CTT Correios de Portugal S A : Completion of the strategic partnership between CTT and DHL

About this update from Ctt - Correios De Portugal Sa

Announcement - Lisbon, 12 May 2026 Material information CTT - Correios de Portugal, S.A. ("CTT") informs that, on this date, CTT and DHL Ecommerce International Holdings B.V. ("DHL") completed the joint venture partnership ("Transaction", "Joint Venture") announced on 19 December 2024. The completion of the Transaction follows the unconditional approval of the joint venture partnership by the European Commission, under both merger control and foreign subsidies procedures (FSR). The Transaction consists in i) the acquisition of DHL Parcel Portugal, Unipessoal, Lda. ("DHL Parcel Portugal") by CTT Expresso - Serviços Postais e Logística, S.A. ("CTT Expresso"), ii) the acquisition of 25% of CTT Expresso by DHL and iii) the acquisition of 25% of Danzas S.L.U. ("Danzas") by CTT. Danzas is the sole shareholder of DHL Parcel Iberia, S.L.U. ("DHL Parcel Iberia"), and DHL Parcel Iberia is the sole shareholder of DHL Parcel Portugal. The net cash proceed for CTT amounts to €64m. The enterprise value of the transaction at signing remained unchanged. The variation in net proceeds reflects the customary post - signing adjustments for net debt and net working capital. 25% 25% Danzas CTT Expresso (Portugal & Spain) DHL CTT 100% 100% DHL Parcel Iberia (Portugal) DHL Parcel Iberia (Spain) It is envisaged a new phase of the Transaction, whereby will be attributed a Call Option scheme (exercise following close of FY 27 and FY 28 accounts): CTT is granted an option to acquire 10% of Danzas and DHL to acquire 10% in CTT Expresso, based on the FY 27 accounts. Upon the fulfilment of certain conditions related with operational performance (Trigger: Consolidated FY28 EBIT of the JV (Sum of the actual FY28 EBIT from Danzas and CTT Expresso), to be above €96 million) and assuming that the option above is exercised, CTT will be granted an option to acquire up to 49% of Danzas (14% additional stake) and DHL to acquire up to 49% of CTT Expresso (14% additional stake). Danzas will be valued at 11.5x FY27 / FY28 EBIT (depending on the period of exercise) and CTT Expresso will be valued at 12.5x FY27 / FY28 EBIT (depending on the period of exercise). If EBIT stands above current Business Plan, only 50% of the delta between actual and target EBIT will be considered for valuation. The Transaction is envisaged to generate significant operational and commercial synergies in Portugal and Spain as well as synergies at the level of corporate structure. Operational synergies include the areas of (i) facilities and sorting, (ii) linehaul and (iii) last mile. The EBIT impact of run-rate synergies is estimated to reach an annual amount of >€35m, for the combined operations of the two companies forming the Joint Venture. It is estimated that the run-rate synergies is reached over the next 2-3 years. This information is made available to the market and the public under the terms and conditions of Article 29-Q of the Portuguese Securities Code and other legislation in force in Portugal. It is also available on the CTT website, under https://www.ctt.pt/grupo-ctt/investidores/comunicados/index?language_id=1 . CTT - Correios de Portugal, S.A. Guy Pacheco Market Relations Representative of CTT Nuno Vieira Head of Investor Relations of CTT Contacts: Email: [email protected] I Phone: + 351 210 471 087 www.ctt.pt

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