Sonae SGPS: Revenue Up 7.1% and Net Income at €47M in Q1 2026
The Portuguese holding company continues its debt reduction (net debt at €1.7 billion, LTV at 13%) and sees its net asset value increase by 20% over twelve months. However, the share price remains undervalued by 33% relative to the NAV, although this gap has narrowed by 23 percentage points in a year.
MC and Worten Drive Group Growth
The retail portfolio continues to support the group's dynamics. MC, the leading division, reports a revenue of €2.1 billion, up 8.7%, with an improved EBITDA margin at 10%, gaining 0.5 points. With groceries up by 8% and the health-beauty segment by 11.5%, both engines consolidate their market positions. Worten follows suit with €352 million in sales (8.9% growth) and an expanded margin at 5%, benefiting from a 7% increase in appliance volumes and a double-digit acceleration in services. Musti records its own growth, accelerated to 16% with the integration of ZU in Portugal, although the margin slightly declines to 10.3% due to scalability investments. In total, the group posts consolidated sales of €2.735 billion (7.1% growth).
Underlying EBITDA and Operational Leverage
Underlying EBITDA advances by €37 million to €255 million, with the margin increasing from 8.5% to 9.3%. This improvement reveals operational leverage: the rise in sales, improvement in gross margins, and productivity gains offset the inflation of salary costs. The consolidated net income reaches €47 million (11% year-on-year). Pre-tax profit grows by approximately €15 million; financial expenses are set at €53.2 million, slightly down from €55.4 million in Q1 2025. Sierra and NOS continue their positive contribution: Sierra generates a net income of €20 million, supported by active management of the European real estate portfolio (occupancy rate at 99%), while NOS, integrated under equity method, contributes €20 million for the quarter.
NAV at €5.5 Billion: Discount Narrows but Depreciation Remains Deep
The net asset value rises to €5.5 billion (€2.85 per share), up 9% quarterly and 20% annually. This progress reflects the robustness of the asset portfolio and the acceleration of operational value creation. However, at the closing price of €1.914, the implicit discount persists at 33%, although this figure represents a significant contraction: 5 points gained in three months and 23 points in twelve months from the 56% recorded at the end of Q1 2025. The trend of convergence between share price and NAV accelerates, but the gap shows that the market remains skeptical about the holding's ability to transform its asset value into returns for shareholders. Financially, the group strengthens its position: net debt decreases by €163 million to €1.7 billion, while the debt ratio (LTV) sharpens to 13%. This improvement is supported by robust operational cash generation and the announced sale of Sierra's direct stake in Parque Dom Pedro.
