CTT - Correios De Portugal, S.A.

Good morning and welcome to CTT's first half 2024 results conference call. Please note that this conference is being recorded. For the duration of the call, your microphones will be disabled. However, analysts will have the opportunity to ask questions at the end of the presentation. To do so, simply click on the button to raise your hand and we will give you access to the microphone. If you are dialing from a phone line, press star 9 to raise your hand and star 6 to unmute yourself.

I will now turn the call over to Mr. João Bento, CEO.

Thank you, João. Good morning, everybody. Welcome to our second quarter results presentation. So if we move to the first slide, which is slide number four, We had a very strong execution in expressing parcels, which drove the revenue growth. Indeed, we actually are with the volumes close to those in our last peak season, having delivered more than 63 million objects in the first half. And since the second half of the year should be stronger, this compares extremely well with the 100 million parcels we delivered last year. We've started now a common segmentation of large accounts and a unique pricing system for Iberia, so no longer Portugal and Spain. And all this, including these very high volumes, drove us to record high margins in the second quarter. On mail and others, we have a slight increase in addressed mail revenues, and we are using business solutions as a lever to enhance the commercial relationships with our customers, and therefore trying to improve the situation also through business solutions in mail and others. Moving to the gray part of the slide, talking about bank and financial services, We have not been standing increasing sequentially the placement of public debt. It's still not normal. So it's taking a little bit more than we thought to normalize, although we are, as I said, growing again. We have launched the online public debt placement in the CTT app recently. And we also have heard several statements and we believe that improvement in the products and in the cap should happen sooner than later. With strong commercial activity, we are building up our insurance and health care plans book. The bank saw another 20,000 accounts open in the first half. So in line to again, some around 40 to 45,000 accounts in the year with continuous focus on client engagement, supporting growth in business resources. We had a very significant increase in profit before tax of 45% in the quarter. So if we move now to the next slide, we see in both charts that we have very, very impressive growth, not only resilient, but also very high in Spain. We are growing 69% on top of 37% growth in the similar quarter last year. And also in Portugal with good growth, 9% growth comparing with the highest quarter that we had last year, which was exactly the second quarter. So Express and Parcels on path for another record here, which is not strange since we are the fastest growing parcel company in Iberia, indeed in Europe. Moving to next slide. We see that these volumes also brought a recurring EBIT margin in the quarter with 42% growth in revenues and with an average of 526,000 parcels per day. We see a very significant growth in margin, more than 54%, 54% in quarter on quarter, compared to last year. With this, we see growth in volumes and that, in fact, is driving operational leverage, as we always said. We had built capacity ready for significant growth, and the growth is now driving us to significant margin increase. And with this, I would move the floor, I will pass the floor to João Souza to guide us through mail and public debt. Up to you, João.