Q2 2025 Sonae SGPS SA Earnings Call Transcript
Key Points
- Sonae SGPS SA (FRA:YSON) reported a 24% year-on-year increase in consolidated turnover, reaching EUR2.7 billion, driven by strong organic growth and contributions from new acquisitions like Druni and Pet City.
- The grocery segment, led by Continente, outperformed the market with a like-for-like sales growth of 10.5% in Q2, and an underlying EBITDA margin improvement of 60 basis points to 10.4%.
- The health, wellness, and beauty segment saw revenues reach EUR415 million in Q2, with an underlying EBITDA margin increase of 1.4 percentage points to 12.5%, benefiting from the integration of Druni.
- Worten achieved a 10.6% increase in total turnover to EUR313 million, supported by strong online channel performance and robust like-for-like growth of 6.9%.
- Sierra's real estate business maintained strong momentum with a 5.7% year-on-year increase in net results, supported by solid operational performance and higher shopping center valuations.
- Worten's underlying EBITDA margin decreased to 2.5% in Q2, influenced by higher logistics and staff costs, as well as inflationary pressures.
- Musti's underlying EBITDA margin remained under pressure due to continued investments in growth and higher operating costs, despite a 17% increase in total turnover.
- The health and beauty segment experienced a slowdown in like-for-like growth in Q2, attributed to changes in Arenal's value proposition and a competitive market environment.
- Sonae SGPS SA's net debt before dividends increased by EUR75 million over the last 12 months due to significant acquisitions.
- The company's NAV discount remains at 45% versus share price, indicating a gap between market valuation and intrinsic asset value.
Good morning. We welcome you to Sonae's first half 2025 results conference call. During the presentation hosted by Mr. João Dolores, Sonae's CFO (technical difficulty) --
(Operator Instructions). I will now hand over the call to Mr. João Dolores. Please go ahead, sir.
Thank you. Good morning, everyone. Thank you for joining us for Sonae's results presentation for the first half of 2025. Besides myself and the Investor Relations team, we have on the call with us Cristina Novais from BrightPixel; Fernando Van Zeller from MC; Paulo Simões from Worten; and Miguel Moreira from Sierra. I'll start with a brief reminder of our most recent portfolio changes.
As you know, we made an important investment in the pet care space last year by acquiring a controlling stake in Musti and then by making a first international expansion move into the Baltics with the acquisition of Pet City.
We also established a strategic partnership with Druni,
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