1Q26 RESULTS PRESENTATION
6 MAY 2026
1
1Q26
Operational
Review
3
1Q26 RESULTS PRESENTATION 3
Resilient growth while profitability affected by conjunctural events
Healthy revenue growth in 1Q26
CEP volumes up 14% y.o.y and accelerating
Resilient e-commerce revenues
BCTT NII accelerating sequentially
Overview
Revenues1,2
€ million; % change y.o.y.
Recurring EBIT1,2
€ million; % change y.o.y.
Cacesa1
Reported329.4
315.8
+4.3%
27.2
288.5
+14.1%
-35.3%
23.7
-24.0%
15.3
20.2
3.5
Conjunctural profitability impacts
Middle East crisis and new regulation introduction affecting parcel volumes and costs
Concentrated peak season in 4Q25 and high volatility in volumes
Hurricane Kristin led to disruptions in operations
Lower placements of public debt impacted
recurring EBIT of Mail C Services
April 26 on track to revamp RoY
CEP volumes accelerating further (+29% y.o.y)
e-commerce Solutions recurring EBIT improving sequentially
Public debt placements recovering and should improve further with revised limits
1Q25 1Q26 1Q25 1Q26
Events affecting 1Q26 were contained and April is already improving4
1Excludes specific items; 2Cacesa fully consolidated in 30 April 2025; 3Proforma adjustment includes Cacesa since 1 January 2025
Growth of e-commerce volumes remains strong
e-commerce Solutions
E-commerce Solutions Volumes
Million items
15.0%
11.3%
y.o.y. growth
14.3%
15.3%
7.5%
19.7%
28.6%
8.0% 8.9%
38.2
48.5
39.6
14.2 11.9 13.5 13.7
Jan Feb Mar Apr
34.7 35.5
Volumes
1Q25 2Q25 3Q25 4Q25 1Q26
Iberian e-commerce structural opportunity remains unchanged5
Q 6 SU S S O
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