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Sonae - SGPS SA
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Sonae - SGPS SA
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Price: 1.866 EUR 1.41% Market Closed
Market Cap: €3.7B

Sonae - SGPS SA
Investor Relations

Sonae - SGPS SA is an intriguing narrative of diversification and adaptability in the contemporary business landscape. Emerging from Portugal, Sonae has built an impressive portfolio that spans various sectors, showcasing a robust strategy of diversification. Its foundations lie in retail, with Continente, one of its flagship brands, dominating the Portuguese supermarket scene. This retail juggernaut caters to the everyday needs of countless consumers, forming a reliable revenue stream through consistent foot traffic and consumer loyalty. Beyond its supermarket realm, Sonae has woven itself into the fabric of many sectors including technology, where its subsidiary, Worten, stands as a leader in electronics retail, offering a seamless blend of in-store and digital shopping experiences.

Furthermore, Sonae ventures boldly into the realms of real estate and telecommunications, demonstrating an acute understanding of nurturing synergies across different business units. The company has taken strategic stakes in real estate development and management through Sonae Sierra, capitalizing on booming property markets and urban development trends. Additionally, in the telecommunications sector, Sonae's impact is felt through its involvement in mobile and internet services, positioning it well to leverage the evolving digital era. This multifaceted approach not only buffers Sonae against market volatility but also positions it to capture growth opportunities across diverse sectors, with its financial architecture supported by a mixture of steady cash flow from retail operations and investment expansion in high-potential areas.

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Last Earnings Call
Fiscal Period
Q4 2025
Call Date
Mar 19, 2026
AI Summary
Q4 2025

Revenue: Consolidated turnover rose 14% to EUR 11.4 billion, driven by strong retail performance.

MC outperformance: MC delivered strong growth — revenue around EUR 8.9 billion, like‑for‑like +8%, grocery turnover +10% and grocery EBITDA margin up to 10.2%.

Profitability: Consolidated EBITDA increased 18% year‑on‑year; underlying EBITDA grew 24% and group margin rose to 9.9% (up 75 bps).

Deleveraging: Operational free cash flow was EUR 265 million and net debt fell by more than EUR 100 million; loan‑to‑value down to 13.7%.

Portfolio moves: Several acquisitions and disposals (Claranet PT, REM in Germany, Musti purchase and other sales) highlighted active portfolio management and capital recycling.

Dividend: Board proposed a dividend of [ 6.2 ] per share (management said this is a 5% increase).

Near‑term outlook: Management sees like‑for‑like grocery growth moderating toward low single digits in the medium term despite a stronger recent run; confident on 2026 start.

Key Financials
Consolidated turnover
EUR 11.4 billion
Underlying EBITDA margin (group)
9.9%
Net result (profit)
EUR 247 million
Operational free cash flow
EUR 265 million
Net asset value (NAV)
more than EUR 5 billion
NAV per share
EUR 2.62 per share
Loan‑to‑value
13.7%
Net debt to EBITDA (MC)
2.3x
MC revenue (consolidated)
almost EUR 8.9 billion
MC like‑for‑like sales
~8%
MC grocery turnover
up 10% year‑on‑year
MC grocery EBITDA margin
10.2%
MC opening of food stores
13 new food retail stores
Health & beauty turnover (MC)
up 55%
Health & beauty like‑for‑like (MC)
5.6%
Health & beauty stores opened
42 stores
Vorton turnover
up 7.5%
Vorton online sales share
~24% of total sales
Vorton EBITDA margin (Q4)
7.1% (Q4)
Musti comparable growth
14%
Musti like‑for‑like
3.2%
Musti EBITDA margin
12.2%
Musti gross margin
44%
Sierra occupancy rate
99%
Sierra tenant sales like‑for‑like
up almost 5%
Sierra value generated
EUR 114 million
Sierra NAV change
up EUR 66 million
North turnover
EUR 1.8 million (as spoken)
North EBITDA after leases
680 million (as spoken)
North margin
37.3%
BrightPixel NAV
EUR 318 million
Net income (North reported)
EUR 246 million
One‑off cost (Duni price adjustment)
EUR 13.5 million
Discount: NAV vs share price
38% at end 2025 (narrowed from 60% at end 2024)
Earnings Call Recording
Other Earnings Calls
2025
2022
2020
2019
2018

Management

Ms. Maria Claudia Teixeira de Azevedo
CEO & Executive Director
No Bio Available
Mr. Joao Pedro Magalhaes da Silva Torres Dolores
CFO & Executive Director
No Bio Available
Mr. Joao Nonell Gunther Amaral
Chief Development Officer & Head of Human Resources and Director
No Bio Available
Ricardo Figueiredo da Rocha
Head of Investor Relations
No Bio Available
Célia da Conceição Azevedo das Neves Sá Miranda
Head of General Counsel & Corporate Governance and Company Secretary
No Bio Available
Mr. Luis Miguel Mesquita Soares Moutinho
CEO of Sonae MC
No Bio Available
Mr. Fernando María Guedes Machado Antunes de Oliveira
CEO of Sonae Sierra
No Bio Available
Mr. Miguel Mota Freitas
Chief Executive Officer of Worten
No Bio Available
Mr. Miguel Nuno Santos Almeida
Chief Executive Officer of NOS
No Bio Available
Mr. David Graham Shenton Bain
Board & Corporate Governance Officer
No Bio Available

Contacts

Address
MAIA
Lugar do Espido Via Norte
Contacts
+351220104000
www.sonae.pt
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