Poste Italiane — Earnings Release 2024

Jul 30, 2024

1

POSTE ITALIANE Q2 & H1-24 FINANCIAL RESULTS 30 JULY 2024

THE CONNECTING PLATFORM

CONTENTS

EXECUTIVE SUMMARY

NEW LABOUR UNION AGREEMENT SIGNED

ENABLING LOGISTICS TRANSFORMATION, CONSISTENT WITH BUSINESS PLAN

STRONG H1-24 RESULTS – POSITIVE TRENDS ACROSS BUSINESS UNITS ACCELERATING IN Q2-24

• H1-24 UNDERLYING¹REVENUES GROWTH OF 7% DRIVEN BY STRONG PERFORMANCE IN MAIL & PARCEL, NII AND PAYMENTS
• COST DISCIPLINE MITIGATING INFLATION IMPACT EVOLUTION DRIVEN BY HIGHER BUSINESS VOLUMES
• H1-24 ADJUSTED EBIT² AT €1,488M (+14% UNDERLYING¹ ) AND NET PROFIT AT €1,026M (+14% UNDERLYING¹ )
• CONTINUED POSITIVE NET FLOWS IN INVESTMENT PRODUCTS STRONG ASSET MANAGEMENT, RESILIENT INSURANCE

FY-24 ADJUSTED EBIT² GUIDANCE UPGRADED TO €2.8BN ON THE BACK OF OUTPERFORMANCE IN MAIL & PARCEL AND NII, AND INCREASED VISIBILITY ON HR COSTS

1. Underlying growth calculated excluding the impact of sennder Capital Gain ("CG"), Active Portfolio Management ("APM") and systemic charges estimate related to insurance guarantee fund. sennder CG equal to 109m in Q2-23 and H1-23. APM impact on Revenues equal to 0m in Q2-23 and 168m in H1-23, (6m) in Q2-24 and 16m in H1-24. APM revenues are accounted for 100% in FS, EBIT from APM is accounted for c.80% in MP&D (through distribution/intersegment revenues) with the remaining c.20% in FS. Systemic charges estimate related to insurance guarantee fund equal to 37m in H1-24 and to 74m for FY24; 2. Adjusted excluding systemic charges estimate related to insurance guarantee fund as per Note 1, please refer to slide 40 for a full reconciliation

NEW LABOUR UNION AGREEMENT SIGNED

UNIQUE LOGISTIC MODEL – OPERATING AND FINANCIAL IMPACT CONSISTENT WITH BUSINESS PLAN

MUTUALLY BENEFICIAL AGREEMENT SIGNED IN RECORD TIME

BUILDING FUTURE-PROOF NETWORKS

• A directly managed parcel dedicated network with PI employees, supported by cutting edge digital solutions
• Increasing flexibility on:
• ➢ Higher weights managed (up to 10kg)
• ➢ Extension to 39 weekly working hours
• ➢ Working shifts to fulfill market needs, microfulfillment and same-day delivery
• Re-defined Joint Delivery Model on postal network to reach higher efficiency through re-sized footprint and headcount
• Enabling new commercial service model for Post Office network

2024-27 AGREEMENT ON COMPENSATION

• €230 overall average monthly increase by YE-27, with first salary increase starting in Q3-25
• €1,000 lump sum paid in Sep-24 of which 60% covering 2024 and 40% covering up to Sep-25
• Combination of salary increase and other benefits (e.g. welfare)

INCREASING VISIBILITY ON BUSINESS PLAN EXECUTION

Q2 & H1-24 RESULTS OVERVIEW

HEALTHY REVENUES PROGRESSION AND COST DISCIPLINE DRIVE CONTINUED PROFITABILITY GROWTH

€ m unless otherwise stated

	Q2-23	Q2-24	Δ%	Underlying Δ%1 excl sennder CG, APM and systemic charges	H1-23	H1-24	Δ%	Underlying Δ%1 excl sennder CG, APM and systemic charges
REVENUES	2,985	3,119	+4%	+9%	6,008	6,164	+3%	+7%
ADJUSTED EBIT2	799	782	(2%)	+14%	1,566	1,488	(5%)	+14%
NET PROFIT	601	525	(13%)	+13%	1,140	1,026	(10%)	+14%

Revenues and costs are restated net of commodity price and pass-through charges of the energy business, please refer to slide 41 for a full reconciliation; 1. Underlying growth calculated excluding the impact of sennder Capital Gain ("CG"), Active Portfolio Management ("APM") and systemic charges estimate related to insurance guarantee fund. sennder CG equal to 109m in Q2-23 and H1-23. APM impact on Revenues equal to 0m in Q2-23 and 168m in H1-23, (6m) in Q2-24 and 16m in H1-24. APM revenues are accounted for 100% in FS, EBIT from APM is accounted for c.80% in MP&D (through distribution/intersegment revenues) with the remaining c.20% in FS. Systemic charges estimate related to insurance guarantee fund equal to €37m in H1-24 and to €74m for FY-24; 2. Adjusted excluding systemic charges estimate related to insurance guarantee fund as per Note 1, please refer to slide 40 for a full reconciliation

EXTERNAL REVENUES POSITIVE TRENDS ACROSS BUSINESS UNITS ACCELERATING IN Q2-24

1. Underlying growth calculated excluding the impact of sennder CG on MP&D and APM on FS. sennder CG equal to 109m in Q2-23 and H1-23. APM equal to 0m in Q2-23 and 168m in H1-23, (6m) in Q2-24 and 16m in H1-24. External revenues from APM are accounted for 100% in FS

PROFITABILITY BENEFITTING FROM A DIVERSIFIED BUSINESS MODEL AND EFFECTIVE COST DISCIPLINE

1. Adjusted excluding systemic charges estimate related to insurance guarantee fund equal to €8m in Q2-24 and H1-24 for Financial Services and equal to €29m in Q2-24 and H1-24 for Insurance Services, please refer to slide 40 for a full reconciliation; 2. Underlying growth calculated excluding the impact of sennder CG and APM on MP&D, and APM on FS. sennder CG equal to 109m in Q2-23 and H1-23. APM for MP&D equal to 0m in Q2-23, 135m in H1-23, (5m) in Q2- 24 and 13m in H1-24. APM for FS equal to 0m in Q2-23, 33m in H1-23, (1m) in Q2-24 and 3m in H1-24. EBIT from APM is accounted for c.80% in MP&D (through distribution/intersegment revenues) with the remaining c.20% in FS

7

CONTENTS

MAIL, PARCEL & DISTRIBUTION MAIL AND PARCEL REVENUES MATERIALLY AHEAD OF PLAN

• Double digits parcel revenue growth driven by all customer segments
• Mail revenues up 7%, driven by business mix (higher volumes of registered mail) and repricing actions (e.g. latest major USO repricing in July 2023)
• Distribution revenues up 8% reflecting positive commercial trends and higher network costs
• Resilient EBIT trend on an Underlying basis

1. Includes Tax Credit contribution, Digital Identities fees, vaccination plan related expense recovery, EGI, Poste, Patenti Via Poste, Philately, Poste Motori, Poste Welfare Service, Agile Lab and Sourcesense; 2. Underlying growth calculated excluding the impact of sennder CG and APM. sennder CG impact on Revenues and Adjusted EBIT equal to 109m in Q2-23 and H1-23. APM impact on Adjusted EBIT equal to 0m in Q2-23 and 135m in H1-23, (5m) in Q2-24 and 13m in H1-24; 3. Includes income received by other segments in return for use of the distribution network, Corporate Services and capex costs reimbursement

MAIL, PARCEL & DISTRIBUTION: VOLUMES AND PRICING PARCEL VOLUME GROWTH ACCELERATING FURTHER; MAIL MIX & REPRICING OUTPACING VOLUME DECLINE

0.86

H1-23 H1-24

+0.12 +13%

H1-23 H1-24

5.31 4.98

(0.33) (6%)

0.98

• Strong parcel volumes growth driven by ecommerce and market share gains in B2C across all customer segments
• Parcels delivered by Postini up from 35% to 39%, in line with business plan targets, with positive impact on the division's profitability
• Parcel tariffs impacted by higher volumes with lower pricing and unit costs
• Higher mail tariffs supported by repricing actions and higher margin products more than compensating declining volumes

1. Parcel tariffs adjusted for COVID-19 related contract for PPE logistics and sennder Italia deconsolidation

FINANCIAL SERVICES REVENUES GROWTH SUPPORTED BY NII AND POSITIVE COMMERCIAL TRENDS

€ m unless otherwise stated

GROSS REVENUES ADJUSTED EBIT¹ & NET PROFIT Q2 HIGHLIGHTS

1. Adjusted excluding systemic charges estimate related to insurance guarantee fund equal to €8m in H1-24 and to €16m for FY-24, please refer to slide 40 for a full reconciliation; 2. Includes revenues from payment slips (bollettino), current accounts related revenues, fees from INPS and money transfer; 3. Includes reported revenues from custody accounts, credit cards and other revenues from third party products distribution; 4. Includes intersegment distribution revenues; 5. Underlying growth calculated excluding the impact of APM. APM impact on Adjusted EBIT equal to 0m in Q2-23 and 33m in H1-23, (1m) in Q2-24 and 3m in H1-24

• Strong NII growth mainly driven by higher interest rates and proactive portfolio management
• Postal Savings fees up 3% Y/Y supported by continued commercial focus
• Transaction Banking fees stable reflecting same current account pricing as in Q2-23
• Confirming recovery trend in Consumer Loans supported by higher volumes
• Asset Management fees supported by record high net inflows since beginning of 2024
• Adjusted EBIT¹ trend reflecting positive revenue momentum and higher distribution costs

GROUP CLIENT TOTAL FINANCIAL ASSETS GROWING TFAs DRIVEN BY OUR DIVERSIFIED INVESTMENT PLATFORM ATTRACTING NET INFLOWS

• 2.8 bn positive net flows in investment products with:
  • i. record high net inflows of Mutual Funds, driven by strong demand for "target date" products
  • ii. resilient Life Investments & Pension net flows in a challenging market
• Postal Savings net outflows driven by high maturities, mitigated by strong success of new commercial initiatives (e.g. 5bn inflows on new liquidity offers)
• Deposits benefitting from higher PA balances and stable retail deposits

INSURANCE SERVICES STRONG PROFITABILITY IMPROVEMENT SUPPORTED BY RESILIENT LIFE AND FAST-GROWING PROTECTION

ADJUSTED EBIT² & NET PROFIT LI&P net inflows (€ bn) 1.0 Net profit Adjusted EBIT² Lapse rate (%)⁵ 4.2 Protection GWP^{6 435} Comb. Ratio (%)⁷ 349 378 29 Q2-23 52 Q2-24 ^{379 430} +51 +13% EXTERNAL REVENUES¹ - +8% +77% 3.1 4.1 194 88 € m unless otherwise stated ^{330 378} 226 260 Q2-23 Q2-24 +48 +15% +34 +15% 335 356 Of which CSM release Figures reported under IFRS17 723 740 ^{86 49} H1-23 H1-24 772³ 827³ +55 +7% +2% +77% 648 693 (0.2) 7.3 0.3 6.4 ^{471 512} H1-23 H1-24 664⁴ 727⁴ +63 +9% +41 +9% 547 - 235 83 Protection¹ Life Investments & Pension

Q2 HIGHLIGHTS

• Life Investments & Pension net flows impacted by strong client demand for fixed income products while continuing to outperform a challenging market (significant market net outflows and lapse rate up Y/Y)
• Significant growth of Protection revenues driven by higher volumes and improving combined ratio
• 15% Adjusted EBIT² growth supported by resilient Life business and fast-growing Protection business

1. Includes Poste Insurance Broker; 2. Adjusted excluding systemic charges estimate related to insurance guarantee fund equal to 29m in H1-24 and to 58m for FY-24, please refer to slide 40 for a full reconciliation; 3. Includes 7m in H1-23 and 28m in H1-24 from Net Insurance, consolidated from 1 Apr 2023; 4. Includes 5m in H1-23 and 25m in H1-24 from Net Insurance; 5. Lapse rate is calculated as surrenders divided by average reserves; 6. Includes Motor (distribution only) and 67m in H1-23 and 139m in H1-24 related to Net Insurance; 7. Protection CoR calculated as: (insurance expenses + net reinsurance expenses -/+ other technical income and expenses + not directly attributable expenses) / gross insurance revenues, net of reinsurance

CONTRACTUAL SERVICE MARGIN EVOLUTION €13.5BN CSM SUPPORTING SUSTAINABLE PROFITABILITY GOING FORWARD

SOLVENCY II STRONG SII RATIO EMBEDDING 100% REMITTANCE RATIO - WELL ABOVE MANAGERIAL AMBITION

1. EoP figures; 2. Net of foreseeable dividend

POSTEPAY SERVICES SUSTAINED REVENUES AND ADJUSTED EBIT GROWTH

Telco Payments SEGMENT REVENUES¹ ADJUSTED EBIT & NET PROFIT Q2 HIGHLIGHTS driven by: i. double digit² 24 263 281 85 82 4 Q2-23 19 Q2-24 352 382 +30 +9% n.m. (3%) +7% Intersegment revenues 65 68 132 138 Energy Net profit Adjusted EBIT € m unless otherwise stated 512 164 564 163 (1) H1-23 34 H1-24 675 761 +86 +13% n.m. (1%) +10% 111 77 132 98 +21 +19% +21 +27% 199 144 249 191 +50 +25% +47 +33% Q2-23 Q2-24 H1-23 H1-24

1. Revenues are restated net of commodity price and pass-through charges of the energy business for a total of 22m in Q2-23, 42m in H1-23, 55m in Q2-24 and 146m in H1-24; 2. Excluding government welfare cards

• Sustained growth of Payments revenues
  • transaction value growth supported by e-commerce (+16%)
  • ii. higher number of Postepay Evolution cards
• Telco: revenues impacted by marginally lower client base vs LY though growing vs Q1-
• Energy: strong revenue growth confirming positive commercial trends and favorable market conditions
• Adjusted EBIT growth driven by strong top-line performance

HUMAN CAPITAL – FTEs CONTINUED WORKFORCE TRANSFORMATION

AVERAGE WORKFORCE EVOLUTION (#, K)

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

HUMAN CAPITAL – HR COSTS HR COSTS FULLY REFLECTING THE NEWLY SIGNED LABOUR CONTRACT

€ m unless otherwise stated

ORDINARY HR COSTS

1. Unpaid leave and provisions for holidays and other welfare benefits

NON-HR COSTS INCREASE MAINLY DRIVEN BY VARIABLE COSTS AS A RESULT OF HIGHER BUSINESS VOLUMES

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

20

CLOSING REMARKS

ENABLING LOGISTICS TRANSFORMATION, CONSISTENT WITH BUSINESS PLAN

STRONG H1-24 RESULTS – POSITIVE TRENDS ACROSS BUSINESS UNITS ACCELERATING IN Q2-24

• H1-24 UNDERLYING¹REVENUES GROWTH OF 7% DRIVEN BY STRONG PERFORMANCE IN MAIL & PARCEL, NII AND PAYMENTS
• COST DISCIPLINE MITIGATING INFLATION IMPACT EVOLUTION DRIVEN BY HIGHER BUSINESS VOLUMES
• H1-24 ADJUSTED EBIT² AT €1,488M (+14% UNDERLYING¹ ) AND NET PROFIT AT €1,026M (+14% UNDERLYING¹ )
• CONTINUED POSITIVE NET FLOWS IN INVESTMENT PRODUCTS STRONG ASSET MANAGEMENT, RESILIENT INSURANCE

FY-24 ADJUSTED EBIT² GUIDANCE UPGRADED TO €2.8BN ON THE BACK OF OUTPERFORMANCE IN MAIL & PARCEL AND NII, AND INCREASED VISIBILITY ON HR COSTS

1. Underlying growth calculated excluding the impact of sennder Capital Gain ("CG"), Active Portfolio Management ("APM") and systemic charges estimate related to insurance guarantee fund. sennder CG equal to 109m in Q2-23 and H1-23. APM impact on Revenues equal to 0m in Q2-23 and 168m in H1-23, (6m) in Q2-24 and 16m in H1-24. APM revenues are accounted for 100% in FS, EBIT from APM is accounted for c.80% in MP&D (through distribution/intersegment revenues) with the remaining c.20% in FS. Systemic charges estimate related to insurance guarantee fund equal to €37m in H1-24 and to €74m for FY-24; 2. Adjusted excluding systemic charges estimate related to insurance guarantee fund as per Note 1, please refer to slide 40 for a full reconciliation

CONTENTS

HUMAN CAPITAL – HR COSTS FULLY REFLECTING THE NEWLY SIGNED LABOUR CONTRACT

€ m unless otherwise stated

NON-HR COSTS INCREASE MAINLY DRIVEN BY HIGHER BUSINESS VOLUMES

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

STRONG CASH GENERATION, AMPLE LIQUIDITY & BALANCED DEBT PROFILE

1. Shareholders' equity net of revaluation reserves and 2023 proposed dividend; 2. Other includes buyback, the coupon on the hybrid bond, options for minority buyouts, TFR, reserve variation related to incentive schemes (IFRS 2) and other

MAIL, PARCEL & DISTRIBUTION NET FINANCIAL POSITION IMPROVING UNDERLYING CASH GENERATION

1. Includes dividends from subsidiaries, dividends to shareholders, coupons on hybrid instruments and buyback

NET INTEREST INCOME EVOLUTION POSITIVE IMPACT FROM RISING INTEREST RATES

Note: all figures are reported net of interest expenses

BANCOPOSTA ASSETS AND LIABILITIES STRUCTURE STABLE RETAIL DEPOSITS

HIGHLIGHTS

• Retail deposits stable y/y, assets yield driven by BTP and tax credit portfolio – liabilities not remunerated
• Public Administration assets yield linked to Italian Sovereign yield curve – liabilities mainly remunerated on short term rates
• Treasury assets mainly remunerated at a fixed rate – liabilities remunerated at variable short-term rate

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

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

POSTAL SAVINGS NET OUTFLOWS FROM POSTAL SAVINGS IMPROVING – IN LINE WITH EXPECTATIONS

€ m unless otherwise stated

ASSET MANAGEMENT AUM GROWTH SUPPORTED BY STRONG NET INFLOWS

ASSET MANAGEMENT NET INFLOWS STRONG NET INFLOWS MAINLY DRIVEN BY MUTUAL FUNDS

TOTAL NET FLOWS Q2-24 MULTICLASS CLASS¹ III & UNIT LINKED MUTUAL FUNDS 2,447 1,532 915 Gross Inflows Outflows Net Flows 629 331 298 Gross Inflows Outflows Net Flows 617 Gross Inflows Outflows Net Flows 1,201 1,818 € m unless otherwise stated

BANCOPOSTA: SOLID AND EFFICIENT CAPITAL POSITION AN ASSET GATHERER WITH A CAPITAL LIGHT BALANCE SHEET

INSURANCE SERVICES SOLVENCY II EVOLUTION

SWAP (BP)

(BP)

(34) p.p.

(7) p.p.

+50 p.p.

(41) p.p.

SOLVENCY II RATIO SENSITIVITIES

WELL ABOVE RISK TOLERANCE AND MANAGERIAL AMBITION UNDER SIMULATED SCENARIOS

Q2 HIGHLIGHTS

• Solvency II ratio sensitivity to BTP-Swap spread (+100bp):
  • (129) p.p. as of Dec-20
  • (98) p.p. as of Dec-21
  • (71) p.p. as of Mar-22
  • (60) p.p. as of Jun-22
  • (34) p.p. as of Sep-22²
  • (29) p.p. as of Dec-22²
  • (43) p.p. as of Mar-23
  • (37) p.p. as of Jun-23
  • (29) p.p. as of Sep-23²
  • (41) p.p. as of Dec-23
  • (40) p.p. as of Mar-24
  • (34) p.p. as of Jun-24

● Solvency II ratio sensitivity to Swap rate (+100bp):

• (42) p.p. as of Jun-22
• (27) p.p. as of Sep-22
• (32) p.p. as of Dec-22
• (35) p.p. as of Mar-23
• (37) p.p. as of Jun-23
• (31) p.p. as of Sep-23
• (38) p.p. as of Dec-23
• (46) p.p. as of Mar-24
• (41) p.p. as of Jun-24

INSURANCE SERVICES SOLVENCY II OWN FUNDS TIERING AND SOLVENCY CAPITAL REQUIREMENTS

€ m unless otherwise stated

SOLVENCY II CAPITAL AND SOLVENCY II CAPITAL REQUIREMENT BREAKDOWN

INSURANCE SERVICES GWP SOLID COMMERCIAL ACTIVITY – STRONG GROWTH OF PROTECTION

1. Includes Motor (distribution only) GPW for a total of 4m in Q2-23 and 5m in Q2-24

€ m unless

INSURANCE SERVICES TECHNICAL PROVISIONS POSITIVE NET INFLOWS IN A CHALLENGING ENVIRONMENT

INSURANCE SERVICES LI&P NET INFLOWS

NET INFLOWS IN MULTICLASS & UNIT LINKED PRODUCTS MITIGATING SEGREGATED FUNDS OUTFLOWS

INSURANCE SERVICES STABLE AND DIVERSIFIED INVESTMENT PORTFOLIO

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

RECLASSIFICATIONS INSURANCE GUARANTEE FUND AND ENERGY

€ m unless otherwise stated

		Q2-24			H1-24
	FINANCIAL	INSURANCE	CONSOLIDATED	FINANCIAL	INSURANCE	CONSOLIDATED
	SERVICES	SERVICES	ACCOUNTS	SERVICES	SERVICES	ACCOUNTS
Reported EBIT	210	349	745	408	698	1 451 ,
charges related fund Systemic estimate insurance to guarantee	8	29	37	8	29	37
Adjusted EBIT	218	378	782	416	727	488 1 ,

	Q2-23		Q2-24		H1-23		H1-24
	POSTEPAY SERVICES	CONSOLIDATED ACCOUNTS	POSTEPAY SERVICES	CONSOLIDATED ACCOUNTS	POSTEPAY SERVICES	CONSOLIDATED ACCOUNTS	POSTEPAY SERVICES	CONSOLIDATED ACCOUNTS
External revenue - reported	374	3 007 ,	437	3 ,174	717	6,050	907	6,310
Commodity and pass-through prices charges for external clients	(22)	(22)	(55)	(55)	(42)	(42)	(146)	(146)
External revenue reclassified	352	2 985 ,	382	3 ,119	675	6,008	761	6,164
Intersegment revenue - reported	65		92		132		198
Commodity and pass-through prices for charges Group consumption	0		(24)		0		(60)
revenue reclassified Intersegment	65		68		132		138
of goods and - reported Cost services	173	754	235	857	340	1,517	525	1,753
Commodity and pass-through prices charges	(22)	(22)	(79)	(55)	(42)	(42)	(207)	(146)
Cost of goods and reclassified services	151	732	155	802	298	1,474	319	1,607

POSTEPAY SERVICES KEY METRICS STEADY INCREASE ACROSS KEY METRICS

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

POSTE ITALIANE DIGITAL FOOTPRINT KEY METRICS CONSTANTLY IMPROVING

42

1. App Users Stickiness is calculated as daily active users/monthly active users on Poste Italiane's Apps; 2. Defined as any contact the client has with Poste Italiane (e.g. entry into Post Office, ATM transactions, entry into a physical third-party networks point, App login, access to website etc.), excluding LIS interactions; 3. Defined as all transactions (e.g. bill payments, bank transfers, etc.) as well as sales (e.g. subscription of financial products), excluding LIS transactions and sales

POSTEPAY PAYMENTS TRANSACTION VALUE STEADY INCREASE IN E-COMMERCE TRANSACTIONS

POSTEPAY TRANSACTION VALUE (BASE 100)¹

INTERSEGMENT COSTS AS OF Q2-24 INTERSEGMENT DYNAMICS' KEY DRIVERS

€ m unless otherwise stated	MAIN RATIONALE	INDICATIVE MAIN REMUNERATION SCHEME		Q2-23	Q2-24
• a) b)	Postepay Services remunerates: Mail, Parcel and Distribution for providing IT, delivery volume, promoting and selling SIMs and energy contracts and other corporates services1 ; Financial Services for promoting and selling card payments and other payments (e.g. tax payments) throughout the network.	a) b)	Number of payment transactions flat fee (depending on the product) Fixed % of revenues	a) 61 b) 63 Total: 124	a) 71 b) 64 Total: 135
• c) d)	Insurance Services remunerates: Financial Services for promoting and selling insurance products2 and for investment management services3 ; Mail, Parcel and Distribution for providing corporate services1	c) d)	Fixed % of upfront, maintenance and management fees Depending on service/product	c) 172 d) 24 Total: 196	c) 172 d) 21 Total: 193
	Insurance Services reported intersegment costs under IFRS17, remunerating MPD only4			Total: 8	Total: 6
• e) f)	Financial Services remunerates: Mail, Parcel and Distribution for promoting and selling Financial, Insurance and products throughout the network and for proving corporate services5 Postepay ; Services for providing certain payment services6. Postepay	e) f)	Fixed % (depending on the product) of revenues Depending on service/product	e) 1,190 f) 45 Total: 1,2357	e) 1,279 f) 47 Total: 1,3267
• g) h)	Mail, Parcel and Distribution remunerates: Postepay Services for acquiring services, postman electronic devices and utilities; Financial Services as distribution fees related to "Bollettino DTT".	g) h)	Annual fee, fee * volumes Flat fee for each "Bollettino"	g) 8 h) 0 Total: 8	g) 9 h) 0 Total: 9

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

POSTE ITALIANE'S SUSTAINABILITY PATH STRONG PRESENCE IN KEY INDICES CONFIRMING THE SUCCESS OF OUR ESG STRATEGY

INDICES AND RATINGS

UNI/PdR 125:2022

45

CONSOLIDATED ACCOUNTS PROFIT & LOSS

CONSOLIDATED ACCOUNTS
PROFIT & LOSS
€ m	Q2-23	Q2-24	Var.	Var. %	H1-23	H1-24	Var.	Var. %
Total revenues	2,985	3,119	+134	+4%	6,008	6,164	+156	+3%
of which:
Mail, Parcel and Distribution	1,002	954	(49)	(5%)	1,895	1,888	(8)	(0%)
Financial Services	1,252	1,354	+102	+8%	2,666	2,689	+23	+1%
Insurance Services	379	430	+51	+13%	772	827	+55	+7%
Postepay Services	352	382	+30	+9%	675	761	+86	+13%
Total costs1 1	2,185	2,337	+151	+7%	4,442	4,676	+234	+5%
of which:
Total personnel expenses	1,196	1,260	+64	+5%	2,432	2,535	+104	+4%
of which personnel expenses	1,196	1,254	+58	+5%	2,427	2,528	+101	+4%
of which early retirement incentives	(0)	2	+2	n.m.	4	2	(2)	(55%)
of which legal disputes with employees	0	4	+4	n.m.	0	6	+5	n.m.
Other operating costs1	780	863	+83	+11%	1,593	1,727	+134	+8%
Depreciation, amortisation and impairments	209	213	+4	+2%	417	414	(3)	(1%)
1 Adjusted EBIT1	799	782	(17)	(2%)	1,566	1,488	(78)	(5%)
Systemic charges estimate related to insurance guarantee fund	0	37	+37	n.m.	0	37	+37	n.m.
EBIT	799	745	(54)	(7%)	1,566	1,451	(115)	(7%)
EBIT Margin	+27%	+24%			+26%	+24%
Finance income/(costs) and profit/(loss) on investments accounted for using the equity method	55	35	(19)	(35%)	65	53	(12)	(18%)
Profit before tax	854	781	(73)	(9%)	1,631	1,504	(127)	(8%)
Income tax expense	253	256	+3	+1%	491	478	(13)	(3%)
Profit for the period	601	525	(76)	(13%)	1,140	1,026	(114)	(10%)

1. Adjusted excluding systemic charges estimate related to insurance guarantee fund

CONSOLIDATED ACCOUNTS – SEGMENT VIEW H1-24 PROFIT & LOSS

€ m	Mail, Parcels & Distribution	Financial Services	Insurance Services	Postepay Services	Adjustments & eliminations1	Total
External Revenues	1 888 ,	2 689 ,	827	761		6 164 ,
Intersegment Revenues	2 743 ,	441	(75)	138	(3 246) ,
TOTAL REVENUES	4,631	3 ,130	751	899	(3 246) ,	6,164
Labour cost	2 698 ,	26	6	29	(223)	2 535 ,
COGS	1 297 ,	20	3	319	(31)	1 607 ,
Costs2 Other	98	24	1	4		127
Capitalised Costs and Expenses	(30)	0	0	(1)		(31)
Loss/(Reversal) on debt Impairment instruments , receivables and other assets	22	(5)	0	6		23
Intersegment Costs	20	2 649 ,	13	274	(2 957) ,
COST2 TOTAL	4,105	2 ,713	2 3	633	(3 212) ,	4,262
D&A	430	0	1	17	(35)	414
EBIT2 Adjusted	9 6	416	727	249	(0)	1,488
charges related Systemic estimate insurance to fund guarantee		8	29			37
EBIT	9 6	408	698	249	(0)	1,451
Finance income/(cost)	(22)	25	33	17	(0)	53
PBT	7 4	433	731	266	(0)	1,504
Tax cost/(income)	59	125	219	75		478
PROFIT NET	1 6	308	512	191	(0)	1,026

1. IFRS17 requires the attribution of costs directly attributable to insurance policies – incl. distribution costs to remunerate Poste Italiane network – to Insurance Services' revenues. To ensure full elimination of intersegment costs we make an adjustment at Group level, allocating such costs to Labour costs, COGS and D&A; 2. Adjusted excluding systemic charges estimate related to insurance guarantee fund

MAIL, PARCEL & DISTRIBUTION PROFIT & LOSS

€m	Q2-23	Q2-24	Var.	Var. %	H1-23	H1-24	Var.	Var. %
Segment revenue	1,002	954	(49)	(5%)	1,895	1,888	(8)	(0%)
Intersegment revenue	1,273	1,372	+99	+8%	2,655	2,743	+88	+3%
Total revenues	2,275	2,325	+50	+2%	4,550	4,631	+81	+2%
Personnel expenses	1,283	1,340	+57	+4%	2,609	2,698	+90	+3%
of which personnel expenses	1,283	1,339	+56	+4%	2,605	2,697	+92	+4%
of which early retirement incentives	-0	2	+2	n.m.	4	2	(2)	(55%)
Other operating costs	608	700	+93	+15%	1,244	1,386	+142	+11%
Intersegment costs	8	9	+1	+16%	16	20	+4	+24%
Total costs	1,898	2,050	+151	+8%	3,869	4,105	+236	+6%
EBITDA	376	275	(101)	(27%)	682	526	(155)	(23%)
Depreciation, amortisation and impairments	217	220	+3	+1%	434	430	(4)	(1%)
EBIT	159	55	(104)	(65%)	247	96	(151)	(61%)
EBIT MARGIN	+7%	+2%			+5%	+2%
Finance income/(costs)	21	(5)	(26)	n.m.	10	(22)	(32)	n.m.
Profit/(Loss) before tax	180	50	(130)	(72%)	257	74	(183)	(71%)
Income tax expense	31	40	+9	+29%	67	59	(9)	(13%)

€ m	Q2-23	Q2-24	Var.	% Var.	H1-23	H1-24	Var.	% Var.
Segment revenue	1 252 ,	1 354 ,	+102	+8%	2 666 ,	2 689 ,	+23	+1%
Intersegment revenue	219	217	(2)	(1%)	453	441	(12)	(3%)
Total revenues	1,471	1,571	+100	+7%	3,119	3,130	+11	+0%
Personnel expenses	12	13	+1	+11%	24	26	+2	+7%
of which personnel expenses	12	13	+1	+11%	24	26	+2	+7%
of which early retirement incentives	0	0	+0	+21%	0	0	(0)	(50%)
costs1 Other operating	25	14	(11)	(43%)	63	39	(24)	(39%)
and Depreciation , amortisation impairments	0	0	+0	+6%	0	0	+0	+7%
Intersegment costs	1 235 ,	1 326 ,	+91	+7%	2 576 ,	2 649 ,	+73	+3%
costs1 Total	1,271	1,353	+82	+6%	2,663	2,713	+51	+2%
1 EBIT1 Adjusted	200	218	+18	+9%	456	416	(40)	(9%)
charges related fund Systemic estimate insurance to guarantee	0	8	+8	n.m.	0	8	+8	n.m.
EBIT	200	210	+10	+5%	456	408	(48)	(10%)
MARGIN EBIT	14%	13%			15%	13%
income/(costs) Finance	7	15	+8	n.m	8	25	+17	n.m
Profit/(Loss) before tax	207	224	+17	+8%	464	433	(31)	(7%)
Income tax expense	57	67	+10	+17%	128	125	(3)	(2%)
Profit for the period	150	157	+8	+5%	337	308	(28)	(8%)

1. Adjusted excluding systemic charges estimate related to insurance guarantee fund

INSURANCE SERVICES PROFIT & LOSS

€ m	Q2-23	Q2-24	Var.	% Var.	H1-23	H1-24	Var.	% Var.
Segment revenue	379	430	+51	+13%	772	827	+55	+7%
Intersegment revenue	(33)	(37)	(3)	(10%)	(82)	(75)	+7	+8%
Total revenues	345	393	+47	+14%	690	751	+61	+9%
Personnel expenses	2	3	+1	+34%	4	6	+1	+30%
of which personnel expenses	2	3	+1	+34%	4	6	+1	+30%
of which early retirement incentives	0	0	+0	n.m	0	0	+0	n.m
costs1 Other operating	3	4	+1	+30%	5	4	(1)	(20%)
and Depreciation , amortisation impairments	1	1	(1)	(53%)	2	1	(0)	(31%)
Intersegment costs	9	7	(2)	(21%)	15	13	(1)	(9%)
costs1 Total 1	1 5	1 4	(1)	(6%)	2 6	2 4	(1)	(6%)
EBIT1 Adjusted	330	378	+48	+15%	664	727	+63	+9%
charges related fund Systemic estimate insurance to guarantee	0	29	+29	n.m.	0	29	+29	n.m.
EBIT	330	349	+19	+6%	664	698	+34	+5%
EBIT MARGIN	96%	89%			96%	93%
Finance income/(costs)	19	19	+0	+1%	33	33	+0	+1%
Profit/(Loss) before tax	349	369	+20	+6%	697	731	+34	+5%
Income tax expense	123	108	(15)	(12%)	226	219	(7)	(3%)
Profit for the period	226	260	+34	+15%	471	512	+41	+9%

POSTEPAY SERVICES PROFIT & LOSS

	Q2-23	Q2-24	Var.	Var. %	H1-23	H1-24	Var.	Var. %
Segment revenue	352	382	30	9%	675	761	86	13%
Intersegment revenue	65	68	3	4%	132	138	6	5%
Total revenues	417	450	33	8%	806	899	92	11%
Personnel expenses	13	15	1	10%	27	29	3	10%
of which personnel expenses	13	15	1	10%	27	29	3	10%
Other operating costs	160	160	(0)	0%	313	329	16	5%
Intersegment costs	124	135	11	9%	249	274	25	10%
Total costs	298	310	12	4%	589	633	44	7%
EBITDA	120	140	20	17%	218	266	48	22%
Depreciation, amortisation and impairments	9	8	(1)	(7%)	18	17	(1)	-8%
EBIT	111	132	21	19%	199	249	50	25%
EBIT MARGIN	27%	29%			25%	28%
Finance income/(costs)	8	7	(2)	-19%	14	17	3	20%
Profit/(Loss) before tax	119	138	19	16%	214	266	52	25%
Income tax expense	42	40	(2)	(4%)	70	75	6	8%
Profit for the period	77	98	21	27%	144	191	47	33%

DISCLAIMER

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

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

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

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

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

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

This document includes preliminary results and forward-looking statements that are not a guarantee of future performance as well as summary financial information that should not be considered a substitute for Poste Italiane's full financial statements.

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