2025 Portugal Capital Markets Day Conference

“Portugal as a Prime Investment Destination: Infrastructure & Innovation at the Core”

This exclusive International Conference will highlight Portugal’s dynamic Innovation ecosystem and advanced Infrastructure, showcasing their role in fostering investment across diverse sectors.

To this end, AEM and Euronext Lisbon asked the Católica Lisbon School of Business & Economics, a European top 30 Business school and the Portuguese reference school in management research, to produce the exclusive Report “Innovation & Infrastructure: Connecting Portugal with the future”, regarding Portugal’s Investment Advantages, which will be presented during the conference.

Join industry leaders, investors, and policymakers to explore why Portugal stands out as a prime investment destination.

Engage with a distinguished line-up of speakers, experts, business leaders, and government representatives for a deep dive into Portugal’s evolving economic landscape and outstanding entrepreneurial opportunities

Gain expert insights into the main structural trends shaping the economy and discover how the country’s strengths in two transversal competitive factors, Innovation and Infrastructure, drive growth, job creation, and technological progress.

Where

CULTURGEST

CULTURGEST

Rua Arco do Cego, 50
1000–300 Lisboa

Programme

14h00 – 14h30

Registration and Networking

14h30 – 14h45

Setting the Stage for this Conference

Speaker: Isabel Ucha, CEO, Euronext Lisbon
Speaker: Miguel Athayde Marques, Chairman, AEM (Portuguese Issuers Association)

14h45 – 15h00

Opening Remarks

Luís Montenegro, Prime Minister of Portugal

15h00 – 15h30

Presentation of the report “Innovation and Infrastructures: connecting Portugal with the Future”

Speaker: Filipe Santos, Professor, Dean, Católica Lisbon School of Business & Economics,
Coordinator of the Report “Innovation and Infrastructures: connecting Portugal with the Future”

You are invited to explore Portugal’s Investment Advantages.
Join us for an in-depth look at how Portugal’s strong innovation ecosystem and modern infrastructure creates a prime environment for investment across sectors.
With a highly developed transport, energy, and telecommunications network, Portugal offers seamless connectivity and efficiency.
Discover the country’s exceptional talent pool, a growing asset in its dynamic economy, and learn how a culture of innovation, pro-business policies, a thriving startup scene, and close collaboration with academia are driving innovation and long-term growth.

15h30 – 16h00

Fireside Chat
“Portuguese Capital Markets: Financing Innovation and Infrastructure – The View of the Regulator”

Guest Speaker: Luis Laginha de Sousa, Chair, Portuguese Securities Market Commission (CMVM – Comissão do Mercado de Valores Mobiliários) 

Moderator: Abel Sequeira Ferreira, Executive Director, AEM (Portuguese Issuers Association) 

Beyond its sophisticated physical framework, Portugal benefits from sophisticated financial, insurance, healthcare and retail sectors, creating a well-rounded business environment.
The country’s strategic location, provides direct access to European and global markets, reinforcing Portugal’s position as a prime destination for large-scale investments and complex business operations.

16h00 – 16h30

Coffee-Break

16h30 – 17h10

Roundtable I
“Unlocking opportunities: Innovation, physical infrastructures and industrial projects”

Speaker: António Coutinho, CEO, EDP Inovação
Speaker: João Bento, CEO, CTT – Correios de Portugal
Speaker: João Conceição, COO, REN – Redes Energéticas Nacionais 

Moderator: Isabel Ucha, CEO, Euronext Lisbon   

Portugal is a rising Innovation and Talent Hub and has a strong Foundation for Investment.
Backed by world-class universities and cutting-edge R&D centers, Portugal is quietly advancing its global competitive positioning through innovation and delivering new products and services.
A highly skilled workforce, strong STEM participation, and the ability to attract global talent are reshaping Portugal’s talent landscape and driving growth in tech and advanced manufacturing, while Infrastructure provides the necessary tangible foundation for economic activities.
Portugal boasts a modern and efficient infrastructure network, spanning transportation, energy, and telecommunications, that ensures seamless business operations. 

17h10 – 17h50

Roundtable II
“Is Portugal doing right about (de)Regulation”

Speaker: Paul Mihailovitch, Managing Director and Head of Southern Europe ECM, J.P. MORGAN 
Speaker: Paula Gomes Freire, Managing Partner, VdA – Vieira de Almeida
Speaker: Nuno Martins, Capital Markets and Accounting Advisory Services Partner, PwC
Speaker: Américo Carola, Head of Millennium Investment Banking, Millennium bcp

Moderator: Carlos Robalo Freire, CEO, AON Portugal

Portugal may help drive effective Reforms for Growth and Innovation in Europe.
There is a growing global push to reduce regulatory barriers in order to stimulate economic activity.
Motivated by competitiveness concerns, as highlighted in reports like those from Draghi and Letta, and driven by the ambition to accelerate growth, several governments and institutions are advocating for a more liberalized economic environment — one that promises faster growth, lower prices, and increased innovation.
This session will address the critical question: How can reforms be bold enough to make a significant impact while remaining coherent and sustainable for long-term success? We will explore how to balance the desire for rapid progress with the need for carefully structured, effective policies that ensure lasting economic benefits.

17h50 – 18h10

“Europe: a new landscape for companies?”

Speaker: Miguel Athayde Marques, Chairman, AEM

18h10  

End of Event

Speakers

Luís Montenegro

Prime Minister

Profile

Abel Sequeira Ferreira

Member of the Board and the Executive Director, AEM

Profile

Américo Carola

Millennium BCP

Profile

António Coutinho

CEO, EDP Innovation

Profile

Carlos Robalo Freire

CEO, AON

Profile

Filipe Santos

Professor, Católica Lisbon

Profile

Isabel Ucha

CEO, Euronext

Profile

João Bento

CEO, CTT

Profile

João Conceição

COO, REN – Redes Energéticas Nacionais

Profile

Luís Laginha de Sousa

Chair, CMVM

Profile

Miguel Athayde Marques

Chairman of the Board, AEM

Profile

Nuno Martins

Partner responsible for the Capital Markets & Accounting Advisory Services (CMAAS) practice at PwC Portugal, Angola, and Mozambique

Profile

Paul Mihailovitch

Managing Director and Head of Southern Europe ECM, J.P. MORGAN

Profile

Paula Gomes Freire

Managing Partner, VdA

Profile

Organisers & Partners

AEM – The Portuguese Issuers Association is a non-profit organization that advocates for Portuguese companies to Portuguese, European, and international institutions.  
AEM is dedicated to fostering the successful and sustainable development of the Portuguese capital markets, positioning it as a vital funding source for companies and a key driver of their competitiveness and Portugal’s economic growth. 
AEM represents all issuing corporations and groups listed on the Lisbon Stock Exchange Index PSI, as well as the majority of issuing companies on the PSI General.  
As the voice of Portuguese issuers and listed companies, AEM strives to create an environment where the full potential value of its members can be realized, significantly benefiting the Portuguese economy. 

www.emitentes.pt  

Euronext is the leading pan-European market infrastructure. It operates regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal. With more than 1,900 listed issuers and around €7.1 trillion in market capitalisation as of end March 2024, it has an unmatched blue-chip franchise and a strong diverse domestic and international client base. Euronext operates regulated and transparent equity and derivatives markets, one of Europe’s leading electronic fixed income trading markets and is the largest centre for debt and funds listings in the world. Its total product offering includes Equities, FX, Exchange Traded Funds, Warrants & Certificates, Bonds, Derivatives, Commodities and Indices. The Group provides a multi-asset clearing house through Euronext Clearing, and custody and settlement services through Euronext Securities central securities depositories in Denmark, Italy, Norway and Portugal. Euronext also leverages its expertise in running markets by providing technology and managed services to third parties.  

www.euronext.com 

Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Our colleagues provide our clients in over 120 countries and sovereignties with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business.  

www.aon.com 

Vieira de Almeida (VdA) is a leading international law firm with more than 40 years of history, recognised for its impressive track record and innovative approach in corporate legal services. The excellence of its highly specialised legal services covering several industries and practice areas enables VdA to overcome the increasingly complex challenges faced by its clients. The firm offers robust solutions grounded in consistent standards of excellence, ethics and professionalism. 

VdA has been recognised for its outstanding and innovative services, having received the most prestigious international accolades and awards of the legal industry. Through VdA Legal Partners network, clients have access to a team of 330 lawyers across 7 jurisdictions, who deliver consistent quality of service and sectorial coverage in Portuguese-speaking African countries, including Angola, Mozambique, Cape Verde, and São Tomé and Príncipe, as well as in Timor-Leste. 

www.vda.pt 

PwC firms help organisations and individuals create the value they’re looking for. PwC is a network of firms in 149 countries with more than 370,000 people who are committed to delivering quality in assurance, advisory, tax and legal services.

PwC offices, located in Portugal, Angola, Cape Verde and Mozambique, have more than 70 partners, with a total of more than 2,900 permanent employees spread across Lisbon, OPorto, Coimbra, Funchal, Luanda, Cidade da Praia and Maputo.

www.pwc.pt 

Luís Montenegro was born in Porto on 16 February 1973. He is married and has two children.
A law graduate from Universidade Católica Portuguesa, he also holds a post-graduate degree in Personal Data Protection and an Advanced Management Programme from INSEAD.
A lawyer by occupation, he founded the SP&M law firm, of which he was partner until July 2022.
He was also chairman of the General Meeting of the Ferpinta Group and Rádio Popular.
He was member and Chairman of the Espinho Municipal Assembly and Councillor of the same Municipality. 
He became a member of Parliament in 2002, having been elected in four consecutive legislative elections after that date (2005, 2009, 2011, and 2015), having been in Parliament for 16 years and President of the PSD Parliamentary Group from 2011 to 2017.
He has been leader of the Social Democrats (PSD) since 28 May 2022.

Abel Sequeira Ferreira is a Member of the Board and the Executive Director of AEM (Portuguese Issuers Association), as well as a Board Member of EuropeanIssuers.

A Lawyer and Professor, Abel is nearing completion of a PhD in Corporate Governance at Católica Lisbon.

A regular Keynote Speaker, Abel is an expert in Capital Markets, Corporate Governance and ESG, and an Author, more recently a contributor to “The Palgrave Handbook of ESG and Corporate Governance”.

Other current positions: Chairman of the Users Committee at the Portuguese CSD, Task Force for the Development of the Portuguese Capital Markets, High-Level Group for Sustainable Finance, Monitoring Committee of the Portuguese Corporate Governance Code (and co-author, shaping the more recent versions 2020/2022, of the Code), Euronext Lisbon Strategic Committee, Advisory Council for “Women on Boards”, and GovernanceLab.

Former positions: European IPO Task Force (member), Portuguese CSD (CEO), Euronext Lisbon (member of the Board and Interim CEO), Euronext N.V. (Executive Director), ECSDA (BoD), and FESE (BoD).

Américo Carola is in banking for 34 years and is the Head of the Investment Banking Division of BCP since May 2023. 

Américo joined BPA in 1991 and served in several positions before becoming BCP’s Head of Project Finance from 2000 to 2009 and Head of Project and Structured Finance from 2009 to 2012. He has since then served as Head of the Specialized Recovery Division dealing with Corporate NPE/NPL, Head of the Real Estate Business Division dealing with Foreclosed Assets disposal and new Real Estate Credit, and Head of the Large Corporates Commercial Division doing business with listed Corporate Clients.

Américo has also served in several companies as BCP representative, namely as Executive Board Member of PNCB – Plataforma de Negociação Integrada de Créditos Bancários and of several real estate developers, and as Non-Executive Board Member of ELOS – Ligações de Alta Velocidade, of Fomentinvest SGPS and of TIIC – Transport Infrastructure Investment Company where he also served as Member of the Investment Committee.

Américo graduated in Economics at Lisbon University and completed a Management Programme at AESE/IESE and the BCP Strategic Management Programme at INSEAD.

António Coutinho is CEO of EDP Innovation and the head of EDP’s Global Research and Innovation, which develops and drives the adoption of innovative solutions for EDP to lead the energy transition. He is also the Chairman of the Energy Portuguese Association.

He joined the EDP Group at the end of 2003. Between 2010 and 2021, he was Executive Board Member of EDP Comercial, EDP’s energy and services retail arm. Between 2007 and 2010, he was Executive Board Member of EDP Renewables North America, as Chief Energy Management Officer. Prior to EDPR, he was EDP’s Head of Energy Planning. Between 2014 and 2021, he was Chairman of the Retail Committee of Eurelectric, the European association of the electricity sector.

Prior to EDP, he was principal at The Boston Consulting Group, developing a diversified experience in energy and utilities. António holds a degree in Civil Engineering and has a MSc in Operational Research by Instituto Superior Técnico of Lisbon, Portugal.

Chief Executive Officer at Aon Portugal, Carlos Robalo Freire has 35 years of experience in the Financial Sector. He has previously held several positions as Marketing and Communication Director, Real Estate Director, Marketing Director, Sales Director, Operations Director, and Channels Manager. Carlos has a PhD Degree in Strategic Management and lectures at several universities on topics related with Strategic Management, Management Control Systems, Marketing Management, Leadership and Negotiation, and Advanced Management Accounting.

Filipe Santos is the Alfredo da Silva Professor of Entrepreneurship and Dean of CATÓLICA-LISBON since 2019. He also holds the Chair Girl Move Academy for Social Innovation. He was a Professor of Entrepreneurship at INSEAD for 12 years between 2003 and 2014 where he led the Centre for Entrepreneurship. Professor Santos holds a Ph.D. in Management from Stanford University, where he won the Lieberman Fellowship, recognizing outstanding scholarship and institutional contributions.

Professor Santos’ research at the intersection of strategy, organization theory and entrepreneurship has been published in top journals and been cited more than 16,500 times (Google Scholar). As an educator, Professor Santos won the INSEAD GEMBA 2008 award for Outstanding Teacher (finalist in 2009 and 2010) and the CATÓLICA-LISBON award for best Masters teacher (2022). He is a regular key-note speaker and advises venture investors. He co-founded IES – Social Business School in 2009 and the Laboratory for Social Investment in 2013. In 2015, he was the first President of Portugal Social Innovation, a government agency that catalysed social investment market in Portugal and is considered a best practice in Europe.  He was Board member of Impact Europe and is jury member of several social innovation awards. He is currently the President of EDP Foundation. In September 2019 he won the global Social Innovation Thought Leader Award by the Schwab Foundation, a sister organization of the World Economic Forum, and was considered one of the world’s high impact researchers by Clarivate Analytics. He has featured every year in the list of the 2% most impactful scientists in the world.

Isabel Rute Ucha da Silva is Chairman of the Board of Directors at Euronext Lisbon, the company that manages the Portuguese Stock Exchange, and also holds the position of Director of Euronext N.V., a multinational group that integrates several European stock exchanges. Isabel Rute Ucha da Silva holds  a degree in Economics from the Catholic University, a Master’s degree in Economics from the New University, and a Master Degree in Finance from the London Business School. On a professional level, and among other activities, she held the position of Advisor for Economic Affairs to the Prime Minister for 4 years, directed the Issuances and Markets Unit  of the Treasury and Public Debt Management Agency – IGCP, held positions at the Securities Market Commission (CMVM), and was an executive partner of a consulting firm for about 7 years. At the same time, she has been a lecturer at the Portuguese Catholic University teaching several economics and finance programs (Economics, Corporate Finance, Economics of Finance, Economics of Regulation, European Economics, Portuguese Economy, Corporate Governance). 

João Bento is CEO of CTT since 2019.

He is a member of the Board of Directors of the Business Roundtable Portugal, the Advisory Board of AICEP, the General Council of the Portuguese Institute of Corporate Governance, and Vice-President of EPIS.

He had management positions in several sectors, namely as CEO of GMC and Efacec, executive director of Brisa and the José de Mello Group, and non-executive director of several institutions, such as EDP, CCR (Brazil), IBTTA (USA), and the CCB Foundation.

He was President of COTEC Portugal, the Academy of Engineering, and the European and Portuguese Associations of Toll Motorways.

Developed the first half of his professional life in academia, being a tenured Full Professor of IST Lisbon. 

Holds Bachelor and Master degrees in Structural Engineering from IST, a PhD from Imperial College, London, and obtained Habilitation in Intelligent Systems, also from Técnico, and an International Directors Programme Certificate from INSEAD 

He was decorated with the Grand Cross of the Order of Infante D. Henrique.

Holds a degree in Aerospace Engineering from the Instituto Superior Técnico and completed his Research Master’s Degree in Aerodynamics at the Von Karman Institute for Fluid Dynamics (Belgium) and an MBA at Insead (France). Between 1998 and 2000, he worked at Euroclear Bank/JPMorgan in Brussels. From 2000 to 2007, he was a consultant at the Boston Consulting Group. Between 2007 and 2009, he was a consultant to the Minister for the Economy and Innovation on Energy issues.

Since 2009, he has been a member of the REN Board of Directors and member of the Executive Committee.

Luís Laginha de Sousa was born in Setúbal in 1965. He graduated in Economics at the Portuguese Catholic University (1988) where he is also completed his MBA (1995). He attended the Corporate Finance Programme at the London Business School (2004). Luís Laginha de Sousa was Member of the Board of Directors of Banco de Portugal from September 2017 to November 2022. Before joining Banco de Portugal he held various managerial roles in a Portuguese and multinational companies and was, among other roles, Deputy Head of ICEP – Investimentos, Comércio e Turismo de Portugal (1993 – 1998); Executive Director of Caixaweb SGPS and various companies of the Caixa Geral de Depósitos Group (2000 – 2005); Chief Operating Officer of Euronext Lisbon, S. A. (2005 – 2010); Chairman and CEO of Euronext Lisbon, S. A. and also of Interbolsa, S. A. (2010 – 2016); More recently and among other activities, he had joined STJ Advisors LLP, as a Senior Advisor.
From 1995 to 2017, Luís Laginha de Sousa was a lecturer at the Portuguese Catholic University.

Chairman of the Board of AEM – Portuguese Issuers Association.
Vice-Rector of Universidade Católica Portuguesa and Professor of Business at Católica-Lisbon School of Business & Economic, where he teaches Corporate Governance and International Business. Parallel to his academic duties, Miguel has a vast business experience. In capital markets, Miguel was member of the Management Committee of NYSE Euronext (New York), member of the Managing Board of Euronext N.V. (Amsterdam), and Executive Chairman of Euronext Lisbon. His duties also included serving as Vice-Chairman of the Board of Galp Energia (listed energy company), NED of Brisa-CR (infra-structure and tolled highways), executive board member of Caixa Geral de Depósitos (the bank) and of Jerónimo Martins (listed multinational in retail and distribution). In public administration, Miguel served as President of AICEP — the Portuguese Agency for Trade and Investment. On top of his professional duties, Miguel has maintained an involvement with non-profit and charitable activities. Miguel Athayde Marques has taught in several Masters and Executive programs, and he was one of the first Europeans to teach at the MBA of CEIBS Business School (Beijing, Shanghai).

Nuno Martins is the Partner responsible for the Capital Markets and Accounting Advisory Services department. He began his professional activity in 1999. Between July 2004 and August 2005, he joined PwC United States (New York, working on Sarbanes-Oxley Act implementation projects), and between September 2007 and September 2009, he was part of PwC United Kingdom (in the Capital Markets and Accounting Advisory Services practice). He specialises in supporting companies in their relationship with capital markets, particularly in IPO processes, capital increases, debt issuance, and complex financial reporting. He assists national and multinational clients in preparing and issuing equity and debt securities in financial markets in Portugal, the USA, the UK, Luxembourg, Ireland, and Angola.

PAUL MIHAILOVITCH joined J.P. Morgan in 1996 in the Investment Banking department in Paris. From 1997 to 1998, he was a member of the London-based Fixed Income Origination team covering France. In 1998, Paul joined the Investment Banking team in Paris, as a banker covering French corporate clients. In 2000, Paul joined the Equity Capital Markets team in London. He co-headed ECM for France, then was in charge of ECM for CEE/CIS, and is now in charge of ECM for Iberia/France/Benelux/Italy and Greece. Paul graduated from the French engineering school Ecole des Mines (Nancy), and from ESSEC business school (Paris) 

Paula Gomes Freire joined VdA in 1996. She is VdA’s Managing Partner, in which capacity she chairs the Executive Committee and is member of the Board of Directors of VdA.

Partner of the Banking & Finance practice, Paula has led several transactions, both in Portugal and abroad, mainly focused on the issue and placement of debt instruments, namely Euro Medium Term Notes, commercial paper, preferential shares and hybrids.

She also works in securitisation and other types of asset-backed transactions.

In recent years, Paula has also participated in the recapitalisation of the Portuguese banking sector and on the inaugural application of a resolution measure under the Banking Recovery and Resolution Directive.

There is a dynamic world of equity and debt issuances within the Portuguese framework, with new opportunities and ground-breaking financing solutions making their way.
The Portuguese market has successfully used innovative tools like collective investment entities and investment platforms, green bonds and ESG-driven concepts, and various types of structured finance transactions.
This session will focus on the seamless synergy between regulatory frameworks, market dynamics, and the strategic landscape of Portugal.

Portugal has risen as a captivating tourism destination, offering a tapestry of experiences that blend rich history, diverse landscapes, and warm and genuine hospitality.
Portugal entices visitors with a unique blend of cultural authenticity and contemporary allure.
Over the years, the tourism landscape has undergone transformative changes, reflecting the nation’s commitment to sustainability, innovation, and resilience.
This panel will delve into the enduring competitive advantages of Portugal going forward: the innovative and diversified service offerings, expansion opportunities, and the sustainable financing models.

The private health industry has experienced remarkable growth, tripling in size over the last 15 years.
Portugal stands out for its provision of high-quality hospital services, increasingly sought after by both domestic and international patients.
Explore how thriving innovative companies in hospital services and pharmaceutical products are growing their businesses.
Discover insights into the future of public-private ventures, senior care services, tech-driven business advancements, and the potential of consolidation opportunities for further growth also brought by a multitude of smaller providers.

Portugal´s steadfast commitment and achievements in sustainability and green energy distinguishes it as a forward-thinking investment destination.
Many listed companies in this sector stand as global leaders, boasting an expanding international presence, cutting edge business models, and sophisticated financing strategies.
Understand how this dynamic landscape extends beyond industry blue chips to encompass a vibrant ecosystem of smaller service providers, offering opportunities for growth and consolidation.

Today, Portugal stands as a beacon of opportunity, boasting a unique blend of economic resilience, strategic location, and a rich cultural heritage.
With a steadily growing economy, fiscal stability, and a firm commitment to innovation, Portugal offers an enticing environment for investment.
Through successful diversification efforts, the country has successfully reduced its reliance on traditional sectors, by embracing technology, start-ups, and renewable energy.
Explore how this economic transformation is supported by a robust policy framework designed to nurture innovation, foster entrepreneurship, and promote international trade.
Discover why Portugal has become a magnet for foreign direct investment (FDI), which speaks volumes about its economic vitality and the confidence it inspires in global investors.

The Portuguese capital market needs to undergo significant transformations, to make it a focal point for investors seeking new and profitable opportunities.

This session will focus on the key factors, regulatory reforms, economic policies, and strategies needed to propel Portugal’s capital market forward.

The Portuguese capital market needs to undergo significant transformations, to make it a focal point for investors seeking new and profitable opportunities.

This session will focus on the key factors, regulatory reforms, economic policies, and strategies needed to propel Portugal’s capital market forward.