SNC Income Statement_summary
| €m | 2Q25 | 2Q26 | yoy | 1H25 | 1H26 | yoy | |
| Turnover | 5.1 | 4.7 | -7.2% | 9.0 | 8.6 | -3.7% | |
| EBITDA | 17.5 | 21.1 | 20.8% | 34.3 | 38.0 | 10.7% | |
| o.w. Equity method(1) | 20.2 | 27.2 | 34.8% | 40.0 | 47.3 | 18.2% | |
| Direct Results | 18.6 | 20.9 | 12.5% | 37.2 | 39.4 | 6.0% | |
| Indirect Results(2) | -10.4 | -5.0 | 51.6% | -15.4 | -2.1 | 86.6% | |
| Net Income Group Share | 7.7 | 17.6 | 128.6% | 21.4 | 39.1 | 83.1% | |
| Net Debt / (Cash) | -221.3 | -246.6 | -11.5% | -221.3 | -246.6 | -11.5% |
(1) Includes the 50% holding in Unipress, the 50% holding in SIRS and the 37.37% holding in NOS; (2) Includes equity method related with AVP funds, and fair value adjustments related with ZAP and other minority stakes, net of taxes.
SNC Income Statement
| €m | 2Q25 | 2Q26 | yoy | 1H25 | 1H26 | yoy | |
| Turnover | 5.1 | 4.7 | -7.2% | 9.0 | 8.6 | -3.7% | |
| EBITDA | 17.5 | 21.1 | 20.8% | 34.3 | 38.0 | 10.7% | |
| Underlying EBITDA(1) | -2.6 | -2.8 | -5.5% | -5.5 | -5.8 | -6.7% | |
| Non recurrent itens | -0.1 | -3.3 | - | -0.2 | -3.4 | - | |
| Equity method(2) | 20.2 | 27.2 | 34.8% | 40.0 | 47.3 | 18.2% | |
| Depreciation & Amortization | 0.4 | 1.6 | - | 0.8 | 2.1 | 143.4% | |
| EBIT | 17.1 | 19.5 | 14.0% | 33.5 | 36.0 | 7.4% | |
| Net Financial Results | 0.6 | 1.4 | 148.1% | 2.0 | 2.7 | 38.5% | |
| EBT | 17.7 | 20.9 | 18.4% | 35.5 | 38.7 | 9.1% | |
| Tax results | 1.0 | 0.0 | -97.6% | 1.7 | 0.7 | -57.3% | |
| Direct Results | 18.6 | 20.9 | 12.5% | 37.2 | 39.4 | 6.0% | |
| Indirect Results(3) | -10.4 | -5.0 | 51.6% | -15.4 | -2.1 | 86.6% | |
| Net Income | 8.2 | 15.9 | 93.0% | 21.8 | 37.4 | 71.2% | |
| Group Share | 7.7 | 17.6 | 128.6% | 21.4 | 39.1 | 83.1% | |
| Attributable to Non-Controlling Interests | 0.6 | -1.7 | - | 0.5 | -1.7 | - | |
| €m | 2Q25 | 2Q26 | yoy | 1H25 | 1H26 | yoy | |
| Underlying EBITDA-Operating CAPEX | -4.1 | -1.4 | 65.7% | -7.4 | -6.5 | 11.9% | |
| Change in WC & Others | -1.3 | 0.5 | - | 13.1 | 1.2 | - | |
| Operating Cash Flow | -5.3 | -0.9 | 82.7% | 5.7 | -5.3 | - | |
| Investments | -15.6 | -16.7 | -6.9% | -23.6 | -18.2 | 23.1% | |
| Dividends and other reserves distribution | 77.0 | 86.6 | 12.5% | 77.0 | 86.6 | 12.5% | |
| Financial results | 1.9 | 0.6 | -65.9% | 1.9 | 1.9 | -0.6% | |
| Income taxes | 1.0 | 0.6 | -40.2% | 2.0 | 1.7 | -18.7% | |
| FCF(1) | 58.9 | 70.3 | 19.2% | 63.0 | 66.7 | 5.9% |
(1) Includes the businesses fully consolidated by Sonaecom; (2) Includes the 50% holding in Unipress, the 50% holding in SIRS and the 37.37% holding in NOS; (3) Includes equity method related with AVP funds, and fair value adjustments related with ZAP and other minority stakes, net of taxes.
(1) FCF Levered after Financial Expenses but before Capital Flows and Financing related up-front Costs.
SNC Balance Sheet
| €m | 30.06.2025 | 31.03.2026 | 30.06.2026 | |
| Total Net Assets | 1,371.5 | 1,421.7 | 1,414.8 | |
| Non Current Assets | 1,136.4 | 1,209.1 | 1,159.4 | |
| Tangible and Intangible Assets and Rights of Use | 5.5 | 4.7 | 3.0 | |
| Goodwill | 1.2 | 1.2 | 1.2 | |
| Investments | 1,103.9 | 1,181.2 | 1,132.2 | |
| Deferred Tax Assets | 12.6 | 11.2 | 9.6 | |
| Others | 13.2 | 10.9 | 13.5 | |
| Current Assets | 235.1 | 212.7 | 255.4 | |
| Trade Receivables | 3.7 | 2.5 | 1.6 | |
| Liquidity | 225.0 | 204.9 | 248.8 | |
| Others | 6.4 | 5.2 | 5.0 | |
| Shareholders' Funds | 1,326.9 | 1,381.3 | 1,371.4 | |
| Group Share | 1,310.0 | 1,365.0 | 1,357.0 | |
| Non-Controlling Interests | 16.9 | 16.4 | 14.4 | |
| Total Liabilities | 44.6 | 40.4 | 43.4 | |
| Non Current Liabilities | 31.4 | 25.6 | 26.9 | |
| Loans | 0.0 | 0.0 | 0.0 | |
| Provisions | 0.3 | 0.4 | 0.7 | |
| Others | 31.0 | 25.2 | 26.3 | |
| Current Liabilities | 13.2 | 14.8 | 16.5 | |
| Loans | 0.0 | 0.0 | 0.0 | |
| Trade Payables | 1.3 | 1.4 | 1.2 | |
| Others | 11.9 | 13.4 | 15.3 | |
| Operating CAPEX(1) | 1.9 | 0.4 | 0.7 | |
| Operating CAPEX as % of Turnover | 21.7% | 10.3% | 8.0% | |
| Total CAPEX | 25.7 | 2.1 | 19.1 | |
| Underlying EBITDA - Operating CAPEX | -7.4 | -3.4 | -6.5 | |
| Gross Debt | 3.7 | 2.6 | 2.1 | |
| Net Debt | -221.3 | -202.3 | -246.6 |
(1) Operating CAPEX excludes Financial Investments.