CTT – Correios de Portugal delivered a strong start to the year in Q1 with its Express and Parcels business, which saw double digit volume, revenue and earnings growth, boosting the performance of the Iberian postal group.
Overall, the firm recorded revenues of €288.5 million in Q1 2025, up 9.5% year-on-year (YoY). Along with the performance of Express and Parcels (E&P), this result was also driven by the recovery of CTT’s Financial Services business, it noted.
In the first quarter recurring EBIT stood at €20.2 million, up +19.5% YoY. However, high costs led to a slight decline in net profit, which reached €5.5 million in Q1(-€1.9 million YoY).
Express and Parcels performance
E&P revenues amounted to €124.7 million in the first quarter, an increase of €23.3 million. E&P continues to be the business segment that contributes the most to CTT Group’s revenues, posting double-digit growth in the quarter (+23% YoY).
Meanwhile, E&P’s recurring EBIT totalled €7 million (+24.5% YoY), driven by the conversion of retail to online in the Iberian Peninsula that is boosting volume growth. In Q1 volumes reached 34.7 million items, up 15% YoY. On average, around 560,000 items were processed on each working day.
CTT noted that its unification of its businesses in Portugal and Spain into a single Iberian offer has been a key factor in maximising efficiency and consolidating the group’s position in the Iberian market.
Supporting E&P’s growth is CTT’s expanding Locky locker network in Portugal and Spain. At the end of Q1, CTT had a total of 1,077 lockers installed in the two countries, where expansion has recently begun with 40 lockers already installed and more than 20 lockers contracted.
Cross border growth
