Teixeira Duarte (TDSA) H1 2025 earnings summary

Executive summary

• Net profit surged to €43 million, up from €11 million in H1 2024, with €42 million attributable to equity holders.

• EBITDA fell 36% year-over-year to €27 million, mainly due to lower Real Estate segment results.

• Turnover declined 15.1% to €320 million, with Real Estate sales dropping by €51 million.

• Construction remains the main EBITDA contributor, with a 5.9% increase in the order book to €1.63 billion.

• Net financial debt reduced by €78 million, aided by higher cash and a refinancing agreement.

Financial highlights

• Operating income: €331 million, down 18.2% year-over-year.

• EBITDA: €27 million, down 35.7% year-over-year.

• EBIT: €8.6 million, down 65.2% year-over-year.

• Net income attributable to equity holders: €42.4 million, up 346.5% year-over-year.

• Net financial debt: €565 million, down €78 million from December 2024.

• Financial autonomy: 11.8%.

Outlook and guidance

• Operations expected to continue across all sectors, with inflation and currency volatility as key influences.

• Construction order book at €1.63 billion as of June 30, 2025.

• Full-year 2025 consolidated operating income expected to exceed €750 million.