Sonae SGPS SA

Latest Results (15.04.2026):

Sonae SGPS SA — Q4 / full‑year 2025 (year ended 31 December 2025): The Group reported robust top‑line growth in FY2025 with consolidated turnover of 11,360,072 thousand euros (amounts stated in thousand euros), up from 9,947,068 in FY2024. Reported profit for the year was 299,859 thousand euros (vs. 286,025 in 2024), while profit attributable to shareholders decreased to 199,222 thousand euros (from 222,665). Basic EPS fell to 0.10254 (0.11503 in 2024). Underlying operating performance remained strong: Underlying EBITDA was 1,122,180 thousand euros and EBIT (direct) was 601,593 thousand euros. The year included material portfolio activity (notably the July 2025 sale of Modalfa and Zippy) and significant operating cash generation.

Revenue and growth

Consolidated turnover (sales + services) was 11,360,072 thousand euros in 2025, up from 9,947,068 thousand in 2024. The headline “Sales” line on the income statement reads 10,957,498 (plus Services rendered 402,574), reflecting the Group’s revenue expansion across segments.

Profitability

Consolidated profit for the year: 299,859 thousand euros (2024: 286,025). Profit attributable to Sonae shareholders declined to 199,222 thousand euros (2024: 222,665). Direct EBIT stood at 601,593 thousand euros.

EBITDA and underlying performance

EBITDA (direct) was 1,216,737 thousand euros and Underlying EBITDA (recurring) was 1,122,180 thousand euros — the Group’s measure of recurring operating cash‑generating performance after excluding indirect / non‑recurring items.

Earnings per share

Basic EPS for FY2025 was 0.10254 euros (diluted 0.10202), down from a basic 0.11503 in FY2024, reflecting the lower attributable profit per shareholder.

Cash flow and financing

Cash flow from operating activities was 1,093,013 thousand euros. Cash flow from investing activities was negative at (386,564) thousand and financing activities were (720,836) thousand, producing a net decrease in cash and cash equivalents of (14,387) thousand for the year. Cash and cash equivalents at year‑end: ~585,369 thousand euros (statement of financial position).

Balance sheet and leverage

Total assets: 11,358,994 thousand euros; total equity: 3,920,724 thousand; total liabilities: 7,438,270 thousand. Key financing lines include bank loans (non‑current) of 1,155,915 thousand and bond liabilities of 730,586 thousand; lease liabilities remain significant (total ~1.74 million thousand across current and non‑current). The Group remains capitalized but with active refinancing and liability management.

Major transactions and non‑recurring items

Notable 2025 portfolio moves: sale in July 2025 of Modalfa and Zippy (MO & Zippy) to a consortium, which had a c. (19.8) million euros negative impact on “Gains or losses on investments.” Several Sierra‑related acquisitions and disposals also occurred (including Sierra Germany and Quinta da Foz transactions), with related goodwill and one‑off effects recorded in the year.

Other comprehensive income and total comprehensive result

Total consolidated other comprehensive income for 2025 was positive at 33,253 thousand euros (2024: negative 43,518), lifting total consolidated comprehensive income to 333,112 thousand (2024: 242,507). Exchange and fair‑value items drove most of the swing in OCI.

Capital allocation and shareholder returns

Dividends and distributions paid in 2025 totalled 166,121 thousand euros. The Group continued to invest materially: FY2025 CAPEX (gross additions to property, plant & equipment, intangible assets and right‑of‑use assets) totalled 612,465 thousand euros (per segment disclosure).

Short takeaways for the public

Sonae SGPS SA delivered strong revenue growth and solid operating cash generation in FY2025, with underlying EBITDA supporting the business despite one‑off portfolio impacts and some dilution of profit attributable to shareholders (and EPS decline). The year was operationally productive and active on portfolio management (notably the MO/Zippy sale), and the balance sheet shows continued use of debt and leases alongside comfortable equity coverage. For investors, the key focus points are recurring cash generation (Underlying EBITDA), portfolio disposals/acquisitions and upcoming refinancing linked to ESG metrics announced after year‑end.