Q2 2026 Sonae SGPS SA Earnings Call Transcript
Key Points
- Sonae SGPS SA (FRA:YSON) reported strong top-line growth across all retail businesses, with total turnover up 5.6% year-on-year in Q2 2026.
- MC grocery segment gained market share in Portugal, with like-for-like sales growth of 5.1% driven by volumes and improved underlying EBITDA margin to 9.9%.
- Health and beauty segment (Wells and Druni) saw turnover increase 13.1% year-on-year, with underlying EBITDA margin improving from 12.5% to 13.1% in Q2.
- Worten delivered a solid quarter with turnover up 5% and underlying EBITDA margin significantly improving from 2.5% to 3.9%.
- Consolidated net asset value grew 18% year-on-year to EUR5.6 billion, and the discount between NAV per share and share price narrowed from 51% to 30%.
- Competitive dynamics in Portuguese food retail intensified, with higher promotional and price activity expected to continue in the second half of 2026.
- Like-for-like sales growth at MC grocery decelerated to 5% in Q2 from higher levels in Q1, reflecting a slowing market.
- Musti's adjusted EBITDA margin remained pressured at 10.1% due to ongoing investments in digital capabilities, logistics, and acquisitions.
- Druni continues to burn cash on a quarterly basis, with cash flow generation skewed toward year-end and aggressive expansion plans.
- NOS faced ongoing pressure in the consumer segment, with consolidated revenues broadly stable year-on-year despite growth in enterprise and IT businesses.
Good morning, everyone, and welcome to Sonae's second quarter 2026 results conference call.
Today's call will be conducted in two parts. First, Sonae's Chief Financial Officer, Mr. João Dolores, will present the group's results.
(Operator Instructions)
I will now hand the call over to Mr. João Dolores. Sir, please go ahead.
£ -
Thank you. Good morning, everyone.
Thanks for joining us for Sonae's Q2 results presentation for 2026.
Besides myself and the Investor Relations team, we have with us Cristina Novais from Bright Pixel, Fernando Van Zeller from MC, Paulo Simões from Worten, and Miguel Moreira from Sierra.
Let's then begin with the highlights of the quarter, starting with MC. In the second quarter of 2026, MC once again reinforced its leadership position across both grocery and health and beauty in Portugal and Iberia, respectively.
In grocery, turnover increased by 5.7% year on year to EUR1.8
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