Markets, Business & Tech Briefing -- Monday, 23 March 2026

PSI Companies Report Record Combined Profits of 5.4 Billion Euros

Listed companies on Portugal's PSI index have reported combined net profits of nearly 5.4 billion euros for 2025, up 27 percent from the prior year. Three companies — Galp, EDP, and BCP — each topped one billion euros individually, accounting for over 60 percent of total earnings. Only Ibersol and Teixeira Duarte results are still outstanding.

Novo Banco Shareholders Approve 828-Million-Euro Profit

Novo Banco holds its general meeting today to ratify 2025 accounts showing a record 828 million euros in net profit, up 11 percent. The meeting comes after BPCE completed its 6.4 billion euro acquisition of Lone Star's 75 percent stake in June 2025. Portuguese banking sector profits totalled 5.23 billion euros last year.

ISP Tax Cut Softens Latest Fuel Price Rise

Fuel prices rose again this Monday, but the government's updated ISP reduction — 3.2 cents per litre on diesel, 1.7 cents on petrol — limits the impact at the pump. The intervention follows weeks of increases driven by Middle East supply disruptions. Spain's more generous 30-cent cut continues to draw unfavourable comparisons.

INE Housing Price Index Expected to Show Continued Surge

INE publishes Q4 2025 housing price data today. The Q3 reading was 17.7 percent year-on-year, the highest on record and the third consecutive quarterly peak. Average mortgage rates have fallen to 3.079 percent, with average monthly payments down to 397 euros — but affordability remains a key concern amid rising property values.

Portugal 2030: Six Billion Euro Execution Target Under Threat

The head of Portugal's development agency says cumulative spending under the PT2030 EU programme must reach six billion euros by year-end to meet the N+3 deadline, but only 3.66 billion was executed through February. The agency aims for 85 percent of funds to be open for applications by December, with that figure likely to exceed 90 percent after April's new call calendar.

Tariff Impact Hits Portuguese Exporters

While PSI profits surged overall, export-oriented firms felt the tariff squeeze. The Trump administration's Section 232 tariffs — the only ones left standing after the Supreme Court struck down broader IEEPA-based duties in February — weighed on paper producers and Corticeira Amorim. A Bank of Portugal study found no significant evidence of Chinese export diversion to the EU, easing one concern.

Trade Flows Reorganise Rather Than Contract

A McKinsey Global Institute report published Friday found that global trade has not contracted despite the tariff war but rather reorganised, with goods travelling longer distances between geopolitically aligned partners. Over 165 billion dollars in US-China trade has been redirected since 2017 — a trend that may benefit Portugal's positioning as a stable EU gateway.

Portugal's D8 Digital Nomad Visa Featured in Forbes

Forbes listed Portugal's D8 Digital Nomad Visa among the top 10 digital nomad visas globally for 2026, praising the country's safety rankings, infrastructure, and pathway to longer-term residency. A separate Forbes piece named Portugal among seven affordable countries where remote workers can live well — relevant for the business community as more international talent eyes Portugal.

Agricultural Losses Approach 500 Million Euros

The farming sector's self-reported storm losses have climbed to nearly 500 million euros, with more than 4,200 damage declarations filed. The Confederation of Portuguese Farmers says no sector-specific aid application process has been opened. The only support received so far is a one-off emergency payment of up to 10,000 euros per applicant in calamity-declared municipalities.

OECD Anti-Corruption Forum Opens

The OECD's 2026 Global Anti-Corruption and Integrity Forum begins today in Paris, running through March 27. The theme — "The Integrity Advantage" — focuses on the economic cost of corruption and its impact on competitiveness, relevant for Portugal as it works to improve its governance rankings.