Teixeira Duarte Reports €43 Million Profit in First Half of 2025
The Portuguese construction and real estate group Teixeira Duarte announced this Friday a consolidated net profit of €43 million for the first half of 2025. The figure marks a substantial increase from the €11 million profit reported in the corresponding period of 2024. In a formal communication to the Securities Market Commission (CMVM), the company also revealed its construction order book stands at a formidable €1.63 billion.
According to the company's official statement, the first-half EBITDA reached €27 million, which is a 36% decrease compared to the same period last year. The company attributes this reduction to the performance of its real estate division, stating that "sales in this sector are very impacted by the cycle of development of the projects, as the commercialization of assets only has an accounting effect upon its delivery." Despite this, the construction arm of the business now represents 53.5% of the Group's total EBITDA, reinforcing its central role in the company's operations.
The total turnover for the group was €320 million, a 15.1% decrease from the first half of 2024, with the real estate sector accounting for a €51 million drop in business. Teixeira Duarte highlighted a strategic shift in its real estate accounting, noting that "in Portugal, the conversion of five current public limited companies into collective investment companies and the delivery of shares (planned for the second half of 2025), agreed within the scope of the refinancing agreement, will allow the group's accounts to reflect, on a half-yearly basis, the performance of the respective real estate developments, which has been excellent."
A significant contributor to the positive net result was a refinancing agreement finalized in March of this year. The agreement extended debt maturities and optimized financing costs, creating a positive financial impact of €60 million. This restructuring was described as equivalent to the updated value of the respective bank loans. This financial maneuver has also led to a €78 million reduction in the company's net financial debt, primarily due to an increase in available cash and a significant decrease in the value of bank financing.
Within its diverse portfolio, the concessions and services sector saw an 8.7% increase in activity, with EBITDA holding steady at €4.6 million, in line with the previous year. The company noted a "good performance in Portugal and Angola" for this segment. The report provides a detailed snapshot of a major player in Portugal's economy, reflecting both the cyclical challenges of the real estate market and the robust underlying strength of the construction sector.
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