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Investor Relations14 Oct 2025
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Sonae (SON) investor relations material
Sonae Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary31 Jul, 2025
Executive summary
Consolidated turnover grew 24% year-over-year to €2.7bn in 2Q25 and €5.3bn in 1H25, driven by strong organic growth and new portfolio contributions, notably Druni and Petcity.
Underlying EBITDA increased 38% to €255m in 2Q25 and 28% to €525m in 1H25, reflecting robust operational performance and margin expansion.
Net result (group share) rose 23% to €59m in 2Q25 and 41% to €102m in 1H25, supported by improved operations and asset revaluations.
Active portfolio management included acquisitions (Musti, Petcity), partnership with Druni, and divestments (MO, Zippy, Mau).
Net asset value increased 7.3% year-to-date to €4.7bn, or €2.44 per share.
Financial highlights
MC revenues increased 27% to €2.1bn in 2Q25; like-for-like sales up 10.5% in Q2 and 7.8% for H1.
Health, Wellness & Beauty revenues reached €415m in 2Q25, nearly tripling year-over-year; EBITDA margin rose 1.4 p.p. to 12.5%.
Worten turnover grew 10.6% to €313m in 2Q25; like-for-like up 6.9%, online sales at 19% of turnover.
Musti turnover up 17% to €122m in 2Q25; like-for-like sales rose 5.7%, gross margin improved to 43.8%.
Sierra net result increased 5.7% to €33m in 2Q25, with NAV above €1.1bn and occupancy at 98.6%.
NOS revenues reached €458m in 2Q25; consolidated EBITDA at €203m.
Outlook and guidance
Expectation of continued strong performance if macro environment remains robust, with focus on operational execution and portfolio development.
Health, Wellness & Beauty like-for-like growth expected to remain around 7% if current trends persist.
MC's margin profile anticipated to remain flat in H2 due to competitive pressures; profitability to depend on top-line evolution.
Worten's profitability expected to recover in H2 as cost base is streamlined; operating profit to be positive in 2025.
Musti expected to continue recovery in both sales and profitability in H2.
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Next Sonae earnings date
Q3 202513 Nov, 2025
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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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