Markets, Business & Tech Briefing: PSI Slides -1.00% to 9,033 on EDPR Scrip-Dividend Drag and Pan-European Bond Rout, Portugal 10-Year Jumps 14bp to 3.55%, Galp Bucks Trend +1.91% as Brent Punches $109

PSI Slides -1.00% to 9,033.06 on EDPR Scrip-Dividend Drag and a European-Wide Long-Duration Sell-Off — EDPR -4.03%, EDP -2.82%, REN -1.95%, Navigator -1.87% and CTT -1.48% Carry the Tape Down, Galp +1.91% and Sonae +0.95% the Only Material Bids

The PSI closes Friday 15 May 2026 at 9,033.06 points, down 91.20 points or 1.00% on the session, the index reversing Wednesday-and-Thursday's back-to-back green close and re-opening the cumulative slide off the 30 April 9,344.96 high to 3.34% against the 2.36% reading on Thursday's 9,124.26 settlement. The intraday tape printed an early gap-up to 9,164.58 on a one-way European-morning bid that ran the prior-session post-Mota-Engil-prospectus-amendment momentum, but the European-afternoon rotation through long-duration equities folded the index back through the 9,100 handle and the 9,050 handle in sequence to print a session low of 9,016.57 before the closing-auction bid pulled the print marginally back to 9,033.06 at the 16:35 Lisbon settlement. EDP Renováveis tops the loser tape down 4.03% on the second trading session after the 12 May ex-date of the 2026 Scrip Dividend Programme — the residual mechanical adjustment from the 13 May record-date capture continuing to print through the price action as the 14-28 May incorporation-rights-trading window runs the rights-arbitrage flow at the €0.124 per right fixed-buyback floor. EDP — Energias de Portugal falls 2.82% in sympathy as the parent — running its own 74%-of-EDPR scrip-allocation election alongside the post-5 May ex-date €0.205 per share 2025 dividend cycle — folds into the same European-wide utilities sell-off, and REN — Redes Energéticas Nacionais falls 1.95% as the regulated-utility-long-duration carry-through completes the energy-and-utilities red triple. Navigator Company prints down 1.87% on a continued Hawkins Wright BHKP-pulp-price headwind reread out of the 7 May Q1 2026 net-profit print at €17.2 million (down 64.3% year-on-year) and the 15.2% EBITDA margin compression that the cellulose-cluster consensus continues to carry through the H1 calendar; CTT — Correios de Portugal falls 1.48%; Corticeira Amorim falls 1.13%; Mota-Engil prints down 1.03% on a take-profit print following Thursday's CMVM-amendment-driven bid; BCP closes down 0.75% on a profit-take print after the Wednesday-and-Thursday two-day bank-beta carry; Semapa closes down 0.43% at €19.16 into the post-close Q1 print; Altri closes down 0.39% into the Thursday 21 May Q1-results window; and NOS SGPS closes down a token 0.28%. The bid tape runs short: Galp Energia up 1.91% as the standout green print on the day, Sonae SGPS up 0.95% on the defensive-consumer-staples rotation, and Jerónimo Martins up 0.38% on a similar defensive bid through the European afternoon.

EDPR -4.03% on Second Session After the 2026 Scrip Dividend Programme Ex-Date — Incorporation Rights Trade 14-28 May at €0.124 Fixed Buyback Floor, EDP Parent Falls 2.82% in Sympathy on Its Own Scrip-Allocation Election

The discrete corporate-action event running the Friday tape is the EDP Renováveis 2026 Scrip Dividend Programme. The board on Thursday 30 April 2026, ratified by the 14 April general meeting, approved a free share-capital increase against the available reserves with a programme structure that mirrors the 2024 and 2025 scrip cycles: the ex-date printed on Tuesday 12 May 2026 — the date from which EDPR shares trade without the right to participate in the scrip — with the record date closing at 23:59 GMT on Wednesday 13 May 2026 as the cut-off for eligibility. The incorporation-rights trading window opens on Thursday 14 May 2026 and closes on Thursday 28 May 2026, with the rights trading on Euronext Lisbon and the parallel cash-alternative cycle running a fixed buyback price of €0.124 per incorporation right — the floor under which holders can convert the scrip allocation to a cash payment at the predetermined level. The Friday session is the second trading day after the 12 May ex-date and the second day of incorporation-rights trading — the 4.03% EDPR price drop reflects (a) residual ex-dividend mechanical adjustment as the post-12-May price continues to settle below the ex-date reference, (b) rights-arbitrage flow as holders who elected the cash option sell into the €0.124 floor, and (c) sympathy with the broader European long-duration sell-off. There is no Q1-2026-results catalyst on the EDPR equity today — the wind-and-solar developer already booked the Q1 print on Wednesday 6 May 2026 with recurring EBITDA at €489 million (up 2% year-on-year) and net profit at €71 million (up 9%). The EDP parent — which owns 74% of EDPR and has historically elected scrip alongside its subsidiary — falls 2.82% on the same Friday session in sympathy: the 5 May 2026 EDP ex-date for the €0.205 per share 2025 ordinary dividend (paid 7 May) already cleared the parent's own scrip-and-cash window, and Friday's red close reflects (a) the EDPR-allocation read-through and (b) the European-wide utilities-and-long-duration sell-off the bond-yield rout dragged in. REN prints down 1.95% on the same regulated-utility-long-duration carry-through with no idiosyncratic catalyst, completing the energy-and-utilities red triple on the Lisbon tape.

Portugal 10-Year Jumps 14bp to 3.55% on a Pan-European Bond Rout — Bund Spread Widens to 44bp From 37bp as the OIS Curve Now Prices an ECB June Hike Above 90%, EUR/USD Pulls Back to 1.1628 on a Fifth-Consecutive Dollar Bid

The cross-market sell-off ran the second discrete leg through Portuguese sovereign debt and the cross-currency tape on a Friday session that closed with global fixed-income printing the steepest single-session move of the May calendar. The Portugal 10-year OT yield settled at 3.55% in the secondary market, up 14 basis points on Thursday's 3.41% close as the secondary tape repriced the renewed-energy-led-inflation print and pulled the OIS-curve probability of an ECB June 2026 hike above the 90% threshold from a Thursday print near 75%. The Bund 10-year closed at 3.11% on a 7-basis-point move, the Italian BTP 10-year printed 3.86% on a similar 7-basis-point bid, the French OAT 10-year moved in line, and the G7 10-year average closed up roughly 15 basis points on the week into the Friday print — Reuters and CNBC published mid-afternoon European wires headlined on global-bonds-tumble-on-flaring-inflation as the consensus pulled the year-end ECB-rate path to three hikes versus the prior two-hike consensus. The Portugal-Bund spread widened to roughly 44 basis points from Thursday's 37 basis points, reversing the post-IGCP-auction-perimeter tightening of the Tuesday-and-Thursday window but still inside the year-to-date range and well below the 78-basis-point high printed in early March; the credit-rating-and-issuance-plan backdrop continues to anchor the spread — the S&P A-flat-with-positive-outlook credit rating, the IGCP's 91% pre-funded position on the 2026 issuance plan, and the EU NGEU joint-issuance backdrop on the supply side all carrying through. The EUR/USD closed at 1.1628 on the ECB reference fix, down 0.63% on Thursday's 1.1702 print on a fifth-consecutive-session dollar bid into the hawkish-Fed-repricing tape; the cumulative pull-back from Monday 11 May's three-week high above 1.175 now prints roughly 1.0%, and the cross sits a full handle below the 1.17 pivot the consensus had been tracking as the next discrete two-way pivot. The Euribor 3-month fixing prints at 2.239% against Thursday's 2.252% as the front-end transmission starts to digest the rapid back-end repricing, with the 6-month at 2.485% and 12-month at 2.798% on the same Friday fixings continuing to carry the next-ECB-meeting hawkish bias.

Galp Bucks the Trend +1.91% as Brent Punches $109 on the Strait-of-Hormuz Premium — Sonae +0.95% and Jerónimo Martins +0.38% the Only Other Material Bids on a Defensive-Staples Rotation

The single discrete idiosyncratic bid on the Lisbon tape runs the Galp Energia equity up 1.91% on a session that printed the standout green close inside an otherwise broad-based red tape. The Brent July futures contract traded around the $109.15 a barrel handle into the European close — a 3.25% intraday move on the back of the continued Iran-tension-and-Strait-of-Hormuz geopolitical-risk premium that the Thursday-morning reported sinking of an Indian-flagged tanker in the Hormuz transit channel ran into the cross-market tape, with the Friday continuation now running the contract through the $108 handle that Thursday's tape printed and into the $110 handle that the consensus is now tracking as the next-discrete-resistance level. Galp's integrated-oil exposure prices through the crude-curve repricing on a one-for-one beta with Brent at the front end and the post-1 May Galp Q1 print at €264 million in net profit — the upstream-Mozambique-LNG-and-Brazilian-pre-salt portfolio mix that the consensus tracks at a roughly $5-per-barrel sensitivity per €100 million EBITDA delta carrying the rerate. Sonae SGPS prints up 0.95% on a defensive-consumer-staples rotation as the European-afternoon long-duration unwind pushed flow back through the consumer-services cluster ahead of the Tuesday 20 May Q1 release, with the 13 May Petco Norway acquisition by Musti continuing to anchor the Pet-care segment read-through; Jerónimo Martins prints up 0.38% on the same defensive rotation against a Polish-and-Iberian-grocery split that the consensus carries with broadly defensive characteristics into the European-equity rotation tape.

Semapa Q1 2026 Release Scheduled for Post-Close Friday — Q1 2025 Comparable Booked €39.6 Million Net Profit, 2026 Print Still Carries Full Secil Contribution Ahead of the Cementos Molins Sale and ~€400 Million Expected Capital Gain

The discrete post-close corporate-flow event on the Friday calendar is the Semapa — Sociedade de Investimento e Gestão SGPS Q1 2026 results release, scheduled for filing after the Lisbon close per the group's investor calendar at semapa.pt. The Sodim-controlled holding — which owns 69.97% of Navigator Company, 100% of Secil, and 100% of the ETSA environmental-services arm — closes the Friday session down a token 0.43% at €19.16 ahead of the post-close print. The Q1 2025 comparable booked €39.6 million in consolidated net profit, with the Navigator contribution running the cellulose-and-paper segment and the Secil contribution running the cement-and-concrete segment that the group continues to consolidate ahead of the announced disposal. The Cementos Molins sale of Secil — the agreement reached in February 2026 with the Spanish counterparty paying €1.0 billion equity value for the cement business — remains on track for an end-Q1 2026 closing per the group's prior calendar guidance, with management flagging an expected accounting capital gain of roughly €400 million on the disposal that will print as a separate non-recurring line item in the subsequent quarterly cycle. The Friday Q1 print therefore lands as the last quarterly release that consolidates the full Secil contribution at the operating-EBITDA line, and the consensus carries the read-through to (a) the post-deal pro-forma structural-margin profile, (b) the use-of-proceeds disclosure ahead of the planned €500 million capital-return-and-balance-sheet-deleveraging programme, and (c) the post-disposal portfolio refocus that anchors Navigator as the single dominant asset alongside the smaller ETSA arm. Press write-ups on the headline revenue-EBITDA-net-profit print are expected to land in the Monday 18 May open after the weekend cycle.

Outlook: Mota-Engil €110 Million Subscription Closes 15:00 Monday 19 May, Sonae Q1 on Tuesday 20 May, Brussels Spring Forecast on Wednesday 21 May, Altri Q1 on Thursday 21 May With Conference Call Friday 22 May

Outlook: Monday 18 May 2026 opens the week with the Semapa Q1 press cycle off the Friday post-close release and the run-in to the Mota-Engil €110 million sustainability-linked-bond subscription close on 15:00 Monday 19 May after Thursday 14 May's CMVM amendment more than doubled the cap from €50 million to a maximum of €110 million at a 4.60% fixed annual coupon — the Banco Finantia-led syndicate cleared roughly €155 million of demand from 4,800 retail investors on the Thursday 14 May book and the final allocation-and-settlement window now walks through to a Friday 22 May Euronext Lisbon listing. Tuesday 20 May books the Sonae SGPS Q1 2026 results release pre-market against the +45% international-sales print at the 2025 FY tape and the 1,070-store international-network expansion, with the post-Petco Norway Musti read-through anchoring the Pet-care segment input. Wednesday 21 May drops the Brussels Spring 2026 Economic Forecast for Portugal as the next cleanest external-validation input on the 1.9%-2.1% real-GDP-growth-and-inflation-mix consensus baseline after the S&P A-flat-with-positive-outlook rating action and the IMF Article IV Article-IV mission. Thursday 21 May walks the Altri Q1 2026 results release with the conference call scheduled for Friday 22 May — the cellulose-and-paper Q1 cluster running the consensus margin-compression test against a BHKP-pulp-price tape that ran the Hawkins Wright reference index roughly 11% lower across the quarter. Tuesday 26 May prints the Altri ordinary €0.25 per share dividend ex-day with payment on 28 May. Thursday 29 May walks the Vista Alegre Atlantis delisting AGM through the cash-out clock at €1.07 per share against the 5.24% free float — Visabeira's 84.76% block printing the squeeze-out trigger under Article 196 of the Código dos Valores Mobiliários and the Cristiano Ronaldo CR7 investment-vehicle 10% stake walking through the same minority cash-out window. The macro-and-political-economy overlay continues to anchor the medium-term consumer-and-services equity beta on the back of the Trabalho XXI labour-reform bill that the Conselho de Ministros approved Thursday 14 May for the Assembleia da República walk and the CGTP 3 June general strike pré-aviso locked into the same window.