CTT Correios de Portugal S A : Consolidated results – 1st quarter 2026

About this update from Ctt - Correios De Portugal Sa

CONSOLIDATED RESULTS - 1 st QUARTER 2026 .......................................................................................................................................................................................................................................................................................................................................................................... 3 OPERATIONAL PERFORMANCE ............................................................................................................................................................................................................................................................................................................................................................................................ 5 e-commerce Solutions ............................................................................................................................................................................................................................................................................................................................................................................................................... 6 Mail & Services ............................................................................................................................................................................................................................................................................................................................................................................................................................. 7 Banco CTT ..................................................................................................................................................................................................................................................................................................................................................................................................................................... 7 FINANCIAL PERFORMANCE .................................................................................................................................................................................................................................................................................................................................................................................................... 9 Income statement ........................................................................................................................................................................................................................................................................................................................................................................................................................ 10 Cash flow statement ................................................................................................................................................................................................................................................................................................................................................................................................................... 13 Consolidated statement of financial position ...................................................................................................................................................................................................................................................................................................................................................................... 14 OTHER HIGHLIGHTS .................................................................................................................................................................................................................................................................................................................................................................................................................. 18 Regulatory issues ........................................................................................................................................................................................................................................................................................................................................................................................................................ 19 Main ESG milestones achieved ............................................................................................................................................................................................................................................................................................................................................................................................... 19 Share buyback programme ....................................................................................................................................................................................................................................................................................................................................................................................................... 20 Outlook for 2026 ........................................................................................................................................................................................................................................................................................................................................................................................................................... 21 Subsequent events ..................................................................................................................................................................................................................................................................................................................................................................................................................... 21 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ........................................................................................................................................................................................................................................................................................................................... 24 CONTACTS 117 2 ‌CTT - Correios de Portugal, S.A. Consolidated Results - 1 st Quarter 2026 In the 1 st quarter of 2026 (1Q26), CTT revenues 1 reached €329.4m (+€40.8m; +14.1% y.o.y. 2 ), a positive performance that reflects: (i) the continued and sustained growth of e-commerce Solutions (+10.2% y.o.y. organic and +34.8% y.o.y, including effect of the consolidation of Cacesa in 1Q25), where CEP volume growth is being fully translated to revenues; (ii) the solid performance of Banco CTT (+8.8% y.o.y.) underpinned by a growing customer base and increased customer engagement. This growth was attenuated by the revenue decline in Mail & Services, due to lower addressed mail volumes, lower placements of public debt certificates and despite the continued growth of the Business Solutions and Payments segment. Revenues by business area were as follows: e-commerce Solutions recorded €164.2m (+34.8% y.o.y.), maintaining a sustained growth trajectory, driven primarily by the positive momentum of e-commerce, as the volumes of last-mile parcels grew by 14.3% y.o.y. and are pulling revenue growth; Mail & Services reached €128.7m (-3.4% y.o.y.), a decline that reflects (i) the fall in volumes, albeit partially offset by higher revenue per item, and revenues from addressed mail, and (ii) the decline in revenues from placements of public debt certificates due to weather constraints and a challenging comparison in 1Q25, which, in the quarter, more than offset the continued growth of Business Solutions and Payments; Banco CTT posted €36.5m (+8.8% y.o.y.), leveraged by growth in the customer base and greater customer engagement, which led to an increase in business volumes (+13.8% y.o.y.) and, consequently, in net interest income (+8.9% y.o.y.) and commissions received (+13.0% y.o.y.). Recurring EBIT stood at €15.3m in 1Q26 (-€4.9m; -24.0% y.o.y.), with a margin of 4.7%. As previously anticipated, the recurring EBIT performance reflected: €5.9m in e-commerce Solutions, a decrease of 17.1% y.o.y. including the effect of the consolidation of Cacesa (equivalent to a 44.6% y.o.y. organic decline) primarily resulting from (i) unusual factors such as severe weather in 1Q26 and a very concentrated peak season in 4Q25 that spilled over to 1Q26 leading to extra efforts to maintain quality of service and (ii) from fuel-related inflation in the awake of the heightened instability in the Middle East; €4.2m in Mail & Services (-46.6% y.o.y.), due to lower revenues, namely from declining addressed mail volumes as well as from lower levels of public debt placements, and also due to the extra costs incurring in dealing with the impact of extreme weather; €5.3m in Banco CTT (+0.9% y.o.y.), a flattish performance when compared to 1Q25, which results from the strategic decision to invest in accelerating the growth of the customer base, business volumes and revenues. Operating cash flow stood at -€19.8m in 1Q26, primarily due to a seasonal working capital investment of €37.6m (-€27.7m y.o.y.) that is normally reversed throughout the year. Net profit 3 of €4.5m in the period (-€1.0m; -17.6% vs. 1Q25), reflecting lower EBITDA, higher amortisation costs and higher financial costs, notwithstanding lower specific items. 1 Excluding specific items. 2 y.o.y. - year on year. 3 Consolidated, attributable to equity holders. 3 € million 1Q25 1Q26 ∆% 1Q25 Pf ∆% Pf Revenues 4 288.5 329.4 14.1% 315.8 4.3% e-commerce Solutions 121.8 164.2 34.8% 149.0 10.2% Mail & Services 133.2 128.7 (3.4%) 133.2 (3.4%) Banco CTT 33.6 36.5 8.8% 33.6 8.8% Operating costs 248.7 292.6 17.7% 271.8 7.7% EBITDA 4 39.9 36.7 (7.9%) 44.0 (16.5%) EBITDA margin 13.8% 11.1% 2.7pp 13.9% (2.8pp) Depreciation & amortisation 19.7 21.4 8.6% 20.2 5.5% Recurring EBIT 4 20.2 15.3 (24.0%) 23.7 (35.3%) Recurring EBIT margin 7.0% 4.7% (2.3pp) 7.5% (2.8pp) e-commerce Solutions 7.1 5.9 (17.1%) 10.6 (44.6%) Mail & Services 7.9 4.2 (46.6%) 7.9 (46.6%) Banco CTT 5.2 5.3 0.9% 5.2 0.9% EBIT 11.2 12.0 6.8% 14.7 (18.6%) Net profit for the period 5 5.5 4.5 (17.6%) 8.1 (43.8%) 31.12.2025 31.03.2026 ∆ ∆% Equity 323.2 323.6 0.4 0.1% Net Debt 7.9 33.4 25.4 » Net debt with Banco CTT under equity method 312.2 348.0 35.8 11.5% Net debt/EBITDA (LTM) with Banco CTT under equity method 1.9 2.2 0.3 13.6% Note: 'Pf' stands for proforma and is used for comparison purposes regarding the organic performance including Cacesa, which was acquired on 30 April 2025. With this aim, proforma accounts, include Cacesa as from 1 January 2025. This definition will apply throughout this document. 4 Excluding specific items. 5 Consolidated, attributable to equity holders. 4

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