Slides
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Strategy 2025-28 Inspired by our history to deliver our future 4 N O V E M B E R 2 0 2 5
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Disclaimer Disclaimer This document has been prepared by ctt– Correiosde Portugal, S.A. (the “Company” or “ctt”) exclusively for use during the presentation of the Capital Markets Day 2025 (CMD). As a consequence, thereof, this document may not be disclosed or published, nor used by any other person or entity, for any other reason or purpose without the express and prior written consent of ctt. This document (i) may contain summarised information and be subject to amendments and supplements, and (ii) the information contained herein has not been verified, reviewed nor audited by any of the Company's advisors or auditors. Except as required by applicable law, cttdoes not undertake any obligation to publicly update or revise any of the information contained in this document. Consequently, the Company does not assume liability for this document if it is used for a purpose other than the above. No express or implied representation, warranty or undertaking is made as to, and no reliance shall be placed on, the accuracy, completeness or correctness of the information or the opinions or statements expressed herein. Neither the Company nor its subsidiaries, affiliates, directors, employees or advisors assume liability of any kind, whether for negligence or any other reason, for any damage or loss arising from any use of this document or its contents. Neither this document nor any part of it constitutes a contract, nor may it be used for incorporation into or construction of any contract or agreement. This document has an informative nature and does not constitute, nor must it be interpreted as, an offer to sell, issue, exchange or buy any financial instruments (namely any securities issued by cttor by any of its subsidiaries or affiliates), nor a solicitation of any kind by ctt, its subsidiaries or affiliates. Distribution of this document in certain jurisdictions may be prohibited, and recipients into whose possession this document comes shall be solely responsible for informing themselves about and observing any such restrictions. Moreover, the recipients of this document are invited and advised to consult the public information disclosed by ctton its website (www.ctt.pt) as well as on the Portuguese Securities Market Commission’s website (www.cmvm.pt). In particular, the contents of this presentation shall be read and understood in light of the financial information disclosed by ctt, through such means, which prevail in regard to any data presented in this document. By attending the meeting where this presentation is made and reading this document, you agree to be bound by the foregoing restrictions. Forward-looking Statements This presentation contains forward-looking statements. All the statements herein which are not historical facts, including, but not limited to, statements expressing our current opinion or, as applicable, those of our directors regarding the financial performance, the business strategy, the management plans and objectives concerning future operations and investments are forward-looking statements. Statements that include the words “expects”, “estimates”, “foresees”, “predicts”, “intends”, “plans”, “believes”, “anticipates”, “will”, “targets”, “may”, “would”, “could”, “continues” and similar statements of a future or forward-looking nature identify forward-looking statements. All forward-looking statements included herein involve known and unknown risks and uncertainties. Accordingly, there are or will be important factors that could cause our actual results, performance or achievements to differ materially from those indicated in these statements. Any forward-looking statements in this document reflect our current views concerning future events and are subject to these and other risks, uncertainties and assumptions relating to the results of our operations, growth strategy and liquidity, and the wider environment (specifically, market developments, investment opportunities and regulatory conditions). Although cttbelieves that the assumptions beyond such forward-looking statements are reasonable when made, any third parties are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of ctt, what could cause the models, objectives, plans, estimates and /or projections to be materially reviewed and /or actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Forward-looking statements (in particular, the objectives, estimates and projections as well as the corresponding assumptions) do neither represent a commitment regarding the models and plans to be implemented, nor are they guarantees of future performance, nor have they been reviewed by the auditors of ctt. You are cautioned not to place undue reliance on the forward-looking statements herein. All forward-looking statements included herein speak only as at the date of this presentation. Except as required by applicable law, cttdoes not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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CMD 2025 Speakers João Bento CEO João Sousa CCO Guy Pacheco CFO Francisco Barbeira CEO banco ctt
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Agenda for today 03 Mail & Services 06 Closing Remarks & Q&A 02 e-commerce Solutions 05 Financial Ambition 01 Group Vision & Strategy 04 banco ctt
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01 | Group Vision & Strategy +500 years of heritage Honouring a legacy of trust, innovation, and connection between people and business Our purpose Delivering the future by connecting people and business in a sustainable way Public post created by royal decree 1st means of transferring money in PT 1912 1520 1961 2013 2015 2020 2021 2022 2025 2026 Single network to distribute PT gov. bonds Privatisation and listing in the stock market Creation of banco ctt Launch of ctt brand in Spain: ctt express Locky launch powered by own technology Cacesa Acquisition (announced in 2024) DHL JV closing (announced in 2024) Acceleration of investment in EVs NewSpring acquisition PSI 20
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Operational and cost efficiency Optimised operations and cost control, enabling an EBIT margin growth from 7.1% in 21 to 7.7% in 24 Leveraged upgrade of USO contract Deployed the USO contract, with price, quality and density as operational value levers sustaining profitability 2022-25: action guided by 5 strategic drivers Focused execution towards growth and efficiency Disciplined capital allocation Meaningful dividends and opportunistic buybacks (SBB 22-25 of 66.5M€) Acquired Cacesa to expand e-commerce value chain presence Agreed Iberian JV with DHL Bank breakthrough and acceleration Built a customer base of >800k accounts, doubled deposits since 21, extended credit to 2B€, and achieved PBT of ~26M€ in 24 Partnered with Generali to expand bancassurance Scale-up express & parcels Achieved formidable Iberian position, by expanding leadership in Portugal and consolidating position in Spain The fastest growing player (23% 21-24 CAGR) 01 | Group Vision & Strategy
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Responsible governance Strengthened ESG governance: With a dedicated Sustainability Committee, and a new Code of Ethics Expanded ESG-linked incentives Advanced notably on stakeholder-focused sustainability reporting People-first mindset Stuck to strong heritage of proximity: By creating employment, improving training and upgrading compensation By investing in social impact programmes for the community: +22x volunteering hours …while remaining true to our core pillars Sustained by our commitment to People, Planet and Governance Driving decarbonisation Reduced carbon footprint: Major investment in fleet electrification and PV generation and self-consumption Reducing 47% carbon emission per E&P object (21-24) 01 | Group Vision & Strategy
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Express & Parcels, Financial Services & Retail and banco ctt 2019-24 growth 8.4% CAGR 5.4% CAGR 498 2019 471 2024 740 1,107 66 2019 8 2024 66 85 Note: 2024 Financials; 471 M€ 43% 8 M€ 10% 130 M€ 12% 27 M€ 31% 479 M€ 43% 36 M€ 42% Express & Parcels Mail & Others banco ctt 28 M€ 3% 14 M€ 17% Financial Services & Retail A journey of strong transformation… Developing – growing, protecting, changing – our synergistic Business Units 2024 revenues and recurring EBIT (M€) Revenue Recurring EBIT 01 | Group Vision & Strategy
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…produced the emergence of an e-commerce logistics player Organised around 3 synergistic Business Units, deriving a new and simpler reporting structure 2024 revenues and recurring EBIT (M€) Ensure profitability of the historical business, while unlocking value through customer access Opportunistic value creation through fast growing retail bank, expanding core franchise Growth engine of the group, leading in Iberia across e-commerce value chain CAGR 21-242 24% ~0% 17% Note: 2024 Financials; 1 % reallocation reflecting Cacesa pro-forma in e-commerce solutions; 2 Revenue CAGR 509 M€ 46% | 42%1 22 M€ 26% | 21%1 130 M€ 12% | 10%1 27 M€ 31% | 26%1 468 42% 36 | 54M€ 1 43% | 53%1 584 M€ 48% Revenue Recurring EBIT Cacesa pro-forma values banco ctt e-commerce Solutions Express & Parcels Mail & Others banco ctt e-commerce Solutions Mail & Services 01 | Group Vision & Strategy
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A business portfolio well balanced with market dynamics A portfolio developed to meet market needs Note: 2024 Financials MARKET GROWTH Customs clearance Reverse Logistics Last Mile Fulfilment BPO Retail Bank Commercial Services & Digital Platforms Financial Services Payments Mail & Documents Management Mail CORE HIGHMEDIUMLOW ADJACENCIES Real Estate e-commerce Solutions Mail & Services banco ctt ctt business size - revenue 01 | Group Vision & Strategy
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Be the reference partner developing e-commerce Simplifying physical and digital presence Innovate constantly offering logistics solutions Support services, with quality, focused on customer needs Trusted brand in shipping, financial services and insurance Simplify people's lives in physical communication, financial services, and insurance Our Vision Our Mission For Businesses For Consumers Sustainability Commitment Trust Proximity Customer focusOur Values We have obsessively pursued excellence and innovation Solid performance, market recognition and a relentless commitment to our Vision, Mission and Values Environmental Achievement of the Year (2025) Top performance in international sustainability rankings PostEurop Innovation Award Most attractive company to work Best culture of wellbeing (2025) Best company to work EMEA Smart Data Capture Award Best Innovation Strategy Postal Evolution Top 3 Best Postal Operator 3 Iberian Equity Awards (Most improved IRP; Best IRP; Most improved ESG Program) Trusted Brand Recognition for 4 consecutive years Best Corporate Brand (2025) banco ctt Mortgage – The Sustainable Choice (2025) 01 | Group Vision & Strategy
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Developed scale in pursuing Iberian leadership Source: All values refer to Q3 2025 unless otherwise stated, except1estimate for year-end 2025 ctt network ~20k collecting points, including >1,100 lockers Retail Network 566 ctt stores 1826 ctt posts 4727 Agents Digital channels >3.5M registered users ~50%1 eco-friendly last mile vehicles Environment Iberian operational capacity D+1 Iberian coverage 100% operation centres 77 parcels/hour of sorting capacity 147k parcels/day delivered >580k In 2024 142M parcels delivered ~1M parcels delivered on the peak day Reinforcing a consistently trusted brand NPS >50 ~14k employees People 01 | Group Vision & Strategy
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Consistently performed on operational targets Exceeding CMD 2022 Goals e-commerce Solutions Expanded market share in PT and SP Increased revenues in PT and SP Sustained solid EBIT margins in Iberia Delivered consistently high NPS (>50) banco ctt Reached >800k clients Increased profitability (PBT 25-30M€) Achieved ROTE of 11-13% Increased deposits and off-balance >5B€ Mail & Services Stabilised mail revenues via price and offer diversification Accelerated digital offer (e.g., e-carta) Boosted bus. solutions revenue (3.5x vs. 2019) Leveraged Retail & FS to generate incremental EBIT contribution to Group People Reviewed career progression model and revamped ctt employer brand Structured and expanded training programmes (+50% vs. 2022) Distinguished with top employer & wellbeing awards ESG Reduced carbon footprint by electrifying own last-mile fleet (~50% YE25) Invested in social impact programmes to support community (>1% EBIT) Set ESG-linked incentives to 100% of top & intermediate management 01 | Group Vision & Strategy
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Recurring EBIT M€; CAGR On track to achieve the 2025 guidance and the CMD'22 targets! Met ambitious financial targets Revenue M€; CAGR 708 848 907 985 2018 2021 2022 2023 2024 9M25 LTM 1,107 1,22610% 6% 64 60 65 88 85 2018 2021 2022 2023 2024 9M25 LTM 105 -2% 15% 01 | Group Vision & Strategy
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And continuously remunerating shareholders 1 Related to dividend declared in each fiscal year; 2 10.54M€ concluded in 2023 and 9.44M€ in 2024; 3 10.88M€ concluded in 2024 and 14.06M€ in 2025 Steady DPS increase since 2020, complemented with a SBB programme 20.0 25.0 Share Buyback M€ 21.6 2018 2021 2022 20232 20243 Dividends per share cents €1 10.0 12.0 12.5 17.0 17.0 01 | Group Vision & Strategy
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Delivery of ambitious targets has granted market recognition 22/05/2019 – 31/10/2025 Open: 2.24 High: 8.11 Low: 1.80 Close: 7.55 2019 2020 2021 2022 2023 2024 2025 0.0 2.5 5.0 7.5 Appointment of the new CEO Appointment of the new BoD & GM 3.4x CTT Correios de Portugal (Lis)1 More than tripling our equity value 1 Closing Prices 01 | Group Vision & Strategy
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Ready to deliver the future 01 | Group Vision & Strategy
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2026-28 strategy: building-up of a market leader… A clear path to sustain growth and profitability Business enablers Leverage technology and in-house engineering Focus on attract, develop and compensate talent Embed sustainability in our decisions and actions e-commerce solutions Scale up to Iberian leadership in e-comm logistics Evolve our operating model, combining a complete last mile offer with a wider value chain presence, to foster customer loyalty banco ctt Speed up growth and profitability Strengthen a distinctive business model, completing the offer and boosting digital to pair with a non-replicable physical presence Mail & Services Stabilise mail, nurture business solutions and strengthen retail Leverage price while preparing for next USO contract Reduce costs via operational efficiencies, and capitalise o n current commercial and network capabilities (B2B and B2C) 01 | Group Vision & Strategy
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01 | Group Vision & Strategy Business units Aim for Iberian leadership in 3 to 5 years, propelling our business model to amplify e-commerce tailwinds Broaden value chain presence, enhancing the uniqueness of our proposition Evolve our tech-intense model, deepening specialisation, for best-in-class productivity and quality e-commerce Solutions | The main growth engine A winning and unique model in Iberia Expand OOH footprint, adding convenience to our last mile offer, while reducing cost and carbon impact Capture cross border volumes Cacesa to increase value for non-EU marketplaces; DHL JV for intra-Europe
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Mail & Services | Mail stabilisation and value unlocking Leveraging customers’ trust Leverage current contract through pricing updates and efficiency, while preparing for the upcoming negotiation Engage customers with omnichannel experience, improving digital channels and intelligence Continue to unlock value and engage with partners through synergic business solutions and payments Use the established retail network to sustain and grow services aligned with its footprint 01 | Group Vision & Strategy Business units
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banco ctt | Organic acceleration Up to scale both relevant and proportional to the franchise Offer outstanding service and proximity, integrating in-person and digital channels, and growing the footprint Maintaining growth in domestic mass- market clients Retail banking no-frills value proposition Excel in savings by fully capturing ctt synergies Leverage the already successful Generali partnership Fight for “fair- share” in the credit arena – consumer and mortgage Reinforce leadership in auto loans 01 | Group Vision & Strategy Business units
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Technology & Engineering |Driving digital transformation Boost customer experience and operational efficiency with improved digital solutions and systems Operations - unified operational ecosystem across Iberia for consistent performance Optimising efficiency and reducing costs Single Iberian ICT platform Customers - centralised tools and tailored solutions for different customer segments Driving customer engagement and satisfaction B2C app B2B portal banco ctt app Processes - advanced automation and autonomous solutions Boosting productivity and optimising results Helena chatbot AI/process automation 01 | Group Vision & Strategy Business enablers
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Technology & Engineering | Accelerate and expand own expertise Optimise business core operations with increased flexibility First mile - proprietary technology driving scalable efficiency Accelerating operations increasing sorting power, while maintaining cost efficiency and operational control Automated customised chutes Facility layout aligned with task and type of parcels Last mile - client-centric proprietary tech for optimised delivery Enhancing proximity, sustainability, and commitment, while optimising distribution costs Prize winner field force app for mailmen and couriers Lockers’ unique modularity ecosystem 01 | Group Vision & Strategy Business units
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People | Manage workforce with care Attract, develop and retain talent Proactively attract and retain top talent, enhancing employer branding, compensation strategies, and training opportunities Youth Talent 2x more applications >7,000 operational on performance compensation Merit progression, 1st year applied to 25% Strengthen employee well-being, by addressing pain points, and improving mobility and resource allocation Financial literacy (>500 people) Mortgage aid for employees (>500) Improved employee experience – Myctt portal Develop talent and build a future-ready workforce aligned with market trends and evolving business needs Leaders programme (~1,000 people) Shop clerks training (>1,600, 80%) Digital AI Capabilities (>900 people) 01 | Group Vision & Strategy Business enablers
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Sustainability | Committing with the Environment and the Community Committed to achieve responsible and ambitious short-term SBTi approved decarbonisation targets 100% decarbonisation of last mile own fleet by 2030 Acquisition of 100% green energy Incorporation of recycled material in 100% of CEP’s products Promoting participation and investment in social impact projects in our community 6k hours of employee volunteering per year by 2028 10% employee volunteer participation annually by 2028 Support vulnerable communities by offering core business capabilities 01 | Group Vision & Strategy Business enablers
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01 | Group Vision & Strategy Proven execution. Ready for the future! Consistently delivered on our targets Built strong foundations Ready for further growth
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Agenda for today 03 Mail & Services 06 Closing Remarks & Q&A 02 e-commerce Solutions 05 Financial Ambition 01 Group Vision & Strategy 04 banco ctt
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8% 9% 5% 4% 3% 3% 2% 2% 02 | e-commerce Solutions The recent journey towards becoming the best Iberian e-commerce logistics platform Top growing operator in Iberia, achieving best-in-class margins 1 Figures based on the most up-to-date publicly accessible information, source: Orbitis Revenue M€ 249 468 2021 2024 11 36 2021 2024 Recurring EBIT M€ 5% 8%% 24% CAGR 48% CAGR EBIT margin Iberian E&P players % of revenues – selected peers, 2023/241 0% Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 21 9% 24 Cacesa pro-forma
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02 | e-commerce Solutions Growth Delivered by outgrowing our markets… Client base diversification leveraged by momentum of global marketplaces Iberian B2C CEP revenue 161 171 248 37633% ~8% B2C Market CAGR 21-24 2021 2022 2023 2024 Market share 6% 6% 8% 12% Focus on e-commerce outperformers Expansion of market share by targeting high-growth customer segments and tier-1 B2C players ctt B2C CEP Revenue – per market type Global Marketplaces Other players >10% <5% Market CAGR 21-24 67% 33% Market split 2024 M€, 2021-2024 Source: IMR Report, Euromonitor, IPC, ECDB; Statista, Oxford Economics, ctt analysis 23% 67% 2021 2022 2023 2024 %, 2021-24
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Fully developed solid foundations to carry on winning Comprehensive Iberian coverage in e-commerce solutions Note: All values refer to Q3 2025; The map does not illustrate the islands; however, PUDOs (Pick-Up and Drop-Off points) and operational centres are established and actively operating in those locations; 1 LTM 9M25 >150M1 Items per year >580k Items per day 77 Operational centres 100% Geographical D+1 coverage ~20k PUDOs/lockers 147k Parcels/hour of sorting capacity 02 | e-commerce Solutions Ops centre with sorter Ops centre without sorter Collectt Network Growth
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1 Compared to inflation 21-24 Delivered growth while increasing margins %, 2021-2024 +3pp Recurring EBIT Investment in must-win capabilities ensured full D+1 coverage in Iberia with competitive and resilient QoS, while maintaining a cost-efficient operation 2021- 24 progress: Higher productivity +18.6% Controlled unit cost -8.4 pp1 Best-in-class quality +27% 02 | e-commerce Solutions Efficiency Delivering on the promise: better, faster and greener e-commerce across Iberia 11.1 36.27.6 18.5 2021 2022 2023 2024 5% 3% 6% 8% 9% EBIT M€ Cacesa
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~40% ~45% ~5% ~9%B2C market share Growth carries density and unlocks scale efficiencies Scale effect in Iberia 23 25 23 25 1.47 2.585.68 6.37Productivity (ctt parcels per habitant dense area) 0.94 0.890.71 0.70Cost ratio1 (Last mile cost dense / national) 02 | e-commerce Solutions 1 Dense areas (Madrid, Lisbon) vs. national average Scale Density Competitiveness Efficiency
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Forged a distinctive value proposition to customers 02 | e-commerce Solutions 1 projected values; 2 9M25 value compared to the year of 2021 Greaterconvenience PUDOs Delivery evolution 2021 2022 2023 2024 7x Economiesof scale 2021 2022 2023 2024 2025 Density (#k deliveries per km 2) 0.08 0.08 0.12 0.20 0.231 0.42 0.42 0.55 0.71 0.801 Wider merchantadoption 2021 2022 2023 2024 2025 Iberian B2C Market Share 6% 6% 8% 12% Spain Portugal 2025 Improvedcustomer experience Best in class quality Quality of service (effectiveness) 2021 2022 2023 2024 9M25 +4 pp2 Iberian Wider presence in the value chain 05 EfficiencyGrowth
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e-commerce solutions going forward 02 | e-commerce Solutions Scaling to leadership in our markets
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02 | e-commerce Solutions A value proposition built upon a platform of synergic units Iberian e-commerce accelerating B2C International marketplaces gaining ground Out-of-Home delivery adding value Trends Growth Capturing international and cross-borderflows, key for e-commerce expansion Integrating, scaling, and optimising operations to drive excellence through network efficiency, cost discipline, Iberian consolidation, and capture of synergies Growing Iberian e-commerce logistics capacity Expanding offer Deepening Tier 1 customer relationships Leveraging end-to-end coverage Increasing client stickiness Expanding and activating out-of- home network Increasing reach, convenience, and customer adoption Efficiency
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1 Spain’s forecasted share evolution based on Belgium, Denmark, Germany, Netherlands, and Sweden; Portugal’s forecasted share evolution based on France, Greece, Italy, Poland and Spain; Note: e-commerce share (excluding food, drinks and tobacco) as a % of online and offline retail sales; Source: Euromonitor (data extractions in Aug. & Sep. 2025) There is further room for e-commerce growth, given the journey made by peer EU countries e-commerce adoption remains below reference benchmarks, signalling untapped potential %, 2024 e-commerce share of total retail e-commerce retail share evolution %, historical and forecasted share evolution for next years from Portugal and Spain based in peer countries with similar historical evolution between 2018-241 02 | e-commerce Solutions 8 8 8 9 10 12 12 13 14 14 15 15 15 17 17 18 18 24 34 48 26 EU average, 2024 = ~13% 2023 2024 20252022 2027 20282026 EU average, 2028 = ~15% 10% 7% 20% Trends
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B2C expected to outgrow traditional B2B B2C already leads in Spain with Portugal expected to cross the halfway mark by 2026 Source: IMR Report, Euromonitor, Statista, Oxford Economics; ctt analysis Evolution of CEP revenue per segment 6% CAGR 21-24 8% 4% CAGR 24-28 8% 2024 2025 2026 2027 2028 59% 60% 61% 62% 63% 41% 40% 39% 38% 37%5.4 5.8 6.2 6.6 6.9 6% 4% CAGR 21-24 9% 4% CAGR 24-28 10% 7% 2024 2025 2026 2027 2028 46% 48% 50% 51% 52% 54% 52% 50% 49% 48% 0.7 0.7 0.8 0.8 0.9 02 | e-commerce Solutions B2B B2C B2B B2C B€ Trends
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Source: ctt analysis Market segment focus B2CB2B Specialisation/Differentiation 02 | e-commerce Solutions B2C/e-commerce specialisation: a valuable asset A comprehensive e-commerce offer, differentiating through quality and efficiency + -
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Source: Anacom, CNMC, Effigy, GSCi, "IPC Global e-commerce Supply Chain 2023" study, ctt analysis Iberia parcel market size B€ 64% 36% 2021 61% 39% 2024 58% 42% 2028 Domestic Cross- border 5.0 6.1 7.8 e-commerce global trade flows 17% 02 | e-commerce Solutions Trends Parcels market growth pushed by cross-border flows Cross-border expected to grow 2x domestic 2% USA to Europe 19% Asia to Europe Intra Europe +7.0% +6.2% CAGR 24-28 CAGR 21-24 9% 4% 2x 6% 9% Cacesa reinforces ctt's presence in cross-border e-commerce DHL JV will enhance ctt’s presence in intra-European flows
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02 | e-commerce Solutions Strong synergies across e-commerce verticals Our Iberian e-commerce and logistic platform value chain 1 Anacom, CNMC, Effigy, GSCi, "IPC Global e-commerce Supply Chain 2023" study, ctt analysis B2C flows Iberia Intra-EU Non - EU other last mile clients ctt last mile clients Long-haul Customs clearing Strategic business directions Broaden value chain integration Enhance cross border service offering Local/ Regional warehouse Market split 2028 58%1 domestic 42%1 cross- border Fulfilment Last mile Returns
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Growth Customer engagement Increasing customer involvement across the value chain strengthens loyalty 01 02 | e-commerce Solutions Cacesa Cacesa strengthens positioning on cross-border e-commerce Full value chain integration to boost engagement, efficiency, and foresight Other players Expert provider Logistics provider Pickup Sorting Line-haul Last mileCustoms clearing or other logistics provider Operational efficiency 02 An integrated operation enables higher service quality and drives efficiency 03 By touching customers in the early stages of the value chain ctt gains better foresight into market trends Anticipating market movements Morocco Spain France Italy Germany UKIreland Romania Bulgaria Greece Maced. Alb. Kos.Montenegro Bosnia & Herzeg. Croatia Slovakia Hungary Czechia Austria Slov. Netherlands Belgium Switzerland Serbia Denmark Poland India Turkey
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DHL partnership: a key alliance to capture growth in Iberia through the global and intra-European flows DHL eCommerce growth in Europe outpaced total segment Cross-border, a key source of e-commerce growth, will leverage inbound flows by combining DHL’s global presence with ctt’s wide Iberian last mile network Global presence The combination of DHL well recognised brand with ctt’s competitive and high quality B2C operation will fuel additional penetration in large Iberian accounts Brand recognition The DHL / ctt partnership establishes specialised joint ventures, with ctt leading B2C services across Iberia and DHL leading B2B B2C specialisation 1 DHL Capital Markets Day 2025 2.9 3.1 3.5 3.9 2023 2024 2030 eCommerce revenue1 2023-30, B€ Other 12% Europe 6.3 7.0 +10% Volume growth above market: 6-8%1 02 | e-commerce Solutions GrowthDHL Joint Venture
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02 | e-commerce Solutions Tier-1 players are the most relevant, with Chinese marketplaces gaining ground in Iberian e-commerce Note: Excludes Edible groceries, Foodservices and Leisure & Entertainment; Source: Flywheel Retail Insights (February 2025 estimates and forecasts), Euromonitor, ctt analysis Established players remain strong as Chinese platforms accelerate Iberia e-commerce revenue 2019-2028, B€ Tier 1 players Chinese marketplaces Other players Retailers with <200M€ in e-commerce sales in 2024 in Iberia 2019 2024 2028 2019 2024 2028 2019 2024 2028 11 19 25 2 12 21 2 4 5 +14% +6% +43% +14% +12% +8% 2024 Market share 2028 Market share 54% 36% 10% 50% 41% 9% -19pp since 2019 +21pp since 2019 -3pp since 2019 -1pp since 2024 +5pp since 2024 -4pp since 2024 Trends E.g., of retailers with <200M€ in e-commerce
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Approach for each segment Building on B2C specialisation and a differentiated business model Value chain presence | Full fledged offer | Out-of-Home network | Digital Growth 01 Efficiency and quality provided by fully controlled operational model Extended value chain presence: clearance, OOH delivery, returns Consolidate presence Global Marketplaces Use alternative channels, mainly digital Push pre-paid packages, simplified offers Promote point-to-point shipping backed by OOH network Make it simple SME/ Soho Blend best-in-class B2C operation with DHL commercial reach Leverage on a singular offer blending home and OOH delivery Attract volume International DHL JV to enable one-stop-shop offer – B2B, B2C, International Add scale and competitiveness Leverage on a singular offer blending home and OOH delivery Build relation Iberian “champions” 02 | e-commerce Solutions ctt Express
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Lower shipping costs, fewer failed deliveries, enhanced customer satisfaction 02 | e-commerce Solutions Out-of-Home delivery creates value across the ecosystem From cost savings to urban sustainability 1 IPC Global e-commerce Supply Chain 2024 study OOH delivery preference per market and network density 1 PUDOS/10k inhabitants 20 30 400 10 30% 60% Couriers Consumers Higher convenience, less missed deliveries, easier C2C shipments Greater efficiency, fewer stops, lower costs, and scalable peak delivery Trends Consumer satisfaction according to distance to OOH point1 01002003004005006007008009001 000 0.0 0.5 1.5 2.5 Distance (m) Merchants Municipality OOH expansion helps cities reduce emissions and ease congestion Customer Satisfaction OOH delivery preference (%)
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OOH strategy: a combination of lockers and attended PUDOs Lockers and attended PUDO complement themselves Top 10 clients Attended PUDOs Lockers (unattended PUDOs) Channel ctt stores, shopping centres, retail networks, gas stations, public transport hubs, public services buildings, office buildings local store, ctt stores, ctt retail agents (Ponto ctt, Payshop) Offer Parcel delivery through self-operated parcel locker with 24/7 consumer access and E2E control of consumer experience Final pickup destination at an operated or contracted pick-up/drop-off point, typically local store, post office etc. Advantages Strong convenience (24/7 access) and flexibility (asynchronous handover) Cost-effective delivery with higher efficiency (e.g. fewer stops) Improved security Pickupflexibility (asynchronous handover) Additional services available at pickup points Highpeak season flexibility 02 | e-commerce Solutions ctt Express Growth
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Increase leadership in shifting to Out-of-Home delivery Target of ~50% market share of the Iberian OOH footprint in 2030, supported by the deployment of 10k lockers 1 17k with activity 21% 79% 2023 15% 85% Mid-term estimate 2030 38 53 2024 2028 2030 3% 10-15% 15-20% ~50% market share 18.9 1.1 2024 19.1 6.5 2028 19.1 10.0 2030 20.01 25.6 29.1+39% Spain Portugal Iberian footprint expansion …by expanding PUDO locationsIncrease volumes to PUDOs … Unique PUDOs points in Iberia, incl. lockers and attended PUDOs % OOH deliveries, direct shipments Number of PUDOs, thousands Attended PUDOs Lockers 02 | e-commerce Solutions ctt Express Growth Target Target
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0 10 20 30 40 50 60 70 80 90 100 OOH also drives reductions in last mile costs From reduced stops for couriers to fewer failed deliveries — OOH delivery proves its value at scale Efficiency Last Mile costs at the respective OOH share 0 50 60 70 80 90 100 Last mile costs (% of total) 92% 84% 81% 40% OOH share in last mile 02 | e-commerce Solutions ctt Express 1 Full cost for 1 master unit plus; 2 “slave” units. Modular system allows “invest as you grow”, considering projected occupancy rates Cost Efficiency Less stops and fuel consumption Reduced labour costs ~7K1 Average investment per locker Planning & volume peak management Consolidation, fewer capacity bottlenecks Lower strain on delivery networks ~2-3 year2 Payback period Quality of Service Higher first attempt success Simplified return solutions >2M km Saved per year by using PUDOs Sustainable impact Reduced carbon emissions Added convenience to community Promotes C2C flows
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A focused roadmap on operations: network, capacity, efficiency, integration, and synergies Integrate, scale & optimise operations The map does not illustrate the islands; however, PUDOs (Pick-Up and Drop-Off points) are established and actively operating in those locations Expand network capacity to accommodate growth Optimise network as integrated Iberian system Review network design to accommodate future growth Consolidate Iberian approach Adopt integrated technology and data platform Align portfolio and centralise functions Capture DHL & Cacesa synergies DHL: Integrate B2B distribution capabilities and infrastructure Cacesa: Leverage digital tools, import processes & airport handling Increase productivity & cost-efficiency Optimise automation and network design to capture scale and efficiency gains Boost delivery efficiency and digitalise operations 02 | e-commerce Solutions ctt Express Efficiency Ops centre with sorter Ops centre without sorter Collectt Network
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First Mile Sorters upgrade Sorter's hybrid solution (ctt+OEM) 4% to 8% cost reduction in new sorters with adjusted features Volume management to prevent overloads and maintain quality KPIs +65% first mile process productivity Containerisation Enables greater control and traceability in transportation Reduce ~35% of incidents caused by transport-related issues 02 Proprietary DWS3 System With cameras, volumetric measurement, and weighing 30% less the OEM cost Tray vision (AI) Better tray detection with >1k packages/hour and −180h/year maintenance Automated customised chutes 42% FTE reduction on emptying and aggregation 48% parcels: handling auto 01 In-house innovation powers projects with impactful results Operational excellence through speed, accuracy, quality, and cost reduction 1 Per day / per route associated to RDP; 2 Considering full deployment; 3 Dimensioning Weighing and Scanning 02 | e-commerce Solutions ctt Express Last Mile Routes Dispersal Points Delivery route hubs – ST rental without infrastructure ~1h¹ saved in distribution Field Force App +3pp on effectiveness Onboarding newbies: from 2 weeks to 2 days Pitstop Pre-last mile optimisation 13k€/day cost reduction2 Lockers modular ecosystem ~50% production cost reduction Efficiency
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Targeted outcome: Synergies, greater efficiency, consistent experience and lower system costs First pilot up and running Single Iberian platform Internal technology powers customer experience across the board Evolving significantly the NPS results Efficiency02 | e-commerce Solutions ctt Express Store front-end Omnichannel user experiences Create compelling web, app, store and lockers experience to promote self-service, reduce costs and enhance upsell / cross-sell Self-service ecosystem B2C App B2B Portal Drive efficiency through autonomous, transactional decisions Mail and parcels sending and tracking launch – deflection of ~60% to digital channels Chat-bot: Incorporating agentic AI: Helena Deflection of 35% of CC inquiries NPS increased by 40 points
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02 | e-commerce Solutions Cacesa ctt Express Investing to build the foundations for scale Network transformation within controlled Capex ratios 2022 2024 2028 Locker network + Master hubs 4.1% 3.5 – 4% % revenues New initiatives Recurring capex ~2.0% 2023 2024 2025 2028 M items 100 150 200 Iberian CEP volumes Capex Iberian network evolution Lisbon and Porto: PT’s anchor nodes Barcelona: strategic cross border gateway option Madrid: the “nerve centre”, processes 2/3 of our volume
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A robust winning model, a clear plan to attack the next cycle... 02 | e-commerce Solutions Differentiation, scale and efficiency as the levers to consolidate best-in class margins A specialised operating model, backed by tech autonomy and integration The most compelling offer along the e-commerce value chain, enhanced by the DHL JV Strategic positioning on the fastest growing segment (e-commerce) and its key players
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expected ctt market share evolution vs. peers % of total CEP 2024 revenues 02 | e-commerce Solutions …aiming at the Iberian CEP leadership #1 Iberia 3 to 5 years
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Agenda for today 03 Mail & Services 06 Closing Remarks & Q&A 02 e-commerce Solutions 05 Financial Ambition 01 Group Vision & Strategy 04 banco ctt
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Mail volumes are undeniably declining across regions while digitalisation and (Gen) AI adoption are accelerating efficiency and long-term growthTrends 03 | Mail & Services Proactively addressing mail volume decline by evolving core initiatives and expanding complementary offerings Leveraging proven capabilities and targeted initiatives to sustain performance and mitigate declining volumes impact Efficiency Growth Delivering tailored offering to serve B2C clients’ real day-to- day needs while leveraging the existing network Enhancing B2B customer relations through complementary solutions Evolving USO terms to better reflect declining mail volumes and ensure sustainability Advancing digitalisation and omnichannel experiences to enhance customer engagement and operational agility Modernising operations and improving workforce efficiency to protect mail profitability
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Our historical mail operation is complemented by synergic B2B and B2C offers Mail operates under a service-level contract, while business and retail solutions enhance client value and footprint 03 | Mail & Services Mail ctt’s historical portfolio, supported by a stable regulatory contract that helps offset volume declines from digitalisation and changing consumer habits 393M€ Revenues FS & Retail Daily services, with growing focus on financial products through an increasingly segmented approach leveraged in digital channels and third- party footprint 28M€ Revenues Business Solutions Integrated solutions that strengthen client relationships, grow share of wallet, and improving efficiency while delivering secure, accessible payments 72M€ Revenues Note: 2024 Financials
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The historical portfolio within Mail & Services 03 | Mail & Services Mail Note: 2024 Financials Mail ctt’s historical portfolio, supported by a stable regulatory contract that helps offset volume declines from digitalisation and changing consumer habits 393M€ Revenues FS & Retail Daily services, with growing focus on financial products through an increasingly segmented approach leveraged in digital channels and third- party footprint 28M€ Revenues Business Solutions Integrated solutions that strengthen client relationships, grow share of wallet, and improving efficiency while delivering secure, accessible payments 72M€ Revenues
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03 | Mail & Services Mail Trends Volumes are declining across geographies, driven by digitalisation, consumer preferences, costs and sustainability Portugal is no exception to this trend Mail volume in decline at a global level, driven by market trends Digitalisation of processes Shifting consumer behaviour Rising costs of physical mail Mail volume per country1 Indexed volume decline (2016=100) 1 Market volumes indicative, leveraging figures for leading postal operator for Italy, Netherlands, Portugal and Denmark as proxies; 2 Forecast assumes average annual decline for period 2016-2023 is applied for the years beyond 2023; Source: BCG’s proprietary Market Insight Tool; IPC Global Postal Industry Report; Annual Reports; Company annual reports; ctt analysis Forecast2 2016 2020 2024 2028 20 30 40 50 60 70 80 90 100 10 Sweden France Austria Italy Netherlands Belgium Portugal Denmark Spain UK Switzerland USA Ireland Luxembourg Illustrative
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1 Includes USO parcels; 2 Price formula explanation: Inflation: Avg. variation in Consumer Price Index over last 12 months; Volume: Yearly variation involume, adjusted for Variable Costs (VC); E: Efficiency factor fixed at 0,5pp for every contract year; K: Adjustor for significant USO changes; 3) Considering 2024 revenue distribution 03 | Mail & Services Mail Current price mechanism allows mitigation of impact, nevertheless operational efficiency remains key Using 2024 as a reference, the new pricing formula affects 60% of Mail revenue Efficiency Regulated email reduction is an unavoidable trend … … but with the new price formula allows ctt to mitigate … … part of the challenge, while keeping tight cost control 619 2019 ... 2024 ... 301 264 2028 -9% Historical Accelarated Addressed mail1 volumes scenarios (M) -6% -9% CAGR 24-28 “Convénio de Preços” 2026-28 “Princípio de acordo” Maximum annual variation of ctt's price bundle based on formula2: Regardless of the formula, maximum annual increase of 12%1 Regardless of the formula, maximum annual increase of normal mail up to 20g of €0.04 Representing a direct impact on 60%3 of Mail revenue Addressed mail1 revenues scenarios (M€) 436 2024 ... 20282019 ... 349 370 -3% Historical Accelerated 6% 8% Price change CAGR 24-28 -0.2% -1.5% Inflation - ΔVolume * (1 - VC) - E + K
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4DW model X/Y model Fast & Slow Daily model Shamrock Efficiency Leading in distribution innovation, adapting to volume trends, relentlessly pursuing efficiency is the path We have been proactive in evolving our network Evolution of distribution models and number of routes 2019-2028, types of models 4.7 4.7 4.4 4.3 4.1 3.9 3.6 k routes 03 | Mail & Services Mail Fast & Slow Dual Speed Network is based on the idea of flexibility and the coexistence of two networks that operate at different but complementary speeds Delivers both mail and parcels according to priority Fast network for next-day products (D+1) Slow network for non-priority products (≥D+3) 2019 2020 2021 2022 2023 2024 2025 2026/28 Fast network routes Fast network routes
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03 | Mail & Services Mail Modernising operations, for greater efficiency and better service quality Using technology to improve performance – 3 practical examples Efficiency Capacity increase through an ergonomically redesigned cart - transitioning from pulling to pushing - made from recycled materials and locally produced in Portugal at one- third the cost of Nordic suppliers >4M total walked km in 24 (+10% compared to 23) Incorporate into a digital system, associated with mail processing equipment, the knowledge of postal workers so that it can automatically sort by route and sequence objects that are currently rejected Postman Digital Brain Postman carts Smart Data Capture Track fluorescent orange barcodes via the Field Force app using daily random samples, with results visualised in a performance dashboard – key driver of service quality and operational efficiency
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Workforce in 2025 = 100 index 2025 2025 until EY 2026 2027 2028 2029-30 Exit Strategically aligned with demand-supply forecasts to mitigate risks Retirements and natural exitswill contribute for the gradual reduction of operational workforce Efficiency 1 Employees which meet the requirement to retire; 2 Assuming 2024 attrition rate of 1.4% YoY Operational workers retirement1 + attrition2 forecast 03 | Mail & Services Mail -8% -12% Coordinating demand and supply assessments provides a clearer understanding of mail decline risks and gaps, enabling to: Proactively anticipate workforce reductions Support smooth transitions for employees Promote initiatives that facilitate internal mobility (“Pluralidade empregadora”) Maximise the utilisation of ctt’s workforce (vs external labour)
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Efficiency Source: ctt analysis We will continue to improve our efficiency adapting to volume, unlocking important savings to safeguard profitability Through targeted cost-cutting initiatives and operational adjustments Mail Costs breakdown (M€, 2024) New operational models Leading to savings on direct costs from mail decline Operational workforce efficiency Via natural churn, retirements, transfers, etc. Corporate function optimisation Workforce Expenses Physical & IT Resources Direct & Comm. Expenses D&A and Other Expenses Net Operating costs Cost control initiatives 03 | Mail & Services Mail 66 31 17 241 355
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Trends Strict USO1 have not been reduced in-sync with sharp decline in mail volumes Even though some countries have moved towards adapting to context Subsidy (Y/N) Delivery frequency Service levels Delivery quality (min. on-time) D+1: 80% D+3: 90% D+1 for priority mail and D+4 for non-priority mail D+1 for priority mail and D+3 for non-priority mail2 D+1: 90% D+3: 94% D+2 for priority mail and D+3 for non-priority mail D+3 for all mail D+3: 93% Approximately 95% across deliveries 5-business-day delivery 5-business-day delivery 6-business-day delivery 5-business-day delivery 5-business-day delivery 5-business-day delivery D+2: 95% D+2 for all mail USO abolished (no letters to be delivered from 2026 onwards)3 Benchmark: service levels with USO Source: ERGP 2024 Note: D+X = Next working day(s); 1 Universal Service Obligation; 2 data refers to mainland territory; 3 Exception for visually impaired people, small island and international mail during transition Non-exhaustive D+1 for priority mail and D+3 for non-priority mail D+1: 94,7% D+3: 95% 03 | Mail & Services Mail
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Scope and Quality/SLA Simplify products, aligned with mail's importance in society Geographical coverage Maintain proximity through self-care options It is paramount to evolve the USO contract in 3 key dimensions Financing Model Ensure funding of the concession contract, as self-funded model is not sustainable 03 | Mail & Services Mail
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Diversified portfolio of Business Solutions to increase share in B2B customers Note: 2024 Financials Mail ctt’s historical portfolio, supported by a stable regulatory contract that helps offset volume declines from digitalisation and changing consumer habits 393M€ Revenues FS & Retail Daily services, with growing focus on financial products through an increasingly segmented approach leveraged in digital channels and third- party footprint 28M€ Revenues Business Solutions Integrated solutions that strengthen client relationships, grow share of wallet, and improving efficiency while delivering secure, accessible payments 72M€ Revenues 03 | Mail & Services Business Solutions
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Source: Banco de Portugal; Guide to Cost and Growth: Executive Perspectives Strategic Insights for Navigating Economic Uncertainty, BCG (n=507); Artificial Intelligence Index Report 2025, Stanford University Business Solutions shaped and responding to key trends Accelerating efficiency and long-term growth through Digitalisation and (Gen) AI Digital transformation seeking efficiency Next wave, AI unlocking new growth opportunities 70% Using GenAI in at least a business function (+38pp vs 23) Balancing digital payments growth, with financial inclusion Increasing demand for digital payments Physical payments still the most suited for some segments 6% Digital payments value CAGR₂₂₋₂₄ Trends Cost control & reduction to navigate current uncertainty context, and position for growth Service outsourcing for cost optimisation Demand for specialised partners 33% of corporate leaders are prioritising cost reduction as their main priority (+8pp vs 24) 03 | Mail & Services Business Solutions
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Positioned to deepen customer relationships and unlock potential growth Supporting value creation by offsetting declining mail margins 1 Net revenues applicable for some product categories; 2 Clients with mail revenues over 20k€ per year with BS services Payments Comprehensive payment solutions, spanning payment for businesses, mobility & retail networks Payments 21 M€ … 100k Daily users - Payshop network 40% PT households using our payments solutions Mail & Document Management Automating mail and document workflows across production, delivery, digitisation, archiving, and disposal Enabler 12 M€ … 119M Postal objects processed via P&F 10M Documents sent through viactt ctt share in sectorial clients2 >90% Utilities >80% Municipalities >65% Bank & Insurance >45% Public services Commercial Services & Digital Platforms Enabling e-commerce/ online stores and offering geographical & address- related services 52% PT students use ctt’s Digital wallet 3.7M Geo-services API consultations Online Sales 3 M€1 M€ Total revenues (24) Growth03 | Mail & Services Business Solutions Business Process Services Delivering end-to-end BPO solutions and contact centre services to boost business efficiency Transformation & Support 36 M€ 29% BPS Growth (23-24) >5.5M Customers call taken and actioned 155M Documents - Collected, analysed and actioned
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Aiming for double digit growth, consolidating its continuous ascending path Expanding our role across the customer lifecycle to increase share of wallet Investment level Grow High complementarity with the E&P business Payments Double down Driving growth with limited investment by leveraging existing business opportunities Business Process Services Strategic rationale Investment level Double down Reinforce digital services role, strengthen brand, and capitaliseon e-commerce Commer. Services & Digital Platforms Maintain as-is Sustain activity levels amid mail volume decline, while pursuing digitalisation opportunities Mail & Doc. Management Strategic rationale Business Solutions revenues 7-10% M€ CAGR 72.4 2024 2028 03 | Mail & Services Business Solutions Growth
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Retail network close to B2C clients with growing relevance of services and digital Note: 2024 Financials Mail ctt’s historical portfolio, supported by a stable regulatory contract that helps offset volume declines from digitalisation and changing consumer habits 393M€ Revenues FS & Retail Daily services, with growing focus on financial products through an increasingly segmented approach leveraged in digital channels and third- party footprint 28M€ Revenues Business Solutions Integrated solutions that strengthen client relationships, grow share of wallet, and improving efficiency while delivering secure, accessible payments 72M€ Revenues 03 | Mail & Services Business Solutions
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Sales Evolving our retail network to unlock portfolio value for daily foot traffic, building strong customer engagement Self-service, digital tools and service portfolio play a major role in fulfiling this approach Physical Retail Network Digital Network From a Mail & E&P network with a traditional experience To a leveraged physical retail network to serve other brands with an omnichannel experience 566 ctt stores 4727 Agents 1826 posts Post & Parcel services Self- service (PUDO & Lockers) Digital (B2C app) Post & Parcel services Sales SOHO e-sellers SMEs Deepen current partnerships Start new partnerships 15M Walk-ins ctt stores 03 | Mail & Services FS & Retail Using the same physical retail network but guided by a new solid principle: Each channel will offer the services that best suit its mission and clients
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Complete offering, designed to serve clients' real day-to-day needs with simplicity, proximity and trust FSR portfolio across channels Payments, Retail products, simplified shipping services Agents Shipping services (simplified offer) Posts Focus on SOHO e- sellers and services (insurance, public debt, utilities) Stores Effective channel and service segmentation to meet customer needs, maximising growth and cross-selling Full offer Selected offer Not available Growth Logistics offering Mail E&P Additional offering Financial Services banco ctt Payments Retail Products Other Services 03 | Mail & Services FS & Retail
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Multi-channel to multi segments (consumers to SOHO/SMEs) Providing the adequate experience, with digital and self-service as the cornerstones of interaction Focused on aligning customer expectations with business New shop concept with more consultative sales and service convenience Our lockers evolving to complement stores with added self-service capabilities Digital channels with omnichannel experience 3 2 1 03 | Mail & Services FS & Retail
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Expanding the new shop concept and customer journey to support service-driven sales Bringing more consultative sales and service convenience to high-potential locations 1 2024 data A new shop concept designed to enhance client autonomy and self-service convenience… …featuring spaces that foster up and cross-selling ctt services to individuals and SOHO/SMEs… … supported by technology that enables a new customer journey Waiting areaConsultative service Self-service Preparation desk Quick service counter Servin partnership: Over 2001 calls received through Portuguese sign language video interpretation Community proximity: Supporting associations through our network’s reach Top 10-15% high- potential stores will be annually remodelled Omnichannel interface Single account Tailored made offer Responsive Ease of use banco ctt Growth03 | Mail & Services FS & Retail
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High potential ctt stores have at least a locker1 Modular self-service equipment ecosystem as an enabler of the omnichannel journeys, powered by ctt-owned technology Self-service hardware: Lockers modular evolution to CSS full suite 1 Due to space limitation the remaining 30% of stores cannot accommodate a Locker, however each has one located within 500 meters Lockers Receiving and sending/ returning parcels and Expresso delivery attempt notices Dematerialised experience without the need to print labels 70% Of sales made after closing hours Vending Machines Allows customers to purchase prepaid envelopes, boxes 29% Customers using this solution P.O. Digital Box Rented mailbox service that uses the same technology and functionality as a locker >850 Label printers will be available soon Stamp Machine The stamp machine allows customers to purchase stamps via self-service NEW Outdoor version Additionally includes two LED panels for public- facing institutional messaging EfficiencyGrowth03 | Mail & Services FS & Retail
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Developing the ctt app to improve convenience and reach by providing a seamless digital access to consumers Digital adoption has reached 50% of our customers 1 Tolls payments in value; 2 Public Debt placement operations Efficiency ctt app: Transforming how customer engage with ctt by maximising portfolio digital availability in a simplified omnichannel ecosystem Registered customers YoY growth daily users >3M +20% >87k Store tickets issued via app Logistics app services: Parcel tracking Online parcel send Viactt Locky >40k Clients with Viactt account linked to the app Payments app services: Consult & pay tolls >50% Digital toll payments1 Digitalisation of the Payshop paying journey linking it with Viactt Financial Services app services: Consult & subscribe public debt ~10% Digital public debt placement2 Fully digital opening of Aforro accounts and other in-store current operations Feature available Feature in development Growth03 | Mail & Services FS & Retail
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Financial Services to put out consistent growth, making the most of channel and offer evolution Digital expansion and new services, on top of a stable context for public debt Growth 1 Includes revenues from services with subscription, e.g. Health plans, Insurance and new services under development 27.7 2024 2028 7-10% CAGR ctt Public debt placements Daily average, M€ 0 20 40 60 19 20 21 22 23 24 9M25 28 FS & Retail Revenues M€ 19 20 21 22 23 24 25 28 3x Recurring FS revenues1 M€ 19-21 average 03 | Mail & Services FS & Retail
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Mail Business Solutions FS & Retail 03 | Mail & Services Mail & Services with a clear plan for the next cycle High single-digit growth through offer and channel mix evolution Grow share of wallet in B2B customers Stabilise mail profitability through pricing mechanism and operational efficiency measures
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Agenda for today 03 Mail & Services 06 Closing Remarks & Q&A 02 e-commerce Solutions 05 Financial Ambition 01 Group Vision & Strategy 04 banco ctt
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04 | banco ctt In March 2016, banco ctt deployed an innovative retail banking model, leveraging existing assets and a distinctive value proposition Brand Branch network Value proposition Distinctive track-record, with a perfect fit with retail bank core values Household name, historically attached to the ideas of Trust And Proximity, with experience on financial products (retail sovereign debt) Post crisis context, with negative perception of incumbent banks Nationwide presence, at very low Capex Usage of ctt infrastructure allowing for lower Capex deployment (5x less investment per branch vis-à-vis incumbents) and low incremental OPEX Prime, high-traffic locations, well-known by local population Simplified retail bank, with essential offer at affordable price point Essential core banking offer (day-to-day, credit and savings) Reduced adoption barriers, strong value for money, attacker stance, particularly on initial engagement (current account and daily transactions)
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04 | banco ctt Less than 10 years afterwards, banco ctt holds a sizable and productive retail banking franchise… Sizable and productive retail bank franchise… >700,000 accounts, 65% Lisbon/Porto metro areas, average age 48 years, strong digital adoption Net Promoter Score above peers Already noteworthy engagement, ~50% with domiciled salary and/or heavy transaction frequency1 …Plus, distinctive auto loans point of sale operation >100,000 auto loan contracts, average ticket 15k, 8 years maturity Acquired in 2019, 321 Crédito became a TOP 3 player in auto loans, with >12% market share (credit production)2 Strong presence in profitable segment, more than 1,000 productive relationships with credit intermediaries (auto dealers) 1 Considering 650k 1st holders, >18 years, ~50% have salary and/or heavy transaction frequency; 2 Based on ASFAC data for used autos (Associação de Instituições de Crédito Especializado)
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…Being the fastest growing in Portugal (12x above market)… 04 | banco ctt 1 3.3 4.2 4.7 5.7 7.0 7.4 25% Market1 2% BCTT 12x bctt vs Market Customer Business volumes Customer Business volumes B€ CAGR (22-24)1 2.1 2.8 3.1 4.0 5.11.2 1.4 1.6 1.7 1.9 2020 2021 2022 2023 2024 1H2025 Credit Resources 1 Considering on-balance volumes; Source: Banco de Portugal
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2025 (set)2 Accounts (thousands) Resources (M€) Credit (M€) PBT (M€) CIR CoR Normalised ROTE1 Business volumes above guidance, particularly on customer resources 700 - 750 >5,000 ~2,000 25 - 30 <70% 0.7 – 0.9% 11 - 13% Business Volumes (M€) >7,000 701 5,445 2,145 26 68% 0.8% 13.4% 7,590 Profit before taxes expected to stay within range, despite lower interest rates scenario 2025 perspective 2025 Objetive3 …While fully delivering previous CMD’s promised aspiration 04 | banco ctt Volumes Results 1 Tangible Equity normalised@15% of average RWA; 2 End of quarter for volumes; last twelve months for results; 3 Based on September 2023 Reverse Roadshow (objectives revised upwards vis-à-vis 2022 CMD)
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Double down on growth ambition, backed by key investments on customer experience and scalability 04 | banco ctt In short, we believe banco ctt is living a great momentum… creating the ideal conditions for a new, ambitious, growth cycle Innovative business model, leveraging distinctive assets, not available to neo-banks Outstanding market acceptance, with significant room to unlock franchise value Positive macro-economic context, translating into positive sector-wide performance
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04 | banco ctt The new business cycle entails fast-paced growth, combined with investment on highly productive enablers 01 02 03 Hybrid Distribution Model Digital Transformation 3 Growth themes 2 Business enablers A B Fight for fair-share in credit Excel in savings Grow customer base and engagement level
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Growth04 | banco ctt Improve current account portfolio Freemium approach, low barriers to adoption and premium accounts Tailor-made offers for specific segments (e.g., self -employed) Simplified commissions, positive discrimination of salary domiciliation Improve service and capillarity Improve service standards, with fully revamped digital channels Increased capillarity, with presence in underserved regions 1 >1 million accountsBase & Engage 2 Deposits & Savings Growth themes: more accounts and engagement, savings innovations and credit expansion Driving growth through customer growth, engagement level, and widening of savings offering Themes Target 2024-28Envisaged evolution >15% CAGR Complete off-balance offer Strength Generali partnership with new product launches Launch investment funds and selected capital markets products (e.g., sovereign bonds and ETFs) Boost in-store cross-sell, leveraging ctt ecosystem Maintain attacker stance on term deposits, with tactical pricing for “new money” and “high tickets”
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Growth04 | banco ctt Growth themes: more engagement, savings innovations and credit expansion Strong growth while maintaining the overall risk appetite1 Themes Target 2024-28Envisaged evolution >15% CAGR 1 Cost of Risk guidance remains at 0,7-0,9%; 2 API – Application Programming Interface, allowing large intermediaries to interconnect own CRMs with bctt credit workflow 3B 3A Core Retail Credit Auto Loans Tailor value proposition for large intermediaries including segment-based pricing, commissions and fast-track decision and underwriting Develop new commercial strategies, including CRM campaigns on run-off portfolio (repetition/top-up), and cross-sell opportunities with bctt franchise Mortgage: (i) improve time to decision and time to cash and (ii) reinforce relationships with intermediaries, namely through customised workflow and API2 availability for large players with proprietary CRMs Consumer Finance: (i) revamp personal loan partnership and (ii) launch on-balance credit card
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04 | banco ctt Business enablers: hybrid distribution powered by automation Enabler Envisaged evolution Efficiency A B Hybrid Distribution Model Digital Transformation Revamp digital channels with a service-to-sales approach, including fully digital product journeys and automated push marketing, enabling automated learning/experimentation Strength branch network, keeping a “phygital presence” with low and variable cost base Reinforce in-store specialised staff, from 165 FTE to ~300 FTE (still, reduced workforce costs vis-à-vis incumbents) Expand branch capillarity, with a unique low-cost approach, only available to ctt Group, aiming to enter underserved regions, but with significant market value (~30% of total savings) Core system overhaul, migrating to cloud-based setup, with increased scalability and flexibility for new product launch AI/process automation, including backend validations and interactions with frontend, support to credit decision and underwriting, predictive models and event driven marketing automation Implement specific initiatives linked to product journeys (e.g. portfolio of current accounts, credit cards, mortgage workflow, etc)
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>800 04 | banco ctt Accounts (and 321C clients) Thousands 1.3x 2024 2028 Business volumes B€ 1.7 – 2.0x 2024 2028 26 Profit before taxes M€ 1.5 – 1.9x 2024 2028 ROTE normalised1 2024 2028 12 - 14 12-13%13% 7.0 >1,000 40-50 In a nutshell, strong ambition with growth focus for the following years… CET1: >17%CET12: 21.2% Self funded plan, with 100% earnings reinvested 1 Tangible equity normalized @ 15% of average RWA 2 CET1 current requirement 8,69%: 4,50% Pillar 1 + 1,69% Pillar 2 + 2,50% Conservation Buffer (prior to the increase in the Counter Cyclical Buffer from 0% to 0,75% in Jan 2026) Note: Main macro assumption: benign economic environment with Euribor at ~2.2% (2028) Stable until 2026
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04 | banco ctt …on track to materialise our “upgraded core vision”: to become a meaningful mid-size retail bank banco ctt business volumes market share1 +19% 1.0% 1.2% 1.8% 2.8 – 3.4%2 3.3 4.7 7.0 20282022 20242020 12 - 14 Fastest growing franchise, on track to become a significant mid-size player +22% (12x market) +15% (significantly above market) 1 Considering on-balance volumes (individual clients, all segments); 2 Assuming market growing at 2022—24 CAGR; Source: Banco de Portugal Business volumes B€
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bctt will continue to unlock economic value through a self-funded journey 04 | banco ctt Higher relevance with >1,0M accounts Strong growth >15% CAGR More than 1,000k accounts with increased level of engagement Reaching 12-14B€ in business volumes materialising a mid- sized retail bank Benchmark returns ROTE 12-13% Delivering higher bottom-line results by 2028
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Agenda for today 03 Mail & Services 06 Closing Remarks & Q&A 02 e-commerce Solutions 05 Financial Ambition 01 Group Vision & Strategy 04 banco ctt
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05 | Financial Ambition Our journey over the last strategic cycle has beenremarkable Anchoring e-commerce solutions as our key business unit Recurring EBIT evolution M€ e-commerce Solutions banco ctt Mail & Services1 1 Includes Retail and Financial Services Revenue evolution M€ 78% 2% 20% 61% 10% 29% 46% 12% 42% 42% 11% 47% 708 848 1,107 1,226 2018 2021 2024 9M25 LTM 10% 6% 105 15% -2% -4% -41% 145% 19% 4% 77% 43% 31% 26% 46% 25% 29% 64 60 85 2018 2021 2024 9M25 LTM
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05 | Financial Ambition With ctt outperforming most of its peers in EBIT growth Combining fast growth with best-in-class profitability 2022 to 2024 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 108% 11% 10% 6% 5% -19% -30% -36% -37% 32% EBIT Growth
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Capital Expenditure2 Leverage2 05 | Financial Ambition Investing in our business while increasing shareholder remuneration Using balance sheet to drive sustainable performance with a well-balanced capital strategy Total amount in the period, M€Annual average in the period, M€ 9 21 2019-21 2022-9M25 66 2019-21 2022-9M25 0 2019-21 2022-25 32 34 2,3x 2,4x 2021 9M25 Ordinary dividends1 Opportunistic share buybacks Net debt to EBITDAAnnual average in the period, M€ 1 Total dividends paid to CTT shareholders; excludes dividends paid by CTT subsidiaries to minorities; 2 Banco CTT under equity method, including IFRS16
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05 | Financial Ambition With a disciplined capital allocation strategy ctt has been able to re-deploy capital in a value accretive manner EV to EBIT on inorganic operations AUG-21 DEC-24 DEC-24 Share Buyback Real Estate Banking partnership NOV-22 Generali share capital increase (equivalent to 8.73%) valued at 1.1x P/BV 4.0x 5.2x 9.5x 11.5x 12.5x 14.7x ctt’s trading multiple 9.4x Businesses JAN-24 Use of Funds Source Funds
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05 | Financial Ambition On the back of strong execution, we delivered our targets from 2022 Key financial objectives assumed in ctt’s CMD22 2025 revenues: 1,100-1,250 M€ 7-10% annual growth for 2021-25 2025 recurring EBIT: 100-125 M€ 14-19% annual growth for 2021-25 Optimally combine Shareholder remuneration with capacity 11-13% Return on tangible equity for Banco CTT Fastest growing e-commerce logistics player in Iberia
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We will accelerate growth through strategic capital allocation In the next cycle we will continue to build on our competitive advantage 05 | Financial Ambition Remunerate shareholders Ordinary dividends complemented with opportunistic SBB Industry leading margins Vertical integration of multiple services offering win-win stack for clients – saving them money while generating healthy profitability Add to suite of services Densify PUDOs, scale fulfilment and differentiate last mile Invest in scale Accelerating investment in core organic growth allows us to invest in service, scale, and stack Robust FCF Strong capital allocation track record oriented around generating robust FCF Best-in-class service We will prioritise quality, and maintain industry-leading NPS of >50
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1,223 05 | Financial Ambition Revenue evolution M€ Recurring EBIT evolution M€ 20241 2028 10% 42% 48%1 7-9% 1,600-1,700 ~25% 103 20241 2028 25% 22% 53%1 13-17% 170-195 Next cycle target: 1 Pro-forma figures including Cacesa; 2 Includes Financial Services & Retail Note: 2028 figures include DHL JV & Cacesa; Source: Grupo ctt; ctt analysis Mail & Services2 banco ctte-commerce Solutions 170-195 M€ in recurring EBIT by 2028
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05 | Financial Ambition Our targets assume a stable macroeconomic context and DHL JV Δ GDP growth (% YoY) 2024 20251 20261 20271 20282 1.9 1.6 2.2 1.7 1.8 3.2 2.4 1.8 1.7 1.6 2024 20253 20263 20273 20284 Private consumption (% YoY) 2024 20251 20261 20271 20282 3.2 2.2 2.0 1.9 1.9 2.9 2.7 1.8 1.5 1.7 2024 20253 20263 20273 20284 Inflation rate (% YoY) 2024 20251 20261 20271 20282 2.7 1.9 1.8 1.9 2.0 2.9 2.4 1.7 2.5 2.0 2024 20253 20263 20273 20284 Euribor 3M (%) 2024 20251 20261 20271 20282 3.6 2.1 1.9 2.2 2.2 3.6 2.1 1.9 2.2 2.2 2024 20253 20263 20273 20284 1 Banco de Portugal “Boletim Económico junho 2025”; 2 CFP “Perspetivas Económicas e Orçamentais 2025-2029”, April 2025; 3 Banco de España “Proyecciones macroeconómicasde España 2025”; 4 AIReF - Autoridad Independiente de ResponsabilidadFiscal, AAI “Informe de Seguimiento del Plan Fiscal y Estructural de Medio Plazo 2025-2028 “, May 2025
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05 | Financial Ambition We will step up investment in our core to unlock future growth Scaling operations and service quality through strategic investments in infrastructure, OOH solutions and IT Increase capacity across Iberia, capturing cost synergies and reinforcing quality Expand lockers network, capturing OOH advantages, with ~2-3 years payback Catalyse banco ctt’s next growth cycle by revamping hubs, upgrading core platform, digitalisation and AI/process automation Key areas of investment Drive customer experience through digital channels 1 annual average; 2 includes Express & Parcels, Financial Services & Retail and Business Solutions Capex1 M€, with banco ctt under equity method 47% 75-80% 2022-25 2026-28 50-55 34 ~50% 3.6% 3.5-4.0%Capex/Revs banco ctt Capex 15-18M€/year investment 2026-28 Baseline Transformation2 <3% Beyond 2028
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0 5 10 15 20 Business Volumes CAGR 22-24 Price / Book Price / Book Value vs Business Volumes growth 0.0 0.5 1.5 1.0 Business Volumes CAGR 24-28 ~17% Price / Book Value vs ROE 0 5 10 15 20 0.0 0.5 1.0 1.5 ROE 2024, % Price / Book 05 | Financial Ambition Banco ctt will also invest to re-accelerate growth and value Banco ctt will continue its fast growth momentum, with a self-funded investment plan Source: Capital IQ, ctt analysis
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We remain vigilant for strategic inorganic moves Invest 05 | Financial Ambition Note: 2024 Financials e-commerce solutions Mail & Services banco ctt ctt business size - revenue MARKET GROWTH Customs clearance Reverse Logistics Last Mile Fulfilment BPO Retail Bank Commercial Services & Digital Platforms Financial Services Payments Mail & Documents Management Mail CORE HIGHMEDIUMLOW ADJACENCIES Real Estate
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Potential growth areas 05 | Financial Ambition We will seek opportunistically to reinforce our position in e-commerce Pursuing further e-commerce value chain integration Traditional Core Extended Core Not the focus Inorganic opportunities Natural right to win Potentially expand in transport & logistics value chain Analyse and prioritise high-potential verticals within the evolving e-commerce ecosystem Customs clearance Fulfilment / Warehousing Last mile delivery Reverse logistics & returns Forwarding / Cargo e-commerce solutions Current ctt presence
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05 | Financial Ambition A strong balance sheet managed conservatively to keep optionality Target 2.5x 9M25 2025 2028 2.4x Current perimeter Target Perimeter Target (incl DHL JV) 1 Financials with banco ctt under equity method Net Debt / EBITDA 1
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05 | Financial Ambition Disciplined Capital Allocation: Cash generation to fund growth, deliver shareholder returns and maintain a strong financial position Capital allocation policy Leverage cash generation and balance sheet flexibility to pursue M&A opportunities to drive growth and position ctt as a leading Iberian logistics & e-commerce player Ambition to implement a compelling shareholder remuneration policy that provides a reliable source of income for investors Combine recurring, dividend-based, and opportunistic shareholder returns, with SBB & cancellations, aligned w/ specific market conditions and company leverage <2.5x Net Debt / EBITDA w/ banco ctt under Equity Method 150-165M€ Cumulative Capex Between 2025-28 35-50% Dividend Payout Ratio Between 2025-28
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Ready for higher returns 05 | Financial Ambition Guidance Ambitious growth targets against a backdrop of execution Capex Capital Allocation Invest to reinforce our core and increase efficiency Disciplined capital allocation to fund growth and increase shareholder remuneration 01 02 03
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Agenda for today 03 Mail & Services 06 Closing Remarks & Q&A 02 e-commerce Solutions 05 Financial Ambition 01 Group Vision & Strategy 04 banco ctt
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Build on unique partnerships for growth opportunities Deepen tech intensity fostering innovation and efficiency Develop talent backed by a culture of merit and wellbeing Take responsibility in making a positive impact for our communities Intensify Iberian integration as the cornerstone for value creation Nurture closeness to our customers, to be their most trustful partner Balance investment in growth with robust shareholder remuneration 06 | Closing remarks We came up a long way. A new journey follows
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06 | Closing remarks We remain, more than ever, 7-9% annual growth for 2024-2028 1,600-1,700 M€ Revenues 13-17% annual growth for 2024-2028 Recurring EBIT 170-195 M€ committed to deliver Iberian leadership #1
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committed to deliver