PSI companies lift Q1 profit 6% as banks, energy lead
Portugal’s PSI-listed companies increased first-quarter profit by 6%, with banks and energy groups driving growth despite storms and global instability.
Companies in Portugal’s PSI stock index increased first-quarter net profit by 6% year on year to €1.383 billion, showing what analysts described to ECO as solid financial resilience despite global instability and storm damage that hit parts of the country. The results point to continued earnings strength in key Portuguese sectors, notably banking and energy.
The total covers 15 PSI companies, as Teixeira Duarte does not publish quarterly accounts. Revenue rose 3% to more than €16.8 billion and EBITDA increased about 6% to €4.49 billion. The profit calculation includes Semapa’s €31 million net result excluding the capital gain from the sale of Secil to Spain’s Cementos Molins; including that extraordinary gain, total PSI net profit would have reached €1.866 billion.
Energy and banking were the main drivers. EDP remained the most profitable listed company with €378 million in net profit, despite a 12% decline, while BCP posted more than €300 million, up about 26% from a year earlier. Galp stood out with net profit rising more than 41% to €272 million, helped by higher oil prices. Analysts also highlighted strong performances from REN and defensive resilience in food retail groups Jerónimo Martins and Sonae.
By contrast, the pulp and paper sector remained under pressure. Navigator’s profit fell to €17.2 million, while Altri moved from profit to a €7.3 million loss, with both affected by storms and a difficult international backdrop. Analysts told ECO that companies tied to consumption, essential services and regulated activities held up better, while more industrial businesses remained exposed to weaker European demand.
Market specialists said the overall reporting season was constructive and, in several cases, better than expected, but warned that the outlook for the rest of 2026 depends heavily on external factors including geopolitical tensions, the Middle East and broader European economic weakness. Their base case is not a broad deterioration in earnings, but slower and less even growth in the coming quarters.
Originally published at Eco.pt
