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Sonae (SON) investor relations material
Sonae Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Achieved strong, disciplined organic growth across a diversified portfolio, supported by portfolio optimization, new initiatives, and the completed sale of MO and Zippy fashion banners.
Integration of new businesses and partnerships drove cross-business synergies, operational improvements, and improved market leadership in core segments.
Advanced deleveraging, reducing consolidated net debt to €1.8bn and improving loan-to-value ratio to 13.6%.
Launched new cross-business loyalty and financial products, and expanded private label offerings.
Strong performance across grocery, health & beauty, electronics, pet care, and real estate segments.
Financial highlights
Turnover rose 8% year-on-year to €2.9bn in Q3 and 17.2% to €8.16bn for 9M25, driven by MC, Worten, and Musti.
Underlying EBITDA increased 17% year-on-year in Q3 and 28.6% to €786m for 9M25; margin improved to 11.5% in Q3.
Net result (group share) up 34% to €98m in Q3 and 38% to €200m for 9M25, reflecting stronger operations and lower financial costs.
NAV surpassed €5.0bn, up 9.1% year-over-year, with NAV per share at €2.58.
Net debt reduced to €1.8bn at September, with LTV at 13.6% and improved average cost of debt.
Outlook and guidance
Positive trends expected to continue in Q4, with management confident in ending the year strongly and anticipating remarkable 2025 results.
Focus remains on executing strategy, leveraging portfolio strength, and capturing new growth opportunities.
Continued emphasis on efficiency, innovation, and service excellence to sustain profitable growth, especially in telecommunications.
Long-term grocery like-for-like growth expected to normalize to 3%-5% as current 9% is unsustainable in a mature market.
Ongoing portfolio management and expansion of value-added services and products.
Worten/Musti margin recovery timeline
Cross-business synergy strategic impact
Sierra's German market expansion strategy
MC grocery LFL growth: 2026 sustainability?
Musti's European expansion: Target geographies?
Bright Pixel: IPO market readiness for portfolio?
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Next Sonae earnings date
Q4 202519 Mar, 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.
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