Multinational and multi-sector holding. Founded over 40 years ago, the Group first started its activities in the Telecommunications and Electricity sectors, operating from Viseu, where it maintains its headquarters. It quickly became a national market leader, consolidating its core-business, extending its area of activity to different sectors and internationalizing. Currently, it operates in the Telecommunications, Energy, Technology, Construction, Industry, Real Estate and Tourism sectors, being present in 16 countries and marketing its products and services in more than 116 nations.


Working consistently in accordance with our mission, we invariably place growth and quality at the centre of everything we do. Based on a model that focuses on optimizing competencies and maximizing synergies, the Group enjoys a privileged position to leverage steady progress and put forth competitive bids. Keen on developing and improving our products, our offer increasingly meets the global needs of our different markets, through solutions optimized by a comprehensive vision and integrated services.


Through sustained growth and business expansion, focused on optimizing resources, Visabeira Group creates value and anticipates the needs of its customers, taking into account the different markets in which it operates and always offering premium quality services.


Creativity | Innovation | Competitiveness | Dynamism | Ambition

The values Visabeira assumed as defining elements of its brand are transversal to all areas of our organization and every professional at our service, proving decisive for the Group’s evolution and its continued success.


Performing Dreams

It is our goal to provide our partners and customers with increasingly complete answers, according to their needs and fulfilling their expectations. Thanks to our defining interdisciplinarity, we manufacture a wide variety of products, provide services in the most diverse areas and create multiple business opportunities.At Visabeira Group, we work to create state-of-the-art telecommunications infrastructures, from the most cosmopolitan urban areas to the most remote and isolated settings; we work together with artists, artisans and highly specialized engineers to produce ceramics and crystal items that conquer awards all over the world; we offer a wide variety of tourist experiences, in Portugal and abroad, always seeking to diversify and surprise; we design and build kitchen furniture that meets the functional and aesthetic requirements of global buyers; we design and build real estate projects that embody innovation, quality and comfort.These are just some examples of Visabeira’s productive and operational capacity.Every day, all around the world, we make people’s lives easier, fulfilling their expectations and bringing quality to their daily existence.

“We look to the future with confidence. Together with all our partners, we will continue to focus on achieving progress, always thinking of you.”

Fernando Campos Nunes
Chairman of the Board of Directors 

Board of Directors & Executive Committee

Board of Directors & Executive Committee

Nuno Miguel Rodrigues Terras Marques

Nuno Miguel Rodrigues Terras Marques


João Manuel Pisco de Castro

João Manuel Pisco de Castro


Alexandra da Conceição Lopes

Alexandra da Conceição Lopes


António José Monteiro Borges

António José Monteiro Borges


Fernando Daniel Leocadio Campos Nunes

Fernando Daniel Leocadio Campos Nunes


Key Financial Indicators

  • 2014
  • 2015
  • 2016
  • 2017
  • 2018
  • 2019
  • Annual Report 2014

    At Visabeira Group, 2014 was characterized by a strong operational momentum, reflected by a historical turnover, reaching EUR 632 Million, a growth of 12.2% over the previous year.

    Following this growth, EBITDA increased by 19.2% to EUR 98.3 Million, with a margin of 15.6%, a new high in the Group’s growth history. Globalization has led economic groups to increasingly turn to internationalization. In this line, Visabeira Group has adopted this strategy as its main growth pillar for more than three decades.

    With a larger increase in foreign markets, more than half of the Group’s consolidated turnover is generated outside Portugal, representing 57% of total turnover, a remarkable growth of 18.3% over the previous year. The countries with the greatest contribution to this growth were France, Angola, Mozambique, Spain, Germany, Belgium, Brazil, the United States, Denmark, and the Netherlands.

    The Group’s most important consolidated business area is Visabeira Global, with a contribution of 72% in total turnover and 58% in EBITDA, which shows a good operating performance, with France, Angola and Mozambique assuming special relevance in cable television and telecommunications infrastructures. Further mention should be made to the rail transport infrastructure in Mozambique and the great growth in the telecommunications infrastructures area in France.

    In the Industry sector, there is a good operational growth due to quality products, associated with emblematic brands such as Vista Alegre and Bordallo Pinheiro.

    Pinewells and Ambitermo should be highlighted in this area for their contribution to EBITDA and for together amounting to 40% of the sub-holding’s total.

    Vista Alegre reached a historical high in EBITDA with EUR 2.3 Million, representing 27% of the Visabeira Indústria sub-holding.

    Tourism, through the Visabeira Turismo sub-holding, achieved a consolidated turnover of EUR 17.3 Million and an EBITDA of EUR 3.8 Million, as a result of a diverse hospitality offer, with eleven hotel units distributed between Portugal and Mozambique, t

    Globally, personnel costs increased by 18.6%, mainly due to the increase in the activity of telecommunications companies, namely Constructel France, Constructel Germany and Denmark, and Meci (acquired in the 2nd half of 2014), which contributed to an increase of 320 employees compared to the previous year, thus bringing personnel costs from EUR 15.1 Million in 2013 to EUR 22.4 Million in 2014. The recurring operating result (without the effect of the fair value of investment properties and reversal of customer provisions) amounted to EUR 66 Million, compared to EUR 59.6 Million in 2013.

    Visabeira Group achieved one of the highest net results in its history, registering EUR 13.2 Million (excluding minority interests, EUR 8.1 Million), compared with EUR 5.2 Million in the previous year (excluding minority interests, EUR 1.1 Million).

    By eliminating the fair value of investment property, impairment losses on PSI 20 listed companies, and interest and taxes associated with these items, the net profit for shareholders would mount to EUR 23.7 Million in 2014, compared to EUR 20.6 Million in 2013, representing a growth of about 15.1%. Also noteworthy is the significant impact of the valuation of EDP and NOS securities of EUR 7.9 Million, whose accounting, in accordance with applicable standards, is reported directly in equity.

  • Annual Report 2015

    In 2015, Visabeira Group achieved a turnover of EUR 681 Million, surpassing the previous figure reached in 2014 (EUR 632 Million), reflecting a growth of 7.8%. Also worth mentioning is the 109 Million EBITDA, an increase of 11% compared to the previous year and a historic margin of 16% for Visabeira Group. Reinforcing the results achieved in 2014, in 2015 the Group continued to focus on its internationalization strategy, reflected in the growth in turnover generated outside Portugal, which reached 60%, 3 percentage points above the 57% result achieved in 2014. Countries with the greatest weight in terms of external markets turnover were France, Angola and Mozambique, with 17.9%, 17.4% and 14.5%, respectively. Visabeira Global maintains the lead at consolidated level, with 72% of turnover and 60% of EBITDA, with a higher incidence in the areas of cable television and telecommunications infrastructures.

    In Visabeira Indústria, it is important to highlight Vista Alegre and Bordallo Pinheiro as brands with huge global recognition, which increased their turnover and their share in foreign markets. It should also be noted that Vista Alegre, Ambitermo and Pinewells represent a good part of the sub-holding’s turnover, with 57.4%, 13.8% and 10.5%, respectively.

    In 2015, Visabeira Turismo had a turnover of EUR 37.2 Million, representing 5% of the Group’s total turnover, with an EBITDA of EUR 15.1 Million.

    As in 2014, in 2015 Visabeira Group was able to achieve one of the highest net results in its history, EUR 20.5 Million, surpassing the result of EUR 13.2 Million reached in the previous year.

    With the elimination of the fair value of investment properties, impairment regarding the shares of PSI 20 listed companies, and interest and taxes associated with these items, net income for shareholders would be EUR 28.2 Million in 2015, compared to 23.7 Million EUR in 2014, representing a growth of around 19%. Further mention should be made to the significant impact of the valuation of EDP and NOS securities of EUR 9.8 Million, whose accounting, in accordance with applicable standards, is reported directly in equity.

  • Annual Report 2016

    The Group ended 2016 with a consolidated turnover of 601 million euros and an EBITDA of 111 million euros.

    In 2016, the Group was deeply affected by kwanza and metical exchange rate changes, respectively in Angola and Mozambique, which strongly impacted the Group’s turnover and EBITDA. Turnover was also affected by the policy change on resale of materials in some operators’ businesses. Although having no impact on EBITDA, it had an impact on turnover. Were it not for these two impacts, the turnover would be around 691 million euros in 2016.

    The Group’s EBITDA reached 111 million euros, a new record figure that represents a growth of 7% over the same period last year, and a net income of 28 million euros, a 38% increase over 2015.
    The Group continued strongly focused on the internationalisation strategy. France, Angola and Mozambique continue to be the main contributors to the Group’s foreign market turnover. France, where the Group currently has three companies, contributed 143 million euros to turnover this year.

    Visabeira Global continues to be the largest sub-holding company, accounting for 72% of the Group’s turnover and 61% of its EBITDA, with 430 million euros and 67.6 million euros, respectively.

    Visabeira Indu´stria had a turnover of 113 million euros and an EBITDA of 14.9 million euros, which represents a 14% growth over the same period last year. Of note was the excellent performance of Vista Alegre, which had positive results this year, with a consolidated turnover of 75.4 million euros, an EBITDA of 9.5 million euros and a positive net income of 1.7 million euros. The Group also continues to be strongly focused on the internationalisation of its products in this sub-holding through Vista Alegre, Bordallo Pinheiro, Pinewells, Mob and Ambitermo.

    The sub-holding Visabeira Turismo ended 2016 with a turnover of 33.4 million euros, which represents almost 6% of the Group’s total turnover, reaching an EBITDA of 17 million euros.

    Of note in this sub-holding is the new hotel of Visabeira Group, the Montebelo Vista Alegre I´lhavo Hotel. Since the opening, several internationally renowned events have been held at this hotel.

  • Annual Report 2017

    In 2017, the Grupo Visabeira reached new record highs, with a consolidated turnover of 638 million euros.

    The Group recorded an EBITDA of 124 million euros, which translates into a growth of 11% YoY, and net profit rose from 28 million euros to 50 million euros, representing a growth of 77%.

    The Grupo Visabeira remained strongly committed to its internationalisation strategy, which was well reflected in the amount of business generated outside Portugal, which reached 64%.

    In foreign markets, the countries with the greatest weight in turnover were France, Angola and Mozambique.

    Visabeira Global is the Group’s main sub-holding company, representing 71% of consolidated turnover and 63% of EBITDA, with the highest contributions coming from Europe, and especially from France.

    Companies in central/northern Europe (France, Belgium, Germany, Italy and Denmark) contributed with 207 million euros to this sub-holdings business turnover, evidencing the focus on this centrality as a key factor for the Group’s growth strategy in the telecommunications sector. Visabeira Indústria contributed with 20% to the Group’s consolidated turnover, reaching 127 million euros, having contributed with 22 million euros to EBITDA.

    In this area, highlight goes to Vista Alegre, which reached 85 million euros in turnover in 2017, representing a 13% increase compared to 2016, with net profits recording a very positive evolution, standing at 4.2 million euros.

    The sub-holding Visabeira Turismo closed 2017 with a turnover of 35 million euros, which represents almost 6% of the Group’s total consolidated turnover, reaching an EBITDA of 16 million euros.

  • Annual Report 2018

    Grupo Visabeira continued to exceed historical highs in 2018 in the main economic indicators, ending the year with a consolidated turnover of 745 million euros, a 16.8% increase over the previous year, and an EBITDA of 142 million, an increase of 14.8% over the same period a year earlier. In line with this growth, operating income amounted to 111 million euros, an increase over the year 2017, which stood at 81 million euros, an increase of 36.3%. The net result stood at 51.4 million euros, 2.6% higher than in 2017.

    In external markets, Grupo Visabeira strengthened its
    main strategy of growth in its core activities - providing telecommunications, electricity and gas services to key operators and reinforcing their position in these markets. In 2018, the turnover of the foreign markets represented 68%, an increase of 4 p.p. over 2017.

    The European market is increasingly important for the Grupo, as non-domestic turnover in Europe has increased by 47% to reach 391 million euros in 2018. The main countries in this market are France (52.8%), the United Kingdom (17.0%), Belgium (8.9%) and Italy (7.2%).
    Grupo Visabeira, through Constructel, has acquired MJ Quinn to strengthen its presence in new countries in the European market, a company that has been operating in the telecommunications sector in the UK for more than 30 years. Considering 12-month activity of MJ Quinn in the consolidated results in Europe, Grupo Visabeira would have a turnover of 434 million euros, an increase of 43.1 million euros, and an EBITDA of 48.7 million euros, an increase of 4.2 million euros.
    In the African market, in 2018, Angola and Mozambique accounted for 102 million euros of total Grupo Visabeira turnover, even though the business in Angola was affected by strong devaluation of the kwanza against the euro. If such currency devaluation had not occurred, turnover would have reached 791 million euros, representing a growth of 23.9% over the previous year.

    Visabeira Global recorded a turnover of 543 million euros and an EBITDA of 87.5 million euros. Thus, it remains
    the most important business area in Grupo Visabeira, accounting for 72.8% of turnover and 61.7% of EBITDA. Compared to the same period of the previous year,
    EBITDA increased by 20.5% and EBITDA by 12.4% in
    2018, demonstrating good operating performance in the telecommunication engineering services business, electricity and gas at both the national and international level, as well as in its own cable television operations in Angola and Mozambique.

    Visabeira Indústria reached 141 million euros, representing an increase of 10.7% over 2017, contributing 18.9% to the consolidated turnover of Grupo Visabeira. EBITDA rose to 25.4 million euros, a growth of 14.3% over 2017. The EBITDA margin showed positive development, from 17.5% in 2017 to 18.1%. The net result in 2018 more than tripled the result of the same period in the previous year, from 2.1 million euros to 6.9 million.
    Particularly noteworthy was Vista Alegre, which reached a turnover of 99 million euros, representing an increase of around 17% over the same period last year, with adjusted net income continuing to grow positively, with a growth of 85% compared to 2017, reaching 7.8 million euros. Visabeira Turismo, Imobilia´ria e Servic¸os recorded a turnover of 62 million euros (including Grupo Visabeira SA), representing about 8.3% of the Grupo’s total turnover. EBITDA in this area stood at 28.9 million euros in 2018 versus 23.4 million euros in 2017, a 22.9% increase.

  • Annual Report 2019

    Growth was the main characteristic of 2019.

    Growth, such as we forecast a year ago: "we invest in strengthening the bases for a sustainable growth during the next decade"... "with the consolidation of business in countries where we are present and, at the same time, with strong growth and expansion in more countries in Europe, which is admittedly the managemet´s priority."

    During 2019, the Grupo reached a new historic high by exceeding 910 milion euros of consolidated turnover, which represented an important growth of more than 22%, compared to 2018, with the increase in the European market exceeding 33%. EBITDA also recorded a historic performance, standing at 165 milion euros, representing a growth of more than 16%


Our presence in the World

Present with companiesPresent with products/services