January 01, 2025 - June 30, 2025
SONDA S.A. and subsidiaries report their consolidated financial results for the period from January 01 to June 30, 2025. All figures are expressed in Chilean pesos and have been prepared under International Financial Reporting Standards (IFRS). Translations to US dollars stated in this report are based on the month-end exchange rate as of June 30, 2025 (1 US$ = 933.42 Chilean Pesos).
Highlights
Revenues reached US$781.4 million, in line with the same period in 2024 in reporting currency, and a 4.6% increase in constant currency. Operating Income reached US$26.0 million, decreasing by 31.4% in reporting currency and 28.3% in constant currency. EBITDA reached US$54.5 million, lower by 17.1% in reporting currency and 13.4% in constant currency, with an EBITDA Margin of 7.0%. The decreases in Operating Income and EBITDA are mainly due to higher provisions for bad debts, non-recurring results recorded in the first half of 2024, and an increase in commercial efforts (framed within the new Strategic Plan), and a significant reduction in 2025 of the positive accounting effect associated with hyperinflation in Argentina, as well as a negative consolidated exchange rate impact on the translation of the reporting currency.
In the Southern Cone Region, revenues grew by 7.1% in reporting currency and 8.2% in constant currency. Operating income was 25.8% lower (constant currency -22.4%), and EBITDA was 12.6% lower (constant currency -10.2%), with an EBITDA margin of 7.1%.
In the Andean Region, revenues increased 1.7% in reporting currency and grew 3.5% in constant currency. Operating income was higher by 2.7% in reporting currency and 3.2% in constant currency. EBITDA decreased slightly by 1.5% in reporting currency and was in line with constant currency, with an EBITDA margin of 10.5%.
In North America, revenues decreased 18.4% in reporting currency and 12.5% in constant currency. Operating income increased 28.5% in reporting currency and 19.0% in constant currency. EBITDA increased 15.3% in reporting currency and 18.8% in constant currency, with an EBITDA margin of 13.4%.
In Brazil, revenues decreased 7.6% in reporting currency and increased 3.0% in constant currency. Operating income was 88.8% lower in reporting currency and 87.5% lower in constant currency. EBITDA was 51.8% lower (constant currency 46.3%). EBITDA margin reached 3.5%.
Notes:
Net Income attributable to Controllers reached US$3.6 million, lower by US$ 3.7 million than in the first half of 2024. This is mainly due to a lower Operating Income, higher financial costs and exchange rate differences, effects that are partially offset by a lower Income Tax charge.
Closed deals volume reached US$899.6 million, representing a 5.8% increase compared to the first half of 2024. The pipeline of potential business opportunities reached US$7,257.1 million, with notable participation from Brazil with US$2,381.3 million and the Southern Cone with US$2,178.6 million. The pipeline represents a 36.8% increase compared to December 24.
Among the businesses awarded in the second quarter, highlights include a new fiber optic implementation project in Brazil with the General Secretariat of the Government of Goiás, Additionally, a new operational continuity service with the Casas Bahía Group, and the development of internal systems solutions and Utilities solutions with Neoenergia. In Chile, the implementation of centralized control at Sotero del Rio and Cordillera Hospitals, through a concession with Sacyr, and a RIS (Radiology Information System) and PACS (Picture Archiving and Communication System) telemedicine project on a Hybrid Cloud platform for the South Metropolitan Health Service. In Argentina, the installation of 4,000 validators on public transport trains in Buenos Aires, incorporating open payments (credit cards), stands out. In Panama, a technological platform project to manage the flow of people and cargo at border crossings between Panama and Costa Rica, with the National Customs Authority. In Colombia, administration and operation of information security platforms for physical, virtual, and cloud environments for a major financial conglomerate, over the next three years.
The Current Liquidity (1.7x), Financial Leverage (0.6x) and Financial Expense Coverage (2.8x) indicators reflect a healthy financial position.
In April 2025, Fitch Ratings affirmed the long-term ratings at AA-, assigning a Negative outlook. ICR, in August 2024, reaffirmed the rating assigned to bonds and solvency in the AA- category, with a Stable outlook.
Southern Cone Region: Chile (includes Transactional Business: Quintec Distribución + Tecnoglobal + Microgeo + Multicaja), Argentina, Uruguay.
Andean Region: Colombia, Ecuador, Peru.
North America: Mexico, Panama, Costa Rica, Guatemala, United States.
Constant currency: corresponds to 2024 results, adjusted for 2025 exchange rates.
YoY: Year-over-year, current year compared to previous year.
EARNINGS RELEASE | 1H25 - 2Q25 | 2
Figure 1 - Consolidated Financial Statements
Millions of Ch$ (Ch$M)
Income Statement | jun-24 | jun-25 | ∆ $ | ∆ % |
Revenues | 726,965 | 729,389 | 2,424 | 0.3% |
Cost of Sales | (627,509) | (634,710) | (7,201) | 1.1% |
GROSS PROFIT | 99,456 | 94,680 | (4,776) | -4.8% |
Administration Expenses | (64,116) | (70,444) | (6,328) | 9.9% |
OPERATING INCOME (1) | 35,340 | 24,236 | (11,105) | -31.4% |
Depreciation and Amortization | 26,080 | 26,662 | 582 | 2.2% |
EBITDA (2) | 61,420 | 50,897 | (10,523) | -17.1% |
Other Income | 1,867 | 1,041 | (826) | -44.3% |
Other Expenses | (5,829) | (4,716) | 1,114 | -19.1% |
PROFIT (LOSS) FROM OPERATING ACTIVITIES | 31,378 | 20,561 | (10,817) | -34.5% |
Financial Income | 7,271 | 8,435 | 1,164 | 16.0% |
Financial Expenses | (20,921) | (22,721) | (1,801) | 8.6% |
Share of Profit (Loss) of Associates | 40 | 197 | 157 | 394.5% |
Foreign Exchange Differences | (547) | (1,169) | (622) | 113.8% |
Income (Loss) for Indexed Assets and Liabilities | 186 | 764 | 578 | 310.4% |
NET INCOME BEFORE TAXES | 17,407 | 6,066 | (11,341) | -65.1% |
Income Tax Expense | (10,215) | (2,849) | 7,366 | -72.1% |
NET INCOME FROM CONTINUING OPERATIONS | 7,192 | 3,217 | (3,975) | -55.3% |
Net Income Attributable to Minority Interest | 345 | (103) | (448) -129.8% | |
NET INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY | 6,847 | 3,320 | (3,527) | -51.5% |
Balance Sheet | dec-24 | jun-25 | ∆ $ | ∆ % |
Cash and Cash Equivalents | 143,982 | 132,182 | (11,800) | -8.2% |
Other Current Financial Assets | 4,371 | 4,449 | 78 | 1.8% |
Trade Accounts Receivable and Other Receivables, Net | 515,099 | 428,676 | (86,422) | -16.8% |
Accounts Receivable from Related Companies | 1,067 | 1,120 | 53 | 4.9% |
Inventories | 84,994 | 90,034 | 5,039 | 5.9% |
Other Current Assets | 78,566 | 90,162 | 11,596 | 14.8% |
CURRENT ASSETS | 828,080 | 746,624 | (81,456) | -9.8% |
Intangibles Assets and Goodwill | 264,345 | 273,702 | 9,357 | 3.5% |
Property, Plant and Equipment, Net | 129,957 | 126,777 | (3,180) | -2.4% |
Other Non-currents Assets | 285,903 | 277,817 | (8,086) | -2.8% |
NON-CURRENT ASSETS | 680,204 | 678,296 | (1,908) | -0.3% |
ASSETS | 1,508,284 | 1,424,920 | (83,365) | -5.5% |
Other Current Financial Liabilities | 80,429 | 63,689 | (16,740) | -20.8% |
Other Liabilities | 450,038 | 369,368 | (80,670) | -17.9% |
CURRENT LIABILITIES | 530,468 | 433,057 | (97,411) | -18.4% |
Other Non-current Financial Liabilities | 253,873 | 270,253 | 16,380 | 6.5% |
Other Liabilities, Non-Current | 125,671 | 120,418 | (5,253) | -4.2% |
NON-CURRENT LIABILITIES | 379,544 | 390,671 | 11,127 | 2.9% |
LIABILITIES | 910,012 | 823,728 | (86,284) | -9.5% |
Minority Interest | 17,504 | 17,177 | (327) | -1.9% |
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY | 580,768 | 584,015 | 3,247 | 0.6% |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,508,284 | 1,424,920 | (83,365) | -5.5% |
MANAGEMENT DISCUSSION AND ANALYSIS ON 1H25 AND 2Q25 CONSOLIDATED RESULTS
I. Consolidated Results for the first half of 2025 (1H25)
Income Statement AnalysisConsolidated revenues reached $729,389 million (US$781.4 million) as of June 30, 2025, up 0.3% ($2,424 million / US$2.6 million) compared to the same period in 2024. In constant currency, revenues grew by 4.6%. Variations by business line are as follows:
Regarding revenue distribution by business line in the first half of 2025, Digital Business contributes 31.8%, Digital Services 30.1%, and Transactional Business the remaining 38.2% (of which Multicaja represents 9.8% of total revenue).
Figure 2 - Consolidated Revenues by Business Line 1H24 - 1H25
BUSINESS LINE | jun-24 Ch$M | jun-25 Ch$M | ∆ $ | ∆ % | jun-24A Ch$M | ∆ $ (a/a) | ∆ % (a/a) |
Digital Business | 233.095 | 231.766 | (1.329) | -0,6% | 219.944 | 11.821 | 5,4% |
Digital Services | 243.186 | 219.272 | (23.913) | -9,8% | 225.129 | (5.857) | -2,6% |
Transactional Business | 250.685 | 278.351 | 27.666 | 11,0% | 252.124 | 26.227 | 10,4% |
Product Distribution | 184.921 | 207.174 | 22.253 | 12,0% | 186.361 | 20.814 | 11,2% |
Multicaja | 65.763 | 71.177 | 5.413 | 8,2% | 65.763 | 5.413 | 8,2% |
Total | 726.965 | 729.389 | 2.424 | 0,3% | 697.198 | 32.192 | 4,6% |
Breakdown | |||||||
Digital Business | 32,1% | 31,8% | 31,6% | ||||
Digital Services | 33,5% | 30,1% | 32,3% | ||||
Transactional Business | 34,4% | 38,1% | 36,1% | ||||
Product Distribution | 73,8% | 74,4% | 73,9% | ||||
Multicaja | 26,2% | 25,6% | 26,1% | ||||
Total | 100,0% | 100,0% | 100,0% | ||||
Note: Jun-24A corresponds to results for the year 2024 in constant currency, adjusted to 2025 exchange rate.
Cost of Sales and Selling, General and Administration ExpensesConsolidated Cost of Sales totaled $634,710 million (US$680.0 million) as of June 30, 2025, in line with the same period in 2024. In constant currency , they increased by 5.5% (y/y).
Administrative Expenses reached $70,444 million (US$75.5 million) as of June-25, 9.9% higher (yoy) in reporting currency and 13.9% higher (yoy) in constant currency. This variation is primarily associated with i) increased commercial activity, especially in the Transactional Business segment, as well as an increase in the commercial structure and effort, in line with the 2025-2027 Strategic Plan; ii) an increase in the provision for bad debts accounts; and iii) natural indexation for inflation during the period.
EARNINGS RELEASE | 1H25 - 2Q25 |
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Figure 3 - Income Statement 1H24- 1H25
SUMMARY OF CONSOLIDATED INCOME STATEMENT | jun-24 Ch$M | jun-25 Ch$M | ∆ $ | ∆ % | jun-24A Ch$M | ∆ $ (a/a) | ∆ % (a/a) |
Revenues | 726,965 | 729,389 | 2,424 | 0.3% | 697,198 | 32,192 | 4.6% |
Cost of Sales | (627,509) | (634,710) | (7,201) | 1.1% | (601,547) | (33,162) | 5.5% |
GROSS PROFIT | 99,456 | 94,680 | (4,776) | -4.8% | 95,650 | (971) | -1.0% |
Administration Expenses | (64,116) | (70,444) | (6,328) | 9.9% | (61,826) | (8,618) | 13.9% |
OPERATING INCOME (1) | 35,340 | 24,236 | (11,105) | -31.4% | 33,825 | (9,589) | -28.3% |
EBITDA (2) | 61,420 | 50,897 | (10,523) | -17.1% | 58,805 | (7,907) | -13.4% |
NET INCOME ATTRIBUTABLE TO OWNERS | 6,847 | 3,320 | (3,527) | -51.5% | - | - | - |
Gross Margin | 13.7% | 13.0% | 13.7% | ||||
Operating Margin | 4.9% | 3.3% | 4.9% | ||||
EBITDA Margin | 8.4% | 7.0% | 8.4% | ||||
Net Margin | 0.9% | 0.5% | - | ||||
(1) Operating Income: Gross Profit - Administration Expenses | |||||||
(2) EBITDA: Operating Income + Depreciation and Amortization |
Note: Jun-24A corresponds to results for the year 2024 in constant currency, adjusted to 2025 exchange rate.
Operating Income and EBITDAOperating Income reached $24,236 million (US$26.0 million), decreasing 31.4% compared to June 24. In constant currency, it was 28.3% lower (yoy). EBITDA totaled $50,897 million (US$54.5 million) as of June 25, decreasing 17.1% compared to June
24. In constant currency, EBITDA was 13.4% lower.
Operating Margin reached 3.3% and EBITDA Margin was 7.0%, both lower by 160 bps and 140 bps, respectively (yoy).
Other Items of the Operation (*)
Total Other Operating Items (*) show a loss of $18,169 million (US$19.5 million) as of Jun-25, compared to a loss of $17,933 million (US$19.2 million) as of Jun-24. The main variations are due to:
(*) Other Operating Items = Financial Income + Financial Costs + Share in Profits (Losses) of Associates + Foreign Currency Exchange Gains (Losses) + Result by Adjustment Units + Other Income + Other Expenses, by Function.
EARNINGS RELEASE | 1H25 - 2Q25 |
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