CTT - Correios De Portugal (CTT) Q3 2025 earnings summary

Executive summary

• Revenues for the first nine months of 2025 reached €911.2m, up 15% year-over-year, driven by Express & Parcels, Banco CTT, and higher public debt placements in Financial Services.

• Recurring EBIT rose 35.4% to €74.0m, with a margin of 8.1%, and net profit increased 18.4% to €32.8m.

• Express & Parcels segment led growth, supported by the Cacesa acquisition and strong e-commerce volumes.

• Financial Services and Banco CTT contributed to diversified and profitable growth, with strong public debt placements and stable banking metrics.

• Major acquisitions included Cacesa and Decopharma, strengthening the logistics value chain.

Financial highlights

• 9M25 revenues reached €911.2m, up 15% year-over-year; 3Q25 revenues were €313.9m, up 17.2%.

• Recurring EBIT for 9M25 was €74.0m, up 35.4% year-over-year; 3Q25 recurring EBIT was €27.1m, up 38.1%.

• EBITDA for 9M25 was €134.8m, up 21.9% year-over-year.

• Free cash flow for 9M25 increased by 121.1% to €18.8m; operating cash flow rose 47.7% to €42.9m.

• Net debt increased to €61.0m, mainly due to the Cacesa acquisition and bond financing.

Outlook and guidance

• 2025 revenue guidance reiterated at €1.1bn–€1.25bn, with recurring EBIT targeted above €115m.

• Anticipates strong Q4 with e-commerce volume growth above 15% year-over-year in Express & Parcels.

• Strategy and 2028 ambitions to be updated at Capital Markets Day in November 2025.

• Expects margin improvement in Q4, especially in Express & Parcels, supported by peak season volumes.

• Mail price increase for next year expected to be around 6.5–7%, pending approval.