Managed Accounts, with 11 newly established Italian-law UCITS managed by BancoPosta Fondi S.p.A. SGR. The project ended on 13 September 2024 following the completion of the cross border merger by incorporation of the SICAV's sub-funds into the new UCITS
		funds, through which the financial instruments and sums of money previously held in the SICAV's sub-funds were transferred to the latter.
		At 31 December 2024, the 11 UCITS are fully consolidated in the Consolidated Financial Statements of the Poste Italiane Group. For further details, please refer to the section "Basis of consolidation" in the Poste Italiane's Financial Statements at 31 December 2024.
	Net Insurance S.p.A.	On 22 January 2025, Net Insurance S.p.A. finalised the acquisition of a 19.99% stake in the share capital of IBL Assicura S.r.l. from IBL Banca S.p.A.
	Net Holding S.p.A.	An extraordinary shareholders' meeting of Net Holding S.p.A. ("Net Holding") was held on 14 November 2024, during which the shareholders, Poste Vita S.p.A. and IBL Banca S.p.A., resolved to dissolve Net Holding early and put it into liquidation. On 3 February 2025, following the authorisations received from the regulatory authority, the resolution to liquidate and the appointment of the liquidator was registered with the Companies' Register. The completion of the liquidation and the assignment to Net Holding's shareholders of the 97.8% stake it held in Net Insurance S.p.A. are expected by the end of the first half of 2025. On 18 March 2025, the Shareholders' Meeting of Net Holding approved the final liquidation balance sheet and the distribution plan.

Other transactions

On 28 February 2024, PostePay signed an agreement to acquire 20% of N&TS GROUP Networks & Transactional Systems Group S.p.A. ("N&TS GROUP"), a leading Italian company in software solutions for electronic payments. The transaction, the closing of which was 15 April 2024 following the fulfilment of conditions precedent, aims to enhance PostePay technological expertise in order to support its expansion strategy in the digital payments market.

On 10 December 2024, Poste Italiane S.p.A. exercised the early conversion of the loan issued by sennder Technologies GmbH into shares of the same as part of the broader capital increase transaction promoted by the company, totalling €39 million with the shareholder Scania as lead investor. Following the completion of these transactions, Poste Italiane S.p.A.'s stake in sennder Technologies GmbH was reduced from 10.2% to 9.7% on a fully diluted basis.

and (iii) the fulfilment of all legal conditions, including the necessary authorisation resolution by the shareholders' meeting of Banco BPM S.p.A. ("Banco BPM"). It should be noted that on 11 February 2025, Banco BPM Vita sent Poste Italiane S.p.A. its acceptance of the letter of commitment and that Banco BPM's ordinary shareholders' meeting of 28 February 2025 approved the increase to €7.00 of the consideration per share offered under the Takeover Bid, as well as reserving for its Board of Directors the right to waive all or part of one or more of the voluntary effectiveness conditions attached to the Takeover Bid, which have not yet been satisfied. Moreover, on 13 March 2025, CONSOB approved the Information Document, disclosed to the market by Banco BPM on 14 March 2025, in which it announced - among other things - that the acceptance period for the Takeover Bid runs from 17 March to 4 April 2025 and that the payment of the consideration will take place on 11 April 2025 (unless the acceptance period is extended). In addition, the Board of Directors of Anima Holding met on 13 March 2025 and assessed as fair the consideration of €7.00 per share offered by Banco BPM. The fairness of the price was also assessed through the Fairness Opinion issued by Vitale&Co (as financial advisor appointed by the independent directors) and Goldman Sachs (as financial advisor appointed by the company's Board of Directors).

On 14 February 2025, the company Patrimonio Italia Logistica - SICAF S.p.A. (externally managed) was established owned by Poste Italiane S.p.A. and Dea Capital Real Estate Sgr S.p.A., with initial stakes of 90% and 10% respectively - in which Poste Italiane will contribute all the largest sites of the primary network and a large part of the intermediate network for a total area of approximately 640,000 square metres.

This initiative is dedicated to accelerating and co-financing Poste Italiane's infrastructural and real estate transformation, while improving the operational efficiency and sustainability of the infrastructure itself.

The operation will also involve several operators specialised in logistics real estate development who will be able to contribute financial resources and specialised know-how and thus accelerate the site renewal process.

On 15 February 2025, the Board of Directors of Poste Italiane S.p.A. resolved to acquire 9.81% of the ordinary shares of Telecom Italia S.p.A. ("Tim") held by Cassa Depositi e Prestiti S.p.A. ("Cassa Depositi e Prestiti"). At the same time, the Board of Directors resolved to sell the entire stake held by Poste Italiane in Nexi S.p.A. ("Nexi") - equal to 3.78% of the share capital - to Cassa Depositi e Prestiti itself.

The consideration for the purchase of Tim's shares was recognised (i) partly through the proceeds from the transfer from Poste Italiane to Cassa Depositi e Prestiti of the stake in Nexi and (ii) partly through available cash (approximately €170 million).

The acquisition enables the development of the commercial relationship between Tim and Poste Italiane; in this regard, negotiations for the provision of services for Postepay S.p.A.'s access to Tim's mobile network infrastructure are at an advanced stage.

Taken as a whole, the transaction represents an investment of a strategic nature for Poste Italiane, with the aim of creating synergies between the companies and favouring, with all the players involved, the consolidation of the telecommunications market in Italy.

Intra-group transactions

On 24 January 2024, with the aim of standardising, evolving and engineering the operating processes of the Group's technology platforms, Postel sold its entire stake in Address Software S.r.l. to the parent company Poste Italiane S.p.A. This transaction was in preparation for the start of the process of merger by incorporation of Address Software S.r.l. into Poste Italiane S.p.A., which was formalised on 27 May 2024, taking effect for legal purposes on 1 June 2024, while for accounting and tax purposes it was backdated to 1 April 2024.

Taking into account the scope of operations of the investee company Conio Inc. ("Conio"), as well as the experimental, digital and innovative nature of the related business and the new projects under development, on 22 May 2024 Poste Italiane S.p.A. transferred to Postepay S.p.A. the entire stake held in Conio, equal to 16.29% of the relevant share capital.

On 27 June 2024, the deed of sale of a stake held by SDA Express Courier S.p.A. in the Consorzio Logistica Pacchi S.C.p.A. in the amount of 5.5% in favour of Poste Logistics S.p.A. was signed: thus, SDA's shareholding in the Consorzio increased from 19% to 13.5%.

Further partnerships

On 14 March 2024, Poste Italiane S.p.A. and the Ferrovie dello Stato (FS) Group signed two separate agreements: - a Memorandum of Understanding in the area of passenger transport aimed at fostering the development of joint solutions in the area of electronic payments to make the experience of purchasing tickets from physical and on-line channels even simpler and more immediate;

a Letter of Intent in the area of freight transport, for the development of a sustainable and digitalised logistics network and to enhance intermodality in logistics. In particular, Mercitalia Logistics (leader of the FS Group's Logistics Cluster) and sennder will work together to expand the intermodal freight logistics network in Europe.

On 1 August 2024, a Letter of Intent was signed, launching the collaboration between Poste Italiane and ENI Live for the supply of biofuels produced mainly from waste, such as used cooking oil and animal fats, and from agro-food industry residues that Enilive processes in its biorefineries. In particular, for road transport, the agreement provides for the supply of HVOlution diesel from renewable raw materials, available at more than 1,000 service stations in Italy, which will be managed through Multicard, Enilive's commercial card service. For air transport, the collaboration also concerns the supply at some Italian national airports of JET A1+Eni Biojet, the SAF (Sustainable Aviation Fuel) component of which is produced by Enilive from 100% biological materials and suitable for use in blends with conventional jet fuel, up to 50%.

4.5 Omnichannel approach and operating segments

Omnichannel Strategy Macroeconomic environment Mail, Parcels and Distribution Strategic Business Unit Financial Services Strategic Business Unit Insurance Services Strategic Business Unit Postepay Services Strategic Business Unit

4.5.1 Omnichannel strategy

THE POSTE ITALIANE OMNICHANNEL PLATFORM STRATEGY

Poste Italiane has embarked on a process of transformation, as part of the Strategic Plan "2024-2028 The Connecting Platform" and aims to connect citizens, companies and the Public Administration by distributing products and services with an omnichannel model that allows customers to be served through the channel they prefer.

In 2024, Poste Italiane's omnichannel interaction platform reached 25.2 million total daily interactions (+9.1% compared to 23.1 million total daily interactions in 2023).

In Poste Italiane's omnichannel model, the new single app is a central asset, playing a key role in supporting Post Offices together with the physical points of Third-party Networks in engaging customers and managing their daily needs.

The strong digitisation of customers, accompanied by the growth in their satisfaction (the Customer Effort Score -CES - of the apps⁸ increased by 9 p.p. compared to 2023; while the CES of the website increased by 13 p.p. compared to 2023),

⁸ The Customer Effort Score is calculated as the difference between the percentage of customers who rated 9-10 (promoters) and the percentage of customers who rated 0-6 (detractors). The Customer Effort Score app refers to all apps weighted by visit volumes (Postepay app 54%, BancoPosta app 42%, Poste Italiane app 4%, December 2023).

ensures the Group's daily interaction with its customers at all contact points. In 2024, the number of "hybrid" customers⁹ , who organically use both physical and digital channels according to their individual needs, stands at 12.2 million (+1.1% compared to 2023).

The service model is supported by a profound technological transformation based on a strong push for cloud adoption, investment in artificial intelligence, a next-generation data platform, acquisition of specialised companies and of key competencies.

The Poste Italiane app represents the "tip of the iceberg" of this transformation, enabling the integration of businesses and the transformation of Poste Italiane into a "Connecting Platform".

The development of the new single app, started in 2023 and nearing completion, aims to create the technological infrastructure on which all Poste Italiane services will converge to offer customers a single point of access. The new app adapts to the behaviour, digital channel usage habits and needs of the individual customer thanks to a high degree of customisation, also supported by the use of Artificial Intelligence, and is based on customisation logics such as dedicated functionalities, relational model, content and visual identity, as well as on a multitude of elements that can be combined together.

Below is a representation of the Group's omnichannel platform.

The Group's omnichannel platform provides for the monitoring of customers and the provision of services through 3 main types of channels:

the proprietary physical network: this consists of the Post Offices, the sales force for business customers and the logistics network for mail and parcel delivery;
a digital infrastructure and remote contact points: made up of all the Group's digital channels (apps and web) and the contact centre, capable of serving the entire national population;

⁹ Customers who had at least one access to digital channels and one visit to a Post Office during the year.

• the third-party physical network: made up of more than 49 thousand¹⁰ points, the result of commercial partnership agreements for the marketing of Group products and services managed also through the acquisition of the company LIS.

4.5.1.1 PHYSICAL NETWORK OF POST OFFICES

The Post Office network is governed by the Post office network business function organised into Macro Areas, Branches and Post Offices covering the whole country.

		12,755 Post Offices
31 December 2024		31 December 2023

	Unit	Personnel	Unit	Personnel
Post Office Network macro areas	6	492	6	491
Branch offices	132	4,282	132	4,239
Post offices	12,755	47,254	12,755	47,385
Total		52,028		52,114

All workforce data is shown in full-time equivalent terms in thousands.

Overall, the staffing trend is substantially stable, considering the balance between recruitments, terminations and internal promotions from and to other areas/functions. The slight increase in the number of staff at the branches concerns certain figures linked to the projects for the evolution of the commercial service model, in particular consultants and coordinators aimed at premium customers and front-end specialists linked to the management of the Punto Poste Casa and Famiglia network.

MACRO AREAS POST OFFICE NETWORK

¹⁰ Figures at 31 December 2024.

GEOGRAPHICAL DISTRIBUTION OF POST OFFICES AND BRANCH OFFICES

Among the strategic points underpinning the current plan "2024-2028 Strategic Plan - The Connecting Platform" approved in March 2024, of particular note is the development of the new business service model that aims to optimise retail customer coverage and transform the post office from a space dedicated to transactions to a relational place, maximising the value of the Group's omnichannel platform.

In this regard, retail portfolios were redefined on the basis of specialisation in higher-value customers in 2024. In the area of premium consulting, the new model was launched by updating the zones and portfolios as follows.

In July 2024, the first phase of the new Private customer portfolios was launched, which involved the inclusion of approximately 7,500 customers within the Premium portfolios¹¹ and in the last quarter of 2024, this process of optimising specialist customer coverage and maximising customer value continued with a further approximately 3,500 customers for a total of approximately 11,000 Private customers placed within the Premium portfolios, augmented by roughly 9,000 customers already in portfolios for a total of around 20,000 customers in portfolios at 31 December 2024.

approx. 20 thousand private customer portfolios at 31 December 2024

In the area of retail advisory services, in December 2024, the new customer portfolios of Post Offices with advisory rooms manned by specialists were implemented, with a substantial increase in the dynamic portfolios¹² consisting mainly of affluent customers, which rose from 1,156 at the beginning of the year to 1,893 at the end of December 2024. In addition, the new model of the mobile advisory specialist¹³ (SCM) was launched in Post Offices without a room and in those belonging to the basic channel¹⁴, with the creation of 696 commercial areas:

¹¹ Portfolio assigned to the Premium Manager composed of Premium/Private customers who hold assets of equal to or greater than €500 thousand in Poste Italiane.

¹² The dynamic portfolio consists mainly of Affluent customers, i.e. customers with Poste Italiane assets of between €100 thousand and €500 thousand.

¹³ Mobile advisory specialists are on the move, ensuring the commercial coverage at Post Offices without a room and in those belonging to the basic channel.

¹⁴ Smaller post offices in which the sale of MIFID products is only allowed through the Mobile Advisory Specialist (SCM). The other types are Office with room and Office without room in which the sale of MIFID products can also take place with the Postmaster.

554 "Gold" areas, characterised by the presence of two SCMs, which respectively manage a dynamic portfolio (Dynamic SCM), mainly dedicated to affluent customers, and a personal portfolio¹⁵ (Personal SCM), mainly dedicated to Upper Mass customers¹⁶;
142 "Silver" areas, characterised by the presence of a single SCM, which manages a dynamic portfolio (dynamic SCM) consisting mainly of Affluent customers.

64% Specialist coverage on Affluent and Private customers

As a result of these actions¹⁷, specialist coverage of Affluent and Private customers increased from 32% in 2023 to 64% in 2024 and was higher than the target set for 2024, confirming the trajectory envisaged over the course of the plan to better cover customers' needs by further developing customer segmentation and entrusting it to specialised financial advisors.

As part of the front-end evolution, in 2024 the process of skills development continued through the establishment of the Front-End Operator¹⁸ to better manage innovative businesses (Motor TPL, Fibre and Energy) and an innovative offer format was implemented on 1,461 active counters of the Punto Poste Casa & Famiglia network¹⁹ (of which about 240 will be activated during 2024) with about 2,500 Front-End Operators applied on the various points. The sale of the Bancoposta current account at some Poste Casa & Famiglia points was also implemented in 2024. The organisational model of the post office network called "Hub & Spoke (H&S)²⁰", launched in 2020 to best exploit the potential of the territory and strengthen the commercial, operational and managerial presence, is based on an approach that guarantees, especially for smaller post offices, efficiency and operational continuity, thanks to the creation of basins of post offices.

In particular, the H&S project allows the Post Office Managers of the Hub Offices to proceed autonomously with the replacement of staff in their area of reference, and the gradual extension of the²¹ secondment application to all of the approximately 1,000 Hub Offices and more than 6,000 Spoke Offices involved in the Project is planned between 2023 and 2024. In the third quarter of 2024, the extension of this application was completed on all active H&S basins²² (about 1,043 Hub offices and about 6,666 Spoke offices).

¹⁵ The Personal portfolio consists mainly of mass customers, in all Post Offices with a room.

¹⁶ Mass customers are characterised by assets in Poste Italiane of less than €100 thousand and revenue generated of more than €100 per year.

¹⁷ % of Private and Affluent customers managed by specialised financial advisors. The indicator is calculated as the ratio of customers managed by advisory specialists to the number of Private and Affluent customers.

¹⁸ The Front-End Operator is the professional figure in the Punto Poste Casa&Famiglia network who focuses on the sale of products with a high relational content such as third-party motor liability, energy and fibre.

¹⁹ The "Punto Poste Casa e Famiglia" project on the core network envisages evolution of the former Postepay corners towards a model dedicated to the marketing of products and services with a high relational content (Energy, Fibre, Motor TPL).

²⁰ Network management and development system in which connections are made, using by analogy an expression referring to the bicycle wheel, from the spoke to the hub and vice versa. In this specific case, the Hub Office Director is in charge of coordinating the staff of the Post Offices belonging to the same basin, in terms of planning staff attendance and managing replacements in the event of sudden absences.

²¹ The Secondment Application is a web application that takes over the management process of the Post Office personnel applied daily at a Post Office other than the one of assignment.

²² H&S basins consist of a Hub office and a number of Spoke offices that vary according to the geographical scope of the basin.

Polis Project - Houses of Digital Services

As part of the "National Plan for Complementary Investments" (Law Decree no. 59 of 6 May 2021, converted, with amendments, into Law no. 101 of 1 July 2021) of the National Recovery and Resilience Plan (NRRP), the Polis Project - Houses of Digital Services was approved with the aim of promoting the economic, social and territorial cohesion of the country and overcoming the digital divide in small towns and inland areas.

The two lines of intervention

Some PA services provided at the One-stop shop at 31 December 2024

ldentity Documents	Personal Data Certificates	Court Certificates	Social Security Certificates
Passport	Birth Citizenship Residence Civil Status Family status	Acts of voluntary jurisdiction	Model OBIS/M Pension Coupon Single Certification

Initiatives at 31 December 2024

One-stop Shop: in the course of 2024, real estate and technology upgrades were started in Post Offices at 1,730 sites (a total of 3,496 works started since the beginning of the project) and works in 1,973 Post Offices were completed (a total of 2,918 works completed since the beginning of the project until the end of 2024).
Spaces for Italy: during 2024 renovation work continued on the buildings owned by the Company and at 31 December 2024 a total of 120 building works had been commenced and 81 had been completed.

Sustainable Development Goals

With the Polis Project, Poste Italiane plays a leading role in the country's recovery for the benefit of citizens and their participation in public life by adopting a responsible approach in order to reduce its environmental footprint and contribute to the low-carbon transition of the economy and the entire country. The initiative is consistent with Poste Italiane's broader strategy of sustainable, digital and inclusive development.

The Polis Project generates significant impacts throughout the territory, also with a view to achieving the Sustainable Development Goals (SDGs).

For more information on the project, please refer to the website under Polis project.

-

4.5.1.2 PHYSICAL NETWORK - BUSINESS AND PUBLIC ADMINISTRATION

The commercial supervision and sale of the Group's products and services to businesses and Central and Local Public Administration is guaranteed by Poste Italiane's Business and Public Administration function.

The organisation of the sales force guarantees territorial coverage focused by product sector, through:

3 Sales Macro Areas (Lombardy North West, Central North and North East, Central and South), with exclusive commercial responsibility for mail and communication revenue;
1 Sales Area dedicated to the offer of Express Courier and Parcels (CEP) products/services;
1 Commercial area specialising in the offer of financial and insurance products for large business customers and Public Administration;
1 Commercial area for Central and Local Public Administration related to Metropolitan Regions and Cities;
3 Commercial areas specialising in health logistics, integrated logistics and digital solutions respectively.

MACRO AREAS BUSINESS AND PUBLIC ADMINISTRATION Macro Areas Business and Public Administration

4.5.1.3 THE LOGISTICS NETWORK

The Group's mail and parcel services are today provided through two synergistic logistics networks: the postal logistics network for the management of mail, now evolved to help manage small parcels and the parcel logistics network. The delivery of these small parcels in Italy can be carried out synergistically by the postal logistics network and the courier logistics network according to a dynamic approach, aimed at maximising efficiency for each individual area.

As part of the transformation plan for the Mail and Parcels segment and with the aim of making the Poste Italiane Group an integrated logistics operator, an important initiative was launched in 2023 to develop the Integrated Logistics market segment²³ . To strengthen the Group's presence in this business, Poste Logistics S.p.A. was created on 4 March 2024. For more information, please refer to the section 4.4 Group structure.

In addition, from the second quarter of 2022, the Poste Italiane Group entered the healthcare logistics market through the acquisition of the company Plurima, which has been operating in the hospital sector for several years, offering logistics solutions and services such as outsourced pharmaceutical warehouse management.

²³ It represents the integration of warehousing services (goods entry, warehousing, order management/arrangement, shipment preparation) and distribution services. B2B distribution is carried out through Poste Delivery Business express courier services or through FTL (Full Track Load) or LTL (Less Than Truck Load) services. B2C distribution is carried out through Poste Delivery Business express courier services.

with targeted interventions.

As of February 2024, the Poste Italiane Group is also active in fresh food logistics, through the refrigerated transport service (PosteGoFresh²⁴) offered through MLK Fresh. For more information, please refer to the period activities of the Mail, Parcels and Distribution Strategic Business Unit in the remainder of this document.

POSTAL LOGISTICS NETWORK ACTIVITIES

The postal logistics network accepts, sort and delivers mail products. The following chart provides an overview of the logistics network value chain and the main quantitative drivers.

As can be seen from the table below, the number of staff at 31 December 2024 was up on the previous year. In particular, growth in the Sorting Centres and Delivery Centres took place as a result of active employment policies (the making

²⁴ The refrigerated transport service for home delivery of fresh food products purchased online.

permanent of staff that had worked on fixed-term contracts and transformations from part-time to full-time employment) and fixed-term hires for higher volumes/activities during the year-end peak period.

	31 December 2024		31 December 2023
	Unit	Personnel	Unit	Personnel
Macro Areas for Logistics (*)	6	1,275	6	1,280
Sorting Centres	16	7,471	16	7,220
Operating Centres	10	1,088	10	1,082
Delivery Centres (**)	1,320	38,430	1,340	38,049
Total		48,265		47,631

All workforce data is shown in full-time equivalent terms in thousands.

(*) Logistics Network - Macro Areas , whilst coinciding geographically with the Post Office Network - Macro Areas, from 2018 have their own, separate organisations in terms of processes and competences.

(**) Delivery staff include 34,086 postmen and women and delivery supervisors (32,999 at 31 December 2023).

PARCEL LOGISTICS NETWORK ACTIVITIES

Large or non-carriable parcels and express courier products are delivered via the courier network (served by the subsidiaries SDA Express Courier, MLK Deliveries, MLK Fresh, Poste Logistics and Nexive), while carriable parcels are delivered through the postal network. The logistics flow is shown below.

During the first half of 2025, a trial will be launched in the postal network to create a two-network structure, as envisaged in the Group's path of transformation to a full logistics operator, according to the objectives outlined in the new Strategic Plan "2024-2028 The Connecting Platform". The current network of postmen and postwomen will be joined by the new courier network with the aim of accommodating the growth in parcels and the increasing demand for customisation during delivery (floor delivery, cash on delivery, proximity services, etc.). The new model takes the form of a more flexible network, with a coverage of around 80% of the population and a delivery frequency of six days out of seven, which will enable the delivery of parcels weighing up to 10 kilograms and larger than on the traditional postmen/ postwomen network.

The distinguishing features of the new network are: the option to use micro-fulfilment for same-day deliveries, specialised activities for new segments (e.g. Pharma and refrigerated products) and the enhancement of the Pick Up-Drop Off

(PUDO) network for increased productivity and delivery sustainability. For more details on the characteristics of the PUDO network, please refer to section 4.5.1.6 "PUDO (Pick Up - Drop Off) Network".

HEALTH LOGISTICS ACTIVITIES

With the acquisition of Plurima, which took place in the second quarter of 2022, Poste Italiane entered the field of drug logistics, enhancing computerisation and tracking systems for storage, distribution and continuous monitoring of activities. The use of an advanced computer application (Pharmatools), as well as equipment, technologies and tools, allow realtime monitoring of the vehicles, the material transported, the correct transport conditions and the integrity of the data, guaranteeing high levels of quality and reliability of deliveries. In detail, Plurima manages the following macro-categories of goods on behalf of public and private Local Health Authorities and Hospitals: pharmaceuticals, medical devices, office supplies and other health and non-health products.

The logistics flow starts with the storage phase, in which the acceptance and conformity check of goods delivered by customers at Plurima's warehouses takes place, with the support of Pharmatools. The hospital departments and territorial facilities (ASL) or RSAs transmit the orders, initiating the picking phase of the stored goods, which ends with the checking of fittings and billing. The products are loaded onto vehicles to be delivered to community facilities and hospitals. Within the hospitals, internal distribution to the wards takes place, thanks also to Plurima's staff and, in some cases, the company also provides innovative hardware and software for managing ward logistics (micrologistics).

The activity of transporting biological material consists of collecting the biological samples²⁵ at the collection centres and transporting them to the analysis laboratories.

INTEGRATED LOGISTICS ACTIVITIES

In line with the strategic objective of transforming itself into an all-round logistics operator, Poste Italiane has begun to contend with the challenges related to the integrated logistics market since the Covid-19 pandemic, both through the

²⁵ In addition to biological samples, blood components, biological material and surgical instruments.

support provided to the commissarial structures (now the Ministry of Health), and through the recent construction of longterm contractual relationships with players belonging to different segments (mainly mass market and telephony). These agreements have enabled the Group to build a solid technological base to guarantee typical warehousing operations (warehouse management - goods receiving - picking²⁶ - product preparation - shipping) and to complement these solutions with typical express courier services, such as home or shop delivery. In this regard, the first major orders acquired during the year 2023 for the complete logistics management²⁷ paved the way at the end of the year for new customer contracts.

In detail, the process of Integrated Logistics starts with the reception of the goods transported from the customer to the SDA warehouse, as well as their control and storage.

This phase is triggered by the receipt of the customer's order at the SDA warehouse computer system, with detailed information on quantity, processing required and destination information. This is followed by product picking, preparation/packing and the start of outbound operations (leaving the warehouse). Having reached this stage, the product can follow two flows: the courier flow, with delivery to the customer's home or post office; the dedicated network flow, which, depending on the specific commodity nature of the product, travels via a dedicated network, bypassing the sorting hubs and delivering the parcel directly to the customer's point of sale/operating unit. Some value-added services on technology products, including staging (configuration), testing, repairs, etc., complete the offer.

²⁶ Warehouse picking is the activity of picking, sorting and distributing material from one load unit to several others. This activity is carried out with each grouping of materials in order to process and dispatch them.

²⁷ TIM and Acqua&Sapone.

FRESH PRODUCE LOGISTICS NETWORK ACTIVITIES

The main activities of the fresh produce logistics network are shown below.

The Business to Consumer (B2C) shipping management process²⁸ of PosteGoFresh starts with a customer order collection phase on the MLK Fresh software system and, downstream of the order and goods preparation, a subsequent transport phase to the temperature-controlled warehouse.

Once the goods have arrived at the temperature-controlled warehouse, they can follow two flows: delivery to the customer's home or to alternative pick-up points (located in the same territory as the sender warehouse), or, transport to a destination temperature-controlled warehouse (located in a different territory from the sender warehouse) for final delivery to the customer or to alternative pick-up points.

PosteGoFresh's service also includes the offer of value-added services such as, for example, delivery at a scheduled date/time and rescheduling of delivery to another date/time.

4.5.1.4 DIGITAL INFRASTRUCTURE AND REMOTE CONTACT POINTS

The Group has implemented a programme of "digital transformation" of all its service and offer models in order to guarantee its customers contact experiences based on an omnichannel approach.

During the period, the Group continued to work on improving the digital channel experience (app and web) both in terms of simplicity of interactions and operations and in terms of strengthening the digital sales channel; it also paid special attention to the development of the new single app Poste Italiane.

The Group's digital channels (app and web) are as follows:

Poste Italiane app (formerly Ufficio Postale app): during the course of 2023, a profound transformation and enrichment process was initiated that will see it become the only Poste Italiane app.

²⁸ B2C: acronym for Business to Consumer. A modular offer created for e-commerce with a choice of accessory services.

In the course of 2024, all Poste Italiane products were made available, as well as almost all the functions already accessible from the BP and PP apps.

With the new app, from a single access point, customers can purchase and manage cards, current accounts, postal savings bonds, savings books, insurance policies, electricity and gas supplies, fibre telephony services and SIM cards.

Also to support the integration with the physical channel, through the new app it is possible to book appointments at the Post Office through a simplified process, send mail and parcels and check the status of your shipments, pre-fill forms to speed up certain operations at the Post Office, and consult your notice board with receipts of operations carried out on both the physical and digital channels.

For further available functionalities, please refer to what is explained later in this document.

The app will be progressively completed with the latest functions relating to Poste Italiane services and will become for the customer and the user a single point of reference for all their needs.

The new Poste Italiane app was elected Product of the Year 2024 in the category "App - Simple Experience". In addition, it was among the winners of the MF Banking Innovation Award, in the category "Value Proposition for Private Customers" and of the Digital Xperience Awards, in the category "Best Mobile App Experience", and was 1st in terms of downloads from stores among Finance category apps.

Postepay app: app for purchasing and managing Postepay payment cards, telco products and the Energy offer. Mobile payments can also be made via the app; in 2024, the app recorded a store rating of 4.6 and 1.4 billion total interactions;

BancoPosta app: app to purchase and manage the Group's financial/insurance offer on the move: current accounts, postal savings and insurance policies; in 2024 the app recorded a store rating of 4.7 and over 1 billion total interactions;

Poste.it website: it is the Group's consumer and business portal, where the range of services offered to customers is available. The portal also allows customers to consult and manage the products in their possession.

In addition, Poste Italiane also manages:

PosteID app: the Poste Italiane Digital Identity app (SPID - Sistema Pubblico d'Identità Digitale) .

4.5.1.5 THIRD-PARTY PHYSICAL NETWORK

In the Group's omnichannel strategy, a crucial role is played by the third-party physical network, which complement the network of Post Offices for accessing transactional services. The objective is to create a platform for the integration of the Group's products with new third-party distribution channels and to use thirdparty services within the Group's commercial offerings. Poste Italiane contracted an extensive network of contact points, which was further strengthened during the year 2022 with the acquisition of LIS, and counts roughly 43 thousand contact points at 31 December 2024.

The acquisition of LIS, which took place in September 2022, made it possible to increase the operations of the omnichannel platform; in particular, the volume of business on third-party physical networks was expanded thanks to the entry into the

Group's perimeter of transactions carried out on LIS points relating to products also not belonging to the Poste Italiane Group's offer.

In particular, the Poste Group's strategy on the third-party physical network channel aims to achieve the following objectives:

integrate and develop the commercial offer on the physical networks of third parties (e.g. telephone top-ups of other operators and other services). Average daily transactions increased to just over 1 million in 2024 (of which LIS accounts for 85%, both with Poste Group products and others);
extend the network of points to offer the services of the Poste Italiane Group guaranteeing extensive coverage and quality. At 31 December 2024, the network consisted of around 49,000 points, including around 43,000 LIS affiliated points between tobacconists²⁹, Ho.re.ca points and newsagents. Within the Punto Poste network, thanks to the partnership with Deutsche Post DHL Group, the expansion of the network for shipping services only is underway with the development of the locker asset. In 2024, the Punto Poste network expanded by around 2,500 new points and reached more than 18,200 proximity points by 31 December 2024, which together handled more than 34 million deliveries and parcel acceptances during the year (+34% compared to 2023).

4.5.1.6 PUDO (Pick Up - Drop Off) NETWORK

The evolution of e-commerce in recent years has led to the emergence of new logistics and delivery requirements: among

these, Out of Home Delivery (OOHD) is emerging as an increasingly popular solution among European consumers.

Flexibility and accessibility are the main determining factors behind consumers' choice of Out of Home Delivery. In addition to convenience, OOHD helps reduce the environmental impact by, for example, minimising vehicle mileage and reducing CO² emissions by delivering more items per delivery point.

approx. 30,000

Points in the PUDO network at 31 December 2024, of which more than 18,200 points in the Punto Poste network

The OOHD includes a number of alternative delivery methods to traditional home delivery. In recent years, the Poste Italiane Group has strengthened its PUDO (Pick-Up-Drop-Off)

network, which includes the points of the Punto Poste network (local pick-up points, automated lockers -lockers- etc.), as well as all Post Offices used for the poste restante service, where customers/vendors can have their consignments delivered. At 31 December 2024, the PUDO network used by the Poste Italiane Group comprises around 30 thousand physical points.

4.5.2 Macroeconomic environment

After a positive first half of 2024 in terms of global GDP growth, signs of a slowdown have emerged since July 2024³⁰, as weakness in manufacturing continues despite still positive dynamics in services. World trade remained robust in the second half of the year, reflecting the anticipation of imports of goods in the face of uncertainty over future US trade policy³¹ . Inflation³² continued to decline, led by falling food, energy and consumer goods prices, while services inflation, although slowing, remained at high levels in the major industrialised countries. Inflation is expected to return to target by the end of 2025 in most major economies. The rigidity of the labour market has eased and unemployment rates have reached record lows³³ .

³² OECD (2024), OECD Economic Outlook, Volume 2024 Issue 2: Preliminary version, No. 116, OECD Publishing, Paris, December 2024.

²⁹ Of the LIS-affiliated tobacconists, more than 16,000 are tobacconists belonging to the Punto Poste network, i.e. the network of collect points (businesses) and lockers that offer parcel delivery and dispatch services mainly related to the e-commerce market. ³⁰ Bank of Italy - Economic Bulletin no. 4 of October 2024.

³¹ ECB Economic Bulletin, 8/2024.

³³ OECD (2024), OECD Economic Outlook, Volume 2024 Issue 2: Preliminary version, No. 116, OECD Publishing, Paris, December 2024.

According to OECD forecasts³⁴ , world GDP growth is expected to reach 3.2% in 2024, and then 3.3% in 2025 and 2026. Falling inflation, which will move towards central bank targets, steady employment growth and an easing of monetary policy will help support demand. However, the resilience of the global economy is accompanied by some risks related to escalating trade tensions and protectionism, the possible escalation of geopolitical conflicts, and difficulties with the fiscal policies of some countries.

Economic activity in the Eurozone stagnated throughout 2023 and grew at a moderate pace during 2024. The rate of GDP growth in real terms over the previous period rose to 0.4% in the third quarter, up from 0.2% in the second quarter, supported by a recovery in domestic demand³⁵ . However, the most recent data suggest a slight weakening of Eurozone GDP growth in the short-term, with business survey indicators related to activity, such as the world composite Purchasing Managers' Index (PMI) and the European Commission's indicators of business and consumer confidence, showing signs of weakness, especially in the manufacturing sector (in December 2024 the manufacturing PMI was 45.1³⁶). In the fourth quarter, growth in economic activity slowed down, remaining stagnant on a quarterly basis (0.2% q/q in the first estimate)³⁷ due to the disappearance of temporary factors (such as the Paris Olympics) that had supported growth in the summer, weak confidence, high political uncertainty and geopolitical tensions.

Headline inflation continued to decline during 2024, thanks to restrictive monetary policy, but rose again in the latter part of 2024, after having reached its lowest level since April 2021 (1.7%) in September 2024³⁸. Headline inflation as measured by the Harmonised Index of Consumer Prices (HICP) is expected to decline again to around the ECB's target of 2.0% from the second quarter of 2025. ³⁹ The unemployment rate in the Eurozone was at its lowest (6.2%⁴⁰ in January 2025).

The ECB changed its monetary policy stance, reducing from June 2024 the deposit rate with the central bank by a total of 100 basis points in 2024. After the 25 basis point cut in December 2024, and the first two cuts of 25 basis points each at the meetings of 30 January and 6 March 2025 respectively, the reference rate on deposits stood at 2.50%⁴¹ and is expected to reach 2.0% at the end of 2025⁴². The Governing Council will continue to follow a data-driven approach, taking decisions on a meeting-by-meeting basis according to the flow of data, without binding itself to a predefined path.

In March 2025, the ECB's new inflation estimates were revised upwards (compared to the December 2024 forecast), both on the overall index (2.3%, 1.9% and 2.0% in 2025-2026-2027, from 2.1%, 1.9% and 2.1% previously) and on the core index⁴³ (2.2% in 2025, 2.0% in 2026, 1.9% for 2027⁴⁴). The downward revisions to the growth projections are more significant, with GDP expected to expand at a pace of 0.9% in 2025, 1.2% in 2026 and 1.3% in 2027 (from previously 1.1%, 1.4% and 1.3%44).

In Italy in the first three quarters of 2024, real GDP reported modest growthErrore. Il segnalibro non è definito.. Although household consumption and business investment supported activity, investment in residential construction continued to contract, following the liquidation of the tax credit (Superbonus) initiated in early 2024. The service sector and consumer confidence remained stable while manufacturing showed signs of weakening. Despite moderate GDP growth in 2024 (+0.7% y/y)⁴⁵, the unemployment rate has steadily decreased. Collective bargaining wages increased by about 4%Errore. Il segnalibro non è definito. supporting household incomes and private consumption. In recent months, falling oil prices

⁴³ A measure of inflation that is calculated without taking into account goods subject to high volatility such as food and energy. Source: Bank of Italy.

³⁴ Bank of Italy - Economic Bulletin no. 4 of October 2024.

³⁵ OECD (2024), OECD Economic Outlook, Volume 2024 Issue 2: Preliminary version, No. 116, OECD Publishing, Paris, December 2024. ³⁶ Source Bloomberg.

³⁷ Source Bloomberg.

³⁸ Bank of Italy - Economic Bulletin no. 4 of October 2024.

³⁹ ECB Economic Bulletin, 8/2024 - January 2025.

⁴⁰ Source Bloomberg.

⁴¹ Source Bloomberg.

⁴² OECD (2024), OECD Economic Outlook, Volume 2024, Issue 2: Excerpts from the publication, no. 116, OECD Publishing, Paris.

⁴⁴ European Central Bank - ECB staff macroeconomic projections for the euro area - March 2025.

⁴⁵ Source: ISTAT - GDP and AP debt - Years 2022-2024, published on 3 March 2025.

on world markets have kept consumer price inflation in check, bringing it down to 1% in October⁴⁶. However, as energy prices stabilise, this disinflationary drive will tend to dissipate and inflation will increasingly be influenced by domestic factorsErrore. Il segnalibro non è definito.. The worldwide easing of financial conditions is gradually reducing the financing costs for households, businesses and the government. According to OECD forecasts, real GDP is expected to grow by 0.9% in 2025 and 1.2% in 2026Errore. Il segnalibro non è definito.. The strong disinflation observed in recent quarters, coupled with solid wage increases, should support consumer spending, while the easing of financial conditions and the introduction of public investment linked to Next Generation EU funds should stimulate capital formation. Inflation is expected to gradually rise to around 2%Errore. Il segnalibro non è definito. as downward pressures from falling energy prices will ease and wage increases will prevent core inflation from falling further.

4.5.3 Mail, Parcels and Distribution Strategic Business Unit

The postal market continues to undergo a period of radical change linked to the digital transformation, which, on the one hand, leads to a continuous structural decline in traditional mail volumes, stimulating the emergence and development of new digital communication markets (e-substitution), and, on the other hand, to an increase in the volume of parcels sent thanks to the growth of e-commerce, also enabling synergies for the proposal of end-to-end solutions within Contract Logistics.

In particular, for the mail segment, a further structural market decline in volume terms is estimated in 2024 (-5.9% compared to 2023, compared to a slight increase in value of +1.2%⁴⁷).

Within the parcel business, the growth trend in overall market value continues in 2024, with an expected increase in revenue of around 4% compared to 2023. The industry's growth continues to be driven by the B2C segment, thanks to the positive trend in e-commerce, which generated €38.2 billion worth of on-line purchases in 2024, up by 5% compared to 2023⁴⁸ .

Parcel market growth driven by B2C and integrated logistics

The continued development of the B2C eCommerce market is supported by new trends that have emerged in recent years, in particular the rapid rise of the on-line second-hand market (the economic value generated by the on-line buying and selling of second-hand goods was €13 billion in 2023, or +140% compared to 2014⁴⁹), thanks to the advent of specialised on-line platforms and the change in consumer preferences (search for savings and greater awareness of sustainability-related issues); consumers' need for greater flexibility on delivery times and locations, which has led to an increase in demand for "Out of Home" deliveries⁵⁰ (in 2023, related volumes grew 10-fold compared to 2019⁵¹), supported by the expansion of proximity networks in which major carriers are investing.

The logistics market in Italy is seeing steady growth in the outsourcing of logistics services by industrial and commercial operators to specialised entities capable of covering the entire value chain.

In particular, the market for Integrated Logistics Services in 2022 will be worth around €13.6 billion⁵², up 14% year-on-year.

A lower level of growth is estimated for 2024 (+2.8%) compared to last year (+6% in 2023 compared to 2022)⁵³ . A further slowdown in growth is expected in 2025. The market, although very competitive, is relatively fragmented. However, some concentration phenomena have taken hold, typically stimulated by major industrial players seeking integration synergies between the different stages of the supply chain.

⁴⁶ Source Bloomberg.

⁴⁷ Internal calculations based on AGCOM data (quarterly observatories and annual report 2024) and the latest available financial statements of companies operating in the postal sector, including Poste Italiane.

⁴⁸ Source: Politecnico di Milano, B2C eCommerce Observatory - October 2024.

⁴⁹ Source: BVA Doxa Second Hand Economy Observatory.

⁵⁰ Source: Lastmile Experts - Out of home delivery in Europe 2024.

⁵¹ Source: internal data processing.

⁵² Source: Polimi Contract Logistics Observatory - November 2024 Edition - Reference to the Logistics Operators Market.

⁵³ Source: Internal estimate on drivers - Polimi Contract Logistics Observatory - 2024 Edition, Cerved Operatori Logistici - December 2024.

REGULATORY CONTEXT AND EVOLUTION OF THE REGULATORY SCENARIO

The main legislative and regulatory initiatives were subject to significant updates during 2024 and are shown below.

Expense of the Universal Postal Service

On 30 December 2019, Poste Italiane and the Ministry of Economic Development signed the Contratto di Programma (Service Contract) for the years 2020-2024; it is effective from 1 January 2020 to 31 December 2024.

On 1 December 2020, the European Commission approved the compensation for public service obligations provided for in the 2020-2024 Service Contract in the amount of €262 million per year. The compensation system for the public service obligations undertaken by the Company was deemed to be fully compliant with the applicable EU rules on State aid.

On 28 November 2024, the Ministry of Enterprise and Made in Italy signed the deed extending the 2020-2024 Service Contract valid from 1 January 2025 to 30 April 2026; on 16 December 2024, this Contract was countersigned by Poste Italiane. The European authorisation is in progress through notification to the European Commission.

With reference to the verifications carried out by the Authority for the years from 2011 to 2016 (Resolution 412/14/CONS relating to the verification of the years 2011 and 2012; Resolution 298/17/CONS relating to the verification of the years 2013 and 2014; Resolution 214/19/CONS relating to the verification of the years 2015 and 2016), the Company had filed an appeal with the Regional Administrative Court, but subsequently justified a lack of interest and the Regional Administrative Court, in November and December 2024, declared the relative appeals inadmissible due to the supervening lack of interest of the appellant. On the other hand, the appeal filed by Poste Italiane concerning the Authority's verification of the calculation of the charge for the years 2017- 2019 (Resolution 199/21/CONS) is still pending before the Regional Administrative Court.

On 14 March 2024, AGCom Resolution 62/24/CONS was published, concluding the procedure to verify the net cost of the universal postal service incurred by Poste Italiane for the years 2020 and 2021. In particular, the expense of the universal postal service for these years has been quantified at €585 and €480 million respectively. The Authority also established that the cost for the universal postal service for the years 2020 and 2021 is inequitable and that, for the same years, unlike with what was established in previous years, the necessary procedure will be initiated for assessing the injection of resources to the Compensation Fund referred to in article 10 of Legislative Decree no. 261/1999; at the Council meeting of 10 July 2024, Resolution 257/24/CONS initiating the proceedings was approved.

With Resolution 505/24/Cons of 18 December 2024, the Authority initiated proceedings concerning the verification of the calculation of the net cost of the universal postal service, the quantification of the unfair burden and the modalities of its financing for the years 2022 and 2023. On 14 March 2025, Resolution AGCom 52/25/CONS was published, with which the Authority initiated the public consultation whereby the cost of the universal postal service for the years 2022 and 2023 was quantified at €522 and €736 million respectively.

Publisher tariff subsidies

Law Decree no. 162 of 30 December 2019 - as converted by Law no. 8 of 28 February 2020 - ordered that reimbursements of publisher tariff subsidies to Poste Italiane continue "for a duration equal to that of the universal postal service" (i.e. until April 2026). The

application of the rule is subject to approval by the European Commission, which, in a press release of 18 December 2024, authorised publishing compensation for the period between January 2020 and the end of April 2026 for a maximum value of €344 million⁵⁴ .

The 2023 Budget Law (Law no. 197 of 30 December 2022) stipulated that the reimbursement of publishing postal subsidies would be made through the resources of the Single Fund for Pluralism and Digital Innovation in Information and Publishing. To this end, an appropriation of €55 million from the year 2024 has been made.

Autorità per le Garanzie nelle Comunicazioni (AGCOM - the Italian Communications Authority)

Tariff Manoeuvre

With AGCOM Resolution 454/22/CONS of 30 December 2022, the new universal basic tariffs of the subsidised publishing products included in the Universal Service were defined. The Resolution provided for a gradual increase in basic tariffs as of 1 September 2022, with further increases as from 1 January 2024, 2025 and 2026, with no impact on the subsidised tariffs paid by senders and with a consequent increase in the compensation received by Poste Italiane per item sent at the subsidised tariff.

With Resolution 487/24/CONS, published on 18 December 2024, the Authority decided to initiate a procedure to determine new maximum tariffs for universal postal services for 2025, at the same time launching the related public consultation, to which Poste Italiane replied on 15 January 2025. With Resolution 51/25/CONS of 6 March 2025, published on 14 March 2025, the AGCom approved the new maximum tariffs for universal postal services, which will come into force on 31 March 2025.

Autorità per le Garanzie nelle Comunicazioni (AGCOM - the Italian Communications Authority) Access Obligations

With Resolution 503/24/CONS published on 20 December 2024, AGCOM approved the increases in postage rates requested by Poste Italiane for the offers of services for wholesale access to the postal network for 2025, as well as some amendments to the contractual frameworks. The offers, thus amended, have been published on Poste Italiane's website and are effective as of 1 January 2025, with effects also concerning those already contracted.

With Resolution 388/24/CONS⁵⁵ published on 31 October 2024, the Authority defined new requirements for operators wishing to make use of access offers, including possession of the postal licence for at least 12 months and the approved balance sheet for the last financial year. For the nationwide access measure only, ownership of a physical postal infrastructure suitable for the provision of the relevant service with coverage of at least one region is required.

By means of Resolution no. 75/24/CONS published on 27 March 2024, the AGCOM initiated the proceedings relating to the updating of the criteria and identification of the delivery areas with exclusive coverage of the universal postal service network (EU2 areas⁵⁶), in order to update the current regulations on the subject, currently governed by Resolution no. 27/22/CONS. Following the public consultation, initiated by Resolution 418/24/CONS of 31 October 2024, the Authority extended the deadline for the conclusion of the proceedings (Resolution 504/24/CONS of 18 December 2024).

Autorità Garante della Concorrenza e

As part of the acquisition of Nexive, finalised in January 2021, in December 2023, Poste Italiane sent its annual report on compliance with the behavioural measures prescribed by

⁵⁴ €53 million for the years 2020 and 2021, €55 million for the years 2022, 2023, 2024 and 2025, €18 million for the four months of 2026.

⁵⁵ Resolution 388/24/CONS "New regulation on licences for the public offering of postal services".

⁵⁶ Rural delivery areas in which the main competitors of Poste Italiane are not present.

del Mercato (AGCM - the Italian Antitrust Authority)

Nexive commitments

Autorità per le Garanzie nelle Comunicazioni (AGCOM - the Italian Communications Authority)

Mailboxes

the AGCM. In March 2024, the Letter of Acknowledgement was received from the AGCM on the correct compliance - valid for 2023 - with the measures prescribed in the measure authorising the acquisition of Nexive by Poste Italiane, also taking into account the amendments made by AGCOM to the measures themselves. In addition, a supplement to the annual report was submitted in March 2024. In January 2025, the Compliance Report for the year 2024 was sent out.

With Resolution no. 308/22/CONS of 27 September 2022, the AGCom redefined the criteria for the distribution of mailboxes, adopting, in particular, that of the distance to the nearest box by percentage of the resident population. In relation to the Implementation Plan transmitted by Poste Italiane on 29 November 2022, and to the subsequent discussions that took place, in a note dated 30 March 2023 the Authority stated that it had examined the elements transmitted and taken note of the timetable and the timings illustrated by the Company to fully implement the provisions of the aforementioned resolution, by March 2025. The Company is required to send a report on the gradual implementation of the Plan every six months. On 6 June 2024 and 27 November 2024, the second and third half-year reports were sent out.

Autorità per le Garanzie nelle Comunicazioni (AGCOM - the Italian Communications Authority)

Licences for offering postal services to the public

Autorità per le Garanzie nelle Comunicazioni (AGCOM - the Italian Communications Authority)

Revision of the Service Charter Directive

As a result of the proceedings initiated by AGCOM with Resolution 2/24/CONS of 10 January 2024 and the public consultation in which Poste Italiane also participated, AGCOM issued the New Regulation (Resolution 388/24/CONS, published on 31 October 2024) on the subject of licences for the public offering of postal services, which replaces the previous regulations on the subject (Resolution 129/15/CONS). In particular, the new regulation provides for some additional requirements and obligations for entities operating in the postal market. Following the publication of the Regulation, the Ministry of Enterprise and Made in Italy will have to issue a decree on the modalities for the issuing/management of licences. From the issuance of the aforementioned decree, a period of compliance with the new provisions of 180 days will commence.

On 17 May 2024, the AGCOM, with Resolution no. 116/24/CONS, initiated proceedings and the associated public consultation for the adoption of the "New General Directive Service Charters and Provisions for the Benefit of Users", in order to update Resolution no. 413/14/CONS in connection with the developments in the postal market in the meantime. Poste Italiane S.p.A. participated in the public consultation by providing its own contribution. With the subsequent Resolution 486/24/CONS of 11 December 2024, the consultation deadlines were reopened in order to foster broader participation of the stakeholders in the proceedings and to assess the necessary adjustments downstream of the adoption of the new Licence Regulation.

OTHER INFORMATION

Energy supply distribution through the Post Office network

Authority observed that Poste Italiane, through its subsidiary PostePay S.p.A., is active in the electricity and gas supply sector and has allegedly denied two of the latter's competing companies access - pursuant to Article 8, paragraph 2-quater of Law no. 287/90 - to the resources made available to PostePay, which it has exclusive access to as a result of its activities within the perimeter of the universal postal service. On 14 February, Poste Italiane filed its memorandum in the precautionary proceedings, contesting the Authority's approach and, in particular, the non-application of the provisions of Article 1, paragraph 6 of Law Decree no. 59/2021 as amended and supplemented, exempting Poste Italiane from the application of Article 8, paragraph 2-quater, of Law 287/1990 until 31 December 2026. On 2 April 2024, the AGCM notified Poste of Order no. 31138 by which it decided to adopt precautionary measures pursuant to Article 14-bis of Law no. 287/1990. Poste Italiane challenged the measure in court. The Council of State on 20 May 2024 upheld the appeal and cautiously suspended the effectiveness of the precautionary measures. At its meeting on 16 July 2024, the Authority passed the final decision notified on 19 July. The AGCM is of the opinion that there are no grounds to justify an absolute refusal such as the one opposed by Poste to the persons requesting access pursuant to Article 8, paragraph 2-quater, and that such refusal is not justified, since the exemption provided for in Article 1, paragraph 6 of Law Decree no. 59/2021 (the "Polis Waiver") does not extend to all Post Offices but only to those included in the Polis Project. According to the Authority, the access methods pursuant to Article 8, paragraph 2-quater must in any case be defined by Poste Italiane on the basis of the negotiating autonomy granted to it and on the basis of the information at its sole disposal, in order to reasonably and proportionately balance the conflicting needs related to access requests and the protection of other interests. For these reasons, Poste Italiane shall guarantee, to PostePay's competitors who so request, access pursuant to Article 8, paragraph 2-quater to all Post Offices not included in the Polis Project, according to modalities defined by Poste Italiane, which need not be identical to those guaranteed to PostePay. To this end, Poste Italiane must appoint a trustee ("Monitoring Trustee") responsible for monitoring compliance with the obligations set forth in Article 8, paragraph 2-quater, submitting the appointment to the Authority for approval, within sixty days from the notification of the measure. However, it is necessary to point out that Article 8, paragraph 2 quater was repealed by Law Decree no. 113 of 9 August 2024 (Article 10, paragraph 2), converted into Law no. 143 of 7 October 2024, with the consequent disappearance of the access obligations for Poste Italiane. In any event, in order to assert the legitimacy of its actions regardless of the effects of the repeal of the rule in question, on 18 October Poste Italiane challenged the provision before the Lazio Regional Administrative Court.

For additional relations with the Authorities, please refer to the chapters "Contingent liabilities and proceedings pending with the Authorities" in the section "Poste Italiane's Financial Statements".

OPERATING REVIEW

In 2024, the Mail, Parcels and Distribution Strategic Business Unit (SBU) continued on the path of transforming the Group into a complete logistics operator, according to the objectives outlined in the new Strategic Plan "2024-2028 – The Connecting Platform" presented to the market in March 2024.

The following table shows the main activities of the SBU during the period.

SEGMENT	OPERATING REVIEW
	In February 2024, PosteGoFresh was launched, the refrigerated transport service for home delivery of fresh

Parcels/Logistics food products purchased on-line. PosteGoFresh, created by the newly established MLK Fresh, is the first service that guarantees the transport of food products at a controlled temperature along the entire supply chain and is already available in more than thirty cities, including Rome, Milan, Turin, Genoa, Verona, Bologna, Florence, Como, Varese, Cuneo, Aosta and Pescara.

As part of the logistical transformation and solutions to support the development of e-commerce presented at the Capital Markets Day "2024-2028 The Connecting Platform" in March 2024, a first pilot site for the Microfulfilment⁵⁷ project was launched in June 2024, at the Naples Sorting Centre⁵⁸: in 2024, more than 142,000 orders were completed, with a consignment service level of more than 99%⁵⁹. The project aims to meet the

growing demand for same-day and zero-emission delivery solutions through the construction of microfulfilment logistics platforms within the main hubs of the postal network, located close to large population centres⁶⁰. The distinctive element of the project is the exclusive use of electric vehicles for deliveries, guaranteeing a 100% green service. A second warehouse has been operational at the Palermo site since February 2025 and the warehouse in Naples will be expanded later this year.

As part of the objectives to support the Group's green transition, the Green Index was developed during the year. This is a CO² emission calculation indicator that allows the Group to monitor the emissions produced for each individual parcel delivered with the aim of reducing its carbon footprint. This indicator, used from February 2024, was certified in July 2024 by the Smart Freight Centre in July, in accordance with the Global Logistics Emissions Council Framework for Logistics Emissions Methodologies (GLEC Framework).

Under the public-private partnership contract signed in June 2024, for the management and rationalisation of integrated healthcare logistics for the Azienda Sanitaria Provinciale (A.S.P.) of Cosenza, plans are in place for the construction of the centralised warehouse located in Rende (CS) and the management of macrologistics services (management and transport from the warehouse to the hospital and territorial units) and micrologistics services (distribution to the wards) for drugs, devices and office supplies for all the hospital and territorial units of the A.S.P.

In December 2024, the convention with the A.S.P. of Cosenza was signed and the round-table work group to revise the operational scope of the concession was started.

Within the framework of the strategic partnership signed between Poste Italiane and the DHL Group, the first 40 lockers were activated by Locker Italia (a joint venture for eCommerce set up by Poste Italiane and DHL) in 2024, mainly located on some sites of the Poste Italiane Group, on underground stations in Rome and in shopping centres throughout the country. With their extensive coverage and intuitive

technology, lockers enhance the quality of services supporting eCommerce, offering maximum convenience and security to senders and consumers.

As part of the initiatives to trial new technologies to support the development and decarbonisation of logistics services, the experimental project "Minor Islands Pilot Service" launched in July 2024 continued during the year, promoted by Poste Italiane and Leonardo and developed within the MoSt research and innovation

⁵⁷ The test covers both the city of Naples and part of the province, with the aim of verifying customer satisfaction, scalability of the model and manageable volumes. In the city of Naples orders can be placed until 1:30 p.m. with guaranteed delivery by 8 p.m. the same day, while in the provinces of Campania orders can be placed until 2:30 a.m. with guaranteed delivery the same day.

⁵⁹ Orders delivered on time (within the day).

⁵⁸ The centre can accommodate up to 24,000 items, corresponding to approximately 15,000 types. The delivery fleet is completely green and employs 24 dedicated drivers, who work closely with a team of 15 staff covering morning and night shifts.

⁶⁰ Orders placed before 12 noon are delivered by 8 p.m. the same day, thanks to a network of postmen operating in the afternoon. The merchant's web platform locates the ordered item and assigns the order to the microfulfilment centre of Poste Italiane, where it is then picked, packed and finally delivered to the customer. The warehouses will store the goods of the shipping customers and manage the entire process from order receipt to preparation of the shipment and same-day delivery.

programme⁶¹. This initiative involves the use of remotely supplied and piloted cargo drones that take off from Bagnoli (NA) and land with their cargo on the island of Procida. The trial, which also continued in the remainder of the year, involves the transfer of mail and parcels with a progressive increase in the volumes transported and aims to validate a new model of fast and flexible freight transport that reduces the environmental impact and guarantees operational continuity.

During 2024, PostePlus⁶² was activated, the innovative free service that offers the possibility of personalising parcel delivery and on-line collection of the registered items enabled by the sender at the dispatch stage.

Other

In 2024, Poste Italiane signed a partnership with the Fondazione Milano Cortina 2026 for the 2026 Winter Games as Premium Logistics Partner: through its subsidiary Poste Logistics, it will manage the transport and logistics of all goods, equipment and materials required for the event at the Olympic and Paralympic venues.

4.5.4 Financial Services Strategic Business Unit

MARKET CONTEXT

Financial markets

During 2024, financial market conditions were on the whole favourable, also due to the easing of monetary policies by the FED and ECB, despite a phase of significant turbulence at the beginning of August, which affected the equity markets in particular, but which has since largely subsided. The main triggers were fears of a recession in the US, the publication of disappointing quarterly balance sheet data by some technology companies, and the impact of monetary tightening by the Bank of Japan on the currency market. These phenomena have largely subsided following the publication of reassuring macroeconomic data on the US economy.

In general, equity markets continued the positive trend that took hold in 2023 supported by a growing economy especially in the US, higher than expected corporate results, disinflation and expectations of interest rate cuts by the major central banks.

Among the world's major stock indices, the best performance in 2024 was recorded by the NASDAQ, which rose by 28.6%, followed by the S&P 500 index, which rose by 23.3%, results mainly attributable to the performance of technology stocks. Furthermore, in the US the outcome of the presidential election was a positive catalyst for the entire equity segment with the new Trump administration expected to maintain a large degree of fiscal stimulus to support the economy.

The performances of the European equity indices were less exciting but still positive, with the Euro Stoxx 600 registering an increase of +5.9% in 2024. The underperformance compared to global indices was mainly due to the weakness of the eurozone economy, political uncertainty in France and Germany, the possible introduction of tariffs by the US, and finally the slowdown in China's growth. Among domestic price lists, the German DAX is at an all-time high after gaining +18.9% since the beginning of the year, while the Italian market benefited from a resilient economic performance with the FTSE MIB at +12.6% in 2024.

The highly restrictive approach of the major central banks therefore changed during the course of the year, taking note of the disinflationary process that took hold in 2023 in both the US and the Eurozone.

⁶¹ MoSt Programme - National Centre for Sustainable Mobility, funded by the Ministry of University and Research (MUR) with funds from the National Recovery and Resilience Plan.

⁶² The service provides several advanced features such as, customised shipment management, with the possibility of viewing in the dedicated dashboard and customising, according to one's needs, shipments managed by Poste Italiane and sent by companies or ecommerce sites that allow customised delivery. In particular, customers, informed by notifications on the progress of incoming shipments, can change the date, address or delivery method to make the experience more convenient and tailor-made.

In the first part of the year, the Fed kept the range of the fed funds rate⁶³ at 5.25-5.50% and only slowed down the rate at which it reduced the stock of securities on its balance sheet from June, while the ECB reduced the benchmark deposit rate by 25 bps at its meeting on 6 June 2024, after nine months at 4%.

In the second half of the year, the FED further cut the official rate by 50 bps at its meeting on 18 September 2024 and by 25 bps at its meetings on 17 October and 18 December 2024, respectively, bringing the range to 4.25-4.50%, while the ECB cut the reference rate by 25 bps at its meetings on 12 September, 17 October and 12 December 2024, respectively, and the deposit rate to 3%. During the course of 2025, the ECB made two further official cuts of 25 bps at its meetings on 30 January and 6 March, and the deposit rate stood at 2.50%.

In July 2024, returns on Government bonds in the euro area fell and tensions at the beginning of August generated a recomposition of portfolios towards financial assets perceived as less risky, accentuating the fall in the yield of the ten-year Bund; this led to a slight widening of yield differentials between the bonds of the other countries in the area and the German bond, which was rapidly reabsorbed everywhere except in France, in the face of the uncertain political situation. At the beginning of August, euro area equities fell sharply and volatility rose sharply, with prices generally recovering in the following days, albeit with significant differences between sectors. Since September, financial market developments have been influenced by the market's assessment of the implications of the US president's election and geopolitical tensions. Short-term risk-free interest rates in the euro area showed a downward trend, reflecting expectations of faster and more pronounced cuts in the ECB's key interest rates. The performance of European equity indices was negative in the last quarter of the year due to the weak economy, political uncertainty in France and Germany, and concern about the introduction of tariffs by the new US administration.

Central banks' caution in the first part of the year in cutting rates prompted markets to reprice expectations of policy rate cuts in the year, contributing to a steepening of the government yield curve. In the third quarter of 2024, the change of attitude of central banks led to a fall in yields.

Over the year, spreads for US investment grade securities decreased by an average of about 19 bps, while for high yield securities the reduction was just over 60 bps. During 2024, spreads of European investment grade securities decreased on average by about 2 bps, while European high yield bonds decreased by about 51 bps.

With regard to the Italian BTP , despite the important issuance programme supported by the MEF, the 10-year BTP - Bund spread narrowed from 167 bps at the beginning of 2024 to 116 bps at the end of December.

Finally, during the year gold recorded the all-time high in the area of \$2,785 an ounce in November 2024 to close the year with a rise of around 27.2%, supported mainly by the lower interest rate environment, purchases of physical gold by Asian central banks and geopolitical tensions (Middle East, Ukraine and Taiwan).

Below is the table that represents the precise returns expressed in percentage terms at the end of the period for BTP government bonds and Interest Rate Swaps⁶⁴ and the trend in the 10-year BTP-SWAP spread in the last year.

⁶³ Reserve funds that US banks are required to hold in the form of deposits with the Federal Reserve under the regulatory and prudential supervisory regulations for the credit system.

⁶⁴ Source: Bloomberg.

				Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024
BTP 10Y	3.70	3.68	4.07	3.45	3.52
SWAP 10Y	2.49	2.59	2.84	2.35	2.36
SPREAD BTP - SWAP 10Y	1.21	1.09	1.24	1.11	1.16
BTP 15Y	4.05	3.95	4.42	3.80	3.86
SWAP 15Y	2.56	2.61	2.86	2.45	2.42
BTP 30Y	4.37	4.24	4.62	4.13	4.21
SWAP 30Y	2.33	2.33	2.55	2.27	2.16

Banking system

Based on available estimates provided by the Italian Banking Association (ABI)⁶⁵, at the end of December 2024, customer deposits of all banks in Italy, represented by deposits from resident customers (current accounts, certificates of deposit and repurchase agreements) and bonds, increased by 2.4% on an annual basis, settling at approximately €2,089 billion, continuing the positive trend recorded from the start of the year (€2,041 billion at the end of December 2023). This reflected an increase of around €17 billion in bond funding (+6.8% y/y), and a 12-month increase in deposits from resident customers of around €31 billion (+1.7% y/y).

In December 2024, the average cost of bank funding (which includes the return on deposits, bonds and repos from households and non-financial companies) was around 1.14% (1.17% at 31 December 2023).

Asset Management

Assogestioni data show for Italy at 31 December 2024⁶⁶ total assets of €2,499 billion, up 6.9% on the

€2,338 billion at the end of 2023. With regard to portfolio management, assets

amounted to approximately €1,159 billion, up 5.9% from €1,095 billion at 31 December 2023. With regard to Collective asset management, assets went from about €1,243 billion at the end of December 2023 to about €1,340 billion at the end of December 2024 (+7.8%). With regard to openended investment funds alone, client assets stood at around €1,271 billion

at the end of December 2024, up 10.6% from roughly €1,149 billion at the end of December 2023.

In terms of net inflows, the asset management industry presents a positive balance of around €30 billion in 2024 (compared to a negative balance of around €49.6 billion in 2023).

REGULATORY CONTEXT

Below are the main regulatory initiatives updated or newly issued in 2024, which are relevant for the Financial Services Strategic Business Unit.

Bank of Italy	During 2024, the Authority published the following updates to Circular no. 285 of 17 December
Circular no. 285 of	2013:
17 December 2013	the 48th update, dated 20 June 2024, concerns the methodologies for measuring •
	interest rate risk67 and credit spread risk of non-trading book assets in terms of
	changes in economic value and net interest income. The update is relevant to
	Bancoposta's assets for credit spread risk only, and final analyses and discussions
	are underway with the Bank of Italy, by the competent functions, to assess and
	monitor this risk for the banking book;

⁶⁵ Source: ABI, Monthly Outlook January 2025.

⁶⁶ Assogestioni, Monthly map of asset management, published on 24 January 2025.

⁶⁷ The Interest Rate Risk for instruments in the Banking Book (IRRBB) is the risk arising from interest rate fluctuations over time and can affect the value of banking assets and liabilities due to differences in their interest rates and maturities.

The 49th update of 24 July 2024 contains new provisions on "Capital reserves" which regard the provisions on the leverage ratio reserve for Global Systemically Important Institutions (G-SIIs) and as such are not relevant to Bancoposta RFC.

In addition, the 44th update of the circular of 19 December 2023⁶⁸, which is of particular interest to BancoPosta, is currently being implemented by the company and on 11 November 2024, in compliance with the deadlines set by prudential supervisory regulations, the first report on Interest Rate Risk was sent with a positive outcome, with a reference date of 30 September 2024.

Bank of Italy

Other circulars on supervisory reporting On 28 November 2023, the Bank of Italy published the 17th update of Circular no. 272 of 30 July 2008, which introduces new information requirements in supervisory reporting, and the 76th update of Circular no. 154 of 22 November 1991, which amends the supervisory reporting formats. BancoPosta is in the process of completing the necessary updates, which will be finalised when the first 2025 Payment Systems report will be sent in April 2025.

Bank of Italy

Circular 320 of March 2024 "Reporting on cash access points"

European Delegation Act 2022-2023 (Law no. 15 of 21 February 2024) Cybersecurity

On 20 March 2024, the Bank of Italy published online Circular no. 320 on 'Reporting on cash access points', detailing: the structure and frequency of reporting, reporting deadlines and reporting schemes, with descriptions of items and instructions for compiling attributes. Monthly reports and half-yearly reports (on 30 June and 31 December) are envisaged. Poste Italiane and PostePay have implemented tools to support the evolution of new report and sent the first reports in September 2024.

On 24 February 2024, Law no. 15 of 21 February 2024 (European Delegation Law 2022-2023) was published in the Official Journal, delegating the Government to transpose European Directives and implement other acts of the European Union.

In particular, the law provides for the definition of principles and criteria for the transposition into national law of the Directive (EU) 2022/2555, revising the NIS Directive⁶⁹ and laying down measures for a common high level of cybersecurity in the European Union "NIS 2 Directive"). In addition, the law delegates the Government to adapt national legislation to the provisions of the following European Regulations:

Regulation (EU) 2023/1114 ("MiCAr Regulation⁷⁰") on cryptocurrency markets, which establishes uniform requirements for cryptocurrency service providers;
Regulation (EU) 2022/2554 ("DORA Regulation⁷¹") aimed at ensuring a high common level of digital operational resilience for the financial sector;

• The European Delegation Act 2022-2023 has been subject to an amendment that makes explicit, in Article 15, the inclusion of Poste Italiane BancoPosta RFC in the list of entities to which the Digital Operational Resilience Act (DORA) applies.

Poste Italiane has launched a Group-wide initiative to take the necessary actions to ensure the regulatory compliance of all the Group's supervised entities, including BancoPosta and PostePay.

⁶⁸ This update concerns the transposition into national law of the changes defined at European level regarding interest rate risk and credit spread on the banking book (IRRBB and CSRBB respectively). Please refer to the 2023 Annual Report for more details on the 44th update to the Circular.

⁶⁹ Network and Information Security.

⁷⁰ Markets in Crypto-assets Regulation.

⁷¹ Digital Operational Resilience Act.

Annual Market and Competition Act 2022 (Law no. 214 of 30 December 2023)

Distance contracts

European Commission

(Regulation 2024/2956)

Standard models in relation to the Information Register With reference to the legislation (Law no. 214 of 30 December 2023) that made significant changes to the Consumer Code on the subject of distance contracts concluded by telephone and service contracts with tacit renewal, it should be noted that it does not apply to BancoPosta RFC⁷² and PostePay S.p.A.

On 2 December 2024, the Implementing Regulation (EU) 2024/2956, approved by the European Commission on 29 November 2024, was published in the Official Journal of the European Union, which lays down implementing technical standards with regard to standard forms in connection with the Information Register, pursuant to Article 28, par. 3, of the Digital Operational Resilience Act (DORA) Regulation.

In particular, the Implementing Regulation sets out the standard models for all contractual agreements for the use of ICT services provided by third-party providers, defining specifically:

the positioning of third-party suppliers of ICT services in the supply chain, by means of a value greater than or equal to 1 for each supplier;
the general requirements to be met to maintain and update the information register accurately, consistently and in accordance with data quality principles, using the templates provided in Annexes I to IV;
the requirements for the data format, content and scope of the Information Register.

The Regulation entered into force on 22 December 2024.

The regulatory adaptation project envisaged by DORA for the Poste Italiane Group including BancoPosta RFC is underway.

European	On 19 March 2024, Regulation 2024/886 of the European Parliament and of the European
Parliament and	Council amending the European regulation73 on instant credit transfers in euro was published
Council (Regulation	in the Official Journal of the European Union, which aims to make instant payments available
2024/886 of 13	to all citizens and companies with a payment account in the EU and the European Economic
March 2024)	Area (EEA) countries. The main changes concern the obligation for EU payment service
Instant Transfers	providers to: i) also offer the instant version if they already offer euro credit transfers; ii) ensure
	that the fees charged for instant euro payments are no higher than those charged for non
	instant euro credit transfers; (iii) verify the correspondence between the bank account number
	(IBAN) and the payee name provided by the payer prior to the execution of the instant transfer;
	(iv) verify whether their customers are subject to financial restrictive measures74 - provided for
	in EU legislation - immediately after the entry into force or upon modification of these
	measures, as well as at least once per calendar day.
	In the course of 2024, on the basis of the analyses conducted by BancoPosta and PostePay,
	the initiatives necessary for the correct implementation of the changes introduced by the
	Regulation were planned and implemented.

⁷² In particular, for distance contracts concluded by telephone (Article 9(2)), there is no provision to date for signing contracts by telephone within the scope of the products placed by BancoPosta. For Service Contracts with tacit renewal clauses (Article 14), restricting the analysis to 'service contracts' as required by the rule, there are currently no fixed-term contracts with tacit renewal clauses in the BancoPosta perimeter.

⁷³ Regulations (EU) no. 260/2012 and (EU) 2021/1230 and Directives 98/26/EC and (EU) 2015/2366.

⁷⁴ By way of example, the freezing of funds.

European Parliament

European Parliament and

Council Basel 3 plus

Anti-Money Laundering Package On 19 June 2024, the anti-money laundering package was published in the Official Journal of the European Union as follows:

Directive (EU) 2024/1640 of the European Parliament and of the Council of 31 May 2024 (the "VI AML Directive"⁷⁵), which introduces new regulations on the organisation of the institutional system of Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) for national supervisory bodies and Financial Intelligence Units (FIUs), as well as on central registers, such as the register of beneficial owners, the register of bank accounts, and single access to land registers;
regulation (EU) 2024/1624 of the European Parliament and of the Council of 31 May 2024 (the "AML Regulation" or "Anti-Money Laundering Regulation", which will apply from 10 July 2027), which, in order to achieve a higher level of European harmonisation of legislation in the sector, contains all AML/CFT provisions relating to the private sector that will be directly applicable in the EU Member States;
regulation (EU) 2024/1620 of the European Parliament and of the Council of 31 May 2024 (the "AMLA Regulation", which will apply from 1 July 2025), which provides for the establishment of the European Anti-Money Laundering and Anti-Terrorist Financing Authority (AMLA, which has been operational from the middle of May 2024), which will be responsible for strengthening cooperation between national intelligence units, directly supervising the riskiest financial institutions, and coordinating national supervisory bodies. The measure regulates the body's legal status, powers and forms of coordination with other authorities.

BancoPosta, together with the other supervised entities of the Poste Italiane Group, while waiting for the new AMLA Authority to draw up the regulatory technical standards (RTS), is analysing the new regulations in order to identify the processes most impacted.

On 19 June 2024, the following measures were published in the Official Journal of the European Union, which complete the process of transposing the reform of bank capital requirements into the European Union, pursuant to the amendments to the Basel Accord (Basel 3 plus):

Directive (EU) 2024/1619 of the European Parliament and of the European Council of 31 May 2024 amending Directive 2013/36/EU as regards supervisory powers, sanctions, third-country branches and environmental, social and governance risks. States will have to enact transposition provisions by 10 January 2026.
Regulation (EU) 2024/1623 (CRR 3) of the European Parliament and of the European Council of 31 May 2024 amending Regulation (EU) no. 575/2013 (Capital Requirements Regulation - CRR) as regards requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor. The Regulation will apply from 1 January 2025.

The Basel 3 plus regulatory framework is relevant to BancoPosta's capital, in particular for the new Standardised Approach for calculating the minimum capital requirement for operational risk, and its implementation is in progress.

⁷⁵ The AML Directive amends Directive (EU) 2019/1937 and replaces Directive (EU) 2015/849, repealing its provisions. The Member States will have to comply with the AML Directive, transposing its provisions, by 10 July 2027, with the exception of: the rules on the register on beneficial owners, which will have to be transposed by 10 July 2026; and the rules on single access to information on immovable property, which will have to be transposed by 10 July 2029.

BancoPosta is in the process of completing the updates related to the amendment of the ITS templates of the prudential disclosure base, which will be finalised with the reporting scheduled for March 2025.

Legislative Decree no. 134 of 4 September 2024 (ERC Directive)

Critical Entities Resilience

On 23 September 2024, Legislative Decree no. 134 of 4 September 2024 implementing Directive (EU) no. 2022/2557, so called CER (Critical Entities Resilience) Directive on Critical Entities Resilience was published in the Official Journal. The Decree establishes measures to ensure that essential services for the maintenance of vital societal functions, economic activities, public health and safety are provided without hindrance, defining criteria for the identification of critical actors, as well as obligations for critical entities to strengthen their resilience and capacity to provide essential services.

The legislation was examined by the relevant function which deemed it not to have an impact on the Poste Italiane Group.

Bank of Italy

Communication to the market on ICT security

On 23 December 2024, the Bank of Italy published on its website, a Communication to the market on ICT security, drawing the attention of directly supervised intermediaries to the profiles of digital operational resilience and ICT risk.

In the document, intermediaries are invited to assess their positioning with respect to the Digital Operational Resilience Act (DORA) and to carry out a self-assessment of their ICT risk management framework, to be submitted to the Bank of Italy by 30 April 2025.

The project to comply with the ICT risk management framework envisaged by DORA is underway for the supervised entities of the Poste Italiane Group, including BancoPosta RFC. Moreover, the overall assessments on the adequacy of the system are already underway in order to prepare the Self-Assessment Report to be sent to the Bank of Italy.

On 27 December 2024, the Bank of Italy published on its website, a Note on the reporting of serious ICT incidents and cyber threats under the DORA Regulation on digital operational resilience for the financial sector.

The Authority recalls that as of 17 January 2025, financial entities are required to report to the Bank of Italy via the INFOSTAT platform using the new form and the new Operating Instructions that replace the previous ones.

The Poste Italiane Group has already addressed the new criteria for classifying serious incidents in line with DORA, and is ready to use the new notification methods.

On 30 December 2024, the Bank of Italy published a Communication on its website concerning the application of the DORA Regulation.

With the start of the new regime, which will apply from 17 January 2025, the Authority has drawn the attention of intermediaries subject to the prudential supervision of the Bank of Italy to a number of profiles, in respect of which the following indications are provided to enable a uniform application of the DORA Regulation.

It covers, in particular: the organisational location of the ICT risk control function, the disclosure of contractual arrangements with external counterparties, the reporting of serious ICT incidents and significant cyber threats, and threat-based penetration tests.

The project to bring the supervised entities of the Poste Italiane Group, including BancoPosta RFC, into line with the requirements sanctioned by DORA is underway.

Directive (EU) 2023/2225, published on 30 October 2023, on credit agreements for consumers, which updates and repeals Directive 2008/48/EC (the "CCD - Consumer Credit Directive"), aims to establish a common framework for the harmonisation of aspects of the laws, regulations and administrative provisions of the Member States by broadening the forms of

Bank of Italy

Reporting of serious ICT incidents and significant cyber threats under DORA

Bank of Italy

Communication on the application regime of the DORA Regulation

European Parliament and Council

2024 Annual Report Poste Italiane Group	Report on Operations at 31 December 2024

Consumer credit agreements	credit covered by the relative discipline and regulating certain aspects76; BancoPosta is
	carrying out the appropriate in-depth studies to assess the impact of this new regulatory
	framework, with the involvement of its financing partners, while awaiting the national
	transposition of the measure, which is expected to be completed by 20 November 2025.
Legislative Decree no. 138 of 4 September 2024 NIS2 Directive	On 1 October 2024, Legislative Decree no. 138 of 4 September 2024 implementing Directive
	(EU) no. 2022/2555 (NIS 2 - Network and Information Security - Directive), was published in
	the Official Journal. The Decree lays down measures to ensure a high level of security of
	computer networks at national level, contributing to increasing the common level of security in
	the European Union so as to improve the functioning of the internal market. The Legislative
Computer network security	Decree came into force on 16 October 2024 and applies from 18 October 2024; at the same
	time, Legislative Decree no. 65 of 18 May 2018 was repealed (with the exception of Article 7(8)
	and Article 8, par. 10, which are repealed as from 1 January 2025).
	The legislation is being examined by the relevant functions to assess its potential impact on
	the Poste Italiane Group.

⁷⁶ The main aspects concern: (i) pre-contractual information to be provided to customers prior to the conclusion of the credit agreement, reinforcing the relevant marketing practices; (ii) the assessment of the consumer's creditworthiness and access to databases by lenders; (iii) the form and content of agreements; (iv) rules of conduct in the granting of credit, and knowledge and competence requirements for credit intermediaries.

European Commission

European Digital Identity Wallet

In the Official Journal of the European Union of 4 December 2024, five Implementing Regulations approved by the European Commission on 28 November 2024 were published, specifying the modalities for the application of the e-IDAS - Electronic Identification, Authentication and Trust Services discipline, on the "European digital identity wallet"⁷⁷ .

The Implementing Regulations concern, specifically, the personal identification data and electronic attribute certificates issued to European digital identity wallets (Regulation 2024/2977); the integrity and basic functionalities of European digital identity wallets (Regulation 2024/2979) the notifications to the Commission in relation to the ecosystem of European digital identity wallets (Regulation 2024/2980); the certification of European digital identity wallets (Regulation 2024/2981); the protocols and interfaces to be supported by the European digital identity framework (Regulation 2024/2982).

The Implementing Regulations came into force and will apply from 24 December 2024 and the relevant functions are assessing potential impacts on the Poste Italiane Group.

Bank of Italy - UIF

Russian Transfer Survey ('TRU')

On 6 June 2024, the Financial Intelligence Unit (FIU) for Italy announced that following amendments to Reg. EU 833/2014 by EU Implementing Reg. 2878/2023 - concerning restrictive measures in view of Russia's actions - the Financial Security Committee (FSC) delegated the FIU to receive and collect data on non-EU fund transfers. Credit and financial institutions are required to transmit, as of 1 July 2024, information on all transfers of funds outside the Union of certain amounts⁷⁸. BancoPosta, for the second half of 2024, has identified a customer that meets all the criteria required by the Bank of Italy and has therefore reported it.

Bank of Italy - UIF

Amendments to the Provisions on organisation, procedures and internal controls regarding anti-money laundering and terrorist financing

With the measure of 27 November 2024 Amendments to the "Provisions on organisation, procedures and internal controls to prevent the use of intermediaries for the purposes of money laundering and terrorist financing" of 26 March 2019, the Bank of Italy inserted into these Provisions the new Part Eight ("Periodic AML Reporting"), which provides for the annual transmission to the Bank of Italy of the periodic reports indicated in the "Manual for AML Supervisory Reporting" attached to the same measure.

Reports are transmitted, according to the modalities indicated in the Manual, by 31 March of the year following the reference year and have the previous calendar year as their reference period.