Slides
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1 POSTE ITALIANE Q3 & 9M-25 FINANCIAL RESULTS 13 NOVEMBER 2025 THE CONNECTING PLATFORM
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2 CONTENTS EXECUTIVE SUMMARY BUSINESS REVIEW APPENDIX v Insurance Services Financial Services Postepay Services Mail, Parcel & Distribution
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3 EXECUTIVE SUMMARY THE LARGEST ITALIAN PLATFORM COMPANY STRONG 9M-25 RESULTS ACROSS BUSINESS UNITS – FULLY ON TRACK TO MEET FY-25 UPDATED GUIDANCE OF €3.2BN ADJUSTED EBIT1 AND €2.2BN NET PROFIT €0.40 P .S. INTERIM DIVIDEND (€518M) TO BE PAID ON NOVEMBER3 26TH, UP 21% VS 2024 1. Adjusted excluding systemic charges related to insurance guarantee fund (€19m for Q3-24 and €56m for 9M-24, €19m for Q3-25 and €58m for 9M-25) and costs and proceeds of extraordinary nature. Please refer to slide 39 for a full reconciliation; 2. As of 10 November 2025 3. Ex dividend date 24 November 2025 ● RECORD 9M-25 REVENUES AT €9,640M (+4% Y/Y) – ALL BUSINESS UNITS CONTRIBUTING TO REVENUE GROWTH ● RECORD 9M-25 PROFITABILITY WITH ADJUSTED EBIT1 AT €2,515M, UP 10% Y/Y AND NET PROFIT AT €1,773M, UP 11% Y/Y ● SOLID COMMERCIAL PERFORMANCE OF SAVINGS AND INVESTMENT PRODUCTS, CONFIRMING POSITIVE LIFE INSURANCE FLOWS AND IMPROVING POSTAL SAVINGS NET FLOWS – STRONG GROWTH OF PROTECTION INSURANCE BUSINESS ● MIGRATION TO SUPER APP SUCCESSFULLY COMPLETED, REACHING 15M YTD2 USERS AND 4.1M DAILY ACTIVE USERS IN NOV-25 ● SOLID GROUP BALANCE SHEET AND INSURANCE SOLVENCY II RATIO AT 312% ● FOLLOWING ANTITRUST APPROVAL, ACCELERATING INITIATIVES TO GENERATE SYNERGIES WITH TIM – CAPITAL INVESTMENT WELL IN THE MONEY
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4 Q3 & 9M-25 RESULTS OVERVIEW RECORD Q3 AND 9M RESULTS DRIVEN BY TOP-LINE GROWTH AND EFFECTIVE COST MANAGEMENT € m unless otherwise stated Q3-24 Q3-25 Δ% 9M-24 9M-25 Δ% REVENUES 3,062 3,182 +4% 9,226 9,640 +4% ADJUSTED EBIT1 789 856 +8% 2,277 2,515 +10% NET PROFIT 569 603 +6% 1,595 1,7732 +11% Revenues and costs are net of commodity price and pass-through charges of the energy business; 1. Adjusted excluding systemic charges related to insurance guarantee fund (€19m for Q3-24 and €56m for 9M-24, €19m for Q3-25 and €58m for 9M-25) and costs and proceeds of extraordinary nature. Please refer to slide 39 for a full reconciliation; 2. Includes €27m of mark-to-market gain on Nexi and TIM shares upon (de)recognition
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 5 EXTERNAL REVENUES ALL BUs CONTRIBUTING TO TOP-LINE GROWTH UNDERSCORING STRENGTH OF PLATFORM MODEL € m unless otherwise stated MAIL, PARCEL & DISTRIBUTION 909 934 Q3-24 Q3-25 +25 +3% 2,797 2,843 9M-24 9M-25 +46 +2% INSURANCE SERVICES 399 446 Q3-24 Q3-25 +47 +12% 1,226 1,352 9M-24 9M-25 +126 +10% 396 409 Q3-24 Q3-25 +13 +3% FINANCIAL SERVICES 1,358 1,393 Q3-24 Q3-25 +35 +3% 4,047 4,234 9M-24 9M-25 +188 +5% POSTEPAY SERVICES 1,156 1,211 9M-24 9M-25 +54 +5%
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 6 ADJUSTED EBIT1 BY SEGMENT PROFITABILITY BOOSTED BY REVENUE GROWTH AND EFFECTIVE COST MANAGEMENT MAIL, PARCEL & DISTRIBUTION INSURANCE SERVICES FINANCIAL SERVICES POSTEPAY SERVICES 1. Adjusted excluding systemic charges related to insurance guarantee fund and costs and proceeds of extraordinary nature. Please refer to slide 39 for a full reconciliation 344 383 Q3-24 Q3-25 +39 +11% 1,071 1,172 9M-24 9M-25 +101 +9% 132 140 Q3-24 Q3-25 +8 +6% 381 416 9M-24 9M-25 +35 +9% 87 70 Q3-24 Q3-25 (16) (19%) 183 137 9M-24 9M-25 (46) (25%) 226 262 Q3-24 Q3-25 +36 +16% 642 790 9M-24 9M-25 +148 +23% € m unless otherwise stated
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7 DEVELOPING THE STRATEGIC PARTNERSHIP WITH TIM ONGOING INITIATIVES TO GENERATE SYNERGIES BETWEEN THE TWO GROUPS POSTE MOBILE MVNO CONTRACT SIGNED • Migration to TIM mobile network infrastructure starting in Q1-26 TIM ENERGIA LAUNCHED • “TIM Energia Luce e Gas powered by Poste Italiane” available in 750+ TIM retail stores from September 29th, 2025, showing robust early momentum OTHER INITIATIVES • Cross selling initiatives on retail and SME customers in progress • Cost saving opportunities from joint procurement initiatives ENTERPRISE JV – LoI SIGNED • JV with TIM Enterprise on cloud-related IT services, focused on cloud transformation leveraging Generative AI and open-source technologies
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8 CONTENTS EXECUTIVE SUMMARY BUSINESS REVIEW Insurance Services Financial Services APPENDIX Postepay Services Mail, Parcel & Distribution
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 9 MAIL, PARCEL & DISTRIBUTION PARCEL & LOGISTICS REVENUES CONTINUE TO ACCELERATE EXTERNAL REVENUES ADJUSTED EBIT Q3 HIGHLIGHTS ● Parcel revenue growth accelerating across customer segments, with improving diversification ● Mail revenues reflecting slower volume reduction vs H1-25 and supported by ongoing repricing actions ● Distribution revenues advancing on positive commercial momentum ● Adjusted EBIT progressing in line with our FY-25 guidance € m unless otherwise stated Distribution Revenues2 1,377 1,397 4,120 4,248 1. Includes Digital Identities fees, EGI, Philately, Poste Welfare Service, Agile Lab and Sourcesense; 2. Includes income received by other segments in return for use of the distribution network, Corporate Services and capex costs reimbursement Parcel & logistics Mail +15% 384 420 496 480 30 Q3-24 34 Q3-25 909 934 +25 +3% (3%) +10% +16% (4%) +8%1,127 1,222 1,580 1,516 91 9M-24 106 9M-25 2,797 2,843 +46 +2% Other1 87 70 Q3-24 Q3-25 (16) (19%) 183 137 9M-24 9M-25 (46) (25%)
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 10 MAIL, PARCEL & DISTRIBUTION: VOLUMES AND PRICING PARCEL VOLUME GROWTH ACCELERATION; MAIL REPRICING ACTIONS MITIGATING VOLUME DECLINE % delivered by postal network 40% PARCEL VOLUMES (M, PC) € m unless otherwise stated AVERAGE PARCEL TARIFF1 (€/PC) MAIL VOLUMES (M, PC) 76 87 Q3-24 Q3-25 +11 +14% 219 245 9M-24 9M-25 +27 +12% 475 447 Q3-24 Q3-25 (28) (6%) 1,578 1,438 9M-24 9M-25 (141) (9%) 1. Parcel tariffs adjusted for COVID-19 related contract for PPE logistics 45% 39% 43% AVERAGE MAIL TARIFF (€/PC) 4.93 4.83 9M-24 9M-25 (0.11) (2%) 4.84 4.71 Q3-24 Q3-25 (0.13) (3%) 1.04 1.07 Q3-24 Q3-25 +0.03 +3% 1.00 1.05 9M-24 9M-25 +0.05 +5% Q3 HIGHLIGHTS ● Sustained parcel volume growth underpinned by market share gains ● Parcels delivered by Postini at 45%, up 5 percentage points Y/Y ● Average parcel tariff reflecting higher volumes with lower pricing and unit cost (second-hand and boxless returns) ● Mail volume trend in line with expectations ● Higher average mail tariff supported by ongoing repricing actions
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 11 FINANCIAL SERVICES SUSTAINED INVESTMENT PORTFOLIO STRENGHT AND SOLID COMMERCIAL MOMENTUM GROSS REVENUES ADJUSTED EBIT1 & NET PROFIT Q3 HIGHLIGHTS ● Investment portfolio revenues +3% supported by higher average deposits and lower cost of funding ● Postal Savings fees +3% benefitting from improving flows ● Transaction Banking fees impacted by lower payment slip volumes ● Consumer Loans fees up 15% driven by higher margins, confirming strength of multi- partnership model ● Asset Management revenues reflecting higher AuM and lower upfront fees due to different product mix ● Adjusted EBIT1 trend supported by strong revenue performance 1. Adjusted excluding systemic charges related to insurance guarantee fund. Please refer to slide 39 for a full reconciliation; 2. Includes revenues from payment slips (bollettino), current accounts related revenues, fees from INPS and money transfer; 3. Includes reported revenues from custody accounts, credit cards and other revenues from third party products distribution; 4. Includes intersegment distribution revenues Net profit Adjusted EBIT1 € m unless otherwise stated Net interest income Transaction Banking2 Active Portfolio Management Consumer Loans distribution3Postal Savings Asset Management Intersegment revenues4 [o.w. insurance] 648 669 430 443 180 17155 45 0 231 [176] Q3-24 0 63 245 [201] Q3-25 1,589 1,637 47 +49 +3% +3% +6% (4%) +15% +3% n.m. 226 262 169 187 Q3-24 Q3-25 +36 +16% +18 +11% +3% 642 790 477 583 9M-24 9M-25 +148 +23% +106 +22% 1,892 2,005 1,275 1,335 546 522176 142 16 672 [514] 9M-24 32 203 136 756 [631] 9M-25 4,718 4,990 +272 +6% (4%) +13% (4%) +15% +5% +99% +6%
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 12 GROUP CLIENT TOTAL FINANCIAL ASSETS TFAs SUPPORTED BY INVESTMENT PRODUCTS, DEPOSITS AND IMPROVING POSTAL SAVINGS OUTFLOWS TFA EVOLUTION1 HIGHLIGHTS ● Strong net inflows in investment products at €2.3bn, confirming Life Investments & Pension positive trends ● Postal Savings net outflows improving in Q3 supported by strong performance of 100-year anniversary Postal Bond ● Deposits growth driven by higher Public Administration balances – stable retail deposits Life Investments & Pension Mutual funds4 Postal Savings Deposits & other2,3 [o.w retail deposits] € bn unless otherwise stated Net investment flows5 3.9 2.3 YTD 163 168 325 88 [56] 17 Sep-24 324 84 [58] 165 17 Dec-24 322 92 [58] 19 Sep-25 593 590 601 +4.5 +5.7 o.w. o.w. +1.1 +0.2 +1.2 +2.0 +7.8 +0.2 (5.7) +3.3 Mutual funds Life Investments & Pension Deposits & other Postal Savings Net inflows Performance 1. EoP figures; 2. Includes deposits and Assets Under Custody; 3. Deposits do not include REPOs and Poste Italiane liquidity; 4. Includes Moneyfarm; 5. Includes Mutual funds and Life Investments & Pension
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 13 INSURANCE SERVICES STRONG COMMERCIAL PERFORMANCE AND PROFITABILITY ACROSS LIFE & PROTECTION EXTERNAL REVENUES ADJUSTED EBIT1 & NET PROFIT Net profit Adjusted EBIT1 Q3 HIGHLIGHTS ● Life Investments & Pension: i. Positive Life net flows driven by GWP growth (+7% Y/Y) with increased share of multiclass products ii. Lapse rate reflecting proactive client portfolio rebalancing activities driven by advisory / new commercial service model ● Life revenues driven by stable CSM and higher release ● Strong Protection GWP growth (+16% Y/Y) with stable combined ratio and increasing profitability ● Adjusted EBIT1 (+11% Y/Y) reflecting top-line trends € m unless otherwise stated 1. Adjusted excluding systemic charges related to insurance guarantee fund. Please refer to slide 39 for a full reconciliation; 2. Lapse rate is calculated as surrenders divided by average technical provisions; 3. Includes Motor (distribution only); 4. Protection CoR calculated as: (insurance expenses + net reinsurance expenses -/+ other technical income and expenses + not directly attributable expenses) / gross insurance revenues, net of reinsurance Protection Life Investments & Pension LI&P net inflows (€ bn) Lapse rate (%)2 8.3 Protection GWP3 Comb. Ratio (%) 4 353 393 46 53 Q3-24 Q3-25 399 446 +47 +12% - +11% +14% 260 344 383 249 263 Q3-24 Q3-25 +39 +11% +14 +6% 367Of which CSM release 1,047 1.2 8.7 83 7710.3 1,094 1,205 133 147 9M-24 9M-25 1,226 1,352 +126 +10% +10% +11% 1,071 1,172 761 836 9M-24 9M-25 +101 +9% +75 +10% 354 7.1 0.5 0.7 6.6 83 968 - 224 o.w. % reinvested in LI&P products c.50%c.23%c.54%c.37% 1,130 +16% +26% Y/Y growth Y/Y growth
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 14 CONTRACTUAL SERVICE MARGIN EVOLUTION €13.7BN DRIVEN BY STRONG NEW BUSINESS – SUSTAINABLE PROFITABILITY GOING FORWARD € m unless otherwise stated, EoP figures 1,089 405 277 FY-24 CSM opening New business Expected return Financial Variances Operating Variances 9M-25 CSM Pre-release Release 9M-25 CSM closing 13,730 (626) 14,874 (1,130) 13,744 +1,145 13.7 2.4 2.3 6.7 146.3 Insurance Services liabilities & equity FY-24 (€ bn) 171.5 Liabilities related to insurance contracts Liabilities related to insurance contracts13.7 2.6 6.0 149.5 2.0 Insurance Services liabilities & equity 9M-25 (€ bn) 173.9 Normalised CSM growth (annualised) +3.5% Fulfilment Cash Flows & other Equity CSM Risk Adjustment Other Value of new business underwritten (excl top- ups). Driven by gross inflows Unwinding of discount and expected realization of real-world over risk-free rates Impact from market movements resulting in lower fair value of liabilities Impact from operating (non-financial) assumptions on cash flows. Mainly driven by the delta experience on lapses, claims and top-ups Reflects 10.1% release ratio (annualised coverage unit) Fulfilment Cash Flows & other Equity CSM Risk Adjustment Other
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 15 SOLVENCY II STRONG SII RATIO EMBEDDING 100% REMITTANCE RATIO Q3 SOLVENCY II RATIO EVOLUTION1 323 315 312 Dec-24 Jun-25 (4) Economic variances & Other 7 Capital generation (6) Foreseeable dividend Sep-25 Q3 HIGHLIGHTS ● Strong Solvency II ratio at 312% including the impact of foreseeable dividend based on a 100% net profit remittance ● Foreseeable dividend more than compensated by internal capital generation ● Economic variances & other: negative effect from economic variances, due to higher risk-free rates % unless otherwise stated 10Y Swap (bp) 236 268261 BTP-Swap spread (bp) 116 8687 Volatility adjustment (bp) 23 1720 Corporate bond spread (bp) 134 111120 1. EoP figures
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 16 POSTEPAY SERVICES ECOSYSTEM DELIVERING SUSTAINABLE REVENUE AND PROFITABILITY GROWTH Telco Payments SEGMENT REVENUES1 ADJUSTED EBIT & NET PROFIT Q3 HIGHLIGHTS ● Continued ecosystem revenue growth (+3% Y/Y) ● Strong transaction value growth (+10%) and total ecosystem transactions (+14%), offsetting instant payment shortfall due to EU law change ● Telco revenues supported by stable client base and fiber offer ● Energy growth driven by higher customer base (0.95m clients). Offer launched on TIM network from 29 September ● Adjusted EBIT robust growth (+6%) driven by top-line performance and in line with FY-25 guidance Energy Net profit Adjusted EBIT € m unless otherwise stated 1. Revenues are net of commodity price and pass-through charges of the energy business for a total of €106m in Q3-24, €313m in 9M-24, €121m in Q3-25 and €393m in 9M-25. Please refer to slide 39 for a full reconciliation 294 298 82 82 19 Q3-24 29 Q3-25 396 409 +13 +3% +1% +0% Intersegment Revenues1 70 205 +48% 86 858 878 245 247 53 9M-24 9M-25 1,156 1,211 +54 +5% +2% +1% +61% 68 213 132 140 99 105 Q3-24 Q3-25 +8 +6% +6 +6% 381 416 290 313 9M-24 9M-25 +35 +9% +24 +8%
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 17 HUMAN CAPITAL – FTEs CONTINUED WORKFORCE EVOLUTION WITH INCREASED PRODUCTIVITY AVERAGE WORKFORCE EVOLUTION(#, K) 46.0HR costs/ FTEs (€ K)1 1. Annualized figures, calculated excluding IFRS17 effect; 2. Group revenues minus cost of goods sold +2% 84.5 88.8 +5% Y/Y 46.8 Value added/ FTEs (€ K) 1,2 9M-24 9M-25 118.4 119.1 119.3 Sep-24 Dec-24 (5.0) Turnover & subsidised exits 6.0 Hirings (0.8) Fixed term contracts Sep-25 +1.0 46.1 85.8 FY-24
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 18 HUMAN CAPITAL – HR COSTS HR COSTS REFLECTING HIGHER FTEs AND COMPENSATION – IMPROVING OPERATING LEVERAGE ORDINARY HR COSTS 1. Unpaid leave and provisions for holidays and other welfare benefits Ordinary HR costs / revenues (%) 41 39 € m unless otherwise stated 3,713 3,756IFRS17 HR Costs 4,087 4,184 9M-24 ex. IFRS17 35 Δ FTEs 63 Δ salary & benefits, variable comp and other1 9M-25 ex. IFRS17 +98 +2%
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 19 NON-HR COSTS HIGHER COSTS TO SUPPORT BUSINESS GROWTH AND TRANSFORMATION NON-HR COSTS1 Variable costs / variable revenues (%)2 Fixed COGS / total revenues (%) COGS D&A 62 64 10 10 1. Excluding other non-HR costs. Numbers are net of commodity price and pass through charges of the energy business; 2. Refers to parcels, payments and telco o.w. 61% variable o.w. 59% variable € m unless otherwise stated 3,044 3,195IFRS17 non-HR Costs 683 737 2,538 9M-24 ex. IFRS17 1 Δ fixed COGS 112 Δ variable COGS 54 Δ D&A 2,652 9M-25 ex. IFRS17 3,221 3,389 +168 +5%
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20 CLOSING REMARKS THE LARGEST ITALIAN PLATFORM COMPANY STRONG 9M-25 RESULTS ACROSS BUSINESS UNITS – FULLY ON TRACK TO MEET FY-25 UPDATED GUIDANCE OF €3.2BN ADJUSTED EBIT1 AND €2.2BN NET PROFIT €0.40 P .S. INTERIM DIVIDEND (€518M) TO BE PAID ON NOVEMBER3 26TH, UP 21% VS 2024 ● RECORD 9M-25 REVENUES AT €9,640M (+4% Y/Y) – ALL BUSINESS UNITS CONTRIBUTING TO REVENUE GROWTH ● RECORD 9M-25 PROFITABILITY WITH ADJUSTED EBIT1 AT €2,515M, UP 10% Y/Y AND NET PROFIT AT €1,773M, UP 11% Y/Y ● SOLID COMMERCIAL PERFORMANCE OF SAVINGS AND INVESTMENT PRODUCTS, CONFIRMING POSITIVE LIFE INSURANCE FLOWS AND IMPROVING POSTAL SAVINGS NET FLOWS – STRONG GROWTH OF PROTECTION INSURANCE BUSINESS ● MIGRATION TO SUPER APP SUCCESSFULLY COMPLETED, REACHING 15M YTD2 USERS AND 4.1M DAILY ACTIVE USERS IN NOV-25 ● SOLID GROUP BALANCE SHEET AND INSURANCE SOLVENCY II RATIO AT 312% ● FOLLOWING ANTITRUST APPROVAL, ACCELERATING INITIATIVES TO GENERATE SYNERGIES WITH TIM – CAPITAL INVESTMENT WELL IN THE MONEY 1. Adjusted excluding systemic charges related to insurance guarantee fund (€19m for Q3-24 and €56m for 9M-24, €19m for Q3-25 and €58m for 9M-25) and costs and proceeds of extraordinary nature. Please refer to slide 39 for a full reconciliation; 2. As of 10 November 2025 3. Ex dividend date 24 November 2025
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21 CONTENTS EXECUTIVE SUMMARY BUSINESS REVIEW APPENDIX Insurance Services Financial Services Postepay Services Mail, Parcel & Distribution
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 22 1,312 1,326 Q3-24 ex. IFRS17 (1) Δ FTEs 16 Δ salary & benefits, variable comp and other1 Q3-25 ex. IFRS17 +15 +1% Ordinary HR costs / revenues (%) 39 38 € m unless otherwise stated 1,185 1,198IFRS17 HR Costs HUMAN CAPITAL – HR COSTS HR COSTS REFLECTING HIGHER COMPENSATION ORDINARY HR COSTS 1. Unpaid leave and provisions for holidays and other welfare benefits
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 23 848 879 NON-HR COSTS HIGHER COSTS TO SUPPORT BUSINESS GROWTH AND TRANSFORMATION NON-HR COSTS1 Variable costs / variable revenues (%)2 Fixed COGS / total revenues (%) COGS D&A 61 63 11 10 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 o.w. 61% variable o.w. 59% variable € m unless otherwise stated 1,023 1,068IFRS17 non-HR Costs 235 251 848 Q3-24 ex. IFRS17 (9) Δ fixed COGS 40 Δ variable COGS 16 Δ D&A 879 Q3-25 ex. IFRS17 1,083 1,131 +48 +4%
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 24 STRONG CASH GENERATION, AMPLE LIQUIDITY & BALANCED DEBT PROFILE GROUP FUNDS FROM OPERATIONS (9M-25 - € M) SIGNIFICANT LIQUIDITY RESOURCES (€ BN)1 BALANCED MATURITY PROFILE (€ BN) 1,773 2,421 741 Net profit D&A (151) Δ Risk & Charges Funds 59 Δ Other Funds from Operations 2.1 5.9 3.8 Group cash available Undrawn credit lines Potential liquidity available 0.6 2.0 1.4 2025 2026 0.0 2027 2028+ Total debt 0.0 GROUP SHAREHOLDERS’ EQUITY2 (€ BN) 12.5 2.2 Sep-24 Net profit Dividend & Other3 Sep-25 (1.7) 13.1 +0.5 1. As of September 2025; 2. Shareholders’ equity net of revaluation reserves; 3. Other includes buyback, the coupon on the hybrid bond, changes in reserves related to incentive schemes (IFRS2), reclassification fair value reserve Nexi and other movements
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 25 MAIL, PARCEL & DISTRIBUTION NET FINANCIAL POSITION IMPROVING UNDERLYING CASH GENERATION – Y/Y IMPACT OF TIM STAKE ACQUISITION NET FINANCIAL POSITION (+CASH – DEBT) € m unless otherwise stated Underlying (ex. IFRS16) NFP evolution (2,846) (1,453) (355) (1,614) (2,823)(1,393) (309) (638) (1,208) IFRS16 & valuation effects NFP Dec-24 ex. IFRS16 & valuation effects 406 FFO Change in Working Capital CAPEX 1,639 Dividends & other movements1 NFP Sep-25 ex. M&A impact (1,259) M&A (TIM/NEXI) impact 2 NFP Sep-25 ex. IFRS16 & valuation effects IFRS16 & valuation effects NFP Dec-24 NFP Sep-25 +1,098 • +40 Net income MP&D • +500 D&A capex • -134 Change in risk & funds & other movements 1. Includes dividends from subsidiaries, dividends to shareholders, coupons on hybrid instruments, buyback and other; 2. Includes the acquisition of 24.81% Tim ordinary capital (-1.1 €bn) and the fair value impact of Nexi stake disposal (-0.2 €bn) (2,755) Dec-23 Sep-24 (1,375) (1,381) +430 (345) (550) (1,339) (1,902)+1,202(455) +834 (564)(14)
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 26 BANCOPOSTA ASSETS AND LIABILITIES STRUCTURE RETAIL AND PUBLIC ADMINISTRATION DEPOSITS UP AVERAGE DEPOSITS AVERAGE INVESTMENT PORTFOLIO HIGHLIGHTS ● Retail deposits up y/y, assets yield driven by BTP portfolio – liabilities not remunerated ● Public Administration assets yield linked to Italian Sovereign yield curve – liabilities mainly remunerated on short term rates ● Treasury assets and liabilities mainly 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 income on average deposits Corporate & other3 Retail + Postepay Public Administration2 Italian government bonds & Other4 Deposits @ MEF Treasury1 +2% (3%) +31% +1% +31% Treasury1 (20%) (20%) € bn unless otherwise stated Var 9M-25 vs FY-24 Var 9M-25 vs FY-24 54.1 54.3 55.6 18.0 17.9 17.4 9.9 10.2 13.3 5.9 5.3 9M-24 FY-24 4.2 9M-25 87.9 87.7 90.5 +3 +3% 72.1 72.3 73.0 9.9 10.2 13.3 5.9 5.3 9M-24 FY-24 4.2 9M-25 87.9 87.7 90.5 +3 +3% Avg. Return ex. cap. gains (%)5 2.87 2.89 Duration (# of years) 5.7 5.6 2.96 5.7
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 27 UNREALISED GAINS & LOSSES AND SENSITIVITIES STABLE FAIR VALUE OF BANCOPOSTA PORTFOLIO UNREALISED NET GAINS AND LOSSES PORTFOLIO SENSITIVITIES Q3-24 Q4-24 Q2-25 Q3-25 Var (bp) Q3-25 vs Q2-25 BTP 10Y 3.45 3.52 3.48 3.53 +6 SWAP 10Y 2.35 2.36 2.61 2.68 +7 BTP 15Y 3.80 3.86 3.93 4.00 +7 SWAP 15Y 2.45 2.42 2.78 2.86 +8 BTP 30Y 4.13 4.21 4.34 4.46 +12 SWAP 30Y 2.27 2.16 2.76 2.90 +14 Fair Value Reserve1 156 (1,343) (2,003) 68 (72) 9M-24 FY-24 H1-25 9M-25 (67) 67 (27) 27 BTP swap Spread +1 bp BTP swap Spread -1 bp Swap Rate +1 bp Swap Rate -1 bp (114) 701 € m unless otherwise stated 652 1. Net of taxes
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 28 POSTAL SAVINGS POSTAL SAVINGS NET INFLOWS SUPPORTED BY NEW COMMERCIAL INITIATIVES AVERAGE POSTAL SAVINGS1 POSTAL SAVINGS NET FLOWS Postal Bonds Postal Savings books € m unless otherwise stated +3% (2%) Var 9M-25 vs FY-24 1. Average Postal Savings excludes interests accrued year-to-date and interests compounded, but not yet payable, on Postal Bonds not matured as of the reporting date 93,334 93,285 95,701 218,252 217,563 212,686 9M-24 FY-24 9M-25 311,585 310,848 308,388 (3,198) (772) 873 Q3-24 Q2-25 Q3-25 (2,428)
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 29 o/w 18,035 Mutual funds ASSET MANAGEMENT AUM GROWTH SUPPORTED BY STRONG NET INFLOWS AVERAGE ASSETS UNDER MANAGEMENT1 AUM1 EVOLUTION - EOP Bond & Cash Balanced & Flexible Unit linked & multiclass Class III Equity 5,966 5,952 5,864 7,322 7,849 10,256 13,617 14,279 18,936 1,285 9M-24 1,313 FY-24 1,438 9M-25 28,191 29,393 36,494+8,303 +29% 4,466 636 Dec-24 Net inflows Market effect Sep-25 34,145 39,247 +5,102 +15% Mutual funds • o/w 2,323 multiclass class III/unit linked • o/w 880 mutual funds • o/w 1,263 switch to class III within existing multiclass products € m unless otherwise stated 1. Excluding Moneyfarm
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 30 ASSET MANAGEMENT NET INFLOWS STRONG NET INFLOWS DRIVEN BY MULTICLASS PRODUCTS AND MUTUAL FUNDS TOTAL NET FLOWS 9M-25 MULTICLASS CLASS III & UNIT LINKED MUTUAL FUNDS 6,938 4,466 2,472 Gross Inflows1 Outflows Net Flows1 842 Gross Inflows Outflows 2,323Net Flows 3,165 Gross Inflows 1,630Outflows 880Net Flows 2,510 € m unless otherwise stated 1. Including €1,263m switch to class III within existing multiclass products
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 31 BANCOPOSTA: SOLID AND EFFICIENT CAPITAL POSITION STRONG BALANCE SHEET LEVERAGE RATIO (%) TOTAL CAPITAL RATIO (%) AT1 ratio CET1 ratio AT1 CET1 RWA (€ BN) 12.7BALANCE SHEET EXPOSURE (€ BN) 93.7 3.5 3.2 3.5 20.8 Sep-24 19.4 Dec-24 20.5 Sep-25 24.3 22.6 24.0 0.5 0.5 0.5 2.8 Sep-24 2.8 Dec-24 2.7 Sep-25 3.3 3.3 3.2 95.2 13.997.7 13.0
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 32 INSURANCE SERVICES SOLVENCY II EVOLUTION SWAP (BP) Q4 – 24 Q1 – 25 Q2 – 25 BTP-SWAP SPREAD (BP) V.A. CURR. (BP) 18 13 Sep-24 (17) Δ Own funds Δ SCR Dec-24 Δ Own funds (11) Δ SCR (5) Jun-25Δ SCR (3) Δ Own funds Mar-25 323 305 315 312 (7) Sep-25Δ SCRΔ Own funds 2 322 Q3 – 25 268 86 17 235 111 21 236 116 23 266 121 22 261 87 20
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 33 SOLVENCY II RATIO SENSITIVITIES Impact on SII ratio WELL ABOVE RISK TOLERANCE AND MANAGERIAL AMBITION UNDER SIMULATED SCENARIOS Risk tolerance 150% Managerial ambition: c.200% through the cycle 312 282 304 363 268 SII ratio at Sep-25 BTP-Swap +100bps to (186)1 Corporate bond spread +100bps to (211)1 Interest rates -100bps to (168) Interest rates +100bps to (368) Q3 HIGHLIGHTS (30) p.p. (8) p.p. +51 p.p. (44) p.p. % unless otherwise stated ● Solvency II ratio sensitivity to BTP-Swap spread (+100bps): ● (129) p.p. as of Dec-20 ● (98) p.p. as of Dec-21 ● (29) p.p. as of Dec-222 ● (41) p.p. as of Dec-23 ● (42) p.p. as of Dec-24 ● (30) p.p. as of Sep-25 ● Solvency II ratio sensitivity to Swap rate (+100bps): ● (32) p.p. as of Dec-22 ● (38) p.p. as of Dec-23 ● (47) p.p. as of Dec-24 ● (44) p.p. as of Sep-25 1 Vs. Asset Swap Spread; 2. CVA triggered
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 34 INSURANCE SERVICES SOLVENCY II OWN FUNDS TIERING AND SOLVENCY CAPITAL REQUIREMENTS SOLVENCY II CAPITAL AND SOLVENCY II CAPITAL REQUIREMENT BREAKDOWN CHANGE VS JUNE 2025 180 (155) 120 (12) 133 30 (92) 70 102 Market risk Counterparty Risk Underw. Risk Diversification BSCR Operational risk LAC DT & Other SCR Own Funds Tier 1 + RT 1 Tier 2 1,774 5,230 4,576 12,266 4,429 2,012 Market risk 678 Counterparty Risk Underw. Risk (1,650) Diversification BSCR 703 Operational risk (1,357) LAC DT & Other SCR Own Funds 14,279 1. Loss Absorbing Capacity of deferred taxes (“LAC DT”) 1 1 € m unless otherwise stated
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 35 INSURANCE SERVICES GWP SOLID COMMERCIAL ACTIVITY – STRONG GROWTH ACROSS LI&P AND PROTECTION LIFE INVESTMENTS & PENSION PROTECTION TOTAL Multiclass Segregated funds products (class I-V, Pension) Unit Linked (Class III) 1. Includes Motor (distribution only) GPW for a total of €5m in Q3-24 and €6m in Q3-25; 2. Restated. "Land vehicle" products (Insurance Class III) reclassified from Corporate to Health & Property 2,102 1,196 2,460 3,482 3 Q3-24 198 Q3-25 4,565 4,876 +311 +7% 79 100 82 91 63 69 Q3-24 Q3-25 224 260 +36 +16% 4,565 4,876 260 224 Q3-24 Q3-25 4,790 5,136 +346 +7% Multiclass (% of LI&P GWP) 54 71 Credit protection & Salary-backed loan Health & Property1,2 Corporate2 € m unless otherwise stated Protection1 Life Investments & Pension
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 36 +1.2 +2.0 Dec-24 Net inflows Performance3 Sep-25 164.7 167.9 +3.2 +2% INSURANCE SERVICES TECHNICAL PROVISIONS GROWTH DRIVEN BY POSITIVE NET FLOWS AND PERFORMANCE TOTAL INSURANCE TECHNICAL PROVISIONS1 LI&P TECHNICAL PROVISIONS EVOLUTION1 1. EoP figures; 2. Includes Class I-V and Pension products; 3. Includes interests, upfront fees and other minor items Segregated fund products (class I-V, Pension) Protection Multiclass Unit linked (Class III) 37.2 39.6 48.8 1.4 125.0 0.9 Sep-24 1.4 124.1 0.9 Dec-24 1.7 117.9 1.2 Sep-25 164.5 166.1 169.5 +5.0 +3% • Segregated funds2: (7.7) • Multiclass and UL: +8.9 € bn unless otherwise stated Life Investments & Pension (LI&P)
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 37 INSURANCE SERVICES LI&P NET INFLOWS INFLOWS IN MULTICLASS & UNIT LINKED PRODUCTS COMPENSATING SEGREGATED FUNDS OUTFLOWS TOTAL NET FLOWS Q3-25 MULTICLASS & UNIT LINKED1 SEGREGATED FUNDS PRODUCTS (CLASS I-V, PENSION) 652 Gross written premiums Outflows 3,027Net Flows 3,680 1,196Gross written premiums 3,941Outflows (2,745)Net Flows 4,876 4,594 Gross written premiums Outflows 282 Net Flows 1. Including full value of multiclass products (also Class I component) € m unless otherwise stated
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 38 89% 5% 6% INSURANCE SERVICES STABLE AND DIVERSIFIED INVESTMENT PORTFOLIO INVESTMENT PORTFOLIO BREAKDOWN1 BOND PORTFOLIO BREAKDOWN BY COUPON TYPE 9M-24 FY-24 H1-25 9M-25 Var (bps) 9M-25 vs H1-25 Minimum guaranteed return (Class I) (%) 0.47 0.47 0.45 0.44 (1) bp Segregated Fund return (%)2 2.63 2.64 2.74 2.67 (7) bps Other Govies Corporate bonds Floating Fixed Inflation linkedTotal investment portfolio (€ bn) 69% 17% 14% Sep-24 68% 17% 15% Dec-24 70% 17% 13% Sep-25 150.4 150.1 149.4 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 • HY: 4% • EM: 3% • Equity: 1% • Private Debt: 2% • RE: 2% • Infrastructure: 1% • PE & HF: 1%
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 39 RECLASSIFICATIONS ADJUSTED EBIT AND ENERGY € m unless otherwise stated Q3-24 Q3-25 MAIL, PARCEL & DISTRIBUTION FINANCIAL SERVICES INSURANCE SERVICES CONSOLIDATED ACCOUNTS MAIL, PARCEL & DISTRIBUTION FINANCIAL SERVICES INSURANCE SERVICES CONSOLIDATED ACCOUNTS EBIT Reported 87 222 330 770 70 258 368 836 Systemic charges related to insurance guarantee fund 0 4 15 19 0 4 15 19 Adjusted EBIT 87 226 344 789 70 262 383 856 9M-24 9M-25 MAIL, PARCEL & DISTRIBUTION FINANCIAL SERVICES INSURANCE SERVICES CONSOLIDATED ACCOUNTS MAIL, PARCEL & DISTRIBUTION FINANCIAL SERVICES INSURANCE SERVICES CONSOLIDATED ACCOUNTS EBIT Reported 183 630 1,028 2,221 137 778 1,126 2,457 Systemic charges related to insurance guarantee fund 0 12 44 56 0 12 45 58 Adjusted EBIT 183 642 1,071 2,277 137 790 1,172 2,515 Q3-24 Q3-25 9M-24 9M-25 POSTEPAY SERVICES CONSOLIDATED ACCOUNTS POSTEPAY SERVICES CONSOLIDATED ACCOUNTS POSTEPAY SERVICES CONSOLIDATED ACCOUNTS POSTEPAY SERVICES CONSOLIDATED ACCOUNTS External revenue – reported 470 3,137 506 3,279 1,378 9,448 1,531 9,960 Commodity prices and pass-through charges for external clients (75) (75) (97) (97) (221) (221) (320) (320) External revenue reclassified 396 3,062 409 3,182 1,156 9,226 1,211 9,640 Intersegment revenue - reported 99 94 297 286 Commodity prices and pass-through charges for Group consumption (31) (24) (92) (73) Intersegment revenue reclassified 68 70 205 213 Cost of goods and services - reported 272 882 292 933 797 2,636 897 2,836 Commodity prices and pass-through charges (106) (75) (121) (97) (313) (221) (393) (320) Cost of goods and services reclassified 166 807 171 836 484 2,414 504 2,516
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 40 POSTEPAY SERVICES STEADY INCREASE ACROSS KEY METRICS CARD STOCK1 (# M) TOTAL CARD TRANSACTIONS (# M)2 MOBILE & LAND LINE, STOCK (# M) POSTE ITALIANE DIGITAL E-WALLETS (# M)4 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 Debit cards Postepay cards Postepay Evolution stock 10.4 Of which e-commerce3 171 22.7 22.4 21.2 7.4 7.4 7.5 Sep-24 Dec-24 Sep-25 30.2 29.8 28.7 (1.5) (5%) 4.8 4.8 4.9 Sep-24 Dec-24 Sep-25 +0.1 +2% 771 820 882 Q3-24 Q4-24 Q3-25 +111 +14% 13.1 13.5 14.4 Sep-24 Dec-24 Sep-25 +1.4 +11% 202+3% +18%10.7
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 41 POSTE ITALIANE DIGITAL FOOTPRINT KEY METRICS CONSTANTLY IMPROVING APP USERS STICKINESS1 (%) DAILY DIGITAL INTERACTIONS2 (# M) DAILY DIGITAL TRANSACTIONS & SALES3 (# M) SPID - DIGITAL IDENTITIES ISSUED (# M) 1. App Users Stickiness is calculated as daily active users/monthly active users on Poste Italiane apps; 2. Defined as any digital contact the client has with Poste Italiane (e.g. App login, access to website etc.), excluding LIS interactions; 3. Defined as all transactions (e.g. bill payments, bank transfers, etc.) as well as sales (e.g. subscription of financial products), excluding LIS transactions and sales 2.3 2.4 2.6 Q3-24 FY-24 Q3-25 +0.3 +13% 28.4 28.7 29.8 Sep-24 FY-24 Sep-25 +1.4 +5% 10.1 10.4 11.3 Sep-24 FY-24 Sep-25 +1.2 +12% 24.4 24.6 24.1 Q3-24 FY-24 Q3-25 -0.3pp Temporarily impacted by switch to SuperApp (SuperApp user stickiness 27.3% as of Q3-25)
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 42 POSTEPAY PAYMENTS TRANSACTION VALUE STEADY INCREASE IN E-COMMERCE TRANSACTIONS POSTEPAY ISSUING TRANSACTION VALUE (BASE 100)1 22 23 24 28 28 28 29 36 36 44 43 57 51 53 54 62 59 62 67 76 72 74 79 87 84 87 88 93 96 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 104 Q4-24 Q2-25 105 Q3-25Q1-25Q1-18 Q2-18 100 108 113 123 116 128 138 159 135 141 167 185 169 Q3-18 205 225 201 220 241 260 237 248 190 282 257 267 288 313 273 297 318 269 +19% +10% +17% CAGR 1. Refers to PostePay SpA issuing transaction value o.w. e-commerce +9% 9M growth Y/Y +14% 9M growth Y/Y
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 43 INTERSEGMENT COSTS AS OF Q3-25 INTERSEGMENT DYNAMICS KEY DRIVERS MAIN RATIONALE • Postepay Services remunerates: a) Mail, Parcel and Distribution for providing IT, delivery volume, promoting and selling SIMs and energy contracts and other corporates services1; b) Financial Services for promoting and selling card payments and other payments (e.g. tax payments) throughout the network. INDICATIVE MAIN REMUNERATION SCHEME a) Annual fee and number of payment transactions flat fee (depending on the product) b) Fixed % of revenues Q3-24 a) 71 b) 68 Total: 138 Q3-25 a) 82 b) 57 Total: 139 • Insurance Services remunerates: c) Financial Services for promoting and selling insurance products2 and for investment management services3; d) Mail, Parcel and Distribution for providing corporate services1. c) Fixed % of upfront, maintenance and management fees d) Depending on service/product c) 181 d) 22 Total: 203 c) 198 d) 22 Total: 220 • Financial Services remunerates: e) Mail, Parcel and Distribution for promoting and selling Financial, Insurance and Postepay products throughout the network and for proving corporate services5; f) Postepay Services for providing certain payment services6. e) Fixed % (depending on the product) of revenues f) Depending on service/product e) 1,282 f) 45 Total: 1,3277 e) 1,293 f) 46 Total: 1,3407 • Mail, Parcel and Distribution remunerates: g) Postepay Services for acquiring services, postman electronic devices and utilities; h) Financial Services as distribution fees related to “Bollettino DTT”. g) Annual fee, fee * volumes h) Flat fee for each "Bollettino" g) 9 h) 0 Total: 9 g) 10 h) 0 Total: 10 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 Insurance Services reported intersegment costs under IFRS17, remunerating MPD only4 € m unless otherwise stated Total: 6 Total: 6
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 44 ESG KEY ACHIEVEMENTS IN 9M 2025 DELIVERING INTEGRATED ESG TARGETS FOR A LONG-TERM SUSTAINABLE GROWTH • Best-in-class World/Europe Indices • ‘AA’ rating • Sustainability Yearbook 2025 (90/100) STRONG ESG REPUTATION – INCLUDED IN MOST RELEVANT INDICES AND RATINGS • Platinum medal • ‘Top 1%‘ (89/100) • ISS Corporate ESG Rating (prime list C) • Confirmed the Fleet Renewal Plan with c.6.2k electric vehicles and >29k other low-emission vehicles; confirmed increased adoption of HVO and SAF fuels • c.3,800 buildings involved in the Smart Building project2, and c.450,000 LED lamps installed • c.800 photovoltaic systems installed, reaching an overall capacity of 28,000 kWp. The ‘PoC Solar Smart Monitoring’ solution will strengthen system control and energy efficiency3 • c.950k active contracts (+48% y/y) for green power & gas offer; c.20m eco-friendly cards • Signed a Memorandum of Understanding with Leonardo on innovative solutions in automated storage and sorting logistics services • Polis project on track, with c.4,400 post offices and c.108 co-working sites completed; >128k PA services provided, >110K passports delivered in towns and small communities • >3.7m training hours over the 9M period; top three initiatives: LabAI Literacy AI; AI Talk Manifesto Policy Ethics and LabAI Ethics • Poste Italiane recognised “Dyslexia-Friendly Company”, for the strong commitment to promoting an inclusive workplace • New Leadership Model built around 5 pillars: commitment, initiative, impact, innovation, togetherness • Omnichannel Strategy: >26m daily interactions (+8% y/y); c.50% of total interactions via digital channels over the 9M period • Successfully achieved certification UNI/PdR 159:2024 on Inclusive workplaces for people with disabilities • Successfully maintained UNI/PdR 125:2022 on Gender Equality and renewed UNI ISO 30415:2021 on Diversity&Inclusion certifications • Updated the Group Risk Management Guideline, in line with the Corporate Social Responsibility Directive GOVERNANCE SOCIAL CREATING VALUE FOR THE COUNTRY CUSTOMER EXPERIENCE SUSTAINABLE FINANCE INTEGRITY& TRANSPARENCY PEOPLE DEVELOPMENT DIVERSITY & INCLUSION GREEN TRANSITION INNOVATION ENVIRONMENTAL1 1. Key results as of 30 September 2025; 2. Baseline 2020; 3. Developed in collaboration with GreenLog and ELIS Innovation Hub as part of the OpenItaly 2024 program
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 45 CONSOLIDATED ACCOUNTS PROFIT & LOSS €m Q3-24 Q3-25 Var. Var. % 9M-24 9M-25 Var. Var. % Total revenues1 3,062 3,182 +120 +4% 9,226 9,640 +414 +4% of which: Mail, Parcel and Distribution 909 934 +25 +3% 2,797 2,843 +46 +2% Financial Services 1,358 1,393 +35 +3% 4,047 4,234 +188 +5% Insurance Services 399 446 +47 +12% 1,226 1,352 +126 +10% Postepay Services1 396 409 +13 +3% 1,156 1,211 +54 +5% Total costs1,2 2,274 2,327 +53 +2% 6,950 7,125 +175 +3% of which: Total personnel expenses 1,192 1,203 +11 +1% 3,727 3,768 +40 +1% of which personnel expenses 1,185 1,198 +13 +1% 3,713 3,756 +43 +1% of which early retirement incentives 2 4 +3 n.m. 4 6 +3 +72% of which legal disputes with employees 5 1 (5) (87%) 11 6 (5) (49%) COGS1 807 836 +28 +4% 2,414 2,516 +102 +4% Other operating costs2 58 56 (2) (4%) 178 162 (16) (9%) Depreciation, amortisation and impairments 216 232 +17 +8% 630 679 +49 +8% Adjusted EBIT2 789 856 +67 +8% 2,277 2,515 +238 +10% Adjusted EBIT Margin +26% +27% +25% +26% Systemic charges related to insurance guarantee fund 19 19 +1 +4% 56 58 +2 +4% EBIT 770 836 +66 +9% 2,221 2,457 +236 +11% Finance income/(costs) and profit/(loss) on investments accounted for using the equity method 23 11 (11) (50%) 76 87 +12 +16% Profit before tax 793 848 +55 +7% 2,297 2,545 +248 +11% Income tax expense 224 244 +20 +9% 702 772 +70 +10% Profit for the period 569 603 +34 +6% 1,595 1,773 +178 +11% 1. Net of commodity price and pass-through charges of the energy business. Please refer to slide 39 for a full reconciliation; 2. Adjusted excluding systemic charges related to insurance guarantee fund and costs and proceeds of extraordinary nature. Please refer to slide 39 for a full reconciliation
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 46 CONSOLIDATED ACCOUNTS – SEGMENT VIEW 9M-25 PROFIT & LOSS €m Mail, Parcels & Distribution Financial Services Insurance Services Postepay Services Adjustments & eliminations1 Total External Revenues 2,843 4,234 1,352 1,211 0 9,640 Intersegment Revenues 4,248 756 (152) 213 (5,066) 0 Total revenues2 7,091 4,990 1,200 1,424 (5,066) 9,640 Labour cost 4,070 40 3 46 (392) 3,768 COGS2 2,034 45 5 504 (72) 2,516 Other Costs3 146 27 (2) 10 0 180 Capitalised Costs and Expenses (53) 0 0 (1) 0 (54) Impairment Loss/(Reversal) on debt instruments, receivables and other assets 11 12 0 13 0 36 Intersegment Costs 31 4,076 21 415 (4,542) 0 Total costs2,3 6,239 4,200 27 986 (5,006) 6,446 Depreciation, amortisation and impairments 715 0 1 21 (59) 679 Adjusted EBIT3 137 790 1,172 416 (0) 2,515 Systemic charges estimate related to insurance guarantee fund 0 12 45 0 0 58 EBIT 137 778 1,126 416 (0) 2,457 Finance income/(cost) (20) 32 60 15 0 87 Profit before tax 117 810 1,187 431 (0) 2,545 Tax cost/(income) 77 227 351 118 0 772 Profit for the period 40 583 836 313 (0) 1,773 1. IFRS17 requires the attribution of costs directly attributable to insurance policies – incl. distribution costs to remunerate Poste Italiane network – to Insurance Services’ revenues. To ensure full elimination of intersegment costs we make an adjustment at Group level, allocating such costs to Labour costs, COGS and D&A; 2. Net of commodity price and pass-through charges of the energy business. Please refer to slide 39 for a full reconciliation; 3. Adjusted excluding systemic charges related to insurance guarantee fund and costs and proceeds of extraordinary nature. Please refer to slide 39 for a full reconciliation
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 47 MAIL, PARCEL & DISTRIBUTION PROFIT & LOSS €m Q3-24 Q3-25 Var. Var. % 9M-24 9M-25 Var. Var. % Segment revenue 909 934 +25 +3% 2,797 2,843 +46 +2% Intersegment revenue 1,377 1,397 +21 +2% 4,120 4,248 +128 +3% Total revenues 2,286 2,332 +46 +2% 6,917 7,091 +174 +3% Personnel expenses 1,279 1,297 +18 +1% 3,978 4,070 +92 +2% of which personnel expenses 1,278 1,293 +16 +1% 3,974 4,065 +90 +2% of which early retirement incentives 2 4 +2 +98% 3 5 +2 +55% Other operating costs 684 710 +27 +4% 2,070 2,138 +68 +3% Depreciation, amortisation and impairments 227 244 +17 +8% 657 715 +58 +9% Intersegment costs 9 10 +0 +5% 29 31 +1 +5% Total costs 2,199 2,261 +62 +3% 6,734 6,954 +220 +3% Adjusted EBIT 87 70 (16) (19%) 183 137 (46) (25%) Adjusted EBIT Margin +4% +3% +3% +2% EBIT 87 70 (16) (19%) 183 137 (46) (25%) Finance income/(costs) (8) (13) (4) (52%) (30) (20) +10 +35% Profit/(Loss) before tax 78 57 (21) (27%) 152 117 (35) (23%) Income tax expense 26 9 (17) (67%) 84 77 (8) (9%) Profit for the period 52 49 (3) (7%) 68 40 (27) (40%)
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 48 FINANCIAL SERVICES PROFIT & LOSS €m Q3-24 Q3-25 Var. Var. % 9M-24 9M-25 Var. Var. % Segment revenue 1,358 1,393 +35 +3% 4,047 4,234 +188 +5% Intersegment revenue 231 245 +14 +6% 672 756 +84 +13% Total revenues 1,589 1,637 +49 +3% 4,718 4,990 +272 +6% Personnel expenses 12 12 +0 +2% 38 40 +2 +6% of which personnel expenses 12 12 +0 +0% 37 40 +2 +6% of which early retirement incentives 0 0 +0 n.m. 0 0 +0 n.m. Other operating costs1 23 23 (0) (0%) 62 84 +21 +34% Depreciation, amortisation and impairments 0 0 +0 +0% 0 0 +0 +0% Intersegment costs 1,327 1,340 +13 +1% 3,976 4,076 +100 +3% Total costs1 1,363 1,375 +13 +1% 4,076 4,200 +124 +3% Adjusted EBIT1 226 262 +36 +16% 642 790 +148 +23% Adjusted EBIT Margin 14% 16% 14% 16% Systemic charges related to insurance guarantee fund 4 4 +0 +2% 12 12 +0 +2% EBIT 222 258 +36 +16% 630 778 +148 +23% Finance income/(costs) 9 4 (6) (61%) 34 32 (3) (7%) Profit/(Loss) before tax 231 262 +30 +13% 665 810 +145 +22% Income tax expense 62 75 +12 +20% 187 227 +39 +21% Profit for the period 169 187 +18 +11% 477 583 +106 +22% 1. Adjusted excluding systemic charges related to insurance guarantee fund. Please refer to slide 39 for a full reconciliation
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 49 INSURANCE SERVICES PROFIT & LOSS €m Q3-24 Q3-25 Var. Var. % 9M-24 9M-25 Var. Var. % Segment revenue 399 446 +47 +12% 1,226 1,352 +126 +10% Intersegment revenue (42) (49) (8) (19%) (117) (152) (34) (29%) Total revenues 358 397 +39 +11% 1,109 1,200 +91 +8% Personnel expenses 3 3 +0 +15% 8 3 (5) (59%) of which personnel expenses 3 3 +0 +15% 8 3 (5) (59%) of which early retirement incentives 0 0 +0 n.m. 0 0 +0 n.m. Other operating costs1 3 3 (0) (10%) 8 3 (5) (65%) Depreciation, amortisation and impairments 1 1 (0) (31%) 2 1 (0) (19%) Intersegment costs 7 7 +0 +0% 20 21 +1 +3% Total costs1 14 14 (0) (1%) 38 28 (10) (25%) Adjusted EBIT1 344 383 +39 +11% 1,071 1,172 +101 +9% Adjusted EBIT Margin 96% 97% 97% 98% Systemic charges related to insurance guarantee fund 15 15 +1 +4% 44 45 +2 +4% EBIT 330 368 +38 +12% 1,028 1,126 +99 +10% Finance income/(costs) 15 17 +1 +9% 48 60 +12 +25% Profit/(Loss) before tax 345 385 +40 +12% 1,076 1,187 +111 +10% Income tax expense 96 122 +26 +27% 315 351 +36 +11% Profit for the period 249 263 +14 +6% 761 836 +75 +10% 1. Adjusted excluding systemic charges related to insurance guarantee fund. Please refer to slide 39 for a full reconciliation
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 50 POSTEPAY SERVICES PROFIT & LOSS €m Q3-24 Q3-25 Var. Var. % 9M-24 9M-25 Var. Var. % Segment revenue 396 409 +13 +3% 1,156 1,211 +54 +5% Intersegment revenue 68 70 +3 +4% 205 213 +8 +4% Total revenues1 463 479 +16 +4% 1,362 1,424 +62 +5% Personnel expenses 13 15 +2 +16% 42 46 +4 +10% of which personnel expenses 13 14 +1 +12% 42 45 +4 +8% Other operating costs1 172 178 +6 +4% 501 526 +25 +5% Depreciation, amortisation and impairments 8 7 (1) (12%) 25 21 (4) (15%) Intersegment costs 138 139 +1 +1% 413 415 +2 +0% Total costs1 331 339 +8 +2% 981 1,008 +27 +3% Adjusted EBIT 132 140 +8 +6% 381 416 +35 +9% Adjusted EBIT Margin 28% 29% 28% 29% EBIT 132 140 +8 +6% 381 416 +35 +9% Finance income/(costs) 6 3 (3) (46%) 23 15 (9) (36%) Profit/(Loss) before tax 138 144 +5 +4% 404 431 +27 +7% Income tax expense 39 39 (0) (1%) 115 118 +3 +3% Profit for the period 99 105 +6 +6% 290 313 +24 +8% 1. Net of commodity price and pass-through charges of the energy business. Please refer to slide 39 for a full reconciliation
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GIALLO BLU 1 GRIGIO 1 (testo e grafici) GRIGIO 2 GRIGIO 3BLU 2 (solo grafici) BLU 3 (solo grafici) 51 DISCLAIMER This document contains certain forward-looking statements that reflect Poste Italiane’s management’s current views with respect to future events and financial and operational performance of the Company and of the Company’s Group. These forward-looking statements are made as of the date of this document and are based on current expectations, reasonable assumptions and projections about future events and are therefore subject to risks and uncertainties. Actual future results and performance may indeed differ materially from what is expressed or implied in this presentation, due to any number of different factors, many of which are beyond the ability of Poste Italiane to foresee, control or estimate precisely, including, but not limited to, changes in the legislative and regulatory framework, market developments, price fluctuations and other risks and uncertainties, such as, for instance, risks deriving from the direct and indirect effects resulting from the international ongoing conflict. Forward-looking statements contained herein are not a guarantee of future performance and you are therefore cautioned not to place undue reliance thereon. This document does not constitute a recommendation regarding the securities of the Company; it does not contain an offer to sell or a solicitation of any offer to buy any securities issued by Poste Italiane or any of its Group companies or other forms of financial assets, products or services. Except as may be required by applicable law, Poste Italiane denies any intention or obligation to update or revise any forward-looking statements contained herein to reflect events or circumstances after the date of this presentation. Pursuant to art. 154- BIS, par.2, of the Consolidated Financial Bill of February 24, 1998, the executive (Dirigente Preposto) in charge of preparing the corporate accounting documents at Poste Italiane, Alessandro Del Gobbo, declares that the accounting information contained herein corresponds to document results and accounting books and records. This document includes summary financial information and should not be considered a substitute for Poste Italiane’s full financial statements. Numbers in the document may not add up only due to roundings.