Parpublica (Portugal)

PARPÚBLICA, Participações Públicas, SGPS, S.A. · Portugal · Europe · Founded 2000 · State holding company · Not an IFSWF member

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Focus

Portugal: what it invests in

Infrastructure and utilitiesReal estateEnergy: oil and gasAgriculture and food securityIndustrials and manufacturing

Strategic state holdingsReal estate

Geography Mainly domestic

Scale

Portugal: how big it is, and on what basis

EUR 10.82B

Total assets (balance sheet)As of 2025-12-31

In US dollars: about USD 12.7B. EUR 10,817.3 million at the ECB rate of 0.85106 euro per US dollar on 31 December 2025.

Transparency

Portugal: what it publishes

8.5 of 10 Band 5 of 5

Published 7 · Partly 3 · Not published 0

Our 10 item score. It measures what is public, not how well a fund is run.

Group total assetsS3: EUR 10.82B (31 December 2025); As of 2026-07-14
In US dollarsS6: About USD 12.7B; As of 2025-12-31
Group net profit, 2025S3: EUR 250.8M; As of 2026-07-14
Group revenue, 2025S3: EUR 1.37B (Up 10.4%); As of 2026-07-14
Group EBITDA, 2025S3: EUR 579.3M; As of 2026-07-14
Wholly owned companiesS5: 9; As of 2025-12-31
Transparency scoreS3: 8.5 of 10; As of 2026-07-14

At a glance. PARPUBLICA is the Portuguese State's holding company for public shareholdings and state property. Its group had consolidated assets of EUR 10.8 billion (about USD 12.7 billion) at end 2025. It owns all of Aguas de Portugal, the property company Estamo and the national mint, plus a stake in Galp Energia, and it has run the state privatisation programme since 2000. S3 S5 S6 S1

Key points

Consolidated total assets EUR 10,817.3 million and equity EUR 6,466.1 million at end 2025. S3
Group net profit EUR 250.8 million in 2025; EUR 233.4 million to the parent, up 19.4 percent. S3
Group revenue up 10.4 percent to EUR 1,368.9 million; EBITDA EUR 579.3 million. S3
Bought the last 19 percent of Aguas de Portugal from Caixa Geral de Depositos in December 2025. S3
Holds 8.24 percent of Galp Energia, its largest listed stake. S5
Financial autonomy ratio 56 percent for the group and 96.4 percent for the holding. S3

Interesting facts

It owns the Estoril motor racing circuit through Circuito Estoril. S5
The national mint and official printer, INCM, is a wholly owned subsidiary. S5
Companhia das Lezirias, a large farming and forestry estate, is also fully owned. S5

Mandate and goals

PARPUBLICA manages the public shareholdings in its portfolio and, through specialised subsidiaries, state real estate. It also carries out the privatisation programme and advises the Finance Ministry on public financial assets. S1

Manage and add value to public shareholdings. S1 S3
Manage state property through Estamo and Fundiestamo. S1 S5
Implement the Government privatisation programme. S1
Give technical support to the Ministry of Finance. S1

How it invests

Industries	Infrastructure and utilities, Real estate, Energy: oil and gas, Agriculture and food security, Industrials and manufacturing S5
Asset classes	Strategic state holdings, Real estate S5
Stages	Buyout, Public markets, Real estate S5
Geography	Mainly domestic S5
Direct / through funds / co-invest	Yes / No / Not published S5
Ticket size	No ticket size is published. S5
External managers	Not used S5
Co-investment programme	Not published S5

Largest holdings: AdP, Aguas de Portugal (100%), Estamo, Participacoes Imobiliarias (100%), Imprensa Nacional, Casa da Moeda (100%), Galp Energia (8.24%), SIMAB (100%), FLORESTGAL (100%), Companhia das Lezirias (100%), Circuito Estoril (100%), CVP, Sociedade de Gestao Hospitalar (45%), CTT, Correios de Portugal (0.25%) (as of 2025-12-31) S5

Published criteria

Efficiency, rigour and sustainability, serving the public interest. S3

Past investments

Year	Investment	Type	Sector	Stage	Amount	Stake
2025	Aguas de Portugal (final 19 percent). Bought the remaining 19 percent from Caixa Geral de Depositos; now owns all of the water and sanitation group. S3	Direct investment	Infrastructure and utilities	Buyout	Not published	100%
Not published	Galp Energia. Listed integrated energy group; 62.06 million shares. S5	Direct investment	Energy: oil and gas	Public markets	Not published	8.24%
Not published	Estamo. State property company; the largest subsidiary by share capital. S5	Direct investment	Real estate	Real estate	EUR 1.06B share capital	100%
Not published	Imprensa Nacional, Casa da Moeda. National mint and official printer. S5	Direct investment	Industrials and manufacturing	Buyout	Not published	100%
Not published	SIMAB. Builds and runs wholesale food markets. S5	Direct investment	Agriculture and food security	Infrastructure	Not published	100%
Not published	CVP, Sociedade de Gestao Hospitalar. Hospital management company. S5	Direct investment	Healthcare and life sciences	Growth	Not published	45%

Case studies

Full control of Aguas de Portugal S3

What: PARPUBLICA bought the last 19 percent of the national water and sanitation group from Caixa Geral de Depositos.
When: December 2025
Size: 19 percent stake
Why: To strengthen the group in water and sanitation.
Outcome: PARPUBLICA now holds 100 percent of AdP.

Steward of state property S1 S5

What: State real estate is managed through Estamo and the fund manager Fundiestamo.
When: Since 2000
Size: Estamo share capital EUR 1.06B
Why: Its legal object includes managing public property through specialised subsidiaries.
Outcome: Estamo is the largest holding by share capital.

Investment process

An executive board chaired by Joaquim Cadete runs PARPUBLICA, with non-executive members and an Audit Committee. The State, through the Treasury entity, is the sole shareholder. S4 S2

Committee	Role
Board of Directors	Executive and non-executive members; term 2024 to 2026 S4
Audit Committee	Chaired by Pedro Fontes Falcao S4

How to approach: No route for outside investors is published; contact is through the official website. S1

Size and returns

Headline size: EUR 10.82B (Total assets (balance sheet), as of 2025-12-31) S3 S6
In US dollars: about USD 12.7B. EUR 10,817.3 million at the ECB rate of 0.85106 euro per US dollar on 31 December 2025.
Group equity: EUR 6.47B (Net assets or equity, as of 2026-07-14) S3
Holding company equity: EUR 4.48B (Net assets or equity, as of 2026-07-14) S3
Returns: the fund does not publish a return figure.

Leadership

Name	Title	Since
Joaquim Cadete	Chairman, Board of Directors S4	2024-09-02
Joao Pinhao	Executive Vice-Chair S4	Not published
Cristina Carvalho	Executive Director S4	Not published
Joao Ferreira	Executive Director S4	Not published
Filipa Franco	Executive Director S4	Not published
Pedro Fontes Falcao	Non-executive Director, Audit Committee Chair S4	Not published

Governance and transparency

Legal basis: Decree-Law 209/2000 of 2 September 2000, which also approved the statutes S1
Oversight: Ministry of Finance; sole shareholder is the Entidade do Tesouro e Financas S2 S1
Publishes a corporate governance report each year. S7
Quarterly execution reports and rating pages are online. S7

Transparency score: 8.5 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.

Published: total assets, annual return, holdings or deal list, audited financial statements, governance and mandate documents, named leadership, regular reporting schedule. S1 S3 S4 S5 S7
Partly published: long-term returns, asset allocation, geographic or sector split. S3 S5 S7

History

Date	Event
2000-09-02	Created from PARTEST by Decree-Law 209/2000. S1
2024-09-02	Joaquim Cadete became chairman. S4
2025-12	Took full ownership of Aguas de Portugal. S3
2026-07-14	2025 annual and governance reports published. S7

For family offices

PARPUBLICA is a holder of state companies, not an allocator. Private investors meet it as co-shareholders in listed stakes such as Galp or as buyers when the State privatises assets. S1 S5

Co-shareholder in listed Portuguese companies. S5
Counterparty in state privatisations it carries out. S1

Reports

Annual Report and Sustainability Report 2025: https://www.parpublica.pt/index.php/agency/relatorio-e-contas S7
2025 results release: https://www.parpublica.pt/newsfiles/2026/fin/Resultados_PARPUBLICA_2025.pdf S3

Common questions

How big is PARPUBLICA?

EUR 10.8 billion of consolidated group assets at 31 December 2025, about USD 12.7 billion. S3

Who owns PARPUBLICA?

The Portuguese State, 100 percent, through the Entidade do Tesouro e Financas. S2

What does it own?

All of Aguas de Portugal, Estamo, the national mint, SIMAB, FLORESTGAL and others, plus 8.24 percent of Galp. S5

Who leads it?

Chairman Joaquim Cadete, since September 2024. S4

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All sovereign wealth funds in Europe · All state holding companys · All funds in Portugal

Sources

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