"Net income attributable to shareholders reached 25 million euros, remaining stable compared to the same period last year", the group justified, pointing out "the impacts of increased depreciation as a result of the strong investment made" and the "financing costs due to the increase in interest rates and taxes", offset "by market share gains and solid business performance".

In the same period, consolidated turnover "increased 11.1% year-on-year to 2.1 billion euros". This evolution reflected "investment in business development and growth of retail operations, with emphasis on MC and Worten", indicated Sonae. 

According to Sonae, "despite the continuous pressure on operating costs and the effort to stand by customers, the solid performance of retail businesses and the increased contribution of businesses consolidated by the equity method, mainly from NOS", led consolidated EBITDA (earnings before interest, taxes, depreciation, and amortization) to increase by 13%, to 180 million euros.

The group detailed that in food retail, "MC continued with the expansion and remodeling of its store network, opening 28 units" during the first three months of 2024, "of which six new Continente Bom Dia proximity stores".

In this segment, the investment was 57 million euros (up 15%), it highlighted, adding that "in the Portuguese food retail sector, the competitive environment" remained "dynamic" and food inflation fell significantly when compared to the same period last year. Thus, MC saw its turnover increase by 9.4% year-on-year, to 1.6 billion euros, "benefiting from the solid performance in both the food business and in health, beauty, and well-being".

In electronics retail, Worten recorded a turnover of 310 million euros in the first quarter, growing 9.3% compared to the previous year.

In the real estate segment, Sierra's direct result increased by 3% to 15 million euros, "mainly due to the strong performance of the European shopping center portfolio, with net income reaching 14 million euros".

In technology, Bright Pixel continued "to execute its strategy and value the investments of its active portfolio, which currently includes 43 companies located worldwide, in areas such as cybersecurity, retail technologies, and infrastructure software".

Finally, in telecommunications, "NOS's contribution by the equity method reached 24 million euros" in the first three months of this year, "significantly above the 10 million euros recorded" in the same period last year, "explained by the improvement in operating performance and by a non-recurring effect related to the receipt of activity fees following a favorable court decision".

In consolidated terms, Sonae's investment "exceeded 1.2 billion euros in the last 12 months", and in the quarter, it was over 700 million euros.

"In the first three months of the year, the group invested in strengthening the internationalization of the portfolio and continued its commitment to the Portuguese market, with emphasis on the expansion and remodeling of MC's store network", it highlighted.

The group recalled that "it successfully concluded the takeover bid [Public Acquisition Offer] for Musti, taking control of the market-leading company in pet supplies retail in the Nordic countries", and that, in the second quarter, it also finalized "the acquisition of an 89.1% stake in BCF Life Sciences, a French company of ingredients for the nutrition industry".

[News updated at 8:10 pm]

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