Sonae SGPS SA

Latest Results (17.01.2026):

Sonae SGPS SA — 3Q25 (and 9M25) summary: In 3Q25 Sonae reported continued top‑line and profit recovery across the group. Consolidated turnover for 3Q25 was €2,910m (+7.8% yoy; €8,163m in 9M25, +17.2%), underlying EBITDA reached €312m in 3Q25 (+16.8% yoy; €786m in 9M25, +28.6%), and consolidated EBITDA was €336m (+13.2% yoy; €861m in 9M25). Net result (group share) was €98m in 3Q25 (+34.4% yoy; €200m in 9M25, +37.6%). The balance sheet strengthened: consolidated net debt at end‑Sep‑25 was €1.79bn (‑2.5% yoy) and NAV rose to €5.018bn (NAV per share €2.58). Overall margins, cash generation and portfolio value showed meaningful improvement quarter‑on‑quarter and year‑on‑year.

Key 3Q25 / 9M25 financials

3Q25 turnover €2.91bn (+7.8% yoy); underlying EBITDA €312m (+16.8%); EBITDA €336m (+13.2%); net result group share €98m (+34.4%). For 9M25: turnover €8.16bn (+17.2%), underlying EBITDA €786m (+28.6%), EBITDA €861m (+21.8%) and net result group share €200m (+37.6%). Underlying EBITDA margin improved to 10.7% in 3Q25 (up 0.8 pp vs 3Q24).

Balance sheet, cash and NAV

Consolidated net debt at end‑Sep‑25 was €1.79bn (down €45m yoy). Loan‑to‑Value improved to 13.6% (‑1.5 pp yoy). NAV reached €5.018bn (NAV per share €2.58), up 5.7% qoq and 9.1% yoy, while market cap and share price gained c.10.8% in the quarter.

Operational drivers — MC (grocery & HWB)

MC drove group growth: grocery LfL sales +9.0% in 3Q25, total MC sales ~€2.3bn in 3Q25 (+10.4% yoy). HWB revenues €436m (+12.3% yoy) with Druni and Wells contributing strongly. MC uEBITDA margin expanded (to c.11.8% reported for the division), supported by volumes, price/mix and efficiency.

Worten and Telco/IT contribution

Worten delivered solid sales growth (3Q25 +7.9% yoy) with omnichannel and services expansion (online +26% in the quarter) and uEBITDA broadly stable. NOS (equity‑accounted) improved profitability; Sonae’s equity method contribution from NOS rose to €23.4m in 3Q25 (+32% yoy).

International & other retail brands

Musti posted strong growth (3Q25 sales +14.2% yoy) and margin progress despite investments; Druni continued rapid expansion (including first store in Portugal). Sierra’s European shopping‑centre portfolio showed tenant sales +6.1% LfL, near‑full occupancy and NAV growth to ~€1.15bn for the real‑estate arm.

Portfolio management & corporate actions

Sonae completed the sale of MO and Zippy fashion banners in July and closed the URW REM acquisition for Sierra, strengthening the property‑management platform in Germany. The group highlighted continued deleveraging and active portfolio recycling to enhance NAV.

Outlook / management view

Management emphasizes disciplined growth, efficiency and cross‑brand synergies (eg, loyalty integration “Worten Life” with Cartão Continente) and expects sustained profitable growth supported by stronger telecom market dynamics, continued retail momentum and further portfolio optimisation.