Sonaecom (SNC) H1 2024 earnings summary

Executive summary

• Direct Results reached €50.9m in 1H24, up from €18.9m in 1H23, mainly due to higher contributions from NOS and improved EBITDA.

• Net income (group share) rose to €49.2m in 1H24, compared to €14.2m in 1H23, reflecting both direct and indirect results evolution.

• Capital structure remains robust with a net cash position of €176.9m, €38.6m above YE23.

Financial highlights

• EBITDA reached €47.4m in 1H24, significantly above 1H23, driven by equity method contributions.

• Equity method contributions increased to €52.7m in 1H24, up from €19.6m in 1H23, boosted by a higher stake in NOS and non-recurring gains.

• Consolidated turnover was €9.1m in 1H24, slightly below 1H23 despite positive media business contributions.

• Indirect results were negative by €1.8m in 1H24, improved from negative €4.9m in 1H23, mainly due to fair value adjustments.

• Free cash flow reached €60.0m in 1H24, up from €8.7m in 1H23.

Outlook and guidance

• Management highlights ongoing execution of investment strategy in Bright Pixel and expects further portfolio expansion.

• Forward-looking statements caution about risks from regulation, competition, and economic conditions.