The hreflang tag on each page should include a reference to itself as well as to all the pages that serve as alternates for it. If your Spanish website sells Iberian ham to customers in Spain, France, and Portugal only, the hreflang tags for your homepage might look like this:
<link rel="alternate" href="example.com" hreflang="es-es" />
<link rel="alternate" href="example.com/fr/" hreflang="fr-fr" />
<link rel="alternate" href="example.com/pt/" hreflang="pt-pt" />