Poste Italiane

Investor Presentation • May 8, 2025

1

POSTE ITALIANE Q1-25 FINANCIAL RESULTS 8 MAY 2025

THE CONNECTING PLATFORM

CONTENTS

3

EXECUTIVE SUMMARY THE LARGEST ITALIAN PLATFORM COMPANY

WELL ON TRACK TO DELIVER 2025 GUIDANCE

• RECORD FIRST QUARTER REVENUES (+5% Y/Y) ALL BUSINESS UNITS CONTRIBUTING TO STRONG REVENUE PERFORMANCE
• Q1-25 ADJUSTED EBIT¹ AT €796M, UP 13% Y/Y, REFLECTING TOP-LINE GROWTH AND COST DISCIPLINE NET PROFIT AT €597M, UP 19% Y/Y
• STRONG NET INFLOWS IN INVESTMENT PRODUCTS CONFIRMING POSITIVE TREND IN LIFE INVESTMENTS & PENSION
• SOLID GROUP BALANCE SHEET AND INSURANCE SOLVENCY II RATIO AT 305%, INCLUDING IMPACT OF €500M ADDITIONAL REMITTANCE TO BE PAID IN JUNE – DIVIDEND BALANCE OF €0.75 P/S (€0.97BN) TO BE PAID ON 25 JUNE 2025²
• ACQUIRED 24.8% ORDINARY SHARES OF TIM³ AS A LONG-TERM INDUSTRIAL SHAREHOLDER, SUPPORTING VALUE CREATION AND ITALIAN TELCO MARKET CONSOLIDATION – SIGNED MOU FOR NEW MVNO CONTRACT STARTING FROM JANUARY 2026
• DISPOSAL OF NON-STRATEGIC STAKES IN NEXI AND ANIMA

Q1-25 RESULTS OVERVIEW DOUBLE-DIGIT EBIT AND NET PROFIT GROWTH DRIVEN BY REVENUES AND CONTINUED COST DISCIPLINE

€ m unless otherwise stated

	Q1-24	Q1-25	VAR.	Δ%
REVENUES	3,045	3,198	+152	+5%
ADJUSTED EBIT1	706	796	+90	+13%
NET PROFIT	501	5972	+96	+19%

Revenues and costs are net of commodity price and pass-through charges of the energy business; 1. Adjusted excluding systemic charges related to insurance guarantee fund (€19m for Q1-25) and costs and proceeds of extraordinary nature, please refer to slide 36 for a full reconciliation; 2. Includes €27m of mark-to-market gain on Nexi and TIM shares upon (de)recognition

EXTERNAL REVENUES ALL BUSINESS UNITS CONTRIBUTING TO TOP-LINE GROWTH

ADJUSTED EBIT¹ BY SEGMENT PROFITABILITY BENEFITING FROM HIGHER REVENUES & EFFECTIVE COST DISCIPLINE

1. Adjusted excluding systemic charges related to insurance guarantee fund and costs and proceeds of extraordinary nature. Please refer to slide 36 for a full reconciliation

CONTENTS

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MAIL, PARCEL & DISTRIBUTION REVENUE GROWTH DRIVEN BY PARCEL & LOGISTICS – MAIL TREND IN LINE WITH FY-25 GUIDANCE

1. Includes Digital Identities fees, EGI, Poste, Patenti Via Poste, Philately, Poste Motori, Poste Welfare Service, Agile Lab and Sourcesense; 2. Includes income received by other segments in return for use of the distribution network, Corporate Services and capex costs reimbursement

MAIL, PARCEL & DISTRIBUTION: VOLUMES AND PRICING SUSTAINED GROWTH IN PARCEL VOLUMES; MAIL REPRICING PARTIALLY OFFSETTING EXPECTED VOLUME DECLINE

• Parcel volumes growth supported by strong market positioning across customer segments
• Parcel average tariff broadly stable thanks to a diversified customer base
• Mail volume trend in line with expectations – FY-24 benefitting from one-off volumes
• Higher mail average tariff driven by favourable product mix and ongoing repricing actions on both USO and non-regulated business

FINANCIAL SERVICES STRONG RESULTS DRIVEN BY RECORD QUARTERLY NII AND SOLID COMMERCIAL PERFORMANCE

otherwise stated

€ m unless

GROSS REVENUES ADJUSTED EBIT¹ & NET PROFIT Q1 HIGHLIGHTS

• Investment portfolio revenues growth (+11%) driven by highest ever quarterly NII benefiting from management yield enhancement actions
• Postal Savings fees +3% supported by improving gross inflows
• Transaction Banking impacted by lower payment slip volumes
• Consumer Loans fees up 14% driven by higher margins
• Broadly stable Asset Management revenues with higher AuM compensating lower upfront fees
• Adjusted EBIT¹ trend supported by strong revenue performance

1. Adjusted excluding systemic charges related to insurance guarantee fund. Please refer to slide 36 for a full reconciliation; 2. Includes revenues from payment slips (bollettino), current accounts related revenues, fees from INPS and money transfer; 3. Includes reported revenues from custody accounts, credit cards and other revenues from third party products distribution; 4. Includes intersegment distribution revenues

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

• Strong net inflows in investment products at 1.6bn, confirming positive trend in Life Investments & Pension
• Postal Savings net outflows driven by high maturities, mitigated by new commercial initiatives
• Deposits growth driven by higher Public Administration balances

o.w. net investment 1.8 flows5	1.6
--------------------------------------	-----

1. EoP figures; 2. Includes deposits and Assets Under Custody; 3. Deposits do not include REPOs and Poste Italiane liquidity; 4. Includes Moneyfarm; 5. Includes Mutual funds and Life Investments & Pension

INSURANCE SERVICES IMPROVING LIFE NET INFLOWS & STRONG PROFITABILITY ACROSS LIFE AND PROTECTION

€ m unless

rate (%)² 5.5

• Life Investments & Pension:
  • i. Positive net flow trends confirmed, outperforming the market, supported by newly launched products and strong commercial effort
  • ii. Lapse rate reflects proactive client portfolio rebalancing activities
• Higher CSM and Risk Adjustment release supporting revenue trend
• Strong growth of Protection revenues due to higher volumes and profitability
• Adjusted EBIT¹ +9% supported by both Life Investments and Protection

1. Adjusted excluding systemic charges related to insurance guarantee fund. Please refer to slide 36 for a full reconciliation; 2. Lapse rate is calculated as surrenders divided by average technical provisions; 3. Includes Motor (distribution only); 4. Protection CoR calculated as: (insurance expenses + net reinsurance expenses -/+ other technical income and expenses + not directly attributable expenses) / gross insurance revenues, net of reinsurance

8.6 83

85

Ratio (%) ⁴

CONTRACTUAL SERVICE MARGIN EVOLUTION

SOLVENCY II STRONG SII RATIO EMBEDDING 100% REMITTANCE RATIO AND €500M OF ADDITIONAL REMITTANCE

POSTEPAY SERVICES UNIQUE EVERYDAY ECOSYSTEM DELIVERING TOP-LINE AND PROFITABILITY GROWTH

1. Revenues are net of commodity price and pass-through charges of the energy business for a total of €127m in Q1-24 and €171m in Q1-25

HUMAN CAPITAL – FTEs HIGHER FTEs LINKED TO BUSINESS GROWTH AND IMPROVING PROFITABILITY

HUMAN CAPITAL – HR COSTS HR COSTS REFLECTING HIGHER FTEs AND VARIABLE COMPENSATION

€ m unless otherwise stated

ORDINARY HR COSTS

NON-HR COSTS HIGHER VARIABLE COSTS AND D&A TO SUPPORT BUSINESS GROWTH AND TRANSFORMATION

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

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CLOSING REMARKS THE LARGEST ITALIAN PLATFORM COMPANY

WELL ON TRACK TO DELIVER 2025 GUIDANCE

• RECORD FIRST QUARTER REVENUES (+5% Y/Y) ALL BUSINESS UNITS CONTRIBUTING TO STRONG REVENUE PERFORMANCE
• Q1-25 ADJUSTED EBIT¹ AT €796M, UP 13% Y/Y, REFLECTING TOP-LINE GROWTH AND COST DISCIPLINE NET PROFIT AT €597M, UP 19% Y/Y
• STRONG NET INFLOWS IN INVESTMENT PRODUCTS CONFIRMING POSITIVE TREND IN LIFE INVESTMENTS & PENSION
• SOLID GROUP BALANCE SHEET AND INSURANCE SOLVENCY II RATIO AT 305%, INCLUDING IMPACT OF €500M ADDITIONAL REMITTANCE TO BE PAID IN JUNE – DIVIDEND BALANCE OF €0.75 P/S (€0.97BN) TO BE PAID ON 25 JUNE 2025²
• ACQUIRED 24.8% ORDINARY SHARES OF TIM³ AS A LONG-TERM INDUSTRIAL SHAREHOLDER, SUPPORTING VALUE CREATION AND ITALIAN TELCO MARKET CONSOLIDATION – SIGNED MOU FOR NEW MVNO CONTRACT STARTING FROM JANUARY 2026
• DISPOSAL OF NON-STRATEGIC STAKES IN NEXI AND ANIMA

CONTENTS

STRONG CASH GENERATION, AMPLE LIQUIDITY & BALANCED DEBT PROFILE

21

1. As of March 2025; 2. Figures do not include c.€0.2bn short-term debt repaid in April 2025; 3. Shareholders' equity net of revaluation reserves and taking into consideration the accrued dividend for the period; 4. Other includes buyback, the coupon on the hybrid bond, changes in reserves related to incentive schemes (IFRS2), reclassification fair value reserve Nexi and other movements

MAIL, PARCEL & DISTRIBUTION NET FINANCIAL POSITION UNDERLYING NFP IMPROVING – ALREADY EMBEDDING FULL IMPACT OF TIM STAKE ACQUISITION

impact of TIM stake acquisition, reported figure equals to €3,199 (including the 9.81% stake of TIM's ordinary capital, classified as a financial asset measured at FVOCI as at 31 March 2025)

BANCOPOSTA ASSETS AND LIABILITIES STRUCTURE RETAIL DEPOSITS UP

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

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

POSTAL SAVINGS POSTAL SAVINGS HIGH MATURITIES MITIGATED BY NEW COMMERCIAL INITIATIVES

€ m unless otherwise stated

ASSET MANAGEMENT AUM GROWTH SUPPORTED BY STRONG NET INFLOWS

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

BANCOPOSTA: SOLID AND EFFICIENT CAPITAL POSITION STRONG BALANCE SHEET

INSURANCE SERVICES SOLVENCY II EVOLUTION

SWAP (BP)

(BP)

Impact on SII ratio

(33) p.p.

(7) p.p.

+45 p.p.

(44) p.p.

SOLVENCY II RATIO SENSITIVITIES

WELL ABOVE RISK TOLERANCE AND MANAGERIAL AMBITION UNDER SIMULATED SCENARIOS

Q1 HIGHLIGHTS

• Solvency II ratio sensitivity to BTP-Swap spread (+100bps):
  • (129) p.p. as of Dec-20
  • (98) p.p. as of Dec-21
  • (29) p.p. as of Dec-22²
  • (41) p.p. as of Dec-23
  • (42) p.p. as of Dec-24
  • (33) p.p. as of Mar-25
• Solvency II ratio sensitivity to Swap rate (+100bps):
  • (32) p.p. as of Dec-22
  • (38) p.p. as of Dec-23
  • (47) p.p. as of Dec-24
  • (44) p.p. as of Mar-25

INSURANCE SERVICES SOLVENCY II OWN FUNDS TIERING AND SOLVENCY CAPITAL REQUIREMENTS

€ m unless otherwise stated

SOLVENCY II CAPITAL AND SOLVENCY II CAPITAL REQUIREMENT BREAKDOWN

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

1. Includes Motor (distribution only) GPW for a total of €4m in Q1-24 and €6m in Q1-25

INSURANCE SERVICES TECHNICAL PROVISIONS GROWTH DRIVEN BY POSITIVE NET FLOWS AND PERFORMANCE

INSURANCE SERVICES LI&P NET INFLOWS

INFLOWS IN MULTICLASS & UNIT LINKED PRODUCTS COMPENSATING SEGREGATED FUNDS OUTFLOWS

INSURANCE SERVICES STABLE AND DIVERSIFIED INVESTMENT PORTFOLIO

1. Includes financial assets covering Class I technical provisions and free surplus investments according to local GAAP; 2. Refers only to GS Posta Valore Più

RECLASSIFICATIONS ADJUSTED EBIT AND ENERGY

€ m unless otherwise stated

	Q1-24			Q1-25
	MAIL, PARCEL & DISTRIBUTION	FINANCIAL SERVICES	INSURANCE SERVICES	CONSOLIDATED ACCOUNTS	MAIL, PARCEL & DISTRIBUTION	FINANCIAL SERVICES	INSURANCE SERVICES	CONSOLIDATED ACCOUNTS
Reported EBIT	41	199	349	706	25	256	363	777
charges related Systemic to fund insurance guarantee	0	0	0	0	0	4	15	19
Adjusted EBIT	41	199	349	706	25	260	378	796

	Q1-24		Q1-25
	POSTEPAY SERVICES	CONSOLIDATED ACCOUNTS	POSTEPAY SERVICES	CONSOLIDATED ACCOUNTS
External revenue - reported	470	3,136	538	3,337
Commodity prices and pass-through charges for external clients	(91)	(91)	(140)	(140)
External revenue reclassified	379	3,045	398	3,198
Intersegment revenue - reported	106		102
Commodity prices and pass-through charges for Group consumption	(36)		(31)
Intersegment revenue reclassified	70		71
Cost of goods and services - reported	290	896	336	970
Commodity prices and pass-through charges	(127)	(91)	(171)	(140)
Cost of goods and services reclassified	163	805	165	830

POSTEPAY SERVICES STEADY INCREASE ACROSS KEY METRICS

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

POSTE ITALIANE DIGITAL FOOTPRINT KEY METRICS CONSTANTLY IMPROVING

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

POSTEPAY PAYMENTS TRANSACTION VALUE STEADY INCREASE IN E-COMMERCE TRANSACTIONS

POSTEPAY ISSUING TRANSACTION VALUE (BASE 100)¹

INTERSEGMENT COSTS AS OF Q1-25 INTERSEGMENT DYNAMICS KEY DRIVERS

€ m unless otherwise stated	MAIN RATIONALE		INDICATIVE MAIN REMUNERATION SCHEME	Q1-24	Q1-25
• a) b)	Postepay Services remunerates: Mail, Parcel and Distribution for providing IT, delivery volume, promoting and selling SIMs and energy contracts and other corporates services1 ; Financial Services for promoting and selling card payments and other payments (e.g. tax payments) throughout the network.	a) b)	Annual fee and number of payment transactions flat fee (depending on the product) Fixed % of revenues	a) 77 b) 62 Total: 139	a) 87 b) 51 Total: 138
• c) d)	Insurance Services remunerates: Financial Services for promoting and selling insurance products2 and for investment management services3 ; Mail, Parcel and Distribution for providing corporate services1	c) d)	Fixed % of upfront, maintenance and management fees Depending on service/product	c) 180 d) 20 Total: 200	c) 219 d) 21 Total: 240
	Insurance Services reported intersegment costs under IFRS17, remunerating MPD only4			Total: 6	Total: 6
• e) f)	Financial Services remunerates: Mail, Parcel and Distribution for promoting and selling Financial, Insurance and products throughout the network and for proving corporate services5 Postepay ; Services for providing certain payment services6. Postepay	e) f)	Fixed % (depending on the product) of revenues Depending on service/product	e) 1,275 f) 48 Total: 1,3237	e) 1,314 f) 49 Total: 1,3637
• g) h)	Mail, Parcel and Distribution remunerates: Postepay Services for acquiring services, postman electronic devices and utilities; Financial Services as distribution fees related to "Bollettino DTT".	g) h)	Annual fee, fee * volumes Flat fee for each "Bollettino"	g) 11 h) 0 Total: 11	g) 10 h) 0 Total: 10

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

SOCIAL

ESG KEY ACHIEVEMENTS IN Q1 2025 DELIVERING INTEGRATED ESG TARGETS FOR A LONG-TERM SUSTAINABLE GROWTH

ENVIRONMENTAL

• Poste Delivery Business offering enhanced with ^a new feature – the Emissions Tracker - enabling clients to easily, accurately and transparently monitor the environmental impact of their shipments
• Confirmed the Fleet Renewal Plan with c.6k electric vehicles and >28k other low-emission vehicles; increased the adoption of HVO and SAF fuels
• c.600 photovoltaic systems installed (including ²⁰ in Q1), reaching a total capacity of c.22.6MWp. The 'PoC Solar Smart Monitoring' solution¹ will strengthen systems control and energy efficiency
• c.800k active contracts for green power & gas offer; c.17m eco-friendly cards

• Polis project on track, with 3,359 post offices and 82 coworking sites completed; >65k PA services provided²

• 1m training hours in Q1; Corporate Welfare program further enhanced with additional services

• 'Adult Dyslexia Checklist': employees' online selfassessment to raise awareness about dyslexia and the benefits of a diagnostic process³

• 'Advanced' (ESG overall score 79/100 rating)

• Omnichannel Strategy: >26m daily interactions (+6% y/y); 50% of total interactions through digital channels
• Signed Memorandum of Understanding with Ministry of the Interior to strengthen fraud prevention, protecting elderly and vulnerable clients

• Updated the Group Integrated Policy to reflect evolving standards and commitments
• Successfully renewed ISO 37301:2021 certification for compliance management systems

STRONG ESG REPUTATION – INCLUDED IN MOST RELEVANT INDICES AND RATINGS

• 'AA' rating • Sustainability Yearbook 2025 (90/100)

• Best-in-class World/Europe Indices

1. Developed in collaboration with GreenLog and ELIS Innovation Hub as part of the OpenItaly 2024 program; 2. Data as of 31-Mar-2025; 3. Developed in collaboration with the Italian Dyslexia Association, aimed at achieving the "Dyslexia Friendly Company" recognition

• Platinum medal • 'Top 1%' (89/100)

CONSOLIDATED ACCOUNTS PROFIT & LOSS

€m	Q1-24	Q1-25	Var.	Var. %
Total revenues1	3,045	3,198	+152	+5%
of which:
Mail, Parcel and Distribution	934	949	+15	+2%
Financial Services	1,335	1,409	+74	+6%
Insurance Services	397	442	+45	+11%
Postepay Services1	379	398	+19	+5%
Total costs1,2	2,340	2,401	+62	+3%
of which:
Total personnel expenses	1,275	1,291	+16	+1%
of which personnel expenses	1,274	1,285	+11	+1%
of which early retirement incentives	0	1	+1	n.m.
of which legal disputes with employees	1	5	+4	n.m.
COGS	805	830	+25	+3%
Other operating costs1	59	53	(6)	(10%)
Depreciation, amortisation and impairments	201	228	+27	+13%
Adjusted EBIT1,2	706	796	+90	+13%
Systemic charges related to insurance guarantee fund	0	19	+19	n.m.
Tax Credit VRA Adjustment	0	0	+0	n.m.
EBIT	706	777	+71	+10%
EBIT Margin Adjusted	+23%	+25%
Finance income/(costs) and profit/(loss) on investments accounted for using the equity method	18	47	+30	n.m
Profit before tax	723	824	+101	+14%
Income tax expense	222	227	+5	+2%
Profit for the period	501	597	+96	+19%

1. Net of commodity price and pass-through charges of the energy business. Please refer to slide 36 for a full reconciliation; 2. Adjusted excluding systemic charges related to insurance guarantee fund and costs and proceeds of extraordinary nature. Please refer to slide 36 for a full reconciliation

CONSOLIDATED ACCOUNTS – SEGMENT VIEW Q1-25 PROFIT & LOSS

€m	Mail, Parcels & Distribution	Financial Services	Insurance Services	Postepay Services	Adjustments & eliminations1	Total
External Revenues	949	1,409	442	398	0	3,198
Intersegment Revenues	1,421	261	(53)	71	(1,701)	0
Total revenues2	2,370	1,670	389	469	(1,701)	3,198
Labour cost	1,395	14	3	16	(137)	1,291
COGS2	673	16	2	165	(25)	830
Other Costs3	41	13	(1)	4	0	56
Capitalised Costs and Expenses	(16)	0	0	(0)	0	(16)
Impairment Loss/(Reversal) on debt instruments, receivables and other assets	3	4	0	6	0	13
Intersegment Costs	10	1,363	7	138	(1,517)	0
Total costs2,3	2,106	1,409	10	328	(1,680)	2,174
Depreciation, amortisation and impairments	239	0	0	9	(21)	228
Adjusted EBIT2,3	25	260	378	133	(0)	796
Systemic charges estimate related to insurance guarantee fund	0	4	15	0	0	19
Tax Credit VRA Adjustment	0	0	0	0	0	0
EBIT	25	256	363	133	(0)	777
Finance income/(cost)	11	11	19	6	0	47
Profit before tax	36	267	382	139	0	824
Tax cost/(income)	7	74	107	38	0	227
Profit for the period	29	193	275	101	0	597

1. IFRS17 requires the attribution of costs directly attributable to insurance policies – incl. distribution costs to remunerate Poste Italiane network – to Insurance Services' revenues. To ensure full elimination of intersegment costs we make an adjustment at Group level, allocating such costs to Labour costs, COGS and D&A; 2. Net of commodity price and pass-through charges of the energy business. Please refer to slide 36 for a full reconciliation; 3. Adjusted excluding systemic charges related to insurance guarantee fund and costs and proceeds of extraordinary nature. Please refer to slide 36 for a full reconciliation

MAIL, PARCEL & DISTRIBUTION PROFIT & LOSS

€ m	Q1-24	Q1-25	Var	% Var
Segment revenue	934	949	+15	+2%
Intersegment revenue	1 372 ,	1 421 ,	+49	+4%
Total revenues	2 306 ,	2 370 ,	+64	+3%
Personnel expenses	1 358 ,	1 395 ,	+37	+3%
of which personnel expenses	358 1 ,	394 1 ,	+36	+3%
of which early retirement incentives	0	1	+1	n.m
costs1 Other operating	686	700	+15	+2%
and Depreciation , amortisation impairments	210	239	+29	+14%
Intersegment costs	11	10	(1)	(9%)
costs1 Total	2 265 ,	2 345 ,	+80	+4%
EBIT1 Adjusted	4 1	2 5	(16)	(40%)
Credit Adjustment Tax VRA	0	0	+0	n.m.
EBIT	4 1	2 5	(16)	(40%)
MARGIN Adjusted EBIT	+2%	+1%
income/(costs) Finance	(17)	11	+28	n.m
Profit/(Loss) before tax	2 4	3 6	+12	+48%
Income tax expense	18	7	(11)	(60%)
Profit for the period	6	2 9	+23	n.m

1. Adjusted excluding costs and proceeds of extraordinary nature. Please refer to slide 36 for a full reconciliation

FINANCIAL SERVICES PROFIT & LOSS

€ m	Q1-24	Q1-25	Var	Var %
Segment revenue	335 1 ,	409 1 ,	+74	+6%
Intersegment revenue	223	261	+37	+17%
Total revenues	559 1 ,	670 1 ,	+111	+7%
Personnel expenses	12	14	+1	+11%
of which personnel expenses	12	14	+1	+10%
of which early retirement incentives	0	0	+0	n.m.
costs1 Other operating	25	33	+8	+34%
and Depreciation , amortisation impairments	0	0	(0)	(0%)
Intersegment costs	323 1 ,	363 1 ,	+40	+3%
costs1 Total	360 1 ,	410 1 ,	+50	+4%
EBIT1 Adjusted	199	260	+62	+31%
charges related fund Systemic insurance to guarantee	0	4	+4	n.m.
EBIT	199	256	+58	+29%
Adjusted EBIT MARGIN	13%	16%
income/(costs) Finance	11	11	+0	+2%
Profit/(Loss) before tax	209	267	+58	+28%
Income tax expense	58	74	+16	+27%
Profit for the period	151	193	+42	+28%

1. Adjusted excluding systemic charges related to insurance guarantee fund. Please refer to slide 36 for a full reconciliation

INSURANCE SERVICES PROFIT & LOSS

€ m	Q1-24	Q1-25	Var	Var %
Segment revenue	397	442	+45	+11%
Intersegment revenue	(39)	(53)	(14)	(36%)
Total revenues	358	389	+31	+9%
Personnel expenses	2	3	+1	+21%
of which personnel expenses	2	3	+1	+21%
of which early retirement incentives	0	0	+0	n.m
costs1 Other operating	1	1	+0	+16%
and Depreciation , amortisation impairments	1	0	(0)	(4%)
Intersegment costs	6	7	+0	+6%
costs1 Total	0 1	1 1	+1	+10%
EBIT1 Adjusted	349	378	+30	+9%
charges related fund Systemic insurance to guarantee	0	15	+15	n.m.
EBIT	349	363	+15	+4%
Adjusted EBIT MARGIN	97%	97%
income/(costs) Finance	14	19	+5	+39%
Profit/(Loss) before tax	362	382	+20	+6%
Income tax expense	111	107	(3)	(3%)
Profit for the period	252	275	+23	+9%

1. Adjusted excluding systemic charges related to insurance guarantee fund. Please refer to slide 36 for a full reconciliation

POSTEPAY SERVICES PROFIT & LOSS

emarket sdir storage
CERTIFIED

€ m	Q1-24	Q1-25	Var	% Var
Segment revenue	379	398	+19	+5%
Intersegment revenue	70	71	+1	+2%
Total revenues1	449	469	+20	+5%
Personnel expenses	15	16	+1	+7%
of which personnel expenses	15	16	+1	+7%
Other costs1 operating	169	174	+5	+3%
and Depreciation , amortisation impairments	9	9	(0)	(1%)
Intersegment costs	139	138	(1)	(1%)
Total costs1	331	337	+5	+2%
EBIT	117	133	+15	+13%
MARGIN EBIT	26%	28%
income/(costs) Finance	10	6	(4)	(41%)
Profit/(Loss) before tax	128	139	+11	+9%
Income tax expense	35	38	+3	+8%
Profit for the period	9 3	101	+8	+9%

1. Net of commodity price and pass-through charges of the energy business. Please refer to slide 36 for a full reconciliation

DISCLAIMER

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

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

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

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

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

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

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

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