Correios: preliminary balance points to a loss of R$5.4 billion in the 1st half of 2026

Until the last update of this report, there was no plan for the state-owned company to officially release the accounting information. And, according to Correios, the financial statements for the 1st quarter of 2026 "are still in the process of being finalized". In a note, Correios stated that the company does not comment on financial statements before their official release. "The financial statements are in the consolidation phase and will be disclosed after approval by the competent authorities, in accordance with the company's governance procedures." Revenues obtained until June 30 of this year were stable compared to the same period in 2025, reducing around R$28.2 million. Expenses decreased by R$1.1 billion. Revenues: R$8.18 billion in 2025 and R$8.16 billion in 2026; Expenses: R$13.5 billion in 2025 and R$12.4 billion in 2026. Despite the significant increase in expenses, the state-owned company predicted an even worse performance for the period with expenses reaching R$14.8 billion, a performance of R$1.2 billion better than expected. Revenue performance Although Correios revenues in the semester decreased, some individual segments showed an improvement in performance when analyzed individually. The main increase occurred in the field of logistics service provision that the state-owned company offers to companies that involve receiving the order, such as preparing the package and sending products to the buyer. Revenue went from R$205 million in 2025 to R$423 million in 2026. Revenue performance On the other hand, international orders, which already represented 22.2% of all revenue, now represents just 4.3% of the total, reaching just R$355 million in the semester. The performance repeats a movement observed since the launch of the Conform Remittance program, in 2023, with the reduction in revenues mainly associated with the drop in the provision of international parcel transport services. The program now charges 20% import tax on all international purchases up to US$50, which were previously exempt. The measure became popularly known as the “blouse tax”. However, even with the end of the blouse fee, the company did not see revenue increase as the Conform Remittance program continued. Expense performance Regarding expenses, salary expenses — one of the biggest problems faced by Correios — had a small reduction of R$20 million in the first half of 2026 compared to the same period in 2025, putting an end to a sequence of increases in these expenses. In total, this group of expenses reached R$5.2 billion in the first six months of the year. Value 15% lower than the forecast made for these expenses. With the reduction in spending on salaries, Correios was still able to save on related expenses, such as health and pension plans, which totaled R$260 million less than the same period last year. Correios' loss triples in 2025 and stands at R$ 8.5 billion Jornal Nacional/ Reproduction The groups of expenses that justified the increase in spending continue to be the same as in the 1st quarter, financial and provisions, which include possible legal losses that later become court orders. ?Precatório is a payment order; when the Court forces the municipality, the state or the Union – in this case, a state-owned company – to pay a debt it owes to an individual or legal entity Financial expenses increased by 179%, going from R$590 million in 2025 to R$1.6 billion in 2026. An increase of more than R$700 million in the second quarter of this year alone and a reduction of almost R$225 million compared to the first quarter. This category includes expenses with interest and fines related to bills, contracts and loans, such as the R$12 billion contracted by the state-owned company at the end of last year. The operation is expected to generate R$22.4 billion in interest expenses throughout its duration. Expenses with provisions and losses were also higher than expected, maintaining the increase caused in the first quarter, which alone was responsible for R$1.4 billion. Until June the bill totaled R$1.6 billion. The amount also represents an increase of 44.5% in relation to expenses recorded in 2025, which totaled R$1.1 billion.