Companies listed on the PSI index closed the first half of the year with profits of 3,658.2 million euros, a historic result sustained by gains in the energy and banking sectors. Galp was the profit champion with 812 million euros, followed by EDP with 732 million and BCP with 566 million. These four companies accounted for more than 62% of total profits, offsetting losses from exporters and the stagnation of Jerónimo Martins. Without the effect of the sale of Secil on Semapa's accounts, profitability stood at 3,142 million euros, 13.4% above the same period last year.
Galp saw its profits soar 43.7% driven by the surge in oil prices caused by the war in the Middle East. The Portuguese oil company revised its 2026 outlook upwards, now expecting to reach four billion euros in EBITDA, above the previous forecast of 2.6 billion. EDP also updated its expectations, pointing to a profit of 1.4 billion euros by year-end, above the 1,150 million in 2025. EDP Renováveis also raised its targets for 2026.
BCP maintained its profit growth momentum with more than a dozen investment houses revising the bank's valuation upwards. In retail, while Jerónimo Martins posted a decline in profits to 260 million, Sonae continued to set records with profits of 123 million euros, up 20.5% from the same period last year. Semapa earned 570 million, but this result is largely due to the capital gain from the sale of cement maker Secil.
Revenue for PSI companies rose about 7% to 53.3 billion euros and EBITDA increased 12.8% to 9.6 billion, with the margin exceeding 18%. The Portuguese stock exchange rose more than 14% in the first eight months of the year and is trading at 18-year highs. Given the positive outlook from listed companies, everything points to another record year of returns.
