The Biggest Companies in Portugal [Updated for 2026]

EDP is the largest of the biggest companies in Portugal, with a market value of about €19.7bn ($22.1bn). Galp Energia and Millennium bcp follow, each worth between €16bn and €17bn. Ranked by revenue, Jerónimo Martins leads with €36.0bn of sales in 2025. All of these companies trade on Euronext Lisbon, whose main index, the PSI, has 16 members. Even the leaders look small next to the biggest companies in Europe.

Market data in this article is as of 21 October 2026. Market values come from Simply Wall St, updated on 21 October 2026. Dollar figures use the ECB reference rate of 1.1234 for that day. These numbers change with every trading session.

The information in this article is provided for educational purposes only and does not constitute financial advice. Consult a financial advisor before making investment decisions.

The Biggest Companies in Portugal at a Glance

The table below lists the top 10 companies in Portugal by market capitalisation. Four of the ten are energy groups or utilities. One bank and two retailers take three more places.

Source: Simply Wall St, data as of 21 October 2026. USD values use the ECB rate of 1.1234. Market values change daily.

Two caveats apply. Galp (€17.0bn) and BCP (€16.5bn) are almost level, and StockAnalysis currently places BCP second. Semapa holds tenth place largely through its stake in The Navigator Company, which also appears in the list.

The Portuguese Stock Market

The Portuguese stock market centres on a single exchange. Euronext Lisbon was once the Bolsa de Valores de Lisboa e Porto (BVLP). It became Euronext Lisbon on 6 February 2002. Shares trade from 8 a.m. to 4:30 p.m. Lisbon time, according to Wikipedia. Lisbon is on the same clock as London.

For a wider view of how Lisbon compares with larger venues, see our guide to the world's most important stock exchanges.

Euronext Lisbon and the PSI: Key Facts

Sources: Mondo Visione, Wikipedia (Euronext Lisbon), Wikipedia (PSI-20), Banco Carregosa, Trading Economics. Past performance is not a reliable indicator of future results.

What Is the PSI Index?

The PSI is Portugal's benchmark index. It tracks the largest and most traded shares in Lisbon, weighted by free-float market value. Euronext dropped "20" from the name in 2022, because the index can hold fewer than 20 companies. A company needs a free-float value of at least €100m to join, as Literacia Financeira explains.

Each member is capped at 12% of the index, according to Banco Carregosa. The cap limits how much one company can move the whole index. Older sources quote 15%, which reflects the previous rules.

The PSI in October 2026

The PSI closed at 9,374.46 on 21 October 2026, up 0.46% on the day, at the 16:30 Lisbon close. Both Jornal de Negócios and Lusa via Correio da Manhã reported this level. It stands about 13.4% above the 2025 close of 8,263.65, before taxes and costs, which may vary.

In late September 2026 the index reached its highest level since June 2008, according to Trading Economics. The same source shows a fall of about 3% over the month to late October. That high came after a flat 2024 and a strong 2025. The PSI still trades about 37% below its record close of March 2000, so the long-term picture is mixed.

How the PSI Has Performed Over Five Years

Period: calendar years 2021 to 2025, plus 2026 to 21 October. Sources: Wikipedia (PSI-20) for 2021 to 2024 (the 2021 close is derived from the 2022 change), Forbes Portugal and Executive Digest for 2025, Jornal de Negócios for 2026. Index changes are shown before taxes and costs, which may vary. Past performance is not a reliable indicator of future results.

From the end of 2020 (4,898.36) to the end of 2025, the PSI rose about 69%, before taxes and costs, which may vary. The path was uneven. 2024 ended slightly lower, and 2025 delivered most of the gain.

Why the Portuguese Market Is Small

At the end of 2025 the whole PSI was worth €81.6bn, per Executive Digest. The ten largest listed Portuguese firms are now worth about €90.5bn ($101.7bn) together. For scale, every company on our list of trillion-dollar companies is worth more than $1,000bn on its own.

Portugal has relatively few large listed companies, and the main index holds only 16. Many large Portuguese businesses are family-owned or state-owned. Others are subsidiaries of foreign groups. That narrows the choice of listed Portuguese shares.

PSI 20 Companies: The Stocks in Portugal's Main Index

The PSI, still widely called the PSI 20, has 16 members. Euronext's September 2026 review left the list unchanged. The next review announcement is due on 9 December 2026. Teixeira Duarte was the most recent company to join, on 22 September 2025.

Sources: Literacia Financeira (members, tickers and sectors) and Euronext (September 2026 review). Composition as of 21 October 2026.

How the PSI Chooses and Weights Its Members

Sources: Banco Carregosa (weight cap), Literacia Financeira (size threshold), Euronext (review calendar).

Recent PSI Reviews

Sources: Mondo Visione (September 2025), Mondo Visione (December 2025), Euronext (March 2026), Euronext (June 2026), Euronext (September 2026).

The Largest Portuguese Companies by Market Cap

This ranking uses one source and one date. Market values come from Simply Wall St on 21 October 2026. Dollar values use the ECB rate of 1.1234. Only companies with their main listing in Lisbon count, so MERLIN Properties, a Spanish property group, is left out.

EDP Renováveis is registered in Spain. It is included because its shares trade in Lisbon. Each profile below gives the market value and a short business summary. It then shows the 2025 results, with links to the company report or the outlet that covered it.

1. EDP (Energias de Portugal)

Market cap: €19.7bn ($22.1bn) on 21 October 2026.

EDP is an integrated power group. It generates and distributes electricity in Iberia and Brazil. It also controls EDP Renováveis, the fourth company on this list.

Sources: StockAnalysis (revenue), Observador (net profit). Past performance is not a reliable indicator of future results.

In July 2026 EDP raised its 2026 profit outlook, as Reuters reported. It cited strong networks and gains from asset sales. On the risk side, Observador noted that EDP faces a tax dispute over its sale of dams. The company has not booked a provision for it, so an adverse ruling could hit profit. Company guidance is a forecast, and forecasts are not a reliable indicator of future results.

2. Galp Energia

Market cap: €17.0bn ($19.1bn) on 21 October 2026.

Galp produces oil and gas, mainly in Brazil. It also runs the Sines refinery and a fuel and convenience retail network in Iberia.

Sources: StockAnalysis (turnover), ECO News (EBITDA and profit), Galp 4Q and FY25 results. Past performance is not a reliable indicator of future results.

The 2025 profit was a company record. In 2026, a fuel supply shock in the Middle East pushed Galp's refining margins to record levels, according to Baird Maritime. Refining margins are cyclical. They could fall back quickly if supply returns to normal.

3. Banco Comercial Português (Millennium bcp)

Market cap: €16.5bn ($18.5bn) on 21 October 2026.

Millennium bcp is Portugal's largest listed bank. It also operates in Poland through Bank Millennium and has a bank in Mozambique.

Source: Millennium bcp FY25 results release. Past performance is not a reliable indicator of future results.

BCP reported a first-half 2026 profit of €565.5m, up 12.7%, per ECO News. The chief executive called it the bank's best half-year ever, ECO News reported. Higher interest rates have helped bank income. They can also raise loan losses if borrowers struggle. Our ECB meeting preview covers the rate path in more detail.

4. EDP Renováveis

Market cap: €12.8bn ($14.4bn) on 21 October 2026.

EDP Renováveis builds and runs wind and solar farms in Europe and the Americas. It is registered in Spain and listed in Lisbon. EDP is its controlling shareholder. It also features in our list of the biggest renewable energy companies.

Source: ECO News, based on the company's 2025 results. Past performance is not a reliable indicator of future results.

The 2024 loss came from exits in Colombia and US offshore wind. The average selling price fell by 10% in 2025, per ECO News. First-half 2026 profit nearly doubled, as ECO News reported.

5. Jerónimo Martins

Market cap: €11.5bn ($12.9bn) on 21 October 2026.

Jerónimo Martins is a food retailer. Its biggest chain is Biedronka in Poland, which made €25.3bn of sales in 2025. It also runs Pingo Doce in Portugal and Ara in Colombia.

Source: Jerónimo Martins 2025 results (Euronext). Past performance is not a reliable indicator of future results.

The first half of 2026 was harder. Net profit fell 3.4% to €260m, as food deflation in Poland held back like-for-like sales, per ECO News.

6. Sonae

Market cap: €4.1bn ($4.6bn) on 21 October 2026.

Sonae is a Portuguese retail and investment group. Its core business is the Continente supermarket chain. It also owns fashion and health and beauty businesses, plus the Sierra property arm.

Source: Sonae FY25 results (Euronext). Past performance is not a reliable indicator of future results.

In the first half of 2026 Sonae's turnover rose 6.3% to €5.6bn, and net profit grew 20.5% to €123m, per ESM Magazine. Part of that growth came from acquisitions, which bring integration costs.

7. NOS

Market cap: €2.7bn ($3.0bn) on 21 October 2026.

NOS is one of Portugal's main telecoms and media groups. It sells mobile and fixed-line services, including pay TV. It also runs cinemas and distributes films.

Source: ECO News. Past performance is not a reliable indicator of future results.

Profit fell in 2025 because 2024 had included one-off gains. In the first half of 2026 net profit rose 13.7% to €128.1m, according to Observador.

8. REN (Redes Energéticas Nacionais)

Market cap: €2.4bn ($2.7bn) on 21 October 2026.

REN runs Portugal's high-voltage electricity grid. It also operates the national gas transmission network. Most of its income is regulated, which tends to make earnings steadier.

Source: REN 12M25 factsheet. Past performance is not a reliable indicator of future results.

REN's first-half 2026 net profit rose 42.1% to €93.4m, per RTP. Regulated returns also limit earnings growth, since the regulator sets the allowed rate.

9. The Navigator Company

Market cap: €2.2bn ($2.5bn) on 21 October 2026.

The Navigator Company makes office paper from eucalyptus pulp. It also produces pulp for sale and tissue paper.

Source: RTP, citing the company's results statement. Past performance is not a reliable indicator of future results.

2025 was a weak year for the pulp and paper cycle. Profit fell by almost half. A recovery in paper prices could lift results, while further price falls could extend the decline.

10. Semapa

Market cap: €1.6bn ($1.8bn) on 21 October 2026.

Semapa is an industrial holding company. Its main asset is a controlling stake in Navigator. It sold the cement maker Secil to Cementos Molins in March 2026, at an equity value of €1.081bn, per the company's announcement.

Source: Semapa 2025 results press release. Revenue excludes Secil. Past performance is not a reliable indicator of future results.

Semapa's value rests mainly on Navigator, so ranking both counts the same paper business twice in part. The next company by size is Mota-Engil, worth €1.4bn ($1.6bn), per Simply Wall St. It ranks 11th by market value and fifth by revenue.

Sector Breakdown of the Top 10

Source: Admirals calculation from Simply Wall St data as of 21 October 2026.

The five largest names make up about 86% of the top 10's combined value. Energy and utilities alone account for over half. As a result, oil prices and interest rates can have a large effect on Lisbon's biggest shares.

Size is a snapshot. Market values move every day. Companies of similar size can swap places quickly. Galp and BCP already rank in a different order on different data sources.

Market Value Compared With 2025 Profit

A simple way to compare companies is to divide market value by last year's profit. A lower figure is sometimes read as a lower valuation. It can also reflect falling profits or high debt.

Source: Admirals calculation using Simply Wall St market values (21 October 2026) and the company results linked above. Galp's figure is IFRS net profit from its 4Q and FY25 results. The ratio ignores minority interests and one-off items. Past performance is not a reliable indicator of future results.

EDP Renováveis stands out because 2025 profit was recovering from a loss. Semapa and NOS sit at the low end. Low figures are sometimes a sign of slower growth or one-off gains in the profit line.

The Biggest Companies in Portugal by Revenue

Ranking by sales gives a different order. Grocers handle huge volumes of goods, so their revenue can be far larger than their market value. The table covers listed companies only.

Sources: Jerónimo Martins, StockAnalysis (Galp), StockAnalysis (EDP), Sonae, Mota-Engil. Past performance is not a reliable indicator of future results.

Four of the five also appear in the top 10 by market value. The exception is Mota-Engil. It is a construction and engineering group, with much of its work in Africa and Latin America. In 2025 it reported EBITDA of €979m and net profit of €133m, according to its FY25 earnings release. Its order backlog stood at €16.2bn.

Notes on the Revenue Ranking

• Banks are left out because banking income is measured differently from sales, and BCP's reached €3.8bn in 2025.
• EDP Renováveis is excluded because its €2.68bn of revenue is already consolidated in EDP's figure.
• Unlisted companies are kept out of the table, although some are very large.
• Iberinform's ranking of the 5,000 largest Portuguese firms puts their combined turnover above €305bn, per Jornal Económico.

Unlisted Giants: Caixa Geral de Depósitos and TAP

Past performance is not a reliable indicator of future results.

TAP's revenue would place it just below Mota-Engil. Caixa Geral de Depósitos is a bank, so it is excluded for the same reason as BCP. Neither company's shares can be bought on the exchange.

How Profitable Are the Revenue Leaders?

Calculation by Admirals based on the company results linked in this article. Past performance is not a reliable indicator of future results.

Food retailers work on thin margins, so a small change in costs can move their profit sharply. Utilities earn more per euro of sales. They also carry heavy debt to fund their networks and power plants.

What Drives Portuguese Stocks in 2026

Several themes have shaped Portuguese share prices in 2026. Each one cuts both ways.

• Higher refining margins after the Middle East supply shock have lifted Galp's earnings, according to Baird Maritime.
• The ECB raised its deposit rate to 2.50% in 2026, which tends to support bank margins and weigh on utilities, as our ECB preview explains.
• Banco de Portugal expects GDP growth of 2.3% in 2026, per Portugal Global.
• Food deflation in Poland has slowed like-for-like sales at Biedronka, according to ECO News.
• Weaker pulp and paper earnings cut Semapa's first-half 2026 EBITDA by 29.4%, per its half-year press release.

Markets have often reacted to these themes in different directions at once. A fall in oil prices, for example, could weigh on Galp while easing costs for retailers. Traders often watch Brent crude and ECB decisions alongside company results. Forecasts are not a reliable indicator of future results.

Pros and Cons of the Portuguese Stock Market

Summary based on the data and sources cited in this article.

Key Dates for Portuguese Companies

Late October is a busy stretch for Lisbon's largest names. The dates below come from company calendars and can change.

Dates as published on 22 October 2026. Lisbon time equals UK time.

How to Gain Exposure to Portuguese Companies

Dedicated PSI ETFs have closed. The Lyxor PSI 20 ETF shut, and the Global X MSCI Portugal ETF closed in February 2024, according to Literacia Financeira. That leaves single shares and CFDs on shares as the main direct routes.

General overview for education. Product terms vary by broker and country.

Explore Thousands of Stocks and ETFs

Admirals offers the opportunity to trade CFDs on shares and indices. Its range also covers CFDs on Forex and commodities. It also offers exchange-traded funds (ETFs) and shares through Invest.MT5, with over 4,500 instruments from 15 exchanges. The instrument list shows which European shares are available at any time.

You can find more on CFDs on shares and the MetaTrader 5 platform. A demo account uses virtual funds, and results may differ from live trading.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Frequently Asked Questions

What is the biggest company in Portugal?

By market value, EDP leads at about €19.7bn on 21 October 2026. By 2025 revenue, Jerónimo Martins leads.

Which companies are in the PSI 20?

The PSI has 16 members as of October 2026, from large groups like EDP to smaller firms like Ibersol.

What is the stock exchange in Portugal called?

It is Euronext Lisbon, known locally as Bolsa de Lisboa. It has been part of the Euronext group since 2002.

Why was the PSI 20 renamed PSI?

Euronext dropped "20" in 2022 because the index can hold fewer members. It currently holds 16 companies.

What is the largest bank in Portugal?

Millennium bcp is the largest listed bank, worth €16.5bn. State-owned Caixa Geral de Depósitos is unlisted and reports large profits.

How can you invest in Portuguese stocks?

Shares can be bought through a broker. CFDs on shares are leveraged and carry a high risk of losing money.

Is a Portuguese company in Europe's top 10?

EDP, the largest Portuguese company, is far smaller than Europe's leaders and sits outside the European top 10.

Some of the content on this page was created with the help of automated tools. All final text has been reviewed by Admirals and is under its editorial responsibility.

Sources

• Largest Portuguese (PSI) Stocks by Market Cap, Simply Wall St, accessed 22 October 2026.
• Euro foreign exchange reference rates, US dollar, European Central Bank, accessed 22 October 2026.
• List of Stocks on the Euronext Lisbon, StockAnalysis, accessed 22 October 2026.
• BVLP Becomes Euronext Lisbon, Mondo Visione, accessed 22 October 2026.
• Euronext Lisbon, Wikipedia, accessed 22 October 2026.
• PSI-20, Wikipedia, accessed 22 October 2026.
• PSI quotes: A guide to following the main Portuguese stock market index, Banco Carregosa, accessed 22 October 2026.
• Portugal Stock Market (PSI), Trading Economics, accessed 22 October 2026.
• Índice PSI (ex-PSI 20): o que é, empresas, e como investir, Literacia Financeira, accessed 22 October 2026.
• Cotação para PSI, Jornal de Negócios, accessed 22 October 2026.
• Bolsa de Lisboa acompanha ganhos europeus e sobe 0,46%, Correio da Manhã, accessed 22 October 2026.
• Bolsa de Lisboa fechou ontem inalterada, mas valorizou 29% em 2025, Forbes Portugal, accessed 22 October 2026.
• PSI fecha 2025 com valorização histórica de 29,6%, Executive Digest, accessed 22 October 2026.
• Euronext announces September 2026 quarterly review results of the PSI, Euronext, accessed 22 October 2026.
• Euronext announces June 2026 quarterly review results of the PSI, Euronext, accessed 22 October 2026.
• Euronext announces March 2026 annual review results of the PSI, Euronext, accessed 22 October 2026.
• Euronext Announces December 2025 Quarterly Review Results Of The PSI, Mondo Visione, accessed 22 October 2026.
• Euronext Announces September 2025 Quarterly Review Results Of The PSI, Mondo Visione, accessed 22 October 2026.
• EDP, S.A. Financials, StockAnalysis, accessed 22 October 2026.
• Lucros da EDP sobem 44% para 1.150 milhões em 2025, Observador, accessed 22 October 2026.
• Portugal's EDP Raises Profit Outlook on Asset Gains, Strong Networks, Global Banking and Finance Review (Reuters), accessed 22 October 2026.
• Galp Energia Financials, StockAnalysis, accessed 22 October 2026.
• Galp's profit rises 20% to a record €1.15 billion in 2025, ECO News, accessed 22 October 2026.
• Galp 4Q and FY25 Results, Galp, accessed 22 October 2026.
• Middle East fuel shock delivers record refining margins for Galp, Baird Maritime, accessed 22 October 2026.
• Millennium bcp FY25 results release, Euronext, accessed 22 October 2026.
• BCP posts €565.5 million first-half profit, ECO News, accessed 22 October 2026.
• EDP Renováveis returns to profit with €216 million in 2025, ECO News, accessed 22 October 2026.
• EDP Renewables nearly doubles first-half profit, ECO News, accessed 22 October 2026.
• Jerónimo Martins 2025 results, Euronext, accessed 22 October 2026.
• Jerónimo Martins H1 profit falls as sales rise 5.1%, ECO News, accessed 22 October 2026.
• Sonae FY25 results, Euronext, accessed 22 October 2026.
• Sonae first-half 2026 results, ESM Magazine, accessed 22 October 2026.
• Without extraordinary gains, NOS profit falls 10% in 2025, ECO News, accessed 22 October 2026.
• NOS first-half 2026 profit rises 13.7% (in Portuguese), Observador, accessed 22 October 2026.
• REN Factsheet 12M25, REN, accessed 22 October 2026.
• REN first-half 2026 profit rises 42.1% (in Portuguese), RTP, accessed 22 October 2026.
• Lucro da Navigator cai 49,6% para 144,7 ME em 2025, RTP, accessed 22 October 2026.
• Semapa 2025 results press release, Semapa, accessed 22 October 2026.
• Semapa informs on sale of Secil closing, Semapa, accessed 22 October 2026.
• Semapa first-half 2026 press release, Semapa, accessed 22 October 2026.
• Mota-Engil FY25 earnings release, Mota-Engil, accessed 22 October 2026.
• Maiores empresas portuguesas crescem 4,5% e faturam mais de 305 mil milhões, Jornal Económico, accessed 22 October 2026.
• Caixa lucra 1,9 mil milhões, Observador, accessed 22 October 2026.
• Lucro da TAP cai mais de 90% para 4,1 milhões de euros em 2025, RTP, accessed 22 October 2026.
• Banco de Portugal prevê crescimento de 2,3% em 2026, Portugal Global, accessed 22 October 2026.
• Galp Energia financial calendar, MarketScreener, accessed 22 October 2026.
• Jerónimo Martins financial calendar 2026, Euronext, accessed 22 October 2026.
• Investor events, Millennium bcp, accessed 22 October 2026.
• Calendário financeiro 2026, REN, accessed 22 October 2026.