Sonae: First-half net income up 20% to €122.8 million
Sonae published first-half results marked by revenue growth and net income progression, driven by its food distribution and health-beauty activities. The Portuguese holding also reported a reduction in net debt and an increase in net asset value, while the discount of its share price relative to this value narrowed over one year.
Revenue of €2.9 billion in second quarter, net income of €75 million
In the second quarter of 2026, consolidated revenue increased 6% year-on-year to €2.9 billion. Underlying EBITDA margin improved from 9.5% to 9.9% for the quarter (9.6% for the first half). EBITDA increased 15.1% to €316 million in the second quarter (€600 million in the first half), with its margin rising from 10.2% to 11.1% (10.7% in the first half). Net income attributable to the group reached €75 million, up 27% year-on-year. For the entire first half, group net income stood at €122.8 million, compared to €101.9 million a year earlier. Consolidated first-half revenue reached €5,585.8 million, compared to €5,252.8 million in the first half of 2025.
Grocery and health-beauty drive MC, Worten gains in profitability
In food distribution, MC's grocery business saw revenue increase 5.7% in the second quarter to €1.8 billion, with comparable-store growth of 5.1%. Over the half-year, this activity generated €3.5 billion, up 6.8%, while MC as a whole achieved €4,423 million in revenue, up 7.9% year-on-year, with underlying EBITDA margin improving by 0.3 point to 10.5%. MC's health-beauty division recorded revenue growth of 13.1% in the second quarter to €469 million, with underlying EBITDA margin up 0.5 point to 12.6% over the half-year. Worten saw revenue increase 5.0% in the second quarter to €329 million. Its underlying EBITDA improved by €10 million over the half-year to €31 million, with margin rising from 3.2% to 4.5%. Musti recorded quarterly revenue growth of 13.8% to €139 million, supported by the integration of Zu in Portugal, acquired in December 2025.
Net debt down €180 million, discount reduced to 30%
Consolidated net debt decreased by more than €180 million year-on-year to €1.8 billion. The loan-to-value ratio improved from 13.0% to 10.6% sequentially. Declared net asset value (NAV), based on market references, reached €5.6 billion, up 18% year-on-year, representing a NAV per outstanding share of €2.89. Based on a closing price of €2.015 at the end of the first half of 2026, the implicit share price discount stood at 30%, compared to 51% a year earlier and 33% at the end of the first quarter of 2026. The contribution of NOS, accounted for using the equity method, amounted to €28 million in the second quarter and €48 million in the first half. In May 2026, NOS paid an ordinary dividend of €0.35 per share and an extraordinary dividend of €0.10 per share for the 2025 financial year, generating a cash flow of €87 million for Sonaecom, which is 90%-owned by Sonae.
