From “memorable” to “extraordinary”. Sonae closes 2025 with record revenues of over €11 billion and proposes another dividend increase

“2025 was an extraordinary year for Sonae.” This is how CEO Cláudia Azevedo describes the annual results of the group based in Maia, Porto, which, in 2024, had already recorded a “memorable” year, in the businesswoman’s own words. The owner of the Continente supermarkets achieved a new historic sales milestone, with revenues exceeding €11 billion for the first time, whilst profits rose by 11% to €247 million.

In light of these results, Sonae’s board of directors will propose the distribution of a dividend of 6.217 cents, representing a further 5% increase on the 5.921 cents paid the previous year.

The Maia-based company closed the last financial year with a consolidated turnover of €11.4 billion, 14.2% higher than the figure recorded the previous year, a performance that was “mainly driven by MC, in both the food and health and beauty segments, but also by Worten and Musti”, according to the statement sent on Thursday to the Portuguese Securities Market Commission (CMVM).

Sonae highlights that “strong growth, driven by consumer preference, has led to an increase in market share across all the markets in which Sonae operates”. Meanwhile, EBITDA rose by 17.6% to €1.2 billion.

“2025 was an extraordinary year for Sonae, reinforcing our confidence that we are building a cohesive group of leading companies, with the scale, capacity and ambition to create long-term economic and social value”, comments Cláudia Azevedo, quoted in the press release.

The Sonae chief highlights that, “following a significant restructuring of the company’s portfolio last year, notably through major investments in Musti and Druni, in 2025 efforts focused on the successful integration of these companies, as well as on supporting all businesses so they can continue to thrive in their markets”.

“I am proud to share that we have achieved record highs, with turnover reaching €11.4 billion, up 14%, whilst underlying EBITDA grew by 24% to €1.12 billion, an improvement in the margin from 9.1% to 9.9%”, summarised the CEO.

Cláudia Azevedo noted that MC “once again stood out with a remarkable year”. “The food segment performed exceptionally well, with LfL growth of 8.3%, driven mainly by strong volume growth against a backdrop of moderate inflation”, she noted, adding that Continente had once again increased its market share, “strengthening its leading position, including in the fresh produce categories and the online channel”.

In food retail and the health, wellness and beauty segment, MC’s turnover reached €8.9 billion in 2025, a year-on-year increase of 16%.

Taking the food segment alone, turnover rose by 10% to €7.1 billion, remaining the group’s main source of revenue.

The company explains in a statement that “growth was mainly driven by volumes, reflecting the strength of Continente’s value proposition in a context of moderate inflation. This performance was further supported by the expansion of the network, with 13 supermarkets opened during the year, mostly local stores”.

In the health and beauty sector, turnover rose to €1.8 billion, with like-for-like sales growing by 5.6%, “reflecting the full consolidation of Druni, robust organic growth and the continued expansion of the network in the Iberian Peninsula, with 42 stores opened during the year”. Druni, which entered the Portuguese market in 2025, ended the year with four stores in the country.

“The partnership with the Casp family at Druni proved to be a decisive step, establishing a leading platform in the Iberian Peninsula alongside Wells. I am very confident in the long-term value creation potential of this growth path in a market with strong favourable structural trends”, the CEO highlighted in the statement.

In electronics, marketplace and services retail, Worten’s turnover increased by 7.5% to €1.5 billion.

In pet products retail, Musti “made significant progress in strengthening its positions in the Nordic countries and expanded its geographical presence by integrating PetCity in the Baltics (acquired in Q4 2024) and ZU in Portugal (acquired from MC in December 2025)”. By the end of 2025, Musti had expanded its presence to seven countries”. Turnover increased by 14.4%, “driven by the recently acquired businesses, store openings and a robust LfL sales performance of 3.3%”, the document states.

Sierra (property) achieved a net profit of €110 million in 2025, driven mainly by stronger operational performance and improved valuations of shopping centres.

In telecommunications and technology, the company highlights that “NOS has consistently delivered solid operating results, quarter after quarter, despite operating in a highly challenging competitive environment in the telecommunications sector”. “In Sonae’s consolidated accounts, NOS’s contribution under the equity method amounted to €92 million in 2025”, the statement adds.

Investment slows after wave of acquisitions

Following a period of significant acquisitions, including the purchase of the Nordic firm Musti for around €700 million, Diorren, and the “combination of the businesses” of Druni and Arenal in Spain, the Maia-based group focused in 2025 on developing its businesses, further diversifying its portfolio and creating social value.

All things considered, consolidated investment reached €612 million, “with a particular emphasis on the organic expansion of the business, notably in retail across the various markets where Sonae operates, as well as significant moves within the international portfolio”.

This figure fell well short of the €1,589 million invested in 2024, of which €1,121 million was allocated to financing acquisitions.

“We are confident in the strength of our portfolio, which is well positioned to create long-term value”, concluded Cláudia Azevedo, adding that “it is balanced both geographically and sectorally, with all businesses holding significant positions in their respective markets and offering solid value propositions, benefiting from exposure to markets with strong favourable structural trends”. “We look to the future with confidence and optimism”, she concluded.