Poste Italiane S p A : Interim Report for the three months ended 31 march 2023

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1. READING GUIDE

This consolidated interim report of the Poste Italiane Group at 31 March 2023 has been prepared on a voluntary basis, in accordance with the provisions of art. 82-ter of the CONSOB Issuers' Regulation "Additional Periodic Financial Information" in order to ensure continuity and regularity of information to the financial community, and in compliance with the recognition and measurement criteria established by the International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and the interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) and the Standing Interpretations Committee (SIC), recognised in the European Union pursuant to Regulation (EC) no. 1606/2002 and in force at the end of the period.

As of 1 January 2023, the Poste Italiane Group adopted the standard "IFRS 17 Insurance Contracts" (Commission Regulation (EU) 2021/2036 of 19 November 2021), replacing IFRS 4. The IFRS 17 implementation project was launched by the Poste Italiane Group during 2019 and concerned the insurance companies of the Poste Vita Group (Poste Vita S.p.A. and Poste Assicura SpA) as well as, limited to the related impact on the consolidated financial statements, the Parent Company.

The purpose of IFRS 17 is to:

• ensure that an entity provides information that fairly represents the rights and obligations arising from the insurance contracts issued;
• eliminate inconsistencies and weaknesses in existing accounting policies by providing a single principle-based framework to account for all types of insurance contracts (including reinsurance contracts);
• improve comparability between entities belonging to the insurance sector by providing for specific presentation and disclosure requirements.

The standard changes the representation of the profitability of the insurance business from a presentation of results by volume (premiums issued and claims expenses) to a representation more focused on contract margins. Revenue from the insurance business will be composed of periodic releases of liabilities for insurance contracts, including the Contractual Service Margin (CSM) component pertaining to the period, representing the profitability of insurance contracts issued. In particular, placement commissions will no longer be included in external revenue at the time the contract is underwritten, but recognised as insurance liabilities (Contractual Service Margin - CSM) and released on an accrual basis in the statement of profit or loss according to

the coverage unit . For non-profitable insurance contracts, the related loss (Loss Component ) is recognised immediately in the statement of profit or loss for the reporting period. In addition, costs directly related to insurance contracts will be allocated to revenue, including costs aimed at remunerating the distribution network for the placement and distribution activities of insurance contracts performed by the Parent Company.

For more information on the effects of the application of the new standard, please refer to the section "IFRS 17 - First Time Adoption" in Chapter 6 of this Interim Report, while with regard to the scope of application of the standard and the methodological choices made by the Poste Italiane Group, please refer to the paragraph "New accounting standards and interpretations and those soon to be effective" in the section "Poste Italiane's Financial Statements at 31 December 2022" in the 2022 Annual Report.

The consistency and correctness of the information contained in the document, which has not been audited, is guaranteed, as is comparability of the related information with the corresponding disclosures included in previously published financial reports.

The information contained in this document aims to provide an update on events and circumstances occurring between the end of 2022 and the date of approval of Poste Italiane Group's consolidated interim report for the three months ended 31 March 2023.

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For more detailed information, reference should be made to the 2022 Annual Report, which will be submitted for approval by the Shareholders' Meeting of shareholders to be held on 8 May 2023.

The values presented in this Interim Report are compared with the corresponding values for the same period of the previous year, except for the Statement of financial position, which is compared with the corresponding statement at 31 December 2022. As a result of the application of IFRS 17 from 1 January 2023, the comparative statement of profit or loss and financial position figures have been changed to reflect the entry into force of the new standard.

It is noted that amounts shown in millions of euros have been rounded, with the result that the sum of the rounded figures does not always tally with the rounded total.

The following infographics are used in this document:

to indicate, by means of a hyperlink, that it is possible to consult the definition of the content in the glossary in Chapter 11;

to indicate, by means of a hyperlink, that it is possible to go deeper into the topic dealt with in the relevant paragraph;

to indicate, by means of a hyperlink, that it is possible to return to the beginning of the chapter and the general index.

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2. HIGHLIGHTS

During the first quarter of 2023, the path of shared value creation undertaken by the Poste Italiane Group generated excellent results at system level, through the significant investments in the six forms of capital which underpin the Company: financial, human, physical-structural, intellectual, social-relational and natural, and in line with the United Nations Sustainable Development Goals framework.

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