28 July 2025

20 March

2025

Commitment with Purpose

1H25 Results Presentation

Disclaimer

DISCLAIMER

This document has been prepared by CTT – Correios de Portugal, S.A. (the "Company" or "CTT") exclusively for use during the presentation of the 1 st half 2025 (1H25) results. As a consequence thereof, this document may not be disclosed or published, nor used by any other person or entity, for any other reason or purpose without the express and prior written consent of CTT. This document (i) may contain summarised information and be subject to amendments and supplements, and (ii) the information contained herein has not been verified, reviewed nor audited by any of the Company's advisors or auditors.

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. Consequently, the Company does not assume liability for this document if it is used for a purpose other than the above. No express or implied representation, warranty or undertaking is made as to, and no reliance shall be placed on, the accuracy, completeness or correctness of the information or the opinions or statements expressed herein. Neither the Company nor its subsidiaries, affiliates, directors, employees or advisors assume liability of any kind, whether for negligence or any other reason, for any damage or loss arising from any use of this document or its contents. Neither this document nor any part of it constitutes a contract, nor may it be used for incorporation into or construction of any contract or agreement.

This document has an informative nature and 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 a solicitation of any kind 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. Moreover, the recipients of this document are invited and advised to consult the public information disclosed by CTT on its website (www.ctt.pt) as well as on the Portuguese Securities Market Commission's website (www.cmvm.pt). In particular, the contents of this presentation shall be read and understood in light of the financial information disclosed by CTT, through such means, which prevail in regard to any data presented in this document. By attending the meeting where this presentation is made and reading this document, you agree to be bound by the foregoing restrictions.

FORWARD-LOOKING STATEMENTS

This presentation 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 concerning 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 presentation. Except as required by applicable law, CTT does not undertake any obligation to publicly update or revise any forwardlooking statements, whether as a result of new information, future events or otherwise.

Operational Review

Accelerating y.o.y. organic growth: revenues, +11%; recurring EBIT, +28%

Overview

Revenues1,2 € million; % change y.o.y. Recurring EBIT1,2 € million; % change y.o.y. ∆ FS 2Q25 260.9 279.4 308.7 18.5 3.6 2Q24 ∆ Bank 4.0 ∆ Logistics 2Q24 PF³ CACESA PF³ +18.3% +10.5% 2.8 18.1 20.9 26.7 CACESA PF³ 2Q24 PF³ 4.0 0.1 ∆ Logistics 2Q24 ∆ Bank ∆ FS 2Q25 1.7 +47.4% +27.8% 21.7

E&P competitiveness and growth profile enhanced by Cacesa

Cacesa's integration is progressing well

Express & Parcels

Revenue breakdown (FY24)

Cacesa at a glance Integration with CTT

The integration advanced across all core areas with structured task tracking

Sales strategies unified to leverage cross-selling opportunities between customer bases

End-to-end logistics alignment is underway, including route optimisation and service standardisation across both networks

Finance, accounting and planning & control processes are being migrated to CTT New governance in place

Continuous focus on the integration commitments to ensure a smooth and efficient transition

Positive outlook for growth

Following a weak April, E&P volume growth accelerated throughout the quarter

Growing E&P revenues and recurring EBIT while expanding margins

Express & Parcels

Cacesa enhances and differentiates CTT's E&P offering, while integrated model will continue to drive profitability

In 2Q25, Mail revenue trend was penalised by the blackout

Mail & Other

Throughout the year revenue volatility leads to EBIT lumpiness, but we remain focused on protecting profitability of Mail

Commercial proactivity continues to underpin financial services performance

Growth of healthcare plans and other subscription-based products add predictability

Reaccelerated growth of business volumes while managing the interest rate cycle

Banco CTT

We continue to invest in our future growth

Financial Review

2Q25 financials reflect organic growth and integration of Cacesa

Financial Review

Key financial indicators

€ million; % change vs. prior year		Quarter			Semester
	2Q24	2Q25	y.o.y.	1H24	1H25	y.o.y.
Revenues1	260.9	308.7	+18.3%	524.3	597.3	+13.9%
EBITDA2 Operating costs -	224.1	261.9	+16.8%	453.6	510.6	+12.6%
EBITDA2	36.7	46.8	+27.5%	70.8	86.7	+22.5%
Depreciation & amortisation	18.6	20.1	+8.2%	35.7	39.8	+11.4%
Recurring EBIT1	18.1	26.7	+47.4%	35.0	46.9	+33.9%
Specific items	0.6	1.4	+119.1%	2.6	10.3	»
EBIT	17.5	25.3	+44.8%	32.4	36.6	+12.7%
Financial result	-4.1	-5.0	-21.9%	-8.2	-9.0	-10.0%
Tax	0.7	2.8	»	4.1	4.0	-0.8%
Net profit attributable to equity holders	12.4	16.6	+34.3%	19.8	22.1	+11.7%
Free cash flow	6.7	23.0	»	10.6	25.2	+138.5%

E&P is the largest organic growth contributor

Financial Review

Revenues¹

€ million; %y.o.y.

Revenue¹ breakdown

€ million; %y.o.y.; % of total

All business segments are contributing to growth

Focus on profitability leads to controlled cost expansion, led by increased activity

Financial Review

E&P costs grew €31.0m, including the initial consolidation of Cacesa, mainly due to the business development and further investment in quality
Mail & Other costs grew €2.5m, notwithstanding that elections alone represented €5.4m
Financial Services costs increased €1.8m, due to higher public debt placements
Bank costs increased €4.0m as a result of investment in a growth cycle focused in client engagement

Profitable E&P growth

Normalisation of public debt placements remains a positive driver of recurring EBIT

Consolidated FCF reflecting seasonal payments by Banco CTT

Financial Review

1H25 Cash flow

€ million; impact on cash flow vs. prior year

Net financial debt as at 30 June 2025¹

€ million

(+15.9)		Consolidated
(-3.4)	(+) Cash & cash equivalents	296.3
(-1.8)	(-) Net Financial Services & Other payables 2	220.5
(-7.8)	(-) Banco CTT liabilities, net 2	-249.4
(-1.5)	(-) Other 3	45.5
(+15.0)	(=) Adjusted cash	279.7
(+16.5)	(-) Financial debt	155.7
(-0.7)	(=) Net cash position	124.0
	(-) Lease liabilities (IFRS 16)	168.5
(-1.1)	Net financial cash1	-44.5

¹Only financial debt presented in the table, not including net employee benefits of €137.4mas at 30 June 2025; ²The 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 CTT financial services, Payshop, Banco CTT and 321 Crédito. ³The change in other cash items reflects the evolution of Banco CTT's sight deposits at Bank of Portugal, outstanding cheques/clearing of Banco CTT cheques, and impairment of sight and term deposits and bank applications

Strong cash-flow generation underpinning balance sheet flexibility

Evolution of net debt

EBITDA and leverage

Financial Review

1H25 Cash flow

€ million; with Banco CTT under equity method

Outlook & Final Remarks

2025 recurring EBIT guidance, with 8 months of Cacesa¹ , upgraded to ">€115m"

Overview

Reinforced growth profile as a leading ecommerce logistics player

Sustainable growth, with E&P reaccelerating and improving profitability

Differentiated service portfolio, reinforced with the integration of Cacesa

Against a backdrop of some volatility in Mail revenues and lumpiness in Mail EBIT, we will continue to deploy cost cutting initiatives

Our revised 2025 EBIT recurring guidance of ">115m€", including eight months of Cacesa, is underpinned by strong execution