Slide 1: 1Q26 Results
Slide 2: Results by business
Results by business Sonae
Slide 3: In 1Q26, MC reinforced market leadership across grocery and health & beauty
In 1Q26, MC reinforced market leadership across grocery and health & beauty Turnover (€bn) and uEBITDA margin (%) Grocery . 1.7 1.6 9.0% 11.6% 1Q25 1Q26 1Q25 1Q26 Sonae Turnover up 8.0% yoy and LfL, with additional market share gains uEBITDA margin up 0.5pp, reflecting sales growth and productivity
Slide 4: MC posted strong topline growth while improving profitability and reducing leverage
MC Sonae MC posted strong topline growth while improving profitability and reducing leverage Turnover (€bn) and uEBITDA margin (%) Net Debt to EBITDA (x) ”) 2.7x 2.4x SOME 10:25 crr00 neues ncung ransom profes eonebuten
Slide 5: Worten combined strong growth momentum with improved profitability
Robust 7.6% LfL growth, supported by strong performance in core categories and double- digit expansion in services Positive contribution from both offline and online channels, reinforced by the growing relevance of the Worten App Profitability improved significantly, with uUEBITDA margin expanding t
Slide 6: Musti continued to scale while investing in transformational initiatives
Musti continued to scale while investing in transformational initiatives Turnover (€m) and adj. EBITDA margin (%) 120 10.6% b 16%) 1Q25 Sonae 139 1Q26 + Acquisition of ZU contributed ~€8m to net sales growth + Excluding ZU, Musti would have grown ~9% in 1Q26 Sales grew by 16%, supported by solid 3.9
Slide 7: Sierra sustained solid operational performance, supporting NAV growth
Sierra sustained solid operational performance, supporting NAV growth EU shopping centre Net Asset Value (€m) portfolio delivered 5.4% LfL tenant sales growth, nearly full occupancy and robust +59) +32, + rent collections 1144 1471 Services and investment management activities continued to expand, a
Slide 8: Telco and Technology delivered resilient performances
Solid operational and financial performance, driven by the resilience of its diversified business model and continued execution of NOS’s transformation programme Revenues and EBITDA increased by 1.9% and 3.1% yoy, respectively, with strong free cash flow generation remaining a highlight Equity metho
Slide 9: Consolidated view
Consolidated view Sonae
Slide 10: Solid turnover growth across all retail operations
TURNOVER (€bn) Solid turnover growth across all retail operations MC, Worten and Musti boosting topline 0.03 woe my -0.04 oo» as _ and 1Q25 MC Grocery MC HWB Worten Musti Other 1Q26 10
Slide 11: Strong uEBITDA performance and relevant equity method results supported EBITDA growth
Strong uEBITDA performance and relevant equity EBITDA method results supported EBITDA growth (em) uEBITDA (€m) and uEBITDA margin (%) EBITDA (€m) and EBITDA margin (%) 218 1Q25 1Q26 1
Slide 12: Overall, net result attributable to the Group reached €47m, up 11% yoy
Overall, net result attributable to the Group reached €47m, up 11% yoy aD 43 Net result group share (€m) 1Q25 1Q26 Sonae
Slide 13: Net Fin. Debt
Net Fin. Debt (Consolidated; €m) Solid operational performance results in an NFD reduction of over €160m 78 20 1,728 515 i em ps _ ae 36 Po 701 cm, ral Operational FCF: +€257m 1Q25 EBITDA & Other Working Capital Operational capex Net financial M&A Capex net Others (inc. 1Q26 Operational flows activi
Slide 14: Lower LTV reflects the ongoing deleveraging trajectory
Lower LTV reflects the ongoing deleveraging trajectory y i 15.8 Loan-to-Value (%) Mar-25 Mar-26 Sonae
Slide 15: Operational performance and higher market cap of NOS supported NAV growth
Operational performance and higher market cap of NOS supported NAV growth to ~&5.5bn, up 9% qoq €2.85 | per share } => ’ +0.3 5.5 4Q25 Retail Real Estate Telco & Tech Holding costs and others 1Q26 SOME rere navecsmre ores ow sass
Slide 16: Strong share price appreciation, upside potential remains substantial
Strong share price appreciation, upside potential remains substantial €1.61 €1.21 €1.06 @31Mar25 @30Jun25 @31Dec25 @31Mar26 NAV per share @31Mar26 16 Sonae Note: NAV per share excludes own shares Sonae share price
Slide 17: Q&A
Sonae Q&A 17
Slide 18: Sonae
Sonae