CTT Correios de Portugal S A : Consolidated Results – 9 months 2023

9 Months 2023 Consolidated Results

Table of Contents
9 Months 2023 Consolidated Results	3
1.	Operational and financial performance	4
2.	Other highlights	15
Interim condensed consolidated financial statements	20

CTT - Correios de Portugal, S.A. - Share capital EUR 71,957,500.00 - Lisbon commercial registry and fiscal no. 500 077 568

Avenida dos Combatentes, 43 - 14th Floor - 1643-001 LISBOA - PORTUGAL2 ctt.pt

9 Months 2023 Consolidated Results

CTT - Correios de Portugal, S.A.

9 Months 2023 Consolidated Results

• Revenues1 reached €715.4m in 9M23 (+€52.6m; +7.9% y.o.y), growing across all business units, except Mail & Other, broken down as follows: Express & Parcels (+€41.7m; +22.2% y.o.y); Banco CTT (+€18.1m; +20.1% y.o.y); Financial Services & Retail (+€15.3m; +38.6% y.o.y); and Mail & Other (-€22.4m;-6.5% y.o.y).
• Mail & Other revenues reached €323.0m in 9M23. It should be noted that 1Q22 was positively impacted by: (i) the revenues from the laptop sale project (€21.5m) in the business solutions segment; and
• 1. additional revenues from international outbound mail due to the rerun of legislative elections in the European constituency (€3.5m). As such, it should be underlined that, excluding these two effects, Mail & Other revenues would have grown in 9M23 (+€2.5m; +0.8% y.o.y).
• Express & Parcels again achieved double-digit growth in revenues (+35.5% y.o.y) and in volumes (+46.7% y.o.y) in 3Q23, higher than in 2Q23 (+25.0% y.o.y in revenues; +34.4% y.o.y in volumes), driven above all by the performance in Spain (+58.0% y.o.y in revenues; +68.9% y.o.y in volumes). Growth acceleration in 3Q23 boosted revenues of this segment to €229.5m (+€41.7m; +22.2% y.o.y) in 9M23.
• Banco CTT continued to grow in 9M23, with a very positive performance of the net interest income, which amounted to €72.1m (+€18.6m; +34.8% y.o.y), underpinned by the growth of its consumer credit portfolio (auto) and mortgage loans and benefiting from the favourable evolution of interest rates. With the number of current accounts reaching 637k (35k more than in December 2022), Banco CTT posted a solid customer growth.
• Financial Services & Retail registered growth in 9M23 (+€15.3m), due to the contribution of public debt certificates, especially savings certificates, despite a drop in demand from June onwards due to changes in the features of this product.
• Recurring EBIT reached €68.1m in 9M23 (+€29.3m; +75.6% y.o.y) with a margin of 9.5% (5.8% in 9M22) and growth in all business units.
• Operating cash flow stood at €76.2m in 9M23 (+€17.2m; +29.2% y.o.y).
• Net profit2 of €35.5m in 9M23 (+€7.2m ; +25.5%y.o.y).

Consolidated results

								€ million
	9M22	9M23	Δ	Δ%	3Q22	3Q23	Δ	Δ%
Revenues1	662.8	715.4	52.6	7.9%	216,4	235.0	18.7	8.6%
Mail & Other	345.5	323.0	(22.4)	(6.5%)	103,9	100.1	(3.8)	(3.6%)
Express & Parcels	187.8	229.5	41.7	22.2%	65.1	88.1	23.1	35.5%
Banco CTT	90.0	108.1	18.1	20.1%	32.1	38.3	6.2	19.3%
Financial Services & Retail	39.5	54.8	15.3	38.6%	15.3	8.5	(6.9)	(44.6%)
Operating costs	576.0	599.8	23.9	4.1%	180.0	199.5	19.5	10.9%
EBITDA1	86.8	115.6	28.7	33.1%	36.4	35.5	(0.9)	(2.4%)
Depreciation & amortisation	48.1	47.5	(0.6)	(1.1%)	16.3	15.8	(0.5)	(2.9%)
Recurring EBIT	38.8	68.1	29.3	75.6%	20.1	19.7	(0.4)	(2.0%)
Specific items	(4.3)	11.0	15.2	»	(2.2)	1.9	4.1	»
EBIT	43.0	57.1	14.1	32.7%	22.3	17.8	(4.5)	(20.1%)
Financial results (+/-)	(7.1)	(11.6)	(4.5)	(63.5%)	(2.5)	(4.5)	(2.0)	(83.0%)
Income tax for the period	7.6	10.0	2.3	30.6%	6.1	3.8	(2.3)	(37.4%)
Non-controlling interests	0.0	0.0	(0.0)	(20.0%)	0.0	0.0	0.0	95.1%
Net profit for the period2	28.3	35.5	7.2	25.5%	13.8	9.5	(4.3)	(31.1%)

• Excluding specific items.

• Attributable to equity holders.

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9 Months 2023 Consolidated Results

1. Operational and Financial Performance

Consolidated revenues

CTT's consolidated revenues amounted to €715.4m in 9M23, an increase of €52.6m (+7.9% y.o.y) compared to 9M22 that reflects the growth in all business units, except Mail & Other, broken down as follows: Express & Parcels (+€41.7m; +22.2% y.o.y); Banco CTT (+€18.1m; +20.1% y.o.y); Financial Services & Retail (+€15.3m; +38.6% y.o.y); and Mail & Other (-€22.4m;-6.5% y.o.y).

Mail & Other

In 9M23, Mail & Other revenues amounted to €323.0m (-€22.4m;-6.5% y.o.y). This decline versus 9M22 continues to be impacted by two effects registered in 1Q22: (i) the revenues from the laptop sale project (€21.5m) in the business solutions segment; and (ii) additional revenues from international outbound mail in February 2022 due to the rerun of legislative elections in the European constituency (€3.5m).

Excluding those effects, the revenues of this business unit would have grown in 9M23 (+€2.5m; +0.8% y.o.y).

In 9M23, transactional mail revenues reached €257.4m (+€0.6m; +0.2% y.o.y), mainly due to the positive performances of: registered mail (+€6.1m; +6.5% y.o.y) and international inbound mail which posted a growth of €1.1m (+8.0% y.o.y). International outbound mail revenues decreased by €1.2m (-3.8% y.o.y) penalised by the additional revenues from the legislative elections in 1Q22. Excluding this impact, they would have grown by €2.3m (+8.1% y.o.y). There was a decline of €4.3m in ordinary mail (-4.2% y.o.y), of €1.2m in priority mail (-18.5% y.o.y) and €0.1m in green mail (-2.3% y.o.y).

The other business lines posted: (i) growth in parcels of the universal postal service (+€0.1m; +2.0% y.o.y) and in other mail products and services (+€0.4m; +12.6% y.o.y); and (ii) decline in editorial mail (-€0.4m;-4.1% y.o.y), advertising mail (-€3.6m;-27.9% y.o.y) and philately (-€0.1m;-3.5% y.o.y).

In philately, special mention in 3Q23 to the launch of the books "Portugal and Religion - Heritage and Diversity" and "Botanical Journey around Portugal", as well as the issue on the World Youth Day.

In 9M23, business solutions recorded revenues of €32.7m (-€19.0m;-36.7% y.o.y). However, excluding the effect of the additional sale of laptops that took place in 1Q22, this segment would have grown €2.5m (+8.4% y.o.y). CTT continues to reinforce its focus on the Document Management, Business Process Services and Contact Center areas by attracting and implementing new businesses in different sectors. Noteworthy are (i) the increase in revenues from the BPO solution for managing administrative offences and administrative instructions, with the adhesion of new municipalities, and (ii) the higher volume of hybrid mail produced by the new version of the "e-Carta" platform, which is a key element for several clients who have optimised their internal mail sending processes using this tool.

The average price change of the universal postal service3 in 9M23 was +6.28% y.o.y.

• Includes letter mail, editorial mail and parcels of the universal postal service, excluding international inbound mail.

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9 Months 2023 Consolidated Results

Mail volumes

In 9M23, addressed mail volumes declined by 8.0% y.o.y. Excluding the one-off volumes of international outbound mail in February 2022, due to the rerun of the legislative elections in the European constituency, this decrease would have been 7.8% y.o.y.

Mail volumes

							Million items
	9M22	9M23	Δ	Δ%	3Q22	3Q23	Δ	Δ%
Transactional mail	298.9	278.9	(20.0)	(6.7%)	92.3	84.5	(7.8)	(8.4%)
Advertising mail	28.2	21.9	(6.3)	(22.3%)	8.7	4.2	(4.4)	(50.9%)
Editorial mail	20.4	18.7	(1.6)	(8.0%)	6.5	5.8	(0.7)	(10.8%)
Addressed mail	347.5	319.6	(27.9)	(8.0%)	107.5	94.6	(12.9)	(12.0%)
Unaddressed
advertising mail	315.0	198.0	(117.0)	(37.1%)	106.8	60.6	(46.2)	(43.2%)

Transactional mail volumes decreased by 6.7% y.o.y in 9M23.

Ordinary mail declined by 7.2% y.o.y as a consequence of the intrinsic trend in the postal sector due to the digital transformation of communications.

In 9M23, international outbound mail decreased by 12.4% y.o.y (-4.9% y.o.y excluding the volumes from the elections) and international inbound mail recorded a decrease of 7.7% y.o.y.

In the opposite direction, registered mail volumes continued to grow (+3.9% y.o.y), driven by the dynamics of contractual customers, especially the government and banking & insurance sectors.

Addressed advertising mail volumes posted a decrease of 22.3% y.o.y and unaddressed advertising mail decreased by 37.1% y.o.y. The rising price of paper has led some clients to opt for a more digital strategy. New strategic partnerships have been established with various organisations to extend and complement the digital advertising offer, thus seeking to anticipate needs and add value to customers.

Express & Parcels

Express & Parcels revenues amounted to €229.5m in 9M23 (+€41.7m; +22.2% y.o.y), thus achieving once more double-digit growth of 35.5% y.o.y in 3Q23.

Revenues in Portugal recorded €106.2m in 9M23 (+€11.9m; +12.6% y.o.y) and volumes totalled 27.8 million items (+18.9% y.o.y).

CEP revenues amounted to €96.4m in 9M23 (+€12.1m; +14.4% y.o.y), with a 19.3% y.o.y. increase of volumes per working day, which was gradual over the quarters (+12.9% in 1Q23 and +22.4% in 2Q23 and 3Q23). This growth was underpinned essentially by e-commerce (B2C) customers, particularly large global marketplaces and international e-sellers. The risk of business concentration is significantly low, given the high sectoral diversification of CEP customers.

The banking documents delivery product line recorded revenues of €3.2m in 9M23 (+1.1% y.o.y) in a moment when the capillarity of banking networks and the collection/delivery frequency have stabilised.

Revenues of the cargo product line amounted to €3.0m in 9M23 (-19.5% y.o.y). This decrease is related to the change in the operating strategy, which aimed at repositioning this product line within

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9 Months 2023 Consolidated Results

positive margin levels (the contribution margin4 in 9M23 was 20.3%). This implied the exit of some customers as well as the withdrawal from some activity sectors without operating synergies.

The logistics product line, which is a pillar of the development of the vertical integration strategy with CEP, recorded revenues of €2.9m in 9M23 (+17.1% y.o.y). This evolution was underpinned by business growth from current and new customers, both in e-commerce and B2B.

CTT continued to roll out its 24-hour locker (Locky) network which allows customers to pick up, send and also to return their parcels with maximum convenience, 24 hours a day in most lockers, every day of the week. The new send/return functionality is already fully available in all lockers and customers are strongly increasing their use.

As at the end of September 2023, CTT's Locky network comprised 755 lockers in various locations around the country, namely in hospitals, intermodal transport platforms, shopping centres, university campuses, physical retail networks, parking lots, gas stations or, in the case of private lockers, in condominiums and in office/business areas. Locky lockers are part of the CTT delivery points network, the largest and most capillary national network with more than 2,800 points where customers can collect and send their parcels.

Revenues in Spain stood at €119.9m in 9M23 (+32.2% y.o.y), with 39.5 million items (+34.4% y.o.y). It is worth highlighting the remarkable double-digit growth in 2Q23 and its acceleration in 3Q23, both in revenues (+36.6% y.o.y in 2Q23; +58.0% y.o.y in 3Q23) and volumes (+44.2% y.o.y in 2Q23; +68.9% y.o.y in 3Q23).

The growth achieved in the two last quarters is already the result of increased and more focused marketing and commercial activities across the various client segments and was fuelled by all client segments with the smaller clients (i.e. those with daily volumes below 20,000 items) outperforming and thus improving revenue diversification. Moreover, it should also be underlined that the large e- commerce customers (strategic customers), namely international e-sellers, also continued to perform well, leveraged on the onboarding of relevant new customers. This growth was possible due to the investments made in anticipation of market expansion and CTT's market share gain in Spain.

It should be emphasised that CTT Express had an increase in volumes per working day of +67.6% y.o.y in 3Q23 and +46.6% y.o.y. in 2Q23, maintaining a quality service with high delivery efficiency rates.

The new unit in San Fernando de Henares is already operating at full capacity, adding to the capacity of the sorting network and providing the customs clearance service, thus responding to the needs of non- EU customers. This new service is expected to be a growth driver in the future.

This growth consolidates the profitability of CTT Express, which enabled it to achieve a positive recurring EBIT of €3.1m in 3Q23 and €2.9m in 9M23 in individual accounts, contributing to the good performance of the CTT Group.

Revenues in Mozambique in 9M23 amounted to €3.4m (+22.1% y.o.y). This growth was driven by a partnership with a freight forwarder in Africa which started at the end of 1Q22.

• Revenues minus direct operating costs (excludes overheads, essentially buildings and fleet).

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9 Months 2023 Consolidated Results

Banco CTT

Banco CTT revenues reached €108.1m in 9M23 (+€18.1m; +20.1% y.o.y). Revenue growth was due to the positive performance of net interest income, which totalled €72.1m in 9M23 (+€18.6m; +34.8% y.o.y). Interest received increased by €35.8m compared to 9M22, benefiting from higher interest rates and volume growth. Interest paid increased by €17.2m compared to 9M22 due to the increase in interest rates on customer deposits and securitisations of auto loans.

Interest from auto loans amounted to €38.9m in 9M23 (+€5.9m; +18.0% y.o.y) and reached a loan portfolio net of impairments of €839.4m (+10.4% vs. December 2022). Auto loans production stood at €203.9m in 9M23 (+5.7% y.o.y).

The cartão Universo consumer credit portfolio generated revenues of €16.5m in 9M23 (+€0.2m; +1.2% y.o.y), with a balance sheet volume net of impairments of €285.9m in 9M23 (-€67.9m;-19.2% vs. December 2022). The progressive reduction of the partnership's portfolio, scheduled to end by 31 December 2023, in view of the current economic context, in particular interest rates and the associated cost of risk, will improve the risk profile and strengthen Banco CTT's balance sheet and solvency, increasing its flexibility.

Interest from mortgage loans stood at €15.7m in 9M23 (+€12.5m; +392.1% y.o.y), taking into account that Euribor rates were significantly higher than in the same period of the previous year. Base interest rates for mortgage loans reflected strong growth as a result of the rise in key interest rates defined by the European Central Bank (ECB), due to the increase in inflation in the Euro area. The mortgage loan portfolio net of impairments totalled €704.6m in 9M23 (+7.0% vs. December 2022). Mortgage loan production amounted to €149.2m in 9M23 (+€44.4m; +42.4% y.o.y).

Also worthy of note is other interest received, which increased by €13.7m in 9M23 compared to 9M22, to which contributed the liquidity surplus at Banco de Portugal.

Commissions received in this business unit reached €34.0m in 9M23, (+€0.5m; +1.5% y.o.y). Noteworthy are the following positive contributions in 9M23: (i) commissions from accounts and cards, which amounted to €9.3m (+€0.1m; +1.2% y.o.y), (ii) payments, which totalled €14.1m (+€0.3m; +2.1% y.o.y); and (iii) insurance amounting to €2.4m (+€0.3m; +15.1% y.o.y).

In terms of less favourable performances in 9M23 as a result of the current economic context, there was a retraction in commissions received from: (i) savings products (off-balance sheet) which amounted to €3.4m (€0.0m; 0.0% y.o.y); (ii) mortgage loans, amounting to €0.3m (-€0.1m;-19.7% y.o.y); and (iii) consumer credit (off-balance sheet) for an amount of €1.8m (-€0.2m;-10.6% y.o.y).

Customer deposits (Banco CTT consolidation) stood at €2,733.2m in September 2023 (+19.9% vs. December 2022), with a 109.1% increase in remunerated deposits and a 14.7% reduction in sight deposits compared to December 2022. The number of accounts was 637k (35k more than in December 2022).

The loan-to-deposit ratio reached 66.0% as at the end of September 2023.

The cost of risk (consolidated and accumulated as at September 2023) stood at 1.3%, down by 0.2

1. compared to December 2022, influenced by higher levels of risk in the consumer credit portfolios, in particular with the Universo card.

Banco CTT is therefore well positioned to achieve the 2025 objectives announced in the recent Reverse Roadshow:

• Reach 700k to 750k accounts (compared to 637k in 9M23);

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9 Months 2023 Consolidated Results

• Grow in customer resources and loans to customers to business volumes of over €7bn (compared to €5.3bn at the end of 9M23);
• Deliver on profitability, with pre-tax profits between €25m and €30m (compared to €18.4m in the last 12 months).

Financial Services & Retail

Financial Services & Retail revenues amounted to €54.8m in 9M23 (+€15.3m; +38.6% y.o.y), as a result of the higher attractiveness of public debt certificates in the first five months of the year. The launch of the new series on 5 June and the change in its marketing conditions, with lower maximum interest rates, a longer subscription period and a decrease in the maximum amount that can be placed, led to a drop of €6.9m in 3Q23 compared to the same period of the previous year (-44.6% y.o.y).

Financial services (excluding other revenues) posted revenues of €45.5m in 9M23 (+€19.5m; +74.8% y.o.y).

Public debt certificates (Savings Certificates and Treasury Certificates Savings Growth) posted revenues of €40.7m in 9M23 (+€21.0m; +106.1% y.o.y).

Subscriptions of these certificates amounted to €12,256.6m in 9M23, an average of €64.8m/day (€20.4m/day in 9M22), which compares with €8,138.0m subscribed throughout 2022. This is the outcome of a new interest rate conjuncture that placed public debt as a more interesting investment alternative in the first months of the year.

The positive results in public debt certificates made it possible to absorb the less favourable performance of money orders, which recorded revenues of €3.1m in 9M23 (-€1.3m;-29.1% y.o.y).This decrease was due to the fact that, in 2022, money orders were boosted by the issue of new social benefits, created under the macroeconomic framework of the time, combined with the structural downturn resulting from the replacement of this means of payment.

CTT reinforced the commercial dynamism of non-banking financial products, in the area of non-life insurance, including auto, health, personal accidents, multi-risk, among others, by entering into a distribution agreement with Generali. This quarter an agreement was concluded with Prosegur for the sale of alarm and similar services in CTT retail network.

Retail products and services (excluding other revenues) reached €8.2m in revenues in 9M23 (-€4.4m;-35.1% y.o.y). This reduction is in line with the strategy defined for the retail network of discontinuing some products, including scratch cards, and repositioning it as a service platform, including: (i) the offer of self-services including the distribution of mail and express and parcels products and services; (ii) the distribution of public debt; (iii) the marketing of insurance products; and (iv) the provision of convenience services for citizens. Aimed at improving customer service and experience, a strategy of digital channels and self-services is also being developed, focusing on the search for complementarity between physical and digital and between in-store and self-service.

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9 Months 2023 Consolidated Results

Operating Costs

Operating costs totalled €658.3m in 9M23 (+€38.6m; +6.2% y.o.y).

Operating Costs

								€ million
	9M22	9M23	Δ	Δ%	3Q22	3Q23	Δ	Δ%
Staff costs	263.5	282.8	19.3	7.3%	85.0	89.4	4.4	5.1%
ES&S	249.1	271.0	21.9	8.8%	83.7	98.0	14.3	17.1%
Impairments & provisions	17.4	20.6	3.2	18.5%	4.2	5.3	1.1	25.4%
Other costs	46.0	25.4	(20.6)	(44.7%)	7.1	6.9	(0.2)	(2.6%)
Operating costs (EBITDA)	576.0	599.8	23.9	4.1%	180.0	199.5	19.5	10.9%
Depreciation & amortisation	48.1	47.5	(0.6)	(1.1%)	16.3	15.8	(0.5)	(2.9%)
Specific items	(4.3)	11.0	15.2	»	(2.2)	1.9	4.1	»
Corporate restructuring costs	5.4	6.1	0.8	14.4%	1.8	1.6	(0.1)	(7.2%)
and strategic projects
Other non-recurring revenues	(9.6)	4.8	14.5	150.4%	(3.9)	0.3	4.2	106.5%
and costs
Operating costs	619.8	658.3	38.6	6.2%	194.1	217.2	23.1	11.9%

Staff costs increased by €19.3m (+7.3% y.o.y) in 9M23, mostly as a result of the salary increase and the increase in the national minimum wage (+€12.1m). Additionally, the growth in the contact centre activity and document management in the corporate solutions business line also contributed to this evolution in costs.

External supplies & services costs increased by €21.9m (+8.8% y.o.y) due to the growth in direct costs of the Express & Parcels services (+€24.1m), partly offset by the reduction in direct costs of Mail services (-€9.5m y.o.y) to which the impact of the elections in 1Q22 was a contributing factor.

Impairments and provisions increased by €3.2m in 9M23 (+18.5% y.o.y), as a result of the growth in mortgage loans.

Other costs decreased by €20.6m (-44.7% y.o.y), mainly due to the business solutions laptop sale project that took place in 1Q22 (-€20.7m).

Depreciation & amortisation decreased by €0.6m (-1.1% y.o.y) in 9M23, positively impacted by the revision of the useful life of some assets (-€2.8m). This effect was partly offset by investment in IT systems (+€2.1m) and sorting equipment (+€0.3m).

Specific items amounted to €11.0m in 9M23, due to: (i) restructuring costs, namely suspension agreements of employment contracts (+€4.5m); (ii) strategic projects (+€1.6m); (iii) reinforcement of the impairment loss relative to the former headquarters (+€5.2m); (iv) the change of head office building (-€0.4m); and (v) losses with the appreciation of contracted derivatives (+€0.2m).

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9 Months 2023 Consolidated Results

Staff

On 30 September 2023, the number of CTT employees (permanent employees and fixed-term employees) was 13,458, up 670 compared to 30 September 2022 (+5.2% y.o.y).

Headcount

	30.09.2022	30.09.2023	∆	∆%
Mail & Other	10,961	11,248	287	2.6%
Express & Parcels	1,305	1,621	316	24.2%
Banco CTT	487	551	64	13.1%
Financial Services & Retail	35	38	3	8.6%
Total, of which:	12,788	13,458	670	5.2%
Permanent	11,230	11,324	94	0.8%
Fixed-term contracts	1,558	2,134	576	37.0%
Portugal	12,111	12,499	388	3.2%
Other geographies	677	959	282	41.7%

There was an increase in the number of employees in all business units, mainly in the Express & Parcels business unit (+316) and Banco CTT (+64). The Mail & Other business unit also grew, as a result of the increment in the Contact Centre and the Document Management activity of the business solutions area (+287), which was partially compensated by the prosecution of the Human Resources optimisation programme underway mainly in the central structure.

Together, the areas of operations and distribution within the mail network (5,421 employees, of whom 3,946 are delivery postmen and women) and the retail network (2,164 employees) represented circa 67.0% of CTT's permanent staff.

Recurring EBIT

Recurring EBIT stood at €68.1m in 9M23 (+€29.3m; +75.6% y.o.y), with a margin of 9.5% (5.8% in 9M22). All business units posted recurring EBIT growth: Financial Services & Retail by +€13.3m (+67.8% y.o.y); Banco CTT by +€8.6m (+89.6% y.o.y); Express & Parcels by +€7.3m (+153.5% y.o.y); and Mail & Other by +€0.1m (+2.2% y.o.y.).

Recurring EBIT by business unit

								€ million
	9M22	9M23	Δ	Δ%	3Q22	3Q23	Δ	Δ%
EBIT by business unit	38.8	68.1	29.3	75.6%	20.1	19.7	(0.4)	(2.0%)
Mail & Other	4.8	4.9	0.1	2.2%	6.6	0.1	(6.5)	(98.8%)
Express & Parcels	4.8	12.1	7.3	»	1.1	6.2	5.1	»
Banco CTT	9.6	18.2	8.6	89.6%	4.1	8.5	4.4	107.6%
Financial Services & Retail	19.6	32.9	13.3	67.8%	8.4	4.9	(3.5)	(41.2%)

It is worth highlighting in 3Q23 the growth of recurring EBIT in Express & Parcels (+€5.1m y.o.y), leveraged mainly on the growth of recurring EBIT in Spain (+€5.0m y.o.y) based on the increase in e- commerce volumes (+68.9%). At the consolidated level, besides Express & Parcels, the contribution of Banco CTT should be underlined, with both units being the growth levers.

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