Sonaecom (SNC) Q3 2024 earnings summary

Executive summary

• Direct Results reached €66.8m in 9M24, up 73.9% year-over-year, mainly due to higher NOS contributions.

• Net Income (group share) rose to €61.7m in 9M24, an 83.4% increase year-over-year.

• Capital structure remains robust with a net cash position of €166.9m at period end.

Financial highlights

• Consolidated turnover was €13.2m in 9M24, down 1.2% year-over-year.

• EBITDA surged to €61.6m in 9M24, up 87.5% year-over-year, driven by equity method contributions.

• Equity method contributions increased to €70.2m in 9M24, reflecting a higher stake in NOS and non-recurring gains.

• Indirect Results were negative €3.3m in 9M24, mainly due to fair value adjustments and exchange rate impacts.

• Net cash position improved by €28.6m since YE23, supported by NOS dividends and asset sales.

Segment performance

• NOS delivered strong operational results, with Sonaecom’s equity method contribution from NOS at €70.2m in 9M24, up from €39.6m in 9M23, boosted by a higher stake and non-recurring items.

• Bright Pixel’s NAV rose to €343m, with cash invested at €186m, and continued portfolio expansion in cybersecurity and retail tech.

• Media segment saw slight revenue and profitability growth, driven by digital subscriptions and online advertising.