Teixeira Duarte's Half-Year Profit Falls 71% on a One-Off That Flattered Last Year, While Its Order Book Climbs to €1.8 Billion

Teixeira Duarte reported a 71.5% fall in half-year profit on Friday, and almost none of it says anything bad about the business. The Oeiras-based construction group told the market regulator CMVM that consolidated net profit for the six months to June came in at €12.1 million, against nearly €43 million a year earlier. The result attributable to shareholders was €11.4 million, down 73.1%.

The comparison is the problem

Last year's first half was inflated by a one-off. In 2025 Teixeira Duarte signed a refinancing agreement with BCP, Novobanco and Caixa Geral de Depositos that produced a non-recurring positive impact of €46.5 million on the half-year net result. This year the amortisation of that same arrangement worked the other way, taking €7.4 million off the bottom line. Strip out both and the direction of travel reverses.

It was the same refinancing that drove the group's near-doubling of full-year 2025 profit to €50 million, so the flattering effect has now worked its way through both the annual and the half-year comparatives.

What the operating numbers show

Turnover reached €401 million, up 25.1% year on year. Portugal was the main engine, growing 52% and now accounting for 49% of the group total, a gain of 8.7 percentage points on the same period last year. For a group with a long history in Angola, Mozambique, Brazil and Algeria, that shift back toward the domestic market is the more interesting number.

EBITDA more than doubled, rising 116.5% to €58 million, with positive contributions from almost every business area. Construction reinforced its position as the largest generator of group operating profit at €28 million, or 48.2% of the total. Within construction, sales and services rose 38.3%, adding more than €75 million, with Portugal up 65% and now representing 60.3% of the segment. Construction EBITDA rose 95.2%, which the company attributes partly to consolidating its efficiency measures on structures and resources.

The order book grew to €1,799 million, up 10% since 31 December 2025.

The other divisions

Real estate swung from a negative €4 million EBITDA a year ago to a positive €16 million, driven by the revaluation of Portuguese property projects. Concessions and services grew activity 1.3% for €4 million of EBITDA. Hotel sales and services rose 2.9%, delivering €7 million. Distribution grew 5.7%, or 12.8% stripping out currency depreciation, lifting EBITDA 17.1% to €3 million. The automotive arm increased billing 3.8% on the launch of the Chinese GAC brand late in the half, though that has not yet fed through to EBITDA.

Net debt fell by €8 million from the December position to €488 million, with bank financing broadly flat in nominal terms. Financial autonomy improved 1.3 percentage points to 13.4%, still thin by the standards of the sector but moving the right way.

What this means for you

• If you hold the shares: read the EBITDA line, not the profit line. A 71.5% fall against a comparative that contained a €46.5 million accounting gain is not a deterioration in trading.
• If you are watching Portuguese construction: a 10% rise in the order book and a 65% jump in domestic construction sales point the same way as the labour cost data, which showed construction pay leading the second quarter.
• If you are buying a new-build: a busier domestic order book means contractors have less reason to compete on price. Construction cost inflation has been led by wages rather than materials for a year now.
• If you are assessing the balance sheet: 13.4% financial autonomy and €488 million of net debt still leave the group leveraged. The refinancing bought room; it did not remove the constraint.