Sonae (SON) investor relations material

Executive summary

• Achieved record turnover of €11.4bn in 2025, up 14% year-over-year, with strong operational and financial performance across all businesses and underlying EBITDA rising up to 24% to €1.12bn, margin improving from 9.1% to 10.7%.

• Significant portfolio reshaping included acquisitions (Claranet Portugal, REM/URW REM in Germany, ZU) and divestments (MO, Zippy, ZU, Parque Dom Pedro), with major integration and expansion in Musti and Druni.

• Launched new loyalty and discount programs (Worten Life, Universo+, Combina), enhancing cross-business synergies and customer engagement.

• Recognized for ESG leadership, including S&P Sustainability Yearbook and CDP 'A List' inclusion.

Financial highlights

• Turnover rose 14% year-over-year to €11.4bn, with like-for-like growth at 9% excluding M&A impacts; underlying EBITDA up 24% to €1.12bn, consolidated EBITDA up 18%, margin up to 10.7%.

• Net result (group share) increased 11% to €247m, despite one-off costs and FX headwinds.

• Operational free cash flow reached €265m; net debt reduced by over €100m to €1.47bn.

• NAV grew 15% to over €5bn, NAV per share at €2.62, and share price increased 76%, narrowing the discount to NAV from 60% to 38%.

• Loan-to-value improved from 15.9% to 13.7%.

Outlook and guidance

• Expect continued deleveraging and margin improvement in 2026, with portfolio well-positioned for long-term value creation.

• Grocery like-for-like growth expected to decelerate but remain above midterm guidance of 3-4%.

• Dividend proposal of €0.06217 per share, a 5% increase year-over-year.