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 €1.8 billion, supported by like-for-like growth of 5.1%, which was broad-based across all physical formats, with the online channel continuing to outperform. This performance was driven by volumes, and translated into further market share gains in a decelerating, but still highly competitive market.

During the quarter, we opened two new Continente Bomdia stores. At the same time, profitability continued to improve.

In the first half of the year, underlying EBITDA increased by €29 million to €349 million, with the margin improving 20 basis points to 9.9%, supported by sales momentum and solid efficiency gains. In health and beauty, turnover increased by 13.1% year-on-year to €469 million, underpinned by sustained like-for-like growth across Wells and Druni, and by the continued expansion of their respective store networks, both in Portugal and in Spain.

In the first half of the year, turnover increased 12.3% to €906 million, with both banners gaining market share. As a result, the underlying EBITDA margin improved from 12.5% to 13.1% in the quarter, and from 12% to 12.6% in the first half of the year, more than offsetting an intense competitive environment, particularly in the beauty category.

Overall, MC continued to deliver strong top-line growth while simultaneously improving profitability. Turnover increased by 7.2% year-on-year, reaching €2.3 billion in the quarter, and by 7.9% to €4.4 billion in the first six months of the year.

The company's underlying EBITDA margin increased from 10.8% to 10.9% in the quarter, and from 10.2% to 10.5% in the first half of the year, which equated to a total underlying EBITDA of €463 million. This strong operational performance continues to translate into solid cash flow generation and further deleveraging.

As a consequence, net debt to EBITDA reduced further from 2.8 times to 2.5 times, reinforcing MC's strong financial profile. Moving on to Worten.

Worten delivered another solid quarter, combining sales growth with a healthier level of operating profitability. Turnover increased by 5% year-on-year to €329 million, supported by a like-for-like growth of 4.5%.

Since the beginning of the year, turnover increased 7% to €681 million. This performance was broad-based, with solid demand in core electronics and domestic appliances, driven by higher volumes alongside double-digit growth in services.

Both the offline and online channels contributed to growth, with online already representing around 20% of total turnover, while the Worten app continues to gain relevance and strengthen consumer engagement. iServices maintained its solid momentum, increasing its weight on total turnover and opening 10 new stores in the quarter, 8 of which outside Portugal.

Profitability improved significantly during the quarter. The underlying EBITDA margin increased from 2.5% to 3.9%, and from 3.2% to 4.5% in the semester, with underlying EBITDA up €10 million to €31 million.

This reflects a stronger sales performance, commercial margin expansion, and the growing contribution of higher margin services. Regarding Musti.

The company continued to scale its operations while simultaneously investing in transformational initiatives to support further growth. Sales increased by 13.8% year-on-year to €139 million, supported by like-for-like growth of 2.1%, temporarily impacted by the rollout of a new e-commerce platform and by the integration of ZU in Portugal.

In the first six months of 2026, turnover grew 14.7% to €277 million. Core markets performed well: Norway delivered particularly strong growth, Finland remained broadly stable, and Sweden maintained the positive momentum of recent months, while the integration of Pet City in the Baltics is reaching its final stages.

Gross margin improvements supported adjusted EBITDA growth to €14 million in the quarter. The adjusted EBITDA margin at 10.1% continues to reflect strategic investments in digital capabilities, logistics, and scalability.

After the end of the quarter, Musti announced the acquisition of three Djurcenter stores from ICA in Sweden, and entered into discussions for a potential long-term partnership to explore additional Arken Zoo stores alongside ICA supermarkets. Pet care remains a structurally attractive category with strong long-term fundamentals, and Musti continues to represent a key growth platform within Sonae's portfolio.

Moving on to Sierra. Sierra sustained a solid operational performance during the quarter, supporting further value creation across its integrated real estate platform.

Across the European shopping center portfolio, tenant sales increased by 4.6% on a like-for-like basis in the first half of the year. Occupancy remained close to 99%, with no issues in terms of rent collections.

The services business continued to expand, supported by momentum in property management, including the integration of the German platform, and by further growth in investment management, where Sierra and Hana Group started deploying their Southern European food retail strategy through several acquisitions across Portugal and Spain. Development activity progressed steadily, with construction advancing and commercialization gaining traction, while the residential pipeline expanded with Portugal's largest affordable build-to-rent project currently under development in partnership with the Porto Municipality and Solyd.

Direct result increased by 19% year-on-year, while net result decreased by €3 million, reflecting the absence of the positive non-recurring indirect results recognized in Brazil last year in the second quarter. Overall, assets under management increased by over €450 million year-on-year to €7.1 billion.

NAV grew to €1.2 billion, an increase of €89 million year-on-year after the payment of €25 million in dividends to Sonae. NOS delivered another solid operational and financial performance during the quarter, with further profitability growth in a quite competitive consumer market.

Consolidated revenues totaled €458 million, broadly stable year-on-year, with growth in the enterprise and IT businesses offsetting the ongoing pressure in the consumer segment and a small decline in the cinema and audiovisuals business. EBITDA increased by 1.5% year-on-year to €206 million, with the margin expanding by 70 basis points to 44.9%, while free cash flow, excluding non-recurring items, rose 9% to €63 million, reflecting higher profitability and the maturity of the current network investment cycle.

NOS contributed €28 million to Sonae's equity method results in the second quarter and €48 million in the first half of the year. In May, the dividends paid by NOS generated an inflow of €87 million for Sonaecom.

At the same time, Bright Pixel maintained a quite disciplined investment approach, balancing selective capital allocation with the evaluation of diversified investment opportunities. During the quarter, four companies were added to the active portfolio with net capital deployment of €17 million.

The active portfolio reached an NAV of €335 million at the end of the first half of the year, implying a potential cash-on-cash multiple of around 1.4 times. Now moving on to the consolidated view.

Overall, our total turnover grew 5.6% year-on-year to €2.9 billion and 6.3% to €5.6 billion in the first half of the year, driven by solid performances across all our retail businesses. MC grocery accounted for around €100 million of the increase, followed by health and beauty with around €50 million, and by Worten and Musti, which more than offset the deconsolidation of the MO and Zippy fashion banners last year.

Underlying EBITDA grew €26 million or reached 10.2% year-on-year to €281 million, driven primarily by MC, which added €19 million to this indicator, and supported by positive contributions from the remaining retail businesses. The underlying EBITDA margin improved from 9.5% in Q2 last year to 9.9% in Q2 this year, and from 9% in the first semester 2025 to 9.6% this year.

Consolidated EBITDA increased by 15.1% year-on-year to €316 million, supported by the solid evolution of underlying EBITDA and by improved equity method results. All in all, the results which is attributable to Sonae shareholders grew 27% to €75 million in the quarter and 20% in total to €123 million in the first half of 2026.

The strong operational performance generated €289 million of operational free cash flow in the last 12 months, which enabled further progress in our deleveraging path, with consolidated net financial debt decreasing by over €180 million year-on-year to €1.8 billion. As a result, loan-to-value reduced from 13.8% to 10.6% this year, a reduction of 3.2 percentage points.

Our net asset value grew 18% year-on-year to €5.6 billion, this after €121 million of dividends paid to Sonae shareholders this quarter. This evolution was driven by the strong operational performance of our retail businesses, in particular MC, the appreciation in the NOS market value, as well as positive contributions from Sierra.

On a per-share basis, NAV reached €2.89, and the Sonae share price has appreciated 67% year-on-year to €2.015, and the discount between NAV per share and the share price narrowed from 51% at the end of the first semester of last year to 30% at the end of June of 2026. Still, the potential upside remains substantial at 43%, and we therefore remain fully committed to further reducing this gap.

This is all for now. Thank you.

You can now open the session to Q&A.

Okay. All right, I think we have first questions in the chat.

We will start there. We have a couple of questions from Julien from Kepler.

The first one is if we can share where Continente's market share stands as of Q2 this year. A second question if we can comment on the current competitive dynamics in the Portuguese food retail market.

Are we seeing any increase in pricing or promotional activity from competitors? How do we see the competitive environment evolving over the coming quarters?

Why isn't Portugal behaving like similar European markets where discounters continue to grab market share aggressively? Then on Musti, the business continues to deliver strong top-line growth while we are investing in digital capabilities, logistics, and integrating recent acquisitions.

Once these investments, integrations are behind, should we think about a medium-term EBITDA margin or EBITDA run rate for the business? I'll ask Fernando to cover the initial two questions, and then I'll comment on the Musti one.

Okay. Julien, thank you very much for the questions.

In terms of market share, as we have previously disclosed, Continente is about a little bit above 27% of market share in Portugal, and we actually have increased our market share in the first half of 2026 given our strong performance. In terms of competitive dynamics, it's true we're seeing in Q2 a higher promotional activity as well as a more aggressive price activity across the players, I would say across the market.

We expect this to continue in the second half of 2026 as the market, as has recently shown a slight deceleration. We're seeing more and more pressure from all the players in the market, and that's clear also in our performance.

When we talk about discounters, the truth is discounters are gaining share in Portugal. Continente, as the leader, continues to gain share and is not a discounter, obviously, but we continue to see a trend where discounters are continuing to gain market share in Portugal.

That being said, they're not gaining market share at the level they were growing probably one or two years ago, but in that path, I would say that the trend is more or less in line with other European countries.

Then I'll pick the Musti one. It's true, as you point out, Julien, that the top-line growth is quite positive at Musti, as is the evolution of gross margin.

The performance has been quite strong there. It's true that the underlying EBITDA margin or the adjusted EBITDA margin continues to be a bit pressured by the investments that we have been doing in the last few months in terms of platform changes, logistics, and also integrating recent acquisitions.

This is an investment that will probably continue up until the end of this year, beginning of next year. We do expect the margins to start to recover to higher levels in 2027, and we would expect a run-rate margin in this business to be closer to 15% than what we are seeing right now.

We have another question here from Alexandre. If we could comment again on Continente on volume, price, and mix evolutions in Q2 in the grocery segment.

Fernando.

Sure. Thank you again for the question.

As in Q2, Continente has shown a like-for-like of around 5%. This was mainly driven, as João mentioned in the call, by volume performance.

We had a 3% volume increase, more or less in line with Q1. In terms of mix, it was more or less the same as Q2 2025, and so the remaining 2% are related with the price increase in the market.

As inflation as a whole in the market has been a little bit higher than 2%, but as of today, and in Q2 2026, we have seen around 2% inflation in Continente.

Okay. Thank you, Alexandre.

We have—today, the questions are all coming through the chat. António Seladas from AS Independent Research: "Druni keeps burning cash on a quarterly basis.

Could you please comment on this topic? Like-for-like sales at MC Grocery slightly adjusted, the pace went down.

Should we expect this pattern over the remaining of the year?" Fernando, you want to cover both?

Sure. António, thank you very much for the questions.

Again, in terms of like-for-like of Continente, which is probably easier to answer because it has been the path we have been following this call, it's true that we have reduced the increase of like-for-like to about 5% in Q2, mainly driven—and Continente, it's important to say, increased our market share in Q2, and so this is mainly driven by the market slowing down in Portuguese grocery retail in Q2. It's difficult to predict what's going to happen in the next two quarters of the year.

That being said, our expectation is the market won't get to the levels they were growing in Q1, because that was obviously a very high level of growth, and probably if we had to estimate at this point, the growth of the market should be more in line with Q2 for the remaining of the year versus Q1, which was abnormal in terms of growth. In terms of Druni, it's easier to answer.

Druni, in terms of cash flow generation profile, the majority of the cash flow is generated towards the end of the year, it's part of the nature of the business. Also Druni, as has an aggressive expansion plan which is going extremely well, where we are opening around 30 stores, close to 30 stores in Spain.

We're also opening very successful Druni stores in Portugal, and we have an ambitious plan for this year. I would say it's normal that the cash flow profile is skewed towards the end of the year, and also we are also investing more in terms of expansion because we see a strong opportunity for Druni to be quite successful both in Portugal and Spain.

The market share that we have been grabbing in both markets, I think, really translates the successful concept we have here.

Very good. Thank you, António.

I'm not seeing any more questions. Maybe we'll just give it a few more seconds to see if we have any questions coming in.

Maybe I will just take the moment to do a brief comment on the results. I think we are obviously very happy with the results of the initial six months of the year.

I think they show the strong profile of our businesses and the ability that we have shown to increase market share in practically all the markets in which we operate, and we see this positive momentum carrying into the second half of the year. Looking forward to being here and presenting our results for Q3 when we next meet.

If there are no further questions, thank you very much for listening, thank you very much for the questions you sent across, and see you in our next quarterly announcement. Thank you.