Ctt - Correios De Portugal Sa · EURONEXT:CTT
Ctt - Correios De Portugal Sa — CTT - Correios de Portugal — Investor Day (November 2025)
112 slides from Ctt - Correios De Portugal Sa's investor day presentation, Nov 4, 2025
Slide 1: Strategy 2025-28: Inspired by our history to deliver our future
Strategy 2025-28 Inspired by our history to deliver our future 4 NOVEMBER 2025
Slide 2: Disclaimer
Disclaimer Disclaimer Forward-looking Statements This document has been prepared by ctt – Correiosde Portugal, S.A. (the “Company” or This presentation contains forward-looking statements. All the statements herein which “ctt”) exclusively for use during the presentation of the Capital Markets Day 2
Slide 3: CMD 2025 Speakers
CMD 2025 Speakers João Bento Guy Pacheco CEO CFO João Sousa Francisco Barbeira CCO CEO banco ctt 3
Slide 4: Agenda for today
Agenda for today 01 02 03 Group Vision e-commerce Mail & & Strategy Solutions Services 04 05 06 banco Financial Closing Remarks ctt Ambition & Q&A 4
Slide 5: +500 years of heritage
01 | Group Vision & Strategy +500 years of heritage Honouring a legacy of trust, innovation, and connection between people and business NewSpring Single acquisition Cacesa Public post network to Creation of Acquisition created by distribute PT PSI 20 banco ctt Acceleration of (announced royal decree
Slide 6: 2022-25: action guided by 5 strategic drivers
01 | Group Vision & Strategy 2022-25: action guided by 5 strategic drivers Focused execution towards growth and efficiency Scale-up Leveraged upgrade Bank breakthrough Operational and Disciplined express & parcels of USO contract and acceleration cost efficiency capital allocation Achieved formidabl
Slide 7: …while remaining true to our core pillars
01 | Group Vision & Strategy …while remaining true to our core pillars Sustained by our commitment to People, Planet and Governance Driving decarbonisation People-first mindset Responsible governance Reduced carbon footprint: Stuck to strong heritage of proximity: Strengthened ESG governance: Major
Slide 8: A journey of strong transformation…
01 | Group Vision & Strategy A journey of strong transformation… Developing – growing, protecting, changing – our synergistic Business Units 2024 revenues and recurring EBIT (M€) 2019-24 growth 479 M€ Express & 43% 8.4% CAGR 5.4% CAGR Parcels 36 M€ 42% 1,107 471 M€ 85 43% Mail & Others 8 M€ 66 10% 7
Slide 9: …produced the emergence of an e-commerce logistics player
01 | Group Vision & Strategy with a bank …produced the emergence of an e-commerce logistics player Organised around 3 synergistic Business Units, deriving a new and simpler reporting structure 2024 revenues and recurring EBIT (M€) CAGR 21-242 468 584 M€1 42% 48%1 Growth engine of the group, leading
Slide 10: A business portfolio well balanced with market dynamics
01 | Group Vision & Strategy A business portfolio well balanced with market dynamics e-commerce Solutions Mail & Services banco ctt A portfolio developed to meet market needs ctt business size - revenue MARKET GROWTH Customs clearance Reverse HIGH Logistics BPO Last Mile Fulfilment MEDIUM Retail Fin
Slide 11: Obsessively pursued excellence and innovation
01 | Group Vision & Strategy Obsessively pursued excellence and innovation Solid performance, market recognition and a relentless commitment to our Vision, Mission and Values Our Vision Our Mission Best Innovation Strategy 3 Iberian Equity Awards Postal Evolution (Most improved IRP; Best IRP; Truste
Slide 12: Developed scale in pursuing Iberian leadership
01 | Group Vision & Strategy Developed scale in pursuing Iberian leadership Iberian operational capacity ctt network Digital channels >3.5M registered users 100% 77 ~20k collecting points, including D+1 Iberian coverage operation centres >1,100 lockers Environment ~50%1 eco-friendly last mile vehicl
Slide 13: Consistently performed on operational targets
01 | Group Vision & Strategy Consistently performed on operational targets Exceeding CMD 2022 Goals e-commerce Solutions Mail & Services banco ctt Expanded market share in PT and SP Stabilised mail revenues via price and Reached >800k clients offer diversification Increased revenues in PT and SP Acc
Slide 14: Met ambitious financial targets
01 | Group Vision & Strategy Met ambitious financial targets Revenue M€; CAGR Recurring EBIT M€; CAGR 10% 1,226 1,107 6% 985 848 907 15% 105 708 -2% 88 85 64 60 65 2018 2021 2022 2023 2024 9M25 2018 2021 2022 2023 2024 9M25 LTM LTM On track to achieve the 2025 guidance and the CMD'22 targets! 14
Slide 15: And continuously remunerating shareholders
01 | Group Vision & Strategy And continuously remunerating shareholders Steady DPS increase since 2020, complemented with a SBB programme 17.0 17.0 12.5 12.0 10.0 Dividends 25.0 per share cents €1 21.6 20.0 Share Buyback M€ 2018 2021 2022 20232 20243 1 Related to dividend declared in each fiscal yea
Slide 16: Delivery of ambitious targets has granted market recognition
01 | Group Vision & Strategy Delivery of ambitious targets has granted market recognition 22/05/2019 – 31/10/2025 Appointment of the new CEO CTT Correios de Portugal (Lis)1 Open: 2.24 High: 8.11 Low: 1.80 Close: 7.55 Appointment of the new BoD & GM 7.5 5.0 3.4x 2.5 0.0 2019 2020 2021 2022 2023 2024
Slide 17: Ready to deliver the future
01 | Group Vision & Strategy Ready to deliver the future 17
Slide 18: 2026-28 strategy: build-up of a market leader…
01 | Group Vision & Strategy 2026-28 strategy: build-up of a market leader… A clear path to sustain growth and profitability e-commerce Mail & banco ctt solutions Services Scale up to Iberian leadership Stabilise mail, nurture business Speed up growth and in e-comm logistics solutions and strengthen
Slide 19: e-commerce Solutions | The main growth engine
01 | Group Vision & Strategy Business units e-commerce Solutions | The main growth engine A winning and unique model in Iberia Aim for Iberian Broaden value Capture cross Evolve our Expand OOH leadership in 3 to 5 chain presence, border volumes tech-intense footprint, adding years, propelling our en
Slide 20: Mail & Services | Mail stabilisation and value unlocking
01 | Group Vision & Strategy Business units Mail & Services | Mail stabilisation and value unlocking Leveraging customers’ trust Leverage current Engage customers Continue to unlock Use the established contract through with omnichannel value and engage retail network to pricing updates and experienc
Slide 21: banco ctt | Organic acceleration
01 | Group Vision & Strategy Business units banco ctt | Organic acceleration Up to scale both relevant and proportional to the franchise Maintaining growth Excel in savings by Fight for “fair-share” Offer outstanding in domestic mass- fully capturing ctt in the credit arena – service and market clie
Slide 22: Technology & Engineering | Driving digital transformation
01 | Group Vision & Strategy Business enablers Technology & Engineering | Driving digital transformation Boost customer experience and operational efficiency with improved digital solutions and systems Operations - unified operational Customers - centralised tools Processes - advanced ecosystem acro
Slide 23: Technology & Engineering | Accelerate and expand own expertise
01 | Group Vision & Strategy Business enablers Technology & Engineering | Accelerate and expand own expertise Optimise business core operations with increased flexibility First mile - proprietary technology Last mile - client-centric proprietary driving scalable efficiency tech for optimised deliver
Slide 24: People | Manage workforce with care
01 | Group Vision & Strategy Business enablers People | Manage workforce with care Attract, develop and retain talent Develop talent and build a Proactively attract and retain top Strengthen employee well-being, future-ready workforce aligned talent, enhancing employer branding, by addressing pain p
Slide 25: Sustainability | Committing with the Environment and the Community
01 | Group Vision & Strategy Business enablers Sustainability | Committing with the Environment and the Community Committed to achieve responsible and ambitious Promoting participation and investment in social short-term SBTi approved decarbonisation targets impact projects in our community 100% dec
Slide 26: Proven execution. Ready for the future!
01 | Group Vision & Strategy Proven execution. Ready for the future! Built strong foundations Consistently delivered on our targets Ready for further growth 26
Slide 27: Agenda for today
Agenda for today 01 02 03 Group Vision e-commerce Mail & & Strategy Solutions Services 04 05 06 banco Financial Closing Remarks ctt Ambition & Q&A 27
Slide 28: Journey towards best Iberian e-commerce logistics platform
02 | e-commerce Solutions The recent journey towards becoming the best Iberian e-commerce logistics platform Top growing operator in Iberia, achieving best-in-class margins EBIT margin Iberian E&P players 24% CAGR % of revenues – selected peers, 2023/241 Revenue 468 M€ 9% 9% 249 8% 2021 2024 5% 48%
Slide 29: Delivered by outgrowing our markets…
02 | e-commerce Solutions Growth Delivered by outgrowing our markets… Client base diversification leveraged by momentum of global marketplaces Iberian B2C CEP revenue Focus on e-commerce Expansion of market share by targeting high-growth customer outperformers segments and tier-1 B2C players M€, 202
Slide 30: Fully developed solid foundations to carry on winning
02 | e-commerce Solutions Growth Fully developed solid foundations to carry on winning Comprehensive Iberian coverage in e-commerce solutions >150M1 100% Geographical Items per year D+1 coverage >580k ~20k Items per day PUDOs/lockers 77 147k Operational centres Parcels/hour of sorting capacity Ops c
Slide 31: Delivered growth while increasing margins
02 | e-commerce Solutions Efficiency Delivered growth while increasing margins Delivering on the promise: better, faster and greener e-commerce across Iberia Recurring EBIT Investment in must-win capabilities ensured full D+1 coverage in Iberia with competitive and %, 2021-2024 resilient QoS, while
Slide 32: Growth carries density and unlocks scale efficiencies
02 | e-commerce Solutions Efficiency Growth carries density and unlocks scale efficiencies Scale effect in Iberia 23 25 23 25 B2C market share ~40% ~45% ~5% ~9% Scale Productivity 5.68 6.37 1.47 2.58 Density (ctt parcels per habitant dense area) Cost ratio1 0.71 0.70 0.94 0.89 Competitiveness (Last
Slide 33: Forged a distinctive value proposition to customers
02 | e-commerce Solutions Growth Efficiency Forged a distinctive value proposition to customers Density (#k deliveries per km2) PUDOs Delivery evolution Gre e ate scal rc 0.801 f o 0.71 so 7x nv 0.55 ie en m 0.42 0.42 no ien 0.231 Eco 0.20 ce 0.08 0.08 0.12 05 2021 2022 2023 2024 2025 Wider 2021 202
Slide 34: e-commerce solutions going forward
02 | e-commerce Solutions e-commerce solutions going forward Scaling to leadership in our markets 34
Slide 35: A value proposition built upon a platform of synergic units
02 | e-commerce Solutions A value proposition built upon a platform of synergic units Growth Trends Iberian e-commerce accelerating B2C Growing Iberian Leveraging Capturing Expanding and International e-commerce end-to-end coverage international and activating out-of- marketplaces gaining logistics
Slide 36: Further room for e-commerce growth given peer EU countries
02 | e-commerce Solutions Trends There is further room for e-commerce growth, given the journey made by peer EU countries e-commerce adoption remains below reference benchmarks, signalling untapped potential e-commerce share of total retail e-commerce retail share evolution %, historical and forecas
Slide 37: B2C expected to outgrow traditional B2B
02 | e-commerce Solutions Trends B2C expected to outgrow traditional B2B B2C already leads in Spain with Portugal expected to cross the halfway mark by 2026 Evolution of CEP revenue per segment B€ 6% CAGR CAGR 7% CAGR CAGR 21-24 24-28 21-24 24-28 6.6 6.9 0.9 6.2 0.8 5.8 6% 4% 0.8 4% 4% 5.4 0.7 37% 0
Slide 38: B2C/e-commerce specialisation: a valuable asset
02 | e-commerce Solutions B2C/e-commerce specialisation: a valuable asset A comprehensive e-commerce offer, differentiating through quality and efficiency 1 + Specialisation/Differentiation - B2B Market segment focus B2C Source: ctt analysis 38
Slide 39: Parcels market growth pushed by cross-border flows
02 | e-commerce Solutions Trends Parcels market growth pushed by cross-border flows Cross-border expected to grow 2x domestic Iberia parcel market size e-commerce global trade flows B€ +6.2% Intra 7.8 CAGR CAGR Europe +7.0% 21-24 24-28 6.1 9% 9% 42% 2% 19% 5.0 17% 39% USA to Asia to Cross- 2x 36% Eu
Slide 40: Strong synergies across e-commerce verticals
02 | e-commerce Solutions Strong synergies across e-commerce verticals Our Iberian e-commerce and logistic platform value chain Local/ Market split Regional Customs B2C flows Long-haul warehouse clearing Fulfilment Last mile Returns 2028 Strategic business directions Iberia Broaden value chain 58%1
Slide 41: Cacesa strengthens positioning on cross-border e-commerce
02 | e-commerce Solutions Cacesa Growth Cacesa strengthens positioning on cross-border e-commerce Full value chain integration to boost engagement, efficiency, and foresight Customer engagement 01 Increasing customer involvement across the value chain strengthens loyalty Operational efficiency 02 An
Slide 42: DHL partnership: a key alliance to capture growth in Iberia
02 | e-commerce Solutions DHL Joint Venture Growth DHL partnership: a key alliance to capture growth in Iberia through the global and intra-European flows DHL eCommerce growth in Europe outpaced total segment eCommerce revenue1 Volume growth above market: 6-8%1 2023-30, B€ Cross-border, a key source
Slide 43: Tier-1 players most relevant, global marketplaces gaining ground
02 | e-commerce Solutions Trends Tier-1 players are the most relevant, with global marketplaces gaining ground in Iberian e-commerce Established players remain strong as Chinese platforms accelerate Iberia e-commerce revenue 2019-2028, B€ 2024 2028 Market share Market share +8% 25 50% Tier 1 +12% 19
Slide 44: Approach for each segment
02 | e-commerce Solutions ctt Express Growth Approach for each segment Building on B2C specialisation and a differentiated business model Consolidate presence Build relation 01 Efficiency and quality provided by DHL JV to enable one-stop-shop offer – B2B, B2C, International fully controlled operatio
Slide 45: Out-of-Home delivery creates value across the ecosystem
02 | e-commerce Solutions Trends Out-of-Home delivery creates value across the ecosystem From cost savings to urban sustainability Consumer satisfaction according to distance to OOH point1 OOH delivery preference per market and network density1 Customer Satisfaction OOH delivery preference (%) 2.5 6
Slide 46: OOH strategy: a combination of lockers and attended PUDOs
02 | e-commerce Solutions ctt Express Growth OOH strategy: a combination of lockers and attended PUDOs Lockers and attended PUDO complement themselves Lockers (unattended PUDOs) Attended PUDOs ctt stores, shopping centres, retail local store, ctt stores, networks, gas stations, public ctt retail age
Slide 47: Increase leadership in shifting to Out-of-Home delivery
02 | e-commerce Solutions ctt Express Growth Increase leadership in shifting to Out-of-Home delivery Target of ~50% market share of the Iberian OOH footprint in 2030, supported by the deployment of 10k lockers Target Target Iberian footprint expansion Increase volumes to PUDOs … …by expanding PUDO l
Slide 48: OOH also drives reductions in last mile costs
02 | e-commerce Solutions ctt Express Efficiency OOH also drives reductions in last mile costs From reduced stops for couriers to fewer failed deliveries — OOH delivery proves its value at scale Last Mile costs at the respective OOH share Cost Efficiency ~7K1 Last Average mile costs 92% (% of total)
Slide 49: A focused roadmap on operations
02 | e-commerce Solutions ctt Express Efficiency A focused roadmap on operations: network, capacity, efficiency, integration, and synergies Integrate, scale & optimise operations Expand network capacity to accommodate growth Optimise network as integrated Iberian system Review network design to acco
Slide 50: In-house innovation powers projects with impactful results
02 | e-commerce Solutions ctt Express Efficiency In-house innovation powers projects with impactful results Operational excellence through speed, accuracy, quality, and cost reduction First Mile Last Mile Sorters upgrade Routes Dispersal Points Sorter's hybrid Automated Delivery route hubs – solutio
Slide 51: Internal technology powers customer experience across the board
02 | e-commerce Solutions ctt Express Efficiency Internal technology powers customer experience across the board Evolving significantly the NPS results Single Iberian Chat-bot: Incorporating agentic AI: platform Targeted outcome: Deflection of 35% Drive efficiency through Synergies, greater of CC in
Slide 52: Investing to build the foundations for scale
02 | e-commerce Solutions Cacesa ctt Express Investing to build the foundations for scale Network transformation within controlled Capex ratios Iberian CEP volumes Capex M items 200 4.1% 3.5 – 4% % revenues 150 100 Locker network + New 2022 2023 2024 2025 2028 Master initiatives hubs Iberian network
Slide 53: A robust winning model, a clear plan to attack the next cycle
02 | e-commerce Solutions A robust winning model, a clear plan to attack the next cycle... Strategic positioning The most compelling A specialised Differentiation, on the fastest offer along the operating model, scale and efficiency growing segment e-commerce value backed by tech as the levers to (e
Slide 54: …aiming at the Iberian CEP leadership
02 | e-commerce Solutions …aiming at the Iberian CEP leadership expected ctt market share evolution vs. peers Iberia % of total CEP 2024 revenues 3 to 5 years #1 54
Slide 55: Agenda for today
Agenda for today 01 02 03 Group Vision e-commerce Mail & & Strategy Solutions Services 04 05 06 banco Financial Closing Remarks ctt Ambition & Q&A 55
Slide 56: Proactively addressing mail volume decline
03 | Mail & Services Proactively addressing mail volume decline by evolving core initiatives and expanding complementary offerings Leveraging proven capabilities and targeted initiatives to sustain performance and mitigate declining volumes impact Mail volumes are undeniably declining across regions
Slide 57: Historical mail operation complemented by B2B and B2C offers
03 | Mail & Services Our historical mail operation is complemented by synergic B2B and B2C offers Mail operates under a service-level contract, while business and retail solutions enhance client value and footprint Business Solutions Mail FS & Retail Integrated solutions that ctt’s historical portfo
Slide 58: The historical portfolio within Mail & Services
03 | Mail & Services Mail The historical portfolio within Mail & Services Business Solutions Mail FS & Retail Integrated solutions that ctt’s historical portfolio, Daily services, with growing strengthen client supported by a stable focus on financial products relationships, grow share of regulatory
Slide 59: Volumes are declining across geographies
03 | Mail & Services Mail Trends Volumes are declining across geographies, driven by digitalisation, consumer preferences, costs and sustainability Portugal is no exception to this trend Mail volume in Mail volume per country1 Indexed volume decline (2016=100) decline at a global level, driven by ma
Slide 60: Current price mechanism allows mitigation of impact
03 | Mail & Services Mail Efficiency Current price mechanism allows mitigation of impact, nevertheless operational efficiency remains key Using 2024 as a reference, the new pricing formula affects 60% of Mail revenue Regulated email reduction … but with the new price formula … part of the challenge,
Slide 61: Leading in distribution innovation and efficiency
03 | Mail & Services Mail Efficiency Leading in distribution innovation, adapting to volume trends, relentlessly pursuing efficiency is the path We have been proactive in evolving our network Evolution of distribution 2019-2028, Fast & Slow models and number of routes types of models Dual Speed Netw
Slide 62: Modernising operations for greater efficiency and quality
03 | Mail & Services Mail Efficiency Modernising operations, for greater efficiency and better service quality Using technology to improve performance – 3 practical examples Smart Data Capture Postman carts Postman Digital Brain Track fluorescent orange barcodes via the Field Force app using daily r
Slide 63: Retirements and natural exits reduce operational workforce
03 | Mail & Services Mail Efficiency Retirements and natural exits will contribute for the gradual reduction of operational workforce Strategically aligned with demand-supply forecasts to mitigate risks Operational workers retirement1 + attrition2 forecast Coordinating demand and supply Workforce in
Slide 64: Continue to improve efficiency, unlocking savings
03 | Mail & Services Mail Efficiency We will continue to improve our efficiency adapting to volume, unlocking important savings to safeguard profitability Through targeted cost-cutting initiatives and operational adjustments Mail Costs breakdown (M€, 2024) New operational models Workforce 241 Leadin
Slide 65: Strict USO not reduced in sync with mail volume decline
03 | Mail & Services Mail Trends Strict USO1 have not been reduced in-sync with sharp decline in mail volumes Even though some countries have moved towards adapting to context Benchmark: service levels with USO Non-exhaustive Delivery 5-business-day 5-business-day 6-business-day 5-business-day 5-bus
Slide 66: Evolve the USO contract in 3 key dimensions
03 | Mail & Services Mail It is paramount to evolve the USO contract in 3 key Financing Model dimensions Ensure funding of the concession contract, as self-funded model is not sustainable Scope and Geographical Quality/SLA coverage Simplify products, Maintain aligned with proximity through mail's im
Slide 67: Diversified portfolio of Business Solutions
03 | Mail & Services Business Solutions Diversified portfolio of Business Solutions to increase share in B2B customers Business Solutions Mail FS & Retail Integrated solutions that ctt’s historical portfolio, Daily services, with growing strengthen client supported by a stable focus on financial pro
Slide 68: Business Solutions shaped by key trends
03 | Mail & Services Business Solutions Trends Business Solutions shaped and responding to key trends Balancing digital Cost control & reduction Accelerating efficiency payments growth, to navigate current and long-term growth with financial uncertainty context, through Digitalisation inclusion and
Slide 69: Positioned to deepen customer relationships
03 | Mail & Services Business Solutions Growth Positioned to deepen customer relationships and unlock potential growth Supporting value creation by offsetting declining mail margins Transformation Online Sales Payments Enabler & Support 3 M€1 21 M€ … 12 M€ … 36 M€ ctt share in sectorial clients2 Com
Slide 70: Aiming for double digit growth
03 | Mail & Services Business Solutions Growth Aiming for double digit growth, consolidating its continuous ascending path Expanding our role across the customer lifecycle to increase share of wallet Business Solutions Payments Business revenues Process Services M€ Investment level Grow Double down
Slide 71: Retail network close to B2C clients
03 | Mail & Services FS & Retail Retail network close to B2C clients with growing relevance of services and digital Business Solutions Mail FS & Retail Integrated solutions that ctt’s historical portfolio, Daily services, with growing strengthen client supported by a stable focus on financial produc
Slide 72: Evolving our retail network to unlock portfolio value
03 | Mail & Services FS & Retail Evolving our retail network to unlock portfolio value for 15M daily foot traffic, building strong customer engagement Walk-ins ctt stores Self-service, digital tools and service portfolio play a major role in fulfiling this approach To a From a leveraged physical ret
Slide 73: Complete offering serving clients' day-to-day needs
03 | Mail & Services FS & Retail Growth Complete offering, designed to serve clients' real Full offer day-to-day needs with simplicity, proximity and trust Selected offer FSR portfolio across channels Not available Logistics offering Additional offering Mail E&P Financial banco ctt Payments Retail O
Slide 74: Digital and self-service as cornerstones of interaction
03 | Mail & Services FS & Retail Providing the adequate experience, Multi-channel with digital and self-service as the to multi segments (consumers to SOHO/SMEs) cornerstones of interaction Focused on aligning customer expectations with business 1 New shop concept with more consultative sales and se
Slide 75: Expanding the new shop concept
03 | Mail & Services FS & Retail Growth Expanding the new shop concept and customer journey to support service-driven sales Bringing more consultative sales and service convenience to high-potential locations A new shop concept Top 10-15% high- designed to enhance client potential stores will be aut
Slide 76: Modular self-service equipment ecosystem
03 | Mail & Services FS & Retail Growth Efficiency Modular self-service equipment ecosystem as an enabler of the omnichannel journeys, powered by ctt-owned technology Self-service hardware: Lockers modular evolution to CSS full suite Stamp Machine Lockers The stamp machine allows customers to Receiv
Slide 77: Developing the ctt app for convenience and reach
03 | Mail & Services FS & Retail Growth Efficiency Developing the ctt app to improve convenience and reach by providing a seamless digital access to consumers Digital adoption has reached 50% of our customers ctt app: Transforming how customer engage with ctt Feature Feature in by maximising portfol
Slide 78: Financial Services to put out consistent growth
03 | Mail & Services FS & Retail Growth Financial Services to put out consistent growth, making the most of channel and offer evolution Digital expansion and new services, on top of a stable context for public debt ctt Public debt placements FS & Retail Revenues Daily average, M€ 19-21 average M€ 60
Slide 79: Mail & Services with a clear plan for the next cycle
03 | Mail & Services Mail & Services with a clear plan for the next cycle Stabilise mail profitability through pricing mechanism Mail and operational efficiency measures Grow share of wallet Business Solutions in B2B customers High single-digit growth FS & Retail through offer and channel mix evolut
Slide 80: Agenda for today
Agenda for today 01 02 03 Group Vision e-commerce Mail & & Strategy Solutions Services 04 05 06 banco Financial Closing Remarks ctt Ambition & Q&A 80
Slide 81: In March 2016, banco ctt deployed an innovative retail banking model
04 | banco ctt In March 2016, banco ctt deployed an innovative retail banking model, leveraging existing assets and a distinctive value proposition Brand Branch network Value proposition Distinctive track-record, Nationwide presence, Simplified retail bank, with a perfect fit with at very low Capex
Slide 82: Less than 10 years afterwards, banco ctt holds a sizable franchise
04 | banco ctt Less than 10 years afterwards, banco ctt holds a sizable and productive retail banking franchise… Sizable and productive …Plus, distinctive auto loans retail bank franchise… point of sale operation >700,000 >100,000 accounts, 65% Lisbon/Porto auto loan contracts, average metro areas,
Slide 83: Being the fastest growing in Portugal
04 | banco ctt …Being the fastest growing in Portugal (12x above market)… 1 bctt vs Market Customer Business volumes Customer Business volumes B€ 7.4 12x 7.0 25% 5.7 1.9 4.7 1.7 4.2 3.3 1.6 1.4 2% Credit 1.2 5.1 4.0 BCTT Market1 Resources 2.8 3.1 2.1 CAGR (22-24)1 2020 2021 2022 2023 2024 1H2025 1 C
Slide 84: Fully delivering previous CMD's promised aspiration
04 | banco ctt …While fully delivering previous CMD’s promised aspiration 2025 2025 2025 (set)2 Objetive3 perspective Accounts (thousands) 701 700 - 750 Business Volumes (M€) 7,590 >7,000 Business volumes above guidance, particularly Volumes Resources (M€) 5,445 >5,000 on customer resources Credit (
Slide 85: banco ctt is living a great momentum
04 | banco ctt In short, we believe banco ctt is living a great momentum… creating the ideal conditions for a new, ambitious, growth cycle Innovative business Positive macro-economic model, leveraging context, translating distinctive assets, not into positive available to neo-banks sector-wide perfo
Slide 86: New business cycle: fast-paced growth with investment in enablers
04 | banco ctt The new business cycle entails fast-paced growth, combined with investment on highly productive enablers 01 02 03 Grow customer Fight for 3 base and Excel Growth fair-share engagement in savings themes in credit level A Hybrid Distribution Model 2 Business enablers B Digital Transform
Slide 87: Growth themes: accounts, engagement, savings and credit
04 | banco ctt Growth Growth themes: more accounts and engagement, savings innovations and credit expansion Driving growth through customer growth, engagement level, and widening of savings offering Themes Envisaged evolution Target 2024-28 1 Improve current account portfolio Freemium approach, low
Slide 88: Growth themes: engagement, savings innovations and credit expansion
04 | banco ctt Growth Growth themes: more engagement, savings innovations and credit expansion Strong growth while maintaining the overall risk appetite1 Themes Envisaged evolution Target 2024-28 3A Mortgage: (i) improve time to decision and time to cash and (ii) reinforce relationships with interme
Slide 89: Business enablers: hybrid distribution powered by automation
04 | banco ctt Efficiency Business enablers: hybrid distribution powered by automation Enabler Envisaged evolution A Revamp digital channels with a service-to-sales approach, including fully digital product journeys and automated push marketing, enabling automated learning/experimentation Strength b
Slide 90: Strong ambition with growth focus for the following years
04 | banco ctt In a nutshell, strong ambition with growth focus for the following years… Accounts (and 321C clients) Business volumes Thousands B€ 1.3x 1.7 – 2.0x 12 - 14 >1,000 >800 7.0 2024 2028 2024 2028 Profit before taxes Stable until 2026 Self funded plan, with M€ ROTE normalised1 100% earning
Slide 91: On track to become a meaningful mid-size retail bank
04 | banco ctt …on track to materialise our “upgraded core vision”: to become a meaningful mid-size retail bank Business volumes B€ +15% (significantly +22% above market) (12x 12 - 14 +19% market) Fastest growing franchise, 7.0 on track to become a 4.7 significant 3.3 mid-size player 2020 2022 2024
Slide 92: bctt will continue to unlock economic value through a self-funded journey
04 | banco ctt bctt will continue to unlock economic value through a self-funded journey Higher relevance with Strong growth Benchmark returns >1,0M accounts >15% CAGR ROTE 12-13% More than 1,000k Reaching 12-14B€ in Delivering higher accounts with increased business volumes bottom-line results by l
Slide 93: Agenda for today
Agenda for today 01 02 03 Group Vision e-commerce Mail & & Strategy Solutions Services 04 05 06 banco Financial Closing Remarks ctt Ambition & Q&A 93
Slide 94: Our journey over the last strategic cycle has been remarkable
05 | Financial Ambition Our journey over the last strategic cycle has been remarkable Anchoring e-commerce solutions as our key business unit e-commerce Solutions banco ctt Mail & Services1 Revenue evolution M€ Recurring EBIT evolution M€ 10% 1,226 1,107 15% 6% -2% 105 42% 64 848 85 29% 708 46% 26%
Slide 95: ctt outperforming most peers in EBIT growth
05 | Financial Ambition With ctt outperforming most of its peers in EBIT growth Combining fast growth with best-in-class profitability EBIT Growth 2022 to 2024 Peer 1 108% 32% Peer 2 11% Peer 3 10% Peer 4 6% Peer 5 5% Peer 6 -19% Peer 7 -30% Peer 8 -36% Peer 9 -37% 95
Slide 96: Investing in our business while increasing shareholder remuneration
05 | Financial Ambition Investing in our business while increasing shareholder remuneration Using balance sheet to drive sustainable performance with a well-balanced capital strategy Ordinary dividends1 Opportunistic share buybacks Annual average in the period, M€ Total amount in the period, M€ 21 6
Slide 97: With a disciplined capital allocation strategy
05 | Financial Ambition With a disciplined capital allocation strategy ctt has been able to re-deploy capital in a value accretive manner EV to EBIT on inorganic operations Use of Funds Banking Source Funds partnership 14.7x 12.5x 11.5x ctt’s trading 9.5x multiple 9.4x 5.2x 4.0x NOV-22 Generali shar
Slide 98: Delivered our targets from 2022
05 | Financial Ambition On the back of strong execution, we delivered our targets from 2022 Key financial objectives assumed in ctt’s CMD22 2025 revenues: 2025 Optimally 1,100-1,250 M€ recurring EBIT: combine 7-10% annual growth 100-120 M€ Shareholder for 2021-25 14-19% annual remuneration Fastest 1
Slide 99: Accelerate growth through strategic capital allocation
05 | Financial Ambition We will accelerate growth through strategic capital allocation In the next cycle we will continue to build on our competitive advantage Remunerate shareholders Industry leading margins Ordinary dividends complemented with Vertical integration of multiple opportunistic SBB ser
Slide 100: Next cycle target: >170 M€ in recurring EBIT by 2028
05 | Financial Ambition Next cycle target: >170 M€ in recurring EBIT by 2028 Revenue evolution Recurring EBIT evolution M€ M€ e-commerce Solutions Mail & Services2 banco ctt 7-9% 1,600-1,700 13-17% ~170-195 1,223 ~25% 10% 103 42% 25% 22% 48%1 53%1 20241 2028 20241 2028 1 Pro-forma figures including
Slide 101: Targets assume stable macroeconomic context and DHL JV
05 | Financial Ambition Our targets assume a stable macroeconomic context and DHL JV Δ GDP growth (% YoY) Inflation rate (% YoY) 2.2 3.2 2.9 1.9 1.8 2.7 2.5 1.7 2.4 2.4 1.6 1.9 2.0 1.8 1.9 2.0 1.8 1.7 1.6 1.7 2024 20251 20261 20271 20282 2024 20253 20263 20273 20284 2024 20251 20261 20271 20282 2024
Slide 102: Step up investment in our core to unlock future growth
05 | Financial Ambition We will step up investment in our core to unlock future growth Scaling operations and service quality through strategic investments in infrastructure, OOH solutions and IT Increase capacity Capex1 across Iberia, capturing M€, with banco ctt under equity method cost synergies
Slide 103: Banco ctt will also invest to re-accelerate growth and value
05 | Financial Ambition Banco ctt will also invest to re-accelerate growth and value Banco ctt will continue its fast growth momentum, with a self-funded investment plan Price / Book Value vs ROE Price / Book Value vs Business Volumes growth Price / Book Price / Book 1.5 1.5 1.0 1.0 0.5 0.5 Business
Slide 104: We remain vigilant for strategic inorganic moves
05 | Financial Ambition We remain vigilant for strategic inorganic moves e-commerce solutions Mail & Services banco ctt ctt business size - revenue MARKET GROWTH Customs Invest clearance Reverse HIGH Logistics BPO Last Mile Fulfilment MEDIUM Retail Financial Bank Services Commercial Services & Digit
Slide 105: Seek opportunistically to reinforce position in e-commerce
05 | Financial Ambition We will seek opportunistically to reinforce our position in e-commerce Pursuing further e-commerce value chain integration Current ctt presence Potential growth areas Forwarding / Customs Fulfilment / Last mile Reverse logistics Cargo clearance Warehousing delivery & returns
Slide 106: A strong balance sheet managed conservatively
05 | Financial Ambition A strong balance sheet managed conservatively to keep optionality Net Debt / EBITDA 1 Target 2.5x 2.4x Current perimeter Target Perimeter Target (incl DHL JV) 9M25 2025 2028 1 Financials with banco ctt under equity method 106
Slide 107: Disciplined Capital Allocation
05 | Financial Ambition Disciplined Capital Allocation: Cash generation to fund growth, deliver shareholder returns and maintain a strong financial position Ambition to implement a compelling shareholder 35-50% remuneration policy that provides a Dividend Payout Ratio reliable source of income for i
Slide 108: Ready for higher returns
05 | Financial Ambition Ready for higher returns 01 02 03 Guidance Capex Capital Allocation Ambitious growth Invest to reinforce Disciplined capital targets against a our core and increase allocation to fund growth backdrop of execution efficiency and increase shareholder remuneration 108
Slide 109: Agenda for today
Agenda for today 01 02 03 Group Vision e-commerce Mail & & Strategy Solutions Services 04 05 06 banco Financial Closing Remarks ctt Ambition & Q&A 109
Slide 110: We came up a long way. A new journey follows
06 | Closing remarks We came up a long way. A new journey follows Intensify Iberian integration as Balance investment in growth with the cornerstone for value creation robust shareholder remuneration Take responsibility in making Build on unique partnerships a positive impact for our for growth oppo
Slide 111: Committed to deliver 1,600-1,700 M€ revenues and 170-195 M€ EBIT
06 | Closing remarks We remain, more than ever, committed to deliver 7-9% annual growth 13-17% annual growth for 2024-2028 for 2024-2028 Iberian leadership 1,600-1,700 M€ 170-195 M€ #1 Revenues Recurring EBIT 111
Slide 112: committed to deliver
- committed to deliver
CTT - Correios de Portugal — Investor Day (November 2025) on 6ix