Sonae (SON) Q1 2025 earnings summary

Executive summary

• Consolidated turnover grew 22.7% year-over-year to EUR 2.6 billion, driven by strong organic growth and integration of Musti, Druni, and Worten.

• EBITDA increased 39% year-over-year to EUR 250 million, with margin improving to 9.8%.

• Net result group share surged 77% year-over-year to EUR 43 million, reflecting improved operational performance.

• NAV rose EUR 200 million quarter-on-quarter to EUR 4.6 billion, or EUR 2.39 per share.

• All business segments achieved growth and increased market share, supported by strategic acquisitions and operational resilience.

Financial highlights

• MC revenues up 22.5% to EUR 2 billion; underlying EBITDA margin improved to 9.5%.

• Worten turnover up 4.2% to EUR 323 million; e-commerce sales grew 19% and now represent 19% of turnover.

• Musti net sales increased 11.8% to EUR 120 million; adjusted EBITDA margin at 10.6%.

• Sierra net result rose to EUR 29 million; occupancy at 98%+ and NAV at EUR 1.1 billion.

• NOS revenue up 4.5% to EUR 421 million; EBITDA up 4.3% to EUR 192 million; recurrent net income up over 20%.

Outlook and guidance

• Deleveraging is a priority, with loan-to-value expected to decrease steadily through 2025.

• No major acquisitions expected in the near term; focus on organic growth and bolt-on acquisitions.

• Integration synergies from recent acquisitions expected to further support growth.

• Health, wellness, and beauty segment not expected to return to double-digit like-for-like growth in 2025, but market share gains continue.

• Musti expects EBITDA margin to improve as consumer confidence returns and Pet City integration advances.