Struggling to survive, Correios may get outside capital

Amid the financial collapse of Correios, Brazil's state-owned postal company, bringing in outside capital no longer meets the resistance it once would have inside the Luiz Inácio Lula da Silva administration. 

While a full-blown IPO is under discussion, the more likely route is a partnership with a strategic private sector partner, on the condition that the federal government retains control of the company. Officials are also considering a pivot toward logistics, where the real money in parcel delivery can now be found.

Correios ended last year with a loss of BRL 8.5 billion, more than three times the BRL 2.6 billion it lost in 2024. Q4 2025 was the company’s 13th straight quarter in the red, and Q1 2026 brought no relief: a preliminary loss of BRL 3.4 billion, double the BRL 1.7 billion booked a year earlier. The company says its Q1 figures are “still in the process of being closed.”