<link:linkbase
    xmlns:link="http://www.xbrl.org/2003/linkbase"
    xmlns:xlink="http://www.w3.org/1999/xlink"
    >
   <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtAmortisedCost" xlink:label="ext_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtAmortisedCost" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtAmortisedCost" xlink:to="ext_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtAmortisedCost_lbl" xlink:type="arc"/>
      <link:label id="id_2" xlink:label="ext_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtAmortisedCost_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Decrementi incrementi di attivita finanziarie valutate al costo ammortizzato</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughOtherComprehensiveIncome" xlink:label="ext_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughOtherComprehensiveIncome" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughOtherComprehensiveIncome" xlink:to="ext_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughOtherComprehensiveIncome_lbl" xlink:type="arc"/>
      <link:label id="id_4" xlink:label="ext_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughOtherComprehensiveIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Decrementi incrementi di attivita finanziarie valutate al fair value con impatto sulla redditivita complessiva</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_AdjustmentsForDecreaseIncreaseInFinancialAssetsDesignatedAtFairValue" xlink:label="ext_AdjustmentsForDecreaseIncreaseInFinancialAssetsDesignatedAtFairValue" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_AdjustmentsForDecreaseIncreaseInFinancialAssetsDesignatedAtFairValue" xlink:to="ext_AdjustmentsForDecreaseIncreaseInFinancialAssetsDesignatedAtFairValue_lbl" xlink:type="arc"/>
      <link:label id="id_6" xlink:label="ext_AdjustmentsForDecreaseIncreaseInFinancialAssetsDesignatedAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Decrementi incrementi di attivita finanziarie designate al fair value</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_AdjustmentsForDecreaseIncreaseInOtherFinancialAssetsMandatorilyAtFairValue" xlink:label="ext_AdjustmentsForDecreaseIncreaseInOtherFinancialAssetsMandatorilyAtFairValue" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_AdjustmentsForDecreaseIncreaseInOtherFinancialAssetsMandatorilyAtFairValue" xlink:to="ext_AdjustmentsForDecreaseIncreaseInOtherFinancialAssetsMandatorilyAtFairValue_lbl" xlink:type="arc"/>
      <link:label id="id_8" xlink:label="ext_AdjustmentsForDecreaseIncreaseInOtherFinancialAssetsMandatorilyAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Decrementi incrementi di altre attivita obbligatoriamente valutate al fair value</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAtAmortisedCost" xlink:label="ext_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAtAmortisedCost" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAtAmortisedCost" xlink:to="ext_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAtAmortisedCost_lbl" xlink:type="arc"/>
      <link:label id="id_10" xlink:label="ext_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAtAmortisedCost_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Incrementi decrementi di passivita finanziarie valutate al costo ammortizzato</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_AdjustmentsForIncreaseDecreaseOfFinancialLiabilitiesDesignatedAtFairValue" xlink:label="ext_AdjustmentsForIncreaseDecreaseOfFinancialLiabilitiesDesignatedAtFairValue" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_AdjustmentsForIncreaseDecreaseOfFinancialLiabilitiesDesignatedAtFairValue" xlink:to="ext_AdjustmentsForIncreaseDecreaseOfFinancialLiabilitiesDesignatedAtFairValue_lbl" xlink:type="arc"/>
      <link:label id="id_12" xlink:label="ext_AdjustmentsForIncreaseDecreaseOfFinancialLiabilitiesDesignatedAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Incrementi decrementi passivita finanziarie designate al fair value</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_AdministrativeExpenseStaffCosts" xlink:label="ext_AdministrativeExpenseStaffCosts" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_AdministrativeExpenseStaffCosts" xlink:to="ext_AdministrativeExpenseStaffCosts_lbl" xlink:type="arc"/>
      <link:label id="id_14" xlink:label="ext_AdministrativeExpenseStaffCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Spese amministrative spese per il personale</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_AssetsFairValueChangesOfTheHedgedItemsInPortfolioHedgeOfInterestRateRisk" xlink:label="ext_AssetsFairValueChangesOfTheHedgedItemsInPortfolioHedgeOfInterestRateRisk" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_AssetsFairValueChangesOfTheHedgedItemsInPortfolioHedgeOfInterestRateRisk" xlink:to="ext_AssetsFairValueChangesOfTheHedgedItemsInPortfolioHedgeOfInterestRateRisk_lbl" xlink:type="arc"/>
      <link:label id="id_16" xlink:label="ext_AssetsFairValueChangesOfTheHedgedItemsInPortfolioHedgeOfInterestRateRisk_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Adeguamento di valore delle attivita finanziarie oggetto di copertura generica</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_CashFlowHedging" xlink:label="ext_CashFlowHedging" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_CashFlowHedging" xlink:to="ext_CashFlowHedging_lbl" xlink:type="arc"/>
      <link:label id="id_19" xlink:label="ext_CashFlowHedging_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Copertura dei flussi finanziari</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_CashFlowsFromIncreaseDecreaseOfOtherLiabilities" xlink:label="ext_CashFlowsFromIncreaseDecreaseOfOtherLiabilities" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_CashFlowsFromIncreaseDecreaseOfOtherLiabilities" xlink:to="ext_CashFlowsFromIncreaseDecreaseOfOtherLiabilities_lbl" xlink:type="arc"/>
      <link:label id="id_21" xlink:label="ext_CashFlowsFromIncreaseDecreaseOfOtherLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Incrementi decrementi altre passivita</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_CashFlowsFromInvestingActivities" xlink:label="ext_CashFlowsFromInvestingActivities" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_CashFlowsFromInvestingActivities" xlink:to="ext_CashFlowsFromInvestingActivities_lbl" xlink:type="arc"/>
      <link:label id="id_23" xlink:label="ext_CashFlowsFromInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Liquidita generata da attivita di investimento</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_CashFlowsFromUsedInFinancialAssetsClassifiedAsOperatingActivities" xlink:label="ext_CashFlowsFromUsedInFinancialAssetsClassifiedAsOperatingActivities" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_CashFlowsFromUsedInFinancialAssetsClassifiedAsOperatingActivities" xlink:to="ext_CashFlowsFromUsedInFinancialAssetsClassifiedAsOperatingActivities_lbl" xlink:type="arc"/>
      <link:label id="id_25" xlink:label="ext_CashFlowsFromUsedInFinancialAssetsClassifiedAsOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Liquidita generata assorbita dalle attivita finanziarie classificate come attivita operative</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_CashFlowsFromUsedInFinancialLiabilitiesClassifiedAsOperatingActivities" xlink:label="ext_CashFlowsFromUsedInFinancialLiabilitiesClassifiedAsOperatingActivities" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_CashFlowsFromUsedInFinancialLiabilitiesClassifiedAsOperatingActivities" xlink:to="ext_CashFlowsFromUsedInFinancialLiabilitiesClassifiedAsOperatingActivities_lbl" xlink:type="arc"/>
      <link:label id="id_27" xlink:label="ext_CashFlowsFromUsedInFinancialLiabilitiesClassifiedAsOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Liquidita generata assorbita dalle passivita finanziarie classificate come attivita operative</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_CashFlowsUsedInInvestingActivities" xlink:label="ext_CashFlowsUsedInInvestingActivities" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_CashFlowsUsedInInvestingActivities" xlink:to="ext_CashFlowsUsedInInvestingActivities_lbl" xlink:type="arc"/>
      <link:label id="id_30" xlink:label="ext_CashFlowsUsedInInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Liquidita assorbita da attivita di investimento</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" xlink:label="ext_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" xlink:to="ext_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill_lbl" xlink:type="arc"/>
      <link:label id="id_33" xlink:label="ext_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Rettifiche riprese di valore nette su attivita immateriali rilevate a conto economico</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTangibleAssets" xlink:label="ext_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTangibleAssets" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTangibleAssets" xlink:to="ext_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTangibleAssets_lbl" xlink:type="arc"/>
      <link:label id="id_35" xlink:label="ext_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTangibleAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Depreciation Amortisation And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss Tangible Assets</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_EquityInstruments" xlink:label="ext_EquityInstruments" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_EquityInstruments" xlink:to="ext_EquityInstruments_lbl" xlink:type="arc"/>
      <link:label id="id_37" xlink:label="ext_EquityInstruments_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Strumenti di capitale</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_ExtraordinaryDividendsDistribution" xlink:label="ext_ExtraordinaryDividendsDistribution" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_ExtraordinaryDividendsDistribution" xlink:to="ext_ExtraordinaryDividendsDistribution_lbl" xlink:type="arc"/>
      <link:label id="id_40" xlink:label="ext_ExtraordinaryDividendsDistribution_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Distribuzione straordinaria dividendi</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_ForeignExchangeDifferences" xlink:label="ext_ForeignExchangeDifferences" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_ForeignExchangeDifferences" xlink:to="ext_ForeignExchangeDifferences_lbl" xlink:type="arc"/>
      <link:label id="id_42" xlink:label="ext_ForeignExchangeDifferences_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Differenze di cambio</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_ForeignInvestmentsHedging" xlink:label="ext_ForeignInvestmentsHedging" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_ForeignInvestmentsHedging" xlink:to="ext_ForeignInvestmentsHedging_lbl" xlink:type="arc"/>
      <link:label id="id_44" xlink:label="ext_ForeignInvestmentsHedging_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Copertura di investimenti esteri</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_GainLossArisingFromDisposalOfFinancialAssetsMeasuredAtAmortisedCost" xlink:label="ext_GainLossArisingFromDisposalOfFinancialAssetsMeasuredAtAmortisedCost" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_GainLossArisingFromDisposalOfFinancialAssetsMeasuredAtAmortisedCost" xlink:to="ext_GainLossArisingFromDisposalOfFinancialAssetsMeasuredAtAmortisedCost_lbl" xlink:type="arc"/>
      <link:label id="id_46" xlink:label="ext_GainLossArisingFromDisposalOfFinancialAssetsMeasuredAtAmortisedCost_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Utile perdita da cessione di attivita finanziarie al costo ammortizzato</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_GainLossArisingFromRepurchaseOfFinancialLiabilities" xlink:label="ext_GainLossArisingFromRepurchaseOfFinancialLiabilities" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_GainLossArisingFromRepurchaseOfFinancialLiabilities" xlink:to="ext_GainLossArisingFromRepurchaseOfFinancialLiabilities_lbl" xlink:type="arc"/>
      <link:label id="id_48" xlink:label="ext_GainLossArisingFromRepurchaseOfFinancialLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Utile perdita da riacquisto di passivita finanziarie</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_GainLossOnDisposalsOfFinancialAssetsAtFairValueThroughOtherComprehensiveIncome" xlink:label="ext_GainLossOnDisposalsOfFinancialAssetsAtFairValueThroughOtherComprehensiveIncome" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_GainLossOnDisposalsOfFinancialAssetsAtFairValueThroughOtherComprehensiveIncome" xlink:to="ext_GainLossOnDisposalsOfFinancialAssetsAtFairValueThroughOtherComprehensiveIncome_lbl" xlink:type="arc"/>
      <link:label id="id_50" xlink:label="ext_GainLossOnDisposalsOfFinancialAssetsAtFairValueThroughOtherComprehensiveIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Utile perdita da cessione di attivita finanziarie valutate al fair value con impatto sulla redditivita complessiva</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_GainsLossesFromContractualChangesWithoutDerecognition" xlink:label="ext_GainsLossesFromContractualChangesWithoutDerecognition" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_GainsLossesFromContractualChangesWithoutDerecognition" xlink:to="ext_GainsLossesFromContractualChangesWithoutDerecognition_lbl" xlink:type="arc"/>
      <link:label id="id_52" xlink:label="ext_GainsLossesFromContractualChangesWithoutDerecognition_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Utili perdite da modifiche contrattuali senza cancellazioni</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_GainsLossesOnDisposalsAndRepurchaseOfFinancialAssetsAndLiabilities" xlink:label="ext_GainsLossesOnDisposalsAndRepurchaseOfFinancialAssetsAndLiabilities" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_GainsLossesOnDisposalsAndRepurchaseOfFinancialAssetsAndLiabilities" xlink:to="ext_GainsLossesOnDisposalsAndRepurchaseOfFinancialAssetsAndLiabilities_lbl" xlink:type="arc"/>
      <link:label id="id_54" xlink:label="ext_GainsLossesOnDisposalsAndRepurchaseOfFinancialAssetsAndLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Utili perdite da cessione o riacquisto di attivita e passivita finanziarie</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_GainsLossesOnFinancialAssetsLiabilitiesDesignatedAtFairValueThroughProfitOrLoss" xlink:label="ext_GainsLossesOnFinancialAssetsLiabilitiesDesignatedAtFairValueThroughProfitOrLoss" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_GainsLossesOnFinancialAssetsLiabilitiesDesignatedAtFairValueThroughProfitOrLoss" xlink:to="ext_GainsLossesOnFinancialAssetsLiabilitiesDesignatedAtFairValueThroughProfitOrLoss_lbl" xlink:type="arc"/>
      <link:label id="id_56" xlink:label="ext_GainsLossesOnFinancialAssetsLiabilitiesDesignatedAtFairValueThroughProfitOrLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Utili perdite da attivita e passivita finanziarie designate al fair value con impatto a conto economico</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_GainsLossesOnFinancialAssetsLiabilitiesMandatorilyAtFairValueThroughProfitOrLoss" xlink:label="ext_GainsLossesOnFinancialAssetsLiabilitiesMandatorilyAtFairValueThroughProfitOrLoss" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_GainsLossesOnFinancialAssetsLiabilitiesMandatorilyAtFairValueThroughProfitOrLoss" xlink:to="ext_GainsLossesOnFinancialAssetsLiabilitiesMandatorilyAtFairValueThroughProfitOrLoss_lbl" xlink:type="arc"/>
      <link:label id="id_58" xlink:label="ext_GainsLossesOnFinancialAssetsLiabilitiesMandatorilyAtFairValueThroughProfitOrLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Utili perdite da attivita passivita finanziarie obbligatoriamente valutate al fair value con impatto a conto economico</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_GainsLossesOnFinancialAssetsOtherThanEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeNetOfTax" xlink:label="ext_GainsLossesOnFinancialAssetsOtherThanEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeNetOfTax" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_GainsLossesOnFinancialAssetsOtherThanEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeNetOfTax" xlink:to="ext_GainsLossesOnFinancialAssetsOtherThanEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeNetOfTax_lbl" xlink:type="arc"/>
      <link:label id="id_60" xlink:label="ext_GainsLossesOnFinancialAssetsOtherThanEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeNetOfTax_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Utili perdite su attivita finanziarie diverse dai titoli di capitale valutate al fair value con impatto sulla redditivita complessiva al netto delle imposte</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_GainsLossesOnTangibleAndIntangibleAssetsOtherThanGoodwillMeasuredAtFairValue" xlink:label="ext_GainsLossesOnTangibleAndIntangibleAssetsOtherThanGoodwillMeasuredAtFairValue" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_GainsLossesOnTangibleAndIntangibleAssetsOtherThanGoodwillMeasuredAtFairValue" xlink:to="ext_GainsLossesOnTangibleAndIntangibleAssetsOtherThanGoodwillMeasuredAtFairValue_lbl" xlink:type="arc"/>
      <link:label id="id_62" xlink:label="ext_GainsLossesOnTangibleAndIntangibleAssetsOtherThanGoodwillMeasuredAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Risultato netto della valutazione al fair value delle attivita materiali e immateriali diverse dall&#39;avviamento</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_GoodwillImpairment" xlink:label="ext_GoodwillImpairment" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_GoodwillImpairment" xlink:to="ext_GoodwillImpairment_lbl" xlink:type="arc"/>
      <link:label id="id_64" xlink:label="ext_GoodwillImpairment_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Rettifiche di valore dell&#39;avviamento</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_GrossIncome" xlink:label="ext_GrossIncome" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_GrossIncome" xlink:to="ext_GrossIncome_lbl" xlink:type="arc"/>
      <link:label id="id_66" xlink:label="ext_GrossIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Margine di intermediazione</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_ImpairmentLossImpairmentGainAndReversalOfImpairmentLossDeterminedInAccordanceWithIFRS9OnFinancialAssetsAtAmortisedCost" xlink:label="ext_ImpairmentLossImpairmentGainAndReversalOfImpairmentLossDeterminedInAccordanceWithIFRS9OnFinancialAssetsAtAmortisedCost" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_ImpairmentLossImpairmentGainAndReversalOfImpairmentLossDeterminedInAccordanceWithIFRS9OnFinancialAssetsAtAmortisedCost" xlink:to="ext_ImpairmentLossImpairmentGainAndReversalOfImpairmentLossDeterminedInAccordanceWithIFRS9OnFinancialAssetsAtAmortisedCost_lbl" xlink:type="arc"/>
      <link:label id="id_68" xlink:label="ext_ImpairmentLossImpairmentGainAndReversalOfImpairmentLossDeterminedInAccordanceWithIFRS9OnFinancialAssetsAtAmortisedCost_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Rettifiche riprese di valore nette per rischio di credito su attivita finanziarie valutate al costo ammortizzato in base a IFRS 9</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_ImpairmentLossImpairmentGainAndReversalOfImpairmentLossDeterminedInAccordanceWithIFRS9OnFinancialAssetsAtFairValueThroughOtherComprehensiveIncome" xlink:label="ext_ImpairmentLossImpairmentGainAndReversalOfImpairmentLossDeterminedInAccordanceWithIFRS9OnFinancialAssetsAtFairValueThroughOtherComprehensiveIncome" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_ImpairmentLossImpairmentGainAndReversalOfImpairmentLossDeterminedInAccordanceWithIFRS9OnFinancialAssetsAtFairValueThroughOtherComprehensiveIncome" xlink:to="ext_ImpairmentLossImpairmentGainAndReversalOfImpairmentLossDeterminedInAccordanceWithIFRS9OnFinancialAssetsAtFairValueThroughOtherComprehensiveIncome_lbl" xlink:type="arc"/>
      <link:label id="id_70" xlink:label="ext_ImpairmentLossImpairmentGainAndReversalOfImpairmentLossDeterminedInAccordanceWithIFRS9OnFinancialAssetsAtFairValueThroughOtherComprehensiveIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Rettifiche riprese di valore nette per rischio di credito su attivita finanziarie valutate al fair value con impatto sulla redditivita complessiva in base a IFRS 9</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_IncreaseDecreaseDueToEquityInstruments" xlink:label="ext_IncreaseDecreaseDueToEquityInstruments" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_IncreaseDecreaseDueToEquityInstruments" xlink:to="ext_IncreaseDecreaseDueToEquityInstruments_lbl" xlink:type="arc"/>
      <link:label id="id_73" xlink:label="ext_IncreaseDecreaseDueToEquityInstruments_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Variazione strumenti di capitale</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_IncreaseDecreaseOfReserves" xlink:label="ext_IncreaseDecreaseOfReserves" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_IncreaseDecreaseOfReserves" xlink:to="ext_IncreaseDecreaseOfReserves_lbl" xlink:type="arc"/>
      <link:label id="id_75" xlink:label="ext_IncreaseDecreaseOfReserves_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Incrementi decrementi di riserve</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_IncreaseDecreaseThroughTreasuryShareDerivatives" xlink:label="ext_IncreaseDecreaseThroughTreasuryShareDerivatives" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_IncreaseDecreaseThroughTreasuryShareDerivatives" xlink:to="ext_IncreaseDecreaseThroughTreasuryShareDerivatives_lbl" xlink:type="arc"/>
      <link:label id="id_77" xlink:label="ext_IncreaseDecreaseThroughTreasuryShareDerivatives_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Derivati su azioni proprie</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_InterestExpenseAndSimilarCharges" xlink:label="ext_InterestExpenseAndSimilarCharges" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_InterestExpenseAndSimilarCharges" xlink:to="ext_InterestExpenseAndSimilarCharges_lbl" xlink:type="arc"/>
      <link:label id="id_81" xlink:label="ext_InterestExpenseAndSimilarCharges_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Interessi passivi e oneri assimilati</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_InterestIncomeAndSimilarRevenues" xlink:label="ext_InterestIncomeAndSimilarRevenues" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_InterestIncomeAndSimilarRevenues" xlink:to="ext_InterestIncomeAndSimilarRevenues_lbl" xlink:type="arc"/>
      <link:label id="id_83" xlink:label="ext_InterestIncomeAndSimilarRevenues_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Interessi attivi e proventi assimilati</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_LiabilitiesFairValueChangesOfTheHedgedItemsInPortfolioHedgeOfInterestRateRisk" xlink:label="ext_LiabilitiesFairValueChangesOfTheHedgedItemsInPortfolioHedgeOfInterestRateRisk" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_LiabilitiesFairValueChangesOfTheHedgedItemsInPortfolioHedgeOfInterestRateRisk" xlink:to="ext_LiabilitiesFairValueChangesOfTheHedgedItemsInPortfolioHedgeOfInterestRateRisk_lbl" xlink:type="arc"/>
      <link:label id="id_86" xlink:label="ext_LiabilitiesFairValueChangesOfTheHedgedItemsInPortfolioHedgeOfInterestRateRisk_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Adeguamento di valore delle passivita finanziarie oggetto di copertura generica</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_LiquidityGeneratedAbsorbedByOtherAssets" xlink:label="ext_LiquidityGeneratedAbsorbedByOtherAssets" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_LiquidityGeneratedAbsorbedByOtherAssets" xlink:to="ext_LiquidityGeneratedAbsorbedByOtherAssets_lbl" xlink:type="arc"/>
      <link:label id="id_88" xlink:label="ext_LiquidityGeneratedAbsorbedByOtherAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Liquidita generata assorbita da altre attivita</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_NetCashFlowsFromUsedInReceiptsPaymentsOfFeesAndCommissionsFromOperations" xlink:label="ext_NetCashFlowsFromUsedInReceiptsPaymentsOfFeesAndCommissionsFromOperations" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_NetCashFlowsFromUsedInReceiptsPaymentsOfFeesAndCommissionsFromOperations" xlink:to="ext_NetCashFlowsFromUsedInReceiptsPaymentsOfFeesAndCommissionsFromOperations_lbl" xlink:type="arc"/>
      <link:label id="id_92" xlink:label="ext_NetCashFlowsFromUsedInReceiptsPaymentsOfFeesAndCommissionsFromOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Afflussi deflussi di cassa netti  da commissioni e provvigioni da attivita operative</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_NetGainsLossesFromHedgeAccounting" xlink:label="ext_NetGainsLossesFromHedgeAccounting" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_NetGainsLossesFromHedgeAccounting" xlink:to="ext_NetGainsLossesFromHedgeAccounting_lbl" xlink:type="arc"/>
      <link:label id="id_94" xlink:label="ext_NetGainsLossesFromHedgeAccounting_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Risultato netto della attivita di copertura</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_NetGainsLossesOnOtherFinancialAssetsLiabilitiesAtFairValueThroughProfitOrLoss" xlink:label="ext_NetGainsLossesOnOtherFinancialAssetsLiabilitiesAtFairValueThroughProfitOrLoss" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_NetGainsLossesOnOtherFinancialAssetsLiabilitiesAtFairValueThroughProfitOrLoss" xlink:to="ext_NetGainsLossesOnOtherFinancialAssetsLiabilitiesAtFairValueThroughProfitOrLoss_lbl" xlink:type="arc"/>
      <link:label id="id_96" xlink:label="ext_NetGainsLossesOnOtherFinancialAssetsLiabilitiesAtFairValueThroughProfitOrLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Risultato netto delle altre attivita passivita finanziarie valutate al fair value con impatto a conto economico</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_NetInterestMargin" xlink:label="ext_NetInterestMargin" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_NetInterestMargin" xlink:to="ext_NetInterestMargin_lbl" xlink:type="arc"/>
      <link:label id="id_98" xlink:label="ext_NetInterestMargin_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Margine di interesse</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_NetProfitFromFinancialActivities" xlink:label="ext_NetProfitFromFinancialActivities" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_NetProfitFromFinancialActivities" xlink:to="ext_NetProfitFromFinancialActivities_lbl" xlink:type="arc"/>
      <link:label id="id_100" xlink:label="ext_NetProfitFromFinancialActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Risultato netto della gestione finanziaria</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_NetProvisionsForRisksAndCharges" xlink:label="ext_NetProvisionsForRisksAndCharges" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_NetProvisionsForRisksAndCharges" xlink:to="ext_NetProvisionsForRisksAndCharges_lbl" xlink:type="arc"/>
      <link:label id="id_102" xlink:label="ext_NetProvisionsForRisksAndCharges_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Accantonamenti netti ai fondi per rischi e oneri</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_NetProvisionsForRisksAndChargesCommitmentsAndFinancialGuaranteesGiven" xlink:label="ext_NetProvisionsForRisksAndChargesCommitmentsAndFinancialGuaranteesGiven" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_NetProvisionsForRisksAndChargesCommitmentsAndFinancialGuaranteesGiven" xlink:to="ext_NetProvisionsForRisksAndChargesCommitmentsAndFinancialGuaranteesGiven_lbl" xlink:type="arc"/>
      <link:label id="id_104" xlink:label="ext_NetProvisionsForRisksAndChargesCommitmentsAndFinancialGuaranteesGiven_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Accantonamenti netti ai fondi per rischi e oneri per impegni e garanzie rilasciate</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_NetProvisionsForRisksAndChargesOtherNetProvision" xlink:label="ext_NetProvisionsForRisksAndChargesOtherNetProvision" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_NetProvisionsForRisksAndChargesOtherNetProvision" xlink:to="ext_NetProvisionsForRisksAndChargesOtherNetProvision_lbl" xlink:type="arc"/>
      <link:label id="id_106" xlink:label="ext_NetProvisionsForRisksAndChargesOtherNetProvision_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Accantonamenti netti ai fondi per rischi e oneri per altri accantonamenti netti</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_OfWhichGoodwill" xlink:label="ext_OfWhichGoodwill" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_OfWhichGoodwill" xlink:to="ext_OfWhichGoodwill_lbl" xlink:type="arc"/>
      <link:label id="id_108" xlink:label="ext_OfWhichGoodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">di cui avviamento</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_OperatingCosts" xlink:label="ext_OperatingCosts" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_OperatingCosts" xlink:to="ext_OperatingCosts_lbl" xlink:type="arc"/>
      <link:label id="id_110" xlink:label="ext_OperatingCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Costi operativi</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_OtherAdministrativeExpense" xlink:label="ext_OtherAdministrativeExpense" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_OtherAdministrativeExpense" xlink:to="ext_OtherAdministrativeExpense_lbl" xlink:type="arc"/>
      <link:label id="id_112" xlink:label="ext_OtherAdministrativeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Spese amministrative altre spese amministrative</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_OtherCashInflowsOutflowsFromDiscontinuedOperationsNetOfTax" xlink:label="ext_OtherCashInflowsOutflowsFromDiscontinuedOperationsNetOfTax" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_OtherCashInflowsOutflowsFromDiscontinuedOperationsNetOfTax" xlink:to="ext_OtherCashInflowsOutflowsFromDiscontinuedOperationsNetOfTax_lbl" xlink:type="arc"/>
      <link:label id="id_114" xlink:label="ext_OtherCashInflowsOutflowsFromDiscontinuedOperationsNetOfTax_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Altri afflussi deflussi da attivita operative cessate al netto delle imposte</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_OtherComprehensiveIncomeNetOfTaxIntangibleAssets" xlink:label="ext_OtherComprehensiveIncomeNetOfTaxIntangibleAssets" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_OtherComprehensiveIncomeNetOfTaxIntangibleAssets" xlink:to="ext_OtherComprehensiveIncomeNetOfTaxIntangibleAssets_lbl" xlink:type="arc"/>
      <link:label id="id_116" xlink:label="ext_OtherComprehensiveIncomeNetOfTaxIntangibleAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Redditivita complessiva al netto delle imposte attivita immateriali</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_OtherComprehensiveIncomeNetOfTaxNonCurrentAssetsAndDisposalGroupsClassifiedAsHeldForSaleNotToBeReclassifiedToProfitOrLoss" xlink:label="ext_OtherComprehensiveIncomeNetOfTaxNonCurrentAssetsAndDisposalGroupsClassifiedAsHeldForSaleNotToBeReclassifiedToProfitOrLoss" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_OtherComprehensiveIncomeNetOfTaxNonCurrentAssetsAndDisposalGroupsClassifiedAsHeldForSaleNotToBeReclassifiedToProfitOrLoss" xlink:to="ext_OtherComprehensiveIncomeNetOfTaxNonCurrentAssetsAndDisposalGroupsClassifiedAsHeldForSaleNotToBeReclassifiedToProfitOrLoss_lbl" xlink:type="arc"/>
      <link:label id="id_118" xlink:label="ext_OtherComprehensiveIncomeNetOfTaxNonCurrentAssetsAndDisposalGroupsClassifiedAsHeldForSaleNotToBeReclassifiedToProfitOrLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Attivita non correnti e gruppi di attivita in via di dismissione</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_OtherComprehensiveIncomeNetOfTaxOnHedgingInstrumentsNonDesignatedItems" xlink:label="ext_OtherComprehensiveIncomeNetOfTaxOnHedgingInstrumentsNonDesignatedItems" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_OtherComprehensiveIncomeNetOfTaxOnHedgingInstrumentsNonDesignatedItems" xlink:to="ext_OtherComprehensiveIncomeNetOfTaxOnHedgingInstrumentsNonDesignatedItems_lbl" xlink:type="arc"/>
      <link:label id="id_120" xlink:label="ext_OtherComprehensiveIncomeNetOfTaxOnHedgingInstrumentsNonDesignatedItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Redditivita complessiva al netto delle imposte strumenti di copertura elementi non designati</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_OtherComprehensiveIncomeNetOfTaxTangibleAssets" xlink:label="ext_OtherComprehensiveIncomeNetOfTaxTangibleAssets" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_OtherComprehensiveIncomeNetOfTaxTangibleAssets" xlink:to="ext_OtherComprehensiveIncomeNetOfTaxTangibleAssets_lbl" xlink:type="arc"/>
      <link:label id="id_122" xlink:label="ext_OtherComprehensiveIncomeNetOfTaxTangibleAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Redditivita complessiva al netto delle imposte attivita materiali</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_OtherComprehensiveIncomeRelatedToNoncurrentAssetsAndDisposalGroupsClassifiedAsHeldForSaleToBeReclassifiedToProfitOrLoss" xlink:label="ext_OtherComprehensiveIncomeRelatedToNoncurrentAssetsAndDisposalGroupsClassifiedAsHeldForSaleToBeReclassifiedToProfitOrLoss" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_OtherComprehensiveIncomeRelatedToNoncurrentAssetsAndDisposalGroupsClassifiedAsHeldForSaleToBeReclassifiedToProfitOrLoss" xlink:to="ext_OtherComprehensiveIncomeRelatedToNoncurrentAssetsAndDisposalGroupsClassifiedAsHeldForSaleToBeReclassifiedToProfitOrLoss_lbl" xlink:type="arc"/>
      <link:label id="id_124" xlink:label="ext_OtherComprehensiveIncomeRelatedToNoncurrentAssetsAndDisposalGroupsClassifiedAsHeldForSaleToBeReclassifiedToProfitOrLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Redditivita complessiva relativa ad attivita non correnti e gruppi di attivita in via di dismissione classificati come disponibili per la vendita da riclassificare a conto economico</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_OtherInflowsOutflowsFromIssuePurchaseOfEquityInstruments" xlink:label="ext_OtherInflowsOutflowsFromIssuePurchaseOfEquityInstruments" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_OtherInflowsOutflowsFromIssuePurchaseOfEquityInstruments" xlink:to="ext_OtherInflowsOutflowsFromIssuePurchaseOfEquityInstruments_lbl" xlink:type="arc"/>
      <link:label id="id_126" xlink:label="ext_OtherInflowsOutflowsFromIssuePurchaseOfEquityInstruments_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Altri afflussi deflussi da emissioni acquisti di strumenti di capitale</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_OtherInflowsOutflowsFromIssuePurchaseOfTreasuryShares" xlink:label="ext_OtherInflowsOutflowsFromIssuePurchaseOfTreasuryShares" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_OtherInflowsOutflowsFromIssuePurchaseOfTreasuryShares" xlink:to="ext_OtherInflowsOutflowsFromIssuePurchaseOfTreasuryShares_lbl" xlink:type="arc"/>
      <link:label id="id_128" xlink:label="ext_OtherInflowsOutflowsFromIssuePurchaseOfTreasuryShares_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Altri afflussi deflussi da emissioni acquisti di azioni proprie</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_OtherInflowsOutflowsFromSalePurchaseOfMinorityControl" xlink:label="ext_OtherInflowsOutflowsFromSalePurchaseOfMinorityControl" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_OtherInflowsOutflowsFromSalePurchaseOfMinorityControl" xlink:to="ext_OtherInflowsOutflowsFromSalePurchaseOfMinorityControl_lbl" xlink:type="arc"/>
      <link:label id="id_130" xlink:label="ext_OtherInflowsOutflowsFromSalePurchaseOfMinorityControl_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Altri afflussi deflussi dalla vendita acquisto di controllo di terzi</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_OtherProvisionsForRiskAndCharges" xlink:label="ext_OtherProvisionsForRiskAndCharges" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_OtherProvisionsForRiskAndCharges" xlink:to="ext_OtherProvisionsForRiskAndCharges_lbl" xlink:type="arc"/>
      <link:label id="id_132" xlink:label="ext_OtherProvisionsForRiskAndCharges_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Altri fondi per rischi e oneri</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_OtherReservesOther" xlink:label="ext_OtherReservesOther" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_OtherReservesOther" xlink:to="ext_OtherReservesOther_lbl" xlink:type="arc"/>
      <link:label id="id_134" xlink:label="ext_OtherReservesOther_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Altre riserve</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_PostRetirementBenefitObligation" xlink:label="ext_PostRetirementBenefitObligation" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_PostRetirementBenefitObligation" xlink:to="ext_PostRetirementBenefitObligation_lbl" xlink:type="arc"/>
      <link:label id="id_136" xlink:label="ext_PostRetirementBenefitObligation_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Quiescenza e obblighi simili</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_PreviousYearProfitLossAllocationReserves" xlink:label="ext_PreviousYearProfitLossAllocationReserves" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_PreviousYearProfitLossAllocationReserves" xlink:to="ext_PreviousYearProfitLossAllocationReserves_lbl" xlink:type="arc"/>
      <link:label id="id_138" xlink:label="ext_PreviousYearProfitLossAllocationReserves_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Allocazione risultato esercizio precedente, Riserve</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_ProceedsFromSalesOfTangibleAssetsClassifiedAsInvestingActivities" xlink:label="ext_ProceedsFromSalesOfTangibleAssetsClassifiedAsInvestingActivities" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_ProceedsFromSalesOfTangibleAssetsClassifiedAsInvestingActivities" xlink:to="ext_ProceedsFromSalesOfTangibleAssetsClassifiedAsInvestingActivities_lbl" xlink:type="arc"/>
      <link:label id="id_140" xlink:label="ext_ProceedsFromSalesOfTangibleAssetsClassifiedAsInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Proventi dalle vendite di attivita materiali classificate come attivita di investimento</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_ProfitLossFromFinancialAndInsuranceActivities" xlink:label="ext_ProfitLossFromFinancialAndInsuranceActivities" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_ProfitLossFromFinancialAndInsuranceActivities" xlink:to="ext_ProfitLossFromFinancialAndInsuranceActivities_lbl" xlink:type="arc"/>
      <link:label id="id_142" xlink:label="ext_ProfitLossFromFinancialAndInsuranceActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Risultato netto della gestione finanziaria e assicurativa</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_ProvisionForCommittmentsAndGuaranteesGiven" xlink:label="ext_ProvisionForCommittmentsAndGuaranteesGiven" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_ProvisionForCommittmentsAndGuaranteesGiven" xlink:to="ext_ProvisionForCommittmentsAndGuaranteesGiven_lbl" xlink:type="arc"/>
      <link:label id="id_144" xlink:label="ext_ProvisionForCommittmentsAndGuaranteesGiven_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Impegni e garanzie rilasciate</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_ProvisionForEmployeeSeverancesPay" xlink:label="ext_ProvisionForEmployeeSeverancesPay" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_ProvisionForEmployeeSeverancesPay" xlink:to="ext_ProvisionForEmployeeSeverancesPay_lbl" xlink:type="arc"/>
      <link:label id="id_146" xlink:label="ext_ProvisionForEmployeeSeverancesPay_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Trattamento di fine rapporto del personale</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_PurchaseOfTangibleAssetsClassifiedAsInvestingActivities" xlink:label="ext_PurchaseOfTangibleAssetsClassifiedAsInvestingActivities" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_PurchaseOfTangibleAssetsClassifiedAsInvestingActivities" xlink:to="ext_PurchaseOfTangibleAssetsClassifiedAsInvestingActivities_lbl" xlink:type="arc"/>
      <link:label id="id_148" xlink:label="ext_PurchaseOfTangibleAssetsClassifiedAsInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Acquisti di attivita materiali classificate come attivita di investimento</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_RedeemableShares" xlink:label="ext_RedeemableShares" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_RedeemableShares" xlink:to="ext_RedeemableShares_lbl" xlink:type="arc"/>
      <link:label id="id_150" xlink:label="ext_RedeemableShares_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Azioni rimborsabili</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_TangibleAssets" xlink:label="ext_TangibleAssets" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_TangibleAssets" xlink:to="ext_TangibleAssets_lbl" xlink:type="arc"/>
      <link:label id="id_152" xlink:label="ext_TangibleAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Attivita materiali</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_TaxAssets" xlink:label="ext_TaxAssets" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_TaxAssets" xlink:to="ext_TaxAssets_lbl" xlink:type="arc"/>
      <link:label id="id_154" xlink:label="ext_TaxAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Attivita fiscali</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_TaxLiabilities" xlink:label="ext_TaxLiabilities" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_TaxLiabilities" xlink:to="ext_TaxLiabilities_lbl" xlink:type="arc"/>
      <link:label id="id_156" xlink:label="ext_TaxLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Passivita fiscali</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_TotalEquity" xlink:label="ext_TotalEquity" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_TotalEquity" xlink:to="ext_TotalEquity_lbl" xlink:type="arc"/>
      <link:label id="id_158" xlink:label="ext_TotalEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Patrimonio netto</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_TotalEquityAttributableToOwnersOfParent" xlink:label="ext_TotalEquityAttributableToOwnersOfParent" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_TotalEquityAttributableToOwnersOfParent" xlink:to="ext_TotalEquityAttributableToOwnersOfParent_lbl" xlink:type="arc"/>
      <link:label id="id_160" xlink:label="ext_TotalEquityAttributableToOwnersOfParent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Patrimonio netto del Gruppo</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_TotalNonControllingInterests" xlink:label="ext_TotalNonControllingInterests" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_TotalNonControllingInterests" xlink:to="ext_TotalNonControllingInterests_lbl" xlink:type="arc"/>
      <link:label id="id_162" xlink:label="ext_TotalNonControllingInterests_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Patrimonio netto di terzi</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_TotalProfitLossAttributableToOwnersOfParent" xlink:label="ext_TotalProfitLossAttributableToOwnersOfParent" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_TotalProfitLossAttributableToOwnersOfParent" xlink:to="ext_TotalProfitLossAttributableToOwnersOfParent_lbl" xlink:type="arc"/>
      <link:label id="id_164" xlink:label="ext_TotalProfitLossAttributableToOwnersOfParent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Utile perdita di pertinenza della capogruppo</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_ValuationReserves" xlink:label="ext_ValuationReserves" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_ValuationReserves" xlink:to="ext_ValuationReserves_lbl" xlink:type="arc"/>
      <link:label id="id_166" xlink:label="ext_ValuationReserves_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Riserve da valutazione</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_AltreRiserveMember" xlink:label="ext_AltreRiserveMember" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_AltreRiserveMember" xlink:to="ext_AltreRiserveMember_lbl" xlink:type="arc"/>
      <link:label id="id_168" xlink:label="ext_AltreRiserveMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Altre riserve, Member</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_AzioniProprieMember" xlink:label="ext_AzioniProprieMember" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_AzioniProprieMember" xlink:to="ext_AzioniProprieMember_lbl" xlink:type="arc"/>
      <link:label id="id_170" xlink:label="ext_AzioniProprieMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Azioni proprie, Member</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_CapitaleAltreAzioniMember" xlink:label="ext_CapitaleAltreAzioniMember" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_CapitaleAltreAzioniMember" xlink:to="ext_CapitaleAltreAzioniMember_lbl" xlink:type="arc"/>
      <link:label id="id_173" xlink:label="ext_CapitaleAltreAzioniMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Capitale, Altre azioni, Member</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_CapitaleAzioniOrdinarieMember" xlink:label="ext_CapitaleAzioniOrdinarieMember" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_CapitaleAzioniOrdinarieMember" xlink:to="ext_CapitaleAzioniOrdinarieMember_lbl" xlink:type="arc"/>
      <link:label id="id_175" xlink:label="ext_CapitaleAzioniOrdinarieMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Capitale, Azioni ordinarie, Member</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_EquityInstrumentsMember" xlink:label="ext_EquityInstrumentsMember" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_EquityInstrumentsMember" xlink:to="ext_EquityInstrumentsMember_lbl" xlink:type="arc"/>
      <link:label id="id_176" xlink:label="ext_EquityInstrumentsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Equity Instruments Member</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_PreviouslyStatedT2" xlink:label="ext_PreviouslyStatedT2" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_PreviouslyStatedT2" xlink:to="ext_PreviouslyStatedT2_lbl" xlink:type="arc"/>
      <link:label id="id_179" xlink:label="ext_PreviouslyStatedT2_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Previously stated T-2</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_Reserves" xlink:label="ext_Reserves" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_Reserves" xlink:to="ext_Reserves_lbl" xlink:type="arc"/>
      <link:label id="id_181" xlink:label="ext_Reserves_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Riserve</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_RiserveDaUtiliMember" xlink:label="ext_RiserveDaUtiliMember" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_RiserveDaUtiliMember" xlink:to="ext_RiserveDaUtiliMember_lbl" xlink:type="arc"/>
      <link:label id="id_184" xlink:label="ext_RiserveDaUtiliMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Riserve da utili, Member</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_SovrapprezziDiEmissioneMember" xlink:label="ext_SovrapprezziDiEmissioneMember" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_SovrapprezziDiEmissioneMember" xlink:to="ext_SovrapprezziDiEmissioneMember_lbl" xlink:type="arc"/>
      <link:label id="id_186" xlink:label="ext_SovrapprezziDiEmissioneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Sovrapprezzi di emissione, Member</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_UtilePerditaDiEsercizioMember" xlink:label="ext_UtilePerditaDiEsercizioMember" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_UtilePerditaDiEsercizioMember" xlink:to="ext_UtilePerditaDiEsercizioMember_lbl" xlink:type="arc"/>
      <link:label id="id_188" xlink:label="ext_UtilePerditaDiEsercizioMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Utile perdita di esercizio, Member</link:label>

      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_ValuationReservesMember" xlink:label="ext_ValuationReservesMember" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_ValuationReservesMember" xlink:to="ext_ValuationReservesMember_lbl" xlink:type="arc"/>
      <link:label id="id_189" xlink:label="ext_ValuationReservesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="it">Valuation Reserves Member</link:label>

   </link:labelLink>

</link:linkbase>