Correios losses reach R$8.5 billion in 2025

Correios recorded a loss of R$8.5 billion in 2025. The value is more than three times higher than that seen in 2024, when the state-owned company announced a loss of R$2.6 billion.

According to the company, the result is mainly influenced by the provisioning of legal obligations and the increase in operating costs.

Most of this value comes from legal proceedings, which cost Correios R$6.4 billion last year (55.12% above 2024). Liabilities in court are formed especially by labor demands, such as payments claimed by employees to receive hazard pay and additional payments for external distribution and collection activities.

Last year, Correios’ gross revenue, not considering the payments that the company should make, was R$17.3 billion (11.35% below 2024). The company’s balance sheet will be published in the Official Gazette of the Union.

Faced with the accumulation of losses, the company sought creditors and received a contribution totaling R$12 billion in loans from public and private banks.

Vicious cycle

Since the last quarter of 2022, Correios has presented partial negative results. In total, the company accumulates 14 quarters of liabilities.

“It’s a vicious cycle. Cash difficulties create difficulties in paying the supplier, this affects the operation. By affecting the operation, we tarnish the ability to increase volume [de trabalho] or to generate new contracts”, explained the president of Correios, Emmanoel Schmidt Rondon, in a press conference at the company’s headquarters in Brasília.

According to him, the state-owned company is also unable to immediately compensate for the drop in revenue with spending cuts.

“The cost structure is very rigid, and is anchored in fixed cost expenses. When there is a drop in revenue, it is not possible to reduce expenses at the same time to be able to make this equation”, he explained.

Dematerialization of the letter

The negative balance occurs in years of structural change in Correios’ field of activity, when e-commerce companies expand their logistics activity – no longer depending on Correios.

The competitive phenomenon occurs after the state-owned company lost its niche in the postage market with changes in forms of communication, which Rondon calls the “dematerialization” of letters.

An economist by training, the president took office in September last year, with a mandate until August 2027, with the aim of restructuring the state-owned company.

Among cleaning measures, the company opened two voluntary dismissal plans (PDV). In this year’s edition, 3,181 joined the shutdown. The volume of subscriptions was lower than that obtained in PDV 2024/2025, 3,756 employees, but entry into the plan was only possible within a shorter period of time – between February and April of this year.
The state-owned company’s initial perspective was to make 10 thousand layoffs. Other voluntary dismissal processes may be opened in the future.

Privatization off the agenda

Correios adopted measures to reduce costs with reception, distribution and delivery operations; renegotiated debts with suppliers and extended payment deadlines. They also began to reduce spending on property occupation and branch maintenance.

Emmanoel Rondon believes that the company will present positive economic results from 2027 and that, depending on the restructuring, it will be able to raise more resources from financiers.

He does not consider the possibility of privatization, as advocated by pro-market economists.

“This issue is not on the agenda here. We are presenting the results. Privatization or not is the controller’s decision [o governo federal]. What do we want? Here we are working on a recovery management plan, so that the company remains intact, viable, provides a good service, and produces positive results”, he stated.