Teixeira Duarte (TDSA) H2 2025 earnings summary

Executive summary

• 2025 consolidated net income attributable to equity holders rose to €50.0m from €25.6m, while EBITDA reached €99.6m, down 5.3% YoY; net profit reflected the refinancing agreement’s accounting impact.

• Revenue and services rendered declined 8.9% to €705.8m, mainly due to the planned pause in Brazilian real estate deliveries; construction performance in Portugal and Brazil partly offset disruption and suspended projects elsewhere.

• Financial restructuring, a €1.635bn construction order book and €162.2m of contracts awarded after year-end supported improved funding stability and forward visibility.

Financial highlights

• Operating income €736.7m, down 12.7% YoY; sales and services rendered €705.8m, down 8.9%.

• EBITDA €99.6m, down 5.3%; EBIT €53.2m, down 24.3%; net income attributable to equity holders €50.0m, up 95.1%.

• Financial results swung to a €28.1m gain from a €30.4m loss, including a €54.9m gain from refinancing-related changes in financial liabilities.

• Total assets fell 9.2% to €1.324bn; net financial debt declined €146.8m to €496.2m at year-end.

Outlook and guidance

• 2026 consolidated operating income is expected to reach ~€900m, an increase of ~22% YoY.

• Construction order book was €1.635bn at year-end, with €162.2m of additional contracts awarded after December 31, 2025.

• Construction activity in Portugal is expected to remain positive; the 2026 order book in Geotechnics and Foundations was similar to 2025, and railway tenders and secured projects provide visibility.

• Real estate plans include delivery of Infinity Brooklin and continued construction of Loomi Chácara Santo António and Insignia Alto da Lapa; hospitality expects moderate growth in Angola and continued market uncertainty in Mozambique.