Sonaecom (SNC) Q3 2026 earnings summary

Executive summary

• 3Q26 EBITDA rose 23.0% YoY to €26.3m; shareholder net income increased 25.5% to €30.3m, supported by higher equity-method contributions and positive indirect results.

• 9M26 shareholder net income reached €69.4m versus €45.5m in 9M25; net cash was €232.1m at September-end.

Financial highlights

• Turnover was €3.3m in 3Q26, down 10.5% YoY, and €11.9m in 9M26, down 5.7%; the 3Q decline mainly reflected the July sale of Inovretail.

• EBITDA was €26.3m in 3Q26, up 23.0% YoY, and €64.3m in 9M26, up 15.4%; equity-method contribution was €30.3m and €77.6m, respectively.

• Direct results rose 18.8% YoY to €28.8m in 3Q26 and 11.0% to €68.2m in 9M26; indirect results were €1.4m in 3Q26 and negative €0.6m in 9M26.

• EBIT was €26.0m in 3Q26, up 24.3% YoY, and €62.0m in 9M26, up 13.9%; EBT reached €27.6m and €66.3m, respectively.

• Consolidated FCF was €51.5m in 9M26 versus €50.6m in 9M25; 3Q26 FCF was negative €15.2m versus negative €12.4m in 3Q25.

Segment performance

• NOS 3Q26 revenue rose 5.1% YoY to €480.6m; EBITDA increased 1.3% to €225.6m, while net income grew 35.3% to €88.3m.

• NOS 9M26 revenue was €1,399.1m and EBITDA €634.9m; its equity-method contribution was €77.6m for the period.

• Bright Pixel added three portfolio companies in 3Q26; active portfolio NAV reached €347m at September-end, with €258m cash invested and an implied cash-on-cash multiple of 1.4x.

• Público had lower 3Q26 revenue, particularly in advertising, and EBITDA below 3Q25, despite continued cost discipline.