Sonae (SON) Q2 2025 earnings summary

Executive summary

• Achieved strong topline and margin expansion across core businesses, with consolidated turnover up 24% year-on-year to €2.7 billion in H1 2025, driven by organic growth and contributions from acquisitions like Druni and Pet City.

• Underlying EBITDA rose 38% to €255 million in 2Q25, with net results group share up 23% to €59 million, reflecting improved operational performance and favorable asset revaluations.

• Portfolio optimization included acquisitions (Musti, Pet City), partnerships (Druni), and divestments (MO and Zippy fashion banners).

• All major businesses grew and outperformed their markets, supported by disciplined capital allocation and operational execution.

• Completed sale of MO and Zippy fashion banners in July, following a strategic portfolio review.

Financial highlights

• Consolidated turnover reached €2.7bn in 2Q25, up 24% year-over-year; €5.3bn in 1H25.

• Underlying EBITDA surged 38% year-over-year to €255m in 2Q25; €473m in 1H25.

• Net result (group share) rose 23% year-over-year to €59m in 2Q25; €102m in 1H25, up 41%.

• NAV increased to €4.75bn, up 7.3% from year-end 2024.

• Operational cash flow for the last 12 months increased to €219m from €82m.

Outlook and guidance

• Expectation of continued positive trends in H2, contingent on stable macroeconomic conditions in Iberia.

• Focus on operational execution, disciplined capital allocation, and leveraging group-wide synergies for sustainable growth.

• MC and health, wellness, and beauty divisions anticipate like-for-like growth around 7% if current macro trends persist.

• Worten's profitability expected to recover in H2 as cost base is streamlined.

• Musti's market rebound and efficiency measures support a positive outlook for H2.