Ctt - Correios De Portugal Sa · EURONEXT:CTT
Ctt - Correios De Portugal Sa — Ctt Correios Portgl — FY2025 Earnings Presentation
26 slides from Ctt - Correios De Portugal Sa's earnings presentation, Mar 19, 2026
Slide 1: FY25 Results Presentation 18 March 2026
FY25 RESULTS PRESENTATION 18 MARCH 2026 1
Slide 2: Disclaimer
Disclaimer DISCLAIMER FORWARD-LOOKING STATEMENTS This document has been prepared by CTT – Correios de Portugal, S.A. (the “Company” or “CTT”) exclusively for This presentation contains forward-looking statements. All the statements herein which are not historical use during the presentation of the f
Slide 3: Review of CTT's transformation journey
Review of CTT’s transformation journey FY25 RESULTS PRESENTATION 3 3
Slide 4: 2025 marks a remarkable transformation cycle...
2025 marks a remarkable transformation cycle... Review of CTT’s transformation journey Key milestones of the 2022-25 cycle ✓ Locky launch in 2022 ✓ Creation of the 1520 ✓ Best Innovation Strategy (smart ✓ Engineering team developed powered by own technology Investment Funds sorter) and Postal Evolut
Slide 5: …where we accelerated towards becoming the fastest growing Iberian e-commerce logistics player…
…where we accelerated towards becoming the fastest growing Iberian e-commerce logistics player… Review of CTT’s transformation journey Revenues Recurring EBIT € million € million +11.0% 1,288 115 +17.7% 1,107 +16% -2.1% 64 +35% +6.2% 85 48.6% 48.9% 848 42.3% 708 60 42.5% 29.3% 20.2% 18.5% 145.0% 28.
Slide 6: …culminating with the achievement of the 2025 targets disclosed at the CMD22
…culminating with the achievement of the 2025 targets disclosed at the CMD22 Review of CTT’s transformation journey 13.2% Revenues 2025 Recurring EBIT 2025 Optimally combine €1,100-1,250m €100-120m shareholder remuneration with 7-10% annual growth 14-19% annual capacity to grow the 2021-25 growth fo
Slide 7: 2025 Operational Review
2025 Operational Review FY25 RESULTS PRESENTATION 7 7
Slide 8: Resilient organic growth: revenues, +8%; recurring EBIT, +16%
Resilient organic growth: revenues, +8%; recurring EBIT, +16% Overview Revenues1,2 Recurring EBIT1,2 € million; % change y.o.y. € million; % change y.o.y. +8.4% +16.2% 15.5 1,288.1 10.4 -0.4 115.2 76.4 7.6 6.1 1,188.6 +16.3% 99.1 +35.3% 81.3 1,107.3 13.9 85.1 FY24 CACESA 4Q24 ∆ e- ∆ ∆ Bank FY25 FY24
Slide 9: Resuming double-digit growth in e-commerce volumes in 4Q25
Resuming double-digit growth in e-commerce volumes in 4Q25 e-commerce Solutions E-commerce Solutions Volumes Million items +11.3% +8.9% +8.0% +15.0% 48.5 43.5 38.2 35.1 34.7 35.5 32.9 30.2 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Iberian e-commerce outlook remains buoyant 9 e-commerce Solutions
Slide 10: e-commerce Solutions revenue growth accelerated in 4Q25
e-commerce Solutions revenue growth accelerated in 4Q25 e-commerce Solutions e-commerce Solutions Revenues e-commerce Solutions Recurring EBIT € million; % change y.o.y. € million; % change y.o.y. Margin, reported Cacesa1 Reported 9.8% 8.5% +11.0% 200.9 +3.9% 181.0 19.7 19.0 +37.6% 35.0 6.6 +59.9% 1
Slide 11: Public debt placements reflected a normalisation in 2025 vs a softer 2024
Public debt placements reflected a normalisation in 2025 vs a softer 2024 Mail & Services Public debt placements Healthcare plans ARPU: €24/year € billion # users +23.3 49.2 12.6 1.7 1.2 1.2 1.1 1Q25 2Q25 3Q25 4Q25 8.1 +22.7 +146.8% 25.8 5.2 4.4 4.0 3.8 4.0 2019-2021 average 2.1 3.1 2019 2020 2021 2
Slide 12: Lower mail volumes compensated by higher revenue per item
Lower mail volumes compensated by higher revenue per item Mail & Services Addressed mail volumes Mail & Services Revenues Million objects € million Unaddressed mail & services Addressed Mail +1.5% 508.8 516.4 -8.6% 385.4 352.1 143.7 161.6 -2.8% 365.1 354.8 FY24 FY25 FY24 FY25 Financial services, bus
Slide 13: Expanding Mail & Services margin against a backdrop of business restructuring
Expanding Mail & Services margin against a backdrop of business restructuring Mail & Services Mail & Services Revenues Mail & Services Recurring EBIT € million; % change y.o.y. € million; % change y.o.y. EBIT Margin: 4.4% 6.3% 508.8 516.4 4Q 32.8 4Q +1.5% FY FY +46.3% 22.4 13.8 10.1 +36.0% 135.4 134
Slide 14: Banco CTT delivered on all 2025 commitments, while reinvesting in growth
Banco CTT delivered on all 2025 commitments, while reinvesting in growth Banco CTT BCTT Business volumes BCTT banking revenues BCTT Profit Before Tax 4Q € million € million € million FY y.o.y. Current Accounts1: NIM: 681.3 707.0 +3.8% 2.1% 2.0% ROTE2: 13.0% 13.2% +12.0% +23.0% 7,851 4.8 41.4 7,009 2
Slide 15: FY25 Financial Review
FY25 Financial Review FY25 RESULTS PRESENTATION 15 15
Slide 16: Resilient growth
Resilient growth Financial Review Key financial indicators € million; % change vs. prior year Quarter Full year 4Q24 4Q25 y.o.y. FY24 FY25 y.o.y. Revenues1 315.0 376.9 +19.6% 1,107.3 1,288.1 +16.3% 265.3 313.3 +18.1% 947.0 1,089.7 +15.1% Operating costs - EBITDA2 49.7 63.6 +27.9% 160.3 198.4 +23.8%
Slide 17: E-commerce persists as the core catalyst of our performance
E-commerce persists as the core catalyst of our performance Financial Review Revenues1 Revenue1 breakdown € million; %y.o.y. € million; %y.o.y.; % of total +7.7% FY25 7.7 376.9 19.9 % of -0.8 11.3% total 350.0 e-commerce +19.6% Solutions 48.6% 626.3 (+33.7%) 35.0 315.0 Mail & Services3 1,288 516.4 (
Slide 18: Evolution of costs driven by the consolidation of Cacesa and organic growth
Evolution of costs driven by the consolidation of Cacesa and organic growth Financial Review Operating costs1 +16.4% € million; % change vs. prior year 47.5 8.1 364.0 -4.4 22.4 341.6 312.8 +21.8% 284.5 28.3 265.3 19.2 4Q24 Op. 4Q24 D&A 4Q24 Op. CACESA PF2 3Q24 Op. ∆ e- ∆ Mail & ∆ Bank 4Q25 Op. 4Q25
Slide 19: Restructuring at Mail & Services enabling recovery of recurring EBIT
Restructuring at Mail & Services enabling recovery of recurring EBIT Financial Review Recurring EBIT1 +1.2 pp Recurring EBIT1 breakdown € million; % change vs. prior year +0.3 pp, € million; % change vs. prior year; % of total Margin: organic 9.7% 10.6% 10.9% +10.8% FY25 3.6 41.2 % of 37.2 0.7 -0.4
Slide 20: Growth in EBITDA, OCF and FCF
Growth in EBITDA, OCF and FCF Financial Review FY25 Cash flow Net financial debt as at 31 December 20251 € million; impact on cash flow vs. prior year € million EBITDA 198.4 (+38.1) Consolidated IFRS16 affecting EBITDA -45.4 (-6.2) (+) Cash & cash equivalents 345.3 Impairments 17.0 (+2.7) (-) Net Fi
Slide 21: Leverage ratio stood at 1.9x driven by FCF generation in 4Q25
Leverage ratio stood at 1.9x driven by FCF generation in 4Q25 Financial Review FY25 Cash flow Evolution of net debt EBITDA and leverage € million; with Banco CTT under equity method € million; with Banco CTT under equity method € million; with Banco CTT under equity method impact on cash flow vs. pr
Slide 22: Outlook & Final Remarks
Outlook & Final Remarks FY25 RESULTS PRESENTATION 22 22
Slide 23: A FY26 growth guidance despite 1Q26 marked by significant external events
A FY26 growth guidance despite 1Q26 marked by significant external events Outlook 1Q26 Events Impacts Mitigating measures Middle East geopolitics Despite pre-noticed volumes remaining high, disruptions in logistics Strong growth observed in are retaining e-commerce objects along the logistics chain
Slide 24: We are issuing a growth guidance notwithstanding a high volatility context…
We are issuing a growth guidance notwithstanding a high volatility context… Outlook Recurring EBIT Expectations and risks for 2026 € million ≥+8% ≥125 The introduction of new customs regulations will create future growth opportunities in B2B +17.7% 115 customs services and/or fulfilment across Caces
Slide 25: We will deliver future growth by building upon our strategic foundations
We will deliver future growth by building upon our strategic foundations Final Remarks Strong financial and operational performance • In FY25, revenues grew +16% and recurring EBIT +35%, thus meeting or exceeding CMD22 targets for 2025 • Growth driven mainly by e-commerce Solutions, now the largest
Slide 26: Investor Relations
Investor Relations Phone: +351 210 471 087 E-mail: investors@ctt.pt ctt.pt FY25 RESULTS PRESENTATION 18 MARCH 2026 26 26