Biggest stock market fortunes swelled €2.5Bn in 2025

Portugal’s stock market closed 2025 with the biggest gains since 2009 – a performance that positively reflected on the patrimony of the largest fortunes listed on the stock market whose value grew by €2.5Bn.

In a bull market which saw gains for the majority of shares issued by listed companies, the Azevedo family (Sonae managed by Cláudia, Nuno and Paulo Azevedo in mostly retail assets) did extremely well, whereas the fortunes of the Azevedo family took a tumble with shares from Galp (petroleum and gas) and Corticeira Amorim losing value.

The PSI benchmark index closed 2025 with a gain of 29.58%. ​This is the most significant increase since 2009, when it climbed 33.47% after the subprime crisis, and one of the best performances at a European level.

​In a year in which almost everyone came out winners in Lisbon – only four listed companies ended in the negative (Corticeira Amorim, Altri, Navigator and Galp) – the main driver of the stock market gains was BCP, which soared 92.86%, and Sonae, with a rise of 76.37%.

Sonae, which owns the Continente supermarkets, closed the first nine months of 2025 with a historic record of €200 million having won over the confidence of investors and analysts with a strong performance from the various segments of the group’s business, with the food retail segment doing the best.

The holding’s strong performance saw its share value position rise to €704.6 million all told, and a dividend value of €62.8 million.

The Sonae accumulated gains does not include the assets of NOS in which Sonaecom has a 37.37 share.

The fact that NOS shares soared by 20.6% brought in around €186 million in dividends and share increases.

All told, the the Azevedo family saw their patrimony increase by around €989 million last year to €2.4Bn.

The Soares do Santos family, who control Jerónimo Martins, also saw its fortune increase in 2025. The owners of Pingo Doce supermarkets, it closed the year with an increase of 10%, which increased the overall shareholding on the stock market by €639 million.

Taking into account the additional €370 million in dividends, the company’s wealth swelled by €847.8 million to €7.15Bn.

The other big families that saw their coffers swell thanks to the stock market last year were the Motas (construction firm Mota-Engil) with share gaining 70% in value to €608.6 million (+250 million on 2024). When adding dividends, the family’s total wealth ballooned by €268.6 million to €608.6 million).

The Queiroz Pereira family (Semapa, The Navigator Company) saw its fortunes grow thanks to the increase in value of Semapa (47.4%) after the company had informed of its decision to sell cement company Secil.

Between the €42 million paid in dividends and gains in shares, the wealth of Filipa, Mafalda and Lua Queiroz Pereira grew €488.3 million to €1.4Bn.

Angolan tycoon Isabel dos Santos, who has 26.075% in ZOPT (NOS) saw her wealth increase €145.7 million at the end of the year, factoring in shares and dividends.

Manuel Champalimaud, one of the major shareholders in postal company CTT with 14%, saw its position strengthen by €40 million to €146.7 million, a gain to which was added €3.3 million in dividends.

However, it was not such a good year for the families Amorim. Galp Energia and Corticeira Amorim which belong to the family did not do well in 2025.

The inheritors widow Fernanda, daughter Paula Amorim, Marta Amorim, and Luisa Amorim have seen the fortunes of their companies tumble.

The family office controls 55% in Amorim Energia which in turn has a 33.34% stake in the petrol and gas company which has lost €200 million on the stock market to €2.22Bn.

Shares had fallen to €14.63 per share compared to the €15.95 at the end of 2024.

Corticeira Amorim, the cork company, suffered the greatest devaluation on the PSI Index with a fall of 17.9%, pressured by an adverse global situation, losing €136.7 million in value for the cork company.

The impact of the ‘falls’ because of the fall in the value of shares was offset by dividends of €124.7 million received. All told, the Amorim family lost €212.8 million in 2025.