Sonae's Diversified Empire Fuels Record €11.4 Billion Year

PORTO, Portugal – May 12, 2026 – Portuguese multinational Sonae has announced a landmark year, with its diversified strategy paying massive dividends in 2025. The company reported a record turnover of €11.4 billion, a robust 14.2% increase year-on-year, a performance that sent its share price soaring by an impressive 76%.

The remarkable growth was fueled by the strong performance of its vast retail portfolio and a series of strategic acquisitions that have expanded its footprint across Europe. The results underscore the success of a complex business model that spans everything from groceries and electronics to real estate management and technology startups.

The Diversification Dividend

Sonae's 2025 success story is a powerful case study in the benefits of a well-managed, diversified portfolio. By balancing interests across retail, real estate, telecommunications, and technology, the group has demonstrated significant resilience and an ability to capture growth across multiple fronts. This strategy translated into powerful financial results, with underlying EBITDA climbing 23.6% to €1.1 billion and the net result attributable to shareholders growing 11% to €247 million.

This performance, which has been met with a "Strong Buy" consensus from market analysts, reflects a strategy of building a cohesive group of leading businesses. The company's leadership has emphasized a vision of creating long-term economic and social value through a portfolio that is balanced both by sector and geography.

"We are confident in the strength of our portfolio, which is well positioned for long-term value creation," said Sonae CEO Cláudia Azevedo in the company's official announcement. "It is balanced both geographically and across sectors, with all businesses holding relevant market positions and strong value propositions, benefiting from exposure to markets with solid structural tailwinds. We look to the future with confidence and optimism."

This confidence is built on the performance of individual business units that are leaders in their respective fields, allowing the conglomerate to weather economic shifts and capitalize on emerging trends more effectively than a more narrowly focused company might.

A Retail Powerhouse's Expanding Footprint

At the heart of Sonae's empire is its dominant retail operation, which saw significant organic growth and expansion in 2025. The group opened 128 new stores, bringing its total network to over 2,500 locations across several European markets.

In its home market of Portugal, the food retail division, MC, reinforced its leadership through the Continente brand. It achieved an outstanding like-for-like sales growth of 8.3% in what was described as a moderate inflation environment, indicating substantial market share gains.

The expansion was particularly aggressive in the high-growth health and beauty sector. The full consolidation of Spanish retailer Druni, combined with the Arenal partnership and Portugal's Wells brand, has created a leading Iberian platform in the segment. This division's turnover surged to €1.8 billion, with Druni even beginning its expansion into the Portuguese market.

Elsewhere, the group's other retail brands continued to anchor its market leadership. Worten remains the top electronics retailer in Portugal, while the denim specialist Salsa is present in nearly 50 countries. The pet care segment has also become a significant pillar of growth. Musti, a market leader in the Nordic and Baltic countries, saw its turnover increase by 14.4%, supported by acquisitions and robust organic growth, expanding its presence to seven countries by the end of the year.

Strategic Acquisitions as a Growth Engine

While organic growth was strong, Sonae’s aggressive and strategic acquisition strategy was a critical accelerator in 2025. The company has been actively redeploying capital into high-growth areas, and the results of these investments are now clearly visible on the balance sheet.

One of the most significant moves was made in the real estate sector. In October, Sonae's property arm, Sierra, acquired the Real Estate Management division of Unibail-Rodamco-Westfield in Germany. This single transaction instantly positioned Sierra as the second-largest third-party shopping center manager in Germany, dramatically expanding its European influence and leveraging its decades of expertise in property management.

In the retail space, the full consolidation of Druni was instrumental in the health and beauty division's explosive growth. This move wasn't just about adding revenue; it was about creating a synergistic platform with Sonae's existing Wells brand to dominate the Iberian market. Similarly, the integration of PetCity in the Baltics into the Musti Group business bolstered the pet care division's strong performance.

The strategy extends beyond retail and real estate. Sonae’s telecommunications arm, NOS, completed its acquisition of Claranet Portugal to strengthen its information and communication technology offerings for the B2B segment. This move highlights a broader strategy of diversifying revenue streams even within its established business units to remain competitive. After a period of major investment, the company has indicated a near-term focus on integrating these new assets to generate maximum value rather than pursuing further large-scale acquisitions.

Beyond the Aisle: Investing in Future Growth

While Sonae's consumer-facing brands are its most visible assets, the company's 2025 results also reflect the growing contribution of its investments in real estate and technology innovation. These ventures, operating largely behind the scenes, are positioning the conglomerate for its next phase of growth.

Sierra's real estate activities extend far beyond its recent German acquisition. The division operates globally, managing shopping centers and developing a wide range of real estate projects, including offices and residential properties. Its partnership with Bankinter for the ORES investment vehicle in Iberia and its role within the controlling group of ALLOS, Latin America's leading shopping center operator, give Sonae a truly global reach in the property sector.

Simultaneously, Sonae is placing strategic bets on the future through its technology and innovation subsidiaries. Bright Pixel, its corporate venture capital arm, actively invests in startups—over 50 globally to date—with solutions tailored for the retail, telecommunications, and cybersecurity sectors. This not only provides a potential financial return but also creates a pipeline of innovation that can be leveraged across Sonae's core businesses.

Further diversification comes from Sparkfood, a unit that operates in the supply of natural extracts and active ingredients for human, pet, and plant care. These investments in less conventional, future-oriented sectors demonstrate a clear strategy to build value beyond the traditional retail and real estate playbook, ensuring the group remains agile and prepared for the markets of tomorrow.