PSI companies post record first-half profits of €3.66bn

Companies in Portugal’s benchmark PSI index posted record first-half profits of €3.658 billion, with energy and banking groups driving the performance and supporting expectations of another strong year for the Lisbon market. Excluding the impact of Semapa’s sale of Secil, combined net profit reached €3.142 billion, up 13.4% from €2.771 billion a year earlier.

The main contributors were Galp, EDP, EDP Renováveis and BCP, which together accounted for more than 62% of total profits. The reporting season showed a wide gap in performance across sectors: energy and banking improved, while exporters were hit by storms and higher prices linked to the war in Iran, and retailer Jerónimo Martins reported lower earnings.

Galp was the biggest profit contributor, with net income of €812 million in the first half, up 43.7% year on year, and raised its 2026 EBITDA target to €4 billion from a previous floor of €2.6 billion. EDP reported €732 million in first-half profit and lifted its full-year net profit target to €1.4 billion, above both the €1.15 billion reported in 2025 and its earlier guidance of €1.2 billion to €1.3 billion. BCP posted €566 million in net profit, while Semapa reported €570 million, largely due to the capital gain from the sale of Secil.

The earnings growth was accompanied by stronger operating performance. Revenues for PSI companies rose nearly 7% to €53.3 billion in the first half, while EBITDA increased 12.8% to €9.6 billion, taking the EBITDA margin above 18%.

According to the figures, the strong results have helped support the Portuguese stock market, with the PSI up more than 14% in the first eight months of the year and trading at an 18-year high.

Originally published at Eco.pt