Slides
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Thriving together 2Q26 Results
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Results by business 2
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2Q25 2Q26 1H25 1H26 0.41 0.47 0.81 0.91 +13.1% +12.3% 2Q25 2Q26 1H25 1H26 1.7 1.8 3.3 3.5 +5.7% +6.8% MC sustained strong growth across grocery and health & beauty in 2Q26 Grocery • Sustained growth and market share gains • Higher uEBITDA margin, reflecting sales momentum and efficiency gains Health & Beauty • Double-digit growth, driven by like-for-like growth and network expansion • Higher uEBITDA margin, supported by sales performance and operational efficiencies Turnover (€bn) and uEBITDA margin (%) LfL +6.2% Grocery 3 LfL +5.1% 10.4% 10.3% 9.9%9.7% LfL +6.5% LfL +6.9% 12.5% 13.1% 12.0% 12.6% Health & Beauty
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2Q25 2Q26 1H25 1H26 2.1 2.3 4.1 4.4 +7.2% +7.9% MC delivered strong growth while improving profitability and further reducing leverage Jun-25 Jun-26 2.8x 2.5x Net Debt to EBITDA (x)Turnover (€bn) and uEBITDA margin (%) 4 10.8% 10.9% 10.2% 10.5% LfL +6.4% Consolidated MC Consolidated MC LfL +5.5%
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313 329 636 681 2Q25 2Q26 1H25 1H26 +5.0% +7.0% Worten combined solid growth with improved profitability • Strong demand in core categories and double-digit growth in services • Growth across offline and online channels, with the Worten App gaining relevance • iServices maintained solid momentum • Higher uEBITDA margin, driven by sales growth, commercial margin expansion and services Turnover (€m) and uEBITDA margin (%) 5 2.5% 3.9% 3.2% 4.5% LfL +6.1% LfL +4.5%
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122 139 242 277 2Q25 2Q26 1H25 1H26 +13.8% +14.7% 10.6% 10.1% 10.6% 10.2% Musti continued to scale while investing for future growth • Double-digit growth, driven by LfL and the integration of ZU • Gross margin improved, supported by in-house own-brand food production • Adj. EBITDA margin reflected continued investments in future growth and scalability • Expanded in Sweden through the Gaston acquisition and ICA partnership Turnover (€m) and adj. EBITDA margin (%) 6 LfL +2.1% ZU acquisition contributed c.€17m to 1H26 net sales LfL +3.0% ZU acquisition added c.€9m to 2Q26 net sales
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Sierra increased its NAV yoy by €89m, after distributing €25m in dividends to Sonae • European shopping centres delivered 4.6% LfL tenant sales growth in 1H26 • Services expanded, driven by momentum in property management and investment management • Development activity progressed steadily, with construction advancing and commercialisation gaining traction • Operational performance drove NAV to €1.2bn (+€89m yoy), plus an additional €25m in dividends to Sonae 7 NAV INREV (€m) Jun-25 Mar-26 June-26 before dividends paid Dividends paid to Sonae Jun-26 1,124 1,203 1,239 -25 1,213 +€115m +€89m
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8 • Disciplined investment approach, focused on selective capital allocation • Added 4 companies to the active portfolio in 2Q26, with net capital deployment of €17m (€18m in 1H26) • Active portfolio NAV reached €335m at the end of 1H26, implying a ~1.4x cash-on-cash multiple • Solid operational and financial performance, despite an intense competitive environment • Revenue remained stable, while EBITDA increased 1.5% yoy to €206m in 2Q26; free cash flow rose 9% yoy to €63m • Equity method results totalled €28m in 2Q26 and €48m in 1H26, while FY25 dividends generated an €87m cash inflow for Sonaecom Resilient performance across Telco and Technology
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9 Consolidated view
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TURNOVER (€bn) 2Q25 2Q26 1H25 1H26 2.7 2.9 5.3 5.6 +5.6% +6.3% Solid turnover growth across all retail operations MC, Worten and Musti drove growth 10 2Q25 MC Grocery MC HWB Worten Musti Other 2Q26 2.70 0.10 0.05 0.02 0.02 -0.03 2.85 +0.15 Incl. MO & Zippy exit
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274 316 525 600 2Q25 2Q26 1H25 1H26 +15.1% +14.4% 255 281 473 536 2Q25 2Q26 1H25 1H26 +10.2% +13.3% 11 Positive performance of both our fully and our equity consolidated businesses Strong uEBITDA performance and relevant equity method results supported EBITDA growth uEBITDA (€m) and uEBITDA margin (%) EBITDA (€m) and EBITDA margin (%) 9.5% 9.9% 9.0% 9.6% 10.2% 11.1% 10.0% 10.7% EBITDA (€m)
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Net result attributable to the Group increased 20% yoy to €123m in 1H26 59 75 102 123 2Q25 2Q26 1H25 1H26 +27% +20% Net result group share (€m) 12
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707 98 516 2Q25 EBITDA & Other Operational flows Working Capital Operational capex 72 Net financial activity M&A Capex net of Sale of Assets Others (inc. dividends paid and received) 2Q26 1,968 1,786 18 53 -182 1313 Net Financial Debt (Consolidated; €m) Solid operational performance results in an NFD reduction of over €180m Operational FCF: +€289m
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Lower LTV reflects the ongoing deleveraging trajectory Loan-to-Value (%) 14 Jun-25 Jun-26 13.8 10.6 -3.2 p.p.
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Value creation across the portfolio supported NAV growth to €5.6bn (+18%), after €121m in dividends Retail Real Estate Telco & Tech Holding costs and others June-26 before dividends paid Dividends paid to Sonae shareholders Jun-26 4.75 +0.48 +0.09 +0.25 +0.18 5.75 -0.12 5.63 Jun-25 +18% NAV (€bn) Note: NAV per share excludes own shares €2.89 per share
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Strong share price appreciation, upside potential remains substantial 16 Share price Note: NAV per share excludes own shares 30 Jun 2025 31 Dec 2025 30 Jun 2026 NAV per share @Jun-26 €1.21 €1.61 €2.02 €2.89 +67% 43% Sonae closing share price
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17 Q&A