Sonae (SON) Q2 2026 earnings summary

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.