The 1968 winners, who reached the final four years ago only to lose 4-0 to Spain, will take on Belgium at the Stade des Lumieres in Lyon on June 13 before meeting Sweden in Toulouse and Ireland in Lille.
Belgium reached the quarter-finals of the last World Cup and lost only one game en route to topping their qualifying group.
And Conte said: "I think Belgium are an excellent team, and are among the favourites for the final stages. They have a young team, and a lot of top players in their ranks.
"Then I see pretty equal teams with Sweden, us and Ireland. I think Belgium are among the favourites.
"We know all the strengths of [Sweden striker] Zlatan [Ibrahimovic]. And Ireland are certainly a team who play with a lot of emotion, and who are strong with their team spirit and great intensity. So we have to be careful."