Correios remained on a growth path in the first nine months of the year, benefiting from the boost from the acquisition of the Spanish Compañia Auxiliar al Cargo Expres (Cacesa), in April this year, and the increase in public debt placementreflecting the upward trend in Portuguese savings. CTT’s net profit rose 18.4% until September compared to the same period in 2024, amounting to 32.8 million euros, the Post Office revealed in a statement.
Revenues also grew. Between January and September, operating income reached 911.2 million euros, 15% more than in the same period in 2024.
“This solid and continued growth was driven by the strong performance of Expresso & Encomendas, including the consolidation of Cacesa from April 30, 2025, as well as the continued growth of Banco CTT and the increase in the placement of public debt in Financial Services”, explains the company led by João Bento. CTT has around 50% of the parcel market share in Portugal, and below 10% in Spain, where there is more room to grow.
António Pedro Ferreira
Debt compensates for temporary decline in the Post Office
The Portuguese once again channeled their savings into public debt – savings certificates and treasury certificates for savings growth – and this is reflected in CTT’s accounts. Subscriptions totaling 5,013.5 million euros were made up to September, a significant increase compared to 3,998.4 million in the same period last year.. Income from public debt securities amounted to 19.8 million, an increase of 12.6 million.
“Following the various changes in conditions and marketing seen in public debt securities in the last two years, savings certificates take the lead in terms of the best interest rates among all guaranteed capital applications, in a context of strong decline in term deposit rates”, CTT highlights.
The trend is towards growth, however there was a 1.9% decline in Mail and Other revenues, which reached 341.6 million euros. A performance that results from losses in addressed mail (-2.6%); in unaddressed advertising mail (-19.6%); and payments (-10.7%), and which may be temporary.
A situation that should improve by the end of the year, as it reflects a worse punctual performance of one of Correios’ major customers, whose name is not disclosed. Mail traffic, say CTT, “already improved in the third quarter”, with “the recovery of the registered mail delay visible in October, with this dynamic expected to improve in the fourth quarter”.
Earnings before taxes, interest, depreciation and amortization (EBITDA) rose 21.9% to 134.8 million euros. A performance that places the company managed by João Bento among the most profitable in the sector.
In the first nine months, Logistics increased by 14.3%, reaching 775.8 million euros, while Express & Parcels (E&E) reached 434.2 million euros (+31.4%). CTT says that E&E was the “area that contributed most to CTT’s revenue (48%), thanks to the growth of ‘e-commerce’ in the Iberian Peninsula and the consolidation of Cacesa”.
Banking and Financial Services generated revenue of 135.4 million euros at the end of September, 19.1% more than in the same period last year. A reflection not only of the performance of public debt, but also of Banco CTT, where there was an acceleration in credit and a positive performance in insurance, as a result of the partnership with Generali Tranquilidade in the Bank, of which it became a shareholder.
Banco CTT is strengthening its commercial network
Banco CTT’s turnover grew 8.3% in the first nine months of the year, compared to the same period in 2024, an increase to 7,590.4 million euros. To accelerate the Bank’s growth, Correios is currently investing in strengthening commercial capacity.
The performance is explained, says the Bank, essentially by customer deposits, which stood at 4201.7 million euros, 3.9% more than in the first nine months of 2024, and by credit to customers, which rose 15.4% to 2085.2 million euros. Car loans (+6.7% to 1000.1 million euros) and housing loans (+18.1% to 945.4 million euros) are also added.
Banco CTT’s operating income reached 104.0 million euros up to September, up 8.0% year-on-year.
CTT will hold Capital Markets Day on November 4th to present the company’s strategic plan and new goals until 2028. The goals defined for the 2023-2025 three-year period, disclosed in a previous Capital Markets, have already been achieved.
The post CTT’s profit rises 18.4% until September, to 32.8 million, driven by the Spanish market and savings certificates appeared first on Veritas News.
