Sonae Sgps Sa · EURONEXT:SON
Sonae Sgps Sa — 9M25 Earnings Presentation
18 slides from Sonae Sgps Sa's earnings presentation, Nov 14, 2025
Slide 1: Results 9M25
Results 9M25 Go further together We champion our diverse talent. We bring our skills, knowledge, and point of views to learn from one another and put it into action.
Slide 2: Portfolio
) Portfolio Sonae
Slide 3: Actively managing our portfolio
Actively managing While unlocking new collaboration our portfolio opportunities within the group Selected examples Divestment from Launch of Worten Life, a new Relaunch of Universo+ with Musti’s pet food own brand MO and Zippy loyalty program within expanded benefits across available at Continente f
Slide 4: Results by business
)) Results by business Sonae
Slide 5: MC consolidates leadership in grocery in Portugal and HWB in Iberia
MC consolidates leadership in grocery in Portugal and HWB in Iberia Turnover (€bn) and uEBITDA margin (%) • Grocery turnover up Grocery Health, Wellness & Beauty 10% in 3Q25, with strong LfL mainly driven by volumes growth +86% +10% 1.2 • Grocery uEBITDA 5.2 LfL margin rose 110 bps yoy 4.7 +6.0% LfL
Slide 6: MC posts robust topline growth and improved profitability
MC posts robust topline growth and improved profitability Turnover (€bn) and uEBITDA margin (%) Net Debt to EBITDA (x) +19% 6.4 3.3x 5.4 LfL +8.0% 2.5x +10% 2.1 2.3 LfL +8.6% 10.7% 11.8% 9.8% 10.7% 3Q24 3Q25 9M24 9M25 Sep-24 Sep-25 6
Slide 7: Worten sustains growth momentum despite cost base challenges
Worten sustains growth momentum despite cost base challenges • Robust LfL of 7% with Turnover (€m) and uEBITDA margin (%) accelerated growth in e-commerce and clear +7% market share gains 1 012 942 LfL • Growth driven by higher +6.0% volumes in core categories, with continued momentum in services an
Slide 8: Musti strengthens market leadership position and delivers gross margin uplift
Musti strengthens market leadership position and delivers gross margin uplift Turnover (€m) and adj. EBITDA margin (%) • Sales with double-digit growth supported by Nordic operations and +14% Pet City integration 369 323 LfL • Gross margin recovery +3.4% with improving sales mix 72 and more effectiv
Slide 9: Sierra delivers compelling results and significant strategic achievements
Sierra delivers compelling results and significant strategic achievements • Sierra became 2nd largest Net Result (€m) NAV INREV (€bn) shopping center property manager in Germany +0.07 following the acquisition of +18 URW REM 1.15 83 1.08 • EU shopping centre 65 portfolio with growing tenant sales (+
Slide 10: Telco and Technology with resilient performances
• Resilient top line performance in Telco B2C and • Portfolio of >55 active companies across solid growth in B2B cybersecurity, retail technologies, infrastructure software and business applications • EBITDA increase driven by robust performances in both the Telecommunications and IT businesses • Fi
Slide 11: Consolidated view
Consolidated view Sonae
Slide 12: MC, Worten and Musti boosting topline
TURNOVER (€bn) MC, Worten and Musti boosting topline +0.21 +0.02 +0.03 MO and +0.22 Zippy +0.01 2.91 Turnover fueled by organic exit -0.06 growth and portfolio moves Food +0.17 HWB +17% +0.05 2.70 8.2 7.0 +8% 2.7 2.9 3Q24 3Q25 9M24 9M25 3Q24 MC Worten Musti Fashion Other 3Q25 12
Slide 13: EBITDA
EBITDA (€m) Positive EBITDA growth drivenperformance of both our fully and by strong uEBITDA performance our andequity higherconsolidated equity methodbusinesses results uEBITDA (€m) and uEBITDA margin (%) EBITDA (€m) and EBITDA margin (%) +29% +22% 786 861 706 611 +17% +13% 312 336 268 297 9.9% 10.
Slide 14: Net result up in 3Q25 on stronger operations and lower financial costs
Net result up in 3Q25 on stronger operations and lower financial costs +38% 200 145 Net Result +34% (€m) 98 73 3Q24 3Q25 9M24 9M25 14
Slide 15: Net Debt Deleveraging and improved debt conditions contributing to lower financials costs
Net Debt LTV (%) 1 (€m) 15,0 13,6 -45 1 837 1 791 Sep-24 Sep-25 Average cost of debt (%) 4,5 3,0 Sep-24 Sep-25 Sep-24 Sep-25 1) Before dividends payment and debt with partners Deleveraging and improved debt conditions contributing to lower financials costs 15 1) Holding loan to value: holding net de
Slide 16: NAV surpassed record €5.0bn
NAV (€bn) NAV surpassed record €5.0bn €, 30-Sep-25 +5.7% +0.02 +0.03 +0.27 5.02 -48% -0.05 2,58 4.75 1,34 2Q25 Retail Real Estate Telco & Tech Holding 3Q25 NAV per share Share price and others 16 Note: NAV per share excludes own shares
Slide 17: Q&A
Q&A Sonae
Slide 18: Sonae
Sonae