Poste Italiane

Quarterly Report • May 14, 2025

INTERIM REPORT FOR THE THREE MONTHS ENDED

Poste Italiane Group Interim report for the three months ended 31 March 2025

31 MARCH 2025

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Translation from the Italian original which remains the definitive version.

1. Reading guide	2
2. Highlights	3
3. Outlook	5
4. Group Corporate structure, Corporate Governance and organisational structure	7
4.1 Poste Italiane's Corporate Governance7
4.2 Poste Italiane's organisational structure8
4.3 Ownership and share performance 10
4.4 Corporate structure of the Group and principal corporate actions during the period 12
5. Strategy innovation and digitalisation, risk management	15
5.1 Macroeconomic environment 15
5.2 Mail, Parcels and Distribution Strategic Business Unit16
5.3 Financial Services Strategic Business Unit 19
5.4 Insurance Services Strategic Business Unit24
5.5 Postepay Services Strategic Business Unit 28
5.6 Omnichannel approach, innovation and digitalisation 33
5.7 Risk management42
6. Creation of value	44
6.1 Group operating results 44
6.2 Group financial position and cash flow73
7. Other information	78
7.1 Significant events after 31 March 2025 78
7.2 Transactions of greater importance78
7.3 Industrial Relations, Welfare and Corporate University79
7.4 Principal proceedings pending with the Authorities81
8. Financial Statements	84
9. Declaration by the Financial Reporting Manager	89
10. Alternative Performance Indicators	89

1. Reading guide

This Interim Report at 31 March 2025 has been prepared on a voluntary basis, in accordance with the provisions of art. 154-ter (paragraph 5) of the Consolidated Law on Finance and art. 82-ter of the CONSOB Issuers' Regulation "Additional Periodic Financial Information" in order to ensure continuity and regularity of information to the financial community, and in compliance with the recognition and measurement criteria established by the International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and the interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) and the Standing Interpretations Committee (SIC), recognised in the European Union pursuant to Regulation (EC) no. 1606/2002 and in force at the end of the period.

The consistency and correctness of the disclosures contained in this document is guaranteed, as is comparability of the related information with the corresponding disclosures included in previously published financial reports.

The information contained in this document aims to provide an update on events and circumstances occurring between the reporting date of 2024 and the date of approval of Poste Italiane's Interim Report at 31 March 2025.

For more detailed information, reference should be made to the Annual Report for 2024, which will be submitted for approval by the shareholders' meeting to be held on 30 May 2025.

The values presented in this Interim Report at 31 March 2025 are compared with the corresponding values for the same period of the previous year, except for the Statement of financial position, which is compared with the corresponding statement at 31 December 2024.

In order to provide an interpretation of the new energy business, more consistent with the view used by management, as the Group is not an energy producer, a net revenue presentation was adopted in 2023. Consequently, some values shown below in the document reflect a management reclassification of the accounting data; in addition, in order to provide the market with a representation of the Group results consistent with the strategic guidelines and representations contained in the latest strategic plan 2024-2028 "The Connecting Platform" presented in March 2024, an adjusted view of the Operating Result (adjusted EBIT) is included in this Interim Report, which does not include the expense for the contribution to the Life Insurance Guarantee Fund1 pertaining to the first quarter of 2025 (pursuant to Law no. 213 of 30 December 2023 - Budget Law) and any extraordinary components.

It is highlighted that in the document, amounts shown in millions of euros have been rounded, with the result that the sum of the rounded figures does not always tally with the rounded total.

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.

¹ Please refer to Chapter 10 "Alternative Performance Indicators" for the reconciliation of EBIT and adjusted EBIT.

2. Highlights

During the first quarter of 2025, 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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3. Outlook

Italian economic activity was little better than stagnant throughout most of 2024, showing encouraging signs on the domestic demand and investment front only in the latter part of the year and in early 2025. In February and March 2025, uncertainty surrounding the international scenario and the risks of escalation in the trade tariff war led to worse expectations about the economy and inflation.

Recent projections² estimate an increase in national GDP of 0.6% in the year 2025, 0.8% in 2026 and 0.7% in 2027. Growth suffers from the effects of the tightening of international trade policies, but is supported by the expansion of consumption, boosted by the recovery of real disposable income. However, estimates for the three-year period remain shrouded in uncertainty due to the evolution of the macroeconomic environment and the continuing tensions resulting from ongoing conflicts, which could dampen exports and investments.

In this context, the Poste Italiane Group recorded its best first quarter in terms of revenue, EBIT and net profit. Revenue, at €3.2 billion, grew by 5% y/y; adjusted EBIT³ and consolidated net profit for the period amounted to €796 million (+13% y/y) and €597 million (+19%), respectively. The interest margin, which reached a record high in the quarter, as well as the revenue of the parcel and insurance segments, combined with careful cost control, contributed to these results.

In addition to the improved dividend policy, through the increase in the payout ratio to 70% for 2024-2028 already communicated to the market in February 2025 in conjunction with the presentation of the preliminary results for the year 2024, it should be noted that, since the listing in 2015, Poste Italiane's shareholders have benefited from a gradual increase in the share price with an increasing overall remuneration, reflected in a higher Total Shareholder Return (TSR) than that recorded on the main stock exchange index (FTSE MIB). On 8 May 2025, the share reached an all-time high price of €18.425.

Over the coming months, the Group will continue to implement the Strategic Plan 2024 - 2028 "The Connecting Platform", according to the two guidelines defined therein, namely, the implementation of the new service model for maximising the value of customer relations and the logistical transformation to ensure the sustainability of the Mail, Parcels and Distribution Strategic Business Unit.

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 the first quarter of the year, 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.

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 order to accelerate and co-finance the Group's infrastructural and real estate transformation process, February 2025 saw the establishment of Patrimonio Italia Logistica – SICAF S.p.A. (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.

Also for 2025, the Poste Italiane Group confirms the centrality of Postal Savings and its focus on providing products/services that are in step with customers' evolving needs. There will also be new commercial offers aimed at

² Source: Bank of Italy - Macroeconomic projections for the Italian economy - 4 April 2025.

³ Adjusted EBIT does not include charges for the contribution to the Life Insurance Guarantee Fund (amounting to €19 million in the first quarter of 2025) and the share of income/expenses of an extraordinary nature (amounting to zero in the first quarter of 2025 and in the first quarter of 2024).

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 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. Lastly, 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 fixed telephony, the main initiatives will concern the development of integrated offers and the strengthening of cross-selling initiatives both in the consumer area (fibre-energy) and in the area of Small Economic Operators (fibre-acquiring); in the area of mobile telephony, the focus will remain on the 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, bring added value for all stakeholders and foster 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. 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.

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 coworking 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, until the end of the first quarter of 2025, 3,359 Post Offices and 82 Spaces for Italy (coworking) have been completed.

In the transition path undertaken towards carbon neutrality, investments and strategic initiatives will continue, such as 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, and the development of specific offers aimed at enhancing customers' sustainable behaviour.

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. Group Corporate structure, Corporate Governance and organisational structure

Poste Italiane's Corporate Governance

Poste Italiane's organisational structure

Ownership and share performance

Corporate structure of the Group and principal corporate actions during the period

4.1 Poste Italiane's Corporate Governance

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4.2 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 Group's Financial Statements): Mail, Parcels and Distribution; Financial Services; Insurance Services and Postepay Services.

STRATEGIC BUSINESS UNITS

MAIL, PARCELS AND DISTRIBUTION

In addition to its mail, parcel and logistics management activities, the SBU also includes those relating to the sales network, Post Offices and the Corporate functions of Poste Italiane S.p.A., which also support the other sectors of the Group.

FINANCIAL SERVICES

The SBU refers to the placement and distribution of financial and insurance products and services by BancoPosta, such as current accounts, postal savings products (on behalf of Cassa Depositi e Prestiti), mutual investment funds, loans provided by partner banks and policies.

INSURANCE SERVICES

The SBU operates in the Investment, Retirement and Protection businesses through the exercise of life and P&C insurance activities.

POSTEPAY SERVICES

The SBU encompasses payment management and e-money services, also carried out through the LIS point-of-sale network, as well as mobile and fixed-line telephony services and electricity and gas marketing.

Poste Italiane Group Interim report for the three months ended 31 March 2025

Below is Poste Italiane's organisational structure:

The organisation of Poste Italiane S.p.A. envisages business functions⁴ 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 March 2025, the overall reorganisation of the Digital, Technology & Operations structure was completed, with the organisational overhaul of the Customer Operations function. The distinguishing features of this reorganisation are the strengthening of integrated service monitoring and process assurance activities, an increased focus on administrative and credit management services, and the further expansion of Group service operations to include insurance, telco, and energy services, as well as first-level control activities relating to anti-money laundering checks on online customer transactions and products/services provided through digital channels.

4.3 Ownership and share performance

4.3.1 Poste Italiane's Ownership at 31 March 2025

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 March 2025, the Company is 29.26% owned by the Ministry of the Economy and Finance (MEF) and 35% owned by Cassa Depositi e Prestiti S.p.A. (CDP), also controlled by the MEF. The remaining shares are held by institutional and retail investors. A total of 32.1%5 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 March 2025.

In implementation of the authorisation to purchase treasury shares resolved by the Shareholders' Meeting of Poste Italiane S.p.A. on 31 May 2024, on 7 April 2025 Poste Italiane S.p.A. commenced and concluded the third tranche of the treasury share purchase programme, with the purchase of a total of 688,942 treasury shares (equal to 0.053% of the share capital), at an average price of €15.121024 per share, for a value of €10,417,508.52. After the closing of the third tranche of the programme, Poste Italiane S.p.A. held 12,181,546 treasury shares (equal to 0.933% of the share capital).

In addition, at the Board of Directors' meeting of 26 March 2025, Poste Italiane S.p.A. resolved to submit to the Ordinary Shareholders' Meeting, called for 30 May 2025, a proposal to authorise the purchase and subsequent disposal of treasury shares for a maximum of 2.6 million ordinary shares, representing approximately 0.20% of the share capital, for a total

⁴ 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. ⁵ Source: Nasdaq Corporate Solutions.

+315%

TSR performance from listing date to 31 March 2025

outlay of up to €50 million.

4.3.2 Share performance

The value of the Poste Italiane share in the first quarter of 2025 recorded an increase of 19.53%, going from €13.745 at the beginning of the year to €16.430 at the end of March 2025. Over the same period, the FTSEMIB increased 10.70%.

From the date of listing on the stock exchange (27 October 2015) to 31 March 2025, Poste's

share price increased by 143.41% (while the FTSE MIB index increased by 68.15% in the same period), guaranteeing an overall return for shareholders (TSR) of 315.01% while the main Italian stock exchange index recorded an increase of 137.74%.

On 28 March 2025, the Poste Italiane share recorded a new all-time high at €16.655 (the previous one had occurred on 18 March 2025 at €16.580).

On 8 May 2025, the share price hit a new all-time high price of €18.425.

The graph below shows the comparison between Poste Italiane's share price and the FTSE MIB INDEX from the date of the company's listing (27 October 2015) to the reporting date.

Internal calculations on Bloomberg data at 31 March 2025 (Basis 27 October 2015: Poste Italiane €6.75; FTSEMIB 22,369.92)

The table below shows the main information on the stock and on the Company's dividend policy as well as the relative performance recorded during the period compared to previous periods.

POSTE ITALIANE (PST-IT0003796171)	1Q 2025	FY 2024	1Q 2024	FY 2023
Closing price at the end of the period (€)	16.430	13.620	11.605	10.275
	13.655	9.792	9.792	9.012
Minimum price of the period (€)	03/01/2025	09/02/2024	09/02/2024	17/03/2023
	16.655	13.870	11.93	10.410
Maximum price of the period (€)	28/03/2025	16/12/2024	19/03/2024	28/07/2023
Average price of the period (€)	15.082	12.060	10.60	9.826
Stock exchange capitalisation at the end of the period (€m)	21,459	17,789	15,157	13,362
TSR of the period (%)	20.63	42.26	12.94	20.52
Earnings per share* (€)	0.46	1.54	0.38	1.48

Source: Bloomberg.

* Calculated as the ratio of net profit attributable to the Group for the period to the average number of shares outstanding during the period

4.4 Corporate structure of the Group and principal corporate actions during the period

At 31 March 2025, the Group held, directly and indirectly, equity investments in 59 companies and consortia, of which 40 are consolidated on a line-by-line basis, one is a subsidiary and valued using the equity method, 8 are associates and valued using the equity method, 2 are associates classified under assets held for sale pursuant to IFRS 5, one is subject to joint control valued using the equity method and 7 represent minority stakes. In addition, Poste Italiane is fully consolidating 11 multi-asset funds as of 30 September 2024.

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PRINCIPAL CORPORATE ACTIONS DURING THE PERIOD

Below are the main transactions that took place during the first quarter of 2025 and after 31 March 2025.

	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	An extraordinary shareholders' meeting of Net Holding S.p.A. ("Net Holding")
INSURANCE SERVICES	S.p.A.	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. On 3 March 2025, Net
		Holding's 97.8% stake in Net Insurance S.p.A. was proportionally assigned to
		its shareholders. On 18 March 2025, the Shareholders' Meeting of Net Holding
		approved the final liquidation balance sheet and the distribution plan. On 8 April
		2025, the company was struck off the Companies' Register.

Other transactions

On 10 February 2025, the Board of Directors of Poste Italiane S.p.A. resolved to send to Banco BPM Vita S.p.A. ("Banco BPM Vita") a commitment letter to adhere to the Takeover Bid ("OPA") launched by the latter on the ordinary shares of Anima Holding S.p.A. The commitment was subject to the verification of certain conditions, including (i) Banco BPM Vita's acceptance of the commitment letter; (ii) that the offer price be increased to bring it into line with current market prices; 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"). On 11 February 2025, Banco BPM Vita sent Poste Italiane S.p.A. its acceptance of the commitment letter and 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. In addition, the Board of Directors of Anima Holding S.p.A., which met on 13 March 2025, assessed the price of €7.00 per share as fair with the support of the Fairness Opinion issued by the financial advisors. All the conditions precedent provided for in the aforementioned commitment letter having been fulfilled, on 28 March 2025 Poste Italiane S.p.A. tendered all the shares it held in Anima Holding S.p.A.

Lastly, it should be noted that during the offer period, which extended from 17 March to 4 April 2025, Banco BPM reached 89.95% of the share capital of Anima Holding S.p.A., therefore the Takeover Bid became fully effective. Therefore, on 11 April 2025, Poste Italiane S.p.A. collected €267.2 million for its entire stake in Anima Holding S.p.A.

On 14 February 2025, the company Patrimonio Italia Logistica - SICAF S.p.A. in gestione esterna ("SICAF") was established - owned by Poste Italiane S.p.A. and Dea Capital Real Estate Sgr S.p.A. ("DeA Capital") - to which Poste Italiane S.p.A. will contribute all the largest sites of the primary logistics network and a large portion of the intermediate network for a total area of approximately 640,000 sqm. On 1 April 2025, the first capital increase of the SICAF was completed, subscribed by Poste Italiane S.p.A. through the contribution in kind of 47 properties worth approximately €333 million, and by DeA Capital through a cash payment of €9.5 million. Following this transaction, the share capital of the SICAF is held 97.2% by Poste Italiane S.p.A. and 2.8% by DeA Capital.

This initiative is dedicated to accelerating and co-financing Poste Italiane S.p.A.'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 S.p.A. 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 S.p.A. to Cassa Depositi e Prestiti of the stake in Nexi and (ii) partly through available cash (approximately €170 million).

On 26 March 2025, the Board of Directors of Poste Italiane S.p.A. resolved to acquire an additional 15% of the ordinary shares of TIM held by Vivendi SE. The consideration for the purchase of the shares, amounting to €684 million (at a price of €0.2975 per share), was financed from available cash.

The transaction is subject to the suspensive condition of notification to the Italian Antitrust Authority, pursuant to the rules on the control of concentrations between companies. Following completion of the transaction, expected by the first half of 2025, Poste Italiane S.p.A. will hold a total of 24.81% of the ordinary shares and 17.81% of the share capital in TIM.

For Poste Italiane S.p.A., the transaction represents a strategic investment, made with the aim of fostering the creation of synergies between Poste Italiane S.p.A. and TIM, bringing added value for all stakeholders and promoting the consolidation of the telecommunications market in Italy. In this regard, negotiations are at an advanced stage for the provision of services for the access of PostePay S.p.A. ("PostePay") - a wholly-owned subsidiary of Poste Italiane - to TIM's mobile network infrastructure as of 1 January 2026. In addition, evaluations are underway to launch industrial partnerships aimed at capitalising on the many opportunities for synergies between the two companies in the areas of i) telephony, ICT services and media content, ii) financial, insurance and payment services, and Iii) energy. On 7 May 2025, a Memorandum of Understanding (MOU) was signed between TIM and PostePay for the start of the switch to TIM's infrastructure for PostePay's voice and data services on 1 January 2026.

On 3 April 2025, Poste Italiane S.p.A. and Allianz signed binding agreements providing for a total investment of approximately £10 million (to be subscribed in equal shares) in Moneyfarm, to be completed through a capital increase to finance new investments for the company's growth. The capital increase will be carried out in 2 tranches: (i) the first was subscribed on 22 April 2025 after Moneyfarm obtained the necessary favourable opinion from the UK Financial Conduct Authority (FCA) on 8 April; while (ii) the second will be subscribed during the first quarter of 2026.

5. Strategy innovation and digitalisation, risk management

Macroeconomic environment

Mail, Parcels and Distribution Strategic Business Unit

Financial Services Strategic Business Unit

Insurance Services Strategic Business Unit

Postepay Services Strategic Business Unit

Omnichannel approach, innovation and digitalisation

Risk management

5.1 Macroeconomic environment

The global macroeconomic scenario is still characterised by uncertainty and weakening growth prospects, the latter influenced by recent changes in trade policies and persistent inflationary pressures in many economies. According to OECD projections⁶ , global GDP growth is expected to slow down from 3.2% in 2024 to 3.1% in 2025 and 3.0% in 2026, due to higher trade barriers in several G20 economies and increased geopolitical and political uncertainty, which impact investment and household spending. Annual GDP growth in the US is expected to slow down from recent trends, to 2.2% in 2025 and 1.6% in 2026. In the Eurozone, GDP growth is expected to be 1.0% in 2025 and 1.2% in 2026, due to increased uncertainty.

In the Eurozone, the final estimate of GDP growth for the fourth quarter of 2024 was revised upwards by 0.2% from the previous quarter (1.2% y/y⁷ ), with no change to a scenario of economic weakness, against a backdrop of uncertainty fuelled by US trade policies. In the first quarter of 2025, the manufacturing sector, despite the recent improvement, continues to hold back growth with the manufacturing PMI index⁸ below the 50 mark for almost two years. Significant uncertainty limits investment and competitiveness challenges have an impact on exports. At the same time, the service sector remains above the expansion threshold. In addition, the growth of household incomes in real terms, given falling inflation⁹ , and the vigour of the labour market support the gradual recovery of consumption, despite fragile consumer confidence and high savings rates. In February 2025, the unemployment rate remained at an all-time low of 6.1%7 .

According to the March 2025 projections by the ECB10, the economy is expected to grow by 0.9% in 2025, 1.2% in 2026 and 1.3% in 2027; the downward revisions for 2025 and 2026 reflect declining exports and persistently weak investment, partly as a result of elevated uncertainty surrounding trade policies, and economic policies more generally speaking. Overall inflation will average 2.3% in 2025, then fall to 1.9% in 2026 and 2.0% in 2027.

Overall inflation in the Eurozone, as measured by the Harmonised Index of Consumer Prices (HICP), fell to 2.3%11 in February 2025 compared to 2.5% in the previous month, mainly due to the expected decline in energy goods inflation; excluding energy goods and food, inflation measured by the HICP in February 2025 fell slightly to 2.6%, compared to 2.7% in January 2025, reflecting lower services inflation.

At its most recent meetings in January and March 2025, the ECB cut the reference rate by 25 basis points to 2.50%12; the aim is to ensure that inflation stabilises sustainably at the medium-term target of 2.0%.

For most of 2024, the Italian economy was little better than stagnant, but showed encouraging signs at the end of 2024 in terms of domestic demand and investments in particular, which returned to growth after three quarters of decline. In January 2025, the seasonally adjusted industrial production index rebounded strongly, growing by 3.2% compared to December 2024, but the February business confidence surveys are not consistent with a significant recovery in

⁶ OECD Economic Outlook, Interim Report - March 2025.

⁷ Source: Bloomberg.

⁸ Purchasing Managers' Index.

⁹ https://ec.europa.eu/eurostat/web/products-euro-indicators/w/2-28012025-ap.

¹⁰ ECB expert macroeconomic projections for the Eurozone, March 2025, published on the ECB's website on 6 March 2025.

¹¹ ECB Economic Bulletin no. 2/2025.

¹² Reference rate on deposits.

manufacturing activity13, remaining in recessionary territory. The surveys for March are negative14, and basically cancel out the progress observed in the first two months of the year. Uncertainty about the international scenario may have influenced the worsening of expectations about the economy on the part of both households and businesses. Moreover, the risks of escalation in the trade war may have affected a rise in inflation expectations. The slowdown in services is particularly concerning, while the improvement in construction could be due to progress in the implementation of the infrastructure works envisaged in the NRRP (National Recovery and Resilience Plan).

With regard to inflation, although it rose slightly, it remained below the Eurozone average. The Harmonised Index of Consumer Prices (HICP) showed a trend increase of 1.7% in both January and February 2025, before rising to 2.1% in March 2025 due to the energy component15. The underlying component rose to 1.9% y/y at the end of the quarter (still significantly below the Eurozone average).

As regards public finance, the deficit final data of 2024 was much better than expected16, standing at 3.4% of GDP (instead of the 3.8% predicted by the government last autumn) due to higher-than-expected growth in both employment and incomes. During 2024, the primary balance17 improved from -3.6% to +0.4% compared to 2023; over the same period, the tax burden increased by more than one percentage point while interest expenditure rose by 9.5%.

5.2 Mail, Parcels and Distribution Strategic Business Unit

The postal market continues to undergo a period of 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 observed in 2024 (-5.9% compared to 2023, compared to a slight increase in value of +1.2%18).

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 202319 .

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 201420), 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" deliveries21 (in 2023, related volumes grew 10-fold compared to 201922), 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.

¹⁸ Internal calculations based on AGCOM data (quarterly observatories and 2024 Annual Report) and the latest available financial statements of companies operating in the postal sector, including Poste Italiane.

¹³ Manufacturing PMI (February 2025 to 47.4 from 46.3 in January 2025) and Istat's manufacturing business confidence index (February 2025 to 87 from 86.8 in January 2025).

¹⁴ https://www.pmi.spglobal.com/Public/Home/PressRelease/afe4847dd6104a40b4f811bf8646b9ba.

¹⁵ https://www.istat.it/wp-content/uploads/2025/03/CS\_Prezzi-al-consumo\_Prov\_Marzo2025.pdf.

¹⁶ https://www.istat.it/comunicato-stampa/pil-e-indebitamento-delle-ap-2022-2024/.

¹⁷ Difference between government revenue and government expenditure, excluding interest on government debt.

¹⁹ Source: Politecnico di Milano, B2C eCommerce Observatory - October 2024.

²⁰ Source: BVA Doxa Second Hand Economy Observatory. ²¹ Source: Lastmile Experts - Out of home delivery in Europe 2024.

²² Source: internal data processing.

In particular, the market for Integrated Logistics Services in 2022 will be worth around €13.6 billion23, up 14% year-on-year. A lower level of growth (+2.8%) is recorded for 2024 than last year (in 2023 +6% compared to 2022)24, with a further slowdown in growth 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.

REGULATORY CONTEXT AND EVOLUTION OF THE REGULATORY SCENARIO

The following are the main new or updated legislative and regulatory changes during the first quarter of 2025 that are relevant for the Mail, Parcels and Distribution Strategic Business Unit. For a complete discussion of the SBU's regulatory context and scenario, please refer to Chapter 4 "Business Model and Strategy" of the Report on Operations at 31 december of the 2024 Annual Report.

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 universal postal service charge 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.

²³ Source: Polimi Contract Logistics Observatory - November 2024 Edition - Reference to the Logistics Operators Market.

²⁴ Source: Internal estimate on drivers - Polimi Contract Logistics Observatory - 2024 Edition, Cerved Operatori Logistici - December 2024.

Poste Italiane Group	Interim report for the three months ended 31 March 2025
	By means of Resolution 505/24/Cons of 18 December 2024, the Authority initiated the
	procedure to verify the calculation of the universal postal service net cost, the
	quantification of the inequitable cost and the methods of its financing for the years 2022

	procedure to verify the calculation of the universal postal service net cost, the quantification of the inequitable cost and the methods of its financing for the years 2022 and 2023. On 14 March 2025, Resolution AGCOM 52/25/CONS was published, with which the Authority launched the public consultation whereby the universal postal service charge for the years 2022 and 2023 was quantified at €522 million and €736 million respectively. Poste Italiane provided its comments to the public consultation.
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 European Commission, with final Decision C(2024) 9093 published on 11 April 2025, authorised publishing compensation for the period from January 2020 to the end of April 2026 for a maximum value of €345 million25
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 came into force on 31 March 2025.

For additional relations with the Authorities, please refer to the chapter "Principal proceedings pending with the Authorities" below in the document.

²⁵ €53 million for the years 2020 and 2021, €55 million for the years 2022, 2023, 2024 and 2025, €18 million for the 4 months of 2026.

OPERATING REVIEW

In the first quarter of 2025, 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 Strategic Plan 2024- 2028 – "The Connecting Platform".

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

SEGMENT	OPERATING REVIEW
	The extension of the PosteGoFresh service26 launched in February 2024 and available in around 40 cities
Parcels/Logistics	at the end of the first quarter of 2025 continued during the period.
	The Micro-fulfillment 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 centres27. The distinctive element of the project is the exclusive
	use of electric vehicles for deliveries, guaranteeing a 100% green service. Since
	February 2025, a second warehouse28 has been operational at the Palermo site,
	handling more than 1,200 orders per day with same-day delivery within the metropolitan area of Palermo.
	On 20 March 2025, the agreement governing the performance of the new Courier Network for Mail,
	Communication and Logistics, the delivery division dedicated to parcel delivery, was signed. The agreement
	defined, among other things, the operational model structured into 115 Hubs. With reference to the
	activation of this new Courier Network, a pilot initiative is being launched on 6 hubs, 1 for each Logistics
	Macro Area. The first hub involved started on 31 March 2025, and during April and May the trial will be
	extended to the other hubs.
	For more details, please refer to section 7.3 "Industrial Relations, Welfare and Corporate University".

5.3 Financial Services Strategic Business Unit

MARKET CONTEXT

Financial markets

The first quarter of 2025 ended with better performance for European equity indices than for US equity indices, due primarily to the publication of better-than-expected corporate quarterly reports in Europe, the ECB's expansionary approach compared to the Fed, the positive impact of the non-impending imposition of tariffs on European goods, which supported the rise of the stock markets in the first part of the quarter, as well as lower exposure to the Artificial Intelligence sector29 .

In the Eurozone, share prices performed positively, with the Stoxx 600 index up 5.8%30 in the first quarter of 2025. Bank share prices outperformed those of non-financial companies, with the Stoxx 600 banking sector ending the quarter with a performance of +22.2%30. The stock markets were also supported by the recently announced expansionary policy programmes in Europe and the fiscal stimulus in Germany after the elections, which, together with the peace talks on the Russia-Ukraine front, boosted the industrial sector (for the start of the reconstruction phase) and the defence sector. Both the German DAX and the FTSE MIB closed the quarter with a gain of +11.3%.

However, towards the end of the quarter, European stock markets began to feel the effects of uncertainty arising from US tariff policies, with the announcement of the entry into force of duties against Canada and Mexico and new duties against China, in addition to bilateral duties and tariffs on the auto and components sector imposed from the beginning of April 2025. Yields on the Bund and the 10-year BTP fell again, ending the period at 2.7% and 3.9% respectively. The BTP - Bund spread narrowed

²⁸ First pilot site launched in the city of Naples in March 2024.

³⁰ Source: Bloomberg.

²⁶ The service is provided by MLK Fresh, and ensures the refrigerated transport service for home delivery of fresh food products purchased on-line.

²⁷ 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.

²⁹ The emergence of DeepSeek AI, a low-cost generative artificial intelligence model developed by the Chinese start-up of the same name, had a negative impact on US technology stocks.

by 2 bps in the quarter to 11330 (from 115 bps at the end of 2024), after rising to 122 bps at the beginning of January 2025.

On the bond front, both in the US and in the Eurozone, long-term risk-free rates initially rose, continuing the climb that started in December 2024; already by the second half of January 2025, growing concerns about the effect of tariffs on growth dynamics in the US, in the absence of major price tensions, led to a revision of the Fed's expectations; this, together with the confirmed weakness of growth in the Eurozone, pushed yields down, towards end-2024 levels. This turnaround, recently reinforced by signs of a possible slowdown in US economic growth, saw US rates fall to 4.2% at 31 March 2025, slightly below the levels at the beginning of the quarter under review.

In the Eurozone, in the second half of the quarter, after the historic announcement of the German fiscal plan for infrastructure and defence in early March, there was a generalised repricing of European rates and, in the days following the announcement, the 10-year Bund peaked at 2.94% and the 10-year BTP at 4.05%. Since the beginning of the year, the 10-year BTP rate has been characterised by considerable volatility with values between 3.42% and 4.05%. Towards the end of the quarter, in a climate of risk aversion following US tariff policies with impacts on global growth, yields on the Bund and the 10-year BTP fell again, closing the period at 2.7% and 3.9% respectively.

Since the beginning of the year, the yield curve of Italian government bonds has shown a clear steepening movement31; in particular, the yield of the 2-year BTP decreased by 18 bps, the yield of the 10-year BTP increased by 28 bps, the 20-year BTP rose by 22 bps and the 30-year BTP by 33 bps30. During the first quarter of 2025, the Italian Treasury issued €115 billion of medium- and long-term debt, including almost €15 billion for the issue dedicated to retail customers with an 8-year maturity, with issues amounting to approximately 35% of the annual programme.

With reference to the credit market, spread movements were mostly influenced by the context of geopolitical uncertainty and trade policy decisions in the US. In the first quarter of 2025, the spread for US investment grade securities32 increased by about 10 bps, while the increase for high-yield securities was more pronounced, reaching 60 bps32. In Europe, on the other hand, the spread for investment grade securities decreased by about 4 bps, compared to an increase of about 19 bps for highyield securities.

On the currency front, the euro appreciated against the US dollar in the first quarter as a result of the European fiscal policy stance and fears over the US macroeconomic outlook, which were reflected in a narrowing of the interest rate differential between the US and the Eurozone.

				Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025
10-Year BTP	3.68	4.07	3.45	3.52	3.87
10-Year SWAP	2.59	2.84	2.35	2.36	2.66
10-Year BTP - SWAP SPREAD	1.09	1.24	1.11	1.16	1.21
15-Year BTP	3.95	4.42	3.80	3.86	4.28
15-Year SWAP	2.61	2.86	2.45	2.42	2.77
30-Year BTP	4.24	4.62	4.13	4.21	4.59
30-Year SWAP	2.33	2.55	2.27	2.16	2.63

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 Swaps33 and the trend in the 10-year BTP-SWAP spread in the last year.

³¹ Steepening occurs when long-term bond yields rise faster than short-term yields.

³² Definition referring to securities issued by companies with regular financial statements, well managed and favourable business prospects. In the case of investment grade securities, the rating is high and in any case to a level equal to triple B. Below that level, we have high-yield instruments, i.e. high-risk, characterised by low ratings that reflect the danger of default or insolvency. ³³ Source: Bloomberg.

Based on available estimates provided by the Italian Banking Association (ABI)34, in March 2025, 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 1.5% on an annual basis, settling at €2,071.7 billion, continuing the positive trend that took hold at the start of the year (€2,069 billion at the end of January 2025). This reflected an increase of around €10.5 billion in bond funding (+4.0% y/y), and a 12-month increase in deposits from resident customers of around €21 billion (+1.2% y/y).

In March 2025, the average cost of bank funding (which includes the return on deposits, bonds and repos from households and non-financial companies) was around 1.05% (1.27% in March 2024).

Asset Management

Assogestioni data show, as at 28 February 202535 total assets of €2,538 billion, up 1.2% on the €2,509 billion at the end of 2024. With regard to portfolio management, assets amounted to approximately €1,169 billion, up

0.9% from €1,158 billion at 31 December 2024. With regard to Collective asset management, assets went from about €1,351 billion at the end of December 2024 to roughly €1,369 billion at the end of February 2025 (+1.4%). With regard to open-ended investment funds alone, client assets stood at around €1,296 billion at the end of February 2025, up 1.4% from roughly €1,278 billion at the end of December 2024.

In terms of net inflows, the asset management industry presents a positive balance of around €3.1 billion in February 2025 (compared to a negative balance of around €5 billion in 2024).

REGULATORY CONTEXT

Below are the main regulatory initiatives updated or newly issued in the first quarter of 2025, which are relevant for the Financial Services Strategic Business Unit. For a full discussion of the SBU's regulatory context, please refer to Chapter 4 "Business Model and Strategy" of the Report on Operations at 31 december of the 2024 Annual Report.

	On 20 February 2025, the following regulations on ICT Serious Incident Notifications were
DORA Regulation,	published in the Official Journal of the European Union:
EU Regulations	• Delegated Regulation (EU) 2025/301, which specifies the content and timing of the initial
2025/301 and	notification, interim report and final report on serious ICT-related incidents, as well as the
2025/302	content of the voluntary notification for significant cyber threats and the time limits for
Content, timing and standard templates	reporting serious ICT-related incidents, pursuant to Art. 20, letter a);
of ICT Serious	• implementing Regulation (EU) 2025/302, which specifies the formats, templates and
Incident	standard procedures according to which financial entities must report a serious ICT
Notification	related incident and notify a significant cyber threat, pursuant to Art. 20, letter b).
	The Regulations entered into force and apply from 12 March 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.
Bank of Italy - UIF	With reference to the Bank of Italy's Measure of 27 November 202436 on "Periodic Anti-Money
Amendments to the	Laundering Reporting", which provides for the annual transmission to the Bank of Italy of the
Provisions on	periodic reports indicated in the "Manual for Anti-Money Laundering Supervisory Reporting"
organisation, procedures and	annexed to the same Measure, it is noted that the reports were transmitted, according to the
internal controls	procedures indicated in the Manual, on 31 March 2025, within the prescribed deadline.
regarding anti-money	For more details, please refer to the regulatory context of the Financial Services SBU in the
laundering and terrorist financing	2024 Annual Report.

³⁴ Source: ABI monthly outlook April 2025.

³⁵ Assogestioni, Quarterly map of asset management, published on 18 February 2025.

³⁶ Said measure modified the Provisions regarding internal organisation, procedures and controls to prevent the use of intermediaries for the purposes of money laundering and the financing of terrorism of 26 March 2019.

European Parliament and Council (Regulation 2024/886 of 13 March 2024)

Instant Transfers

On 19 March 2024, Regulation 2024/886 of the European Parliament and of the European Council amending the European regulation37 on instant credit transfers in euro was published in the Official Journal of the European Union, which aims to make instant payments available to all citizens and companies with a payment account in the EU and the European Economic Area (EEA) countries. The main changes concern the obligation for EU payment service 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 noninstant 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) extend the instant transfer also to the physical channel; v) implement a dashboard that allows customers to be able to modify, at any moment, the maximum limit on the amounts that can be transferred.

On the basis of the analyses conducted by BancoPosta and PostePay, in addition to what has already been achieved in 2024, the activities aimed at the complete and correct implementation by 9 October 2025 of the changes introduced by the Regulation will continue during 2025.

OTHER INFORMATION

Bank of Italy With reference to the results of the Mystery shopping38 contained in the report sent by the Bank of Italy on 16 August 2024 and to which Poste Italiane sent a letter of reply on 15 October 2024, on 18 October 2024, the Bank of Italy, in referring to the aforementioned previous discussions, sent a new report identifying aspects worthy of attention on which it requested further clarification regarding the basic account, the analysis of the website and the offer of products combined with loans. These clarifications were provided by the Company on 21 February 2025.

CONSOB On 20 January 2025, CONSOB requested feedback on the progress of work on processes and procedures in the ESG area in light of Warning Notice no. 1/24 of 25 July 2024 "Adaptation to sustainable finance obligations in the provision of investment services". The relevant feedback was provided on 6 March 2025.

On 28 January 2025, a special meeting was held with the Authority in order to provide information on the deployment of the new service model, which will require a strengthening of the commercial chain's focus on the financial needs of high-value customers through the introduction of new metrics for valuing revenue by product family (MBO by value), ensuring consistency between the priorities of the commercial network, which until now has been incentivised exclusively on volumes, and the company's strategic objectives, in accordance with the needs and characteristics of customers. On 26 February 2025, further information was submitted to supplement what had emerged during the meeting. On 19 March 2025, the Authority requested further information. The feedback was provided on 18 April 2025.

On 4 February 2025, the Authority requested feedback on the implementation of specific procedures in the financial/insurance intermediation of insurance investment products (IBIPs). The relevant feedback was provided on 6 March 2025.

³⁷ Regulations (EU) no. 260/2012 and (EU) no. 2021/1230 and Directives 98/26/EC and (EU) 2015/2366.

³⁸Mystery shopping was carried out on 12 Post Offices, during which Bank of Italy agents made "incognito" visits to some post office counters, asking for information about opening a payment account. The objective was to verify compliance with the rules of transparency and fairness at the stage of first contact with the customer and the ability of the counter staff to explain the characteristics of the products on offer and to recommend the ones best suited to customers' needs.

For the main pending proceedings and additional relations with the Authorities, please refer to section 7.4 "Principal proceedings pending with the Authorities" in this Interim Report.

OPERATING REVIEW

The following table shows the main activities of the Financial Services Strategic Business Unit during the period.

SEGMENT	OPERATING REVIEW
Postal savings	The first quarter of 2025 saw the continuation of the placement of products dedicated to customers bringing new liquidity39 into Poste Italiane, reserved to holders of a Libretto Smart (Smart Passbook): ✓ Supersmart Premium 366 days deposit, aimed at Libretto Smart holders, placed from 14 January to 20 February 2025 with a term of 366 days and a gross annual rate of 2.50% until 10 February 2025 and with a gross annual rate to maturity of 2.75% and volumes raised of €1,105 million; ✓ Supersmart Premium 366 days deposit, aimed at Libretto Smart holders, placed from 11 March to 4 April 2025 with a gross annual rate to maturity of 2.25% and volumes raised of approximately €683 million. As of 3 January 2025, the 4-year Buono Rinnova Prima (Rinnova Prima Voucher) with a gross annual yield to maturity of 2.50%40 was reintroduced, dedicated to customers with expired and redeemed Vouchers, for whom it is possible to book a subscription in the 30 days prior to the maturity of a dematerialised voucher.
Current accounts	During the first part of the year, work continued on enhancing the financial services available on digital channels and relating to retail current accounts (in the new Poste Italiane app) and business accounts; in particular, with reference to the BancoPosta Business Link current account, from the first quarter of 2025 it will be possible to arrange permanent and deferred SEPA/postagiro transfers also via Internet Banking and the PosteBusiness app; please refer to the section "Strengthening of digital channels" of the document for more details.
Asset management	During the first quarter of 2025, the expansion of the offering in the investment area continued. In particular, the placement of the BancoPosta Target Premium 2029 fund dedicated to the Premium customers41 was launched in February42 As part of the placement of Funds managed by third parties specifically selected by Poste Italiane and dedicated to customers in the Premium segment, the placement of two baskets of Investment Funds was launched in January and March 2025, respectively. The first basket, called GEMMA ("Global Emerging Markets Multi Asset"), consists of 5 funds, two bond and three equity, which focus on the long-term growth opportunity of emerging market economies. The second basket, called MARE ("Multi-asset Absolute REturn"), consists of five funds, two bond and three equity, and aims to invest in a diversified basket of asset classes and financial instruments that allow investors to participate in financial market opportunities while maintaining low volatility and lower correlation than traditional market indices.
Assets under administration	In February 2025, Poste Italiane took part in the placement of the BTP Più on placement from 17 to 21 February 2025, dedicated exclusively to small savers (retail) with a duration of 8 years and quarterly coupons set according to a series of coupon rates increasing over time (step-up), with the possibility, for those who purchased the security during the placement, to request early repayment of the principal at the end of the fourth year.
Other activities	As of 1 January 2025, Poste Italiane started the new IT procedures relating to the Bank of Italy's project to revise the IT architecture of the State Treasury service (the Re.Tes. programme - Re-engineering of Treasury procedures43). As part of the project, Poste Italiane provides the new service of issuing cheques with guaranteed cover for judicial sentence enforcement orders, in compliance with the need expressed by the

³⁹ New liquidity means all sums contributed exclusively by bank transfer, payment of bank and bank drafts, credit of salaries and pensions, and credited to the Libretto Smart, to current accounts and/or postal savings books bearing the same header/co-header as the Libretto Smart chosen to join the offer.

⁴⁰ Gross annual rate in force from 11 February 2025.

⁴¹ Premium customers are customers who have assets exceeding €500,000 and have subscribed to the Premium contract (Top: paid, Smart: free).

⁴² Placement period: 18 February to 16 May 2025.

⁴³ As of 1 January 2025, the Re.Tes. (Re-engineering of Treasury procedures) programme became operational, a modern IT architecture designed to simplify and innovate State Treasury procedures. This project marks a significant shift towards the adoption of advanced technologies in the management of public collections and payments (source: www.bancaditalia.it).

Bank of Italy to replace the promissory note product to manage payments relating to public administration sentence orders44 .

5.4 Insurance Services Strategic Business Unit

MARKET CONTEXT

Life Business

In 2024, the market in the Investment and Pension business continued to be affected, albeit to a more limited extent, by the still high interest and inflation rates, although the disinflationary trend continued; this uncertainty was reflected in particular in the increase in lapses relating mainly to Class III products. Despite the challenging market environment, Poste Vita's performance bucked the market trend (total life net inflows45 negative by €3.3 billion at the end of December 2024) with the Investment net inflows positive by €0.9 billion in the first quarter of 2025 (up by €0.4 billion compared to the same period in 2024). Specifically, in the first three months of 2025, gross inflows of the Company's investment products amounted to €6 billion, up by €1.3 billion compared to the same period in 2024 due to the increase in inflows of multi-class products (+€2.5 billion), only partially offset by the decrease (-€1.2 billion) in business regarding traditional build-up products. At 31 March 2025, the lapse rate of the Poste Vita Insurance Group was 8.6%, up from 5.5% at 31 March 2024, up 3.1 p.p. but stable net of reinvestments in Group policies. The lapse rate is still lower than the average market value of 10.4% recorded on 31 December 2024 (latest available)46 .

In 2024, the Protection insurance market continued on a path of robust growth in terms of premium income, recording, at 31 December 2024, €28.8 billion in premiums for non-motor P&C business (+7.1% compared to 2023), and €19.6 billion in premiums for motor business (+10.5% compared to 2023), due not only to the positive trend in demand, but also to an increase in rates as a result of the high inflation of recent years. Against this backdrop, there was also significant growth in life protection business, with a market growth of +20.8% over 2023.

Below is a breakdown of gross inflows of investment and protection products at 31 December 2024 compared with the figures at 31 December 2023.

Investment products

Gross inflows for investment and pension products47 amounted to approximately €108.1 billion at the end of December 2024 (+21.2% compared to 2023). If new Life premiums reported by EU companies is also taken into account, the figure reached €116.7 billion (+19.7% compared to 2023).

Gross inflows by class (*)

(figures updated to December 2024 in €m)

	Premiums	% change 12 2024 vs 12
Premiums by class/product	YTD	2023
Life - class I	71,402	10.6%
Unit - Linked - class III	31,479	59.0%
Capitalisations - class V	1,445	45.5%
Pension funds - class VI	3,824	-1.9%
Italian insurers - non-EU	108,150	21.2%
EU insurers (**)	8,591	4.3%
Total	116,741	19.7%

(*) Source: ANIA

(**) The term "EU insurers" refers to the Italian subsidiaries of undertakings with a registered office in an EU country operating under the right of establishment and freedom to provide services. The figures refer solely to undertakings taking part in the survey. New business data is available for this category.

⁴⁴ With this service, Poste Italiane processes the instructions received from the Bank of Italy, and at the beneficiary's request allows the cheque to be issued at any Post Office, keeping the funds available for up to 10 years.

⁴⁵ Source: Report ANIA - Trends Life Flows and Reserves Year XIV - no. 04 - published on 19 February 2025.

⁴⁶ Source: Report ANIA - Trends Life Flows and Reserves Year XIV - no. 04 - published on 19 February 2025.

⁴⁷ Source: Report ANIA - Trends Life Flows and Reserves Year XIV - no. 04 - published on 19 February 2025.

Premiums from Class I investment products amounted to €71.4 billion at the end of the period (+10.6% compared to the previous year), confirming their predominance with a 66% share of the total at the end of December 2024. With regard to inflows in class III (in the exclusive unit-linked form) at the end of fourth quarter of 2024, there was an increase of 59% compared to the figure recorded in 2023, against total volumes of €31.5 billion. Although residual, inflows from capitalisation products (amounting to €1.4 billion) marks an increase of 45.5% in 2024 compared to the figure recorded in the previous year. The new contributions related to the management of pension funds recorded inflows of €3.8 billion for the year and were 1.9% lower than at the end of December 2023.

With reference to the distribution channel, 57.1% of inflows relating to investment products was intermediated at the end of December 2024 through bank and post office branches, with a premium volume of €61.7 billion, up by 19% compared to 2023. By contrast, with regard to the entire agency channel, gross inflows in the period under review reached €26.1 billion, up €2.2 billion compared to the figure for 2023 (€23.9 billion) and accounting for 24.1% of total intermediated inflows.

Gross premium revenue through the authorised financial advisors channel amounted to €18.6 billion, up 50.7% compared with the amount placed in the previous year, accounting for 17.2% of total intermediated premiums.

Lastly, the broker and distance sales channel recorded an increase in the year of 54.8% compared to 2023, with a volume of premiums placed equal to €1.7 billion (equal to 1.6% of the total intermediated).

Gross inflows of investment product by distribution channel

Source: ANIA

As far as the protection products market is concerned, total premiums in the Italian direct portfolio, i.e. including the production carried out in Italy by Italian companies and by the representative offices of foreign companies, on the basis of the latest official data available48, amounted to €50.7 billion in 2024, an increase of 8.9% compared to 2023, of which €19.6 billion related to the motor P&C protection sector, €28.8 billion to the non-motor P&C protection sector and the remainder (€2.4 billion) to inflows from life protection products.

Direct Protection premiums by class (*) (data updated to December 2024 in €m)

Premiums by segment(**)	Premiums YTD	% change 12 2024 vs 12 2023
Car damage protection	19,644	10.5%
Non-car damage protection	28,765	7.1%
Life protection(***)	2,337	20.8%
Total	50,746	8.9%

(*) Source: ANIA

(**) Premiums refer to Italian and non-EU undertakings and EU undertakings.

(***) Policies combined with mortgages and consumer credit (CPI) are excluded.

The aforementioned growth of €4.2 billion is mainly attributable to the motor protection sector (+€1.9 billion), due mainly to the increase in premiums from the Motor Vehicle TPL segment (+€1.2 billion) and partly also the Land Vehicles Hull Insurance business, which recorded an increase in premiums of €0.7 billion, and the development of the non-motor damage protection

⁴⁸ ANIA Report - Year IX - no. 40 - published on 1 April 2025.

sector (+€1.9 billion). With regard to the latter, the lines of business with the greatest weight in terms of premiums written, which showed a positive change during the period, were: accident insurance with premiums of €4,162 million, up 2.8%; health insurance with premiums of €4,691 million, up 12.2%; the general liability line of business, with premiums of €5,739 million, up 3.6%; the other property damage line of business, with premiums of €4,717 million, up 5%; and the fire and natural forces line of business, with premiums of €3,924 million, up 11.3% for the period.

Lastly, with regard to life protection, pure risk products49 (e.g. TCM, LTC) showed significant growth compared to 2023, amounting to €0.4 billion (+20.8%).

As far as distribution channels are concerned, the agency channel remains the leader with a market share of 71.4% at the end of 2024 (essentially in line with the figure recorded in 2023, equal to 71.6%). The broker and distance sales channel represents the second largest premium distribution channel with a market share of 12.6% (13% at the end of December 2023), while bank and post offices recorded a market share of 10.1% (9.4% at the end of 2023). The remaining 5.9% (6% at the end of 2023) refers to intermediated inflows through direct sales, which accounted for 5.4% in 2024 (5.5% recorded in 2023), and secondly to intermediated inflows through authorised financial advisors, which accounted for 0.5% of total volumes in 2024 (equal to the figure recorded in 2023).

REGULATORY CONTEXT

Below are the main regulatory initiatives updated or newly issued in the first quarter of 2025, which are relevant for the Insurance Services Strategic Business Unit. For a full discussion of the SBU's regulatory context, please refer to Chapter 4 "Business Model and Strategy" of the Report on Operations at 31 december of the 2024 Annual Report.

IVASS - Istituto per la Vigilanza sulle Assicurazioni (the insurance regulator)

The Life Insurance Guarantee Fund

With reference to the "Life business guarantee fund"50 the amount of the contribution at 31 March 2025, determined on the basis of the technical reserves at 31 December 2024, is approximately €15.1 million for Poste Vita and roughly €30 thousand for Net Insurance Life; for BancoPosta RFC, the amount of the contribution at 31 March 2025 is approximately €4 million. In March 2025, the companies Poste Vita, Net Insurance Life and BancoPosta RFC paid the contribution to the Guarantee Fund for the year 2024.

⁴⁹ Policies combined with mortgages and consumer credit (CPI) are excluded.

⁵⁰ Law no. 213 of 30 December 2023. "State budget for the financial year 2024 and multi-year budget for the three-year period 2024-2026" published in Official Journal no. 303 of 30 December 2023.

IVASS - Istituto per la Vigilanza sulle Assicurazioni (the insurance regulator)

Measure on Insurance Arbitrator On 6 March 2025, IVASS published for consultation Document no. 1/2025 setting out the outline of the technical and implementing provisions envisaged by Art. 13 of the Decree of the Ministry of Enterprises and Made in Italy (MIMIT) no. 215 of 6 November 2024, which establishes the Insurance Arbitrator for disputes arising from insurance contracts, delegating to IVASS the adoption of detailed implementing provisions. The consultation was completed on 5 April 2025.

The launch of the Insurance Arbitrator is an indispensable step towards full compliance with the IDD, the Private Insurance Code (CAP) and the Consumer Code, guaranteeing the consumer of insurance services the same means of protection that users of banking and financial services enjoy. Recourse to Insurance Arbitrator is characterised as an agile dispute resolution system that can be activated directly by the client, without the necessary assistance of a lawyer or attorney, and with minimal costs51 .

Before lodging an appeal with the Insurance Arbitrator, a complaint must have been submitted to the company and/or intermediary. Proceedings before the Insurance Arbitrator are concluded quickly (the panel has 90 days for the decision, which can be extended once for up to a further 90 days).

The decisions taken by the Insurance Arbitrator, although not binding, expose the supervised entity that does not comply to reputational consequences resulting from the expected publication of the default on the website of the Arbitrator (for 5 years) and on that of the market operator itself (for 6 months).

Recourse to the Insurance Arbitrator is a condition for proceeding with legal action as an alternative to the remedies already in place, such as mediation (for disputes concerning insurance contracts and compensation for damages arising from medical and health liability) and assisted negotiation (for disputes concerning compensation for damages arising from the use of vehicles and boats).

Consequently, for both the intermediary BancoPosta and the companies of the Poste Vita Insurance Group, recourse to the Insurance Arbitrator will take place without the need for any notification, as a result of registration in the Register of Insurance Intermediaries (RUI) and the Companies' Register, respectively.

A contact person for the handling of appeals and electronic means of communication (e.g. Certified e-mail) for dealing with the Insurance Arbitrator must be identified and communicated to IVASS, and customers must be informed of the procedures for appealing to the Insurance Arbitrator.

Once the consultation is over, IVASS will declare the insurance arbitrator operational by its own order, no later than five months after the publication of the technical and implementing provisions.

OTHER INFORMATION

For the main pending proceedings and relations with the Authorities, please refer to the section "Principal proceedings pending with the Authorities" in chapter 7 "Other information" of this Interim Report.

⁵¹ A contribution of twenty euros is required to file an appeal, which will be reimbursed by the other party in the event the appeal is upheld in whole or in part.

The following table shows the main activities of the Insurance Services Strategic Business Unit during the period.

SEGMENT	OPERATING REVIEW
Investment and Pension	Placement of the third edition of the new Multi-class insurance policy Poste Progetto Obbligazionario Bonus began in January 2025, with the same characteristics of the previous placement, i.e. a single-premium insurance investment product with a duration of 15 years that, for the first 6 years, envisages the investment of the premium in a unit-linked fund and, for the following 9 years or so, the annual revaluation of the invested capital based on the result achieved by the two Separately Managed Accounts (Posta ValorePiù and Poste Vita Valore Solidità), with the aim of maximising performance also through the payment of a bonus.
	In February 2025, the placement of the multi-class product Poste Progetto Direzione Valore was launched, with a duration of 15 years that envisages, for the first 5 years, the investment of the premium in the Separately Managed Account Poste Vita Valore Solidità and, for the following 10 years, a gradual reallocation mechanism, through which the policy's countervalue is reallocated in the investment line 50% Poste Vita Valore Solidità - 50% Poste Vita Obiettivo Sostenibilità internal fund.

5.5 Postepay Services Strategic Business Unit

MARKET CONTEXT

The latest available data52 on the Italian payment cards market in 2024 show total domestic card value transactions of approximately €459 billion, up 7.5% compared to 2023 and confirming the continued expansion of digital payments in Italy. The number of transactions grew by 14% compared to 2023 and stood at 10.7 billion, a sign of an increasingly consolidated daily use of cards, also thanks to the greater

€459 bn

card value transactions in 2024 in Italy: +7.5% y/y

spread of digital payments by commercial businesses (e-commerce payments and contactless). Debit card transactions grew by 16% compared to 2023, confirming their position as the most used by Italians, accounting for 61% of total transactions and card value transactions of €271 billion (+8.7% compared to 2023) and with an average transaction value of around €41.6, down €2.7 compared to the value in 2023 (€44.3). The use of credit cards has increased, especially for larger payments, with transactions and card value transactions up by 9.4% and 5% respectively compared to 2023. Prepaid cards also recorded a positive performance (+13% in terms of transactions and +7.3% for card value transactions compared to 2023), thanks to the continued development of e-commerce and increased penetration at physical points.

In December 2024, the number of active cards on the market stood at 103 million, an increase compared to December 2023 (+2.7%): the trend is supported by the performance of debit cards (+2.9% compared to December 2023) for a total of 55 million active cards. There was also an increase in the stock of prepaid cards to 34 million (+3.2% compared to December 2023) and credit cards to 13.6 million active cards (+0.8% compared to December 2023).

The mobile market53 at the end of 2024 shows a positive change in terms of the stock of Human-to-Human (H2H) SIM cards54 which stands at 79 million, an increase of 0.7% compared to the end of 2023 (78.5 million55 of H2H SIM cards). In particular, the number of SIM cards of virtual operators (Mobile Virtual Network Operators - MVNOs) continues to grow (+8.2% compared to the end of 2023), while the stock of incumbent operators continues to decline (-0.7% compared to the end of 2023). Poste Mobile, which accounts for 32% of MVNOs, recorded slight growth (+1.3% of H2H SIM cards compared to December 2023) with a market share of 5.5% in December 2024 (+0.1% compared to December 2023).

During the first quarter of 2025, the energy market experienced marked volatility due to continuing international geopolitical tensions and changing weather conditions and forecasts, which had a significant impact on gas consumption

⁵² Data processing and estimates on ECB data - Payment statistics dashboard.

⁵³ Financial statement data of the main telephone operators.

⁵⁴ H2H (Human-to-Human) SIM are the ones in everyday use in smartphones that allow calls and data connections.

⁵⁵ Source: AGCOM Observatory on communications no. 1/2024, referred to December 2023.

and thus on the balance between supply and demand in the aforementioned quarter. Gas and electricity prices 56 peaked at the beginning of February 2025 (the Italian wholesale price at the Virtual Trading Point hub -PSV- was €60/MWh) and then fell back to values just above €40/MWh, following the intensification of international negotiations over the Russian-Ukrainian war and due to winter weather conditions in line with seasonal averages. The level of prices and their volatility, however, remained lower than the values recorded in 2021 and 2022 at the height of the energy crisis, as the European and Italian gas systems57 achieved a much better diversification of supply than in the 2021 scenario. Imports from Russia have been offset by the strengthening of other import routes, in particular through LNG58, which provides greater flexibility than pipeline imports.

REGULATORY CONTEXT

Below are the main regulatory initiatives updated or newly issued in the first quarter of 2025, which are relevant for the Postepay Services Strategic Business Unit. For a full discussion of the SBU's regulatory context, please refer to Chapter 4 "Business Model and Strategy" of the Report on Operations at 31 december of the 2024 Annual Report.

Electronic money	Please refer to the regulatory framework of the Financial Services SBU for more details. To find out more
TLC	On 3 October 2024, AGCOM, by means of Resolution 351/24/CONS, called for a public
	consultation on the results of the analysis of the markets for voice call termination on mobile
Terminating voice	networks, publishing the draft Measure providing for the revocation of the obligations provided
calls	for in Resolution no. 599/18/CONS (Articles 4, 5, 6, 7 and 8) concerning access to and use of
	certain network resources, transparency, non-discrimination and price control. AGCOM
	considers, in fact, that the termination market is tending towards conditions of effective
	competition and is therefore no longer subject to ex ante regulation. However, the tariff ceiling
	set by Delegated Regulation 2021/654 remains applicable59. If confirmed, following the opinions
	of the AGCM and the European Commission under the procedure, the revocation will come into
	force 6 months after the publication of the final decision. On 28 February 2025, the European
	Commission sent its approval of the draft.
ENERGY	According to the provisions of the Energy Decree (Law Decree no. 181/2023, as converted by
Extension of the	Law no. 11/2024), and by Law no. 193 of 16 December 2024 (2023 Competition Law), vulnerable
Gradual Protection	customers60 may request, until 30 June 2025, access to the Gradual Protection Service aimed
Service to	at non-vulnerable domestic customers. With Resolution 10/2025/R/eel, ARERA defined the
vulnerable	modalities for the implementation of this provision, requiring free market sellers to include a
domestic electricity	special notice addressed to end customers in all bills issued until 30 June 2025.
customers	PostePay has complied with the obligation described above.
	As of 1 January 2025, pursuant to Resolution 304/2024/R/eel, published on 25 July 2024,
ENERGY	ARERA replaced the Single National Price61 (PUN) with the GME PUN Index62, as the reference
PUN overshoot

⁵⁶ Changes in gas prices have also impacted electricity prices, since in Italy and many other European countries the marginal price of electricity is defined in many hours of the day by the generation costs of natural gas-fired thermal power plants.

⁵⁷ The European gas system is characterised by gas imports from different suppliers, storage and infrastructure for liquefied natural gas (LNG).

⁵⁸ Liquefied Natural Gas.

⁵⁹ Regulation on a single maximum termination rate for calls on mobile networks and on fixed networks in the European Union; please refer to the Annual Report in section 4.5.6 Postepay Services Strategic Business Unit of the Report on Operations for more details on the Regulation and on the regulatory initiatives of the year 2024 on the subject of termination of voice calls on mobile networks.

⁶⁰ Vulnerable customers are considered to be domestic customers who are in at least one of the following conditions: over 75 years of age; economically disadvantaged; disabled; users in emergency housing following calamitous events or on anon-interconnected minor island.

⁶¹ The Single National Price is the wholesale price for the supply of electricity exchanged between producers and suppliers on the national market of the Italian Power Exchange.

⁶² The GME PUN Index is a weighted average of hourly zonal prices and will be used instead of the Single National Price (PUN).

Poste Italiane Group	Interim report for the three months ended 31 March 2025
	price to cover the costs of purchasing electricity for the services of last resort63 and the PLACET Offer64
	PostePay complied with the provisions of the above-mentioned resolutions within the required time limits and in the prescribed manner.
ENERGY	With Law Decree no. 19 of 28 February 2025 ("Bill Decree"), urgent measures were adopted in favour of end customers to mitigate the effect of rising energy costs. In particular, the Decree
Urgent measures in favour of end	made provision for: the recognition of an extraordinary contribution of €200 in favour of families in special - economic situations;
customers	provisions for the supply of electricity to vulnerable customers; - measures to reduce the cost of energy for businesses; -
	measures for transparency and comparability of retail market offers. -
	The implementation of these provisions is expected to be defined by resolutions adopted by ARERA.
ENERGY	As part of the initiatives and facilities defined during 2023 in favour of the populations most
ARERA	affected by the exceptional meteorological events that occurred in central Italy in May 2023,
resolutions for	under Resolution 8/2025/R/com of 21 January 2025, in order to implement the provisions of the
populations	2025 Budget Law, ARERA extended until 31 December 2025 the facilities in favour of customers
affected by	affected by the seismic events in central Italy and in the municipalities of Casamicciola Terme,
calamitous events	Lacco Ameno and Forio in 2016 and 2017.
	PostePay has adopted and will progressively adopt the relevant measures introduced in favour
	of customers affected by the seismic events in order to comply with the obligations imposed on
	sellers of electricity and natural gas.
ENERGY	On 20 August 2024, the Ministry of the Environment and Energy Security (MASE) published
	Resolution no. 127/2024, which defines the modalities for issuing greenhouse gas emission
ETS2	permits to ETS2 entities65 that start operations on or after 1 January 2025. The obligations are
authorisation	related to Directive 2003/87/EC, as implemented in Italy by Legislative Decree no. 47/2020 on
	CO2 emissions, which states that:
	(i) as from 1 January 2025, no "regulated entity" shall conduct business unless it is authorised by a competent authority;
	(ii) starting in 2026, for each calendar year from 2025, emissions corresponding to the quantities of fuels released for consumption shall be monitored and reported to the competent authority.
	PostePay, is an obligated party66 and on 23 December 2024 received from the Ministry a notice
	of provisional acceptance of the application for authorisation to continue its activity as a seller of
	natural gas as of 1 January 2025, pursuant to Article 42-septies, paragraph 3, first sentence of

⁶³ Service guaranteeing continuity of electricity supply to customers who do not have a free market supplier and who lose their supplier for reasons beyond their control.

⁶⁴ All sellers must (obligation regulated by ARERA) include in their commercial proposal package, a PLACET offer (a Prezzo Libero A Condizioni Equiparate di Tutela, Free Price with Equivalent Protection Conditions - PLACET), aimed at households and small businesses that is clear and comprehensible, with freely determined prices but with contractual conditions defined by the Authority. In Placet offers: i) the economic conditions (price) are freely decided by the seller and renewed every 12 months; ii) the price structure is set by the Authority and is not binding; iii) the contractual conditions (e.g. guarantees, instalment payments) are set by the Authority and are not binding.

⁶⁵ ETS2 is the regulatory extension of the EU Emissions Trading Scheme: The new system, which is different and separate from the traditional ETS ("ETS1"), is aimed at monitoring and reducing greenhouse gas emissions in the road transport, building and small industry sectors not already covered by ETS1.

⁶⁶ PostePay is an obligated party as it can be identified as: (i) "regulated entity", since it is liable for excise duty pursuant to Article 21, paragraph 6 of Legislative Decree no. 504/1995; (ii) active in one of the sectors covered by Chapter IV-bis of Directive 2003/87/EC.

Poste Italiane Group	Interim report for the three months ended 31 March 2025
	Legislative Decree no. 47 of 9 June 2020, as amended by Legislative Decree no. 147 of 10 September 2024. PostePay is in the process of following up on the further steps required by 30 April 2025 to obtain the final authorisation.
ENERGY Third-party access to data	On 26 November 2024, ARERA approved Resolution 509/2024/R/com, by which the Authority approved the "Regulations on authorised third-party access to electricity and natural gas metering data". In summary, parties accredited to the Third-Party List (ETP), including sellers who will have formalised a specific contract/agreement with the customer concerned, will have access to the customer's metering data to be used exclusively for the purposes of (i) comparing offers or (ii) providing energy-related services. This provision will apply from 1 October 2025.
	PostePay is assessing the possible effects on its sales and information management processes for prospective customers67
ENERGY ARERA - Code of Business Conduct	On 1 January 2025, the amendments to the Code of Business Conduct introduced by Resolution 395/2024/R/COM came into force, concerning in particular: i) the implementation of the provisions introduced in 2023 in the Consumer Code (Legislative Decree no. 206/05) in accordance with Legislative Decree no. 26/2023 with the aim of increasing transparency for the benefit of the consumer and reducing any information asymmetries that could limit the end customer's decision-making ability68; ii) the modification of the conditions envisaged for the management of any notices of unilateral variation of the contract, automatic evolution and renewal of economic conditions; iii) strengthening of the principle of responsibility of sellers for the promotion and conclusion of supply contracts even when they use outsourced suppliers. PostePay complied with the provisions of the resolutions within the required time limits and in the prescribed manner.

⁶⁷ Prospective customers are those with whom a relationship has not yet been established.

⁶⁸ The limits relate to: i) the information to customers on the electronic means of communication that they may use to contact the supplier in writing and receive a reply, bearing the date and time of the relevant messages, on a durable medium; ii) the extension of the time limit for exercising the right of withdrawal from contracts concluded by household customers in the context of unsolicited visits by a seller to the home or excursions organised by a seller with the purpose or effect of promoting or selling products to consumers, from 14 to 30 days; iii) the forfeiture of the right of withdrawal in the case where supply has already been started following a request by the customer to execute the contract before the time limit for withdrawal has expired.

OPERATING REVIEW

The following table shows the main activities of the Postepay Services Strategic Business Unit during the period.

SEGMENT	OPERATING REVIEW
Energy	During the first quarter of 2025, new sales processes were made available (including transfer and replacement) and the integrated offer, with fibre and mobile telephony, "Energia Connessa"69 was launched in order to support the development of acquisitions and to increase the value and loyalty of PostePay customers. Please also refer to the section "Group's omnichannel platform" for supply management functionalities via the Poste Italiane app.
Electronic	During the first quarter of 2025, as part of the e-commerce offering dedicated to the corporate target group, a number of features were released that optimised the payment experience and expanded the range of additional services such as fast check-out70 and pay by link71
Money/Collections and Payments	In the first quarter of 2025, PostePay continued to support government initiatives aimed at supporting specific population groups with the production and management of the Carta Postepay Borsa di Studio, the Carta IoStudio Postepay, the Carta Dedicata a Te and the Carta di Inclusione.
	During the first quarter of 2025, the MoneyGram service72, offered in Post Offices, was expanded with the introduction of the "Cash to Wallet"73 payment mode to the beneficiary, which complements the already existing and traditional "Cash to Cash" sending mode.
Fibre	During the first quarter of 2025, PostePay continued its multi-channel communication strategy (physical channel, web, e-mail, etc.) on the PosteCasa Ultrafast offer range supported by the launch of the integrated "Energia Connessa" offer mentioned above.
Other activities	As part of the ESG Challenge project74, a Donation service was made available in March 2025, i.e., charitable donations by Poste Italiane customers to Third-Party Associations and Organisations, through the use of Postepay debit or prepaid cards; the service is available from both web and app channels.

⁶⁹ The "Energia Connessa" promotion envisages: i) a discount on the subscription of a PostePay fibre offer and/or a PosteMobile SIM promotion for customers who subscribe to a Poste Energia offer at Post Offices and also for those who already have an Energy offer; ii) a discount on the subscription of a Poste Energia offer for customers who already have a PostePay fibre offer and/or a PosteMobile SIM. ⁷⁰ Fast check-out is a feature that allows users to complete the purchase process quickly and easily. It usually requires fewer steps than the traditional check-out, allowing information such as shipping addresses and payment methods to be saved to speed up future transactions.

⁷¹ Pay by link is a payment method, often used by small businesses or professionals to facilitate payments without having to manage credit card data directly, which allows transactions to be completed via a link sent by e-mail, message or other platforms. When the customer clicks on the link, he/she is redirected to a secure page where the payment can be completed.

⁷² MoneyGram is a money transfer service that allows you to send and receive funds internationally (over 200 countries and territories). You need to fill in the courtesy or payment form that you can find at authorised Post Offices or, for mailing operations, communicate your data directly to the counter operator.

⁷³ The new Cash to Wallet service allows the amount transferred to be credited to the e-wallet of the beneficiary abroad who has activated an e-wallet with one of MoneyGram's partner mobile phone operators.

⁷⁴ The project makes provision for the implementation of a Green Engagement programme across the different offer models, products and services of the Poste Italiane Group. The development includes a gamification component implemented on digital channels that works in synergy with education services, calculation of the customer's ecological footprint and green donations.

5.6 Omnichannel approach, innovation and digitalisation

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.

26.2 mln daily interactions as part of the omnichannel approach

As confirmed by the Strategy Update presented in February 2025, Poste Italiane has

achieved significant results in digitalising customers and improving the customer experience, reaching around 6.4 million "hybrid" customers75 (up 5.6% compared to the first quarter of 2024). In the first quarter of 2025, the Poste Italiane omnichannel platform reached 26.2 million total daily interactions (+5.5% compared to 24.9 million total daily interactions in 76the first quarter of 2024).

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.

⁷⁵ Customers who had at least one access to digital channels and one visit to a Post Office during the year. The cross-selling rate of these customers is higher (3 average products per customer compared to 2 average products for Poste Italiane customers). ⁷⁶Daily contacts of customers with the Group's omnichannel platform: visits to the Poste Italiane Group's website and apps, calls to the contact centre, customers served in Post Offices, transactions carried out at ATM and third-party physical networks, transactions on physical POS and e-commerce.

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;
• the third-party physical network: made up of more than 49 thousand77 points, the result of commercial partnership agreements for the marketing of Group products and services managed also through the acquisition of the company LIS.

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, in line with the digital transformation initiated in recent years, aimed at guaranteeing Poste Italiane's customers contact experiences according to an omnichannel approach, the Group continued to work on improving the experience of digital channels (app and web) both in terms of simplicity of interactions and operations and in terms of strengthening the digital sales channel, with particular attention to the development of the single app Poste Italiane.

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

Poste Italiane app: the in-depth transformation and enrichment process started during 2023 is continuing, which will see it become Poste Italiane's only app, with which customers will be able to manage, through a single access point, all of the Company's products and services such as financial, payment, savings, telecommunications, utilities and insurance products; in addition, the new single app also allows simplified access to the physical network thanks to the possibility of booking appointments at the Post Office, sending and managing mail and parcels, pre-filling forms to speed up transactions at the Post Office.

During the course of 2025, the app will be gradually completed with the introduction of the latest features and enriched with new services, becoming a single digital reference point for all customers' needs;

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;

BancoPosta app: app to purchase and manage the Group's financial/insurance offer on the move: current accounts, postal savings and protection insurance policies;

poste.it website: this is the Group's consumer and business portal, where the range of services offered to customers is available and which also allows customers to consult and manage the products they own. The transformation process undertaken for the Poste Italiane app also continues on the poste.it website, which in March 2025 was aligned to the experience defined for the app with the aim of guaranteeing customers continuity of experience and consistency in the use of omnichannel functionalities. Both the public area and the reserved area dedicated to customers were therefore renewed, with particular attention paid to the cross-company sections (notice board, profile, highlighted area) and the areas dedicated to products (accounts and Postepay cards). The process will continue during 2025 to extend the evolution to other areas (postal savings, insurance, energy).

In addition, Poste Italiane manages:

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

⁷⁷ Figures at 31 December 2024.

KEY OMNICHANNEL KPIs

In the context of Poste Italiane's omni-channel and digital transformation, aimed at guaranteeing its customers contact experiences based on an omnichannel approach, the main KPIs related to digital channels and the omnichannel platform in the first quarter of 2025 are shown below.

Key KPIs Omnichannel	1Q 2025	1Q 2024	Changes
Overall daily interactions (m)	26.2	24.9	+1.4	+5.5%
Digital KPIs
Digital interactions (e-commerce + digital channel App and Web) per day (m)	11.2	10.1	+1.1	+10.9%
Incidence of digital interactions on total interactions*	50%	49%
Daily digital transactions (e-commerce + digital channel App and Web) (m)		2.4	+0.3	+11.7%
Digital transactions as a percentage of total transactions*		30%
Active digital customers (m)	15.1	13.2	+1.9	+14.5%
of which hybrid (m)	6.4	6.1	+0.3	+5.6%
App Users Stickiness**	25.1%	24.2%
Poste Italiane digital e-wallets (m)	13.8	12.4	+1.4	+11.5%
Issued SPID digital identities (m)	29.2	27.8	+1.4	+5.0%

*Calculated on overall volumes and not on daily averages.

**Calculated as the ratio of average daily visitors to average monthly visitors of all apps (Poste Italiane, BancoPosta, Postepay) in the reporting period. Stickiness refers to the degree to which users interact with an app or digital platform over time. It measures the frequency and depth of user interactions, indicating how well an app retains and engages its user base.

Total daily interactions: daily contacts of customers with the Group's omnichannel platform: visits to the Poste Italiane Group's website and apps, calls to the contact centre, customers served in Post Offices, transactions carried out at ATM and third-party physical networks, transactions on physical POS and e-commerce.

Active digital customers: customers who have logged in at least once on the app and/or web during the reference period.

Hybrid customers: customers who logged in at least once on the app and/or web and visited the Post Office during the reporting period.

The Poste Italiane Group achieved a total number of 26.2 million daily interactions in the first quarter of 2025 (24.9 million total daily interactions in the first quarter of 2024). The number of active digital customers also grew during the same period, reaching 15.1

million, up 14.5% compared to the same period of the previous year. Daily transactions on digital channels also recorded double-digit growth

(+11.7%), accounting for 31% of total daily transactions. Digital customers enabled

to operate on-line through e-wallets reached 13.8 million at 31 March 2025 and frequently use the Poste Italiane Group's apps, recording an App Users Stickiness of 25.1%.

Moreover, Poste Italiane is confirmed as the first SPID Digital Identity Manager, with a market share of around 73.2% and a customer base of around 29.2 million Digital public Identities issued, of which 24 million active.

Strengthening of digital channels

During the first quarter of 2025, the Group continued with the evolution of digital channels with a view to guaranteeing a fluid and omnichannel experience to its customers in the following areas:

Focus on the roadmap of the new Poste Italiane app

Consistent with the strategy of simplifying the experience of accessing Poste Italiane's services, through the creation of a single app (P app), the first quarter of 2025 saw the continued migration of the products already managed on the BancoPosta (BP app) and PostePay (PP app) apps and most of the functionalities present on these. In particular, the following functionalities were integrated in the first quarter of 2025:

• ✓ revision of the detailed maps of Post Offices, Poste Points and LIS Points, with the possibility of locating less crowded Post Offices in one's area of interest more quickly;
• ✓ possibility of cardless withdrawals also from LIS points of sale;
• ✓ optimisation of the address book's functionalities with regard to credit transfers, post-payments, in-app top-ups and tax deduction transfers, with the possibility of previewing the IBAN and bank name (or card number) in order to facilitate the selection of the contact of interest and the possibility of selecting a suggested contact via list or automatic compilation;
• ✓ possibility for customers with a Postepay, prepaid or debit card to make donations to charities through digital channels (Poste Italiane app and website);
• ✓ insertion of direct links (deeplinks), which make it easier to consult the details of a product (account and debit card);
• ✓ For customers with active direct debits, the possibility to receive notifications in relation to:
  • debit falling due;
  • unpaid debit;
  • previous request for activation of a new mandate from a Post Office or third-party channel.

Other digital retail channel enhancement interventions

With the aim of continuous simplification and improvement of the experience of the Group's private customers on all service areas offered, the following measures were implemented during the first quarter of 2025:

• ✓ an evolution of the instant credit transfer has been made available since January, consistent with the entry into force of EU Regulation 260/2012, which imposes commission equivalence between the SEPA credit transfer and the instant transfer;
• ✓ the descriptions of the movements of the main payment transactions78 made by customers on both digital and physical channels have been further simplified for easier reference (e.g. foreign transfers, payments at physical points, direct debits);
• ✓ the Notice Board was further enriched with communications related to insurance products and services subscribed to by the customer (e.g. direct debits, extension of the sending of receipts of pagoPA slips paid at the Post Office to the entire network);
• ✓ the new version of the poste.it website has been active since the end of March 2025, a renewal that has affected both the public area and the reserved area dedicated to customers, with special attention to the cross-company sections (notice board, profile, highlighted area) and the areas dedicated to products (current accounts and Postepay payment cards);
• ✓ the Internet Banking service is available for the figures of the guardian and support administrator, who are authorised to operate on the account of the guardian/administrator, both when opening the account79 and post-sales.

⁷⁸ Payment slips (896, 674, MAV, blank), F24, Payments Advice, Credit Transfer (SEPA, standing, deferred) and Postagiro.

⁷⁹ In all options except for the Plus and Premium options.

Strengthening digital business channels

The services offered through Poste Italiane's digital channels were also enhanced in the first quarter of 2025 for the business customer segment:

• ✓ on the web and from the PosteBusiness app, for customers with a BancoPosta Business Link account or Postepay Evolution Business prepaid card, the possibility of making transfers with a deferred completion date or on a recurring basis has been introduced. In addition, the possibility of performing instant transfers was also authorised for accounts and cards with IBANs issued within the Group;
• ✓ the possibility has been introduced on the web, for holders of BancoPosta Business Link accounts, Postepay Business cards and Conto BancoPosta Affari cards, to make payments for central government applications (e.g. nautical licences, payments to TARs - regional administrative courts).

ARTIFICIAL INTELLIGENCE AT THE CENTRE OF GROUP'S OMNICHANNEL PLATFORM

In recent years, the Poste Italiane Group has embarked on a process of profound technological and digital transformation by focusing on technological intensity, i.e. the ability to adopt exponential technologies, such as Artificial Intelligence (AI), in its infrastructure and organisation in the shortest possible time, as the engine of the Company's transformation towards a tech company.

This transformation is based on an architecture with several "layers" of technology and data, which enables flexibility, business continuity and optimisation of resources according to business needs. In addition, Poste Italiane is also continuing its technological transformation process on the ground by introducing the Edge80 infrastructure, which brings the power of data processing closer to all locations throughout the national network: information is made directly available to business structures, enabling them to work faster and more autonomously, accessing data in real time, which thus becomes a strategic asset guiding every business action and no longer a mere analysis tool.

Poste Italiane is introducing a "hybrid AI layer" to its infrastructure, a framework developed entirely in-house by a team of artificial intelligence experts, software architects and data scientists, which accelerates the business development of applications based on generative Artificial Intelligence (AI). It allows the reuse of generative pipelines81, standardises crosscutting aspects such as security and monitoring, and ensures maximum flexibility, observability and cost optimisation.

The evolution of the use of generative AI, for the time being used as an aid to employees and customers, targets the creation of a

multi-business domain agentic model framework82 that will also allow processes to be reviewed and streamlined.

⁸⁰ An edge infrastructure is a set of technological resources (hardware and software) located physically close to end users or devices that generate or consume data, rather than in central data centres or in the cloud.

⁸¹ A content generation process is typically composed of a series of sequential steps. For example, in response to a user request there may be a step that checks that the content complies with certain ethical rules, a step that enriches the request by means of a document search, and the actual content generation step. The sequence of steps is called a pipeline and it is essential to have a centralised catalogue of reusable pipelines.

⁸² The introduction of Large Language Models (LLMs) has led to a way of interacting with services that is no longer based on fixed interfaces (e.g. APIs) but on machines' understanding of natural language. The natural evolution of this mode of interaction is the construction of autonomous agents capable of understanding the intent of the user request and organising themselves, within their own business domain, to provide both a simple and well-structured response. Therefore, we no longer talk of centralised orchestration of a process but of autonomous agents capable of organising themselves to achieve the desired result. Each "agent" can also be an expert in a limited business domain (e.g. logistics, finance, insurance) in order to be more efficient and targeted in their response.

In 2025, the first priority use cases for AI within Poste Italiane were identified, including:

• a "co-pilot" for Poste Italiane's commercial network that, starting with the use of generative AI to facilitate the consultation of Internal Operational Communications (COI) by Post Office operators, will subsequently extend to the availability of customer information;
• supporting the logistics network at all stages, from planning to delivery;
• an engine for optimising sales campaigns and customer engagement methods;
• the automatic customisation of the customer experience and user interface of the Poste Italiane app;
• "AI KNOW", a solution that makes content easily accessible to contact centre operators and plans are in place to also extend it to post offices.

In particular, evolved voice interaction enabled by generative AI was implemented in March 2025 with a phased extension plan for post offices. In order to ensure maximum accessibility and inclusiveness for all customers, an artificial intelligencesupported telephone booking service was implemented, which allows a conversation to take place naturally and an appointment to be made easily. The aim is to extend this technological asset to other areas to manage customer requests such as tracking a parcel or requesting the blocking of a payment card.

Poste Italiane also pays special attention to social issues related to the use of AI which has led to the drafting of an Artificial Intelligence Ethics Manifesto, on the assumption that ethics is the key to moving from innovation to sustainable development.

Lastly, on 31 January 2025, in line with the provisions of the European Regulation (EU) 2024/1689 (AI ACT), a survey of the Group's AI systems was completed in order to rule out any cases falling under Article 5 of the aforementioned regulation, i.e. prohibited practices.

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

Initiatives planned until 2026

Sportello Unico (One-stop shop): makes provision for the digital renovation and upgrading by 2026 of 6,933 Post Offices to enable Italians resident in municipalities with fewer than 15,000 inhabitants, equipped with at least one Post Office, to easily use the services of the Public Administration. The Post Office will be transformed into a hub for physical and digital services, through the introduction of new technologies and tools to enable complete, fast, easy and digital use of services 24 hours a day.

Spaces for Italy: envisages the creation of a national network of coworking and training spaces with a widespread presence in Italy. Workstations, meeting spaces, shared services, event and training areas will be open to private individuals, companies and public administration, universities and research centres.

Some PA services provided at the One-stop shop at 31 March 2025

Identity 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 March 2025

• One-stop Shop: in the course of 2025, real estate and technology upgrades were started in Post Offices at 617 sites (a total of 4,113 works started since the beginning of the project) and works in 441 Post Offices were completed (a total of 3,359 works completed since the beginning of the project until 31 March 2025).
• Spaces for Italy: during 2025 renovation work continued on the buildings owned by the Company and at 31 March 2025 a total of 136 building works had been commenced and 82 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.

5.7 Risk management

The Poste Italiane Internal Control and Risk Management System (SCIGR) is a combination of tools, procedures, rules and organisational structures, designed to ensure that the business is managed in a way that is sound, fair and consistent with the corporate objectives, and to pursue sustainable success, through an adequate definitions of players, duties and responsibilities of the various corporate bodies and control functions as well as through the identification, measurement, management and monitoring of the main risks, and through the structuring of adequate reporting lines to expedite the flow of information.

This System is a fundamental element of the Poste Italiane corporate governance system, as it enables the Board of Directors to guide the Company in its pursuit of long-term value creation, defining the nature and level of risk compatible with its strategic objectives, and including in its assessments all elements that may be relevant to sustainable success.

In line with statutory requirements and the related best practices, the SCIGR consists of three levels of control and involves a range of actors within the organisation. The first-level control units identify, assess, manage, and monitor those risks for which they are responsible, and in respect of which they identify and implement specific actions aimed at ensuring operational compliance. The second-level control units, whose role consists primarily of defining risk management models and carrying out monitoring activities, play a key role in the integration and overall functioning of the Internal Control and Risk Management System. The third-level controls, managed at Poste Italiane by the Internal Auditing function, provide independent assurance on the adequacy and effective operation of the first and second levels of control and, in general, on the SCIGR.

The Internal Auditing function, in accordance with internal provisions, international professional standards and the mandate assigned to it, performs third-level audits on the Poste Italiane Group's significant processes in order to express an opinion on the adequacy of the internal control system, i.e. on the Company's ability to contain the risks that threaten the achievement of corporate objectives. These activities are governed by Poste Italiane's Internal Control and Risk Management System (SCIGR) Guideline, in accordance with the guidelines of the Corporate Governance Code of Borsa Italiana and with the Corporate Governance Code.

The Poste Italiane Group's 2025 Audit Plan, presented to the Control and Risk Committee at the meeting on 24 March 2025, provides a representation of the key references followed in defining the strategic position of the Internal Auditing function, describing the methodological approach and the role played in the implementation of audit activities from a "riskbased" perspective, in line with corporate objectives.

At the meeting of 24 March 2025, the SCIGR 2024 Assessment Report was presented to the Control and Risk Committee.

The Poste Italiane Group ensures that the conduct of the business is consistent with the objectives defined by the Board of Directors, taking into account the risks that may affect the achievement of those objectives.

The main risk categories associated with the Poste Italiane Group's activities are identified in the Group Risk Model.

Poste Italiane periodically conducts risk assessment activities in a structured manner in order to identify and assess the main risks that may significantly affect the achievement of business objectives. In this sense, the main factors influencing the Group's strategies include not only changes related to the domestic context, but also developments in the political, social and macroeconomic framework of reference, in view of the country's general objectives for a sustainable economic recovery, as well as the current geopolitical context characterised by instability, also in light of the conflicts between Russia and Ukraine and in the Middle East, and by uncertainties relating in particular to the effects of the restrictive trade policies implemented by the United States.

For more information on the SCIGR's assurance activities, on Poste Italiane's Risk Management model, as well as on the illustration of the Poste Italiane Group's main risks, their respective risk model categories and management methods, please refer to Chapter 5 "Poste Italiane's risk management" of the Report on Operations at 31 december in the 2024 Annual Report.

For a complete discussion of the control of financial and other risks, please refer to the chapter "Poste Italiane's risk management" in the 2024 Annual Report - Section Report on Operations and the chapters "Risk management" in the 2024 Annual Report - Section I Poste Italiane's Financial Statements.

1Q 2025

Revenue €3.2 bn (+5% y/y)

Adjusted EBIT* €796 mln (+13% y/y)

Net profit €597 mln (+19% y/y)

*does not include the expenses for the contribution to the Life Insurance Guarantee Fund (€19 million)

6. Creation of value

Group operating results

Mail, Parcels and Distribution Strategic Business Unit

Financial Services Strategic Business Unit

Insurance Services Strategic Business Unit

Postepay Services Strategic Business Unit

Group financial position and cash flow

6.1 Group operating results

Mail, Parcels and Distribution Strategic Business Unit

Financial Services Strategic Business Unit

Insurance Services Strategic Business Unit

Postepay Services Strategic Business Unit

Group revenue in the first quarter of 2025 amounted to €3.2 billion, a record high compared to the previous quarters, and 5% growth compared to the first quarter of 2024. The operating result for the period, net of expenses for the contribution to the Life Insurance Guarantee Fund for the first quarter of 202583 (Adjusted EBIT), grew 13% compared to the first quarter of 2024 to €796 million; similar double-digit growth to €597 million (+19% y/y) was recorded for net profit in the first quarter of 2025.

In continuity with previous Reports on Operations, in order to provide an interpretation of the energy business more consistent with the view of management, as the Group is not an energy producer, a net revenue presentation was adopted. Consequently, some values shown below reflect a management reclassification with respect to the accounting data: specifically, revenue

is shown net of costs related to the purchase of raw materials, system charges and the transport of electricity and gas. Please refer to the reclassified income statement tables in chapter 10 "Alternative performance indicators" for the reconciliation of the management values with the accounting values.

(€m)	1Q 2025	1Q 2024	Changes
Revenue*	3,198	3,045	+152	+5.0%
Total costs*	2,193	2,139	+54	+2.5%
EBIT	777	706	+71	+10.1%
Adjusted EBIT**	796	706	+90	+12.8%
EBIT Margin %	24.3%	23.2%
NET PROFIT	597	501	+96	+19.1%
Net earnings per share	0.46	0.38	+0.07	+19.0%
CAPEX	177	81	+96	+118.8%
% of revenue	5.5%	2.7%

*The items include the management reclassification of the costs of the energy business.

** For the reconciliation of EBIT and adjusted EBIT, please refer to the reconciliation table in chapter 10

"Alternative Performance Indicators".

⁸³ For more details on this measure, please refer to the regulatory environment of the Insurance Services SBU in this Report.

REVENUE84

(€m)

Group revenue in the first quarter of 2025 was a record high compared to the same quarters in previous years, amounting to €3,198 million and growing by €152 million compared to the first quarter of 2024 (+5%); the positive contribution of all Strategic Business Units is highlighted: Financial Services (+€74 million or +5.5%), Insurance Services (+€45 million or +11.3%), Postepay Services (+€19 million or +5%) and Mail, Parcels and Distribution (+€15 million or +1.6%).

⁸⁴ Revenue are shown net of costs related to the purchase of raw materials, system charges and the transport of electricity and gas. The Group's accounting external revenue amounted to €3,337 million in the first quarter of 2025 (€3,136 million in the first quarter of 2024). The Postepay Services SBU accounting third-party revenue amounted to €538 million in the first quarter of 2025 (€470 million in the first quarter of 2024).

CLIENT TOTAL FINANCIAL ASSETS

¹Poste Vita's insurance provisions calculated in accordance with Poste Vita S.p.A.'s local financial reporting principles. * Values do not include the protection line of the Vita business. For more details, please refer to the alternative performance indicator "Client Total Financial Assets" in chapter 10 "Alternative Performance Indicators".

2 Includes Moneyfarm.

3 Current accounts do not include REPO and Poste Italiane's liquidity.

4 Includes capitalisation of interest.

5 Mainly includes the impact of macroeconomic variables (spreads, rates, etc.) on the stocks of the insurance, managed funds and assets under administration segments, as well as the capitalisation of interest for the period on the stocks of interest-bearing postal certificates/postal savings books.

6 Includes net inflows on: Investment Funds, Life and Pension Investments.

Client Total Financial Assets amounted to €596 billion at 31 March 2025, up 0.9% (+€5.1

billion) from €590 billion at 31 December 2024. This change is attributable to positive net inflows on: Current accounts (+€6 billion), Insurance provisions (+€0.9 billion), Investment funds (+€0.7 billion), and Assets under administration (+€0.5 billion), partially offset by negative net inflows from

Postal savings (amounting to -€4.1 billion). There was also an overall performance effect of €1.2 billion due mainly to the positive performance of Postal Savings (+€1.1 billion) and Insurance provisions (+€0.3 billion), partially mitigated by the negative performance of investment funds (-€0.3 billion).

TOTAL COSTS

(€m)

Consistent with IFRS 17, the costs incurred by the Group and directly attributable to insurance policies, from the time of their placement and until their settlement, are considered within insurance liabilities and released periodically in the statement of profit or loss (among insurance net revenue). For the purpose of understanding the trends presented below, the total value of costs incurred by the Group is shown, also considering those attributable to insurance contracts.

In accordance with IFRS 17, total costs stood at €2,421 million, an increase compared to the €2,340 million in the first quarter of 2024 (+€81 million, +3.5%), due to the increase in all items of costs (personnel expenses, costs of goods and services, amortisation/depreciation and impairments and other costs). Net of the effects of applying IFRS 17, total costs

amounted to €2,650 million, up from €2,533 million in the first quarter of 2024 (+€117 million, +4.6%). Personnel expenses amounted to €1,291 million, marking an increase of €16 million (+1.3%) compared to the first quarter of 2024 (€1,275 million) and, net of the effect generated by the application of IFRS 17, came to €1,441 million, an increase

of €42 million from the first quarter of 2024 (€1,399 million).

Costs of goods and services recorded an increase of €25 million, going from €805 million in the first quarter of 2024 to €830 million in the first quarter of 2025. Net of the effects of the application of IFRS 17, costs of goods and services recorded an increase of €32 million, going from €852 million in the first quarter of 2024 to €884 million in the first quarter of 2025.

Costs for depreciation, amortisation and impairments rose by €27 million (+13.4%) from €201 million in the first quarter of 2024 to €228 million in the first quarter of 2025. Net of the application of IFRS 17, they amounted to €248 million, an increase of €29 million compared to the same quarter of 2024.

Other operating costs recorded an increase of €13 million, going from €59 million in the first quarter of 2024 to €72 million in the first quarter of 2025. Net of the application of IFRS 17, they amounted to €77 million, an increase of €13 million compared to the same quarter of 2024.

PERSONNEL EXPENSES

Total personnel expenses amounted to €1,291 million, an increase of €16 million (+1.3%) compared to the first quarter of 2024 (€1,275 million).

Ordinary personnel expenses, net of the effect generated by the application of IFRS 17, increased by €37 million (+2.6%), from €1,398 million in the first quarter of 2024 to €1,435 million in the first quarter of 2025. This change is related to the increase in the average workforce (+€22 million), due to the increased activity in the postal/logistics segment, and in the unit cost (+€15 million), mainly attributable to the variable component.

NUMBER OF RESOURCES

(average Full Time Equivalent in thousands)

The number of staff who left the Group in the first quarter of 2025, including incentivised redundancies, is 3.8 thousand (average FTE) on permanent contracts, against new hires of 4.6 thousand (average FTE), of which 4.4 thousand (average FTE) on permanent contracts.

COST OF GOODS AND SERVICES AND DEPRECIATION AND AMORTISATION

(€m)

The following table shows the development of costs of goods and services and depreciation and amortisation compared to the first quarter of 2024, showing the effects of the application of IFRS 17.

Net of the effects of the application of the new standard, costs of goods and services recorded an increase of €32 million, going from €852 million in the first quarter of 2024 to €884 million in the first quarter of 2025; this change is attributable to variable costs being incurred to support the business (mainly parcels). Depreciation, amortisation and impairments, net of

the effects of the application of IFRS 17, amounted to €248 million, an increase of €29 million compared to the first quarter of 2024; this change is mainly due to higher amortisation relating to the entry into operation of ICT investments.

GROUP ADJUSTED EBIT

(€m)

Adjusted operating profit85 (EBIT) amounted to €796 million, up by €90 million (+12.8%) compared with the same period of the previous year (€706 million).

Below is a representation of the contribution of the individual SBUs to the operating profit for the period (adjusted values).

ADJUSTED EBIT BY STRATEGIC BUSINESS UNIT

In the first quarter of 2025, the Group's adjusted EBIT growth benefited from the performance of all Strategic Business Units: i) Financial Services with an adjusted EBIT of €260 million, up €62 million compared to the first quarter of 2024; ii) Insurance Services with an adjusted EBIT of €378 million, up €30 million compared to the first quarter of 2024 (€349 million); iii) Postepay Services, with an adjusted EBIT of €133 million, up €15 million compared to the same quarter of the previous year. The Mail, Parcels and Distribution Strategic Business Unit posted an EBIT of €25 million, down by €16 million compared to the result for the first quarter of 2024 (€41 million).

For more detailed information on the performance of the individual Strategic Business Units, please refer to the dedicated paragraphs later in the chapter.

⁸⁵ It does not include expenses for the contribution to the Life Insurance Guarantee Fund (amounting to €19 million in the first quarter of 2025). Please refer to the reconciliation table in chapter 10 "Alternative Performance Indicators".

(€m)

FINANCIAL MANAGEMENT AND TAXES

Consolidated net profit for the first quarter of 2025 amounted to €597 million, an increase of €96 million (+19.1%) compared to the same period in 2024 (€501 million), and took into account positive financial management (€47 million) and taxes for the period of €227 million (€222 million in the first quarter of 2024). Financial management showed an increase of €30 million compared to the same period of the previous year, mainly due to the capital gain (€27 million) realised on the acquisition from Cassa Depositi e Prestiti S.p.A. of approximately 9.81% of the ordinary shares of Telecom Italia S.p.A. which took place in February 2025, and of the simultaneous sale of the stake in Nexi S.p.A., equal to about 3.78% of the share capital in favour of the same Cassa Depositi e Prestiti; this capital gain originated from the difference in value between the agreed consideration and the fair values of the respective equity investments at the closing date of the transaction.

6.1.1 Mail, Parcels and Distribution Strategic Business Unit

The performance in the first quarter of 2025 of the Strategic Business Unit shows a decline in EBIT due to increased costs that more than offset the growth in revenue. On the other hand, the growth in net profit, compared to the comparison period, benefited from the capital gain related to the acquisition of TIM and the sale of the stake in Nexi.

MAIL, PARCELS AND DISTRIBUTION		1Q 2025	1Q 2024	Changes
(€m)
External revenue		949	934	+15	+1.6%
Revenue from other sectors		1,421	1,372	+49	+3.6%
Total revenue		2,370	2,306	+64	+2.8%
Costs		2,335	2,254	+81	+3.6%
Costs vs other sectors		10	11	(1)	-9.3%
Total costs		2,345	2,265	+80	+3.6%
EBIT		25	41	(16)	-39.5%
NET RESULT		29	6	+23	n/s
n/s: not significant.
Operating KPIs	1Q 2025	1Q 2024	FY 2024	Changes
Mail, Parcels and Distribution
Deliverable parcels (incidence on total volume)	40%	38%
No. Pick-Up Drop-Off Points (PUDO)1	30,491		30,056	+435	+1.4%
of which: New Punto Poste Network2	18,705		18,270	+435	+2.4%
Parcels collected and delivered on the Punto Poste network (m)	9	5		+4	+68.6%
Distribution
Number of customers (m)	35.7	35.2		+0.5	+1.4%
Number of Post Offices	12,755		12,755	-	-
Rooms dedicated to consultancy	8,080	7,952		+128	+1.6%
Postamat ATM network	8,647	8,159		+488	+6.0%
ESG
Green fleet (electric vehicles)	6,156		6,141	+15	+0.2%
Charging points installed	5,637		5,637	-	-
No. buildings involved in Smart Building3	2,299		2,155	+144	+6.7%
Photovoltaic panels (no. of buildings)	600		577	+23	+4.0%

1 (PUDO): includes the Punto Poste network, Post Offices with poste restante and Lockers.

²Rete Punto Poste includes Lockers, Tobacconists and other Collect Points.

3 Automated and remote management of buildings to achieve energy efficiencies.

EXTERNAL REVENUE AND REVENUE FROM OTHER SECTORS

(€m)

The external revenue of the Strategic Business Unit went from €934 million in the first quarter of 2024 to €949 million in the same period of 2025 (+€15 million, equal to +1.6%). This increase is mainly attributable to the positive performance of the parcels and logistics segment (+€25 million, or +6.9%), supported by the steady acceleration of the Business to Consumer/Business component (B2X), in terms of volumes and revenue.

In the first quarter of 2025, the mail segment recorded a drop in revenue (-€15 million, or -2.9%), which can be attributed to the natural drop in shipments, the gradual application of the Notification Platform by public administrations, and the assignment of exceptional shipments in the first quarter of 2024. Revenue from other sectors rose from €1,372 million in the first quarter of 2024 to €1,421 million in the first quarter of 2025 (+3.6%) as a result of the positive performance of the commercial business.

Unrecorded Mail: standard mail service with mailbox delivery.

Recorded Mail: delivery to the person with proof of delivery and tracking for retail and business customers. This category includes in particular: registered mail, insured mail and judicial acts.

Direct Marketing: service for the sending by companies and Public Administration entities of communications with advertising, promotional or informative content.

Integrated Services: integrated and customised offers for specific customer segments, in particular Public Administration, large companies and professional firms. The most relevant integrated service is the Integrated Notification Service, for the management of the entire process of notification of administrative and judicial acts (e.g. violations of the Highway Code).

Other: services for publishers, multi-channel services, printing, document management, other basic services. This item also includes tariff subsidies relating to external revenue earned on products and services discounted in accordance with the law and the Universal Postal Service Compensation (also includes compensation relating to ordinary parcels).

The performances of the mail services recorded by the Group in the first quarter of 2025 show a decline in volumes of 8.6% (-48 million items), with revenue decreasing by 2.9% (-€15 million) compared to the same period of 2024. This performance can be attributed to a different product mix related to the growth in the volumes of some higher-value products in the Integrated Services families, compared to a decline in lower unit-value products, as well as repricing actions on some products not belonging to the Universal Service.

In the first quarter of 2025, Recorded Mail showed a decline in volumes of 9.4% (-4 million items) and in revenue of 9.7% (-€19 million) compared to the same period of 2024, due to lower shipments attributable mainly to retail customers and the gradual participation of Public Administrations in the Notification Platform.

In the first quarter of 2025, Unrecorded Mail showed a reduction in both volumes (-26 million items, i.e. -9.5%) and revenue (-€8 million, i.e. -5.5%) linked to the natural decline in shipments.

Integrated Services grew compared to the first quarter of 2024, both in terms of volumes (+1 million shipments, or 12.8%) and revenue (+€15 million, or +24.3%), in line with the trend observed in 2024.

Direct Marketing recorded a decrease in volumes of 31.1% (-16 million items), resulting in negative change in revenue of approximately €3 million (-19.7%), attributable to the e-substitution phenomenon.

The item Other, which also includes services marketed by Postel, amounted to €125 million in the first quarter of 2025, with volumes down by 2.2% (-4 million items) and revenue in line (-0.5%; +€1 million) compared to the same period of 2024, mainly due to the decline in Printing services as a result of the drop in the print market. The item Other includes the Universal Service Charge of €66 million in the first quarter of 2025, in line with the same period in 2024, and the tariff additions on the publishing service amounting to €12 million, essentially in line with the same period of 2024 (+€0.2 million, or +1.4%).

PARCELS AND LOGISTICS

in the first quarter of 2025, the parcels and logistics segment recorded growth in both volume (+6 million shipments, +8.7%) and revenue (+€25 million, +6.9%), compared to the same period of 2024.

E-commerce continues to be the fastest-growing business segment compared to the same period in 2024, mainly due to the contribution of large customers and the second-hand market.

Revenue growth in the parcels and logistics segment in the first quarter of 2025 (+€25 million, +6.9% compared to the first quarter of 2024), albeit positive, is less pronounced than the change in volumes (+6 million in volume, equal to +8.7% compared to the first quarter of 2024), mainly due to the combined effect of the following factors: i) increase in the mix of lower tariff products; ii) a higher incidence of revenue from products with a lower delivery cost (e.g. delivery at PUDOs); iii) less revenue related to logistics services provided during the Covid-19 pandemic emergency (-€3 million).

The healthcare logistics business operated by the company Plurima generated revenue of €15 million in the first quarter of 2025, essentially in line with the first quarter of 2024.

COSTS

(€m)

Costs including amortisation and depreciation relating to the first quarter of 2025 amount to €2,345 million, with an increase of €80 million (+3.6%) compared to the same period of 2024. Personnel expenses amounted to €1,395 million in the first quarter of 2025, an increase of €37 million (+2.8%) compared to the same period of 2024; this change is mainly related to the increase in the headcount compared to the figure for the first quarter of 2024. Costs of goods and services increased by €26 million (+4%) to €673 million in the first quarter of 2025; this is attributable to higher variable costs related to the growth of the parcels and logistics business. The item Amortisation, depreciation and impairments amounted to €239 million, marking an increase of €29 million (+14%) in the first quarter of 2025 compared to the same period of 2024.

In the light of the above, the Mail, Parcels and Distribution Strategic Business Unit showed a positive operating result (EBIT) of €25 million in the first quarter of 2025, a decrease (-€16 million, or -39.5%) compared to the result for the same period in 2024 of €41 million.

The SBU's net result for the first quarter of 2025 was a positive €29 million, an increase of €23 million compared to the first quarter of 2024; this positive change is mainly attributable to the contribution from financial management (+€28 million) due to the capital gain (€27 million) realised as part of the acquisition from Cassa Depositi e Prestiti S.p.A. of about 9.81% of the ordinary shares of Telecom Italia S.p.A. that took place in February 2025, and the simultaneous sale of the stake in Nexi S.p.A., equal to about 3.78% of the share capital in favour of the same Cassa Depositi e Prestiti; this capital gain originated from the difference in value between the agreed consideration and the fair values of the respective equity investments at the closing date of the transaction.

6.1.2 Financial Services Strategic Business Unit

The Financial Services Strategic Business Unit shows solid and improved results in the first quarter of 2025, compared to the same period in 2024 in terms of revenue, EBIT and net profit. Of particular note is the record net interest income earned on the securities portfolio. BancoPosta's Total Capital Ratio at 31 March 2025 stood at 23.2%, up from 31 December 2024.

FINANCIAL SERVICES	1Q 2025	1Q 2024	Changes
(€m)
External revenue	1,409	1,335	+74	+5.5%
Revenue from other sectors	261	223	+37	+16.8%
Total revenue	1,670	1,559	+111	+7.1%
Costs	51	37	+14	+37.0%
Costs vs other sectors	1,363	1,323	+40	+3.0%
Total costs	1,414	1,360	+54	+3.9%
EBIT	256	199	+58	+29.0%
Adjusted EBIT*	260	199	+62	+31.0%
NET PROFIT	193	151	+42	+27.8%
* For the reconciliation of EBIT and adjusted EBIT, please refer to the reconciliation table in chapter 10 "Alternative Performance Indicators".

Operating KPIs	1Q 2025	1Q 2024	FY 2024	Changes
Client total financial assets (€bn)	596	590	590	+5	+0.9%
Net inflows (€bn)	3.9	2.8	1.1	+1.2	+41.6%
Performance Effect1 (€bn)	1.2	2.3	9.0	(1.2)	-50.0%
Current accounts (average deposits for the period in €bn)	87.8	89.5	89.5	(1.7)	-1.9%
Net return on deposits2	3.07%	2.65%	2.89%
Postal savings (average deposits in €bn)	310.3	313.4		(3.1)	-1.0%
Loans (disbursed in €m)	906	934		(28)	-3.0%

1 The performance effect mainly includes the impact of macroeconomic variables (spreads, rates, etc.) on the stocks of the insurance, managed funds and assets under administration segments, as well as the capitalisation of interest for the period on the stocks of postal interest-bearing certificates/postal savings books

2 Excluding returns from pro-active portfolio management

EXTERNAL REVENUE AND REVENUE FROM OTHER SECTORS

(€m)

Pro-active portfolio management: gains from the sale of securities in the BancoPosta Portfolio, net of losses. Net interest income: income from investment of liquidity revenue via postal current account deposits, net of interest expense and other financial transaction costs. Including profits from tax credits.

Postal savings deposits: funds deposits through Postal Interest-bearing Certificates and Postal Savings Books issued by Cassa Depositi e Prestiti.

Asset management: collective asset management through mutual investment funds and management of individual portfolios relating to institutional mandates attributable to the Group.

Distribution of loans and other third-party products: distribution of products disbursed/issued by third-party partners (financing, mortgages, loans, salary-backed loans, credit cards, etc.).

Collection and payment services: slips, collections and payments PP.AA., transfer of funds and ancillary services for current accounts.

External revenue in the first half of 2025 amounted to €1,409 million and recorded an increase of €74 million compared to the €1,335 million achieved in the same period of 2024 (+5.5%).

In detail, the period under review shows: (i) net interest income at a record level of €666 million (+€75 million, +12.7% compared to the first quarter of 2024) mainly due to higher yields related to the Retail and Corporate segment (+€68 million), higher net interest income related to the Treasury segment (+€6 million) and higher yields from the use of current account balances in the Public Administration segment (+€2 million); (ii) revenue from the collection and management of postal savings amounting to €441 million, up 2.6% (+€11 million) compared with the same quarter of 2024, supported both by premiums on postal passbooks, which showed an increasing balance, and by an improvement in gross inflows from Interest-bearing Postal Certificates (iii) revenue from the distribution of loans and other third-party products amounting to €71 million, up €9 million (+13.6%) compared to €62 million recorded in the first quarter of 2024. This increase was mainly due to higher revenue from personal loans and of salary-backed loans, which benefited from higher up-front commissions paid by financial partners; (iv) revenue from Asset Management, which amounted to €44 million, down €1 million (-2.2%) compared to the same period of the previous year, mainly due to the decrease in revenue from the placement of mutual

funds, partially offset by the growth in management fees reflecting the increase in total financial assets (v) revenue related to collection and payment services amounting to €176 million, down €10 million (-5.1%) compared to the same quarter of the previous year, mainly due to a decrease in revenue from slips (€-6 million) and a decrease in revenue from fund transfers (€-2 million); (vi) net capital gains realised on pro-active portfolio management of €12 million, down €11 million (- 48.1%) compared to €22 million in the first quarter of 2024.

Revenue from other sectors amounted to €261 million, (+€37 million compared to 2024, +16.8%). The positive change is attributable to higher commissions from the Insurance Services SBU, partially offset by the negative growth in revenue from the placement of PostePay products.

AVERAGE CURRENT ACCOUNT DEPOSIT (€bn)

In the first quarter of 2025, the Average Stock of current accounts decreased compared to the same period of the previous year, going from €89.5 billion to €87.8 billion. This decrease of €1.7 billion (-1.9%) was attributable to the contraction in the Treasury component (-€3.3 billion, -45.9%) and the decline in long-term REPOs86 (-€1.1 billion, -16%), partially offset by growth in retail current accounts including the balance of prepaid Postepay cards (+€1.3 billion, +2.3%), growth in Public Administration deposits (+€1.3 billion, +13.5%) and Corporate customers (+€0.1 billion, +0.7%).

INVESTMENT PORTFOLIO COMPOSITION

(AVERAGE DEPOSIT in €bn)

The average deposit of the investment portfolio consists primarily of Italian government securities and debt securities issued by Cassa Depositi e Prestiti and guaranteed by the Italian State (approximately €66.5 billion), in which inflows from private customers on postal current accounts and tax credits (whose average balance amounted to roughly €5.8 billion at 31 March 2025) is invested. The investment portfolio also includes the Deposits with the MEF (€11 billion) represented by deposits from postal current accounts belonging to public customers.

During the first quarter of 2024, the 10-year BTP - Bund spread narrowed from 115 bps at the end of 2024 to 113 bps at the end of March 2025, after having risen to 122 bps at the beginning of January 2025.

In the first quarter of 2025, with the disinflation process well in progress, the European Central Bank (ECB) continued its policy of lowering interest rates by making two cuts of 25 basis points each in January and March 2025, respectively. ECB

^* Includes short-term REPO and collateral.

** Includes corporate current accounts and PostePay Business, Poste Italiane liquidity and payables of other customers.

^* Includes REPO and short-term bonds and collateral. ** Includes tax credits and cash on deposit with the MEF on the operating current account ("Buffer" account)

*** Calculated as net interest on average deposit.

⁸⁶ Repurchase agreements consist of a spot sale of securities and a simultaneous forward repurchase commitment (for the counterparty, in a symmetrical commitment of spot purchase and forward sale).

expectations87 for inflation developments, although in line with previous projections, have been revised upwards for the current year to reflect stronger price dynamics related to energy goods. At the end of the first quarter of 2025, the experts placed overall inflation at 2.3% in 2025, 1.9% in 2026 and 2.0% in 2027. At the same time, growth expectations for the Eurozone were further revised downwards87 to +0.9% for 2025, +1.2% for 2026 and +1.3% for 2027.

In a market environment characterised by uncertainty related to the implementation of policies in the US relating to tariffs on the import of goods and services, immigration and tax policy cuts, the Fed did not make any rate cuts during the first quarter of 2025, reducing the likelihood of subsequent cuts in 2025; the 10-year BTP-Bund spread remained largely stable (remaining in a range of between 105 and 121 bps) and BancoPosta's securities portfolio management in the first quarter of 2025 was characterised by purchases for a nominal amount (net of sales/maturities during the period) of around €1.4 billion.

Since the beginning of the year 2025, the rate of the 10-year BTP has been characterised by significant volatility, with values ranging between 3.42% and 4.05%. At times of rising yields, hedges were put in place to stabilise yields related to deposits with the MEF.

In view of the significant increase in interest rates, in order to stabilise the interest margin at a higher yield than the initial purchase price, the decision

was also taken to extinguish swap contracts in the amount of approximately €685 million, returning the related hedged securities to fixed rates.

The pro-active management of the portfolio also generated capital gains in the first quarter of 2025 of €12 million.

POSTAL SAVINGS NET INFLOWS

(€m)

At 31 March 2025, net inflows from postal savings amounted to €4.1 billion, €1.4 billion lower than In the first quarter of 2024. The positive Net Book Inflows (RNL) of around €1.7 billion increased by €0.4 billion compared to the figure for the same period in 2024. The positive impact on GNI is mainly due to the increase in redemptions of Interest-bearing Postal Certificates (BFP), which more than offset the slowdown in flows generated by initiatives dedicated to providing new liquidity compared to the same period in 2024.

Net inflows on Interest-bearing Postal Certificates stood at -€5.8 billion, down around €1.9 billion compared to the first quarter of 2024, as higher subscriptions (+€1.2 billion, or +11%) were more than offset by higher redemptions (+€3.0 billion, or +20%).

⁸⁷ ECB Economic Bulletin, no. 2-2025.

POSTAL SAVINGS AVERAGE DEPOSIT*

(€m)

(€m)

The postal savings average deposit decreased by €3.1 billion compared to the figure for the same quarter of 2024. The growth in deposits on the Passbooks is mainly due to the positive results achieved in the year 2024, which were also generated by new liquidity initiatives. On the other hand, the decline in the average deposit of Interest-bearing Postal Certificates (BFP) is attributable to the results of 2024 (only partially offset by the capitalisation of interest), which penalised the initial balance of 2025, and to the net inflows on BFPs recorded in the first quarter of 2025.

*The average stock is calculated as the arithmetic average of the stocks recorded at the end of each day of the current year. The calculation of interest accrued during the year takes place at the beginning of the following year; therefore, interest accrued from the beginning of the year until the reporting date is excluded. Also excluded from the calculation is interest accrued in previous years, but not yet due from the customer, on Interest-bearing Postal Certificates that are not due on the reporting date.

Total costs of the Strategic Business Unit amounted to €1,414 million, an increase of €54 million (+3.9%) on the €1,360 million realised in the first three months of 2024, mainly as a result of the higher fees attributable to the Operating Guidelines in relation to the activities entrusted to Poste Italiane and the higher costs of goods and services.

Adjusted EBIT, i.e. after deducting the expense for the first quarter of 2025 as a contribution to the Guarantee Fund established by the 2024 Budget Law and amounting to approximately €4 million (please refer to the Regulatory context of the Insurance Services SBU for more details on this measure), amounted to €260 million, an increase of €62 million compared to the first quarter of 2024 (+31%).

With a positive financial management of €11 million and taking into account taxes for the period (€74 million), the net result of the Financial Services Strategic Business Unit in the first three months of 2025 amounted to €193 million, an increase of €42 million compared to the €151 million of the same period of last year (+27.8%).

FINANCIAL KPIs

€m	1Q 2024	FY 2024	1Q 2025
CET1 CAPITAL	2,647	2,686	2,678
TOTAL CAPITAL	3,097	3,136	3,128
TOTAL ASSETS	96,494	96,818	98,045
RWA - Risk Weighted Assets	12,445	13,859	13,479

TOTAL CAPITAL RATIO

At 31 March 2025, the Leverage Ratio stood at 3.3%, stable compared to 31 December 2024, despite an increase in the ratio's denominator, i.e. the balance sheet assets (including adjusting items for Leverage calculation purposes), of approximately €1 billion during the first quarter, mainly due to the increase in "Cash and cash equivalents", "Financial assets measured at fair value" and "Due from customers", partially offset by the decrease in "Other assets".

The CET1 Ratio at 31 March 2025 stood at 19.9%, while the Total Capital Ratio including Additional Tier 1 was 23.2%, confirming capital solidity of BancoPosta. The increase in both indicators, compared to 31 December 2024, is linked to the reduction in Risk Weighted Assets (RWA), especially operational risk.

Detailed information on the various areas of risk and the methods used for their measurement and prevention are provided under Risk management in the section "Poste Italiane's Financial Statements" of the 2024 Annual Report.

6.1.3 Insurance Services Strategic Business Unit

The SBU's financial results for the first quarter of 2025 were up when compared to the same period of 2024 in an industry context that continues to be challenging. The Solvency Ratio at 31 March 2025 stood at 305%, taking into account the dividend accrued on the first quarter of 2025, confirming the insurance group's high solvency ratio and well above the management's aspiration (around 200%).

INSURANCE SERVICES	1Q 2025	1Q 2024		Changes
(€m)
External revenue	442	397	+45	+11.3%
Revenue from other sectors	(53)	(39)	(14)	-35.8%
Total revenue	389	358	+31	+8.6%
Costs*	19	3	+16	n/s
Costs vs other sectors	7	6	+0	+6.4%
Total costs	26	10	+16	n/s
EBIT	363	349	+15	+4.2%
Adjusted EBIT**	378	349	+30	+8.6%
NET PROFIT	275	252	+23	+9.2%
Operating KPIs	31 March 2025	31 December 2024		Changes
1 Net technical provisions Poste Vita Group (€bn)	167.4	166.1	+1.4	+0.8%
Contractual Service Margin (CSM)2 (€bn)	13.6	13.7	(0.1)	-0.9%
Solvency Ratio	305%	323%
Investment and Pension 3	1Q 2025	1Q 2024	Changes
Gross premium revenue - investment and Pension (€m)	5,950	4,693	+1,257	+26.8%
of which: Classes I-III-V	2,283	3,498	(1,215)	-34.7%
of which: Multi-class 4	3,667	1,196	+2,472	n/s
Net inflows (€m)	861	461	+400	86.9%
Lapse rate	8.6%	5.5%
Poste Vita products with ESG elements5	100%	77%	+0.23	+23.00%
Protection	1Q 2025	1Q 2024	Changes
6 Gross premium - Protection (€m)	371	312	+59	+19.0%
Combined protection ratio (net reinsurance)7	83.1%	85.4%

*The item includes in the first three months of 2025 the contribution to the Life Insurance Guarantee Fund in the amount of €15 million. n/s: not significant

** For the reconciliation of EBIT and adjusted EBIT, please refer to the reconciliation table in chapter 10 "Alternative Performance Indicators".

1 Technical reserves of the insurance business (Investment & Pension and Protection) determined in accordance with the national accounting standards used to prepare

the separate financial statements of the Group's insurance companies. 2 Represents the present value of the expected and not yet realised profit that the Group will recognise on an accrual basis in profit and loss over the life of the contract.

³Includes written Investment and Pension premiums, gross of reinsurance and intercompany portions of the Poste Italiane Group.

4 Includes gross premiums from Class I and Class III of Multi-class products.

⁵All products with sustainability content consistent with the "Guideline for defining the sustainability characteristics of products" approved by the CEO of Poste Vita in October 2023.

6 Includes Protection gross premium revenue before the change in the premium reserve, outward reinsurance and intra-group portions of the Poste Italiane Group, as well as motor premiums intermediated.

7 Corresponds to the ratio of total costs incurred (claims and settlement expenses + net reinsurance expenses + attributable/non-attributable operating expenses + other technical expenses and income) to gross insurance revenue.

EXTERNAL REVENUE

(€m)

*Includes Investment and Pension. ** Includes Poste Assicura, Net Insurance, Net Insurance Life, Poste Insurance Broker and the protection business of Poste Vita.

Investment and Pension revenue: release of the Contractual Service Margin (CSM), expected claims and benefits deriving from the release of expected cash flows, release of the Risk Adjustment, recovery of contract acquisition costs, claims occurring in the reporting period (excluding investment components) and other directly attributable expenses, losses on groups of onerous insurance contracts and the amortisation of expenses for the acquisition of insurance contracts issued, change in Liability for Incurred Claims (LIC), maintenance and collection commissions and other acquisition costs charged entirely to the statement of profit or loss, investment management costs to which the Variable Fee Approach (VFA) method is applied, net finance income/expenses relating to investments and financial costs/revenue relating to insurance contracts issued (with reference to contracts valued using the VFA method, the "mirroring effect"). Protection revenue: release of the Contractual Service Margin (CSM), claims and expected benefits deriving from the release of expected cash flows, release of Risk Adjustment, recovery of contract acquisition costs, claims occurred in the reporting period and other directly attributable expenses, losses from groups of onerous insurance contracts and the amortisation of expenses for the acquisition of insurance contracts issued, changes in Liability for Incurred Claims (LIC), commissions and other acquisition expenses entirely charged to the income statement, net financial income/expenses relating to investments and costs/revenues of a financial nature relating to insurance contracts issued and reinsurance transfers, the balance of costs and revenues deriving from reinsurance (active and passive) and with reference only to contracts valued with the Premium Allocation Approach (PAA) the change in Liability for Remaining Coverage premiums (LRC).

External revenue from the Insurance Services SBU amounted to €442 million in the first quarter of 2025, an increase of €45 million (+11.3%) compared to €397 million in the first three months of 2024, and were mainly attributable to the Investment and Pension business, which contributed revenue of €400 million, and, to a lesser extent but up sharply (+€8 million equal to +21.8%), the Protection business, which generated revenue of €42 million.

In detail, net revenue from the Investment and Pension business increased by €37 million compared to the corresponding quarter of 2024 (+10.2%) mainly as a result of the higher CSM release of €27 million compared to the first three months of 2024 and higher release of the risk adjustment (+€17 million). This improvement is partly offset by: i) the negative contribution of experience variance with respect to the first quarter of 2024 (-€3 million) related to the lower balance between expected claims and expenses and those actually realised in the period and ii) the lower contribution of net financial income related to Investment and Pension contracts which takes into account the mirroring effect (-€3 million).

Net revenue from the Protection business amounted to €42 million, up €8 million (+21.8%) compared to the first quarter of 2024, mainly due to organic growth linked to both increased volumes and improved profitability. The Combined Ratio of the Protection business net of reinsurance stood at 83.1%, an improvement compared to the value recorded in the same period of 2024 (85.4%).

Taking into account revenue from other sectors88, which was a negative €53 million (up compared to -€39 million observed in the same period in 2024), the Strategic Business Unit's total net revenue amounted to €389 million, an increase of €31 million (+8.6%) compared to the first three months of 2024.

CONTRACTUAL SERVICE MARGIN

(€m)

The Contractual Service Margin (CSM) shows a balance at the end of the first quarter of 2025 of €13,625 million, down €105 million compared to the figure at the end of 2024. This trend is mainly attributable to the negative impact recorded on financial changes in the period.

New business: the item includes the present value of new business associated with the premiums recorded in the period and the associated estimated outlays (expenses and settlements).

Expected return: CSM growth independent of financial and technical management performance. It is calculated as the sum of the accrued and capitalised interest on the CSM (based on the risk free yield curve) at the reporting date and the result of the difference between the real word yield curve and the expected risk neutral yield curve and the financial risk component relating to the period.

Financial variances: the item includes the impact on the CSM resulting from the realisation of financial assumptions (e.g. interest rate spread, and the consequent effect on the fair value of the portfolio of segregated funds) at the end of the reporting period different from those expected at the beginning of the period, as well as the change in the financial assumptions on future flows.

Operating variances: the item includes experience-related changes (changes between estimated and actual flows), changes in technical assumptions (e.g. actuarial assumptions, mortality rate, etc.).

⁸⁸ These mainly relate to commission expenses recognised to the BancoPosta RFC directly allocable to the management of insurance contracts in accordance with the accounting standard IFRS 17 Insurance Contracts.

CSM Release: this item represents the share for the reporting period determined on the basis of the coverage unit, as well as the adjustment related to the additional release component.

Normalised growth: this represents the CSM growth for the period adjusted for exogenous components (i.e. financial market trends and policyholder behaviour). It is calculated as the ratio of the CSM of new production increased by the expected yield and decreased by the release of the period compared to the CSM at the end of the previous year (linearised over 12 months in intermediate periodic situations).

In detail, during the first quarter of 2025 there was: i) a positive change of €370 million mainly related to the insurance Group's inflows of around €4 billion89 in the year; ii) a positive change in the expected yield of €121 million generated by the accrued and capitalised interest component on the CSM; iii) the negative result of financial changes of €198 million as a result of market movements, in particular related to the changes in the interest rate curve and the performance of the equity market; iv) a negative balance of technical changes of €30 million due to the difference between the expected and actual values of the technical items (lapses, additional payments and claims), partially mitigated by the reduction in liabilities resulting from portfolio movements; v) the release of the CSM in the period totalling €367 million (of which €329 million determined on the basis of the coverage unit, and €38 million relating to the additional release component).

Deducting external components (financial market trends and policyholder behaviour) from the CSM trend, the normalised growth in the first quarter of 2025 was €124 million (annualised growth of +3.6%) compared to the value at 31 December 2024.

GROSS PREMIUMS

Gross premiums from the Investment and Pension business amounted to €6 billion in the first quarter of 2025, an increase of €1.3 billion (+26.8%) compared to the figure in the first three months of 2024, due to an increase of €2.5 billion in premiums from Multi-class products of €3.7 billion (€1.2 billion in the same period of 2024), with an incidence on total inflows increasing from 25.5% in the first quarter of 2024 to 61.6% in the first quarter of 2025, largely offset by the decrease of €1.2 billion (- 34.8%) in inflows from traditional build-up products.

coverage related to loans secured by salary-backed loans.

In the first three months of 2025, gross premiums from the Protection business amounted to €371 million, up by €59 million (+19%) compared to the corresponding period of 2024 when they stood at €312 million, and were mainly driven by i) the growth (+€31 million, +19.0%) of the "Corporate" segment, whose premiums rose from the €161 million recorded in the

⁸⁹ The value includes the premium income of Poste Vita, Poste Assicura, Net Insurance and Net Insurance Life on new placements while it excludes renewals and additional payments on existing policies.

first quarter of 2024 to €192 million in the first quarter of 2025; ii) the increase in premiums relating to the "Credit Protection" line (+€17 million, +24.4%), mainly attributable to the contribution of Net Insurance Life and Net Insurance; iii) the "property and personal protection" line, which increased by €10 million (+13.5%) to €88 million in the first three months of 2025.

INVESTMENT AND PENSION NET INFLOWS AT 31 MARCH 2025 (€m)

Net inflows in the Investment and Pension business amounted to €0.9 billion, up (+€0.4 billion) compared to the same period in 2024 as a result of the trend in gross inflows (+€1.3 billion compared to the first quarter of 2024, or +26.8%) only partly offset by the trend in liquidations (up +€0.9 billion compared to the same period in 2024).

The lapse rate at 31 March 2025 was 8.6%, up from the 5.5% recorded at 31 March 2024, remaining lower than the market average of 10.4% at 31 December 202490 and stable compared to the first quarter of 2024 if reinvestments in Group policies due to the rebalancing of customer portfolios are excluded.

LIABILITIES UNDER INSURANCE CONTRACTS

(€m)

Liabilities under insurance contracts at 31 March 2025 totalled €161,616 million, of which €160,211 million consisted of Liability for Remaining Coverage (LRC), which includes the Contractual Service Margin (CSM) of €13,625 million, and €1,405 million from the Liability for Incurred Claim (LIC).

The change recorded in the first three months of 2025, down 0.5% (-€792 million), is mainly attributable to the reduction in LRC (-€1,108 million), mainly attributable to: i) the decrease in the present value of future cash flows, due to both the expected outflows in the quarter for maturities and lapses, and the financial changes generated by the increase in the interest rate curve and the performance of the equity market, which is reflected in the value of class III liabilities; these effects were only partially mitigated by the increase in premium income for the period and the financial effect related to the capitalisation of interest for the period and ii) the decrease in the Risk Adjustment, mainly related to the renewal of the hedging treaty for the mass lapse risk91 and the updating of operating assumptions. December 2027. 5,950 5,090

LIC increased by €316 million (+29%) in the first quarter of 2025, mainly as a

result of the claims and lapses recorded during the period and largely related to traditional build-up products.

⁹⁰ Source: Report ANIA - Trends Life Flows and Reserves Year XIV - no. 04 - February 2025.

⁹¹ Subscribed by Poste Vita on 14 March 2023 (effective from 31 December 2022) and renewed in January 2025 and in force until 31

INSURANCE PROVISIONS92

(€m)

The Poste Vita Group's technical provisions amounted to €167.4 billion and increased by about €1.4 billion compared to 31 December 2024 and €4.8 billion compared to 31 March 2024.

The technical provisions of the Investment and Pension business amounted to €165.8 billion and increased by approximately €1.2 billion compared to 31 December 2024, mainly due to the positive net inflows recorded in the first quarter of 2025 (€0.9 billion) and the positive performance effect (€0.3 billion). Technical provisions pertaining to the Protection segment amounted to €1,591 million in the first quarter of 2025 (of which €692 million related to the Life business and €899 million to the P&C business), up by €172 million (+12.1%) compared to €1,419 million recorded at 31 December 2024.

CHANGES IN INSURANCE PROVISIONS, INVESTMENT AND PENSION93 (€m)

*Includes Pension and other provisions.

**Includes provisions pertaining to the P&C business and the protection line of the Life business.

⁹² Technical provisions of the insurance business (Life and P&C) determined in accordance with the national accounting standards used to prepare the individual financial statements of the Group's insurance companies.

⁹³ Determined in accordance with the national accounting standards used to prepare the individual financial statements of the insurance company Poste Vita S.p.A.

(€bn)

The Strategic Asset Allocation (SAA), approved by the company in March 2025, is based on the assumption that, in the current market scenario, traditional asset classes (government bonds and corporate bonds) are relatively more attractive than in the past due to their ability to generate stable returns and mitigate interest rate risk with respect to the evolution of policyholder liabilities (insurance liabilities). In this context, in line with the latest asset allocation approved, the process of investment diversification continued with: i) an increase in the government share and the focus on diversification; ii) a marginal reduction in the share of corporate bonds, with the simultaneous improvement in the average quality profile of the

BREAKDOWN OF THE INVESTMENT PORTFOLIO94

* Financial instruments that are not listed on regulated markets. The category includes several asset classes such as: Private Debt, Real Estate Debt, Real Estate Equity, Infrastructure, Private Equity and Hedge Funds.

securities in the portfolio and iii) a marginal increase in investments in alternative funds (unlisted instruments).

TOTAL COSTS

⁹⁴ The value of the investment portfolio includes all class C investments (i.e., Class I, Class V) and investments pertaining to the Free Capital of the company Poste Vita S.p.A., while it does not include class D investments (i.e., Class III); in addition, the total includes equity investments that are not among the asset classes represented and that do not contribute to the percentage target asset allocation.

The costs discussed in the remainder of this paragraph are only those not directly attributable to insurance contracts. In light of the entry into force of the new IFRS 17 standard, costs directly attributable to insurance policies are in fact shown as a direct reduction of insurance revenue. These costs, moreover, at the time the contract is concluded are considered within insurance liabilities and released periodically in the statement of profit or loss (within net insurance income).

Non-attributable costs at 31 March 2025 (mainly referring to other operating costs, personnel expenses, commercial expenses, IT service costs and professional consultancy/services) amounted to €26 million and increased (+€16 million) compared to the same period of 2024, due essentially to the contribution, amounting to around €15 million, to the Life Insurance Guarantee Fund established by the 2024 Budget Law (please refer to the Regulatory context of the Insurance Services SBU for more details on this measure).

In light of the results illustrated, the economic performance of the Insurance Services Strategic Business Unit in the period highlights EBIT of €363 million, an increase of €15 million (+4.2%) compared to the first quarter of 2024. Excluding the cost for the contribution allocated in the first quarter of 2025 to the Life Insurance Guarantee Fund (€15 million), the adjusted EBIT for the period is €378 million and up by approximately €30 million (+8.6%) compared to the first quarter of 2024.

Taking into account the positive financial management of €19 million (€14 million in the first three months of 2024) and the taxes for the period, equal to €107 million (-€3 million, -2.8% compared to the same period of 2024), the Insurance Services Strategic Business Unit achieved a net result of €275 million at 31 March 2025, an increase of 9.2% (+€23 million) compared to the first quarter of 2024.

SOLVENCY RATIO

The Solvency Ratio of the Poste Vita Group stood at 305%95 at 31 March 2025, down compared to the 323%96 recorded in December 2024 (-18 pp), remaining at levels well above regulatory constraints and managerial aspiration (around 200%).

⁹⁵ Solvency Ratio values at 31.03.2025 are provisional and under review; they will be communicated to IVASS by 19 May 2025.

⁹⁶ Solvency Ratio values at 31.12.2024 are provisional and under review; they will be communicated to IVASS by 20 May 2025. The value of the ratio at 31.12.2024 takes into account both the dividend accrued in 2024 (100% of the 2024 profit) and the additional €500 million of provisions that will be distributed to the Parent Company in 2025 (a total of -35 p.p. on the ratio).

The change in the period was due to a decrease in available own funds (-8 p.p. on the solvency ratio) and an increase in the capital requirement (-10 p.p. on the solvency ratio).

In particular, the increase in the 10-year swap rate (+30 bps) and of the BTP-Swap Spread (+5 bps) lead to a decrease in the value of Own Funds; the change in Own funds in the period is also affected by the dividend accrued in the first quarter of 2025 (-6 p.p. on the solvency ratio).

The increase in the Capital Requirement is mainly due to the increase in technical risks, and in particular the mass lapse risk attributable to the increase in interest rates97 .

It should also be noted that the mass lapse risk hedging treaty, referring to Class I and Multi-class products, signed by the Company on 14 March 2023 (effective from 31 December 2022), renewed in January 2025 and in force until 31 December 2027, is still in force.

6.1.4 Postepay Services Strategic Business Unit

The SBU performance in the first quarter of 2025 is up compared to the first quarter of 2024, driven by revenue growth in all segments: payments, electronic-money, telco and energy.

POSTEPAY SERVICES
(€m)	1Q 2025	1Q 2024	Changes
External revenue*	398	379	+19	+5.0%
Revenue from other sectors*	71	70	+1	+1.8%
Total revenue*	469	449	+20	+4.5%
Costs*	199	192	+6	+3.3%
Costs vs other sectors	138	139	(1)	-0.8%
Total costs*	337	331	+5	+1.6%
EBIT	133	117	+15	+12.9%
EBIT Margin %	28.3%	26.2%
NET PROFIT	101	93	+8	+8.7%

* This item takes into account the management reclassification of costs related to the purchase of raw materials and the transportation of electricity and gas, which are classified as a direct reduction of revenues in the energy segment. Please refer to Chapter 10 "Alternative performance indicators" for a reconciliation with the respective accounting data.

Operating KPIs	1Q 2025	1Q 2024	FY 2024	Changes
Electronic money and payments
1 Total value of card transactions ("on us" and "off us") (€m)	21,144	19,937	87,125	+1,206	+6.1%
2 Total value of card transactions ("off us") (€m)	16,740	15,918	69,676	+823	+5.2%
Number of cards (m)3	28.2	29.0	29.8	(1.6)	-5.5%
of which Eco-sustainable Cards (m)	17.3	12.0	16.3	+1.0	+6.1%
of which Prepaid Postepay Cards (m)	20.7	21.5	22.4	(1.7)	-7.4%
of which Postepay Evolution cards (m)4	10.5	10.1	10.5	+0.1	+0.5%
Number of card transactions (m)	748	684	2,989	+63	+9.3%
of which number of e-commerce transactions (m)5	185	166	713	+18	+11.1%
Incidence of Postepay top-ups on new channels6 (in %)	82%	72%	81%
TLC
SIM PosteMobile landlines and mobile telephones (stock in thousands)	4,880	4,757	4,848	+31	+0.6%
of which mobile Sim (stock in thousands)	4,409	4,339	4,385	+24	+0.5%
of which Casa Sim (stock in thousands)	471	418	463	+8	+1.6%
of which Fibra Sim (stock in thousands)	213	155	204	+9	+4.5%
Energy
Active customer base (in thousands)	767	442	709	+58	+8.2%

1 Transactions relating to payments made with Postepay Debit and Postepay on internal and external payment circuits ("on us" and "off us")

2 Transactions relating to payments made with Postepay Debit and Postepay on external payment circuits ("off us")

3 Includes PostePay cards and debit cards

4 Including business customers and Postepay Connect

5 Includes e-commerce transactions + web (on Poste Italiane's digital properties) Incoming transfers are excluded from the perimeter.

6 Includes transactions carried out on third-party networks (Post Office Point Network, Tobacconists, HORECA and other LIS points) and digital channels (Poste Italiane Retail, Business and Other Digital Channel Properties).

⁹⁷ The latter is calculated, as per the standard formula (Solvency II), by applying a policy lapse scenario of 40%. In an economic environment of rising interest rates, such as the one experienced during the period, the value of the policy portfolio increased, with a simultaneous decrease in the fair value of the assets and, therefore, the risk of realising capital losses in the aforementioned case of lapse.

EXTERNAL REVENUE

(€m)

The revenue below are shown net of costs related to the purchase of raw materials, system charges and the transport of electricity and gas.

Payments: prepaid cards (top-ups, payments, withdrawals, fees, issuance), debit cards (Postepay debit - interchange fee on card value transactions; from October 2021 also withdrawals, P2P top-ups and fees to customers); acquiring services (transaction fee, fees and services) linked to the supply of POS (mobile, physical, virtual) for accepting card payments (debit, credit, prepaid). Telephone top-ups for all mobile network operators (MNO) and virtual mobile operators (MVNO), commercial services for tobacconists/HORECAs: tax payment service through acceptance of the F23 and F24 models; funds transfer for sending money abroad via Moneygram and Western Union, post giro transfers and direct debit made by Postepay Evolution, payments on the PagoPA system, MAV, payment collection, revenue stamps, acceptance of postal pay slips and other direct LIS payments.

TLC: mobile telephony (traffic and fee revenue) and fixed telephony (fibre offer "PosteCasa Ultraveloce" and "PosteMobile Casa" offer). Energy: revenue from electricity and gas sales (net of costs) following the start of the mass market offer from January 2023 (employee and family promotion in mid-June 2022) and revenue from energy management portfolio optimisation activities98 .

External revenue amounted to €398 million, an increase of €19 million compared to the first quarter of 2024 (+5%), mainly due to growth in the energy segment of €16 million.

In particular, revenue in the energy segment grew by €16 million, from €15 million in the first quarter of 2024 to €32 million in the same period of 2025, thanks to the contribution of both the Electricity (+€5 million in revenue) and Gas (+€11 million in revenue) offers, in a context of positive commercial dynamics and favoured by market conditions. At 31 March 2025, the energy customer base stood at 767 thousand (of which 508 thousand for the Electricity line and 259 thousand for the gas one).

Revenue in the payment business grew by €1 million to €284 million in the first quarter of 2025. The increase in operations and fee revenue from Postepay Evolution cards (+€6 million), as well as in revenue from acquiring services (+€3 million) and PagoPA payment services (+€1.2 million), offset the reduction in other services such as transfers from Postepay Evolution cards (following a regulatory change on instant transfers), as well as payments through F24 and funds transfer services.

⁹⁸ Electricity and gas trading in wholesale markets aimed at guaranteeing supplies to end customers by managing their physical balancing.

Poste Italiane Group Interim report for the three months ended 31 March 2025

The Telecommunications segment recorded a slight increase in revenue (+€1 million or +1.7%) from €81 million in the first quarter of 2024 to €82 million in the same period of 2025, in a competitive environment, thanks to higher revenue from the fibre offer.

Revenue from other segments increased by €1 million from €70 million in the first quarter of 2024 to €71 million in the first quarter of 2025 (+1.8%).

CARD STOCK

(m)

At 31 March 2025, the total stock of prepaid Postepay and Postepay Debit cards amounted to 28.2 million, a decrease of 1.6 million (-5.5%) compared to 31 December 2024, mainly linked to government cards. The total card value transactions99 at 31 March 2025 came to €21.1 billion, up by roughly €1.2 billion (+6.1%) compared to the first quarter of 2024.

Prepaid Postepay cards in place amounted to 20.7 million (down by 7.4% compared to 31 December 2024) and of these, Postepay Evolution cards, equal to approximately 10.5 million, showed an increase of 1% compared to the value at 31 December 2024. The sale of Postepay

Connect100 continues, with more than 19 thousand activations and a stock of 609 thousand cards at 31 March 2025. The

daily interactions as

stock of Green cards also grew significantly, from 16.3 million at the end of December 2024 to 17.3 million at 31 March 2025 (+6.1%).

At 31 March 2025, there was an increase in payment card transactions of 9.3% (+63 million transactions) compared to the same period in 2024, from 684 million in March 2024 to 748 million transactions in March 2025, thanks in part to the

contribution of e-commerce and web transactions, which amounted to 185 million (up by 18 million or +11.1% compared to March 2024).

In the acquiring area, the roughly 306 thousand POS terminals installed at 31 March 2025 completed card value transactions worth €8.1 billion (+8.7%, equal to +€0.6 billion, compared to the first quarter of 2024).

SIM STOCK

(k)

In Telecommunications, the customer base related to mobile telephony services, in March 2025 is represented by approximately 4.4 million lines, up slightly (+0.5%) compared to the end of 2024 (4.4 million lines). With reference to Fixed Telephony services, the "PosteMobile Casa" offer and the "PosteCasa Ultraveloce" fibre optic data connectivity offer recorded a 1.6% increase in lines,

⁹⁹ The figures refer to on-us and off-us payment transactions.

¹⁰⁰ Offer integrating the Postepay Evolution prepaid card and the Postemobile SIM.

rising from 463 thousand lines in December 2024 to 471 thousand lines at the end of the first quarter of 2025.

In detail, the increase is due to the "PosteCasa Ultraveloce" (Fibre) lines, which reached 213 thousand in March 2025, an increase of 9 thousand lines compared to December 2024, marking growth of 4.5%.

TOTAL COSTS

(€m)

The total costs of the PostePay Services SBU (including amortisation, depreciation and impairments) amount to €337 million, an increase of 1.6% (+€5 million) compared to the €331 million incurred in the first quarter of 2024.

The increase in the cost of goods and services (+€2 million, +1.2% compared to 31 March 2024) is mainly due to the growth in sales and management commissions which grew by €7 million (+17%) due to the increased payment card business.

The decrease in costs to other sectors (€-1 million, -0.8% compared to March 2024) is mainly driven by lower placement costs, partially offset by an increase in higher delivery charges, back office costs and information systems.

Personnel expenses amounted to €16 million, an increase of €1 million (+6.8%) compared to the first quarter of 2024 as a result of the increase in the workforce.

In light of the results described, the financial performance of the PostePay Services SBU in the first quarter of 2025 shows an operating result (EBIT) of €133 million, up +12.9% compared to the first quarter of 2024 (+€15 million).

The profit achieved in the first quarter of 2025 amounted to €101 million, an increase of 8.7% compared to the value of the first quarter of 2024 (+€8 million).

The free capital ratio101 of PostePay EMI at 31 March 2025 amounted to 24.5%, down from the value at 31 March 2024 (55.5%), while its total capital ratio was 7.94% at 31 March 2025 (13.48% at 31 March 2024).

The deviation of both indicators with respect to the values recorded in the first quarter of 2024 is due to the extraordinary distribution of reserves amounting to €250 million, approved by PostePay's Shareholders' Meeting on 11 April 2024 and

¹⁰¹ This indicator expresses the adequacy of the capital base, in terms of its excess over the minimum total capital requirement required by the Supervisory Provisions for Electronic Money Institutions, and is calculated as: (Regulatory Capital-Capital Requirement)/Regulatory Capital. The Capital Requirement is determined on the basis of the payment volumes realised in the twelve months preceding the financial year to which the calculation date refers and the average balance on prepaid cards issued by PostePay referring to the six months preceding the calculation date. PostePay's 2025 Risk Appetite Framework (RAF) provides for a Free Capital Ratio of 18%.

made possible by the reorganisation of the equity investment in LIS Holding through the direct acquisition of the 100% stake in LIS Pay, with the restriction on allocation to EMI RFC being maintained on it, and the simultaneous removal of this restriction with respect to the equity investment in LIS Holding, which was assigned to PostePay's general assets.

6.2 Group financial position and cash flow

€m	31 March 2025	31 December 2024	Changes
NON-CURRENT ASSETS	6,244	6,468	(224)	-3.5%
NET WORKING CAPITAL	1,730	1,408	+321	+22.8%
GROSS INVESTED CAPITAL	7,973	7,876	+97	+1.2%
FUNDS AND SUNDRY ASSETS/LIABILITIES	(333)	(510)	+178	+34.8%
NET INVESTED CAPITAL	7,641	7,366	+275	+3.7%
EQUITY	12,151	11,709	+442	+3.8%
NET DEBT/(FUNDS)	(4,510)	(4,344)	(166)	-3.8%
of which: Net financial position (deficit) of the Mail, Parcels and Distribution SBU	3,199	2,846	+352	+12.4%

The Poste Italiane Group's non-current assets at 31 March 2025 amounted to €6,244 million, marking a decrease of €224 million compared to the end of 2024, mainly due to the reclassification of the investment held in Anima Holding to assets held for sale following Poste Italiane's acceptance of the takeover bid launched by Banco BPM. Moreover, investments of €177 million contributed to the formation of fixed assets and an increase in rights of use for new contracts, renewals and contractual changes net of terminations falling within the scope of application of IFRS 16 equal to a total of €88 million. These changes were partially offset by depreciation and amortisation of €249 million.

Group investments in the first quarter of 2025 amount to roughly €177 million. Investments classified as ESG, i.e.

complying with the reference principles of the Group's 8 Pillars of Sustainability, account for over 70% of the total value. The main projects include initiatives relating to the Polis Project "Houses of digital citizenship services", the energy efficiency initiatives of the real estate assets, the automation and evolution of the sorting and delivery network from a green perspective, the improvement of the customer experience of the products and services offered to customers from a multi-channel

and digital perspective, the evolution of the Cloud infrastructure, as well as the adoption of management systems, equipment and infrastructures in the field of health and safety.

In line with the investment programme for the period 2024-2028, designed to support the objectives of the Strategic Plan called "The Connecting Platform", around 95% of the Group's investments (€167 million) focused on the automation and modernisation of the Mail, Parcels and Distribution Strategic Business Unit.

In particular, the renewal of the fleet dedicated to delivery continued In the first quarter of 2025, with the introduction of about 70 new vehicles, of which about 15 electric, and 55 with low emissions. At 31 March 2025, the total fleet consisted of about 28,500 new low-emission vehicles, of which about 6,100 are full-green vehicles and about 8,800 are hybrids.

Among the main initiatives related to the transformation of the logistics network, a second warehouse related to the "micro-fullfilment" pilot project102 was launched in the first quarter of 2025 at the Palermo site, which at 31 March 2025 handles more than 1,200 orders per day with "same-day" delivery within the metropolitan area of Palermo. The first pilot site was launched at the Naples Sorting Centre during 2024.

Property investments concerned the redevelopment of Post Offices, the creation of

new spaces for commercial specialists and mobile consultants. In the area of reducing environmental impacts, work continued on the automation and remote control of facility management (around 145 buildings involved in the Smart Building project in the first quarter of 2025) in order to reduce electricity consumption and CO² emissions. Work also continued on the replacement of conventional lamps with LED technology (around 1,700 additional lamps in the first

quarter of 2025) and about 23 photovoltaic systems were installed in the first quarter of 2025, totalling around 600 systems with an installed capacity of approximately 23,600 KWp.

As part of its Digital Transformation programme, Poste Italiane has adopted a Hybrid Cloud infrastructure that leverages its own Data Centres and two leading Hyperscale Cloud Providers. In the first quarter of 2025, the partnership with

Microsoft was renewed for the period 2025-2028 with the aim of continuing to increase the level of the Post Office Group's "Internal Cloudification" and develop the adoption of Artificial Intelligence to support the transformation and automation planned for the coming years.

For more details on the Group's developments in the field of Artificial Intelligence, please refer to section 5.6 "Omnichannel approach, innovation and digitalisation".

Net working capital at 31 March 2025 amounted to €1,730 million and increased by €321 million compared to the end of 2024 mainly due to:

• +€253 million related to trade items (mainly lower trade payables of €266 million);
• +€203 million resulting from changes in other assets and liabilities;
• -€135 million due to the increase in net current tax liabilities.

The balance of Provisions and Sundry Assets/Liabilities at 31 March 2025 amounted to approximately €333 million and decreased by €178 million compared to 31 December 2024, mainly due to the reclassification of the equity investment in Anima Holding under assets held for sale (€257 million), partially offset by the increase in provisions for risks and charges and employee termination benefits totalling €93 million.

¹⁰² Micro-fulfilments are mini-logistics platforms located near large urban areas mainly aimed at meeting the needs of e-commerce operators interested in offering their consumers "same-day" and "green" deliveries.

Equity at 31 March 2025 amounted to €12,151 million, an increase of €442 million compared to 31 December 2024. This change is mainly attributable to:

• the positive effect of the profit for the period of €597 million;
• the net negative change in the fair value reserve, net of the reserve for insurance contracts, recognised in the statement of comprehensive income for roughly -€132 million.

Group Net Debt/(Funds)

(€m)

Group total net debt/(funds) at 31 March 2025 showed funds of €4,510 million, an improvement of €167 million from 31 December 2024 (funds of €4,344 million).

The following mainly contributed to this change:

• a positive operating result of €949 million (of which €597 million referable to the consolidated profit, €249 million to amortisation/depreciation and €103 to net changes in provisions for risks, employee termination benefits and other minor items);
• the positive effect of the change in working capital (€222 million) and taxes (€196 million) totalling €418 million;
• investments in fixed assets for €177 million;
• the payment of €684 million for the purchase of TIM shares corresponding to 15.00% of the total ordinary shares and 10.77% of the share capital (the transaction is subject to the notification of the Italian Antitrust Authority, pursuant to the rules on the control of concentrations between companies);
• the negative valuation effects of the period amounting to €244 million, mainly attributable to positive fluctuations in the value of investments classified in the FVTOCI category;
• other decreases totalling €96 million, mainly attributable to the increase in financial lease liabilities falling under IFRS 16.

Analysis of the net debt/(funds) of the Mail, Parcels and Distribution Strategic Business Unit

The Net debt/(funds) of the Mail, Parcels and Distribution Strategic Business Unit at 31 March 2025 showed a debt of €3,199 million (€1,156 million net of lease liabilities, valuation effects and extraordinary transactions), worsening of €353 million compared to 31 December 2024, when it showed a debt of €2,846 million (€1,453 million net of lease liabilities and valuation effects).

The Net Financial Position of the Mail, Parcels and Distribution Strategic Business Unit at 31 March 2025 was a debt of €1,156 million, net of lease liabilities, valuation effects and extraordinary transactions, an improvement of €298 million, due to:

• a positive operating result (FFO) of €264 million due to the positive result for the period of €29 million, depreciation and amortisation (excluding rights of use) for €168 million and of the net change in the provisions for risks, employee termination benefits and other minor items totalling €67 million;
• a negative effect related to the change in net working capital and taxes of €378 million mainly due to trade items;
• new investments in fixed assets for €173 million;
• positive net cash flow from dividends and other changes of around €585 million.

Extraordinary transactions, which had an overall negative effect of €845 million, refer to the sale of NEXI (which involved the simultaneous purchase of 9.81% of TIM's ordinary shares on 14 February 2025, with no impact on the Net Financial Position excluding the reclassification of the valuation effects of Nexi prior to the sale) and the payment for the additional 15.00% of TIM's ordinary shares on 29 March 2025 (for a consideration of €684 million).

The pro-forma Net Financial Position at 31 March 2025, i.e. determined excluding the equity investment in TIM acquired in February 2025 (and classified as FVTOCI at 31 March 2025), would be a debt of €3,666 million.

The Payables shown in the net debt/(funds) of the Mail, Parcel and Distribution Strategic Business Unit primarily relate to:

• EIB loans of €1,273 million;
• CEB loans of €240 million;
• a senior unsecured bond issued on 10 December 2020 in the amount of €500 million maturing in December 2028;
• use of uncommitted credit line for short-term loans for a total of €200 million.

Analysis of the ESMA net debt/(funds) of the Mail, Parcels and Distribution Strategic Business Unit

Description (€m)	At 31.03.2025	At 31.12.2024
A. Cash and cash equivalents	(910)	(617)
B. Cash equivalents	-	-
C. Other current financial assets	(14)	(9)
D. Liquidity (A + B + C)	(925)	(626)
E. Current financial debt (including debt instruments, but excluding the current portion of non-current financial debt)	699	323
F. Current portion of the non-current financial payable	9	5
G. Current financial debt (E + F)	708	328
H. Net current financial debt (G + D)	(216)	(298)
I. Non-current financial debt (excluding current portion and debt instruments)	2,373	2,533
J. Debt instruments	499	499
K. Trade payables and other non-current payables	11	11
L. Non-current financial debt (I + J + K)	2,883	3,043
M. Total financial debt (H + L)	2,667	2,745

ESMA financial debt reconciliation with Net debt/(funds) including intersegment transactions

Description (€m)	At 31.03.2025	At 31.12.2024
M. Total financial debt (H + L)	2,667	2,745
Non-current financial assets	(781)	(562)
K. Trade payables and other non-current payables	(11)	(11)
Tax credits Law no. 77/2020	(282)	(282)
Net debt/(funds)	1,593	1,890
Intersegment financial receivables and borrowings	1,606	957
Net debt/(funds) including intersegment transactions	3,199	2,846

Existing cash and credit lines are sufficient to cover expected financial requirements. More specifically, at 31 March 2025, the cash and cash equivalents of the Mail, Parcels and Distribution Strategic Business Unit amounted to €0.9 billion (relating mainly to the Parent Company), while unused committed and uncommitted lines (short-term loans) to support liquidity totalled approximately €3.5 billion.

The table below provides details of the credit lines at 31 March 2025 and 31 December 2024.

Description
(€m)	At 31.03.2025	At 31.12.2024
Short-term loans	2,750	2,750
Committed credit lines	2,750	2,750
Short-term loans	910	910
Current account overdrafts	185	185
Unsecured loans	1,200	1,170
Uncommitted credit lines	2,295	2,265
Total credit lines	5,045	5,015
Short-term loans	200	-
Unsecured loans	663	682
Uncommitted uses	863	682
Total uses	863	682

7. Other information

Significant events after 31 March 2025

Transactions of greater importance

Industrial Relations, Welfare and Corporate University

Principal proceedings pending with the Authorities

7.1 Significant events after 31 March 2025

Events after the end of the reporting period to which this Interim Report are described in other sections of this document.

7.2 Transactions of greater importance

Below are the most significant transactions concluded with related parties, including through subsidiaries, during the period (pursuant to Article 5, paragraph 8, Consob Regulation adopted with Resolution no. 17221/2010).

• At its meeting of 12 December 2024, Poste Italiane S.p.A.'s Board of Directors, having obtained the favourable opinion of the Related and Connected Parties Committee issued on 10 December 2024, passed the Framework Resolution authorising financial transactions with the counterparty Cassa Depositi e Prestiti S.p.A. up to a maximum total amount of €2 billion and for a duration of one year starting from 1 January 2025. In particular, financial transactions relate to the spot purchase and sale of Euro-government and/or Italian government-guaranteed securities and repurchase agreements for lending and funding to be carried out within the limits of the "Poste Italiane Financial Management" Guidelines, the BancoPosta Risk Appetite Framework and/or the resolutions of the Board of Directors. Financial operations take the form of support activities for BancoPosta ordinary operations and are therefore of an ordinary nature within the meaning of Consob regulations. No transactions were carried out in the first quarter of 2025 to implement the Framework Resolution.
• At its meeting of 12 December 2024, Poste Italiane S.p.A.'s Board of Directors, having obtained the favourable opinion of the Related and Connected Parties Committee issued on 10 December 2024, passed the Framework Resolution authorising financial transactions with the counterparty Banca Monte dei Paschi di Siena S.p.A. up to a maximum total amount of €4 billion and for a duration of one year starting from 1 January 2025. In particular, financial transactions relate to the spot and forward purchase and sale of government and/or Italian government-guaranteed securities, repurchase agreements for lending and funding, and hedging financial derivatives to be carried out within the limits of the Poste Italiane Financial Management Guidelines, BancoPosta's Risk Appetite Framework and/or the resolutions of the Board of Directors. Financial operations take the form of support activities for BancoPosta ordinary operations and are therefore of an ordinary nature within the meaning of Consob regulations. in the first quarter of 2025, two interest rate swap transactions were carried out to hedge interest rate risk and five transactions to buy and sell government bonds for a total amount of €437.4 million in implementation of the Framework Resolution. The transactions were concluded at market conditions.

7.3 Industrial Relations, Welfare and Corporate University

Mail,	On 20 March 2025, the agreement governing the performance of the new Courier Network for
Communication	Mail, Communication and Logistics, the delivery division dedicated to parcel delivery, was
and Logistics	signed.
	The agreement defined the operational model - divided into 115 Hubs - which provides for the
	identification of Lines to be assigned to individual Couriers and a computerised mechanism for
	effectively balancing the workload between the Lines themselves in the event of imbalances.
	The Lines of the individual Hubs are aggregated into Areas of Competence, consisting of 3 or 4
	lines.
	The characteristics of work performance were also regulated in relation to the criteria for
	assigning couriers to the Lines, the mechanisms for replacing staff and their remuneration. For
	Couriers, moreover, a specific daily allowance is envisaged related to the special nature of the
	service and additional to that already provided on 16 July 2024 due to the 39-hour week.
	The Parties also agreed on the new clustering of Delivery Centres, identifying their organisation
	and, with reference to coordination officers, their size and application guidelines.
	Lastly, in order to foster the implementation of organisational projects, further Active Labour
	Policies were envisaged for a total of 1,979 FTEs including transformations from part-time to
	full-time and the making permanent of personnel who had already worked in the company on
	fixed-term contracts.
	The operation also provides for the activation of national mobility on the Letter Carrier Network
	and the Sorting Department.
	With reference to the activation of the new Courier Network, a pilot initiative is being gradually
	launched on 6 hubs, 1 per each Logistics Macro Area (see agreements of 27 November 2024
	and 20 March 2025). The first hub involved started on 31 March 2025, and during April and May
	the trial will be extended to the other hubs.
	During the first quarter of 2025, work continued on
Implementation of	The Solidarity implementing the regulatory changes introduced with the
CCNL (National	Holiday Fund contractual renewal (CCNL) signed on 23 July 2024 and
Collective Labour	established effective until the end of 2027. In particular, consistent with the
Contract)	regulation of the assignment of solidarity leave103 provided for
	by the aforementioned CCNL, as of February 2025, the employees concerned are allowed to
	submit, in compliance with the time slots provided for by the Regulation103, a request for leave
	and/or a donation proposal in the form of a named transfer (in favour of a specific colleague)
	and/or through the Solidarity Leave Fund104
	As of 1 January 2025, the new mechanism for automatic demonetisation of the first national or
	local holiday falling on a Sunday and/or coinciding with a weekly day of rest will be in force,
	resulting in the conversion of the remuneration referred to in Article 37, paragraph ) of the CCNL
	into a day of paid leave and recognition of a two-hour "bonus" leave.
	In addition, as of 1 January 2025, the leave for dysmenorrhoea introduced on an experimental
	basis for the year 2025 became usable.

¹⁰³ Regulation, Annex 2 to the current CCNL.

¹⁰⁴ The Solidarity Leave Fund collects requests for access and donation of leave addressed indiscriminately and, therefore, not to specifically identified colleagues.

	In line with the regulatory changes introduced by the 2025 Budget Law, the more favourable
New regulatory	provisions concerning the financial treatment of parental leave have also been implemented,
provisions 2025	which raise to 80% the 60% indemnity previously provided for the second month at INPS's
Budget Law	expense and introduce an additional month at INPS's expense indemnified at 80% against
	specific requirements. In addition, the amendments made by the 2025 Budget Law to the
	provisions concerning travel expenses that link their deductibility to payment through traceable
	systems have been implemented.
	In order to provide concrete support to employees who, as part of a spousal or civil union
Experimental	relationship, actively participate in the care and upbringing of their spouse's or civil partner's
leave for social	child, in line with the general principles contained in the Diversity & Inclusion Policy since
parenting	January 2025, Poste Italiane has introduced an experimental parental leave of a maximum of
	one month, to be taken within the first 6 years of the child's life, paid by the Company at a rate
	of 80% of salary, and an unpaid sick leave of a maximum of 15 days, to be taken in the event of
	illness within the first 3 years of the child's life.
	According to the Trade Union Agreement of 3 December 2024, as
Agile Working	Smart Working of January 2025, the Agile Work Agreements of employees
and Smart	extended for performing remote activities were extended until 31 December
Learning	2025 2025, granting the usual Reasonable Accommodation105 if the
	prerequisites are met. Smart Learning was also extended, which
	allows operational employees who do not participate in ordinary Smart Working to request
	training in Agile mode for a maximum number of days per year.
	The company's commitment to safeguarding the well-being of people continues through
Welfare –	initiatives aimed at strengthening the welfare system.
Diversity and	As part of the initiatives in favour of the new generations, school orientation and soft skills
Inclusion	development actions for young people from vulnerable social backgrounds were launched in
	continuation of the "Next Generation" programme. In addition, the company renewed its
	commitment to the second edition of the inter-company project "School4Life 2.0" with the aim
	of helping to combat early school leaving.
	In view of the launch of the new edition of the welfare programme intended for the conversion
	of the Performance Bonus, the process of listening to colleagues was concluded to identify the
	main individual and family needs with respect to the set of goods and services to be made
	available in the platform.
	With regard to Diversity Management actions106, regular meetings of the various Employee
	Resource Groups (E.R.G.) - communities within the company formed by employees linked by
	shared backgrounds or interests - to implement the specific missions, continued.

¹⁰⁵ In view of the termination of the legislative protections provided for resources falling into the category of "vulnerable", the Parties considered it appropriate to pay specific attention to those workers suffering from the serious pathologies listed in Article 41 of the CCNL (national collective labour agreement) when determining the methods for carrying out Agile Work.

¹⁰⁶The Employee Resource Groups (E.R.G.) have focused their efforts on several specific issues such as breaking down prejudice, career development of women, inclusive language and anti-harassment (E.R.G. Gender), the first of the cross-cultural stories was realised (E.R.G. Interculturality), the two Hackathon winning workshops were designed (E.R.G. Generations) and evaluation meetings were held regarding two proposals related to inclusive sport and the inclusive post office (E.R.G. Vulnerability).

	In 2025, training continues to be a strategic element in developing internal skills and supporting
Corporate	business transformation. In the first quarter of 2025, several training courses were launched with
University	the aim of offering practical and targeted growth
	opportunities. At 31 March 2025, more than 1
	>1 mln million hours of training had been delivered, with
	targeted courses for the various professional roles Hours of training provided
	at Group level and specifically for the managerial at 31 March 2025
	population.
	Specific training projects were launched, which stand out for their strategic and innovative value, offering a concrete opportunity to develop key skills and enhance one's professionalism. These
	include the Digital Services Skills Programme, which is being developed in three phases, and
	the Digital Facilitation Project, aimed at enhancing digital skills, particularly for some Post Offices in the Campania Region. Lastly, the Open Learning Area was enriched with language courses -
	English, French, German, Spanish, Portuguese and Dutch - on personal and work effectiveness and on burning issues, complete with subtitles, to simultaneously improve language skills and soft skills. For managers, programmes oriented towards conscious leadership and people management
	issues continue.
	Training continues to include compulsory courses for the entire company population, such as
	those on Safety at Work, Quality and Prevention of Corruption. New courses were also launched
	for sales network staff, related to banking/financial regulations (ESMA/IVASS).
	With regard to the Polis project, training initiatives dedicated to citizen services (Updating the
	Passport and Certificate Request Procedure - ANPR) have been resumed.
	Lastly, Education activities continue, with Financial, Digital and Sustainability Education
	programmes, supported by the production of content and webinars, to raise citizens' awareness
	on the most relevant topics.

For more information, refer to the 2024 Annual Report.

7.4 Principal proceedings pending with the Authorities

The following information is provided in accordance with accounting standard IAS 37 – Provisions, Contingent Liabilities and Contingent Assets,

which shows the most relevant ongoing proceedings for which significant changes occurred in the first quarter of 2025. Please refer to the 2024 Annual Report for a complete analysis.

Autorità Garante della Concorrenza e del Mercato (AGCM - the Italian Antitrust Authority) On 6 April 2020, pursuant to art. 9, paragraph 3-bis of Law 192/98 and art. 14 of Law 287/90, AGCM initiated proceedings A539 against Poste Italiane, following a complaint by a third-party supplier that Poste Italiane had presumably imposed unjustifiably burdensome contractual clauses. In particular, following the termination of contractual relations in mid-2017, the supplier was not, in fact, able to otherwise offer the services it was providing on the market because of the obligation to comply with rules and organisational parameters considered such as to make the company structure excessively rigid, making it unsuitable to operate with parties other than Poste Italiane. At the conclusion of the proceedings, by way of a measure notified on 6 August 2021, the Authority imposed an administrative fine of more than €11 million for abuse of economic dependence, payment of which was made on 6 September 2021. Poste Italiane appealed against the above-mentioned measure before the Lazio Regional Administrative Court, which found that Poste Italiane's actions were lawful and annulled the sanction with ruling no. 10044/23 issued on

13 June 2023. AGCM appealed against the Lazio Regional Administrative Court's ruling on 10 October 2023, while Poste Italiane lodged a cross-appeal on 9 November 2023. The court merit is set for 17 July 2025. Following the restitution request submitted by the Company, the Authority, in execution of the Lazio Regional Administrative Court's ruling, resolved to grant MIMIT's authorisation to return the sum paid by Poste Italiane. MIMIT made the payment.

On 22 April 2024, the AGCM notified Poste Italiane of the notice of initiation of proceeding PS/12768 and the simultaneous request for information, in relation to certain anti-fraud messages that holders of BancoPosta and PostePay accounts, who use the services through the relevant Apps (installed on Android devices), allegedly received when accessing them, starting from the first days of April. According to the AGCM, the Company's conduct would constitute an aggressive or in any case unfair commercial practice, in that users would be "induced" to allow access to their data in a situation of undue conditioning, since failure to consent - after three accesses - would preclude them from continuing to use BancoPosta and PostePay services via the App. On 13 May 2024, Poste Italiane sent the AGCM a memorandum in which it replied to the request for information and to the objections contained in the writ. On 6 June 2024, the Company filed the integration of the previous defence memorandum and the commitment form containing the initiatives it undertakes to implement (subject to integration/amendment), on a voluntary basis, aimed at eliminating the Authority's alleged critical issues, without lending acquiescence to the objections raised in the proceedings. Some of the commitments presented were subsequently implemented by the Company, which, on 18 July 2024, replied to the second request for information on certain aspects that had emerged during the technical hearing with the Authority held on 18 June 2024 (e.g. on the subject of Bank of Italy controls and indications and the results of anti-fraud activities). On 10 September 2024, the Authority communicated to Poste Italiane the rejection of the commitments, deeming them "unsuitable to remedy the aspects of possible unfairness subject to investigation, insofar as they consist for the most part in merely informative measures, as such not responding to the critical issues contested at the time of the opening of the proceedings relating to the elements of aggressiveness, or in any case not resolving the objections formulated" and extending the deadline for the conclusion of the proceedings by 60 days (18 November 2024). On 26 September, the Authority sent a further request for information to which Poste Italiane replied on 17 October. On 11 November 2024, Poste Italiane submitted a request for the reopening of the sub-proceedings for the assessment of the commitments and the simultaneous proposal of commitments. On 18 December, the Authority rejected the application and the proposed undertaking on the grounds that it was in the interest of the Authority to investigate the possible infringement. The deadline for the proceedings, initially set for 2 May 2025, was extended to 1 July.

Garante per la protezione dei dati personali (the Italian Data Protection Authority)

On 16 April 2024, the Garante per la protezione dei dati personali (GPDP) opened a preliminary investigation with a request for information in relation to the same event that led to the initiation of proceedings PS/12768 of ACGM, i.e. the anti-fraud messages received by BancoPosta and PostePay account holders, who use the services through the relevant apps installed on their Android devices, when accessing them from the first days of April 2024. After several requests for information and related replies, the last of which was sent in January 2025, aimed at providing the GPDP with both the regulatory basis and information on the processing of personal data of the BancoPosta and Postepay apps, carried out for anti-fraud purposes. On 2 April 2025, the Authority sent its findings to Poste Italiane notifying it of a breach of Article 166, paragraph 5 of Legislative Decree no. 196 of 30 June 2003 (Personal Data Protection Code) and of Article 58, paragraph 1, letter d) of Regulation (EU) 2016/679. Analyses of the conclusions notified by the Authority are currently under way in order for Poste Italiane to send its counter-deductions within the 30-day deadline.

8. Financial Statements

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

ASSETS (€m)	31 March 2025	31 December 2024
Non-current assets
Property, plant and equipment	2,777	2,783
Investment property	26	26
Intangible assets	2,144	2,139
Right-of-use assets	1,203	1,187
Investments accounted for using the equity method	94	332
Financial assets	211,961	210,129
Trade receivables	2	2
Deferred tax assets	2,479	1,997
Other receivables and assets	3,730	3,955
Tax credits Law no. 77/2020	5,152	5,170
Assets for outward reinsurance	320	324
Total	229,887	228,045
Current assets
Inventories	178	177
Trade receivables	2,063	2,076
Current tax assets	229	197
Other receivables and assets	1,821	1,339
Tax credits Law no. 77/2020	1,374	1,835
Financial assets	32,760	34,409
Cash and deposits attributable to BancoPosta	4,486	4,290
Cash and cash equivalents	5,567	4,680
Total	48,478	49,003
Non-current assets and disposal groups held for sale	306	50
TOTAL ASSETS	278,672	277,098

LIABILITIES AND EQUITY	31 March 2025	31 December 2024
Equity
Share capital	1,306	1,306
Reserves	1,803	1,532
Treasury shares	(109)	(109)
Retained earnings	9,021	8,855
Total equity attributable to owners of the Parent	12,021	11,583
Equity attributable to non-controlling interests	131	127
Total	12,151	11,709
Non-current liabilities
Liabilities under insurance contracts	161,616	162,408
Provisions for risks and charges	499	526
Employee termination benefits	558	577
Financial liabilities	7,961	8,711
Deferred tax liabilities	1,363	897
Other liabilities	1,863	2,024
Total	173,861	175,144
Current liabilities
Provisions for risks and charges	697	557
Trade payables	1,831	2,097
Current tax liabilities	231	65
Other liabilities	2,368	2,151
Financial liabilities	87,533	85,374
Total	92,660	90,244
TOTAL LIABILITIES AND EQUITY	278,672	277,098

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

(€m)	1Q 2025	1Q 2024
Revenue from Mail, Parcels and other	949	934
Net revenue from Financial Services	1,409	1,335
Revenue from Financial Services	1,522	1,498
Expenses from financial activities	(113)	(163)
Net revenue from insurance services	442	397
Revenue from insurance contracts issued	749	673
Costs arising from insurance contracts issued	(315)	(287)
Revenue/(costs) from outward reinsurance	(6)	(6)
Income and (expenses) from financial operations and other income/expenses	543	1,680
Net financial (costs)/revenue relating to insurance contracts issued	(530)	(1,666)
Net financial revenue/(costs) related to outward reinsurance	2	2
Revenue from Postepay services	538	470
Net operating revenue	3,337	3,136
Cost of goods and services	970	896
Personnel expenses	1,291	1,275
Depreciation, amortisation and impairments	228	201
Capitalised costs and expenses	(16)	(14)
Other operating costs	76	61
Impairment losses/(reversals of impairment losses) on debt instruments, receivables and other assets	13	12
Operating profit/(loss)	777	706
Finance costs	33	34
Finance income	72	44
Impairment losses/(reversals of impairment losses) on financial assets	(0)	0
Profit/(Loss) on investments accounted for using the equity method	8	7
Profit/(Loss) before tax	824	723
Income tax expense	227	222
PROFIT FOR THE PERIOD	597	501
of which attributable to owners of the Parent	593	498
of which attributable to non-controlling interests	5	3
Earnings per share	0.458	0.384
Diluted earnings per share	0.458	0.384

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	1Q 2025	FY 2024	1Q 2024
Profit/(Loss) for the period	597	2,013	501
Items to be reclassified in the Statement of profit or (loss) for the period
FVOCI debt instruments and receivables
Increase/(decrease) in fair value during the period	(2,035)	1,899	271
Transfers to profit or loss from realisation	(23)	127	22
Increase/(decrease) for expected losses	(0)	(21)	(2)
Cash flow hedges
Increase/(decrease) in fair value during the period	(59)	111	(34)
Transfers to profit or loss	10	(48)	11
Financial revenue or costs relating to insurance contracts issued	1,839	(1,318)	(30)
Financial revenue or costs related to outward reinsurance	(0)	(0)	(2)
Taxation of items recognised directly in, or transferred from, equity to be reclassified in the Statement of profit or loss for the period	77	(222)	(68)
Share of after-tax comprehensive income/(loss) of investees accounted for using the equity method	7	4	1
Change in translation reserve	(0)	0	0
Items not to be reclassified in the Statement of profit or loss for the period
Equity instruments measured at FVOCI - increase/(decrease) in fair value during the period	24	(92)	(71)
Actuarial gains/(losses) on employee termination benefits	-	7	(0)
Taxation of items recognised directly in, or transferred from, equity not to be reclassified in the Statement of profit or loss for the period	(0)	(0)	1
Share of after-tax comprehensive income/(loss) of investees accounted for using the equity method	0	(0)	(0)
Total other comprehensive income	(161)	448	100
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	437	2,461	602
of which attributable to owners of the Parent	432	2,442	598
of which attributable to non-controlling interests	4	18	4

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

									Equity
Reserves
(€m)		Notes Share capital	Treasury shares	Legal	reserve BancoPosta RFC reserve	Equity instruments - perpetual hybrid bonds	Fair value reserve	Cash flow hedge reserve	Reserve for insurance contracts issued and outward reinsurance	Translation reserve	Reserve for investees accounted for using the equity method	Incentive plans reserve	Retained earnings	Total equity attributable to owners of the Parent	Equity attributable to non- controlling interests	Total equity
Balance at 1 January 2024		1,306	(94)	299	1,210	800	(5,063)	(297)	4,102	(0)	4	27	8,027	10,322	117	10,439
Total comprehensive income for the period		-	-	-	-	-	137	(16)	(22)	(0)	1	-	498	598	4	602
Incentive plans		-	-	-	-	-	-	-	-	-	-	1	-	1	-	1
Other changes		-	-	-	-	-	(0)	-	-	-	(0)	-	-	(0)	-	(0)
Change in scope of consolidation		-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Balance at 31 March 2024		1,306	(94)	299	1,210	800	(4,925)	(313)	4,080	(0)	5	28	8,525	10,922	121	11,043
Total comprehensive income for the year		-	-	-	-	-	1,168	62	(889)	0	3	-	1,501	1,845	14	1,859
Dividends paid		-	-	-	-	-	-	-	-	-	-	-	(729)	(729)	(9)	(738)
Interim dividend		-	-	-	-	-	-	-	-	-	-	-	(427)	(427)	-	(427)
Purchase of treasury shares		-	(23)	-	-	-	-	-	-	-	-	-	(0)	(23)	-	(23)
Incentive plans		-	8	-	-	-	-	-	-	-	-	4	0	12	-	12
Coupons paid to holders of perpetual hybrid bonds		-	-	-	-	-	-	-	-	-	-	-	(16)	(16)	-	(16)
Other changes		-	-	-	-	-	0	-	-	-	0	-	-	0	-	0
Change in scope of consolidation		-	-	-	-	-	-	-	-	-	-	-	-	-	(0)	(0)
Balance at 31 December 2024		1,306	(109)	299	1,210	800	(3,757)	(252)	3,190	0	9	32	8,855	11,583	127	11,709
Total comprehensive income for the period		-	-	-	-	-	(1,405)	(34)	1,272	(0)	7	-	592	432	4	437
Incentive plans		-	-	-	-	-	-	-	-	-	-	2	-	2	-	2
Other changes		-	-	-	-	-	426	-	-	-	3	-	(426)	3	-	3
Change in scope of consolidation		-	-	-	-	-	-	-	-	-	-	-	-	-	(0)	(0)
Balance at 31 March 2025		1,306	(109)	299	1,210	800	(4,736)	(286)	4,463		0 19	34	9,021	12,021	131	12,151

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(€m)	1Q 2025	1Q 2024
Unrestricted net cash and cash equivalents at the beginning of the period	1,987	1,635
Restricted net cash and cash equivalents at the beginning of the period	2,693	2,576
Cash and cash equivalents at the beginning of the period	4,680	4,211
Result for the period	597	501
Depreciation, amortisation and impairments	248	219
Losses and impairment losses/(Reversals of impairment losses) on receivables	12	12
(Gains)/Losses on disposals	(1)	(1)
(Increase)/Decrease in Inventories	(1)	(1)
(Increase)/Decrease in Receivables and Other assets	(447)	402
Increase/(Decrease) in Payables and Other liabilities	101	(401)
Change in tax credits Law no. 77/2020	0	-
Change in provisions for risks and charges	113	38
Change in employee termination benefits and Provision for retirement benefits	(19)	(23)
Difference in accrued finance expenses and income (cash adjustment)	(9)	21
Other changes	64	88
Net cash flow from/(for) non-financial operating activities [a]	659	855
Increase/(Decrease) in liabilities attributable to financial activities, payments, cards and acquiring and insurance	3,689	(1,979)
Net cash generated by/(used for) financial assets and tax credits Law no. 77/2020 attributable	(5,154)	2,497
to financial activities, payments, cards and acquiring and insurance
(Income)/Expense and other non-cash components	879	(1,731)
Increase/(Decrease) in net liabilities for insurance contracts	1,051	1,644
Cash generated by/(used for) financial assets/liabilities attributable to financial [b]	465	432
activities, payments, cards and acquiring and insurance
Net cash flow from /(for) operating activities [c]=[a+b]	1,124	1,287
Investing activities:
Property, plant and equipment, Inv. property and intangible assets	(177)	(81)
Investments	-	-
Other financial assets	(417)	(1)
Disposals:
Property, plant and equipment, inv. property, intangible assets and assets held for sale	2	2
Other financial assets	237	5
Investments in consolidated companies net of cash acquired Net cash flow from /(for) investing activities [d]	- (354)	0 (75)
Proceeds from/(Repayments of) borrowings	117	40
Dividends paid	-	-
Net cash flow from/(for) financing activities and shareholder transactions [e]	117	40
Effect of exchange rate differences on cash and cash equivalents [f]	(0)	0
Net increase/(decrease) in cash [g]=[c+d+e+f]	887	1,251
Cash and cash equivalents at the end of the period	5,567	5,462
Cash and cash equivalents at the end of the period	5,567	5,462
Restricted cash and cash equivalents at the end of the period	(3,772)	(3,194)
Unrestricted net cash and cash equivalents at the end of the period	1,796	2,267

9. Declaration by the Financial Reporting Manager

The Financial Reporting Manager, Alessandro Del Gobbo, declares, pursuant to paragraph 2 of article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this Interim Report at 31 March 2025 is consistent with the underlying accounting records.

10. Alternative Performance Indicators

In keeping with the guidelines published by the European Securities and Markets Authority on 5 October 2015 (ESMA/2015/1415), in addition to the financial disclosures required by the International Financial Reporting Standards (IFRS), Poste Italiane has included a number of indicators in this Report that have been derived from them. These provide management with a further tool for measuring the Group's performance.

Please refer to the Annual Report for the main alternative performance indicators used:

ALLOCATED CAPITAL: equity indicator represented by Group equity net of fair value and cash flow hedge reserves and including coupons accrued on the hybrid perpetual bond as well as dividends to shareholders accrued in the current year. NET WORKING CAPITAL: this indicator represents the sum of inventories, trade receivables and other receivables and assets, current tax assets, trade payables and other liabilities, and current tax liabilities. This indicator is also shown separately for each Strategic Business Unit.

NON-CURRENT ASSETS: this indicator represents the sum of property, plant and equipment, intangible assets and investments measured using the equity method. This indicator is also shown separately for each Strategic Business Unit.

NET INVESTED CAPITAL: this indicator represents the sum of non-current assets and net working capital, deferred tax assets, deferred tax liabilities, provisions for risks and charges and severance pay. This indicator is also shown separately for each Strategic Business Unit.

CET 1 CAPITAL: consists of Primary Tier 1 capital, as defined in Regulation (EU) no. 575/2013, and includes the Capitalised Earnings Reserve created upon appropriation of assets and the Retained Earnings Reserves, taking into account the transitional regime.

CET 1 RATIO: this ratio measures the adequacy of Tier 1 capital with respect to the weighted exposure to Pillar 1 risks (operational, credit, counterparty and foreign exchange). It is the ratio of CET1 Capital to total Risk Weighted Assets (RWA).

PROTECTION COMBINED RATIO (net of reinsurance): technical indicator of protection business, determined as the ratio of total costs incurred (claims and claims adjustment expenses, net reinsurance expenses, attributable/non-attributable operating expenses and other technical expenses and income) to gross insurance revenue.

UNIT DIVIDEND (DPS): represents the amount of dividends paid by the company for each outstanding share. It is calculated as Dividends paid/Number of shares outstanding.

EBIT (Earnings Before Interest and Taxes): this is an indicator of operating profit before financial expenses and taxation.

ADJUSTED EBIT: the algebraic sum of the operating and intermediation result (EBIT), excluding the cost of the provision for the Life Insurance Guarantee Fund and extraordinary costs and income, as shown in the table below.

(€m)	1Q 2025
Group EBIT	777
Overall adjustment	19
of which charges for BancoPosta contribution to the Life Insurance Guarantee Fund	4
of which charges for Poste Vita contribution to the Life Insurance Guarantee Fund	15
of which extraordinary income/(expenses)	0
Group Adjusted EBIT	796
(€m)	1Q 2025
Financial Services SBU EBIT	256
Charges for BancoPosta contribution to the Life Insurance Guarantee Fund	4
Extraordinary income/(expenses)	0
Financial Services SBU Adjusted EBIT	260

(€m)	1Q 2025
Insurance Services SBU EBIT	363
Charges for Poste Vita contribution to the Life Insurance Guarantee Fund	15
Extraordinary income/(expenses)	0
Insurance Services SBU Adjusted EBIT	378

EBIT margin: this is an indicator of the operating performance and is calculated as the ratio of operating profit (EBIT) to total revenue.

EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) - this is an indicator of operating profit before financial expenses and taxation, and depreciation, amortisation and impairment of non-current assets.

FUND FROM OPERATIONS (FFO): financial indicator represented by the Group's net result, adjusted for non-monetary costs and revenue (depreciation and amortisation, Expected Credit Loss - ECL of receivables, financial expenses from discounting) and the net change in provisions for risks and severance pay. In the Mail, Parcels and Distribution SBU, the indicator is also neutralised by the IFRS 16 effect (amortisation and financial expenses) and includes financial outlays for rents.

LAPSE RATE: this is an indirect measure of customer loyalty. It is based on lapses during the period as a percentage of average statutory technical provisions of the period.

It is calculated as a percentage of Lapses/Average civil technical provisions (linearised over 12 months in the intermediate periodic situations).

LEVERAGE RATIO: this is the ratio between Total Capital (Own Funds) and total assets, the latter including adjustments for derivatives and off-balance sheet exposures.

CLIENT TOTAL FINANCIAL ASSETS: they represent the amount of assets/liabilities managed or administered by the Group and are obtained from the sum of Postal Savings collected by the Parent Company in the name and on behalf of Cassa Depositi e Prestiti, deposits on postal current accounts, and assets managed by the subsidiary BancoPosta Fondi S.p.A. SGR, as well as the investments made on behalf of customers in investment products other than the above (equities, bonds, Moneyfarm products, etc.) and the Insurance Technical Provisions of the Life insurance business, which represent the obligations taken on vis-à-vis policyholders and tariff premiums net of loadings. The presence within this indicator of Insurance Technical Provisions, calculated analytically contract by contract, in accordance with the application rules set out in Annex 14 of ISVAP Regulation no. 22 of 4 April 2008 (Mathematical Provisions107), i.e., in accordance with the standards for preparing

¹⁰⁷ In addition to the Mathematical Provisions, the Insurance Provisions also include provisions for future expenses, supplementary insurance premium provisions, profit-sharing provisions and reversals.

the statutory financial statements of Poste Vita S.p.A., does not make it possible to perform a reconciliation with the insurance obligations presented in the financial information for the period.

NET FINANCIAL POSITION OF THE GROUP: the sum of financial assets, tax credits pursuant to Law no. 77/2020, BancoPosta Cassa e Depositi, cash and cash equivalents, liabilities for insurance contracts, assets for reinsurance transfers and financial liabilities. This indicator is also shown separately for each Strategic Business Unit.

NET DEBT/(FUNDS) OF THE MAIL, PARCELS AND DISTRIBUTION STRATEGIC BUSINESS UNIT: this is the financial debt calculated according to the scheme recommended by ESMA European Securities and Markets Authority (ESMA32-382-1138 of 4 March 2021) net of trade payables and other non-current payables with a significant implicit or explicit financing component and including the following items: non-current financial assets, tax credits under Law no. 77/2020, current hedging derivatives assets, inter-segment financial receivables and payables.

NET DEBT/(FUNDS) OF THE MAIL, PARCELS AND DISTRIBUTION STRATEGIC BUSINESS UNIT AS PER IFRS 16: calculated as the net financial position of the Mail, Parcels and Distribution Services Strategic Business Unit excluding the financial liabilities for leasing (IFRS 16) and the fair value and cash flow hedge reserves.

AVERAGE PORTFOLIO RETURN EXCLUDING PRO-ACTIVE PORTFOLIO MANAGEMENT (%): Average portfolio yield calculated as the ratio between interest income and average current account balances (excluding the value of proactive portfolio management).

POSTEPAY SERVICES SBU REVENUE NET OF ENERGY COSTS: this is an indicator of the operating performance of the Postepay Services Strategic Business Unit, within which the new business involving the sale of electricity and natural gas is represented. This indicator is calculated by subtracting the costs associated with the purchase of raw materials and the transport of electricity and gas from the revenue of the entire SBU.

Below is a reconciliation of revenue and costs of goods and services of the Poste Italiane Group and the Postepay Services SBU shown net (operating) and gross (accounting) of costs of the energy business.

	1Q 2024		1Q 2025
(€m)	Postepay Services	Group	Postepay Services	Group
External accounting revenue	470	3,136	538	3,337
Costs for raw materials, system charges and electricity and gas transport of the energy business for third-party customers	(91)	(91)	(140)	(140)
Management revenue from third parties	379	3,045	398	3,198
Inter-segment accounting revenues	106		102
Costs for raw materials, system charges and electricity and gas transport of the energy business for Group consumption	(36)		(31)
Inter-segment management revenue	70		71
Accounting cost of goods and services	290	896	336	970
Costs for raw materials, system charges and electricity and gas transport of the energy business (for third-party customers and Group consumption)	(127)	(91)	(171)	(140)
Management cost of goods and services	163	805	165	830

ROE (Return On Equity): calculated as the ratio between the Net result and the average value of the Group's "Equity" (net of fair value and cash flow hedge valuation reserves) at the beginning and at the end of the reporting period.

RWA (Risk Weighted Assets): this indicator measures the risk exposure of assets in accordance with Basel regulations. Risk-Weighted Assets, or RWA, are calculated by applying a weighting to assets that takes into account the level of exposure to credit, counterparty, market and operational risks.

TOTAL ASSETS: Total assets in the Statement of Financial Position of BancoPosta Ring-Fenced Capital - RFC.

TOTAL CAPITAL (OWN FUNDS): consists, as defined by Regulation (EU) no. 575/2013, of the sum of Tier 1 capital, consisting of CET 1 Capital and Additional Tier 1 capital (AT1, which for BancoPosta includes the hybrid instrument contributed by Poste Italiane), and Tier 2 capital (not relevant for BancoPosta).

TOTAL CAPITAL RATIO: is the coefficient that expresses the adequacy of Total Capital (Own Funds) with respect to the weighted exposure to Pillar 1 risks (operating, credit, counterparty, exchange rate). Ratio of Total Capital (Own Funds) to Total Risk Weighted Assets (RWA).

TSR (Total Shareholder Return): it measures the total annual return for an investor and is calculated by adding the increase in the share price over a determinate period of time to the impact of dividends per share paid in the same period.

EARNINGS PER SHARE: calculated by dividing the Group's profit for the year by the weighted average number of Poste Italiane S.p.A. ordinary shares in issue during the period.

Poste Italiane Group Interim report for the three months ended 31 March 2025

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