CTT - Correios De Portugal (CTT) Q3 2026 earnings summary

Executive summary

• 9M26 revenue rose 9.2% to €994.7m, while recurring EBIT fell 20.5% to €58.9m and attributable net profit declined 39.8% to €19.8m, mainly on weaker e-commerce profitability.

• The end of the EU customs de minimis exemption sharply reduced cross-border e-commerce volumes and weakened CEP and customs-clearance profitability; Mail & Services and Banco CTT partly offset the impact.

• FY26 recurring EBIT guidance was reset to €80m–€85m; the plan is to reset in 2026, rebuild earnings in 2027 and deliver a more diversified Iberian model by 2028.

Financial highlights

• Q3 revenue was €320.3m, up 2.0% reported but down 1.2% pro forma; recurring EBIT was €17.8m, down 34.2% reported.

• 9M EBITDA was €124.4m, down 7.7%; EBIT was €45.4m, down 19.0%; 9M net profit was €23.7m, down 33.0%.

• The regulatory change reduced Q3 e-commerce Solutions revenue by €14.1m; Q3 operating expenses rose 4.8% amid inflation, fuel costs, mix changes and capacity built for expected volumes.

• Fuel costs added €2.2m to the cost impact, while Cacesa costs fell €6.9m as activity and the cost base were realigned.

Outlook and guidance

• FY26 recurring EBIT guidance is €80m–€85m, implying €21m–€26m in Q4; Banco CTT remains on track for FY26 recurring EBIT guidance of €26m on its current basis.

• E-commerce Solutions initiatives target €15m–€20m of annual EBIT savings and enhancements, with effects from late 2026 into 2027; CEP initiatives target €10m–€15m cumulative EBIT improvement in FY2027.

• Priorities include diversifying toward Iberian, intra-European and outbound flows, improving pricing and revenue assurance, and right-sizing costs while preserving growth capacity.

• The longer-term plan targets sustainable earnings growth by 2028 through a more integrated Iberian e-commerce platform and less reliance on any single traffic source; 2028 targets assume significant Asian-flow recovery, with limited visibility.