Martifer SGPS SA

What Martifer SGPS SA does

Martifer SGPS, S.A. is a Portuguese publicly listed industrial holding company (Euronext Lisbon since June 2007) that operates three core business divisions. The Metallic Constructions division engineers, fabricates, and assembles structural steel, aluminum, and glass facade systems for large-scale infrastructure such as airports (e.g., Geneva Airport East Wing, Dublin Airport Terminal 2), stadiums (Santiago Bernabéu, Euro 2004 and Brazil World Cup venues), hospitals, commercial offices, bridges, and oil and gas facilities, executing under EN 1090-1 EXC4 and ISO 3834-2 certified processes from industrial units in Portugal, Romania, Angola, and Mozambique. The West Sea division operates the Viana do Castelo shipyard acquired under sub-concession in 2011, building, repairing, and converting vessels up to 37,000 tonnes and 190 meters in length, including Portuguese Navy Ocean Patrol Vessels (NRP Setúbal plus six additional NPOs), the World Explorer polar expedition cruise ship, and a ~€100M luxury cruise ship for Japan's Ryobi Holdings. The Martifer Renováveis & Energia division develops wind, solar, and hydrogen projects (over 1.5 GW developed globally), operates a 440 MW O&M portfolio in Poland, and participates in the GreenH2Atlantic 100 MW green hydrogen project in Sines and the Ocean Winds offshore wind partnership.

Revenue is generated almost entirely through project-based, multi-year contracts awarded via competitive tenders and direct enterprise sales, with no recurring SaaS or subscription pricing. The 2025 operational revenue mix is roughly 53% Metallic Construction (€156.5M), 44% Naval Industry (€129.4M), and 4% Renewables (€13.0M), with EBITDA of €32.2M (11% margin) and an order backlog of €662M (of which €448M Naval). Customers are diversified across government/defense (Portuguese Navy), energy majors (EDP, Galp, ENGIE), real estate developers (HRS, Hill International), cruise operators (Mystic Cruises, Ryobi), and infrastructure consortia, served through direct field-sales teams embedded in project design. The group operates across 11 countries with approximately 1,098 employees and ~32,000 tonnes/year of steel structure capacity.

Name

Martifer SGPS SA

Legal name

Martifer SGPS, S.A.

Website

https://martifer.pt

Company type

Public

Founded year

1990

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Martifer SGPS is a Portuguese-listed industrial group operating three divisions: Martifer Metallic Constructions (steel structures and facades for airports, stadiums, and infrastructure), West Sea (naval shipbuilding and vessel repair at Viana do Castelo), and Martifer Renováveis & Energia (wind, solar, and green hydrogen development and O&M), serving government, energy, defense, and cruise clients across 11 countries.

Ownership category

akta.pro rank

Product category

Industrial Metal Construction and Naval Shipbuilding

akta.pro primary industry

Commercial General Contracting (New Build) (IMAFAAAA)

akta.pro secondary industry

Incentives, Grants & Program Administration (Auctions, Tenders, IRA/ITC/PTC Advisory) (EUAMAAAJ)

Keywords

• Structural steel construction
• Shipbuilding and repair
• Aluminum glass facades
• Renewable energy development
• Metal engineering services

Headquarters

HQ city

Oliveira De Frades

HQ country

Portugal

HQ region

Europe

Offices13 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Construction Metallic: Revenue from steel structure fabrication, aluminum and glass facade systems, and metal construction for infrastructure projects including airports, stadiums, hospitals, hotels, offices, and oil & gas infrastructure
2. Naval Industry: Ship construction, repair, and conversion services from West Sea shipyard in Viana do Castelo, Portugal. Includes ocean cruise ships, patrol vessels, expedition ships, and river cruise vessels
3. Energy (Renewables & Infrastructure): Wind and solar project development, energy infrastructure, operation and maintenance services. Includes hydrogen production through GreenH2Atlantic consortium

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Martifer SGPS SA is a Portuguese multinational industrial group that manufactures and delivers metal structures and aluminum/glass facades for large-scale infrastructure (airports, stadiums, hospitals), builds and repairs ships at its West Sea shipyard in Viana do Castelo (vessels up to 37,000 tonnes), and develops, constructs, and operates wind, solar, and green hydrogen renewable energy projects worldwide. The group holds a €662 million order backlog and reported €296.4 million of operational revenue in 2025 across its three operating divisions.

Product overview

Martifer SGPS SA is a multinational industrial group listed on Euronext Lisbon, operating through three core business divisions: (1) Martifer Metallic Constructions - providing structural steel and aluminum/glass facade engineering solutions for infrastructure, sports venues, commercial buildings and energy equipment; (2) West Sea Naval Industry - shipbuilding, repair and conversion yard in Viana do Castelo capable of handling vessels up to 37,000 tonnes; and (3) Martifer Energia/Renewables & Energy - wind and solar project developer with over 1.5 GW developed globally, plus operation & maintenance services managing 440 MW, and participation in green hydrogen projects. The group also maintains strategic partnerships for offshore wind development and hydrogen production initiatives.

Differentiator

Problem solved

Functional benefit

Brands

• Martifer Metallic Constructions: Metal construction division providing steel structures and aluminum/glass facade solutions for complex infrastructure projects globally.
• Martifer Renováveis & Energia
• West Sea
• Martifer Energia

Products and services

• Structural Steel Engineering and Assembly Design, fabrication, and assembly of structural steel for large-scale infrastructure projects including airports, stadiums, hospitals, hotels, offices, bridges, and industrial facilities. Includes modular construction approach for optimized productivity on long-duration projects.
• Aluminum and Glass Facade Systems Custom aluminum and glass facade systems with minimal aluminum expression capabilities, designed for commercial buildings, offices, and architectural landmark projects. Annual production capacity of 140,000 m² of modular facades.
• Naval Shipbuilding Construction of cruise ships, polar expedition vessels, ocean patrol boats, and river cruise vessels at the West Sea shipyard in Viana do Castelo. Yard handles vessels up to 37,000 tonnes, 190m length, and 29m beam.
• Naval Ship Repair and Conversion Ship repair, maintenance, and conversion services at the West Sea shipyard, including LNG conversion capabilities for vessels of medium and large tonnage.
• Wind Energy Project Development Wind farm development including onshore and offshore projects such as the Âncora Wind project (four wind farms, 171.6 MW), participation in Portugal's first offshore wind tender with Ocean Winds, and operation of 100 wind towers per year at the Oliveira de Frades facility.
• Solar Energy Project Development Solar photovoltaic project development including utility-scale solar parks such as the 100 MW Floresta project in Brazil, projects in Mexico, the UK, India, and Argentina, with cumulative installed capacity reaching approximately 560 MW by 2011.
• Renewable Energy Operation and Maintenance Asset management and operation and maintenance services for wind farms, with 440 MW under management in Poland as of 2018, providing ongoing technical and operational support to renewable asset owners.
• Green Hydrogen Production (GreenH2Atlantic) Participation in the GreenH2Atlantic consortium for renewable green hydrogen production in Sines, Portugal, with a 100 MW capacity project classified as a Strategic National Interest (PIN) project.

Quantifiable outcome

• Order backlog of 662 M€ in Construction Metallic and Naval (2025)
• +4 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Nine partnerships are on record, tiered flagship, core and minor.

• Ocean WindsflagshipStrategic or Co-development Partner · 24 July 2024Strategic partnership between Ocean Winds (EDP Renewables and ENGIE joint venture) and Martifer Renewables & Energy for Portugal's first offshore wind auction. Combines Ocean Winds' international offshore wind experience including WindFloat Atlantic with Martifer's local market knowledge and industrial capabilities.
• Ryobi Holdings Co. Ltd.coreOthers · 21 December 2023Japanese company contracted for construction of luxury cruise ship at West Sea shipyard. Ryobi based in Okayama, Japan, operates in transportation, logistics, tourism, retail, real estate, and IT sectors.
• EDPcoreStrategic or Co-development Partner · 21 December 2022Joint development of renewable energy projects including wind and solar. EDP is a key partner in GreenH2Atlantic hydrogen project and Ventinveste wind consortium.
• GreenH2Atlantic ConsortiumflagshipStrategic or Co-development Partner · 21 December 2021Consortium of 13 entities including EDP, Galp, ENGIE, Bondalti, Vestas, Martifer, McPhy, Efacec, and research partners (ISQ, INESC-TEC, DLR, CEA) developing 100 MW green hydrogen production facility in Sines, Portugal. Martifer part of consortium developing this PIN (Strategic National Interest) project.
• GalpcoreStrategic or Co-development PartnerEnergy company partner in GreenH2Atlantic hydrogen project and original Ventinveste consortium for wind projects including Âncora Wind project.
• ENGIEcoreStrategic or Co-development PartnerEnergy company partner in GreenH2Atlantic hydrogen project and through Ocean Winds joint venture.
• BondaltiminorStrategic or Co-development PartnerPartner in GreenH2Atlantic consortium for hydrogen production in Sines.
• Martifer Renewables and Galp ConsortiumcoreStrategic or Co-development PartnerVentinveste consortium for wind projects in Portugal. Jointly developed Âncora Wind project with four wind farms (171.6 MW) featuring art installations by Vhils and Joana Vasconcelos.
• Martifer VisabeiraminorStrategic or Co-development PartnerJoint venture in Mozambique for metallic construction operations in the region.

Scale indicators15 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Aker Solutions: Norwegian engineering and construction firm serving offshore oil & gas and offshore wind. Compares to Martifer's offshore wind and energy infrastructure exposure via Ocean Winds partnership and West Sea's offshore-relevant capabilities.
• Acciona: Spanish conglomerate with infrastructure construction and Acciona Energía renewables divisions. Broad incumbent across the same three pillars as Martifer (construction, energy infrastructure) at significantly larger scale.
• Técnicas Reunidas: Spanish EPC contractor for energy and industrial infrastructure (refineries, power plants). Compares to Martifer's energy infrastructure and industrial maintenance business line.

Direct peers

• Navantia: Spanish state-owned naval shipbuilder constructing patrol vessels, frigates, and offshore vessels. Directly comparable to West Sea in naval construction and competes for Iberian navy and offshore wind support contracts.
• Fincantieri: Italy-headquartered global cruise ship and naval vessel builder. Directly comparable to West Sea in cruise ship construction (luxury/expedition segment) and naval patrol vessel programs, competing for the same European customers.
• Severfield: UK structural steel contractor with EN 1090 EXC certifications, executing complex infrastructure and commercial steelwork. Direct peer to Martifer Metallic Constructions in certified structural steel fabrication and assembly.
• Chantiers de l'Atlantique: French cruise shipbuilder (Saint-Nazaire) and naval/LNG vessel constructor. Direct competitor to West Sea in cruise and complex vessel construction, with similar mid-to-large vessel capacity profile.
• EDP Renováveis (EDPR): Portugal's largest wind/solar developer and a Martifer consortium partner in GreenH2Atlantic and Ventinveste. Compares directly to Martifer's renewables business unit in wind/solar project development and O&M services.
• Meyer Werft: German shipyard specializing in large cruise vessels and expedition ships. Directly competes with West Sea for expedition cruise newbuilds, the segment Martifer entered with the World Explorer.

Regional players

• Galp Energia: Portuguese integrated energy company and Martifer consortium partner in GreenH2Atlantic and Ventinveste wind projects. Compares on Iberian renewables development overlap though Galp is also an oil & gas major.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/martifer.group

Compliance10 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Martifer SGPS SA