Poste Italiane S p A : Interim Report for the three months ended 31 march 2024

INTERIM REPORT ON OPERATIONS

AT 31 MARCH 2024

1.READING GUIDE

This Interim Report at 31 March 2024 has been prepared, on a voluntary basis, in compliance with the provisions pursuant to Article 82 ter of the CONSOB Issuers' Regulations "Additional Periodic Financial Information" in order to ensure continuity and regularity of information to the financial community. The Interim Report on Operations at 31 March 2024 includes the Interim Report on Operations and, exceptionally, the Condensed Consolidated Interim Financial Statements at 31 March 2024 prepared in accordance with IAS 34 - Interim Financial Reporting and Article 154-ter (paragraph 5) of the Consolidated Financial Act.

The consistency and correctness of the disclosures contained in this document is guaranteed, as is comparability of the related information with the corresponding disclosures included in previously published financial reports. The Condensed consolidated interim financial statements are subject to limited audit on a voluntary basis by the independent auditors Deloitte & Touche S.p.A.

The information contained in this document aims to provide an update on events and circumstances occurring between the reporting date of 2023 and the date of approval of Poste Italiane Interim report on operations at 31 March 2024.

For more detailed information, reference should be made to the Annual Report for 2023, which will be submitted for approval by the shareholders' meeting to be held on 31 May 2024.

The values presented in this Interim Report on Operations at 31 March 2024 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 as at 31 December 2023.

It is highlighted that in the document, 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 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;

to indicate that it is possible to elaborate on the subject in Chapter 10 "Glossary" in the Report on Operations section of the 2023 Annual Report.

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3. OUTLOOK

The Italian economy, according to preliminary estimates, was characterised in the first part of the year by moderate growth both with respect to the previous quarter and in trend terms, and will continue to grow moderately in the course of 2024 and then strengthen in the following years, on the assumption that the international context, albeit uncertain, will not entail any particular tensions in the energy commodities and financial markets.

Against this backdrop, the Poste Italiane Group ended the first quarter of the year reporting positive trends across all lines of business, with revenues up on the same quarter last year and limited inflationary impacts thanks to continued cost discipline.

On 20 March 2024, the "2024 - 2028 Strategic Plan - The Connecting Platform" was presented to the financial community, which lays its foundations on:

1. a new business service model that maximises the value of the 'platform' Company in a diversified, integrated and sustainable way;

1. the Group's transformation path to become a complete logistics operator, ensuring the financial sustainability of the Mail, Parcels and Distribution segment.

The logistical transformation towards an end-to-end logistical operator includes the evolution of the postal network, increasingly oriented towards parcel management, the development of international business and integrated logistics; as part of the broader strategic partnership with DHL signed in 2023, this strategy includes the establishment in April 2024 of Locker Italia SpA to develop a network of lockers in Italy for last mile parcel deliveries. The establishment of the NewCo Poste Logistics S.p.A. in March 2024 also contributes to the strengthening of the so-called integrated logistics.

The focus, also for the current year, will remain on offering products/services that keep pace with evolving market contexts, confirming the centrality of Postal Savings in the Poste Italiane Group's offering. In the insurance sector and specifically in the Life Investment and Pension Fund, the Group will be committed to evolving its commercial offer, taking into account both market dynamics and the optimisation of service quality, in order to protect customers' savings from market risks and inflation. In the protection sector, the Group confirms its ambition to reduce the country's under-insurance by making insurance protection more accessible through the evolution of the offer and an integrated advisory model, including through Net Insurance, acquired in 2023, as a factory of Poste Vita Group products distributed through physical and digital Third-party Networks.

In addition, benefiting from the growth of e-commerce and cashless payments, the PostePay business will evolve towards digital and innovative payment solutions that will allow, for example, the management from digital channels of the renewal and replacement phases of payment cards, so as to increase the level of customer loyalty, stock and continuity of use. In the pursuit of the development of the telephony offer, in the course of 2024, the main project initiatives will concern the extension of fixed telephony services to Small Business Operators customers, the development of new services, and a technological upgrade for the evolution of the network infrastructure with ultra broadband solutions to meet the growing hyper connectivity needs of customers. In the energy business, during the year, the Group will focus on the growth of the customer base, while concentrating on strategies related to the change in the reference scenario regarding the end of the protected market, as well as on the completion of the sales and after-sales service offering, and on building the loyalty of acquired customers.

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Among the most important omnichannel initiatives, the Poste Italiane SuperApp will be progressively enriched with all the functionalities of the BancoPosta and PostePay apps with the aim of replacing them in the near future. It will also be fully customised to the individual customer's profile and, thanks to cutting-edge technology and artificial intelligence, will be the single point of access to the Group's 'phygital' platform, maximising cross- and up-selling potential.

The Group will continue to rely on and value its people as the key to success for the implementation of the new Strategic Plan; to this end, negotiations are underway for the renewal of the National Collective Labour Agreement, which expired at the end of 2023.

As part of the National Recovery and Resilience Plan, the Group will continue with the implementation of "Polis", a strategic project to support the country's social cohesion, which involves approximately 7,000 municipalities with a population of less than 15 thousand inhabitants, in which the Post Office will be transformed into a digital services hub for quick and easy access to Public Administration services. Some 250 co-working spaces nationwide are also planned, as well as the implementation of numerous actions to support the country's energy transition.

In the transition path undertaken towards carbon neutrality expected by 2030, investments and strategic initiatives will continue, such as the renewal of the delivery fleet with low CO2 emission vehicles, the installation of photovoltaic panels for energy supply and efficiency of properties; the replacement of current Postepay cards with cards made with eco-sustainable materials and digital cards will also continue, as will the development of specific offers aimed at enhancing customers' sustainable behaviour. As part of the green transition, we also note the establishment in May 2024 of the new company Postego S.p.A., which aims to progressively internalise the Poste Italiane car fleet.

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4. CORPORATE STRUCTURE OF THE GROUP, CORPORATE GOVERNANCE AND ORGANISATIONAL STRUCTURE

POSTE ITALIANE'S CORPORATE GOVERNANCE

POSTE ITALIANE'S ORGANISATIONAL STRUCTURE

OWNERSHIP AND SHARE PERFORMANCE

CORPORATE STRUCTURE OF THE GROUP AND PRINCIPAL CORPORATE ACTIONS DURING THE PERIOD

4.1 POSTE ITALIANE'S CORPORATE GOVERNANCE

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4.2 POSTE ITALIANE ORGANISATIONAL STRUCTURE

In line with the strategic guidelines set out in the Strategic Plan, the Group's activities are divided into four Strategic Business Units (also referred to as operating segments in the Poste Italiane financial statements): Mail, Parcels and Distribution; Financial Services; Insurance Services and Postepay Services (formerly Payments and Mobile), the latter renamed at the presentation of the new Strategic Plan "2024-2028 The Connecting Platform" to the financial community on 20 March.

STRATEGIC BUSINESS UNITS

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