There are no negative consequences at all. You will need to renew your passport when you need to use it.
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What are the consequences of not renewing my Portuguese passport as a naturalized citizen?
I have dual citizenship and don't travel with my Portuguese passport. I do renew and keep my citizen card valid though. As a naturalized Portuguese citizen, are there any consequences if I leave my passport expired for too long?
Answers
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The question of the validity of the document does not entail substantive consequences as to nationality. Passports can be renewed when convenient or necessary.
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There are no consequences for not renewing the Portuguese passport as a naturalized citizen.
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There are no consequences for your citizenship if you don't renew your passport. Bearing a valid passport is not a condition to fulfill to be considered a citizen of Portugal.
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No, you don’t have any problem whatsoever in not renewing the passport. You can do it anytime.