PSI-listed companies set to pay out over €3.1 billion to shareholders

One of the seasons most eagerly awaited by investors is just around the corner: dividend season. And the companies listed on the Portuguese stock exchange’s main index are not exactly being stingy. They are set to distribute over €3.1 billion to shareholders, representing a 4% increase compared to last year, according to data compiled by ECO.

This dividend amount corresponds to nearly 60% of the profits that listed companies recorded in 2025 — and does not include other forms of shareholder remuneration, such as share buybacks. 2025 turned out to be a good year for the large companies in the PSI index: they posted profits of €5.4 billion, a surge of around 30% year-on-year – even though revenues have practically stabilised.

Galp, EDP and BCP together posted profits of over €1 billion, confirming their status as the ‘heavyweights’ of the domestic market. At the same time, they are the listed companies set to pay out the most money to their shareholders, accounting for approximately 60% of the total PSI dividend pot.

The electricity company led by Miguel Stilwell d’Andrade will distribute almost €860 million to shareholders, around 75% of its profit – with China Three Gorges at the top of the list, set to receive €183.6 million.

The bank led by Miguel Maya, for its part, is set to pay out more than €500 million in dividends, not including a further €400 million in share buybacks – and another Chinese group has reason to smile here too: Fosun, which is set to pocket more than €100 million.

Meanwhile, the oil company co-led by Maria João Carioca and João Diogo Silva, following the PSI’s highest profit, will distribute to its shareholders more than 40% of its 2025 net profit, which totalled €1.15 billion. This means that dividends exceed €480 million, with the Amorim family alone set to receive nearly €100 million (not including the share buyback programme).

Nos is the most generous (and sexiest)

There is one listed company that will distribute practically 100% of its profit to shareholders: Nos, which is usually among the most generous when it comes to payouts and is repeating the feat this year. Shareholders of the telecoms firm led by Miguel Almeida will receive over €230 million in dividends.

As well as being the most generous, Nos offers the most attractive dividend in terms of yield, with a yield of over 8% — based on the closing price last Friday, 20 March.

Next in this ranking is Corticeira Amorim, whose dividend of €0.35 per share offers a dividend yield of over 5.5%. Rounding off the top three is EDP, with a dividend yield of around 4.8%.

At the other end of the spectrum is EDP Renováveis, which has returned to profit, with a modest dividend yield of 1%. The dividend yields for Galp and Semapa are around 3%.

11 listed companies increased their dividends

Thanks to strong performance last year, and driven by the need to keep the stock attractive to investors, 11 listed companies (out of the 14 that have already reported their results) have increased shareholder returns.

Only Navigator and its parent company Semapa did not do so: the paper manufacturer’s dividend fell following a 50% drop in profit, and the Queiroz Pereira family’s holding company kept its dividend at 62.6 cents.

Meanwhile, Jerónimo Martins, CTT, Nos, BCP and Mota-Engil increased their dividend per share by more than 10%, and EDP Renováveis’ dividend rose by 62.5%, from 8 cents to 13 cents – though still far from the 19.5 cents forecast for 2023.