INTERIM REPORT ON OPERATIONS AT 30 JUNE 2025 CREATING VALUE FOR ITALY

Poste Italiane Group Interim Report on Operations at 30 June 2025

INTERIM REPORT ON OPERATIONS INTERIM REPORT AT 30 JUNE 2025

AT 31 MARCH 2025

This document has been translated into English solely for the convenience of the international reader. In the event of inconsistency between the Italian version and the English version, the Italian version shall prevail, as the Italian version constitutes the sole official document.

INTERIM REPORT ON OPERATIONS AT 30 JUNE 20251
1. Reading guide2
2. Highlights 3
3. Outlook 5
4. Group Corporate structure, Corporate Governance and organisational structure 8
4.1 Poste Italiane's Corporate Governance 8
4.2 Poste Italiane's Organisational Structure 9
4.3 Ownership and share performance 11
4.4 Group Corporate structure and principal corporate actions during the period 14
4.5 Omnichannel approach and business segments 17
5. Risk management54
6. Creation of value58
6.1 Group operating results 58
6.2 Group's omnichannel platform 92
6.3 Group's Capital Management Framework 97
6.4 Group financial position and cash flow 97
7. Other information 103
7.1 Significant events after 30 June 2025 103
7.2 Significant transactions 103
7.3 Industrial Relations, Welfare and Corporate University 104
8. Appendix111
8.1 Reclassified statement of profit or loss and statement of financial position 111
8.2 Alternative Performance Indicators 116
8.3 Key data for principal Group Companies 119
CONDENSED CONSOLIDATED HALF-YEAR FINANCIAL STATEMENTS AT 30 JUNE 2025 124
1. INTRODUCTION 125
2. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES125
3. SIGNIFICANT EVENTS130
4. POSTE ITALIANE GROUP - FINANCIAL STATEMENTS A 30 JUNE 2025133
5. FAIR VALUE OF FINANCIAL INSTRUMENTS178
6. CONTINGENT LIABILITIES AND MAIN PROCEEDINGS PENDING WITH THE AUTHORITIES 180
7. MATERIAL NON-RECURRING EVENTS AND/OR TRANSACTIONS182
8. EXCEPTIONAL AND/OR UNUSUAL TRANSACTIONS182
9. SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD 182
10. ADDITIONAL INFORMATION182
11. ATTESTATION OF THE MANAGER RESPONSIBLE FOR FINANCIAL REPORTING AND INDIPENDENT
AUDITORS' REPORT 190

1. Reading guide

The Interim Report at 30 June 2025 of the Poste Italiane Group - approved by the Board of Directors on 22 July 2025, which authorised its public disclosure, also pursuant to IAS 10 - includes the Interim Report on Operations at 30 June 2025 and the Condensed consolidated half-year financial statements.

The values presented in this Interim Report at 30 June 2025 are compared with the 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.

Starting from the previous financial years, in order to provide a reading 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. Consequently, some values presented in the following document reflect a management reclassification with respect to the accounting data.

Furthermore, in order to make the results of the half-year comparable with those of the same period of the previous year and to provide the market with a representation of the Group's results consistent with the strategic guidelines and representations contained in the latest strategic plan presented in March 2024 "2024-2028 The Connecting Platform", an adjusted view of the Operating Result (adjusted EBIT) is present in this Interim Report on Operations, adjusted for the firsthalf expense for the contribution to the Life Insurance Guarantee Fund1 (pursuant to Law no. 213 of 30 December 2023 - Budget Law).

It is highlighted that 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 the section "Alternative Performance Indicators" in chapter 8 "Appendix" for the reconciliation of EBIT and adjusted EBIT.

2. Highlights

During the first half 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

The international economic scenario in the first months of the year was characterised by a slowdown in economic activity and persistent high uncertainty fuelled by measures on US trade policies and high geopolitical tensions. In Italy, first-quarter GDP grew² , despite a gradual deterioration in the main indicators of business and consumer confidence, largely related to the scenario of high uncertainty and economic developments.

The recent projections published in June3 and unchanged from the previous ones of April 2025, estimate a national GDP growth of 0.6% in the year 2025, 0.8% in 2026 and 0.7% in 2027, mainly driven by the recovery in consumption and under the assumption of a marked slowdown in international trade; with regard to the latter, the high degree of uncertainty related to the possible tightening of trade policies due to the evolution of the ongoing international negotiations on tariffs, could further penalise economic activity, in terms of exports and investments, compromising growth.

In this context, the Poste Italiane Group recorded an all-time record for the first half of the year in terms of revenue, EBIT and net profit. Revenue of €6.5 billion was up 4.8% y/y; adjusted EBIT⁴ and consolidated net profit for the period amounted to €1.66 billion (+11.5% y/y) and €1.17 billion (+14% y/y) respectively. These results were helped in particular by the interest margin, which reached a record high in the first half of the year, as well as by revenue from the parcel and insurance segments, always combined with careful cost discipline.

The positive financial performance recorded in the first six months of the year led the management to revise the Plan guidance for adjusted EBIT and year-end Net Profit upwards already in July, to €3.2 and €2.2 billion, respectively.

In addition to the improvement in the dividend policy, through the increase in the payout ratio to 70% for 2024-2028 already communicated to the market in February 2025 on the occasion of the presentation of the preliminary results for the year 2024, it is noted that, since the listing in 2015, Poste Italiane shareholders have benefited from a progressive increase in the share price with an increasing overall remuneration, reflected in a level of Total Shareholder Return (TSR) higher than that recorded on the main stock exchange index (FTSE MIB). The share price exceeded €18 several times during the first half of the year, reaching a new record high at around €19 at the beginning of June.

In the coming months, the Group will continue with the execution of 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 Strategic Business Unit Mail, Parcels and Distribution.

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 half 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. At the end of June, there were about 500 lockers installed in the territory. 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 SpA externally managed which aims to manage the Poste Italiane Group's logistics infrastructure in a

² GDP in the first quarter of 2025 grew by 0.3% cyclically (+0.7% trend-wise) Source: ISTAT Italian economy outlook in 2025 – 2026.

³ Source: Bank of Italy – Macroeconomic Projections for the Italian Economy, June 2025.

⁴ Adjusted EBIT does not include charges for the contribution to the Life Insurance Guarantee Fund (amounting to €38 million in the first half of 2025 and €37 million in the first half of 2024).

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 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). A relaunch of the Pension segment is also planned, through the evolution of the positioning strategy of the Posteprevidenza Valore Individual Pension Plan.

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, will continue to expand its modular offer for businesses and the introduction of a range of entry-level solutions dedicated to customers of the Punto Poste Casa and Famiglia network, with the aim of increasing engagement and loyalty.

Finally, the Group will be committed in 2025 to increasing the channels of access to the insurance offer, including by enhancing Net Insurance as the Poste Vita Group's product factory for physical and digital third-party networks.

Benefiting from the growth of e-commerce and cashless payments, the PostePay business will evolve towards digital and innovative payment solutions so as to increase the level of customer loyalty, stock and, in particular, the use of payment cards. In the area of 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-aquiring); in the area of mobile telephony, the focus will continue to be on the Postepay Connect evolutions, extending the evolutionary projects also to the standard Postepay. In the area of energy, activities will continue on the finetuning of processes to improve the customer experience during both the acquisition and renewal phases, the continuation of promotional activities to support the development of the customer base, as well as sales network engagement activities. Moreover, the recent entry of Poste Italiane into the shareholding structure of TIM S.p.A. enables the development of commercial relations between the two companies and aims to create synergies, provide 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 the area of Digital Transformation and Technological Innovation, we will continue along the path of renewing hardware infrastructures distributed throughout the country, to support the reliability and operational continuity of corporate IT equipment.

In parallel, the implementation of the SD-WAN (Software-Defined Wide Area Network) solution will be further enhanced, with the aim of optimising connectivity between sites, improving dynamic network traffic management and increasing the overall resilience of corporate communications.

In 2025, the Group will continue with the implementation of "Polis", a strategic project to support the country's social cohesion, which involves approximately 7,000 municipalities with less than 15 thousand inhabitants, in which the Post Office will be transformed into a hub of digital services for rapid and easy access to the Public Administration's services. Some 250 co-working spaces nationwide are also planned, as well as the implementation of numerous initiatives to support the country's energy transition. Since the start of the project, by the end of June 2025, 3,905 Post Offices and 91 Spaces for Italy (co-working) were completed and more than 98,000 files on Public Administration services have been processed.

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 the Poste Italiane 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

Group Corporate structure and principal corporate actions during the period

Omnichannel approach and operating segments

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'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 on Operations at 30 June 2025

Below is Poste Italiane's organisational structure:

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

In March 2025, the overall reorganisation of the Digital, Technology & Operations structure was completed, with the organisational revision of the Customer Operations function. The distinguishing features of this reorganisation are the strengthening of integrated service monitoring and process assurance activities, a greater focus on administrative and credit management services, and the further expansion of the Group's 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.

During the first half of 2025, the Artificial Intelligence Committee was established, chaired by the General Manager, which has the objective of evaluating, approving, and overseeing the use of Artificial Intelligence across the Group, ensuring that applications are in line with the Company's strategic objectives and comply with applicable ethical, regulatory, and legal standards, promoting the adoption of safe, transparent, and traceable technology that protects fundamental citizen rights and European values.

4.3 Ownership and share performance

4.3.1 Poste Italiane's ownership at 30 June 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 30 June 2025, the Company is 29.26% owned by the Ministry of the Economy and Finance (MEF) and 35% owned by Cassa Depositi e Prestiti SpA (CDP), also controlled by the MEF. The remaining shares are held by institutional and retail investors. A total of 32.1%⁶ 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 1,294,115,890 are outstanding at 30 June 2025.

In execution 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

⁵ These are the Mail, Communication and Logistics functions for the offer of mail, parcels and commercial communication services and BancoPosta as placement intermediary for the financial and insurance offer. The other two business areas are covered by PostePay for the payments, telephony and energy sales services offering and by Poste Vita Group for the insurance range. ⁶ Source: Nasdaq Corporate Solutions.

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 countervalue of €10,417,508.52.

During the fourth tranche of the programme, in the period between 5 June 2025 and 10 June 2025, a total of 933,589 treasury shares (equal to 0.071% of the share capital) were purchased at an average price of €19.024937 per share, for a countervalue of €17,761,471.70. At the closing of the fourth tranche of the programme, Poste Italiane S.p.A. held 11,994,110 treasury shares (equal to 0.918% of the share capital).

Furthermore, the ordinary shareholders' meeting of Poste Italiane S.p.A. on 30 May 2025, authorised the Board of Directors to purchase and subsequently dispose of treasury shares – to service the Incentive Plans, based on financial instruments – for a maximum of 2.6 million Company shares, representing approximately 0.20% of the share capital, for a total disbursement of up to €50 million. Purchase of the treasury shares will be permitted for eighteen months from the date of the shareholder resolution granting the authority.

4.3.2 Share performance

The value of the Poste Italiane share in the first half of 2025 recorded an increase of 32.70%, going from €13.745 at the beginning of the year to €18.240 at the end of June 2025. Over the same period, the FTSEMIB increased 15.76%.

From the date of listing on the stock exchange (27 October 2015) to 30 June 2025, Poste share price increased by 170.22% (the FTSE MIB index increased by 75.84% in

the same period), guaranteeing an overall return for shareholders (TSR: Total Shareholder Return) of 380.28% while the main index of the Italian Stock Exchange increased by 155.93%.

The TSR of Poste Italiane share compared to the FTSE MIB median shows a performance of +70.3% over the three-year period 2023-2025 (at 30 June 2025).

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.

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)	1H 2025	FY 2024	1H 2024	FY 2023
Closing price at the end of the period (€)	18.240	13.620	11.895	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
	19.125	13.870	12.955	10.410
Maximum price of the period (€)	02/06/2025	16/12/2024	05/06/2024	28/07/2023
Average price of the period (€)	16.495	12.060	11.381	9.826
Stock exchange capitalisation at the end of the period (€m)	23,823	17,789	15,536	13,362
TSR of the period (%)	39.60	42.26	21.18	20.52
Earnings per share* (€)	0.89	1.54	0.78	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 Group Corporate structure and principal corporate actions during the period

At 30 June 2025, the Group held, directly and indirectly, investments in 56 companies and consortia, of which 39 are consolidated on a line-by-line basis, one is a subsidiary and measured using the equity method, 9 are associates and measured using the equity method, one is an associate classified under assets held for sale pursuant to IFRS 5, one is subject to joint control measured using the equity method and 5 represent minority stakes. In addition, Poste Italiane fully consolidated 8 multi-asset funds.

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PRINCIPAL CORPORATE ACTIONS DURING THE PERIOD

Below are the main transactions that took place during the first half of 2025 and after 30 June 2025.

	Patrimonio	On 14 February 2025, the company Patrimonio Italia Logistica - SICAF S.p.A.
	Italia Logistica	externally managed ("SICAF") was established - owned by Poste Italiane
	- SICAF S.p.A.	S.p.A. and Dea Capital Real Estate Sgr S.p.A. ("DeA Capital") - to which Poste
	externally	Italiane S.p.A. will contribute all the largest sites of the primary logistics network
MAIL, PARCELS AND	managed	and a large part of the intermediate network for a total area of approximately
DISTRIBUTION		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 the infrastructural and real estate transformation of the Poste Italiane S.p.A. logistics network, while simultaneously 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.
	MLK Deliveries S.p.A.	On 19 June 2025, the Boards of Directors of Poste Italiane S.p.A. and MLK Deliveries S.p.A. ("MLK") approved the plan for the merger by incorporation of MLK into its parent company Poste Italiane. The transaction is part of the broader project to rationalise the Parent Company's subsidiaries within the Mail, Communication and Logistics (PCL) division, with the aim of standardising, evolving and engineering operating processes in the Express Courier and Parcels segment.
		The merger transaction will be submitted to the approval of Poste Italiane S.p.A.'s Board of Directors and of the Extraordinary Shareholders' Meeting of MLK at the meeting scheduled for 22 July next, while the closing of the transaction is expected by the end of November 2025.
	Plurima S.p.A.	On 10 June 2025, the Extraordinary Shareholders' Meetings respectively of Plurima S.p.A. ("Plurima") and Logos S.p.A. ("Logos"), a wholly-owned subsidiary of Plurima, resolved on the merger by incorporation of Logos into Plurima. The operation, whose merger project was approved by the respective boards of directors last May, is aimed at streamlining the management of the two companies, with the primary objective of achieving savings in structural costs and in the use of available resources. The transaction is expected to be formalised by the second half of 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
INSURANCE SERVICES	Net Holding S.p.A.	An extraordinary shareholders' meeting of Net Holding S.p.A. ("Net Holding") was held on 14 November 2024, during which the shareholders, Poste Vita S.p.A. and IBL Banca S.p.A., resolved to dissolve Net Holding early and put it into liquidation. On 3 February 2025, following the authorisations received from the regulatory authority, the resolution to liquidate and the appointment of the liquidator was registered with the Companies Register. 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 financial statements and the distribution plan. On 8 April 2025 was the cancellation of the company from the Companies Register.

Other transactions

On 10 February 2025, Poste Italiane S.p.A.'s Board of Directors resolved to send to Banco BPM Vita S.p.A. ("Banco BPM Vita") a letter of commitment 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) the Banco BPM Vita 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 letter of commitment and the 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 is noted that during the offer period, which extended from 17 March to 4 April 2025, Banco BPM reached 89.95% of the Anima Holding S.p.A. share capital. Therefore, the Takeover Bid became fully effective. On 11 April 2025, Poste Italiane S.p.A. therefore collected €267.2 million for its entire stake in Anima Holding S.p.A.

On 15 February 2025, Poste Italiane S.p.A.'s Board of Directors resolved to acquire 9.81% of the ordinary shares of TIM 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 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).

Following the completion of the transaction on 23 May 2025 with the notification to the Competition and Market Authority, Poste Italiane S.p.A. holds 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 an investment of a strategic nature, 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, on 7 May 2025, TIM and PostePay S.p.A. ("PostePay") – a wholly-owned subsidiary of Poste Italiane – signed a Memorandum of Understanding (MOU) for the gradual transition to the TIM mobile network infrastructure for PostePay voice and data services, to be carried out during 2026. In addition, evaluations are underway to launch industrial partnerships aimed at exploiting 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 April 3, 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 is planned to take place in 2 tranches: (i) the first one was signed on 22 April 2025 after Moneyfarm obtained the necessary favourable opinion from the UK supervisory authority (FCA) on 8 April; while (ii) the second one will be signed by the first quarter of 2026.

4.5 Omnichannel approach and business segments

The Poste Italiane omnichannel platform strategy

Macroeconomic context

Mail, Parcels and Distribution Strategic Business Unit

Financial Services Strategic Business Unit

Insurance Services Strategic Business Unit

Postepay Services Strategic Business Unit

4.5.1 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.

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 9.0 million "hybrid" customers7 (up 5.4% compared to the first half of 2024). In the first half of 2025, Poste Italiane's omnichannel platform reached 26.5 million total daily interactions (+6.8% compared to 24.8 million total daily interactions⁸ in the first half 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.

⁷ 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).

⁸ 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.

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 thousand points, the result of commercial partnership agreements for the marketing of Group products and services managed also through the acquisition of the company LIS.

PHYSICAL NETWORK OF POST OFFICES

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

12,757 Post Offices

MACRO AREAS POST OFFICE NETWORK

GEOGRAPHICAL DISTRIBUTION OF POST OFFICES AND BRANCH OFFICES

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

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

In the first half of 2025, efforts continued to strengthen the focus on strategic and higher-value customer segments. With a view to expanding the customer base, dynamic portfolios increased to 2,127 at 30 June 2025 (1,893 at 31 December 2024). Implementation of the new sales service model also continued with actions both in the retail sphere, with the creation, depending on the type of portfolio managed by the professional figures, of the Financial Consultant Specialist⁹ and Mobile Consultant Specialist10 , personal and dynamic, and in the business sphere, with the introduction of the organisational model of the small business channel11 with the aim of maximising and enhancing the integrated omnichannel offer, while strengthening the synergy with the retail sales force; the new organisational model of the small business channel provides in particular for: i) the elimination of the professional figures Small Business Specialist and Mail and Parcels Specialist, ii) the introduction of the Business Consultant Specialist12, iii) the strengthening of the figure of the Small Business Contact Person 13 and iv) the qualification for Small Business sales and commercial reporting 14 also

⁹ Financial Consultant Specialists (SCF) are on duty in the Post Offices with a lounge. Dynamic SCF handle the management of Dynamic portfolios, while Personal SCF handle the management of Personal portfolios.

¹⁰ Mobile Consultant Specialists (SCM) are on the move, ensuring the commercial coverage at Post Offices without a room and in those belonging to the basic channel. Dynamic SCM manage a Dynamic portfolio (present within a Gold or Silver zone), while Personal SCM manage a Personal portfolio (present within a Gold zone).

¹¹ Small business customers that are managed by resources of Poste Italiane's Post office network function include VAT holders with fewer than 10 employees and an annual turnover of less than €1,000,000. VAT holders with at least 10 employees and a turnover of at least €1,000,000 are managed by resources of the MIPA function of Poste Italiane. These restrictions do not apply to condominiums and freelancers, which are always managed by the Post office network function.

¹² The Business Consultant Specialist is the professional figure assigned to the sale, in a dedicated consulting room, of the Financial and Postal Offer to the Small Business segment.

¹³ The Small Business Contact Person is the support and commercial figure dedicated to the off-branch sale of financial products and in charge of the functional coordination of the Business Consultant Specialists on the entire offer.

¹⁴ A business referral is a request by a customer to be contacted by a business consultant for business advice.

of the Retail figures (i.e. Post Office Manager, Financial Consultant Specialist, Counter Operator and Front-End Operator) of the 5,700 MiFID Post Offices15 .

The new organisational model represents a strategic pillar for growth and competitiveness in the small business segment, consolidating a model increasingly oriented towards performance and all-round customer satisfaction in the Poste Italiane ecosystem and the enhancement of capillarity and digitalisation. Under the new model, retail figures assume a central role in the identification and valorisation of retail customers with VAT registration and work in synergy with Business Consultant Specialists, ensuring effective supervision to best capitalise on sales opportunities and consolidate the business relationship.

As a result of these actions16, specialist coverage of Affluent and Private customers went from 32% in 2023 to 64% in 2024 and 66% at 30 June 2025, confirming the trajectory envisaged over the course of the plan to better cover customers' needs by further developing customer segmentation and entrusting it to specialised financial advisors.

As part of the front-end evolution, in the first half of the year, the process of skills development continued of the Front-End Operator17 to better manage innovative businesses (Motor TPL, Fibre and Energy) and it was implemented on about 1,500 Post Offices of the Punto Poste Casa & Famiglia network18 (of which 10 activated in the first half of 2025) with about 2,500 Front-End Operators applied on the various points. During the following quarters, the implementation of the Punto Poste Casa & Famiglia format will continue, in line with the agreement signed on 5 May 2025 with the trade unions, which extended its scope to a further 341 Post Offices. For more details, please refer to section 7.3 "Industrial Relations, Welfare and Corporate University".

Finally, in the first half of 2025, two Post Offices were opened to the public: in April, in the municipality of Calvaruso (Messina) of about 8,000 inhabitants and, in June, in the Carabinieri General Headquarters in Rome.

¹⁵ MiFID Post Office means a post office where the manager is authorised to sell products falling under MiFID (e.g. insurance investment products).

¹⁶ % of Private and Affluent customers managed by specialised financial advisors. The indicator is calculated as the ratio of customers managed by advisory specialists to the number of Private and Affluent customers.

¹⁷ The Front-End Operator (OFE) is the professional figure in the Punto Poste Casa&Famiglia network who focuses on the sale of products with a high relational content such as third-party motor liability, energy and fibre.

¹⁸ The "Punto Poste Casa e Famiglia" project on the core network of Post Offices envisages evolution of the former Postepay corners towards a model dedicated to the marketing of products and services with a high relational content (Energy, Fibre, Motor TPL).

Polis Project - Houses of Digital Services

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

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

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.

day.

Some PA services provided at the One-stop shop at 30 June 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 30 June 2025

One-stop Shop: in the course of 2025, real estate and technology upgrades were started in Post Offices at 1,276 sites (a total of 4,766 works started since the beginning of the project) and works in 986 Post Offices were completed (a total of 3,905 works completed since the beginning of the project until 30 June 2025).
Spaces for Italy: during 2025 renovation work continued on the buildings owned by the Company and at 30 June 2025 a total of 145 building works had been commenced and 91 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.

PHYSICAL NETWORK - BUSINESS AND PUBLIC ADMINISTRATION

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

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

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

MACRO AREAS BUSINESS AND PUBLIC ADMINISTRATION

Lombardy and North-western Area Central-north and North-eastern Area Central-south Area Central Structures/Public Administration Headquarters/Financial Sellers Headquarters, Parcels, Integrated Logistics and Digital Solutions Area Headquarters

LOGISTICS NETWORK

The Group's mail and parcel services are currently provided through three synergistic logistics networks: the postal logistics network for mail management, which, thanks to the joint delivery model, also handles small parcels; the new courier logistics network; and finally, the parcel logistics network (operated by group companies). The delivery of small parcels is therefore handled by the postal logistics network and the courier logistics network according to a dynamic approach, aimed at maximising efficiency for each individual geographical area.

As part of the transformation plan for the Mail and Parcels segment and with the aim of making the Poste Italiane Group an integrated logistics operator, an important initiative was launched in 2023 to develop the Integrated Logistics19 market segment. To strengthen the Group's presence in this business, Poste Logistics S.p.A. was created on 4 March 2024. For more information, please refer to section 4.4 "Group Structure" of the 2024 Annual Report.

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

¹⁹ It represents the integration of warehousing services (goods entry, warehousing, order management/arrangement, shipment preparation) and distribution services. B2B distribution is carried out through Poste Delivery Business express courier services or through FTL (Full Track Load) or LTL (Less Than Truck Load) services. B2C distribution is carried out through Poste Delivery Business express courier services.

As of February 2024, the Poste Italiane Group is also active in fresh food logistics, through the refrigerated transport service (PosteGoFresh20) offered through MLK Fresh. For more information, please refer to the period activities of the Mail, Parcels and Distribution Strategic Business Unit in the remainder of this document.

POSTAL LOGISTICS NETWORK ACTIVITIES

The postal logistics network accepts, sorts and delivers mail products and portable parcels (weighing less than 5 kilograms). The following chart shows the logistics network value chain and the main quantitative drivers.

The organisational model for the postal logistics network consists of 6 Logistics Macro Areas coordinated centrally, which handle all stages of the value chain: acceptance and collection, outbound sorting, transport, inbound sorting and delivery.

²⁰ The refrigerated transport service for home delivery of fresh food products purchased on-line.

PARCEL LOGISTICS NETWORK ACTIVITIES

Larger or non-carriable parcels and express courier products are delivered via the parcel logistics network (operated by Group companies), while small parcels follow the flow from the postal network and the new courier logistics network. The logistics flow is shown below.

During the first half of 2025, the implementation of the new courier network began within the postal network, aimed at creating a two-network structure, as envisaged by the Group's transformation process into a complete logistics operator, in accordance with the objectives outlined in the Strategic Plan "2024-2028 The Connecting Platform". The current network of letter carriers is joined by the new courier network with the aim of accommodating the growth in parcels and the increasing demand for customisation during delivery (floor delivery, cash on delivery, proximity services, etc.). The new model takes the form of a more flexible network, with a coverage of around 80% of the population and a delivery frequency of six days out of seven, which will enable the delivery of parcels weighing up to 10 kilograms and larger than on the traditional postmen/ postwomen network. The logistics flow of the new courier network is shown below.

The distinguishing features of the new network are: the option to use micro-fulfilment21 for same-day deliveries, specialised activities for new segments (e.g. Pharma and refrigerated products) and the enhancement of the Pick Up-Drop Off (PUDO) network for increased productivity and delivery sustainability. For more details on the characteristics of the PUDO network, please refer to the section "PUDO (Pick Up - Drop Off) Network".

HEALTH LOGISTICS ACTIVITIES

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

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

The activity of transporting biological material consists of collecting the biological samples22 at the collection centres and transporting them to the analysis laboratories.

INTEGRATED LOGISTICS ACTIVITIES

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

²¹ 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.

²² In addition to biological samples, blood components, biological material and surgical instruments.

support provided to the commissarial structures (now the Ministry of Health), and through the recent construction of longterm contractual relationships with players belonging to different segments (telco and GDO large-scale trade). These agreements have enabled the Group to build a solid technological base to guarantee typical warehousing operations (warehouse management - goods receiving - picking23 - product preparation - shipping) and to complement these solutions with typical express courier services, such as home or shop delivery. In this regard, the first major orders acquired during the year 2023 for the complete logistics management24 paved the way at the end of the year for new customer contracts.

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

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

²³ Warehouse picking is the activity of picking, sorting and distributing material from one load unit to several others. This activity is carried out with each grouping of materials in order to process and dispatch them.

²⁴ TIM and Acqua&Sapone.

FRESH PRODUCE LOGISTICS NETWORK ACTIVITIES

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

The Business to Consumer (B2C) shipping management process25 of PosteGoFresh starts with a customer order collection phase on the MLK Fresh software system and, downstream of the order and goods preparation, a subsequent transport phase to the temperature-controlled warehouse.

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

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

DIGITAL INFRASTRUCTURE AND REMOTE CONTACT POINTS

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

During the period, the Group continued to work on improving the digital channel experience (app and web) both in terms of simplicity of interactions and operations and in terms of strengthening the digital sales channel, 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 profound transformation and enrichment process, started during 2023, continues, which is leading it to 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 operations at the Post Office.

In the course of 2025, the app will be progressively completed with the introduction of the last remaining functionalities and

²⁵ B2C: acronym for Business to Consumer. A modular offer created for e-commerce with a choice of accessory services.

enriched with new services, becoming for customers a single digital reference point for all their needs; in addition, communication campaigns (via e-mail, information pages and in-app push) have been launched to encourage customers to migrate from BancoPosta and Postepay apps. At the end of the first half of 2025, work began on the phasing out of the BancoPosta app and, subsequently, the Postepay app;

Postepay app: app for purchasing and managing Postepay payment cards, telco products and 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. By July 2025, migration is planned for all users with the BancoPosta app to the Poste Italiane app;

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 path 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. Therefore, both the public area and the reserved area dedicated to customers were renewed, with a focus on the cross-sections (notice board, profile, highlighted area) and the areas dedicated to products (Postepay accounts and cards in March 2025 and postal savings in June 2025); the process will continue during 2025 to extend the evolution to other products (insurance, energy).

In addition, Poste Italiane manages:

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

THIRD-PARTY PHYSICAL NETWORK

In the Group's omnichannel strategy, a crucial role is played by third-party networks, which complement the network of Post Offices for accessing transactional services. This is a network for the offer/delivery of Group products/services through third-party distribution channels.

Poste Italiane contracted an extensive network of sales activities, which was further strengthened during the year 2022 with the acquisition of LIS in September 2022, and counts roughly 49 thousand contact points at 30 June 2025.

The acquisition of LIS made it possible to increase the operations of the omnichannel platform; in particular, the

volume of business on third-party networks was expanded thanks to the entry into the Group's perimeter of transactions carried out on LIS points relating to products also not belonging to the Poste Italiane Group's offer.

The Poste Group's strategy in the third-party network channel aim to achieve the following objectives:

• integrate and develop the commercial offer on third-party networks (e.g. telephone top-ups of other operators and other services). Average daily transactions increased to about 1.1 million in the first half of 2025 (of which LIS accounts for 80%, both with Poste Group products and others);

• extend the Punto Poste network to offer the Poste Italiane Group's parcel pick-up and delivery services guaranteeing capillarity and quality. At 30 June 2025, the network is represented by about 18,300 collect points, of which about 16,200 are LIS points among the tobacconists26. Thanks to the partnership with Deutsche Post DHL Group, the expansion of the Punto Poste network is underway with the locker asset (about 500 active lockers by the end of June 2025) positioned mainly in metropolitan areas and areas with high e-commerce traffic. In the first half of 2025, the volumes handled27 amounted to about 29 million pick-ups and shipments, an increase of 82% compared to the same period last year.

PUDO (Pick Up - Drop Off) NETWORK

The evolution of e-commerce in recent years has led to the emergence of new logistics and delivery requirements: among these, Out of Home Delivery (OOHD) is emerging as an increasingly popular solution among European consumers. Flexibility and accessibility are the main determining factors behind consumers'

approx. 31,000

Points in the PUDO network at 30 June 2025, of which about 18,800 points in the Punto Poste network

choice of Out of Home Delivery (OOHD). In addition to convenience, OOHD helps reduce the environmental impact by, for example, minimising

vehicle mileage and reducing CO² emissions by delivering more items per delivery point. The OOHD includes a number of alternative delivery methods to traditional home delivery. In recent years, the Poste Italiane Group has strengthened its PUDO (Pick-Up-Drop-Off) network, which includes the points of the Punto Poste network (local pick-up points, lockers28, etc.), as well as all Post Offices used for the poste restante service, where customers/vendors can have their consignments delivered. At 30 June 2025, the PUDO network used by the Poste Italiane Group comprises around 31 thousand physical points.

4.5.2 Macroeconomic context

According to the International Monetary Fund (IMF), world GDP increased by 3.3% in 2024, a slight slowdown from the +3.5% recorded in 202329. Growth was heterogeneous among the major economies: on the one hand it remained robust in the US and China, on the other hand only a modest recovery was observed in the Euro Area.

The global scenario continued to be affected by weakness in manufacturing in the major advanced economies, offset by positive dynamics in services and manufacturing growth in the emerging economies. However, more recent trends show signs of slowing global economic growth and a significant increase in uncertainty, mainly due to the adoption of new protectionist measures in international trade30. In particular, on 2 April 2025, the US administration announced the introduction of new tariffs on all imports, with particularly severe increases for countries with a trade surplus with the US, such as China, the EU, Japan and the economies of South-East Asia. These measures were subsequently, on 9 April 2025, partially suspended for three months in respect of major trading partners, with the exception of China. Currently, the US has three trade agreements with the UK, China and Vietnam, and in view of the end of the 90-day pause on bilateral duties, President Trump announced for 14 countries31 the extension of the deadline for reciprocal duties from 9 July to 1 August. In the absence of trade agreements with these countries, tariffs will increase by 25% for Japan and South Korea from 1 August (same levels as those indicated in early April), as well as for other Asian and African countries (in a tariff range between 25% and 40%). Developments on the tariff front are expected for the EU, Taiwan and India. On the energy front, oil and gas prices, after peaking in February 2025, contracted, reflecting an expected weakening of global demand. This dynamic favoured a decrease in overall inflation in the OECD area countries.

²⁶ Of the LIS-affiliated tobacconists, about 16,200 are tobacconists belonging to the Punto Poste network, i.e. the network of collect points (businesses) and lockers that offer parcel delivery and dispatch services mainly related to the e-commerce market.

²⁷ The figure includes all the processing handled at the individual points of the Punto Poste network (processing could also be double both acceptance and collection at two different points of the network - concerning the same parcel).

²⁸ Automated lockers.

²⁹ IMF, World Economic Outlook, April 2025.

³⁰ OECD Economic Outlook, Volume 2025 – 3 June 2025.

³¹ Including Japan, South Korea and some countries in South-East Asia and Africa.

World trade in 2024, according to IMF estimates32, benefited from a marked recovery: the volume of trade in goods and services grew by 3.8% (up from 1.0% in 2023), supported by the positive contribution of China and other Asian economies, as well as the robust recovery of international tourism flows, which almost returned to pre-pandemic levels. The advance of US imports in anticipation of tariff changes further supported world trade in the first quarter of 2025. However, the IMF foresees33 a sharp slowdown in world trade growth in 2025 to 1.6%, due to the impact of tariff increases and other nontariff barriers34 .

According to the OECD forecast35 of June 2025, world GDP growth is expected to be 2.9% in 2025 and 2026, down from 3.3% in 2024. The forecasts were revised downwards compared to what was foreshadowed in March, confirming the persistence of significant divergences in GDP dynamics between the major economies: in 2025, the US is expected to grow by 1.6%, China by 4.7% and the Euro Area by only 1.0%.

The Euro Area economy showed signs of strengthening at the beginning of 2025: in the first quarter GDP accelerated by 0.6% in cyclical terms (from +0.3% in the previous quarter), thanks in particular to the strong growth of the Irish economy (+9.7%), driven by the increase in pharmaceutical exports to the US. Consumption remained weak, reflecting low household confidence, while growth in services and the gradual recovery of the manufacturing sector supported overall output (GDP)36 .

The outlook for the second quarter remains uncertain, affected by US tariffs, the possibility of retaliatory measures, financial market volatility and increased international uncertainty. In the medium term, it is expected that the expansionary effects of increased defence and infrastructure spending, as well as the support funds for companies in crisis, will counteract the slowdown in economic growth. In May 2025, inflation fell to 1.9% (down from 2.2% in the previous month) while core inflation37 reached new lows of more than three years, standing at 2.3% year-on-year38. The decline was driven by decreases in energy and service prices.

In response to the inflationary dynamics, the Governing Council of the ECB further lowered the interest rate on deposits at the central bank by 100 basis points to 2.0% during the first six months of 202539. President Lagarde called the current rates in a "good position", suggesting a pause in July's decisions pending more information, especially on developments on the US-EU trade front. According to ECB projections40 published in June 2025, GDP growth is expected to be 0.9% in 2025, rising to 1.1% in 2026 and 1.3% in 2027. Compared to its March 2025 projections, the ECB revised its inflation estimates downwards41 to 2.0% in 2025, decreasing to 1.6% in 2026 and returning again to the target of 2.0% in 2027. These downward revisions mainly reflect the assumptions of lower energy prices and a stronger euro42 .

In 2024, Italy recorded moderate GDP growth for the second consecutive year (+0.7% for both 2023 and 2024), reflecting a limited contribution from net foreign demand and weak domestic demand, both in terms of consumption and investment. Industrial production and manufacturing value added continued to contract, in line with what happened in other advanced countries, while growth in services continued. The growth of added value in construction slowed down, but the sector continued to benefit from public incentives and projects linked to the National Recovery and Resilience Plan (NRRP). In the first quarter of 2025, GDP grew by 0.3% year-on-year (up from +0.2% in the fourth quarter of 2024) and by 0.7% yearon-year, due to the positive contribution of domestic demand net of inventories and net foreign demand. Forecasts for 2025 are for a further slowdown: the Bank of Italy43 and the MEF44 estimate a growth of 0.6%, while the IMF forecasts a smaller

³⁹ Inflation is expected to remain around the 2% target in the medium term on a sustained basis.

³² IMF, World Economic Outlook, April 2025.

³³ IMF, World Economic Outlook, April 2025.

³⁴ Non-tariff barriers are non-fiscal regulations of foreign trade that restrict imports of goods without the use of customs duties and may include quantitative restrictions, sanitary measures, technical standards, or labelling requirements that can be complex and costly to comply with.

³⁵ OECD Economic Outlook, Volume 2025 – 3 June 2025.

³⁶ Eurostat, quarterly GDP data, June 2025.

³⁷ Adjusted for more volatile components such as fresh food, energy, alcohol and tobacco.

³⁸ Borsaitaliana.it - Eurozone, May inflation confirmed to slow to 1.9% - 18 June 2025.

⁴⁰ https://www.ecb.europa.eu/press/projections/html/ecb.projections202506_eurosystemstaff~16a68fbaf4.en.html.

⁴¹ ECB, Macroeconomic Projections, June 2025.

⁴² ECB Economic Bulletin, no. 4/2025.

⁴³ Bank of Italy: Macroeconomic projections for the Italian economy, 4 April 2025.

⁴⁴ Public Finance Document (PFD), Section I - Annual Progress Report 2024, resolved in the Council of Ministers on 9 April 2025.

0.4%45. The main causes are global trade tensions and lower business confidence, which fell in April 2025 to its lowest level since March 2021. Consumer inflation, having stood at 1.1% in 202446, reflecting the sharp fall in energy goods prices only partly offset by moderate increases in those of other goods and services in particular, has gradually risen back into line with the Eurozone average in early 2025. In June 2025, the preliminary estimate of the Harmonised Index of Consumer Prices for the Countries of the European Union (HICP) changed by 0.2% compared to the previous month and by 1.7% year-on-year.

In terms of public finances, the final deficit trend in 2024 shows a significant improvement, reaching 3.4% of GDP (down 3.8 percentage points compared to 2023). In 2024 the primary balance47 improved, compared to 2023, becoming positive again and rising from -3.6% to +0.4% of GDP; the debt ratio in 2024 increased by 0.7 p.p.

4.5.3 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 was observed in 2024 (-5.9% compared to 2023, compared to a slight increase in value of +1.2%48).

Within the parcels segment, the overall market was on an upward trend in 2024, with an increase in revenue of 3.8% compared to 202349. A positive trend in total turnover is also expected for 2025. The sector's growth continued to be driven by the B2C segment, thanks to the positive trend in e-commerce which generated online purchases worth

Parcel market growth driven by B2C and integrated logistics

€38.0 billion in 2024 (up 5% compared to 2023) and with further growth in 2025 (€40.1 billion in online purchases expected for 2025, +6% compared to 2024)50 .

The continuous development of the "B2C e-Commerce" market is supported by new trends that have emerged in recent years, i.e.: the rapid growth of the online "Second hand" market (the economic value generated by the online buying and selling of second hand goods was €14.4 billion in 2024, equal to approximately +170% compared to 2014)51, thanks to the advent of specialised online platforms and the change in consumer preferences (the search for savings and greater awareness of sustainability issues); the need for consumers to have greater flexibility regarding delivery times and locations, which has led to an increase in demand for "Out of Home" deliveries52 (in 2023, the related volumes grew 10 times compared to 201953 ), supported by the expansion of proximity networks in which the main couriers are intensifying their commitment in terms of dedicated investments.

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

In particular, the market for Integrated Logistics Services in 2023 is worth around €13.9 billion54, up 2.2% year-on-year.

For 2024, the level of growth was estimated to increase slightly (+2.8%) compared to 202355 while, in 2025, a slight slowdown in growth is expected. The market, although very competitive, is relatively fragmented. However, some concentration

⁴⁹ Internal processing based on Cerved Databank.

⁴⁵ IMF - World Economic Outlook, April 2025.

⁴⁶ According to the Harmonised Index of Consumer Prices for the Countries of the European Union (HICP).

⁴⁷ Difference between government revenue and government expenditure, excluding interest on government debt.

⁴⁸ Internal calculations based on AGCOM data (quarterly observatories and annual report 2024) and the latest available financial statements of companies operating in the postal sector, including Poste Italiane.

⁵⁰ Source: Politecnico di Milano, B2C eCommerce Observatory - May 2025.

⁵¹ Source: BVA Doxa Second Hand Economy Observatory.

⁵² Source: Lastmile Experts - Out of home delivery in Europe 2024.

⁵³ Source: internal data processing.

⁵⁴ Source: Polimi Contract Logistics Observatory - April 2025 Edition - Reference to the Logistics Operators Market.

⁵⁵ Source: Internal estimate on drivers - Polimi Contract Logistics Observatory - April 2025 Edition, Cerved Operatori Logistici - December 2024.

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 interventions during the first half of 2025 that are relevant for the Mail, Parcels and Distribution Strategic Business Unit. For a complete discussion of the SBU legislative context and regulatory scenario, please refer to Chapter 4 "Business model and strategy" 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. On 7 July 2025, the European Commission, concluding that the measure constituted State aid compatible with the internal market, approved the extension of the Service Contract for the period 01/01/2025 - 30/04/2026 and authorised the related compensation for a total amount of €350 million.

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.

With Resolution 505/24/Cons of 18 December 2024, the Authority initiated the procedure to verify the calculation of the net cost of the universal postal service, the quantification of the inequitable, and the method of financing it 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 burden of the universal postal service for the years 2022 and 2023 was quantified at €522 million and €736 million respectively. Poste Italiane provided its comments to the public consultation.

Poste Italiane Group	Interim Report on Operations at 30 June 2025

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 Decision C(2024) 9093 final 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 million56
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.
AGCOM - the Italian Communications Authority Mailboxes	With Resolution no. 308/22/CONS of 27 September 2022, the AGCom redefined the criteria for the distribution of mailboxes, adopting, in particular, that of the distance to the nearest box by percentage of the resident population. In relation to the Implementation Plan transmitted by Poste Italiane on 29 November 2022, and to the subsequent discussions that took place, in a note dated 30 March 2023 the Authority stated that it had examined the elements transmitted and taken note of the timetable and the timings illustrated by the Company to fully implement the provisions of the aforementioned resolution. The Company is required to submit a report on the progressive implementation of the Plan every six months, and to this end, the fourth report with the progress of the plan at 31 March 2025 was submitted on 6 June 2025.
AGCOM - the Italian Communications Authority	With Resolution 109/25/CONS, published on 29 May 2025, the AGCom adopted the new General directive on postal service charters and provisions in favour of users, at the end of the procedure and the related public consultation, in which Poste Italiane also participated by providing its own contribution.
New Service Charter Directive	The new Directive essentially confirms the minimum content that the Service Charters must ensure, reinforcing certain information obligations and providing for certain specifications aimed at ensuring coordination with the new regulation on licences for the offer of postal services to the public, in the meantime adopted with Resolution 388/24/CONS published on 31 October 2024.
	The new Directive replaces the current AGCom Resolution 413/14/CONS. However, postal operators will have six months from its entry into force to adapt to the new provisions (by 30 November 2025); in the meantime, the current Resolution 413/14/CONS remains in force.
AGCOM - the Italian	By means of Resolution no. 75/24/CONS published on 27 March 2024, the AGCom initiated the proceedings relating to the updating of the criteria and identification of the delivery areas with exclusive coverage of the universal postal service network (EU2 areas), in order to update the current regulations on the subject. These areas are taken into account in the price test that

⁵⁶ €53 million for the years 2020 and 2021, €55 million for the years 2022, 2023, 2024 and 2025, €18 million for the four months of 2026.

Communications Authority

Delivery areas with exclusive coverage of the universal postal service network (so-called EU2 areas)

AGCom - in order to ensure equal treatment and non-discriminatory conditions in the postal services market - requires Poste Italiane to apply to its commercial proposals for delivery services formulated to the public administration and large companies. Moreover, in these areas, Poste Italiane is required to make specific network access offers to other postal operators.

With its Resolution 144/25/CONS, published on 11 June 2025, the AGCom concluded the proceedings for the revision of the criteria for the definition of the so-called EU2 areas, with the identification of specific EU2 Postal Codes (ZIP Codes) for unrecorded correspondence and for the described correspondence and postal notifications of court documents and traffic violations.

Poste Italiane asked the Authority for clarifications regarding the perimeter and application methods of this resolution, with particular reference to the treatment of postcodes, now classified as EU2, which are part of the territory of metropolitan areas and provincial capitals.

OTHER INFORMATION

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

Following the submission of their defence submissions to the Authority, Poste Italiane and PostePay, through their representatives, held a hearing at the Authority during which further evidence was illustrated, with particular reference to the favourable opinion expressed by the Bank of Italy on the implementation of the described anti-malware solution. The Authority's decision is pending.

For further details, please refer to the chapter " Contingent liabilities and main proceedings pending with the authorities " in the Condensed consolidated half-year financial statements at 30 June 2025.

For the main pending proceedings and further relations with the Authorities, please refer to the Condensed consolidated half-year financial statements at 30 June 2025, in the section "Contingent liabilities and main proceedings pending with the authorities".

⁵⁷ For further information, please refer to the chapter "Contingent liabilities and main proceedings pending with the authorities" in the Condensed half-year financial statements at 30 June 2025 later in this document.

OPERATING REVIEW

In the first half 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 2024-2028 Strategic Plan – "The Connecting Platform".

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

SEGMENT	OPERATING REVIEW
	The extension of the PosteGoFresh service58 launched in February 2024 and available in around 40 cities by
Parcels/Logistics	the end of the first half 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 micro-fulfilment
	logistics platforms within the main hubs of the postal network, located close to
	large population centres59 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 warehouse60 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. The
	warehouse in Naples will be expanded during the year.
	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 articulated in 115 Nodes. With reference to the activation
	of this new Courier Network, a pilot initiative is being carried out on 6 nodes, 1 for each Macro Logistics Area.
	The first node was involved from 31 March 2025 and, thereafter, the trial was progressively extended to the
	other nodes.
	For more details, please refer to section 7.3 "Industrial Relations, Welfare and Corporate University".
	On 14 March 2025, AGCom Resolution 51/25/CONS established the new universal service tariffs, which came
Mail	into force on 31 March 2025 for Business services and on 3 April 2025 for Retail services.
	For more information, please refer to the section "Regulatory context and evolution of the regulatory scenario"
	of the Mail, Parcels and Distribution SBU.

4.3.4 Financial Services Strategic Business Unit

MARKET CONTEXT

Financial markets

The first quarter of 2025 ended with a better performance of European equity indices compared to those in the US, primarily due to the publication of better-than-expected corporate quarterly reports in Europe and the ECB's more expansionary approach compared to the Fed. The sharp increase in uncertainty over US economic policies and the tightening of tariffs led the market to consider more downside risk on growth. Towards the end of the first quarter of 2025, 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 the bilateral duties and tariffs on the auto and components sector imposed from the beginning of April 2025.

During the second quarter of 2025, the easing of trade tensions and signs of resilience in the macroeconomic context dampened investors' concerns about growth trends, fuelling robust appreciation of risky assets. Much of the turbulence in risky assets triggered by the announcement of reciprocal tariffs was reabsorbed as early as April and, from May onwards,

⁵⁸The service is provided by MLK Fresh, and guarantees refrigerated transport for home delivery of fresh food products purchased online. ⁵⁹ 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.

⁶⁰ First pilot site launched in the city of Naples in June 2024. From 1 January to 31 May 2025, over 195,000 orders were delivered with a delivery service level of over 99%.

the recovery continued strongly, thanks in part to the further easing of trade tensions, especially in US-China relations. However, on 23 May 2025, the threat of the US imposing new 50% tariffs on EU products as of 1 June (later postponed to 9 July 2025) rekindled uncertainty in the financial markets; in addition, tariffs on steel and aluminium imports were doubled to 50% at the beginning of June 2025.

In the first half of 2025, share prices61 in the Euro Area, strongly influenced by the changes in trade policies introduced by the US, performed positively with the Eurostoxx 50 index at +8.9% driven by the German DAX (+20.1%) and the FTSEMIB (16.4%). The stock markets were also buoyed by the recently announced budget expansion programmes in Europe and the fiscal stimulus in Germany after the elections, which, together with the peace talks on the Russia-Ukraine front, supported the industrial sector (for the start of the reconstruction phase) and the defence sector. Bank share prices outperformed those of non-financial companies, and the Stoxx 600 banking sector closed the six-month period with a performance of +29.1%. 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, and then settling at more moderate levels during the second quarter; as early as the second half of January 2025, growing concerns about the dynamics of growth in the US as a result of policies relating to tariffs, immigration and increased government spending, in the absence of major price tensions, led to a revision of Fed expectations, which consequently did not make any rate cuts for the first half of 2025; this, together with the confirmed weakness of growth in the Euro Area, pushed yields down. The US Treasury closed on 30 June 2025 at 4.23%, down from 4.53% at the end of 2024.

In the Euro Area, after the historic announcement of the German fiscal plan for infrastructure and defence at the beginning of 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%. The announcement of US tariffs and the subsequent escalation of trade tensions on an international scale led to a pronounced downward revision of the forward curve, reflecting expectations of slowing Eurozone monetary policy easing.

Moody's agency confirmed Italy's rating at BBB-, improving the outlook from stable to positive, citing the improved budgetary outlook, better fiscal performance and stable domestic political environment, contributing in part to the decline in the yield of the 10-year BTP, which despite geopolitical and trade uncertainty worldwide closed on 30 June 2025 at 3.48%. In contrast, the yield on the ten-year Bund increased over the six-month period, closing on 30 June 2025 at 2.61% (2.37% at the end of 2024). In the first half of 2025, the BTP - Bund spread narrowed by 28 basis points (bps) to 8762 bps (from 115 bps at the end of 2024).

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 Swaps63 and the trend in the 10-year BTP-SWAP spread.

		June 2024 Sept 2024 Dec 2024			Mar 2025 June 2025
BTP 10 years	4.07	3.45	3.52	3.87	3.48
SWAP 10 years	2.84	2.35	2.36	2.66	2.61
SPREAD BTP - SWAP 10 years	1.24	1.11	1.16	1.21	0.87
BTP 15 years	4.42	3.80	3.86	4.28	3.93
SWAP 15 years	2.86	2.45	2.42	2.77	2.78
BTP 30 years	4.62	4.13	4.21	4.59	4.34
SWAP 30 years	2.55	2.27	2.16	2.63	2.76

With reference to the credit market, the first half of 2025 was marked by phases of volatility, attributable to geopolitical uncertainty and trade policy decisions in the United States, which were promptly absorbed by the market, and spreads showed substantial stability. During the period, the spread of the US investment grade index64 increased by about 8 basis

⁶¹ Source: Bloomberg.

⁶² Source: Bloomberg.

⁶³ Source: Bloomberg.

⁶⁴ Definition referring to securities issued by companies with regular financial statements, well managed and favourable business prospects. For investment grade securities, the rating is high, up to a level equal to triple B. Below this level are high-yield instruments, i.e. high-risk, characterised by low rating levels that reflect the risk of default or insolvency.

points, while the spread of the high yield index remained essentially unchanged. Within Europe, a contraction of about 10 bps was observed for the spread of the investment grade index, compared to an increase of about 7 bps for the high yield index.

On the currency front, the euro appreciated against the US dollar in the first half of 2025 as a result of European fiscal policy guidance and fears about the US macroeconomic and fiscal outlook.

Banking system

Based on available estimates provided by the Italian Banking Association (ABI)65, in May 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 2.9% on an annual basis, settling at €2,104.1 billion, continuing the positive trend recorded from the start of the year (€2,069 billion at the end of January 2025). This trend reflected a 12-month increase in deposits from resident customers, equal to approximately €62 billion (+3.5% on an annual basis) and a decrease of approximately €3.4 billion in bond inflows (-1.3% y/y).

In May 2025, the average cost of bank funding (which includes the return on deposits, bonds and repos from households and non-financial companies) was around 0.95% (1.27% in May 2024).

Asset Management

Assogestioni data show, at 31 May 202566 total assets of €2,521 billion, up 0.5% on the €2,509 billion at the end of 2024. With regard to portfolio management, assets amounted to approximately €1,167 billion, up 0.8% 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 about €1,354 billion at the end of May 2025 (+0.2%). With regard to open-ended investment funds alone, client assets stood at around €1,280 billion at the end of May 2025, up 0.1% 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 €10.0 billion in May 2025 (compared to a negative balance of around €11 billion in the same period of 2024).

REGULATORY CONTEXT

Below are the main regulatory initiatives updated or newly issued in the first half of 2025, which are relevant for the Financial Services Strategic Business Unit. For a complete discussion of the SBU regulatory context, please refer to Chapter 4 "Business model and strategy" of the 2024 Annual Report.

DORA Regulation EU Regulation 2025/301 and 2025/302	On 20 February 2025, ICT Serious Incident Notifications were published in the Official Journal
	of the European Union:
	• Delegated Regulation (EU) 2025/301, which specifies the content and timing of the initial
	notification, interim report and final report on serious ICT-related incidents, as well as the
Content, terms and	content of the voluntary notification for significant cyber threats and the time limits for
standard templates of ICT Serious Incident	reporting serious ICT-related incidents, pursuant to Art. 20(a);
	• Implementing Regulation (EU) 2025/302, which specifies the formats, templates and
Notification	standard procedures by which financial entities must report a serious ICT-related incident
	and notify a significant cyber threat, pursuant to Art. 20(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	During 2024, the Authority published the following updates to Circular no. 285 of 17 December
Circular no. 285 of 17	2013:
December 2013	the 48th update, dated 20 June 2024, concerns the methodologies for measuring interest •

⁶⁵ Source: ABI monthly outlook June 2025.

⁶⁶ Assogestioni, Monthly map of asset management, published on 27 June 2025.

	rate risk67 and credit spread risk of non-trading book assets in terms of changes in
	economic value and net interest income. The update is relevant to BancoPosta RFC for
	credit spread risk only, and final analyses and discussions are underway with the Bank of
	Italy, by the competent functions, to assess and monitor this risk for the banking book.
	BancoPosta is waiting for a response from the Bank of Italy.
Bank of Italy Communication to the market on ICT security	On 23 December 2024, the Bank of Italy published on its website, a Communication to the market on ICT security, drawing the attention of directly supervised intermediaries to the profiles of digital operational resilience and ICT risk. In the document, intermediaries are invited to assess their positioning with respect to the Digital Operational Resilience Act (DORA) and to carry out a self-assessment of their ICT risk management framework, to be submitted to the Bank of Italy by 30 April 2025. The project to comply with the ICT risk management framework envisaged by DORA is underway for the supervised entities of the Poste Italiane Group, including BancoPosta RFC. BancoPosta submitted its ICT risk management framework self-assessment report on 8 May 2025 under an extension granted by the Bank of Italy with respect to the deadline.
Bank of Italy	During the period, BancoPosta completed the updates necessary to bring its supervisory
Other circulars on	reporting in line with the requirements set out in the 17th update of Circular no. 272 of 3 July
supervisory reporting	2028 and 76th update of Circular no. 154 of 28 November 2023, and, in April 2025, sent the
	first 2025 report on Payment Systems.
Bank of Italy - UIF	With reference to the Bank of Italy's Provision of 27 November 202468 on "Periodic Anti-Money
Changes to the	Laundering Reporting", which provides for the annual submission to the Bank of Italy of the
organisation,	periodic reports indicated in the "Manual for Anti-Money Laundering Supervisory Reporting"
procedures and	annexed to the same Provision, it is noted that the reports were submitted, according to the
controls on money	procedures indicated in the Manual, on 31 March 2025, within the prescribed deadline.
laundering and	For more details, please refer to the regulatory framework of the Financial Services SBU in
terrorist financing	the 2024 Annual Report.
Bank of Italy	On 19 May 2025, with its Note no. 52, the Bank of Italy declared to the European Banking
EBA Guidelines on	Authority (EBA) its intention to comply with the EBA Guidelines on Policies, Procedures and
Sanction Screening	Internal Controls to Ensure the Implementation of EU and National Restrictive Measures
	Pursuant to Regulation (EU) 2023/1113 (EBA/GL/2024/15, "EBA Guidelines").
	The EBA Guidelines set out how payment service providers (PSP) and cryptocurrency service
	providers (CASP) carry out sanction screening, to prevent, among other things, funds or
	crypto assets from being made available to natural or legal persons, bodies or entities subject
	to EU or national restrictive measures (so-called designated persons).
Parliament and	The regulatory framework of the so-called Basel 3 plus69, is relevant for BancoPosta RFC, in
European Council	particular for the new Standardised Approach for calculating the minimum capital requirement
Basel 3 plus	for operational risk and for the changes introduced in the calculation of capital requirements
	for credit and counterparty risk. BancoPosta completed the updates related to the amendment
	of the ITS schemes of the prudential reporting basis, sending the reporting for the first quarter of 2025 in May 2025.

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

⁶⁸ This provision amended the Provisions on organisation, procedures and internal controls aimed at preventing the use of intermediaries for the purposes of money laundering and terrorist financing of 26 March 2019.

⁶⁹ On 19 June 2024, the following measures were published in the Official Journal of the European Union, which complete the process of transposing the reform of bank capital requirements into the European Union, pursuant to the amendments to the Basel Accord Basel 3 plus): i) Directive (EU) 2024/1619 of the European Parliament and the European Council of 31 May 2024 and ii) Regulation (EU) 2024/1623 (CRR 3) of the European Parliament and the European Council of 31 May 2024.