AGP Executive Report

TAP Privatisation Talks: Portugal will hold another negotiation round with Lufthansa and Air France-KLM to sell a minority stake in TAP, after Parpública assessed bids and both bidders can improve offers; the airline has faced losses linked to fuel-price pressure. Power Reliability Watch: ACER says Portugal’s national electricity adequacy assessment flags rising adequacy risks from 2028-2035, with loss-of-load expectations projected to breach the reliability standard. EU Housing vs Tourism Rentals: The European Commission is preparing an Affordable Housing Act that could let cities restrict short-term rentals like Airbnb in housing-stressed areas. Border Tech Pressure: IATA urges the EU to extend temporary biometric Entry/Exit System (EES) flexibility until end of winter, warning that removing safeguards could worsen congestion. Environment & Waste: Quercus criticises Algarve incinerator plans as unsuitable for a seasonal waste problem as landfills near capacity. Industrial Energy Demand: ACER calls for better modelling as Portugal’s data-centre power demand surges. Fuel Protests: Portugal sees fresh diesel and petrol price rises, triggering road protests.

Payments & Retail Infrastructure: Viva.com says it has gone live with direct connectivity to Portugal’s Multibanco, enabling MB card and MB WAY acceptance nationwide and across Europe, including QR and contactless flows on its omnichannel platform. Aviation & Border Operations: Ryanair is urging the EU to extend the Entry/Exit System (EES) derogation until April 2027, after summer border delays of up to 2–3 hours at airports including Lisbon and Faro. Industrial & Energy Storage: ENGIE reports its global electricity-storage portfolio has reached 10.7GW (10.7GW in operation/under construction), adding 1.1GW across seven European countries, with Poland the biggest contributor. Maritime Trade: EU ports handled about 3.4bn tonnes in 2024 (26% of global sea freight), with Rotterdam and Antwerp-Bruges leading the rankings. Footwear Manufacturing: APICCAPS data shows global footwear production stabilised in 2025 (+0.1%), with Portugal producing 74m pairs and ranking 18th worldwide, while Europe’s share slips. MRO & Aviation Supply Chains: A Lisbon-recorded AeroEngines Europe podcast highlights how parts availability, repair approvals, and geopolitics are squeezing aircraft engine maintenance and overhaul across Europe. EU Services Snapshot: Eurostat data shows Portugal’s services production rose 3.1% month-on-month in June 2026, while Bulgaria saw one of the largest monthly declines (-1.1%).

Aviation & Connectivity: United Airlines announced its biggest-ever international expansion for 2027, adding 10 new destinations and 13 nonstop routes, including Terceira (Azores) from San Francisco and several European city links such as Toulouse, Marseille, Ibiza, Valencia, Ljubljana, and Luxembourg City—aimed at travellers seeking less-crowded hubs. Critical Minerals Policy: A new policy shift is making permits a direct driver of project costs and financing timelines, as Brazil tightens scrutiny, the EU uses its Critical Raw Materials Act to streamline approvals, and other countries rely on export controls or consent-heavy permitting. Payments & Retail: Wero is expanding in France with Orange, enabling subscription bill payments via customers’ banking apps through the European Payments Initiative platform—moving beyond person-to-person transfers. Urban Renewal & Housing: Macau plans a citywide survey of old buildings and a feasibility study for a special urban renewal fund, while Brussels prepares tougher rules on short-term holiday rentals to ease housing pressure. Portugal Business: Banco BPI agreed to sell its 33.35% stake in Angola’s BFA to Congolian Financial for €388.5m, ending a long exit process. Rail Industry: Alstom signed a C$4.7bn deal with VIA Rail Canada to deliver 313 Adessia cars plus 15 years of technical support for long-distance and remote routes.

Aviation & Connectivity: Portugal has opened a final negotiation round for TAP’s 44.9% stake, after Air France-KLM and Lufthansa submitted binding offers deemed too similar to pick a winner—an outcome that could reshape TAP’s key African network of 14 destinations across nine countries. Banking & Investment: Banco BPI agreed to sell its full 33.35% stake in Angola’s BFA to Congolian Financial for €388.5m (about $452m), ending a long regulatory push to cut Angola exposure. Rail Industry: Alstom signed a €3bn deal with Canada’s VIA Rail to deliver 313 Adessia passenger cars plus a 15-year support and spares contract, aiming to connect hundreds of communities on long-distance and regional routes. Energy & Nuclear Safety: The IAEA says a localized ceasefire enabled repairs at Ukraine’s Zaporizhzhia plant after it lost its sole power line, relying on diesel generators in the meantime. Finance & Regulation: Bridge’s MiCA-compliant euro stablecoin EURR launched in late August and hit about $665k in market cap quickly, with redemption backed 1:1 by euro cash. Logistics & Delivery Markets: Uber’s exit from Nigeria may be reversed via its planned $14.8bn acquisition of Delivery Hero/Glovo, while regulators may force carve-outs in Europe.

TAP Privatization: Portugal has opened a fresh negotiation round for Air France-KLM and Lufthansa to improve final offers for up to 44.9% of TAP, after both July proposals were judged “very close” in overall valuation—so Lisbon is trying to extract better economic terms and industrial commitments. Energy & Industry: Europe heads into the heating season with uneven gas storage: EU reserves sit at 65.85% (as of 3 Sept), but Germany (53.67%) and the Netherlands (48.21%) lag, while Portugal and Poland are above 93%, raising price pressure risks for households and industry. Compliance & Fintech: FIZ, a Lisbon invoicing and tax platform for self-employed workers, says Portugal’s certified invoicing rules are pushing the country toward the direction Europe is moving—treating tax filings like payment-grade systems. Mobility & Logistics: The EU Entry/Exit System “safety valve” ends as of 6 Sept, meaning longer biometric border queues from 7 Sept—especially at major hubs including Portugal—impacting travel flows and operational planning. Food Delivery M&A: Uber’s exit from Nigeria is being reframed by its planned Delivery Hero/Glovo acquisition, which would bring Uber back to multiple African markets via delivery rather than ride-hailing.

TAP Privatization: Portugal has opened a fresh negotiation round to push Air France-KLM and Lufthansa to improve their binding offers for up to 44.9% of TAP, after both proposals were judged “very close” in overall value—so Lisbon is trying to secure better economics and industrial commitments before picking a single bidder for exclusive talks. Energy Security: EU gas storage is uneven ahead of winter, with Germany and the Netherlands far less full than southern and eastern members; Portugal and Poland are above 93%, while Germany sits near 54%, raising fresh price pressure concerns for households and industry. Border & Travel Ops: From Monday, the EU Entry/Exit System (EES) biometric “safety valve” ends, meaning longer airport and border queues for non-EU travellers—an operational headache for major hubs including Portugal. Retail Competition: Lidl is widening its lead over Mercadona in Portugal by getting customers to shop more often, with market share rising to 13.8% versus Mercadona’s 7.4% in the first half of 2026. Industrial Planning: Algarve politicians are challenging Lisbon after the region was left out of six planned “strategic business areas,” asking what criteria drove the exclusion and warning it could hurt investment and territorial cohesion.

TAP Privatisation Talks: Portugal has opened final negotiations with Lufthansa Group and Air France-KLM after both submitted “very similar” binding offers for a minority stake in TAP, with weeks of talks now aimed at better proposals on investment, fleet, maintenance, sustainable fuels and labour commitments. Energy Storage: Tesla Energy says the three-phase Powerwall 3P is now open for orders in Portugal, extending the rollout from Germany and the Netherlands and targeting homes with three-phase grids. Industrial Strategy Row: Algarve politicians are pushing Lisbon to explain why the region was left out of six “major strategic business areas” meant to attract investors to serviced industrial zones. Maritime Security Ops: Frontex is formalising its Central Mediterranean command in Rome via a memorandum with Italy, supporting operations covering Italy and Malta. Aviation Capacity: EuroAtlantic Airways is adding its first Airbus A330-300 to expand ACMI widebody capacity. Retail Competition: Lidl is pulling ahead of Mercadona in Portugal by getting shoppers to visit more often, widening the market share gap. Food & Farming Pressure: Reports highlight stress on Algarve farmers from water, funding and an ageing workforce. Cyber Risk: Trezor says a ShipMonk-related breach is worse than first reported, adding 67,000 more US customers affected.

Energy & Oil Deals: TotalEnergies has completed its asset swap with Galp, taking a 40% operated interest in Namibia’s PEL83 (Mopane discovery) while Galp gains stakes in PEL56 and PEL91—plus a funding agreement that shares development and exploration costs and sets up a multi-well de-risking campaign. Agri-Tech & Fertiliser Innovation: Fertiberia launched NSAFE® in the Netherlands and Germany, aiming to cut nitrogen losses and protect soil health while boosting yields, with the technology integrated into its NERGETIC COMPLETE fertiliser range. Engineering & Hospitality Development: Ayesa Engineering will lead Spain’s Selecto “select service” hotel platform development for Tikehau Capital and Quest Capital, with the first 150m+ euro pilot hotel (244 rooms) starting in Madrid and targeting a Q1 2028 opening. Industrial Cyber Risk: Trezor says the ShipMonk breach has now affected an additional 67,000 US customers (records include names, emails, phones, shipping addresses and order numbers), urging users to watch for phishing and impersonation. Portugal Retail Expansion: Silicon2 opened its Moida flagship in Lisbon (Rua do Carmo), pushing K-beauty multi-brand retail with plans to grow to at least five stores in Portugal next year. Climate & Food Production Impact: New reporting highlights how Europe’s heat and drought hit crops and yields, with volatility driven by extreme weather and energy-linked costs.

Aerospace Supply Chain: Airbus has restarted A330 deliveries after a stray tool was found in the horizontal tail plane, forcing a near three-month production near-halt and creating a delivery gap for 2026. Fintech & Payments: Revolut received conditional approval from the US OCC to form a national bank in Stamford, with a 2027 launch planned and products including checking, cards, FX and stablecoin services. Energy & Industry: Portugal’s solar sector hit new power generation highs in August, while the EU Commission approved €30m in Portuguese state aid for agriculture, fisheries and aquaculture facing higher fuel and fertiliser costs. Maritime & Ports: Indra is digitising the Port of Bilbao’s systems to align with new EU customs requirements. Business & M&A: Uber’s €14.8bn bid for Delivery Hero cleared a major governance hurdle as boards deemed the offer fair and urged shareholders to tender. Local Heritage & Industry: Silves Town Council took custody of the Cork Museum’s documentary and archival collection, linking the archive to the cork industry’s industrial past. Cybersecurity: NetSPI and Synack announced a merger to build a major offensive security platform backed by KKR and others.

Data Infrastructure Leadership: Digital Realty appoints Guilherme Reis as Managing Director for Iberia, covering Spain and Portugal, with a push to grow Madrid/Barcelona campuses and enter Lisbon for AI-ready digital infrastructure. Energy & Offshore Oil: Galp and TotalEnergies complete a Namibia asset swap: TotalEnergies takes operatorship of PEL 83 (Mopane), while Galp keeps 40% non-operated in PEL 83 and adds stakes in PEL 56 (Venus) and PEL 91. EU Housing Rules: The European Commission is set to propose tougher rules to curb short-term holiday rentals and limit purchases of unused homes/land, aiming to ease pressure in cities including Lisbon. Automotive Market: Portugal’s car sales rebound in August with 17,209 registrations (+11.3% y/y); EVs keep gaining, with 75.6% of new light passenger cars using alternative energy sources up to August. Renewables & Tech: Eco Wave Power and AI engineering GmbH start an AI digital twin project for wave energy, combining physics simulation with real-world sensor data. Marine Engineering Cooperation: China and Portugal deepen ties via a Lisbon forum on marine technology and ocean engineering, including a CAE-PAE cooperation memorandum. Robotics for Industry: Researchers showcased 15 AI robots at the European Parliament, including manufacturing and household assistants, while warning Europe still lags on funding. Travel Ops Watch: A rule change to the EU Entry/Exit System may bring longer border queues from Sept. 7, after countries including Portugal had temporarily eased it.

Aviation & Firefighting: Europe is moving fast to plug its water-bomber gap: French startup Kepplair Evolution has started converting an ATR 72-200 into the “Forest Keeper” firefighting aircraft at Toulouse-Blagnac, aiming to cut delivery time from a decade to a few years as the older Canadair CL-415 fleet ages. Energy Security: Centrii’s GRIDLOCK model warns that battery energy storage could face a high risk of coordinated cyberattacks by 2031, with the probability of a major attack ranging from 92% under baseline security to 61% under stricter IEC 62443-style protections. Logistics & Industry: Angola’s Lobito Corridor takes another step toward full regional integration as the DRC joins the Benguela railway concession deal, signed for 30 years with Portuguese contractor Mota-Engil África, targeting a Dilolo–Sakania rail link to Zambia. Portugal Business & Retail: Alfana Investment Management is buying Faro’s Forum Algarve shopping centre for nearly €130m, betting on footfall, near-full occupancy and strong retail sales. Portugal Environment: A new plastic bottle deposit return scheme in Portugal is already funding community projects, with deposit vouchers turning waste collection into education and travel support.

Portugal’s industrial power push in Spain: EDP is expanding its engineering-and-construction services for substations and power lines, including a 132 kV underground line and a 30/132 kV, 120 MVA transformer substation in León, using cable-plowing to cut trenching impact. Renewables momentum: WindEurope reports 8.8 GW of new wind capacity installed across Europe in H1 2026 (+30%), with growth also flagged for Portugal. Grid flexibility economics: Clean Horizon’s battery profitability index shows rising BESS revenues in Spain and Portugal, driven by higher wholesale price volatility and stronger day-ahead/intraday spreads. Aviation training in Portugal: Airbus will train ANA’s next generation of rookie pilots at Sevenair Academy in Ponte de Sor, starting with 19 cadets later in 2026. Cement decarbonisation: TCC Group says it cut Scope 1 emissions in global cement operations to 608 kg CO2/t in 2025 (down 4.4%), scaling lower-carbon cement tech. Mining & fertiliser supply chain: Minbos Resources updates financing and Phase 2 construction for Angola’s Cabinda Phosphate Project, with steel fabrication shipped from Porto. EU farm policy shift: The Commission’s livestock strategy moves cage-free rules forward for laying hens and broilers by end-2026, with pigs following in 2027. Wood industry ties: Global WoodShow (Saudi Wood Forum) signs a partnership with Portugal’s AIMMP to set up a Saudi Academy for Wood and Furniture. Tourism demand signal: Murcia records a record July for international visitors (+36.1% year-on-year), with Portugal among key source markets.

Aviation & Logistics: TAP Air Portugal has completed its restructuring and rolled out a 2026–2035 strategy after reporting a €99.2m interim net loss in H1 2026, as the airline seeks stability while navigating competitive pressure. Maritime Fuels: MABUX says bunker prices are set to stay volatile in September, with Middle East geopolitics, crude swings, distillate tightness and low-sulphur supply driving regional premiums. Mining & Capital Markets: Ero Copper will host its 2026 Capital Markets Day in São Paulo on 14 September, outlining its copper and gold portfolio and project progress. UAS & Defence Tech: Portugal’s Tekever has acquired Scotland’s Flowcopter to bring hydraulic transmission know-how into its heavy-lift AR6 system, with production planned at its Swindon facility by year-end. Agriculture (Portugal): Algarve farmers and officials met to debate the next decade of farming under mounting water stress, EU funding uncertainty and an ageing workforce. Energy Policy: Portugal has opened consultation on a strategy targeting 6.9 GW of storage by 2030, aiming to strengthen grid flexibility. Work & Travel (Portugal-linked): A workcation index ranks Porto among the world’s top destinations, reflecting demand for flexible travel and connectivity.

Maritime Decarbonisation: DP World has named its first methanol dual-fuel feeder vessel, the 1,250-TEU DP World London (Portugal-flagged), delivered in April and bunkered in Rotterdam on 25 June—an early test of methanol supply, economics and emissions performance for northern Europe services. Energy Storage & Renewables: Portugal has unveiled a National Energy Storage Strategy, calling long-duration storage “essential infrastructure” and backing pumped storage expansion plus auctions and permitting reforms, targeting at least 5 GW by 2040. Circular Polymers in Portugal: IMG Group launched the Everbio Innovation Hub in Portalegre, bringing together recycled and bio-based polymer R&D (including solvent-free multilayer plastics delamination to high-purity PET flakes) with a €15m backing to scale circular solutions. Cybersecurity for Industry: Cloudflare’s H1 2026 DDoS report flags a surge in 1+ Tbps attacks and links spikes to geopolitics and major events, with sector shifts including government. Regulated Medtech Go-to-Market: Rimsys announced “Market Access,” an AI-native tool aimed at speeding up market viability and regulatory pathway planning for medtech. Food Supply Chain Pressure: SNAP cuts in the US could spill into schools, risking free breakfast and lunch for over a million children.

Maritime Decarbonisation: DP World’s Shipping Solutions named its first methanol dual-fuel vessel, DP World London, in Aarhus, Denmark—another step toward lower-emission shortsea and feeder operations. Energy Storage & Grid Planning: Portugal opened a consultation on a strategy targeting 6.9 GW of storage by 2030, as the country looks to firm renewables and manage system needs. Rail & Logistics Disruption: Morocco’s ONCF announced temporary train schedule changes for the Kenitra–Marrakech high-speed rail works, with service adjustments and shuttle buses during key nights. Industrial Research & Materials: A solubility and phase-equilibria symposium in Sofia brought together scientists from 18 countries, including Portugal, with sessions spanning environmental science, pharma, materials and modern energy tech. Food & Retail Operations: Spain’s Mercadona is rolling out its “Tienda 9” supermarket model, investing 3.7bn euros (2026-2033) and reorganising fresh-product prep via a central workshop to cut energy and water use. Brewing & Manufacturing Signals: Eurostat reports EU beer production down 0.7% in 2025, a useful read for industrial supply chains and demand planning. Offshore Wind Legal Fight: California sued the US Interior Department and Golden State Wind over a cancelled offshore wind lease deal, raising questions for project finance and port/supply-chain investment.

Digital & Entrepreneurship: Namibia’s deputy minister Dino Ballotti urged entrepreneurs to look beyond local borders, but warned that regional expansion only works if firms get the basics right at home—scale, structure, capital and delivery. Healthcare R&D: Amarin highlighted new REDUCE-IT® related findings at the ESC Congress 2026, focusing on long-term cardiovascular benefits, treatment adherence and biomarkers tied to icosapent ethyl. AI for Industry: openKylin 3.0 debuted with deeper AI agent integration via KylinBot, aiming to move beyond chat toward task execution inside operating system functions. Housing & Construction Capacity: A report for Glenveagh says Ireland is building homes fastest in Europe (7.2 per 1,000 people), with Portugal next (5.8), but the core issue is sustaining high delivery for years. Finance & Payments: Revolut started rolling out its EURR euro-backed stablecoin in Denmark, Poland and Portugal, while the ECB reiterated privacy commitments for a potential digital euro. Maritime Security: Portugal deployed frigate NRP Álvares Cabral to join Nigeria’s Gulf of Guinea exercise Coastal Grip II to tackle sea robbery, oil theft and illegal fishing. Food Supply Chain: Sardine shortages hit canneries serving Spain and Portugal as warmer waters, Morocco’s export curbs and higher fuel costs tighten supply. Transport & Infrastructure: Portugal’s TEN-T corridor faces further delays due to theft and certification hiccups.