POSTE ITALIANE
Q2 & H1-26 FINANCIAL RESULTS &
STRATEGY UPDATE
24 JULY 2026
THE CONNECTING PLATFORM
2
CONTENTS
EXECUTIVE SUMMARY
FINANCIAL RESULTS
APPENDIX
STRATEGY & TIM OFFER UPDATE
3
EXECUTIVE SUMMARY
RECORD H1 REVENUES AND PROFITABILITY –CONFIRMING FY -26 GUIDANCE AND DIVIDEND POLICY
●RECORD FIRST HALF REVENUES AT €6,841M (+6% Y/Y) –HEALTHY GROWTH ACROSS ALL BUSINESS UNITS
●RECORD H1 PROFITABILITY WITH ADJUSTED EBIT AT €1,772M, UP 7% Y/Y , REFLECTING TOP -LINE GROWTH AND CONTINUED COST DISCIPLINE –
NET PROFIT AT €1,211M1, UP 4% Y/Y
●STRONG INVESTMENT INFLOWS AT €2.7BN2, CONFIRMING IMPROVED POSTAL SAVINGS COMMERCIAL TRENDS AND STABLE RETAIL DEPO SITS –
TFA REACHING €613BN
●SOLID GROUP BALANCE SHEET AND INSURANCE SOLVENCY II RATIO AT 303% -IMPROVING MP&D NET FINANCIAL POSITION WITH €894M CASH
GENERATED IN THE FIRST SIX MONTHS
1.Net Profit excluding TIM stake, see slide 55 for reconciliation with reported Profit for the period. Excluding systemic charg esto be accounted for in Q4 -26 and including reversal of Q1 -26 systemic charges; 2.Excluding Cronos
portfolio run -offFY-26 STANDALONE GUIDANCE AND DIVIDEND POLICY CONFIRMED
4
DELIVERING ON KEY STRATEGIC MILESTONES
A CLEAR ROADMAP FOR THE NEXT PHASE OF OUR PLATFORM COMPANY
1. Potential re -opening of tender offer period from 21 -Sep to 25 -SepACCELERATING ON TIM: TENDER OFFER PERIOD FROM 20 -JUL UNTIL 11 -SEP1–COMBINED ENTITY BUSINESS PLAN IN Q1 -27
STRENGTHENING NETWORK EFFECTIVENESS THROUGH HUB & SPOKE MODEL TO IMPROVE COMMERCIAL PRODUCTIVITY –
SIGNED LANDMARK AGREEMENT WITH LABOUR UNIONS
SCALING OUR AI -POWERED AND CLIENT -CENTRIC PLATFORM COMPANY TO UNLOCK GROWTH, CROSS -SELLING AND
EFFICIENCY ACROSS THE GROUP –TO BE ENHANCED BY TIMNEW FINANCIAL HUB TO SIMPLIFY GROUP STRUCTURE, STRENGTHEN CLIENT -CENTRIC APPROACH AND OPTIMISE CAPITAL
TERMSHEET FOR THE NEW 2027 -2030 POSTAL SAVINGS AGREEMENT WITH CDP AGREED -FURTHER ENHANCING VISIBILITY
ON FUTURE ECONOMICS
5
Q2 & H1 -26 RESULTS OVERVIEW
RECORD H1 REVENUES AND PROFITABILITY
€ m unless
otherwise stated
1. Revenues are restated net of commodity price and pass -through charges of the energy business; 2. Net Profit excluding TIM stake, see slide 55 for reconciliation with reported Profit for the period. Excluding systemic charg es to be accounted for in Q4 -26 and including reversal of Q1 -26 systemic charges; 3.Includes €27m of mark -to-market gain on Nexi and TIM shares upon (de)recognition and €17m related to AnimaQ2-25 Q2-26 Δ% H1-25 H1-26 Δ%
REVENUES13,260 3,387 +4% 6,458 6,841 +6%
ADJUSTED EBIT 864 868 – 1,660 1,772 +7%
NET PROFIT
(ex. TIM stake)572 5942+4% 1,17031,2112+4%
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
6EXTERNAL REVENUES
CONFIRMED HEALTHY REVENUE PROGRESSION ACROSS BUSINESSES
€ m unless
otherwise
stated
MAIL, PARCEL & DISTRIBUTION
9601,028
Q2-25 Q2-26+68
+7%
INSURANCE SERVICES
464514
Q2-25 Q2-26+51
+11%
404 435
Q2-25 Q2-26+31
+8%FINANCIAL SERVICES
1,433 1,409
Q2-25 Q2-26(23)
(2%)
POSTEPAY SERVICES
1,9092,031
H1-25 H1-26+122
+6%
2,8412,967
H1-25 H1-26+125
+4%
906983
H1-25 H1-26+78
+9%
802860
H1-25 H1-26+58
+7%
7
CONTENTS STRATEGY & TIM OFFER UPDATE
EXECUTIVE SUMMARY
FINANCIAL RESULTS
APPENDIX
STRATEGY & TIM OFFER UPDATE
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
8SIMPLIFYING GROUP STRUCTURE TO STRENGTHEN CLIENT -CENTRIC APPROACH
A SINGLE FINANCIAL HUB –FROM 4 TO 2 BUSINESS UNITS
Logistics &
DistributionFinancial & Insurance Services
● Parcel & Logistics ● Distribution Network ● Digital Services & other2 ● Energy & Telco● Wealth Management &
Protection
● Investment portfolio ● Everyday Banking 1. Subject to change in law and Bank of Italy authorization; 2. Includes Digital Identities fees, EGI, Philately, Poste Welfare Service, Agile Lab and Sourcesense ; 3.Digital Euro; 4.Payment Service ProviderOpportunity to allocate to TIM post transaction completionGROUP STRUCTURE SIMPLIFICATION
KPIs
c.170
€b n>600
€b nc.29m
c.6m Life Investments
& Pension
Provisions Total
Financial
Assets
Current
Accounts# payment
cardsHIGHLIGHTS
REVENUE UPSIDE
COST EFFICIENCIES
✓Synergies from redeployment of up to 25% of BancoPosta and Postepay combined workforceNII thanks to higher BancoPosta regulatory capital from allocation of payments business (phase 1) and Poste Vita stake (phase 2), on the back of strengthened centralised risk
management
Inflows, supported by strengthened network governance and enhanced
advisory tools
Cross and up -selling between current accounts and pre -paid cards fostered by a new digital platform to be launched in 2027 New divisional reporting to be implemented from Q1 -27•Divisional Organization -> Financial, Insurance and Payments under a single Financial Hub (“Financial & Insurance Services”) •Legal structure ->Demerger of Postepay , with allocation of Payments business to BancoPostaYE-2026 PHASE 1 •Allocation of Poste Vita stake to BancoPosta1 By YE-2 0271 PHASE 2
NEW DIVISIONAL REPORTING UNITS
Digital €3
Pilot PSP4
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
9NETWORK REFOCUS TO DRIVE MORE EFFICIENT COMMERCIAL EXECUTION
STRONGER GOVERNANCE, LOWER MANAGERIAL COMPLEXITY AND SHARPER ADVISORY FOCUS
POST OFFICE NETWORK RECONFIGURATION STRENGHTENING FAs’ EFFECTIVENESS
As-is
Stronger network governance and flexibility Enhanced advisory coverage capabilitiesPersonal
Financial
Advisors
(Mass Market)
Dynamic
Financial
Advisors
(Affluent)
Front -end
OperatorsLarge PO1 Medium PO1 Small PO1PROVINCE OFFICE
1:100
Span of
control
To-be
Large PO1 Medium PO1 Small PO1PROVINCE OFFICE
1.1k PO HUBs1:10
Span of
control
1:10
Span of
controlCustomer needs focus H1-26 FTEs
Everyday banking
Wealth Management
Everyday (banking, telco
and energy)
5.1k
2.8k
2.9k
1. Post OfficeLANDMARK LABOUR UNION AGREEMENT SIGNED ON JULY 23
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
10POSTE ITALIANE CONNECTED AND TRUSTED PLATFORM
A CLIENT -CENTRIC ECOSYSTEM FOCUSED ON NEEDS OVER PRODUCTS
Consumer needs Connected and trusted platform Business needs
Post Office
Agentic App3P Network
/OOH1
Insurance
Fiber
Postal bond
Delivery
Deposits
Telco SIM
Business/
B2BMerchants
CorporatePA SMEs
Financial &
Protection
WelfareLogistics
1.Out-Of-HomeIT operationsB2CSilver age
Young GenX
Long -term
Wealth and
Protection
Everyday
non-banking
servicesEveryday
banking
B2B2C: ecosystem enabling access to final consumers
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
11THE EVOLUTION OF OUR UNMATCHED PLATFORM COMPANY
POWERED BY BEST -IN-CLASS TECH INFRASTRUCTURE AND AI
TIM
OUTLETS
(c.4k)
Logistics & Distribution Financial & Insurance Connectivity & Technology Business units
Prevailing model
● Parcel & Logistics (OOH1) ● Energy & Telco ● Digital Services & Other2● Wealth Management
& Protection
● Investment Portfolio ● Everyday BankingConsumer
● Connectivity
● Technology
● Energy
● Digital
● E-commerceEnterprise & PA
● Connectivity
● Tech
(Cybersecurity,
IoT, Cloud, AI)
BEST -IN-CLASS INTELLIGENT IT INFRASTRUCTURE PLATFORM
AI-POWERED OMNICHANNEL COMMERCIAL ENGINEPOWERED BY:
1. Out-Of-Home; 2.Includes Digital Identities fees, EGI, Philately, Poste Welfare Service, Agile Lab and Sourcesense ; 3. Daily active users
DAILY PHYGITAL
INTERACTIONS
(27m)
SUPERAPP &
DIGITAL
CHANNELS
(4.2m DAU3)3P
NETWORK
(49k)
CROSS/UP -SELLING
CUSTOMER LIFE -TIME VALUEAccountable coordination leadership role UNMATCHED CONSUMER PLATFORM
REVENUE PER CLIENT
POST
OFFICES
(13k)
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
12DATA AND AI TO POWER POSTE’S OMNICHANNEL MODEL
EMBEDDING AGENTIC AI ACROSS EVERY CLIENT TOUCHPOINT TO CREATE VALUEAI Outside AI Inside
SUPERAPP AS THE AI -POWERED
COMMERCIAL ENGINE:
•CONVERSATIONAL AGENTIC APP
•PERSONALIZED SHOWCASE
•PROXIMITY MARKETING
•AI-POWERED CONTENT CREATIONINTEGRATED AGENTIC AI TO BOOST
COMMERCIAL PRODUCTIVITY
CURRENT VALUE
INTERACTIONSCHANNELS USEDPRODUCTS OWNEDPOTENTIAL VALUE
ENGAGEMENTPERCEPTION OF
POSTE ITALIANE
CUSTOMER BEHAVIOURCUSTOMER KNOWLEDGE
(DATA)
AI ORCHESTRATOREVERYDAY
NEEDS
WEALTH MGMT
NEEDSPOSTEPASS:
UNIQUE PLATFORM
ACCESS POINTDIGITAL
POST OFFICE
3P NETWORK
DRIVE -TO-DIGITAL
DRIVE –TO-POST OFFICE
DIGITAL ENRICHMENT OF FINANCIAL
ADVISORS TOOLS:
•SMART RECOMMENDATIONS AND NEXT
BEST ACTIONS
•REAL -TIME CUSTOMER INSIGHTS
•SUPPORT AT POINT OF SALE
1. Business to Agents; 2. Share of Total Sales contracts: 26% from digital sales and 21% from drive -to-post office sales; 3.Of which 18.2m APP Users; 4. Customers who have at least one digital channel and one Post Office access over the last 12 months
3P LLM
E-COMMERCE
(B2A)1
DAILY INTERACTIONS 27m DIGITAL CLIENTS3 20m HYBRID CLIENTS4 14mH1-26
KPIOMNICHANNEL
CONTRIBUTION246%
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
13SUPERAPP AS THE AGENTIC AI -POWERED COMMERCIAL ENGINE
STRENGHTENING TECH -DRIVEN MARKETING THROUGH AGENTIC APP EVOLUTION AI Outside AI Inside
Platform KPIs
AGENTIC APPPROXIMITY MARKETING
v
Location -
based
engagementivCONVERSATIONAL
AGENTIC APP
Customer
assistance for
smart purchase
PERSONALIZED INTERFACE iii
AI omnichannel
recommendation engine
AGENTIC SEARCH (GEO)ii
Next -generation
search integration
AI-POWERED
CONTENT CREATIONi
Customised offers
H1-26
APP Users2 with
≥2 productsActive
SuperAPP users
(per year)
Daily Active
SuperAPP users
(DAU)18.2m
4.2m
78% +330 bps YoY Future evolution with B2A1approach :
AI-enabled marketing for both Retail and Business ecosystems1.Business to Agents; 2.65% excluding SPID (+308 bps YoY)vs. 39% non APP Users -77 bps YoY
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
14BEST IN CLASS INTELLIGENT IT INFRASTRUCTURE –ADOPTING AI AT SCALE
LARGE AGENTIC PLATFORM SUPPORTING PRODUCTIVITY
INTELLIGENT
INFRASTRUCTURE●Universal Knowledge Base –Poste Italiane Digital Brain, capturing, enriching and re -using enterprise knowledge ●Hybrid cloud and AI computing infrastructure
SOFTWARE
LIFE -CYCLE
RE-INVENTION●AI deployment throughout entire software life -cycle ●Optimizing development, maintenance and procurement
AGENTIC AND
PHYSICAL AI
TRANSFORMATION●Empower people with individual productivity tools and personal
agents
●Introduce Enterprise business and corporate AI agents through end -
to-end process redesignBUSINESS IMPACTS ✓Harnessing AI potential in a cost -effective way ✓Ensuring sovereignty, efficiency and low -latency ✓Reducing IT and customer operations costs ✓Accelerating time -to-market for IT development ✓+ FTE productivity, redeployment to value added activities through re -skilling and up -
skilling
REWIRING THE WAY WE WORK THROUGH AI
Annual IT Opex and Capex savings within next 4 yearsc.€150 m Customer operations savings within next 4 yearsc.€50 m Overhead FTE redeployment within next 5 yearsUp to 20%AI Outside AI Inside
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
15STRONG MARKET ENDORSEMENT OF TIM TRANSACTION
SIGNIFICANT SHARE PRICE RE -RATING VALIDATES STRATEGIC AND FINANC IAL MERITS
1. Based on official share prices as of 20 March 2026 (last trading day prior to the Offer’s announcement), adjusted for TIM sav ings shares conversion and reverse stock split; 2.Based on official share price as of 22July; 3.Based on Poste Italiane share price and pro -forma number of shares post transaction, assuming 100% acceptance; 4. Delta market cap of TIM Group excluding Euro market value of stake in TIM Brasil
TODAY2 (22-Jul)
•Offer Value :€10.8bn •Implied Offer Price :€6.35 •Premium on pre -announcement prices •On the Spot price :9.0% •On the 6M VWAP :18.4% •Pro-forma Market cap3:€36bn •Free float :€18bn
A UNIQUE VALUE PROPOSITION FOR POSTE ITALIANE AND TIM SHAREHOLDERS•Offer Value :€13.1bn
•Implied Offer Price :€7.66 •Premium on pre -announcement prices •On the Spot price :31.4% •On the 6M VWAP :42.7% •Pro-forma Market cap3:€46bn •Free float :€23bn
UPON ANNOUNCEMENT1 (22-Mar)
+21%
+21%
+28%
+28%SINCE
ANNOUNCEMENT1
(from 22 -Mar to 22-Jul)
TIM:+31%
TIM Brasil :-10% (in € terms) TIM ex -Brasil4: +82%
FTSE MIB :+23%
STOXX EU TELCO :-4%
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
16TIM OFFER UPDATE
ACCELERATING TIMELINE TO FAST -TRACK VALUE CREATION –COMBINED ENTITY BUSINESS PLAN IN Q1 -27 2026
Presentation of the Combined Entity multi -year business plan (upon completion) Q1-272027Transaction closingBy end of Q3-26Start of tender offer period 20 July End of tender offer period 11 September Potential re -opening of tender offer period21-25 SeptemberTIM’s BoD deems consideration fair and supports strategic rationale 18 July
17
CONTENTS FINANCIAL RESULTS
EXECUTIVE SUMMARY
FINANCIAL RESULTS
APPENDIX
STRATEGY & TIM OFFER UPDATE
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
18MAIL, PARCEL & DISTRIBUTION
STRONG PARCEL & LOGISTICS REVENUE GROWTH – MAIL IN LINE WITH GUIDANCE
EXTERNAL REVENUES ADJUSTED EBIT Q2 HIGHLIGHTS
●Parcel and Logistics revenue growth driven by market share gains across a diversified customer base and continued expansion in
logistics -initial
contribution from Logistic 360 (Benetton JV) ●Mail revenues supported by repricing actions and favourable mix effect ●Stable distribution revenues reflecting lower Active
Portfolio Management
revenues vs Q2 -25 ●Adjusted EBIT progressing in line with 2026 guidance€ m unless
otherwise stated
Distribution
Revenues31,430 1,415
1.Logistic 360 (Benetton JV) consolidated starting from April ; 2.Includes Digital Identities fees, EGI, Philately, Poste Welfare Service, Agile Lab and Sourcesense ;3. Includes income received by other segments in return for use of the distribution network, Corporate Services and capex costs reimbursementParcel & logistics1
+100%
408 45351650236
Q2-2572
Q2-269601,028+68
+7%
(3%)
+11%Other2
42 10
Q2-25 Q2-26(32)
(77%)
8019071,0361,00871
H1-25116
H1-261,9092,031+122
+6% 67
52
H1-25 H1-26(14)
(22%)
2,851 2,939+63%
(3%)
+13%
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
19MAIL, PARCEL & DISTRIBUTION: VOLUMES AND PRICING
CONTINUED PARCEL VOLUME GROWTH –MAIL PRICING MITIGATING VOLUME DECLINE
% delivered by postal network43%PARCEL VOLUMES (M, PC)€ m unless otherwise stated AVERAGE PARCEL TARIFF (€/PC)
MAIL VOLUMES (M, PC)8290
Q2-25 Q2-26+9
+11%
479 449
Q2-25 Q2-26(29)
(6%)48%
AVERAGE MAIL TARIFF (€/PC)
1.08 1.12
Q2-25 Q2-26+0.04
+3%Q2 HIGHLIGHTS
●Strong parcel volume growth benefiting from a more diversified client
base
●Parcels delivered by Postini at 48%, +5 p.p. Y/Y reflecting new logistics network set -up –allowing more efficient fixed costs
absorption
●Average parcel tariff benefiting from repricing effect and diversified client
base
●Higher average mail tariff driven by repricing actions and positive mix effect 159179
H1-25 H1-26+20
+13%42% 45%
990919
H1-25 H1-26(71)
(7%)
1.05 1.10
H1-25 H1-26+0.05
+4%H1-25 H1-264.874.81(0.06)
(1%)
Q2-25 Q2-264.844.87+0.03
+1%
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
20FINANCIAL SERVICES
SOLID INVESTMENT PORTFOLIO REVENUES SUPPORTED BY HIGHER RATES
GROSS REVENUES ADJUSTED EBIT & NET PROFIT Q2 HIGHLIGHTS
●Investment Portfolio
revenues benefiting from improved rates environment and reflecting Active
Portfolio Management
opportunities
●Postal Savings fees stable -
progressing in line with
FY-26 guidance
●Transaction Banking fees reflecting lower traditional payment slip volumes ●Consumer Loans fees impacted by higher interest
rates
●Asset Management
revenues benefitting from
higher AuM
●Adjusted EBIT reflecting
revenue trend
1.Includes revenues from payment slips ( bollettino ), current accounts related revenues, fees from INPS and money transfer; 2.Includes reported revenues from custody accounts, credit cards and other revenues from 3P products distribution; 3.Includes intersegment distribution revenues 4.Excluding systemic charges to be accounted for in Q4 -26 and including reversal of Q1 -26 systemic chargesNet profitAdjusted EBIT€ m unless
otherwise stated
Net interest
incomeTransaction
Banking1Active Portfolio
ManagementConsumer Loans
distribution2Postal Savings
Asset
ManagementIntersegment
revenues3
[o.w. insurance]
676 671443 451169 17556 46
2169251
[208 ]
Q2-25(0)65254
[211 ]
Q2-261,683 1,664(19)
(1%)
+23%+2%
(3%)(6%)
(2%)
n.m.268 265
204
Q2-25 Q2-261974(3)
(1%)
(7)
(3%)
+1%
1661,3371,33489288335134214089
32511
[430]
H1-25130112508
[425]
H1-263,3533,475+122
+4%
+25%(1%)
(3%)(7%)
(1%)
n.m.(0%)528583
396
H1-25 H1-264254+55
+10%
+29 +7%
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
21GROUP CLIENT TOTAL FINANCIAL ASSETS
INVESTMENT PRODUCTS & DEPOSITS DRIVING TFA GROWTH –IMPROVING POSTAL SAVINGS NET FLOWS
TFA EVOLUTION1 HIGHLIGHTS
●Strong net inflows in investment products at €2.4bn (€2.7bn excluding Cronos run -off) ●Continued improvement of Postal Savings net outflows ●Deposits growth driven by higher PA balances and stable retail depositsLife Investments &
Pension
Mutual funds4Postal Savings Deposits & other2,3 [o.w retail deposits]€ bn unless
otherwise stated
Net investment flows51.9 2.4YTD170 174
32094
[58]16718
Jun-2532487
[60]19
Dec-2532395
[59]21
Jun-26600 600613
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(6.5)
H1-25
2.7 excluding
Cronos run -off+7.5 +5.4 o.w. o.w.
+1.2 +0.5
+1.2 +2.5
+7.9 0.0
(2.8) +2.4
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
22NEW 2027 -2030 POSTAL SAVINGS TERMSHEET AGREED WITH CDP
PROVIDING VISIBILITY ON FUTURE ECONOMICS
•A new four -years Distribution Agreement (2027 -2030) •Improved commercial performance and product offering driving higher economics over the 2027 -2030 period •Higher plafonds for more attractive New Liquidity offers •Focus on effective management of Postal Bond maturities and new inheritance solutions€bn unless
otherwise stated
POSTAL SAVINGS REVENUES KEY HIGHLIGHTS
1.71.81.9
2021 -2023 Average 2024 -2026 Average 2027 -2030E Average
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
23INSURANCE SERVICES
SOLID PROFITABILITY GROWTH ACROSS LIFE & PROTECTION –IMPROVING LAPSE RATE
EXTERNAL REVENUES ADJUSTED EBIT & NET PROFIT
Net profitAdjusted EBITQ2 HIGHLIGHTS ●Life Investments & Pension:
i.Positive Life net inflows driven by multi -class
products
ii.Improving lapse rate with lower clients’ portfolio
rebalancing activity
●Life revenues driven by growing CSM and higher
release
●Protection GWP reflecting more selective approach on collective corporate policies, protecting profitability – retail GWP +10% Y/Y, of which Health & Property
GWP +16% Y/Y
●Adjusted EBIT and Net Profit reflecting top -line trends€ m unless
otherwise stated
1.Excluding Cronos portfolio run -off; 2. Lapse rate is calculated as surrenders divided by average technical provisions; 3.Excluding systemic charges to be accounted for in Q4 -26 and including reversal of Q1 -26 systemic charges; 4. Includes Motor (distribution only); 5. Protection CoR calculated as: (insurance expenses + net reinsurance expenses -/+ other technical income and expenses + not directly attributable expenses) / gross insurance revenues, net of reinsuranceProtectionLife Investments &
Pension
LI&P net
inflows (€ bn)1
Lapse
rate (%)1,2 6.6%Protection
GWP4
Comb.
Ratio (%)54124555259
Q2-25 Q2-26464514+51
+11%
-+11%+13%
318410436
298 312
Q2-25 Q2-26+25
+6% +15
+5%
436Of which
CSM release
0.3396
9.3%0.1
-337
o.w. % reinvested in LI&P productsc.35% c.50%+8%+11%
81187894105
H1-25 H1-26906983+78
+9%
825 764
6.8%1.5
8.9%0.9
c.35% c.45%789827
573 578
H1-25 H1-26+39
+5% +5
+1%
82%711
83%7083
3
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
24CONTRACTUAL SERVICE MARGIN EVOLUTION
STRONG NEW BUSINESS & LOWER LAPSES –SUSTAINABLE PROFITABILITY GOING FORWARD
€ m unless
otherwise stated,
EoP figures
687241 115
FY-25 CSM
openingNew business Expected
returnFinancial
VariancesOperating
VariancesH1-26 CSM
Pre-releaseRelease H1-26 CSM
closing13,663(85)14,622
13,798
(825)+959
13.73.36.3
151.0
2.0
Insurance
Services liabilities
& equity FY -25 (€ bn)176.3Liabilities related to
insurance contracts
Liabilities related to
insurance contracts13.83.35.2
155.1
1.8
Insurance
Services liabilities
& equity H1 -26
(€ bn)179.3
Normalised
CSM
growth
(annualised)+1.5%
Fulfilment Cash Flows & other
EquityCSM
Risk Adjustment
OtherValue of new business underwritten (excl top -
ups). Driven by gross inflowsUnwinding of discount and expected realization of real -world over risk-free ratesImpact from market movements resulting in lower fair value of liabilitiesImpact from operating
(non -financial)
assumptions on cash flows. Mainly driven by the delta experience and assumptions on lapses, claims and top -upsReflects 11.3% release
ratio (annualized
coverage unit)Fulfilment Cash Flows & other
EquityCSM
Risk Adjustment
Other
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
25SOLVENCY II
STRONG SII RATIO EMBEDDING 100% REMITTANCE RATIO
Q2 SOLVENCY II RATIO EVOLUTION1
303294303
Dec-25 Mar-268
Economic
variances & Other9
Capital
generation(8)
Foreseeable
dividendJun-26Q2 HIGHLIGHTS
●Strong Solvency II ratio at 303% including the impact of foreseeable dividend – based on 100% net profit
remittance
●Foreseeable dividend more than compensated by internal capital generation ●Economic variances & other:
positive effect from economic variances, due to lower risk -free rates and
spreads% unless
otherwise stated
10Y Swap (bp) 293 291 307
BTP-Swap
spread (bp)62 72 84Volatility adjustment (bp)14 14 18
Corporate bond
spread (bp)102 107 119
1.EoP figures
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
26POSTEPAY SERVICES
SOLID REVENUE AND EBIT PROGRESSION UNDERSCORING STRENGTH OF EVERYDAY ECOSYSTEM
TelcoPaymentsSEGMENT REVENUES
ADJUSTED EBIT & NET PROFIT Q2 HIGHLIGHTS
●Solid payments revenue trend (+6% Y/Y) driven by •Transaction value (+8% in H1-26) and total ecosystem transactions (+13% in H1 -
26) growth
●Telco revenues supported by new client acquisitions (client
base >5m)
●Energy revenue growth driven by expanding customer base reaching 1.2m clients ●Adjusted EBIT robust growth (+10%) driven by top -line performance and effective
cost managementEnergy
Net profitAdjusted EBIT€ m unless
otherwise stated
382963148284
25
Q2-25 Q2-26404435+31
+8%
+6%+1%
Intersegment
Revenues68+48%
71144158
108118
Q2-25 Q2-26+14
+10%
+10
+10%
57 84580611165165
H1-25 H1-26802860+58
+7%
+5%+1%
+47%
139 143276310
209232
H1-25 H1-26+34
+12%
+23
+11%
1.Based on total contribution to group EBIT
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
27HUMAN CAPITAL – FTEs
WORKFORCE EVOLUTION DRIVES STEADY PRODUCTIVITY INCREASE
AVERAGE WORKFORCE EVOLUTION (#, K)
46HR costs/
FTEs (€ K)1
1.Annualized figures, calculated excluding IFRS17 effect; 2.Group revenues minus cost of goods sold
+1%89 92 +5%Y/Y
48Value added/
FTEs (€ K) 1,2FY-25 H1-26119.7 119.2
Jun-25 Dec-25(4.2)
Turnover &
subsidised exits6.2
Hirings(2.5)
Fixed term
contractsJun-26119.8(0.5)
4888H1-25
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
28HUMAN CAPITAL – HR COSTS
HR COSTS REFLECTING LABOUR AGREEMENT SALARY INCREASE
ORDINARY HR COSTS
1. Unpaid leave and provisions for holidays and other welfare benefitsOrdinary HR costs / revenues (%)40 39€ m unless
otherwise stated
2,558 2,608 IFRS17 HR Costs2,858 2,882
H1-25 ex. IFRS17(2)
Δ FTEs27
Δ salary &
benefits, variable
comp and other1H1-26 ex. IFRS17+25 +1%
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
29NON -HR COSTS
HIGHER COSTS RELATED TO BUSINESS GROWTH AND HIGHER INVESTMENTS
NON -HR COSTS1
Variable costs / variable
revenues (%)2
Fixed COGS / total
revenues (%)
COGS
D&A64 65
10 10
1. Excluding other non -HR costs ; 2.Refers to parcels, payments and telcoo.w. 62% variableo.w. 61% variable€ m unless
otherwise stated
2,128 2,351 IFRS17 non -HR Costs486542
1,804
H1-25 ex. IFRS1746
Δ fixed
COGS138
Δ variable
COGS56
Δ D&A1,987
H1-26 ex. IFRS172,2892,530+240
+10%
30
CLOSING REMARKS
RECORD H1 RESULTS –BUILDING THE NEXT PHASE OF OUR PLATFORM COMPANY
1. Potential re -opening of tender offer period from 21 -Sep to 25 -SepRECORD H1 RESULTS ACROSS KEY METRICS –FY-26 STANDALONE GUIDANCE AND DIVIDEND POLICY CONFIRMED
ACCELERATING ON TIM: TENDER OFFER PERIOD FROM 20 -JUL UNTIL 11 -SEP1–COMBINED ENTITY BUSINESS PLAN IN Q1 -27
NEW FINANCIAL HUB TO SIMPLIFY GROUP STRUCTURE, STRENGTHEN CLIENT -CENTRIC APPROACH AND OPTIMISE CAPITAL
TERMSHEET FOR THE NEW 2027 -2030 POSTAL SAVINGS AGREEMENT WITH CDP AGREED -FURTHER ENHANCING VISIBILITY
ON FUTURE ECONOMICS
STRENGTHENING NETWORK EFFECTIVENESS THROUGH HUB & SPOKE MODEL TO IMPROVE COMMERCIAL PRODUCTIVITY –
SIGNED LANDMARK AGREEMENT WITH LABOUR UNIONS
SCALING OUR AI -POWERED AND CLIENT -CENTRIC PLATFORM COMPANY TO UNLOCK GROWTH, CROSS -SELLING AND
EFFICIENCY ACROSS THE GROUP –TO BE ENHANCED BY TIM
31
CONTENTS APPENDIX
EXECUTIVE SUMMARY
FINANCIAL RESULTS
APPENDIX
STRATEGY & TIM OFFER UPDATE
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
32
ADJUSTED EBIT BY SEGMENT
PROFITABILITY BENEFITTING FROM REVENUE GROWTH AND EFFECTIVE COST MANAGEMENT
MAIL, PARCEL & DISTRIBUTION
INSURANCE SERVICESFINANCIAL SERVICES
POSTEPAY SERVICES
410 436
Q2-25 Q2-26+25
+6%
144 158
Q2-25 Q2-26+14
+10%42
10
Q2-25 Q2-26(32)
(77%) 268 265
Q2-25 Q2-26(3)
(1%)
€ m unless
otherwise
stated
67 52
H1-25 H1-26(14)
(22%)528583
H1-25 H1-26+55
+10%
789827
H1-25 H1-26+39
+5%
276310
H1-25 H1-26+34
+12%
Adjusted Ebit excludes systemic charges related toinsurance guarantee fund and costs and proceeds ofextraordinary nature
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
33
HUMAN CAPITAL – HR COSTS 1
HR COSTS REFLECTING LABOUR AGREEMENT SALARY INCREASE
ORDINARY HR COSTS
1. Unpaid leave and provisions for holidays and other welfare benefitsOrdinary HR costs / revenues (%)40 38€ m unless
otherwise stated
1,273 1,289 IFRS17 HR Costs1,423 1,427
Q2-25 ex. IFRS17(0)
Δ FTEs4
Δ salary &
benefits, variable
comp and other1Q2-26 ex. IFRS17+4 0%
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
34
NON -HR COSTS 1
HIGHER COSTS RELATED TO BUSINESS GROWTH AND HIGHER INVESTMENTS
NON -HR COSTS1
Variable costs / variable
revenues (%)2
Fixed COGS / total
revenues (%)
COGS
D&A63 63
10 10
1. Excluding other non -HR costs; 2.Refers to parcels, payments and telcoo.w. 63% variableo.w. 61% variable€ m unless
otherwise stated
1,070 1,173 IFRS17 non -HR Costs925 996238276 925
Q2-25 ex. IFRS1714
Δ fixed
COGS72
Δ variable
COGS39
Δ D&A1,011
Q2-26 ex. IFRS171,1631,288+125
+11%
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
35
STRONG CASH GENERATION, AMPLE LIQUIDITY & BALANCED DEBT PROFILE
GROUP FUNDS FROM OPERATIONS (H1 -26 - € M) SIGNIFICANT LIQUIDITY RESOURCES (€ BN)1
BALANCED MATURITY PROFILE (€ BN)2
1,2111,703
544
Net profit
(ex. TIM stake)D&A(115) Δ Risk &
Charges
Funds63
Δ Other Funds from
Operations2.05.7
3.7
Group cash
availableUndrawn
credit linesPotential
liquidity
available
0.42.6
0.81.4
20260.0
2027 2028 2029+ Total debtGROUP SHAREHOLDERS’ EQUITY3 (€ BN)
12.513.32.4
Jun-25 Net profit Dividend
& Other4Jun-26(1.6)+0.8
1. As of June 2026; 2.Excluding Cronos -related debt (€411m) linked to segregated funds; 3. Shareholders’ equity net of revaluation reserves; 4. Other includes buyback, the coupon on the hybrid bond , changes in reserves related to incentive schemes (IFRS2) and other movements
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
36
MAIL, PARCEL & DISTRIBUTION NET FINANCIAL POSITION
UNDERLYING NET FINANCIAL POSITION IMPROVING
NET FINANCIAL POSITION (+CASH – DEBT)
€ m unless
otherwise stated
Underlying (ex. IFRS16) NFP evolution
(3,372)(2,148)(1,254)(1,369)
(2,561)
(1,225)(479)
(513)(1,192)
IFRS16 &
valuation
effectsNFP Dec -25
ex. IFRS16
& valuation
effects275
FFO Change in
Working
CapitalCAPEX1,611
Dividends &
other
movements1NFP Jun -26
ex. M&A
impact(116)
M&A impact NFP Jun -26
ex. IFRS16
& valuation
effectsIFRS16 &
valuation
effectsNFP Dec -25 NFP Jun -26+894 •(23) Net income MP&D ( ex.TIM stake) •+383 D&A capex •(85) 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)(2,846)Dec-24 Jun-25 (1,393) (1,453) +238 (282) (291) (1,241) (2,763) +1,574 (367)+1,163
(1,523) (1,232)2
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
37
BANCOPOSTA ASSETS AND LIABILITIES STRUCTURE
GROWING RETAIL DEPOSITS
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 Corporate & other1Retail + Postepay
Public
Administration2
Italian government
bonds & Other4 Deposits @ MEF
Treasury3
+3%(1%)(9%)
+2%(9%)Treasury3 +40% +40%€ bn unless
otherwise
stated
Var H1 -26 vs FY -25Var H1 -26 vs FY -25 55.4 56.0 57.517.4 17.5 17.412.8 13.1 11.96.13.9
H1-254.4
FY-25 H1-2689.4 91.092.9+4
+4% 72.7 73.5 74.912.8 13.1 11.96.13.9
H1-254.4
FY-25 H1-2689.4 91.092.9+4
+4% Avg. yield ex. cap. gains (%)5 3.02 Average Government Bonds portfolio Duration (# of years )5.62.98
5.52.89
5.7 1. Includes business current accounts, Postepay business clients' deposits, Long -term REPO, Poste Italiane liquidity and other balances; 2. Entirely invested in floating rate deposits c/o MEF; 3. Includes short term REPO and collateral; 4. Includes Tax Credits & Others; 5. Average yield calculated as income on average deposits
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
38
UNREALISED GAINS & LOSSES AND SENSITIVITIES
STRONG RECOVERY OF FAIR VALUE OF BANCOPOSTA PORTFOLIO
UNREALISED NET GAINS AND LOSSES PORTFOLIO SENSITIVITIES
Fair Value
Reserve1 701
681,537
(1,098)496
H1-25 FY-25 Q1-26 H1-26(73)
73
(31)
31BTP swap Spread
+1 bp
BTP swap Spread
-1 bp
Swap Rate
+1 bp
Swap Rate
-1 bp1,263 407€ m unless
otherwise
stated
1,009
1. Net of taxes1,877 3,130 1,474 2,214Gross
unrealised
gainsQ2-25 Q4-25 Q1-26 Q2-26Var (bp)
Q2-26 vs
Q1-26
BTP 10Y 3.48 3.55 3.91 3.63 (28)
SWAP 10Y 2.61 2.93 3.07 2.91 (16)
BTP 15Y 3.93 3.95 4.31 4.04 (27)
SWAP 15Y 2.78 3.15 3.21 3.07 (14)
BTP 30Y 4.34 4.40 4.63 4.44 (19)
SWAP 30Y 2.76 3.25 3.10 3.08 (2)
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
39
POSTAL SAVINGS
IMPROVING NET FLOWS Y/Y SUPPORTED BY COMMERCIAL INITIATIVES
AVERAGE POSTAL SAVINGS1POSTAL SAVINGS NET FLOWS
Postal BondsPostal Savings books€ m unless
otherwise stated
0%+1%Var H1 -26 vs FY -25 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 date95,717 95,743 96,198213,166 212,296 214,811
H1-25 FY-25 H1-26308,883 308,039 311,008+2,126565
(391)
Q2-25 Q4-25 Q2-26(2,428)
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
40
ASSET MANAGEMENT
AUM GROWTH SUPPORTED BY STRONG NET INFLOWS
o/w
19,770
Mutual
fundsAVERAGE ASSETS UNDER MANAGEMENT1AUM1 EVOLUTION - EOP
Bond & CashBalanced & Flexible Unit linked & multiclass Class IIIEquity 5,814 5,942 6,65110,178 10,28010,50018,20619,99025,041
1,405
H1-251,484
FY-2521,758
H1-2635,60337,69643,950+8,347
+23%
3,5651,647
Dec-252Net
inflowsMarket
effectJun-2641,76446,976+5,213
+12%
Mutual
funds•o/w 709 multiclass class
III/unit linked
•o/w 897 mutual funds • o/w 1,960 switch to class III within existing multiclass products€ m unless
otherwise stated
1. Excluding Moneyfarm ;2. Restated, including Cronos portfolio run -off
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
41
ASSET MANAGEMENT NET INFLOWS
STRONG NET INFLOWS DRIVEN BY MULTICLASS PRODUCTS AND MUTUAL FUNDS
TOTAL NET FLOWS H1 -26
MULTICLASS CLASS III & UNIT LINKED
MUTUAL FUNDS€ m unless
otherwise stated
1. Including €1,960m switch to class III within existing multiclass products5,871
3,565 2,305
Gross Inflows1Outflows Net Flows11,469 709760 Gross Inflows
Outflows
Net Flows
897Gross Inflows
1,545 Outflows
Net Flows2,442
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
42
BANCOPOSTA: SOLID AND EFFICIENT CAPITAL POSITION
STRONG BALANCE SHEET
LEVERAGE RATIO (%)
0.50.4 0.4TOTAL CAPITAL RATIO (%)
3.3 3.33.2
AT1 ratioCET1 ratio
AT1CET1
RWA (€ BN)BALANCE SHEET
EXPOSURE (€ BN)19.5
Jun-2519.8
Dec-2519.3
Jun-2622.7 23.122.5
2.7
Jun-252.8
Dec-252.8
Jun-263.13.2 3.2
99.3 13.7 98.4 14.1 98.5 13.8
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
43
INSURANCE SERVICES 1
SOLVENCY II EVOLUTION
SWAP
(BP)Q3 – 25 Q4 – 25 Q1 – 26
BTP-SWAP
SPREAD (BP)
V.A. CURR.
(BP)14 6
Jun-252
Δ Own
funds(5)
Δ SCR(23)
Δ Own
fundsΔ SCR3
Δ SCR(2)
Δ Own
funds(7)
Dec-25312
303
294303
Sep-25 Jun-26 Δ SCR Δ Own fundsMar-26315Q2 – 26 307 84
18261
87
20268
86
17293
62
14291
72 14
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
44
SOLVENCY II RATIO SENSITIVITIES
WELL ABOVE RISK TOLERANCE AND MANAGERIAL AMBITION UNDER SIMULATED SCENARIOS
Impact on
SII ratio
Risk tolerance
150%Managerial
ambition:
c.200% through the
cycle303
278 298
353 265SII ratio at Jun -26
BTP-Swap
+100bps to (172)1
Corporate bond
spread +100bps to (207)1
Interest rates
-100bps to (191)
Interest rates
+100bps to (391)Q2 HIGHLIGHTS
(25) p.p.
(5) p.p.
+50 p.p.
(38) 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 ●(29) p.p. as of Dec -25 ●(25) p.p. as of Jun-26 ●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 ●(36) p.p. as of Dec -25 ●(38) p.p. as of Jun -26 1 Vs. Asset Swap Spread; 2.CVA triggered
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
45
INSURANCE SERVICES 2
SOLVENCY II OWN FUNDS TIERING AND SOLVENCY CAPITAL REQUIREMENTS
SOLVENCY II CAPITAL AND SOLVENCY II CAPITAL REQUIREMENT BREAKDOWN
CHANGE VS MARCH 2026
(4)61
(80)(27) (50)11
(40)289
Market
riskCounterparty
RiskUnderw.
RiskDiversification BSCR Operational
riskLAC
DT & OtherSCR Own Funds(1)Tier 1 + RT 1Tier 2
1,9244,9334,345 11,4264,0011,762
Market
risk680
Counterparty
RiskUnderw.
Risk(1,672)
Diversification BSCR695
Operational
risk(1,283)
LAC DT
& OtherSCR Own
Funds13,187
1. Loss Absorbing Capacity of deferred taxes (“LAC DT”)1 1€ m unless
otherwise stated
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
46
INSURANCE SERVICES GWP
SOLID COMMERCIAL RESULTS –PROTECTION FOCUSED ON RETAIL PRODUCTS
LIFE INVESTMENTS & PENSION
PROTECTION TOTAL
MulticlassSegregated funds
products (class I -V,
Pension)
Unit Linked (Class III) 1.Includes Motor (distribution only) GPW for a total of €6m in Q2 -25 and €7m in Q2 -26; 2.Restated. "Land vehicle" products (Insurance Class III) reclassified from Corporate to Health & Property1,500 1,6213,505
2,7229
Q2-256
Q2-265,014
4,349(665)
(13%)
98 113 103 107 137 98
Q2-25 Q2-26337318(19)
(6%)
5,014
4,349337
318
Q2-25 Q2-265,351
4,667(684)
(13%)
Multiclass (% of LI&P GWP)70 63Credit protection & Salary -backed loanHealth & Property1,2 Corporate2€ m unless
otherwise stated
Protection1Life Investments
& Pension
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
47
INSURANCE SERVICES TECHNICAL PROVISIONS
GROWTH DRIVEN BY POSITIVE NET FLOWS AND PERFORMANCE
+1.2+2.5
Dec-25 Net inflows3Performance4Jun-26170.4174.1+3.7
+2%LIFE INSURANCE TECHNICAL PROVISIONS1LI&P TECHNICAL PROVISIONS EVOLUTION1
1.EoP figures; 2.Includes Class I -V and Pension products; 3.Including Cronos portfolio run -off of -€0.3bn; 4.Includes interests, upfront fees and other minor items Segregated fund
products (class
I-V, Pension)Life P rotection
MulticlassUnit linked
(Class III)
120.4 116.9 114.045.3 51.6 58.2
1.61.0
Jun-251.71.9
Dec-252.01.9
Jun-26168.4172.1176.1+7.7
+5%
•Segregated
funds2: (4.0)
•Multiclass and
UL: + 5.2€ bn unless
otherwise stated
Life Investments
& Pension (LI&P)
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
48
INSURANCE SERVICES LI&P NET INFLOWS
INFLOWS IN MULTICLASS & UNIT LINKED PRODUCTS COMPENSATING SEGREGATED FUNDS OUTFLOWS
TOTAL NET FLOWS H1 -26
MULTICLASS & UNIT LINKED2
SEGREGATED FUNDS PRODUCTS (CLASS I -V, PENSION)
1. Including Cronos portfolio run -off of -€0.3bn; 2. Including full value of multiclass products (also Class I component)€ m unless
otherwise stated
9,861
1,225 8,636
Gross written
premiumsOutflows Net Flows11,531 Gross written premiums
Outflows
5,238 Net Flows6,769
3,092
(4,014)Gross written premiums
7,106 Outflows
Net Flows
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
49
INSURANCE SERVICES 3
STABLE AND DIVERSIFIED INVESTMENT PORTFOLIO
89%5%
6%INVESTMENT PORTFOLIO BREAKDOWN1BOND PORTFOLIO BREAKDOWN BY COUPON TYPE
OtherGovies
Corporate bondsFloatingFixed
Inflation linkedTotal investment portfolio (€ bn)
70%17%13%
Jun-2569%17%13%
Dec-2569%17%14%
Jun-26149.4 149.6 148.5 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: 4%
•Equity: 1%
•Private Debt: 2%
•RE: 2%
•Infrastructure: 1%
•PE & HF: 1%
LTM return (%) Jun-25 Dec-25 Jun-26Var (bps)
Jun-26 vs
Dec-25
Minimum guaranteed
return (Class I)0.47 0.45 0.43 (2) bps Segregated Fund return2 2.67 2.73 2.86 13 bps
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
50
POSTEPAY SERVICES 1
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 cardsPostepay cards
Postepay
Evolution stock10.6Of which e-commerce3 18921.1 22.7 21.57.57.5 7.6 Jun-25 Dec-25 Jun-2628.6 30.2 29.1+0.5 +2% 4.9 4.9 5.0 Jun-25 Dec-25 Jun-26+0.1
+2%818908 909
Q2-25 Q4-25 Q2-26+92
+11%
14.1 14.7 15.1 Jun-25 Dec-25 Jun-26+0.9 +7%213 +2% +12% 10.8
GIALLO BLU 1GRIGIO 1
(testo e grafici)GRIGIO 2 GRIGIO 3BLU 2 (solo grafici)BLU 3
(solo grafici)
51
POSTE ITALIANE DIGITAL FOOTPRINT
KEY METRICS CONSTANTLY IMPROVING
DAILY ACTIVE USERS1 (# M) DAILY DIGITAL INTERACTIONS2 (# M)
DAILY DIGITAL TRANSACTIONS & SALES3 (# M) SPID - DIGITAL IDENTITIES ISSUED (# M)
1. Calculated on all Poste Italiane available Apps; 2.Defined as any digital contact the client has with Poste Italiane (e.g. App login, access to website etc.), excluding LIS int eractions; 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 sales2.6 2.73.0
Q2-25 FY-25 Q2-26+0.3
+13%
29.5 30.1 30.6
Q2-25 FY-25 Q2-26+1.1
+4%11.2 11.5 11.4
Q2-25 FY-25 Q2-26+0.2
+2%
3.7 3.94.2
Q2-25 FY-25 Q2-26+0.4
+12%
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POSTEPAY PAYMENTS TRANSACTION VALUE
STEADY INCREASE IN E -COMMERCE TRANSACTIONS
POSTEPAY ISSUING TRANSACTION VALUE (BASE 100)1
22 23 284453 62748796 105
Q1-18 Q2-18 Q2-19 Q2-20 Q2-21 Q2-22 Q2-23 Q2-24 Q2-25 Q2-26100108128141190220248267297316
+9%+6%
+14%
CAGR
1. Refers to PostePay SpA issuing transaction value o.w. e -commerce
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INTERSEGMENT COSTS AS OF Q2 -26
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 volumes fee (depending on the product) b) Fixed % of revenuesQ2-25
a) 82
b) 56
Total: 138Q2-26
a) 90
b) 57
Total: 147
• Insurance Services remunerates:
c) Financial Services for promoting and selling insurance products2and for investment management services3;
d) Mail, Parcel and Distribution for providing corporate services1.c) Fixed % of upfront and management
fees
d) Depending on service/productc) 205
d) 21
Total: 226c) 207
d) 23
Total: 230
• 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 % of revenues (depending on
the product)
f) Depending on service/producte) 1,326
f) 48
Total: 1,3747e) 1,302
f) 44
Total: 1,3477
• 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 and volumes fee h) Flat fee for each "Bollettino"g) 11
h) 0
Total: 11g) 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 chargesInsurance Services reported intersegment costs under IFRS17 , remunerating MPD only4€ m unless
otherwise stated
Total: 6 Total: 6
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ESG KEY ACHIEVEMENTS IN H1 2026
PROGRESSING ON OUR ESG PRIORITIES TO CREATE SUSTAINABLE LONG -TERM VALUE
1. Data refer to the company’s green transport and delivery fleet; 2. Pick-Up-Drop -Off points including Post Offices ;3. Of which >3.7k are available for customers and the publicENVIRONMENTAL SOCIAL •c.30k next -generation lower -emission vehicles , including c. 6k full-electric1 •>32k PUDO2points for Out Of Home delivery including c.2.3k lockers •c.9.6k charging stations for electric vehicles3 •c.6.7k buildings involved in the Smart Building
project
•c.1.1kphotovoltaic systems installed •c.1.2m active green power & gas contracts ;
>23m eco-friendly cards•Polis project on track: c.5.8 k Post Offices completed and 175 co -working sites finalized;
>312kPA services provided •Omnichannel strategy : 27m (+4% Y/Y) daily
interactions
•Top 10 in the Diversity Brand Index (DBI) and Diversity Brand Award for Accessibility for inclusive digital solutions •CAFE (Certified Age -Friendly Employer )
certification
•Corporate Welfare program : +11% sign -ups
vs 2025
GOVERNANCE
•Successfully maintained ISO 20400 on sustainable procurement and UNI 11402 on Financial Education •Confirmed ISO 9001 (Quality Management System), ISO 14001 (Environmental Management System), ISO 45001 (Occupational Health and Safety System), ISO/IEC 27001 and ISO/IEC 20000 -1 certifications for Information Security and IT Service Management •Progressing the deployment of AI systems with a responsible and human -centric approach•Sustainability Yearbook 2025
(Top 5%)
•Best -in-class
World/Europe Indices
•B (Climate )
•‘AA’ rating
•ISS Corporate ESG Rating
(Prime ListC)STRONG ESG REPUTATION
INCLUDED IN MOST RELEVANT
INDICES AND RATINGS
•Low Risk
E S G
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RECLASSIFICATIONS (1/2)
ADJUSTED EBIT AND NET PROFIT
1. Including PPA adjustments€ m unless otherwise stated
Q2-25 Q2-26
MAIL, PARCEL &
DISTRIBUTIONFINANCIAL
SERVICESINSURANCE
SERVICESCONSOLIDATED
ACCOUNTSMAIL, PARCEL &
DISTRIBUTIONFINANCIAL
SERVICESINSURANCE
SERVICESCONSOLIDATED
ACCOUNTS
EBIT Reported 42 264 395 844 10 269 451 887 Systemic charges related to insurance guarantee fund 0 4 15 19 0 (4) (16) (19) Adjusted EBIT 42 268 410 864 10 265 436 868
H1-25 H1-26
MAIL, PARCEL &
DISTRIBUTIONFINANCIAL
SERVICESINSURANCE
SERVICESCONSOLIDATED
ACCOUNTSMAIL, PARCEL &
DISTRIBUTIONFINANCIAL
SERVICESINSURANCE
SERVICESCONSOLIDATED
ACCOUNTS
EBIT Reported 67 520 758 1,621 52 583 827 1,772 Systemic charges related to insurance guarantee fund 0 8 30 38 0 0 0 0 Adjusted EBIT 67 528 789 1,660 52 583 827 1,772
Q2-25 Q2-26 H1-25 H1-26
MAIL, PARCEL &
DISTRIBUTIONCONSOLIDATED
ACCOUNTSMAIL, PARCEL &
DISTRIBUTIONCONSOLIDATED
ACCOUNTSMAIL, PARCEL &
DISTRIBUTIONCONSOLIDATED
ACCOUNTSMAIL, PARCEL &
DISTRIBUTIONCONSOLIDATED
ACCOUNTS
Profit for the period (37) 572 (90) 538 (8) 1,170 121 1,355 TIM stake contribution1(0) (0) (56) (56) (0) (0) 144 144 Profit for the period ex. TIM stake (37) 572 (34) 594 (8) 1,170 (23) 1,211
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RECLASSIFICATIONS (2/2)
ENERGY
€ m unless otherwise stated
Q2-25 Q2-26 H1-25 H1-26
POSTEPAY
SERVICESCONSOLIDATED
ACCOUNTSPOSTEPAY
SERVICESCONSOLIDATED
ACCOUNTSPOSTEPAY
SERVICESCONSOLIDATED
ACCOUNTSPOSTEPAY
SERVICESCONSOLIDATED
ACCOUNTS
External revenue – reported 487 3,343 545 3,496 1,025 6,681 1,155 7,136 Commodity prices and pass -through charges for external clients(83) (83) (109) (109) (223) (223) (294) (294) External revenue reclassified 404 3,260 435 3,387 802 6,458 860 6,841 Intersegment revenue - reported 89 88 192 189 Commodity prices and pass -through charges for Group consumption(18) (19) (49) (50) Intersegment revenue reclassified 71 68 143 139 Cost of goods and services -reported 268 934 296 1,024 604 1,904 684 2,140 Commodity prices and pass -through charges (101) (83) (129) (109) (272) (223) (345) (294) Cost of goods and services reclassified 167 851 167 915 332 1,681 340 1,846
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CONSOLIDATED ACCOUNTS
PROFIT & LOSS
€m Q2-25 Q2-26 Var. Var. % H1-25 H1-26 Var. Var. % Total revenues 3,260 3,387 +126 +4% 6,458 6,841 +383 +6%
of which:
Mail, Parcel and Distribution 960 1,028 +68 +7% 1,909 2,031 +122 +6% Financial Services 1,433 1,409 (23) (2%) 2,841 2,967 +125 +4% Insurance Services 464 514 +51 +11% 906 983 +78 +9% Postepay Services 404 435 +31 +8% 802 860 +58 +7% Total costs 2,397 2,519 +122 +5% 4,798 5,069 +271 +6%
of which:
Total personnel expenses 1,274 1,301 +27 +2% 2,565 2,628 +64 +2% of which personnel expenses 1,273 1,289 +16 +1% 2,558 2,608 +50 +2% of which early retirement incentives 0 10 +10 n.m. 2 16 +14 n.m.
of which legal disputes with employees 0 2 +1 n.m. 5 5 +0 +3%
COGS 851 915 +64 +7% 1,681 1,846 +165 +10%
Other operating costs 53 45 (8) (16%) 106 89 (17) (16%) Depreciation, amortisation and impairments 219 259 +39 +18% 447 505 +58 +13% Adjusted EBIT 864 868 +4 +0% 1,660 1,772 +113 +7% Adjusted EBIT Margin +26% +26% +26% +26% Systemic charges related to insurance guarantee fund 19 (19) (39) n.m. 38 0 (38) n.m.
EBIT 844 887 +43 +5% 1,621 1,772 +151 +9%
Finance income/(costs) and profit/(loss) on investments accounted for using the equity method29 (50) (79) n.m. 76 150 +74 +97% Profit before tax 873 837 (36) (4%) 1,697 1,922 +225 +13% Income tax expense 301 299 (2) (1%) 528 567 +39 +7% Profit for the period 572 538 (34) (6%) 1,170 1,355 +185 +16% Profit for the period (ex. TIM stake) 572 594 +21 +4% 1,170 1,211 +41 +4%
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CONSOLIDATED ACCOUNTS –SEGMENT VIEW
H1-26 PROFIT & LOSS
€mMail, Parcels &
DistributionFinancial
ServicesInsurance
ServicesPostepay
ServicesAdjustments &
eliminations1 Total
External Revenues 2,031 2,967 983 860 0 6,841 Intersegment Revenues 2,939 508 (125) 139 (3,461) 0 Total revenues 4,970 3,475 858 1,000 (3,461) 6,841 Labour cost 2,807 29 7 31 (246) 2,628
COGS 1,514 33 5 340 (46) 1,846
Other Costs 70 10 4 6 0 90 Capitalised Costs and Expenses (36) 0 0 (0) 0 (36) Impairment Loss/(Reversal) on debt instruments, receivables and other assets12 11 0 13 0 36 Intersegment Costs 21 2,809 14 287 (3,131) 0 Total costs 4,388 2,892 30 677 (3,423) 4,564 Depreciation, amortisation and impairments 529 0 1 13 (38) 505 Adjusted EBIT 52 583 827 310 (0) 1,772 Systemic charges estimate related to insurance guarantee fund 0 0 0 0 0 0
EBIT 52 583 827 310 (0) 1,772
Finance income/(cost) 106 11 26 7 (0) 150 Profit before tax 158 594 853 317 (0) 1,922 Tax cost/(income) 37 169 275 86 0 567 Profit for the period 121 425 578 232 (0) 1,355 Profit for the period (ex. TIM stake) (23) 425 578 232 (0) 1,211 1.IFRS17 requires the attribution of costs directly attributable to insurance policies –incl. distribution costs to remunerate Po ste 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
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MAIL, PARCEL & DISTRIBUTION 1
PROFIT & LOSS
€m Q2-25 Q2-26 Var. Var. % H1-25 H1-26 Var. Var. % Segment revenue 960 1,028 +68 +7% 1,909 2,031 +122 +6% Intersegment revenue 1,430 1,415 (15) (1%) 2,851 2,939 +88 +3% Total revenues 2,390 2,443 +53 +2% 4,760 4,970 +210 +4% Personnel expenses 1,377 1,391 +13 +1% 2,773 2,807 +34 +1% of which personnel expenses 1,377 1,381 +4 +0% 2,771 2,791 +20 +1% of which early retirement incentives 0 10 +10 n.m. 2 16 +14 n.m.
Other operating costs 728 763 +36 +5% 1,428 1,560 +132 +9% Depreciation, amortisation and impairments 232 269 +37 +16% 471 529 +58 +12% Intersegment costs 11 10 (1) (13%) 21 21 +0 +1% Total costs 2,348 2,433 +85 +4% 4,693 4,917 +224 +5% Adjusted EBIT 42 10 (32) (77%) 67 52 (14) (22%) Adjusted EBIT Margin +2% +0% +1% +1%
EBIT 42 10 (32) (77%) 67 52 (14) (22%)
Finance income/(costs) (18) (75) (57) n.m. (7) 106 +113 n.m.
Profit/(Loss) before tax 24 (65) (89) n.m. 60 158 +99 n.m.
Income tax expense 61 24 (36) (60%) 68 37 (31) (45%) Profit for the period (37) (90) (53) n.m. (8) 121 +129 n.m.
Profit for the period (ex. TIM stake) (37) (34) +3 +8% (8) (23) (15) n.m.
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FINANCIAL SERVICES 1
PROFIT & LOSS
€m Q2-25 Q2-26 Var. Var. % H1-25 H1-26 Var. Var. % Segment revenue 1,433 1,409 (23) (2%) 2,841 2,967 +125 +4% Intersegment revenue 251 254 +4 +2% 511 508 (3) (1%) Total revenues 1,683 1,664 (19) (1%) 3,353 3,475 +122 +4% Personnel expenses 14 15 +1 +5% 28 29 +1 +5% of which personnel expenses 14 15 +1 +4% 28 29 +1 +5% of which early retirement incentives 0 0 +0 n.m. 0 0 (0) (25%) Other operating costs 27 37 +10 +36% 60 54 (6) (10%) Depreciation, amortisation and impairments 0 0 +0 +32% 0 0 +0 +23% Intersegment costs 1,374 1,347 (27) (2%) 2,737 2,809 +73 +3% Total costs 1,415 1,399 (16) (1%) 2,825 2,892 +68 +2% Adjusted EBIT 268 265 (3) (1%) 528 583 +55 +10% Adjusted EBIT Margin 16% 16% 16% 17% Systemic charges related to insurance guarantee fund 4 (4) (8) n.m. 8 0 (8) n.m.
EBIT 264 269 +5 +2% 520 583 +63 +12%
Finance income/(costs) 17 7 (10) (60%) 28 11 (17) (62%) Profit/(Loss) before tax 281 276 (5) (2%) 548 594 +45 +8% Income tax expense 78 79 +1 +1% 152 169 +17 +11% Profit for the period 204 197 (7) (3%) 396 425 +29 +7%
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INSURANCE SERVICES 4
PROFIT & LOSS
€m Q2-25 Q2-26 Var. Var. % H1-25 H1-26 Var. Var. % Segment revenue 464 514 +51 +11% 906 983 +78 +9% Intersegment revenue (50) (62) (12) (25%) (102) (125) (23) (23%) Total revenues 414 452 +38 +9% 804 858 +55 +7% Personnel expenses (3) 4 +6 n.m. 0 7 +7 n.m.
of which personnel expenses (3) 4 +6 n.m. 0 7 +7 n.m.
of which early retirement incentives 0 0 +0 n.m. 0 0 +0 n.m.
Other operating costs (1) 5 +6 n.m. (0) 9 +9 n.m.
Depreciation, amortisation and impairments 0 1 +0 +25% 1 1 +0 +16% Intersegment costs 7 7 +0 +2% 14 14 (0) (0%) Total costs 4 17 +13 n.m. 15 31 +16 n.m.
Adjusted EBIT 410 436 +25 +6% 789 827 +39 +5% Adjusted EBIT Margin 99% 96% 98% 96% Systemic charges related to insurance guarantee fund 15 (16) (31) n.m. 30 0 (30) n.m.
EBIT 395 451 +56 +14% 758 827 +69 +9%
Finance income/(costs) 24 14 (10) (41%) 43 26 (18) (41%) Profit/(Loss) before tax 420 466 +46 +11% 802 853 +51 +6% Income tax expense 122 153 +31 +26% 229 275 +46 +20% Profit for the period 298 312 +15 +5% 573 578 +5 +1%
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POSTEPAY SERVICES 2
PROFIT & LOSS
€m Q2-25 Q2-26 Var. Var. % H1-25 H1-26 Var. Var. % Segment revenue 404 435 +31 +8% 802 860 +58 +7% Intersegment revenue 71 68 (3) (4%) 143 139 (3) (2%) Total revenues 475 504 +28 +6% 944 1,000 +55 +6% Personnel expenses 16 16 +0 +1% 31 31 +0 +0% of which personnel expenses 16 16 +0 +1% 31 31 +0 +0% Other operating costs 173 176 +3 +2% 347 358 +11 +3% Depreciation, amortisation and impairments 6 7 +1 +24% 14 13 (1) (10%) Intersegment costs 138 147 +9 +7% 275 287 +12 +4% Total costs 332 346 +14 +4% 668 689 +21 +3% Adjusted EBIT 144 158 +14 +10% 276 310 +34 +12% Adjusted EBIT Margin 30% 31% 29% 31%
EBIT 144 158 +14 +10% 276 310 +34 +12%
Finance income/(costs) 5 3 (2) (39%) 12 7 (4) (37%) Profit/(Loss) before tax 149 161 +12 +8% 288 317 +30 +10% Income tax expense 41 43 +2 +4% 79 86 +7 +9% Profit for the period 108 118 +10 +10% 209 232 +23 +11%
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DISCLAIMER
This document contains certain forward -looking statements that reflect Poste Italiane’s management’s current views with respect tofuture events and financial and operational performance oftheCompany and oftheCompany’s Group .
These forward -looking statements aremade asofthedate ofthisdocument and arebased oncurrent expectations, reasonable assumptions and projections about future events and aretherefore subject torisks and uncertainties .Actual future results and performance may indeed differ materially from what is expressed orimplied inthispresentation, due toany number ofdifferent factors, many ofwhich arebeyond theability ofPoste Italiane toforesee, control or estimate precisely, including, butnotlimited to,changes inthelegislative and regulatory framework, market developments, price fluctuations and other risks and uncertainties, such as,forinstance, risks deriving from thedirect and indirect effects resulting from theinternational ongoing conflict .
Forward -looking statements contained herein arenotaguarantee offuture performance and you aretherefore cautioned nottoplace undue reliance thereon .
This document does notconstitute arecommendation regarding thesecurities oftheCompany ;itdoes notcontain anoffer tosellorasolicitation ofanyoffer to buy anysecurities issued byPoste Italiane oranyofitsGroup companies orother forms offinancial assets, products orservices .
Except asmay berequired byapplicable law, Poste Italiane denies any intention orobligation toupdate orrevise any forward -looking statements contained herein toreflect events orcircumstances after thedate ofthispresentation .
Pursuant toart.154-BIS, par.2,oftheConsolidated Financial BillofFebruary 24,1998 ,theexecutive (Dirigente Preposto )incharge ofpreparing the corporate accounting documents atPoste Italiane, Alessandro DelGobbo, declares that theaccounting information contained herein corresponds to document results and accounting books and records .
This document includes summary financial information and should notbeconsidered asubstitute forPoste Italiane’s fullfinancial statements .
Numbers inthedocument may notadd uponly due toroundings .