Abel Sequeira Ferreira (Board Member and Executive Director of AEM – Portuguese Issuers Association. Board Member of Europeanissuers) || On the 12th and 13th of November 2025, Lisbon hosted the second edition of the Portugal Capital Markets Day, an initiative jointly organised by AEM (Portuguese Issuers Association) and Euronext Lisbon, with the support of Aon as the Main 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, political leaders, regulators, academics, and business leaders around a common proposition: Portugal is increasingly well positioned to compete for long-term capital, as long as 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 benchmark platform for the international projection of Portuguese listed companies and for structured dialogue between issuers and investors. Our purpose is clear: to increase the visibility of Portugal's listed company ecosystem, showcase the economic and corporate strengths of the country, and reinforce the idea that deeper, more liquid, and attractive capital markets are essential for the next stage of Portugal's development.
Capital is attracted by credible ecosystems, investable companies, stable institutions, and execution capacity. Not by slogans
The 2025 edition unfolded through three complementary moments:
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 speech was delivered by the Prime Minister of Portugal, Luís Montenegro, who offered an inspiring reflection on the evolution of the country and the essential role of capital markets in financing companies, mobilising domestic savings towards productive investment, and supporting economic development.
The bilateral meetings: Throughout an intense working day, more than 270 interactions took place between AEM member companies and national and international investors. These meetings constitute one of the most valuable components of the 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 together guests at the Vandelli Botanical Garden. The dinner included a speech by the Minister of Infrastructure and Housing, Miguel Pinto Luz, whose intervention was action-oriented and focused on the Government's perspective on infrastructure and innovation. The setting was symbolic: a historic space in Lisbon hosting a forward-looking debate on the investment foundations for the future of the country.
The theme chosen for the International Conference, of course, was not casual: 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, while continuing to benefit from macroeconomic recovery, fiscal discipline, and tourism dynamism. This was precisely the central message of the report presented during the conference: “Innovation & Infrastructure: Connecting Portugal with the Future” (Innovation and Infrastructure: Connecting Portugal with the Future). The report was prepared, at the invitation of AEM and Euronext Lisbon, by the Centre for Applied Studies of 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 main strengths of the report is that it examines the structural fundamentals that increasingly support the country's investment appeal: the development of infrastructure, a stronger innovation ecosystem, the expansion of digital and energy networks, and the emergence of internationally relevant technological and industrial capabilities, going far beyond merely presenting Portugal as a pleasant, stable, or cost-competitive destination. In doing so, the report connects Portugal's recent economic performance with deeper structural factors, such as a more qualified workforce, stronger industrial bases, advanced digital and energy networks, and the expansion of technological hubs.
From our perspective, this viewpoint is important because international capital is attracted to 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. The Portugal Capital Markets Day was designed precisely to help translate that national evolution 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 within one of the largest AI infrastructure projects in Europe. The following day, highlighting Sines' relevance due to its location, green energy potential, and role in global submarine cable networks, it was also reported that Portugal's major telecommunications operators planned to invest €4.2 billion over five years in 5G, satellite, and digital connectivity infrastructure, supporting data centres, AI, and broader national connectivity.
These examples are important not only for their size but also because they show how infrastructure and innovation are increasingly converging. Together, ports, energy, telecommunications, data centres, railways, airports, and digital networks define the competitiveness platform on which modern economies operate. For Portugal, they also create 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 in this equation. If Portugal wants 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 increased visibility for listed companies. This is a matter of competitiveness, not merely a concern of the financial sector. Therefore, the Portugal Capital Markets Day has strategic relevance: it is part of a broader effort to strengthen the connection 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 this trajectory through a more focused format, adapted to the exceptional proximity of the previous edition, which, for specific reasons, took place in November 2025. Instead of 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 the 15th of June 2026, with the participation of the Minister of State and Finance, Joaquim Miranda Sarmento, as the Guest of Honour and Keynote Speaker. The dinner will be part of a broader programme designed to attract institutional and specialised investors to Portugal and allow them to participate, the following day, on the 16th of June 2026, in bilateral meetings with the leaders of Portuguese listed companies.
In this context, the full international conference format of the 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 exceed the level achieved in 2025. Finally, it is important to note that both the full video of the conference 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, which expands the reach of the initiative beyond the two days in Lisbon and allows a wider audience of investors and decision-makers to familiarise themselves with its key messages.
