Interim report
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CONSOLIDATED RESULTS - 9 MONTHS 2026 ............................................................................................................................................................................................................................................................................................................................................................................... 3 1. OPERATIONAL PERFORMANCE ............................................................................................................................................................................................................................................................................................................................................................................................ 5 e-commerce Solutions ............................................................................................................................................................................................................................................................................................................................................................................................................... 6 Mail & Services ............................................................................................................................................................................................................................................................................................................................................................................................................................. 6 Banco CTT ..................................................................................................................................................................................................................................................................................................................................................................................................................................... 7 2. FINANCIAL PERFORMANCE .................................................................................................................................................................................................................................................................................................................................................................................................... 9 Income statement ........................................................................................................................................................................................................................................................................................................................................................................................................................ 10 Cash flow statement ................................................................................................................................................................................................................................................................................................................................................................................................................... 15 Consolidated statement of financial position ...................................................................................................................................................................................................................................................................................................................................................................... 17 3. OTHER HIGHLIGHTS .................................................................................................................................................................................................................................................................................................................................................................................................................. 21 Regulatory issues ........................................................................................................................................................................................................................................................................................................................................................................................................................ 22 Main ESG milestones achieved ............................................................................................................................................................................................................................................................................................................................................................................................... 22 Share buyback programme ....................................................................................................................................................................................................................................................................................................................................................................................................... 23 Outlook for 2026 ........................................................................................................................................................................................................................................................................................................................................................................................................................... 24 Subsequent events ..................................................................................................................................................................................................................................................................................................................................................................................................................... 25 4. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ........................................................................................................................................................................................................................................................................................................................... 28 CONTACTS ................................................................................................................................................................................................................................................................................................................................................................................................................................................ 124
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CTT - Correios de Portugal, S.A. 9 Months 2026 Consolidated Results In 9M26, CTT's operating revenues 1 reached €994.7m, up 9.2% y.o.y. 2, supported by growth in e-commerce Solutions and Banco CTT and the strong performance of public debt placement activities. In 3Q26, operating revenues amounted to €320.3m, up 2.0% y.o.y. on a reported basis, despite the significant disruption to cross-border e-commerce flows following changes to the EU customs framework. 3Q26 performance was primarily affected by a specific regulatory shock to e-commerce Solutions, while the strong performance of Mail & Services and Banco CTT provided a partial offset. The impact on e-commerce revenues remained contained, as lower non-EU cross-border volumes were partly offset by growth in other customer segments, although the rapid change in volume and service mix, lower scale and capacity utilisation resulted in a significantly greater impact on profitability. Revenues by business area evolved as follows: • e-commerce Solutions reached €500.3m in 9M26, up 17.6% y.o.y., including the consolidation effects of Cacesa and DHL Parcel Portugal 3. In 3Q26, revenues amounted to €156.7m, down 2.3% y.o.y., as strong growth across Iberian clients and other customer segments partly mitigated the sharp reduction in non-EU cross- border volumes. • Mail & Services reached €380.9m in 9M26, down 0.2% y.o.y. Excluding the effect of the May 2025 legislative elections, revenues would have increased by 2.1% y.o.y. In 3Q26, revenues increased 5.2% y.o.y. to €124.3m, supported by resilient Mail revenues and strong growth in public debt placement activities and other Services. • Banco CTT delivered revenues of €113.5m in 9M26, up 9.1% y.o.y., supported by 12.9% growth in business volumes, as well as growth in net interest income and fees and commissions. In 3Q26, revenues increased 11.0% y.o.y. to €39.3m. Recurring EBIT amounted to €58.9m in 9M26, down 20.5% y.o.y., with a margin of 5.9%. In 3Q26, recurring EBIT reached €17.8m, down 34.2% y.o.y., primarily reflecting the impact of the new e-commerce operating environment. • e-commerce Solutions recurring EBIT amounted to €18.9m in 9M26, down 48.2% y.o.y., and €2.2m in 3Q26. The sharp decline in quarterly profitability reflected the impact of lower cross-border volumes, the rapid shift towards a more operationally complex mix, lower scale and utilisation of existing capacity, as well as the deterioration in customs clearance activity. • Mail & Services recurring EBIT increased 12.8% y.o.y. to €21.4m in 9M26 and 86.7% y.o.y. to €7.6m in 3Q26, mainly supported by the strong contribution from public debt placement activities. • Banco CTT recurring EBIT amounted to €18.5m in 9M26, broadly stable year-on-year, while increasing 5.6% y.o.y. to €8.1m in 3Q26, as revenue growth continued to support profitability alongside investment in growth. Operating cash flow reached €41.6m in 9M26, while net profit attributable to equity holders amounted to €19.8m, reflecting primarily the reduction in recurring EBIT. 3 1 Excluding specific items. 2 Year-on-year 3 Compañia Auxiliar al Cargo Expres, S.A.U. ("Cacesa") was acquired on 30 April 2025 and DHL Parcel Portugal, Unipessoal, Lda. ("DHL Parcel Portugal") was acquired on 12 May 2026. For income statement consolidation purposes, DHL Parcel Portugal has been included in the consolidation perimeter since 1 May 2026. The pro forma information reflects the contribution of Cacesa from 1 January 2025 and that of DHL Parcel Portugal from 1 May 2025. Regarding operating income, the pro forma adjustments amount to €36.4m related to Cacesa in 9M25, with no impact on 3Q26 as the company was already fully consolidated. In the case of DHL Parcel Portugal, the impact amounts to €10.4m in 3Q25 and €17.1m in 9M25. At recurring EBIT level, no pro forma adjustments were recorded in 3Q26, while the impact of Cacesa totals €4.7m in 9M25. For DHL Parcel Portugal, the effect amounts to €0.1m in 3Q25 and €0.2m in 9M25.
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€ million 9M25 9M26 y.o.y 3Q25 3Q26 y.o.y 9M25R y.o.y.R 3Q25R y.o.y.R Revenues4 911.2 994.7 9.2% 313.9 320.3 2.0% 964.7 3.1% 324.3 (1.2%) e-commerce Solutions 425.4 500.3 17.6% 160.4 156.7 (2.3%) 479.0 4.4% 170.7 (8.2%) Mail & Services 381.8 380.9 (0.2%) 118.1 124.3 5.2% 381.8 (0.2%) 118.1 5.2% Banco CTT 104.0 113.5 9.1% 35.4 39.3 11.0% 104.0 9.1% 35.4 11.0% Operating costs 776.4 870.3 12.1% 265.8 280.0 5.3% 823.8 5.6% 275.9 1.5% EBITDA4 134.8 124.4 (7.7%) 48.1 40.3 (16.1%) 140.9 (11.7%) 48.4 (16.7%) EBITDA margin 14.8% 12.5% (2.3 pp) 15.3% 12.6% (2.7 pp) 14.6% 2.1 pp 14.9% (2.3 pp) Depreciation & amortisation 60.8 65.5 7.8% 21.0 22.5 7.2% 61.9 5.8% 21.2 6.1% Recurring EBIT4 74.0 58.9 (20.5%) 27.1 17.8 (34.2%) 79.0 (25.5%) 27.2 (34.5%) Recurring EBIT margin 8.1% 5.9% (2.2 pp) 8.6% 5.6% (3.1 pp) 8.2% (2.3 pp) 8.4% (2.8 pp) e-commerce Solutions 36.5 18.9 (48.2%) 15.4 2.2 (85.5%) 41.5 (54.4%) 15.6 (85.7%) Mail & Services 19.0 21.4 12.8% 4.0 7.6 86.7% 19.0 12.8% 4.0 86.7% Banco CTT 18.5 18.5 0.3% 7.6 8.1 5.6% 18.5 0.3% 7.6 5.6% EBIT 56.1 45.4 (19.0%) 19.5 15.2 (22.3%) 61.0 (25.6%) 19.6 (22.8%) Net profit for the period5 32.8 19.8 (39.8%) 10.7 6.9 (36.1%) 36.9 (46.4%) 10.8 (36.4%) 31.12.2025 30/9/2026 ∆ y.o.y Equity 323.2 400.8 77.6 24.0% Net Debt 7.9 (27.4) (35.4) « Net debt with Banco CTT under equity method 312.2 298.8 (13.4) (4.3) % Net debt/EBITDA (LTM) with Banco CTT under equity method 1.9 2.0 — 2.3% Note: “R” stands for restated and is used for comparison purposes in relation to organic performance, including Cacesa, which was acquired on 30 April 2025, and DHL Parcel Portugal, which was acquired on 12 May 2026. For the purposes of consolidating the income statement, DHL Parcel Portugal is included in the scope of consolidation from 1 May 2026. Restated information reflects the contribution of Cacesa from 1 January 2025 and of DHL Parcel Portugal from 1 May 2025. In terms of operating revenues, pro forma adjustments amounted to €36.4m related to Cacesa in 9M25, with no impact in 3Q26 as the company was already fully consolidated. Regarding DHL Parcel Portugal, the pro forma impact amounted to €10.4m in 3Q25 and €17.1m in 9M25. At the recurring EBIT level, no adjustments were recorded in 3Q26, while the impact of Cacesa totalled €4.7m in 9M25. For DHL Parcel Portugal, the corresponding impact amounted to €0.1m in 3Q25 and €0.2m in 9M25. 4 4 Excluding specific items. 5 Consolidated, attributable to equity holders.
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1. Operational performance e-commerce Solutions Operating revenues from e-commerce Solutions reached €500.3m in 9M26, +17.6% y.o.y. In 3Q26, operating revenues amounted to €156.7m, down 2.3% y.o.y., reflecting the impact of the changes to the EU customs framework on cross-border e-commerce flows. Recurring EBIT amounted to €18.9m in 9M26, down 48.2% y.o.y., and €2.2m in 3Q26, corresponding to a 1.4% recurring EBIT margin in the quarter. CEP - Courier, Express and Parcels business Cross-border disruption was largely contained at the volume and revenue level through strong growth in other customer segments, but the rapid change in mix significantly increased operating complexity and pressured profitability. CEP volumes reached 38.8 million items in 3Q26, down 2.9% on a pro forma basis, as the sharp decline in non-EU cross-border Tier-1 volumes was largely offset by growth across Iberian clients, EU-sourced e-marketplaces and other cross-border segments. CEP revenues amounted to €137.7m, up 7.5% y.o.y. on a reported basis, supported by the higher revenue per item of the growing customer segments. The resulting customer base is more diversified, with a materially lower weight of non-EU Tier-1 cross-border volumes. This rapid shift in mix has, however, changed the operating characteristics of the business. Growth has been concentrated in services with shorter delivery windows, heavier parcels and a more fragmented collection profile, increasing operating complexity and cost per item. Profitability was further affected by the lower utilisation of capacity following investments in capacity and automation made to support the previously expected growth trajectory. These factors explain why the earnings impact was significantly greater than the impact on volumes and revenues. CTT is implementing a recovery programme focused on three areas: accelerating growth in non-Asian volumes; strengthening pricing and revenue assurance, including fuel-cost recovery; and adapting operating costs to the new volume and service mix while preserving growth capacity. Measures include improvements in handling and last-mile productivity, linehaul optimisation, overhead reductions and a more selective approach to network expansion. CTT's out-of-home network expansion strategy continued to gain scale across the Iberian Peninsula, enhancing both coverage and customer convenience. The network currently comprises approximately 20,000 PUDOs across Portugal and Spain, including 1,576 Locky lockers in Portugal and 252 in Spain. The accelerated rollout of lockers in the Spanish market further strengthens CTT's position as a leading partner in the Iberian e-commerce ecosystem. non-CEP – Customs clearance Recurring EBIT from non-CEP activities reached €2.9 million in 9M26, corresponding to 3.7% recurring EBIT margin, and amounted -€0.6m in 3Q26, reflecting a significant deterioration in customs clearance activities. In 3Q26, Cacesa's volumes declined by 64.1% y.o.y, while operating revenues decreased by 45.7% to €17.1m. In response, Cacesa is repositioning its operating footprint from dispersed B2C clearance activity towards the emerging B2B flows, concentrating resources in Poland and Benelux/Central Europe, while right-sizing operations where B2C volumes have declined. Poland provides an early proof point, with 3Q26 revenue increasing 47% y.o.y. and its contribution to Cacesa revenue increasing from 7% to 20%. Cacesa is adapting to a structurally different customs environment, reducing stranded capacity while repositioning its footprint towards B2B customs flows concentrated in new European hubs. The adjustment of the cost base is already underway through the closure of loss-making locations, headcount 6
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reductions, tighter control of temporary labour and linehaul optimisation. Together with the concentration of resources around emerging B2B flows, these measures aim to adapt Cacesa's operating model to the changing geographic and commercial profile of European customs activity. Mail & Services In 9M26, operating revenues from Mail & Services totalled €380.9m (-€0.8m; -0.2% y.o.y.). This performance was impacted by the effect of the legislative elections held in May 2025; excluding this effect, operating revenues would have increased by €7.7m (+2.1% y.o.y.). In 3Q26, operating revenues reached €124.3m (+€6.2m; +5.2% y.o.y.), primarily driven by the strong performance of Services revenues, notably supported by the significant growth in revenues associated with the placement of public debt savings products. Resilient Mail revenues and strong momentum in savings placements drove substantial recurring EBIT growth in 3Q26, despite softer Business Solutions & Payments performance. Mail In 9M26, Mail revenues amounted to €271.8m (-€13.0m; -4.6% y.o.y.). Excluding the impact of the legislative elections, the decrease would have been €4.4m (-1.6% y.o.y.). In 3Q26, Mail revenues remained broadly stable at €85.4m (-0.2% y.o.y.), notwithstanding an 8.7% y.o.y. decline in addressed mail traffic, as the favourable evolution of the mix towards higher value-added items resulted in a 9.4% y.o.y. increase in average revenue per item, almost fully offsetting the decline in volumes. The 2026 tariff revision came into effect in February. The average annual price increase for the Universal Service was 5.93%, while in 9M26 the y.o.y. variation reached 5.94%. Mail continued to deliver cost efficiencies, with costs declining by €0.6m y.o.y. in 3Q26. Services Public debt placements accelerated significantly in 3Q26, supported by higher subscription limits and attractive relative rates, strengthening Mail & Services' earnings contribution. Operating revenues from Services (excluding Mail) reached €107.2m in 9M26, up €11.0m (+11.4% y.o.y.). In 3Q26, Services revenues increased by €6.4m (+19.8% y.o.y.), primarily supported by the strong performance of Financial Services & Retail. Revenues generated from the placement of public savings products amounted to €11.4m in 3Q26, up 88.9% y.o.y. (+ €5.4m). Subscriptions reached €2,378.3m, compared with €1,156.3m in the same period last year (+105.7% y.o.y.), benefiting from changes introduced to the marketing of these products, particularly regarding subscription limits, as well as their improved relative attractiveness amid evolving interest rate conditions. Distribution through digital channels continued to expand, with transaction volumes increasing by 39.6% and total digital subscriptions exceeding €150m. The number of health plan users reached 58.5 thousand at the end of 3Q26, an increase of 14.7 thousand users y.o.y., supported by the continued expansion of the subscription- based product offering. Business Solutions & Payments generated €56.6m in 9M26 (+€1.6m; +2.9% y.o.y.). In 3Q26, however, performance moderated, with revenues decreasing 2.7% y.o.y., partly offsetting the stronger contribution from Financial Services & Retail. The business continued to benefit from the strong performance of the Contact Center, Business Process Outsourcing (BPO), digitisation and document management activities. Recurring EBIT in Mail & Services amounted to €21.4m in 9M26 (+€2.4m; +12.8% y.o.y.). In 3Q26, recurring EBIT increased by €3.5m to €7.6m (+86.7% y.o.y.), corresponding to a 6.1% margin compared with 3.4% in 3Q25, primarily reflecting the strong contribution from public debt placements, partially offset by lower CEP volumes distributed through the mail network. 7
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Banco CTT Banco CTT's operating revenue reached €113.5m in 9M26, representing an increase of 9.1% (+€9.5m) compared with the same period last year. This performance was primarily driven by growth in net interest income (+11.1% y.o.y; +€8.5m) and net fee and commission income (+10.8% y.o.y; +€2.6m), reflecting the expansion of business volumes and stronger customer engagement across both on and off balance-sheet products. At the end of the period, Banco CTT had 679 thousand current accounts, representing a decrease of 3.2% y.o.y and 28.000 fewer accounts than at December 2025. 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. In 3Q26, operating revenue amounted to €39.3m, representing an increase of 11.0% y.o.y. (+€3.9m). Banco CTT maintained strong momentum in 3Q26, combining double-digit business volume and revenue growth with healthy margins and continued investment in commercial and digital capabilities. In 9M26, business volumes totalled €8,572.4m (+12.9% y.o.y), mainly reflecting: (i) customer deposits, which amounted to €4,704.2m (+12.0% y.o.y); (ii) customer loans, which reached €2,319.1m (+15.6% y.o.y), with broadly similar growth dynamics in both auto and mortgage loans; and (iii) off-balance-sheet savings products, which totalled €1,404.4m (+12.9% y.o.y). Interest income from auto loans reached €54.3m in 3Q26 (+ €4.6m; +9.2% y.o.y), while new loan production amounted to €255.2m during the quarter (+16.3% y.o.y). Interest income from mortgage loans totalled €20.9m in 9M26 (-€0.9m; -4.2% y.o.y). This performance reflects the evolution of Euribor rates. New mortgage production reached €288.9m in 3Q26 (+€78.0m; +37.4% y.o.y). Other interest income decreased by €0.7m, reflecting lower remuneration on balances held with the central bank following the reduction in the European Central Bank's key interest rates. Net fee and commission income reached €27.1m (+€2.6m; +10.8% y.o.y), supported by strong contributions from insurance, consumer finance, transactional banking and mortgage loans activities, which together generated €18.3m in revenues (+€2.7m; +33.4% y.o.y). The loan-to-deposit ratio stood at 47.9% at the end of 3Q26. The cost of risk improved slightly in 9M26, reaching 0.8%, primarily benefiting from a favourable trend in loan recoveries. Recurring EBIT amounted to €18.5m in 9M26 (+0.3% y.o.y), reflecting a resilient operating performance. The result was influenced by the strategic decision to accelerate growth in the customer base, business volumes and revenues, supported by increased investment in the branch network, commercial capabilities and IT infrastructure. 8
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2. Financial performance Income statement € million 9M25 9M26 y.o.y 3Q25 3Q26 y.o.y 9M25R y.o.y.R 3Q25R y.o.y.R Revenues 911.2 994.7 9.2% 313.9 320.3 2.0% 964.7 3.1% 324.3 (1.2%) e-commerce Solutions 425.4 500.3 17.6% 160.4 156.7 (2.3%) 479.0 4.4% 170.7 (8.2%) Mail & Services 381.8 380.9 (0.2%) 118.1 124.3 5.2% 381.8 (0.2%) 118.1 5.2% Banco CTT 104.0 113.5 9.1% 35.4 39.3 11.0% 104.0 9.1% 35.4 11.0% Operating costs (-) 776.4 870.3 12.1% 265.8 280.0 5.3% 823.8 5.6% 275.9 1.5% Staff costs 310.8 326.4 5.0 % 100.8 105.5 4.6 % 318.7 2.4 % 102.3 3.1 % ES&S 431.5 502.1 16.3 % 154.2 162.7 5.5 % 470.4 6.7 % 162.6 0.1 % Impairments and provisions 11.8 15.2 27.9 % 3.0 4.1 36.9 % 12.0 26.8 % 3.0 36.7 % Other costs 22.2 26.6 19.9 % 7.8 7.7 (1.9) % 22.8 16.5 % 7.9 (2.8) % EBITDA 134.8 124.4 (7.7%) 48.1 40.3 (16.1%) 140.9 (11.7%) 48.4 (16.7%) Depreciation and amortisation (-) 60.8 65.5 7.8% 21.0 22.5 7.2% 61.9 5.8% 21.2 6.1% Recurring EBIT 74.0 58.9 (20.5%) 27.1 17.8 (34.2%) 79.0 (25.5%) 27.2 (34.5%) e-commerce Solutions 36.5 18.9 (48.2%) 15.4 2.2 (85.5%) 41.5 (54.4%) 15.6 (85.7%) Mail & Services 19.0 21.4 12.8% 4.0 7.6 86.7% 19.0 12.8% 4.0 86.7% Banco CTT 18.5 18.5 0.3% 7.6 8.1 5.6% 18.5 0.3% 7.6 5.6% Specific items (-) 17.9 13.5 (25.0%) 7.6 2.7 (64.6%) 17.9 (25.0%) 7.6 (64.6%) Business restructuring and strategic projects 16.3 10.4 (36.3%) 5.2 1.6 (68.9%) 16.3 (36.3%) 5.2 (68.9%) Other non-recurring income and expenses 1.6 3.0 87.9% 2.4 1.1 (55.6%) 1.6 87.9% 2.4 (55.6%) EBIT 56.1 45.4 (19.0%) 19.5 15.2 (22.3%) 61.0 (25.6%) 19.6 (22.8%) Financial results (+/-) (14.4) (15.0) (4.5%) (5.4) (4.6) 14.1% (14.1) (6.8%) (5.4) 15.4% Financial income, net (14.4) (16.6) (15.5%) (5.4) (5.5) (2.8%) (14.1) (18.0%) (5.4) (1.3%) Financial costs and losses (15.1) (17.0) (12.6%) (5.6) (5.7) (0.8%) (15.4) (10.5%) (5.7) 1.1% Financial income 0.7 0.4 (44.1%) 0.3 0.2 (39.9%) 1.3 (68.9%) 0.3 (45.0%) Gains/losses in subsidiaries, associated companies and joint ventures — 1.6 » 0.0 0.9 » — » — » Income tax (-) 6.3 6.7 6.1% 2.3 2.3 1.4% 7.5 (11.6%) 2.2 2.2% Non-controlling interest (-) 2.6 4.0 53.9% 1.2 1.4 20.4% 2.6 53.9% 1.2 20.4% Net profit for the period6 32.8 19.8 (39.8%) 10.7 6.9 (36.1%) 36.9 (46.4%) 10.8 (36.4%) 10 6 Consolidated, attributable to equity holders.
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Revenues CTT operating revenues 7 totalled €994.7m in 9M26 (+€83.5m; +9.2% y.o.y). This performance includes the consolidation8 effects of Cacesa and DHL Parcel Portugal. Excluding these effects, i.e. assuming Cacesa and DHL Parcel Portugal had been fully consolidated since 1 January 2025 and 1 May 2025, respectively, CTT's consolidated operating revenue would have increased by 3.1% y.o.y. This performance reflects (i) the continued and sustained growth of E-commerce Solutions (+17.6% y.o.y, including the consolidation effects of Cacesa and DHL Parcel Portugal), despite the slowdown in quarterly volumes growth (+1.5% y.o.y) following recent European Union regulatory changes; (ii) the solid performance of Banco CTT (+9.1% y.o.y), supported by a growing customer base and increased customer engagement; and (iii) the strong growth in revenues from public debt placements (+27.2% y.o.y) within the Mail and Services segment. Operating Costs At 30 September 2026, operating costs (relative to EBITDA) totalled €870.3m, an increase of €93.9m (+12.1% y.o.y), primarily driven by the growth of the e-commerce Solutions, including the consolidation of Cacesa since 30 April 2025 and DHL Portugal since 1 May 2026. On a like-for-like basis, operating costs would have increased by 5.6% y.o.y, mainly reflecting the higher level of activity in e-commerce Solutions. Staff costs reached €326.4m, up €15.6m (+5.0% y.o.y) during the period. On a pro forma basis, excluding the impact of the consolidation of Cacesa and DHL Portugal, staff costs would have increased by 2.4% y.o.y (+€7.8m). This increase was mainly driven by salary increases, while headcount remained broadly stable during the period, as the additional workforce reduction efforts in the Mail business were largely offset by the growth of the e- commerce Solutions (including the acquisitions of Cacesa and DHL Portugal), the Bank, and Business Solutions activities (contact centre and document management). Salary increases and minimum wage adjustments in Portugal and Spain (+€5.2m) accounted for the largest share of the increase in this cost category. External supplies & services costs totalled €502.1m in 9M26, representing an increase of €70.5m (+16.3% y.o.y). On a pro forma basis, adjusting for the consolidation of Cacesa and DHL Portugal, these costs would have increased by 6.7% y.o.y (+€31.7m), driven by the organic growth of the e-commerce Solutions. Impairments and provisions amounted to €15.2m, an increase of €3.3m (+27.9% y.o.y). On a pro forma basis, excluding the consolidation of Cacesa, impairments and provisions would have increased by 26.8% y.o.y (+€3.2m). This performance was mainly attributable to higher costs in the Bank business (+€1.9m) and the e-commerce Solutions business (+€1.0m). Other costs increased by €4.4m (+19.9% y.o.y), primarily reflecting the growth of e-commerce Solutions and by adverse foreign exchange differences in the Mail business. Depreciation and amortisation reached €65.5m, increasing by €4.7m (+7.8% y.o.y). On a pro forma basis, adjusting for the consolidation of Cacesa and DHL Portugal, depreciation and amortisation would have increased by 5.8% y.o.y (+ €3.6m). This increase was mainly driven by investments in information systems (+€0.7m), buildings and facilities (+€2.2m) and the fleet (+€0.8m). Specific items totalled €13.5m (-€4.5m y.o.y), mainly reflecting: (i) restructuring measures, including employment suspension agreements (€6.6m); and (ii) costs related to strategic projects (€3.8m). 11 7 Excluding specific items. 8 Cacesa (Compañía Auxiliar al Cargo Expres, S.A.U.) was acquired on 30 April 2025, while DHL Parcel Portugal (DHL Parcel Portugal, Unipessoal, Lda.) was acquired on 12 May 2026. For income statement consolidation purposes, DHL Parcel Portugal has been included in the Group’s consolidation perimeter since 1 May 2026. Pro forma information reflects the contribution of Cacesa from 1 January 2025 and of DHL Parcel Portugal from 1 May 2025. In terms of operating revenues, pro forma adjustments amounted to €36.4m related to Cacesa in 9M25, with no impact in 3Q26 as the company was already fully consolidated. Regarding DHL Parcel Portugal, the pro forma impact amounted to €10.4m in 3Q25 and €17.1m in 9M25. At the recurring EBIT level, no adjustments were recorded in 3Q26, while the impact of Cacesa totalled €4.7m in 9M25. For DHL Parcel Portugal, the corresponding impact amounted to €0.1m in 3Q25 and €0.2m in 9M25.
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Recurring EBIT Recurring EBIT stood at €58.9m in 9M26 (-€15.1m; -20.5% y.o.y), corresponding to a 5.9% margin (-2.2 percentage points y.o.y, including the effect of the consolidation of Cacesa and DHL Parcel Portugal). On a pro forma basis, recurring EBIT would have decreased by 25.5% y.o.y. The recurring EBIT performance in 9M26 reflects: • A 48.2% y.o.y decrease in e-commerce Solutions to €18.9m (-54.4% y.o.y on a pro forma basis), reflecting a slowdown resulting from the introduction, in July, of the fixed €3 fee applied to low-value shipments originating from third countries. • A 12.8% y.o.y increase in Mail and Services to €21.4m, mainly reflecting the strong performance of public debt placement; and • A 0.3% y.o.y increase in Banco CTT to €18.5m, reflecting the strategic decision to reinvest revenue growth into commercial expenses, infrastructure and digital offerings, with the aim of further accelerating growth in the customer base, business volumes and revenues. Net Profit Consolidated net financial results amounted to -€15.0m in 9M26 (-€0.6m; -4.5% y.o.y). Net financial expenses totalled €17.0m, mainly reflecting: (i) €5.5m related to post-employment and long-term employee benefits, impacted by a higher discount rate; (ii) €4.9m in interest associated with lease liabilities under IFRS 16; and (iii) €5.6m of interest expenses on bank borrowings, reflecting the continued use of factoring facilities and the drawdown of new loans. In 9M26, CTT recorded consolidated net profit attributable to equity holders of the CTT Group of €19.8m (-€13.1m compared to 9M25). The y.o.y evolution of consolidated net profit in 9M26 was mainly driven by: (i) a reduction in recurring EBIT (-€15.1m); (ii) the evolution of net financial results (-€0.6m) and an increase in non controlling interests (+€1.4m). 12
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Staff 30.09.2025 30.09.2026 ∆ ∆% Mail & services 10,992 10,796 (196) (1.8%) e-commerce Solutions 2,296 2,477 181 7.9% Banco CTT 666 751 85 12.8% Total, of which: 13,954 14,024 70 0.5% Permanent 11,859 11,946 87 0.7% Fixed-term contracts 2,095 2,078 (17) (0.8%) Portugal 12,152 12,198 46 0.4% Other geographies 1,802 1,826 24 1.3% At 30 September 2026, the CTT Group employed 14,024 people (permanent and fixed-term employees), representing an increase of 70 employees (+0.5% y.o.y), as shown in the table below. As of 30 September 2026, DHL Portugal employed 172 people. Excluding the impact of the consolidation of DHL Portugal, the total number of employees in the CTT Group would have decreased by 0.8% y.o.y, reflecting in particular the reduction in headcount in Mail and in the central structure, despite the growth recorded in e-commerce Solutions. Within e-commerce Solutions, the increase of 181 employees as of 30 September 2026 was mainly related to the acquisition and initial consolidation of DHL Portugal. Excluding the impact of the consolidation of DHL Portugal, the total number of employees in e-commerce Solutions remained broadly stable, with 0.0% y.o.y growth. 13
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Cash flow statement € million 9M25 9M26 ∆ ∆% 3Q25 3Q26 ∆ ∆% EBITDA 134.8 124.4 (10.4) (7.7%) 48.1 40.3 (7.8) (16.1%) IFRS16 affecting EBITDA (32.8) (34.6) (1.8) (5.5%) (11.4) (11.9) (0.5) (4.8%) Impairments and provisions 11.3 14.9 3.7 32.5% 2.8 4.1 1.3 44.9% Specific items* (17.9) (13.5) 4.5 25.0% (7.6) (2.7) 4.9 64.6% Capex (29.4) (39.6) (10.2) (34.8%) (12.6) (14.9) (2.3) (18.2%) Δ Working capital (23.0) (10.1) 12.9 56.2% (12.8) 4.5 17.3 134.7% Operating cash flow 42.9 41.6 (1.3) (3.1%) 6.5 19.4 12.9 » Employee benefits (13.8) (17.7) (3.9) (28.3%) (4.3) (4.5) (0.3) (6.3%) Tax (10.3) (4.3) 6.0 58.2% (8.6) (2.1) 6.5 75.5% Free cash flow 18.8 19.6 0.7 3.9% (6.4) 12.7 19.1 » Debt (principal + interest) 117.6 (24.7) (142.2) (121.0%) 34.2 (13.8) (48.1) (140.4%) Dividends (23.7) (26.9) (3.3) (13.8%) (0.7) (1.1) (0.3) (46.4%) Acquisition of own shares (14.1) (25.0) (10.9) (77.3%) 0.0 (10.0) (10.0) 0.0% Disposal of buildings 1.8 0.0 (1.8) (100.0%) 1.8 0.0 (1.8) (100.0%) Investments in associated companies and joint ventures (113.8) 63.0 176.7 » (6.1) 0.7 6.8 110.9% Inorganic cash9 21.7 5.5 (16.2) (74.7%) 0.3 0.0 (0.3) (100.0%) Change in adjusted cash 8.4 11.5 3.1 36.5% 23.1 (11.5) (34.7) (149.9%) Δ Liabilities related to Financial Serv. & others and Banco CTT, net10 (45.0) (33.8) 11.2 24.9% (40.3) (23.2) 17.1 42.4% Δ Other11 2.2 3.9 1.7 78.2% 2.4 0.0 (2.4) (98.6%) Net change in cash (34.3) (18.4) 16.0 46.6% (14.8) (34.7) (20.0) (135.2%) *Specific items affecting EBITDA. 14 9 Cash position of assets acquired during the period, i.e. Cacesa and Decopharma, at the time of acquisition. 10 The change in net liabilities of Financial Services and Banco CTT reflects the evolution of credit balances with third parties, depositors or other banking financial liabilities, net of the amounts invested in credit or investments in securities/banking financial assets, of entities of the CTT Group providing financial services, namely the financial services of CTT, Payshop, Banco CTT and 321 Crédito. 11 The change in other cash items reflects the evolution of Banco CTT's sight deposits at Banco de Portugal, outstanding cheques/clearing of Banco CTT cheques, and impairment of sight and term deposits and bank applications.
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Cash Flow The Group generated operating cash flow of €41.6m in 9M26, a decrease of €1.3m compared with 9M25. Operating cash flow performance was mainly impacted by (i) the evolution of EBITDA, which decreased by €10.4m to €124.4m, (ii) a positive contribution from changes in working capital of €12.9m, and (iii) a €10.2m increase in capital expenditure to €39.6m. This increase in investment is aligned with the Group’s growth strategy, particularly in expanding network coverage and capacity within e-commerce Solutions, with the aim of continuing to deliver best-in-class service quality across the Iberian Peninsula. Investment was also directed towards the expansion of the locker network, digitalisation initiatives aimed at enhancing the customer experience, and supporting the continued growth of Banco CTT. Changes in working capital were significantly influenced by payments relating to EBITDA-related items. Nevertheless, the recovery trend observed in 2Q26 continued into 3Q26, contributing €4.5m, following the seasonal working-capital build-up associated with the 2025 peak season in the E- commerce Solutions segment that impacted the beginning of the year. 15
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Consolidated statement of financial position € million 31.12.2025 30.09.2026 ∆ ∆% Non-current assets 3,403.2 3,634.1 230.9 6.8% Current assets 2,825.6 2,946.5 120.9 4.3% Assets 6,228.8 6,580.6 351.9 5.6% Equity 323.2 400.8 77.6 24.0% Liabilities 5,905.6 6,179.9 274.3 4.6% Non-current liabilities 984.4 1,081.9 97.4 9.9% Current liabilities 4,921.2 5,098.0 176.8 3.6% Equity and consolidated liabilities 6,228.8 6,580.6 351.9 5.6% The key aspects of the comparison between the consolidated balance sheet as at 30 September 2026 and that as at 31 December 2025 are as follows: Assets reached €6.6b (+€351.9m versus 31 December 2025). This growth is mainly due to the increase in (i) credit to banking clients (+€257.0m), and (ii) investments in securities at amortised cost (+€289.4m) as a result of investments made by Banco CTT in supranational debt and government bonds. Conversely, other banking financial assets decreased by €185.0m, linked to a decrease in CTT Bank’s placements with central banks and other credit institutions. Equity stood at €400.8m (+€77.6m compared with 31 December 2025). The change in this figure mainly reflects the recognition of the capital gain generated by the disposal of 25% of CTT’s stake in CTT Expresso, which, as a transaction executed without loss of control, was recognised directly in equity in accordance with applicable accounting standards. As a result, other changes in equity increased by €75.6m. Additionally, it should be noted that (i) the net profit attributable to equity holders of the CTT Group generated in 9M26, amounting to €19.8m, which was (ii) partially offset by the purchase of own shares amounting to €18.9m during the period. Liabilities amounted to €6.2b (+€274.3m compared with 31 December 2025). This change essentially reflects the decrease observed in the accounts payable (-€114.7m), resulting from a significant reduction in the general suppliers item, particularly those related to the peak season. This decrease was partially offset by (i) an increase in bank customer deposits and other loans (+€365.5m), and (ii) a rise in other current liabilities (+€27.1m), reflecting higher accrued expenses related to operating activities. Consolidated net debt Consolidated net debt reached an amount of -€27.4m in 9M26. The key aspects of the comparison between the consolidated net debt as at 30 September 2026 and that as at 31 December 2025 are as follows: Adjusted cash increased by €11.5m, as a result of operating cash flow generated during the period (€41.6m) and the completion of the DHL joint venture on 12 May 2026, which resulted in net cash proceeds of €61.9m and the incorporation of €5.5m of cash held by DHL Parcel Portugal upon acquisition. These positive effects were partially offset by share buybacks (-€25.0m), dividend payments (-€26.9m) and the reduction in debt levels (-€23.8m). Short- and long-term debt fell by €23.8m (-7.0% on 31 December 2025), primarily due to the repayment of outstanding bank loans and commercial paper outstanding under the Group's financing programmes. 16
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€ million 31.12.2025 30.09.2026 ∆ ∆% Net debt 7.9 (27.4) (35.4) « ST & LT debt 341.1 317.3 (23.8) (7.0%) of which Finance leases (IFRS16) 179.5 174.8 (4.6) (2.6%) Adjusted cash (I+II) 333.2 344.7 11.5 3.5% Cash & cash equivalents 345.3 327.0 (18.4) (5.3%) Cash & cash equivalents at the end of the period (I) 296.1 273.8 (22.3) (7.5%) Other cash items 49.2 53.2 3.9 8.0% Other Financial Services liabilities, net (II) 37.1 70.9 33.8 91.2% Consolidated Balance Sheet with Banco CTT under equity method € million 31.12.2025 30.09.2026 ∆ ∆% Non-current assets 932.5 968.5 36.0 3.9% Current assets 624.5 532.9 (91.7) (14.7%) Assets 1,557.1 1,501.4 (55.7) (3.6%) Equity 294.1 370.4 76.3 26.0% Liabilities 1,263.0 1,131.0 -132.0 (10.5%) Non-current liabilities 473.5 449.3 -24.2 (5.1%) Current liabilities 789.5 681.6 -107.8 (13.7%) Equity and consolidated liabilities 1,557.1 1,501.4 -55.7 (3.6%) 17
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Consolidated net debt with Banco CTT under equity method € million 31.12.2025 30.09.2026 ∆ ∆% Net debt with Banco CTT under equity method 312.2 298.8 (13.4) (4.3%) ST & LT debt 334.3 310.0 (24.3) (7.3%) of which Finance leases (IFRS16) 172.6 167.6 (5.1) (2.9%) Adjusted cash (I+II) 22.1 11.2 (11.0) (49.5%) Cash & cash equivalents 254.5 225.6 (28.9) (11.4%) Cash & cash equivalents at the end of the period (I) 254.5 225.6 (28.9) (11.4%) Other cash items 0.0 0.0 0.0 « Other Financial Services liabilities, net (II) (232.4) (214.4) 18.0 7.7% Liabilities related to employee benefits € million 31.12.2025 30.09.2026 ∆ ∆% Total liabilities 200.7 193.1 (7.6) (3.8%) Healthcare 163.5 162.9 (0.6) (0.4%) Healthcare (321 Crédito) 1.1 1.2 0.1 8.4% Suspension agreements 18.8 18.2 (0.6) (3.3%) Other long-term employee benefits 4.5 4.3 (0.2) (3.6%) Other long-term benefits (321 Crédito) 0.2 0.2 0.0 3.2% Pension plan 0.2 0.2 0.0 (7.5%) Other benefits 12.4 6.1 (6.3) (50.7%) Deferred tax assets (48.4) (45.8) 2.6 (5.4%) Current amount of after-tax liabilities 152.4 147.4 (5.0) (3.3%) 18
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Liabilities related to employee benefits (post-employment and long-term benefits) stood at €193.1m as at 30 September 2026, representing a decrease of 3.8% compared to December 2025, broken down as shown in the table above. The decrease (-€7.6m) in gross liabilities is primarily due to the payment of the first instalment of the long-term variable remuneration associated with the 2023– 2025 term of office. Associated with these employee benefit obligations are deferred tax assets of €45.8m. As a result, the present value of employee benefit obligations, net of the related deferred tax assets, amounted to €147.4m as at 30 September 2026. 19
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3. Other Highlights Regulatory issues Mail and Universal Service Within the regulatory framework in force since February 2022 and the Convention on the criteria to be met for the pricing of postal services that make up the basket of services within the universal service obligation (Universal Postal Service Price Convention) for the 2026-2028 period, of 25 July 2025, the prices of the basket of letter mail, editorial mail and parcel services were updated with effect from 3 February 2026, corresponding to an average annual price change of 6.20%.. In the framework of the Company's pricing policy for 2026, this update corresponds to an average annual price change of 5.93%, which also reflects the effect of updating the special prices for bulk mail. Express and Parcels Regarding taxation and customs matters, the removal of the customs duty exemption for consignments with a value below €150 imported from third countries into the European Union was approved on 13 November 2025 and entered into force on 1 July 2026. From that date, a transitional customs duty of €3 per item category has applied. Furthermore, as of 1 November 2026, a customs handling fee of €2 per item category has been introduced and applies to all e-commerce purchases originating outside the European Union, regardless of their value. Financial sector - Banco CTT During 9M26, the European banking sector maintained a solid and resilient position, supported by robust capital and liquidity levels and favourable profitability, in an environment marked by persistent geopolitical tensions, inflationary pressures and macroeconomic uncertainty. The evolution of monetary policy, including the increase in the European Central Bank's key interest rates in September, continued to influence funding conditions, net interest income and the competitive dynamics surrounding deposit gathering. In Portugal, banking activity continued to perform positively, supported by growth in lending to individuals, particularly in the mortgage and consumer finance segments, while prudent credit risk management, asset quality and operational efficiency remained key factors underpinning the sustainability of business models. From a regulatory and supervisory perspective, key priorities continued to include the robustness of governance frameworks and internal control systems, the sound management of financial and non-financial risks, and the strengthening of operational resilience. In this context, particular emphasis was placed on the continued implementation of the DORA Regulation, with a focus on the management of information and communication technology (ICT) risks, cybersecurity, operational incident response and the management of dependencies on third-party service providers, against a backdrop of increasing digitalisation of banking activities. At the same time, consumer protection, the prevention of money laundering and terrorist financing, and the integration of environmental, social and governance (ESG) risks continued to be prominent within the regulatory framework and risk management practices. The payments sector also continued its transformation, driven by the increasing use of digital channels, the further adoption of instant payments and payee verification mechanisms, and the strengthening of fraud prevention measures, contributing to a more efficient, secure and customer-centric financial ecosystem. Against this backdrop, Banco CTT, as a High-Impact Less Significant Institution (HI-LSI), remained focused on sustainable growth, operational efficiency and compliance with prudential and regulatory requirements. The Bank continued to strengthen its governance and internal control framework, the management of credit, technology and third-party risks, as well as its digital and cybersecurity capabilities, seeking to ensure an appropriate response to the evolving regulatory landscape and the demands of an increasingly competitive and digitalised banking sector. In parallel, it continued to prioritise simplicity, proximity and customer experience, further reinforcing its positioning in the Portuguese retail banking market. Main ESG milestones achieved Total greenhouse gas emissions increased by 13.9%, against a backdrop of an 8.9% increase in Express and Parcels traffic and higher activity in subcontracted road transport. Nevertheless, the carbon footprint per express item remained stable (+0.3%) compared with the same period of the previous year, despite changes in the Group’s portfolio of companies. 21
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The transition to a more sustainable fleet remained one of the Group’s main decarbonisation priorities. At the end of the third quarter, “green” vehicles accounted for 55.6% of the Group’s own last-mile fleet (+31.4% compared with 3Q25), of which 98% were electric. The evolution of the fleet, together with the use of HVO 12 in long-haul operations, contributed to a 32.2% reduction in Scope 1 emissions compared with the same period of the previous year. CTT's approach to decarbonisation also extends to the value chain. In partnership with ZeroPact, CTT developed an innovative solution that calculates and makes available the carbon footprint of each traceable item, enabling customers to understand the emissions associated with the services they use. This solution was recognised with the "Excellence in Carbon Reporting 2026" award by Amazon, acknowledging its contribution to greater transparency and emissions management across the value chain. Circular economy continued to play an important role in the Group’s strategy, with the share of recycled materials incorporated into mail, express and parcel products reaching 94.7% (+4.6 p.p. year-on-year). CTT also took part in the 8th edition of Green Postal Day, an International Post Corporation (IPC) initiative that brings together postal operators to strengthen their contribution to sustainability, as well as in World Cleanup Day for the fourth consecutive year. As part of the latter initiative, more than 530 volunteers from CTT and local communities participated in eight beach and forest clean-up activities, collecting 3.5 tonnes of waste. In the area of wellbeing, CTT received recognition at the Wellbeing Awards 2026, winning the “Musculoskeletal” category, which recognises measures aimed at preventing musculoskeletal injuries and risks associated with physical exertion. The Group was also included in the Top Wellbeing 2026 and received the Wellbeing Awards 2026 Quality Seal, in recognition of its work across the physical, mental, social and financial dimensions of wellbeing. In terms of occupational health and safety, 666 accidents were recorded, representing a 2% increase compared with the same period of the previous year, reinforcing the strategic importance of workplace safety and accident prevention for the Group. The 2027 Equality Plan was also published, setting out the Group’s measures to promote gender equality, prevent discrimination and support work-life balance. Gender parity across top and middle management stood at 38%, down 2.4 p.p. year-on-year. CTT also maintained its focus on supporting communities, reaching more than 8,500 people, including vulnerable communities and school-age young people. During the period, more than 4,200 volunteering hours were recorded (+1.2% year-on-year), involving 789 employees (-4.6% compared with 3Q25), equivalent to 5.6% of the Group’s workforce. Among the initiatives undertaken were the donation of nine vans to firefighters’ associations across different regions of the country, the donation of five bicycles to the PATO association and Liga para a Proteção da Natureza (LPN), and a volunteering initiative at Assubud, accompanied by the donation of materials. CTT also joined the RADAR Project, with postal workers and the Municipality of Lisbon participating on a voluntary basis. The initiative draws on the extensive reach of CTT’s network and postal workers’ close ties with local communities to help identify and respond to situations of heightened social vulnerability. In the area of inclusion and accessibility, the Portuguese Sign Language Customer Service project was included among the 10 leading European projects in the “Best Approach to Supporting Vulnerable Customers” category of the European Contact Centre & Customer Service Awards 2026 (ECCCSA), recognising the Group’s efforts to promote more accessible and inclusive services and create value for the communities it serves. The period was also marked by recognition in the areas of innovation, logistics and reporting, including the 2026 Logistics Excellence Award, the Parcel and Postal Technology International Awards and the Workiva Customer Awards 2026. Lastly, CTT’s sustainability performance reached a new international milestone, with the Group ranking first, for the first time, in the IPC Sustainability Measurement & Management System (SMMS). With an overall score of 93% among 27 postal operators, CTT secured the top position in this international benchmark, reinforcing its position as a sector leader in integrating sustainability into strategy and operations. 22 12 Hidrogenated Vegetable Oil.
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Share buy-back programme On 28 July 2026, CTT's Board of Directors decided to increase the amount of the ongoing share buyback programme (the “Share Buyback Programme”), originally announced to the market on 10 February 2026. Under the revised terms, the Share Buyback Programme comprises: (i) a maximum monetary amount of €40m (forty million euros), representing an increase of €10m from the previous amount of €30m (thirty million euros); and (ii) a maximum of 7.5m (seven and a half million) ordinary shares of CTT to be acquired, representing up to 5.6% of CTT’s share capital as of 28 July 2026. This corresponds to the maximum number of shares that may be cancelled in the context of the capital reduction that constitutes the purpose of the programme, subject to resolution by the General Meeting following proposal(s) to be submitted by the Board of Directors. The maximum number of shares was increased by 2m from the previous limit of 5.5m (five and a half million) shares and, in any event, remains subject to the maximum monetary amount referred to above. All other terms of the Share Buyback Programme remain unchanged, as announced to the market on 10 February 2026, including its expiry date of 30 April 2027 and its sole objective. The Programme continues to be executed under the authorisation granted under item 10 of the agenda of CTT’s Annual General Meeting held on 30 April 2026. Transactions under the Share Buyback Programme commenced on 11 February 2026. As of 28 October 2026, the date of the latest transactions carried out and disclosed to the market, the Company held a total of 5,230,432 treasury shares, representing 3.91% of its share capital, including 1,195,125 treasury shares initially held. Outlook for 2026 Quarter review 3Q26 performance was primarily affected by the disruption to cross-border e-commerce flows following the changes to the EU customs framework, with the impact concentrated in E-commerce Solutions. The sharp reduction in Asian cross- border volumes was partly offset by growth across Iberian clients, EU-sourced e-marketplaces and other cross-border segments, resulting in a more diversified volume base. Mail & Services and Banco CTT continued to perform solidly and provided a partial offset at Group level. The rapid change in the CEP volume mix has also materially altered the operating characteristics of the business. Growth has been concentrated in services with shorter delivery windows, heavier parcels and a more fragmented collection profile, increasing operational complexity and unit costs. Together with lower utilisation of capacity developed to support the previously expected growth trajectory, these factors resulted in a significantly greater impact on profitability than on revenues. Restoring profitability CTT is implementing a comprehensive recovery plan focused on three priorities: (i) accelerating growth outside Asian cross-border flows, particularly across domestic Iberian, intra-European and international outbound volumes; (ii) strengthening pricing, fuel-cost recovery and revenue assurance; and (iii) adapting the cost base to the new volume and service mix through handling and last-mile productivity, linehaul optimisation, overhead reductions and a disciplined approach to further network expansion. These measures are designed to improve profitability while preserving the capacity required to support future growth. Cacesa is also repositioning its operating model to reflect the structural changes in cross-border e-commerce. The business is shifting from a dispersed B2C customs- clearance footprint towards a more focused presence in the emerging B2B flows, particularly in Poland and Benelux/ Central Europe, while reducing stranded capacity where sustainable volumes have not emerged. Outlook 2026 therefore represents a reset of the earnings base rather than the completion of the recovery. CTT expects the measures currently being implemented to begin contributing in 4Q26 and progressively through 2027, as volume diversification, pricing actions and structural cost measures mature. Historical volume and margin levels associated with the former regulatory environment should not be assumed to return in the near term. The objective is instead to establish a more diversified and sustainable earnings base, with materially lower dependence on any single source of traffic. At the same time, the restructuring of Asian e-commerce supply chains is expected to create new commercial opportunities as marketplaces increasingly adopt bulk customs clearance and European inventory models. CTT intends to leverage its integrated capabilities across customs clearance, fulfilment and logistics, Iberian last-mile 23
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distribution and out-of-home delivery to strengthen its position across a broader part of the e-commerce value chain. Mail & Services is expected to continue to provide resilience, supported by financial services, savings products and ongoing efficiency initiatives. Banco CTT remains on track to deliver its 2026 recurring EBIT guidance of €26m, while continuing to grow business volumes and revenues and invest in its commercial and digital capabilities. CTT also continues to assess opportunities to simplify its portfolio and optimise capital allocation. Any decisions will be assessed against their ability to sharpen the Group's strategic focus, strengthen its core Iberian e-commerce and logistics platform, preserve balance-sheet flexibility and maximise sustainable value creation for shareholders. 2026 Guidance Against this backdrop, CTT now expects FY26 consolidated recurring EBIT of approximately €80–85m. This outlook incorporates the sharp impact of the new customs environment observed in 3Q26 and assumes an initial contribution from the commercial, pricing and cost initiatives already underway during 4Q26, with a significant part of the recovery extending into 2027. Risks and uncertainties The outlook remains subject to a relevant degree of uncertainty. From 1 November 2026, the introduction of the new EU-wide handling fee constitutes an additional regulatory change following the €3 customs duty introduced in July. The new €2 fee applies to qualifying e-commerce imports from outside the EU regardless of their value, this may result in a further adjustment of Asian e-commerce flows. Accordingly, its ultimate impact on demand, routing decisions, customer behaviour and CTT volumes remains uncertain. In addition, the outlook remains exposed to the broader macroeconomic and geopolitical environment, including uncertainty surrounding economic growth and inflation, changes in interest rates and financing conditions, geopolitical tensions and international trade developments, as well as renewed sovereign-debt and financial-market volatility in Europe. These factors may affect consumer demand, e-commerce activity, transportation and labour costs, financing conditions and the pace at which the Group's recovery measures translate into earnings improvements. Execution risks associated with the resizing of operations, commercial diversification and the repositioning of Cacesa also remain relevant during the transition. Subsequent events On 3 November 2026, further to the announcement of 21 July 2026, CTT informed the market that it is conducting a strategic reassessment of its options regarding Banco CTT, S.A. ("Banco CTT"). In this context, the Board of Directors decided to initiate a process to sell a controlling stake in Banco CTT's share capital, in strict compliance with the existing contractual obligations between the current shareholders. CTT will prioritise solutions that ensure its continued role as a long-term partner of Banco CTT, both as a shareholder and through the use of its network. This event does not give rise to adjustments to the financial statements as at 30 September 2026. 24
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Final note This press release is based on CTT – Correios de Portugal, S.A. interim condensed consolidated financial statements for the first nine months of 2026, which are presented in the following chapter. The analysts' conference call to present the 9M26 results, hosted by Guy Pacheco, CEO, Joana Freitas, CFO, and João Sousa, CCO, will be held on 4 November 2026 at 09:00 am Lisbon time (GMT) / 10:00 am CET. The coordinates for accessing the Zoom conference are available at 9M26 CTT Results . Lisbon, 3 November 2026 The Board of Directors This information to the market and the general public is made under the terms and for the purposes of article 29-Q of the Portuguese Securities Code. It is also available on CTT website at: CTT Results Announcements . CTT – Correios de Portugal, S.A. Joana Oliveira Freitas Market Relations Representative Nuno Vieira Director of Investor Relations Contacts: E-mail: investors@ctt.pt Telefone: + 351 210 471 087 25
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Disclaimer This document has been prepared by CTT – Correios de Portugal, S.A. (the “Company” or “CTT”) exclusively for communication of the financial results of the first nine months of 2026 (9M26) and has a mere informative nature. This document 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 any kind of solicitation, recommendation or advice to (dis)invest 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. In particular, this press release and the information contained herein is not for publication, distribution or release in, or into, directly or indirectly, the United States of America (including its territories and possessions), Canada, Japan or Australia or to any other jurisdiction where such an announcement would be unlawful. Hence, neither this press release nor any part of it, nor its distribution, constitute the basis of, or may be invoked in any context as, a contract, or compromise or decision of investment, in any jurisdiction. Thus being, the Company does not assume liability for this document if it is used with a purpose other than the above. This document (i) may contain summarised information and be subject to amendments and supplements and (ii) the information contained herein has neither been independently verified, nor audited or reviewed by any of the Company's advisors or auditors. Thus being, given the nature and purpose of the information herein and, 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. This document does not contain all the information disclosed to the market about CTT, thus its recipients are invited and advised to consult the public information disclosed by CTT in www.ctt.pt and in www.cmvm.pt. In particular, the contents of this press release shall be read and understood in light of the financial information disclosed by CTT, through such means. By reading this document, you agree to be bound by the foregoing restrictions.. Forward-looking statements This document 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 with respect to 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 document. 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. 26
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4. Interim Condensed Consolidated financial statements CTT-CORREIOS DE PORTUGAL, S.A. CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025 AND 30 SEPTEMBER 2026 Euros NOTES Unaudited 31.12.2025 30.09.2026 ASSETS Non-current assets Tangible fixed assets 4 367,154,319 368,374,031 Investment properties 6 3,432,425 3,008,206 Intangible assets 5 81,716,896 85,633,487 Goodwill 184,697,513 184,128,997 Investments in associated companies 481 37,449,580 Investments in joint ventures 24,548 44,553 Other investments 4,387,496 4,508,795 Prepayments 11 4,790,689 7,220,317 Financial assets at fair value through profit or loss 3,391,464 5,652,405 Debt securities at fair value through other comprehensive income 8 51,783,940 67,774,110 Debt securities at amortised cost 8 807,257,865 726,282,665 Other non-current assets 17,544,145 16,119,497 Credit to banking clients 10 1,800,282,860 2,042,135,117 Other banking financial assets 9 7,423,177 19,684,948 Deferred tax assets 26 69,318,134 66,128,246 Total non-current assets 3,403,205,954 3,634,144,953 Current assets Inventories 6,210,052 6,686,528 Accounts receivable 252,960,120 195,605,876 Credit to banking clients 10 193,856,268 208,971,033 Prepayments 11 14,816,663 17,088,789 Financial assets at fair value through profit or loss — 354,427 Debt securities at fair value through other comprehensive income 8 459,442 1,087,616 Debt securities at amortised cost 8 1,241,179,543 1,611,514,387 Other current assets 103,691,934 96,095,011 Other banking financial assets 9 667,089,067 482,127,189 Cash and cash equivalents 12 345,315,048 326,960,832 Total current assets 2,825,578,138 2,946,491,688 Total assets 6,228,784,092 6,580,636,642 EQUITY AND LIABILITIES Equity Share capital 14 66,910,000 66,910,000 Own shares 15 (5,985,826) (24,866,282) Reserves 15 12,550,693 11,320,972 Retained earnings 15 140,741,205 165,603,408 Other changes in equity 15 (7,505,177) 68,104,648 Net profit 50,709,394 19,772,644 Equity attributable to equity holders 257,420,289 306,845,390 Non-controlling interests 65,777,935 93,915,543 Total equity 323,198,224 400,760,933 Liabilities Non-current liabilities Accounts payable 20 58,947 48,947 Medium and long term debt 18 284,842,176 260,630,109 Employee benefits 165,674,631 166,715,038 Provisions 19 30,970,038 28,519,493 Financial liabilities at fair value through profit or loss 5,405,242 12,109,439 Debt securities issued at amortised cost 21 219,065,449 230,619,383 Prepayments 11 1,501,844 2,946,515 Banking clients' deposits and other loans 22 274,038,461 377,511,857 Other banking financial liabilities 9 1,276,934 938,347 Deferred tax liabilities 26 1,593,648 1,829,611 Total non-current liabilities 984,427,369 1,081,868,738 Current liabilities Accounts payable 20 594,320,823 479,610,914 Banking clients' deposits and other loans 22 4,060,470,211 4,322,481,437 Employee benefits 30,767,947 23,354,733 Income taxes payable 23 1,536,491 264,033 Short term debt 18 56,272,118 56,647,642 Financial liabilities at fair value through profit or loss — 486,261 Debt securities issued at amortised cost 21 338,997 2,633,418 Prepayments 11 7,566,553 7,393,110 Other current liabilities 141,435,187 168,570,543 Other banking financial liabilities 9 28,450,172 36,564,880 Total current liabilities 4,921,158,499 5,098,006,971 Total liabilities 5,905,585,868 6,179,875,709 Total equity and liabilities 6,228,784,092 6,580,636,642 The attached notes are an integral part of these financial statements. 28
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CTT-CORREIOS DE PORTUGAL, S.A. CONSOLIDATED INCOME STATEMENT FOR THE NINE-MONTHS PERIODS ENDED 30 SEPTEMBER 2025 AND 30 SEPTEMBER 2026 Euros Nine months ended Three months ended NOTES Unaudited Unaudited Unaudited Unaudited 30.09.2025 30.09.2026 30.09.2025 30.09.2026 Sales and services rendered 3 800,363,347 872,722,558 276,954,445 278,992,393 Financial margin 76,885,307 85,342,794 26,005,734 29,526,041 Other operating income 37,827,601 36,116,474 10,610,780 11,644,609 915,076,255 994,181,826 313,570,959 320,163,043 Cost of sales (6,804,849) (6,848,236) (2,269,924) (2,276,756) External supplies and services 24 (437,309,994) (507,032,033) (155,610,223) (164,271,529) Staff costs 25 (324,444,095) (333,095,680) (106,574,030) (105,779,074) Impairment of accounts receivable, net (469,094) (2,204,595) (767,284) (1,461,761) Impairment of other financial banking assets (12,475,935) (13,658,179) (3,513,982) (3,597,270) Fair value, net 63,152 59,344 63,152 — Provisions, net 19 1,046,402 525,838 1,204,792 912,939 Depreciation/amortisation and impairment of investments, net (61,247,621) (65,523,826) (20,978,359) (22,487,509) Net gains/(losses) of assets and liabilities at fair value through profit or loss 29,834 5,317 6,811 1,039 Net gains/(losses) of other financial assets at fair value through other comprehensive income (25,394) (76,056) (25,882) (124,472) Other operating costs (18,735,436) (21,391,005) (6,299,645) (5,972,944) Gains/losses on disposal/ remeasurement of assets 1,355,124 469,417 695,248 48,085 (859,017,906) (948,769,694) (294,069,326) (305,009,252) 56,058,349 45,412,132 19,501,633 15,153,791 Interest expenses 26 (15,095,562) (17,000,293) (5,625,035) (5,668,618) Interest income 26 733,657 409,880 273,024 164,096 Gains/losses in subsidiary, associated companies and joint ventures (1,196) 1,577,515 (1,102) 908,226 (14,363,101) (15,012,898) (5,353,113) (4,596,296) Earnings before taxes 41,695,248 30,399,234 14,148,520 10,557,495 Income tax for the period 27 (6,270,338) (6,655,451) (2,251,689) (2,283,998) Net profit for the period 35,424,911 23,743,783 11,896,831 8,273,497 Net profit for the period attributable to: Equity holders 32,844,851 19,772,644 10,714,816 6,850,736 Non-controlling interests 2,580,060 3,971,139 1,182,015 1,422,761 Earnings per share: 17 0.25 0.15 0.08 0.05 The attached notes are an integral part of these financial statements. CTT-CORREIOS DE PORTUGAL, S.A. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE NINE-MONTHS PERIODS ENDED 30 SEPTEMBER 2025 AND 30 SEPTEMBER 2026 Euros Nine months ended Three months ended NOTES Unaudited Unaudited Unaudited Unaudited 30.09.2025 30.09.2026 30.09.2025 30.09.2026 Net profit for the period 35,424,911 23,743,783 11,896,831 8,273,497 Adjustments from application of the equity method (non re-classifiable adjustment to profit and loss) 15 (78,564) (459,858) 4,227 (385,425) Changes to fair value reserves 15 — (12,365) — (4,497) Other changes in equity 15 (895,107) 87,931 (1,178) 80,410 Exchange differences arising on consolidation 15 — (70,296) — 25,877 Other comprehensive income for the period after taxes (973,671) (454,588) 3,049 (283,635) Comprehensive income for the period 34,451,240 23,289,195 11,899,881 7,989,862 Attributable to non-controlling interests 2,517,505 4,060,125 1,180,837 1,511,747 Attributable to shareholders of CTT 31,933,735 19,229,070 10,719,045 6,478,115 The attached notes are an integral part of these financial statements. 29
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CTT-CORREIOS DE PORTUGAL, S.A. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIODS ENDED 31 DECEMBER 2025 AND 30 SEPTEMBER 2026 Euros NOTES Share capital Own Shares Reserves Other changes in equity Retained earnings Net profit for the year Non- controlling interests Total Balance 31 December 2024 69,220,000 (15,831,386) 31,993,036 (1,182,098) 117,846,899 45,536,317 60,680,510 308,263,277 Share capital decrease 14 (2,310,000) 23,139,409 (20,829,409) — — — — — Appropriation of net profit for the year of 2024 — — — — 45,536,317 (45,536,317) — — Dividends 16 — — — — (22,546,229) — (1,915,486) (24,461,715) Acquisition of own shares 15 — (13,759,247) — — — — — (13,759,247) Attribution of own shares 15 — 465,398 (840,000) 374,602 — — — — Share plan 15 — — 2,202,616 — — — — 2,202,616 Shareholdings sale 15 — — — — — — 3,407,430 3,407,430 (2,310,000) 9,845,560 (19,466,792) 374,602 22,990,089 (45,536,317) 1,491,944 (32,610,915) Other movements 15 — — — (554,794) — — (50,423) (605,217) Actuarial gains/losses - Health Care, net from deferred taxes 15 — — — (6,003,829) — — — (6,003,829) Changes to fair value reserves 15 — — 24,449 126,640 — — 2,333 153,422 Exchange differences arising on consolidation 15 — — — (265,697) — — — (265,697) Adjustments from the application of the equity method 15 — — — — (95,783) — — (95,783) Net profit for the period — — — — — 50,709,394 3,653,572 54,362,966 Comprehensive income for the period — — 24,449 (6,697,680) (95,783) 50,709,394 3,605,482 47,545,861 Balance on 31 December 2025 66,910,000 (5,985,826) 12,550,693 (7,505,177) 140,741,205 50,709,394 65,777,935 323,198,224 Appropriation of net profit for the year of 2025 — — — — 50,709,394 (50,709,394) — — Dividends 16 — — — — (25,119,504) — (1,812,887) (26,932,391) Acquisition of own shares 15 — (25,112,303) — — — — — (25,112,303) Attribution of own shares 15 — 6,231,848 (1,432,825) (4,799,023) — — — — Share plan 15 — — 214,392 — — — — 214,392 Shareholdings sale 7 — — — 80,213,447 — — 25,910,370 106,123,817 — (18,880,456) (1,218,433) 75,414,425 25,589,890 (50,709,394) 24,077,483 54,273,515 Other movements 15 — — — — (2,132) — 90,063 87,931 Changes to fair value reserves 15 — — (11,288) — — — (1,077) (12,365) Exchange differences arising on consolidation 15 — — — 195,400 (265,697) — — (70,296) Adjustments from the application of the equity method 15 — — — — (459,858) — — (459,858) Net profit for the period — — — — — 19,772,644 3,971,139 23,743,783 Comprehensive income for the period — — (11,288) 195,400 (727,686) 19,772,644 4,060,125 23,289,194 Balance on 30 September 2026 66,910,000 (24,866,282) 11,320,972 68,104,648 165,603,408 19,772,644 93,915,543 400,760,933 The attached notes are an integral part of these financial statements. 30
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CTT-CORREIOS DE PORTUGAL, S.A. CONSOLIDATED CASH FLOW STATEMENT FOR THE NINE-MONTHS PERIODS ENDED 30 SEPTEMBER 2025 AND 30 SEPTEMBER 2026 Euros NOTES Unaudited Unaudited 30.09.2025 30.09.2026 Cash flow from operating activities Collections from customers 916,267,529 1,072,956,518 Payments to suppliers (574,085,070) (729,461,370) Payments to employees (299,590,585) (318,057,406) Banking customer deposits 170,355,024 364,859,191 Credit to bank clients (208,431,349) (249,844,352) Cash flow generated by operations 4,515,548 140,452,581 Payments/receivables of income taxes (10,259,315) (4,284,672) Other receivables/payments (25,914,639) 19,539,580 Cash flow from operating activities (1) (31,658,406) 155,707,489 Cash flow from investing activities Receivables resulting from: Tangible fixed assets 1,672,000.00 — Investment properties 155,000.00 673,500 Investment subsidies 151,775 1,174,776 Financial investments 7 2,734,203 106,129,421 Investment in securities at amortized cost 8 2,490,264,000 1,646,170,000 Applications at the Central Bank 9 20,190,100 139,192,900 Other banking financial assets 9 152,000,000 75,200,000 Interest income 1,030,685 896,722 Payments resulting from: Tangible fixed assets (14,106,137) (17,723,760) Intangible assets (17,406,408) (8,883,211) Investment properties (61,345.00) — Financial investments 7 (109,896,082) (44,338,930) Investment in securities at fair value through other comprehensive income — (17,992,280) Investment in securities at amortized cost 8 (2,432,996,209) (1,929,139,220) Demand deposits at Bank of Portugal 9 (1,530,900) (4,346,800) Other banking financial assets 9 (103,500,000) (28,200,000) Cash flow from investing activities (2) (11,299,318) (81,186,882) Cash flow from financing activities Receivables resulting from: Loans obtained 18 330,420,597 16,240,006 Other credit institutions' deposits 9 182,330,754 16,869,900 Debt securities issued — 59,915,400 Payments resulting from: Loans repaid 18 (211,484,891) (39,718,229) Other credit institutions' deposits (182,330,754) (16,869,900) Interest expenses (2,125,736) (2,069,511) Lease liabilities 18 (33,379,715) (36,941,572) Acquisition of own shares 15 (14,077,816) (24,956,835) Debt securities issued 21 (60,929,207) (47,514,846) Dividends 16 (23,675,999) (26,934,524) Cash flow from financing activities (3) (15,252,767) (101,960,111) Net change in cash and cash equivalents (1+2+3) (58,210,489) (27,439,505) Changes in the consolidation perimeter 21,660,639 5,494,588 Effect of exchange rate fluctuations on cash held — (345,717) Cash and equivalents at the beginning of the period 270,183,224 296,083,058 Cash and cash equivalents at the end of the period 12 233,633,374 273,792,424 Cash and cash equivalents at the end of the period 233,633,374 273,792,424 Sight deposits at Bank of Portugal 41,978,200 47,265,600 Outstanding checks of Banco CTT / Checks clearing of Banco CTT 5,961,045 5,903,983 Impairment of slight and term deposits (795) (1,175) Cash and cash equivalents (Statement of financial position) 281,571,825 326,960,832 The attached notes are an integral part of these financial statements. 31
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CTT – CORREIOS DE PORTUGAL, S.A. Notes to the Interim condensed consolidated financial statements (Amounts expressed in Euros) Table of Contents 4. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28 . . . . 1. INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34 . . . . 1.1 CTT – Correios de Portugal, S.A. (parent company) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34 . . . . 2. MATERIAL ACCOUNTING POLICIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .35 . . . . 2.1 New standards or amendments adopted by the Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .35 . . . . 2.2 Basis of preparation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .36 . . . . 3. SEGMENT REPORTING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .36 . . . . 4. TANGIBLE FIXED ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45 . . . . 5. INTANGIBLE ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .51 . . . . 6. INVESTMENT PROPERTIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .54 . . . . 7. COMPANIES INCLUDED IN THE CONSOLIDATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .56 . . . . 8. DEBT SECURITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .66 . . . . 9. OTHER BANKING FINANCIAL ASSETS AND LIABILITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .70 . . . . 10. CREDIT TO BANKING CLIENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .72 . . . . 11. PREPAYMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .78 . . . . 12. CASH AND CASH EQUIVALENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .79 . . . . 13. ACCUMULATED IMPAIRMENT LOSSES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .81 . . . . 14. EQUITY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .83 . . . . 15. OWN SHARES, RESERVES, OTHER CHANGES IN EQUITY AND RETAINED EARNINGS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .85 . . . . 16. DIVIDENDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .89 . . . . 17. EARNINGS PER SHARE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .90 . . . . 18. DEBT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .91 . . . . 19. PROVISIONS, GUARANTEES PROVIDED, CONTINGENT LIABILITIES AND COMMITMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .95 . . . . 20. ACCOUNTS PAYABLE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .99 . . . . 21. DEBT SECURITIES ISSUED AT AMORTISED COST . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .101 . . . 22. BANKING CLIENTS’ DEPOSITS AND OTHER LOANS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .105 . . . 23. INCOME TAXES RECEIVABLE /PAYABLE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .106 . . . 32
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24. EXTERNAL SUPPLIES AND SERVICES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .107 . . . 25. STAFF COSTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .108 . . . 26. INTEREST EXPENSES AND INTEREST INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .112 . . . 27. INCOME TAX FOR THE PERIOD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .113 . . . 28. RELATED PARTIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .119 . . . 29. OTHER INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .121 . . . 30. SUBSEQUENT EVENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .122 . . . 33
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1. Introduction 1.1 CTT – Correios de Portugal, S.A. (parent company) CTT – Correios de Portugal, S.A. (“CTT” or “Company”), with head office at Avenida dos Combatentes, 43, 14º floor, 1643-001 in Lisbon, had its origin in the “Administração Geral dos Correios Telégrafos e Telefones” government department and its legal form is the result of successive re- organisations carried out by the Portuguese state business sector in the communications area. Decree-Law No. 49.368, of 10 November 1969 founded the state-owned company CTT - Correios e Telecomunicações de Portugal, E. P., which started operating on 1 January 1970. By Decree-Law No. 87/92, of 14 May, CTT – Correios e Telecomunicações de Portugal, E. P., was transformed into a legal entity governed by private law, with the status of a state-owned public limited company. Finally, with the foundation of the former Telecom Portugal, S.A. by spin-off from Correios e Telecomunicações de Portugal, S.A. under Decree-Law No. 277/92, of 15 December, the Company’s name was changed to the current CTT – Correios de Portugal, S.A.. On 31 January 2013 the Portuguese State through the Order 2468/12 – SETF, of 28 December, determined the transfer of the investment owned by the Portuguese State in CTT to Parpública – Participações Públicas, SGPS, S.A. At the General Meeting held on 30 October 2013, the registered capital of CTT was reduced to 75,000,000 Euros, being from that date onward represented by 150,000,000 shares, as a result of a stock split which was accomplished through the reduction of the nominal value from 4.99 Euros to 0.50 Euros. During the financial year ended 31 December 2013, CTT’s capital was opened to the private sector. Supported by Decree-Law No. 129/2013, of 6 September and the Resolution of the Council of Ministers ("RCM") No. 62- A/2013, of 10 October, the RCM No. 62-B/2013, of 10 October and RCM No. 72-B/2013, of 14 November, the first phase of privatisation of the capital of CTT took place on 5 December 2013. From this date, 63.64% of the shares of CTT (95.5 million shares) were owned by the private sector, of which 14% (21 million shares) were sold in a Public Offering and 49.64% (74.5 million shares) by Institutional Direct Selling. On 31 December 2013 the Portuguese State, through Parpública - Participações Públicas, SGPS, S.A. held 36.36% of the shares of CTT, 30.00% by holding and 6.36% by allocation. On 5 September 2014, the second phase of the privatisation of CTT took place. The shares held by Parpública - Participações Públicas, SGPS, S.A., which on that date represented 31.503% of CTT’s capital, were subject to a private offering of Shares (“Equity Offering”) via an accelerated book building process. The Equity Offering was addressed exclusively to institutional investors. At the meeting of the Company's Board of Directors held on 16 March 2022, it was unanimously decided to approve the implementation of a Buy-back programme for the Company's own shares, including the related terms and conditions, with the sole purpose of reducing the Company’s share capital through the cancellation of shares acquired under the aforementioned programme, subject to prior approval by the General Meeting. At the General Meeting held on 21 April 2022, was approved the maximum number of shares to be acquired under the Buy-back Programme. Subsequently, on 7 November 2022, the Company's share capital reduction in the amount of 2,325,000 euros, through the cancellation of 4,650,000 shares representing 3.1% of the share capital, was registered in the Commercial Register Office, with the Company's share capital to be composed of 145,350,000 shares with the nominal value of 0.50 Euros each. Subsequently, at the Annual General Meeting held on 20 April 2023 and still following the share buyback programme mentioned above, and whose scope was extended on 27 July 2022, the share capital reduction of 717,500 Euros was approved. On 21 April 2023, the share capital reduction of the aforementioned amount was entered in the commercial register, through the extinction of 1,435,000 own shares representing 0.997% of the acquired CTT share capital. On 17 July 2024, a reduction of CTT’s share capital in the amount of 2,737,500 Euros was registered before the Commercial Registry Office through the cancellation of 5,475,000 shares held by the Company, representing 3.80% of its share capital and acquired under the share buyback 34
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programme carried out from 26 June 2023 to 9 May 2024. This share capital reduction was carried out following a resolution of the Annual General Meeting of CTT Shareholders held on 23 April 2024 which approved the share capital reduction in the amount of up to 3,825,000 Euros corresponding to the cancellation of up to 7,650,000 own shares already acquired or to be acquired by 25 June 2024 for the special purpose of implementing the share buyback programme and corresponding release of excess capital. On 12 May 2025, a reduction of CTT’s share capital in the amount of 2,310,000 Euros was registered before the Commercial Registry Office through the cancellation of 4,620,000 shares held by the Company, representing 3.34% of its share capital and acquired under the share buyback programme carried out from 22 July 2024 to 17 April 2025. This share capital reduction was carried out following a resolution of the Annual General Meeting of CTT Shareholders held on 30 April 2025 which approved the share capital reduction in the amount of up to 4,250,000 Euros corresponding to the cancellation of up to 8,500,000 own shares already acquired or to be acquired by 22 July 2025 for the special purpose of implementing the share buyback programme and corresponding release of excess capital. Thus, as of 30 September 2026, CTT's share capital is 66,910,000 Euros, represented by 133,820,000 shares with a nominal value of fifty cents per share, and the Company's Articles of Association have been amended accordingly. The financial statements attached herewith are expressed in Euros, as this is the functional currency of the Group. The shares of CTT are listed on Euronext Lisbon. These financial statements were approved by the Board of Directors and authorised for issue on 3 November 2026. 2. Material accounting policies The accounting policies adopted, including financial risk management policies, are consistent with those followed in the preparation of the consolidated financial statements for the year ended 31 December 2025, except for the new standards and amendments effective from 1 January 2026. 2.1 New standards or amendments adopted by the Group The standards and amendments recently issued, already effective and adopted by the Group in the preparation of these financial statements, are as follows: • Amendments to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments - These amendments result essentially from the draft review of IFRS 9 Financial Instruments (Post Implementation Review – PIR IFRS 9) and clarify the following aspects relating to financial instruments: • Clarifies that a financial liability is derecognised on the “settlement date”, i.e. when the related obligation is settled, cancelled, expires or the liability otherwise qualifies for derecognition. However, it introduces the possibility for an entity to elect to adopt an accounting policy that allows it to derecognise a financial liability that is settled through an electronic payments system, before the settlement date, provided that certain conditions are met. • Clarifies how an entity should assess the characteristics of the contractual cash flows of financial assets that include environmental, social and governance (ESG) variables and other similar contingent characteristics. • Requires additional disclosures for financial assets and liabilities subject to a contingent event (including ESG variables) and equity instruments classified at fair value through other comprehensive income. • Amendments to IFRS 9 and IFRS 7 – Contracts negotiated with reference to electricity generated from renewable sources - The amendments refer specifically to renewable energy purchase agreements whose source of production is dependent on nature, so that 35
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supply cannot be guaranteed at specific times or volumes. In this sense, these amendments clarify the application of the "own use" requirements in power purchase agreements, as well as the fact that hedge accounting is permitted when such contracts are used as hedging instruments. • Annual Improvements to IFRS (Volume 11) - Improvements are introduced cyclically to clarify and simplify the application of international standards, through minor changes considered non-urgent. The main changes included in this volume refer to: ◦ IFRS 1 (Hedge accounting for first-time adoption of IFRSs): This amendment aims to update the cross-references in paragraphs B5 and B6 of IFRS 1 - First-time Adoption of International Financial Reporting Standards to the hedge accounting eligibility criteria in IFRS 9 for paragraphs 6.4.1(a), (b) and (c). ◦ IFRS 7 (Gain or loss on derecognition): This amendment aims to update the language related to unobservable market data included in paragraph B38 of IFRS 7 Financial Instruments: Disclosures, as well as adding references to paragraphs 72 and 73 of IFRS 13 Fair Value Measurement. ◦ IFRS 7 (Implementation guidance): Several paragraphs related to the IFRS 7 implementation guidance have been changed for reasons of consistency and clarity. ◦ IFRS 9 (Derecognition of lease liabilities): This amendment clarifies that when a financial liability is extinguished in accordance with IFRS 9, the lessee shall apply paragraph 3.3.3 of IFRS 9 and recognise the gain or loss resulting from such derecognition. ◦ IFRS 9 (Transaction price): With this amendment, the reference to “transaction price” in paragraph 5.1.3 of IFRS 9 is replaced by “amount determined by applying IFRS 15”. ◦ IFRS 10 (Determination of ‘de facto’ agent): Amendment made to paragraph B74 of IFRS 10, which clarifies that the relationship described in that paragraph is only one example of several possible relationships between the investor and other parties acting as ‘de facto’ agents. The purpose of this amendment is to remove the inconsistency with the requirement in paragraph B73 that an entity should use its judgement in assessing whether other parties may act as ‘de facto’ agents. ◦ IAS 7 (Cost method): Replacement of the term “cost method” by “at cost” in paragraph 37 of IAS 7 after the elimination of the definition of “cost method”. The Group did not register significant changes with the adoption of this standard. 2.2 Basis of presentation The interim condensed consolidated financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards ("IAS / IFRS") as adopted by the European Union as at 1 January 2026, and in accordance with IAS 34 - Interim Financial Reporting. The consolidated financial statements were prepared under the assumption of going concern and are prepared under the historical cost convention, except for the financial assets and liabilities accounted at fair value. 3. Segment reporting In accordance with the provisions of IFRS 8, the Group presents financial reporting by segments. The Board of Directors regularly reviews segmental reports, using them to assess and communicate each segment 36
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performance, as well as to decide on how to allocate resources. From 31 December 2025, and following the strategic reorganization announced at Capital Markets Day of 2025, the Group began reporting its activity based on three business areas: “e‑ commerce Solutions,” “Mail & Services” and “Banco CTT”. This new reporting structure was established to align the presentation of financial information with the Group’s current business model, characterized by strong growth in logistics activities related to e‑ commerce, the integration of Cacesa, and the Iberian joint venture with DHL. The comparative information, as of 30 September 2025, has been restated in accordance with the changes described. Thus, the reported segments are now: • E‑ commerce Solutions – includes CTT Expresso S.A., Open Lockers, S.A., Cacesa, S.A.U. and all its subsidiaries DHL Parcel Portugal and Modflex, S.A.; • Banco CTT – Banco CTT S.A., S.A. and 321 Crédito S.A.; • Mail & Services – includes CTT - Correios de Portugal, S.A., CTT Contacto S.A., CTT Soluções Empresariais, S.A., NewSpring Services, S.A., CTT IMO - Sociedade Imobiliária, S.A., MedSpring, S.A., CTT IMO Yield, S.A., Payshop, S.A., CORRE S.A., 1520 Innovation Fund, CTT Logística, S.A., Decopharma, Lda and NewSpring Iberia SL. The business segregation by segment is based on management information produced internally and presented to the Group’ Extended Executive Committee (“chief operating decision maker”). The amounts reported in each business segment result from the aggregation of the subsidiaries and business units defined in each segment perimeter and the elimination of transactions between companies of the same segment. The statement of financial position of each subsidiary and business unit is determined based on the amounts booked directly in the companies that compose the segment, including the elimination of balances between companies of the same segment, and excluding the allocation in the segments of the adjustments between segments. The income statement for each business segment is based on the amounts booked directly in the companies’ financial statements and related business units, adjusted by the elimination of transactions between companies of the same segment. The consolidated income statement by nature and segment of the nine-months periods ended 30 September 2025 and 30 September 2026 are as follows: 37
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30.09.2025 "Restated" Thousand Euros e-commerce Solutions Banco CTT Mail & Services Total Revenues 425,424 103,999 381,760 911,182 Sales and services rendered 424,045 — 377,094 801,140 Services rendered 423,938 — 370,835 794,774 Sales 107 — 6,259 6,366 Financial Margin — 76,885 — 76,885 Other operating income 1,378 27,113 4,666 33,157 Operating costs - EBITDA 372,393 78,765 325,248 776,406 Staff costs 47,683 27,421 235,722 310,826 External supplies and services & Internal services rendered 321,501 32,163 77,876 431,540 Other costs 3,164 7,284 11,742 22,190 Impairment and provisions 45 11,896 (91) 11,850 EBITDA 53,031 25,234 56,512 134,776 Depreciation/amortisation and impairment of investments, net 16,505 6,760 37,509 60,775 EBIT recurring 36,525 18,474 19,002 74,002 Specific items 4,058 171 13,715 17,943 Business restructurings 367 — 11,590 11,956 Strategic projects 2,781 211 1,372 4,364 Other non-recurring income and expenses 911 (41) 753 1,623 EBIT 32,467 18,304 5,288 56,058 Financial results (14,363) Interest expenses (15,096) Interest income 734 Gains/losses in subsidiary, associated companies and joint ventures (1) Earnings before taxes (EBT) 41,695 Income tax for the period 6,270 Net Income 35,425 Non-controlling interests 2,580 Equity holders of parent Company 32,845 38
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30.09.2026 Thousand Euros e-commerce Solutions Banco CTT Mail & Services Total Revenues 500,267 113,460 380,928 994,654 Sales and services rendered 498,240 — 374,954 873,195 Services rendered 497,877 — 368,639 866,516 Sales 363 — 6,315 6,678 Financial Margin — 85,343 — 85,343 Other operating income 2,026 28,117 5,973 36,116 Operating costs - EBITDA 462,333 87,935 319,999 870,267 Staff costs 59,865 31,936 234,642 326,443 External supplies and services & Internal services rendered 396,637 34,462 70,963 502,061 Other costs 4,760 7,753 14,093 26,606 Impairment and provisions 1,072 13,785 301 15,157 EBITDA 37,934 25,525 60,928 124,387 Depreciation/amortisation and impairment of investments, net 19,021 7,004 39,499 65,524 EBIT recurring 18,913 18,521 21,429 58,863 Specific items 3,660 709 9,082 13,451 Business restructurings 1,144 — 5,485 6,629 Strategic projects 679 652 2,442 3,772 Other non-recurring income and expenses 1,838 57 1,155 3,050 EBIT 15,253 17,811 12,347 45,412 Financial results (15,013) Interest expenses (17,000) Interest income 410 Gains/losses in subsidiary, associated companies and joint ventures 1,578 Earnings before taxes (EBT) 30,399 Income tax for the period 6,655 Net Income 23,744 Non-controlling interests 3,971 Equity holders of parent Company 19,773 As at 30 September 2026, specific items amounted 13.5 million euros, mainly due to: (i) restructurings, including agreements to suspend employment contracts (+6.6 million euros) and (ii) expenses associated with strategic projects (3.8 million euros). 39
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The revenues are detailed as follows: Thousand Euros 30.09.2025 "Restated" 30.09.2026 e-Commerce Solutions 425,424 500,267 Parcels 362,794 422,380 Clearance 47,193 57,578 Cargo 9,409 14,980 Banking network 3,311 3,351 Handling 892 268 Other 1,824 1,710 Banco CTT 103,999 113,460 Net Interest Margin 76,885 85,343 Interest and income (+) 119,176 122,143 Interest and charges (-) (42,291) (36,801) Commissions Received 24,455 27,098 Credits 4,352 5,070 Insurance 7,730 9,634 Accounts and Cards 6,004 5,887 Transactionality 5,470 5,775 Other commissions received 900 732 Other 2,658 1,019 Mail & Services 381,760 380,928 Mail 284,751 271,765 Transactional Mail 257,670 245,979 Editorial mail 7,839 7,783 Parcels (USO) 4,874 4,001 Advertising mail 8,031 7,011 Philately 2,589 2,961 Other 3,749 4,029 Financial Services & Retail 31,384 38,911 Savings & Insurance 21,003 26,726 Money orders 4,401 3,773 Retail Products and Services 5,790 8,114 Other 190 299 Business Solutions 41,088 43,821 Payments 13,914 12,773 Fulfilment and Others 8,788 10,278 Other 1,835 3,380 Total 911,182 994,654 40
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The revenue detail, related to sales and services rendered and financial margin, for the nine-months periods ended 30 September 2025 and 30 September 2026, by the revenue’s sources, are detailed as follows: 30.09.2025 "Restated" Nature e-commerce Solutions Banco CTT Mail & Services Total Postal Services — — 325,448,115 325,448,115 Express services 424,045,333 — — 424,045,333 Merchandising products sales — — 496,192 496,192 PO Boxes — — 661,085 661,085 International mail services (*) — — 7,593,887 7,593,887 Financial Services fees — 76,885,307 42,894,916 119,780,223 "Sales and Services rendered" and "Financial Margin" total 424,045,333 76,885,307 377,094,195 878,024,835 (*) Inbound Mail 30.09.2026 Nature e-commerce Solutions Banco CTT Mail & Services Total Postal Services — — 314,972,044 314,972,044 Express services 498,240,497 — 498,240,497 Merchandising products sales — — 720,212 720,212 PO Boxes — — 940,158 940,158 International mail services (*) — — 9,317,880 9,317,880 Financial Services fees — 85,342,794 49,003,989 134,346,783 "Sales and Services rendered" and "Financial Margin" total 498,240,497 85,342,794 374,954,283 958,537,574 (*) Inbound Mail 41
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The assets by segment are detailed as follows: 31.12.2025 Assets (Euros) e-commerce Solutions Banco CTT Mail & Services Total Intangible assets 13,842,431 28,557,000 39,317,465 81,716,896 Tangible fixed assets 123,662,315 10,547,402 232,944,602 367,154,319 Investment properties — — 3,432,425 3,432,425 Goodwill 104,033,171 60,678,648 19,985,694 184,697,513 Deferred tax assets 11,226,043 1,817,589 56,274,502 69,318,134 Accounts receivable 102,554,663 — 150,405,457 252,960,120 Credit to bank clients — 1,994,139,128 — 1,994,139,128 Financial assets at fair value through profit or loss — 3,391,464 — 3,391,464 Debt securities at fair value through other comprehensive income — 52,243,382 — 52,243,382 Debt securities at amortised cost — 2,048,437,409 — 2,048,437,409 Other banking financial assets — 674,368,435 143,809 674,512,244 Other assets 50,076,248 26,578,134 74,811,627 151,466,008 Cash and cash equivalents 87,396,267 104,751,881 153,166,900 345,315,048 492,791,139 5,005,510,472 730,482,482 6,228,784,092 42
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30.09.2026 Assets (Euros) e-commerce Solutions Banco CTT Mail & Services Total Intangible assets 14,216,596 32,054,330 39,362,561 85,633,487 Tangible fixed assets 138,392,852 12,344,372 217,636,807 368,374,031 Investment properties — — 3,008,206 3,008,206 Goodwill 102,208,902 60,678,648 21,241,448 184,128,997 Deferred tax assets 10,966,562 1,687,559 53,474,125 66,128,246 Accounts receivable 105,357,899 — 90,247,977 195,605,876 Credit to bank clients — 2,251,106,150 — 2,251,106,150 Financial assets at fair value through profit or loss — 6,006,832 — 6,006,832 Debt securities at fair value through other comprehensive income — 68,861,726 — 68,861,726 Debt securities at amortised cost — 2,337,797,052 — 2,337,797,052 Other banking financial assets — 501,812,137 — 501,812,137 Other assets 41,487,932 30,729,859 112,995,278 185,213,070 Cash and cash equivalents 106,399,096 121,949,889 98,611,847 326,960,832 519,029,839 5,425,028,554 636,578,249 6,580,636,642 The non-current assets acquisitions by segment, are detailed as follows: 31.12.2025 e-commerce Solutions Banco CTT Mail & Services Total Intangible assets 4,781,528 10,805,833 11,905,229 27,492,590 Tangible fixed assets 31,526,387 5,944,342 28,778,914 66,249,643 36,307,915 16,750,175 40,684,143 93,742,233 30.09.2026 e-commerce Solutions Banco CTT Mail & Services Total Intangible assets 3,535,768 8,154,602 8,045,641 19,736,011 Tangible fixed assets 16,646,014 6,546,844 14,202,066 37,394,924 20,181,782 14,701,446 22,247,707 57,130,935 43
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Debt by segment is detailed as follows: 31.12.2025 e-commerce Solutions Banco CTT Mail & Services Total Non-current debt 66,902,320 5,052,568 212,887,289 284,842,176 Bond loans — — 110,000,000 110,000,000 Commercial Paper — — 35,000,000 35,000,000 Lease liabilities 66,902,320 5,052,568 67,887,289 139,842,176 Current debt 13,476,453 1,757,418 41,038,247 56,272,118 Bank loans — — 16,656,367 16,656,367 Bond loans — — (24,475) (24,475) Commercial Paper — — 24,037 24,037 Lease liabilities 13,476,453 1,757,418 24,382,318 39,616,189 80,378,773 6,809,986 253,925,536 341,114,294 30.09.2026 e-commerce Solutions Banco CTT Mail & Services Total Non-current debt 69,443,090 5,368,483 185,818,536 260,630,109 Bond loans — — 110,000,000 110,000,000 Commercial Paper — — 14,906,318 14,906,318 Lease liabilities 69,443,090 5,368,483 60,912,218 135,723,791 Current debt 14,454,505 1,913,394 40,279,744 56,647,643 Bank loans — — 16,228,005 16,228,005 Bond loans — — 1,341,229 1,341,229 Commercial Paper — — (45,950) (45,950) Lease liabilities 14,454,505 1,913,394 22,756,460 39,124,359 83,897,595 7,281,877 226,098,280 317,277,752 44
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The Group is domiciled in Portugal. The result of its Sales and services rendered by geographical segment is disclosed below: Thousand Euros 30.09.2025 30.09.2026 Revenue - Portugal 429,649 457,211 Revenue - other countries 370,715 415,512 800,364 872,723 The revenue rendered in other countries, includes the revenue from the eCommerce Solutions rendered by companies based in Spain, in the amount of 350,128 thousand Euros (30 September 2025: 305,142 thousand Euros). 4. Tangible fixed assets During the year ended at 31 December 2025 and the nine-months periods ended 30 September 2026, the movements occurred in Tangible fixed assets, as well as the respective accumulated depreciation, were as follows: 45
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31.12.2025 Land and natural resources Buildings and other constructions Basic equipment Transport equipment Office equipment Other tangible fixed assets Tangible fixed assets in progress Advance payments to suppliers Rights of use Total Tangible fixed assets Opening balance 35,215,349 351,036,872 198,616,470 3,701,707 80,880,803 31,981,198 6,063,404 188,016 348,660,580 1,056,344,399 Acquisitions — 1,763,196 3,836,595 26,801 2,827,237 1,109,354 16,949,818 — — 26,513,002 New contracts — — — — — — — — 39,736,641 39,736,641 Disposals (176,310) (1,157,184) (923,541) — — — — — — (2,257,035) Transfers and write-offs — 2,718,104 6,903,234 — 24,484 (2,976) (11,218,202) — (3,611,785) (5,187,140) Terminated contracts — — — — — — — — (1,219,960) (1,219,960) Remeasurements — — — — — — — — 18,074,168 18,074,168 Adjustments — 661,955 (396,151) (8,989) 77,594 2,129,875 — — — 2,464,285 Changes in the consolidation perimeter — 702,064 3,994,676 50,694 2,680,062 — — — 6,842,641 14,270,138 Closing balance 35,039,039 355,725,006 212,031,284 3,770,213 86,490,181 35,217,451 11,795,021 188,016 408,482,286 1,148,738,497 Accumulated depreciation Opening balance 3,561,803 257,350,525 154,253,360 3,625,498 72,437,809 25,261,040 — — 201,117,992 717,608,027 Depreciation for the period — 10,052,232 7,119,350 26,506 2,569,205 2,261,998 — — 41,297,706 63,326,997 Disposals (24,527) (904,077) (918,752) — — — — — — (1,847,356) Transfers and write-offs — 1,196 — — (32,985) — — — (1,866,119) (1,897,907) Terminated contracts — — — — — — — — (1,211,713) (1,211,713) Adjustments — 1,002 (255,040) (6,301) (39,312) 8,735 — — (587,620) (878,536) Changes in the consolidation perimeter — 497,021 3,565,302 38,819 2,297,578 — — — — 6,398,720 Closing balance 3,537,276 266,997,899 163,764,220 3,684,522 77,232,294 27,531,774 — — 238,750,245 781,498,231 Accumulated impairment Opening balance — — — — — 13,109 — — — 13,109 Reversals — (3,400) — — — — — — — (3,400) Changes in the consolidation perimeter — 76,238 — — — — — — — 76,238 Closing balance — 72,838 — — — 13,109 — — — 85,947 Net Tangible fixed assets 31,501,763 88,654,269 48,267,064 85,692 9,257,886 7,672,568 11,795,021 188,016 169,732,040 367,154,319 46
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30.09.2026 Land and natural resources Buildings and other constructions Basic equipment Transport equipment Office equipment Other tangible fixed assets Tangible fixed assets in progress Advance payments to suppliers Rights of use Total Tangible fixed assets Opening balance 35,039,039 355,725,006 212,031,284 3,770,213 86,490,181 35,217,451 11,795,021 188,016 408,482,286 1,148,738,497 Acquisitions — 547,124 2,799,183 4,763 1,062,159 600,924 14,814,639 — — 19,828,792 New contracts — — — — — — — — 17,566,132 17,566,132 Disposals — — (391,474) 3,515 (3,668) — — — (391,627) Transfers and write-offs — 3,391,477 3,370,550 (45,808) (43,004) (8,303,087) — (4,755,351) (6,385,225) Terminated contracts — — — — — — — — (486,838) (486,838) Remeasurements — — — — — — — — 4,859,201 4,859,201 Adjustments — 4,993 69,065 1,804 111,486 2,222 155,257 — — 344,827 Changes in the consolidation perimeter — 3,799,701 3,883,030 22,947 859,617 647,222 — 69,945 8,756,319 18,038,781 Closing balance 35,039,039 363,468,300 221,761,639 3,799,728 88,481,150 36,421,147 18,461,829 257,961 434,421,748 1,202,112,541 Accumulated depreciation Opening balance 3,537,276 266,997,899 163,764,220 3,684,522 77,232,294 27,531,774 — — 238,750,245 781,498,231 Depreciation for the period — 7,631,720 6,019,269 22,328 1,963,546 1,419,229 — — 32,694,734 49,750,825 Disposals — — (391,474) — 3,270 (2,053) — — (390,257) Transfers and write-offs — — (835,717) — (27,934) (43,004) — — (2,432,812) (3,339,467) Terminated contracts — — — — — — (187,359) (187,359) Adjustments — 2,369 33,672 (1,394) (37,340) 46,040 — — — 43,347 Changes in the consolidation perimeter — 2,534,815 1,310,178 19,847 670,552 393,135 — — 1,352,539 6,281,067 Closing balance 3,537,276 277,166,804 169,900,149 3,725,303 79,804,389 29,345,121 — — 270,177,347 833,656,388 Accumulated impairment Opening balance — 72,838 — — — 13,109 — — — 85,947 Reversals — (3,825) — — — — — — — (3,825) Closing balance — 69,013 — — — 13,109 — — — 82,122 Net Tangible fixed assets 31,501,763 86,232,483 51,861,490 74,425 8,676,760 7,062,918 18,461,829 257,961 164,244,401 368,374,031 The depreciation recorded in amounting to 49,750,825 Euros (46,107,823 Euros on 30 September 2025), is booked under the caption Depreciation/amortisation and impairment of investments, net. 47
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In the year ended 31 December 2025, in keeping with its strategy of developing the real estate business, described in detail in note 7, CTT transferred 30 properties to CTT IMO Yield, resulting in the derecognition of tangible fixed assets at a net book value of 5,417 thousand Euros and investment properties with a net book value of 422 thousand Euros (note 6). The Company then carried out a leaseback operation for the properties used within the scope of its operational activity. This operation resulted in the recognition of a right of use of 2,460 thousand euros, as well as the respective lease liability of 5,997 thousand euros. The capital gains generated in the operation total 2,605 thousand euros for the Company. Considering that this is an operation between group companies, no impacts were recognised on the Company's results for the period. It should also be noted that this operation had no impact on the Group's consolidated accounts. According to the concession contract in force (Note 1) at the end of the concession, the assets included in the public and private domain of the State revert automatically, at no cost, to the conceding entity. As the postal network belongs exclusively to CTT, not being a public domain asset, only the assets that belong to the State revert to it, and as such, at the end of the concession CTT will continue to own its assets. The Board of Directors, supported by the Company’s accounting records and the statement of Directorate General of Treasury and Finance (“Direção Geral do Tesouro e Finanças”), the entity responsible for the Information System of Public Buildings (“Sistema de Informação de Imóveis do Estado” – SIIE) concludes that CTT’s assets do not include any public or private domain assets of the Portuguese State. As under the concession contract, the grantor does not control any significant residual interest in CTT's postal network and CTT being free to dispose of, replace or encumber the assets that integrate the postal network, IFRIC 12 - Service Concession Agreements is not applicable to the universal postal service concession contract. During the nine-months periods ended 30 September 2026, the most significant movements in Tangible Fixed Assets were the following: Buildings and other constructions The movements associated with acquisitions and transfers concern to capitalisation works in own and third-party buildings in several CTT and CTT Expresso facilities. Basic equipment The amount relating to acquisitions mainly concerns to the acquisition of special mailboxes amounting 93 thousand Euros and commercial vehicles amounting 335 thousand Euros by CTT, acquisition of containers amounting to 322 thousand Euros, the acquisition of computer equipment amounting to 32 thousand euros, by CTT Expresso, the acquisition of lockers amounting to 1,495 thousand Euros by Open Lockers and the acquisition of vehicles amounting to 147 thousand Euros by Corre. Office equipment The amount relating to acquisitions mainly concerns the acquisition of several computer equipment amounting to 175 thousand Euros , the acquisition of medium and large- sized equipment amounting to 140 thousand Euros and the acquisition of furniture amounting to 104 thousand Euros by CTT, the acquisition of several computer equipment amounting to 149 thousand Euros and acquisition of furniture amounting to 73 thousand Euros by CTT Expresso and the acquisition of several computer equipment amounting to 235 thousand Euros by Banco CTT. Other tangible fixed assets The acquisitions caption essentially records prevention and safety equipment amounting to approximately 135 thousand Euros at CTT, as well as the acquisition of banknote counting equipment worth 113 thousand Euros by Banco CTT. Tangible fixed assets in progress The acquisitions of tangible fixed assets in progress caption essentially includes investments in improvement works on owned and third-party buildings, notably MARL, and the strengthening of operational capacity through the acquisition of cargo units (containers). Also included are amounts related to the expansion of the locker network. As of 30 September 2026, the caption “Changes in the consolidation scope” refers to the integration of the balances of the DHL Parcel Portugal entity, acquired on 12 May 2026, as explained in note 7. Rights of Use The rights of use are detailed as follows, by type of underlying asset: 48
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31.12.2025 Buildings Vehicles Other assets Total Tangible fixed assets Opening balance 263,814,669 78,726,045 6,119,866 348,660,580 New contracts 22,716,315 15,823,505 1,196,822 39,736,641 Transfers and write-offs (3,208,256) (403,529) — (3,611,785) Terminated contracts (1,163,688) (56,272) — (1,219,960) Remeasurements 17,501,803 572,365 — 18,074,168 Changes in the consolidation perimeter 6,479,490 214,499 148,653 6,842,641 Closing balance 306,140,332 94,876,613 7,465,340 408,482,286 Accumulated depreciation Opening balance 152,982,714 44,132,570 4,002,708 201,117,992 Depreciation for the period 27,359,826 12,787,710 1,150,169 41,297,706 Transfers and write-offs (1,464,388) (401,732) — (1,866,119) Terminated contracts (1,161,142) (50,571) — (1,211,713) Adjustments (587,620) — — (587,620) Closing balance 177,129,391 56,467,977 5,152,877 238,750,245 Net Tangible fixed assets 129,010,941 38,408,636 2,312,463 169,732,040 49
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30.09.2026 Buildings Vehicles Other assets Total Tangible fixed assets Opening balance 306,140,332 94,876,613 7,465,340 408,482,286 New contracts 9,249,845 7,532,105 784,183 17,566,132 Transfers and write-offs (4,755,351) — — (4,755,351) Terminated contracts (459,196) (27,641) — (486,837) Remeasurements 4,859,201 — — 4,859,201 Changes in the consolidation perimeter 8,756,319 — — 8,756,319 Closing balance 323,791,149 102,381,077 8,249,523 434,421,749 Accumulated depreciation Opening balance 177,129,391 56,467,977 5,152,877 238,750,245 Depreciation for the period 21,625,660 10,350,401 718,672 32,694,734 Transfers and write-offs (2,432,812) — — (2,432,812) Terminated contracts (171,964) (15,395) — (187,359) Changes in the consolidation perimeter 1,352,539 — — 1,352,539 Closing balance 197,502,815 66,802,984 5,871,549 270,177,347 Net Tangible fixed assets 126,288,334 35,578,093 2,377,974 164,244,401 The depreciation recorded, in the amount of 32,694,734 Euros (29,666,282 Euros on 30 September 2025), is booked under the caption Depreciation/amortisation and impairment of investments, net. During the nine-months periods ended 30 September 2026, the main transactions recorded in the "Rights of Use" line items were as follows: Buildings The acquisition transactions refer to the signing of new lease agreements by CTT (1,372 thousand Euros), Banco CTT (4,003 thousand Euros) and Cacesa (2,777 thousand Euros). Regarding remeasurements, these resulted mainly from extensions of existing lease agreements, recorded by CTT (1,820 thousand Euros), CTT Expresso (1,291 thousand Euros) and Cacesa (1,747 thousand Euros) Vehicles The amount of the acquisitions corresponds mostly to new contracts signed for fleet renewal by CTT (6,593 thousand Euros) and Banco CTT (728 thousand Euros). As of 30 September 2026, the caption “Changes in the consolidation scope” refers to the integration of the balances of the DHL Parcel Portugal entity, acquired on 12 May 2026, as explained in note 7. The information on the liabilities associated with these leases as well as the interest expenses can be found disclosed on Debt (Note 18) and Interest expenses and income (Note 26), respectively. For nine-months periods ended 30 September 2026, no interest on loans was capitalised, as no loans were directly identified attributable to the acquisition or construction of an asset that requires a substantial period of time (greater than one year) to reach its status of use. 50
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According to the analysis of impairment triggers as at 30 September 2026, no events or circumstances were identified that indicate that the amount for which the Group's tangible fixed assets are recorded may not be recovered. There are no tangible fixed assets with restricted ownership or any carrying value relative to any tangible fixed assets which have been given as a guarantee of liabilities. The contractual commitments, related to Tangible fixed assets at 30 September 2026, amount to 8,016,106 Euros (31 December 2025: 12,904,978 Euros). 5. Intangible assets During the year ended 31 December 2025 and the nine-months periods ended 30 September 2026, the movements which occurred in the main categories of the Intangible assets, as well as the respective accumulated amortisation, were as follows: 31.12.2025 Development projects Computer Software Industrial property Other intangible assets Intangible assets in Total Intangible assets Opening balance 4,380,552 205,828,811 19,952,916 2,309,070 8,459,237 240,930,586 Acquisitions — 1,773,687 470 — 25,718,433 27,492,590 Transfers and write-offs — 21,723,276 — — (20,823,950) 899,326 Adjustments — — (50,305) — — (50,305) Changes in the consolidation perimeter — 1,751,598 226,259 — 18,740 1,996,597 Closing balance 4,380,552 231,077,372 20,129,339 2,309,070 13,372,460 271,268,794 Accumulated amortisation Opening balance 4,380,552 145,021,425 16,434,289 1,647,533 — 167,483,799 Amortisation for the period — 19,151,691 714,253 360,838 — 20,226,782 Adjustments — — (35,160) — — (35,160) Changes in the consolidation perimeter — 1,665,202 211,275 — — 1,876,477 Closing balance 4,380,552 165,838,318 17,324,657 2,008,371 — 189,551,898 Net intangible assets — 65,239,055 2,804,682 300,698 13,372,460 81,716,896 51
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30.09.2026 Development projects Computer Software Industrial property Other intangible assets Intangible assets in progress Total Intangible assets Opening balance 4,380,552 231,077,372 20,129,339 2,309,070 13,372,460 271,268,794 Acquisitions 1,301,579 1,811 254,353 18,178,268 19,736,011 Transfers and write-offs 17,389,151 (17,973,654) (584,504) Adjustments (75,785) 12,741 (63,044) Closing balance 4,380,552 249,692,318 20,143,890 2,563,422 13,577,075 290,357,257 Accumulated amortisation Opening balance 4,380,552 165,838,318 17,324,657 2,008,371 — 189,551,898 Amortisation for the period 14,979,181 382,356 302,863 15,664,400 Disposals (417,803) (417,803) Adjustments (85,044) 10,318 (74,727) Closing balance 4,380,552 180,314,652 17,717,330 2,311,235 — 204,723,769 Net intangible assets — 69,377,666 2,426,560 252,188 13,577,075 85,633,487 The amortisation for the period ended 30 September 2026, amounting to 15,664,400 Euros (15,035,809 Euros as at 30 September 2025) was recorded under Depreciation / amortisation and impairment of investments, net. The transfers occurred in the year ended 30 September 2026 from Intangible assets in progress to Computer software refer to IT projects, which were completed during the year. The amounts of 7 628 907 Euros and 5,867,223 Euros capitalised in computer software or in Intangible assets in progress as at 31 December 2025 and 30 September 2026, respectively, are related to staff costs incurred in the development of these projects. The Intangible assets in progress as at 30 September 2026 refer to IT projects which are under development, of which the most relevant are: 52
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30.09.2026 CBS Upgrade 3,529,706 Cards - Software Prod Terminal 865,014 Cards - Software Arquit. 888,434 Galaxy Software 738,643 Mulesoft - Software 404,828 SAP 449,597 PDB - Postman Digital Brain 314,210 7,190,432 The Group has not identified any relevant uncertainties regarding the conclusion of ongoing projects, nor about their recoverability. Most of the projects are expected to be completed in 2026. Regarding the 2025 fiscal year, the amount of R&D expenses incurred by the Group is disclosed in Note 27. There are no Intangible assets with restricted ownership or any carrying amount relative to any Intangible assets which have been given as a guarantee of liabilities. In the nine-months periods ended 30 September 2026, no interest on loans was capitalised, as no loans were directly identified attributable to the acquisition or construction of an asset that requires a substantial period of time (greater than one year) to reach its status of use. Contractual commitments relative to the Intangible assets amounted to 13,649,308 Euros at 30 September 2026 (31 December 2025: 6,958,398 Euros). 53
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6. Investment properties As at 31 December 2025 and the nine-months periods ended 30 September 2026, the movements in the investment property caption are detailed as follows.: 31.12.2025 Land and natural resources Buildings and other constructions Total Investment properties Opening balance 2,205,528 9,887,353 12,092,881 Disposals (667,475) (1,301,230) (1,968,704) Transfers and write-offs — (670,471) (670,471) Other movements — 1,886 1,886 Closing balance 1,538,053 7,917,539 9,455,592 Accumulated depreciation Opening balance 138,394 6,714,363 6,852,758 Depreciation for the period — 170,488 170,488 Disposals (8,624) (1,026,545) (1,035,169) Other movements — 2,091 2,091 Closing balance 129,770 5,860,398 5,990,168 Accumulated impairment Opening balance — 66,199 66,199 Impairment for the period 32,999 (66,199) (33,200) Closing balance 32,999 — 32,999 Net Investment properties 1,375,284 2,057,141 3,432,425 54
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30.09.2026 Land and natural resources Buildings and other Investment properties in progress Total Investment properties Opening balance 1,538,053 7,917,539 — 9,455,592 Disposals (125,543) (742,370) (867,913) Closing balance 1,412,510 7,175,168 — 8,587,679 Accumulated depreciation Opening balance 129,770 5,860,398 — 5,990,168 Depreciation for the period 112,426 112,426 Disposals (14,231) (541,889) (556,119) Closing balance 115,539 5,430,935 — 5,546,474 Accumulated impairment Opening balance 32,999 — — 32,999 Closing balance 32,999 — — 32,999 Net Investment properties 1,263,972 1,744,234 — 3,008,206 Depreciation for the nine-months periods ended 30 September 2026, of 112,426 Euros (137,007 Euros on 30 September 2025) was recorded in the caption Depreciation/amortisation and impairment of investments, net. These assets are not allocated to the Group operating activities, being in the market available for lease. The market value of these assets, which are classified as investment property, in accordance with the valuations obtained at the end of the fiscal year 2025 which were conducted by independent entities, amounts to 5,805,035 Euros. For the nine-months periods ended 30 September 2026, the rents amount charged for properties and equipment leases classified as investment properties was 1,364,261 Euros (30 September 2025: 1,015,202 Euros). 55
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7. Companies included in the consolidation As at 31 December 2025 and 30 September 2026, the parent company, CTT - Correios de Portugal, S.A. and the following subsidiaries and branches were included in the consolidation: Parent company: CTT - Correios de Portugal, S.A. Portugal Avenida dos Combatentes Nr. 43, 14º Floor 1643-001 Lisbon — — — — — — Subsidiaries: CTT Expresso - Serviços Postais e Logística, S.A. Portugal Avenida dos Combatentes Nr. 43, 14º Floor 1643-001 Lisbon 100 — 100 75 — 75 Payshop Portugal, S.A. Portugal Avenida dos Combatentes Nr. 43, 14º Floor 1643-001 Lisbon 100 — 100 100 — 100 CTT Contacto, S.A. Portugal Avenida dos Combatentes Nr. 43, 14º Floor 1643-001 Lisbon 100 — 100 100 — 100 CTT Soluções Empresariais, S.A. Portugal Avenida dos Combatentes Nr. 43, 14º Floor 1643-001 Lisbon 100 — 100 100 — 100 Correio Expresso de Moçambique, S.A. Mozambique Av. 24 de Julho, Building 24, nr 1097, 3rd floor, Bairro da Polana Maputo - Mozambique 50 — 50 50 — 50 Modflex, S.A. Portugal Avenida dos Combatentes, n.º 43, 14.º Piso 1643-001 Lisboa — — — 80 — 80 Banco CTT, S.A. Portugal Building Atrium Saldanha 1 Floor 3 1050 -094 Lisbon 91.29 — 91.29 91.29 — 91.29 1520 Innovation Fund Portugal Av Conselheiro Fernando de Sousa, 19 13º Left 1070-072 Lisbon 37.5 62.5 100 37.5 62.5 100 321 Crédito - Instituição Financeira de Crédito, S.A. Portugal Avenida da Boavista, Nr 772, 1.º, Boavista Prime Bulding 4100-111 Oporto — 91.29 91.29 — 91.29 91.29 NewSpring Services, S.A. Portugal Avenida dos Combatentes Nr. 43, 14º Floor 1643-001 Lisbon — 100 100 — 100 100 CTT IMO - Sociedade Imobiliária, S.A. Portugal Avenida dos Combatentes Nr. 43, 14º Floor 1643-001 Lisbon 100 — 100 100 — 100 Open Lockers, S.A. Portugal Avenida dos Combatentes Nr. 43, 14º Floor 1643-001 Lisbon — 100 100 — 75 75 31.12.2025 30.09.2026 Company name Place of business Head office Percentage of ownership Percentage of ownership Direct Indirect Total Direct Indirect Total 56
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MedSpring, S.A. Portugal Avenida dos Combatentes Nr. 43, 14º Floor 1643-001 Lisbon — 100 100 — 100 100 CTT Logistica, S.A. Portugal Avenida dos Combatentes Nr. 43, 14º Floor 1643-001 Lisbon 100 — 100 100 — 100 CTT Imo Yield, S.A. Portugal Lugar do Espido, Via Norte, 4470-0177 Maia-Oporto 73.7 — 73.7 73.7 — 73.7 Decopharma Portugal - Serviços Logísticos, Lda. Portugal Estrada do Pau Queimado 2870-100 Montijo 100 100 — 100 100 Newspring Iberia SL Spain Centro De Carga Aerea Avenida Marcelino Camacho, 13, CP 28830, San Fernando de Henares (Madrid). — 100 100 — 100 100 DHL Parcel Portugal, Lda Portugal Avenida Álvaro Cunhal, nº6 2660-341 Santo António dos Cavaleiros Loures — — — — 75 75 Compañía Auxiliar al Cargo Express, S.A. Spain Cl Barajas 2 5 6 Aeropuerto, 28042 Madrid (Madrid), Spain — 100 100 100 — 100 Auxiliar Logistica Aeroportuária Express, S.A. Spain Centro De Carga Aerea Madrid-Barajas Parcela 2.5 Nave Number 6 28042 Madrid — 100 100 — 100 100 Cacesa Forwarding and Logistics Tasimacilik Limited Sirketi Turkey Yesilköy Mah. Atatürk Cad. Egs Business Park No: 12 Iç Kapi No: 237 Bakirköy / Istanbul 34149, Turkey — 100 100 — 100 100 Cacesa Forwarding and Logistics s.o.o Serbia Bulevar Kralja Aleksandra 28, Sprat Vi, Beograd, Serbia — 100 100 — 100 100 Cacesa Tech & Logistic Tanger Med s.r.l. Morocco Zone Franche, Logistique, Lot Nº 130, Plateforme Nº 2, Bureau Nº 2, Ksar El Majaz, Oued R'Mel, Commune Anjra, Province Fahs Anjra, Marrocos — 100 100 — 100 100 Compania Auxiliar Al Cargo Expres SA Denmark Kystvejen 32 2770 Kastrup — 100 100 — 100 100 Cacesa Tech & Logistic Romenia s.r.l. Romania Otopeni, Aurel Vlaicu Street no. 9 Ilfov County, Henri Coanda Otopeni International Airport Bucarest. Romania — 100 100 — 100 100 Branches: CTT Express Spain Avenida Europa 9, 28821 Coslada Madrid — 100 100 — 75 75 Compania Auxiliar Al Cargo Expres S.A. Poland UL. GDAŃSKA 130 /4 PIĘTRO 90-520 Łódź , Poland — 100 100 — 100 100 Compania Auxiliar Al Cargo Expres S.A. Bulgary Magyarországi Fióktelep, 9 “Hristo Belchev” Street, 2nd floor Sofia 1000, Bulgary — 100 100 — 100 100 Compania Auxiliar Al Cargo Expres S.A. Denmark Kystvejen 32 2770 Kastrup — 100 100 — 100 100 Compania Auxiliar Al Cargo Expres S.A. Alemania Cargo City Süd, Geb. 534, Lvl.5, Office 5058, 60549 Frankfurt am Main/Flughafen — 100 100 — 100 100 Compania Auxiliar Al Cargo Expres S.A. Netherland Airborne Avenue 71, 2133LV Hoofddorp — 100 100 — 100 100 Compania Auxiliar Al Cargo Expres S.A. Hungary 2220 Vecsés, Lőrinci u. 154/E Airport City, HUNGARY — 100 100 — 100 100 31.12.2025 30.09.2026 Company name Place of business Head office Percentage of ownership Percentage of ownership Direct Indirect Total Direct Indirect Total 57
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Compania Auxiliar Al Cargo Expres S.A. United Kingdom Unit 1, The Ridgeway Trading Estate, Iver Buckinghamshire SL0 9HX United Kingdom — 100 100 — 100 100 Compania Auxiliar Al Cargo Expres S.A. Belgium Rue Sélys Longchamps(Jean de) 5, 4460 Grâce-Hollogne — 100 100 — 100 100 Compania Auxiliar Al Cargo Expres S.A. France 1 Rue De La Haye, Aeroport Charles De Gaulle, 95700 Roissy, Frnce — 100 100 — — — 31.12.2025 30.09.2026 Company name Place of business Head office Percentage of ownership Percentage of ownership Direct Indirect Total Direct Indirect Total In relation to the company Correio Expresso de Moçambique, S.A., as the Group has the right to variable returns arising from its involvement and the ability to affect those returns, it is included in the consolidation. On 30 January 2025, CTT IMO Yield was subject to a capital increase by cash contribution, in the amount of 976,007 Euros. This capital increase resulted in the issue of 1,015,510 new shares. On 5 February 2025, continuing its strategy of developing the real estate business, CTT transferred 30 properties to CTT IMO Yield in the form of a capital contribution in kind, in the amount of 11,980,000 Euros. This operation led to the issue of 12,464,884 new shares. The amount of the contribution in kind corresponded to the fair value of the properties as determined by an external valuation drawn up by two independent experts. For each property being transferred, the average value of the two valuations drawn up by each of the independent experts was taken into account to determine its fair value. Following these capital increase operations in CTT IMO Yield, on 25 February 2025, CTT sold to the current shareholders the necessary shares to maintain unchanged the proportion of capital held by each of the shareholders, therefore, on 31 December 2025 and 30 September 2026, CTT maintains its 73.7% stake in this entity. As it did not involve the loss of control, this operation was considered an equity transaction and the amount of 3,407,430 Euros was recognized under the caption “Non-controlling interests” in equity. On 7 March 2025, Open Lockers underwent a capital increase in the form of a supplementary capital of 2,200,000 Euros. On 23 April 2025, CTT Expresso carried out a capital increase of 110,000,800 Euros, with the aim of providing the entity with the necessary funds to acquire Cacesa. This transaction increased the share capital by 5,040,000 Euros, bringing it to 25,740,000 Euros, in the form of a new cash contribution with the issuance of 280,000 new shares with a nominal value of 18 Euros each. As part of this capital increase, each share will be subscribed at a price of 392.86 Euros, corresponding to 18 Euros of the subscribed capital value and 374.86 Euros of premium per share, meaning that the total amount subscribed and paid up is 110,000,800 Euros, of which 104,960,800 Euros corresponds to the total premium set taking into account the most recent market valuation of the company carried out in the context of the strategic partnership with DHL. On 24 April 2025, CTT Soluções Empresariais sold CTT Services to CTT, and since then, this company has been 100% directly owned by the parent company. The transaction was carried out at book value, as this is the accounting policy adopted by the Group for transactions between entities under common control, and there was no impact on the Group's consolidated accounts. On 30 April 2025, CTT, through its subsidiary CTT Expresso, completed the acquisition of all the capital of Compañia Auxiliar al Cargo Expres, S.A.U. (“Cacesa”), as announced on 18 December 2024, thus gaining exclusive control of this entity and its subsidiaries. On 24 July 2025, Open Lockers received a capital increase in the form of a supplementary contribution of 3,700,000 Euros. On 26 June 2025, a decision was also made to change the company name of CTT Services to CTT Logística, S.A., as well as its corporate purpose and corporate bodies. On the same day, this entity underwent a share capital increase of 58
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2,200,000 Euros, bringing the total amount to 2,250,000 Euros on 31 December 2025 and 30 September 2026. Regarding the Group's corporate reorganization process, and with the aim of, on the one hand, specializing the e- commerce business unit and, on the other hand, boosting the growth of the logistics business area, on 31 July 2025, this business branch was demerged from the entity CTT Expresso and merged into the entity CTT Logística. This business unit consists of a set of organized assets and legal relationships/positions that form an autonomous economic unit capable of economic exploitation by its own means, which constitutes a branch of activity independent of the rest of the activity developed by CTT Expresso. The demerger-merger took effect, for accounting and tax purposes, on 1 January 2025. Subsequently, on 29 July 2025, CTT Logística acquired sole control of Decopharma Portugal - Serviços Logísticos, Lda. through the acquisition of all shares representing the share capital. On October 2025, the entity Cacesa Romania, a subsidiary of Cacesa, was established. In November 2025, Newspring Iberia, a subsidiary of Newspring Services, was formed. On 9 December 2025, Banco CTT subscribed to a share capital increase in its subsidiary 321 Crédito, through a cash contribution of 15,000,000 Euros, resulting in the issuance of 15,000,000 new ordinary, registered, book-entry shares with an issue value of 1 Euro each. The share capital of 321 Crédito increased from 35,000,000 Euros to 50,000,000 Euros. On 31 March 2026, Cacesa Denmark began its operations as a subsidiary of Cacesa, as a result of a process converting a branch into an autonomous entity. Within the scope of the strategic partnership established with DHL, on 24 April 2026, CTT Expresso carried out the following operations with the sole shareholder: 1) return of share premiums amounting to 104,960,800 Euros, in cash; 2) capital increase amounting to 22,140,000 Euros, in the form of a new cash contribution with the issuance of 1,230,000 new shares, with a nominal value of 18 Euros each; and 3) settlement of supplementary contributions amounting to 10,940,000 Euros. Following the aforementioned capital increase, CTT Expresso's share capital amounts to 47,880,000 Euros. On 8 May 2026, CTT Expresso sold its equity investment in Cacesa to CTT. This transaction was a prerequisite for the completion of the partnership between CTT and DHL. Because they are owned by the same entity, CTT, the sale of the stake in Cacesa by CTT Expresso to CTT was carried out at the value of its equity (book value of the stake) as this is the Group's accounting policy for business combinations between entities under common control, i.e., the Group applies the pooling of interests method (Book Value Method or Predecessor Accounting Method) and had no impact on its consolidated accounts. In the case of the Company's accounts, it was also not necessary to perform any fair value measurement, nor was there any recognition of goodwill. On 12 May 2026, the Group completed the strategic partnership with the DHL Group, announced on 19 December 2024. This transaction consisted of: i) the acquisition of 100% of DHL Parcel Portugal, Unipessoal, Lda. (“DHL Parcel Portugal”) by CTT Expresso; ii) in the sale of 25% of CTT Expresso by CTT to DHL; and iii) in the acquisition of 25% of Danzas S.L.U. (“Danzas”) by CTT. With the completion of this transaction, DHL Parcel Portugal will now be integrated into the CTT Group's consolidation perimeter as a subsidiary of CTT Expresso. The sale of a 25% stake in CTT Expresso to DHL for 106,129,422 Euros resulted in the recognition of 25,910,370 Euros under the caption "Non-controlling interests". The capital gain generated from the sale of the stake, amounting to 80,213,448 Euros, is recognized under the caption "Other changes in equity" as it does not represent a loss of control by the Group. The acquisition of 25% of Danzas by CTT, which owns 100% of DHL Parcel Iberia, will be consolidated using the equity method, as it is an associate of the group. As part of the corporate reorganization and simplification of the Group's structure, the merger project by incorporation of DHL Parcel Portugal into CTT Expresso has been published. The merger will take place on 2 November 2026, with accounting and tax effects on 1 May 2026. On 26 July 2026, Modflex, S.A. was established, a company 80% owned by CTT and 20% by minority shareholders. The company's purpose is the development, production, 59
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marketing, and maintenance of innovative technological solutions, with a special focus on intelligent locker systems. This operation is explained in greater detail in the section "Changes in the consolidation perimeter". Joint ventures As at 31 December 2025 and 30 September 2026, the Group held the following interests in joint ventures, registered through the equity method: 31.12.2025 30.09.2026 Company name Place of business Head office Percentage of ownership Percentage of ownership Direct Indirect Total Direct Indirect Total NewPost, ACE Portugal Av. Fontes Pereira de Melo, 40 Lisboa 49 — 49 49 — 49 PTP & F, ACE Portugal Estrada Casal do Canas Amadora 51 — 51 51 — 51 Wolfspring, ACE Portugal Urbanização do Passil, nº 100-A 2890-1852 Alcochete — 50 50 — 50 50 Associated companies As at 31 December 2025 and 30 September 2026, the Group held the following interests in associated companies accounted for by the equity method: 31.12.2025 30.09.2026 Company name Place of business Head office Percentage of ownership Percentage of ownership Direct Indirect Total Direct Indirect Total Danzas Spain San Sebastián - Spain — — — 25 — 25 Dhl Parcel Iberia, S.L. Spain San Sebastián - Spain — — — — 25 25 Mafelosa, SL (a) Spain Castellon - Spain — 25 25 — 25 25 Urpacksur, SL (a) Spain Málaga - Spain — 30 30 — 30 30 (a) Company held by CTT Expresso - Serviços Postais e Logística, S.A., branch in Spain, which currently has no activity. As mentioned and explained in the previous section, within the scope of the strategic partnership between CTT and DHL, on 12 May 2026, CTT acquired a 25% equity investment in Danzas S.L.U. Danzas is the sole shareholder of DHL Parcel Iberia, S.L. 60
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Structured entities Additionally, considering the requirements of IFRS 10, the Group's consolidation perimeter includes the following structured entities: Name Constitution Year Place of issue Consolidation Method Ulisses Finance No.2 (*) 2021 Portugal Full Ulisses Finance No.3 (*) 2022 Portugal Full Chaves Funding No.8 (*) 2019 Portugal Full (*) Entities incorporated in the scope of securitisation operations, recorded in the consolidated financial statements in accordance with the Group's continued involvement, determined based on the percentage held in the residual interests (equity piece or excess spread) of the respective vehicles and to the extent that the Group substantially owns the risks and rewards associated with the underlying assets and has the ability to affect these same risks and rewards. The main impacts of the consolidation of these structured entities on the Group's accounts are the following: 31.12.2025 30.09.2026 Cash and cash equivalents 20,048,687 33,498,758 Financial assets at fair value through profit and loss (Derivatives) 3,259,831 5,283,513 Changes in the consolidation perimeter During the period ended 31 December 2025, the following corporate changes occurred 1) acquisition of exclusive control of Compañia Auxiliar al Cargo Expres, S.A.U. (“Cacesa”) and its subsidiaries; 2) acquisition of exclusive control of the entity Decopharma Portugal - Serviços Logísticos, Lda.; and 3) establishment of the entities Cacesa Romania and NSS Iberia. With reference to 30 September 2026, the following changes occurred in the Group's consolidation scope: i) beginning of operations of Cacesa Denmark as a subsidiary; ii) acquisition of DHL Parcel Portugal by CTT Expresso; iii) sale of 25% of CTT Expresso; iv) acquisition of 25% of Danzas S.L.U. and; v) beginning of activity of Modflex, S.A., 80% owned by CTT. Acquisition of Cacesa and its subsidiaries On 30 April 2025 (closing date of the transaction), CTT, through its subsidiary CTT Expresso, completed the acquisition of the entire capital of Cacesa, as announced on 18 December 2024, a Spanish company well-positioned in the international e-commerce customs market. The acquisition was made for an initial price of 91,000,000 euros, subject to adjustments, based on the accounts prepared at the closing of the deal, essentially related to the net cash position and a variable price, defined on the basis of the Closing date. The sum of the initial fixed price, the variable price and the net cash position amounted o 109,930,111 Euros. The amount of 3,051,598 Euros relating to liabilities assumed was deducted from this figure, and the final amount of 106,878,512 euros was settled in full by monetary means. 61
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The Goodwill is essentially attributable to the operational synergies expected to be captured with impact on the Group's results. The main synergies in terms of revenue are expected to result from the expansion of last-mile delivery services and integration with CTT's customs processes. Cost synergies are expected to materialize through increased efficiency in customs processing operations and the elimination of duplication in overhead costs. With this acquisition, the Group aims to further strengthen its leading e-commerce presence in the Iberian Peninsula and expand its portfolio of e-commerce services and solutions. Thus, the Goodwill recognition determined upon the purchase of Cacesa is demonstrated as follows: Amount Assets acquired (Cacesa) 50,169,663 Liabilities acquired (Cacesa) 24,516,970 Net assets acquired (Cacesa) 25,652,693 Fair Value Adjustments: Provisions (16,800,000) Fair value of the net assets acquired (provisional value) (16,800,000) Acquisition Price 106,878,512 Liabilities undertaken 3,051,598 Goodwill 101,077,418 The fair value measurement methods applied by the Group, and its results, are detailed as follows: • Provisions: Provisions are explained in greater detail in note 19 - Provisions. These provisions were measured at fair value at the acquisition date in accordance with the requirements of IFRS 3 and IFRS 13. Fair value was estimated based on the value of the expected future cash flows for the settlement of the identified legal or construction obligations. The assets acquired from Cacesa are detailed as follows: Cacesa Amount Non current assets Tangible fixed assets 5,751,769 Intangible assets 86,918 Investments in subsidiaries 3,671,326 Other non current assets 578,444 Deferred tax assets 727,944 Non current assets 10,816,401 Current assets Account receivables 7,947,054 Group companies 558,466 Other current assets 11,773,706 Cash and cash equivalents 19,074,038 Current assets 39,353,264 Assets acquired (Cacesa) 50,169,665 The net book value of accounts receivable on the acquisition date amounts to 7,947,054 Euros and 3,733,099 Euros in the subsidiary Alaer, with no differences in relation to their fair value within the scope of IFRS 3. Acquisition of Decopharma Portugal Additionally, on 29 July 2025, CTT Logística acquired exclusive control of Decopharma Portugal - Logistics Services, Lda. through the acquisition of all shares representing its share capital. Decopharma specializes in logistics solutions for the pharmaceutical and healthcare industries. The acquisition was completed for an initial price of 2,000,000 Euros, subject to adjustments based on the accounts prepared at the close of the transaction, primarily related to the net cash position. After the aforementioned adjustments were made, the final price of 2,225,723 Euros was settled in full in cash. Furthermore, earnouts were agreed upon depending on the company's activity over the two years following the aforementioned closing, based on the achievement of pre-defined objectives for Decopharma, including EBITDA targets. At the closing date, 1,700,000 Euros 62
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of contingent components relating to said earnouts were recognized, with their fair value determined based on the best estimate at the closing date of the transaction, subject to revaluation at each reporting date. The earnout valuation was performed for the fiscal year 2025, however, the company did not meet the EBITDA target for 2025 and, according to a more recent assessment, full compliance with the 2026 requirements is expected to be more challenging. Consequently, from a prudence and reasonableness perspective, the amount related to the earn-out was fully derecognized. With this transaction, the CTT Group strengthens its position as an e-commerce logistics operator, expanding its offer to include complete logistics solutions across the entire value chain—including products that require specific storage and transportation conditions. The recognised goodwill is essentially based on the synergies that the strengthening of CTT Group's presence in a growing sector could enhance, particularly by creating cross-selling opportunities and integrating services across Portugal and Spain. As of 30 September 2026, the goodwill recognized in the purchase of Decopharma is shown as follows: Initial recognition Assets acquired 2,018,423 Liabilities acquired 1,385,388 Net assets acquired 633,035 Adjustments to net assets acquired (70,668) Total net assets acquired 562,366 Acquisition Price 2,225,723 Goodwill 1,663,357 The assets acquired from Decopharma are detailed as follows: Decopharma Initial recognition Non current assets Tangible fixed assets 1,021,098 Intangible assets 25,466 Other non current assets 3,126 Non current assets 1,049,690 Current assets Inventories 17,173 Account receivables 584,176 Income taxes receivable 27,764 Prepayments 7,254 Other current assets 2,774 Cash and cash equivalents 258,924 Current assets 898,065 Assets acquired 1,947,755 The net book value of accounts receivable on the acquisition date amounts to 584,176 Euros, with no differences in relation to their fair value within the scope of IFRS 3.Strategic Partnership CTT - DHL On 19 December 2024, CTT and DHL Ecommerce International Holdings, B.V. (“DHL” or “DHL Group”) established a partnership with the aim of joining forces in Portugal and Spain and creating a high-performance venture to address the e-commerce parcel markets – in the B2C and B2B segments – with a daily capacity exceeding one million shipments and out-of- home services in the Iberian Peninsula. This strategic partnership is aimed at generating efficiencies and addressing growth opportunities in the e-commerce and parcel delivery markets in Spain and Portugal. This collaboration aims to create a comprehensive collection and distribution network in Portugal and Spain. 63
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The completion of the operation was subject to approval by the European Commission. This authorization constituted the main prerequisite requiring approval from an external regulatory authority. On 18 March 2026, CTT and DHL Ecommerce International Holdings, B.V. were notified that the European Commission had unconditionally approved, under the EU Merger Regulation, the partnership, as announced by the Parties on 19 December 2024. The Transaction was completed on 12 May 2026 and consisted of i) the acquisition of DHL Parcel Portugal by CTT Expresso; ii) the sale of 25% of CTT Expresso by CTT to DHL; and iii) the acquisition of 25% of Danzas by CTT. Danzas is the sole shareholder of DHL Parcel Iberia, S.L.U. (“DHL Parcel Iberia”), and DHL Parcel Iberia, on the date of the transaction, was the sole shareholder of DHL Parcel Portugal. The amounts relating to this transaction are as follows: 1) Acquisition value of 25% of Danzas S.L.U. by CTT of 35,887,920 Euros; 2) Sale of 25% of CTT Expresso by CTT in the amount of 106,129,422 Euros; and 3) Acquisition of 100% of DHL Parcel Portugal by CTT Expresso of 8,347,340 Euros A new phase of the Transaction is planned, in which a purchase option structure will be assigned (exercised after the closing of the 2027 and 2028 accounts): • CTT receives an option to acquire 10% of Danzas and DHL to acquire 10% of CTT Expresso, based on the 2027 accounts. • Subject to the fulfillment of certain conditions relating to operational performance: 2028 consolidated EBIT of the JV (sum of the EBIT verified in 2028 of Danzas and CTT Expresso) being above 96 million) and assuming that the above option is exercised, CTT will be granted an option to acquire up to 49% of Danzas (additional 14% stake) and DHL to acquire up to 49% of CTT Expresso (additional 14% stake). As part of this Agreement, DHL's e-commerce business in Portugal was fully transferred to CTT Expresso. In Spain, the focus will be streamlined to promote both B2C and B2B services, aiming to create a highly efficient network for order processing and last-mile delivery, enriching the customer experience throughout the Iberian Peninsula. CTT Expresso continues to be fully consolidated by CTT, which maintains a controlling stake of 75%, while Danzas and consequently DHL Parcel Iberia, corresponding to a 25% stake, are being consolidated using the equity method. The Goodwill of DHL Parcel Portugal is essentially attributable to the operational synergies expected to be captured, impacting the Group's results, and is expected to generate efficiencies and new growth opportunities in the e-commerce and parcel distribution markets in Spain and Portugal. Thus, the initial recognition of the Goodwill from the purchase of DHL Parcel Portugal is shown as follows: Initial recognition Assets acquired (DHL Parcel PT) 23,093,283 Liabilities acquired (DHL Parcel PT) 15,877,425 Net assets acquired (DHL Parcel PT) 7,215,858 Acquisition Price 8,347,340 Goodwill 1,131,482 The Purchase Price Allocation (PPA) is ongoing, and the Group's assessment of the assumptions and criteria for the fair value of the acquired assets and assumed liabilities is ongoing and will be completed within 12 months of the acquisition date as foreseen in IFRS 3 – Business Combinations, and the final value may differ from that presented here. The Group incurred expenses related to the Partnership Strategy with DHL in the amount of 1.8 million euros, namely financial advisory and legal costs. These expenses were recorded under the caption Supplies and External Services in the Statement of Income by nature for the years ended 31 December 2024, 31 December 2025 and 30 September 2026. 64
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The assets acquired from DHL Parcel Portugal are detailed as follows: DHL Parcel PT Initial recognition Non current assets Tangible fixed assets 11,757,714 Deferred tax assets 34,523 Non current assets 11,792,237 Current assets Account receivables 5,132,116 Other current assets 207,193 Prepayments 459,236 Cash and cash equivalents 5,502,502 Current assets 11,301,047 Assets acquired (DHL Parcel PT) 23,093,283 The net book value of accounts receivable at the acquisition date is 5,132,116 Euros and no differences from their fair values are expected under IFRS 3. The results of DHL Parcel Portugal are presented as follows (relating to the period from May to September 2026): Income Statement - from 01.05.2026 until 30.09.2026 Caption Amount Sales and service rendered 19,185,102 19,185,102 Net profit for the period 363,424 If the transaction had occurred at the beginning of the reporting period (1 January 2026), the consolidated revenue and consolidated net income for the period of the CTT Group would have been approximately 1,009 million Euros and 23.84 million Euros, respectively. 65
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8. Debt securities As at 31 December 2025 and 30 September 2026, the caption “Debt securities” showed the following composition: 31.12.2025 30.09.2026 Non-current Financial assets at fair value through other comprehensive income (1) Bonds issued by other entities 51,783,940 67,774,110 51,783,940 67,774,110 Financial assets at amortised cost (2) Government bonds 662,740,007 610,994,006 Supranational bonds 144,629,990 115,379,003 Impairment (112,132) (90,342) 807,257,865 726,282,665 859,041,805 794,056,775 Current Financial assets at fair value through other comprehensive income (1) Bonds issued by other entities 459,442 1,087,616 459,442 1,087,616 Financial assets at amortised cost (2) Government bonds 951,097,861 1,154,064,410 Supranational bonds 290,136,698 457,547,643 Impairment (55,016) (97,667) 1,241,179,543 1,611,514,387 1,241,638,985 1,612,602,003 2,100,680,790 2,406,658,778 (1) As at 31 December 2025 and 30 September 2026 includes the amount of 10,026 Euros and 13,196 Euros, respectively, regarding Accumulated impairment losses. (2) As at 30 September 2026 includes the negative amount of 12,451,944 euros (31 December 2025: 884,242 euros) related to adjustments resulting from the application of hedge accounting. The financial assets in this portfolio are primarily managed based on a business model whose purpose is to receive contractual cash flows. 66
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The increase in debt securities caption is essentially justified by the change in the positive exposure (nominal value) of 183 million euros of Belgian public debt, 79 million euros of supranational debt, 67 million euros of French public debt, 48 million euros of Italian public debt, and negative exposure of (45) million euros of Spanish public debt and (24) million euros of Portuguese public debt. The analysis of Financial assets at fair Value through other comprehensive income and the Financial assets at amortised cost, by remaining maturity, as at 31 December 2025 and 30 September 2026 is detailed as follows: 31.12.2025 Current Non-current Total Due within 3 months Over 3 months and less than 1 year Total Over 1 year and less than 3 years Over 3 years Total Financial assets at fair value through other comprehensive income (1) Bonds issued by other entities National 55,017.00 — 55,017.00 — 8,888,040.00 8,888,040.00 8,943,057.00 Foreign 404,425 — 404,425.00 15,164,700.00 27,731,200.00 42,895,900.00 43,300,325.00 459,442 — 459,442 15,164,700 36,619,240 51,783,940 52,243,382 30.09.2026 Current Non-current Total Due within 3 months Over 3 months and less than 1 year Total Over 1 year and less than 3 years Over 3 years Total Financial assets at fair value through other comprehensive income (1) Bonds issued by other entities National 113,918 — 113,918 — 8,550,720 8,550,720 8,664,638 Foreign 973,699 — 973,699 28,564,990 30,658,400 59,223,390 60,197,089 1,087,616 — 1,087,616 28,564,990 39,209,120 67,774,110 68,861,726 (1) As at 31 December 2025 and 30 September 2026 includes the amount of 10,026 Euros and 13,196 Euros, respectively, regarding Accumulated impairment losses. 67
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31.12.2025 Current Non-current Total Due within 3 months Over 3 months and less than 1 year Total Over 1 year and less than 3 years Over 3 years Total Financial assets at amortised cost Government bonds National 167,576,657 48,248,110 215,824,767 37,429,951 105,432,593 142,862,544 358,687,311 Foreign 334,033,021 401,240,073 735,273,094 117,945,513 401,931,950 519,877,463 1,255,150,557 Supranational bonds 141,494,569 148,642,129 290,136,698 124,897,092 19,732,898 144,629,990 434,766,688 643,104,247 598,130,312 1,241,234,559 280,272,556 527,097,441 807,369,997 2,048,604,556 30.09.2026 Current Non-current Total Due within 3 months Over 3 months and less than 1 year Total Over 1 year and less than 3 years Over 3 years Total Financial assets at amortised cost Government bonds National 31,406,464 177,173,341 208,579,805 33,311,446 90,604,636 123,916,082 332,495,887 Foreign 268,603,649 676,880,957 945,484,606 58,731,977 428,345,947 487,077,924 1,432,562,530 Supranational Bonds 42,621,043 414,926,601 457,547,644 95,615,255 19,763,748 115,379,003 572,926,646 342,631,156 1,268,980,899 1,611,612,054 187,658,678 538,714,331 726,373,008 2,337,985,062 Fair Value The fair value of debt securities at amortised cost portfolio, on 31 December 2025, amounted to 2,079,350 thousand euros (a negative difference of 21,331 thousand euros in relation to its book value). The fair value of debt securities at amortised cost, on 30 September 2026, amounted to 2,337,797 thousand euros (a negative difference of 37,770 thousand euros in relation to its book value). Impairment The impairment losses, for the period ended 31 December 2025 and the nine-months periods ended 30 September 2026, are detailed as follows: 68
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31.12.2025 Opening balance Increases Reversals Transfers Closing balance Non-current assets Financial assets at fair value through other comprehensive income — 9,937 — — 9,937 Financial assets at amortised cost 53,096 77,165 (34,360) 16,231 112,132 53,096 87,102 (34,360) 16,231 122,069 Current assets Financial assets at fair value through other comprehensive income — 88 — — 88 Financial assets at amortised cost 50,244 37,860 (16,858) (16,231) 55,015 50,244 37,948 (16,858) (16,231) 55,103 Financial assets at fair value through other comprehensive income — 10,025 — — 10,025 Financial assets at amortised cost 103,340 115,025 (51,218) — 167,147 103,340 125,050 (51,218) — 177,173 30.09.2026 Opening balance Increases Reversals Transfers Closing balance Non-current assets Financial assets at fair value through other comprehensive income 9,937 3,414 (293) (3) 13,055 Financial assets at amortised cost 112,132 39,425 (31,964) (29,251) 90,342 122,069 42,839 (32,257) (29,254) 103,398 Current assets Financial assets at fair value through other comprehensive income 88 55 (5) 3 141 Financial assets at amortised cost 55,015 47,956 (34,556) 29,251 97,666 55,103 48,011 (34,561) 29,254 97,807 Financial assets at fair value through other comprehensive income 10,025 3,469 (298) — 13,196 Financial assets at amortised cost 167,147 87,381 (66,520) — 188,009 177,173 90,850 (66,818) — 201,205 According to the accounting policy in force, the Group regularly assesses whether there is objective evidence of impairment in its financial asset portfolios at amortised cost. 69
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9. Other banking financial assets and liabilities As at 31 December 2025 and 30 September 2026, the caption “Other banking financial assets” and “Other banking financial liabilities” showed the following composition: 31.12.2025 30.09.2026 Non-current assets Hedging Derivatives 7,423,177 19,684,948 7,423,177 19,684,948 Current assets Investments in central banks 607,032,622 467,838,487 Investments in credit institutions 55,911,231 8,871,941 Impairment (2,970) (391) Other 6,027,471 7,314,161 Impairment (1,879,288) (1,897,007) 667,089,067 482,127,189 Non-current liabilities Hedging derivatives 1,276,934 938,347 1,276,934 938,347 Current liabilities Other 28,450,172 36,564,880 28,450,172 36,564,880 Investments in credit institutions and Loans to credit institutions Regarding the above-mentioned captions, the scheduling by maturity is as follows: 31.12.2025 30.09.2026 Up to 3 months 654,577,153 476,710,427 From 3 to 12 months 8,366,700 — 662,943,853 476,710,427 The caption "Investments at credit institutions" showed an annual average return of 1.77% (31 December 2025: 1.33%). 70
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The amount of 467,838,487 Euros recorded in applications with central banks corresponds to overnight deposits with the Bank of Portugal. Impairment The impairment losses, for the period ended 31 December 2025 and the nine-months periods ended 30 September 2026, are detailed as follows: 31.12.2025 Opening balance Increases Reversals Utilisations Closing balance Current assets Investments and loans in credit institutions 4,623 2,838 (4,491) — 2,970 Other 1,834,074 55,232 (9,337) (681) 1,879,288 1,838,697 58,070 (13,828) (681) 1,882,258 1,838,697 58,070 (13,828) (681) 1,882,258 30.09.2026 Opening balance Increases Reversals Utilisations Closing balance Current assets Investments and loans in credit institutions 2,970 391 (2,970) — 391 Other 1,879,288 23,159 (5,440) — 1,897,007 1,882,258 23,550 (8,410) — 1,897,398 The caption “Other current liabilities” primarily record the banking operations’ balances pending of financial settlement. 71
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10. Credit to banking clients As at 31 December 2025 and 30 September 2026, the caption “Credit to banking clients” was detailed as follows: 31.12.2025 30.09.2026 Performing loans 2,018,731,968 2,281,241,722 Mortgage Loans 964,774,574 1,146,216,387 Auto Loans 1,050,866,075 1,131,929,568 Leasings 730,246 558,562 Overdrafts 2,361,073 2,537,205 Overdue loans 38,410,487 37,009,010 Overdue loans - less than 90 days 1,752,130 1,783,491 Overdue loans - more than 90 days 36,658,357 35,225,519 2,057,142,455 2,318,250,732 Credit risk impairment (63,003,327) (67,144,582) 1,994,139,128 2,251,106,150 The maturity analysis of the Credit to bank clients as at 31 December 2025 and 30 September 2026 is detailed as follows: 31.12.2025 Current Non-current Total At sight Due within 3 months Over 3 months and less than 1 year Overdue Loans Total Over 1 year and less than 3 years Over 3 years Total Mortgage loans — 7,254,815 16,697,024 41,735 23,993,574 46,658,687 894,164,048 940,822,735 964,816,310 Auto Loans — 42,117,453 114,409,284 36,184,301 192,711,038 292,210,297 602,129,041 894,339,338 1,087,050,376 Leasings — 50,248 115,887 75,684 241,819 175,431 388,679 564,110 805,929 Overdrafts 2,361,073 — — 2,108,767 4,469,840 — — — 4,469,840 2,361,073 49,422,516 131,222,195 38,410,487 221,416,272 339,044,415 1,496,681,768 1,835,726,183 2,057,142,455 72
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´ 30.09.2026 Current Non-current Total At sight Due within 3 months Over 3 months and less than 1 year Overdue Loans Total Over 1 year and less than 3 years Over 3 years Total Mortgage loans — 8,228,621 19,667,738 39,183 27,935,542 54,636,569 1,063,683,459 1,118,320,028 1,146,255,570 Auto Loans — 46,225,565 123,432,410 34,468,914 204,126,889 317,933,848 644,337,746 962,271,594 1,166,398,483 Leasings — 36,590 88,457 157,762 282,809 132,811 300,703 433,514 716,323 Overdrafts 2,537,205 — — 2,343,152 4,880,357 — — — 4,880,357 2,537,205 54,490,776 143,188,605 37,009,010 237,225,596 372,703,228 1,708,321,908 2,081,025,136 2,318,250,732 In 2025, the Group sold a large part of its written-off loan portfolio to assets, comprising 13,124 contracts with an outstanding value of approximately 88.4 million euros. The credit type analysis of the caption, as at 31 December 2025 and 30 September 2026 is detailed as follows: 31.12.2025 Performing Loans Overdue loans Gross amount Impairment Net amount Mortgage Loans 964,774,574 41,735 964,816,309 (2,214,387) 962,601,922 Auto Loans 1,050,866,075 36,184,301 1,087,050,376 (59,025,734) 1,028,024,642 Leasings 730,246 75,684 805,930 (208,087) 597,843 Overdrafts 2,361,073 2,108,767 4,469,840 (1,555,120) 2,914,720 2,018,731,968 38,410,487 2,057,142,455 (63,003,327) 1,994,139,128 73
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30.09.2026 Performing Loans Overdue loans Gross amount Impairment Net amount Mortgage Loans 1,146,216,387 39,183 1,146,255,571 (1,950,895) 1,144,304,676 Auto Loans 1,131,929,568 34,468,914 1,166,398,481 (62,978,053) 1,103,420,428 Leasings 558,562 157,762 716,324 (199,742) 516,582 Overdrafts 2,537,205 2,343,152 4,880,356 (2,015,892) 2,864,464 2,281,241,722 37,009,011 2,318,250,732 (67,144,582) 2,251,106,150 The total credit portfolio, split by stage according to IFRS 9, is analysed as follows: 31.12.2025 30.09.2026 Stage 1 1,853,234,797 2,106,797,484 Gross amount 1,858,309,516 2,112,309,302 Impairment (5,074,719) (5,511,818) Stage 2 80,277,813 85,674,947 Gross amount 88,333,495 94,033,777 Impairment (8,055,682) (8,358,830) Stage 3 60,626,518 58,633,719 Gross amount 110,499,444 111,907,653 Impairment (49,872,926) (53,273,934) 1,994,139,128 2,251,106,150 The caption “Credit to bank clients” includes the effect of traditional securitisation transactions, carried out through securitisation vehicles, consolidated pursuant to IFRS 10. Fair Value The “Credit to banking clients” fair value, on 31 December 2025, amounted to 2,007,826 thousand euros (a negative difference of 13,381 thousand euros in relation to its book value). The “Credit to banking clients” fair value, on 30 September 2026, amounted to 2,254,475 thousand euros (a positive difference of 2,470 thousand euros in relation to its book value). 74
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Impairment losses During the year ended 31 December 2025 and the nine-months periods ended 30 September 2026, the movement in the Accumulated impairment losses caption (Note 13) was as follows: 31.12.2025 Opening Balance Increases Reversals Utilisations Transfers Other movements Closing balance Non-current assets Credit to banking clients 30,345,237 20,869,776 (11,296,051) (328,468) (4,147,173) — 35,443,321 30,345,237 20,869,776 (11,296,051) (328,468) (4,147,173) — 35,443,321 Current assets Credit to banking clients 16,223,908 16,227,913 (8,783,579) (255,410) 4,147,173 — 27,560,005 16,223,908 16,227,913 (8,783,579) (255,410) 4,147,173 — 27,560,005 46,569,145 37,097,689 (20,079,630) (583,878) — — 63,003,327 30.09.2026 Opening Balance Increases Reversals Utilisations Transfers Other movements Closing balance Non-current assets Credit to banking clients 35,443,321 22,225,825 (14,337,721) (5,489,496) 1,048,090 38,890,019 35,443,321 22,225,825 (14,337,721) (5,489,496) 1,048,090 — 38,890,019 Current assets Credit to banking clients 27,560,005 16,147,612 (10,416,710) (3,988,255) (1,048,090) 28,254,562 27,560,005 16,147,612 (10,416,710) (3,988,255) (1,048,090) — 28,254,562 63,003,327 38,373,437 (24,754,431) (9,477,751) — — 67,144,582 The impairment losses of Credit to banking clients (net of reversals) for the period ended 30 September 2026 amounted to 13,619,006 Euros (12,426,554 Euros as at 30 September 2025) was booked in the caption Impairment of other financial banking assets. 75
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Regarding the movements in impairment losses by stages, in the periods ended on 31 December 2025 and the nine-months periods ended 30 September 2026, they are detailed as follows: 31.12.2025 Stage 1 Stage 2 Stage 3 Total Opening balance 4,995,703 7,882,801 33,690,642 46,569,146 Change in period: Increases due to origination and acquisition 1,788,418 1,504,208 1,291,043 4,583,669 Changes due to change in credit risk (3,582,768) 1,976,830 16,039,511 14,433,572 Decrease due to derecognition repayments and disposals (514,742) (459,132) (1,025,308) (1,999,181) Write-offs — — (583,878) (583,878) Transfers to: Stage 1 2,716,983 (1,617,650) (1,099,333) — Stage 2 (202,553) 1,856,263 (1,653,710) — Stage 3 (126,879) (3,082,311) 3,209,190 — Foreign exchange and other 558 (5,326) 4,769 — Impairment 5,074,720 8,055,683 49,872,925 63,003,327 Of which: POCI — — (248,447) (248,447) 30.09.2026 Stage 1 Stage 2 Stage 3 Total Opening balance 5,074,720 8,055,683 49,872,925 63,003,327 Change in period: Increases due to origination and acquisition 1,602,928 907,689 478,554 2,989,171 Changes due to change in credit risk (3,321,937) 1,862,352 14,277,294 12,817,709 Decrease due to derecognition repayments and disposals (426,600) (334,250) (1,427,025) (2,187,874) Write-offs — — (9,477,751) (9,477,751) Transfers to: Stage 1 2,890,913 (1,606,374) (1,284,538) — Stage 2 (187,397) 2,140,865 (1,953,468) — Stage 3 (83,989) (2,725,960) 2,809,949 — Foreign exchange and other (36,818) 58,826 (22,008) — Impairment 5,511,818 8,358,830 53,273,934 67,144,582 Of which: POCI — — (210,108) (210,108) 76
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The reconciliation of accounting movements related to impairment losses is presented below: 31.12.2025 Stage 1 Stage 2 Stage 3 Total Opening balance 4,995,703 7,882,801 33,690,642 46,569,146 Change in period: ECL income statement change for the period (2,309,092) 3,021,906 16,305,245 17,018,060 Stage transfers (net) 2,387,550 (2,843,698) 456,148 — Write-offs — — (583,878) (583,878) Foreign exchange and other 558 (5,326) 4,769 — Impairment 5,074,720 8,055,683 49,872,925 63,003,327 30.09.2026 Stage 1 Stage 2 Stage 3 Total Opening balance 5,074,720 8,055,683 49,872,925 63,003,327 Change in period: ECL income statement change for the period (2,145,610) 2,435,791 13,328,824 13,619,006 Stage transfers (net) 2,619,527 (2,191,470) (428,057) — Write-offs — — (9,477,751) (9,477,751) Foreign exchange and other (36,818) 58,826 (22,008) — Impairment 5,511,819 8,358,831 53,273,934 67,144,582 Sensitivity Analysis Given the high uncertainty of macroeconomic projections and considering that deviations from the presented scenarios may have an impact on the amount of estimated expected losses, sensitivity analyses were carried out on the distribution of the portfolio by stage and the respective impact on impairment. The Group considers that the most sensitive or susceptible parameters assumed, as they are based on benchmarks, dependent on methodological options or because they are more susceptible to changes in the economic cycle, are the Probability of Default (PD) for most portfolios and the Loss Given Default (LGD) for the credit card case. In this context, the sensitivity analysis carried out to determine what would be the impairment of the global portfolio if those parameters suffered a relative deterioration of 10%, concluded that the increase in impairment would be 1,167 thousand euros, corresponding to about 1.7%. 77
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11. Prepayments As at 31 December 2025 and 30 September 2026, the “Prepayments” included in current assets and current and non-current liabilities showed the following composition: 31.12.2025 30.09.2026 Deferred Assets Non-current Employee Mortgage Loan protocol 2,626,050 2,966,345 Other 2,164,639 4,253,972 4,790,689 7,220,317 Current Rents payable 1,321,987 1,586,836 Meal allowances 1,217,088 1,167,243 Other 12,277,588 14,334,711 14,816,663 17,088,790 19,607,352 24,309,107 Deferred Liabilities Non-current Investment subsidy 1,192,663 2,400,561 Other 309,181 545,954 1,501,844 2,946,515 Current Investment subsidy 11,201 11,201 Contractual liabilities 4,748,220 4,108,865 Other 2,807,132 3,273,045 7,566,553 7,393,111 9,068,397 10,339,626 The caption “Other deferred assets” essentially records deferred expenses related to annual software licensing agreements and insurance contracts. The caption “Contractual liabilities” results from the application of IFRS 15 - Revenue from Contracts with Customers and stands for the amount already invoiced, but not yet recognised as revenue because the performance obligations have not yet been met as recommended by the standard. 78
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The “Contractual liabilities” recognised essentially refer to amounts related to stamps and prepaid postage of priority mail in the amount of 622,863 Euros (956,046 Euros on 31 December 2025), whose revenue is expected to be recognised in October 2026 (estimate of 80% of the item's value) and the remaining during 2026, and to objects invoiced and not delivered on 30 September 2026 in the e‑ commerce Solutions segment, in the amount of 3,486,001 Euros (3,792,174 Euros as of 31 December 2025), whose revenue is recognised upon delivery in the following month. The revenue recognised in the period, included in the balance of Contractual liabilities at the beginning of the period amounted to 4,748,220 Euros. No “Assets resulting from contracts” associated with the application of IFRS 15 - Revenue from contracts with customers were recognised. 12. Cash and cash equivalents As at 31 December 2025 and 30 September 2026, cash and cash equivalents correspond to the value of cash, sight deposits, term deposits and cash investments on the monetary market, net of bank overdrafts and equivalent short-term bank financing, and is detailed as follows: 31.12.2025 30.09.2026 Cash 51,501,672 48,913,104 Demand deposits 160,506,690 164,277,547 Deposits at Central Banks 44,795,381 53,135,155 Deposits at other credit institutions 36,923,309 48,334,908 Term deposits 51,587,997 12,300,118 Cash and cash equivalents (Statement of Financial Position) 345,315,049 326,960,832 Demand deposits at Banco de Portugal (42,918,800) (47,265,600) Checks for collection / Checks clearing (6,314,265) (5,903,983) Impairment of Demand and term deposits 1,074 1,175 Cash and cash equivalents (Cash Flow Statement) 296,083,058 273,792,424 79
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The caption “Sight deposits at Bank of Portugal” includes mandatory deposits in order to meet the legal requirements to maintain a minimum cash reserve in accordance with the provisions of Regulation (EU) No. 1358/2011 of European Central Bank of 14 December 2011, which states that the minimum cash requirements kept as demand deposits at Bank of Portugal amounts to 1% of the average amount of deposits and other liabilities, over each reserve maintenance period. As at 30 September 2026, the daily average of the minimum mandatory availability for the period in force was 47,265,600 Euros. Therefore, the item deposits at Bank of Portugal includes, as at 30 September 2026, a total amount of demand deposits of 53,135,155 Euros (31 December 2025: 44,795,381 Euros). The caption “Outstanding checks/ Checks clearing” represents checks drawn by third parties on other credit institutions, which are in collection. Impairment In the period ended 31 December 2025 and the nine-months periods ended 30 September 2026, the movement recorded under the caption “Impairment of sight and term deposits” (Note 13) is detail as follows: 31.12.2025 Opening Balance Increases Reversals Closing balance Slight and term deposits 1,846 322 (1,094) 1,074 1,846 322 (1,094) 1,074 30.09.2026 Opening Balance Increases Reversals Closing balance Slight and term deposits 1,074 337 (236) 1,175 1,074 337 (236) 1,175 The impairment losses (increases net of reversals) for the period ended 30 September 2026 in the amount of 101 Euros ( (1,051) Euros as at 30 September 2025) were booked under the caption Impairment of accounts receivable, net. 80
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13. Accumulated impairment losses During the years ended 31 December 2025 and the nine-months periods ended 30 September 2026, the following movements occurred in impairment losses: 31.12.2025 Opening balance Increases Reversals Utilisations Transfers Changes in the consolidation Other movements PPA adjustments Closing balance Non-current assets Tangible fixed assets 13,109 — — (3,400) — 76,238 — — 85,947 Investment properties 66,198 — (33,200) — — — — — 32,998 79,307 — (33,200) (3,400) — 76,238 — — 118,945 Debt securities at fair value through other comprehensive income — 9,937 — — — — — — 9,937 Debt securities at amortised cost 53,096 77,165 (34,360) — 16,231 — — — 112,132 Other non-current assets 386,752 — — — 11,197 — — — 397,952 Credit to banking clients 30,345,237 20,869,776 (11,296,051) (328,468) (4,147,173) — — — 35,443,321 30,785,086 20,956,878 (11,330,411) (328,468) (4,119,745) — — — 35,963,341 30,864,393 20,956,878 (11,363,611) (331,868) (4,119,745) 76,238 — — 36,082,286 Current assets Accounts receivable 41,992,069 1,404,540 (1,742,540) (858,233) — 1,098,801 (2,557) — 41,892,080 Credit to banking clients 16,223,908 16,227,913 (8,783,579) (255,410) 4,147,173 — — — 27,560,005 Debt securities at fair value through other comprehensive income — 88 — — — — — — 88 Debt securities at amortised cost 50,244 37,860 (16,858) — (16,231) — — — 55,015 Other current assets 11,620,816 503,133 (428,372) (633,712) (11,197) — — — 11,050,669 Investments and loans in credit institutions 4,623 2,838 (4,491) — — — — — 2,970 Other banking financial assets 1,834,074 55,232 (9,337) (681) — — — — 1,879,288 Slight and term deposits 1,846 322 (1,094) — — — — — 1,074 71,727,581 18,231,926 (10,986,271) (1,748,036) 4,119,745 1,098,801 (2,557) — 82,441,190 Merchandise 2,060,118 59,077 — (520,254) — — — — 1,598,941 Raw, subsidiary and consumable 1,044,436 172,312 — (125,498) — — — — 1,091,250 3,104,554 231,389 — (645,752) — — — — 2,690,191 74,832,134 18,463,315 (10,986,271) (2,393,788) 4,119,745 1,098,801 (2,557) — 85,131,381 105,696,526 39,420,195 (22,349,881) (2,725,656) — 1,175,039 (2,557) — 121,213,669 81
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30.09.2026 Opening balance Increases Reversals Utilisations Transfers Changes in the consolidation Other movements PPA adjustments Closing balance Non-current assets Tangible fixed assets 85,947 — — (3,825) — — — — 82,122 Investment properties 32,998 — — — — — — — 32,998 118,945 — — (3,825) — — — — 115,120 Debt securities at fair value through other comprehensive income 9,937 3,414 (293) — (3) — — — 13,055 Debt securities at amortised cost 112,132 39,425 (31,964) — (29,251) — — — 90,342 Other non-current assets 397,952 — — — 17,187 — — — 415,137 Credit to banking clients 35,443,321 22,225,825 (14,337,721) (5,489,496) 1,048,090 — — — 38,890,019 35,963,341 22,268,664 (14,369,978) (5,489,496) 1,036,023 — — — 39,408,554 36,082,286 22,268,664 (14,369,978) (5,493,321) 1,036,023 — — — 39,523,675 Current assets Accounts receivable 41,892,080 1,581,060 (442,228) (305,385) — 330,684 922 12,408 43,069,541 Credit to banking clients 27,560,005 16,147,612 (10,416,710) (3,988,255) (1,048,090) — — — 28,254,562 Debt securities at fair value through other comprehensive income 88 55 (5) — 3 — — — 141 Debt securities at amortised cost 55,015 47,956 (34,556) — 29,251 — — — 97,666 Other current assets 11,050,669 932,510 (165,440) (217,807) (17,187) — — — 11,582,745 Investments and loans in credit institutions 2,970 391 (2,970) — — — — — 391 Other banking financial assets 1,879,288 23,159 (5,440) — — — — — 1,897,007 Slight and term deposits 1,074 337 (236) — — — — — 1,175 82,441,190 18,733,080 (11,067,585) (4,511,447) (1,036,023) 330,684 922 12,408 84,903,225 Merchandise 1,598,941 213,987 — (172,907) — — — — 1,640,021 Raw, subsidiary and consumable 1,091,250 111,806 — (124,073) — — — — 1,078,983 2,690,191 325,793 — (296,980) — — — — 2,719,007 85,131,380 19,058,873 (11,067,585) (4,808,427) (1,036,023) 330,684 922 12,408 87,622,232 121,213,670 41,327,537 (25,437,563) (10,301,748) — 330,684 922 12,408 127,145,911 82
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14. Equity On 12 May 2025, a reduction of CTT’s share capital in the amount of 2,310,000 Euros was registered before the Commercial Registry Office through the cancellation of 4,620,000 shares held by the Company, representing 3.34% of its share capital and acquired under the share buyback programme carried out from 22 July 2024 to 17 April 2025. This share capital reduction was carried out following a resolution of the Annual General Meeting of CTT Shareholders held on 30 April 2025 which approved the share capital reduction in the amount of up to 4,250,000 Euros corresponding to the cancellation of up to 8,500,000 own shares already acquired or to be acquired by 22 July 2025 for the special purpose of implementing the share buyback programme and corresponding release of excess capital. Therefore, on 31 December 2025, CTT's share capital was 66,910,000 Euros, represented by 133,820,000 shares with a nominal value of fifty cents per share, and the Company's Articles of Association were consequently amended. The capital was fully subscribed and paid-up. On 30 September 2026, CTT's share capital remains unchanged. As at 31 December 2025 and 30 September 2026 the Company’s shareholders with qualifying holdings shareholdings, according to the information reported, are as follows: 31.12.2025 Shareholders No. of shares % Share capital % Voting rights Manuel Champalimaud, SGPS, S.A. 19,246,815 14.38 % 14.38 % Manuel Carlos de Melo Champalimaud 500,185 0.37 % 0.37 % Manuel Carlos de Melo Champalimaud Total 19,747,000 14.76 % 14.76 % Global Portfolio Investments, S.L. (1) 19,128,138 14.29 % 14.29 % Indumenta Pueri, S.L. (1) Total 19,128,138 14.29 % 14.29 % GreenWood Builders Fund I, LP (2) 8,494,818 6.35 % 6.35 % GreenWood Investors LLC (2) Total 8,519,568 6.37 % 6.37 % CTT, S.A. (own shares) (3) Total 1,195,125 0.89 % 0.89 % Other shareholders Total 85,230,169 63.69 % 63.69 % TOTAL 133,820,000 100.00 % 100.00 % (1) Global Portfolio Investments, S.L. is controlled by Indumenta Pueri, S.L.. (2) GreenWood Investors LLC, of which Steven Wood, Non-Executive member of the Board of Directors of CTT, is a Managing Member, exercises the voting rights not in its own name but on behalf of the fund GreenWood Builders Fund I, LP as its management company. The full chain of controlled undertakings through which the voting rights are held includes GreenWood Investors, LLC and GreenWood Performance Investors, LLC. GreenWood Investors LLC's shareholding includes 24,750 shares (corresponding to 0.02% of the share capital) directly held by Steven Wood. (3) Shares held by CTT on 31 December 2025, after the conclusion, on 17 April 2025, of CTT's share buyback programme announced to the market on 19 July 2024, followed by the cancellation of 4,620,000 own shares and the reduction of the share capital by 2,310,000 Euros as well as after the distribution of 92,921 shares to Executive Directors and managers of the Company within the scope of long-term variable remuneration. 30.09.2026 Shareholders No. of shares % Share capital % Voting rights Manuel Champalimaud, SGPS, S.A. (1) 19,246,815 14.38 % 14.38 % Manuel Carlos de Melo Champalimaud (1) 500,185 0.37 % 0.37 % Manuel Carlos de Melo Champalimaud Total 19,747,000 14.76 % 14.76 % Global Portfolio Investments, S.L. (2) 19,128,138 14.29 % 14.29 % Indumenta Pueri, S.L. (2) Total 19,128,138 14.29 % 14.29 % GreenWood Builders Fund I, LP (3) 8,494,818 6.35 % 6.35 % GreenWood Investors LLC (3) Total 8,533,568 6.38 % 6.38 % CTT, S.A. (own shares) Total 4,209,671 3.15 % 3.15 % Other shareholders Total 82,201,623 61.43 % 61.43 % TOTAL 133,820,000 100.00 % 100.00 % 83
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(1) The above shareholding is attributable to Manuel Carlos de Melo Champalimaud and comprises a direct holding of 0.37% and an indirect holding of 14.38%, the latter being held through Manuel Champalimaud, SGPS, S.A., an entity controlled by Manuel Carlos de Melo Champalimaud. (2) Global Portfolio Investments, S.L. is controlled by Indumenta Pueri, S.L.. (3) GreenWood Investors LLC, of which Steven Wood, Non-Executive member of the Board of Directors of CTT, is a Managing Member, exercises the voting rights not in its own name but on behalf of the fund GreenWood Builders Fund I, LP as its management company. The full chain of controlled undertakings through which the voting rights are held includes GreenWood Investors, LLC and GreenWood Performance Investors, LLC. GreenWood Investors LLC's shareholding includes 38,750 shares (corresponding to 0.03% of the share capital) directly held by Steven Wood. 84
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15. Own shares, Reserves, Other changes in equity and Retained earnings Own shares As of 31 December 2025, the following movements were made in the caption “Own Shares”: Quantity Amount Average Price Balance 31 December 2024 3,792,047 15,831,386 4.17 Acquisitions 2,115,999 13,759,247 6.50 Cancellation (due to share capital reduction) (4,620,000) (23,139,409) 5.01 Shares Delivery - Long-term variable remuneration (“LTVR”) (92,921) (465,398) 5.01 Balance 31 December 2025 1,195,125 5,985,826 5.01 During the nine-months periods ended 30 September 2026, the following movements were made in the caption “Own Shares”: Quantity Amount Average Price Balance 31 December 2025 1,195,125 5,985,826 5.01 Acquisitions 4,099,936 25,112,303 6.13 Shares Delivery - Long-term variable remuneration (“LTVR”) (1,085,390) (6,231,848) 5.74 Balance 30 September 2026 4,209,671 24,866,281 5.91 On 19 July 2024, the Executive Committee, based on the delegation of powers conferred by the Board of Directors, approved a share buyback program for the Company's own shares, to be executed from 22 July 2024, with the sole objective of reducing CTT's share capital by extinguishing the treasury shares acquired within its scope. On 17 April 2025, with the Company having acquired the amount of 24,945,413 Euros, in accordance with the terms and conditions of the buy-back programme, it was concluded on this date, ending before the end of its maximum period duration (from 22 July 2024 to 22 July 2025). On 9 and 12 May 2025, 92,921 own shares were delivered to the Board of directors and Top Management of CTT, corresponding to the third and last tranche of Long-Term Variable Remuneration relating to the 2020-2023 term, as explained in note 25 - Staff Costs. 85
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On 12 May 2025, a reduction of CTT’s share capital in the amount of 2,310,000 Euros was registered before the Commercial Registry Office through the cancellation of 4,620,000 shares held by the Company, representing 3.34% of its share capital and acquired under the share buyback programme carried out from 22 July 2024 to 17 April 2025. On 10 February 2026, CTT approved a new share buyback program, with a total value of 30 million Euros, equivalent to 3.0% of the Company's market capitalization, subject to the terms and conditions communicated to the market on the same date. This program, to be implemented until 30 April 2027 (having started on 11 February 2026, without prejudice to ending earlier if the maximum number of shares to be acquired or the monetary value is reached), has the following sole objectives: i. the repurchase of a maximum of 5.5 million shares, representing a maximum nominal value of 2.75 million Euros, which corresponds to 4.1% of the share capital; ii. not to exceed in any case the aforementioned maximum total investment amount; and iii. the reduction of share capital up to the same value through the extinction of the acquired treasury shares. On 28 July of 2026, the Board of Directors decided to increase the amount of the ongoing share buyback programme , announced to the market on 10 February 2026. In this context, the amended terms of the Share Buyback Programme are as follows: • Maximum monetary amount of the programme: 40million euros, increased by 10 million euros compared to the previous amount. • Maximum number of shares to be acquired under the programme: up to 7.5 million ordinary shares of CTT, representing up to 5.6% of CTT's share capital as of this date (corresponding to the maximum number of shares that may be cancelled in the context of the capital reduction that constitutes the purpose of the programme, to be resolved by the General Meeting, following proposal(s) to be submitted by the Board of Directors), increased by 2 millions from the previous amount and in any case not exceeding the maximum monetary amount of the programme referred to above. All other terms of the Share Buyback Programme remain unchanged. On 14 May 2026, 1,085,390 own shares were delivered to the Board of directors and Top Management of CTT, corresponding to the Long-Term Variable Remuneration relating to the 2023-2025 term, as explained in note 25 - Staff Costs. As at 30 September 2026, the Company held an accumulated amount of 4,209,671 own shares, representing 3.146% of the share capital, with par value of 0.50 Euros, with all inherent rights related to suspended shares, with the exception of those relating to the receipt of new shares in the case of capital increase by incorporation of reserves, as provided for in article 324(1)(a)) of the Commercial Companies Code. Own shares held by CTT are within the limits established by the Articles of Association of the Company and by the Portuguese Companies Code. These shares are recorded at acquisition cost. Reserves As at 31 December 2025 and nine-months periods ended 30 September 2026, the caption “Reserves” showed the following composition: 86
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31.12.2025 Legal reserves Own shares reserves Fair Value reserves Other reserves Total Opening balance 15,000,000 15,831,386 — 1,161,651 31,993,036 Share capital decrease — (23,139,409) — 2,310,000 (20,829,409) Own shares acquisitions — 13,759,247 — (13,759,247) — Own shares attribution — (465,398) — 465,398 — Assets fair value — — 24,449 — 24,449 Share Plan (share delivery) — — — (840,000) (840,000) Share Plan — — — 2,202,616 2,202,616 Closing balance 15,000,000 5,985,826 24,449 (8,459,582) 12,550,693 30.09.2026 Legal reserves Own shares reserves Fair Value reserves Other reserves Total Opening balance 15,000,000 5,985,826 24,449 (8,459,582) 12,550,693 Own shares acquisitions — 25,112,303 — (25,112,303) — Own shares attribution — (6,231,848) — 6,231,848 — Assets fair value — — (11,288) — (11,288) Share Plan (share delivery) — — — (1,432,825) (1,432,825) Share Plan — — — 214,392 214,392 Closing balance 15,000,000 24,866,282 13,161 (28,558,471) 11,320,972 Legal reserves The commercial legislation establishes that at least 5% of the annual net profit must be allocated to reinforce the legal reserve, until it represents at least 20% of the share capital. This reserve is not distributable except in the event of the liquidation of the Company but may be used to absorb losses after all the other reserves have been depleted or incorporated in the share capital. Own shares reserve The commercial legislation Code obliges, within the scope of the own shares regime provided in article 324, the existence of a reserve equal to the amount for which the shares are accounted for, which becomes unavailable as long as these shares remain in the company's possession. Additionally, applicable accounting standards determine that gains or losses on the sale of own shares are booked in reserves. As at 30 September 2026, this caption includes the amount of 24,866,282 Euros related to the creation of an unavailable reserve for the same amount of the acquisition price of the own shares held. 87
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Other reserves This caption records the profits transferred to reserves that are not imposed by the law or articles of association, nor constituted pursuant to contracts signed by the Company. On 31 December 2025, an amount of reserves in the amount of (840,000) Euros was derecognised, corresponding to the proportional amount of the options granted during the period within the scope of the long-term variable remuneration, as described in note 25 - Staff Costs. On 30 September 2026, an amount of reserves in the amount of (1,432,825) Euros was derecognised, corresponding to the proportional amount of the options granted during the period within the scope of the long-term variable remuneration, as described in note 25 - Staff Costs. Retained earnings During the year ended 31 December 2025 and the nine-months periods ended 30 September 2026, the following movements were made in the caption “Retained earnings”: 31.12.2025 30.09.2026 Opening balance 117,846,899 140,741,205 Application of the net profit of the prior year 45,536,317 50,709,394 Distribution of dividends (Note 16) (22,546,228) (25,119,504) Adjustments from the application of the equity method (95,783) (459,858) Other movements — (267,829) Closing balance 140,741,205 165,603,408 Other changes in equity The actuarial gains/losses associated to post-employment benefits, as well as the corresponding deferred taxes, are recognised in this caption. 88
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Thus, for the year ended 31 December 2025 and the nine-months periods ended 30 September 2026, the movements occurred in this caption were as follows: 31.12.2025 30.09.2026 Opening balance (1,182,098) (7,505,177) Financial Statement Conversion Differences (265,697) 195,400 Actuarial gains/losses (7,761,733) — Tax effect (Note 26) 1,757,904 — Share Plan (share delivery) (Note 25) 374,602 (4,799,023) Shareholdings sale — 80,213,447 Assets fair value 126,640 — Other movements (554,794) — Closing balance (7,505,177) 68,104,648 As of 31 December 2025, the amount relating to the Share Plan amounting to 374,602 Euros, corresponds to the difference between the amount of 840,000 Euros, derecognized from the “Reserves” caption, relating to the proportional value of the options attributed in 2025 (note 15) and the value of own shares delivered within the scope of this operation in the amount of 465,398 Euros. As of 30 September 2026, the amount relating to the Share Plan amounting to (4,799,023) Euros, corresponds to the difference between the amount of 1,432,825 Euros, derecognized from the “Reserves” caption, relating to the proportional value of the options attributed in 2026 (note 15) and the value of own shares delivered within the scope of this operation in the amount of 6,231,848 Euros. The difference between the two amounts is recognized under the caption “other changes in equity”, in accordance with the provisions of IFRS. 16. Dividends According to the dividend distribution proposal included in the 2024 Annual Report, at the General Meeting of Shareholders, which was held on 30 April 2025, a dividend distribution of 23,534,800 Euros, corresponding to a dividend per share of 0.17 Euros, regarding the financial year ended 31 December 2024 was proposed and approved. The dividend amount attributable to own shares was transferred to retained earnings, amounting to 988,571 Euros, so the dividends distributed amounted to 22,546,229 Euros. According to the dividend distribution proposal included in the 2025 Annual Report, at the General Meeting of Shareholders, which was held on 30 April 2026, a dividend distribution of 25,425,800 Euros, corresponding to a dividend per share of 0.19 Euros, regarding the financial year ended 31 December 2025 was proposed and approved. The dividend amount attributable to own shares was transferred to retained earnings, amounting to 306,296 Euros, so the dividends distributed amounted to 25,119,504 Euros. 89
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17. Earnings per share During the nine-months periods ended 30 September 2025 and 30 September 2026, the earnings per share were calculated as follows: 30.09.2025 30.09.2026 Net income for the period 32,844,851 19,772,644 Average number of ordinary shares 133,015,718 131,461,184 Earnings per share Basic 0.25 0.15 Diluted 0.25 0.15 The average number of shares is detailed as follows: 30.09.2025 30.09.2026 Shares issued at beginning of the period 138,440,000 133,820,000 Effect of extinction of shares during the period (2,453,846) — Average number of shares taken 135,986,154 133,820,000 Own shares effect 2,970,436 2,358,816 Average number of shares during the period 133,015,718 131,461,184 The basic earnings per share are calculated dividing the net profit attributable to equity holders of the parent company by the average ordinary shares, excluding the average number of own shares held by the Group. As at 30 September 2026, the number of own shares held is 4,209,671 and its average number for the year ended 30 September 2026 is 2,358,816, reflecting the fact that there were acquisitions in the period, as mentioned in note 15. There are no dilutive factors of earnings per share. 90
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18. Debt As at 31 December 2025 and 30 September 2026, Debt caption showed the following composition: 31.12.2025 30.09.2026 Non-current liabilities Bond loans 110,000,000 110,000,000 Commercial Paper 35,000,000 14,906,318 Lease liabilities 139,842,176 135,723,791 284,842,176 260,630,109 Current liabilities Bank loans 16,656,367 16,228,005 Bond loans (24,475) 1,341,229 Commercial Paper 24,037 (45,950) Lease liabilities 39,616,189 39,124,359 56,272,118 56,647,642 341,114,294 317,277,751 As at 30 September 2026, the interest rates applied to bank loans were between 3.096% and 4.574% (31 December 2025: 2.539% and 4.107%). 91
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As at 31 December 2025 and 30 September 2026, the details of the bank loans were as follows: 31.12.2025 30.09.2026 Limit Amount used Limit Amount used Current Non-current Current Non-current Bank loans Millennium BCP 134,259 134,259 — — — — BBVA / Bankinter 9,500,000 9,475,478 — — — — Novo Banco 7,000,000 7,046,630 — — — Bond loans BBVA 27,500,000 (6,119) 27,500,000 27,500,000 335,307 27,500,000 Novo Banco 27,500,000 (6,119) 27,500,000 27,500,000 335,307 27,500,000 Banco Montepio 27,500,000 (6,119) 27,500,000 27,500,000 335,307 27,500,000 Caixa Geral de Depósitos 27,500,000 (6,119) 27,500,000 27,500,000 335,307 27,500,000 Commercial Paper BBVA / Bankinter 15,000,000 10,234 15,000,000 15,000,000 (45,950) 14,906,318 Novo Banco 20,000,000 13,803 20,000,000 — — — Bank overdrafts BBVA / Bankinter — — — 16,239,594 16,228,005 — 161,634,259 16,655,929 145,000,000 141,239,594 17,523,284 124,906,318 Bank Loans On 27 September 2017, a financing contract between CTT and BBVA and Bankinter was signed, for an initial period of 5 years and for a total amount of 90 million Euros, with the possibility of using the funds until September 2018. Subsequently, due to the non-use of all the funds, the limit was reduced throughout the contract period. On 22 April 2019, a simple credit agreement was signed between CTT and Novo Banco for a period of 60 months, with a grace period of two years, and may be extended for a period of 24 months, for a total amount of 35 million Euros. Subsequently, due to the non-use of all the funds, the limit was reduced throughout the contract period. Bond Loans On 15 April 2025, CTT signed a financing agreement with a syndicate of banks (BBVA, Novo Banco, Montepio, and CGD) to finance the acquisition of Cacesa. This financing, in the amount of 110 million Euros, is structured as a bond loan for a total term of 6 years with a grace period of 1.5 years. It is subject to compliance with a set of financial covenants, including control clauses over materially relevant subsidiaries, a Negative Pledge, and limits on the value of Asset Disposal, as well as compliance with net financial debt-to-EBITDA ratios for CTT and CTT Expresso, and is measured by counterparties on an annual basis based on the Financial Statements as at 31 December. It also allows for the possibility of conversion into a Sustainability-Linked Bond issuance. Commercial Paper As disclosed to the market on 7 March 2023, CTT contracted 35 million euros in bank loans in the form of 92
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commercial paper, indexed to sustainability goals, maturing in 2026, with two financial institutions - Novo Banco, S.A. and Banco Bilbao Vizcaya Argentaria S.A. - Portuguese Branch. The commercial paper program contracted with Novo Banco, S.A. reached its contractual maturity in August 2026. As at 30 September 2026, the amount used from the commercial paper program contracted with BBVA/ Bankinter, presented in the statement of financial position, net of commissions and plus the amount of interest to be paid in the following period, amounts to 14,860,368 Euros. These commercial paper programmes are shown in non- current liabilities, since the Group's practice/expectation will be to use the contracts during their period of validity and having the right to roll-over these loans. As at 30 September 2026, the available short-term and medium-long-term credit ceilings but not used amount to approximately EUR 146.2 million (31 December 2025: EUR 175.5 million), being sufficient to meet any immediate requirements. Bank loans obtained are subject to compliance with financial covenants, namely clauses of Cross default, Negative Pledge and Assets Disposal’s limits. Additionally, the loans obtained also require compliance with rations of Net Debt over EBITDA and financial autonomy. Compliance with financial covenants is regularly monitored by the Group and is measured by counterparties on an annual basis based on the Financial Statements as at 31 December. As at 30 September 2026, the Group is in compliance with financial covenants. Lease Liabilities The Group presents lease liabilities which future payments, undiscounted and discounted amounts presented in the financial position, are detailed as follows: 31.12.2025 30.09.2026 Due within 1 year 44,980,867 44,792,640 Due between 1 to 5 years 111,103,021 108,474,961 Over 5 years 41,755,849 44,541,050 Total undiscounted lease liabilities 197,839,737 197,808,652 Current 39,616,189 39,124,359 Non-current 139,842,176 135,723,791 Lease liabilities included in the statement of financial position 179,458,365 174,848,150 The discount rates used in lease contracts range between 0.68% and 11.50%, depending on the characteristics of the contract, namely their duration. The amounts recognised in the income statement are detailed as follows: 30.09.2025 30.09.2026 Lease liabilities interests (Note 26) 4,700,095 4,894,670 Variable payments not included in the measurement of the lease liability 1,829,513 1,601,279 93
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The amounts recognised in the Cash flow statement are as follows: 30.09.2025 30.09.2026 Total of lease payments (33,379,715) (36,941,572) The movement in the rights of use underlying these lease liabilities can be analysed in note 4. Reconciliation of Changes in the responsibilities of Financing activities The reconciliation of changes in the responsibilities of financing activities as of 31 December 2025 and 30 September 2026, is detailed as follows: 31.12.2025 30.09.2026 Opening Balance 226,252,404 341,114,294 Changes in the consolidation perimeter — 8,253,558 Movements without cash 73,523,687 28,329,694 Contract changes 63,043,192 19,938,652 IFRS 16 Interests 6,317,882 4,631,015 Others 4,162,614 3,760,027 Loans: Inflow 393,920,789 16,240,006 Outflow (306,315,360) (39,718,229) Lease liabilities: Outflow (46,267,226) (36,941,572) Closing balance 341,114,294 317,277,751 94
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19. Provisions, Guarantees provided, Contingent liabilities and commitments Provisions For the year ended 31 December 2025 and the nine-months periods ended 30 September 2026 in order to face legal proceedings and other liabilities arising from past events, the Group recognised provisions, which showed the following movement: 31.12.2025 Opening balance Increases Reversals Utilisations Transfers Regularisations PPA adjustments Closing balance Litigations 3,833,617 2,122,095 (844,200) (981,627) — — — 4,129,885 Other provisions 4,359,661 1,657,514 (2,561,697) (272,060) (129,771) (1,203) — 3,052,444 Commitments provisions 244,429 5,782 (140,036) — — — — 110,175 Sub-total - caption "Provisions (increases)/ reversals" 8,437,707 3,785,391 (3,545,933) (1,253,687) (129,771) (1,203) — 7,292,504 Restructuring 198,228 — — — — — — 198,228 Other provisions 3,440,010 2,244,896 (353,600) — — — 18,148,000 23,479,306 12,075,944 6,030,287 (3,899,533) (1,253,687) (129,771) (1,203) 18,148,000 30,970,037 30.09.2026 Opening balance Increases Reversals Utilisations Transfers Regularisations Changes in the consolidation perimeter Closing balance Litigations 4,129,885 1,004,429 (1,200,491) (677,172) — — 21,620 3,278,271 Other provisions 3,052,444 433,188 (746,883) (86,326) 634,810 634 — 3,287,867 Commitments provisions 110,175 3,380 (19,461) — — — — 94,094 Sub-total - caption "Provisions (increases)/ reversals" 7,292,504 1,440,997 (1,966,835) (763,498) 634,810 634 21,620 6,660,232 Restructuring 198,228 5,236,024 — (5,175,709) — — — 258,543 Other provisions 23,479,306 — — (1,243,777) (634,810) — — 21,600,719 30,970,038 6,677,021 (1,966,835) (7,182,984) — 634 21,620 28,519,493 95
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The net amount between increases and reversals of provisions was recorded in the consolidated income statement under the caption “Provisions, net” and amounted to 1,046,402 Euros as at 30 September 2025 and (525,838) Euros as at 30 September 2026. A provision should only be used for expenditures for which the provision was originally recognised, so the Group reverse the provision when it is no longer probable that an outflow of resources that incorporate future economic benefits will be necessary to settle the obligation. Litigations The provisions for litigations were set up to face the liabilities resulting from lawsuits brought against the Group and are estimated based on information from their lawyers as well as on the termination of the mentioned lawsuits. The final amount and the timing of the outflows regarding the provision for litigations depend on the outcome of the respective proceedings. The reversal of the provision for litigations, in the amount of (844,200) Euros as at 31 December 2025 and (1,200,491) Euros as at 30 September 2026, essentially results from lawsuits whose decision, which was made known in the course of 2025 or 2026, respectively, proved to be favourable to the Group, or, not being favourable, resulted in the condemnation to pay amounts that proved to be lower than the estimated amounts (and reflected in this provision item). Other provisions The amount provisioned in 321 Crédito, S.A. amounting to 1,156,383 Euros as at 30 September 2026 (1,594,827 Euros at 31 December 2025) mainly results from the management assessment regarding the possibility of materialising contingencies and other processes. As at 30 September 2026, in addition to the previously mentioned situations, this caption, essentially, also includes: • the amount of 3,057,504 Euros to cover costs of operational vehicles restoration. • The amount of 18,148,000 Euros relating to contingencies identified following the acquisition of Cacesa and its subsidiaries, recognized within the framework of the ongoing PPA (Purchase Price Allocation), detailed as follows: the amount of 16,800,000 Euros relating to tax contingencies; and the amount of 1,348,000 Euros, also relating to contingencies, however, the latter having been identified during Due Diligence, were safeguarded in the share purchase agreement, which is why CTT recognized an asset of the same amount, as provided for in IAS/IFRS. Restructuring It is essential for the Group to implement policies that promote rationalisation, adaptation and increased productivity of all available resources, with reflection in the organisational management model of its human resources. In this context, in the previous year, actions were taken leading to the reorganisation of services, which led to the approval of a Human Resources optimisation programme. This programme is based on the conclusion of Suspension Agreements, Pre-Retirements and Termination Agreements by Mutual Agreement. During the year 2026, a provision in the amount of 5,236,024 Euros was created for the respective operationalisation. As at 30 September 2026, following employment contract suspension agreements entered into in 2026, the provision was used through the transfer of the amount of (5,175,709) Euros to the Employee Benefits caption in the statement of financial position. The remaining amount relates to payments under mutual termination agreements. Guarantees provided As at 31 December 2025 and 30 September 2026, the Group has provided bank guarantees to third parties as follows: 96
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AEAT - Agencia Estatal de Administración Tributaria (Spanish Tax and Customs Authority) 2,280,000 12,680,000 Autoridade Tributária e Aduaneira (Portuguese Tax and Customs Authority) 2,745,092 2,722,592 Fidelidade, Multicare, Cares - (Glintt BPO) 1,500,000 1,500,000 BVK Europa-Immobilien (Real estate company) 1,203,881 1,203,881 Absolute Miracle, Lda (Real estate company) 938,025 938,025 Douane Française (French Tax and Customs Authority) 731,205 731,205 Danish Customs Agency — 594,831 PROLOGIS (Real estate company) 310,754 440,754 MARATHON (Closed investment fund) 432,000 432,000 O Feliz - Real State Company 378,435 378,435 LOGIS CONFORT S.L — 363,000 Courts 339,230 339,230 ISSA SMART GROUP, S.L.U (Wholesale of other machinery and equipment) 233,623 233,623 CIVILRIA (Real estate company) 224,305 224,305 TRANSPORTES BERNARDO MARQUES , S.A. 220,320 220,320 HMRC - HM Revenue and Customs (British Tax and Customs Authority) 177,630 182,559 TIP - Transportes Intermodais do Porto, ACE (Oporto intermodal transport) 150,000 150,000 Via Direta 150,000 150,000 Municipalities 95,991 83,354 INCM - Imprensa Nacional da Casa da Moeda (Portuguese Mint and Official Printing Office) 68,386 68,386 ANA - Aeroportos de Portugal (Airports of Portugal) 34,000 34,000 Águas do Norte (Water Supply of the Northern Region) 23,804 23,804 EMEL, S.A. (Municipal company managing parking in Lisbon) 19,384 19,384 Serviços Intermunicipalizados Loures e Odivelas (Inter-municipal Services of Water Supply and Sanitation of the Loures and Odivelas Areas) — 17,000 Direção Geral do Tesouro e Finanças (Directorate General of Treasury and Finance) 16,867 16,867 Alegro Alfragide 16,837 16,837 TIIM - Transportes Integrados e Intermodais da Madeira S.A. 16,101 16,101 DOLCE VITA TEJO (Real State Company) 13,832 13,832 Aena Barcelona (Airport service management Company) 12,000 12,000 Águas do Porto, E.M (Services of Water Supply and Sanitation of the city of Porto) 10,720 10,720 ADRA - Águas da Região de Aveiro (Services of Water Supply and Sanitation of the city of Aveiro) 10,475 10,475 Pro Spedition Limited ( transport and logistics services company) 10,000 10,000 SMAS Torres Vedras (Services of Water Supply and Sanitation of the city of Torres Vedras) 9,910 9,910 Description 31.12.2025 30.09.2026 97
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FLIGHTCARE (Aviation Medical Support & Technology Services Company) 1,803 1,803 LandSearch, Compra e Venda de Imóveis (Real estate company) 1,792,886 — AMBIMOBILIÁRIA- INVESTIMENTOS E NEGÓCIOS, S.A. (Real estate company) 480,000 — EUROGOLD (Real estate company) 318,299 — NAV – Nemzeti Adó- és Vámhivatal (Hungarian Tax and Customs Authority) 269,984 EPAL - Empresa Portuguesa de Águas Livres (Multi-municipal System of Water Supply and Sanitation of the Lisbon Area) 68,895 — Refer (Public service for the management of the national railway network infrastructure) 16,460 — 15,337,023 23,849,232 Description 31.12.2025 30.09.2026 Bank guarantees As at 30 September 2026, the bank guarantees provided in favour of “Autoridade Tributária e Aduaneira” (Portuguese Tax and Customs Authority), in a global amount of 2,722,592 Euros, were essentially provided for the suspension of tax enforcement proceedings. Furthermore, the bank guarantees provided in favor of the “Agencia Estatal de Admnistración Tributaria (Tax and Customs Authority in Spain) in the amount of 12,680,000 are intended to guarantee compliance with the customs regimes that the Group is subject to in Spain. Commitments The Group engaged guarantee insurances in the total amount of 6,531,799 Euros (31 December 2025: 6,188,121 Euros), with the purpose of guaranteeing the fulfilment of contractual obligations assumed with third parties. Furthermore, the Group has taken out surety bonds in favour of the Tax and Customs Authorities of the several countries where it operates, for a total amount of 20,100,000 Euros, intended to guarantee compliance with the obligations arising from the customs regimes and authorizations is subject to. The Group also assumed commitments relating to real estate rents under lease contracts and rents for other leases. The contractual commitments related to Tangible fixed assets and Intangible assets are detailed respectively in Notes 4 and 5. Banco CTT Commitments As at 31 December 2025 and 30 September 2026, the Banco CTT Group had provided guarantees and other commitments as detailed below: 98
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31.12.2025 30.09.2026 Guarantees provided 65,974,527 60,625,263 Guarantees received 2,958,813,830 3,352,039,010 Commitments made to third parties Revocable commitments Credit Lines 4,522,216 1,241,659 Others 9,349,545 9,036,779 Irrevocable commitments Credit Lines 30,875,436 37,335,891 Commitments made by third parties Revocable commitments Credit Lines 46,500,278 47,740,554 The amount recorded as Guarantees provided includes, fundamentally, securities given as collateral to guarantee the settlement of interbank transactions. The amount recorded as Guarantees received includes, fundamentally, guarantees and mortgages on real estate to collateralize mortgage credit transactions. Revocable and irrevocable commitments present contractual agreements for the granting of credit to the Group's customers (for example, unused credit lines and bank overdrafts) which, in general, are contracted for fixed terms or with other expiry requirements. Substantially all credit granting commitments in force require customers to maintain certain requirements verified at the time of contracting them. Notwithstanding the particularities of these commitments, the assessment of these transactions follows the same basic principles as any other commercial transaction, namely the solvency of the customer, and the Group requires that these transactions be duly collateralized when necessary. Since some of these funds are expected to expire without having been used, the amounts indicated do not necessarily represent future cash requirements. 20. Accounts payable As at 31 December 2025 and 30 September 2026, the caption “Accounts payable” showed the following composition: 99
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31.12.2025 30.09.2026 Non-current Other accounts payable 58,947 48,947 58,947 48,947 Current Advances from customers 35,802,072 40,785,606 CNP money orders 62,785,320 65,063,799 Suppliers 261,995,040 149,054,613 Invoices pending confirmation 24,754,542 14,392,254 Fixed assets suppliers 8,127,955 3,444,006 Invoices pending confirmation (fixed assets) 5,668,296 3,360,878 Values collected on behalf of third parties 30,176,289 50,306,750 Postal financial services 150,963,156 125,249,043 Deposits 6,125,232 19,509,853 Charges 1,033,636 1,378,181 Compensations 425,196 243,010 Postal operators - amounts to be settled 526,317 60,722 Amounts to be settled to third parties 583,379 17,887 Amounts to be settled in stores 436,892 103,478 Other accounts payable 4,917,501 6,640,834 594,320,822 479,610,914 594,379,769 479,659,861 Suppliers c/c The variation in the suppliers' caption is in line with the Group's operating cycle. The end of 2025, with the peak season for e-commerce activity, results in a greater concentration of invoicing from service providers associated with this activity, directly impacting the balance of these suppliers. This is a trend that diminishes throughout the year, with the balance presented on 30 September within what is expected for this item. CNP money orders The amount of CNP money orders refers to the money orders received from the National Pensions Center (CNP), whose payment date to the corresponding pensioners will occur in the month after the closing of the financial period. Postal financial services This caption records mainly the amounts collected related to taxes, insurance, savings certificates and other money orders, whose settlement date should occur in the month following the end of the period. The reduction observed during the period is due to the increase in subscription values in the last days of last year. 100
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21. Debt securities issued at amortised cost This caption showed the following composition: 31.12.2025 30.09.2026 Non current liabilities Debt securities issued 219,065,449 230,619,383 219,065,449 230,619,383 Current liabilities Debt securities issued 338,997 2,633,418 338,997 2,633,418 219,404,446 233,252,801 As at 31 December 2025 and 30 September 2026, the Debt securities issued are analysed as follows: 31.12.2025 Denomination Issue date Maturity date Remuneration Nominal value Book value Ulisses Finance No.2 – Class A September 2021 September 2038 Euribor 1M + 70 bps 67,171,764 67,493,161 Ulisses Finance No.2 – Class B September 2021 September 2038 Euribor 1M + 80 bps 3,297,583 3,297,877 Ulisses Finance No.2 – Class C September 2021 September 2038 Euribor 1M + 135 bps 6,595,166 6,596,662 Ulisses Finance No.2 – Class D September 2021 September 2038 Euribor 1M + 285 bps 3,726,269 3,728,511 Ulisses Finance No.2 – Class E September 2021 September 2038 Euribor 1M + 368 bps 1,220,106 1,221,093 Ulisses Finance No.2 – Class F September 2021 September 2038 Euribor 1M + 549 bps 428,686 429,227 Ulisses Finance No.3 - Class A June 2022 June 2039 Euribor 1M + 90 bps 77,258,049 77,228,829 Ulisses Finance No.3 - Class B June 2022 June 2039 Euribor 1M + 200 bps 3,678,955 3,665,150 Ulisses Finance No.3 - Class C June 2022 June 2039 Euribor 1M + 370 bps 5,518,432 5,499,514 Ulisses Finance No.3 - Class D June 2022 June 2039 Euribor 1M + 525 bps 2,759,216 2,733,913 Ulisses Finance No.3 - Class E June 2022 June 2039 Euribor 1M + 650 bps 2,299,347 2,281,897 Ulisses Finance No.3 - Class F June 2022 June 2039 Euribor 1M + 850 bps 459,869 456,855 Other comissions December 2024 July 2027 Fixed Rate 4,543% — (7,918) Banco CTT - Senior Preferred Notes November 2025 November 2028 Fixed Rate 3.750% 45,000,000 44,779,675 219,413,442 219,404,446 101
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30.09.2026 Denomination Issue date Maturity date Remuneration Nominal value Book value Ulisses Finance No.2 – Class A September 2021 September 2038 Euribor 1M + 70 bps 47,738,780 47,919,198 Ulisses Finance No.2 – Class B September 2021 September 2038 Euribor 1M + 80 bps 2,343,583 2,344,265 Ulisses Finance No.2 – Class C September 2021 September 2038 Euribor 1M + 135 bps 4,687,165 4,689,103 Ulisses Finance No.2 – Class D September 2021 September 2038 Euribor 1M + 285 bps 2,648,248 2,650,226 Ulisses Finance No.2 – Class E September 2021 September 2038 Euribor 1M + 368 bps 867,126 867,933 Ulisses Finance No.2 – Class F September 2021 September 2038 Euribor 1M + 549 bps 304,666 305,072 Ulisses Finance No.3 - Class A June 2022 June 2039 Euribor 1M + 90 bps 57,379,582 57,369,808 Ulisses Finance No.3 - Class B June 2022 June 2039 Euribor 1M + 200 bps 2,732,361 2,732,564 Ulisses Finance No.3 - Class C June 2022 June 2039 Euribor 1M + 370 bps 4,098,542 4,100,394 Ulisses Finance No.3 - Class D June 2022 June 2039 Euribor 1M + 525 bps 2,049,271 2,050,903 Ulisses Finance No.3 - Class E June 2022 June 2039 Euribor 1M + 650 bps 1,707,726 1,709,560 Ulisses Finance No.3 - Class F June 2022 June 2039 Euribor 1M + 850 bps 341,545 342,064 Banco CTT - Senior Preferred Notes November 2025 November 2028 Fixed Rate 3.750% 45,000,000 46,224,813 Banco CTT - Senior Preferred Notes April 2026 October 2029 Fixed Rate 4.250% 60,000,000 59,946,901 231,898,595 233,252,801 During the year ended at 31 December 2025 and the nine-months periods ended 30 September 2026, the movement of this item is as follows: 31.12.2025 Denomination Opening balance Issues Repayments Other movements Closing balance Ulisses Finance No.2 122,842,818 — (39,776,158) (300,129) 82,766,531 Ulisses Finance No.3 130,072,394 — (38,437,657) 231,421 91,866,158 Other comissions (22,588) — — 14,670 (7,918) Banco CTT - Senior Preferred Notes — 45,000,000 — (220,325) 44,779,675 252,892,624 45,000,000 (78,213,815) (274,363) 219,404,446 102
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30.09.2026 Denomination Opening balance Issues Repayments Other movements Closing balance Ulisses Finance No.2 82,766,531 — (23,850,005) (140,730) 58,775,796 Ulisses Finance No.3 91,866,158 — (23,664,842) 103,975 68,305,291 Other comissions (7,918) — — 7,918 — Banco CTT - Senior Preferred Notes 44,779,675 — — 1,445,138 46,224,813 Banco CTT - Senior Preferred Notes — 60,000,000 — (53,099) 59,946,901 219,404,446 60,000,000 (47,514,847) 1,363,202 233,252,801 The scheduling by maturity regarding this caption is as follows: 31.12.2025 Current Non-current TotalDue within 3 months Over 3 months and less than 12 months Total Over 1 year and less than 3 years Over 3 years Total Securitisations 134,864 — 134,864 — 174,497,825 174,497,825 174,632,689 Bonds — 204,133 204,133 44,567,624 — 44,567,624 44,771,757 134,864 204,133 338,997 44,567,624 174,497,825 219,065,449 219,404,446 30.09.2026 Current Non-current TotalDue within 3 months Over 3 months and less than 12 months Total Over 1 year and less than 3 years Over 3 years Total Securitisations 103,730 — 103,730 — 126,977,357 126,977,357 127,081,087 Bonds 2,529,688 — 2,529,688 44,757,625 58,884,401 103,642,026 106,171,714 2,633,418 — 2,633,418 44,757,625 185,861,758 230,619,383 233,252,801 103
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Asset securitisation Chaves Funding No.8 This private securitisation operation was issued in November 2019 by Tagus, Sociedade de Titularização de Créditos, S.A., it included a Consumer Credit portfolio originated by 321 Crédito. The operation was set up with the collaboration of Sociedade de Advogados PLMJ. The operation's structure includes a Tranche A and a Tranche B in the notes issued, both of which are fully owned by the Group. This operation includes an optional early amortisation clause that allows the Issuer to redeem the Notes of all Classes issued, when the residual value of the credits represents 10% or less of the value of the Credit Portfolio on the date of setting up the securitisation operation. The underlying assets of Chaves Funding No.8 operation were not derecognised from the Statement of Financial Position, as the Group substantially maintained the risks and benefits associated with their holding. Ulisses Finance No.2 This securitisation operation was created in September 2021 and issued by Tagus - Sociedade de Titularização de Créditos, S.A. and corresponds to a public credit securitisation programme (Ulysses) with the Ulisses Finance No.2 operation being placed on the market. The operation was set up with the collaboration of Sociedade de Advogados PLMJ and Banco Deutsche Bank, and included a consumer credit portfolio originated by 321 Crédito, whose initial total amount was 250,000 thousand euros, to be maintained over the 12 months of revolving period. The structure of the transaction includes six collateralised Tranches from A to F and additionally tranches G and Z. All tranches are dispersed in the capital market, with the exception of class Z, whose initial value was 1.5 million euros and which presents the 30 September 2026 a value of 1,000 euros. This operation obtained ratings from DBRS and Moody's for the tranches placed on the market, that is, Tranches A to G. The Ulisses Finance No.2 operation has the characteristics of STS (simple, transparent and standardised) and SRT (significant risk transfer). For the purposes of calculating the capital ratio, as the Ulisses Finance No.2 operation complies with article 244.1 (b) of European Regulation 575/2013 (full capital deduct approached), the company reduced its “Risk Weight Assets” with regard to the contracts securitised within the scope of this operation. The operation has incorporated an interest rate cap, an interest rate risk mitigation mechanism for the operation and its investors, including the Group, but which was not contracted directly by the Group, but by the issuer of the securitisation operation (Tagus – STC, S.A.). The underlying assets of the Ulisses Finance No.2 operation were not derecognised from the Consolidated Statement of Financial Position, as the Group substantially maintained the risks and benefits associated with their holding. Ulisses Finance No. 3 This securitisation operation was created in June 2022 and issued by Tagus - Sociedade de Titularização de Créditos, S.A. and corresponds to a public credit securitisation programme (Ulisses) with the Ulisses Finance No.3 operation being placed on the market. The operation was set up with the collaboration of “Sociedade de Advogados PLMJ” and “Banco Deutsche Bank”, and included a consumer credit portfolio originated by 321 Crédito, whose initial total amount was 200,000 thousand euros, to be maintained over the 12 months of revolving period. The structure of the Transaction includes six collateralised Tranches from A to F and additionally tranches G and Z. All tranches are dispersed in the capital market, with the exception of class Z, whose initial value was 1.8 million euros and which presents the 30 September 2026 a value of 1,000 euros This operation obtained ratings from DBRS and Moody's for the tranches placed on the market, that is, Tranches A to G. The Ulisses Finance No.3 operation has the characteristics of STS (simple, transparent and standardised) and SRT (significant risk transfer). For the purposes of calculating the capital ratio, as the Ulisses Finance No.3 operation complies with article 244.1 (b) of European Regulation 575/2013 (full capital deduct approached), the company reduced its “Risk Weight Assets” regarding to the contracts securitised within the scope of this operation. 104
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The operation incorporates an interest rate swap, an interest rate risk mitigation mechanism for the operation and its investors, including the Group, but which was not contracted directly by the Group, but by the issuer of the securitisation operation (Tagus – STC, S.A.). The underlying assets of the Ulisses Finance No.3 operation were not derecognised from the Consolidated Statement of Financial Position, as the Group substantially maintained the risks and rewards associated with their holding. Additionally, the Group, through 321 Crédito, maintained, as at 30 September 2026, the Fénix operation as the only live derecognised securitisation operation. The Group's involvement in this operation is limited to providing servicing services. 22. Banking clients’ deposits and other loans As at 31 December 2025 and 30 September 2026, the composition of the caption Banking clients’ deposits and other loans is as follows: 31.12.2025 30.09.2026 Sight deposits 1,639,003,461 1,617,366,356 Term deposits 2,251,417,435 2,633,259,087 Savings deposits 444,087,776 449,367,850 4,334,508,672 4,699,993,294 The above-mentioned amounts relate to Banco CTT clients’ deposits. Savings deposits are deposits associated with current accounts and which allow the client to obtain a remuneration above the sight deposits, which can be mobilised at any time, with no subscription limit, and it is possible to schedule transfers from and for this account. These deposits are different from term deposits as they have a definite date of constitution and maturity, and the savings accounts are fully mobilizable without penalty on remuneration. For the nine-months periods ended 30 September 2026, the average rate of return on customer funds was 0.87% (31 December 2025: 1.09%). As at 31 December 2025 and 30 September 2026, the residual maturity of banking client deposits and other loans, is detailed as follows: 105
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31.12.2025 No defined maturity Due within 3 months Over 3 months and less than 1 year Over 1 year and less than 3 years Total Sight deposits and saving accounts 2,083,091,237 — — — 2,083,091,237 Term deposits — 1,093,600,084 883,778,890 274,038,461 2,251,417,435 2,083,091,237 1,093,600,084 883,778,890 274,038,461 4,334,508,672 30.09.2026 No defined maturity Due within 3 months Over 3 months and less than 1 year Over 1 year and less than 3 years Total Sight deposits and saving accounts 2,066,734,207 — — — 2,066,734,207 Term deposits — 659,996,943 1,595,750,287 377,511,857 2,633,259,087 2,066,734,207 659,996,943 1,595,750,287 377,511,857 4,699,993,294 23. Income taxes receivable /payable As of 30 September 2026, this caption reflects the corporate income tax for the nine-months periods ended 30 September 2026, and the amounts already paid as advance payments. 106
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24. External supplies and services During the nine-months periods ended 30 September 2025 and 30 September 2026, the composition of the caption “External supplies and services” was as follows: 30.09.2025 30.09.2026 Subcontracts 42,496,462 59,683,138 Specialised services 102,599,151 117,666,612 Materials 1,726,398 1,968,552 Energy and fuel 11,359,674 14,151,282 Transportation of goods 207,777,707 246,782,496 Rents 15,185,144 17,404,640 Vehicle operational lease 1,829,513 1,601,279 Other rental charge 13,355,631 15,803,361 Communication 1,661,324 2,399,372 Insurance 2,760,160 2,933,935 Litigation and notary 355,192 382,234 Cleaning, hygiene and confort 5,406,891 6,178,479 Postal Agencies 7,179,295 7,353,942 Postal operators 21,499,605 12,874,675 Delivery subcontracting 2,835,570 1,866,071 Other services 14,467,421 15,386,606 External supplies and services 437,309,994 507,032,033 (1) Includes subsidiary, associated and joint-ventures companies. (i) "Specialised services" refer to outsourcing contracts for the provision of IT services, maintenance of IT equipment, use of temporary work and external consultants. The change in this caption is, above all, explained by the increase in expenses at CTT Expresso, branch in Spain, using temporary work, due to the increase in activity; (ii) “Transportation of goods” refers to costs with the transportation of mail and express in several ways (sea, air, surface). The increase in this item is primarily due to the significant growth of the Group’s Iberian e-commerce business. (iii)"Subcontracts" primarily refer to externally contracted services that support the entity’s normal production process, such as transportation, customs clearance, and printing services. The growth in this category is mainly driven by the inclusion of Cacesa and its affiliated companies in the consolidation perimeter, which contributed to an increase in costs related to the customs clearance of goods. 107
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25. Staff costs During the nine-months periods ended 30 September 2025 and 30 September 2026, the composition of the caption Staff Costs was as follows: 30.09.2025 30.09.2026 Remuneration 244,634,458 259,618,215 Employee benefits 16,292,465 1,861,628 Indemnities 1,889,980 7,112,893 Social Security charges 53,630,837 56,834,219 Occupational accident and health insurance 2,895,087 2,772,056 Social welfare costs 4,743,093 4,381,686 Other staff costs 358,175 514,983 324,444,095 333,095,680 Remuneration of the statutory bodies of CTT, S.A. During the nine-months periods ended 30 September 2025 and 30 September 2026, the fixed and variable remunerations attributed to the members of the statutory bodies of CTT, SA, were as follows: 30.09.2025 Board of Directors Audit Committee Remuneration Board General Meeting of Shareholders Total Short-term remuneration Fixed remuneration 1,777,730 187,500 41,850 14,000 2,021,080 1,777,730 187,500 41,850 14,000 2,021,080 Long-term remuneration Defined contribution plan RSP 115,875 — — — 115,875 Long-term variable remuneration 4,353,870 — — — 4,353,870 4,469,745 — — — 4,469,745 6,247,475 187,500 41,850 14,000 6,490,825 108
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30.09.2026 Board of Directors Audit Committee Remuneration Board General Meeting of Shareholders Total Short-term remuneration Fixed remuneration 1,563,620 277,902 49,100 14,000 1,904,622 1,563,620 277,902 49,100 14,000 1,904,622 Long-term remuneration Defined contribution plan RSP 122,958 — — — 122,958 Long-term variable remuneration 285,856 — — — 285,856 408,814 — — — 408,814 1,972,434 277,902 49,100 14,000 2,313,436 Long-term variable remuneration (“LTVR”) With the delivery of the third installment on 31 December, 2025, the long-term variable compensation program for the 2020-2023 term was completed. 2023/2025 Term The long-term variable remuneration model for the 2023/2025 term was based on the participation of CTT's executive directors and management in the Stock Option Plan. This Stock Option Plan provided its participants with options that conferred the right to grant shares representing CTT's share capital. The Stock Option Plan established three tranches of options that differ only in their exercise price or strike price. In the case of management, the Board of Directors approved the allocation of a total of 2,010,000 options, subject to the conditions defined for corporate bodies. The exercise date for all options occurred on January 1, 2026, given the end of the 3-year term 2023/2025. The Executive Committee's Stock Option Plan provided for the financial settlement of 25% of the options (cash settlement) and the physical settlement of 75% of the options (equity settlement). The Stock Option Plan for CTT's top management provided for the physical settlement of 100% of the options, with the exception of the options to be granted to the members of the extended executive committee, whose plan also provides for the financial settlement of 25% of the options and the physical settlement of 75% of the options. The settlement terms of the plan were defined as follows: 50% of the LTVR was settled on the fifth trading day immediately following the date of the Company's annual general meeting, which took place on 30 April 2026, half through cash settlement for the Executive Committee and members of the Extended Executive Committee (i.e., 25% of the options) and the other half (i.e., 25% of the options) through physical settlement by means of CTT shares. For the remaining top management, the 50% of the LTVR settled on this date was done through physical delivery of CTT shares. The remaining 50% of the LTVR (i.e., 50% of the options) are settled by means of delivery of CTT shares (physical settlement), in 2 tranches of 1/2 of the retained shares, respectively: (i) on the fifth trading day immediately following the end of the month after the date of approval of the accounts for the financial year 2026 at the Company's annual general meeting to be held in 2027, or on 31 May 2027 (whichever occurs later) and subject to the Company's positive performance in each of the financial years from 2023 to 2026; (ii) on the fifth trading day immediately following the end of the month after the date of approval of the financial statements for the 2027 fiscal year at the Company's annual general meeting to be held in 2028, or on 31 May 2028 (whichever occurs later), and subject to the 109
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Company's positive performance in each of the fiscal years 2023 to 2027, respectively for each installment. Given the end of the 3-year term 2023/2025, the Compensation Committee, in accordance with the Stock Option Plan, determined, on 1 January 2026, the number of shares to be allocated to each participant as LTVR (the allocation and settlement of which are subject to the rules contained in the Stock Option Plan, described above). This determination was made through a study conducted by an independent entity. Considering the above, the following number of shares was determined for each participant as LTVR: Participant CEO CFO Other executive directors Total Shares 872,800 623,429 623,429 2,119,658 In the case of top management, a total of 1,503,700 shares were identified as being allocated. On 14 May 2026, the payment was made, and the liability was subsequently settled. Regarding the physical settlement component, considering that it was fully recognized in 2024 and 2025, with reference to 30 September 2026, an amount of 1,432,825 Euros was derecognized in the "Reserves" caption in equity, corresponding to the proportional value of the physical settlement that occurred (note 15). This amount was derecognized against the amount of the treasury shares delivered within the scope of this transaction. The difference between the two amounts, amounting to 4,799,023 Euros, was recognized in the "other changes in equity" line item (note 15), in accordance with IFRS. 2026/2028 Term The long-term variable remuneration model for the 2026/2028 term is based on the participation of Executive Directors in the Stock Option Plan, which is reflected in the compensation policy approved by the General Shareholders' Meeting on 30 April 2026, based on the proposal of the Compensation Committee. This Stock Option Plan provides for the following main rules applicable to the granting and exercise of options and to the financial settlement and delivery and retention of shares under the LTVR: a. The Stock Option Plan regulates the allocation to its participants of options that confer the right to allocate shares representing the share capital of CTT, subject to certain conditions applicable to the exercise and settlement of the options; b. The Stock Option Plan sets the number of options granted to be exercised by the Plan participants (differentiated between CEO, CFO and CCO), as per the table below, with the granting date corresponding to the date of approval of said plan at the General Meeting; c. Each participant will be entitled to receive five distinct tranche of Options, each with a distinct Exercise Price: Tranche Number of options per participant Strike PriceCEO CFO CCO 1 300,000 215,000 215,000 € 8.50 2 600,000 430,000 430,000 € 10.50 3 600,000 430,000 430,000 € 12.50 4 750,000 537,000 537,000 € 14.50 5 750,000 538,000 538,000 € 16.50 d. The exercise date for all options corresponds to 1 January 2029, given the end of the 3-year term 2026/2028; e. The number of Shares to be settled for each tranche of Options will be calculated based on the application of the following formula: Number of Shares = Number of Options exercised x [(Share Price – Exercise Price (Strike Price)) / Share Price] Where: Exercise Price (Strike Price): corresponds to the Exercise Price determined in the table above; and, Share Price: corresponds to the arithmetic mean of the prices, weighted by their respective volumes, of the transactions of the Company's shares that occurred on the Euronext Lisbon regulatory market, in the Stock Exchange sessions that occur in the 120 days prior to the Exercise Date. f. The Options Plan provides for the financial settlement of 25% of the options (cash settlement) and the physical settlement of 75% of the options 110
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(equity settlement), without prejudice to, exceptionally and in a scenario where the number of treasury shares held by CTT is not sufficient, determining that the Remuneration Committee establish a compensation mechanism by means of the allocation of a cash amount and financial settlement of the options whose physical settlement is not possible. The CTT management stock option plan provides for the physical settlement of 100% of the options, with the exception of the options to be allocated to members of the extended executive committee, whose plan also provides for the financial settlement of 25% of the options (cash settlement) and the physical settlement of 75% of the options (equity settlement). g. If shares are allocated based on stock market performance and verification of the Company's positive performance as defined in the plan, the options will be subject to settlement over a deferral/ retention period; h. 50% of the LTVR is settled on the fifth trading day immediately following the date of the Company's annual general meeting approving the accounts for the 2028 financial year, to be held in 2029, subject to verification of positive performance in relation to each of the 2026, 2027 and 2028 financial years, half by way of cash financial settlement (i.e., 25% of the options on a proportional basis in relation to each of its 5 tranches) and the other half (i.e., 25% of the options also on a proportional basis in relation to each of its 5 tranches) by way of physical settlement through the delivery of CTT shares. i. The remaining 50% of the LTVR (i.e., 50% of the options equally on a proportional basis with respect to each of the tranches) are settled by means of delivery of CTT shares (physical settlement), in 2 tranches of 1/2 of the retained shares, respectively: (i) on the fifth trading day immediately following the end of the month after the date of approval of the accounts for the financial year 2029 at the Company's annual general meeting to be held in 2030, or on 31 May 2030 (whichever occurs later) and subject to the Company's positive performance in each of the financial years 2026 to 2029; (ii) on the fifth trading day immediately following the end of the month after the date of approval of the financial statements for the 2030 financial year at the Company's annual general meeting to be held in 2031, or on 31 May 2031 (whichever is later), and subject to the Company's positive performance in each of the financial years from 2026 to 2030, respectively for each tranche; j. The exercise of the options and their settlement are also subject to eligibility conditions, namely, remaining in office during the term of office as a rule, the absence of material breaches of the Stock Option Plan and the non-occurrence of situations that give rise to the application of adjustment mechanisms; On the grant date, the determination of the fair value of the granted options was carried out through a study conducted by an independent entity on the grant date of the benefit. The model used for the valuation of the stock option plan was the Monte Carlo simulation model. As of 30 September 2026, the amount relating to the stock options plan concerning corporate bodies, amounts to 285,856 Euros, with the financial settlement component, recognized under the heading "Employee Benefits", amounting to 71 464 Euros and the equity instrument settlement component recognized under the caption "Other Reserves" amounting to 214,392 Euros. For the financial settlement component, the liability amount will be updated at the end of each reporting period, based on the number of shares or share options granted and their fair value on the reporting date, as determined by a study conducted by an independent entity. Annual variable remuneration ("AVR") In the period ended 31 December 2025, the amount of 835,807 Euros was recognised as an estimated annual variable remuneration for members of the Governing Bodies. In 2026, the final amount to be paid was determined, with 50% of the amount already paid, as stipulated in the Remuneration Regulations. For the nine-months periods ended 30 September 2026, the caption Staff costs includes the amounts of 816,580 Euros related to expenses with workers' representative bodies (30 September 2025: 828,412 Euros). For the nine-months periods ended 30 September 2026, the average number of staff was 13,952 (13,644 employees for the period ended 30 September 2025). 111
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For the nine-months periods ended 30 September 2026, the incurred in staff costs in a global amount of 237,563 Euros, related to employees assigned to Fundação Portuguesa de Comunicações (Portuguese Communications Foundation) (177,624 for the period ended 30 September 2025). 26. Interest expenses and Interest income For the the nine-months periods ended 30 September 2025 and 30 September 2026, the caption “Interest Expenses” had the following detail: 30.09.2025 30.09.2026 Interest expenses Bank loans 4,994,874 5,646,169 Lease liabilities 4,700,095 4,894,670 Other interest (6,950) 305,523 Interest costs from employee benefits 4,647,635 5,507,617 Other interest costs 759,909 646,314 15,095,563 17,000,293 During the nine-months periods ended 30 September 2025 and 30 September 2026, the caption Interest income was detailed as follows: 30.09.2025 30.09.2026 Interest income Deposits in credit institutions 704,611 409,880 Other supplementary income 29,047 — 733,658 409,880 112
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27. Income tax for the period Companies with head office in Portugal are subject to tax on their profit through Corporate Income Tax (“IRC”) at the normal tax rate of 19%, whilst the municipal tax is established at a maximum rate of 1.5% of taxable profit, and State surcharge is 3% of taxable profit between 1,500,000 Euros and 7,500,000 Euros, 5% of taxable profit between 7,500,000 and to 35,000,000 Euros and 9% of the taxable profit above 35,000,000 Euros. CTT – Expresso, S.A., Spain branch, Cacesa - Compañia Auxiliar al Cargo Expres, S.A.U. and its subsidiary Alaer - Auxiliar Logistica Aeroportuária Express, S.A.U. are subject to income taxes in Spain, through income tax (Impuesto sobre Sociedades - “IS”) at a rate of 25%, and the subsidiary CORRE is subject to corporate income tax in Mozambique (“IRPC”) at a rate of 32%. When calculating the corporate tax and when complying with tax obligations, special corporate tax regimes are also considered, as is the case of CTT IMO Yield, S.A. - SIC (Real State Company) and 1520 Innovation Fund, Venture Capital Fund, entities based in Portugal. Corporate income tax is levied on CTT and its subsidiaries CTT – Expresso, S.A., Payshop Portugal, S.A, CTT Contacto, S.A. and Banco CTT, S.A., 321 Crédito – Instituição Financeira de Crédito, S.A., CTT Soluções Empresariais, S.A., CTT IMO – Sociedade Imobiliária, S.A., NewSpring Services, S.A., MedSpring, S.A. and CTT Logística, S.A. as a result of the option for the Special Regime for the Taxation of Groups of Companies (“RETGS”) application. The other controlled entities are taxed individually. Reconciliation of the income tax rate For the nine-months periods ended 30 September 2025 and 30 September 2026, the reconciliation between the nominal rate and the effective income tax rate was as follows: Earnings before taxes (a) 41,695,249 30,399,234 Nominal tax rate 20.0 % 19.0 % 8,339,050 5,775,854 Tax Benefits (391,009) (798,907) Accounting capital gains/(losses) (8,139) 421 Tax capital gains/(losses) 4,070 2,258 Provisions not considered in the calculation of deferred taxes (303,378) (144,226) Impairment losses and reversals (61,753) (101,558) Compensation for insurable events 359,449 221,341 Depreciation and car rental charges 137,193 72,073 Credits uncollectible 142,402 55,836 Difference between current and deferred tax rates (291,437) 561,127 Fines, interest, compensatory interest and other charges 66,927 25,074 Tangible assets sale & leaseback transactions (954,888) 6,715 Earnings of entities subject to special taxation regimes (1,387,998) (1,375,858) Dividends 634,046 966,551 Other situations, net 278,385 176,292 30.09.2025 30.09.2026 113
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Adjustments related with - autonomous taxation 349,994 340,242 Adjustments related with - undistributed variable remuneration 380,046 182,210 Deferred tax on accumulated tax losses carried forward of branch in Spain 2,458,722 1,892,806 SIFIDE tax credit (526,613) (1,011,593) Insuficiency / (Excess) estimated income tax (4,623,208) (1,256,594) Subtotal (b) 4,601,861 5,590,065 (b)/(a) 11.04 % 18.39 % Adjustments related with - Municipal Surcharge 557,966 425,433 Adjustments related with - State Surcharge 1,110,511 639,953 Income taxes for the period 6,270,338 6,655,451 Effective tax rate 15.04 % 21.89 % Income taxes for the period Current tax 12,502,354 5,421,365 Deferred tax (1,082,195) 3,502,274 SIFIDE tax credit (526,613) (1,011,593) Insuficiency / (Excess) estimated income tax (4,623,208) (1,256,594) 6,270,338 6,655,451 30.09.2025 30.09.2026 The change in the Corporate Income Tax (IRC) rate in Portugal, formalized by Law No. 64/2025 of 7 November, establishes a trajectory of progressive reduction of general and reduced rates. The general corporate tax rate, applied to most resident companies and permanent establishments of non-resident entities, previously set at 21%, undergoes a gradual reduction to the following rates: 2025: 20%; 2026: 19%; 2027: 18% and 2028: 17%. Therefore, the income tax calculation for the period ended 30 September 2026, was considered the applicable tax rate for 2026. Similarly, the progressive reduction in income tax rates impacts the calculation of deferred taxes (assets and liabilities), in strict accordance with current accounting standards namely IAS 12. Deferred taxes should be measured based on the tax rates expected to apply in the period in which the asset is realized or the liability is settled. The impact on the calculation of deferred tax related to the phasing in of the rate reduction from 20% to 17% until 2028 is reflected in the item "Impact of the change in income tax rate (deferred tax)", in the period ended at 31 December 2025. Deferred taxes As at 31 December 2025 and 30 September 2026, the balance of the deferred tax assets and liabilities was composed as follows: 114
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31.12.2025 30.09.2026 Deferred tax assets Employee benefits - healthcare 39,233,911 39,090,055 Employee benefits - pension plan 63,776 54,526 Employee benefits - other long-term benefits 6,492,955 6,227,262 Impairment losses and provisions 1,827,592 1,738,069 Tax losses carried forward 11,107,590 10,853,994 Impairment losses in tangible fixed assets 578,199 707,028 Long-term variable remuneration (Board of diretors) 2,595,192 385,968 Sale & Leaseback transactions 7,418,919 7,029,630 Other — 41,713 69,318,134 66,128,246 Deferred tax liabilities Revaluation of tangible fixed assets before IFRS 245,561 158,675 Suspended capital gains 215,370 202,042 PPA Movements - New Spring Services 84,195 8,419 Fair value adjustments 691,987 1,201,688 Other 356,535 258,786 1,593,648 1,829,611 115
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During the year ended 31 December 2025 and the nine-months periods ended 30 September 2026, the movements which occurred under the deferred tax headings were as follows: 31.12.2025 30.09.2026 Deferred tax assets Opening balances 74,153,787 69,318,134 Effect on net profit Employee benefits - healthcare (5,159,988) (143,856) Employee benefits - pension plan 1,132 (9,250) Employee benefits - other long-term benefits (127,034) (265,693) Impairment losses and provisions (220,452) (89,522) Tax losses carried forward (2,068,963) (253,596) Impairment losses in tangible fixed assets (158,168) 128,829 Share plan 1,291,030 (2,209,224) Land and buildings (49,689) — Tangible assets' tax revaluation regime (254,355) — Sale & Leaseback Transactions (546,860) (389,289) Other (45,509) 34,523 Effect on equity — Employee benefits - healthcare 1,773,267 — Employee benefits - pension plan 1,992 — Other — 7,190 Other effets Changes to the consolidation perimeter 727,944 — Closing balance 69,318,134 66,128,246 116
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31.12.2025 30.09.2026 Deferred tax liabilities Opening balances 2,571,698 1,593,648 Effect on net profit Revaluation of tangible fixed assets before IFRS adoption (161,026) (86,886) Suspended capital gains (46,914) (13,328) PPA Movements - New Spring Services (101,035) (75,776) Fair value adjustments (808,850) 469,710 Other 84,841 (57,757) Effect on equity Other 54,934 — Closing balance 1,593,648 1,829,611 During the year ended 31 December 2025 and in the nine-months periods ended 30 September 2026, the tax losses carried forward are detailed as follows: 31.12.2025 30.09.2026 Tax losses Deferred tax assets Tax losses Deferred tax assets ALAER — — 221,115 55,279 CTT – Expresso, S.A., branch in Spain 61,672,220 7,991,910 60,096,515 7,597,984 CTT Expresso/Transporta 10,660,709 1,822,982 10,531,799 1,800,938 Open Lockers 2,767,078 580,342 3,602,587 755,799 Cacesa 2,558,614 712,356 2,558,614 643,995 Total 77,658,621 11,107,590 77,010,631 10,853,994 In the case of CTT Expresso, Branch in Spain, the losses relate to the year 2015, which can be carried forward in the following 18 years (available for reporting until 2032) and to the tax losses of 2017 until 2022, with no time limit for their reporting. As at 30 September 2026, the amount of 7,597,984 Euros of deferred tax assets on accumulated tax losses it is recognised, taking into account, on the one hand, Spanish tax rules, as well as the fact that the current business plan foresees the generation of taxable profits in the coming years, in line with the relevant increase in the operational and financial performance of this entity. Regarding to CTT Expresso/Transporta, the tax losses presented refer to the losses of Transporta for the years 2014, 2015, 2017 and 2018, since in 2019 this company was incorporated into CTT Expresso, which may be reported in one or more subsequent tax periods, in accordance with the rules established in the income tax code. The recognition of deferred tax assets related to Transporta's tax losses is supported by the estimate of future taxable profits of CTT Expresso, based on the company's business plan. 117
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The sensitivity analysis performed allows us to conclude that a 1% reduction in the underlying rate of deferred tax would imply an increase in the income tax for the period of about 2.58 million Euros. SIFIDE The Group recognises an estimate of the tax credit that was submitted for certification by the competent authority (ANI – Agência Nacional de Inovação) in the period to which the investments relate. Regarding the R&D expenses incurred in the 2023 fiscal year, upon submission of the respective application, these amounted 8,054,187 Euros, with the Group estimating a tax deduction for corporate income tax purposes of 4,391,472 Euros. As of 30 September 2026, the tax credit granted by the Certification Commission amounted to 4,424,833 Euros. Regarding the R&D expenses incurred in the 2024 fiscal year, upon submission of the respective application, these amounted to 5,280,982 Euros, with the Group estimating a tax deduction for Corporate Income Tax (IRC) purposes of 2,029,235 Euros. According to historical information, the CTT Group has a high success rate in obtaining tax credits submitted to the ANI, with no significant corrections to the self-assessed amounts in Tax Form having occurred in previous years. Therefore, and in accordance with IFRIC 23, a tax credit was considered through the self-assessment made in Tax Form for 2024, in the amount of 1,446,522 Euros. Regarding to the R&D expenditures incurred during the 2025 financial year, following the submission of respective applications by several companies of the group, these amounted to 7,334,793 Euros, the Group has estimated a corresponding corporate income tax of 3,320,988 Euros. In accordance with IFRIC 23, a tax credit was considered through the self-assessment made in Tax Form for 2025, in the amount of 1,765,331 Euros. Pillar II The transition of the world to a global village, the increasing speed of transactions, the streamlining of commercial relations, among other phenomena, challenge current tax rules, forcing an inevitable renewal and combination of efforts between jurisdictions, governments and national tax policies - in essence, there will be room for tax harmonization with regard to corporate income tax. In this context, the OECD initiated the BEPS (Base Erosion and Profit Shifting) project, which resulted in the adoption of 15 actions/plans to be followed and which indicate tax standards to be adopted and implemented by national governments in order to abolish avoidance and evasion tax, aiming at the effective taxation of economic activities in the jurisdiction(s) where the respective profits are generated and in which the added value is actually generated. In 2021, an agreement was reached between the members of the G20 to implement what is commonly known as Pillar II, referring to the method and criteria for taxing profits obtained by multinational entities, as well as the way in which tax collection power is allocated between states of tax revenue. According to Pillar II, companies included in multinational groups with an annual global turnover exceeding 750 million euros will be subject, regardless of the jurisdiction to which they belong, to a minimum corporate income tax rate of 15%. The imposition of this minimum rate aims to prevent, based on abusive tax practices and policies, imbalances between tax rates and regimes in different jurisdictions or illicit exploitation due to lack of liability to payment of tax. EU Directive 2022/2523 required that the acceding Member States should transpose it by 31 December 2023, but this did not happen in some jurisdictions, including Portugal, which would comply with its obligation to transpose the Directive with the official publication of Law No. 41/2024 on 8 November 2024. Since the Group falls within the scope of the Directive, it has carried out an assessment of the possible impact on each of the jurisdictions in which it operates in light of the Directive and the published national legislation, defining the internal and reporting tasks to be carried out in this context. This analysis also considered the jurisdictions in which Cacesa's subsidiaries have a significant presence for corporate income tax purposes. Compliance with tax and reporting obligations relating to Pillar II must be carried out in conjunction with the information reported in the CbCR (Country by Country Report) that has been submitted and prepared by the CTT Group, as well as in other reports that have been and will be 118
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carried out. As an innovative regime, a transitional regime is foreseen, particularly in terms of deadline, for the application of the standards and allowing progressive adaptation to this new regime. Furthermore, certain jurisdictions will be excluded from the scope of application of such standards. On the other hand, safe-harbour clauses are provided for, which are characterised by waiving, as long as certain requirements and/or limits are met, the effective application of compliance with certain obligations and removing the subjection to the aforementioned minimum rate. The analysis carried out included verification, through tests of the Group's financial information and the effective verification of objective requirements and allowed us to conclude that in none of the relevant jurisdictions in this context will the due tax derived from the application of Pillar II. Insofar as it was not possible to apply any of the transitional safe harbours to Spain, it was necessary to perform a detailed calculation of the Effective Tax Rate in light of the GloBE Model Rules, resulting in a rate clearly higher than the minimum rate of 15%. It is therefore concluded that no additional tax is due in Spain. These conclusions result from the interpretation of the rules of the Directive and national legislation, as well as from international doctrine specialising in international taxation and are based on the aforementioned exceptional or special regimes. Considering the relevance of Pillar II and its potential impact on the Group, changes in fact that may impact the conclusions of the analysis carried out will be monitored and assessed in the relevant jurisdictions, particularly those resulting from differences in reality compared to the business plan or the occurrence of any corporate and/or tax changes. On the other hand, we will monitor legislative changes and the development of interpretative positions of the standards in order to anticipate and estimate their respective impacts on the Group. The amendment to IAS 12 introduced a mandatory temporary exception for the recognition of deferred taxes under Pillar II, which will be considered and followed by the Group in its reporting. Other information Pursuant to the legislation in force in Portugal, income tax returns are subject to review and correction by the tax authorities for a period of four years (five years for Social Security), except when there have been tax losses, tax benefits have been received, or when inspections, claims or challenges are in progress, in which cases, depending on the circumstances, these years are extended or suspended. The Board of Directors believes that any corrections arising from reviews/inspections by the tax authorities of these income tax returns will not have a significant effect on the consolidated financial statements as at 30 September 2026. 28. Related parties The Regulation on Assessment and Control of transactions with CTT related parties defines related party as: qualified shareholder, manager, subsidiaries companies’ managers or third party with any of these related through relevant commercial or personal interest (under the terms of IAS 24) and also subsidiaries, associates and joint ventures of CTT. It is considered that there is a “relevant commercial or personal interest” in relation to (i) close family members of the managers, subsidiaries companies’ managers and qualified shareholders who, at each moment, have significant influence on CTT, as well as (ii) controlled entities (individually or jointly), either by management, subsidiaries companies’ managers qualified shareholders or by the persons referred to in (i). For this purpose, “control” is considered to exist when an investor is exposed or holds rights in relation to variable results through its relationship with it and has the capacity to affect those results through the power it exercises over the investee. Additionally, “close family members” are: (i) the spouse or domestic partner and (ii) the children and dependents of the person and persons referred to in (i). According to the Regulation, the significant transactions with related parties, as well as transactions that members of the Board of Directors of CTT and/or its subsidiaries conduct with CTT and/or its subsidiaries, must be previously 119
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approved by resolution of Board of Directors, preceded by a prior favourable opinion of Audit Committee , except when included in the normal company´s business and no special advantage is granted to the director directly or by an intermediary. Significant transaction is any transaction with a related party whose amount exceeds one million Euros, and / or carried out outside current activity scope of CTT and / or subsidiaries and / or outside market conditions. The other related parties’ transactions are approved by Executive Committee, to the extent of the related delegation of powers, and subject to subsequent examination by the Audit Committee. For the nine-months periods ended 30 September 2025 and 30 September 2026, the following transactions took place and the following balances existed with related parties: 30.09.2025 Accounts receivable Accounts payable Revenues Costs Dividends Shareholders — — — — 22,546,229 Group companies Associated companies — — — — — Jointly controlled 258,978 15,171 552,705 210,195 — Other related parties — — — — — Members of the (Note 25) Board of Directors — — — 1,777,730 — Audit Committee — — — 187,500 — Remuneration Committee — — — 41,850 — General Meeting — — — 14,000 — 258,978 15,171 552,705 2,231,275 22,546,229 120
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30.09.2026 Accounts receivable Accounts payable Revenues Costs Dividends Shareholders — — — — 25,119,504 Group companies Associated companies 1,295,512 13,496 4,283,624 — — Jointly controlled 359,435 124,734 843,079 455,913 — Other related parties 421,153 — 6,233,122 403,239 — Members of the (Note 25) Board of Directors — — — 1,563,620 — Audit Committee — — — 277,902 — Remuneration Committee — — — 49,100 — General Meeting — — — 14,000 — 2,076,100 138,230 11,359,825 2,763,774 25,119,504 In the context of transactions with related parties, no commitments were made, nor were any guarantees given or received. No provision was recognised for doubtful debts or expenses recognised during the period in respect of bad or doubtful debts owed by related parties. The remunerations attributed to the members of the statutory bodies of CTT, S.A. are disclosed in note 25 – Staff Costs. 29. Other information Within the context of the regulatory framework in force since February 2022 and the Agreement on criteria to be followed in the pricing of postal services that make up the basket of services of the universal service (Universal Service Price Agreement) for the three-year period 2026-2028, dated 25 July 2025, the prices of the basket of correspondence, editorial mail and parcel services were updated on 3 February 2026, corresponding to an average annual price variation of 6.20%. Framed within the Company's tariff policy for the year 2026, this update corresponds to an average annual price variation of 5.93%, also reflecting the effect of the update of special prices for bulk mail. Regarding to the legal proceedings relating to ANACOM’s Decision regarding the quality of service parameters and performance targets applicable to the universal postal service provision, of July 2018, the Government’s appeal against the decision of the Arbitration Court continues, which acknowledges that ANACOM's decision constituted an abnormal and impressionable change in circumstances, causing damages amounting to 1,869,482 euros. On 24 January 2024, CTT was notified of the arbitration decision ordering the Government to pay CTT the sum of 2,410,413 Euros. The Government challenged the decision and the respective proceedings are ongoing. Since this appeal does not suspend the effects of the judgment, following the publication of the above decision, CTT initiated enforcement proceedings on 1 April 2025, awaiting the normal course of the process. In April 2026, the State filed an objection to the 121
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enforcement, and CTT subsequently exercised its right to respond. The case remains pending. Regarding the administrative actions filed against ANACOM, the first relating to the same decision and the second relating to the December 2018 resolution concerning the new measurement procedures to be applied to the indicators, there have been no relevant developments. In the administrative offence proceedings, ANACOM decided to impose a fine of 830,000 Euros for alleged violation of the procedure for measuring quality of service indicators (QSIs) in 2016 and 2017. The Lisbon Court of Appeal reduced the single fine to 275,000 Euros. The outcome of the appeal on procedural issues is still pending, and the amount may still change. For the same facts relating to 2015 and 2016 (various situations concerning the distribution and publication of information in the post offices), on 19 April 2024, CTT was notified of ANACOM's accusation that it had committed administrative offences, and a fine of 398,750 Euros was imposed. An appeal was filed with the Court of Appeal, which acquitted CTT of 4 administrative offences initially imputed and reduced the fine to 200,000 euros. Nevertheless, the process remains pending review of several procedural issues, awaiting a decision. On 23 February 2023, CTT was notified to comment on a new proposal for the application of contractual fines submitted by ANACOM to the Government, in relation to the alleged contractual breach of the quality of service obligation in the years 2016, 2017, 2018 and 2019. CTT submitted its statement on 6 April 2023, in which it defends there is no basis in fact or in law for establishing any contractual liability and requests additional evidence. The possible application of contractual fines and their respective amount depend on the further steps of the administrative procedure, which to date, has not seen any relevant developments. On 12 March 2025, CTT was accused of committing an administrative offense related to the Torres Vedras Postal Distribution Center (CDP), and a fine of 1,000,000 Euros was imposed. CTT appealed to the Competition, Regulation and Supervision Court on 4 December, but no relevant further developments have occurred to date. An appeal was filed with the Competition, Regulation and Supervision Court on 4 December, which was admitted in March 2026. Then, on 9 October 2026, in the administrative offense proceedings related to the Torres Vedras Distribution Center, the Competition, Regulation and Supervision Court upheld the appeal filed by CTT, acquitting them of all the alleged offenses and the 1,000,000 Euros fine. ANACOM has appealed the decision, and the process is pending. Furthermore, during 2025, two administrative offense proceedings were initiated by ANACOM on 19 March and 7 November, related to the handling of customer complaints. CTT submitted its defense on 8 April and 27 November, respectively; both are in the administrative phase, with no significant developments. The lawsuit filed on 18 January 2022 by the companies Vasp Premium – Entrega Personalizada de Publicações, LDA. (Vasp) and Iberomail – Correio Internacional, S.A., (Iberomail) against CTT before the Competition, Regulation & Supervision Court, requesting the condemnation of CTT for abuse of dominant position. CTT reiterates that it considers the request completely unfounded, as the process concerns facts that have already been assessed by the Competition Authority (AdC), in a closed procedure with the imposition of commitments, which were implemented by CTT. CTT’s customs clearance business area, present in several countries, is primarily carried out by CACESA. This is mainly divided in the activities of forwarding and temporary warehousing, which are subject to licenses granted by the Spanish customs authority. Within its supervisory duties, this Authority frequently engages in supervision activities regarding the different authorised entities. Having found certain non-compliances, the Authority engaged, late 2025, a license review process whereby CACESA’s temporary warehousing (ADT) license will be revoked with effects from 10th March 2027 and is to be reissued to a CTT entity. CTT also carries out this activity through other subsidiaries and/ or branches. CACESA’s activity will be maintained without any relevant business disruptions and impacts, arising from this revocation. 30. Subsequent events In the context of the European Union's customs reform, a new handling fee of 2 Euros per order for e-commerce shipments from third countries came into effect on 1 122
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November 2026. This measure aims to strengthen customs controls, cover the administrative costs associated with the growing volume of low-value orders, and promote greater competitive equity between European and non-EU operators. The new 2 Euros fee applies to eligible e-commerce imports from outside the European Union, regardless of their value, which may lead to further adjustments in Asian e-commerce flows. Consequently, its ultimate impact on demand, forwarding decisions, customer behavior, and CTT volumes remains uncertain. On 3 November 2026, further to the announcement of 21 July 2026, CTT informed the market that it is conducting a strategic reassessment of its options regarding Banco CTT, S.A. ("Banco CTT"). In this context, the Board of Directors decided to initiate a process to sell a controlling stake in Banco CTT's share capital, in strict compliance with the existing contractual obligations between the current shareholders. CTT will prioritise solutions that ensure its continued role as a long-term partner of Banco CTT, both as a shareholder and through the use of its network. This event does not give rise to adjustments to the financial statements as at 30 September 2026. With the exception of the mentioned above, between the reporting date and the approval date of these financial statements, no subsequent events occurred that would require adjustment or disclosure under IAS 10 - (Events After the Reporting Period. 123
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Registered Office Avenida dos Combatentes, 43 - 14th Floor 1643-001 Lisbon PORTUGAL Telephone: +351 210 471 826 Website ctt.pt CTT Contact Form Social Media LinkedIn l Facebook l Instagram Market Relations Representative Joana Oliveira Freitas Investor Relations Nuno Vieira Email: investors@ctt.pt Telephone: +351 210 471 087 Media Communication & Brand Department Media Advisory Cátia Cruz Simões Email: gabinete.imprensa@ctt.pt