Trio with profits exceeding €1 billion leads PSI-listed companies to another year of record results

Following a slowdown in profits in 2024, the profitability of companies on the Portuguese stock exchange is set to reach a new record for 2025, a year in which three listed companies — BCP, Galp Energia and EDP — posted net profits in excess of €1 billion, accounting for over 60% of the earnings reported last year. So far, around €5.4 billion of earnings have been reported, with just two companies yet to publish their figures to conclude the annual results season for the PSI index.

The listed companies on the Lisbon Stock Exchange’s benchmark index — with only Ibersol and Teixeira Duarte’s results yet to be released, scheduled for April — closed the last year with a net profit of €5,399.7 million, an increase of 27.4% compared to the €4,238.9 million (excluding Teixeira Duarte, which was only promoted to the PSI index in September 2025) reported in 2024.

The profits already reported are thus virtually in line with the €5,402.3 million recorded in 2023, the previous record, although the results of Ibersol and Teixeira Duarte have yet to be accounted for, which is expected to increase the total figure, given that both companies posted positive figures in the first months of 2025. The first reported profits of €11.7 million up to last September, whilst the construction firm closed the first half of the year (it did not publish quarterly accounts) with profits of €42.4 million.

Estimates from analysts surveyed by Reuters had already pointed to a return to profits exceeding the five-billion-euro mark, despite the challenges that marked the past year, particularly the new tariffs imposed by Donald Trump’s administration on all countries, creating an environment of instability and uncertainty in global trade, which put pressure on companies with greater international exposure, such as paper manufacturers and Corticeira Amorim. Meanwhile, listed companies more closely linked to the domestic economy stood out positively.

The EBITDA (earnings before interest, taxes, depreciation and amortisation) of companies listed on the PSI also showed a positive trend, rising from €16.9 billion to €19.3 billion, a year-on-year increase of 14%. At the same time, revenue from non-financial companies stood at €89.9 billion, slightly above the €89.5 billion reported in 2024.

Valuable ‘trio’ accounts for 61% of profits

EDP, Galp and BCP alone accounted for around 61% of the profits of the Portuguese stock market’s benchmark index. The oil company, which in 2024 was the most profitable on the stock exchange, repeated the same feat, although this time neck and neck with EDP. The company co-led by Maria João Carioca and João Diogo Marques da Silva recorded a net profit of €1.154 billion, 20% higher than the €961 million earned a year earlier.

EDP, meanwhile, which the previous year had been hit hard by its renewables business — EDP Renováveis (EDPR) went from profits of €309 million in 2023, to a loss of €556 million in 2024 – returned to profitability in excess of €1 billion, posting a profit of €1.15 billion in 2025. This represents a 44% increase compared to the €801 million reported the previous year.

In the case of the renewable energy company, following the high extraordinary losses in 2024 – with the exit from operations in Colombia and the US offshore sector leading to losses – there was a return to profit last year, thanks to a net profit of €216 million.

BCP, for its part, ended another year on a high note. The only bank listed on the Lisbon stock exchange maintained its profit growth trajectory, with the annual net profit for 2025 rising from €906.4 million to €1,018.6 million, “the best results ever”.

CTT and Sonae also recorded double-digit improvements in their annual results, whilst the paper manufacturers and Corticeira Amorim felt the impact of US tariffs, the depreciation of the dollar and paper prices on their accounts. Altri recorded profits of €21.4 million in 2025, a fall of 80.1%, whilst Navigator’s figures fell by 49.6% compared to 2024, which contributed to the 32.7% decline in Semapa’s figures. Finally, the cork company saw its profitability fall by nearly 20%.

“The outcome of this earnings season can be considered mixed: the retail, integrated energy (Galp) and financial sectors showed resilience, whilst the electricity sector (EDP) and listed companies in the pulp sector weighed on the index’s aggregate profits”, summarises Pedro Oliveira, a trader in the trading room at Banco Carregosa. “On the positive side, I would highlight Galp and BCP, and on the negative side, EDP and Navigator”, he adds, explaining that, in the case of the electricity company led by Miguel Stilwell d’Andrade, despite the increase in net profit, recurring profit showed a year-on-year decline of 8%.

For his part, Pedro Barata, head of domestic equities at GNB, notes that “overall, this earnings season has been positive and in line with expectations”. However, he notes that, “at this stage of the market, investors want to understand companies’ expectations for their business, in an environment characterised by poor visibility, great uncertainty and high volatility”, adding that, in this regard, “the message of caution was almost unanimous”. “And it was this caution, which is easy to understand in the current context, that set the market in motion, leading, in some cases, to sharp fluctuations”, he explains.

The outbreak of conflict in the Middle East, following a start to the year marked by the US military operation in Venezuela – which culminated in the arrest of Nicolás Maduro – and tensions surrounding US ambitions to take control of Greenland, have generated a new wave of concerns in the markets. A situation which, as Pedro Barata warns, could lead to “some possible adjustments that analysts and investors may have to make to their estimates for the future performance of certain companies”.

“Regardless of this, it is worth highlighting the financial robustness demonstrated by the vast majority of companies, which shows that they are well prepared to face the future, despite any volatility that may arise in the meantime”, emphasises the GNB official.

Instability pushes stock market away from record highs

After a strong recovery in 2025, with the PSI rising by more than 29%—its best performance since the 2009 financial crisis and one of the strongest in Europe—the conflict in the Middle East has reversed this trend, pushing the index away from its 2008 record highs.

“We expect 2026 to be a highly volatile year, mainly due to the significant risks of potential interest rate rises and the current geopolitical context”, predicts Pedro Oliveira.

The trader on the trading floor at Banco Carregosa also points out that “the year got off to a strong start, with most analysts forecasting double-digit growth” by the end of 2026. “But more recently, some less optimistic data has emerged that could impact market performance globally”, he concludes.