Sonaecom (SNC) H1 2026 earnings summary

Executive summary

• EBITDA rose 20.8% year-over-year to €21.1m in 2Q26 and €38.0m in 1H26, driven by strong equity-accounted investments, partially offset by €3.3m in non-recurring costs and a capital loss on a portfolio disposal.

• Net income attributable to shareholders surged 128.6% year-over-year to €17.6m in 2Q26 and 83.1% to €39.1m in 1H26, reflecting improved equity method contributions and better indirect results.

• Net cash position strengthened to €246.6m at the end of June 2026, up from €205.8m at year-end 2025, supported by dividends from NOS and disciplined capital allocation.

Financial highlights

• Turnover declined 7.2% year-over-year to €4.7m in 2Q26 and 3.7% to €8.6m in 1H26.

• EBITDA increased to €21.1m in 2Q26 (up 20.8% year-over-year) and €38.0m in 1H26 (up 10.7%).

• Direct results rose 12.5% year-over-year to €20.9m in 2Q26 and 6.0% to €39.4m in 1H26.

• Indirect results improved to negative €5.0m in 2Q26 from negative €10.4m in 2Q25, mainly due to positive FX effects.

• Net income group share reached €17.6m in 2Q26 (up 128.6% year-over-year) and €39.1m in 1H26 (up 83.1%).

Outlook and guidance

• Management highlights ongoing disciplined capital allocation and an active investment pipeline, particularly in Bright Pixel.

• Forward-looking statements caution about regulatory, competitive, and economic uncertainties that could impact future results.