Teixeira Duarte (TDSA) H2 2025 earnings summary

Executive summary

• Achieved consolidated net income of €50 million, up 95.1% year-over-year, reflecting a structural financial transformation and the impact of a major refinancing agreement covering 95% of bank debt, which extended maturities and reduced uncertainty.

• EBITDA reached €100 million, down 5.3% from 2024, with an improved margin of 14.1% on sales and services, indicating enhanced efficiency and internal discipline.

• Revenue totaled €706 million, a 9% decrease year-over-year, mainly due to the real estate segment in Brazil, where no project deliveries occurred as planned.

• Net financial debt reduced by €147 million to €496 million, with over €1.6 billion in bank debt reduction since the subprime crisis.

• Construction backlog grew 6.2% to €1.635 billion, with an additional €162 million in 2026 awards, providing strong visibility for future periods.

Financial highlights

• Operating income (EBIT) was €53.2 million, down 24.3% year-over-year.

• Financial results improved significantly, with a positive €28.1 million versus a negative €30.4 million in 2024, mainly due to refinancing gains.

• Total assets decreased by 9.2% to €1.324 billion, impacted by currency devaluations in Angola and Mozambique.

• Equity decreased by 4.9% to €160.1 million, mainly due to currency translation adjustments.

• Financial autonomy improved to 12.1%, up 0.6 p.p. from 2024.

• Share price increased 705% during 2025, with a significant rise in trading volume.

Outlook and guidance

• For 2026, expects consolidated operating revenue of approximately €900 million, a 22% increase over 2025.

• Construction backlog and new awards post-year-end support robust future activity.

• Ongoing monitoring of geopolitical risks and climate events, with no material impact expected from recent Middle East conflict or severe weather in Portugal.