Poste Italiane S p A : Presentazione dei risultati finanziari – Q3 & 9M 2024

POSTE ITALIANE

Q3 & 9M-24 FINANCIAL RESULTS

6 NOVEMBER 2024

THE CONNECTING PLATFORM

CONTENTS

EXECUTIVE SUMMARY

Insurance

Services

Financial

Services

BUSINESS REVIEW

APPENDIX

Postepay

Services

Mail, Parcel &

Distribution

2

EXECUTIVE SUMMARY

THE LARGEST ITALIAN PLATFORM COMPANY

RECORD FIRST 9 MONTHS REVENUES AND PROFITABILITY

CONFIRMING GROWTH TRAJECTORY OF ALL BUSINESS UNITS

• 9M-24UNDERLYING1 REVENUES GROWTH OF 8% DRIVEN BY ALL BUSINESS UNITS
• COST DISCIPLINE MITIGATING INFLATION IMPACT - EVOLUTION REFLECTING HIGHER BUSINESS VOLUMES
• 9M-24ADJUSTED EBIT2 AT €2,277M (+18% UNDERLYING1) AND NET PROFIT AT €1,595M (+19% UNDERLYING1)
• CONTINUED POSITIVE NET FLOWS IN INVESTMENT PRODUCTS - IMPROVING INSURANCE NET FLOWS

INTERIM DIVIDEND OF €0.33 P/S (€427MLN) TO BE PAID ON NOVEMBER3 20TH, UP 39% VS 2023

IN LINE WITH FY-24 UPGRADED GUIDANCE: ADJUSTED EBIT2 OF €2.8BN AND NET PROFIT OF €2.0BN

1. Underlying growth calculated excluding the impact of sennder Capital Gain ("CG"), Active Portfolio Management ("APM"), systemic charges estimate related to insurance guarantee fund and 2023 one-off bonus, please refer to slide 38 for a full reconciliation; 2. Adjusted excluding systemic charges estimate related to insurance guarantee fund and costs and proceeds of extraordinary nature, please refer to slide 38 for a full reconciliation; 3. Ex dividend date 18 November 2024

3

Q3 & 9M-24 RESULTS OVERVIEW

STRONG ADJUSTED EBIT1 PROGRESSION DRIVEN BY TOP-LINE GROWTH AND COST DISCIPLINE

• m unless otherwise stated

Q3-23 Q3-24 Δ% 9M-23 9M-24 Δ%

Underlying growth %2

excl sennder CG, APM, systemic charges, and 2023 one-off bonus

REVENUES	2,795	3,062	+10%	8,803	9,226	+5%	+8%

ADJUSTED	539	789	+46%	2,105	2,277	+8%	+18%
EBIT1

NET PROFIT

382

569

+49%

1,522

1,595

+5%

+19%

Revenues and costs are restated net of commodity price and pass-through charges of the energy business, please refer to slide 39 for a full reconciliation; 1. Adjusted excluding systemic charges estimate related to insurance guarantee

fund and costs and proceeds of extraordinary nature. Please refer to slide 38 for a full reconciliation; 2. Underlying growth calculated excluding the impact of sennder Capital Gain ("CG"), Active Portfolio Management ("APM"), systemic 4 charges estimate related to insurance guarantee fund and 2023 one-off bonus. Please refer to slide 38 for a full reconciliation

EXTERNAL REVENUES

POSITIVE COMMERCIAL TRENDS RESULTING IN STRONG REVENUE GROWTH ACROSS THE PLATFORM

• m unless otherwise stated

MAIL, PARCEL & DISTRIBUTION

FINANCIAL SERVICES

+189

	+50
	+6%
860	909
Q3-23	Q3-24

	+42
	+2%
2,755	2,797
9M-23	9M-24

			+166								+5%
			+14%								4,047
								3,858
			1,358
	1,192
	Q3-23		Q3-24	9M-23		9M-24
					Active Portfolio	168	16
					Management

INSURANCE SERVICES

POSTEPAY SERVICES

	+29
	+8%
371	399
Q3-23	Q3-24

	+84
	+7%
1,142	1,226
9M-23	9M-24

	+23
	+6%
373	396
Q3-23	Q3-24

+109

+10%

1,048	1,156
9M-23	9M-24

5

ADJUSTED EBIT1 BY SEGMENT

PROFITABILITY BENEFITING FROM STRONG REVENUE GROWTH AND EFFECTIVE COST DISCIPLINE

		MAIL, PARCEL & DISTRIBUTION
€ m unless
otherwise
stated

FINANCIAL SERVICES

			+29
	+180		+19%
	n.m.	154	183
	87
(93)		9M-23	9M-24
Q3-23	Q3-24

	+34
	+18%
192	2261
Q3-23	Q3-24

	(6)
648	(1%)
6421
9M-23	9M-24

INSURANCE SERVICES

POSTEPAY SERVICES

+64

	+22
	+7%
322	3441
Q3-23	Q3-24

+85

+9%

986	1,0711
9M-23	9M-24

	+14
	+12%
118	132
Q3-23	Q3-24

			+20%
			381
	317
	9M-23		9M-24

1. Adjusted excluding systemic charges estimate related to insurance guarantee fund and costs and proceeds of extraordinary nature. Please refer to slide 38 for a full reconciliation	6

CONTENTS

EXECUTIVE SUMMARY

Insurance

Services

Financial

Services

BUSINESS REVIEW

APPENDIX

Postepay

Services

Mail, Parcel &

Distribution

7

MAIL, PARCEL & DISTRIBUTION

MAIL AND PARCEL REVENUES AHEAD OF PLAN

€ m unless	EXTERNAL REVENUES
otherwise stated
														+42
	Parcel & logistics									+2%
									2,797
						+50
	Mail									2,755
	Other1										91
					+6%	909	239	(62%)
		860
		(24%)		30
			39				1,519		+4% 1,580
				496
		486	+2%

	335 +15% 384	997	+13% 1,127
	Q3-23	Q3-24		9M-23	9M-24
Distribution	1,215	1,377	3,870		4,120
Revenues2
						Includes 135
						of APM

ADJUSTED EBIT

+180		+29
n.m.
87	+19%
	183

154

(93)
Q3-23	Q3-24	9M-23	9M-24

Includes 13

of APM

Q3 HIGHLIGHTS

• Double digits parcel revenue growth supported by strong performance across all customer segments
• Mail revenues up 2%, driven by business mix (higher volumes of registered mail) and repricing
• Distribution revenues up 13% reflecting positive commercial trends and higher network remuneration
• Solid EBIT trend reflecting top-line growth and continued cost discipline

1. Includes Tax Credit contribution, Digital Identities fees, vaccination plan related expense recovery, EGI, Poste, Patenti Via Poste, Philately, Poste Motori, Poste Welfare Service, Agile Lab and Sourcesense; 2. Includes income received by	8
other segments in return for use of the distribution network, Corporate Services and capex costs reimbursement

MAIL, PARCEL & DISTRIBUTION: VOLUMES AND PRICING

PARCEL VOLUME GROWTH REMAINS STRONG; MAIL MIX & REPRICING OUTPACING VOLUME DECLINE

€ m unless		PARCEL VOLUMES (M, PC)				PARCEL AVERAGE TARIFF (€/PC)	Q3 HIGHLIGHTS
otherwise stated																1
% delivered by	38%	40%	34%	39%											●	Parcel volumes growth
postal network												(0.34)				(0.33)				continues above
						+42						(6%)				(6%)				expectations driven by
																			e-commerce and market
		+15				+24%			5.18	4.84	5.26	4.93
					219			share gains in B2C
			+24%
			76	177											●	Parcels delivered by
		61
																					Postini reached 40%, in

line with business plan FY-24 target

Q3-23	Q3-24	9M-23 9M-24		Q3-23 Q3-24	9M-23 9M-24
		MAIL VOLUMES (M, PC)				MAIL AVERAGE TARIFF (€/PC)
					(133)						+0.09				+0.11
						(8%)						+9%				+12%
		(35)			1,711	1,578				1.04			1.00
				0.95	0.89
		(7%)
510	475

• Parcel average tariff driven by higher growth of lower pricing items with lower unit cost
• Higher mail tariff supported by favourable product mix and repricing

Q3-23	Q3-24	9M-23	9M-24	Q3-23	Q3-24	9M-23	9M-24	9

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

FINANCIAL SERVICES

STRONG REVENUE GROWTH DRIVEN BY NII AND POSITIVE COMMERCIAL TRENDS

€ m unless	GROSS REVENUES	ADJUSTED EBIT1 & NET PROFIT
otherwise stated

Q3 HIGHLIGHTS

Active Portfolio	Net interest	Postal Savings	Transaction	Consumer Loans	Adjusted EBIT1
Management	income	Banking2	distribution3
	Net profit

(6)

● NII growth continues to be

driven by higher interest

AssetIntersegment

Management revenues4 [o.w. insurance]

			+189
			+13%	1,589
				231
	1,400
	+11%	[176]
	208
			55
39	[155]	+15%
180
28			+96%
185	(3%)
				430

374	+15%

			+200
			+4%	4,718
	4,519
		672
	661	+2%
	[514]
	[509]
107	+33%
	176
		+33%
133			(5%)	546
45	573
	1,202	+6%	1,275

+34

+18%

142	+23
+16%
	226
	192
	169
	146

(1%)

(5)

(1%)

648 642

483 477

	rates and proactive portfolio
	management
● Postal Savings fees +15%
	supported by improving net
	flows
●	Transaction Banking fees
	stable Y/Y
●	Improving trend in
	Consumer Loans supported
	by higher volumes and
	higher fee margin
●	Asset Management fees
	supported by higher AUM

566	+15%	648	1,675	+13%	1,892
			+49%								(90%)
								168
	0			0						16
										Q3-23	Q3-24
Q3-23		Q3-24		9M-23		9M-24

9M-23 9M-24

● Adjusted EBIT1 trend

reflecting positive revenue

momentum

1. Adjusted excluding systemic charges estimate related to insurance guarantee fund and costs and proceeds of extraordinary nature. Please refer to slide 38 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	10
from third party products distribution; 4. Includes intersegment distribution revenues