Portugal has a story worth telling and, more importantly, companies worth investing in. Its “Capital Markets Day” – 15 and 16 June – brings investors into contact with companies, strategies and real investment opportunities.
By Abel Sequeira Ferreira
Abel Sequeira Ferreira (Board Member and Executive Director of AEM – Portuguese Issuers Association. Board Member of European Issuers) | On 12 and 13 November 2025, Lisbon hosted the second edition of Portugal Capital Markets Day, an initiative organised jointly by the AEM (Portuguese Issuers Association) and Euronext Lisbon, with the support of Aon as Lead Sponsor and J.P. Morgan, PwC Portugal and VdA – Vieira de Almeida as Lead Sponsors.
Over the course of two days, the event brought together listed companies, national and international investors, policymakers, regulators, academics and business leaders around a common theme: Portugal is increasingly well-positioned to compete for long-term capital, provided it continues to strengthen the role of its capital markets as a driver of investment, innovation and sustainable economic growth.
This second edition confirmed that the Portugal Capital Markets Day has become a key platform for the international promotion of Portuguese listed companies and for structured dialogue between issuers and investors. Our aim is clear: to increase the visibility of Portugal’s listed company ecosystem, showcase the country’s economic and corporate strengths, and reinforce the idea that deeper, more liquid and attractive capital markets are indispensable for Portugal’s next stage of development.
Capital is attracted by credible ecosystems, investable companies, stable institutions and the ability to deliver. Not by slogans
The 2025 edition unfolded across three complementary stages:
The international conference: Under the title “Portugal as a Prime Investment Destination: Infrastructure & Innovation at the Core” , it provided the strategic framework for the event. The opening address was delivered by the Prime Minister of Portugal, Luís Montenegro, who offered an inspiring reflection on the country’s evolution and the essential role of capital markets in financing companies, channelling domestic savings towards productive investment and supporting economic development.
Bilateral meetings: B Over the course of an intensive working day, more than 270 interactions took place between AEM member companies and national and international investors.
These meetings are one of the most valuable components of Portugal Capital Markets Day: they shift the conversation from the macroeconomic narrative to the corporate reality of Portuguese issuers, allowing investors to interact directly with senior management teams, business models, sector dynamics and growth strategies.
The gala dinner: Finally, a formal and exclusive dinner brought guests together at the Vandelli Botanical Garden. The dinner featured a speech by the Minister for Infrastructure and Housing, Miguel Pinto Luz, whose action-oriented address focused on the Government’s perspective on infrastructure and innovation. The setting proved symbolic: a historic venue in Lisbon hosting a forward-looking debate on the investment foundations for the country’s future.
The theme chosen for the International Conference was, of course, no coincidence: infrastructure and innovation are among Portugal’s strongest strategic assets and are also two of the clearest lenses through which international investors can understand the country’s transformation.
Microsoft plans to invest $10 billion in an AI data centre in Sines, due to its green energy and its role in submarine cable networks
Portugal is, increasingly, a story of connectivity, energy transition, digital infrastructure, entrepreneurial talent, industrial renewal and integration into global value chains, whilst continuing to benefit from macroeconomic recovery, fiscal discipline and the dynamism of the tourism sector. This was precisely the central message of the report presented during the conference: “Innovation & Infrastructure: Connecting Portugal with the Future”. The report was produced, at the invitation of AEM and Euronext Lisbon, by the Centre for Applied Studies at the Católica Lisbon School of Business and Economics, through a team led by Professor Filipe Santos, Dean of Católica Lisbon, who also presented the study at the conference.
One of the report’s key strengths is that it examines the structural foundations increasingly underpinning the country’s investment appeal: infrastructure development, a stronger innovation ecosystem, the expansion of digital and energy networks, and the emergence of technological and industrial capabilities of international significance, going far beyond simply presenting Portugal as a pleasant, stable or cost-competitive destination. In doing so, the report links Portugal’s recent economic performance to deeper structural factors, such as a more skilled workforce, stronger industrial bases, advanced digital and energy networks, and the expansion of technology hubs.
From our perspective, this perspective is important because international capital is attracted by credible ecosystems, investable companies, stable institutions, execution capacity and long-term visibility, not by slogans. Therefore, Portugal’s challenge is not simply to explain that the country has improved. It is to demonstrate that this improvement is structural, investable and scalable.
Portugal Capital Markets Day was designed precisely to help translate this national progress into an attractive proposition for investors.
Recent events reinforce the relevance of this message. Also in November 2025, Reuters reported that Microsoft planned to invest $10 billion in an artificial intelligence data centre in the coastal city of Sines, positioning Portugal at the heart of one of Europe’s largest AI infrastructure projects. The following day, highlighting the importance of Sines due to its location, its green energy potential and its role in global submarine cable networks, it was also reported that Portugal’s leading telecoms operators planned to invest €4.2 billion over five years in 5G infrastructure, satellites and digital connectivity, supporting data centres, AI and broader national connectivity.
These examples are significant not only because of their scale, but because they demonstrate how infrastructure and innovation are increasingly converging. Together, ports, energy, telecommunications, data centres, railways, airports and digital networks define the platform of competitiveness upon which modern economies operate. For Portugal, they alsocreate a bridge between its Atlantic geography and its integration into the European market, between its industrial base and its technological ecosystem, between domestic savings and international capital.
Capital markets are fundamental to this equation. If Portugal is to grow faster, finance innovation, modernise infrastructure and support the internationalisation of its companies, it needs stronger equity markets, a broader investor base, greater liquidity and greater visibility for listed companies. This is a matter of competitiveness, not merely a concern for the financial sector. For this reason, the Portugal Capital Markets Day is of strategic importance: it forms part of a broader effort to strengthen the link between Portuguese issuers and global investors, and to ensure that the country’s listed companies are seen, understood and valued in international markets.
Looking ahead, the challenge is clear and demanding. Portugal has a story worth telling and, more importantly, companies worth investing in. The Portugal Capital Markets Day has also generated expectations: companies, investors and institutions see value in the platform. In 2026, the Portugal Capital Markets Day will continue on this path through a more focused format, adapted to the exceptional proximity of the previous edition, which, for specific reasons, took place in November 2025. Rather than replicating the full conference format just a few months later, the 2026 programme will focus on maintaining and strengthening the direct connection between Portuguese listed companies and institutional investors.
A formal dinner will be held in Lisbon on 15 June 2026, with the Minister of State and Finance, Joaquim Miranda Sarmento, as Guest of Honour and Keynote Speaker.
The dinner will form part of a wider programme designed to attract institutional and specialist investors to Portugal and enable them to participate,the following day, 16 June 2026, in bilateral meetings with the leaders of Portuguese listed companies.
In this context, the full international conference format of Portugal Capital Markets Day will not take place in 2026.It will return in June 2027, with the ambition, preparation time and intellectual depth necessary to match and surpass the standard achieved in 2025. Finally, it is important to note that both the full conference video and the report “Portugal as a Prime Investment Destination: Infrastructure & Innovation at the Core – Connecting Portugal with the Future” (Portugal as a prime investment destination: infrastructure and innovation at the core – Connecting Portugal with the Future) are publicly available, extending the initiative’s reach beyond the two days in Lisbon and allowing a wider audience of investors and decision-makers to familiarise themselves with its key messages.
