Poste Italiane Spa · MIL:PST
Poste Italiane Spa — Q1 2026 Earnings Presentation
58 slides from Poste Italiane Spa's earnings presentation, May 7, 2026
Slide 1: Poste Italiane Q1-26 Financial Results
POSTE ITALIANE Q1-26 FINANCIAL RESULTS 7 MAY 2026 THE CONNECTING PLATFORM
Slide 2: Contents
CONTENTS Insu ran ce EXECUTIVE SUMMARY Services Fin an ci al Services TIM OFFER UPDATE FINANCIAL RESULTS v Pos tepa y Services APPENDIX M ai l, Pa rcel & Dis tri butio n 2
Slide 3: Executive Summary
EXECUTIVE SUMMARY THE LARGEST ITALIAN PLATFORM COMPANY ● RECORD FIRST QUARTER REVENUES AT €3,455M (+8% Y/Y) – HEALTHY GROWTH ACROSS ALL BUSINESS UNITS ● RECORD Q1 PROFITABILITY WITH ADJUSTED EBIT AT €905M, UP 14% Y/Y, EFFECTIVELY MANAGING COST BASE IN AN INFLATIONARY ENVIRONMENT – NET PROFIT AT €617
Slide 4: TIM Offer Update
TIM OFFER UPDATE THE PERFECT FIT ACCELERATING FUTURE PLATFORM GROWTH THROUGH TECH LEADERSHIP ● STRENGTHENED CONVICTION ON STRATEGIC RATIONALE AND FIT WITH OUR PLATFORM BUSINESS MODEL LEADING TO DECISION TO PURSUE FULL CONTROL - €1.5BN IMPLIED CAPITAL GAIN ON INITIAL INVESTMENT (27% STAKE ON ORDINARY
Slide 5: Q1-26 Results Overview
Q1-26 RESULTS OVERVIEW STRONG REVENUE PROGRESSION DRIVES DOUBLE DIGIT ADJUSTED EBIT GROWTH € m unless otherwise stated Q1-25 Q1-26 VAR. Δ% REVENUES1 3,198 3,455 +257 +8% ADJUSTED EBIT 796 905 +109 +14% NET PROFIT 5972 6173 +20 +3% (ex. TIM stake) 1. Revenues are restated net of commodity price and p
Slide 6: External Revenues
EXTERNAL REVENUES ALL BUSINESS UNITS CONTRIBUTING TO HEALTHY REVENUE PROGRESSION € m unless MAIL, PARCEL & DISTRIBUTION FINANCIAL SERVICES otherwise stated +149 +11% +54 1,557 +6% 1,409 949 1,003 Q1-25 Q1-26 Q1-25 Q1-26 INSURANCE SERVICES POSTEPAY SERVICES +27 +6% +27 469 +7% 442 398 425 Q1-25 Q1-26
Slide 7: Adjusted EBIT by Segment
ADJUSTED EBIT BY SEGMENT PROFITABILITY BENEFITTING FROM REVENUE GROWTH AND EFFECTIVE COST MANAGEMENT € m unless MAIL, PARCEL & DISTRIBUTION FINANCIAL SERVICES otherwise stated +18 +71% +58 43 +22% 318 25 260 Q1-25 Q1-26 Q1-25 Q1-26 INSURANCE SERVICES POSTEPAY SERVICES +13 +4% +20 378 392 +15% 153 13
Slide 8: Poste Italiane Platform at Work
POSTE ITALIANE PLATFORM AT WORK PLATFORM EFFECT DRIVING SUSTAINABLE VALUE CREATION HIGHLIGHTS OPERATIONAL KPIs FINANCIAL KPIs IT E-Commerce Payments revenues (€bn) NII from PPS clients Payments balances (€bn) Transaction value ● Italy’s largest payments ecosystem market share +19% CAGR ● Leading dig
Slide 9: Contents: TIM Offer Update
CONTENTS TIM OFFER UPDATE Insu ran ce EXECUTIVE SUMMARY Services Fin an ci al Services TIM OFFER UPDATE FINANCIAL RESULTS v Pos tepa y Services APPENDIX M ai l, Pa rcel & Dis tri butio n 9
Slide 10: Poste Italiane+TIM: The Perfect Strategic Fit Enabling Future Growth
POSTE ITALIANE+TIM: THE PERFECT STRATEGIC FIT ENABLING FUTURE GROWTH UNMATCHED PLATFORM COMPANY AND NATIONAL TECH CHAMPION SUPPORTED BY FINANCIAL ENGINE Logistics & Distribution Financial & Insurance Connectivity & Technology ● Incumbent mail operator, entrusted with USO ● 600+bn TFAs2 ● Consumer: L
Slide 11: SuperApp to Seamlessly Integrate TIM Consumer Offer
SUPERAPP TO SEAMLESSLY INTEGRATE TIM CONSUMER OFFER ACCELERATING PLATFORM FLYWHEEL EFFECT - EASIER TO SELL 1 MORE PRODUCTS THAN WINNING 1 NEW CLIENT AI ORCHESTRATOR MULTI PRODUCT Italian App for Daily No1 Active Users (4.2m)1 CUSTOMERS4 (≥2 PRODUCTS) % of total Y/Y growth Top ranked2 Remote & 78% +3
Slide 12: Significant Shareholders Value Creation
SIGNIFICANT SHAREHOLDERS VALUE CREATION ACCRETION ON KEY FINANCIAL METRICS - LOW LEVERAGE • Ongoing in-depth analysis – supported by Tier-1 global €0.7bn consultancy firm – confirming €0.7bn synergies estimates: Total Synergies SYNERGIES o €0.5bn from cost efficiencies €4.4bn o €0.2bn of EBIT genera
Slide 13: Incremental Revenue Generation and Cost Efficiencies
INCREMENTAL REVENUE GENERATION AND COST EFFICIENCIES ONGOING IN-DEPTH ANALYSIS CONFIRMING €0.7BN RUN-RATE PRE-TAX SYNERGIES Consumer & Small Poste Telco - TIM consumer merger, adding a premium/upmarket connectivity brand to the platform EBIT FROM Drive cross/up-selling through the largest domest
Slide 14: Attractive Proposition: 17% True Premium for TIM Shareholders
ATTRACTIVE PROPOSITION: 17% TRUE PREMIUM FOR TIM SHAREHOLDERS UP TO >50% ON UNENCUMBERED AVERAGE PRICES €bn unless otherwise stated True Premium (G+C)/A – 1 On spot price 16.8% pro-forma market cap based on On 6M VWAP 26.8% spot prices1 in all scenarios On 12M VWAP 54.3% 2.8 4.4 39.5 28.0 9.2 9.9 8.
Slide 15: Fully on Track on Transaction Timeline
FULLY ON TRACK ON TRANSACTION TIMELINE POSTE ITALIANE STANDALONE PLAN TO BE RELEASED ON JULY 24 TH WITH Q2/H1-26 RESULTS 22 March Deal announcement and Poste Italiane Notice pursuant to Art. 102 10 April Exchange and Cash Offer Document filing and regulatory filings 18 June EGM for capital increase
Slide 16: Contents: Financial Results
CONTENTS FINANCIAL RESULTS Insu ran ce EXECUTIVE SUMMARY Services Fin an ci al Services TIM OFFER UPDATE FINANCIAL RESULTS v Pos tepa y Services APPENDIX M ai l, Pa rcel & Dis tri butio n 16
Slide 17: Mail, Parcel & Distribution
MAIL, PARCEL & DISTRIBUTION ACCELERATING PARCEL & LOGISTICS REVENUE GROWTH – RESILIENT MAIL € m unless otherwise stated EXTERNAL REVENUES ADJUSTED EBIT Q1 HIGHLIGHTS ● Acceleration of Parcel and Logistics revenue growth Parcel & logistics driven by parcel market Mail +54 share gains across a Other1
Slide 18: Mail, Parcel & Distribution: Volumes and Pricing
MAIL, PARCEL & DISTRIBUTION: VOLUMES AND PRICING STRONG PARCEL VOLUME GROWTH – MAIL PRICING MITIGATING VOLUME DECLINE € m unless otherwise stated PARCEL VOLUMES (M, PC) AVERAGE PARCEL TARIFF (€/PC) Q1 HIGHLIGHTS % delivered by 40% 43% ● Strong parcel volume postal network growth benefiting from (0.1
Slide 19: Financial Services
FINANCIAL SERVICES INVESTMENT PORTFOLIO STRENGTH AND SOLID COMMERCIAL PERFORMANCE € m unless otherwise stated GROSS REVENUES ADJUSTED EBIT & NET PROFIT Q1 HIGHLIGHTS Active Portfolio Management Net interest income Postal Savings Transaction Banking1 Consumer Loans distribution 2 Adjusted EBIT ● NII
Slide 20: Group Client Total Financial Assets
GROUP CLIENT TOTAL FINANCIAL ASSETS TFAs SUPPORTED BY INVESTMENT PRODUCTS, DEPOSITS AND IMPROVING POSTAL SAVINGS NET FLOWS € bn unless otherwise stated TFA EVOLUTION1 HIGHLIGHTS Postal Savings +4.4 +0.9 ● Strong net inflows in Deposits & other2,3 596 600 o.w. o.w. 606 investment products at [o.w ret
Slide 21: Insurance Services
INSURANCE SERVICES SOLID PROFITABILITY GROWTH ACROSS LIFE & PROTECTION € m unless otherwise stated EXTERNAL REVENUES ADJUSTED EBIT & NET PROFIT Q1 HIGHLIGHTS ● Life Investments & Pension: Life Investments & Adjusted EBIT Pension i. Strong Life net inflows with Protection Net profit +13 significant c
Slide 22: Contractual Service Margin Evolution
CONTRACTUAL SERVICE MARGIN EVOLUTION €13.8BN DRIVEN BY STRONG NEW BUSINESS – SUSTAINABLE PROFITABILITY GOING FORWARD € m unless otherwise stated, +499 EoP figures 119 186 14,163 176.3 368 176.3 6.3 (173) 6.5 13,775 3.3 13,663 (389) 3.8 150.4 Liabilities related to insurance contracts Liabilities rel
Slide 23: Solvency II
SOLVENCY II STRONG SII RATIO EMBEDDING 100% REMITTANCE RATIO % unless otherwise stated Q1 SOLVENCY II RATIO EVOLUTION1 Q1 HIGHLIGHTS ● Strong Solvency II ratio at 305 303 294 294% including the impact (9) 6 (6) of foreseeable dividend – based on 100% net profit ● Foreseeable dividend more than compe
Slide 24: Postepay Services
POSTEPAY SERVICES CONTINUED SOLID REVENUE AND EBIT PROGRESSION AHEAD OF INTEGRATION INTO FINANCIAL HUB € m unless otherwise stated SEGMENT REVENUES ADJUSTED EBIT & NET PROFIT Q1 HIGHLIGHTS Adjusted EBIT ● Solid payments revenue Energy Net profit +20 growth (+5% Y/Y) driven by Payments +27 +15% • Tra
Slide 25: Focus on Poste Italiane Telco Business: Key Figures and Positioning
FOCUS ON POSTE ITALIANE TELCO BUSINESS: KEY FIGURES AND POSITIONING LOYAL CUSTOMER BASE, STABLE REVENUES AND IMPROVING PROFITABILITY FY-24 FY-25 Q1-26 ● Launched in 2007 as MVNO mobile business ● Currently n.5 player in Italy with a c.6% 1,2 Mobile 4.4m 4.5m 4.5m # CLIENTS market share in mobile and
Slide 26: Human Capital – FTEs
HUMAN CAPITAL – FTEs CONTINUED WORKFORCE EVOLUTION WITH INCREASED PRODUCTIVITY AVERAGE WORKFORCE EVOLUTION (#, K) (0.6) 120.0 119.8 119.4 (3.8) 5.5 (2.0) Mar-25 Dec-25 Turnover & Hirings Fixed term Mar-26 subsidised exits contracts Y/Y Q1-25 FY-25 Q1-26 Value added/ +7% 87 90 93 FTEs (€ K) 1,2 HR co
Slide 27: Human Capital – HR Costs
HUMAN CAPITAL – HR COSTS HR COSTS REFLECTING HIGHER VARIABLE COMPENSATION AND LABOUR AGREEMENT SALARY INCREASE € m unless otherwise stated ORDINARY HR COSTS Ordinary HR costs / 41 39 revenues (%) +21 +1% 1,434 1,455 (2) 23 Q1-25 ex. IFRS17 Δ FTEs Δ salary & Q1-26 ex. IFRS17 benefits, variable comp a
Slide 28: Non-HR Costs
NON-HR COSTS HIGHER COSTS RELATED TO BUSINESS GROWTH AND ONE-OFF ITEMS € m unless otherwise stated NON-HR COSTS1 Variable costs / variable 65 66 revenues (%)2 Fixed COGS / total 10 10 revenues (%) +116 +10% 1,242 1,126 66 18 32 266 248 COGS D&A 878 976 o.w. 62% variable o.w. 61% variable Q1-25 ex. I
Slide 29: Closing Remarks
CLOSING REMARKS THE LARGEST ITALIAN PLATFORM COMPANY ● RECORD FIRST QUARTER REVENUES AT €3,455M (+8% Y/Y) – HEALTHY GROWTH ACROSS ALL BUSINESS UNITS ● RECORD Q1 PROFITABILITY WITH ADJUSTED EBIT AT €905M, UP 14% Y/Y, EFFECTIVELY MANAGING COST BASE IN AN INFLATIONARY ENVIRONMENT – NET PROFIT AT €617M1
Slide 30: Contents: Appendix
CONTENTS APPENDIX Insu ran ce EXECUTIVE SUMMARY Services Fin an ci al Services TIM OFFER UPDATE FINANCIAL RESULTS v Pos tepa y Services APPENDIX M ai l, Pa rcel & Dis tri butio n 30
Slide 31: Strong Cash Generation, Ample Liquidity & Balanced Debt Profile
STRONG CASH GENERATION, AMPLE LIQUIDITY & BALANCED DEBT PROFILE GROUP FUNDS FROM OPERATIONS (Q1-26 - € M) SIGNIFICANT LIQUIDITY RESOURCES (€ BN)1 882 6.4 (29) 27 267 617 3.8 2.6 Net profit D&A Δ Risk & Δ Other Funds from Group cash Undrawn Potential (ex. TIM stake) Charges Operations available credi
Slide 32: Mail, Parcel & Distribution Net Financial Position
MAIL, PARCEL & DISTRIBUTION NET FINANCIAL POSITION UNDERLYING NET FINANCIAL POSITION IMPROVING € m unless otherwise stated NET FINANCIAL POSITION (+CASH – DEBT) Underlying (ex. IFRS16) NFP evolution +341 0 196 (276) 654 (1,806) (1,806) (2,148) (232) • +11 Net income MP&D (ex.TIM stake) • +186 D&A ca
Slide 33: Bancoposta Assets and Liabilities Structure
BANCOPOSTA ASSETS AND LIABILITIES STRUCTURE GROWING RETAIL DEPOSITS € bn unless otherwise stated AVERAGE DEPOSITS AVERAGE INVESTMENT PORTFOLIO HIGHLIGHTS ● Retail deposits up y/y, assets yield driven by Retail + Postepay +4 Italian government +4 BTP portfolio – liabilities Var Q1-26 Var Q1-26 Corpor
Slide 34: Unrealised Gains & Losses and Sensitivities
UNREALISED GAINS & LOSSES AND SENSITIVITIES NET UNREALISED LOSSES NOT IMPACTING BANCO POSTA CAPITAL POSITION € m unless otherwise stated UNREALISED NET GAINS AND LOSSES PORTFOLIO SENSITIVITIES BTP swap Spread Fair Value (70) 701 652 1,263 407 +1 bp Reserve1 BTP swap Spread 70 1,537 -1 bp Swap Rate (
Slide 35: Postal Savings
POSTAL SAVINGS IMPROVING NET FLOWS Y/Y SUPPORTED BY COMMERCIAL INITIATIVES € m unless otherwise stated AVERAGE POSTAL SAVINGS 1 POSTAL SAVINGS NET FLOWS 1,367 565 Postal Savings 310,331 308,039 311,698 Var Q1-26 vs FY-25 books Postal Bonds 214,833 212,296 214,670 +1% (2,388) 95,498 95,743 97,028 +1%
Slide 36: Asset Management
ASSET MANAGEMENT AUM GROWTH SUPPORTED BY STRONG NET INFLOWS € m unless otherwise stated AVERAGE ASSETS UNDER MANAGEMENT1 AUM1 EVOLUTION - EOP Balanced & Flexible +1,271 Bond & Cash +3% Equity +7,734 Unit linked & +22% 42,628 multiclass Class III (867) 37,696 43,034 34,894 2,137 23,981 41,764 19,990
Slide 37: 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 Q1-26 3,230 MULTICLASS CLASS III & UNIT LINKED Gross Inflows 1,142 1,093 Outflows 369 Net Flows 772 MUTUAL FUNDS Gross Inflows 1,183 2,137 Outflows 724 Net Flows
Slide 38: 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 24.4 3.2 23.3 23.1 0.5 0.5 3.4 0.4 3.4 3.3 2.8 2.8 20.0 19.8 20.9 2.8 Mar-25 Dec-25 Mar-26 Mar-25 Dec-25 Mar-26 BALANCE SHEET EXPOSURE (€ BN) 96.2 98
Slide 39: Insurance Services: Solvency II Evolution
INSURANCE SERVICES 1 SOLVENCY II EVOLUTION Q2 – 25 Q3 – 25 Q4 – 25 Q1 – 26 (3) 315 312 2 (5) 305 13 303 (23) (7) 294 14 (2) Mar-25 Δ Own Δ SCR Jun-25 Δ Own Δ SCR Sep-25 Δ Own Δ SCR Dec-25 Δ Own Δ SCR Mar-26 funds funds funds funds SWAP (BP) 266 261 268 293 307 BTP-SWAP SPREAD (BP) 121 87 86 62 84 V.
Slide 40: Solvency II Ratio Sensitivities
SOLVENCY II RATIO SENSITIVITIES WELL ABOVE RISK TOLERANCE AND MANAGERIAL AMBITION UNDER SIMULATED SCENARIOS % unless otherwise stated Q1 HIGHLIGHTS ● Solvency II ratio sensitivity to Impact on BTP-Swap spread (+100bps): SII ratio at Mar-26 294 SII ratio ● (129) p.p. as of Dec-20 ● (98) p.p. as of De
Slide 41: Insurance Services: Solvency II Own Funds Tiering and SCR
INSURANCE SERVICES 2 SOLVENCY II OWN FUNDS TIERING AND SOLVENCY CAPITAL REQUIREMENTS € m unless otherwise stated SOLVENCY II CAPITAL AND SOLVENCY II CAPITAL REQUIREMENT BREAKDOWN 12,899 1,761 Tier 2 Tier 1 + RT 1 (1,645) 4,983 696 4,385 11,138 4,081 (1,293) 1,928 619 Market Counterparty Underw. Dive
Slide 42: Insurance Services GWP
INSURANCE SERVICES GWP SOLID COMMERCIAL ACTIVITY – CONTINUED PROTECTION GROWTH € m unless otherwise stated LIFE INVESTMENTS & PENSION PROTECTION TOTAL (438) (7%) Life Investments (417) Segregated funds products (class I-V, 5,950 Health & Property1,2 & Pension (7%) 5 6,321 Pension) 5,512 Credit prote
Slide 43: Insurance Services Technical Provisions
INSURANCE SERVICES TECHNICAL PROVISIONS GROWTH DRIVEN BY POSITIVE NET FLOWS AND PERFORMANCE € bn unless otherwise stated LIFE INSURANCE TECHNICAL PROVISIONS1 LI&P TECHNICAL PROVISIONS EVOLUTION1 +6.1 Life Protection Segregated fund +4% +1.2 & Pension (LI&P) +1% Life Investments products (class I-V,
Slide 44: 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 Q1-26 5,512 MULTICLASS & UNIT LINKED2 Gross written premiums 4,041 Outflows 750 Net Flows 3,292 4,451 SEGREGATED FUNDS PRODUCTS (CLASS I
Slide 45: Stable and Diversified Investment Portfolio
INSURANCE SERVICES 3 STABLE AND DIVERSIFIED INVESTMENT PORTFOLIO INVESTMENT PORTFOLIO BREAKDOWN 1 BOND PORTFOLIO BREAKDOWN BY COUPON TYPE Total investment portfolio (€ bn) Fixed Floating • HY: 4% Inflation linked • EM: 4% • Equity: 1% 150.0 • Private Debt: 2% 5% 149.6 149.6 • RE: 2% • Infrastructure
Slide 46: Postepay Services: Steady Increase Across Key Metrics
POSTEPAY SERVICES 1 STEADY INCREASE ACROSS KEY METRICS CARD STOCK1 (# M) TOTAL CARD TRANSACTIONS (# M)2 +0.6 +106 +2% +14% Postepay cards 28.2 30.2 28.8 908 854 Debit cards 7.5 748 7.5 7.6 20.7 22.7 21.2 Mar-25 Dec-25 Mar-26 Q1-25 Q4-25 Q1-26 Postepay Of which Evolution stock 10.5 +3% 10.9 e-commerc
Slide 47: Poste Italiane Digital Footprint
POSTE ITALIANE DIGITAL FOOTPRINT KEY METRICS CONSTANTLY IMPROVING DAILY ACTIVE USERS1 (# M) DAILY DIGITAL INTERACTIONS2 (# M) +0.4 +0.4 +11% +4% 3.7 3.9 4.2 11.2 11.5 11.7 Q1-25 FY-25 Q1-26 Q1-25 FY-25 Q1-26 DAILY DIGITAL TRANSACTIONS & SALES3 (# M) SPID - DIGITAL IDENTITIES ISSUED (# M) +0.4 +1.2 +
Slide 48: Postepay Payments Transaction Value
POSTEPAY PAYMENTS TRANSACTION VALUE STEADY INCREASE IN E-COMMERCE TRANSACTIONS POSTEPAY ISSUING TRANSACTION VALUE (BASE 100)1 o.w. e-commerce 300 273 +10% 257 +15% CAGR 237 201 169 135 116 100 +13% 93 105 72 84 51 59 22 28 36 Q1-18 Q1-19 Q1-20 Q1-21 Q1-22 Q1-23 Q1-24 Q1-25 Q1-26 1. Refers to PostePa
Slide 49: Intersegment Costs as of Q1-26
INTERSEGMENT COSTS AS OF Q1-26 INTERSEGMENT DYNAMICS KEY DRIVERS MAIN INDICATIVE MAIN € m unless otherwise stated RATIONALE REMUNERATION SCHEME Q1-25 Q1-26 • Postepay Services remunerates: a) Mail, Parcel and Distribution for providing IT, delivery volume, promoting and a) Annual fee and volumes fee
Slide 50: ESG Key Achievements in Q1 2026
ESG KEY ACHIEVEMENTS IN Q1 2026 PROGRESSING ON OUR ESG PRIORITIES TO CREATE SUSTAINABLE LONG-TERM VALUE STRONG ESG REPUTATION ENVIRONMENTAL SOCIAL INCLUDED IN MOST RELEVANT INDICES AND RATINGS • c.30k next-generation lower-emission • Polis project on track: c.5.3k Post Offices vehicles, including c.
Slide 51: Reclassifications
RECLASSIFICATIONS ADJUSTED EBIT, ENERGY AND NET PROFIT Q1-25 Q1-26 € m unless MAIL, PARCEL & FINANCIAL INSURANCE CONSOLIDATED MAIL, PARCEL & FINANCIAL INSURANCE CONSOLIDATED otherwise stated DISTRIBUTION SERVICES SERVICES ACCOUNTS DISTRIBUTION SERVICES SERVICES ACCOUNTS EBIT Reported 25 256 363 777
Slide 52: Consolidated Accounts
CONSOLIDATED ACCOUNTS PROFIT & LOSS €m Q1-25 Q1-26 Var. Var. % Total revenues 3,198 3,455 +257 +8% of which: Mail, Parcel and Distribution 949 1,003 +54 +6% Financial Services 1,409 1,557 +149 +11% Insurance Services 442 469 +27 +6% Postepay Services 398 425 +27 +7% Total costs 2,401 2,550 +148 +6%
Slide 53: Consolidated Accounts – Segment View
CONSOLIDATED ACCOUNTS – SEGMENT VIEW Q1-26 PROFIT & LOSS Mail, Parcels & Financial Insurance Postepay Adjustments & €m Total Distribution Services Services Services eliminations1 External Revenues 1,003 1,557 469 425 0 3,455 Intersegment Revenues 1,524 254 (63) 71 (1,786) 0 Total revenues 2,527 1,81
Slide 54: Mail, Parcel & Distribution Profit & Loss
MAIL, PARCEL & DISTRIBUTION 1 PROFIT & LOSS €m Q1-25 Q1-26 Var. Var. % Segment revenue 949 1,003 +54 +6% Intersegment revenue 1,421 1,524 +103 +7% Total revenues 2,370 2,527 +157 +7% Personnel expenses 1,395 1,416 +20 +1% of which personnel expenses 1,394 1,411 +16 +1% of which early retirement ince
Slide 55: Financial Services Profit & Loss
FINANCIAL SERVICES 1 PROFIT & LOSS €m Q1-25 Q1-26 Var. Var. % Segment revenue 1,409 1,557 +149 +11% Intersegment revenue 261 254 (7) (3%) Total revenues 1,670 1,812 +142 +8% Personnel expenses 14 14 +1 +4% of which personnel expenses 14 14 +1 +5% of which early retirement incentives 0 0 (0) (94%) Ot
Slide 56: Insurance Services Profit & Loss
INSURANCE SERVICES 4 PROFIT & LOSS €m Q1-25 Q1-26 Var. Var. % Segment revenue 442 469 +27 +6% Intersegment revenue (53) (63) (11) (20%) Total revenues 389 406 +17 +4% Personnel expenses 3 4 +1 +20% of which personnel expenses 3 4 +1 +20% of which early retirement incentives 0 0 +0 n.m. Other operati
Slide 57: Postepay Services Profit & Loss
POSTEPAY SERVICES 2 PROFIT & LOSS €m Q1-25 Q1-26 Var. Var. % Segment revenue 398 425 +27 +7% Intersegment revenue 71 71 (0) (0%) Total revenues 469 496 +27 +6% Personnel expenses 16 16 +0 +0% of which personnel expenses 16 16 +0 +0% Other operating costs 174 182 +8 +4% Depreciation, amortisation and
Slide 58: 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