Teixeira Duarte (TDSA) H1 2026 earnings summary

Executive summary

• Turnover rose 25.1% year-over-year to €401 million, with Portugal driving growth at 52% and now representing 49% of total turnover.

• EBITDA doubled to €58 million, up 116.5% year-over-year, with Construction as the main contributor.

• Operating income (EBIT) more than tripled to €33 million, and net income attributable to equity holders was €11.4 million.

• Net financial debt decreased by €8 million to €488 million, and financial autonomy improved to 13.4%.

Financial highlights

• Sales and services rendered: €401 million, up 25.1% year-over-year.

• EBITDA: €58 million, up 116.5% year-over-year.

• Operating income (EBIT): €32.5 million, up 276% year-over-year.

• Net income attributable to equity holders: €11.4 million, down from €42.4 million in 2025 due to a one-off refinancing gain last year.

• Net financial debt: €488 million, down €8 million from December 2025.

Outlook and guidance

• The order book for Construction reached €1.8 billion, up 10% from December 2025.

• The group maintains its forecast for 2026 consolidated operating revenue of around €850 million.

• Inflation and exchange rate volatility are expected to impact operations in key markets.