Sonaecom (SNC) H2 2024 earnings summary

Executive summary

• Direct Results rose to €86.0m in 2024, mainly due to a higher contribution from NOS compared to 2023.

• Net Income (group share) was €17.3m in 2024, down from €43.8m in 2023, impacted by negative indirect results.

• Capital structure remains robust with a net cash position of €166.5m at year-end 2024.

Financial highlights

• Consolidated turnover was €18.2m in 2024, nearly flat year-over-year.

• EBITDA increased 49.9% year-over-year to €78.2m, driven by NOS equity method results.

• Equity method contributions surged 64.8% to €98.4m, reflecting NOS's strong operational performance and extraordinary items.

• Indirect Results were negative €68.3m, mainly due to goodwill impairment on NOS assets and fair value adjustments on Bright Pixel's portfolio.

• Net cash position improved by €28.2m from YE23, supported by asset sales and dividends from NOS.

Outlook and guidance

• NOS Board proposed an ordinary dividend of €0.35 per share for the next year, with an additional extraordinary dividend of €0.05 per share.

• The acquisition of Claranet Portugal by NOS is expected to strengthen its technology sector presence and capabilities.