Poste Italiane

Interim / Quarterly Report • Jul 22, 2025

1

POSTE ITALIANE Q2 & H1-25 FINANCIAL RESULTS 22 JULY 2025

THE CONNECTING PLATFORM

CONTENTS

EXECUTIVE SUMMARY THE LARGEST ITALIAN PLATFORM COMPANY

STRONG H1-25 RESULTS ACROSS BUSINESS UNITS

• RECORD H1-25 REVENUES AT €6,458M (+5% Y/Y) ALL BUSINESS UNITS CONTRIBUTING TO REVENUE GROWTH
• RECORD H1-25 PROFITABILITY WITH ADJUSTED EBIT¹ AT €1,660M, UP 12% Y/Y AND NET PROFIT AT €1,170M, UP 14% Y/Y
• STRONG RESULTS IN FINANCIAL AND INSURANCE SERVICES SUPPORTED BY NII AND SOLID COMMERCIAL PERFORMANCE OF SAVINGS AND INVESTMENT PRODUCTS
• SOLID GROUP BALANCE SHEET AND INSURANCE SOLVENCY II RATIO AT 315%

FY-25 GUIDANCE UPGRADE – ADJUSTED EBIT¹ AT €3.2BN & NET PROFIT AT €2.2BN

1. Adjusted excluding systemic charges related to insurance guarantee fund (€37m for Q2-24 and H1-24, €19m for Q2-25 and €38m for H1-25) and costs and proceeds of extraordinary nature. Please refer to slide 39 for a full reconciliation

Q2 & H1-25 RESULTS OVERVIEW

RECORD H1-25 RESULTS DRIVEN BY TOP-LINE GROWTH AND CONTINUED COST DISCIPLINE

€ m unless otherwise stated

	Q2-24	Q2-25	Δ%	H1-24	H1-25	Δ%
REVENUES	3,119	3,260	+5%	6,164	6,458	+5%
ADJUSTED EBIT1	782	864	+10%	1,488	1,660	+12%
NET PROFIT	525	572	+9%	1,026	1,1702	+14%

Revenues and costs are net of commodity price and pass-through charges of the energy business; 1. Adjusted excluding systemic charges related to insurance guarantee fund (€37m for Q2-24 and H1-24, €19m for Q2-25 and €38m for H1-25) and costs and proceeds of extraordinary nature, please refer to slide 39 for a full reconciliation; 2. Includes €27m of mark-to-market gain on Nexi and TIM shares upon (de)recognition

EXTERNAL REVENUES ALL BUSINESS UNITS CONTRIBUTING TO TOP-LINE GROWTH

5

ADJUSTED EBIT¹ BY SEGMENT HIGHER REVENUES & EFFECTIVE COST DISCIPLINE DRIVE PROFITABILITY GROWTH

1. Adjusted excluding systemic charges related to insurance guarantee fund and costs and proceeds of extraordinary nature. Please refer to slide 39 for a full reconciliation

CONTENTS

67

MAIL, PARCEL & DISTRIBUTION PARCEL & LOGISTICS REVENUES ACCELERATING – MAIL TREND IN LINE WITH FY-25 GUIDANCE

• Parcel revenue growth accelerating across customer segments
• Mail revenues reflecting expected lower volumes – with 2024 benefitting from one-offs – partially mitigated by ongoing repricing actions
• Distribution revenues reflecting positive commercial trends
• Adjusted EBIT impacted by lower distribution rebates – progressing well in line with FY-25 guidance

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

PARCEL AVERAGETARIFF¹

MAIL AVERAGETARIFF (€/PC)

• Parcel volumes growth accelerating, supported by market share gains
• Parcels delivered by Postini reached 43%, up 4 percentage points Y/Y
• Parcel average tariff reflecting higher volumes with lower pricing and unit cost (2nd hand and boxless returns)
• Mail volume trend in line with expectations – FY-24 benefitting from one-off volumes
• Higher mail average tariff driven by favourable product mix and ongoing repricing actions on both USO and non-regulated business

1. Parcel tariffs adjusted for COVID-19 related contract for PPE logistics

FINANCIAL SERVICES RECORD QUARTERLY NII AND SOLID COMMERCIAL PERFORMANCE

€ m unless otherwise stated

GROSS REVENUES ADJUSTED EBIT¹ & NET PROFIT Q2 HIGHLIGHTS

• Investment portfolio revenues growth (+7%) driven by highest ever quarterly NII benefiting from higher average deposits and lower cost of funding
• Postal Savings fees +9% benefitting from improving gross inflows
• Transaction Banking fees impacted by lower payment slip volumes
• Consumer Loans fees up 17% driven by higher margins
• Asset Management revenues reflecting lower upfront fees due to different product mix
• Adjusted EBIT¹ trend supported by strong revenue performance

1. Adjusted excluding systemic charges related to insurance guarantee fund. Please refer to slide 39 for a full reconciliation; 2. Includes revenues from payment slips (bollettino), current accounts related revenues, fees from INPS and money transfer; 3. Includes reported revenues from custody accounts, credit cards and other revenues from third party products distribution; 4. Includes intersegment distribution revenues

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

• Strong net inflows in investment products at €1.9bn, confirming Life Investments & Pension positive trends
• Postal Savings net outflows driven by high maturities, mitigated by new commercial initiatives
• Deposits growth driven by higher Public Administration balances – stable retail deposits

INSURANCE SERVICES STRONG COMMERCIAL PERFORMANCE AND PROFITABILITY ACROSS LIFE & PROTECTION

1. Adjusted excluding systemic charges related to insurance guarantee fund. Please refer to slide 39 for a full reconciliation; 2. Lapse rate is calculated as surrenders divided by average technical provisions; 3. Includes Motor (distribution only); 4. Protection CoR calculated as: (insurance expenses + net reinsurance expenses -/+ other technical income and expenses + not directly attributable expenses) / gross insurance revenues, net of reinsurance

(+8% Y/Y)

CONTRACTUAL SERVICE MARGIN EVOLUTION €14.2BN DRIVEN BY STRONG NEW BUSINESS – SUSTAINABLE PROFITABILITY GOING FORWARD

SOLVENCY II STRONG SII RATIO EMBEDDING 100% REMITTANCE RATIO

1. EoP figures

Q2 HIGHLIGHTS

• Strong Solvency II ratio at 315% including the impact of foreseeable dividend based on a 100% net profit remittance
• Foreseeable dividend more than compensated by internal capital generation
• Economic variances & other: positive effect from economic variances, due to lower Italian spread

14

POSTEPAY SERVICES SOLID Q2 ECOSYSTEM PERFORMANCE WITH STRONG ACCELERATION OF PAYMENTS

HUMAN CAPITAL – FTEs CONTINUED WORKFORCE EVOLUTION SUPPORTING BUSINESS TRANSFORMATION

AVERAGE WORKFORCE EVOLUTION (#, K)

1. Annualized figures, calculated excluding IFRS17 effect; 2. Group revenues minus cost of goods sold

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

€ m unless otherwise stated

NON-HR COSTS HIGHER COSTS TO SUPPORT BUSINESS GROWTH AND TRANSFORMATION

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

CLOSING REMARKS THE LARGEST ITALIAN PLATFORM COMPANY

STRONG H1-25 RESULTS ACROSS BUSINESS UNITS

• RECORD H1-25 REVENUES AT €6,458M (+5% Y/Y) ALL BUSINESS UNITS CONTRIBUTING TO REVENUE GROWTH
• RECORD H1-25 PROFITABILITY WITH ADJUSTED EBIT¹ AT €1,660M, UP 12% Y/Y AND NET PROFIT AT €1,170M, UP 14% Y/Y
• STRONG RESULTS IN FINANCIAL AND INSURANCE SERVICES SUPPORTED BY NII AND SOLID COMMERCIAL PERFORMANCE OF SAVINGS AND INVESTMENT PRODUCTS
• SOLID GROUP BALANCE SHEET AND INSURANCE SOLVENCY II RATIO AT 315%

FY-25 GUIDANCE UPGRADE – ADJUSTED EBIT¹ AT €3.2BN & NET PROFIT AT €2.2BN

1. Adjusted excluding systemic charges related to insurance guarantee fund (€37m for Q2-24 and H1-24, €19m for Q2-25 and €38m for H1-25) and costs and proceeds of extraordinary nature. Please refer to slide 39 for a full reconciliation

CONTENTS

INVESTMENT IN TIM ACCOUNTING TREATMENT AND FINANCIAL STATEMENT IMPACT FOR POSTE ITALIANE

TIM data will be accounted for with 3 months time lag, due to timing misalignment between TIM and Poste's financial reporting calendars. 1. Data as of 17 July 2025; 2. Percentage of ordinary shares / voting rights; 3. Date as of which the shareholding has been reclassified from fair value investment (IFRS9) to associate (post completion of acquisition of Vivendi stake); 4. Net of minimum dividend reserved to holders of saving shares equal to 5% of nominal value of €0.55 per share, corresponding to c. €166m per annum, and taking into account that the difference between DPS of savings shares and DPS of ordinary shares must be ≥€0.011 (2% of €0.55); 5. Not subject to income tax, only dividends received are taxed at a 1.2% rate

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

€ m unless otherwise stated

NON-HR COSTS HIGHER COSTS TO SUPPORT BUSINESS GROWTH AND TRANSFORMATION

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

STRONG CASH GENERATION, AMPLE LIQUIDITY & BALANCED DEBT PROFILE

1. As of June 2025; 2. Figures do not include short-term debt; 3. Shareholders' equity net of revaluation reserves; 4. Other includes buyback, the coupon on the hybrid bond, changes in reserves related to incentive schemes (IFRS2), reclassification fair value reserve Nexi and other movements

MAIL, PARCEL & DISTRIBUTION NET FINANCIAL POSITION NFP SUPPORTED BY DIVIDENDS FROM SUBSIDIARIES – Y/Y IMPACT OF TIM STAKE ACQUISITION

BANCOPOSTA ASSETS AND LIABILITIES STRUCTURE RETAIL AND PUBLIC ADMINISTRATION DEPOSITS UP

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

UNREALISED GAINS & LOSSES AND SENSITIVITIES STRONG RECOVERY OF FAIR VALUE OF BANCOPOSTA PORTFOLIO

POSTAL SAVINGS POSTAL SAVINGS HIGH MATURITIES MITIGATED BY NEW COMMERCIAL INITIATIVES

€ m unless otherwise stated

ASSET MANAGEMENT AUM GROWTH SUPPORTED BY STRONG NET INFLOWS

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

BANCOPOSTA: SOLID AND EFFICIENT CAPITAL POSITION STRONG BALANCE SHEET

INSURANCE SERVICES SOLVENCY II EVOLUTION

SWAP (BP)

(BP)

Impact on SII ratio

(28) p.p.

(6) p.p.

+53 p.p.

(44) p.p.

SOLVENCY II RATIO SENSITIVITIES

WELL ABOVE RISK TOLERANCE AND MANAGERIAL AMBITION UNDER SIMULATED SCENARIOS

Q2 HIGHLIGHTS

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

INSURANCE SERVICES SOLVENCY II OWN FUNDS TIERING AND SOLVENCY CAPITAL REQUIREMENTS

€ m unless otherwise stated

SOLVENCY II CAPITAL AND SOLVENCY II CAPITAL REQUIREMENT BREAKDOWN

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

1. Includes Motor (distribution only) GPW for a total of €5m in Q2-24 and €6m in Q2-25

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

INSURANCE SERVICES LI&P NET INFLOWS

INFLOWS IN MULTICLASS & UNIT LINKED PRODUCTS COMPENSATING SEGREGATED FUNDS OUTFLOWS

INSURANCE SERVICES STABLE AND DIVERSIFIED INVESTMENT PORTFOLIO

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

RECLASSIFICATIONS ADJUSTED EBIT AND ENERGY

				Q2-24		Q2-25
€ m unless otherwise		MAIL, PARCEL & DISTRIBUTION	FINANCIAL SERVICES	INSURANCE SERVICES	CONSOLIDATED ACCOUNTS	MAIL, PARCEL & DISTRIBUTION	FINANCIAL SERVICES	INSURANCE SERVICES	CONSOLIDATED ACCOUNTS
stated	EBIT Reported	55	210	349	745	42	264	395	844
	Systemic charges related to insurance guarantee fund	0	8	29	37	0	4	15	19
	Adjusted EBIT	55	218	378	782	42	268	410	864
				H1-24				H1-25
		MAIL, PARCEL & DISTRIBUTION	FINANCIAL SERVICES	INSURANCE SERVICES	CONSOLIDATED ACCOUNTS	MAIL, PARCEL & DISTRIBUTION	FINANCIAL SERVICES	INSURANCE SERVICES	CONSOLIDATED ACCOUNTS
	EBIT Reported	96	408	698	1,451	67	520	758	1,621
	Systemic charges related to insurance guarantee fund	0	8	29	37	0	8	30	38
	Adjusted EBIT	96	416	727	1,488	67	528	789	1,660
			Q2-24		Q2-25		H1-24	H1-25
		POSTEPAY SERVICES	CONSOLIDATED ACCOUNTS	POSTEPAY SERVICES	CONSOLIDATED ACCOUNTS	POSTEPAY SERVICES	CONSOLIDATED ACCOUNTS	POSTEPAY SERVICES	CONSOLIDATED ACCOUNTS
	External revenue – reported	437	3,174	487	3,343	907	6,310	1,025	6,681
	Commodity prices and pass-through charges for external clients	(55)	(55)	(83)	(83)	(146)	(146)	(223)	(223)
	External revenue reclassified	382	3,119	404	3,260	761	6,164	802	6,458
	Intersegment revenue - reported	92		89		198		192
	Commodity prices and pass-through charges for Group consumption	(24)		(18)		(60)		(49)
	Intersegment revenue reclassified	68		71		138		143
	Cost of goods and services - reported	235	857	268	934	525	1,753	604	1,904
	Commodity prices and pass-through charges	(79)	(55)	(101)	(83)	(207)	(146)	(272)	(223)
	Cost of goods and services reclassified	155	802	167	851	319	1,607	332	1,681

POSTEPAY SERVICES STEADY INCREASE ACROSS KEY METRICS

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

POSTE ITALIANE DIGITAL FOOTPRINT KEY METRICS CONSTANTLY IMPROVING

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

POSTEPAY PAYMENTS TRANSACTION VALUE STEADY INCREASE IN E-COMMERCE TRANSACTIONS

INTERSEGMENT COSTS AS OF Q2-25 INTERSEGMENT DYNAMICS KEY DRIVERS

€ m unless otherwise stated	MAIN RATIONALE	INDICATIVE MAIN REMUNERATION SCHEME		Q2-24	Q2-25
• a) b)	Postepay Services remunerates: Mail, Parcel and Distribution for providing IT, delivery volume, promoting and selling SIMs and energy contracts and other corporates services1 ; Financial Services for promoting and selling card payments and other payments (e.g. tax payments) throughout the network.	a) b)	Annual fee and number of payment transactions flat fee (depending on the product) Fixed % of revenues	a) 71 b) 64 Total: 135	a) 82 b) 56 Total: 138
• c) d)	Insurance Services remunerates: Financial Services for promoting and selling insurance products2 and for investment management services3 ; for providing corporate services1 Mail, Parcel and Distribution	c) d)	Fixed % of upfront, maintenance and management fees Depending on service/product	c) 172 d) 21 Total: 193	c) 205 d) 21 Total: 226
	Insurance Services reported intersegment costs under IFRS17, remunerating MPD only4			Total: 6	Total: 6
• e) f)	Financial Services remunerates: Mail, Parcel and Distribution for promoting and selling Financial, Insurance and Postepay products throughout the network and for proving corporate services5 ; Postepay Services for providing certain payment services6.	e) f)	Fixed % (depending on the product) of revenues Depending on service/product	e) 1,279 f) 47 Total: 1,3267	e) 1,326 f) 48 Total: 1,3747
• g) h)	Mail, Parcel and Distribution remunerates: Postepay Services for acquiring services, postman electronic devices and utilities; Financial Services as distribution fees related to "Bollettino DTT".	g) h)	Annual fee, fee * volumes Flat fee for each "Bollettino"	g) 9 h) 0 Total: 9	g) 11 h) 0 Total: 11

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

SOCIAL

ESG KEY ACHIEVEMENTS IN H1 2025 DELIVERING INTEGRATED ESG TARGETS FOR A LONG-TERM SUSTAINABLE GROWTH

ENVIRONMENTAL

• Confirmed the Fleet Renewal Plan with c.6.2k electric vehicles and >28k other low-emission vehicles; confirmed increased adoption of HVO and SAF fuels
• Continued effort in testing alternative delivery methods including new models of electric cargo bikes for last-mile delivery¹
• c.3000 buildings involved in the Smart Building project²
• c.700 photovoltaic systems installed (114 in H1), reaching an additional capacity of c.3.2 MWp. The 'PoC Solar Smart Monitoring' solution will strengthen system control and energy efficiency³
• c.900k active contracts for green power & gas offer; c.19m eco-friendly cards

• Polis project on track, with c.3,900 post offices and c.90 coworking sites completed; c.100k PA services provided

• 2.5m training hours in H1; webinars launched to build specific AI-related skills

• 2025-2026 performance bonus renewed: 22% increase expected over the two-year period
• New Corporate Welfare program: record +22% sign-ups vs 2024
• Omnichannel Strategy: >26m daily interactions (+7% y/y); 50% of total interactions via digital channels

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

• Signed ^a Memorandum of Understanding with the Ministry of the Interior to strengthen cybersecurity for public services and digital infrastructure

GOVERNANCE

• Successfully maintained ISO 20400:2017 on integrating sustainability within procurement
• c.2k employees and managers engaged during the latest Compliance Day 2025, focused on Poste Italiane's Compliance Model and related certification

STRONG ESG REPUTATION – INCLUDED IN MOST RELEVANT INDICES AND RATINGS

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

• Best-in-class World/Europe Indices

1. Developed in collaboration with selected universities coordinated by the National Center for Sustainable Mobility; 2. Baseline 2020; 3. Developed in collaboration with GreenLog and ELIS Innovation Hub as part of the OpenItaly 2024 program

• Platinum medal • 'Top 1%' (89/100)

CONSOLIDATED ACCOUNTS PROFIT & LOSS

€m	Q2-24	Q2-25	Var.	Var. %	H1-24	H1-25	Var.	Var. %
Total revenues1	3,119	3,260	+142	+5%	6,164	6,458	+294	+5%
of which:
Mail, Parcel and Distribution	954	960	+6	+1%	1,888	1,909	+21	+1%
Financial Services	1,354	1,433	+79	+6%	2,689	2,841	+153	+6%
Insurance Services	430	464	+34	+8%	827	906	+79	+10%
Postepay Services1	382	404	+22	+6%	761	802	+41	+5%
Total costs1,2	2,337	2,397	+60	+3%	4,676	4,798	+122	+3%
of which:
Total personnel expenses	1,260	1,274	+13	+1%	2,535	2,565	+29	+1%
of which personnel expenses	1,254	1,273	+19	+1%	2,528	2,558	+30	+1%
of which early retirement incentives	2	0	(1)	(73%)	2	2	+0	+4%
of which legal disputes with employees	4	0	(4)	(96%)	6	5	(1)	(12%)
COGS	802	851	+49	+6%	1,607	1,681	+74	+5%
Other operating costs1	61	53	(8)	(13%)	120	106	(14)	(11%)
Depreciation, amortisation and impairments	213	219	+6	+3%	414	447	+33	+8%
Adjusted EBIT1,2	782	864	+81	+10%	1,488	1,660	+171	+12%
Adjusted EBIT Margin	+25%	+26%			+24%	+26%
Systemic charges related to insurance guarantee fund	37	19	(18)	(48%)	37	38	+1	+4%
EBIT	745	844	+99	+13%	1,451	1,621	+170	+12%
Finance income/(costs) and profit/(loss) on investments accounted for using the equity method	35	29	(6)	(18%)	53	76	+23	+44%
Profit before tax	781	873	+93	+12%	1,504	1,697	+193	+13%
Income tax expense	256	301	+45	+18%	478	528	+50	+10%
Profit for the period	525	572	+48	+9%	1,026	1,170	+144	+14%

1. Net of commodity price and pass-through charges of the energy business. Please refer to slide 39 for a full reconciliation; 2. Adjusted excluding systemic charges related to insurance guarantee fund and costs and proceeds of extraordinary nature. Please refer to slide 39 for a full reconciliation

CONSOLIDATED ACCOUNTS – SEGMENT VIEW H1-25 PROFIT & LOSS

€m	Mail, Parcels & Distribution	Financial Services	Insurance Services	Postepay Services	Adjustments & eliminations1	Total
External Revenues	1,909	2,841	906	802	0	6,458
Intersegment Revenues	2,851	511	(102)	143	(3,403)	0
Total revenues2	4,760	3,353	804	944	(3,403)	6,458
Labour cost	2,773	28	0	31	(268)	2,565
COGS2	1,362	30	4	332	(49)	1,681
Other Costs3	99	20	(4)	7	0	122
Capitalised Costs and Expenses	(35)	0	0	(1)	0	(35)
Impairment Loss/(Reversal) on debt instruments, receivables and other assets	1	9	0	9	0	19
Intersegment Costs	21	2,737	14	275	(3,047)	0
Total costs2,3	4,222	2,824	14	654	(3,363)	4,351
Depreciation, amortisation and impairments	471	0	1	14	(40)	447
Adjusted EBIT2,3	67	528	789	276	(0)	1,660
Systemic charges estimate related to insurance guarantee fund	0	8	30	0	0	38
EBIT	67	520	758	276	(0)	1,621
Finance income/(cost)	(7)	28	43	12	0	76
Profit before tax	60	548	802	288	0	1,697
Tax cost/(income)	68	152	229	79	0	528
Profit for the period	(8)	396	573	209	0	1,170

1. IFRS17 requires the attribution of costs directly attributable to insurance policies – incl. distribution costs to remunerate Poste Italiane network – to Insurance Services' revenues. To ensure full elimination of intersegment costs we make an adjustment at Group level, allocating such costs to Labour costs, COGS and D&A; 2. Net of commodity price and pass-through charges of the energy business. Please refer to slide 39 for a full reconciliation; 3. Adjusted excluding systemic charges related to insurance guarantee fund and costs and proceeds of extraordinary nature. Please refer to slide 39 for a full reconciliation

MAIL, PARCEL & DISTRIBUTION PROFIT & LOSS

€m	Q2-24	Q2-25	Var.	Var. %	H1-24	H1-25	Var.	Var. %
Segment revenue	954	960	+6	+1%	1,888	1,909	+21	+1%
Intersegment revenue	1,372	1,430	+58	+4%	2,743	2,851	+108	+4%
Total revenues	2,325	2,390	+65	+3%	4,631	4,760	+129	+3%
Personnel expenses	1,340	1,377	+37	+3%	2,698	2,773	+75	+3%
of which personnel expenses	1,339	1,377	+38	+3%	2,697	2,771	+75	+3%
of which early retirement incentives	2	0	(1)	(71%)	2	2	+0	+3%
Other operating costs1	700	728	+27	+4%	1,386	1,428	+42	+3%
Depreciation, amortisation and impairments	220	232	+12	+5%	430	471	+41	+10%
Intersegment costs	9	11	+2	+20%	20	21	+1	+4%
Total costs1	2,270	2,348	+78	+3%	4,535	4,693	+158	+3%
Adjusted EBIT1	55	42	(13)	(24%)	96	67	(29)	(31%)
Adjusted EBIT Margin	+2%	+2%			+2%	+1%
EBIT	55	42	(13)	(24%)	96	67	(29)	(31%)
Finance income/(costs)	(5)	(18)	(13)	n.m.	(22)	(7)	+15	+68%
Profit/(Loss) before tax	50	24	(26)	(52%)	74	60	(15)	(20%)
Income tax expense	40	61	+20	+50%	59	68	+9	+16%
Profit for the period

1. Adjusted excluding systemic charges related to insurance guarantee fund. Please refer to slide 39 for a full reconciliation

FINANCIAL SERVICES PROFIT & LOSS

€m	Q2-24	Q2-25	Var.	Var. %	H1-24	H1-25	Var.	Var. %
Segment revenue	1,354	1,433	+79	+6%	2,689	2,841	+153	+6%
Intersegment revenue	217	251	+33	+15%	441	511	+71	+16%
Total revenues	1,571	1,683	+112	+7%	3,130	3,353	+223	+7%
Personnel expenses	13	14	+1	+6%	26	28	+2	+8%
of which personnel expenses	13	14	+1	+7%	26	28	+2	+8%
of which early retirement incentives	0	0	(0)	n.m.	0	0	+0	+19%
Other operating costs1	14	27	+13	+95%	39	60	+22	+56%
Depreciation, amortisation and impairments	0	0	+0	+0%	0	0	+0	+0%
Intersegment costs	1,326	1,374	+48	+4%	2,649	2,737	+88	+3%
Total costs1	1,353	1,415	+62	+5%	2,713	2,825	+111	+4%
Adjusted EBIT1	218	268	+50	+23%	416	528	+112	+27%
Adjusted EBIT Margin	14%	16%			13%	16%
Systemic charges related to insurance guarantee fund	8	4	(4)	(49%)	8	8	+0	+2%
EBIT	210	264	+54	+26%	408	520	+112	+27%
Finance income/(costs)	15	17	+3	+20%	25	28	+3	+13%
Profit/(Loss) before tax	224	281	+57	+25%	433	548	+115	+27%
Income tax expense	67	78	+11	+17%	125	152	+27	+21%
Profit for the period	157	204	+46	+29%	308	396	+88	+29%

1. Adjusted excluding systemic charges related to insurance guarantee fund. Please refer to slide 39 for a full reconciliation

INSURANCE SERVICES PROFIT & LOSS

€m	Q2-24	Q2-25	Var.	Var. %	H1-24	H1-25	Var.	Var. %
Segment revenue	430	464	+34	+8%	827	906	+79	+10%
Intersegment revenue	(37)	(50)	(13)	(35%)	(75)	(102)	(27)	(35%)
Total revenues	393	414	+21	+5%	751	804	+52	+7%
Personnel expenses	3	(3)	(6)	n.m.	6	0	(5)	(95%)
of which personnel expenses	3	(3)	(6)	n.m.	6	0	(5)	(95%)
of which early retirement incentives	0	0	+0	n.m.	0	0	+0	n.m.
Other operating costs1	4	(1)	(5)	n.m.	4	(0)	(5)	n.m.
Depreciation, amortisation and impairments	1	0	(0)	(15%)	1	1	(0)	(10%)
Intersegment costs	7	7	+0	+1%	13	14	+1	+4%
Total costs1	14	4	(11)	(73%)	24	15	(10)	(39%)
Adjusted EBIT1	378	410	+32	+8%	727	789	+62	+8%
Adjusted EBIT Margin	96%	99%			97%	98%
Systemic charges related to insurance guarantee fund	29	15	(14)	(48%)	29	30	+1	+4%
EBIT	349	395	+46	+13%	698	758	+60	+9%
Finance income/(costs)	19	24	+5	+27%	33	43	+11	+32%
Profit/(Loss) before tax	369	420	+51	+14%	731	802	+71	+10%
Income tax expense	108	122	+13	+12%	219	229	+10	+5%
Profit for the period	260	298	+38	+15%	512	573	+61	+12%

1. Adjusted excluding systemic charges related to insurance guarantee fund. Please refer to slide 39 for a full reconciliation

POSTEPAY SERVICES PROFIT & LOSS

€m	Q2-24	Q2-25	Var.	Var. %	H1-24	H1-25	Var.	Var. %
Segment revenue	382	404	+22	+6%	761	802	+41	+5%
Intersegment revenue	68	71	+4	+5%	138	143	+5	+4%
Total revenues1	450	475	+26	+6%	899	944	+46	+5%
Personnel expenses	15	16	+1	+7%	29	31	+2	+7%
of which personnel expenses	15	16	+1	+7%	29	31	+2	+7%
Other operating costs1	160	173	+13	+8%	329	347	+19	+6%
Depreciation, amortisation and impairments	8	6	(3)	(33%)	17	14	(3)	(17%)
Intersegment costs	135	138	+2	+2%	274	275	+1	+0%
Total costs1	318	332	+14	+4%	650	668	+19	+3%
EBIT	132	144	+12	+9%	249	276	+27	+11%
EBIT Margin	29%	30%			28%	29%
Finance income/(costs)	7	5	(1)	(21%)	17	12	(6)	(33%)
Profit/(Loss) before tax	138	149	+11	+8%	266	288	+22	+8%
Income tax expense	40	41	+1	+2%	75	79	+3	+5%
Profit for the period	98	108	+10	+10%	191	209	+18	+9%

1. Net of commodity price and pass-through charges of the energy business. Please refer to slide 39 for a full reconciliation

DISCLAIMER

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

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

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

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

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

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

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

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