CTT - Correios De Portugal, S.A. Q3 2026 Earnings Recap

CTT’s shares fell 14.6% after earnings, as investors focused on a sharp e-commerce downturn following the end of the customs de minimis exemption and its impact on profitability. Q3 EBITDA declined 34.5%, while management said higher costs and capacity built for a different volume outlook are weighing on results.

Key Takeaways

• Group revenue declined 1.2% organically in Q3; EBITDA fell 34.5% and EBIT fell 71%, with management attributing the pressure largely to the e-commerce and customs-clearance disruption.
• E-commerce volumes slowed to 2.9% growth in Q3 from above 20% in Q2. Cross-border volumes fell 43%, while the European market saw declines of around 55%–56%.
• Costs rose 4.8%, reflecting inflation, a less favorable operating mix and capacity investments made for an earlier growth outlook. CTT said it cut more than 300 FTEs in Spain and is reassessing network expansion.
• Mail & Services revenue rose 5.2% to €124.3 million, despite an 8.7% decline in addressed-mail volumes; savings placements supported growth.
• Banco CTT was described as performing solidly, while healthcare plans grew 19% year on year. Management expects customs-clearance growth to rebuild during 2027, citing early signs in Poland.