Sonae Sgps Sa · EURONEXT:SON
Sonae Sgps Sa — FY2024 Earnings Presentation
22 slides from Sonae Sgps Sa's earnings presentation, Mar 20, 2025
Slide 1: 2024 Results
2024 Results March 20, 2025 Go further together We bring our skills, knowledge, and points of view to learn from one another and put them into action.
Slide 2: Sonae went through important portfolio moves in 2024
Sonae went through important portfolio moves in 2024 • Lead in markets Retail Ventures with strong growth tailwinds • Drive synergies across our companies • Reinforce Sonae’s international exposure • Work in partnership with strong management Sonae acquired Musti, the leading pet Sparkfood acquired
Slide 3: Portfolio is now stronger
Portfolio is now stronger Retail Telecom Real estate #1 Grocery retailer #1 Pet care specialist in #2 Telco & entertainment Real estate investment, asset in Portugal Nordic and Baltic group in Portugal management and countries services provider #1 Health, wellness & beauty retailer in Iberia Venture
Slide 4: Results by business segment
Results by business segment 4
Slide 5: MC's businesses with solid sales and profitability growth, both in existing banners and Druni
MC’s businesses with solid sales and profitability growth, both in existing banners and Druni (new) Turnover (€bn) and uEBITDA margin (%); FY Grocery Health, Wellness & Beauty • Grocery volumes growth across all formats +7.1% • Record high of 25 new +106% grocery stores in 2024 (of 6.5 6.1 which 24
Slide 6: MC with record turnover and benchmark profitability
MC with record turnover and benchmark profitability Turnover (€bn) and uEBITDA Net Debt to EBITDA (x)1) margin (%); FY +15.3% 7.6 2.8x 2.7x 6.6 LfL +4.4% 9.7% 10.0% 23 24 23 24 6 1) EBITDA figures including L12M (pro-forma) contribution of Druni
Slide 7: Worten delivering strong growth, leveraged by marketplace and services
Worten delivering strong growth, leveraged by marketplace and services • Sales growth across all businesses and channels, leveraging marketplace Turnover (€bn) and uEBITDA margin (%); FY • Services with positive momentum, both through +7.6% Worten Resolve and 1.4 iServices 1.3 LfL • iServices kept e
Slide 8: Musti reinforced position in the Nordics and Baltics, while recovering LfL sales performance
Musti reinforced position in the Nordics and Baltics, while recovering LfL sales performance • Musti strengthened Turnover (€m) and adj. EBITDA margin (%); QUARTER leadership in Nordic countries and expanded +5.6% into the Baltics with Pet 122 City acquisition (Nov) 116 • Turnover benefited from LfL
Slide 9: Sierra posted solid profitability growth and NAV improvements with stable LTV
Sierra posted solid profitability growth and NAV improvements with stable LTV • Net Result fueled by positive performance of European shopping portfolio (solid evolution of footfall, sales and Net Result (€m; FY) INREV NAV (€bn; FY) LTV Gross (%; FY) rents), and higher results from property sales +9
Slide 10: Remarkable results with reinforced market share
Remarkable results with reinforced market share • Record high revenue growth, profitability and cash generation, with an increase in Revenues (€bn) and Net income (€m; FY) FCF2 (€m; FY) EBITDA AL1 margin (%); FY Telcos market share in Portugal +6.2% +50.4% +175.8% • Net income uplifted by 1.7 272 1.
Slide 11: Active portfolio management with new companies in the portfolio
Active portfolio management with new companies in the portfolio New portfolio companies • Portfolio of +45 companies in cybersecurity, retail tech and infrastructure software • During 2024, Bright Pixel invested in 4 new companies in the cybersecurity and retail tech segments and executed the sale o
Slide 12: Consolidated results
Consolidated results 12
Slide 13: Turnover: good growth momentum
TURNOVER (€bn) Good growth momentum 9.9 8.9% 8.4 ~€10bn: a record-high 5.9% 6.0 +18.4% (+7% exc. M&A) 5.0 9.9 8.4 23 24 15 16 17 18 19 20 21 22 23 24 13
Slide 14: Turnover: Retail and new companies: drivers of growth
TURNOVER (€bn) Retail and new companies: drivers of growth +1.55 +0.37 +0.06 9.95 +0.10 +0.58 +0.43 8.40 23 MC - Food MC - HWB Worten Musti Other 24 14
Slide 15: EBITDA: strong EBITDA growth trajectory
EBITDA (€bn) Strong EBITDA growth trajectory €1bn: a record-high 1.0 13.5% +4.5% 7.1% 0.99 1.03 0.5 0.4 23 24 15 16 17 18 19 20 21 22 23 24 15
Slide 16: Operational performance driving improved Net Result
Operational performance driving improved Net Result 357 168 Net Result (capital gain with ISRG 223 sale) (€m) +18% 189 23 24 16
Slide 17: Net Debt and LTV: delivering important portfolio cash flow generation
Net Debt LTV (€m; L12M) (%)2 108 286 16.3 261 -83 -1,147 -861 Operational Dividends Financial Portfolio M&A impacts Net debt var. 1) 0.6 cash flow received activity cash flow generation 23 24 1) Before dividends payment and debt with partners Delivering important portfolio cash flow generation M&A-r
Slide 18: Dividends per share: proposed dividend to increase 5%
Dividends per Proposed dividend to increase 5% share (€ cents) 5.92 5.64 +5% 5.37 5.11 Dividend 4.86 4.63 4.20 4.41 yield: 6.5% 3.85 4.00 3.65 Pay-out ratio: 52%1) Related to 14 15 16 17 18 19 20 21 22 23 24 18 1) Of the consolidated net result group share. As suming own shares as of 31.12.2024 tota
Slide 19: Progressing in our ESG objectives
Progressing in our ESG objectives -19% GHG 90% plastic 41% leadership emissions vs. 2022 packaging positions occupied by 1) recyclability women Carbon 100% 45% neutral recyclability 2026 2040 in 2025 19 1) 2022 is the baseline year for companies’ CO2 targets, as approved by SBTi (Science Based Targe
Slide 20: Outlook
Outlook Outlook 20
Slide 21: Q&A
Q&A 21
Slide 22: 22
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