Poste Italiane Spa · MIL:PST
Poste Italiane Spa — Q3 2025 Earnings Presentation
51 slides from Poste Italiane Spa's earnings presentation, Nov 13, 2025
Slide 1: Poste Italiane Q3 & 9M-25 Financial Results
POSTE ITALIANE Q3 & 9M-25 FINANCIAL RESULTS 13 NOVEMBER 2025 THE CONNECTING PLATFORM 1
Slide 2: Contents
CONTENTS Insurance EXECUTIVE SUMMARY Services Financial Services BUSINESS REVIEW v Postepay Services APPENDIX Mail, Parcel & Distribution 2
Slide 3: Executive Summary
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 ● RECORD 9M-25 REVENUES AT €9,640M (+4% Y/Y) – ALL BUSINESS UNITS CONTRIBUTING TO REVENUE GROWTH ● RECORD 9
Slide 4: Q3 & 9M-25 Results Overview
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% Revenue
Slide 5: External Revenues
EXTERNAL REVENUES ALL BUs CONTRIBUTING TO TOP-LINE GROWTH UNDERSCORING STRENGTH OF PLATFORM MODEL € m unless MAIL, PARCEL & DISTRIBUTION FINANCIAL SERVICES otherwise stated +188 +46 +5% +2% +25 2,797 2,843 +35 4,047 4,234 +3% +3% 909 934 1,358 1,393 Q3-24 Q3-25 9M-24 9M-25 Q3-24 Q3-25 9M-24 9M-25 IN
Slide 6: Adjusted EBIT by Segment
ADJUSTED EBIT1 BY SEGMENT PROFITABILITY BOOSTED BY REVENUE GROWTH AND EFFECTIVE COST MANAGEMENT € m unless MAIL, PARCEL & DISTRIBUTION FINANCIAL SERVICES otherwise stated +148 (46) +23% (25%) +36 790 (16) 183 +16% 642 (19%) 137 262 87 226 70 Q3-24 Q3-25 9M-24 9M-25 Q3-24 Q3-25 9M-24 9M-25 INSURANCE
Slide 7: Developing the Strategic Partnership with TIM
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 Luce e Gas powered by Poste Italiane” available in 750+ TIM TIM ENERGIA L
Slide 8: Contents
CONTENTS Insurance EXECUTIVE SUMMARY Services Financial Services BUSINESS REVIEW Postepay Services APPENDIX Mail, Parcel & Distribution 8
Slide 9: Mail, Parcel & Distribution
MAIL, PARCEL & DISTRIBUTION PARCEL & LOGISTICS REVENUES CONTINUE TO ACCELERATE € m unless otherwise stated EXTERNAL REVENUES ADJUSTED EBIT Q3 HIGHLIGHTS +46 ● Parcel revenue growth +2% accelerating across Parcel & logistics customer segments, with Mail +25 2,797 2,843 improving diversification Other
Slide 10: Mail, Parcel & Distribution: Volumes and Pricing
MAIL, PARCEL & DISTRIBUTION: VOLUMES AND PRICING PARCEL VOLUME GROWTH ACCELERATION; MAIL REPRICING ACTIONS MITIGATING VOLUME DECLINE € m unless otherwise stated PARCEL VOLUMES (M, PC) AVERAGE PARCEL TARIFF1 (€/PC) Q3 HIGHLIGHTS % delivered by 40% 45% 39% 43% ● Sustained parcel volume postal network
Slide 11: Financial Services
FINANCIAL SERVICES SUSTAINED INVESTMENT PORTFOLIO STRENGHT AND SOLID COMMERCIAL MOMENTUM € m unless otherwise stated GROSS REVENUES ADJUSTED EBIT1 & NET PROFIT Q3 HIGHLIGHTS Active Portfolio Management Net interest income Postal Savings Transaction Banking2 Consumer Loans Adjusted EBIT1 ● Investment
Slide 12: Group Client Total Financial Assets
GROUP CLIENT TOTAL FINANCIAL ASSETS TFAs SUPPORTED BY INVESTMENT PRODUCTS, DEPOSITS AND IMPROVING POSTAL SAVINGS OUTFLOWS € bn unless otherwise stated TFA EVOLUTION1 HIGHLIGHTS Postal Savings +4.5 +5.7 ● Strong net inflows in Deposits & other2,3 593 590 o.w. o.w. 601 investment products at [o.w reta
Slide 13: Insurance Services
INSURANCE SERVICES STRONG COMMERCIAL PERFORMANCE AND PROFITABILITY ACROSS LIFE & PROTECTION € m unless otherwise stated EXTERNAL REVENUES ADJUSTED EBIT1 & NET PROFIT Q3 HIGHLIGHTS +126 +101 ● Life Investments & Pension: Life Investments & +10% Adjusted EBIT1 +9% Pension i. Positive Life net flows dr
Slide 14: Contractual Service Margin Evolution
CONTRACTUAL SERVICE MARGIN EVOLUTION €13.7BN DRIVEN BY STRONG NEW BUSINESS – SUSTAINABLE PROFITABILITY GOING FORWARD € m unless otherwise stated, EoP figures +1,145 277 171.5 405 173.9 1,089 14,874 6.7 (626) 6.0 2.3 13,730 13,744 2.6 (1,130) Liabilities related to insurance contracts Liabilities rel
Slide 15: Solvency II
SOLVENCY II STRONG SII RATIO EMBEDDING 100% REMITTANCE RATIO % unless otherwise stated Q3 SOLVENCY II RATIO EVOLUTION1 Q3 HIGHLIGHTS ● Strong Solvency II ratio at 323 315 312 312% including the impact (4) 7 (6) of foreseeable dividend based on a 100% net profit remittance ● Foreseeable dividend more
Slide 16: Postepay Services
POSTEPAY SERVICES ECOSYSTEM DELIVERING SUSTAINABLE REVENUE AND PROFITABILITY GROWTH € m unless otherwise stated SEGMENT REVENUES1 ADJUSTED EBIT & NET PROFIT Q3 HIGHLIGHTS Adjusted EBIT +35 ● Continued ecosystem Energy +9% +54 Net profit revenue growth (+3% Y/Y) Payments +5% +24 ● Strong transaction
Slide 17: Human Capital – FTEs
HUMAN CAPITAL – FTEs CONTINUED WORKFORCE EVOLUTION WITH INCREASED PRODUCTIVITY AVERAGE WORKFORCE EVOLUTION (#, K) +1.0 118.4 119.1 119.3 (5.0) 6.0 (0.8) Sep-24 Dec-24 Turnover & Hirings Fixed term Sep-25 subsidised exits contracts Y/Y 9M-24 FY-24 9M-25 Value added/ +5% 84.5 85.8 88.8 FTEs (€ K) 1,2
Slide 18: Human Capital – HR Costs
HUMAN CAPITAL – HR COSTS HR COSTS REFLECTING HIGHER FTEs AND COMPENSATION – IMPROVING OPERATING LEVERAGE € m unless otherwise stated ORDINARY HR COSTS Ordinary HR costs / 41 39 revenues (%) +98 +2% 4,087 4,184 35 63 9M-24 ex. IFRS17 Δ FTEs Δ salary & 9M-25 ex. IFRS17 benefits, variable comp and othe
Slide 19: Non-HR Costs
NON-HR COSTS HIGHER COSTS TO SUPPORT BUSINESS GROWTH AND TRANSFORMATION € m unless otherwise stated NON-HR COSTS1 Variable costs / variable 62 64 revenues (%)2 Fixed COGS / total 10 10 revenues (%) +168 +5% 3,389 3,221 112 54 1 737 683 COGS D&A 2,652 o.w. 61% variable o.w. 59% variable 2,538 9M-24 e
Slide 20: Closing Remarks
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 ● RECORD 9M-25 REVENUES AT €9,640M (+4% Y/Y) – ALL BUSINESS UNITS CONTRIBUTING TO REVENUE GROWTH ● RECORD 9M-
Slide 21: Contents
CONTENTS Insurance EXECUTIVE SUMMARY Services Financial Services BUSINESS REVIEW Postepay Services APPENDIX Mail, Parcel & Distribution 21
Slide 22: Human Capital – HR Costs
HUMAN CAPITAL – HR COSTS HR COSTS REFLECTING HIGHER COMPENSATION € m unless otherwise stated ORDINARY HR COSTS Ordinary HR costs / 39 38 revenues (%) +15 +1% 1,312 1,326 (1) 16 Q3-24 ex. IFRS17 Δ FTEs Δ salary & Q3-25 ex. IFRS17 benefits, variable comp and other1 IFRS17 HR Costs 1,185 1,198 1. Unpai
Slide 23: Non-HR Costs
NON-HR COSTS HIGHER COSTS TO SUPPORT BUSINESS GROWTH AND TRANSFORMATION € m unless otherwise stated NON-HR COSTS1 Variable costs / variable 61 63 revenues (%)2 Fixed COGS / total 11 10 revenues (%) +48 +4% 1,131 1,083 16 (9) 40 235 251 COGS D&A 848 879 879 o.w. 61% variable o.w. 59% variable 848 Q3-
Slide 24: Strong Cash Generation, Ample Liquidity & Balanced Debt Profile
STRONG CASH GENERATION, AMPLE LIQUIDITY & BALANCED DEBT PROFILE GROUP FUNDS FROM OPERATIONS (9M-25 - € M) SIGNIFICANT LIQUIDITY RESOURCES (€ BN)1 2,421 5.9 (151) 59 741 1,773 3.8 2.1 Net D&A Δ Risk & Δ Other Funds from Group cash Undrawn Potential profit Charges Operations available credit lines liq
Slide 25: Mail, Parcel & Distribution Net Financial Position
MAIL, PARCEL & DISTRIBUTION NET FINANCIAL POSITION IMPROVING UNDERLYING CASH GENERATION – Y/Y IMPACT OF TIM STAKE ACQUISITION € m unless otherwise stated NET FINANCIAL POSITION (+CASH – DEBT) +1,098 Underlying (ex. IFRS16) NFP evolution (355) (1,259) 406 (309) 1,639 (1,453) (638) (1,614) • +40 Net i
Slide 26: Bancoposta Assets and Liabilities Structure
BANCOPOSTA ASSETS AND LIABILITIES STRUCTURE RETAIL AND PUBLIC ADMINISTRATION DEPOSITS UP € bn unless otherwise stated AVERAGE DEPOSITS AVERAGE INVESTMENT PORTFOLIO HIGHLIGHTS Italian government ● Retail deposits up y/y, bonds & Other4 assets yield driven by Deposits @ MEF Retail + Postepay +3 Var 9M
Slide 27: Unrealised Gains & Losses and Sensitivities
UNREALISED GAINS & LOSSES AND SENSITIVITIES STABLE FAIR VALUE OF BANCOPOSTA PORTFOLIO € m unless otherwise stated UNREALISED NET GAINS AND LOSSES PORTFOLIO SENSITIVITIES BTP swap Spread Fair Value (67) 156 (114) 701 652 +1 bp Reserve1 BTP swap Spread 67 68 -1 bp Swap Rate (72) (27) +1 bp Swap Rate 2
Slide 28: Postal Savings
POSTAL SAVINGS POSTAL SAVINGS NET INFLOWS SUPPORTED BY NEW COMMERCIAL INITIATIVES € m unless otherwise stated AVERAGE POSTAL SAVINGS1 POSTAL SAVINGS NET FLOWS (3,198) 873 Var 9M-25 Postal Savings 311,585 310,848 308,388 vs FY-24 books Postal Bonds 218,252 217,563 212,686 (2%) (772) 93,334 93,285 95,
Slide 29: Asset Management
ASSET MANAGEMENT AUM GROWTH SUPPORTED BY STRONG NET INFLOWS € m unless otherwise stated AVERAGE ASSETS UNDER MANAGEMENT1 AUM1 EVOLUTION - EOP Balanced & Flexible +5,102 Bond & Cash +15% Equity Unit linked & +8,303 36,494 multiclass Class III +29% 636 39,247 4,466 29,393 28,191 18,936 34,145 13,617 1
Slide 30: Asset Management Net Inflows
ASSET MANAGEMENT NET INFLOWS STRONG NET INFLOWS DRIVEN BY MULTICLASS PRODUCTS AND MUTUAL FUNDS € m unless otherwise stated TOTAL NET FLOWS 9M-25 6,938 MULTICLASS CLASS III & UNIT LINKED Gross Inflows 3,165 2,472 Outflows 842 Net Flows 2,323 MUTUAL FUNDS Gross Inflows 2,510 4,466 Outflows 1,630 Net F
Slide 31: Bancoposta: Solid and Efficient Capital Position
BANCOPOSTA: SOLID AND EFFICIENT CAPITAL POSITION STRONG BALANCE SHEET LEVERAGE RATIO (%) TOTAL CAPITAL RATIO (%) CET1 CET1 ratio AT1 AT1 ratio 3.3 3.3 3.2 24.3 24.0 22.6 0.5 0.5 3.5 3.5 0.5 3.2 2.8 2.8 20.8 20.5 2.7 19.4 Sep-24 Dec-24 Sep-25 Sep-24 Dec-24 Sep-25 BALANCE SHEET EXPOSURE (€ BN) 93.7 95
Slide 32: Insurance Services: Solvency II Evolution
INSURANCE SERVICES SOLVENCY II EVOLUTION Q4 – 24 Q1 – 25 Q2 – 25 Q3 – 25 322 323 (7) 315 (3) 2 (5) 312 (17) 18 13 (11) 305 Sep-24 Δ Own Δ SCR Dec-24 Δ Own Δ SCR Mar-25 Δ Own Δ SCR Jun-25 Δ Own Δ SCR Sep-25 funds funds funds funds SWAP (BP) 235 236 266 261 268 BTP-SWAP SPREAD (BP) 111 116 121 87 86 V
Slide 33: Solvency II Ratio Sensitivities
SOLVENCY II RATIO SENSITIVITIES WELL ABOVE RISK TOLERANCE AND MANAGERIAL AMBITION UNDER SIMULATED SCENARIOS % unless otherwise stated Q3 HIGHLIGHTS ● Solvency II ratio sensitivity to Impact on BTP-Swap spread (+100bps): SII ratio at Sep-25 312 SII ratio ● (129) p.p. as of Dec-20 ● (98) p.p. as of De
Slide 34: Solvency II Own Funds Tiering and Capital Requirements
INSURANCE SERVICES SOLVENCY II OWN FUNDS TIERING AND SOLVENCY CAPITAL REQUIREMENTS € m unless otherwise stated SOLVENCY II CAPITAL AND SOLVENCY II CAPITAL REQUIREMENT BREAKDOWN 14,279 2,012 Tier 2 Tier 1 + RT 1 (1,650) 5,230 703 4,576 12,266 4,429 (1,357) 1,774 678 Market Counterparty Underw. Divers
Slide 35: Insurance Services GWP
INSURANCE SERVICES GWP SOLID COMMERCIAL ACTIVITY – STRONG GROWTH ACROSS LI&P AND PROTECTION € m unless otherwise stated LIFE INVESTMENTS & PENSION PROTECTION TOTAL +311 Segregated funds +7% Life Investments +346 products (class I-V, 4,876 Health & Property1,2 & Pension +7% 5,136 Pension) 4,565 198 C
Slide 36: Insurance Services Technical Provisions
INSURANCE SERVICES TECHNICAL PROVISIONS GROWTH DRIVEN BY POSITIVE NET FLOWS AND PERFORMANCE € bn unless otherwise stated TOTAL INSURANCE TECHNICAL PROVISIONS1 LI&P TECHNICAL PROVISIONS EVOLUTION1 Protection +5.0 Segregated fund +3% +3.2 & Pension (LI&P) +2% Life Investments products (class I-V, Pens
Slide 37: Insurance Services LI&P Net Inflows
INSURANCE SERVICES LI&P NET INFLOWS INFLOWS IN MULTICLASS & UNIT LINKED PRODUCTS COMPENSATING SEGREGATED FUNDS OUTFLOWS € m unless otherwise stated TOTAL NET FLOWS Q3-25 4,876 MULTICLASS & UNIT LINKED1 Gross written premiums 3,680 Outflows 652 Net Flows 3,027 4,594 SEGREGATED FUNDS PRODUCTS (CLASS I
Slide 38: Insurance Services Investment Portfolio
INSURANCE SERVICES STABLE AND DIVERSIFIED INVESTMENT PORTFOLIO INVESTMENT PORTFOLIO BREAKDOWN1 BOND PORTFOLIO BREAKDOWN BY COUPON TYPE Fixed Floating Total investment • HY: 4% Inflation linked portfolio • EM: 3% (€ bn) • Equity: 1% • Private Debt: 2% 5% 150.4 150.1 149.4 • RE: 2% • Infrastructure: 1
Slide 39: Reclassifications
RECLASSIFICATIONS ADJUSTED EBIT AND ENERGY Q3-24 Q3-25 MAIL, PARCEL & FINANCIAL INSURANCE CONSOLIDATED MAIL, PARCEL & FINANCIAL INSURANCE CONSOLIDATED € m unless otherwise DISTRIBUTION SERVICES SERVICES ACCOUNTS DISTRIBUTION SERVICES SERVICES ACCOUNTS stated EBIT Reported 87 222 330 770 70 258 368 8
Slide 40: Postepay Services
POSTEPAY SERVICES STEADY INCREASE ACROSS KEY METRICS CARD STOCK1 (# M) TOTAL CARD TRANSACTIONS (# M)2 (1.5) +111 (5%) +14% Postepay cards 30.2 29.8 28.7 820 882 Debit cards 771 7.4 7.4 7.5 22.7 22.4 21.2 Sep-24 Dec-24 Sep-25 Q3-24 Q4-24 Q3-25 Postepay Of which 10.4 +3% 10.7 171 +18% 202 Evolution st
Slide 41: Poste Italiane Digital Footprint
POSTE ITALIANE DIGITAL FOOTPRINT KEY METRICS CONSTANTLY IMPROVING APP USERS STICKINESS1 (%) DAILY DIGITAL INTERACTIONS2 (# M) Temporarily impacted by +1.2 -0.3pp switch to SuperApp +12% (SuperApp user stickiness 24.4 24.6 24.1 27.3% as of Q3-25) 11.3 10.1 10.4 Q3-24 FY-24 Q3-25 Sep-24 FY-24 Sep-25 D
Slide 42: Postepay Payments Transaction Value
POSTEPAY PAYMENTS TRANSACTION VALUE STEADY INCREASE IN E-COMMERCE TRANSACTIONS POSTEPAY ISSUING TRANSACTION VALUE (BASE 100)1 +9% 9M growth Y/Y o.w. e-commerce 318 313 297 +10% 282 288 +17% 273 269 267 CAGR 260 257 241 248 237 225 220 205 201 185 190 167 169 159 138 135 141 123 116 128 113 100 108 +
Slide 43: Intersegment Costs as of Q3-25
INTERSEGMENT COSTS AS OF Q3-25 INTERSEGMENT DYNAMICS KEY DRIVERS MAIN INDICATIVE MAIN € m unless otherwise stated RATIONALE REMUNERATION SCHEME Q3-24 Q3-25 • Postepay Services remunerates: a) Annual fee and number of payment a) Mail, Parcel and Distribution for providing IT, delivery volume, promoti
Slide 44: ESG Key Achievements in 9M 2025
ESG KEY ACHIEVEMENTS IN 9M 2025 DELIVERING INTEGRATED ESG TARGETS FOR A LONG-TERM SUSTAINABLE GROWTH ENVIRONMENTAL1 SOCIAL • Confirmed the Fleet Renewal Plan with c.6.2k electric • Polis project on track, with c.4,400 post offices and c.108 vehicles and >29k other low-emission vehicles; confirmed IN
Slide 45: Consolidated Accounts
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
Slide 46: Consolidated Accounts – Segment View
CONSOLIDATED ACCOUNTS – SEGMENT VIEW 9M-25 PROFIT & LOSS Mail, Parcels & Financial Insurance Postepay Adjustments & €m Total Distribution Services Services Services eliminations1 External Revenues 2,843 4,234 1,352 1,211 0 9,640 Intersegment Revenues 4,248 756 (152) 213 (5,066) 0 2 Total revenues 7,
Slide 47: Mail, Parcel & Distribution Profit & Loss
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
Slide 48: Financial Services Profit & Loss
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 w
Slide 49: Insurance Services Profit & Loss
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%)
Slide 50: Postepay Services Profit & Loss
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 personne
Slide 51: Disclaimer
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