Materiality analysis

In order to identify the material sustainability issues to be reported in the Poste Italiane Group's 2025 Consolidated Sustainability Statement and to verify the robustness and methodological consistency of the Double Materiality Analysis process conducted by the Group in 2024, Poste Italiane has carried out a preliminary context analysis of the Group's operations and its upstream and downstream value chain, aimed at investigating specific activities, commercial relationships, geographical areas or other factors presenting a high risk of negative impacts, at the level of topics, subtopics and sub-sub-topics, as well as specific entities material to the Group. This analysis was supplemented with the findings of a desk analysis with respect to reference best practices and regulatory context, which took into account the company's strategic objectives as well as the interests expressed by stakeholders in the 2025 materiality analysis cycle.

Starting from the 2024 assessment, the previously performed reconciliation of the Poste Italiane Group's impacts to the sustainability issues considered by the ESRS Standards (topic, sub-topic, sub-sub-topics) and to additional entity-specific issues was confirmed. Subsequently, in order to define the list of potentially relevant impacts for 2025, these impacts were reviewed and updated in order to both ensure comprehensive coverage of all topics, sub-topics and sub-sub-topics potentially relevant to the Group, and to streamline them to provide a clearer and more straightforward reading of them in order to promote continuous improvement. The potentially relevant impacts were then classified according to their nature, distinguishing between positive or negative, actual or potential. Subsequently, the scope of the impacts along the value chain was defined, distinguishing between upstream, own operations and downstream, and assigning the relevant Strategic Business Unit (SBU) to each of them. Finally, the time horizons within which each impact manifests its effects have been established, divided into short term (within 1 year), medium term (within the plan period, between 2 and 5 years) and long term (beyond the plan period, more than 5 years).

In order to identify risks and opportunities, first an analysis of the Group's relevant activities was carried out, consistent with the 2025 Double Materiality Analysis cycle, and then proceeded to relate them to the sustainability-related topics, subtopics and sub-sub-topics contemplated in ESRS 1. In particular, the assessment of strategic risks, carried out in relation to Poste Italiane's various Business Units, was performed paying particular attention to the context, also in consideration of the targets set in line with the country's general objectives for a sustainable economic recovery, as well as the current market scenarios also resulting from geo-political tensions. This activity was also carried out in accordance with the company's ESG and strategic performance objectives.

In addition, the analysis of emerging risks and opportunities with potential impacts on the Poste Italiane Group's strategies was carried out by identifying trends from exogenous factors, potential significant impacts for Poste Italiane Group (by indicating SBUs, risk categories, sustainability pillars and potentially impacted financial and non-financial capital) and the main ways in which the Poste Italiane Group manages emerging risks and opportunities. Following the verification of ESRS topic coverage, the list of potentially relevant risks/opportunities (long list) was consolidated. Based on this long list, an assessment of risks and opportunities was carried out in order to identify those relevant to the Poste Italiane Group. The assessment was carried out in consideration of the Impact Materiality and on the basis of possible dependencies of the Poste Italiane Group (e.g. energy resources for the corporate fleet), as well as considering the players in the value chain that contribute to the generation of the identified risks/opportunities and the reference time horizon, divided into short term (within 1 year), medium term (within the plan period) and long term (beyond the plan period).

In order to determine the significance of the impacts identified in the previous phase, a scoring mechanism was established by defining the significance and likelihood of occurrence for each impact.

With reference to the significance value of impacts, an assessment scale ranging from 1 (Negligible) to 5 (High) was defined on the basis of the following drivers:

• magnitude, measure of the positive or negative effects of the impact on the environment and people
• scope, extent of impact in terms of geography and/or number of individuals affected
• irreparable nature (only for negative impacts), Poste Italiane Group's ability to remedy the effects of the impact.

Furthermore, an additional increment of 1 was assigned to all potentially significant human rights impacts, with the aim of increasing their significance in line with the provisions of ESRS 1 and the MAIG Guidance.

The significance of the impacts was subjected to stakeholder assessment, as detailed below.

The analysis also took into account the internal assessments of the SSG Team, reviewed with the Consolidated Sustainability Statement Manager, based on the evolutions of the context and the business scenario of the Poste Italiane Group occurred in 2025, as well as the assessments expressed by the stakeholders on the occasion of the 2024 stakeholder engagement. The above analysis was conducted on the three dimensions (magnitude, scope and, for negative impacts, also irremediability) consistent with the methodology adopted in stakeholder engagement.

With reference to the probability of occurrence of impacts, a scale of values from 1 to 5 was defined, assigning a maximum value of 5 to all actual impacts and involving the specific reference functions to establish the probability of occurrence of potential impacts, based on evidence from an internal desk analysis.
The methodology for calculating the significance of each identified impact was defined as the product of its associated significance and probability. Finally, a conservative approach was adopted for determining the materiality threshold of impacts, so as to ensure the widest coverage of issues initially identified as potentially relevant to the Group, taking into account the ERM thresholds used for risk and opportunity assessment purposes. Therefore, a threshold of 8 was determined, which includes impacts classifiable by materiality value as Tier 1 and Tier 2.

In line with the Enterprise Risk Management framework, risks and opportunities are assessed through the drivers of impact (quantitative and qualitative) and probability of occurrence of the risk event on a 5-value scale. In particular, the impact drivers considered are listed below:

• qualitative-descriptive
• reputational
• economic-indirect
• income
• physical security
• cybersecurity

In particular, risks and opportunities were also assessed taking into account the possible financial effect on the EBIT earnings parameter. In addition, where the same risk and/or opportunity has been assessed through two or more of the above impact drivers, the higher assessment was considered for impact valuation.

The assessment, in terms of inherent risk, was carried out consistently with the metrics adopted in the Enterprise Risk Management area and the reference thresholds, in order to attribute a scoring in line with the assessment criteria defined by the ESRS standards.

The combined assessment of probability by impact allows the risks to be classified as follows:

Tier 1: risks with rating of 12 or higher
Tier 2: risks with rating between 8 and 10
Tier 3: risks with rating lower than 8.

Based on the assessments performed, and in line with the Enterprise Risk Management methodology, risks and opportunities falling within Tier 1 were identified as relevant for the Poste Italiane Group.

In order to assess the significance of the potentially relevant impacts identified, the Poste Italiane Group involved a broad panel of stakeholders through the annual "Multistakeholder Forum" initiative, now in its ninth edition. In 2025, the initiative involved over 1,000 participants and created an opportunity for reflection and sharing of ideas and projects useful for the creation of shared value with the main stakeholders, namely: Shareholders and Investors, Customers, Employees, Suppliers (Business Partners), Bodies and Institutions, Community and Territory and Third Sector Bodies, with which Poste Italiane interacts in the performance of its activities, enabling the achievement of the Group's strategic objectives. Specifically, the activity involved the organisation of three thematic focus groups, together with the administration of the interactive questionnaire, within which all potentially relevant impacts identified were presented, and for each of them stakeholders were asked to assess their significance, according to the assessment scale provided. The results of the stakeholder assessments were then aggregated for the purpose of calculating impact materiality. The outcome of the stakeholder engagement assessments was consistent with the desk analysis previously carried out by the SSG team.

With reference to the risks arising from the ERM Model, the analysis is updated on a quarterly basis as part of the monitoring activities carried out by the Group Risk and Compliance function. These activities normally envisage, for each relevant risk, the involvement of the competent corporate functions for the purposes of updating the quantitative and qualitative data/information on the basis of which the trend of the risks themselves is determined, reviewing, if necessary, their assessment, in accordance with the Group's Risk Management methodology. On the basis of the scoring mechanism and the materiality thresholds established, Poste Italiane identified a total of 35 impacts, 22 risks and 9 opportunities relevant to the Group (in 2024, 45 impacts, 22 risks and 9 opportunities were identified). These findings were shared with the Sustainability Committee, the Control and Risk Committee and the Board of Statutory Auditors. The Board of Directors subsequently approved the entire process.

It is specified that, regarding ESRS topic E3 "Water and marine resources", given its nature as a large integrated and omnichannel service platform in Italy, the Poste Italiane Group monitors water consumption for civil use at post offices, without significant impacts on water sources. An analysis of the Group's Companies, including those operating in non-EU countries with greater proximity to the oceans, shows that water withdrawal is limited to civil and non-productive uses, and is therefore not associated with impacts on marine waters. Furthermore, it should be noted that operations outside Italy are residual, with a total number of 58 employees in non-EU countries (China, Hong Kong and the UK) out of a total of 120,886 employees (calculated in FTE). Finally, the Group does not engage either directly or indirectly in activities related to the extraction or use of marine resources. Nevertheless, the Poste Italiane Group targets efficient water management, taking concrete actions to reduce water consumption and promote its proper use to prevent and avoid waste. Furthermore, within E3, the only impact identified as potentially relevant was found to be below the threshold after stakeholder assessments. For further details on the process for identifying and assessing relevant impacts, risks and opportunities, see the section "Disclosure Requirement ESRS 2 IRO-1".

With reference to ESRS Topic E4 "Biodiversity and Ecosystems", the analysis led to the identification of the topic of biodiversity and ecosystems as substantially irrelevant in view of the nature, activities and sector in which the Group operates. Although impacts related to climate change (ESRS E1), water use and land use (ESRS E3 and E4) have been identified, these impacts are not material as they do not directly affect the loss of biodiversity, as they are mainly related to greenhouse gas emissions, energy consumption, water use for civil use, and limited soil alteration related to cement works. Furthermore, the Group neither directly nor indirectly engages in activities related to the direct exploitation of living organisms, does not contribute to the introduction of invasive exotic species, and has no other significant impact on biodiversity and ecosystems. Finally, due to the predominantly service-oriented nature of its activities, the Group has not identified significant dependencies on ecosystem services in its operations. Furthermore, under E4, the two impacts identified as potentially relevant were both found to be below thresholds after stakeholder assessments.