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CTT-Correios de Portugal
Interim Report • Jul 28, 2025
1911_iss_2025-07-28_679b0fa3-f462-411b-b0b8-f06612dbd112.pdf
Interim Report
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Commitment with Purpose
Consolidated results 1st Half 2025
Table of Contents
| 1 | st Half 2025 Consolidated results | 3 |
|---|---|---|
| 1. | Operational performance | 4 |
| 2. | Financial performance | 9 |
| 3. | Other highlights | 16 |
In the first half of 2025 (1H25), revenues1 reached €597.3m (+13.9% y.o.y.2 ). This solid and continued growth was underpinned (i) by the growth of Express & Parcels, including the consolidation of Cacesa as from 30 April 2025, as well as (ii) by the continued growth of Banco CTT and (iii) by the higher public debt placements within Financial Services.
- • Logistics totalled €507.0m in 1H25 (+12.4% y.o.y.) and accounted for 85% of CTT's total revenues.
- Express & Parcels (E&P) amounted to €270.6m (+28.6% y.o.y.) and is the largest contributor to CTT's revenues (45%). E&P continues to benefit from the expansion of e-commerce in Iberia and from the consolidation of Cacesa. Organic growth, including Cacesa in 1H24 (May and June), at E&P in 1H25 reached +18.2% y.o.y.
- • Bank & Financial Services totalled €90.2m (+23.1% y.o.y.) boosted by the increase in public debt placement volumes, recovering from 1H24 levels, and by the sustained growth at Banco CTT.
Recurring EBIT stood at €46.9m in 1H25 (+33.9% y.o.y.), with a margin of 7.9% (+1.2pp y.o.y.).
- • Logistics contributed €25.0m (+33.4% y.o.y.) to and represented 53% of total recurring EBIT. Revenue growth, driven by volume expansion and by higher revenue per item, is translating into improved margin as scale benefit accrue. The consolidation of Cacesa, which carries a higher margin, is also driving improved profitability.
- • Bank & Financial Services posted €21.9m (+34.6% y.o.y.), driven by Financial Services (+97.2% y.o.y.) on the back of the above-mentioned increase in public debt placements (+361.2% y.o.y. in 1H25).
Fully consolidated operating cash flow stood at €36.4m in 1H25 (compared to €20.0m in 1H24), while operating cash flow with Banco CTT accounted under the equity method grew 74.1% y.o.y. to €23.3m in 1H25.
| € million | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1H24 | 1H25 | y.o.y. | 2Q24 | 2Q25 | y.o.y. | 1H24Pf | y.o.y.Pf | 2Q24Pf | y.o.y.Pf | |
| Revenues1 | 524.3 | 597.3 | 13.9% | 260.9 | 308.7 | 18.3% | 542.8 | 10.0% | 279.4 | 10.5% |
| Logistics | 451.0 | 507.0 | 12.4% | 224.4 | 264.6 | 17.9% | 469.5 | 8.0% | 242.9 | 9.0% |
| Express & Parcels | 210.4 | 270.6 | 28.6% | 109.0 | 145.9 | 33.8% | 228.9 | 18.2% | 127.5 | 14.4% |
| Bank & Financial Services | 73.3 | 90.2 | 23.1% | 36.5 | 44.1 | 20.8% | 73.3 | 23.1% | 36.5 | 20.8% |
| Operating costs | 453.6 | 510.6 | 12.6% | 224.1 | 261.9 | 16.8% | 468.8 | 8.9% | 239.3 | 9.4% |
| EBITDA1 | 70.8 | 86.7 | 22.5% | 36.7 | 46.8 | 27.5% | 74.1 | 17.0% | 40.1 | 16.9% |
| Depreciation & amortisation | 35.7 | 39.8 | 11.4% | 18.6 | 20.1 | 8.2% | 36.3 | 9.6% | 19.2 | 5.0% |
| Recurring EBIT | 35.0 | 46.9 | 33.9% | 18.1 | 26.7 | 47.4% | 37.8 | 24.1% | 20.9 | 27.8% |
| Logistics | 18.7 | 25.0 | 33.4% | 9.9 | 16.7 | 68.5% | 21.5 | 16.2% | 12.7 | 31.6% |
| Express & Parcels | 13.7 | 20.9 | 52.9% | 8.1 | 13.9 | 72.8% | 16.5 | 27.2% | 10.8 | 28.6% |
| Bank & Financial Services | 16.3 | 21.9 | 34.6% | 8.2 | 10.0 | 22.0% | 16.3 | 34.6% | 8.2 | 22.0% |
| EBIT | 32.4 | 36.6 | 12.7% | 17.5 | 25.3 | 44.8% | 34.6 | 5.6% | 19.7 | 28.8% |
| Net profit for the period3 | 19.8 | 22.1 | 11.7% | 12.4 | 16.6 | 34.3% | 21.4 | 3.3% | 14.0 | 18.8% |
| 31.12.2024 | 30.06.2025 | ∆ | y.o.y. | |||||||
| Equity | 308.3 | 298.4 | (9.9) | (3.2%) | ||||||
| Net Debt | (68.1) | 44.5 | 112.7 | 165.3% | ||||||
| Net debt with Banco CTT under equity method |
205.8 | 331.2 | 125.4 | 60.9% | ||||||
| Net debt/EBITDA (LTM) with Banco CTT under equity method |
1.6 | 2.4 | 0.7 | 43.9% |
Net profit3 reached €22.1m in 1H25 (+11.7% y.o.y.).
Note: 'Pf' corresponds to Pro forma and is used for comparison purposes, including Cacesa as from 30 April 2024. This definition will apply throughout this document.
1 Excluding specific items.
2 y.o.y. - year-on-year.
3 Attributable to equity holders.
1. Operational performance
Logistics
Logistics revenues totalled €507.0m in 1H25 (+12.4% y.o.y.). This performance was driven by growth in Express & Parcels (+28.6% y.o.y.).
Mail & Other revenues totalled €236.5m in 1H25 (-1.7% y.o.y.). This decrease was mainly due to the performance of revenue from: (i) addressed mail (-2.3% y.o.y.); (ii) unaddressed advertising mail (-28.5% y.o.y.); and (iii) payments (-6.8% y.o.y.). On the other hand, revenue from business solutions grew (+9.6% y.o.y.).
| € million | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Logistics | 1H24 | 1H25 | y.o.y. | 2Q24 | 2Q25 | y.o.y. | 1H24Pf | y.o.y.Pf | 2Q24Pf | y.o.y.Pf |
| Revenues | 451.0 | 507.0 | 12.4% | 224.4 | 264.6 | 17.9% | 469.5 | 8.0% | 242.9 | 9.0% |
| Operating costs | 400.4 | 446.8 | 11.6% | 197.9 | 230.1 | 16.3% | 415.6 | 7.5% | 213.1 | 8.0% |
| EBITDA | 50.6 | 60.2 | 19.1% | 26.5 | 34.6 | 30.5% | 53.9 | 11.7% | 29.8 | 15.9% |
| Recurring EBIT | 18.7 | 25.0 | 33.4% | 9.9 | 16.7 | 68.5% | 21.5 | 16.2% | 12.7 | 31.6% |
| EBIT | 16.2 | 14.9 | (8.1%) | 9.3 | 15.4 | 65.7% | 18.3 | (19.0%) | 11.5 | 34.3% |
Express & Parcels
Revenues of Express & Parcels totalled €270.6m in 1H25 (+28.6% y.o.y.) driven by (i) growth in volumes; (ii) expanding average revenue per item; and by (iii) the consolidation of Cacesa in 1H25 (as from 30 April 2025). On a like-for-like basis, if in 1H24 Cacesa would have been consolidated as from 30 April 2024, revenue growth would be +18.2% y.o.y.
Volumes delivered reached 70.2 million items in 1H25 (+11.3% y.o.y.; +15.0% y.o.y. in 1Q and + 8.0% y.o.y. in 2Q). It should be noted, however, that in Spain in 2Q25 there were 60 working days (-3 vs. 2Q24, or -4.8% y.o.y.). Moreover, notwithstanding the deceleration of volume growth in 2Q25 when compared with 1Q25, it should be noted that was primarily the result of a weak month of April (-2.5% y.o.y.) and growth rates resumed throughout the quarter (+9.8% y.o.y. in May and +16.6% y.o.y. in June).
The weakness observed in April resulted from: (i) less two working days in Spain and less one working day in Portugal; (ii) the Easter week taking place in April (vs. March in 2024); and (iii) the blackout in 28 April that affected both Spain and Portugal. The recovery observed in May and June is the result of more dynamic and aggressive commercial stance and a more differentiated service offering.
On average, in 1H25, around 575 thousand items were handled per working day.
The consolidation of the businesses in Portugal and Spain into a single Iberian offer and the integration of Cacesa in CTT's E&P portfolio are key factors in consolidating CTT's position in the Iberian market and maximising efficiency of operations.
The acquisition of Cacesa, concluded on 30 April 2025, consolidated CTT's leading position in customs clearance and strengthened its portfolio.
The acquisition of Cacesa, concluded in 2Q25, strengthened CTT's leadership in customs clearance, reinforced its position as one of the main players in the e-commerce logistics solutions market and consolidated the competitiveness of its offering. The customs clearance service, which is now effectively integrated with the e-commerce logistics chain, has become increasingly relevant, especially for large international customers sourcing E&P flows from outside the European Union.
Cacesa is a company specialising in international ecommerce customs clearance, with a presence in 15 countries.
In line with its commitment to supporting the growth of e-commerce, CTT continues to expand its out-of-home network in Portugal and Spain, both in non-automatic delivery points and through its Locky locker network. By the end of 1H25, CTT had installed a total of 1,148 Locky lockers in Portugal and in Spain, where expansion began more recently with 65 lockers already installed and more 62 lockers contracted.
Recurring EBIT generated by the E&P business totalled €20.9m (+52.9% y.o.y.) in the semester, driven by revenue growth. In 2Q25, recurring EBIT reached €13.9m (+72.8% y.o.y.). On a like-for-like basis, if in 2Q24 Cacesa would have been consolidated as from 30 April 2024, growth of recurring EBIT would be +28.6% y.o.y. Recurring EBIT margin in 2Q25 reached 9.5% y.o.y. up by 1.0pp y.o.y. on a like-for-like basis.
Mail & Other
Mail & Other revenues totalled €236.5m in 1H25 (-€4.1m; -1.7% y.o.y.). This decrease was mainly due to the performance of revenue from: (i) addressed mail (-€4.4m; -2.3% y.o.y.); (ii) unaddressed advertising mail (-€0.8m; -28.5% y.o.y.); and (iii) payments (-€0.7m, -6.8% y.o.y.). On the other hand, revenues from business solutions grew (+€2.3m, +9.6% y.o.y.).
The new prices for 2025 for the postal services that make up the basket of the universal postal service4 came into force on 1 February. The update corresponds to an average annual change of +6.90%. The overall average annual variation of prices, also reflecting the effect of updating the special prices for bulk mail, is +6.53%. The average variation in 1H25 was +6.72%.
Given that there were legislative elections in 1Q24 and in 2Q25, the combined impact of these events in 1H25, when compared to 1H24, is negligible.
New clients in BPO and contact centres are driving the growth of Business Solutions.
In 1H25, business solutions achieved revenues of €26.5m (+€2.3m; +9.6% y.o.y.). This sustained evolution is the result of the consolidation of the strategy of a diversified offer, with emphasis on the business process outsourcing (BPO) and contact centre solutions businesses, resulting in new clients in different sectors.
Recurring EBIT of Mail & Other in 1H25 was €4.1m (-€1.0m; -19.6% y.o.y.).
4 Includes letter mail, editorial mail and parcels of the universal postal service, excluding international inbound mail.
Bank & Financial Services
Bank & Financial Services revenues totalled €90.2m in 1H25 (+€16.9m; +23.1% y.o.y.). This performance, when compared to the same period of the previous year, is strongly impacted by the behaviour of public debt certificates placements.
Recurring EBIT totalled €21.9m, corresponding to a growth of €5.6m (+34.6% y.o.y.) when compared to the same period last year.
| € million | ||||||||
|---|---|---|---|---|---|---|---|---|
| Bank & Financial Services | 1H24 | 1H25 | ∆ | y.o.y. | 2Q24 | 2Q25 | ∆ | y.o.y. |
| Revenues | 73.3 | 90.2 | 16.9 | 23.1% | 36.5 | 44.1 | 7.6 | 20.8% |
| Recurring EBIT | 16.3 | 21.9 | 5.6 | 34.6% | 8.2 | 10.0 | 1.8 | 22.0% |
| Recurring EBIT margin (p.p.) | 22.2% | 24.3% | 2.1 p.p. | 22.5% | 22.8% | 0.2 p.p. |
Bank
Banco CTT revenues totalled €68.6m (+10.4% y.o.y.) in 1H25. This growth was fuelled by growing client base (+4.0% y.o.y.) and increased client engagement that leads to an annual growth of +12.5% y.o.y. in business volumes to €7,355m. Growth in business volumes is pulling a positive performance in 1H25 of net interest income, which stood at €50.1m (+€2.9m; +6.2% y.o.y.) and of commissions, which reached €15.8m (+€2.4m; +17.9% y.o.y.).
At end of 1H25, the number of current accounts totalled 694k (+4.0% y.o.y.), 12.5k more than in December 2024.
The performance of business volumes in 1H25, which topped €7,355.3m (+12.5% y.o.y.), is primarily explained by: (i) customer deposits (Banco CTT consolidation), which reached €4,116.6m in 1H25 (+9.1% y.o.y.); (ii) customer loans, which reached €1,930.9m (+13.6% y.o.y.), underpinned by the performance of auto loans (+8.4% y.o.y. to €968.8m) and mortgage loans (+21.2% y.o.y. to €903.0m); and (iii) off-balance sheet savings, which totalled €1,174.1m (+25.2% y.o.y.).
Interest received on auto loans amounted to €32.7m in 1H25 (+€7.4m; +29.1% y.o.y.). Auto loans production stood at €137.7m in 1H25 (+6.9% y.o.y.).
Interest received on mortgage loans totalled €14.9m in the period (-€1.1m; -6.7% y.o.y.). This performance is in line with the evolution of Euribor rates. Mortgage loan production totalled €146.5m (+€66.7m; +83.6% y.o.y.) in 1H25.
Business volumes reached €7.3b (+12.5% y.o.y.). This balanced growth was driven by deposits (+9.1%), offbalance savings (+25.2%) and loans (+14.2%).
It should also be noted that the Bank's investment portfolio recorded an increase of €4.4m in interest received in 1H25, compared to the same period in 2024, due to the investment of higher amounts in sovereign debt securities. Other interest received declined by -€10.9m, as a result of the decrease in the return on amounts invested in the central bank, strongly impacted by the fall in the key interest rates of the European Central Bank (ECB), namely the deposit facility.
Commissions received totalled €15.8m (+€2.4m; +17.9% y.o.y.) in 1H25, with the positive contributions in 1H25 from commissions received from accounts and cards, off-balance sheet savings, insurance and mortgage loans, which totalled €12.6m (+€2.0m; +18.8% y.o.y.).
The loan-to-deposit ratio stood at 45.6% at the end of the semester.
The cost of risk (consolidated and accumulated) in the half year stood at 1.0% (+0.2p.p. compared to December 2024), impacted by lower risk levels in consumer credit portfolios.
As at 30 June 2025, the loan-to-deposit ratio reached 45.6%.
Recurring EBIT amounted to €10.9m (+1.7% y.o.y.) in 1H25, on the back of growth in customer loans production and a significant acceleration in off-balance sheet production.
Financial Services
Financial Services revenues totalled €21.6m in 1H25 (+€10.5m; +94.0% y.o.y.). This growth is mostly the result of the performance of public debt certificates.
In the wake of the various changes in the marketing of public debt certificates over the last two years, savings certificates have taken the lead in terms of the best interest rates among all guaranteed capital investments, against a backdrop of a sharp drop in term deposit rates.
Savings certificates remain competitive among guaranteed capital investments.
The expansion to the digital channel has proved to be an attractive commercial alternative, accounting for 9% of the product's turnover in the period, corresponding to a subscribed value of over €78m.
Public debt certificates (Savings Certificates and Treasury Certificates Savings Growth) posted revenues of €13.7m in 1H25 (+€9.4m; +216.9% y.o.y.).
In 1H25, subscriptions totalled €3,548.0m, compared to €1,678.7m in the same period of the previous year.
In addition to the distribution of public debt, CTT has been repositioning its retail network for the distribution of services (retail as a service). This strategy includes the distribution of: (i) public debt; (ii) insurance products; (iii) mail and express & parcels services, mostly in self-service; and (iv) convenience services for citizens.
Retail network as a convenience services platform.
Given the above-mentioned framework, recurring EBIT for 1H25 totalled €11.0m (+€5.4m; +97.2% y.o.y.).
2. Financial performance
Income statement
| € million | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1H24 | 1H25 | y.o.y. | 2Q24 | 2Q25 | y.o.y. | 1H24Pf | y.o.y.Pf | 2Q24Pf | y.o.y.Pf | |
| Revenues | 524.3 | 597.3 | 13.9% | 260.9 | 308.7 | 18.3% | 542.8 | 10.0% | 279.4 | 10.5 % |
| Logistics | 451.0 | 507.0 | 12.4% | 224.4 | 264.6 | 17.9% | 469.5 | 8.0% | 242.9 | 9.0 % |
| Express & Parcels | 210.4 | 270.6 | 28.6% | 109.0 | 145.9 | 33.8% | 228.9 | 18.2% | 127.5 | 14.4 % |
| Mail & Other | 240.6 | 236.5 | (1.7%) | 115.4 | 118.7 | 2.9% | 240.6 | (1.7%) | 115.4 | 2.9 % |
| Bank & Financial Services | 73.3 | 90.2 | 23.1% | 36.5 | 44.1 | 20.8% | 73.3 | 23.1% | 36.5 | 20.8 % |
| Financial Services | 11.1 | 21.6 | 94.0% | 5.5 | 9.1 | 64.6% | 11.1 | 94.0% | 5.5 | 64.6 % |
| Banco CTT | 62.1 | 68.6 | 10.4% | 31.0 | 35.0 | 13.0% | 62.1 | 10.4% | 31.0 | 13.0 % |
| Operating costs (-) | 453.6 | 510.6 | 12.6% | 224.1 | 261.9 | 16.8% | 468.8 | 8.9% | 239.3 | 9.4% |
| Staff costs | 202.3 | 210.1 | 3.8% | 100.1 | 102.9 | 2.8% | 204.70 | 2.6% | 102.5 | 0.4% |
| ES&S | 226.5 | 277.3 | 22.4% | 111.7 | 147.6 | 32.1% | 239.20 | 15.9% | 124.5 | 18.6% |
| Impairments and provisions | 10.6 | 8.8 | (16.8%) | 4.8 | 4.4 | (8.3%) | 10.50 | (16.2%) | 4.7 | (6.8%) |
| Other costs | 14.1 | 14.3 | 1.4% | 7.5 | 6.9 | (7.7%) | 14.20 | 0.8% | 7.6 | (8.8%) |
| EBITDA | 70.8 | 86.7 | 22.5% | 36.7 | 46.8 | 27.5% | 74.1 | 17.0% | 40.1 | 16.9% |
| Depreciation and amortisation (-) | 35.7 | 39.8 | 11.4% | 18.6 | 20.1 | 8.2% | 36.3 | 9.6% | 19.2 | 5.0% |
| Recurring EBIT | 35.0 | 46.9 | 33.9% | 18.1 | 26.7 | 47.4% | 37.8 | 24.1% | 20.9 | 27.8% |
| Logistics | 18.7 | 25.0 | 33.4% | 9.9 | 16.7 | 68.5% | 21.5 | 16.2% | 12.7 | 31.6% |
| Express & Parcels | 13.7 | 20.9 | 52.9% | 8.1 | 13.9 | 72.8% | 16.5 | 27.2% | 10.8 | 28.6% |
| Mail & Other | 5.1 | 4.1 | (19.6%) | 1.8 | 2.7 | 49.6% | 5.1 | (19.6) % | 1.8 | 49.6% |
| Bank & Financial Services | 16.3 | 21.9 | 34.6% | 8.2 | 10.0 | 22.0% | 16.3 | 34.6% | 8.2 | 22.0% |
| Financial Services | 5.6 | 11.0 | 97.2% | 2.7 | 4.4 | 65.5% | 5.6 | 97.2 % | 2.7 | 65.5% |
| Banco CTT | 10.7 | 10.9 | 1.7% | 5.6 | 5.6 | 1.3% | 10.7 | 1.7 % | 5.6 | 1.3% |
| Specific items (-) | 2.6 | 10.3 | » | 0.6 | 1.4 | 119.1% | 3.2 | » | 1.2 | 11.9% |
| Business restructuring and strategic projects |
0.9 | 11.2 | » | 0.5 | 4.5 | » | 1.5 | » | 1.1 | » |
| Other non-recurring income and expenses |
1.6 | (0.8) | « | 0.1 | -3.1 | « | 1.60 | « | 0.1 | « |
| EBIT | 32.4 | 36.6 | 12.7% | 17.5 | 25.3 | 44.8% | 34.6 | 5.6% | 19.7 | 28.8% |
| Financial results (+/-) | (8.2) | (9.0) (10.0%) | (4.1) | (5.0) (21.9%) | (8.2) | (9.8%) | (4.1) (21.5%) | |||
| Financial income, net | (8.2) | (9.0) (10.0%) | (4.1) | (5.0) (22.0%) | (8.2) | (9.8%) | (4.1) (21.5%) | |||
| Financial costs and losses | (8.4) | (9.5) (13.2%) | (4.3) | (5.3) (22.5%) | (8.4) | (12.1%) | (4.4) (20.2%) | |||
| Financial income | 0.2 | 0.5 | » | 0.2 | 0.2 | 33.3% | 0.2 | 94.1% | 0.2 | (3.7%) |
| Gains/losses in subsidiaries, associated companies and joint ventures |
0.0 | 0.0 (110.9%) | 0.0 | 0.0 | 123.4% | 0.0 | (110.9%) | 0.0 | 123.4% | |
| Income tax (-) | 4.1 | 4.0 | (0.8%) | 0.7 | 2.8 | » | 4.6 | (12.6%) | 1.2 | 132.2% |
| Non-controlling interest (-) | 0.4 | 1.4 | » | 0.3 | 0.9 | » | 0.4 | » | 0.3 | » |
| Net profit for the period | 19.8 | 22.1 | 11.7% | 12.4 | 16.6 | 34.3% | 21.4 | 3.3% | 14.0 | 18.8% |
Revenues
Revenues, including the consolidation of Cacesa as from 30 April 2025, totalled €597.3m in 1H25 (+13.9% y.o.y.), driven by Logistics (+12.4% y.o.y.), with particular emphasis on Express & Parcels (+28.6% y.o.y.).
Bank & Financial Services (+23.1% y.o.y.) also recorded a positive variation, due mostly to the recovery in public debt placements which has taken place since 4Q24.
Operating Costs
In 1H25, operating costs (relative to EBITDA) totalled €510.6m (+12.6% y.o.y.), with the growth essentially explained by the increase in the Logistics activity, especially Express & Parcels, including the consolidation of Cacesa as from 30 April 2025.
Staff costs reached €210.1m, having increased by +3.8% y.o.y. (+€7.7m) during the period. On a pro forma basis, adjusting for the consolidation of Cacesa, staff costs would have grown by 2.6% y.o.y. (+€5.3m). This growth is primarily due to salary increases, as the evolution of employees during the period was broadly stable given that the additional efforts carried out in streamlining mail operations were almost offset by the growth in express and parcel activity (including the acquisition of Cacesa), banking and business solutions (contact centre and document management). The increase in the minimum wage in Portugal and Spain (+€4.8m) represents the bulk of the growth in this caption.
External supplies & services costs reached €277.3m, having increased by +€50.8m or +22.4% y.o.y. during the period. On a pro forma basis, adjusting for the consolidation of Cacesa, external supplies & services costs would have grown by +15.9% y.o.y. (equivalent to +€38.1m), driven by E&P organic growth (+€28.6m).
Impairments and provisions stood at €8.8m, having decreased by €1.8m (-16.8% y.o.y.). On a pro forma basis, adjusting for the consolidation of Cacesa, impairments and provisions would have declined by 16.2% y.o.y., equivalent to -€1.7m. This performance is the result of the reduction in impairments in the E&P (-€2.1m), notwithstanding higher activity, and Mail (-€1.0m) businesses, partially offset by the increase in the Banking business (+€1.5m).
Other costs increased by €0.2m (+1.4% y.o.y.).
Depreciation & amortisation reached €39.8m, having increased by €4.1m (+11.4% y.o.y.). On a pro forma basis, adjusting for the consolidation of Cacesa, D&A would have increased by 9.6% y.o.y., corresponding to +€3.5m. This increase is primarily explained by the investments in information systems (+€0.9m), buildings and facilities (+€1.6m) and fleet (+€1.1m).
Specific items in 1H25 amounted to €10.3m, mostly due to: (i) restructuring, including employment contracts suspension agreements (€7.8m); and (ii) costs associated with strategic projects (€3.3m). In 2Q25, specific items reached €1.4m.
Recurring EBIT
Recurring EBIT stood at €46.9m in 1H25 (+€11.9m; +33.9% y.o.y.), with a margin of 7.9%, up from 6.7% in 1H24. On a pro forma basis, adjusting for the consolidation of Cacesa, recurring EBIT would have grown by 24.1% y.o.y. (+€9.1m). In 1H24, the pro forma margin, including Cacesa, would have been 7.0% and the organic margin expansion between 1H24 and 1H25 would have been 0.9pp y.o.y. The recurring EBIT growth was driven by the good performance of Express & Parcels (+€7.2m; +52.9% y.o.y.) and Financial Services (+€5.4m; +97.2% y.o.y.).
Net profit
The consolidated financial results amounted to -€9.0m (-€0.8m; -10.0% y.o.y.) in 1H25.
Financial costs and losses incurred amounted to €9.5m (-€1.1m; -13.2% y.o.y.), incorporating mainly: (i) financial costs related to post-employment and longterm employee benefits of €3.1m; (ii) interest recognised on lease liabilities linked to the implementation of IFRS 16 in the amount of €3.1m; and (iii) interest on bank loans for an amount of €2.8m.
In 1H25, CTT obtained a consolidated net profit attributable to CTT Group equity holders of €22.1m, €2.3m higher than in the same period of 2024. Income tax, amounting to €4.0m, remained stable compared to the same period of 2024.
Staff
On 30 June 2025, the number of CTT employees (permanent employees and fixed-term employees) was 13,798, (-15; -0.1% y.o.y.), as shown in the table below. As at 30 June 2024, Cacesa had 309 employees. Adjusting for the consolidation of Cacesa, the total number of employees at CTT Group would had declined 2.3% y.o.y., reflecting primarily the staff reduction within mail services and corporate structure and notwithstanding the growth registered in E&P due to higher activity. In relation to E&P, it should be underlined that the increase of 565 employees as at 30 June 2025 is mostly related to the acquisition and initial consolidation of Cacesa. Considering the 309 employees that Cacesa had in 30 June 2024, the total number of employees in E&P would have increased only by 11.7% y.o.y., reflecting activity growth.
Headcount
| 30.06.2024 | 30.06.2025 | ∆ | y.o.y. | |
|---|---|---|---|---|
| Express & Parcels | 1,884 | 2,449 | 565 | 30.0% |
| Mail & Other | 11,328 | 10,656 | (672) | (5.9%) |
| Financial Services | 36 | 36 | 0 | 0.0% |
| Banco CTT | 565 | 657 | 92 | 16.3% |
| Total, of which: | 13,813 | 13,798 | (15) | (0.1%) |
| Permanent | 11,721 | 11,827 | 106 | 0.9% |
| Fixed-term contracts | 2,092 | 1,971 | (121) | (5.8%) |
| Portugal | 12,633 | 12,007 | (626) | (5.0%) |
| Other geographies | 1,180 | 1,791 | 611 | 51.8% |
Cash flow statement
| € million | ||||||||
|---|---|---|---|---|---|---|---|---|
| 1H24 | 1H25 | Δ | y.o.y. | 2Q24 | 2Q25 | Δ | y.o.y. | |
| EBITDA | 70.8 | 86.7 | 15.9 | 22.5% | 36.7 | 46.8 | 10.1 | 27.5% |
| IFRS16 with impact on EBITDA | (18.5) | (21.9) | (3.4) | (18.5%) | (10.0) | (11.1) | (1.2) | (11.8%) |
| Impairments & provisions | 10.6 | 8.8 | (1.8) | (16.8%) | 4.8 | 4.4 | (0.4) | (8.3%) |
| Specific items* | (2.6) | (10.3) | (7.8) | « | (0.6) | (1.4) | (0.7) | (119.1%) |
| Capex | (15.2) | (16.7) | (1.5) | (9.9%) | (6.7) | (9.2) | (2.5) | (37.7%) |
| Δ Working capital | (25.1) | (10.1) | 15.0 | 59.6% | (12.9) | (0.3) | 12.6 | 98.0% |
| Operating cash flow | 20.0 | 36.4 | 16.5 | 82.5% | 11.4 | 29.3 | 17.9 | » |
| Employee benefits | (8.5) | (9.5) | (1.1) | (12.8%) | (3.9) | (4.7) | (0.8) | (20.4%) |
| Tax | (0.9) | (1.7) | (0.7) | (79.7%) | (0.8) | (1.7) | (0.8) | (104.2%) |
| Free cash flow | 10.6 | 25.2 | 14.7 | 138.5% | 6.7 | 23.0 | 16.2 | » |
| Debt (principal + interest) | (72.3) | 83.3 | 155.7 | » | (17.3) | 85.4 | 102.7 | » |
| Dividends | (23.3) | (22.9) | 0.4 | 1.7% | (23.3) | (22.9) | 0.4 | 1.7% |
| Acquisition of own shares | (9.8) | (14.1) | (4.3) | (43.3%) | (2.8) | (3.8) | (1.0) | (34.3%) |
| Disposal of buildings | 0.1 | 0.0 | (0.1) | (100.0%) | 0.0 | 0.0 | 0.0 | (100.0%) |
| Financial investments and others |
30.5 | (107.7) | (138.2) | « | (1.9) | (111.0) | (109.0) | « |
| Inorganic cash | 0.0 | 21.4 | 21.4 | n.a. | 0.0 | 21.4 | 21.4 | n.a. |
| Change in adjusted cash | (64.4) | (14.7) | 49.7 | 77.2% | (38.6) | (7.9) | 30.7 | 79.5% |
| Δ Liabilities related to Financial Serv. & others and Banco CTT, net5 |
(20.6) | (4.7) | 16.0 | 77.4% | 51.1 | (4.2) | (55.3) | (108.2%) |
| Δ Other6 | 3.6 | (0.2) | (3.8) | (106.0%) | 1.7 | (2.0) | (3.6) | « |
| Net change in cash | (81.4) | (19.6) | 61.8 | 75.9% | 14.1 | (14.1) | (28.2) | « |
*Specific items affecting EBITDA.
In 1H25, the Company generated an operating cash flow of €36.4m (+82.5% y.o.y.). The €16.5m increase in operating cash flow, was primarily underpinned by: (i) the positive performance in EBITDA (+€15.9m; +22.5% y.o.y.); and (ii) a more favourable evolution of working capital (+€15.0m). These favourable trends
5 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.
6 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.
were partially offset by (i) higher impact of IFRS16 accounting affecting EBITDA (-€3.4m); (ii) lower efforts associated with impairments and provisions (-€1.8m) embedded in EBITDA; and (iii) a negative evolution of specific items (-€7.8m) and Capex (-€1.5m). Investment continues to reflect the growth observed in E&P activity and volumes and the CTT's commitment to continue to reinforce automation and quality of service within the Express & Parcels business and to developing Banco CTT.
In terms of working capital, the positive evolution in 1H25 compared to 1H24 (+€15.0m) is essentially the result of the behaviour of EBITDA-related items, with particular emphasis on the improvement in accounts receivable, a direct consequence of more efficient management of customer collections. Free cash flow reached €25.2m, up by 138.5% y.o.y. (+€14.7m).
Adjusted cash was essentially affected by (i) the payment of the dividend on 15 May 2025 (-€22.9m), (ii) the acquisition of own shares (-€14.1m); and (iii) the acquisition of Cacesa on 30 April 2025, including the consideration paid for the shares acquisition and the initial consolidation of Cacesa's cash position. Regarding the latter, it should be underlined that the acquisition of Cacesa was done for a total price of €106.8m, paid in 30 April 2025. The amount referred to in the caption "Financial investments and other" in 1H25 includes the acquisition price of Cacesa (€106.8m), but also an inflow of €2.7m related to the sale of shares in CTT IMO Yield that took place in 1Q25, which was more than offset by the payment of (i) investments by CTT's "1520 Innovation Fund" and (ii) certain responsibilities in connection with Cacesa's acquisition.
Consolidated statement of financial position
| € million | ||||
|---|---|---|---|---|
| 31.12.2024 | 30.06.2025 | ∆ | ∆% | |
| Non-current assets | 2,519.9 | 2,784.0 | 264.1 | 10.5% |
| Current assets | 3,188.9 | 3,043.5 | (145.4) | (4.6%) |
| Assets | 5,708.8 | 5,827.6 | 118.8 | 2.1% |
| Equity | 308.3 | 298.4 | (9.9) | (3.2%) |
| Liabilities | 5,400.5 | 5,529.2 | 128.7 | 2.4% |
| Non-current liabilities | 603.9 | 659.7 | 55.8 | 9.2% |
| Current liabilities | 4,796.6 | 4,869.5 | 72.8 | 1.5% |
| Equity and consolidated liabilities | 5,708.8 | 5,827.6 | 118.8 | 2.1% |
The key aspects of the comparison between the balance sheet as at 30 June 2025 and that as at 31 December 2024 are as follows:
Assets grew by €118.8m, mainly due to the increase in loans to bank customers (+€133.4m), as well as the increase in investments in securities at amortised cost (+€163.8m) as a result of the increase in public debt subscriptions, and the increase in Goodwill following the acquisition of Cacesa. On the other hand, there was a decrease in other banking financial assets (-€264.7m) as a result of the reduced investments made by Banco CTT in central banks.
Equity decreased by €9.9m vs. 31 December 2024. The change is mainly explained by (i) the net income attributable to CTT Group shareholders in 1H2025 amounting to €22.1m, (ii) the recognition of noncontrolling interests amounting to €4.3m in the period, (iii) the reduction in share capital of €2.3m following the cancellation of shares acquired under the Share buyback programme 24-25, which led to an increase of €23.1m in the item 'own shares', partially offset by the acquisition of own shares in the amount of €13.8m during 1H25. Contributing to this decrease was also the distribution of €22.5m in dividends and the reduction of reserves by €20.7m following the cancellation of shares for capital reduction.
Liabilities grew by €127.8m, mostly due to the increase in financing obtained (+€98.0m) following the bond loan taken out and in banking clients' deposits and other loans (+€72.8m). On the other hand, there was a decrease in debt securities issued at amortised cost (-€42.1m).
Consolidated net debt
The key aspects of the comparison between the consolidated net debt as at 30 June 2025 and that as at 31 December 2024 are as follows:
On 30 June 2025, adjusted cash stood at €279.7m, a decrease of €14.7m compared to 31 December 2024. The adjusted cash flow performance is the result of operating cash flow of €36.4m and the change in debt (+€83.3 m) due to bond financing (+€110.0m) and debt amortisation during the period, which were more than offset by (i) employee benefit payments (-€9.5m), (ii) tax payments (-€1.7m), (iii) the acquisition of own shares (-€14.1m), (iv) dividend payment (-€22.9m), and (v) the acquisition of Cacesat (-€106.8m).
Short-term & long-term debt increased by €98.0m (+43.3% y.o.y.), mainly due to the effect of the bond loan (+€110.0m) taken out to finance the acquisition of Cacesa.
| € million | ||||
|---|---|---|---|---|
| 31.12.2024 | 30.06.2025 | ∆ | ∆% | |
| Net debt | (68.1) | 44.5 | 112.7 | » |
| ST & LT debt | 226.3 | 324.2 | 98.0 | 43.3% |
| of which Finance leases (IFRS16) | 156.4 | 168.5 | 12.1 | 7.8% |
| Adjusted cash (I+II) | 294.4 | 279.7 | (14.7) | (5.0) % |
| Cash & cash equivalents | 315.9 | 296.3 | (19.6) | (6.2) % |
| Cash & cash equivalents at the end of the period (I) | 270.2 | 250.8 | (19.4) | (7.2) % |
| Other cash items | 45.7 | 45.5 | (0.2) | (0.5) % |
| Other Financial Services liabilities, net (II) | 24.2 | 28.9 | 4.7 | 19.3 % |
Consolidated balance sheet with Banco CTT under equity method
| € million | ||||
|---|---|---|---|---|
| 31.12.2024 | 30.06.2025 | ∆ | ∆% | |
| Non-current assets | 783.1 | 887.4 | 104.3 | 13.3% |
| Current assets | 514.1 | 499.6 | (14.5) | (2.8) % |
| Assets | 1,297.2 | 1,387.0 | 89.9 | 6.9% |
| Equity | 281.0 | 270.4 | (10.6) | (3.8) % |
| Liabilities | 1,016.2 | 1,116.7 | 100.5 | 9.9% |
| Non-current liabilities | 342.7 | 437.5 | 94.8 | 27.7% |
| Current liabilities | 673.5 | 679.1 | 5.6 | 0.8% |
| Equity and consolidated liabilities | 1,297.2 | 1,387.0 | 89.9 | 6.9% |
Consolidated net debt with Banco CTT under equity method
| € million | ||||
|---|---|---|---|---|
| 31.12.2024 | 30.06.2025 | ∆ | ∆% | |
| Net debt with Banco CTT under equity method | 205.8 | 331.2 | 125.4 | 60.9% |
| ST & LT debt | 221.9 | 319.5 | 97.6 | 44.0% |
| of which Finance leases (IFRS16) | 152.0 | 163.8 | 11.8 | 7.7% |
| Adjusted cash (I+II) | 16.1 | (11.7) | (27.8) | « |
| Cash & cash equivalents | 236.9 | 208.8 | (28.1) | (11.9%) |
| Cash & cash equivalents at the end of the period (I) | 236.9 | 208.8 | (28.1) | (11.9%) |
| Other cash items | 0.0 | 0.0 | 0.0 | (60.7%) |
| Other Financial Services liabilities, net (II) | (220.8) | (220.5) | 0.3 | 0.1% |
| Liabilities related to employee benefits | |||
|---|---|---|---|
| ------------------------------------------ | -- | -- | -- |
| € million | ||||
|---|---|---|---|---|
| 31.12.2024 | 30.06.2025 | ∆ | ∆% | |
| Total liabilities | 185.8 | 188.3 | 2.5 | 1.4% |
| Healthcare | 157.9 | 155.9 | (1.9) | (1.2%) |
| Healthcare (321 Crédito) | 1.2 | 1.2 | 0.1 | 5.4% |
| Suspension agreements | 16.3 | 19.3 | 3.0 | 18.5% |
| Other long-term employee benefits | 4.9 | 4.8 | (0.1) | (2.5%) |
| Other long-term benefits (321 Crédito) | 0.2 | 0.2 | 0.0 | 5.1% |
| Pension plan | 0.2 | 0.2 | -0,0 | (5.5%) |
| Other benefits | 5.1 | 6.6 | 1.5 | 28.8% |
| Deferred tax assets | (50.6) | (50.9) | (0.3) | 0.5% |
| Current amount of after-tax liabilities | 135.2 | 137.4 | 2.3 | 1.7% |
Liabilities related to employee benefits (postemployment and long-term benefits) stood at €188.3m in June 2025, up by €2.5m compared to December 2024. The increase essentially results from the liability with employment contracts Suspension agreements following the agreements made in the period under review.
These liabilities related to employee benefits are associated with deferred tax assets amounting to €50.9m, which brings the current amount of liabilities related to employee benefits net of deferred tax assets associated with them to €137.4m.
03 Other Highlights
3. Other highlights
Postal regulatory issues
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 Pricing Convention) for the 2023-2025 period, of 27 July 2022, the prices of these services were updated on 1 February 2025. The update corresponds to an average annual price variation of 6.90%. The overall average annual price variation, also reflecting the effect of the update of special prices for bulk mail, is 6.53%.
Main ESG milestones achieved
In a context of strong activity growth and where volumes grew by 11.3% y.o.y. in 1H25, CTT Group's total CO2e emissions increased only by 5.5% y.o.y. Naturally, the volume growth had an impact on emissions mainly from subcontracted road activity. On the other hand, there was a sharp reduction in emissions from the Company's own fleet, reflecting the investment in its electrification, which increased significantly (14.9% y.o.y.).
In the context of the carbon transition plan, the CTT Group continued to expand the use of ecological vehicles in its own last-mile fleet, totalling 1,197 vehicles of this type. These represent 38.9% of its own fleet, a stable performance compared to the same period of the previous year as a result of the increase in the combustion fleet during this period.
With the aim of contributing to the promotion of active reforestation in classified areas, with a positive impact on the fight against climate change, 7,350 native trees were planted in Portugal as part of the 11th edition of the "'A Tree for the Forest"' campaign in partnership with Quercus.
In the social dimension, the CTT Group's workforce comprised 13,798 employees in the 1st half of the year. The CTT Group continued its programme of actions aimed at providing fair and safe working conditions, promoting the development of talent and ensuring respect for labour rights and equal opportunities for employees. A highlight was the launch of the 1st phase of applications for car loans for employees of the EFR programme7 .
In terms of gender parity in top and middle management, the percentage of women in leadership positions is 40.2% (+1.4 p.p y.o.y.). Noteworthy was the implementation of three new training programmes focused on leadership, as well as the promotion of another 'À Conversa com Elas' ('Talking to Women') session dedicated to female leadership.
With regard to accidents at work in which CTT Group employees were involved, 395 incidents were recorded in the reporting period (-9.8% y.o.y.), with one death in Mozambique due to a collision between vehicles.
CTT donated €354,000 (0.8% of recurring EBIT) to community support (-0.7 p.p compared to the same period last year, although in line with the 1.0% target planned for the end of the year). Also noteworthy is the extension of the partnership with Serviin, materialising the CTT Group's commitment to provide face-to-face service with interpretation in Portuguese Sign Language, completely free of charge, in all CTT post offices.
In order to improve customer experience and satisfaction, the Super App and Super Portal digital platforms were developed, with more than 15,000 active customers. In addition, the first solar-powered locker was launched in Lisbon, an innovative pilot project in the Locky network.
In the field of corporate conduct and the governance model, two meetings were held of the Sustainability Committee and the Corporate Governance and Risk Committee, which discussed various topics associated with sustainability reporting in response to the current European guidelines.
Lastly, with regard to strategic priorities in terms of data privacy and information security, we would highlight the implementation of the Data Lost Protection strategy and the data protection impact assessment for all high-risk processing activities.
7
EFR - Family Responsible Company
Share buyback programme
On 17 April 2025, CTT announced the conclusion of the share buyback programme announced on 19 July 2024. Under this programme, 4.620 million own shares were acquired from 22 July 2024 to 17 April 2025 for a total amount of 25 million euros.
The Annual General Meeting held on 30 April 2025 approved a reduction of CTT's share capital by up to €4,250,000.00 corresponding to the cancellation of up to 8,500,000 own shares. Following this resolution, CTT proceeded to reducing its share capital in the amount of €2,310,000.00 through the cancellation of 4,620,000 own shares representing 3,34% of CTT's share capital prior to the cancellation and which were acquired within the framework of the share buyback programme. The cancellation of own shares and corresponding reduction of CTT's share capital was concluded on 14 May 2025.
CTT's share capital then became €66,910,000.00 represented by 133,820,000 shares with a nominal value of €0.50.
Outlook for 2025
Having successfully concluded the acquisition of Cacesa on 30 April 2025, in 2025 CTT intends to: (i) conclude the joint venture agreement that formalises the strategic partnership with DHL; (ii) invest organically in the Iberian express and parcel market in order to capitalise on the growing trend towards ecommerce adoption; (iii) continue to foster Banco CTT's growth, which is underpinned by balance sheet optionality and potential equity and industry partnerships; (iv) continue to launch new recurring revenue services and thus increase the profitability of the retail network; (v) continue to carry out transformation initiatives in order to maintain mail productivity; and (vi) look for new opportunities for inorganic growth, particularly in the logistics and fulfilment segments.
CTT will focus on minimising the impact of relevant and persistent macro and industry risks, including geopolitical uncertainty, inflation, cost of energy and raw materials, or the imposition of tariffs that affect global trade.
Against this backdrop, CTT reiterates the objectives for 2025 disclosed at the 2022 Capital Markets Day, anticipating revenues between €1.1bn and €1.25bn (already achieved in 2024) and indicates a recurring EBIT, including the consolidation of Cacesa since 30 April 2025, above €115m. Growth will be driven by the strong expansion of the Express & Parcels segment, greater engagement with Banco CTT customers and normalisation of public debt placement.
CTT remains committed to its principles of capital allocation and financial flexibility, as announced in June 2022 during the Capital Markets Day: (1) enabling CTT to continue to pursue its investment objectives in business growth and to be a leading Iberian player in logistics and e-commerce; (2) implementing an attractive shareholder remuneration policy, providing an adequate source of income for its shareholders; and (3) combining, within specific market conditions, a recurring dividend-based shareholder remuneration with a case-by-case shareholder remuneration, based on the repurchase and subsequent cancellation of shares.
Subsequent events
On 4 July 2025, following negotiations between ANACOM – National Communications Authority, the DGC – Directorate-General for Consumers and CTT, the agreement in principle on the Universal Postal Service Pricing Convention for the 2026-28 period was approved for public consultation. The Convention maintains the current framework, focusing on the pricing criteria for the Universal Postal Service, covering letter mail, editorial mail and parcel services, and does not apply to the special prices of postal services for bulk mail senders (subject to the specific regime provided for in Article 14-A of the Postal Law). The formula for calculating the maximum annual price variation for the basket of services has also been maintained, with the weight of variable costs in the total costs associated with the Universal Postal Service set at 15% for each year, replacing the 16% value defined in the previous convention. In addition, the maximum annual variation may not exceed 12%. As there were no substantive changes to the agreement in principle on the Convention resulting from the public consultation that ended on 18 July, the Convention was signed by the parties on the 25th and will be notified to the Government by 30 July.
Final Note
This press release is based on CTT – Correios de Portugal, S.A. interim condensed consolidated financial statements for the first half of 2025.
The analysts' conference call to present the 1H25 results, hosted by João Bento, CEO, Guy Pacheco, CFO, and João Sousa, CMO, will be held on 29 July 2025 at 09:00 am Lisbon time (GMT) / 10:00 am CET. The coordinates for accessing the Zoom conference are available at 1H25 CTT Results.
Lisbon, 28 July 2025
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 of CTT
Nuno Vieira Director of Investor Relations of CTT
Contacts:
Email: [email protected] Telephone: + 351 210 471 087
Disclaimer
This document has been prepared by CTT – Correios de Portugal, S.A. ("CTT" or "Company") exclusively for communication of the financial results of the first half of 2025 (1H25) 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 www.ctt.pt and in 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.
