Semapa booked 570 million euros, and 516 million of that came from selling Secil
Semapa's first-half profit multiplied sixfold to 570.1 million euros. Strip out the gain on the Secil sale and 53.9 million is left — less than a year ago.
Some results need reading twice. This is one of them.
How much did Semapa earn in the first half?
570.1 million euros of net profit attributable to shareholders, against 89.5 million in the same period last year. That is more than six times over, the kind of jump that normally sends a share price up and a press release into capital letters.
Except 516.2 million of it is an accounting gain, still provisional, from the sale of Secil to Spain’s Cementos Molins. The Queiroz Pereira family holding sold its cement business and booked the gain in one go, exactly as the accounting rules require.
What is left once you take the Secil sale out?
53.9 million euros. That is below the 89.5 million of the first half of 2025, which flips the story completely: Semapa’s underlying business did not improve, it shrank. Sales fell too, by roughly 8.7% year on year.
Pulp and paper explain most of it. Navigator, now the heart of the group, operates in a market where pulp and paper prices have been soft and European demand has not helped. When your selling price falls and your costs do not follow at the same speed, the margin eats itself.
So was it a good half-year or a bad one?
Both, depending on what you are looking at. For the balance sheet it was excellent: half a billion euros came in and Semapa emerged as a simpler group, focused on the forest chain instead of straddling cement and paper. For anyone asking whether the business generates cash on its own, it was a weak six months.
The contrast with the rest of the index is instructive. EDP closed the half at 732 million on the back of renewables and grids, with nothing sold to get there, and the Portuguese economy grew in the second quarter at a pace that does nothing to explain Semapa’s falling sales — which confirms this is a sector problem, not a country one. The full filing is on Semapa’s investor site.
By Beatriz Mota
Infographic: Tugadaily · data Semapa
