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Sonaecom (SNC) investor relations material
Sonaecom Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
3Q26 EBITDA rose 23.0% YoY to €26.3m; shareholder net income increased 25.5% to €30.3m, supported by higher equity-method contributions and positive indirect results.
9M26 shareholder net income reached €69.4m versus €45.5m in 9M25; net cash was €232.1m at September-end.
Financial highlights
Turnover was €3.3m in 3Q26, down 10.5% YoY, and €11.9m in 9M26, down 5.7%; the 3Q decline mainly reflected the July sale of Inovretail.
EBITDA was €26.3m in 3Q26, up 23.0% YoY, and €64.3m in 9M26, up 15.4%; equity-method contribution was €30.3m and €77.6m, respectively.
Direct results rose 18.8% YoY to €28.8m in 3Q26 and 11.0% to €68.2m in 9M26; indirect results were €1.4m in 3Q26 and negative €0.6m in 9M26.
EBIT was €26.0m in 3Q26, up 24.3% YoY, and €62.0m in 9M26, up 13.9%; EBT reached €27.6m and €66.3m, respectively.
Consolidated FCF was €51.5m in 9M26 versus €50.6m in 9M25; 3Q26 FCF was negative €15.2m versus negative €12.4m in 3Q25.
Segment performance
NOS 3Q26 revenue rose 5.1% YoY to €480.6m; EBITDA increased 1.3% to €225.6m, while net income grew 35.3% to €88.3m.
NOS 9M26 revenue was €1,399.1m and EBITDA €634.9m; its equity-method contribution was €77.6m for the period.
Bright Pixel added three portfolio companies in 3Q26; active portfolio NAV reached €347m at September-end, with €258m cash invested and an implied cash-on-cash multiple of 1.4x.
Público had lower 3Q26 revenue, particularly in advertising, and EBITDA below 3Q25, despite continued cost discipline.
- EBITDA and net income surged, supported by equity investments and strong cash position.SNC
H1 2026 - Net income and cash position rose sharply on strong NOS results and investment gains.SNC
H1 2024 - Net income and EBITDA surged on higher NOS contributions and non-recurring gains.SNC
Q3 2024 - Direct Results surged, Net Income declined, and NOS's acquisition of Claranet Portugal advances.SNC
H2 2024 - Net income fell sharply on lower NOS contributions, but cash position and portfolio strength remained solid.SNC
Q1 2025 - Net income and EBITDA declined year-over-year, but net cash position and portfolio investments grew.SNC
H1 2025 - Net Income (group share) fell 26.3% to €45.5m in 9M25, with strong cash and portfolio growth.SNC
Q3 2025 - Net income rose sharply to €51.6m, with stable EBITDA and strong cash position at year-end.SNC
H2 2025 - Net income jumped 57.4% year-over-year, driven by strong NOS and Bright Pixel performance.SNC
Q1 2026
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