CEO'S MESSAGE AND MAIN HIGHLIGHTS "The balance of the first nine months of 2018 is positive. Although the levels of accomplishment are different from business to business, Sonae Capital as a whole continued taking firm steps in the fulfilment of its strategic purpose.

The Business Units, the core of our activity, continued to increase turnover in a sustained way, ending the first nine months of the year with 136.7 million euros, 18.4% above the same period of 2017. The EBITDA kept the same trend of growth and reached 16.8 million euros, an increase of 9.1%.

In the sale of real estate assets, we continued to reach rather reasonable objectives. As of today, we have signed not only the promissory purchase and sale agreement of UNOP 3, in Tróia, but also of Edifício Metrópolis, in the metropolitan area of Porto, which are two major assets of our portfolio. At the same time, regarding the sale of residential touristic units in Tróia, we have completed 34 sales deeds for 12.8 million euros. The global amount of sales deeds, including reserves and promissory purchase and sale agreements, is now close to 52 million euros, with good prospects to be accomplished over the next quarters.

Adira, the most recent business of our portfolio, is following a process of deep transformation, with the required suitability to the Group's processes and the allocation of adequate resources to a consistent growth path.

Despite the 25.9 million euros investment, which is essential to meet the growth objectives of our Business Units, particularly Energy and Fitness, and the dividend distribution amounting to 15 million euros, last May, we hold a stable and adequate capital structure, when considering the type of businesses and assets held.

Accordingly, I take a positive view for the last quarter of the year, which should continue to show ^a better competitive position in each of our businesses and improved major Group's financial indicators."

Miguel Gil Mata

Maintenance of the growth trend in Business Units turnover (+18.4%), and EBITDA (+9.1%), with all
segments, in general, contributing positively: Fitness posting a positive turnover and EBITDA performance (52.1% and 88.5%, respectively),
fuelled by organic and non-organic growth; Energy increasing turnover and EBITDA, continuing to benefit, in 9M18, from the operations acquired in 2017, despite the impact from the increased price of CO2 licences and the behaviour
of the solar resource which had poorer availability this year; Hospitality increasing the RevPAR by 6.4% in 9M18, with the positive contribution from all the units
in 3Q18. It should be noted the 34.2% y.o.y. EBITDA growth, to 1.29M€. Achievement of significant objectives in Real Estate:
Troia Resort: (i) 34 sales deeds in residential touristic units in Tróia, corresponding to 12.8M€, coupled with 14 Reserves/PPSAs in the global amount of 6.7M€; and, (ii) as previously reported,
the PPSA of UNOP 3, in the amount of 20M€ (not yet included in 9M18 results); Other Real Estate Assets: PPSAs totalling 10.7M€, including the PPSA of Edifício Metrópolis,
together with sales deeds totalling 1.3M€. Operational improvement across the majority of the businesses not yet translated into Net Results, driven by the recognition of non-recurrent costs, including the estimate of the closing of RACE Brazil operation, and driven by an increase in Amortizations, consequence of the new operations in the
portfolio; Net Debt standing at 135.7M€, impacted by: (i) the dividend distribution in May 2018 (in the amount of 15M€); (ii) the payment, in 2Q18, of a final tranche of 9M€, related with the acquisitions made by the Energy segment in 2017; and, (iii) the Capex registered (in the amount of 25.9M€), which includes the acquisition of Pump Fitness Chain, the acquisition of the Lagoas Park Club and the ongoing investment
in the biomass-fuelled cogeneration project development; Capital structure under control and adequate when considering the Group's portfolio of businesses and

2. OVERALL PERFORMANCE Consolidated Profit and Loss Account
			D 18/17			D 18/17
Million euro	3Q 2018	3Q 2017		9M 2018	9M 2017
Turnover
Business Units	51.92	49.95	+3.9%	136.67	115.48	+18.4%
Energy	14.17	13.01	+9.0%	39.72	34.38	+15.5%
Industrial Engineering	2.50	1.19	>100%	8.86	1.19	>100%
Fitness	8.57	5.81	+47.5%	26.31	17.29	+52.1%
Hospitality	10.66	10.57	+0.9%	19.92	19.25	+3.5%
Refrigeration & HVAC	10.03	14.05	-28.7%	32.08	34.18	-6.1%
Troia Resort - Operations	5.98	5.32	+12.5%	9.79	9.18	+6.6%
Real Estate Assets	9.83	11.53	-14.8%	20.51	21.43	-4.3%
Troia Resort	7.86	4.58	+71.5%	14.45	10.32	+40.0%
Other Real Estate Assets	1.97	6.94	-71.7%	6.06	11.11	-45.5%
Eliminations & Adjustments	-3.61	-3.28	-10.2%	-6.50	-6.31	-3.0%
Consolidated Turnover	58.13	58.20	-0.1%	150.68	130.60	+15.4%
Other Operational Income	0.60	1.28	-53.4%	2.40	3.18	-24.4%
Total Operational Income	58.73	59.48	-1.3%	153.09	133.78	+14.4%
EBITDA
Business Units	9.50	10.23	-7.0%	16.84	15.44	+9.1%
Energy	4.13	5.27	-21.6%	11.21	10.95	+2.3%
Industrial Engineering	-0.38	-0.25	-54.1%	-0.85	-0.25	<-100%
Fitness	0.81	0.47	+71.8%	3.35	1.78	+88.5%
Hospitality	2.25	2.18	+3.4%	1.29	0.95	+34.7%
Refrigeration & HVAC	0.41	0.49	-16.3%	0.50	0.48	+3.4%
Troia Resort - Operations	2.28	2.06	+10.6%	1.35	1.52	-11.3%
Real Estate Assets Troia Resort	3.39 2.44	2.97 2.31	+14.0% +5.6%	3.92 1.46	5.00 1.82	-21.6% -20.0%
Other Real Estate Assets	0.95	0.66	+43.0%	2.46	3.18	-22.6%
Eliminations & Adjustments	-0.26	-0.52	+50.0%	-1.42	-2.25	+37.0%
Consolidated EBITDA	12.63	12.68	-0.4%	19.34	18.19	+6.3%

Amortizations & Depreciations Provisions & Impairment Losses	6.46 -0.02	5.48 0.04	+17.8% -	17.92 0.06	13.72 -0.22	+30.7% -
Non-recurrent costs/income (1)	0.05	-0.01	-	0.77	0.07	>100%

EBIT
Business Units	4.97	6.63	-25.1%	3.95	7.58	-47.9%
Real Estate Assets	2.01	1.61	+24.8%	-0.00	0.95	-
Eliminations & Adjustments	-0.83	-1.08	+22.9%	-3.36	-3.91	+13.9%
Consolidated EBIT	6.15	7.16	-14.1%	0.58	4.62	-87.4%
Net Financial Expenses	-1.02	-1.13	+9.5%	-3.02	-3.18	+5.0%
Investment Income and Results from Assoc. Undertakings	0.08	-0.01	-	0.30	1.99	-85.2%
EBT	5.20	6.02	-13.6%	-2.14	3.44	-
Taxes	-0.37	-0.65	+42.9%	-1.03	-1.40	+26.3%
Net Profit - Continued Businesses	4.83	5.37	-10.1%	-3.18	2.04	-
Net Profit - Discontinued Businesses Net Profit - Total	-1.21 3.62	-0.95 4.42	-27.2% -18.1%	-3.26 -6.43	-1.55 0.49	<-100% -

Attributable to Equity Holders of Sonae Capital Attributable to Non-Controlling Interests	3.62 0.02	3.98 0.44	-9.0% -96.3%	-6.31 -0.11	-0.50 0.99	<-100% -

(1) Non-recurrent items mainly related to restructuring costs and one-off income

2.1. PROFIT AND LOSS STATEMENT Business Units' turnover stood at 136.7M€ in 9M18, showing an increase of 18.4% y.o.y.. In the same period, consolidated turnover reached 150.7M€, which represents an increase of 15.4% compared to 9M17. Consolidated turnover benefited from the Business Units performance,
which more than compensated the 4.3% decrease in the Real Estate business. In 9M18, Business Units' EBITDA grew to 16.8M€, 9.1% above 9M17, equivalent to an EBITDA margin of 12.3%. The consolidated EBITDA increased by 6.3%, to 19.3M€, generating an EBITDA
margin of 12.8%. Net results (continued businesses) stood at negative 3.2M€, which represents a decrease of 5.2M€ when compared to the same period of 2017. Notwithstanding the EBITDA increase (+1.2M€), Net Results were primarily impacted by: (i) an increase in Amortizations, mostly driven by the acquisitions made in Energy and Fitness segments (+4.2M€, also impacted by optimized amortization rates); (ii) non-recurrent costs in the amount of 0.77M€, driven mostly by staff restructuring costs and an impairment related to a business carried out by RACE Brazil, as reported in 1Q18; and, (iii) when compared to last year, the recognition of Badwill in the amount of 1.8M€ in 2Q17, consequence of the operations acquired in the Energy segment.
Net results (discontinued businesses) show, as already reported, the recognition of nonrecurrent costs in the amount of 3.3M€, with an impact of 1.2M€ in the 3Q18, resulting from the
most recent estimate of potential contingencies. Therefore, consolidated net results stood at negative 6.4M€ in 9M18.

2.2. CAPITAL STRUCTURE

Capital Structure/Capex/Ratios
Million euro		Sep 2018 Dec 2017	D 18/17

Net Capital Employed	401.0	400.7	+0.1%
Fixed Assets	327.5	322.6	+1.5%
Non-Current Investments (net)	6.7	8.6	-22.4%
Working Capital	71.3	71.8	-0.7%
Capex (end of period)	25.9	61.6	-57.9%
% Fixed Assets Net Debt/EBITDA	7.9% 135.7	19.1% 109.4	-11.2 pp +24.1%

% Net Capital Employed	33.8%	27.3%	+6.6 pp
Debt to Equity Capital Structure Ratios	51.2%	37.5%	+13.6 pp

Loan to Value (Real Estate) Net Debt/EBITDA (recurrent)	20.7% 2.77x	15.9% 2.57x	+4.8 pp +0.20x

Capex totalled 25.9M€ in 9M18, mostly as a consequence of the investments made in the acquisition of Pump Fitness chain (in the amount of 8.4M€), the acquisition of Lagoas Park Club (0.26M€) and the beginning of the biomass-fuelled cogeneration project development (in the amount of 10.5M€), in the Energy segment.

FCF in the 9M18 reached negative 26.3M€, impacted by: (i) the dividends paid, in the amount of 15M€, on May 2018; (ii) the payment of a 9M€ deferred instalment, in 2Q18, related with the acquisitions made in Energy in 2017; and (iii) the Capex registered (25.9M€), which includes the acquisition of Pump Fitness Chain, the Club Lagoas Park and the investment in the development of the biomass-fuelled cogeneration project (which will start operating only in 2020), leading to a Net Debt position of 135.7M€. It should be noted the positive FCF in 3Q18, which amounted to
9.4M€. Maintenance of an adequate capital structure when considering the Group's portfolio of
businesses and Real Estate assets held: Net Debt to EBITDA of 2.8x and LTV of 20.7%. Net capital employed increased marginally versus the end of 2017, to 401.0M€, motivated by an
increase in fixed assets. As a result of Net Debt and Total Equity evolution, Debt to Equity reached 51.2%, +13.6pp when compared to 2017 year-end.

3. BUSINESS UNITS

3.1. ENERGY

а N L wering your business po
-------------------------------------------

Profit and Loss Account - Energy
Million euro	3Q 2018	3Q 2017	D 18/17	9M 2018	9M 2017	D 18/17
Total Operational Income	14.20	13.05	+8.8%	40.37	34.65	+16.5%

Turnover	14.17	13.01	+9.0%	39.72	34.38	+15.5%
Other Operational Income	0.03	0.05	-35.9%	0.65	0.27	>100%
Total Operational Costs	-10.07	-7.78	-29.4%	-29.17	-23.69	-23.1%
Cost of Goods Sold	-7.08	-5.75	-23.2%	-20.43	-17.56	-16.3%
External Supplies and Services	-1.70	-1.16	-46.6%	-4.79	-3.59	-33.6%
Staff Costs	-0.72	-0.60	-20.0%	-2.23	-1.77	-26.5%
Other Operational Expenses	-0.57	-0.27	<-100%	-1.71	-0.78	<-100%
EBITDA	4.13 29.2%	5.27 40.5%	-21.6%	11.21 28.2%	10.95 31.9%	+2.3%
EBITDA Margin (% Turnover)			-11.4 pp			-3.6 pp
EBIT	1.22	2.92	-58.3%	3.80	6.37	-40.4%
EBIT Margin (% Turnover) Capex	8.6% 3.65	22.4% -1.21	-13.8 pp -	9.6% 10.81	18.5% 37.20	-9.0 pp -70.9%
EBITDA-Capex	0.48	6.48	-92.6%	0.40	-26.25	-
Total Capacity (MW)	65.5	72.5	-9.6%	65.5	72.5	-9.6%

Owned & Operated Operated (not consolidated)	62.3 3.2	62.3 10.2	+0.0% -68.4%	62.3 3.2	62.3 10.2	+0.0%

In 9M18, Energy turnover reached 39.7M€, 15.5% above 9M17. The operations acquired in 2017 continued to have an important role on this segment's performance, having a contribution of 8.8M€ in 9M18 (+5.1M€ vs. 9M17). On a quarterly basis, turnover grew by 9.0%, much because of the cogeneration operation, which has more than compensated the slowdown in the renewables
operation, consequence of the reduced solar and wind resources. The EBITDA reached 11.2M€, performing a growth of 2.3% and benefiting from the contribution of the operations acquired, in the amount of 4.9M€ (+1.5M€ vs. 9M17). On a quarterly basis, EBITDA decreased by 21.6%, to 4.1M€, mostly impacted by the significant price increase of CO2 licenses as well as by the reduced solar resource. The EBITDA margin stood at 28.2%, decreasing when compared to the EBITDA margin of 31.9% posted in 9M17, driven by both the cogeneration and
the renewables operations. The EBIT decreased by 40.4%, motivated by Amortizations and Depreciation, which increased by
10% mostly because of the operations acquired in 2017. The CAPEX stood at 10.8M€, greatly because of the beginning of the development of a new biomass-fuelled cogeneration power plant, announced in 4Q17, which is expected to start
operating in 2020. Currently, all the projects of the segment operate in the regulated market. The first project to be carried over the free market corresponds to 10MW (solar energy), which will take place in 2H21.

3.2. INDUSTRIAL ENGINEERING

Profit and Loss Account - Industrial Engineering
Million euro	3Q 2018	3Q 2017	D 18/17	9M 2018	9M 2017	D 18/17

Total Operational Income	2.63	1.24	>100%	9.25	1.24	>100%
Turnover	2.50	1.19	>100%	8.86	1.19	>100%
Other Operational Income	0.13	0.05	>100%	0.40	0.05	>100%
Total Operational Costs	-3.01	-1.49	<-100%	-10.11	-1.49	<-100%
Cost of Goods Sold	-1.83	-0.77	<-100%	-5.84	-0.77	<-100%
External Supplies and Services	-0.32	-0.32	+1.8%	-1.24	-0.32	<-100%
Staff Costs	-0.86	-0.34	<-100%	-2.75	-0.34	<-100%
Other Operational Expenses	-0.01	-0.06	+84.5%	-0.27	-0.06	<-100%
EBITDA	-0.38	-0.25	-54.1%	-0.85	-0.25	<-100%
EBITDA Margin (% Turnover)	-15.1%	-20.6%	+5.5 pp	-9.6%	-20.6%	+11.0 pp
EBIT	-0.63	-0.40	-55.9%	-1.57	-0.40	<-100%
EBIT Margin (% Turnover) Capex	-25.2% 0.22	-33.9% 16.18	+8.7 pp -98.6%	-17.7% 0.66	-33.9% 16.18	+16.2 pp -95.9%
EBITDA-Capex	-0.60	-16.42	+96.3%	-1.51	-16.42	+90.8%

The Industrial Engineering segment includes Adira, acquired in July 2017. Throughout 2018, our major goal has been the design and construction of a structure of adequate and sufficient
resources for the implementation of the growth strategy set. As anticipated, the 9M18 results reflect the restructuring process in course. Accordingly, Adira
had a contribution of 8.9M€ and negative 0.9M€ for turnover and EBITDA, respectively. In a more operational stance and, despite not visible at results level, the number of machines produced continued to grow and totalled 121 machines in 9M18, of which 33 machines produced in 3Q18. It should be noted that, as usual, Adira's factory was closed in August.
We would like to highlight that the capacity to attract new orders has increased in the last two quarters, an important achievement that follows the implementation of new measures in the

3.3. FITNESS

OUMO
	OOIINCO

	SMART FITNESS

Profit and Loss Account - Fitness
Million euro	3Q 2018	3Q 2017	D 18/17	9M 2018	9M 2017	D 18/17
Total Operational Income	8.63	5.85	+47.4%	26.78	17.45	+53.4%

Turnover	8.57	5.81	+47.5%	26.31	17.29	+52.1%
Other Operational Income	0.06	0.04	+39.4%	0.47	0.16	>100%
Total Operational Costs	-7.82	-5.38	-45.3%	-23.43	-15.67	-49.5%
Cost of Goods Sold	-0.08	-0.03	<-100%	-0.17	-0.11	-52.9%
External Supplies and Services	-4.70	-3.28	-43.4%	-13.94	-9.55	-46.0%
Staff Costs	-2.70	-1.82	-48.5%	-8.22	-5.25	-56.4%
Other Operational Expenses EBITDA	-0.34 0.81	-0.26 0.47	-29.4% +71.8%	-1.10 3.35	-0.76 1.78	-44.8% +88.5%
	9.5%	8.1%		12.7%	10.3%
EBITDA Margin (% Turnover) EBIT	-0.02	0.01	+1.3 pp -	0.69	0.57	+2.5 pp +20.0%

EBIT Margin (% Turnover) Capex	-0.2% 0.92	0.1% 0.55	-0.4 pp +67.2%	2.6% 11.75	3.3% 1.53	-0.7 pp >100%
EBITDA-Capex	-0.11	-0.08	-39.5%	-8.40	0.25	-
# Health Clubs in Operation	30	19	+11	30	19	+11

We continued to reinforce our competitive position in the Fitness segment, excelling both in the operating and in the financial front. At the end of 9M18, the average number of active members stood at 85,741, approximately 18% above the 9M17 (when considering the Solinca chain). In the same period, turnover increased by 52.1%, to 26.3M€, benefiting from the contribution of the Pump chain, in the amount of 5.4M€. As regards the average membership fees, the like-for-like growth

stood at 3%. On a quarterly perspective, we see the typical seasonality of this business, a

slowdown in the operating activity during summer season, with some impact on results. We closed September with 30 Clubs in operation: 20 Solinca Clubs and 9 Pump Clubs, now together with Lagoas Park Club, which was acquired in August 2018. In the coming quarters, we are planning to follow the expansion plan already in course, growing not only organically but also
taking advantage of consolidation opportunities. The EBITDA reached 3.4M€, 88.5% above 9M17, generating an EBITDA margin of 12.7%, 2.5pp
above the same period of 2017. The EBIT stood at 0.7M€, which compares with 0.6M€ in 9M17. As previously reported, the EBIT in 9M18 is negatively impacted by an impairment of 0.3M€, driven by the closing of the Crossfit operation, in "Cascais", that had a profitability below expectations.

3.4. HOSPITALITY

Profit and Loss Account - Hospitality
Million euro	3Q 2018	3Q 2017	D 18/17	9M 2018	9M 2017	D 18/17
Total Operational Income	10.99	10.74	+2.2%	20.48	19.66	+4.2%

Turnover	10.66	10.57	+0.9%	19.92	19.25	+3.5%
Other Operational Income	0.32	0.18	+80.9%	0.57	0.41	+39.7%
Total Operational Costs	-8.73	-8.56	-2.0%	-19.20	-18.70	-2.7%
Cost of Goods Sold	-1.98	-1.70	-16.6%	-2.69	-2.47	-9.0%
External Supplies and Services	-4.53	-4.61	+1.7%	-10.73	-10.57	-1.5%
Staff Costs	-2.08	-2.05	-1.4%	-5.27	-5.09	-3.5%
Other Operational Expenses	-0.14	-0.20	+31.2%	-0.51	-0.57	+10.9%
EBITDA	2.25	2.18	+3.4%	1.29	0.95	+34.7%
EBITDA Margin (% Turnover) EBIT	21.1% 2.14	20.6% 2.08	+0.5 pp +2.7%	6.5% 0.97	5.0% 0.68	+1.5 pp +42.9%

EBIT Margin (% Turnover) Capex	20.1% 0.50	19.7% 0.26	+0.4 pp +89.9%	4.9% 1.02	3.5% 0.75	+1.3 pp +35.5%
EBITDA-Capex	1.75	1.92	-8.6%	0.27	0.20	+31.8%
# Units	5	5		5	5

In Hospitality, the major operating indicators continued to show a positive evolution. In 9M18, the consolidated RevPar increased by 6.4%, benefiting from the positive contribution of all units in operation in Porto (Porto Palácio Hotel, The Artist and The House) as well as of Aqualuz Tróia. On a quarterly standpoint, we would like to highlight the RevPar increase in all units in operation,
even under positive historical figures. In 3Q18, the execution of Aqualuz Tróia, The House and The Artist was particularly positive, as
these units saw occupancy rates increasing to a level above the 90% threshold. The turnover increased 3.5% in 9M18, totalling 19.9M€. In the same period, the EBITDA increased by 34.7%, to 1.3M€. As for the EBITDAR, it stood at 6.8M€, an increase of 4.5% when compared to
The CAPEX reached 1.0M€ in 9M18, which nevertheless represents an increase versus the value of 0.8M€ reported in 9M17, mostly driven by the refurbishment of Porto Palácio Hotel.

3.5. REFRIGERATION & HVAC

Profit and Loss Account - Refrigeration & HVAC
Million euro	3Q 2018	3Q 2017	D 18/17	9M 2018	9M 2017	D 18/17
Total Operational Income	10.04	14.14	-29.0%	32.17	34.20	-5.9%

Turnover	10.03	14.05	-28.7%	32.08	34.18	-6.1%
Other Operational Income	0.02	0.09	-81.9%	0.09	0.02	>100%
Total Operational Costs	-9.63	-13.66	+29.5%	-31.68	-33.72	+6.1%
Cost of Goods Sold	-9.75	-13.69	+28.8%	-21.22	-22.73	+6.7%
External Supplies and Services	2.44	2.30	+6.1%	-3.64	-3.98	+8.4%
Staff Costs	-2.19	-2.07	-6.0%	-6.54	-6.32	-3.5%
Other Operational Expenses	-0.12	-0.19	+35.3%	-0.28	-0.70	+59.7%
EBITDA	0.41	0.49	-16.3%	0.50	0.48	+3.4%
EBITDA Margin (% Turnover)	4.1%	3.5%	+0.6 pp	1.5%	1.4%	+0.1 pp
EBIT	0.35	0.48	-27.5%	0.02	0.19	-89.8%
EBIT Margin (% Turnover) Capex	3.5% 0.01	3.4% 0.01	+0.1 pp -21.5%	0.1% 0.10	0.6% 0.10	-0.5 pp +1.9%
EBITDA-Capex	0.40	0.48	-16.2%	0.39	0.38	+3.9%

Turnover in 9M18 stood at 32.1M€, 6.1% below the 9M17, mostly driven by a reduction in HVAC activity, especially considering that the 3Q17 benefited from a contract outside Portugal that had a considerable size. Taking into consideration the volume of contracts in pipeline, which stood at 27.1M€ at the end of September 2018 (equivalent to approximately 6 months of activity) and the lower billing activity and delivery of projects during 3Q18, we anticipate, as usual in this type of
business, a more favourable performance in the next quarter. The EBITDA stood at 0.5M€ in 9M18, an increase of 3.4% when compared to 9M17. This is the result of a greater focus on Refrigeration, despite the negative effect of the operating margin deterioration in some specific HVAC projects, which have not evolved as planned, as explained
in the previous quarter. The EBIT reached 0.1M€, 89.8% below the 9M17, impacted by the recognition of non-recurrent costs in the amount of 0.4M€, consequence of an impairment related with a business made through RACE Brazil, as disclosed in 1Q18.

3.6. TROIA RESORT - OPERATIONS

Profit and Loss Account - Troia Resort - Operations
Million euro	3Q 2018	3Q 2017	D 18/17	9M 2018	9M 2017	D 18/17
Total Operational Income	6.38	5.58	+14.3%	10.39	9.88	+5.2%

Turnover	5.98	5.32	+12.5%	9.79	9.18	+6.6%
Other Operational Income Total Operational Costs	0.40 -4.11	0.26 -3.53	+51.8% -16.5%	0.60 -9.04	0.70 -8.36	-13.5% -8.2%

Cost of Goods Sold	-1.07	-0.96	-11.8%	-1.40	-1.32	-5.8%
External Supplies and Services	-1.89	-1.39	-36.2%	-4.49	-3.79	-18.5%
Staff Costs	-0.98	-1.02	+4.6%	-2.58	-2.79	+7.7%
Other Operational Expenses EBITDA	-0.17 2.28	-0.16 2.06	-8.9% +10.6%	-0.58 1.35	-0.45 1.52	-27.5% -11.3%
	38.0%	38.7%		13.8%	16.6%
EBITDA Margin (% Turnover) EBIT	1.92	1.55	-0.6 pp +23.6%	0.04	0.17	-2.8 pp -74.3%
	32.0%	29.2%		0.5%	1.9%
EBIT Margin (% Turnover) Capex	0.09	0.23	+2.9 pp -60.3%	0.34	0.38	-1.4 pp -11.1%
EBITDA-Capex	2.18	1.82	+19.7%	1.01	1.14	-11.3%

This segment includes Atlantic Ferries river transportation and operations such as Tróia Marina

Turnover generated by the operations in Troia Resort reached 9.8M€ in 9M18, 6.6% above the 9M17. The performance delivered in the 3Q18, in which turnover increased by 12.5%, was key to offset the performance of the first half of the year, in which the activity in the Resort was negatively impacted by unfavourable weather conditions. The EBITDA stood at 1.4M€, decreasing when compared to 1.5M€ delivered in 9M17, notwithstanding the 10.6% increase registered in
3Q18. Capex remained at controlled levels and was mainly due to investments in the renovation and

4. REAL ESTATE ASSETS

Within the Group's current real estate portfolio we have diversified assets with different licensing and construction stages, including land plots with and without construction viability, residential units, construction projects, offices, industrial premises and commercial areas, with wide geographical

dispersion. This block considers all the real estate assets of Sonae Capital Group, as well as the assets held by the

WTC Fund. As of 30 September 2018, the capital employed in this set of real estate assets, excluding touristic residential units in Tróia and the WTC Fund, stood at 174.8M€, which compares with 284.0M€, according to the valuation made by the independent entity Cushman & Wakefield at the end of
1. It should be noted that Sonae Capital's real estate assets portfolio (as of Cushman & Wakefield valuation), including the WTC Fund valuation (as of 30 September 2018), amounted to 420.5M€.

4.1. TROIA RESORT

This segment includes, in the Peninsula of Tróia, developed touristic residential units for sale, as well as plots for construction. Out of a total of 546 touristic residential units developed, we had 91 units for sale at the end of 9M18 (excluding Reserves and PPSAs). Accordingly, the turnover reached

14.5M€, resulting from: 30 sales deeds (of which 16 sales deeds in 3Q18), corresponding to 11.3M€, which compares with 19 sales deeds in the amount of 6.6M€ in the same period of 2017. Out of the 30 sales deeds, 14
were made under the guaranteed income product. Rents related to the assets in operation (Hotels, Tróia Shopping, Car parking lots, Touristic Units

in operation), which amounted to 2.1M€, in line with the same period of 2017. Already in 4Q18 and up to the date of this report, 4 additional deeds were signed (in the amount of 1.5M€) and there are still in stock 14 promissory purchase and sale agreements and reserves totalling

6.7M€. It should be noted that the PPSA of UNOP 3, for 20M€, which was signed in 2Q18, is not yet reflected in the results. We expect the deed to take place in the coming months.

4.2. OTHER REAL ESTATE ASSETS

The other real estate assets unit registered a turnover of 6.1M€ in 9M18, resulting from rents coming from assets under management and including the contribution of deeds in the amount of 1.3M€,

related to several real estate assets. Already in 4Q18 and up to the date of this report, there is still a group of promissory purchase and sale agreements and reserves in the amount of 10.7M€, providing good prospects for the coming months. We would like to note that Edifício Metrópolis is included in this set of assets.

5. BACKUP – CONSOLIDATED BALANCE SHEET

Consolidated Balance Sheet
Million euro		Sep 2018 Dec 2017	D 18/17
Total Assets	517.3	516.1	+0.2%

Tangible and Intangible Assets	274.8	275.3	-0.2%
Goodwill	52.7	47.4	+11.3%
Non-Current Investments	2.3	2.0	+12.7%
Other Non-Current Assets	30.4	34.4	-11.5%
Stocks	92.3	94.4	-2.2%
Trade Debtors and Other Current Assets	56.0	53.0	+5.6%
Cash and Cash Equivalents	7.9	7.3	+8.7%
Assets held for sale Total Equity	0.9 265.3	2.4 291.4	-61.2% -8.9%

Total Equity attributable to Equity Holders of Sonae Capital	256.2	280.5	-8.6%
Total Equity attributable to Non-Controlling Interests Total Liabilities	9.1 252.0	10.9 224.8	-16.5% +12.1%

Non-Current Liabilities	90.3	116.2	-22.3%
Non-Current Borrowings	64.4	88.5	-27.2%
Deferred Tax Liabilities	21.7	21.6	+0.1%
Other Non-Current Liabilities Current Liabilities	4.3 161.7	6.1 108.6	-29.2% +49.0%

Current Borrowings	79.3	28.2	>100%
Trade Creditors and Other Current Liabilities	76.9	75.5	+1.8%
Liabilities associated to assets held for sale Total Equity and Liabilities	5.5 517.3	4.8 516.1	+14.5% +0.2%

6. CORPORATE INFORMATION

6.1. CORPORATE INFORMATION 3Q18 On 17 July 2018, Efanor Investimentos informed about the intention to appoint Cláudia Azevedo as the next CEO of Sonae, after the end of the present mandate. Subsequently, Cláudia Azevedo asked Sonae Capital Board of Directors to be released from her role as CEO. The Board accepted and has expressed its gratitude for the valuable contribution of Cláudia Azevedo as CEO. Additionally, Sonae Capital Board of Directors agreed to elect Miguel Gil Mata as CEO for the remaining of the current mandate. Cláudia Azevedo will remain as Board member of Sonae Capital, but as a Non-Executive

.

6.2. SUBSEQUENT EVENTS No subsequent events to be disclosed.

METHODOLOGICAL NOTES The quarterly consolidated financial information presented in this report is non-audited and has been prepared in accordance with the International Financial Reporting Standards ("IAS / IFRS"), issued by

With the aim of continuing to provide the best financial information not only at the Consolidated level, but also, at each Business Unit level and aligning with the best market practices, the international operations (Mozambique and Brazil) of the Refrigeration & HVAC segment are considered as assets held for sale and therefore their contribution to the consolidated results is recognized as discontinued operations.

GLOSSARY

CAPEX EBITDA	Investment in Tangible and Intangible Assets Operational Profit (EBIT) + Amortization and Depreciation + Provisions and Impairment Losses + Impairment Losses of Real Estate Assets in Stocks (included in Costs of Goods Sold) – Reversal of Impairment Losses and Provisions (including
	in Other Operation Income)
EBITDAR Gearing: Debt	EBITDA + Building Rents Net Debt / Equity

to Equity
HVAC	Heating, Ventilation and Air Conditioning
Loan to Value Net Debt	Net Debt of real estate assets / Real estate assets Valuation Non-Current Loans + Current Loans – Cash and Cash Equivalents – Current
Operational	Investments EBITDA - Capex
Cash Flow
PPSA RevPAR	Promissory Purchase and Sale Agreement Revenue Per Available Room

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CONTACTS

Anabela Nogueira de Matos Representative for Capital Market Relations E-mail: [email protected] Tel.: +351 22 012 9528

Nuno Parreiro Investor Relations Officer E-mail: [email protected] Tel.: +351 22 010 7903

Sonae Capital, SGPS, SA Lugar do Espido, Via Norte Apartado 3053 4471 – 907 Maia

www.sonaecapital.pt

Portugal

AI Terminal

Samba Digital SGPS S.A

6003_iss_2018-11-08_860bbaa5-a46b-4215-89ec-da86d1742472.pdf