Slide 1: 2Q26 Results: Thriving together
2Q26 Results Thriving together
Slide 2: Results by business
Results by business Sonae
Slide 3: MC sustained strong growth across grocery and health & beauty in 2Q26
MC sustained strong growth across grocery and health & beauty in 2Q26 Turnover (€bn) and uEBITDA margin (%) Grocery • Sustained growth and Grocery Health & Beauty market share gains +6.8% +12.3% • Higher uEBITDA margin, reflecting sales momentum 3.5 0.91 3.3 and efficiency gains LfL 0.81 LfL +6.5% +
Slide 4: MC delivered strong growth while improving profitability and further reducing leverage
MC delivered strong growth while improving profitability and further reducing leverage Turnover (€bn) and uEBITDA margin (%) Net Debt to EBITDA (x) Consolidated MC Consolidated MC +7.9% 4.4 4.1 LfL 2.8x +6.4% 2.5x +7.2% 2.3 2.1 LfL +5.5% 10.8% 10.9% 10.2% 10.5% 2Q25 2Q26 1H25 1H26 Jun-25 Jun-26 4
Slide 5: Worten combined solid growth with improved profitability
Worten combined solid growth with improved profitability Turnover (€m) and uEBITDA margin (%) • Strong demand in core categories and double-digit growth in services +7.0% 681 • Growth across offline and 636 LfL online channels, with the +6.1% Worten App gaining relevance +5.0% • iServices maintained
Slide 6: Musti continued to scale while investing for future growth
Musti continued to scale while investing for future growth Turnover (€m) and adj. EBITDA margin (%) • Double-digit growth, ZU acquisition contributed c.€17m driven by LfL and the +14.7% to 1H26 net sales integration of ZU 277 LfL • Gross margin improved, 242 +3.0% supported by in-house ZU acquisitio
Slide 7: Sierra increased its NAV yoy by €89m, after distributing €25m in dividends to Sonae
Sierra increased its NAV yoy by €89m, after distributing €25m in dividends to Sonae • European shopping centres NAV INREV (€m) delivered 4.6% LfL tenant sales growth in 1H26 +€89m +€115m • Services expanded, driven 1,203 1,239 1,213 1,124 by momentum in property -25 management and investment managem
Slide 8: Resilient performance across Telco and Technology
• Solid operational and financial performance, • Disciplined investment approach, focused on despite an intense competitive environment selective capital allocation • Revenue remained stable, while EBITDA increased • Added 4 companies to the active portfolio in 1.5% yoy to €206m in 2Q26; free cash f
Slide 9: Consolidated view
Consolidated view Sonae
Slide 10: MC, Worten and Musti drove growth
TURNOVER (€bn) MC, Worten and Musti drove growth Solid turnover growth across +0.15 0.02 all retail operations 0.05 0.02 2.85 -0.03 0.10 Incl. MO & Zippy exit +6.3% 2.70 5.6 5.3 +5.6% 2.7 2.9 2Q25 2Q26 1H25 1H26 2Q25 MC Grocery MC HWB Worten Musti Other 2Q26 10
Slide 11: Strong uEBITDA performance and relevant equity method results supported EBITDA growth
Positive Strong uEBITDA performance andperformance of both our fully relevant equity and EBITDA our method results supported equitygrowth EBITDA consolidated businesses (€m) uEBITDA (€m) and uEBITDA margin (%) EBITDA (€m) and EBITDA margin (%) +13.3% +14.4% 536 600 473 525 +10.2% +15.1% 281 316 255
Slide 12: Net result attributable to the Group increased 20% yoy to €123m in 1H26
Net result attributable to the Group increased 20% yoy to €123m in 1H26 +20% 123 102 +27% Net result 75 group share 59 (€m) 2Q25 2Q26 1H25 1H26 12
Slide 13: Net Financial Debt: solid operational performance results in an NFD reduction of over €180m
Net Financial Debt Solid operational performance results in an NFD (Consolidated; €m) reduction of over €180m -182 1,968 1,786 72 18 53 707 516 98 Operational FCF: +€289m 2Q25 EBITDA & Other Working Capital Operational capex Net financial M&A Capex net Others (inc. 2Q26 Operational flows activity of
Slide 14: Lower LTV reflects the ongoing deleveraging trajectory
Lower LTV reflects the ongoing deleveraging trajectory -3.2 p.p. 13.8 10.6 Loan-to-Value (%) Jun-25 Jun-26 14
Slide 15: Value creation across the portfolio supported NAV growth to €5.6bn (+18%)
NAV Value creation across the portfolio supported NAV growth (€bn) to €5.6bn (+18%), after €121m in dividends €2.89 per share +18% +0.18 5.75 +0.25 5.63 -0.12 +0.09 +0.48 4.75 Jun-25 Retail Real Estate Telco & Tech Holding costs June-26 Dividends paid Jun-26 and others before dividends to Sonae paid
Slide 16: Strong share price appreciation, upside potential remains substantial
Strong share price appreciation, upside potential remains substantial 43% €2.89 +67% Share €2.02 €1.61 price €1.21 30 Jun 2025 31 Dec 2025 30 Jun 2026 NAV per share @Jun-26 16 Note: NAV per share excludes own shares Sonae closing share price
Slide 17: Sonae Q&A
Sonae Q&A 17
Slide 18: Sonae
Sonae