The operation depends on approval from the Treasury and is considered essential to contain the progress of the state-owned company’s financial hole
The Correios Board of Directors authorized the contracting of a R$20 billion loan as part of the state-owned company’s restructuring plan, which is facing an unprecedented financial crisis. The decision was taken on Friday (28) and confirmed by the company this Saturday (29). The operation still depends on approval from the National Treasury, which will be the loan guarantor. The internal expectation is that half of the amount (R$10 billion) will be released in 2025, while the other R$10 billion is scheduled for 2026, divided into two installments.
According to Correios management, the resources will be used to recover cash, regularize payments and allow restructuring to begin. The company projects an accumulated loss that could reach R$10 billion this year and states that the loan is “indispensable” to stabilize the accounts.
Correios faces successive negative results. Until September, the accumulated deficit was R$6 billion — almost three times more than in the same period last year. The most recent balance shows a drop in revenue and an increase in administrative expenses, in addition to difficulties in maintaining payments to suppliers.
The deterioration of the state-owned company’s accounts has put pressure on the federal government, which had to limit spending to meet the fiscal target. In the group of state-owned companies, the accumulated loss until October (R$ 6.35 billion) is already close to the worst annual result in the historical series.
Three-phase restructuring plan
The contracting of the loan is part of the recovery plan approved by the state-owned company last week, divided into three stages:
1) Financial recovery (2025):
- Regularization of payments and review of contracts;
- Voluntary Dismissal Program (PDV);
- Adjustments to employee health plans.
2) Reorganization and modernization (2026–2027):
- Closure of up to 1,000 loss-making branches;
- Sale of properties considered idle (expected to raise up to R$1.5 billion);
- Investments in automation and reduction of the Postal Saúde deficit.
3) Resumption of growth (from 2027):
- New business models, partnerships and technological advances;
- Target of returning to profit in 2027.
The president of Correios, Emmanoel Rondon, states that the loan will give breathing space for the measures to take effect from 2026. He says he hopes that the state-owned company will begin a “positive balance cycle” from 2027.
The state-owned company did not detail the credit conditions, but government sources say that the rate should exceed 120% of the CDI — a level considered high for operations guaranteed by the Union. The consortium of banks involved includes Banco do Brasil, Citibank, BTG Pactual, ABC Brasil and Safra. In a note, the Post Office informed that negotiations continue and that new information will only be released through official channels.
*Report produced with the help of AI
