• Recurring Revenues increase by 0.2% that reflects some substitution of revenues from Mail and Financial
Services due to growth of the Express & Parcels and Banco CTT business units, which puts pressure on the cost
structure. Excluding the revenues of the agreement with Altice recorded in the same period of the previous year
(€7.5m), recurring revenues grew by 1.6%.
• Addressed mail volumes decrease by 6.1% (7.2% in the 3rd quarter) at a faster-than-anticipated pace and
worse than the expected range, but mitigated in terms of revenues by the price increase and the positive
evolution of the product mix (registered mail and international mail growth) that led to a 5.5% increase in
• Express & Parcels volumes grow by 18.4% in Portugal and 24.6% in Spain with revenues growth of 10.2%
and 17.4%, respectively, but with higher-than-expected incremental costs (limited use of the installed
• Banco CTT increased its focus on mortgage loans with a production of €24.3m in the 3rd quarter and keeps
growing in terms of customers (more than 240 thousand), who by the end of September had opened more than
190 thousand current accounts. As of today more than 200 thousand accounts have been opened.
• Acquisition of Transporta has put pressure on results with an impact on EBITDA of circa -€2.0m (-€0.7m in
recurring terms), given the restructuring and integration process underway.
• Recurring EBITDA and Net profit decrease by 25.1% (-€22.9m) and 35.9% (-€17.5m), respectively, as a
consequence of the loss of revenues from Altice, the sharp drop of mail volumes in the last two quarters and
the costs associated with the process of adjustment of the networks to the accelerated growth of Banco CTT
and the Express & Parcels business.