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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Sonae
Sonae (SON) investor relations material
Sonae Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary30 Jul, 2026
Executive summary
Achieved strong financial and operational results in Q2 2026, with growth across all major business segments and reinforced market positions, including significant contributions from MC, Worten, and Musti.
Total turnover grew 5.6% year-on-year to €2.9bn in Q2 and 6.3% to €5.6bn in H1, driven by retail businesses.
Underlying EBITDA increased 10.2% year-on-year to €281m in Q2, with margin improvement to 9.9%.
Net result attributable to shareholders rose 27% to €75m in Q2 and 20% to €123m in H1.
NAV increased 18% year-on-year to €5.6bn, supported by value creation and €121m in dividends.
Financial highlights
Consolidated turnover reached €2.9bn in Q2 and €5.6bn in H1, up 5.6% and 6.3% year-on-year, respectively.
Underlying EBITDA increased by €26m to €281m in Q2, with margin up from 9.5% to 9.9%.
EBITDA rose 15.1% to €316m in Q2, with margin improving to 11.1%.
Net financial debt reduced by over €180m year-on-year to €1.8bn; loan-to-value improved to 10.6%.
Net asset value per share reached €2.89 at June 2026; share price appreciated 67% year-on-year to €2.015.
Outlook and guidance
Ongoing investments in AI, digital transformation, and operational excellence to drive future productivity and competitiveness.
Expectation for MC Grocery market growth to remain in line with Q2 for the rest of the year.
Musti EBITDA margin expected to recover to around 15% in 2027 after current investment phase.
Positive momentum anticipated to continue into the second half of the year.
Continued focus on operational efficiency, deleveraging, and selective capital allocation.
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Latest events from Sonae
- Turnover up 7.1%, net result up 11%, and NAV at €5.5bn, with margin and cash flow gains.SON
Q1 2026 - Record growth, margin gains, and deleveraging led to a 5% higher dividend for 2025.SONQ4 2025
- Double-digit growth in revenue and EBITDA, with record NAV and reduced leverage.SONQ3 2025
- Revenue and EBITDA surged year-over-year, driven by robust growth and portfolio gains.SONQ2 2025
- Revenue up 15.4% to €7bn, EBITDA up 22%, with strong retail and digital growth.SONQ3 2024
- Turnover up 11.4% to €4.3bn and EBITDA up 18%, driven by retail and new investments.SONQ2 2024
- Turnover up 18.4% to €9.95bn and EBITDA over €1.03bn, with strong growth across all segments.SONQ4 2024
- Turnover up 22.7% to EUR 2.6bn, EBITDA up 39%, net result group share up 77%.SONQ1 2025
Next Sonae earnings date
Q3 202619 Nov, 2026
Sonae
Next Sonae earnings date
Q3 202619 Nov, 2026
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Frequently asked questions
Sonae SGPS S.A. is a diversified multinational conglomerate based in Portugal, with a broad portfolio of businesses spanning several sectors. Its operations include retail, financial services, technology, real estate, and telecommunications. Sonae is a major player in the retail sector, operating hypermarkets, supermarkets, convenience stores, and department stores, alongside restaurants. The company's retail offerings encompass a wide range of products, including food, clothing, sports goods, textiles, and electronics. In addition to its retail operations, Sonae is involved in the development and management of shopping centers, provision of telecommunications services, and various financial services. The company is headquartered in Maia, Portugal, and its shares are listed on the Euronext Lisbon.