When the Portuguese government announced the Plano de Recuperação e Resiliência in 2021, the headline number was €16.6 billion in grants. It has since grown to over €22 billion when loans are included. Three years into execution, the contracts are flowing, but not evenly, and not in the ways most BD teams expected. SpotGov has been tracking PRR-linked contract awards since the programme began moving at scale in 2023. The money is concentrated in a smaller number of contracting authorities than most people assume. The top 20 entities by PRR-linked spend account for roughly 58% of total awarded value. These are mostly central government bodies, Infraestruturas de Portugal, and a handful of regional health administrations. If your company is trying to access PRR spend by monitoring hundreds of municipalities, you are doing a lot of work for a relatively small share of the budget. The technology and digital transformation component has been significantly underutilised relative to its allocation. As of early 2026, approximately 34% of the digital transformation envelope had been awarded in contracts, compared to 67% for physical infrastructure. This means the bulk of digital PRR spending is still ahead of us, likely concentrated in 2026 and early 2027 as the programme approaches its absorption deadline. Framework agreements signed under PRR funding are beginning to expire. Many were structured as two-year contracts with renewal options. Those renewal windows are opening now, and the companies that participated in round one have a significant informational advantage in round two. The PRR is not a single opportunity. It is a three-year spending wave with a predictable shape. The teams that understand where the wave is cresting right now are the ones who will be positioned when the next one builds.