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The Portugal Brief
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The Portugal Brief

The Portugal Brief

Sonae

Sonae's International Sales Climb 45% Past €2.3 Billion in 2025 — Maia Holding Adds 1,070 Stores Abroad, Pushes Foreign Revenue Above 20% of the Group for the First Time and Books €247 Million of Attributable Net Profit

Sonae's 2025 international sales reached €2.3 billion (+45% YoY), offshore revenue past 20% of the group for the first time. The Maia holding added 74 net stores abroad to reach 1,070, lifted consolidated revenue 14.2% to €11.4 billion and printed €247M of attributable net profit.

CTT

CTT–DHL Iberian Parcels Joint Venture Closes Tuesday 12 May — Correios Encaixam €64 Million, Take 25% of DHL eCommerce Spain via Danzas, Give DHL 25% of CTT Expresso and Lock a €35-Million Annual EBIT Synergy Target Across the New Iberian Number-One

CTT and DHL closed their Iberian e-commerce parcels JV on Tuesday. CTT encaixa €64 million net cash, takes 25% of DHL eCommerce Spain via Danzas, gives DHL 25% of CTT Expresso, and targets €35M+ annual EBIT synergies in 2–3 years. EU clearance landed 19 March 2026.

Non-Habitual Residents

IGF Reads Portugal's Non-Habitual Residents Regime at €1.74 Billion in 2024 — Beneficiary Count Triples to 128,958, Fiscal Cost Climbs 181% Since 2019 and 254 Control Situations Across 71 Taxpayers Walk Into the AT's Risk File

IGF audit homologated 29 April 2026 reads Portugal's NHR regime at €1,741 million in 2024 — up 181% from 2019 — across 128,958 beneficiaries. Inspectors flag 254 control situations on 71 taxpayers for five-year prior-residency breaches; the AT accepts the tightening.

Nationality Law

Seguro Returns Decreto 49/XVII to Parliament Tuesday Morning — Tribunal Constitucional Struck Down the Nationality-Loss Accessory Penalty Unanimously on Friday and Hugo Soares Signals PSD Will Not Force a Reconfirmation Override

Seguro returned Decreto 49/XVII to Parliament on Tuesday under Article 279(1). The Tribunal Constitucional struck down the nationality-loss accessory penalty unanimously on Friday — the second TC defeat — and Hugo Soares has ruled out a PSD two-thirds override.

Dividends

Portuguese Family-Controlled Groups Walk Away With €653 Million From the 2026 Cotada Dividend Cycle — Soares dos Santos Leads, Azevedo and Amorim Take the Next Two Steps of the Podium and Queiroz Pereira Drops Out as Navigator's Cheque Halves

The 2026 dividend cycle of the Portuguese cotadas — the listed companies that anchor the PSI index — has now closed enough of its calendar to allow the family-controlled-group rankings to be drawn. Jornal de Negócios's accounting puts the headline...

SEP

Nurses Walk Out on the International Day of the Nurse — SEP Calls a National Strike Across Public, Private and Social Sectors for Tuesday 12 May 2026 as the Ordem dos Enfermeiros Reads a 14,000-Position Shortfall and a 40% New-Graduate Emigration Rate

Nurses across Portugal walk into a one-day national strike on Tuesday 12 May 2026 — the International Day of the Nurse — at the call of the Sindicato dos Enfermeiros Portugueses (SEP). The strike covers the public Serviço Nacional de Saúde, the...