Correios, Brazil’s 363-year-old state-owned postal monopoly, posted a Q1 2026 net loss of R$3.16 billion ($626 million), an 82.3% deepening from R$1.72 billion ($340M) a year earlier and the worst opening quarter in company history. The result, filed on May 30 and confirmed in official statements on June 1, marks the operator’s 14th consecutive loss-making quarter.
Gross revenue slipped 2.2% to R$4.04 billion ($800M), but the headline figure masks a structural rupture: international parcel revenue collapsed 60.3% as Brazil’s “Remessa Conforme” tax regime drove consumers off Shein, Shopee, and AliExpress. That single segment had been the postal operator’s main growth engine through 2024.
A one-off R$1.06 billion ($210M) labor-lawsuit provision — reinstated to the balance sheet after pressure from Brazil’s federal audit court (TCU) and comptroller (CGU) — accounted for roughly a third of the loss. Net equity now stands at negative R$16.2 billion ($3.2bn), confirming technical insolvency that a R$12 billion ($2.4bn) Treasury-backed bank loan is keeping from becoming a cash crisis.
Key Points
—Loss almost doubled: R$3.16B ($626M) vs R$1.72B ($340M), +82.3% YoY.
