Slides
Page 1
1 3 NOVEMBER 20269M26 RESULTS PRESENTATION
Page 2
DISCLAIMER This document has been prepared by CTT – Correios de Portugal, S.A. (the “Company” or “CTT”) exclusively for use during the presentation 9M26 results. 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, CTT does 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 CTT or 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 CTT on 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 CTT believes 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, CTT does not undertake any obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events or otherwise. Disclaimer 2
Page 3
3 Short-term impact from regulation, but a more diversified and resilient CTT in the making, leveraging on the solid e-commerce growth outlook The de minimis shock, a specific and contained regulatory-led event, is being met by recovery plans and a diversified portfolio Key messages 1 Overall 3Q26 highlights De minimis impact • Revenues of €320.3m (-1.2% y.o.y. proforma), with e-commerce Solutions hit by the de minimis • Recurring EBIT of €17.8m (-34.5% y.o.y. proforma), reflecting past investments in capacity and higher cost to serve e-commerce volumes • FY26 recurring EBIT guidance updated to ~€80-85m 2 Short term regulatory impact in e-commerce Solutions Active recovery plans in place • End of de minimis cut cross-border volumes, penalising CEP and customs clearance • Resize cost base, rebuild profitable growth anchored in intra-EU and Iberian flows • Cross border to offer upside potential in the future as business models are rebuilt around B2B and fulfilment 3 Iberian e-commerce outlook is sound Active growth plans in place • Penetration of e-commerce in Iberia continues to offer growth potential • In CEP , focus on intra-European flows and Iberian client growth • Customs clearance focused on B2B hubs • Fulfilment to become a growth avenue 4 Mail & Services provides a strong foundation Resilient earnings and diversification • Recurring EBIT up by €3.5m, driven by growth of savings placements • Resilient mail revenues and strong financial services 5 Bank strategic alternatives started Portfolio review • Solid growth in volumes, driven by market share gains in deposits and loans • Portfolio review targeted at simplifying structure and sharpen e-commerce focus • Banco CTT options assessed on value, synergies and capital released
Page 4
4 9M26 RESULTS PRESENTATION Operational Review 4
Page 5
5 Revenues1,2 € million; % change y.o.y. Recurring EBIT1,2 € million; % change y.o.y. Overview … while Mail & Services and Banco CTT solid performances are providing a partial offset The end of the customs de minimis exemption impacted 3Q in e-commerce Solutions… 10.42 313.9 3Q25 PF -0.8 -13.3 ∆ e- commerce Solutions 6.2 3Q26 3.9 ∆ Mail & Services3 324.3 -14.1 320.3 ∆ Bank +2.0% -1.2% 0.12 27.1 3Q25 PF -7.0 -6.4 ∆ e- commerce Solutions 3.5 ∆ Mail & Services3 0.4 ∆ Bank 3Q26 27.2 -13.3 17.8 -34.2% -34.5% 1Excludes specific items; 2 DHL Parcel Portugal was acquired in 12 May 2026. From an income statement perspective DHL Parcel Portugal is consolidated as from 1 May 2026. Proforma adjustment includes DHL since 1 May 2025.;3 Includes Central Structure. CEP Non-CEP
Page 6
6 Impact of the end of the customs de minimis exemption % change vs. prior year 1Rotate Live Capacity, progress of weight of e-commerce exports The end of de minimis had a sudden and increasing impact on cross-border volumes e-commerce Solutions | CEP - Courier, Express and Parcels 1Q25 1.1 2Q25 1.7 3Q25 4Q25 1Q26 2Q26 3Q26 34.7 36.5 39.9 48.5 39.6 44.1 38.8 15.0% 8.0% 8.9% 11.3% 14.3% 20.7% 24.4% -2.9% 1.5% y.o.y. growth, proforma DHL in 2Q25 and 3Q25Proforma DHL Parcel Portugal Volumes y.o.y. growth, reported e-commerce Solutions Volumes Million items -38 -37 July -56 -39 August -55 -53 September China e-commerce air exports to EU1 Volumes delivered by CTT originated in cross-border (non-EU) Tier 1 Volumes delivered by CTT originated in cross-border (non-EU) Tier 1 clients progress of e-commerce parcels delivered -43% in 3Q26 y.o.y.
Page 7
7 e-commerce Solutions volumes Million items Client segmentation Lower cross-border volumes were almost compensated by other segments as the Iberian e-commerce continues to show robust signs e-commerce Solutions | CEP - Courier, Express and Parcels CTT is building a healthier and more diversified mix 1.7 38.2 3Q25 3Q26 39.9 38.8 +1.5% -2.9% Proforma DHL Parcel Portugal Volumes Million items; % 45.8% 9.4% 32.1% 10.5% 2.2% 3Q25 26.8% 8.7% 47.3% 14.9% 2.4% 3Q26 Cross-border (non-EU) Tier-1 Cross-border Tier-2 Iberian clients EU sourced e-marketplaces International DTC 39.9 38.8 -2.9% +4.3pp +0.2pp -19.0pp -0.7pp +15.2pp ∆ weight +37% +5% -43% -10% +43% ∆ progress
Page 8
8 24H delivery window Weight, % Average weight of cross-border vs. other kg /item in 3Q26 Weight of scattered pick ups in Spain Weight, % … increasing complexity, requiring to adapt to a new operating environment High growth segments drove a sudden change in the client mix… e-commerce Solutions | CEP - Courier, Express and Parcels 3Q25 2Q26 3Q26 +27.5% +39.5% Cross-border Non cross- border 1.27x 3Q25 2Q26 3Q26 +37.1% +88.9%
Page 9
9 CEP Opex1,2,3 € million; % change y.o.y. Cost per item, variable4 €, % change y.o.y. Fixed cost5 € million, % change y.o.y. 1Excludes specific items; 2DHL Parcel Portugal was acquired on 12 May 2026. From an income statement perspective DHL Parcel Portugal is consolidated as from 1 May 2026 . Proforma adjustment includes DHL Parcel Portugal since 1 May 2025; 3Derived from CEP Revenues and CEP EBITDA (the latter corresponds to the activity of CTT Expresso, DHL Parcel Portugal and Locky); 4Cost per item corresponds to the variable costs associated with the provision of the CEP service and translates to transportation margin; 5Corresponds to Capacity & Structure costs. ... which, in the short term, was also penalised by prior investments in capacity and automation Changes in CEP mix led to an increase in cost per item... e-commerce Solutions | CEP - Courier, Express and Parcels 10.2 118.5 3Q25 3Q26 128.7 134.9 +13.9% +4.8% Proforma DHL Parcel Portugal Opex 3Q25 3Q26 2.70 2.86 +6.1% 2.4 18.5 3Q25 3Q26 20.9 23.8 +28.9% +14.1% 15.1% 17.3% y.o.y. +2.2pp% of revenues
Page 10
10 CEP Revenues1,2 € million; % change y.o.y. Revenue per item €, % change y.o.y. 1Excludes specific items; 2 DHL Parcel Portugal was acquired on 12 May 2026. From an income statement perspective DHL Parcel Portugal is consolidated from 1 May 2026 . Proforma adjustment includes DHL Parcel Portugal since 1 May 2025. However, growth segments have higher revenue per item… e-commerce Solutions | CEP - Courier, Express and Parcels … which mitigated the slight decline in volumes 10.4 128.1 3Q25 3Q26 138.5 137.7 +7.5% -0.6% Proforma DHL Parcel Portugal Revenues 3Q25 3Q26 3.5 3.6 +2.4%
Page 11
11 0.1 9.7 3Q25 -4.6 1.0 Volume 2.7 Mix effects4 -2.5 Variable Costs -2.9 Fixed Costs -0.7 Other 3Q26 9.8 -3.6 2.8 -71.2% Rec. EBIT CEP1,2,3 € million; % change y.o.y. Priority action areas e-commerce Solutions | CEP - Courier, Express and Parcels 1Excludes specific items; 2 DHL Parcel Portugal was acquired on 12 May 2026. From an income statement perspective DHL Parcel Portugal is consolidated as from 1 May 2026 . Proforma adjustment includes DHL Parcel Portugal since 1 May 2025; 3 Corresponds to the activity of CTT Expresso, DHL Parcel Portugal and Locky. 4Includes the impact of changing mix away from cross border clients as well other changes (delivery windows and weight). … triggering immediate correction actions The sudden change of growth momentum penalised EBIT… e-commerce Solutions | CEP - Courier, Express and Parcels Volumes: Accelerate further growth in non-Asian • Attacker posture in SP-SP volumes – grow in new Spanish based clients (large and SME’s) and increase share in existing clients • Increase proactivity in client acquisition and volumes retention • Grow in international outbound volumes both in Spain and Portugal Pricing: Against a backdrop of no / low volume growth, become more proactive in price management • Passthrough cost inflation in pricing, including fuel costs (most of it already passed today) • Pricing discipline despite growth focus Opex: Adjust costs aligned with pressure in volumes and new mix • Higher volumes will allow to recover gross / transportation margin • Right-sizing: adjust structure to reduce costs without downsizing the network investment already carried out (since end of June reduced more than 300 FTE’s in handling in Spain) • Re-assess all new networks expansions Cross-border clients Other clients Proforma DHL Parcel Portugal
Page 12
12 Non-CEP Revenues and Rec. EBIT1 € million; % change y.o.y. Priority action areas e-commerce Solutions | Non-CEP - Customs 1Excludes specific items. Customs clearance activity worsened in 3Q26, for the market and for us e-commerce Solutions | Non-CEP (logistics, fulfilment and customs clearance) Restructuring initiatives have been implemented since June 3Q25 3Q26 32.2 19.0 -41.2% 3Q25 3Q26 5.8 -0.6 -110.1% -€6.4m -€13.3m 1Q26: -5.0%; -€1.6m 2Q26: -18.3%; -€6.3m 3Q26: -41.2%; -€13.3m Resize the cost base Accelerate FTE reductions, country closures and aligning the operating structure with the lower volume run-rate. Refocus the network on new B2B flows Move from a dispersed B2C footprint towards fewer, scalable customs-clearance hubs, concentrating resources where attractive flows are developing and protecting profitable corridors. Rebuild profitable growth Prioritize volume with attractive pricing and mix, restoring scale without rebuilding the previous cost base. Poland remains the profit engine, while the 2027 plan requires a selective recovery elsewhere.
Page 13
13 Public debt placements Monthly average € million Healthcare plans # thousand users Placements of savings certificates up on higher limits and attractive rates… Mail & Services … while new treasury certificates will cater for longer term investment horizons and will generate further momentum 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Ø 486 564 390 385 378 341 547 793 +45.0% +105.7% 2024 2025 3Q26 25.8 49.2 58.5 +90% +19%
Page 14
14 Mail & Services | Revenues € million; % change y.o.y. Mail & Services | Recurring EBIT € million; % change y.o.y.; % margin Stable addressed mail revenues coupled with growth of savings placements… Mail & Services … led to substantial EBIT growth, notwithstanding a slowdown in Business Solutions & Payments 3Q25 3Q26 4.0 7.6 +86.7% 13.6 18.9 6.1 79.6 3Q25 14.9 18.4 11.5 79.5 3Q26 118.1 124.3 +5.2% Other Business Solutions & Payments Savings placements Addressed Mail -2.7% +88.8% -0.1% +10.2% Addressed mail volumes (in million objects): 83.7 76.4 y.o.y. -8.7% 3.4% 6.1% Margin
Page 15
15 BCTT Business volumes € million; % change y.o.y. BCTT banking revenues € million; % change y.o.y. BCTT Recurring EBIT € million; % change y.o.y. …marked by volume growth, NII expansion and healthy margins Strong momentum by Banco CTT… Banco CTT 2,006 1,244 4,202 3Q25 2,319 1,404 4,704 3Q26 7,590 8,572 +12.9% Current Accounts1: NIM3: 3Q25 3.5 ∆ NII 0.7 ∆ Commissions -0.3 ∆ Other 3Q26 35.4 39.3 +11.0% Other Loan book Off Balance Savings Deposits 652.52 679.0 2.1% 2.2% 13.2% 10.7%ROTE4: +15.6% vs. 10.8% Market +12.9% +12.0% vs. +3.1% Market y.o.y. +4.1%2 3Q25 3Q26 7.6 8.1 +5.6% Executing on growth priorities to strengthen future profitability 1Thousand; 2 In 2026, Banco CTT closed 48.9 thousand current accounts in compliance with the new Banco de Portugal regulations on the cancellation of accounts inactive for 24 months or more. On a pro forma basis, excluding these closures, the number of current accounts increased by 26.5 thousand. ; 3Quarterly, cumulative, annualised. ;4RoTE LTM for 3Q26, excluding specific items and assuming Tangible Equity equivalent to 15% of average Risk-Weighted Assets (RWAs) 12-13% Target 2028 On track to meet 2026 guidance of €26m 9M25 9M26 18.5 18.5 +0.3%
Page 16
16 9M26 RESULTS PRESENTATION Financial Review 16
Page 17
17 Key financial indicators € million; % change vs. prior year; Fully consolidated 1Excluding Specific items; 2Excluding Specific items, depreciation & amortisation A challenging quarter Financial Review 3Q25 3Q26 y.o.y. Revenues1 313.9 320.3 +2.0% Operating costs - EBITDA2 265.8 280.0 +5.3% EBITDA2 48.1 40.3 -16.1% Depreciation & amortisation 21.0 22.5 +7.2% Recurring EBIT1 27.1 17.8 -34.2% Specific items 7.6 2.7 -64.6% EBIT 19.5 15.2 -22.3% Financial result -5.4 -4.6 +14.1% Tax 2.3 2.3 +1.4% Net profit 11.9 8.3 -30.5% Net profit attributable to equity holders 10.7 6.9 -36.1% Free cash flow -6.4 12.7 » Quarter Nine months 9M25 9M26 y.o.y. 911.2 994.7 +9.2% 776.4 870.3 +12.1% 134.8 124.4 -7.7% 60.8 65.5 +7.8% 74.0 58.9 -20.5% 17.9 13.5 -25.0% 56.1 45.4 -19.0% -14.4 -15.0 -4.5% 6.3 6.7 +6.1% 35.4 23.7 -33.0% 32.8 19.8 -39.8% 18.8 19.6 +3.9%
Page 18
18 994.7 (+9.2%) 38.3% 50.3% 11.4% % of total Mail & Services3 380.9 (-0.2%) e-commerce Solutions 500.3 (+17.6%) Bank 113.5 (+9.1%) Revenues1 € million; %y.o.y. Revenue1 breakdown € million; %y.o.y.; % of total Cross border activity penalising CEP revenues… Financial Review … partially compensated by Mail & Services and Banco CTT 9M26 3Q25 10.4 DHL PF2 3Q26 320.3 313.9 324.3 ∆ Bank 3.9 ∆ Mail & Services3 -13.3 6.2 ∆ e- commerce Solutions -0.8 3Q25 PF2 -14.1 +2.0% -1.2% CEP Non-CEP 1Excluding Specific items; 2 DHL Parcel Portugal was acquired in 12 May 2026. From an income statement perspective DHL Parcel Portugal is consolidated as from 1 May 2026. Proforma adjustment includes DHL since 1 May 2025.; 3Including Central Structure
Page 19
19 Operating costs1 € million; % change vs. prior year Evolution of costs driven mainly by activity, mix in CEP and fuel inflation Financial Review • e-commerce Solutions: Changes in mix led to higher cost to serve. Fuel costs had an impact of €2.2m in CEP business in 3Q26. Cacesa has been aligning its cost structure with activity levels. • Mail & Services: Continued cost reduction in Mail by €0.6m in 3Q26 y.o.y.. Cost in Financial Services & Retail was driven by increased activity. • Banco CTT: Continued investment in the branch network, commercial capabilities and IT infrastructure. 1 Excluding Specific items; 2 DHL Parcel Portugal was acquired on 12 May 2026. From an income statement perspective DHL Parcel Portugal is consolidated since 1 May 2026. Proforma adjustment includes DHL since 1 May 2025; 3 Including Central Structure 34.9% 53.7% 2.8% 935.8 (+11.8%) Staff 326.4 (+5.0%) External Supplies & Services (ES&S) 502.1 (+16.3%) Other 26.6 (+19.9%) Impairments & provisions 15.2 (+27.9%) 7.0% 1.6% Depreciation & amortisation 65.5 (+7.8%) 9M26 opex breakdown % of total 3Q25 D&A 3Q25 Op. costs (Rec. EBIT) 10.2 3Q26 Op. costs (Rec. EBIT) -22.5 3Q26 D&A 3Q26 Op. costs (EBITDA) ∆ Bank3Q25 Op. costs (EBITDA) 3.5 ∆ Mail & Services3 2.7 ∆ e- commerce Solutions 21.0 6.2 3Q25 Op. costs (Rec. EBIT) PF -6.9 265.8 286.8 297.0 -0.7 302.5 280.0 DHL PF2 +5.5% +1.8% CEP Non-CEP
Page 20
20 Recurring EBIT1 € million; % change vs. prior year Recurring EBIT1 breakdown € million; % change vs. prior year; % of total 1Excluding Specific items; 2 DHL Parcel Portugal was acquired in 12 May 2026. From an income statement perspective DHL Parcel Portugal is consolidated since 1 May 2026. Proforma adjustment includes DHL since 1 May 2025; 3Including Central Structure e-commerce Solutions penalised EBIT Financial Review Initiatives to recover profitability of e-commerce Solutions underway Margin: ∆ Mail & Services3 3.5 3Q26∆ Bank 0.4 ∆ e- commerce Solutions -6.4 -7.0 3Q25 PFDHL PF2 0.127.1 27.2 -13.3 17.8 3Q25 -34.2% -34.5% 8.6% 5.6% 58.9 (-20.5%)31.5% 36.4% 32.1% % of total Mail & Services3 21.4 (+12.8%) e-commerce Solutions 18.9 (-48.2%) Bank 18.5 (+0.3%) 9M26 8.4% CEP Non-CEP
Page 21
21 9M26 Cash flow € million; with Banco CTT under equity method impact on cash flow vs. prior year Evolution of net debt € million; with Banco CTT under equity method EBITDA and leverage € million; with Banco CTT under equity method Leverage ratio at 2.0x provides significant headroom Financial Review 9M25 9M26 350.4 148.4 298.8 152.1 IFRS16 DHL JV1 Other cash movements2 9M26 FCF 9M26 FY25 312.2 SBB Dividends 13.4 3.7 26.9 25.0 -5.1 -67.4 -9.9 298.8 Interest paid Net debt EBITDA, LTM Net debt to EBITDA(-10.5) (+4.5) (-7.0) (-4.4) (-17.0) (+8.1) (-3.9) (-12.8) (-1.3) (+1.8) • 3Q is seasonally a weaker quarter in cash-flow generation, albeit 3Q26 (-€6.5m) improved vs. 3Q25 (-€12.8m) • Notwithstanding dividends paid and shares acquired, lower net debt reflects net proceeds from DHL transaction and lower IFRS16 responsibilities9M26 FCF -29.6 Tax Specific items impacting EBITDA -17.7 1.2 Employee benefits 9M26 OCF Change in working capital -12.8 Impairments and provisions -21.7 1.1 IFRS16 affecting EBITDA Capex -32.6 EBITDA 3.1 -13.4 98.6 2.4x 2.0x 1Includes net cash position of DHL Parcel Portugal at time of transaction; 2Includes the amortization of the €10m MREL loan by Banco CTT
Page 22
22 9M26 RESULTS PRESENTATION Outlook & Final Remarks 22
Page 23
23 1Guidance includes Banco CTT (2026 c.€26m) on its current basis; we will update the reporting perimeter if and when applicable. 2026 is a reset year, building a more diversified growth engine on more sustainable business 2026 guidance updated to reflect the post- de minimis trading environment Outlook | Guidance Why the guidance changes A regulatory event changed the earnings trajectory Cross-border volumes fell sharply, and above expectations, after the end of the customs de minimis exemption; CEP and non-CEP profitability both weakened The diversified portfolio continues to provide support Mail & Services delivered strong recurring EBIT growth and Banco CTT remained on its business-plan trajectory Execution is now centred on margin recovery Near-term priorities are volume diversification, pricing and revenue assurance, and right-sizing costs while preserving growth capacity The recovery extends beyond 4Q Identified CEP actions target c.€10-15m cumulative EBIT improvement in FY2027, so the full benefit is not a 2026 event 2026 RECURRING EBIT ~€80-851m updated FY26 guidance €58.9m 9M26 recurring EBIT ~€21-261m implied 4Q26 delivery The downgrade recognises the sharp 3Q earnings impact while retaining a clear FY26 accountability point. vs. €115m in 2025 vs. €41m in 4Q25
Page 24
24 1Guidance includes Banco CTT (2026 c.€26m) on its current basis; we will update the reporting perimeter if and when applicable. The 2028 bridge doesn’t imply a return to the old mix: it is a shift towards diversified parcel growth, adaptable customs capabilities and visible Iberian synergies 2026 resets the base; 2027 rebuilds earnings; 2028 realises the strategy Outlook Using regulatory disruption to accelerate towards a more diversified, integrated and profitable Iberian e-commerce platform 2026 | Reset & protect 2027 | Recover & scale 2028 | Deliver the model Earnings base Land FY26 recurring EBIT at ~€80-85m¹; protect cash generation and capital-allocation flexibility De minimis impact Absorb July customs and November handling-fee shocks; resize capacity, defend unit economics Cacesa Stabilise the operating base, simplify footprint, protect customer continuity Streamline portfolio Strategic review of asset portfolio, increasing focus on e-commerce Earnings recovery Rebuild recurring EBIT via volume replenishment, pricing discipline and structural cost actions Growth diversification Accelerate non-Asian Iberian volumes, intra- European flows, outbound international offers Cacesa Move to a leaner customs, fulfilment and forwarding proposition with clearer returns CTT Expresso / DHL / Iberia Scale cross-selling and international flows; extract synergies across the Iberian network Sustainable earnings growth Restore sustainable growth and margins, less exposed on any single traffic source Rebuild Asian flows Capture selective recovery as marketplaces adapt via EU fulfilment, consolidation and new routings E-commerce solutions Combine parcels, customs, fulfilment and OOH into a full-fledged value chain Simplify & optimise portfolio Convert scale, synergies and portfolio discipline into stronger cash generation and shareholder returns BDetailed next DDetailed next CDetailed next E Detailed next ADetailed next ADetailed next
Page 25
25 Key initiatives to turnaround EBIT performance in e-commerce Solutions Outlook | e-commerce Solutions CEP initiatives Expected annual EBIT impact 1 Revenues €5-7m Pricing, revenue assurance, fuel recovery 2 Unit costs €4-5m Network mix, handling, linehauls, last mile 3 Overheads €1-3m Headcount, IT scope, sorting footprint ■ low end of range ■ upside to high end ~€10-15m EBIT per year Run-rate uplift from 3 levers 1 Revenues €5-7m Pricing, revenue assurance, fuel recovery 2 Unit costs €4-5m Network mix, handling, linehauls, last mile 3 Overheads €1-3m Headcount, IT scope, sorting footprint ■ low end of range ■ upside to high end ~€10-15m Run-rate uplift from 3 levers A Detailed Cacesa measures 2027 savings vs 2026 | recurring EBIT ~€1m Closures Non-core geographies ~€3m FTE 79 exits (Spain & other) ~€1m Linehauls Fewer trucks ~€5m Total 2027 vs 2026 €15-20m savings and enhancements from initiatives already in implementation
Page 26
26 …by gaining share in domestic flows, scaling Iberian flows, recovering traffic and unlocking DHL-led international growth A focused growth strategy to further accelerate growth… Outlook | e-commerce Solutions | CEP - Courier, Express and Parcels Growth Engines 3Q26 SP-SP PT-PT 1 2 3 12-24 month ambition 429 ~20-25% CAGR 01 02 03 01 Grow share in both domestic flows • Lift share in Portugal and in Spain, combining SME acquisition with higher share-of-wallet in existing accounts • Increase commercial proactivity with large accounts • Develop new channels, including aggregators • In Portugal, implement early-warning alerts and retention offers • Develop C2C segment 02 Scale across Iberian flows • Accelerate PT–SP and SP–PT volumes by using the integrated Iberian proposition • Intensify commercial activity / targeted campaigns in both countries 03 Grow in international outbound • Expand international volumes with a market-leading offer (DHL Connect) Non cross-border B Detailed CEP Volumes – items per day
Page 27
27 The end of the EU de minimis exemption disrupts direct B2C flows, but moves value upstream into bulk customs, European stockholding and domestic distribution Asian e-commerce requires a shift from parcel to end-to-end flow ownership Outlook | e-commerce Solutions | Non-CEP (logistics, fulfilment and customs clearance) THE DISRUPTION Direct-from-Asia B2C parcels became structurally less attractive Our response: retain the customer relationship across the full chain. 1 CUSTOMS CLEARANCE Clear B2B bulk flows and sell compliance, fiscal representation and returns services. Value shifts from parcel declarations to higher- value services. 2 FULFILMENT & LOGISTICS Secure Asian inventory in Iberia; scale Spain, entry into Italy and connect inbound transport to warehousing. Stock ownership anchors the relationship. 3 LAST-MILE DELIVERY Win domestic parcels released from European warehouses and bundle delivery into fulfilment contracts. Compete on density, service and integrated economics. 4 PUDO & LOCKERS Make out-of-home the default proposition, with home delivery as a priced option. Lower unit cost and protect margin. WHAT WE ARE DOING... WIN ANCHOR CONTRACT(S) Convert an Asian marketplace into a multi- service customer across customs, fulfilment and delivery. SELL ONE IBERIAN PROPOSITION Align Cacesa, CTT Logistics and CTT Expresso behind one commercial offer and shared accountability. MANAGE THE FLOW ECONOMICS Price and steer the full journey, using PUDO / lockers to defend service quality and margin. C Detailed
Page 28
28 E-commerce cross border flows The strategic shift Quickly adapt to the flow pattern: concentrate where B2B customs clearance is scaling e-commerce Solutions | Non-CEP (logistics, fulfilment and customs clearance) CACESA pivoting from a dispersed B2C footprint to two focused platforms in Poland and Central Europe and selected satellite hubs CHINA BENELUX POLAND Pre de minimis (B2C dispersion) Current / future B2B concentration From “follow every B2C gateway” to “win in the new B2B hubs” 1 Concentrate the footprint • Scale CACESA’s presence in Poland and Benelux / Central Europe, where the new flows are clustering. • Right-size Spain / Madrid operation, which is expected to become a regional hub. 2 Win share in the new flows • Redirect commercial and operational resources towards B2B customers and high-density corridors. 3 Exit stranded capacity • Close locations where B2C activity has disappeared and no sustainable B2B flow has emerged. POLAND PROOF POINT +47% y.o.y. 3Q26 revenue | share of CACESA revenue: 7% → 20% Illustrative Expected development of current B2B model D Detailed
Page 29
29 CTT is opening a sale process for control of Banco CTT, while seeking to remain invested in, and commercially linked to, the Bank Strategic review to support Banco CTT’s next phase of sustainable growth Outlook | Portfolio 21 July 2026 Received an unsolicited, non-binding offer and stated that any potential transaction or partnership process was at a preliminary stage 3 November 2026 Board decision to initiate the sale of a controlling stake in Banco CTT Subject to existing contractual obligations between current shareholders 01 Strategic rationale • Reassessment of CTT’s strategic options regarding Banco CTT • Continued support for the Bank’s sustainable growth path • Portfolio review targeted at simplifying structure 02 Preferred partnership model • CTT to remain a long-term partner of Banco CTT • Potential continuity through both an equity interest and the use of CTT’s retail network 03 Decision framework • Assessment of all alternatives that best protect the interests of CTT and its shareholders • Safeguarding of the interests of other stakeholders and of Banco CTT E Detailed
Page 30
30 GDP growth to outperform most of EU GDP , % change y.o.y.1 Iberian banks valuation at peak levels in over 10 years with intense M&A activity in the last 2 years Rebased to 100, % Source: Bloomberg: as of 26/10/2026 1International Monetary Fund (IMF) Supportive Portuguese macro and Iberian banks environment Outlook | Portfolio Markets pricing higher rates Actual and 2026 year-end market-implied central bank policy rates, % 2027E 2028E 1.9% 1.8% 1.4% 1.8% 1.8% 1.5% Portugal Spain EU Actual End-26 Actual End-26 Actual End-26 3.9% 4.1% 2.5% 2.7% 3.8% 4.1% US Eurozone UK = change start of year E Detailed 39 44 23 28 16 19 61 102 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x 18.0x 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 52 49 29 2.2x 10.7x P/TBV PE 1yr. Fwd European banking M&A activity
Page 31
31 1Guidance includes Banco CTT (2026 c.€26m) on its current basis; we will update the reporting perimeter if and when applicable. De minimis hit 3Q26; we are restoring growth and margins through to 2028 Wrap-up | Key messages 1 The end of the customs de minimis exemption cut cross-border e-commerce volumes in 3Q26, with higher-than-expected impact, hitting e-commerce Solutions earnings. 2 2026 recurring EBIT guidance is now ~€80-85m1 (2025: €115m), while Mail & Services is solid and Banco CTT remained on plan. 3 We are rebuilding e-commerce Solutions margins through pricing discipline, lower unit costs and leaner overheads, targeting c.€15-20m of annual EBIT improvement. 4 We are diversifying volumes towards intra-EU and Iberian flows and right-sizing capacity, while cross border is expected to rebound in the B2B / fulfilment model. 5 CTT has initiated the sale of a controlling stake in Banco CTT to increase its financial flexibility to sharpen its e-commerce focus, while remaining a long-term partner of the Bank. WHAT HAPPENED WHAT WE ARE DOING ABOUT IT 2026 resets the base, 2027 rebuilds earnings and 2028 delivers a more diversified and integrated Iberian e- commerce model anchored on growth.
Page 32
32 9M26 RESULTS PRESENTATION Investor Relations Phone: +351 210 471 087 E-mail: investors@ctt.pt ctt.pt 323 NOVEMBER 2026