Considering writing off your current Portugal to Madrid flight and book a separate one for much earlier in the day (or the night before). (no-showing that final Portugal to MAD shouldn't impact anything else)

And/or change that whole ticket to allow much more time in MAD in both directions, assuming award space is available. (that allows you to leave the long-haul intact)

Alternatively you could refund the MAD-Portugal-MAD and pay for a separate cash ticket on IB, again with much more suitable timings for the lack of mis-connect protection.