CTT - Correios de Portugal, S.A. informs on: 1st semester 2026 consolidated results

About this update from Ctt - Correios De Portugal Sa

‌Ctt CONS OLIDATED RESULTS - 1*' HALF 2026 CONSOLIDATED RESULTS - 1 st HALF2026 ..................................................................................................................................................................................................................................................................................................................................................................................... 3 1. OPERATIONAL PERFORMANCE ............................................................................................................................................................................................................................................................................................................................................................................................ 5 e-commerce Solutions ............................................................................................................................................................................................................................................................................................................................................................................................................... 6 Mail & Services............................................................................................................................................................................................................................................................................................................................................................................................................................. 7 Banco CTT ..................................................................................................................................................................................................................................................................................................................................................................................................................................... 8 2. FINANCIAL PERFORMANCE .................................................................................................................................................................................................................................................................................................................................................................................................... 10 Income statement ........................................................................................................................................................................................................................................................................................................................................................................................................................ 11 Cash flow statement ................................................................................................................................................................................................................................................................................................................................................................................................................... 14 Consolidated statement of financial position ...................................................................................................................................................................................................................................................................................................................................................................... 16 3. OTHER HIGHLIGHTS .................................................................................................................................................................................................................................................................................................................................................................................................................. 20 Regulatory issues........................................................................................................................................................................................................................................................................................................................................................................................................................ 21 Main ESG milestones achieved ............................................................................................................................................................................................................................................................................................................................................................................................... 21 Share buyback programme....................................................................................................................................................................................................................................................................................................................................................................................................... 22 Outlook for 2026........................................................................................................................................................................................................................................................................................................................................................................................................................... 22 Subsequent events ..................................................................................................................................................................................................................................................................................................................................................................................................................... 23 4. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ........................................................................................................................................................................................................................................................................................................................... ## CONTACTS ................................................................................................................................................................................................................................................................................................................................................................................................................................................ ## 2 ‌CTT - Correios de Portugal, S.A. Consolidated Results - 1 st Half 2026‌ In the 1 st half of 2026 (1H26), CTT revenues 1 reached €674.3m (+€77.1m; +12.9% y.o.y. 2 ), a positive performance that reflects: (i) the continued and sustained growth of ecommerce Solutions (+22.3% y.o.y. organic and +29.6% y.o.y, including the effect of the consolidation of Cacesa and DHL Parcel Portugal 3 ), where CEP volume growth is being fully translated to revenues; (ii) the growth of Banco CTT (+8.1% y.o.y.) underpinned by customer growth and greater engagement with customers, as well as strong momentum in the credit sector and (iii) the significant increase in public debt placements and the continued growth of the Business Solutions and Payments segment. Revenues by business area were as follows: e-commerce Solutions recorded €343.6m (+29.6% y.o.y., including the effect of the consolidation of Cacesa and DHL Parcel Portugal), maintaining a sustained growth trajectory, driven primarily by the positive momentum of e-commerce, as the volumes of last-mile parcels grew by 19.4% y.o.y. and are pulling revenue growth. On a like-for-like basis, taking into account the volume of parcels from DHL Parcel Portugal in May and June 2025, last-mile parcel volumes would have grown by 17.6% y.o.y. Mail & Services reached €256.6m (-2.7% y.o.y.), a decline that essentially reflects the impact of the legislative elections in May 2025. Excluding this effect, the segment's revenue would have grown by 0.6% y.o.y. in 1H26 (+5.0% y.o.y in 2Q26), driven by (i) growth in revenue from the public debt due to the increase in the savings subscription limit for public debt placements effective since the end of April 2026 and by rising interest rates, (ii) the strong performance of the Business Solutions and Payments division, and (iii) the favourable trend in the performance of addressed mail. Banco CTT posted €74.1m (+8.1% y.o.y), leveraged by growth in business volumes (+13.9% y.o.y), against a backdrop of customer growth and the greater involvement mentioned, and, consequently, growth in net interest income (+9.7% y.o.y) and commissions received (+12.6% y.o.y). Recurring EBIT stood at 41.0€m in 1S26 (-€5.9m; -12.5% y.o.y), with a margin of 6.1%. The recurring EBIT performance reflected: €16.7m in e-commerce solutions , a y.o.y decrease of 20.9%, including the effect of the consolidation of Cacesa and DHL Parcel Portugal (equivalent to an organic y.o.y decrease of 35.7%). This performance is mainly due to regulatory and business volatility in the customs clearance sector, which placed significant pressure on the profitability of Cacesa's operations in 1H26. €13.9m in Mail & Services (-7.3% y.o.y.), a decrease that mainly reflects the impact of the legislative elections in May 2025. Excluding this effect, the segment's rec.EBIT would have grown by 17.5% y.o.y in 1H26 (+149.4% y.o.y in 2Q26), driven by the factors mentioned above. €10.5m in Banco CTT (-3.5% y.o.y.), a fairly stable performance resulting from the strategic decision to invest in accelerating the growth of the customer base, business volumes and revenue. Operating cash flow stood at €22.2m in 1H26, mainly due to a €23.1m reversal of the investment in working capital in 2Q26. Net profit 4 stood at €12.9m in 1H26 (-€9.2m; -41.6% compared with 1H25), reflecting the performance in terms of rec. EBIT, higher financial results and higher non-controlling interests. 1 Excluding specific items. 2 y.o.y. - year on year. 3 Compañia Auxiliar al Cargo Expres, S.A.U. ("Cacesa") was acquired on 30 April 2025 and DHL Parcel Portugal, Unipessoal, Lda. ("DHL Parcel Portugal") was acquired on 12 May 2026. For the purposes of consolidating the income statement, DHL Parcel Portugal is included in the scope of consolidation from 1 May 2026. The pro forma information takes into account the contribution of Cacesa from 1 January 2025 and that of DHL Parcel Portugal from 1 May 2025. The pro forma adjustments for 2Q25 and 1H25 correspond to an impact on revenue of €9.2m and €36.4m for Cacesa, and €6.8m and €6.8m for DHL Parcel Portugal, respectively. In terms of recurring EBIT, the impact amounts to €1.2m and €4.7m for Cacesa, and €0.1m and €0.1m for DHL Parcel Portugal, respectively. 4 Consolidated, attributable to equity holders. € million 1H25 1H26 y.o.y. 2Q25 2Q26 y.o.y. 1H25Pf y.o.y.Pf 2Q25Pf y.o.y.Pf Revenues 5 597.3 674.3 12.9% 308.7 345.0 11.7% 640.4 5.3% 324.7 6.3% e-commerce Solutions 265.1 343.6 29.6% 143.3 179.4 25.2% 308.2 11.5% 159.2 12.7% Mail & Services 263.6 256.6 (2.7%) 130.4 127.9 (1.9%) 263.6 (2.7%) 130.4 (1.9%) Banco CTT 68.6 74.1 8.1% 35.0 37.6 7.4% 68.6 8.1% 35.0 7.4% Operating costs 510.6 590.3 15.6% 261.9 297.6 13.6% 548.0 7.7% 276.2 7.8% EBITDA 4 86.7 84.1 (3.0%) 46.8 47.3 1.1% 92.5 (9.1%) 48.5 (2.4%) EBITDA margin 14.5% 12.5% (2.0pp) 15.2% 13.7% (1.5pp) 14.4% (2.0pp) 14.9% (1.2pp) Depreciation & amortisation 39.8 43.0 8.1% 20.1 21.7 7.6% 40.7 5.7% 20.5 5.9% Recurring EBIT 4 46.9 41.0 (12.5%) 26.7 25.7 (3.8%) 51.7 (20.7%) 28.0 (8.4%) Recurring EBIT margin 7.9% 6.1% (1.8pp) 8.6% 7.4% (1.2pp) 8.1% (2.0pp) 8.6% (1.2pp) e-commerce Solutions 21.1 16.7 (20.9%) 14.0 10.8 (22.8%) 25.9 (35.7%) 15.4 (29.6%) Mail & Services 15.0 13.9 (7.3%) 7.0 9.6 37.3% 15.0 (7.3%) 7.0 37.3% Banco CTT 10.9 10.5 (3.5%) 5.6 5.2 (7.6%) 10.9 (3.5%) 5.6 (7.6%) EBIT 36.6 30.3 (17.2%) 25.3 18.3 (27.9%) 41.4 (26.9%) 26.7 (31.5%) Net profit for the period 6 22.1 12.9 (41.6%) 16.6 8.4 (49.6%) 26.1 (50.5%) 18.0 (53.4%) 31.12.2025 31.06.2026 ∆ y.o.y. Equity 323.2 403.0 79.8 24.7 % Net Debt 7.9 (24.0) (31.9) « Net debt with Banco CTT under equity method 312.2 292.8 (19.4) (6.2)% Net debt/EBITDA (LTM) with Banco CTT under equity method 1.9 1.8 (0.1) (4.9)% Note: "Pf" stands for pro forma and is used for comparison purposes in relation to organic performance, including Cacesa, which was acquired on 30 April 2025, and DHL Parcel Portugal, which was acquired on 12 May 2026. For the purposes of consolidating the income statement, DHL Parcel Portugal is included in the scope of consolidation from 1 May 2026. The pro forma information takes into account the contribution of Cacesa from 1 January 2025 and that of DHL Parcel Portugal from 1 May 2025. The pro forma adjustments for 2Q25 and 1H25 correspond to an impact on revenue of €9.2m and €36.4m for Cacesa, and €6.8m and €6.8m for DHL Parcel Portugal, respectively. In terms of recurring EBIT, the impact amounts to €1.2m and €4.7m for Cacesa, and €0.1m and €0.1m for DHL Parcel Portugal, respectively. 5 Excluding specific items. 6 Consolidated, attributable to equity holders. ‌Operational performance ‌e-commerce Solutions‌ E-Commerce Solutions maintained a strong growth trajectory, supported by the favourable evolution of the ecommerce market and the strengthening of CTT's presence across the Iberian logistics value chain. Operating revenues reached €179.4 million in 2Q26, representing a 25.2% y.o.y. increase compared to 2Q25. For the first half of the year, operating revenues totalled €343.6 million (+29.6% y.o.y). These results include the effect of the consolidation of Cacesa and DHL Parcel Portugal. Excluding this effect, operating revenue for the Ecommerce Solutions segment would have grown by 12.7% y.o.y and 11.5% y.o.y in 2Q26 and 1H26, respectively. In 1H26, CEP business continued to demonstrate strong momentum, with parcel volumes reaching 83.8 million items, representing an increase of 19.4% y.o.y (17.6% y.o.y on a comparable basis). Over the 12 months ending 30 June, parcel volumes totalled 170.4 million items. Operating revenues performance in 2Q26 was driven by strong growth in CEP activity, i.e. the delivery of parcels to customers homes and to lockers or convenience points. Growth in e-commerce volume in 2Q26 reached 24.4% y.o.y and drove the solid growth in CEP revenue, which reached €151.4m (+€33.3m; +28.1%). This performance benefited from the consolidation of DHL Parcel Portugal with effect from 1 May 2026. Adjusting for this effect, on a pro forma basis, volumes would have grown by 20.7% y.o.y, maintaining the acceleration seen in the quarters over the past 12 months: 14.3% y.o.y in 1Q26, 11.3% y.o.y in 4Q25 and 8.9% y.o.y in 3Q25. On a pro forma basis, revenue would have grown by 21.2% y.o.y, with this figure also maintaining the acceleration seen in previous quarters: 14.4% y.o.y in 1Q26, 14.4% y.o.y in 4Q25 and 13.0% y.o.y in 3Q25. This growth reinforces (i) the outlook for expansion in the ecommerce market in the Iberian Peninsula, driven by an increase in the number of online shoppers and the frequency of purchases, and (ii) CTT's ability to continue leading growth in this market by focusing on the coverage and capacity of its last-mile network and the quality of the services it provides. Additionally, CTT continues to expand its out-of-home (OOH) network across the Iberian Peninsula, further enhancing the reach and convenience of its offering. The network comprised approximately 20,000 PUDO locations across Portugal and Spain, including 1,502 Locky lockers in Portugal, of which 1,356 were public, and 153 lockers in Spain. The expansion of the parcel locker network in Spain is continuing at a rapid pace, with more than 400 units already contracted for future installation, reinforcing CTT's position as a leading operator in the Iberian e-commerce ecosystem. On the other hand, operating revenues from activities non-CEP - which are essentially activities relating to customs clearance - reached €28.0m in 2Q26 (+€2.9m; +11.6% y.o.y), including the effect of the consolidation of Cacesa from 1 May 2025. Adjusting for this effect - i.e. taking into account Cacesa's operating revenues in April 2025 -operating revenues from non-CEP activities would have fallen by 18.3% y.o.y, reflecting a deterioration in performance compared with 1Q26, when an organic decline of 5.0% y.o.y was recorded. This decline reflects the instability observed in the market as various organisations prepare for and adapt to the new European customs regulatory framework, which represents both a strategic opportunity for CTT and Cacesa and a challenge in terms of technological and operational adaptation, particularly in the short term. This reform was designed largely to respond to the exponential growth in ecommerce parcels, entailing (i) stricter requirements for the collection of data from sellers, marketplaces and recipients, (ii) a need for greater automation of import flows, and (iii) an increased importance of specialised customs representation services. In the future, this new customs environment will drive growth in the European fulfilment sector, as well as the expansion of integrated logistics services, with these areas remaining among CTT's key business objectives. Recurring EBIT reached €16.7m and margin stood at 4.9%. impacted by the rise in operating costs associated with ongoing inflationary pressure on certain factors of production and the continued investment coverage capacity and quality of service. ‌As with operating revenues, a distinction must be made between the performance of CEP activities and that of (non-CEP) activities which are primarily related to the customs clearance business provided through Cacesa. Recurring EBIT from the CEP business amounted to €10.2M in 2Q26 (+6.6% y.o.y). This performance includes the consolidation of DHL Parcel Portugal from 1 May 2026. Excluding this effect, i.e. by including DHL Parcel Portugal's recurring EBIT from 1 May 2025 in the 2Q25 comparison base, the recurring EBIT from CEP activities would have grown by 5.4% y.o.y. This performance, which shows a marked recovery compared with that seen in 1Q25 (-58.1% y.o.y), was achieved against a backdrop of (i) rising operating costs associated with continued inflationary pressure on certain factors of production and (ii) the continued pursuit of the e-commerce growth strategy, based on expanding network coverage and installed capacity in order to maintain a high quality of service and hereby strengthen the value proposition for customers and consumers.‌ Against the backdrop of the aforementioned revenue shortfall, non-CEP activities recorded a negative recurring EBIT performance. Consequently, recurring EBIT from non-CEP activities amounted to €0.6m in 2Q26 (-85.7% y.o.y). This performance includes the consolidation of Cacesa from 1 May 2025. Excluding this effect, by including Cacesa's recurring EBIT for April 2025 in the 2Q25 comparison base, recurring EBIT from non-CEP activities in 2Q26 would have fallen by 88.8% compared with 2Q25. This decline reflects not only the aforementioned loss of revenue, but also the increase in costs associated with Cacesa's adaptation to the new market environment and the provision of services within a more volatile regulatory context. It should be noted that, despite the strong growth momentum observed in 1H26, the segment anticipates a more challenging environment for 2H26. In particular, the introduction, from 1 July, of a fixed rate of €3 applied to low-value shipments from countries outside the EU could impact the trend in international e-commerce flows. CTT is closely monitoring this regulatory change and its potential implications for demand and consumption patterns, whilst remaining focused on adapting its operations and mitigating its impacts. Mail & Services Operating revenues amounted €127.9m in 2Q26, representing a y.o.y decrease of 1.9%, a decline that essentially reflects the impact of the legislative elections in May 2025. Excluding this effect, the segment's revenue would have grown by 5.0% y.o.y in 2Q26, driven by (i) growth in public debt placements revenue due to the increase in the subscription limit for savings certificates, effective since the end of April 2026 and by rising interest rates, (ii) the strong performance of the Business Solutions and Payments division, and (iii) the favourable trend in the performance of addressed mail. In 1H26, operating revenue from Mail and Services totalled €256.6m (-€7.0m; -2.7% y.o.y) +0.6% y.o.y on a comparable basis when adjusted for the impact of the elections in 2Q25. The decline registered in the Mail business is due to the aforementioned base effect from 2Q25, a period in which additional revenue of €8.6m was recorded in relation to services provided in the context of the May 2025 legislative elections. Excluding this effect, Mail revenue in 2Q26 would have fallen by €1.3m (-1.5% y.o.y) to €90.1m. As regards addressed mail revenue, 2Q26 saw a decrease of €9.3m (-10.1% y.o.y), with this performance being almost entirely due to the base effect of the elections in 2Q25. Excluding this effect, addressed mail revenue would have fallen by just €0.8m in 2Q25 (-0.9% y.o.y) due to the price increase - in line with the Universal Service formula - and a shift in the mail mix towards higher value-added items, which almost offset the decline in addressed mail volumes (-7.7% y.o.y). In February, the new prices for 2026 took effect. The average annual price change for the Universal Service 7 was +5.93%. In 1H26, this change was +5.97% y.o.y. ‌In 1H26 and 2Q26, respectively, operating revenue from Services (excluding Mail) amounted, respectively, to €68.5m (+€4.6m; +7.1% y.o.y) and €36.4m (+€6.1m; +20.3% y.o.y). The performance of this business line in 2Q26 benefited from growth in services provided in the area of savings distribution, i.e. the distribution of public debt placements, notably savings certificates and treasury bills. In 2Q26, revenues from the savings segment reached €8.3m (+‌ €3.0m; +56.1% y.o.y). The performance of public debt in 2Q26 generated revenue from savings placements of €8.3m (+€3.0m; +56.1% y.o.y.). In terms of public debt placements, it should be noted that the y.o.y comparison is significantly influenced by changes in conditions to the product's sales, particularly in relation the subscription limits, which came into effect in the beginning of the quarter, as well as by the evolution of interest rates. Against this favourable backdrop, subscriptions totalling €1,640.7m in 2Q26, compared with €1,171.5m in the same period of last year (+40.0% y.o.y). The expansion into the digital channel has proved to be an attractive commercial strategy, already accounting for 11.6% of the product's transaction volume for the period, corresponding to total subscriptions of over €54m (3.3% of total subscriptions for the quarter). The number of health insurance plan users increased by 17.1 thousands compared with the same period last year, to 55.8 thousands at the end of 1H26, reflecting the contribution of subscription products to growth. In terms of the Services division's operating revenue, it is also worth highlighting the performance of the Business Solutions and Payments division, whose revenue in 2Q26 reached €19.6m (+€1.4m; +7.8% y.o.y), maintaining a growth trajectory driven mainly by companies growing demand for the outsourcing of business processes, with CTT gaining market share in this segment. The year 2026 has been characterised by growth and the development of strategic solutions in document management, contact centres, BPO and payments. Within Payshop, a key initiative is the roll-out of new payment terminals to agents, which will enable a wider range of services to be offered, particularly card payment terminals, thereby enhancing the user experience. It is hoped that this new service will drive further revenue growth in the future. Investment in existing business lines and in these new services strengthens the value proposition of the corporate portfolio, consolidating CTT's position as a strategic partner for Portuguese businesses. Recurring EBIT for Mail and Services in 1H26 stood at €13.9m (-€1.1m; -7.3% y.o.y). Excluding the impact of the elections in 1H25 (€3.2m), it would have shown growth of + €2.1m (+17.5% y.o.y). In 2Q26, recurring EBIT reached €9.6m (+€2.6m; +37.4% y.o.y). Taking into account the impact of the May 2025 legislative elections on 2Q25, the growth recorded in 2Q26 would have been €5.8m, equivalent to 149.4% y.o.y, with this growth mainly attributable to the strong performance of revenue from the public debt placements. Banco CTT Banco CTT's operating income reached €37.6m in 2Q26, representing a y.o.y increase of 7.4%. In 1H26, the bank´s operating income first half of the year, the bank's operating income totalled €74.1m (+€5.6m; +8.1% y.o.y). This performance in 1H26 is primarily attributable to growth in net interest income (+€4.9m; +9.7% y.o.y) and received commissions (+€2.0m; +12.6% y.o.y), both driven by growth in the customer base and increased engagement with customers, resulting in growth in business volumes, both inside and outside the balance sheet. At the end of 1H26, the number of current accounts stood at 698.8k (+0.7%; y.o.y) noting that, on May 2026 Banco CTT cleaned 19.7 thousand current accounts in compliance with the new Banco de Portugal's regulations regarding the cancellation of accounts that are not active for 24 months or more. The business volumes in 1H26 reached €8,377.3m (+13.9% y.o.y), this performance is mainly attributable to: (i) customer deposits, which stood at €4,605.6m (+11.9% y.o.y); (ii) loans to customers, on-balance-sheet, which reached €2,247.0m (+16.4% y.o.y), with strong growth in mortgage loans, driven by gains in market share, fuelling 7 Includes letter mail, editorial mail and parcels of the universal postal service, excluding international inbound mail. this performance; and (iii) off-balance-sheet savings, which totalled €1,382.1m (+17.7% y.o.y). Interest received on car loans reached €35.8m in 1H26 (+ €3.1m; +9.6% y.o.y). Production stood at €158.7m in the same period (+15.3% y.o.y), reflecting an increase in market share from 10.1% to 11.1% (year-to-May cumulative new lending for used vehicles). Interest received on mortgage loans totalled €13.6m in the period (-€1.2m; -8.4% y.o.y). Credit production stood at €198.9 million in 1H26 (+€52.4m; +35.7% y.o.y), with Banco CTT's share of new production (1.6% as of May) above its current market share (loan book stock). Business volumes reached €8.4b (+13.9% y.o.y). This growth was strongly driven by loans to customers (+16.4%) and off-balance-sheet savings (+17.7%). Other interest received fell by €3.9m, as a result of the decline in market interest rates, including the European Central Bank's (ECB) key interest rates. Fees received totalled €17.7m (+€2.0m; +12.6% y.o.y), with notable positive contributions from insurance, consumer credit, transaction fees and mortgage loans, which amounted to €11.9m (+€2.1m; +20.9% y.o.y). The transformation ratio stood at 47.2% for the quarter. The cost of risk improved slightly in 2Q26, standing at 0.9%, benefiting primarily from favourable trends in loan recoveries. Recurring EBIT reached €10.5m (-3.5% y.o.y), showing a slight decline. This performance reflects the strategic decision to invest in accelerating the growth of the customer base, business volumes, and revenues, which has led to greater investment in the branch network, sales capabilities, and IT infrastructure. ‌Financ.iaI.PeJormance‌ ‌Financial performance‌ Income statement € million 1H25 1H26 y.o.y. 2Q25 2Q26 y.o.y. 1H25 Pf y.o.y.Pf 2Q25 Pf y.o.y.Pf Revenues 597.3 674.3 12.9% 308.7 345.0 11.7% 640.4 5.3% 324.7 6.3% e-commerce Solutions 265.1 343.6 29.6% 143.3 179.4 25.2% 308.2 11.5% 159.2 12.7% Mail & Services 263.6 256.6 (2.7%) 130.4 127.9 (1.9%) 263.6 (2.7%) 130.4 (1.9%) Banco CTT 68.6 74.1 8.1% 35.0 37.6 7.4% 68.6 8.1% 35.0 7.4% Operating costs (-) 510.6 590.3 15.6% 261.9 297.6 13.6% 548.0 15.6% 276.2 7.8% Staff costs 210.1 221.0 5.2 % 102.9 108.1 5.0 % 216.4 2.1 % 105.2 2.7 % ES&S 277.3 339.5 22.4 % 147.6 174.7 18.4 % 307.8 10.3 % 159.1 9.8 % Impairments and provisions 8.8 11.0 24.8 % 4.4 5.1 16.0 % 8.9 26.0 % 4.5 13.5 % Other costs 14.3 18.8 31.2 % 6.9 9.7 40.1 % 14.9 23.5 % 7.3 32.3 % EBITDA 86.7 84.1 (3.0%) 46.8 47.3 1.1% 92.5 (9.1%) 48.5 (2.4%) Depreciation and amortisation (-) 39.8 43.0 8.1% 20.1 21.7 7.6% 40.7 5.7% 20.5 5.9% Recurring EBIT 46.9 41.0 (12.5%) 26.7 25.7 (3.8%) 51.7 (20.7%) 28.0 (8.4%) e-commerce Solutions 21.1 16.7 (20.9%) 14.0 10.8 (22.8%) 25.9 (35.7%) 15.4 (29.6%) Mail & Services 15.0 13.9 (7.3%) 7.0 9.6 37.3% 15.0 (7.3%) 7.0 37.3% Banco CTT 10.9 10.5 (3.5%) 5.6 5.2 (7.6%) 10.9 (3.5%) 5.6 (7.6%) Specific items (-) 10.3 10.8 4.1% 1.4 7.4 » 10.3 4.1% 1.4 » Business restructuring and strategic projects 11.2 8.8 (21.2%) 4.5 5.8 29.9% 11.2 (21.2%) 4.5 30.0% Other non-recurring income and expenses (0.8) 2.0 » (3.1) 1.6 149.7% (0.8) » (3.1) » EBIT 36.6 30.3 (17.2%) 25.3 18.3 (27.9%) 41.4 (26.9%) 26.7 (31.5%) Financial results (+/-) (9.0) (10.4) (15.6%) (5.0) (4.9) 2.6% (8.6) (20.7%) (4.7) (5.1%) Financial income, net (9.0) (11.1) (23.0%) (5.0) (5.6) (10.7%) (8.6) (28.5%) (4.7) (19.4%) Financial costs and losses (9.5) (11.3) (19.7%) (5.3) (5.7) (8.3%) (9.7) (17.4%) (5.4) (6.3%) Financial income 0.5 0.2 (46.6%) 0.2 0.1 (45.8%) 1.0 (75.9%) 0.7 (82.7%) Gains/losses in subsidiaries, associated companies and joint ventures (0.1) 0.7 » 0.0 0.7 » (0.1) » 0.4 » Income tax (-) 4.0 4.4 8.8% 2.8 3.1 12.3% 5.3 (17.4%) 3.1 0.5% Non-controlling interest (-) 1.4 2.5 82.3% 0.9 1.9 109.4% 1.4 82.3% 0.9 109.4% Net profit for the period 8 22.1 12.9 (41.6%) 16.6 8.4 (49.6%) 26.1 (50.5%) 18.0 (53.4%) 8 Consolidated, attributable to equity holders. Revenues CTT revenues 9 totalled €674.3m (+€77.1m; +12.9% y.o.y) in 1H26. This performance includes the effect of the consolidation 10 of Cacesa and DHL Parcel Portugal. Excluding this effect, i.e., assuming that Cacesa and DHL Parcel Portugal had been fully consolidated from 1 January 2025 and 1 May 2025, respectively, CTT's consolidated operating revenue would have grown by +5.3% y.o.y. This positive performance reflects (i) the continued and sustained growth of e-commerce solutions (+29.6% y.o.y including the effect of the consolidation of Cacesa and DHL Parcel Portugal), with the increase in CEP volumes being fully converted into revenue, and (ii) the stable performance of Banco CTT (+8.1% y.o.y), underpinned by a growing customer base and greater engagement with customers. Operating revenues for the Mail and Services segment reached €256.6m (-€7.0m; -2.7% y.o.y) in 1H26. This performance includes the impact of the legislative election held in Portugal in May 2025, which represented €8.6m in revenue. Excluding this impact, operating revenue for Mail and Services would have grown by 0.6% y.o.y in 1H26. Operating Costs In the 1H26, operating costs (relative to EBITDA) totalled €590.3m (+15.6% y.o.y; +€79.7m), with this growth primarily attributable to increased activity in the e-commerce solutions segment, including the consolidation of Cacesa and DHL Parcel Portugal from 1 May 2025 and 1 May 2026, respectively. On a like-for-like basis, operating costs would have increased by 7.7% y.o.y (+€42.3m) a performance largely driven by growth in the e-commerce Solutions business. Staff costs reached €221.0m, rising by +5.2% y.o.y (+€10.9m) over the period. On a pro forma basis, staff costs would have grown by 2.1% y.o.y (+€4.6m). This growth was mainly due to salary increases, whilst staff numbers stabilised over the period, including in Spain, as the additional costs associated with the rationalisation of postal operations were largely offset by growth in the e-commerce solutions business, banking and business solutions (contact centre and document management). The increase in salaries and the minimum wage in Portugal and Spain (+ €3.5m) accounts for the bulk of the growth in this item. External supplies & services costs totalled €339.5m, having increased by €62.1m, or +22.4% y.o.y, over the period. On a pro forma basis, expenditure on external supplies and services would have grown by +10.3% y.o.y (equivalent to +€31.7m), driven by organic growth in e-commerce solutions and the continuous investment in quality of service. Impairments and provisions stood at €11.0m, having increased by €2.2m (+24.8% y.o.y). On a pro forma basis, impairments and provisions would have increased by +23.5% y.o.y (equivalent to +€2.1m). This performance results from the increase in the Banking business (+€1.5m) and the e-commerce Solutions business (+€0.9m). Other costs reached €4.5m (+31.2% y.o.y). In a pro-forma basis, other costs would have increased €3.9m (+26.0 y.o.y) primarily due to growth in the e-commerce Solutions business and exchange rate differences in the Mail and Services business. Depreciation and amortisation totalled €43.0m, having increased by €3.2m (+8.1% y.o.y). On a pro forma basis, depreciation and amortisation would have grown by 5.7% y.o.y, corresponding to +€2.3m. This increase is primarily attributable to investments in information systems (+€0.5m), buildings and facilities (+€1.8m) and the vehicle fleet (+€0.4m), associated to the growth of the e-commerce solutions business namely the investment in coverage and network expansion. Specific items amounted to €10.8m, mainly due to: (i) restructuring, including agreements to suspend employment contracts (€6.3m) and (ii) expenditure associated with strategic projects (€2.5m). Recurring EBIT Recurring EBIT stood at €41.0m in 1H26 (-€5.9m; -12.5% y.o.y), with a margin of 6.1% (-1.8 p.p y.o.y, including the effect of the consolidation of Cacesa and DHL Parcel Portugal). On a pro forma basis, recurring EBIT would have fallen by 20.7% y.o.y. 9 Excluding specific items. 10 Compañia Auxiliar al Cargo Expres, S.A.U. ("Cacesa") was acquired on 30 April 2025 and DHL Parcel Portugal, Unipessoal, Lda. ("DHL Parcel Portugal") was acquired on 12 May 2026. For the purposes of consolidating the income statement, DHL Parcel Portugal is included in the scope of consolidation from 1 May 2026. The pro forma information takes into account the contribution of Cacesa from 1 January 2025 and that of DHL Parcel Portugal from 1 May 2025. The pro forma adjustments for 2Q25 and 1H25 correspond to an impact on revenue of €9.2m and €36.4m for Cacesa, and €6.8m and €6.8m for DHL Parcel Portugal, respectively. In terms of recurring EBIT, the impact amounts to €1.2m and €4.7m for Cacesa, and €0.1m and €0.1m for DHL Parcel Portugal, respectively. This performance of recurring EBIT in 1H26 reflects: a decrease of 20.9% y.o.y. in e-commerce Solutions to €16.7m (-35.7% y.o.y on a pro forma basis), mainly due to regulatory and business volatility in the customs clearance sector, which placed significant pressure on the profitability of Cacesa's operations in 1H26; a decline of 7.3% y.o.y. in Mail & Services to €13.9m, essentially reflecting the impact of the legislative elections in May 2025; a 3.5% y.o.y decline in Banco CTT to €10.5m, reflecting the strategic decision to reinvest the increase in revenue into commercial, infrastructure and digital offer expenditure, with the aim of further accelerating growth in the customer base, business volumes and revenue. Net Profit Consolidated financial results stood at -€10.4m (-€1.4m; -15.6% y.o.y) in 1H26. Financial expenses totalled -€11.3m, reflecting mainly (i) €3.7m relating to post-employment and long-term employee benefits, affected by the increase in the discount rate, (ii) €3.2m in interest associated with lease liabilities under IFRS 16, and (iii) €3.8m of interest on bank borrowings, resulting from the continued use of the factoring facility and the contraction of new loans. In 1H26, CTT reported a consolidated net profit attributable to equity holders of the CTT Group of €12.9m (-€9.2m compared to 1H25). The evolution of consolidated net profit, when compared to 1H25, was mainly driven by: (i) a reduction in EBIT (-€6.3m in 1H26 vs. 1H25) and (ii) the evolution of the financial results (-€1.4m). Staff 30.06.2025 30.06.2026 ∆ ∆% Mail & services 10,897 10,893 (4) -% e-commerce Solutions 2,244 2,473 229 10.2% Banco CTT 657 722 65 9.9% Total, of which: 13,798 14,088 290 2.1% Permanent 11,827 12,025 198 1.7% Fixed-term contracts 1,971 2,063 92 4.7% Portugal Other geographies 12,007 1,791 12,260 1,828 253 37 2.1% 2.1% On 30 June 2026, the number of CTT employees (permanent staff and fixed-term contract staff) stood at 14,088 (+290; +2.1% y.o.y), as shown in the table below. As at 30 June 2026, DHL Parcel Portugal had 174 employees (noting that at 30 June 2025 Cacesa was fully consolidated in CTT's financial statements). Adjusting for the consolidation of DHL Parcel Portugal, the total number of employees in the CTT Group would have grown by ~1.0% y.o.y reflecting in particular the reduction in staff in the Mail services and in the Central Structure, and despite the growth recorded in e-commerce Solutions due to increased activity, despite the reduction of staff in Mail & Services and central structure. With regard to e-commerce Solutions, it should be noted that the increase of 229 employees as at 30 June 2026 is primarily related to the acquisition and initial consolidation of DHL Parcel Portugal. Adjusting for the consolidation of DHL Parcel Portugal, the total number of employees in ecommerce Solutions would have decreased by just 2.5% y.o.y, reflecting the growth in activity. ‌Cash flow statement‌ € million 1H25 1H26 ∆ ∆% 2Q25 2Q26 ∆ ∆% EBITDA 86.7 84.1 (2.6) (3.0%) 46.8 47.3 0.5 1.1% IFRS16 affecting EBITDA (21.5) (22.7) (1.2) (5.8%) -10.9 -11.4 -0.4 (3.9%) Impairments and provisions 8.4 10.8 2.4 28.3% 4.2 5.1 0.9 20.1% Specific items* (10.3) (10.8) (0.4) (4.1%) -1.4 -7.4 -6.0 « Capex (16.7) (24.7) (7.9) (47.3%) -9.2 -14.8 -5.6 (60.5%) Δ Working capital (10.1) (14.5) (4.4) (43.2%) -0.3 23.1 23.4 » Operating cash flow 36.4 22.2 (14.2) (39.0%) 29.3 42.0 12.7 43.4% Employee benefits (9.5) (13.2) (3.6) (38.1%) -4.7 -8.9 -4.2 (90.1%) Tax (1.7) (2.2) (0.5) (31.2%) -1.7 -2.1 -0.4 (26.0%) Free cash flow 25.2 6.9 (18.4) (72.8%) 23.0 31.0 8.1 35.1% Debt (principal + interest) 83.3 (10.8) (94.2) (113.0%) 85.4 -37.0 -122.4 (143.3%) Dividends (22.9) (25.9) (2.9) (12.7%) -22.9 -25.9 -2.9 (12.7%) Acquisition of own shares (14.1) (14.9) (0.9) (6.2%) -3.8 -11.4 -7.7 « Disposal of buildings 0.0 0.0 0.0 0.0% 0.0 0.0 0.0 0.0% Investments in associated companies and joint ventures (107.7) 62.3 170.0 » -111.0 62.1 173.1 » Inorganic cash 11 21.4 5.5 (15.9) (74.3%) 21.4 5.5 -15.9 (74.3%) Change in adjusted cash (14.7) 23.0 37.7 » -7.9 24.3 32.2 » Δ Liabilities related to Financial Serv. & others and Banco CTT, net 12 (4.7) (10.6) (5.9) (126.9%) -4.2 74.5 78.7 » Δ Other 13 (0.2) 3.9 4.1 » -2.0 6.2 8.2 » Net change in cash (19.6) 16.4 35.9 » -14.1 105.1 119.2 » *Specific items affecting EBITDA. 11 Cash position of assets acquired during the period, i.e. Cacesa and Decopharma, at the time of acquisition. 12 The change in net liabilities of Financial Services and Banco CTT reflects the evolution of credit balances with third parties, depositors or other banking financial liabilities, net of the amounts invested in credit or investments in securities/banking financial assets, of entities of the CTT Group providing financial services, namely the financial services of CTT, Payshop, Banco CTT and 321 Crédito. 13 The change in other cash items reflects the evolution of Banco CTT's sight deposits at Banco de Portugal, outstanding cheques/clearing of Banco CTT cheques, and impairment of sight and term deposits and bank applications. Cash Flow In 1H26, the Group generated an operating cash flow of €22.2m (-€14.2m compared with 1H25). The level of operating cash flow was mainly impacted (i) by changes in EBITDA (-€2.6m to €84.1m) (ii) the change of investment in working capital (-€4.4m) (iii) the increase in capital expenditure by €7.9m, to €24.7m in 1H26. This increase in investment is aligned with the investment strategy in the business, specially the coverage and capacity of the e-commerce Solutions' network with the goal of offering a unique quality of service in the Iberian peninsula, in the locker network expansion, digitalization to improve client experience and intensify the bank's growth. In terms of working capital, the trend observed was significantly influenced by payments of EBITDA-related items. The working capital performance, with a significant recovery in 2Q26 (+€23.4m) vs. 1Q26, continued significantly pressured by the seasonal dynamics of the peak season in the e-commerce Solutions segment, partially offset by the amounts received in 2Q26 associated with the new regulations related to de minimis. ‌Consolidated statement of financial position‌ 31.12.2025 30.06.2026 ∆ € million ∆% Non-current assets Current assets 3,403.2 2,825.6 3,715.3 2,821.0 312.1 (4.5) 9.2% (0.2%) Assets Equity Liabilities 6,228.8 323.2 5,905.6 6,536.4 403.0 6,133.3 307.6 79.8 227.7 4.9% 24.7% 3.9% Non-current liabilities Current liabilities 984.4 4,921.2 1,191.4 4,941.9 207.0 20.7 21.0% 0.4% Equity and consolidated liabilities 6,228.8 6,536.4 307.6 4.9% The key aspects of the comparison between the consolidated balance sheet as at 30 de June 2026 and that as at 31 December 2025 are as follows: Assets reached €6.5b (+€307.6m compared to 31 December 2025). This growth is mainly due to the increase in (i) credit to banking clients (+€179.2m), and (ii) investments in securities at amortised cost (+€383.5m) as a result of investments made by Banco CTT in supranational debt and government bonds. Conversely, there was a reduction in other banking financial assets (-€272.2m), linked to a decrease in CTT Bank's placements with central banks and other credit institutions. Equity stood at €403.0m (+€79.8m compared with 31 December 2025). The change in this figure mainly reflects the recognition of the capital gain generated by the disposal of 25% of CTT's stake in CTT Expresso, as this was a transaction without loss of control and accounting rules stipulate that it must be recognised in equity, having originated an increase other changes in equity (+€75.6m). Additionally, it is worth noting that (i) the net profit attributable to equity holders of the CTT Group generated in 1H26, amounting to €12.9m, which was (ii) partially offset by the purchase of own shares amounting to €9.6 million during the period. Liabilities amounted to €6.1b (+€227.7m compared with 31 December 2025). This change essentially reflects the decrease observed in the accounts payable (-€90.2m), resulting from a significant reduction in the general suppliers item, particularly those related to the peak season. This decrease was partially offset by (i) an increase in bank customer deposits and other loans (+€267.9m), (ii) an increase in debt securities issued at amortised cost (+ €28.6m) and (iii) an increase in other current liabilities (+ €24.4m) as a result of increases in expenses related to annual leave and annual and Christmas bonuses, although these have not yet been utilised. Consolidated net debt Consolidated net debt reached an amount of -€24.0m in 1H26. The key aspects of the comparison between the consolidated net debt as at 30 June 2026 and that as at 31 December 2025 are as follows: Adjusted cash increased by €23.0m, as a result of operating cash flow generated (€22.2m), from the completion of the joint venture with DHL with net proceedings of +€61.9m plus the cash setup of €5.5m at the time of the acquisition. These effects were partially compensated by the acquisition of own shares (-€14.9m) and the payment of dividends (-€25.9m), and the variation of the short and long term of debt (-€8.9m). Short- and long-term debt fell by €8.9m (-2.6% on 31 December 2025), primarily due to the repayment of outstanding bank loans. € million 31.12.2025 30.06.2026 ∆ ∆% Net debt 7.9 (24.0) (31.9) « ST & LT debt 341.1 332.2 (8.9) (2.6%) of which Finance leases (IFRS16) 179.5 177.7 (1.8) (1.0%) Adjusted cash (I+II) 333.2 356.2 23.0 6.9% Cash & cash equivalents 345.3 361.7 16.4 4.7% Cash & cash equivalents at the end of the period (I) 296.1 308.6 12.5 4.2% Other cash items 49.2 53.1 3.9 7.9% Other Financial Services liabilities, net (II) 37.1 47.7 10.6 28.5% Consolidated Balance Sheet with Banco CTT under equity method € million 31.12.2025 30.06.2026 ∆ ∆% Non-current assets 932.5 973.9 41.3 4.4% Current assets 624.5 583.8 (40.7) (6.5%) Assets 1,557.1 1,557.7 0.6 0.0% Equity 294.1 373.2 79.1 26.9% Liabilities 1,263.0 1,184.5 -78.5 (6.2%) Non-current liabilities 473.5 473.0 -0.6 (0.1%) Current liabilities 789.5 711.5 -78.0 (9.9%) Equity and consolidated liabilities 1,557.1 1,557.7 0.6 0.0% Consolidated net debt with Banco CTT under equity method € million 31.12.2025 30.06.2026 ∆ ∆% Net debt with Banco CTT under equity method 312.2 292.8 (19.4) (6.2%) ST & LT debt 334.3 324.5 (9.9) (2.9%) of which Finance leases (IFRS16) 172.6 169.9 (2.7) (1.6%) Adjusted cash (I+II) 22.1 31.7 9.6 43.3% Cash & cash equivalents 254.5 265.0 10.5 4.1% Cash & cash equivalents at the end of the period (I) 254.5 265.0 10.5 4.1% Other cash items 0,0 0,0 0,0 81.5% Other Financial Services liabilities, net (II) (232.4) (233.3) (0.9) (0.4%) Liabilities related to employee benefits € million 31.12.2025 30.06.2026 ∆ ∆% Total liabilities 200.7 195.3 (5.5) (2.7%) Healthcare 163.5 163.2 (0.3) (0.2%) Healthcare (321 Crédito) 1.1 1.2 0.1 5.6% Suspension agreements 18.8 19.9 1.1 5.8% Other long-term employee benefits 4.5 4.4 (0.1) (2.6%) Other long-term benefits (321 Crédito) 0.2 0.2 0.0 0.6% Pension plan 0.2 0.2 0.0 (5.5%) Other benefits 12.4 6.2 (6.2) (50.3%) Deferred tax assets (48.4) (46.2) 2.2 (4.5%) Current amount of after-tax liabilities 152.4 149.1 (3.3) (2.2%) Liabilities related to employee benefits (post-employment and long-term benefits) stood at €195.3m as at 30 June 2026, -2.7% compared to December 2025, broken down as shown in the table above. The decrease (-€5.5m) in gross liabilities is primarily due to the payment of the first instalment of the long-term variable remuneration associated with the 2023-2025 term of office. To these liabilities related to employee benefits are associated deferred tax assets amounting to €46.2m, Associated with these employee benefit liabilities are deferred tax assets amounting to €46.2 million, meaning that the present value of employee benefit liabilities, net of the associated deferred tax assets, is €149.1 million. ‌ CtŁ CON S OLIDATED RE MULTI - 1" HALF 2026 ‌ ‌Other Highlights ‌Regulatory issues‌ Mail and Universal Service ‌Within the regulatory framework in force since February 2022 and the Convention on the criteria to be met for the pricing of postal services that make up the basket of services within the universal service obligation (Universal Postal Service Price Convention) for the 2026-2028 period, of 25 July 2025, the prices of the basket of letter mail, editorial mail and parcel services were updated with effect from 3 February 2026, corresponding to an average annual price change of 6.20%. In the framework of the Company's pricing policy for 2026, this update corresponds to an average annual price change of 5.93%, which also reflects the effect of updating the special prices for bulk mail.‌ Express and Parcels In terms of taxation and customs duties, on 13 November 2025, the elimination of customs duty exemptions for parcels worth less than €150 sent from a third country to a consumer in the EU was approved, which should come into force on 1 July 2026. A handling fee will be added to this cost, which will apply to each category of item. These rules are still being regulated by the European Commission. Financial sector - Banco CTT During the first half of 2026, the European financial sector remained resilient, supported by solid levels of capital and liquidity and robust profitability. The environment remained, however, characterised by geopolitical and macro-financial uncertainty, market volatility, interest rate movements and more selective lending criteria. Against this backdrop, the sector maintained its focus on prudent growth, asset quality, operational efficiency and the management of financial and non-financial risks. Regulatory and supervisory priorities continued to centre on sound governance and internal control systems, digital operational resilience, cybersecurity and the management of third-party risks, with particular emphasis on the consolidation of DORA requirements. Consumer protection, the prevention of money laundering and terrorist financing, and the integration of ESG risks into business and risk management models also remained key priorities. At the same time, the payments ecosystem continued to gain strategic importance, driven by the widespread adoption of instant transfers, beneficiary verification, the strengthening of fraud prevention mechanisms and the increasing digitalisation of payment methods. In this context, Banco CTT, as a high-impact (High-Impact LSI; HI-LSI), LSI institution (Less Significant Institution), maintained its focus on sustainable growth, operational efficiency and regulatory compliance. The Bank continued to strengthen its governance and internal control framework, its management of credit, technology and third-party risks, and its digital and cybersecurity capabilities, consolidating a simple, accessible and customer-centric approach in an increasingly digital and demanding banking sector. Main ESG milestones achieved Fleet electrification remained one of the main drivers of CTT's decarbonisation efforts. By the end of the semester, 55.2% of the last - mile fleet consisted of green vehicles, representing a total of 1,685 vehicles, of which 98% were electric. The period was also marked by the deployment of the Group's first 100% electric heavy goods vehicle. Together with the use of HVO 14 . in long-haul operations, these initiatives contributed to a -33.2% reduction in Scope 1 emissions compared with the same period of the previous year. The expansion of business activity was accompanied by improvements in carbon efficiency. The carbon footprint per express item decreased by 9.2% year-on-year. Total greenhouse gas emissions increased by 10.7% reflecting the 19.4% growth in e-commerce Solutions activity and the increase in outsourced road transport operations. 14 Hidrogenated Vegatble Oil. The Group's efforts were internationally recognised through its inclusion in the Finantial Times' Europe's Climate Leaders 2026 ranking, where CTT was placed 151st among 600 European companies. Through the "Uma Árvore pela Floresta" ("A Tree for the Forest") initiative, promted by CTT and Quercus, more than 4,600 native trees during the first half of the year. During the period, the 12th edition of the campaign was concluded and the 13th edition launched, together accounting for the sale of 1,535 kits. Circular economy also remained a key component of the Group's strategy, with the incorporation of recycled materials into mail, express and parcels products reaching 94.7% (+4.6 percentage points year-on-year). ‌On the social front, CTT strengthened its investment in employee development and well-being through the launch of the Strategic Artificial Intelligence Training Plan, aimed at enhancing capabilities in key areas of the digital transformation. The Group also renewed its EFR (Family-Responsible Company) certification until 2028 and was recognised by ACEGE for its efforts in promoting employee well-being and work-life balance.‌ ‌CTT also maintained its focus on supporting communities. Through more than 2,000 hours of volunteering, involving 12.6% of employees, as well as the donation of services and products, the Group positively impacted more than 8,500 people from vulnerable communities and school-age youth.‌ Enhancing customer experience and satisfaction remained a priority. During the semester, CTT continued the digitalisation of its services and the expansion of convenience solutions, with the CTT App and digital channels recording growth of 17% and 8%, respectively, in the number of active users of the Super App and Super Portal. On the governance front, three meetings of the Group's oversight bodies - the Sustainability Committee, the Corporate Governance and Risk Committee, and the Audit Committee - were held, ensuring effective oversight of key ESG and risk management matters. CTT also continued to monitor developments in the European sustainability and reporting regulatory framework, participating in sectoral working groups and public consultations promoted by the European Commission. CTT's performance in transparency and ESG reporting once again received external recognition. During the semester, the Group was awarded the IR Impact Award Europe for Best Sustainability Reporting and received the Caixa ESG Transparency and Performance Award from Caixa Geral de Depósitos, further reinforcing its position as a national benchmark in transparency, reporting quality and sustainability communication. Share buy-back programme On 10 February 2026, CTT approved a share buyback programme amounting to the overall value of €30m, equivalent to 3.0% of the Company's market capitalisation, subject to the terms and conditions disclosed to the market on that date. This programme, to be implemented until 30 April 2027, has the exclusive objectives of: (i) repurchasing a maximum of up to 5.5 million shares, representing a maximum nominal value of 2.75 million euros (which corresponds to 4.1% of the share capital at the present date) in any case not exceeding the referred maximum overall amount of investment; and (ii) decreasing the same amount of the share capital through the cancellation of the acquired own shares. On 11 February 2026, transactions began under the share buyback programme announced on the 10 th of the same month, so that on 22 July 2026, the date of the last transactions carried out and disclosed to the market, the Company held an accumulated total of 3,556,735 own shares, representing 2.66% of the share capital, including 1,195,125 own shares previously held. Outlook for 2026 CTT enters the remainder of 2026 with a healthy core business, supported by strong CEP volume and revenue growth, solid Mail & Services performance and Banco CTT's continued growth. However, customs-clearance visibility remains temporarily reduced, with Cacesa affected by regulatory changes and short-term volatility in cross-border flows. In 2Q26, the core business remained resilient: CEP revenue growth accelerated, profitability improved sequentially, and Mail & Services delivered strong profitability and cash flow. July trading supports this trend, with CEP volumes only slightly negative y.o.y as cross-border clients adjusted to the new regulatory framework and client diversification continued to ease pressure. ‌Cash generation improved in 2Q26, with operating cash flow and free cash flow reaching €37.5m and €26.5m, respectively. In 1H26, assuming Banco CTT was equity accounted for, net debt to EBITDA remained at 1.8x, reflecting capex and working capital movements, the inflows from DHL JV transactions, dividend payments and share buybacks. CTT remains committed to disciplined capital allocation, balancing growth investment, financial flexibility and shareholder remuneration.‌ The main uncertainty remains Cacesa's activity. The end of the de minimis exemption, the expected EU customs handling fee from November 2026 and other country-specific measures have triggered abrupt shifts in logistics chains, customs-clearance volumes and airport entry points. While this creates short-term pressure, the new framework may also open future opportunities in B2B customs clearance, forward location and fulfilment, where Cacesa is well positioned. CTT is progressing with the integration of DHL Parcel Portugal and with the operationalisation of the JV partnership, targeting €17.5m in recurring EBIT synergies from cross-selling, inbound B2C last-mile growth, network optimisation in Portugal and Spain, and support-function efficiencies. Against this backdrop, CTT now expects 2026 recurring EBIT of €105-110m, excluding non-CEP e-commerce Solutions activities. This guidance assumes flattish Banco CTT recurring EBIT, continued efficiency measures in Mail & Services and the central structure, restructuring charges of €10-12m, and healthy growth in Mail & Services and CEP. Excluding Banco CTT and non-CEP e-commerce activities, recurring EBIT is expected to grow by around 12-18%, subject to CEP volumes growing at least high single digit in FY26. For the remainder of 2026, CTT expects at least mid-to-high single-digit CEP volume growth in 2H26, supported by the structural Iberian e-commerce trend and client diversification. CTT will continue to manage volatility through operational initiatives, including the optimisation of linehaul departures and handling hours, while preserving last-mile productivity. Key risks to this outlook include Cacesa cleared volumes, the impact of post-de minimis regulation on CEP volumes, the upcoming EU customs handling fee, fuel costs amid geopolitical instability and broader execution risk in a more volatile trading environment. Despite the challenging trading environment around Cacesa, CTT expects to deliver consolidated recurring EBIT of €115-125m in 2026. CTT's strategic focus remains unchanged: strengthen its Iberian e-commerce logistics platform, integrate Cacesa and DHL Parcel Portugal and operationalise the JV partnership, improve Mail & Services productivity, and deepen Banco CTT customer engagement. The DHL transaction also contributed to a lower net debt position, with net debt to EBITDA improving from 2.4x at FY25 to 1.8x in 1H26. CTT will continue to build on these foundations by scaling e-commerce logistics operations, capturing synergies from DHL JV, improving Mail & Services profitability and cash flow, and sustaining Banco CTT's growth trajectory. Subsequent events On 21 July 2026, CTT announced the receipt of a non-binding expression of interest concerning Banco CTT; however, any potential transaction or partnership remains uncertain at this stage. ‌Final note This press release is based on CTT - Correios de Portugal, S.A. interim condensed consolidated financial statements for the first half of 2026, which are presented in the following chapter. The analysts' conference call to present the 1H26 results, hosted by Guy Pacheco, CEO, Joana Freitas, CFO, and João Sousa, CCO, will be held on 29 July 2026 at 09:00 am Lisbon time (GMT) / 10:00 am CET. The coordinates for accessing the Zoom conference are available at 1H26 Results CTT . Lisbon, 28 July 2026 The Board of Directors This information to the market and the general public is made under the terms and for the purposes of article 29-Q of the Portuguese Securities Code. It is also available on CTT website at: CTT Results Announcements . CTT - Correios de Portugal, S.A. Guy Pacheco Market Relations Representative Nuno Vieira Director of Investor Relations Contacts: E-mail: [email protected] Telefone: + 351 210 471 087 ‌Disclaimer This document has been prepared by CTT - Correios de Portugal, S.A. (the "Company" or "CTT") exclusively for communication of the financial results of the first half of 2026 (1H26) and has a mere informative nature. This document does not constitute, nor must it be interpreted as, an offer to sell, issue, exchange or buy any financial instruments (namely any securities issued by CTT or by any of its subsidiaries or affiliates), nor any kind of solicitation, recommendation or advice to (dis)invest by CTT, its subsidiaries or affiliates. Distribution of this document in certain jurisdictions may be prohibited, and recipients into whose possession this document comes shall be solely responsible for informing themselves about and observing any such restrictions. In particular, this press release and the information contained herein is not for publication, distribution or release in, or into, directly or indirectly, the United States of America (including its territories and possessions), Canada, Japan or Australia or to any other jurisdiction where such an announcement would be unlawful. Hence, neither this press release nor any part of it, nor its distribution, constitute the basis of, or may be invoked in any context as, a contract, or compromise or decision of investment, in any jurisdiction. Thus being, the Company does not assume liability for this document if it is used with a purpose other than the above. This document (i) may contain summarised information and be subject to amendments and supplements and (ii) the information contained herein has neither been independently verified, nor audited or reviewed by any of the Company's advisors or auditors. Thus being, given the nature and purpose of the information herein and, except as required by applicable law, CTT does not undertake any obligation to publicly update or revise any of the information contained in this document. This document does not contain all the information disclosed to the market about CTT, thus its recipients are invited and advised to consult the public information disclosed by CTT in https://www.ctt.pt and in https://www.cmvm.pt . In particular, the contents of this press release shall be read and understood in light of the financial information disclosed by CTT, through such means. By reading this document, you agree to be bound by the foregoing restrictions.. Forward-looking statements This document contains forward-looking statements. All the statements herein which are not historical facts, including, but not limited to, statements expressing our current opinion or, as applicable, those of our directors regarding the financial performance, the business strategy, the management plans and objectives concerning future operations and investments are forward-looking statements. Statements that include the words "expects", "estimates", "foresees", "predicts", "intends", "plans", "believes", "anticipates", "will", "targets", "may", "would", "could", "continues" and similar statements of a future or forward-looking nature identify forward-looking statements. All forward-looking statements included herein involve known and unknown risks and uncertainties. Accordingly, there are or will be important factors that could cause our actual results, performance or achievements to differ materially from those indicated in these statements. Any forward-looking statements in this document reflect our current views with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to the results of our operations, growth strategy and liquidity, and the wider environment (specifically, market developments, investment opportunities and regulatory conditions). Although CTT believes that the assumptions beyond such forward-looking statements are reasonable when made, any third parties are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of CTT, what could cause the models, objectives, plans, estimates and / or projections to be materially reviewed and / or actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Forward-looking statements (in particular, the objectives, estimates and projections as well as the corresponding assumptions) do neither represent a commitment regarding the models and plans to be implemented, nor are they guarantees of future performance, nor have they been reviewed by the auditors of CTT. You are cautioned not to place undue reliance on the forward-looking statements herein. All forward-looking statements included herein speak only as at the date of this document. Except as required by applicable law, CTT does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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