I trust that you'll be trouncing the Iberian Union soon and have the northernmost of the Pillars of Hercules renamed as Gibralex?
I attacked Portugal to liberate Angola and Mozambique, and then fascist Portugal for whatever reason declared war on Nationalist Spain, who had won the Spanish civil war, and were promptly annihilated, which was convenient for me because it let me annex the territory I'd occupied. Now Portugal is my Communist puppet state whose capital is Goa in India (the previous capital was Macau but I think that was captured by the Japanese at some point).
Anyway, the struggle ahead is going to be difficult. The Germans and Italians have each been boosted by 1 level of strength because they are weak as hell in this patch, and I needed the Italians to clear the British out of Africa completely so I could attack them from my original territory in South Africa, as otherwise any expansion would have required war against the Allies which isn't fun at this point in the game.
The Americans recently made a failed landing in northern Spain, and I expect more landings to come in Europe as the Soviets continue to bleed the Germans and I keep bleeding the Italians (and less importantly the French). Unlike in the real war, the Allied landing in Europe could be decisive this time because the Eastern Front is a bloody stalemate, with neither side making much progress. The Germans have advanced a little and only a few days after that screenshot they finally captured Kiev.
edit: we also liberated Palestine and Jordan from Italian occupation, and caught the Syrian border undefended by Vichy when they were brought into the war by Italy.
The really big challenge ahead (even bigger than the actual war) is going to be the fact that an Allied victory against the Axis will erase nearly all my territorial gains in Africa, with virtually everything being handed back to the British, French, and Belgians.