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Correios’ Billion-Dollar Negative Result Exposes Financial Crisis, Revenue Decline, and Challenges in Restructuring Plan Until 2027
The Correios recorded a loss of R$ 8.5 billion in 2025, a figure that represents more than triple the deficit of R$ 2.6 billion in 2024, which raises a significant alert about the financial sustainability of the state-owned company. Furthermore, the decline in revenue and low adherence to the Voluntary Severance Program (PDV) increased pressure on the company’s recovery plan, which is now trying to accelerate structural measures.
According to data presented on April 23, 2026, by president Emmanoel Rondon, the figures mark the first 100 days of the restructuring plan, considered essential to prevent an even greater worsening of the situation.
Revenue Decline and Negative Equity Worsen Correios’ Crisis
The financial deterioration of the state-owned company became evident throughout 2025. Total gross revenue fell by 11.35%, reaching R$ 17.3 billion, while net equity became negative at R$ 13.1 billion, a clear indication of structural imbalance in the company’s accounts.
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Chinese investment changes course in Brazil, moving from hydroelectric plants and oil to compete for consumers with ice cream, cars, and delivery: Mixue plans R$ 3 billion and up to 1,000 stores by 2030, while the country’s total investment doubled to US$ 4.2 billion.
Furthermore, this scenario occurs in a context of accelerated transformation in the logistics sector, as the advancement of e-commerce in Brazil has boosted private competitors, who have started investing in their own delivery and distribution solutions, reducing their dependence on Correios.
Thus, the state-owned company faces an increasingly competitive environment, where operational efficiency and technological innovation have become decisive factors.
Low Adherence to PDV Frustrates Strategy and Reduces Expected Financial Impact
Within the restructuring plan, the Voluntary Severance Program (PDV) emerged as one of the main bets to reduce operational costs. However, adherence was much lower than expected, which compromises part of the financial projections.
The initial goal foresaw approximately 10,000 dismissals, but the program reached only 3,181 employees, which corresponds to 32% of the established objective. Even with the extension of the adherence period, the state-owned company failed to reach the desired number.
Despite this, Correios states that the PDV has already generated significant savings, although less than planned. The projection is that the financial impact will be gradual, with a greater effect over the coming years.
R$ 12 Billion Loan and Direct Risk for the Union
Another critical point of the recovery plan involves a R$ 12 billion loan, granted by major banks as a way to guarantee liquidity to the state-owned company. This resource was fundamental to maintain operations and prevent an immediate collapse.
However, there is a significant risk factor: if Correios cannot honor the debt payment, the Union will be responsible for the amounts, as it acts as guarantor of the financial operation.
This detail increases the importance of the restructuring plan’s success, as the impact could extend beyond the state-owned company and directly affect public accounts.
Asset Sales and Unit Closures Enter the Radar
As part of the measures to rebalance finances, Correios also began adopting strategies for cost reduction and revenue generation. Among these, the sale of real estate stands out, with an estimated collection potential of R$ 1.5 billion.
In addition, the state-owned company intends to reduce its physical structure, considering that a large part of the units operate at a loss. According to 2024 data, about **85% of service points were unprofitable**, which highlights a structural problem in the current model.
So far, **68 units** have been closed, but the expectation is that this number will increase throughout the next phases of the plan.
Second phase of the plan has already begun with a focus on stabilization
The Correios restructuring plan was divided into three stages, with the first, aimed at liquidity recovery, already showing significant progress. According to the state-owned company, **97% of debts have been settled or renegotiated**, which allowed for the advancement to the second phase.
This new stage, which began in **January 2026**, focuses on stabilizing financial results. In this context, negotiations with suppliers have already resulted in additional savings of **R$ 321 million**, helping to relieve some of the pressure on cash flow.
The third phase, planned for the coming years, will be focused on growth and the resumption of profitability.
Correios project return to profit by 2027
Despite the challenging scenario, the state-owned company’s management maintains an optimistic projection. The expectation is that losses will be reduced throughout **2026**, with the goal of reaching profitability again in **2027**.
According to the company’s president, factors such as the **rigidity of the cost structure** and **growing competition in the logistics sector** make rapid changes difficult, requiring a gradual adjustment process.
Nevertheless, the strategy remains underway, focusing on financial reorganization, operational modernization, and adaptation to the new market scenario.
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