Sonaecom (SNC) H2 2025 earnings summary

Executive summary

• EBITDA remained stable at €79.4m in 2025, up 1.6% year-over-year, with direct results at €83.5m, supported by a €91.9m contribution from NOS.

• Net income (group share) surged to €51.6m in 2025 from €17.3m in 2024, mainly due to lower negative indirect results.

• Net asset value (NAV) of Bright Pixel's active portfolio stood at €318m, with a robust net cash position of €205.8m at year-end.

Financial highlights

• Consolidated turnover declined 6.3% year-over-year to €17.1m, mainly due to weaker revenue in the second half of 2025.

• EBITDA was €79.4m, up 1.6% from 2024, aided by lower capital losses and absence of extraordinary costs.

• Equity method contributions fell to €91.9m from €98.4m, reflecting the absence of prior year extraordinary gains.

• Direct results were €83.5m, down 3% year-over-year, while indirect results improved to negative €31.8m from negative €68.3m.

• Net income group share rose 197.7% year-over-year to €51.6m.

Outlook and guidance

• Management highlights robust capital structure and ongoing portfolio diversification, with continued focus on operational efficiency and investment in technology and digital businesses.