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

9M23 results presentation

Operational Review

Strong growth in E&P and Banco CTT coupled with solid cash-flow performance

• Portugal
• Spain

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9M23 rec. EBIT growing in all segments against a more challenging macro backdrop

3Q23 9M23

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E&P in Portugal delivers resilient growth as e-commerce adoption increases

Diversified pool of clients across sectors

E&P in Portugal with a robust margin expansion

Operational leverage delivering sustainable high margins

E&P in Spain maintaining high rates of growth

High growth fueled by all client segments,

with the smaller clients outperforming and improving diversification

Growth and operational leverage enabling margin expansion in E&P in Spain

Swift capacity upgrades to protect quality at much higher volumes

Softer mail volumes penalised by steeper digitalisation trends

Average revenue per item increasing, on the back of higher prices, but not fully

compensating volume declines