Österreichische Post AG

Quarterly Report • Aug 7, 2024

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Half-year Financial Report 2024

02 H1 2024 Highlights

Revenue

• _ Revenue up by 17.2% to EUR 1,505.2m
• _ Increase in all divisions: Mail +3.5%, Parcel & Logistics +28.1% and Retail & Bank +25.0%

Earnings

• _ Earnings (EBIT) increase of 10.9% to EUR 105.6m
• _ Earnings per share from EUR 1.13 to EUR 1.12 (–1.5%)

Cash flow and balance sheet

_ Operating free cash flow of EUR 147.1m and equity of EUR 682.0m

Outlook

_ 2024 revenue increase at least in the upper single-digit range

_ 2024 EBIT growth expected in the mid-single-digit range

Key Figures

EUR m	H1 2023	H1 2024	Change
EARNINGS FIGURES
Revenue	1,284.8	1,505.2	17.2 %
EBITDA	189.0	211.5	11.9 %
EBITDA margin	14.7%	14.1%	–
EBIT	95.2	105.6	10.9 %
EBIT margin	7.4%	7.0%	–
Profit for the period	78.6	78.5	–0.2%
Earnings per share (EUR)1	1.13	1.12	–1.5 %
Employees (average for the period, full-time equivalents)	26,950	27,803	3.2%
CASH FLOW AND CAPEX
Gross cash flow	156.7	185.8	18.6%
Cash flow from operating activities	11.4	185.7	>100%
Cash flow from financing activities	–99.0	–126.4	–27.7%
Operating free cash flow2	115.5	147.1	27.3%
CAPEX	47.6	46.3	–2.7%
EUR m	31 December 2023	30 June 2024	Change
BALANCE SHEET FIGURES
Total assets	5,677.1	5,957.1	4.9%
Equity	716.7	682.0	–4.8%
Equity ratio	12.6%	11.4%	–
Financial debt	121.8	197.5	62.2%
Financial debt incl. IFRS 16	511.3	588.7	15.1%
Capital employed3	1,362.2	1,362.3	0.0%

1 Undiluted earnings per share in relation to 67,552,638 shares

2 Free cash flow before acquisitions/securities/money market investments, Growth CAPEX and core banking assets

3 The company bank99 was not included in the calculation as the content of these indicators is only relevant for the logistics business.

Statement by the Management Board

Dear Shareholders!

The performance of Austrian Post in the first half-year 2024 was characterised by a solid operational business development and favourable conditions. This was reflected in the solid revenue and earnings increase. In particular, the major nationwide elections in Austria such as the Chamber of Labour and the European Parliament elections, resulted in higher revenue and earnings for the company in the letter mail and direct mail business. The national parcel market showed a robust development, driven by high volumes from European and Asian e-commerce retailers. The business development in Türkiye was strongly impacted by the high inflation and the currency exchange rate, with a positive impact on half-year performance indicators.

Total Group revenue rose by 17.2% in the first half of 2024 to EUR 1,505.2m. Revenue increase excluding Türkiye still amounted to 10.3%. Revenue was up in all divisions in the first six months. Mail Division revenue was up by 3.5% to EUR 619.0m, the Parcel & Logistics Division generated a revenue improvement of 28.1% to EUR 804.9m in the reporting period. And the Retail & Bank Division achieved revenue of EUR 95.7m (+25.0%) in the first half-year 2024.

In terms of earnings, Austrian Post also generated solid business results in the first half-year. EBITDA increased by 11.9% to EUR 211.5m and earnings before interest and taxes (EBIT) were up by 10.9% to EUR 105.6m. The profit for the period totalled EUR 78.5m in the first half of 2024 (–0.2%), after including the positive valuation effect in the financial result of the previous year. On that basis, earnings per share resulted in EUR 1.12 compared with EUR 1.13 in the first half of 2023 (–1.5%).

Diverging trends continue to be expected on international mail and parcel markets in upcoming quarters. Weak economic growth in many European countries and the related restrained investment climate impact the purchasing behaviour of companies and private consumers. As was already evident in the first six months of the year, revenue growth in 2024 is being supported by favourable prevailing conditions. In line with current developments – and depending on the exchange rate of the Turkish lira by year end – a revenue increase at least in the upper single-digit range should be possible. Revenue growth on the one hand but also cost discipline and efficiency on the other hand are necessary to ensure the stability targeted by Austrian Post. Austrian Post expects an increase in earnings in 2024. Under the assumption of a continuously stable macro-economic environment in the markets the company operates in, a mid-single-digit EBIT growth is anticipated.

The massive investment programme in recent years, which has almost tripled sorting capacity in Austria, has been completed in the meantime. The investment focus in the coming years will be on expanding international logistics infrastructure and e-mobility. For example, the company aims to achieve CO₂-free last mile delivery in Austria by 2030.

Vienna, 30 July 2024

The Management Board

GEORG PÖLZL CEO Chairman of the Management Board

WALTER OBLIN Deputy CEO Mail & Finance (CFO)

PETER UMUNDUM Member of the Management Board Parcel & Logistics (COO)

Group Management Report for the First Half of 2024

1. Business Development and Economic Situation

1.1 Changes to the scope of consolidation

No major changes in the scope of consolidation took place in the first half of 2024.

1.2 Revenue and Earnings

1.2.1 REVENUE DEVELOPMENT

In the first half of 2024, Austrian Post's Group revenue increased by 17.2% year-on-year to EUR 1,505.2m. Revenue excl. Parcel Türkiye was up by 10.3%. All divisions produced higher revenue in the first six months of 2024. Revenue of the Mail Division was up by 3.5%, whereas Parcel & Logistics revenue climbed by 28.1% (+15.2% excl. Parcel Türkiye) and the Retail & Bank Division showed a 25.0% increase.

The share of the Mail Division as a proportion of the total revenue generated by Austrian Post in the first half of 2024 amounted to 40.7%. The division's revenue of EUR 619.0m is negatively impacted by the structural decline of addressed letter mail volumes due to electronic substitution, however benefited from last year's postal rate adjustments as well as the major nationwide elections in Austria (Chamber of Labour, European Parliament) in the first half of 2024. Moreover, advertising business remains subdued, caused by weak development of certain retail segments.

The Parcel & Logistics Division accounted for 53.0% of Group revenue or EUR 804.9m in the reporting period. The parcel business developed very positively in all regions. In particular, strong revenue growth was generated in Türkiye, predominantly impacted by high inflation and the exchange rate of the Turkish Lira.

The Retail & Bank Division accounted for 6.3% of Group revenue or EUR 95.7m in the first half of 2024. The customer ramp-up of bank99 as well as the development of interest rates in recent months made a positive contribution to the division's revenue.

Revenue by Division

				Change
EUR m	H1 2023	H1 2024	%	EUR m	Q2 2023	Q2 2024
REVENUE	1,284.8	1,505.2	17.2 %	220.4	620.2	746.6
Mail	598.1	619.0	3.5%	21.0	289.5	303.5
Parcel & Logistics	628.4	804.9	28.1%	176.5	301.3	402.0
Retail & Bank	76.5	95.7	25.0%	19.1	39.1	48.4
Corporate/Consolidation	–18.2	–14.4	20.8%	3.8	–9.7	–7.4
Working days in Austria	124	124	–	–	60	60

From a regional perspective, Austrian Post generated 76.3% of its Group revenue in Austria in the first half of 2024. Its international business accounted for 23.7% of the total Group revenue in the first six months of 2024.

Thereof, Türkiye (and Azerbaijan) accounted for 15.6%, whereas the region of Southeast and Eastern Europe contributed 7.0% to the Group revenue. Finally, 1.2% of total Group revenue was generated in Germany.

Revenue Development of the Mail Division

		H1 2024		Change	Q2 2023	Q2 2024
EUR m	H1 2023		%	EUR m
REVENUE	598.1	619.0	3.5 %	21.0	289.5	303.5
Letter Mail & Business Solutions	378.7	389.3	2.8%	10.6	180.6	188.7
Direct Mail	155.3	160.9	3.6%	5.6	76.1	79.6
Media Post	64.1	68.8	7.4%	4.7	32.8	35.2
Revenue intra-Group	2.3	2.1	–7.9%	–0.2	1.2	1.1
TOTAL REVENUE	600.4	621.2	3.5 %	20.8	290.7	304.6
thereof revenue with third parties	589.9	614.9	4.2%	25.0	284.9	301.3

Revenue of the Mail Division totalled EUR 619.0m in the first half of 2024, of which 62.9% is attributed to the Letter Mail & Business Solutions area. Direct Mail accounted for 26.0% of the total divisional revenue, and Media Post had an 11.1% share.

In the first half of 2024, Letter Mail & Business Solutions revenue equalled EUR 389.3m, implying a year-onyear increase of 2.8%. Letter mail volumes continue to show a downward trend resulting from the substitution of letters by electronic forms of communication. Conventional letter mail volumes in Austria fell by 7% in the first half of 2024. Postal rate adjustments implemented in September last year as well as elections in the first half of 2024 (mainly Chamber of Labour, European Parliament) positively affected the revenue development. Inflationary pressure on all types of costs led to adjustments in the

product and pricing structure as well as to necessary efficiency increases of internal processes. International letter mail declined in terms of volumes and revenue, while the Business Solutions area developed positively.

Direct Mail revenue rose by 3.6% in the first half of 2024 to EUR 160.9m. The subdued advertising environment impacted by economic difficulties as well as by structural decline in certain customer segments (e.g., furniture sector, mail order business) was offset by adjustments to the pricing structure. Big elections in the first half of 2024 also positively impacted revenue.

Revenue from Media Post, i.e., the delivery of newspapers and magazines, rose by 7.4% year-on-year to EUR 68.8m. This increase is related mainly to adjustments in the pricing structure.

				Change		Q2 2024
EUR m	H1 2023	H1 2024	%	EUR m	Q2 2023
REVENUE	628.4	804.9	28.1 %	176.5	301.3	402.0
Parcel Austria	373.9	434.8	16.3%	60.9	188.8	219.3
Parcel Türkiye	133.0	234.5	76.2%	101.4	49.5	116.3
Parcel CEE/SEE	91.7	107.9	17.7%	16.2	48.3	52.3
Logistics Solutions/Consolidation	29.8	27.8	–6.8%	–2.0	14.7	14.1
Revenue intra-Group	0.3	0.4	5.4%	0.0	0.2	0.2
TOTAL REVENUE	628.8	805.3	28.1 %	176.5	301.5	402.2
thereof revenue with third parties	617.7	793.6	28.5%	175.9	295.9	396.3

Revenue Development of the Parcel & Logistics Division

Revenue of the Parcel & Logistics Division rose by 28.1% in the first half of 2024 to EUR 804.9m. Growth amounted to 15.2% excluding Parcel Türkiye. The parcel business developed very positively in all regions.

Parcel Austria grew its revenue by 16.3% to EUR 434.8m in the reporting period. Parcel volumes grew by 13% in the first half of 2024, attributable to both strong customer confidence in the quality of Austrian Post as well as to increasing national and international parcel volumes.

Revenue in Türkiye and Azerbaijan (Parcel Türkiye) increased by 76.2% to EUR 234.5m compared to the first

six months of 2023. This high level of growth is significantly impacted by inflation in Türkiye and the relatively stable exchange rate of the Turkish Lira in the first half of 2024.

The parcel business in Southeast and Eastern Europe (Parcel CEE/SEE) continues to generate positive growth rates, with revenue up by 17.7% to EUR 107.9m in the first half of 2024. There was a strong increase in parcel volumes from Asia in this region.

Revenue of Logistics Solutions/Consolidation fell by EUR 2.0m in the current reporting period to EUR 27.8m due to consolidation effects.

			Change
EUR m	H1 2023	H1 2024	%	EUR m	Q2 2023	Q2 2024
REVENUE	76.5	95.7	25.0 %	19.1	39.1	48.4
Income from Financial Services	56.6	75.2	32.9%	18.6	29.1	37.9
Branch Services	19.9	20.5	2.8%	0.6	10.0	10.5
Revenue intra-Group	94.5	101.0	6.9%	6.5	47.1	50.5
TOTAL REVENUE	171.1	196.7	15.0 %	25.6	86.2	98.9
thereof revenue with third parties	76.3	95.5	25.1%	19.1	39.0	48.3

Revenue Development of the Retail & Bank Division

Revenue of the Retail & Bank Division improved by 25.0% in the first half of 2024 to EUR 95.7m. Income from Financial Services contributed 78.6% to the divisional revenue, whereas Branch Services accounted for 21.4%. Income from Financial Services climbed by 32.9% to EUR 75.2m in the current reporting period. This is mainly

due to the improved interest rate environment in Europe as well as to the customer ramp-up of bank99. Branch Services revenue increased by 2.8% to EUR 20.5m in the first half of 2024 as a result of inflation-related price adjustments in the retail products division.

Financial Performance of the Group

		H1 2024		Change
EUR m	H1 2023		%	EUR m	Q2 2023	Q2 2024
REVENUE	1,284.8	1,505.2	17.2 %	220.4	620.2	746.6
Other operating income	38.0	47.8	26.0%	9.9	19.4	24.3
Raw materials, consumables and services used	–374.7	–433.9	–15.8%	–59.2	–177.1	–209.6
Expenses from financial services	–5.8	–23.7	<-100%	–17.8	–3.9	–12.4
Staff costs	–579.2	–692.7	–19.6%	–113.5	–279.4	–350.9
Other operating expenses	–177.9	–196.2	–10.3%	–18.3	–86.6	–92.4
Results from financial assets accounted for using the equity method	0.8	1.3	63.8%	0.5	0.8	0.8
Net monetary gain	3.1	3.6	15.9%	0.5	0.7	1.7
EBITDA	189.0	211.5	11.9 %	22.5	93.9	108.1
Depreciation, amortisation and impairment losses	–93.8	–105.9	–12.9%	–12.1	–45.7	–54.9
EBIT	95.2	105.6	10.9 %	10.4	48.2	53.2
Financial result	5.7	–1.6	<-100%	–7.3	9.1	–2.9
PROFIT BEFORE TAX	100.9	104.0	3.0 %	3.1	57.3	50.3
Income tax	–22.3	–25.5	–14.5%	–3.2	–10.6	–13.5
PROFIT FOR THE PERIOD	78.6	78.5	–0.2 %	–0.2	46.6	36.8
ATTRIBUTABLE TO:
Shareholders of the parent company	76.5	75.3	–1.5%	–1.1	45.5	35.6
Non-controlling interests	2.1	3.1	44.8%	1.0	1.1	1.2
EARNINGS PER SHARE (EUR)1	1.13	1.12	–1.5 %	–0.02	0.67	0.53

1 Undiluted earnings per share in relation to 67,552,638 shares

1.2.2 EARNINGS DEVELOPMENT

The largest expense items in relation to Austrian Post's Group revenue are staff costs (46.0%), raw materials, consumables and services used (28.8%) and other operating expenses (13.0%). In this context, 7.0% can be attributed to depreciation, amortisation and impairment losses and 1.6% to expenses from financial services.

Staff costs in the first half of 2024 totalled EUR 692.7m, implying a year-on-year increase of 19.6% or EUR 113.5m. The change results from an increase in the number of employees in the Austrian Post Group outside Austria as well as from collective wage salary adjustments reported under operational staff costs both in Austria and abroad. Austrian Post Group employed an average of 27,803 people (full-time equivalents) in the first six months of 2024 compared to the average of 26,950 employees in the prior-year period (+3.2%).

Non-operating staff costs refer to severance payments and changes in provisions, which are primarily related to the specific employment situation of civil servant employees at Austrian Post. No significant extra charges were incurred in the first half of 2024.

Raw materials, consumables and services used rose by 15.8% to EUR 433.9m. This development relates mainly to higher transport costs for external freight companies attributable to the increased volumes in Austria as well as in Southeast and Eastern Europe.

Other operating income increased by 26.0% in the first half of 2024 to EUR 47.8m. This development can be attributed to inflation-related price adjustments (e. g., rentals). Other operating expenses increased by 10.3% to EUR 196.2m, particularly for IT services and maintenance costs.

Accounting standard IAS 29 (Financial Reporting in Hyperinflationary Economies) needs to be applied for the Turkish subsidiary. Accordingly, all items in the income statement as well as the non-monetary items were adjusted using a general price index (refer to the Annual Report 2023, Consolidated Financial Statements, Note 3.3 Hyperinflation). The profit or loss from net monetary items is presented as a separate item in the income statement. In the first half of 2024, the net monetary gain amounted to EUR 3.6m (+15.9%).

EBITDA equalled EUR 211.5m in the first half of 2024, an increase of 11.9% from the comparable figure of EUR 189.0m in the previous year. This implies an EBITDA margin of 14.1%.

Depreciation, amortisation and impairment losses amounted to EUR 105.9m in the first six months of 2024, representing an increase of 12.9% or EUR 12.1m year-onyear. The increase is mainly due to investments in new parcel logistics infrastructure locations.

Group EBIT totalled EUR 105.6m in the first halfyear of 2024, up by 10.9% from EUR 95.2m in the previous year. The EBIT margin amounted to 7.0%.

The Group's financial result in the first half of 2024 changed from EUR 5.7m to minus EUR 1.6m. The prior-year period included a positive effect of EUR 7.1m related to the valuation of financial parameters for the option liability for the remaining 20% stake in Aras Kargo.

The income tax rose from EUR 22.3m to EUR 25.5m. The profit for the period for the first six months of 2024 equalled EUR 78.5m, compared to EUR 78.6m in the first half of the previous year (–0.2%). Undiluted earnings per share were EUR 1.12, in contrast to EUR 1.13 in the prior-year period.

EBIT by Division

				Change
EUR m	H1 2023	H1 2024	%	EUR m	Margin H1 20241	Q2 2023	Q2 2024
EBIT	95.2	105.6	10.9 %	10.4	7.0 %	48.2	53.2
Mail	77.6	83.0	6.9%	5.3	13.4%	36.7	40.7
Parcel & Logistics	36.3	47.3	30.1%	10.9	5.9%	19.7	23.1
Retail & Bank	1.1	–5.3	<–100%	–6.4	–2.7%	0.3	–2.6
Corporate/Consolidation2	–19.9	–19.4	2.6%	0.5	–	–8.4	–7.9

1Margin of the divisions in relation to total revenue

2 Includes the intra-Group cost allocation procedure

Total earnings (EBIT) in the first half of 2024 rose from EUR 95.2m to EUR 105.6m (+10.9%) and were impacted by a very positive revenue development (+17.2%) as well as by inflation-related cost increases.

From a divisional perspective, the Mail Division achieved an EBIT of EUR 83.0m in the first six months of 2024 compared to EUR 77.6m in the prior-year period (+6.9%). This increase resulted from adjustments to the Letter Mail product and pricing structure effective 1 September 2023, the elections in the first half of 2024 as well as price increases in the Direct Mail and Media Post business.

The Parcel & Logistics Division generated an EBIT of EUR 47.3m in the first half of 2024 compared to EUR 36.3m in the prior-year period (+30.1%). The parcel business showed a positive development in all regions in which Austrian Post operates. The parcel business in Türkiye made a significant contribution to the earnings improvement. Business operations in Türkiye continue to be more strongly impacted by inflation and currency translation than other markets.

The Retail & Bank Division recorded an EBIT of minus EUR 5.3m in the first half of 2024, compared to EUR 1.1m in the previous year. The decline is mainly due

to one-off IT expenses in connection with the bank99 core bank migration project.

The EBIT of the Corporate Division (including Consolidation and the intra-Group cost allocation procedure) changed from minus EUR 19.9m to minus EUR 19.4m. The Corporate Division provides non-operating services which are typically essential for the purpose of the administration and control of the company. In addition to conventional corporate governance tasks, these services include the management and development of commercial properties not required for operations, the management of significant financial investments, the provision of IT services, the development of new business models and the administration of the Internal Labour Market of Austrian Post.

1.3 Assets and Financial Position

Balance sheet structure by item

EUR m	31 December 2023	30 June 2024	Structure 30 June 2024
ASSETS
Property, plant and equipment, intangible assets and goodwill	1,502.2	1,507.6	25.3%
Investment property	94.6	86.3	1.4%
Financial assets accounted for using the equity method	28.3	29.6	0.5%
Inventories, trade and other receivables	591.5	601.3	10.1%
Other financial assets	27.4	17.1	0.3%
thereof securities/money market investments	20.4	10.4	–
Financial assets from financial services	3,345.6	3,655.3	61.4%
Cash and cash equivalents	87.5	59.9	1.0%
	5,677.1	5,957.1	100 %
EQUITY AND LIABILITIES
Equity	716.7	682.0	11.4%
Provisions	592.8	570.8	9.6%
Other financial liabilities	619.3	659.0	11.1%
Trade and other payables	567.2	575.8	9.7%
Financial liabilities from financial services	3,181.1	3,469.5	58.2%
	5,677.1	5,957.1	100 %

1.3.1 BALANCE SHEET STRUCTURE

Austrian Post's total assets of EUR 6.0bn as at 30 June 2024 have expanded significantly since the inclusion of bank99 in 2020. On the assets side, the consolidated balance sheet as at 30 June 2024 showed cash and cash equivalents of bank99 amounting to EUR 0.9bn and loans of bank99 to EUR 1.9bn. On the liabilities side, the consolidated balance sheet includes customer deposits of bank99 amounting to EUR 3.3bn.

Including bank99, the balance sheet is as follows: property, plant and equipment of EUR 1,359.2m is one of the largest balance sheet items and includes right-of-use assets under leases of EUR 378.1m. In addition, there are intangible assets and goodwill from company acquisitions, which are reported in the amount of EUR 148.4m as at 30 June 2024. The balance sheet shows receivables of

EUR 474.8m, which include current trade receivables of EUR 362.5m. Other financial assets amounted to EUR 17.1m as at 30 June 2024. Financial assets from financial services amounted to EUR 3,655.3m at the end of the second quarter of 2024 and result mainly from the business activities of bank99.

Austrian Post held securities and money market investments that are included in other financial assets in the amount of EUR 10.4m as at 30 June 2024 (excluding bank99). Securities and money market investments held by Austrian Post carry an investment-grade or comparable credit rating, therefore it can be assumed that these assets can be converted to cash at a short notice. The balance sheet shows that Austrian Post had cash and cash equivalents of EUR 59.9m as at 30 June 2024. Cash and cash equivalents including money market and securities

investments and excluding cash and cash equivalents of bank99 amounted to EUR 70.3m as at 30 June 2024. bank99's cash and cash equivalents equalled EUR 885.7m as at 30 June 2024. Including bank99, cash and cash equivalents totalled EUR 956.1m as at 30 June 2024.

On the equity and liabilities side of the balance sheet, the equity of the Austrian Post Group amounted to EUR 682.0m as at 30 June 2024, representing an equity ratio of 11.4%. The pro-forma equity ratio, taking into account bank99 using the equity method, stands at 28% at the end of June 2024. Furthermore, provisions of EUR 570.8m are shown on the equity and liabilities side as at 30 June 2024. About 70% of the provisions are staffrelated, with EUR 133.7m attributable to provisions for underutilisation. Further EUR 183.3m related to legally and contractually required provisions for social capital (termination and jubilee benefits) and EUR 89.0m to other staff-related provisions. Other provisions totalled EUR 164.8m. Other financial liabilities amounted to EUR 659.0m and include mainly lease liabilities of EUR 391.2m. Trade and other payables of EUR 575.8m include current trade payables of EUR 245.5m. Financial liabilities from financial services amounting to EUR 3,469.5m result primarily from the business activities of bank99 (deposit and investment business of bank99's customers).

Cash flow

EUR m	H1 2023	H1 2024
Gross cash flow	156.7	185.8
CASH FLOW FROM OPERATING ACTIVITIES	11.4	185.7
thereof core banking assets from financial services (CBA)	–128.5	10.5
CASH FLOW FROM OPERATING ACTIVITIES EXCL. CBA	139.9	175.2
Cash flow from investing activities	–34.4	–31.6
thereof maintenance CAPEX	–26.9	–36.0
thereof growth CAPEX	–20.7	–10.3
thereof cash flow from acquisitions/divestments	–14.3	–3.2
thereof acquisition/disposal of securities/money market investments	25.0	10.0
thereof other cash flow from investing activities	2.5	7.9
Free cash flow	–23.0	154.1
OPERATING FREE CASH FLOW1	115.5	147.1
Cash flow from financing activities	–99.0	–126.4
thereof dividends	–120.6	–123.7
Change in cash and cash equivalents	–127.0	19.0

1 Free cash flow before acquisitions/securities/money market investments, Growth CAPEX and core banking assets

1.3.2 CASH FLOW

The gross cash flow in the first half of 2024 equalled EUR 185.8m, compared to EUR 156.7m in the first half of 2023 (+18.6%). The cash flow from operating activities amounted to EUR 185.7m in the reporting period, compared to the prior-year figure of EUR 11.4m. In this regard, the largest effect is attributable to changes in the core banking assets of bank99 totalling EUR 10.5m compared to minus EUR 128.5m in the prior-year period. Core banking assets include the change in the balance sheet items Financial assets from financial services and Financial liabilities from financial services, excluding cash, cash equivalents and balances with central banks, and thus encompass the deposit and investment business of bank99. The cash flow from operating activities excluding

core banking assets totalled EUR 175.2m in the first half of 2024 compared to EUR 139.9m in the previous reporting period.

The cash flow from investing activities was minus EUR 31.6m in the first six months of 2024, compared to minus EUR 34.4m in the prior-year period. Expenditures for the acquisition of property, plant and equipment and investment property (CAPEX) amounted to EUR 46.3m in the current reporting period.

Austrian Post relies on operating free cash flow as a key metric to assess the financial strength of its operating business and to cover the dividend for the financial year. Excluding the change in core banking assets, the operating free cash flow totalled EUR 147.1m in the current reporting period compared to EUR 115.5m in the previous year. This increase of 27.3% is attributable to the good operational business development as well as a positive tax effect from a prior-year period.

The cash flow from financing activities came to minus EUR 126.4m in the first six months of 2024, compared to minus EUR 99.0m in the prior-year period. This included the dividend payment of EUR 120.2m to Austrian Post shareholders.

1.3.3 CAPITAL EXPENDITURE

Austrian Post Group's capital expenditure was EUR 95.0m the first half of 2024, of which EUR 42.8m was attributable to rights of use (IFRS 16 Leases) and EUR 52.2m to traditional core investments.

Viewed by category, the investment total is distributed as follows: EUR 89.7m of the investments related to property, plant and equipment and investment property, whereas EUR 5.3m was for investments in intangible assets.

The lion's share of capital expenditure was made in connection with the capacity programme designed to expand the logistics infrastructure in the parcel business.

Employees by Division

Average for the period, full-time equivalents	H1 2023	H1 2024	Share H1 2024
Mail	858	847	3.0%
Parcel & Logistics	9,231	10,079	36.2%
Retail & Bank	2,038	2,033	7.3%
Corporate	2,253	2,422	8.7%
OPERATING DIVISIONS	14,381	15,381	55.3 %
Logistics Network	12,570	12,423	44.7%
GROUP	26,950	27,803	100 %

1.4 Employees

The average number of employees in Austrian Post Group totalled 27,803 full-time equivalents in the first half of 2024 compared to 26,950 full-time equivalents in the previous year. The increase in the total headcount amounts to 853 full-time equivalents and is mainly attributable to Austrian Post's foreign subsidiaries. The majority of the Group's employees work for the parent company Österreichische Post AG (16,902 full-time equivalents in total).

1.5 Events After the Reporting Period

Events after the reporting date that are material for accounting and valuation on the balance sheet date as at 30 June 2024 were included in the interim consolidated financial statements. There were no reportable events after the reporting date.

1.6 Opportunities and Risks

1.6.1 RISK MANAGEMENT SYSTEM

Austrian Post's risk policy focuses on safeguarding and sustainably increasing enterprise value and is incorporated into the corporate and sustainability strategy.

As a result, Austrian Post is prepared to take risks provided that the resulting portfolio of opportunities and risks is well-balanced and remains in line with the company's legal circumstances and fundamental ethical values. The goals of securing and achieving a sustainable increase in enterprise value must not be jeopardised.

With respect to unavoidable risks, control measures are taken to safeguard the company's assets and achieve a sustainable increase in shareholder value.

1.6.2 MAIN OPPORTUNITIES AND RISKS

Austrian Post's opportunities and risks result from the overall risk environment and from the trends and changes that the company is exposed to or confronted with. We have identified significant opportunities and risks in the following business areas:

Letter/Direct Mail Market

Austrian Post is continually expanding its range of offerings in the mail segment to include various additional physical and electronic services and is adapting its product portfolio in the Mail Division to meet the needs of its customers. These adjustments to the product and service portfolio are complemented by pricing measures.

Nevertheless, the trend towards the electronic substitution of letters and especially towards electronic delivery will continue in future. This development, which is supported by lawmakers, could lead to a significant decline in mail volumes and may thus negatively impact earnings.

Further, there is a possibility that a change in legal regulations with regard to the delivery of governmental mail would mean that some of these mail items will no longer be delivered by Austrian Post. Further acceleration in the substitution of letter mail by electronic media is expected as a result of the entry into force of the e-Government Act and further measures implemented by the federal government.

The direct mail business is impacted by the overall economic development and purchasing power of consumers and strongly depends on the intensity of advertising activities by companies. However, stationary retailers, the most important customer group for direct mail items, will continue to be confronted with structural trends. An increasing market consolidation is ongoing, whereas brickand-mortar retailers continue to suffer due to the strong growth of the e-commerce market. In turn, this could result in a reduction in advertising materials and direct mail volumes which would have a negative impact on earnings. Customers considering reducing paper volumes and an ongoing challenging economic environment could also be negative drivers. In addition, digital advertising and uncertainties regarding GDPR may reduce the volume of physical mailings.

Parcel Market

E-commerce continues to show growth potential. In turn, this provides opportunities in terms of volume and price development. However, there is a risk that e-commerce growth could be slowed down by a continuing negative economic environment. In the e-commerce segment, Austrian Post stands out due to its new, quick, and lean solutions for online orders. Austrian Post has clear competitive advantages with respect to its delivery quality and cost structure. Nevertheless, competition remains intense. The risk of customers splitting volumes and the intensive expansion of customer pickup solutions are further increasing pressure. This can lead to shifts in market share or to price and volume risks. Furthermore, parcel growth is being driven by large online mail order companies that are still growing at a disproportionately fast rate compared to the market itself. Notable losses in volume and the accompanying effects on revenue and earnings may arise due to the internal delivery service established by a major customer along with the associated potential further increases in activities carried out by this customer. Sustainability considerations and increased customer demands relating to supply chain due diligence requirements could

lead to volume losses in case of misconduct. Fluctuating fuel costs also impact price and earnings developments.

Staff Costs and Structure of Employment Contracts

The business model of Austrian Post is characterised by a high staff cost structure. The current economic situation, the related inflation and the challenging labour market situation continue to carry the risk of steadily increasing staff costs.

The risk of increasing costs also applies to external staff deployed at peak times. Furthermore, a large number of the Austrian Post Group employees have the status of civil servants, which means that they are subject to public sector employment laws, amendments to which can have an additional negative impact. Accordingly, there are opportunities and risks relating to earnings effects from the increased allocation to or reductions in provisions due to the age structure as well as staff optimisation measures.

Logistics and Infrastructure Costs

The shift in mail volumes from letter mail to parcels leads to adjustments in the logistics process. There is an opportunity to achieve productivity gains in this area. This opportunity faces the risk that the potential efficiency/productivity increases will be delayed. Furthermore, in addition to delivery by Austrian Post itself, parcel delivery also involves cooperation with freight companies. Due to the increase in parcel volumes and the respective growing demand for freight services alongside the rise in fuel costs, the company is exposed to the risk of cost increases. Austrian Post takes this new environment into account in its projections and incorporates a scenario of lower cost increases.

Key investments

Aras Kargo (Türkiye) Austrian Post holds an 80% stake in the Turkish parcel services provider Aras Kargo a.s. Türkiye is a market with considerable potential in the field of e-commerce, which could open up major opportunities for parcel volume growth. In the current environment, there is a risk that economic parameters could develop to Austrian Post's detriment. The exchange rate and the ongoing high inflation rate are the most important economic parameters. While the exchange rate is reflected in Austrian Post's result due to currency translation, inflationary developments can have an impact on the cost structure and purchasing power and thus also on the local business. Another risk relates to the development in staff costs. Like the core business in Austria, Aras Kargo's business is labour intensive. This means that adverse developments in staff costs could have a negative impact on

earnings. There is also a risk that the trend towards more intense competition and increased self-delivery by large mail order companies will continue. Since April 2023, Aras Kargo has held a stake in Star Express (Azerbaijan). The development of this strategic investment can impact Aras Kargo. Similar to Austrian Post, Aras Kargo is dependent upon the use of complex technical systems and other technical infrastructure and thus continues to invest in its IT and other technical infrastructure. A temporary or permanent technical system failure, unauthorised data access or data manipulation, could potentially lead to disruptions in business and logistics operations with respective revenue losses, as well as a loss of reputation, customer defections and additional expenses. Due to its geographical location, Aras Kargo is exposed to the additional risk that earthquakes could disrupt its operational and business processes.

bank99 (Austria) The development of bank99's revenue and earnings primarily depends on the interest rate development. The currently high level of the benchmark interest rate presents an opportunity for bank99's business. This means, in turn, that adverse developments in interest rates, staff and IT costs or intense competition could have a negative impact on earnings. These opportunity and risk aspects could result in the earnings reported by bank99 deviating from Austrian Post's expectations. The ongoing global uncertainty could have an impact on the financial industry and lead to the risk that, in the event of the resolution of a member of the Austrian deposit guarantee scheme (ESA), bank99 would have to make a contribution. bank99 operates in a highly complex regulatory and legal environment. For this reason, it is exposed to the risk that, in spite of taking the greatest possible care, authorities could take a different legal view, which could, in turn, result in negative consequences e.g., penalties, negative news reports and loss of customers.

Financial instruments

Detailed information on financial instruments and the associated risks and risk management can be found in Note 29.2 of the Notes to the Consolidated Financial Statements of the Annual Report 2023.

Environmental, Social and Governance – ESG

Austrian Post has been pursuing sustainability objectives since 2011. This is reflected in the integrated Group and sustainability strategy. ESG issues are a top priority, which is why Austrian Post welcomes and supports climate and environmental protection measures. In order to take account of the increased focus on sustainability, Austrian Post has paid particular attention to ESG opportunities and risks in its risk management system by

further developing it to create an integrated risk management system.

For a detailed list of ESG opportunities and risks, as well as measures to leverage these opportunities or reduce risks, please refer to the Sustainability Report 2023.

Overall Legal/Regularory Conditions

Given the large number of products and services that it offers, Austrian Post operates in a highly demanding legal and regulatory environment, which is impacted, for example, by the Austrian Postal Market Act, data protection regulations, tax regulations and capital market and competition law alongside more stringent laws relating to corruption.

As a result, it is impossible to rule out a scenario in which, despite the greatest possible care taken by Austrian Post, other authorities, e.g., tax authorities, supervisory authorities, or courts, could take a different legal view, which could lead to additional payments, penalties, or compensation payments.

IT and Other Technical Facilities

To a significant degree, Austrian Post Group is dependent upon the use of complex technical systems. Its postal services heavily rely on the support provided by data processing systems, modern communications media and other technical equipment. Against this backdrop, Austrian Post Group has made extensive investments in recent years designed to modernise its distribution and delivery network. In this regard, the performance of the company is closely linked with the functioning of key sites. A temporary or permanent technical system failure, unauthorised data access or data manipulation – as a result of cybercrime, for instance – could potentially lead to disruptions in Austrian Post's business operations with associated revenue losses, as well as a loss of reputation, customer defections and additional expenses.

1.6.3 OVERALL ASSESSMENT OF THE GROUP'S RISK AND OPPORTUNITY SITUATION

The company continuously monitors the abovementioned risks and opportunities. In response, appropriate measures are carried out and initiatives launched. A look at the company's main opportunities and risks shows that, while the issues that Austrian Post is facing are changing and shifting, the company's opportunities and risks are stable overall. As a result, there is no current risk to the existence of the company from today's perspective.

1.7 Related Party Transactions

No major changes to related party transactions took place in the first half-year 2024. Information on business relationships with related companies and persons

can be found in the Annual Report 2023 of Austrian Post (refer to the Annual Report 2023, Consolidated Financial Statements, Note 30.2).

1.8 Outlook 2024

International mail and parcel markets are showing diverging trends. The weak economic growth in many European countries and the related restrained investment climate impact the purchasing behaviour of companies and private consumers. This results in a subdued volume development of letter mail and direct mail. At the same time, parcel volumes are rising as a result of the continuing growth in the online retail business.

REVENUE GROWTH IN 2024

As was already evident in the first six months of the year, revenue growth in 2024 was supported by the positive business environment. 2024 revenue growth is expected to be at least in the upper-single digit range, depending on the exchange rate of the Turkish Lira at the end of the year.

A largely stable revenue development is anticipated in the Mail Division. The fundamental trend towards declining volumes in the traditional mail segment will continue. Furthermore, reduced volumes of direct mail and media post are expected due to the weak economy and the respective difficult environment for retailers. In contrast, big elections in Austria on a local and national level as well as price adjustments for various products, should have a positive effect.

A double-digit revenue increase is expected in the Parcel & Logistics Division. Growth forecasts vary by region. Revenue development in Türkiye is strongly impacted by inflation and the exchange rate of the Turkish Lira due to the application of hyperinflation accounting.

The Retail & Bank Division aims to achieve doubledigit revenue growth, depending on the interest rate environment. The most important goal here for 2024 will be finalising the migration of the core banking system.

GROUP EARNINGS IN 2024

Both revenue growth and cost discipline combined with efficiency are necessary to ensure the stability that Austrian Post is aiming to achieve. Austrian Post anticipates increased earnings in 2024 on the basis of the good revenue trend. Mid-single-digit EBIT growth is expected if the macroeconomic environment in Austrian Post's markets continues to be stable.

CAPEX PROGRAMME 2024

In the meantime, the substantial CAPEX programme implemented in recent years – which has almost tripled sorting capacity in Austria – has been completed. Investments in the coming years will focus on expanding international logistics and e-mobility. For example, the company is aiming for last-mile delivery to be completely CO₂-free by 2030. In total, the plan for 2024 is to invest around EUR 70–80m in maintenance CAPEX (automation, digitalisation, maintenance), EUR 40–50m in green transformation (photovoltaic systems, e-mobility, electric charging infrastructure) as well as about EUR 30m in growth CAPEX, primarily now in Türkiye and Southeast and Eastern Europe.

Vienna, 30 July 2024

The Management Board

GEORG PÖLZL CEO Chairman of the Management Board

WALTER OBLIN Deputy CEO Mail & Finance (CFO)

PETER UMUNDUM Member of the Management Board Parcel & Logistics (COO)

Consolidated Interim Financial Statements

Consolidated Income Statement

EUR m	H1 2023	H1 2024	Q2 2023	Q2 2024
Revenue	1,284.8	1,505.2	620.2	746.6
thereof income from financial services	56.4	75.0	29.0	37.8
thereof income from effective interest	32.1	47.6	17.0	24.6
Other operating income	38.0	47.8	19.4	24.3
TOTAL OPERATING INCOME	1,322.8	1,553.0	639.5	770.8
Raw materials, consumables and services used	–374.7	–433.9	–177.1	–209.6
Expenses from financial services	–5.8	–23.7	–3.9	–12.4
Staff costs	–579.2	–692.7	–279.4	–350.9
Depreciation, amortisation and impairment losses	–93.8	–105.9	–45.7	–54.9
Other operating expenses	–177.9	–196.2	–86.6	–92.4
thereof impairment losses in accordance with IFRS 9	–3.6	–4.7	–2.0	–1.9
TOTAL OPERATING EXPENSES	–1,231.5	–1,452.4	–592.7	–720.1
Results from financial assets accounted for using the equity method	0.8	1.3	0.8	0.8
Net monetary gain	3.1	3.6	0.7	1.7
EARNINGS BEFORE FINANCIAL RESULT AND INCOME TAX (EBIT)	95.2	105.6	48.2	53.2
Financial income	17.8	14.9	14.5	5.6
Financial expenses	–12.2	–16.5	–5.5	–8.5
FINANCIAL RESULT	5.7	–1.6	9.1	–2.9
PROFIT BEFORE TAX	100.9	104.0	57.3	50.3
Income tax	–22.3	–25.5	–10.6	–13.5
PROFIT FOR THE PERIOD	78.6	78.5	46.6	36.8
ATTRIBUTABLE TO:
Shareholders of the parent company	76.5	75.3	45.5	35.6
Non-controlling interests	2.1	3.1	1.1	1.2
EARNINGS PER SHARE (EUR)
EARNINGS PER SHARE (BASIC AND DILUTED)	1.13	1.12	0.67	0.53

Consolidated Statement of Comprehensive Income

EUR m	H1 2023	H1 2024	Q2 2023	Q2 2024
PROFIT FOR THE PERIOD	78.6	78.5	46.6	36.8
ITEMS THAT MAY BE RECLASSIFIED SUBSEQUENTLY TO THE INCOME STATEMENT:
Currency translation differences and hyperinflation adjustment – investments in foreign businesses	–8.3	10.2	–14.0	5.3
TOTAL ITEMS THAT MAY BE RECLASSIFIED	–8.2	10.2	–14.0	5.3
ITEMS THAT WILL NOT BE RECLASSIFIED SUBSEQUENTLY TO THE INCOME STATEMENT:
Revaluation of defined benefit obligations	–9.3	–1.6	1.3	–2.5
Tax effect of revaluation	1.9	0.4	–0.3	0.6
TOTAL ITEMS THAT WILL NOT BE RECLASSIFIED	–7.4	–1.2	1.1	–1.9
OTHER COMPREHENSIVE INCOME	–15.7	9.0	–12.9	3.4
TOTAL COMPREHENSIVE INCOME	63.0	87.5	33.7	40.2
ATTRIBUTABLE TO:
Shareholders of the parent company	63.9	82.4	35.0	38.3
Non-controlling interests	–0.9	5.1	–1.3	1.9

Consolidated Balance Sheet

EUR m	31 December 2023	30 June 2024
ASSETS
NON-CURRENT ASSETS
Goodwill	60.0	60.0
Intangible assets	85.9	88.4
Property, plant, and equipment	1,356.3	1,359.2
Investment property	94.6	86.3
Financial assets accounted for using the equity method	28.3	29.6
Other financial assets	7.0	6.7
Contract assets	0.4	0.4
Other receivables	9.9	7.4
Deferred tax assets	22.6	21.6
	1,664.9	1,659.6
FINANCIAL ASSETS FROM FINANCIAL SERVICES
Cash, cash equivalents and central bank balances	839.1	885.7
Receivables from banks	34.2	1.7
Receivables from customers	1,791.9	1,877.1
Investments	633.7	838.1
Other	46.7	52.6
	3,345.6	3,655.3
CURRENT ASSETS
Other financial assets	20.4	10.4
Inventories	22.7	25.3
Contract assets	0.5	0.5
Trade and other receivables	426.7	467.4
Tax assets	108.7	78.7
Cash and cash equivalents	87.5	59.9
	666.6	642.2
	5,677.1	5,957.1

Consolidated Balance Sheet

EUR m	31 December 2023	30 June 2024
EQUITY AND LIABILITIES
EQUITY
Share capital	337.8	337.8
Capital reserves	91.0	91.0
Revenue reserves	290.0	245.1
Other reserves	–35.5	–28.5
EQUITY ATTRIBUTABLE TO THE SHAREHOLDERS OF THE PARENT COMPANY	683.3	645.4
NON-CONTROLLING INTERESTS	33.4	36.6
	716.7	682.0
NON-CURRENT LIABILITIES
Provisions	307.7	291.3
Other financial liabilities	553.4	551.1
Other liabilities	69.9	67.0
Contract liabilities	0.6	0.0
Deferred tax liabilities	0.4	0.4
	932.0	909.7
FINANCIAL LIABILITIES FROM FINANCIAL SERVICES
Borrowings from banks	75.6	167.7
Liabilities to customers	3,076.4	3,279.5
Other	29.0	22.3
	3,181.1	3,469.5
CURRENT LIABILITIES
Provisions	285.1	279.5
Tax liabilities	4.2	5.4
Other financial liabilities	65.9	107.9
Trade payables and other liabilities	460.8	473.1
Contract liabilities	31.2	30.0
	847.3	895.9
	5,677.1	5,957.1

Consolidated Cash Flow Statement

EUR m	H1 2023	H1 2024
OPERATING ACTIVITIES
Profit before tax	100.9	104.0
Depreciation, amortisation, and impairment losses	93.8	105.9
Results from financial assets accounted for using the equity method	–0.8	–1.3
Provisions - non-cash	9.9	7.7
Net position of monetary items – non-cash	1.7	2.7
Other non-cash transactions	–48.8	–33.1
GROSS CASH FLOW	156.7	185.8
Trade and other receivables	–11.5	–42.0
Inventories	–1.2	–3.0
Contract assets	2.7	0.0
Provisions	–36.2	–28.2
Trade payables and other liabilities	17.7	15.4
Contract liabilities	–1.3	–1.8
Financial assets/liabilities from financial services	–128.5	10.5
Interest received from financial services	33.4	51.7
Interest paid from financial services	–1.4	–6.1
Taxes paid/received	–18.9	3.4
CASH FLOW FROM OPERATING ACTIVITIES	11.4	185.7
INVESTING ACTIVITIES
Acquisition of intangible assets	–4.5	–5.2

Acquisition of intangible assets	–4.5	–5.2
Acquisition of property, plant and equipment/investment property	–47.6	–46.3
Sale of property, plant, and equipment/investment property	4.5	3.6
Acquisition of subsidiaries/non-controlling interests/business units	–0.7	–0.1
Disposal of subsidiaries	–0.8	0.0
Acquisition of financial assets accounted for using the equity method	–12.9	–3.4
Payments for hedging foreign currency transactions	0.0	0.3
Acquisition of financial investments in securities/money market investments	–50.0	–60.0
Sale of financial investments in securities/money market investments	75.0	70.0
Dividends received from financial assets accounted for using the equity method	0.0	0.7
Interest received and income from securities	2.5	8.7
CASH FLOW FROM INVESTING ACTIVITIES	–34.4	–31.6
FREE CASH FLOW	–23.0	154.1

Consolidated Cash Flow Statement

for the first half of 2024
EUR m	H1 2023	H1 2024
FINANCING ACTIVITIES
Acceptance of long-term financing	75.0	0.8
Settlement of lease liabilities	–31.7	–36.8
Changes of short-term financial liabilities	–17.6	38.4
Dividends paid	–120.6	–123.7
Interest paid	–4.2	–6.6
Payments from non-controlling interests	0.0	1.6
CASH FLOW FROM FINANCING ACTIVITIES	–99.0	–126.4
Currency translation differences in cash and cash equivalents	–2.6	–1.4
Monetary loss on cash and cash equivalents	–2.4	–7.4
CHANGE IN CASH AND CASH EQUIVALENTS	–127.0	19.0
Cash and cash equivalents as at 1 January	930.6	926.6
CASH AND CASH EQUIVALENTS AS AT 30 JUNE	803.6	945.6

Consolidated Statement of Changes in Equity in the first half of 2023 Other reserves

EUR m	Share capital	Capital reserves	Revenue reserves	IAS 19 reserve	FVOCI reserve	Currency translation reserve	Equity attribute able to share holders of the parent company	Non controlling interests	Equity
BALANCE AS AT 1 JANUARY 2023	337.8	91.0	275.7	–23.0	1.5	–3.3	679.7	30.7	710.4
Profit for the period	0.0	0.0	76.5	0.0	0.0	0.0	76.5	2.1	78.6
Other comprehensive income	0.0	0.0	0.0	–6.0	0.0	–6.6	–12.6	–3.1	–15.7
TOTAL COMPREHENSIVE INCOME	0.0	0.0	76.5	–6.0	0.0	–6.6	63.9	–0.9	63.0
Dividends paid	0.0	0.0	–118.2	0.0	0.0	0.0	–118.2	–2.3	–120.6
TRANSACTIONS WITH OWNERS	0.0	0.0	–118.2	0.0	0.0	0.0	–118.2	–2.3	–120.6
Acquisition of subsidiaries	0.0	0.0	0.0	0.0	0.0	0.0	0.0	–0.1	–0.1
OTHER CHANGES	0.0	0.0	0.0	0.0	0.0	0.0	0.0	–0.1	–0.1
BALANCE AS AT 30 JUNE 2023	337.8	91.0	234.0	–29.0	1.5	–9.9	625.4	27.3	652.7

Consolidated Statement of Changes in Equity in the first half of 2024 Other reserves

EUR m	Share capital	Capital reserves	Revenue reserves	IAS 19 reserve	FVOCI reserve	Currency translation reserve	Equity attribute able to share holders of the parent company	Non controlling interests	Equity
BALANCE AS AT 1 JANUARY 2024	337.8	91.0	290.0	–31.2	1.8	–6.1	683.3	33.4	716.7
Profit for the period	0.0	0.0	75.3	0.0	0.0	0.0	75.3	3.1	78.5
Other comprehensive income	0.0	0.0	0.0	–0.9	0.0	8.0	7.0	2.0	9.0
TOTAL COMPREHENSIVE INCOME	0.0	0.0	75.3	–0.9	0.0	8.0	82.4	5.1	87.5
Dividends paid	0.0	0.0	–120.2	0.0	0.0	0.0	–120.2	–3.5	–123.7
Payments to subsidiaries with non controlling interests	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.6	1.6
TRANSACTIONS WITH OWNERS	0.0	0.0	–120.2	0.0	0.0	0.0	–120.2	–1.9	–122.1
Step acquisition of a subsidiary	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	–0.1
OTHER CHANGES	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	–0.1
BALANCE AS AT 30 JUNE 2024	337.8	91.0	245.1	–32.2	1.8	1.9	645.4	36.6	682.0

Notes to the Consolidated Interim Financial Statements for the first half of 2024

1. Summary of Accounting Principles

The consolidated interim financial statements of Austrian Post as at 30 June 2024 have been prepared in accordance with the International Financial Reporting Standards (IFRS) valid as at 30 June 2024, as issued by the International Accounting Standards Board (IASB) and adopted by the European Union, and the additional requirements of Section 245a of the Austrian Commercial Code (UGB).

These consolidated interim financial statements have been prepared on the basis of IAS 34 Interim Financial Reporting. The consolidated interim financial statements do not include all the notes usually contained in the financial statements for the entire financial year. Accordingly, these consolidated interim financial statements should be read in connection with the consolidated financial statements for the 2023 financial year. The accounting and valuation methods as well as the explanations and notes to the financial statements are fundamentally based on the same accounting and valuation methods underlying the consolidated financial statements for the 2023 financial year with the exception of the initial application of new and revised standards or accounting policies as explained below.

The consolidated interim financial statements are presented in Euros. All amounts are listed in millions of euros (EUR m) unless stated otherwise. When aggregating rounded amounts and percentages, rounding differences may occur due to the use of automated calculation aids.

These consolidated interim financial statements were neither subject to a complete audit nor to an audit review by an auditor.

2. Changes in Accounting and Valuation Methods

Mandatory application of revised standards The following revised standards had to be applied on a mandatory basis for the first time in the first half of 2024:

Mandatory Application of Revised Standards
IAS 1	Classification of Liabilities in current or non-current Liabilities	1 Jan. 2024
IAS 1	Non-current Liabilities with Covenants	1 Jan. 2024
IAS 7/IFRS 7	Supplier Finance Arrangements	1 Jan. 2024
IFRS 16	Lease Liability in a Sale and Leaseback	1 Jan. 2024

1 To be applied in the financial year beginning on or after the effective date.

The application of the revised standards did not have any material impact on the consolidated interim financial statements.

Global minimum tax/Pillar II The disclosures in the Annual Report 2023 regarding the global minimum tax/Pillar II continue to be valid. Evaluations are being updated or continued and still conclude that no material tax expense related to Pillar II will result. Accordingly, no significant impacts have been identified on the Group tax rate.

3. Future-related Assumptions and Estimation Uncertainties

The preparation of consolidated financial statements in accordance with IFRS requires management to make certain assumptions and estimates about future developments. Moreover, the Group is exposed to external events and developments which require forward-looking assumptions and estimates.

A detailed description of the main forward-looking assumptions and estimates of the Austrian Post Group is contained in the consolidated financial statements for the 2023 financial year. What follows are updates of individual assessments and estimates since the last consolidated annual financial statements.

Climate-related aspects There were no material changes in the first half of 2024 with respect to climate-related aspects. For this reason, no material impacts on the consolidated interim financial statements as at 30 June 2024 were identified.

Macroeconomic environment Current developments and uncertainties arising from the macroeconomic and geopolitical environment are monitored on an ongoing basis and any potential effects on the consolidated financial statements are reviewed. Accordingly, there were no material changes in the first half of 2024 since the last consolidated annual financial statements. Within the context of impairment testing pursuant to IAS 36, there was no indication of impairment and thus no need to recognize an impairment loss as at 30 June 2024. Similarly, the consolidated financial statements of the Turkish subsidiaries continue to be included in the financial statements of the Austrian Post Group using IAS 29 Financial Reporting in Hyperinflationary Economies. Furthermore, in relation to receivables from customers from financial services, no significant negative effects on the key risk parameters, i.e., the probability of default (PD) and loss given default (LGD) were identified despite the prevailing economic weakness. The unemployment rate forecasts of leading economic research institutes are similar to the last consolidated annual financial statements. Therefore, no material effects arise on the estimates or additional impairment losses (management overlay) recognized at year's end. For this reason, the additional impairment losses will be continued for 2024, thus continuing to cover the expected uncertainties, especially relating to the development of the unemployment rate. The effects of these factors were of minor significance. On balance, no material impacts on the consolidated interim financial statements were identified as at 30 June 2024.

4. Segment Reporting

The following tables present segment disclosures for the reportable segments for the first half of 2023 and the first half of 2024:

H1 2023

EUR m	Mail	Parcel & Logistics	Retail & Bank	Corporate	Group Reconciliation	Group
Revenue (segments)	598.1	628.4	76.5	1.0	–19.2	1,284.8
Revenue intra-Group	2.3	0.3	94.5	0.0	–97.1	0.0
TOTAL REVENUE	600.4	628.8	171.1	1.0	–116.3	1,284.8
thereof revenue with third parties	589.9	617.7	76.3	0.9	0.0	1,284.8
thereof income from financial services	0.0	0.0	56.6	0.0	–0.2	56.4
EBIT	77.6	36.3	1.1	–19.6	–0.3	95.2
Financial result						5.7
PROFIT BEFORE TAX						100.9

H1 2024

EUR m	Mail	Parcel & Logistics	Retail & Bank	Corporate	Group Reconciliation	Group
Revenue (segments)	619.0	804.9	95.7	1.2	–15.7	1,505.2
Revenue intra-Group	2.1	0.4	101.0	0.0	–103.5	0.0
TOTAL REVENUE	621.2	805.3	196.7	1.2	–119.2	1,505.2
thereof revenue with third parties	614.9	793.6	95.5	1.2	0.0	1,505.2
thereof income from financial services	0.0	0.0	75.2	0.0	–0.2	75.0
EBIT	83.0	47.3	–5.3	–19.3	–0.1	105.6
Financial result						–1.6
PROFIT BEFORE TAX						104.0

5. Revenue from Contracts with Customers

The following table shows the revenue from contracts with customers by type of product/service or region for each reportable segment:

EUR m	H1 2023	H1 2024
Letter Mail	351.2	363.2
Business Solutions	22.3	24.7
Direct Mail	152.2	158.3
Media Post	64.1	68.8
MAIL	589.9	614.9
Parcel Austria	373.9	434.8
Parcel Türkiye	133.0	234.5
Parcel CEE/SEE	91.7	107.9
Logistics Solutions/Consolidation	19.1	16.5
PARCEL & LOGISTICS	617.7	793.6
Branch Services	19.9	20.5
Commission income from financial services	21.9	21.4
RETAIL & BANK	41.8	41.8
Other revenue	0.9	1.2
CORPORATE	0.9	1.2
REVENUE FROM CONTRACTS WITH CUSTOMERS	1,250.3	1,451.5
thereof recognized in revenue	1,250.3	1,451.5

6. Result from Financial Services

The income from financial services and the expenses for financial services reported in the consolidated income statement are comprised of the items shown in the following two tables:

EUR m	H1 2023	H1 2024
Interest income	34.5	53.7
Commission income	21.9	21.4
INCOME FROM FINANCIAL SERVICES	56.4	75.0

Interest income results primarily from receivables from customers in the amount of EUR 28.4m (H1 2023: EUR 21.2m) and from interest income from deposits with central banks totalling EUR 14.1m (H1 2023: EUR 7.7m). Commission income of EUR 11.3m (H1 2023: EUR 10.3m) relates to the current account business and payment transactions, while EUR 7.7m (H1 2023: EUR 9.4m) relates to the other service business and the amount of EUR 2.1m (H1 2023: EUR 2.1m) is attributable to the securities business.

EUR m	H1 2023	H1 2024
Interest expense	–3.3	–21.0
Commission expense	–2.6	–2.7
EXPENSES FROM FINANCIAL SERVICES	–5.8	–23.7

The interest expense in the current financial year mainly results from the increase in fixed term deposits within the item Liabilities to customers to the amount of EUR 20.2m (H1 2023: EUR 2.7m). Commission expense mainly relates to the current account business and payment transactions.

The total result from financial services is as follows:

EUR m	H1 2023	H1 2024
Interest income	34.5	53.7
thereof income of the effective interest method	32.1	47.6
thereof interest income calculated not using the effective interest method	2.4	6.0
Interest expense	–3.3	–21.0
NET INTEREST INCOME/EXPENSE	31.2	32.7
Commission income	21.9	21.4
Commission expense	–2.6	–2.7
NET COMMISSION INCOME/EXPENSES	19.3	18.7
NET INTEREST AND COMMISSION INCOME/EXPENSES	50.6	51.4
Revaluation and derecognition income	0.2	0.3
Impairment losses according to IFRS 9	–2.8	–3.9
RESULT FROM FINANCIAL SERVICES	48.0	47.8

7. Financial Instruments

This note contains an update of the assessments and estimates used by the Austrian Post Group in determining the fair value of financial instruments since the last consolidated annual financial statements.

7.1 Financial Assets and Liabilities

The following tables show the carrying amounts of financial assets and liabilities as at 31 December 2023 and 30 June 2024 in accordance with the classification categories stipulated in IFRS 9:

31 December 2023

EUR m	Recognised at amortised cost	At fair value through OCI (FVOCI) - recycling	At fair value through OCI (FVOCI) - no recycling	At fair value through profit or loss (FVTPL) mandatory	Total at fair value	Total
FINANCIAL ASSETS
Financial assets from financial services	3,309.2	0.0	0.0	36.4	36.4	3,345.6
Cash, cash equivalents and central bank
balances	839.1	0.0	0.0	0.0	0.0	839.1
Receivables from banks	34.2	0.0	0.0	0.0	0.0	34.2
Receivables from customers	1,791.9	0.0	0.0	0.0	0.0	1,791.9
Mortgage loans	1,458.2	0.0	0.0	0.0	0.0	1,458.2
Consumer loans	323.8	0.0	0.0	0.0	0.0	323.8
Current accounts	9.9	0.0	0.0	0.0	0.0	9.9
Investments	633.7	0.0	0.0	0.0	0.0	633.7
Other receivables	10.4	0.0	0.0	36.4	36.4	46.7
Positive market values from hedge accounting	0.0	0.0	0.0	36.4	36.4	36.4
Clearing receivables	10.4	0.0	0.0	0.0	0.0	10.4
Other financial assets	20.0	0.5	7.0	0.0	7.4	27.4
Money market investments	20.0	0.0	0.0	0.0	0.0	20.0
Sundry other financial assets	0.0	0.5	7.0	0.0	7.4	7.4
Trade receivables and other receivables	382.8	0.0	0.0	0.0	0.0	382.8
Trade receivables	332.0	0.0	0.0	0.0	0.0	332.0
Receivables from financial assets accounted for using the equity method	1.7	0.0	0.0	0.0	0.0	1.7
Other receivables1	49.1	0.0	0.0	0.0	0.0	49.1
Cash and cash equivalents	87.5	0.0	0.0	0.0	0.0	87.5
TOTAL	3,799.6	0.5	7.0	36.4	43.8	3,843.4
FINANCIAL LIABILITIES
Financial liabilities from financial services	3,170.7	0.0	0.0	10.4	10.4	3,181.1
Borrowings from banks	75.6	0.0	0.0	0.0	0.0	75.6
Liabilities to customers	3,076.4	0.0	0.0	0.0	0.0	3,076.4
Other clearing liabilities	18.6	0.0	0.0	10.4	10.4	29.0
Negative market values from hedge accounting	0.0	0.0	0.0	10.4	10.4	10.4
Liabilities from clearing	18.6	0.0	0.0	0.0	0.0	18.6
Other financial liabilities	617.9	0.0	0.0	1.4	1.4	619.3
Borrowings from banks	228.3	0.0	0.0	0.0	0.0	228.3
Lease liabilities	389.6	0.0	0.0	0.0	0.0	389.6
Sundry other financial liabilities	0.0	0.0	0.0	1.4	1.4	1.4
Trade payables and other liabilities	419.8	0.0	0.0	9.1	9.1	428.9
Trade payables	269.7	0.0	0.0	0.0	0.0	269.7
Liabilities from financial assets accounted for using the equity method	0.2	0.0	0.0	0.0	0.0	0.2
Liabilities from acquisition of financial assets accounted from using the equity method	0.0	0.0	0.0	9.1	9.1	9.1
Liabilities from obligation to acquire non controlling interests	48.8	0.0	0.0	0.0	0.0	48.8
Other liabilities2	101.1	0.0	0.0	0.0	0.0	101.1
TOTAL	4,208.4	0.0	0.0	20.9	20.9	4,229.3

1 Excluding prepayments and receivables from tax authorities and social security carriers.

2 Excluding payments received in advance and liabilities to tax authorities and social security carriers as well as unused vacation.

30 June 2024

EUR m	Recognised at amortised cost	At fair value through OCI (FVOCI) - recycling	At fair value through OCI (FVOCI) - no recycling	At fair value through profit or loss (FVTPL) mandatory	Total at fair value	Total
FINANCIAL ASSETS
Financial assets from financial services	3,612.3	0.0	0.0	42.9	42.9	3,655.3
Cash, cash equivalents and central bank balances	885.7	0.0	0.0	0.0	0.0	885.7
Receivables from banks	1.7	0.0	0.0	0.0	0.0	1.7
Receivables from customers	1,877.1	0.0	0.0	0.0	0.0	1,877.1
Mortgage loans	1,528.5	0.0	0.0	0.0	0.0	1,528.5
Consumer loans	336.7	0.0	0.0	0.0	0.0	336.7
Current accounts	12.0	0.0	0.0	0.0	0.0	12.0
Investments	838.1	0.0	0.0	0.0	0.0	838.1
Other receivables	9.7	0.0	0.0	42.9	42.9	52.6
Positive market values from hedge accounting	0.0	0.0	0.0	42.9	42.9	42.9
Other clearing receivables	9.7	0.0	0.0	0.0	0.0	9.7
Other financial assets	10.0	0.4	6.7	0.0	7.1	17.1
Money market investments	10.0	0.0	0.0	0.0	0.0	10.0
Sundry other financial assets	0.0	0.4	6.7	0.0	7.1	7.1
Trade receivables and other receivables	427.7	0.0	0.0	0.0	0.0	427.7
Trade receivables	362.5	0.0	0.0	0.0	0.0	362.5
Receivables from financial assets accounted for using the equity method	0.9	0.0	0.0	0.0	0.0	0.9
Other receivables1	64.3	0.0	0.0	0.0	0.0	64.3
Cash and cash equivalents	59.9	0.0	0.0	0.0	0.0	59.9
TOTAL	4,110.0	0.4	6.7	42.9	50.0	4,160.0
FINANCIAL LIABILITIES
Financial liabilities from financial services	3,465.1	0.0	0.0	4.4	4.4	3,469.5
Borrowings from banks	167.7	0.0	0.0	0.0	0.0	167.7
Liabilities to customers	3,279.5	0.0	0.0	0.0	0.0	3,279.5
Other liabilities	17.9	0.0	0.0	4.4	4.4	22.3
Negative market values from hedge accounting	0.0	0.0	0.0	4.4	4.4	4.4
Other clearing liabilities	17.9	0.0	0.0	0.0	0.0	17.9
Other financial liabilities	658.6	0.0	0.0	0.4	0.4	659.0
Borrowings from banks	267.4	0.0	0.0	0.0	0.0	267.4
Lease liabilities	391.2	0.0	0.0	0.0	0.0	391.2
Sundry other financial liabilities	0.0	0.0	0.0	0.4	0.4	0.4
Trade payables and other liabilities	415.1	0.0	0.0	6.1	6.1	421.1
Trade payables	245.5	0.0	0.0	0.0	0.0	245.5
Liabilities from financial assets accounted for using the equity method	0.6	0.0	0.0	0.0	0.0	0.6
Liabilities from acquisition of financial assets accounted from using the equity method	0.0	0.0	0.0	6.1	6.1	6.1
Liabilities from obligation to acquire non controlling interests	49.5	0.0	0.0	0.0	0.0	49.5
Other liabilities2	119.5	0.0	0.0	0.0	0.0	119.5
TOTAL	4,538.8	0.0	0.0	10.9	10.9	4,549.6

1 Excluding prepayments and receivables from tax authorities and social security carriers.

2 Excluding payments received in advance and liabilities to tax authorities and social security carriers as well as unused vacation.

7.2 Financial Assets and Liabilities Measured at Fair Value

The following tables show financial assets and liabilities measured at fair value as at 31 December 2023 and 30 June 2024 in accordance with the levels of the fair value hierarchy of IFRS 13:

31 December 2023

EUR m	Level 1	Level 2	Level 3	Total
FINANCIAL ASSETS
Financial assets from financial services	0.0	36.4	0.0	36.4
Other receivables	0.0	36.4	0.0	36.4
Positive market values from hedge accounting	0.0	36.4	0.0	36.4
Other financial assets	0.5	6.7	0.2	7.4
TOTAL	0.5	43.1	0.2	43.8
FINANCIAL LIABILITIES
Financial liabilities from financial services	0.0	10.4	0.0	10.4
Other liabilities	0.0	10.4	0.0	10.4
Negative market values from hedge accounting	0.0	10.4	0.0	10.4
Other financial liabilities	0.0	1.4	0.0	1.4
Sundry other financial liabilities	0.0	1.4	0.0	1.4
Trade payables and other liabilities	0.0	0.0	9.1	9.1
Liabilities from acquisition of financial assets accounted from using the equity method	0.0	0.0	9.1	9.1
TOTAL	0.0	11.8	9.1	20.9

30 June 2024

EUR m	Level 1	Level 2	Level 3	Total
FINANCIAL ASSETS
Financial assets from financial services	0.0	42.9	0.0	42.9
Other receivables	0.0	42.9	0.0	42.9
Positive market values from hedge accounting	0.0	42.9	0.0	42.9
Other financial assets	0.5	6.4	0.2	7.1
TOTAL	0.5	49.4	0.2	50.1
FINANCIAL LIABILITIES
Financial liabilities from financial services	0.0	4.4	0.0	4.4
Other liabilities	0.0	4.4	0.0	4.4
Negative market values from hedge accounting	0.0	4.4	0.0	4.4
Other financial liabilities	0.0	0.4	0.0	0.4
Sundry other financial liabilities	0.0	0.4	0.0	0.4
Trade payables and other liabilities	0.0	0.0	6.1	6.1
Liabilities from acquisition of financial assets accounted from using the equity method	0.0	0.0	6.1	6.1
TOTAL	0.0	4.8	6.1	10.9

The liabilities from the acquisition of financial assets accounted for using the equity method comprise the contingent consideration from the acquisition of Agile Actors Single Member S.A. in the 2023 financial year, whereby the future purchase price depends on the EBIT generated in the financial years 2024 and 2025. The calculation of the fair value was assigned to Level 3 and is conducted on the basis of current earnings planning, taking account of the WACC as the discount interest rate on the valuation date. As at 31 December 2023, a liability was recognized with a fair value of EUR 9.1m. A payment of EUR 3.4m was made in March 2024. Taking account of the subsequent measurement of EUR 0.4m, the fair value equals EUR 6.1m as at 30 June 2024. The reduction of the expected EBIT in the financial years 2024 and 2025 by 10% each would correspondingly decrease the amount of the recognized liability by EUR 0.8m as at 30 June 2024. An increase in the expected EBIT would not affect the amount of the liability. A change in the WACC by +/- 1 percentage point would be reflected as -/+ EUR 0.1m in the liability.

Determining fair values of the other financial assets and liabilities takes place on the basis of valuation procedures and input factors described in the Annual Report 2023.

No transfers between Levels 1, 2 and 3 took place during the reporting period from 1 January 2024 to 30 June 2024.

7.3 Financial Assets and Liabilities Not Measured at Fair Value

The fair value of the following financial assets and liabilities measured at amortised cost, taking into account the levels of the fair value hierarchy of IFRS 13, is as follows as at 31 December 2023 and 30 June 2024:

31 December 2023

EUR m	Carrying amount	Fair value	Level 1	Level 3
FINANCIAL ASSETS
Receivables from banks	34.2	34.1	0.0	34.1
Receivables from customers
Mortgage loans	1,458.2	1,463.5	0.0	1,463.5
Consumer loans	323.8	357.2	0.0	357.2
Investments	633.7	596.9	596.9	0.0
FINANCIAL LIABILITIES
Liabilities to customers	3,076.4	3,071.9	0.0	3,071.9
Liabilities from obligation to acquire non-controlling interests	48.8	34.1	0.0	34.1

30 June 2024

EUR m	Carrying amount	Fair value	Level 1	Level 3
FINANCIAL ASSETS
Receivables from banks	1.7	1.7	0.0	1.7
Receivables from customers
Mortgage loans	1,528.5	1,537.1	0.0	1,537.1
Consumer loans	336.7	368.8	0.0	368.8
Investments	838.1	799.3	799.3	0.0
FINANCIAL LIABILITIES
Liabilities to customers	3,279.5	3,275.0	0.0	3,275.0
Liabilities from obligation to acquire non-controlling interests	49.5	40.6	0.0	40.6

Financial assets The fair value of the financial assets listed in this table is determined using the present value method, taking into consideration credit risks and currently observable market data on interest rates.

Financial liabilities Liabilities to customers measured at amortised cost are determined using the present value method, taking into consideration currently observable market data on interest rates. Liabilities from obligations to acquire non-controlling interests with a carrying amount of EUR 49.5m (31 December 2023: EUR 48.8m) result from options for the acquisition of the remaining 20% of the shares in Aras Kargo a.s., whereby the future purchase price depends on the company's performance. The calculation of the fair value of EUR 40.6m (31 December 2023: EUR 34.1m) is carried out on the basis of current earnings planning, the current exchange rate and an updated WACC as the discount rate.

In the case of all other financial assets and liabilities, which are not measured at fair value, it is assumed that the fair values correspond to the carrying amounts due to the primarily short-term nature of these items.

7.4 Hedge Accounting

In the first half of 2024, additional interest rate derivatives (interest rate swaps) were concluded as hedging instruments for fixed-rate mortgage loans. Moreover, for the first time, interest rate risks from fixed-rate investments and fixed-rate liabilities to customers were hedged using interest rate derivatives (interest rate swaps). The interest rate derivatives were concluded with Austrian banks under the Austrian master agreement for financial futures (incl. collateralisation annex) in euros. Accounting takes place according to the rules contained in IFRS 9 and corresponds to the fair value hedge in line with IFRS 9.6.5.21. Interest rate risk is monitored and controlled as part of the management of market risk.

In cases involving fixed-rate financial instruments, a market price risk arises from the change in the relevant reference yield curve. By using interest rate derivatives as hedging instruments, the fixed interest rate on the hedged items is transferred to a variable interest rate linked to the reference interest rate. For this reason, interest rate risks resulting from fixedrate mortgage loans and investments are hedged within the Austrian Post Group using interest rate swaps with fixed payers and variable recipients, whereas interest rate swaps with variable payers and fixed recipients are used to hedge liabilities to customers.

The interest rate derivatives designated as hedging instruments have an economic relationship with the interest rate risk component of the hedged item. The non-interest-rate-related risk components (such as credit spreads) are not part of the hedge. This means that the hedged item and the hedging instrument are structured in such a way that the parameters relevant for measurement purposes oppose each other. Consequently, opposing effects are only recognised to the extent that there is an economic relationship, without creating artificial volatility in the income statement. Likewise, the underlying risk associated with the derivative is identical to the hedged risk component.

The Austrian Post Group uses micro hedges to hedge the interest rate risk. A micro hedge relationship exists when a hedged item (or a group of items) can be clearly assigned to one or several hedging transactions. In the case of mortgage loans and liabilities to customers, a bottom layer hedge is used as a special form of micro hedges. The hedge ratio is 1:1. In greater detail, the following takes place:

• _ From the fixed-rate mortgage loans, which are grouped according to maturity and fixed interest rate, a bottom layer is dedicated to hedge accounting as a base amount which, taking into account the expected and early repayments, will very likely still be available when the hedging instruments mature. This approach means that early repayments, other derecognition scenarios as well as impairment losses are always allocated to the unhedged amount that exceeds the defined base amount. This means that these amounts do not affect the measurement of hedge effectiveness unless they reach the bottom layer threshold that has been defined.
• _ In order to hedge investments, a derivative (hedging instrument) is assigned to an investment (hedged item) which coincides with the parameters of the respective financial asset with respect to the nominal value, term to maturity and fixed interest rate.
• _ In order to hedge liabilities to customers, the respective fixed term deposits are grouped according to maturity, in which case the fixed interest rates are identical to all fixed term deposits in the respective maturity bracket. Similar to mortgage loans, a base amount is dedicated to hedge accounting, which, taking into account early repayments, will very likely still be available when the hedging instruments mature. Accordingly, early repayments do not affect the measurement of hedge effectiveness unless they reach the bottom layer threshold that has been defined.

To assess the effectiveness of the hedge, the change in the fair value of the hedged risk from the hedged items of the mortgage loans and liabilities to customers is determined using hypothetical derivatives that largely correspond to the contractual terms of the hedging transactions. In case of investments the respective market value is used. The calculation of the cash value for the effectiveness test takes place in accordance with Group's internal hedge accounting policies using both the dollar off-set method and a regression analysis.

In the case of mortgage loans and liabilities to customers, the hedge may become ineffective if the nominal value of the hedged items falls below that of the derivative. In case of investments, changes in the economic relationship or in the hedge ratio could lead to ineffectiveness. If a hedge is no longer effective, rebalancing has to be used to restore its effectiveness. There was no rebalancing in the first half of 2024.

The table below shows the nominal amounts of the hedging instruments, broken down by their remaining terms, as well as the market values of the hedging instruments at 31 December 2023 and 30 June 2024:

31 December 2023

		Nominal				Market value
EUR m	<3 months	>3 months within 1 year	>1 year within 5 years	>5 years	Nominal total	Positive market value	Negative market value
ASSETS
Interest rate derivative – Mortgage Loans	0.0	0.0	24.0	518.0	542.0	36.4	10.4

30 June 2024

EUR m		Nominal					Market value
	<3 months	>3 months within 1 year	>1 year within 5 years	>5 years	Nominal total	Positive market value	Negative market value
ASSETS
Interest rate derivative – Mortgage Loans	0.0	0.0	51.0	660.5	711.5	42.8	3.9
Interest rate derivative - Investments	0.0	0.0	40.0	74.9	114.9	0.2	0.3
LIABILITIES
Interest rate derivative - Liabilities to customers	0.0	220.0	0.0	0.0	220.0	0.0	0.1

The positive market values from the hedging instruments are reported under Financial assets from financial services. Negative market values from hedging instruments are reported under Financial liabilities from financial services.

The carrying amounts and the basis adjustments of the hedged items are as follows:

Carrying Amount and Basis Adjustments from Hedged Items

		31 Dec. 2023
EUR m	Carrying amount of hedged item	Basis adjustments included in the carrying amount	Carrying amount of hedged item	Basis adjustments included in the carrying amount
ASSETS
Receivables from customers
Mortgage loans	1,099.1	–26.0	1,182.7	–38.8
Investments	0.0	0.0	124.2	0.2
LIABILITIES
Liabilities to customers	0.0	0.0	251.0	0.1

The following table shows the effects of hedge accounting on the income statement:

Result of Hedge Accounting as at 31 December 2023

EUR m	Result of hedged items	Result of hedging instruments	Result of hedging relationship
ASSETS
Receivables from customers
Mortgage loans	31.8	–31.8	0.0

Result from Hedge Accounting as at 30 June 2024

EUR m	Result of hedged items	Result of hedging instruments	Result of hedging relationship
ASSETS
Receivables from customers
Mortgage loans	–12.9	12.9	0.0
Investments	0.2	–0.1	0.1
LIABILITIES
Liabilities to customers	0.1	–0.1	0.0

Ineffectiveness is recognised under other operating income in case of a positive balance and under other operating expenses in case of a negative balance.

7.5 Risks Relating to Financial Instruments from Banking Operations

Austrian Post's banking business is mainly conducted by bank99 AG and comprise a part of the financial services. Within the context of its banking operations, additional requirements, and reporting obligations (in particular from the banking supervisory authority) are taken into account. Updates are described below.

7.5.1 CREDIT RISK

Credit risk-relevant portfolio The credit risk-relevant portfolio encompasses all items which involve a credit risk in the narrower sense of the term. This includes both on-balance sheet and off-balance sheet items. Adjustments to the carrying amount within hedge accounting relationships (basis adjustments) are taken into consideration in the gross carrying amount, if necessary.

The credit risk-relevant portfolio as at 31 December 2023 and 30 June 2024 is as follows:

Presentation of the Credit Risk-Relevant Portfolio as at 31 December 2023

EUR m	Net carrying amount	Impairment losses	Gross carrying amount
CREDIT RISK-RELEVANT PORTFOLIO
Central bank balances and other sight deposits	732.5	0.0	732.5
Receivables from banks	34.2	0.0	34.2
Receivables from customers
Mortgage loans	1,458.2	1.6	1,459.8
Consumer loans	323.8	15.8	339.6
Current accounts	9.9	2.2	12.1
Investments
Recognised at amortised cost	633.7	0.1	633.8
Other clearing receivables	1.3	0.0	1.3
SUBTOTAL	3,193.6	19.7	3,213.3
OFF-BALANCE ITEMS
Liabilities from financial guarantee contracts	1.9	0.0	2.0
Loan commitments not yet drawn	19.7	0.0	19.7
SUBTOTAL	21.6	0.0	21.6
CREDIT RISK-RELEVANT PORTFOLIO	3,215.2	19.7	3,234.9

Presentation of the Credit Risk-Relevant Portfolio as at 30 June 2024

EUR m	Net carrying amount	Impairment losses	Gross carrying amount
CREDIT RISK-RELEVANT PORTFOLIO
Central bank balances and other sight deposits	736.6	0.0	736.6
Receivables from banks	1.7	0.0	1.7
Receivables from customers
Mortgage loans	1,528.5	1.8	1,530.2
Consumer loans	336.7	18.1	354.8
Current accounts	12.0	2.9	14.9
Investments
Recognised at amortised cost	838.1	0.2	838.3
Other clearing receivables	0.9	0.0	0.9
SUBTOTAL	3,454.5	23.0	3,477.5
OFF-BALANCE ITEMS
Liabilities from financial guarantee contracts	1.9	0.0	1.9
Loan commitments not yet drawn	41.2	0.0	41.2
SUBTOTAL	43.0	0.0	43.1
CREDIT RISK-RELEVANT PORTFOLIO	3,497.5	23.0	3,520.5

Receivables from banks declined to EUR 1.7m in the first half of 2024 (31 Decem-

ber 2023: EUR 34.2m) due to the expiration of deposits. Moreover, other investments were acquired, consisting of Austrian and European public sector and bank bonds.

EUR m	Retail customers	Financial institutions	Public sector	Total gross carrying amount
CREDIT RISK-RELEVANT PORTFOLIO
Central bank balances and other sight deposits	0.0	732.5	0.0	732.5
Receivables from banks	0.0	34.2	0.0	34.2
Receivables from customers
Mortgage loans	1,459.8	0.0	0.0	1,459.8
Consumer loans	339.6	0.0	0.0	339.6
Current accounts	12.1	0.0	0.0	12.1
Investments
Recognised at amortised cost	0.0	0.0	633.8	633.8
Other clearing receivables	0.7	0.6	0.0	1.3
SUBTOTAL	1,812.2	767.3	633.8	3,213.3
OFF-BALANCE ITEMS
Liabilities from financial guarantee contracts	2.0	0.0	0.0	2.0
Loan commitments not yet drawn	19.7	0.0	0.0	19.7
SUBTOTAL	21.6	0.0	0.0	21.6
TOTAL	1,833.8	767.3	633.8	3,234.9

Credit Risk-Relevant Portfolio by Customer Segment as at 30 June 2024

EUR m	Retail customers	Financial institutions	Public sector	Total gross carrying amount
CREDIT RISK-RELEVANT PORTFOLIO
Central bank balances and other sight deposits	0.0	736.6	0.0	736.6
Receivables from banks	0.0	1.7	0.0	1.7
Receivables from customers
Mortgage loans	1,530.2	0.0	0.0	1,530.2
Consumer loans	354.8	0.0	0.0	354.8
Current accounts	14.9	0.0	0.0	14.9
Investments
Recognised at amortised cost	0.0	64.4	773.9	838.3
Other clearing receivables	0.1	0.8	0.0	0.9
SUBTOTAL	1,900.1	803.5	773.9	3,477.5
OFF-BALANCE ITEMS
Liabilities from financial guarantee contracts	1.9	0.0	0.0	1.9
Loan commitments not yet drawn	41.2	0.0	0.0	41.2
SUBTOTAL	43.1	0.0	0.0	43.1
TOTAL	1,943.1	803.5	773.9	3,520.5

Credit-Risk Relevant Portfolio by Days Overdue as at 31 December 2023

					Total gross carrying
EUR m	Not overdue	1–30 days	31–90 days	> 90 days	amount
CREDIT RISK-RELEVANT PORTFOLIO
Central bank balances and other sight deposits	732.5	0.0	0.0	0.0	732.5
Receivables from banks	34.2	0.0	0.0	0.0	34.2
Receivables from customers
Mortgage loans	1,459.2	0.2	0.0	0.4	1,459.8
Consumer loans	323.3	3.7	3.1	9.5	339.6
Current accounts	9.3	0.3	0.5	2.0	12.1
Investments
Recognised at amortised cost	633.8	0.0	0.0	0.0	633.8
Other clearing receivables	1.3	0.0	0.0	0.0	1.3
SUBTOTAL	3,193.6	4.1	3.6	11.9	3,213.3
OFF-BALANCE ITEMS
Liabilities from financial guarantee contracts	2.0	0.0	0.0	0.0	2.0
Loan commitments not yet drawn	19.7	0.0	0.0	0.0	19.7
SUBTOTAL	21.6	0.0	0.0	0.0	21.6
TOTAL	3,215.3	4.1	3.6	11.9	3,234.9

EUR m	Not overdue	1–30 days	31–90 days	> 90 days	Total gross carrying amount
CREDIT RISK-RELEVANT PORTFOLIO
Central bank balances and other sight deposits	736.6	0.0	0.0	0.0	736.6
Receivables from banks	1.7	0.0	0.0	0.0	1.7
Receivables from customers
Mortgage loans	1,528.8	0.3	0.3	0.8	1,530.2
Consumer loans	334.7	4.7	3.3	12.1	354.8
Current accounts	11.1	0.3	0.5	3.1	14.9
Investments
Recognised at amortised cost	838.3	0.0	0.0	0.0	838.3
Other clearing receivables	0.9	0.0	0.0	0.0	0.9
SUBTOTAL	3,452.1	5.3	4.0	16.0	3,477.5
OFF-BALANCE ITEMS
Liabilities from financial guarantee contracts	1.9	0.0	0.0	0.0	1.9
Loan commitments not yet drawn	41.2	0.0	0.0	0.0	41.2
SUBTOTAL	43.1	0.0	0.0	0.0	43.1
TOTAL	3,495.2	5.3	4.0	16.0	3,520.5

Credit Risk-Relevant Portfolio by Days Overdue as at 30 June 2024

The client rating consists of five rating categories 1–5 which are shown in the tables be-

low:

Credit Risk-Relevant Portfolio by Rating Category as at 31 December 2023

							Total gross carrying
EUR m	Rating 1	Rating 2	Rating 3	Rating 4	Rating 5	No Rating	amount
CREDIT RISK-RELEVANT PORTFOLIO
Central bank balances and other sight deposits	731.5	1.1	0.0	0.0	0.0	0.0	732.5
Receivables from banks	3.4	30.8	0.0	0.0	0.0	0.0	34.2
Receivables from customers
Mortgage loans	0.0	0.0	1,446.9	11.2	1.7	0.0	1,459.8
Consumer loans	0.0	0.0	291.3	35.0	13.4	0.0	339.6
Current accounts	0.0	0.0	8.3	1.6	2.2	0.1	12.1
Investments
Recognised at amortised cost	580.0	48.6	5.2	0.0	0.0	0.0	633.8
Other clearing receivables	0.0	0.0	0.0	0.0	0.0	1.2	1.3
SUBTOTAL	1,314.9	80.4	1,751.7	47.8	17.2	1.3	3,213.3
OFF-BALANCE ITEMS
Liabilities from financial guarantee contracts	0.0	0.0	1.7	0.3	0.0	0.0	2.0
Loan commitments not yet drawn	0.0	0.0	19.7	0.0	0.0	0.0	19.7
SUBTOTAL	0.0	0.0	21.4	0.3	0.0	0.0	21.6
TOTAL	1,314.9	80.4	1,773.0	48.0	17.2	1.3	3,234.9

Credit Risk-Relevant Portfolio by Rating Category as at 30 June 2024

EUR m	Rating 1	Rating 2	Rating 3	Rating 4	Rating 5	No Rating	Total gross carrying amount
CREDIT RISK-RELEVANT PORTFOLIO
Central bank balances and other sight deposits	734.4	2.2	0.0	0.0	0.0	0.0	736.6
Receivables from banks	1.7	0.0	0.0	0.0	0.0	0.0	1.7
Receivables from customers
Mortgage loans	0.0	0.0	1,516.8	11.3	2.2	0.0	1,530.2
Consumer loans	0.0	0.0	304.7	34.5	15.6	0.0	354.8
Current accounts	0.0	0.0	10.1	1.1	3.6	0.1	14.9
Investments
Recognised at amortised cost	664.2	153.6	20.4	0.0	0.0	0.0	838.3
Other clearing receivables	0.0	0.0	0.0	0.0	0.0	0.9	0.9
SUBTOTAL	1,400.3	155.9	1,852.0	46.9	21.4	1.0	3,477.5
OFF-BALANCE ITEMS
Liabilities from financial guarantee contracts	0.0	0.0	1.8	0.0	0.0	0.0	1.9
Loan commitments not yet drawn	0.0	0.0	41.2	0.0	0.0	0.0	41.2
SUBTOTAL	0.0	0.0	43.0	0.0	0.0	0.0	43.1
TOTAL	1,400.3	155.9	1,895.1	46.9	21.4	1.0	3,520.5

Credit Risk-Relevant Portfolio Pursuant to IFRS 9 Stage Allocation as at 31 December 2023

EUR m	Stage 1	Stage 2	Stage 3	POCI	Total gross carrying amount
CREDIT RISK-RELEVANT PORTFOLIO
Central bank balances and other sight deposits	732.5	0.0	0.0	0.0	732.5
Receivables from banks	34.2	0.0	0.0	0.0	34.2
Receivables from customers
Mortgage loans	1,447.1	10.6	1.7	0.4	1,459.8
Consumer loans	299.5	26.9	13.5	–0.2	339.6
Current accounts	7.4	2.5	2.2	0.0	12.1
Investments
Recognised at amortised cost	633.8	0.0	0.0	0.0	633.8
Other clearing receivables	1.3	0.0	0.0	0.0	1.3
SUBTOTAL	3,155.8	39.9	17.3	0.2	3,213.3
OFF-BALANCE ITEMS
Liabilities from financial guarantee contracts	1.9	0.0	0.0	0.0	2.0
Loan commitments not yet drawn	19.3	0.3	0.0	0.0	19.7
SUBTOTAL	21.2	0.4	0.0	0.0	21.6
TOTAL	3,177.0	40.3	17.3	0.2	3,234.9

EUR m	Stage 1	Stage 2	Stage 3	POCI	Total gross carrying amount
CREDIT RISK-RELEVANT PORTFOLIO
Central bank balances and other sight deposits	736.6	0.0	0.0	0.0	736.6
Receivables from banks	1.7	0.0	0.0	0.0	1.7
Receivables from customers
Mortgage loans	1,516.5	11.2	2.2	0.4	1,530.2
Consumer loans	310.7	28.7	16.1	–0.7	354.8
Current accounts	8.8	2.5	3.6	0.0	14.9
Investments
Recognised at amortised cost	838.3	0.0	0.0	0.0	838.3
Other clearing receivables	0.9	0.0	0.0	0.0	0.9
SUBTOTAL	3,413.4	42.4	22.0	–0.3	3,477.5
OFF-BALANCE ITEMS
Liabilities from financial guarantee contracts	1.8	0.0	0.0	0.0	1.9
Loan commitments not yet drawn	41.2	0.0	0.0	0.0	41.2
SUBTOTAL	43.0	0.0	0.0	0.0	43.1
TOTAL	3,456.4	42.4	22.0	–0.3	3,520.5

Credit Risk-Relevant Portfolio Pursuant to IFRS 9 Stage Allocation as at 30 June 2024

The credit risk-relevant portfolio by rating category and default risk categories can be summarised as follows:

Credit Risk-Relevant Portfolio by Rating Category and Default Risk Category as at 31 December 2023

EUR m	Stage 1	Stage 2	Stage 3	POCI	Total gross carrying amount
CREDIT RISK-RELEVANT PORTFOLIO
Rating 1	1,314.9	0.0	0.0	0.0	1,314.9
Rating 2	80.4	0.0	0.0	0.0	80.4
Rating 3	1,762.5	10.1	0.0	0.3	1,773.0
Rating 4	17.9	30.1	0.0	0.0	48.0
Rating 5	0.0	0.0	17.3	–0.1	17.2
No Rating	1.3	0.0	0.0	0.0	1.3
TOTAL	3,177.0	40.3	17.3	0.2	3,234.9

EUR m	Stage 1	Stage 2	Stage 3	POCI	Total gross carrying amount
CREDIT RISK-RELEVANT PORTFOLIO
Rating 1	1,400.3	0.0	0.0	0.0	1,400.3
Rating 2	155.9	0.0	0.0	0.0	155.9
Rating 3	1,883.4	11.4	0.0	0.3	1,895.1
Rating 4	15.9	31.0	0.0	0.0	46.9
Rating 5	0.0	0.0	22.0	–0.5	21.4
No Rating	0.9	0.1	0.0	0.0	1.0
TOTAL	3,456.4	42.4	22.0	–0.3	3,520.5

Credit Risk-Relevant Portfolio by Rating Category and Default Risk Category as at 30 June 2024

Collateral The following collateral in form of mortgages exist for mortgage loans as well as for loan commitments which have not yet been drawn on:

Collateral in form of Mortgages
EUR m	31 Dec. 2023	30 June 2024
CREDIT RISK-RELEVANT PORTFOLIO
Receivables from customers
Mortgage loans	1,470.4	1,533.1
SUBTOTAL	1,470.4	1,533.1
OFF-BALANCE ITEMS
Loan commitments not yet drawn	18.9	40.0
SUBTOTAL	18.9	40.0
TOTAL	1,489.2	1,573.1

Non-Performing Credit Risk-Relevant Portfolio as at 31 December 2023

EUR m	Gross carrying amount total	NPL	Impairment loss NPL	Collateral NPL	NPE ratio	NPE coverage ratio	NPE collateral ratio
CREDIT RISK-RELEVANT PORTFOLIO
Central bank balances and other sight deposits	732.5	0.0	0.0	0.0	0.0%	0.0%	0.0%
Receivables from banks	34.2	0.0	0.0	0.0	0.0%	0.0%	0.0%
Receivables from customers
Mortgage loans	1,459.8	2.1	0.3	1.9	0.1%	12.7%	91.0%
Consumer loans	339.6	13.2	8.7	0.0	3.9%	66.0%	0.0%
Current accounts	12.1	2.2	1.6	0.0	17.9%	75.1%	0.0%
Investments
Recognised at amortised cost	633.8	0.0	0.0	0.0	0.0%	0.0%	0.0%
Other clearing receivables	1.3	0.0	0.0	0.0	0.0%	0.0%	0.0%
SUBTOTAL	3,213.3	17.5	10.6	1.9	0.5 %	60.7 %	11.0 %
OFF-BALANCE ITEMS
Liabilities from financial guarantee
contracts	2.0	0.0	0.0	0.0	0.0%	0.0%	0.0%
Loan commitments not yet drawn	19.7	0.0	0.0	0.0	0.0%	0.0%	0.0%
SUBTOTAL	21.6	0.0	0.0	0.0	0.0 %	0.0	0.0 %
TOTAL	3,234.9	17.5	10.6	1.9	0.5 %	60.7 %	11.0 %

Non-Performing Credit Risk-Relevant Portfolio as at 30 June 2024

EUR m	Gross carrying amount total	NPL	Impairment loss NPL	Collateral NPL	NPE ratio	NPE coverage ratio	NPE collateral ratio
CREDIT RISK-RELEVANT PORTFOLIO
Central bank balances and other sight deposits	736.6	0.0	0.0	0.0	0.0%	0.0%	0.0%
Receivables from banks	1.7	0.0	0.0	0.0	0.0%	0.0%	0.0%
Receivables from customers
Mortgage loans	1,530.2	2.6	0.3	2.4	0.2%	11.2%	93.1%
Consumer loans	354.8	15.4	10.7	0.0	4.3%	69.2%	0.0%
Current accounts	14.9	3.6	2.7	0.0	24.4%	75.3%	0.0%
Investments
Recognised at amortised cost	838.3	0.0	0.0	0.0	0.0%	0.0%	0.0%
Other clearing receivables	0.9	0.0	0.0	0.0	0.0%	0.0%	0.0%
SUBTOTAL	3,477.5	21.7	13.7	2.4	0.6 %	63.2 %	11.2 %
OFF-BALANCE ITEMS
Liabilities from financial guarantee contracts	1.9	0.0	0.0	0.0	0.0%	0.0%	0.0%
Loan commitments not yet drawn	41.2	0.0	0.0	0.0	0.0%	0.0%	0.0%
SUBTOTAL	43.1	0.0	0.0	0.0	0.0 %	0.0	0.0 %
TOTAL	3,520.5	21.7	13.7	2.4	0.6 %	63.2 %	11.2 %

The non-performing exposure ratio (NPE ratio) represents the share of the non-performing portfolio in relation to the total gross carrying amount of the credit risk-relevant portfolio. The NPE coverage ratio reflects the share of impairment losses for the non-performing portfolio in relation to the gross carrying amount of the non-performing portfolio. The NPE collateralisation ratio shows the collateral for non-performing loans as a percentage of the total non-performing portfolio.

Impairment Losses The following table shows the development of the credit risk-relevant portfolio in impairment losses:

Development in Impairment Losses of the Credit Risk-Relevant Portfolio

EUR m	Stage 1	Stage 2	Stage 3	POCI	Total
Balance as at 1 January 2023	2.9	4.4	6.9	–1.5	12.7
Reclassification	0.0	–1.0	1.0	0.0	0.0
Additions new acquisitions	0.1	0.0	0.0	0.0	0.1
Revaluation	–0.2	2.0	1.2	0.0	3.0
Utilization	0.0	0.0	0.0	–0.1	–0.1
Balance as at 30 June 2023	2.9	5.3	9.0	–1.6	15.6

EUR m	Stage 1	Stage 2	Stage 3	POCI	Total
Balance as at 1 January 2024	3.5	5.5	12.9	–2.2	19.7
Reclassification	0.0	–0.8	0.8	0.0	0.0
Additions new acquisitions	0.7	0.0	0.0	0.0	0.7
Derecognitions	–0.1	–0.2	–1.1	0.5	–0.9
Revaluation	–0.5	1.2	3.4	–0.5	3.6
Utilization	0.0	0.0	–0.1	0.0	–0.1
Balance as at 30 June 2024	3.6	5.8	15.9	–2.2	23.0

The following reconciliation of revaluations for material credit risk positions is as fol-

lows:

Development in Impairment Losses – Mortgage Loans

EUR m	Stage 1	Stage 2	Stage 3	POCI	Total
Balance as at 1 January 2023	0.9	0.4	0.0	0.0	1.3
Reclassification	0.0	–0.1	0.0	0.0	0.0
Additions new acquisitions	0.1	0.0	0.0	0.0	0.1
Revaluation	–0.1	0.2	0.0	0.0	0.1
Balance as at 30 June 2023	0.9	0.5	0.1	–0.1	1.5

EUR m	Stage 1	Stage 2	Stage 3	POCI	Total
Balance as at 1 January 2024	0.9	0.4	0.3	–0.1	1.6
Reclassification	0.0	–0.1	0.1	0.0	0.0
Derecognitions	0.0	0.0	–0.1	0.0	–0.1
Revaluation	0.1	0.1	0.0	0.0	0.3
Balance as at 30 June 2024	1.0	0.5	0.3	0.0	1.8

Development in Impairment Losses – Consumer Loans

EUR m	Stage 1	Stage 2	Stage 3	POCI	Total
Balance as at 1 January 2023	1.9	3.9	6.1	–1.6	10.2
Reclassification	0.0	–0.9	0.9	0.0	0.0
Revaluation	–0.1	1.7	0.8	0.0	2.4
Balance as at 30 June 2023	1.8	4.7	7.8	–1.7	12.6

EUR m	Stage 1	Stage 2	Stage 3	POCI	Total
Balance as at 1 January 2024	2.3	4.8	10.9	–2.1	15.8
Reclassification	0.0	–0.7	0.7	0.0	0.0
Additions new acquisitions	0.5	0.0	0.0	0.0	0.5
Derecognitions	–0.1	–0.1	–1.0	0.4	–0.9
Revaluation	–0.3	1.2	2.2	–0.3	2.7
Balance as at 30 June 2024	2.3	5.1	12.8	–2.1	18.1

7.5.2 LIQUIDITY RISK

The following table shows the liquidity coverage ratio (LCR) as well as the net stable funding ratio (NSFR) as at 30 June 2024:

Liquidity Covedrage Ratio

EUR m	31 Dec. 2023	30 June 2024
Liquidity buffer	1,416.9	1,590.4
Net outflow of liquidity	253.1	270.3
LIQUIDITY COVERAGE RATIO	559.8 %	588.4 %

Composition of the Liquidity Buffer

EUR m	31 Dec. 2023	30 June 2024
Central bank balances less minimum reserve	699.0	700.8
Cash	112.0	149.1
Eligible investments	605.9	740.5
LIQUIDITY BUFFER	1,416.9	1,590.4

Net Stable Funding Ratio

EUR m	31 Dec. 2023	30 June 2024
Stable financing available	3,069.3	3,309.5
Stable financing required	1,287.1	1,407.1
NET STABLE FUNDING RATIO	238.5 %	235.2 %

7.5.3 MARKET RISK

In the context of the banking business, market risks arise, for example from interest rate risks. In order to limit the interest rate risks, a large proportion of the fixed-interest items are hedged by concluding interest rate swaps (hedge accounting).

There was no major change in interest rates in the first half of 2024. However, a reversal of the prevailing trend and thus a drop in interest rates is expected in the second half of the

This results in the following Value at Risk (VaR) as at 31 December 2023 and 30 June 2024:

Value at Risk – EVE EUR m 31 Dec. 2023 30 June 2024 VaR EVE –39.7 –36.9

The results of the interest rate risk statistics compiled by the Austrian National Bank (OeNB) is as follows:

OeNB Interest Rate Risk Statistics
%	31 Dec. 2023	30 June 2024
OeNB interest rate risk statistics relative to eligible own funds	5.69 %	2.65 %

8. Equity

Dividends The Annual General Meeting of Austrian Post held on 18 April 2024 resolved to distribute a dividend equalling EUR 120.2m, corresponding to EUR 1.78 per share. The dividend payment to shareholders in the amount of EUR 104.6m took place on 2 May 2024. The retained capital gains tax of EUR 15.6m was remitted to the tax authorities on 15 May 2024.

Other disclosures Effective 15 February 2024, the remaining 25% stake in adverserve digital advertising Services d.o.o., Zagreb, which had already been fully consolidated since 2019, was acquired for EUR 0.1m. The acquisition, reported directly in equity, led to a reclassification of the non-controlling interests in the shareholders' equity of the parent company.

Regulatory minimum equity requirements for bank99 AG bank99 AG is subject to regulatory capital requirements on the part of the banking supervisory authority as stipulated in the Capital Requirements Regulation (CRR), EU No 575/2013, taking account of several amendments. The equity calculated according to the Capital Requirements Regulation is comprised of the following:

Eligible Own Funds Attributable to bank99 Pursuant to CRR

EUR m	31 Dec. 2023	30 June 2024
Paid-in capital	100.9	100.9
Disclosed reserves	173.7	189.8
Retained earnings	–97.5	–104.5
Annual loss	–7.0	–2.6
Less deduction items	–19.6	–19.3
CORE CAPITAL (TIER 1)	150.4	164.3
Eligible supplementary capital	0.0	1.7
SUPPLEMENTARY CAPITAL (TIER 2)	0.0	1.7
TOTAL OWN FUNDS	150.4	166.0

Own Funds Requirements Attributable to bank99 Pursuant to CRR

EUR m	31 Dec. 2023	30 June 2024
Credit risk	816.9	886.4
Adjustment of Credit value	15.5	17.3
Operational risk	103.8	103.8
TOTAL CAPITAL REQUIREMENT	936.1	1,007.4
Core capital ratio based on total risk	16.1%	16.3%
Total own funds ratio based on total risk	16.1%	16.5%

The capital ratios were higher than the legally required amounts throughout the entire first half of 2024. Furthermore, supplementary capital equalling EUR 1.7m (31 December 2023: EUR 0.0m) was recognized in the first half of 2024. This involves an additional impairment loss (management overlay) which is classified as supplementary capital pursuant to Article 62 lit. c CRR. Reference is made to Note 3 Future-Related Assumptions and Estimation Uncertainties for further details on the additional impairment loss.

9. Information on the Cash Flow Statement

Reconciliation of the cash and cash equivalents The reconciliation of the cash and cash equivalents reported in the consolidated cash flow statement to the cash and cash equivalents as shown in the consolidated balance sheet can be carried out as follows:

EUR m	31 Dec. 2023	30 June 2024
CASH AND CASH EQUIVALENTS	926.6	945.6
Financial assets from financial services	839.1	885.7
Cash, cash equivalents and central bank balances	839.1	885.7
Borrowings from banks - own payment transactions	0.0	–0.1
CASH AND CASH EQUIVALENTS	87.5	59.9

Financial assets/liabilities from financial services The items Financial Assets/Liabilities from Financial Services in the consolidated cash flow statement sums up the changes in the deposit and investment business of bank99. The cash-effective change in the first half-year 2024 mainly results from additional investments in financial assets as well as, to a large extent, from an increase in the deposit business and thus a rise in financial liabilities from financial services.

10. Events After the Reporting Period

Events after the reporting period that are material for accounting and assessment on the balance sheet date as at 30 June 2024 are included in the consolidated interim financial statements. No reportable events occurred after the reporting period.

Vienna, 30 July 2024

The Management Board

GEORG PÖLZL CEO Chairman of the Management Board

WALTER OBLIN Deputy CEO Mail & Finance (CFO)

PETER UMUNDUM Member of the Management Board Parcel & Logistics (COO)

Statement of Legal Representatives Pursuant to Section 125 (1) Austrian Stock Exchange Act

As the legal representatives of Österreichische Post AG, we declare, to the best of our knowledge, that the condensed consolidated interim financial statements as at 30 June 2024, which were prepared in accordance with the applicable financial reporting standards, present a fair and accurate picture of the assets, financial and earnings position of the Group, and that the Group management report for the first half year 2024 presents the business performance, results and situation of the Group such that a fair and accurate picture of the assets, financial and earnings position of the Group with respect to the most important events occurring during the first six months of the financial year and its impacts on the condensed consolidated interim financial statements as at 30 June 2024 and also describes the fundamental risks and uncertainties to which the Group is exposed for the remaining six months of the financial year and of the major related party transactions to be disclosed.

Vienna, 30 July 2024

The Management Board

GEORG PÖLZL CEO Chairman of the Management Board

WALTER OBLIN Deputy CEO Mail & Finance (CFO)

PETER UMUNDUM Member of the Management Board Parcel & Logistics (COO)

Financial Calendar 2024/2025

5 November 2024	Interim report for the first three quarters 2024
7 March 2025	Annual Report 2024
30 March 2025	Record Date Annual General Meeting 2025
9 April 2025	Annual General Meeting 2025, Location: Vienna
16 April 2025	Ex-date (dividend)
17 April 2025	Record Date (determination of entitled stocks in connection with dividend payments)
23 April 2025	Dividend payment day
8 May 2025	Interim report for the first quarter of 2025
8 August 2025	Half-year financial report 2025
12 November 2025	Interim report first three quarters 2025

54 Imprint

Media Owner and Publisher

Österreichische Post AG Rochusplatz 1, 1030 Wien T: +43 (0) 577 67 0 FN: 180219d, Commercial Court of Vienna

Typesetting and Production In-house produced with firesys

Concept Berichtsmanufaktur GmbH, Hamburg

Investor Relations, Group Internal Audit & Compliance Harald Hagenauer T: +43 (0) 577 67 30400 E: investor@post.at I: post.at/investor

We have prepared this report and checked the figures with the greatest possible care. Nevertheless, rounding, typographical and printing errors cannot be excluded. The aggregation of rounded amounts and percentages may result in rounding differences due to the use of automated computational aids.

This Financial Report also contains forward-looking statements based on the information currently available to us. These are usually indicated by expressions such as "expect", "anticipate", "estimate", "plan" or "calculate". We wish to note that a wide variety of factors could cause actual circumstances – and thus actual results – to deviate from the forecasts contained in this report.

This Financial Report is also available in German. In case of doubt, the German version takes precedence.

Editorial deadline: 6 August 2024

Corporate Communications

Manuela Bruck T: +43 (0) 577 67 21897 E: unternehmenskommunikation@post.at I: post.at/presse

Austrian Post on the internet post.at

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