Sonae (SON) Q3 2025 earnings summary

Executive summary

• Achieved strong, disciplined organic growth across a diversified portfolio, supported by portfolio optimization, new initiatives, and the completed sale of MO and Zippy fashion banners.

• Integration of new businesses and partnerships drove cross-business synergies, operational improvements, and improved market leadership in core segments.

• Advanced deleveraging, reducing consolidated net debt to €1.8bn and improving loan-to-value ratio to 13.6%.

• Launched new cross-business loyalty and financial products, and expanded private label offerings.

• Strong performance across grocery, health & beauty, electronics, pet care, and real estate segments.

Financial highlights

• Turnover rose 8% year-on-year to €2.9bn in Q3 and 17.2% to €8.16bn for 9M25, driven by MC, Worten, and Musti.

• Underlying EBITDA increased 17% year-on-year in Q3 and 28.6% to €786m for 9M25; margin improved to 11.5% in Q3.

• Net result (group share) up 34% to €98m in Q3 and 38% to €200m for 9M25, reflecting stronger operations and lower financial costs.

• NAV surpassed €5.0bn, up 9.1% year-over-year, with NAV per share at €2.58.

• Net debt reduced to €1.8bn at September, with LTV at 13.6% and improved average cost of debt.

Outlook and guidance

• Positive trends expected to continue in Q4, with management confident in ending the year strongly and anticipating remarkable 2025 results.

• Focus remains on executing strategy, leveraging portfolio strength, and capturing new growth opportunities.

• Continued emphasis on efficiency, innovation, and service excellence to sustain profitable growth, especially in telecommunications.

• Long-term grocery like-for-like growth expected to normalize to 3%-5% as current 9% is unsustainable in a mature market.

• Ongoing portfolio management and expansion of value-added services and products.