Sonaecom (SNC) H1 2025 earnings summary

Executive summary

• Direct Results reached €37.2m in 1H25, mainly from NOS, but declined year-over-year due to lower EBITDA and absence of prior year extraordinary gains.

• Net income (group share) was €21.4m in 1H25, down 56.6% year-over-year, impacted by both direct and indirect results.

• Bright Pixel's active portfolio NAV stood at €328m, with continued investment and portfolio expansion.

• Capital structure remains robust with a net cash position of €221.3m, up €54.8m from YE24.

Financial highlights

• Consolidated turnover was €9.0m in 1H25, down 2.0% year-over-year.

• EBITDA fell 27.5% year-over-year to €34.3m in 1H25.

• Equity method contributions decreased 24.1% to €40.0m in 1H25, reflecting lower NOS net income and absence of prior year one-offs.

• Indirect results were negative by €15.4m in 1H25, mainly due to adverse exchange rate impacts at Bright Pixel.

• Free cash flow increased 5.0% year-over-year to €63.0m in 1H25.

Outlook and guidance

• Management highlights ongoing portfolio expansion at Bright Pixel and continued investment in new ventures.

• Forward-looking statements caution about regulatory, industry, and economic uncertainties.