CTT - Correios De Portugal, S.A.

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Thank you. Good morning, everyone. Welcome to our first quarter results conference call. If we start with, if you bear with me in the first slide, which is slide number four, we believe we have a very decent quarter where recurring EBIT growth was driven by recovery in financial services. Indeed, in terms of revenue, we've seen growth on all three blocks, logistics, bank and financial services, of around 9.5%. while EBIT grew almost 20%, a very significant growth. That was not even higher given the impact of last year's general election. Otherwise, it would have been even more significant. If we move to analyzing each business line, starting in slide number five, I'm sorry, with the express and parcels, We've seen continued growth in volumes, revenue and recurring habits, while with softer than expected volumes, although growing a solid 15%, which we see clearly above market growth. And this volume growth of 15% converted into revenue with a strong improvement, given a combination of price, average rate per object and value added services. Indeed, we convert 15% of volume growth into 23% of revenue growth. EBIT margin on the right grew 24.5%, from 6.5 to 7 million euros in the quarter. Although the EBIT margin was affected by some operational issues, mainly related with capacity increase, since we keep very focused on providing very high quality, which is vital in this business. I will now invite my colleague, João Souza, to guide us through the mail-and-others and retail business areas. Thank you, João.

Good morning, everybody. As you can see on slide 6 on mail-and-others, we see revenue flat in mail-and-others segments. compared to the previous year, supported by the price increases and also the continued positive contribution from business solutions and payments. And the same applies to the rest of the revenues. Of course, on this analysis, we are excluding the extraordinary revenues from the elections that we had in the previous year. So we felt this is a positive trend, continuing to add this, seeing this baseline revenue stabilization in mail and others. So excluding these extraordinary elections revenues, we saw in address mail revenues, we are practically flat reaching €9.28 million. And in other revenues, we are also flat with €170.7 million. In EBIT, excluding again the extraordinary effect of election revenues, we reach €1.3 million in EBIT. representing more than 200% of increase in comparing with last year. We also on this area continue to maintain a cost control which help us to manage the recurring debits. On slide 7, coming for financial services and retail, in the first quarter we continue to observe a very positive trend in public debt placements. coming from improving by the market conditions that we saw in the last quarter of last year and also in the first quarter of this year. Coming also for the success of the digital channel that we are reaching records every month and also coming from the growth and diversification of the sabres entering over the past year. As a result of this, public debt placements grew by 4% compared with the previous quarter and by more than 400% compared with the same quarter of last year. We maintain in this area a commercial strategy to diversify our services, mainly coming from health care plans and insurance. And as a clear example of this success, as you can see, the health funds, we see an increasing of 36% of the number of clients compared with the previous quarter, falling more than 700% of increasing in the previous year. This translates in more than 123% of the revenue per year, reaching 12.5 million euros of revenue per year. and an increase of 126% in EBIT reaching 6.6 million euros. We can say on this area we have what you need to have a positive outlook for the future because public debt point compare very well against the savings in banks and also we are just launching in April the insurance for SMEs that we felt that we were going to have a very good success on this project. Now I pass to Guy, our CFO.