CTT - Correios De Portugal, S.A.

Because 2025 marks the end of our strategic cycle, we have announced ambitions, financial ambitions for 2025 back in our capital markets in 2022, because it's also the end of the term of the present board of directors. And my own ownership of this company, we decided to include this slide number four with a number of remarkable points in our journey. But moving to slide number five and starting with the business of the day. We closed 2025 with a very steady growth both on revenue and EBIT, a cycle that comes back from the early days when this management team joined CTT, but more than that, more than a significant growth along this cycle on revenues and EBIT, a very significant transformation. And we see a reasonably stable male revenue profile throughout these years, while the company was growing at around 11% on revenues. And on Avid, a very radical shift in the sources of value creation, since the company was a mere male company with an early bank that has been had been born a few years before, back in 2018, and now we are mostly an e-commerce logistics player, whereby the main contribution for revenues and for EBIT comes from that. Moving to slide number six, we highlight the achievements of the end of the strategic cycle. Just to recall the ambitions, the targets that were set back in 2022, we should close 2025 with revenues ranging from €1,100 to €12,500 million or a 7% to 10% annual growth. We have indeed exceeded that target by posting 1,288,000,000 euros for the year, as a consequence of CTD having been the fastest growing e-commerce logistics player in Iberia throughout the cycle. Then our second ambition was related with margin, whereas the target here was to reach an EBIT in 2025, recurring EBIT, between 100 and 120 million euros. Again, with a very significant, almost doubling the ambition on revenues, growing between 14 and 19%. we ended up 2025 closer to the right hand side of this range with 115 million, which was exactly the value we have guided the market for. and a third objective very important regarding profitability of the bank where again we have by having posted a return on tangible equity of 13.2 percent we have exceeded the announced range that was as you might recall between 11 and 13. all this In a combination that we classify as optimal between shareholder remuneration and the capacity of growth, that exactly within this cycle, we combine significant investment on CapEx for organic growth, capacity expansion, investment on IT expertise, but also on non-organic growth. Well, closing the overview about the cycle, I would invite you to move into slide number eight for a deeper analysis of the year. So 2025 exhibited a resilient organic growth with revenues up 8% and recurring EBIT 16%, part organic, part non-organic, as you know. That's why in the bridges that we show in the slide, we have decided to include what would have been the pro forma numbers if we had acquired Casillas in the beginning of the year. So, in a like-for-like organic growth, this represents an 8.4% growth on revenues, but indeed a real growth of 16.3%. And moving to EBIT, these numbers amplify significantly, more than doubling or almost doubling in revenues, 16.2% of additional EBIT and 35.3% if we consider the actual growth on EBIT. The profile of growth is, of course, mostly in terms of revenues. The highest portion of growth was obviously on e-commerce solutions, but also on EBIT this year we have posted a very interesting growth on the margin of Melbourne services. With e-commerce solutions, competitiveness and growth profile enhanced, of course, by the fact that we have included CASEZA, which indeed makes CTT one-of-a-kind in Iberia for e-commerce logistics. I will come back to this point later in the presentation. Moving to slide number nine, and deep diving on the analysis of e-commerce solutions. We have resumed in the quarter double-digit growth in e-commerce volumes. As you might see, we started the year at 15% growth, quarter-on-quarter. I'm sorry, year-on-year for the quarter. Then it slowed down and, as guided, growth in volumes grew again in the fourth quarter, 11.3%, hence the double-digit growth. And this, in a way, is a consequence of an Iberian commerce outlook that remains quite competitive, and therefore we have produced this growth on revenue associated with the growth on volumes. Moving to slide number 10, a slightly deeper analysis on both revenues and recurring habits for parcels. We have posted an 11% growth on the year for parcels organically, but then including the inorganic effect of Cassieza, a 38% growth. numbers that are much more impressive when we, moving to the right, see the contribution of CASEESE with implying a significant growth on the generated EBITDA of almost 60%. Again, this is a consequence of CPT being a one-of-a-kind, and in fact, with CASEESE, we may state that we create more value per object handled. And therefore, as a summary, we have shown significant growing EBIT, recurring EBIT while investing in expansion, capacity and quality. So a very good year for e-commerce solutions, but also a very good year for mailing services. And for that, I will hand over to João Sousa to guide us through the next slides.

Thank you very much, João. As you can see on slide 11, as previously mentioned, CPTA operates across three segments, e-commerce solutions, mail-in services and bank. On this section, mail-in services, we like to highlight increasing relevance of services in this segment. As you can see, on financial services and retail, Public debt placements increased approximately 147% normalization developments compared with the previous years. I would like also to highlight that in 2025 we marked the consolidation of the HAP for digital, that around 10% of the operations are already conducted in the HAP, and maybe just to also give you the number on the first quarter of this year, it's already more than 12%, so that's a good number. And the customer base on the app are double in 2025. So this means that we are bringing new customers to Certificados da Forro by the app. New generation, lower ticket, but more frequency and more recurrence on this app. As you know, also on retail and financial services, we are very concerned to developing selling services on this network to have a recurrency in revenues. And as you can see on the right side of the slide, Health Flange customer base increased more than 23,000 users on these years, a very good number. But also, I can tell you that we have a strong growth in insurance distribution, particularly driven by the health insurance that we launched in the last quarter of 2025. On the next slide, coming for male, as you can see, we see volume decline 8.6% when you look for 25 compared with the last year, reflecting ongoing structural trends. However, mostly of this decline was offset by the price increase spread item. But importantly, as you can see also in the right side of the slide, Service segments show the strongest growth, enabling the overall business area to grow year on year. As you know, on this area, we are developing business solutions and payments, also financial services. And the idea is putting this business area growing. That, in a way, compensates the decline of mail. And this year, we already saw that with this increase equaling 1.5% compared to 2024. On slide 13, even with this decline of mail, we are still working on profitability. We continue to restructure the central structure and also operations and all the others we have. And with this, we see EBIT reaching 32.8 million in 2025. This is growing 46%. 0.3% against last year and that means a EBIT margin improving to 6.3% comparing with 4.4% in 2024. These results demonstrate a clear operational discipline that this company showed in the last years. And with this, I pass to Ipeche.

Thank you, João, and good morning. I will start in page 14 with Banco CTT's operational highlights, where we see a very strong growth, once again in business volumes, growing 12% year-on-year in the quarter, with a special highlight to the off-balance savings that grew 26.1%. That also drove banking revenues that grew 23%. In the quarter, our net interest margin stood at 2%, a slight decrease year-on-year. In terms of profitability, a small decline of 4.3% as we continue to invest, preparing the next growth phase of the bank. Also, the bank delivered all the commitments it had promised for 2025, where you can see all those green tick marks. We delivered the targets for business volume, current accounts, return on tangible equity, that's 13.2%, and also in profit before tax. 2026, as said in our Capital Markets Day, it will be a year of focusing and accelerating the business of the bank. I'll move on to the financial review, starting in page 16. These numbers include the inorganic effect of CACESA, and as such we see a strong progress in all the metrics. I would highlight The net profit for the full year, where we grew 11.4%, and a strong cash flow generation at the consolidated level, be it on the quarter, we grew growth of 19.4%, but also in the full year with 13.2% growth. Now, moving on to our revenue bridge, where we continue to see e-commerce as a core catalyst of our performance. In the full year, it already accounted for almost 49% of our revenue, so this very marked shift of the profiles of our revenues. In the quarter, contributing with additional almost 20 million, plus a growth of 11.3%, driven by volume growth. In the mail and services, as Ron shared, a flattish performance with business solutions and services offset by mail decline. and the bank growing 22% in banking product. In the slide 18, we can see our operational costs that grew 16.4%, mostly coming out of our e-commerce solution division. with 11.6%, slightly above our activity, as we saw unit costs increase due to the investments on capacity to face the big season. In the mail zone services with a decline of 1.2%, where we continue to implement efficiency and restructuring measures that are bearing results. The bank increasing 8.1 million in the quarter or 31.7%. This is a factor of not only an increase of cost of risk that now stands at 0.9%, but also in the investments in commercial staffing and IT in order to secure the next phase of growth. In page 19, we can see our EBIT performance in the quarter with a very resilient growth of almost 11%. Our margins stood at 10.9%. And that was driven by Mail and services and e-commerce, e-commerce growing 3.9% with margin compression with the focus on quality during the peak season. The mail and services division growing 36% driven by the performance of services. and male efficiency measures, and the flat-ish performance on the bank, where we continue to reinvest resources in future growth. And with that, well, I'll move on to free cash flow performance. In phase 20, we see our consolidated free cash flow that stood in the year in 83.6 million. and our net financial debt now stands at 7.9 million euros at the year end. Page 21, where we see the same numbers, but excluding the consolidation of the bank, where we see our leverage ratio finishing the year at 1.9, following a very strong cash flow generation in the fourth quarter. This is below the two times as we guided the market. The free cash flow for the year excluding the bank stood at 46.9 million. and that as we see the leverage growing from 1.6 to 1.9 that is a very modest increase if we take in consideration that we invested 90 million euros in the acquisition of Casseza and still concluded 14 million euros of the remainder of the buyback announced back in 2024 And that shows the strong generation of cash of the company and solidity of our balance sheets. And with that, I'll hand over to João Bento for his final remarks.