Q3 2025 Sonae SGPS SA Earnings Call Transcript
Key Points
- Sonae SGPS SA (HAM:YSON) completed the sale of its MO and Zippy fashion retail banners, reflecting disciplined capital allocation and active portfolio management.
- Continente, the grocery division, sustained market share gains with a 9% like-for-like sales growth in Q3, driven by strong volume performance.
- The health, wellness, and beauty segment saw a 12% year-on-year top-line growth, with Druni and Wells showing strong performances.
- Musti strengthened its leadership in Nordic and Baltic markets, with a 14% turnover growth and improved gross margins.
- Sierra's acquisition of Unibail-Rodamco's real estate management division positioned it as the second-largest shopping center property manager in Germany.
- Worten's underlying EBITDA margin decreased to 5.6% due to higher logistics and strategic investment costs.
- The competitive landscape for Musti remains challenging, impacting profitability despite market leadership.
- Sonae SGPS SA's working capital was lower in Q3 2025 compared to the previous year, attributed to inventory management challenges at Worten.
- The IPO market remains closed for Bright Pixel, limiting opportunities for asset sales and capital recycling.
- Sierra's recent acquisition costs in Germany were not disclosed, raising questions about transparency in capital deployment.
Good afternoon and welcome to the Sonae nine months 2025 results conference call. The call will be structured in two parts. First, a presentation by the Sonae Group management team. And afterwards, there will be a Q&A session. (Operator Instructions)
I will now hand over to Joao Dolores, CFO. Sir, please go ahead.
Thank you. Good afternoon, everyone, and thank you for joining us for Sonae's results presentation for the first nine months of 2025. Besides myself and the investor relations team, we have on the call with us Cristina Novais from Bright Pixel, Fernando van Zeller from MC, Paulo Simoes from Worten, and Miguel Moreira from Sierra.
I'll start with a few highlights from our portfolio this quarter. In July, we completed the sale of our MO and Zippy fashion retail banners following the agreement reached in May. This transaction reflects our ongoing commitment to active portfolio management and disciplined capital allocation. At
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