Portugal · Delayed Price · Currency is EUR CTT - Correios De Portugal Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw 4.3% revenue growth, but EBIT fell 35.3% due to regulatory, weather, and geopolitical impacts. E-commerce and Banco CTT drove growth, with April showing strong recovery signs. Full-year guidance is reiterated, with leverage set to improve after the DHL JV.
Fiscal Year 2025
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2025 saw strong revenue and EBIT growth, surpassing strategic targets, with e-commerce now the main driver. Guidance for 2026 is conservative due to regulatory and geopolitical risks, but further growth is expected, supported by the Cacesa integration and DHL JV.
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The group is targeting 7%-9% annual revenue growth and 13%-17% EBIT growth through 2028, driven by e-commerce logistics leadership in Iberia, major investments in network expansion and technology, and a transformed business mix. Mail profitability will be maintained via efficiency and new funding models, while the bank will reinvest all earnings to accelerate growth.
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Revenue and EBIT grew strongly year-over-year, led by Express & Parcels and successful CACESA integration. Net profit rose 35% in Q3, with robust performance in Financial Services and stabilization in Mail. Guidance for recurring EBIT of at least €115 million is reaffirmed.
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Revenues and recurring EBIT saw strong double-digit growth, driven by Express & Parcels and the successful integration of CACESA. Upgraded EBIT guidance exceeds EUR 115 million, with parcel volumes expected to grow above 15% for the year. Free cash flow and margins improved, while all divisions contributed to growth.
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Recurring EBIT rose nearly 20% year-over-year on strong financial services and logistics growth, while net income fell due to restructuring and transaction costs. Guidance for over €100 million recurring EBIT is reaffirmed, with CACESA integration and shareholder returns progressing as planned.
Fiscal Year 2024
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Delivered strong growth in logistics and banking, surpassing guidance with record revenues and margin expansion. Strategic M&A and investments position the company for further leadership in Iberian e-commerce logistics, with robust 2025 outlook and continued margin improvement.
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Q3 saw strong growth in express and parcels, offsetting financial services weakness, with mail and banking segments also performing well. Guidance for full-year EBIT is reaffirmed at EUR 80–90 million, with a robust Q4 expected and cash flow normalization underway.
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Express and Parcels drove strong revenue and margin growth, especially in Spain, while Mail stabilized through price increases despite volume declines. Financial Services lagged due to public debt caps but digital initiatives and cost controls are expected to support H2 recovery.