Slide 1: 25FY & 4Q25 Results: Thriving together
25FY & 4Q25 Results Thriving together
Slide 2: Portfolio management
Portfolio management Sonae
Slide 3: In 2025, we continued to sharpen our portfolio configuration
In 2025, we continued to sharpen our portfolio configuration [March 25] [Oct 25] [Dec 25] NOS acquires Sierra acquires URW’s Real Sierra divests from Claranet Portugal Estate Management division Parque Dom Pedro [July 25] [Dec 25] Sonae divests from MO Musti acquires ZU and Zippy fashion banners fro
Slide 4: We pushed for new collaboration opportunities across Sonae's companies
Selected examples Launch of Worten Life, a new loyalty program Relaunch of Universo+ with expanded within the Continente card ecosystem benefits across Sonae banners We pushed for new collaboration opportunities across Largest discount ecosystem in Portugal by Musti’s own brand pet food available at
Slide 5: Results by business
Results by business Sonae
Slide 6: MC consolidates leadership in grocery in Portugal and health & beauty in Iberia
MC consolidates leadership in grocery in Portugal and health & beauty in Iberia Turnover (€bn) and uEBITDA margin (%) • Grocery turnover up 10% in Grocery Health & Beauty 25FY, with strong LfL mainly driven by volumes +10% +55% growth 7.1 1.76 6.5 LfL LfL +8.3% +5.6% • Grocery uEBITDA margin rose 0.
Slide 7: MC posts robust topline growth while further improving profitability and reducing leverage
MC posts robust topline growth while further improving profitability and reducing leverage Turnover (€bn) and uEBITDA margin (%) Net Debt to EBITDA (x) +16% 8.9 LfL 2.9x 7.6 +7.9% 2.3x +10% 2.2 2.5 LfL +7.7% 10.5% 10.9% 10.0% 10.8% 4Q24 4Q25 24FY 25FY Dec24 Dec25 7
Slide 8: Worten shows remarkable turnover growth with profitability back on track in 4Q25
Worten shows remarkable turnover growth with profitability back on track in 4Q25 • Robust LfL growth of 5.8%, supported by Turnover (€m) and uEBITDA margin (%) accelerated e-commerce expansion and solid store +7.5% performance 1,500 1,396 • Strong evolution of core LfL +5.8% categories and services,
Slide 9: Musti grows sales and gross margin, while OPEX is pressured by transformational initiatives
Musti grows sales and gross margin, while OPEX is pressured by transformational initiatives Turnover (€m) and adj. EBITDA margin (%) • Sales grew by 14% supported by solid LfL, +14% store expansion and 509 recently acquired LfL companies (PetCity, in 445 +3.3% 4Q24, and Zu, in 4Q25) 72 • Gross margi
Slide 10: Sierra delivers important NAV gains, a result of solid operational performance
Sierra delivers important NAV gains, a result of solid operational performance • EU shopping centre Net Asset Value (€bn) portfolio posting growing tenant sales (+4.6% LfL), nearly full occupancy and 114 +66 robust rent collections 1 220 1 171 1 105 • Profitability improvements, underpinned by the p
Slide 11: Telco and Technology with resilient performances
• Resilient operational performance, supported by • Portfolio of more than 50 companies across revenue diversification (namely, into the IT cybersecurity, retail technologies, infrastructure segment, following the acquisition of Claranet software and business applications Portugal) and strong effici
Slide 12: Consolidated view
Sonae Consolidated view 12
Slide 13: MC, Worten and Musti boosting topline
TURNOVER (€bn) MC, Worten and Musti boosting topline +1.41 Turnover fueled by organic 0.14 11.36 growth and portfolio moves 0.63 0.10 -0.08 Incl. MO and 0.62 Zippy exit +14% 9.95 11.4 9.9 +7% 3.0 3.2 4Q24 4Q25 24FY 25FY 24FY MC Grocery MC HWB Worten Musti Other 25FY 13
Slide 14: Positive performance of both our fully consolidated businesses and our equity method results drives EBITDA growth
uEBITDA performance and Positive higherperformance equity methodof both our fully and EBITDA our equity consolidated businesses results drives EBITDA growth (€m) uEBITDA (€m) and uEBITDA margin (%) EBITDA (€m) and EBITDA margin (%) +24% +18% 1,122 1,217 1,034 908 +13% +9% 337 356 297 328 10.0% 10.5%
Slide 15: Net result growing 11% in 2025
Net result growing 11% in 2025 +11% 247 223 Net result group share (€m) -38% 78 48 4Q24 4Q25 24FY 25FY 15 Excludes Recycling of Translation Reserves related to the sale of Parque D.Pedro in Brazil - Recognition in P&L of cumulative FX effects previously accounted in equity, in line with accounting s
Slide 16: Solid operational performance results in an NFD reduction of over €100m
Net Fin. Debt (Consolidated; €m) Solid operational performance results in an NFD reduction of over €100m -102 1,572 670 43 1,470 39 81 488 83 Operational FCF: +€265m 2024 EBITDA & Other Working Capital Operational capex Net financial M&A Capex net Others (inc. 2025 Operational flows activity of Sale
Slide 17: Lower LTV is a result of the ongoing deleveraging trajectory
Lower LTV is a result of the ongoing deleveraging trajectory -2.2 p.p. 15.9 13.7 Loan-to-Value (%) Dec24 Dec25 17
Slide 18: Operational performance supports NAV growth to above €5bn, up 15% in a year
NAV Overall, operational performance supports NAV growth to above €5bn, up 15% in a year (€bn) +15% +0.1 5.1 +0.1 +0.5 0.0 4.4 4Q24 Retail Real Estate Telco & Tech Holding costs and others 4Q25 Note: NAV per share excludes own shares
Slide 19: Despite share price appreciation, upside potential remains substantial
Despite share price appreciation, upside potential remains substantial -38% -25% 2.62€ 1.95€ Share 1.61€ price 0.91€ NAV per share @31Dec24 @31Dec25 @18March26 (yesterday) 19 Note: NAV per share excludes own shares - Sonae share price
Slide 20: Board of Directors to propose at the AGM dividend of 6.217 cents/share, +5% yoy
Board of Directors to propose at the AGM dividend of 6.217 cents/share, +5% yoy +5.0% 5.9 6.2 Dividend per share to be proposed (€ cents per share) 2024 2025 20
Slide 21: Q&A
Sonae Q&A 21
Slide 22: Sonae
Sonae