Sonae SGPS SA

SON

Equity

ISIN PTSON0AM0001 / Valor 4226085

Euronext Lisbon (2025-12-24)

EUR 1.60+0.25%

Sonae SGPS SA
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About company

Sonae SGPS SA is a multinational conglomerate with a diversified portfolio that spans across various industries and geographic regions. The company is known for its strong culture of innovation and execution, aiming to bring the benefits of progress to an increasing number of people. Sonae operates in multiple sectors, including retail, financial services, technology, and real estate, among others. Its business model focuses on creating value through a wide range of companies, leveraging its capabilities to explore new opportunities, tackle challenges, and achieve successes in its operations. Despite its emphasis on sustainability and social governance, the core of Sonae's business revolves around its strategic management of a broad portfolio, aiming to fuel potential and build a better everyday for its stakeholders.

Summarized from source with an LLMView SourceSector: Telecommunications

Headline financials

3Q25 turnover €2,910m (+7.8% yoy); underlying EBITDA €312m (+16.8%); consolidated EBITDA €336m (+13.2%); net result attributable to the group €98m (+34.4%). For 9M25: turnover €8,163m (+17.2%), underlying EBITDA €786m (+28.6%) and net result group share €200m (+37.6%).

Margins and profitability

Underlying EBITDA margin expanded to 10.7% in 3Q25 (up 0.8 pp yoy). Group EBITDA margin reached 11.5% in the quarter. Improvements were driven by volume-led grocery growth at MC, margin recovery at HWB (Druni/Wells) and efficiency gains across banners.

Cash flow, leverage and NAV

Consolidated net debt at end‑Sep‑25 was €1,791m (around €1.8bn), down ~€45m yoy; loan‑to‑value improved to 13.6% (down 1.5 pp). NAV rose to €5,018m (NAV per share €2.58) and market cap/ share price showed positive momentum (share price €1.34 at Sep‑25, +10.8% qoq).

Retail / MC (Continente & group retail)

MC delivered strong growth: total sales ~€2.3bn in 3Q25 (+10.4% yoy) with LfL sales +9.0% in grocery; uEBITDA margin expanded to c.11.8% and MC EBITDA improved (uEBITDA contribution strong across grocery and HWB). Online sales continued double‑digit growth.

Health, Wellness & Beauty (HWB) and Druni

HWB revenue €436m in 3Q25 (+12.3% yoy) with LfL +6.9%. Druni continued rapid expansion (first store in Portugal) and HWB uEBITDA margin improved (management cites operational efficiencies and network growth).

Worten and services

Worten sales +7.9% in 3Q25, with online growing strongly (+26% yoy) and uEBITDA ~€21m (margin ~5.6%). The new “Worten Life” loyalty integration with the Continente card was launched to strengthen cross‑banner synergies.

Musti (Nordics) and other retail brands

Musti reported sales €127.3m in 3Q25 (+14.2% yoy), online now ~22.4% of sales. Gross margin improved to 44.3%; uEBITDA €16.9m (margin 13.3%). Continued roll‑out and integration of Pet City contributed to growth.

Sierra (real estate) developments

Sierra posted solid operational performance: tenant sales +6.1% LfL, near‑full occupancy and strong rent collection. Net result €21m in 3Q25 (+4.7% yoy) and Sierra NAV ~€1.15bn. Strategic move: acquisition of URW REM business, making Sierra the #2 shopping‑centre manager in Germany.

Telco & NOS (equity method)

NOS reported 3Q25 revenue €457m (-1.2% yoy) and EBITDA €223m (+2.7%). Sonae’s equity‑method contribution from NOS was €23.4m in 3Q25 (+32% yoy), reflecting NOS’s improved profitability.

Portfolio actions and outlook

Key portfolio moves: sale of MO and Zippy completed (Jul‑24 agreement executed in 3Q25 reporting context), continued Druni expansion, iServices international openings and active capital recycling at Sierra. Management emphasizes disciplined growth, deleveraging and value creation across the portfolio.

Summarized from source with an LLMView Source

Key figures

77.0%1Y

70.2%3Y

144%5Y

Performance

20.1%1Y

18.4%3Y

20.9%5Y

Volatility