Sonae SGPS

Investor Presentation • May 31, 2022

Shaping tomorrow, today

Maia, 17th May 2022

1Q22 Highlights

Key Performance Indicators

• NAV at the end of the 1Q22 stood at €4.1bn, €65m above YE21.
• Consolidated turnover increased by 5% yoy to €1.7bn, mainly fuelled by MC and Zeitreel. NOS and ISRG registered once again solid and improved performances.
• EBITDA reached €149m, a +17% yoy growth, driven by both underlying EBITDA and the strong recovery of all equity accounted businesses, despite the significant yoy increase in energy costs which amounted to circa €20m.
• Sonae's net result (group share) significantly surpassed last year's level, reaching €42m.
• €627m of cash flow generated in the last 12 months, once again supported by the solid operational results of all businesses combined with the value-accretive portfolio management operations in the period.
• Net debt decreased yoy almost €600m to €931m, as the cost of debt remained low (less than 1%) and the average maturity profile improved to almost 5 years.

Portfolio Management Activity

• Sonae acquired an additional 10% stake in Sierra for €83.5m following the put option exercise by Grosvenor. This transaction had an implicit discount of c.10% over Sierra's NAV at the end of 2021. Sonae now holds 90% of Sierra.
• Bright Pixel also continued to actively manage its portfolio with two exits representing c.€40m of cash realized and two new minority investments completed.

CEO letter

3

Sonae had a great start to 2022. As our businesses continued to succeed in their respective markets, the group maintained a steady growth path, with improved levels of profitability, which ultimately led to a more valuable portfolio.

In the first quarter of the year, Sonae was able to deliver a very positive set of results with a top line growth of 5% yoy to €1.7 billion, and an EBITDA increase of 17% yoy to €149m. Our consolidated performance, together with our active portfolio management activity, generated €627m of free cash flow over the last 12 months, implying a significant net debt decrease of approximately €600m. Our portfolio of investments continued to increase in value, with NAV reaching €4.1bn, €65m above the 2021 year-end figure. These results were accomplished in a very challenging context, marked by the Russian invasion of Ukraine. Although Sonae has no direct material exposure to these countries, our businesses have already felt the indirect ripples of this conflict, namely from higher energy prices, overall inflation and supply chain constraints, but have been able to fend off these headwinds.

I would like to thank our employees for their continuous efforts and ability to overcome new challenges. As we are witnessing an increasingly volatile relationship between companies and employees around the World, I am delighted to see that our people are proud of Sonae's values and ethical standards and feel motivated to develop their careers with us. I would also like to express my gratitude to all other stakeholders, including our shareholders to whom we distributed a dividend of 5.11 euro cents per share on May 17th, corresponding to a 5% yoy increase and a dividend yield of 5.1%¹ , as approved in our Shareholders' Meeting.

Going forward, we will remain focused on serving our customers across all markets and on future-proofing our portfolio of investments. Regardless of how the global economy and financial markets evolve, our group of companies, solid financial situation and skilful teams position us well to manage through this cycle of uncertainty, continue to reinforce our competitive positions and capture the opportunities that lie ahead.

Cláudia Azevedo, CEO

¹ Considering the share price at year-end 2021.

Overview

Key Data

€m	31.03.21	30.06.21	30.09.21	31.12.21	31.03.22
NAV	3,868	3,695	3,967	4,015	4,080
Market capitalization	1,557	1,600	1,817	2,006	2,084
Net Debt	1,519	1,496	857	563	931
€m	1Q21	2Q21	3Q21	4Q21	1Q22
Turnover	1,608	1,614	1,792	2,009	1,690
Underlying EBITDA	110	136	169	187	121
Direct Result	-1	55	115	88	42
Net result group share	1	62	96	109	42
Sale of assets	5	39	606	14	35
M&A capex	-85	-6	-82	-22	-110
Free cash flow before dividends paid	-324	-5	715	295	-378
Dividends paid	0	-96	0	0	0
		1Y	3Y	5Y	10Y
Total Shareholder return*		42%	11%	7%	14%
* Source: Bloomberg.

Sonae's NAV is based on market references, such as trading multiples of comparable peers, external valuations, funding rounds and market capitalisations. Valuations methods and details per business unit are available in Sonae's Investor Kit at www.sonae.pt.

Sonae's NAV amounted to €4.1bn at the end of the 1Q22, slightly above (+1.6%) the figure at the end of 2021.

During the last 3 months, Sonae acquired an additional 10% of Sierra for €83.5m, now holding 90% of the company and Bright Pixel sold its stakes in SafetyPay and ciValue with a total cash realized of c.€40m. Considering the last 12 months, Sonae had a very active portfolio management activity, namely the sale of 24.99% of MC to CVC funds for €528m, the acquisition of 95.4% of Gosh Food, a reference UK player in the plant-based food sector, the sale of MC's 50% stake in Maxmat and the agreement reached by Universo to sell its 50% stake in MDS for €100m (which conclusion is pending required regulatory approvals).

In terms of operational performance and given the demanding comparable of the 1Q21 with a pandemic context and a lockdown in Portugal, consolidated turnover delivered a solid and positive performance with a 5% yoy increase to €1.7bn. 1Q22 underlying EBITDA improved 10% yoy to €121m, mainly anchored by the recovery of our fashion business. This positive operational performance, coupled with the continued recovery of our equity accounted businesses, as well as some capital gains from portfolio transactions, led to a Direct result of €42m at the end of the 1Q22, well above last year figure. Indirect result stood at €9m and Sonae's Net result (group share) reached €42m, showing a significant improvement versus 1Q21.

NAV detail

Company (€m)	Ownership	31.12.21	31.03.22	Var.	Major drivers
MC	75%	1,870	1,892	1.2%	Higher earnings and lower average net debt
Worten	100%	244	216	-11.7%	Lower multiples and earnings
Zeitreel	100%	124	120	-3.2%	Higher earnings but lower multiples
Sierra	90%	740	875	18.2%	Increased stake and higher INREV NAV
ISRG	30%	213	192	-10.0%	Higher earnings but lower multiples
Universo	100%	51	52	2.2%	Slighty higher multiples
Bright Pixel	90%	356	340	-4.2%	Higher NAV and sale of assets
NOS	32%	538	584	8.6%	Higher share price
Other investments (1)		175	175	0.0%
Holding Real Estate		176	180	2.2%
Holding Structure		-131	-141	-7.2%
Holding Net Debt (2)		-318	-383	-20.6%
Minorities		-23	-22	3.9%
Total		4,015	4,080	1.6%

(1) Other investments include Gosh and MDS (transaction to be completed). (2) Normalized average net debt.

In terms of operational cash flow, Sonae's portfolio generated €90m over the last 12 months, a significant yoy reduction related to a change in the retail working capital given the later Easter period in 2022 that resulted in a higher inventory level at the end of the 1Q22, and the increase of the operational investment activity at our businesses.

In what regards the portfolio management activity, Sonae invested €220m and received €693m of cash proceeds from asset sales mainly related with the minority stake sale in MC and the sale of the 50% stake in Maxmat. During the last three months, the most relevant portfolio movement was the acquisition of the 10% stake in Sierra for €83.5m.

All in all, Sonae's FCF (before dividends paid) in the last 12

months stood at €627m, which after the dividend payment, led to an almost €600m decrease in the consolidated net debt, to €931m at the end of the 1Q22. The group's capital structure remains robust with very comfortable leverage ratios and liquidity levels. At the end of 1Q22, Sonae held c.€1,150m of available liquidity (cash and available credit facilities), maintained a low cost of debt (less than 1.0%), improved the debt maturity profile to almost 5 years and reached 65% of the total long-term facilities linked to sustainable, green or ESG performance.

€m	L12M March 21	L12M March 22	var.
EBITDA (inc. rents and taxes)	409	410	0.4%
Working cap. and others	45	-24	-
Operational capex	-250	-296	-18.7%
Operational cash flow	204	90	-56.1%
Net financial activity	-30	-28	5.4%
M&A capex	-317	-220	30.7%
Sale of assets	71	693	-
Dividends received	8	91	-
FCF bef. dividends paid	-64	627	-

Portfolio Performance

1. Fully consolidated companies

The first quarter of 2022 started with good prospects as the pandemic had entered in an endemic phase. However, since mid-February the conflict in Ukraine has been hampering consumer confidence and bringing some additional challenges to each business of our portfolio. It should be noted that, for comparison purposes, the 1Q21 was characterized by a pandemic wave with severe limitations, including lockdowns in some geographies.

		Turnover			UnEBITDA margin
€m	1Q21	1Q22	yoy	1Q21	1Q22
MC	1,247	1,294	3.8%	8.5%	8.4%
Worten	272	261	-4.1%	6.4%	5.1%
Sierra	22	28	24.3%	13.7%	17.7%
Zeitreel	61	96	57.2%	-6.5%	6.3%
Universo	5	8	75.5%	-97.0%	-33.0%
Bright Pixel	14	15	7.0%	-0.7%	-3.8%
Total	1,608	1,690	5.1%	6.8%	7.1%

MC – food retail²

Despite the challenging economic context, the unfavourable Easter calendar and the demanding comparable basis, MC delivered a solid set of results in 1Q22, continuing to gain market share on the back of strengthened customer perception levels.

Total turnover grew by 3.8% yoy with a 2.2% LfL figure, mainly fuelled by the nonfood formats which overcame prior year lockdown restrictions and captured the rebound of out-of-home consumption, as well as food inflation that reached 5% in the 1Q22. This solid performance was particularly positive given the macroeconomic and trade environment, especially since mid-February with the beginning of the war in Ukraine.

Online sales doubled versus pre-pandemic levels, reaching 3.2% of total turnover in the 1Q22, in a path of natural consolidation from the exceptional high rates over the last two years.

Capex in the period stood at €26m, slightly below the 1Q21 figure, mainly related with store network refurbishments and also new store openings that will materialize progressively along the year.

In terms of profitability, MC's positive sales performance contributed to an improved underlying EBITDA level (+1.5% yoy), with a broadly stable margin, despite being penalized by additional cost pressures of specific inputs, such as energy.

The company's financial net debt reduced by €87m when compared to 1Q21, to €466m at the end of the 1Q22, and total net debt to underlying EBITDA ratio stood at 2.9x, which continues to represent a solid capital structure.

² For more information please see MC 1Q22 results in www.sonae.pt

Worten – electronics retail

After two consecutive years growing significantly, the electronics market in Portugal contracted in 1Q22, mainly due to the 1Q21 pandemic context, that strongly benefited the online channel and pushed for IT-related product sales, and to a milder winter, that limited demand for seasonal categories. This unfavourable electronics market context, combined with the effect of closing stores in Spain Mainland by the end of 1Q21, contributed to a top line decrease of -4.1% to €261m in the 1Q22 (contrasting with the +29.3% LfL growth reported in 1Q21).

Worten's top line performance reflects these effects, that were yet partially offset by a very positive performance of all new non-electronics product categories and service sales, such as repairs, extended warranties and insurances. Overall, despite the challenging context, Worten demonstrated the strength of its value proposition as an omnichannel player in the Iberian market, maintaining a leading market position across channels.

Regarding profitability, notwithstanding the improved margin mix, total sales erosion and operational cost increases, that were impacted by higher energy costs and the continued investment in the company digital transformation, led underlying EBITDA to contract yoy to €13m with a margin of 5.1% at the end of the 1Q22.

Sierra – real estate

For Sierra, the beginning of 2022 has showed good signs of recovery. After two challenging years following the pandemic that imposed several weeks of shopping centre closures, Sierra has been able to witness improvements across its operational key performance indicators, which continued to converge to prepandemic levels.

In fact, Sierra's European portfolio registered a higher occupancy rate of 96.9% (+0.6pp yoy) and total tenant sales increased more than 90% yoy (LfL) until the end of the 1Q22, showing a significant recovery in all countries, namely in Portugal, as in the 1Q21 shopping centres were closed during 2.5 months.

During the 1Q22 Sierra made significant progress in executing its strategy, namely by (i) signing new contracts in property and condominium management in new locations, (ii) making the first investments in the development of mixeduse assets, (iii) building a pipeline of new investment vehicles, and, (iv) reinforcing key team competences.

On a proportional accounting basis, and since the company does not appraise its assets in Q1, total Net Result reached €9.8m at the end of the 1Q22, +€6.6m when compared to 1Q21. This bottom line improvement was mainly due to the Direct result increase from €4.6m to €10.8m, fuelled by all the business areas, especially the European shopping centre portfolio.

At the end of 1Q22, Sierra's NAV, according to INREV methodology, increased 5.1% vs YE21 to €972m, mainly due to the favourable impact of the FX change variation related to the appreciation of both the Brazilian Real and the Colombian Peso, coupled with the Net Result booked in the period.

Finally, and in what concerns the company's leverage profile, Sierra's gross loan-to-value stood at 45.3% at the end of 1Q22, -0.5pp when compared to YE21, once again in line with its targets.

Zeitreel – fashion retail

For our fashion business, the 1Q22 was characterized by a clear recovery, as Zeitreel was able to return to 1Q19 sales levels, after two very difficult years for the fashion industry marked by the pandemic restrictions.

This top line performance was particularly positive considering several challenges witnessed during these initial months of 2022, notably (i) the postponement of the sales period in Portugal, coupled with still some pandemic control measures, (ii) supply chain pressure due to the strike of the Spanish professional truck drivers following the increase in the fuel price, and (iii) the significant drop in consumer confidence since the last week of February with the beginning of the war in Ukraine.

Under this challenging context, Zeitreel was able to close this 1Q with €96m of total turnover, +57% yoy when compared to 1Q21 (LfL of +88%), showing a solid recovery across all brands and key channels.

In terms of profitability, Zeitreel delivered an underlying EBITDA of €6.1m in the 1Q22, a significant improvement of €10m from 1Q21, mainly due to the top line performance.

Universo – financial services

This is the first full year after the change of Universo's business model from a commission-based to an interest-driven one. These last 12 months have showed a positive evolution in the operational activity and financial results, which will continue in the next quarters. The phase-out of the previous business model is being naturally mitigated by a positive evolution of the credit backbook.

During the 1Q22, the macroeconomic recovery, on the back of the favourable evolution of the pandemic and despite the beginning of the conflict in Ukraine, enabled Universo's production volume to increase by 23% yoy to €257m, with a positive contribution throughout several business lines, namely purchases, wire transfers, and personal loans.

The client base also continued to grow, with an increase of 96 thousand new customers vs. 1Q21, reaching c.989k at the end of 1Q22. The digital footprint also continued to be reinforced with digital clients weighing already 63% of the total customer base.

Regarding Universo's financial performance, turnover surpassed last year's results reaching €8m at the end of 1Q22 and underlying EBITDA continued to show an upward performance, with a yoy improvement of €1.8m.

Bright Pixel – investment in technology

Bright Pixel continues to be active in its portfolio management activity, namely through the (i) exit of ciValue and the cash distribution from Armilar Venture Partners, following the sale of Safetypay, representing circa €40m of cash return; and (ii) portfolio expansion with two new investments: Experify, the first platform to enable a truly authentic product review experience by connecting prospective buyers with purchasers, and Hackuity, an attack prevention cybersecurity startup.

Coupled with this portfolio activity, the company continued to invest in some companies, namely Cybersixgill, in a financing round of USD35m.

At the end of the 1Q22, cash invested in the active portfolio reached €159m and NAV stood at €378m, -4% below YE21, reflecting the asset sales in the period that more than offset the positive impact from new investments and the positive revaluation of some of its portfolio companies.

2. Equity consolidated companies

NOS – telecommunications3

NOS published its 1Q22 results on May 3rd. In the 1Q22, NOS continued its strong recovery path after the lifting of pandemic restrictions and maintained its focus on leading the 5G digital revolution in Portugal.

In the 1Q22, turnover evolved positively with a 10.6% yoy increase, fuelled by all segments: the Media & Entertainment segment grew by 71.1% yoy (in the 1Q21 movie theatres were closed), and the telecom business grew 9.0% yoy, with positive contributions from mobile subscriptions, B2B service solutions and roaming revenues due to less travel restrictions.

Regarding profitability, EBITDA increased 4.8% yoy, benefiting from the top line performance, and margin stood at 42.7%. Net income increased 35% yoy to €41m at the end of 1Q22, leading to a higher equity method contribution to Sonae's results, from €6.9m to €8.9m.

FCF (ex-dividend, financial investments and own shares) totalled €4m, mainly driven by higher capex related to the 5G deployment programme and the FttH4 network expansion. In terms of capital structure, Net financial debt/EBITDA after lease payments stood at a conservative level of 1.96x.

⁴ FttH – Fiber to the Home

ISRG – sports retail5

For ISRG, the L3M 21 (Nov-Jan) was another quarter of recovery from the pandemic context, after several months with strong restrictions. Over the last three months of the company's fiscal year, a better environment led to an improved performance of store sales with more than 50% of yoy growth, which, together with the contribution from the new businesses (acquired during 2021), led total sales to grow c.66% yoy to €366m. The online channel increased its contribution from 15.7% to 21.1% of total revenues, largely driven by the acquisition of Deporvillage.

In terms of profitability, EBITDA increased 8.6% yoy to €34m, mainly fuelled by the sales performance which more than offset the negative impacts in the cost base from constraints in the supply chain.

All in all, ISRG's improved performance allowed for a higher equity method contribution to Sonae's results, with a positive value in the quarter of €7m.

⁵ Due to calendar reporting dates of JD Sports (the main shareholder of the JV), ISRG figures for the L3M 21 ended last January 29th.

Corporate information

Main announcements in the 1Q22

January 25th

Sonae SGPS, S.A. informs on Sonae MC 2021 Trading Statement

February

Sonaecom received a gross amount of €35.2m from Armilar Ventures Funds III, following the conclusion of the sale of Safetypay to Paysafe, which was pending some regulatory approvals.

March 16th

Completion of the purchase of 10% of the share capital of Sierra held by Grosvenor Investments (Portugal) S.Àr.L, for the price of €83.5 million, which represents an implicit discount of c.10% over Sierra's NAV at the end of 2021, following the exercise by Grosvenor of its put option right. Following the completion of this transaction, Sonae now holds 90% of the share capital and voting rights in Sierra. The main impact of this transaction on the Group's consolidated financial statements will be the transfer of Reserves from "Non-Controlling Interests" to "Equity Holders of the Parent Company", since Sonae already holds a controlling shareholding in Sierra.

March 30th

Sonae and MC IT systems were hacked as it was publicly announced by Sonae and the media. The immediate and efficient response from Sonae IT teams avoided significant disruptions to our operations. Apart from the Continente online store and other customer support apps, all stores continued to operate normally. After 10 days from the incident all systems were recovered and fully operational, and further security measures were implemented to mitigate the risk of new cyberattacks in the future.

Subsequent events

April 4th

Sonae SGPS, S.A. informs on transactions by Persons Discharging Managerial responsibilities. Sonae SGPS, S.A. informs on own shares delivered to Group directors and employees.

April 28th

Sonae SGPS, S.A. informs on Resolutions taken at Sonae Shareholders Annual General Meeting. Sonae SGPS, S.A. informs about dividend payment.

May 6th

Sonae SGPS, SA informs on 2021 MC Annual Report.

May 17th

Sonaecom, a Sonae subsidiary, informed that its subsidiary Sonae Investment Management – Software and Technology, SGPS, S.A. ("Bright Pixel") reached an agreement with Thales Europe, S.A. to sell the total share capital and voting rights of Maxive – Cybersecurity, SGPS, S.A. ("Maxive"), a holding company that aggregates S21sec and Excellium. The transaction has an underlying Enterprise Value of Maxive of €120 million and is estimated to have a positive impact on the Consolidated Results of Sonaecom amounting to approximately €63 million. These amounts may vary considering the effective closing date of the transaction and the respective financial performance of Maxive until then. The completion of the transaction is still subject to the fulfilment of customary conditions and regulatory approval, being expected to occur until the end of November 2022.

Consolidated P&L

€m	1Q21	1Q22	yoy
Turnover	1,608	1,690	5.1%
Underlying EBITDA	110	121	9.7%
margin	6.8%	7.1%	0.3 p.p.
Equity method results*	16	25	53.5%
Sierra	5	10	103.6%
NOS	7	9	28.0%
ISRG	5	7	44.1%
Non-recurrent items	0	3	-
EBITDA	127	149	17.2%
margin	7.9%	8.8%	0.9 p.p.
D&A	-52	-55	-4.4%
D&A - RoU	-31	-32	-3.4%
Prov and imp.	-19	1	-
EBIT	24	62	160.4%
Net Financial results	-28	-23	17.0%
Taxes	3	3	6.0%
Direct result	-1	42	-
Indirect result	4	9	106.5%
Net result	3	51	-
Non-controlling int.	-3	-9	-
Net result group share	1	42	-

* Equity method results: include direct income by equity method results from Sierra statutory accounts, income related to investments consolidated by the equity method (mainly NOS/Zopt and ISRG) and discontinued operations results.

Consolidated Balance Sheet

€m	31.03.21	31.12.21	31.03.22
TOTAL ASSETS	8,107	8,317	8,293
Non current assets	6,252	6,420	6,511
Net fixed assets	2,088	2,124	2,116
Net Rights of Use	1,026	1,020	1,012
Goodwill	663	732	733
Investment properties	319	320	321
Other investments	1,755	1,831	1,919
Deferred tax assets	353	359	368
Others	47	34	42
Current assets	1,855	1,897	1,782
Stocks	617	634	649
Trade debtors	253	131	138
Liquidity	711	832	632
Others (1)	274	300	363
SHAREHOLDERS' FUNDS	2,357	3,145	3,169
Equity holders	1,992	2,541	2,631
Attributable to minority interests	365	604	537
LIABILITIES	5,751	5,172	5,124
Non-current liabilities	3,587	2,786	2,861
Bank loans	1,253	781	855
Lease liabilities	1,079	1,075	1,073
Other loans	679	317	311
Deferred tax liabilities	471	495	500
Provisions	19	21	22
Others	86	97	101
Current liabilities	2,163	2,386	2,263
Bank loans	303	226	393
Lease liabilities	105	106	103
Other loans	12	91	34
Trade creditors	1,139	1,347	1,154
Others (2)	604	616	579
SHAREHOLDERS' FUNDS + LIABILITIES	8,107	8,317	8,293

(1) includes assets classified as held for sale. (2) includes liabilities directly associated with assets classified as held for sale.

Note: The consolidated financial information contained in this report was prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union. The financial information regarding quarterly and semi-annual figures was not subject to audit procedures.

Glossary

Aggregated online sales	Online sales including marketplaces, considering 100% ownership of all Sonae's businesses (fully and equity consolidated).
Capex	Investments in tangible and intangible assets and investments in acquisitions. For NOS it includes right of use.
Direct results	Results before non-controlling interests excluding contributions to indirect results.
(Direct) EBIT	Direct EBT - financial results.
EBITDA	Underlying EBITDA + equity method results + non-recurrent items.
EBITDA margin	EBITDA / turnover.
(Direct) EBT	Direct results before taxes.
EoP	End of period.
Indirect results	Includes Sierra's results, net of taxes, arising from: (i) investment property valuations; (ii) capital gains (losses) on the sale of financial investments, joint ventures or associates; (iii) impairment losses of non-current assets (including goodwill) and (iv) provision for assets at risk. Additionally and concerning the remaining Sonae's portfolio, it incorporates: (i) impairments in retail real estate properties; (ii) reductions in goodwill; (iii) provisions (net of taxes) for possible future liabilities and impairments related with non-core financial investments, businesses, assets that were discontinued (or in the process of being discontinued/repositioned); (iv) results from mark to market methodology of other current investments that will be sold or exchanged in the near future and from other related income (including dividends); and (v) other non-relevant issues.
Investment properties	Shopping centres in operation owned and co-owned by Sierra.
Lease Liabilities	Net present value of payments to use the asset.
Like for Like sales (LfL)	Sales made by omnichannel stores that operated in both periods under the same conditions. Excludes stores opened, closed or which suffered major upgrade works in one of the periods.
Loan to Value (LTV) – Sierra	Total debt / (Investment properties + properties under development), on a proportional basis.
INREV NAV Sierra	Open market value attributable to Sierra - net debt -minorities + deferred tax liabilities.
Net asset value (NAV) of the investment portfolio	Market value of each Sonae's businesses – average net debt – minorities (book value)
Net debt	Bonds + bank loans + other loans + shareholder loans - cash - bank deposits - current investments - other long-term financial applications.
Net financial debt	Net debt excluding shareholders' loans.
Net invested capital	Total net debt + total shareholders' funds.
Open market Value (OMV)	Fair value of properties in operation (% of ownership), provided by independent international entities and book value of development properties (% of ownership).
Other loans	Bonds and derivatives.
Right of use (RoU)	Lease liability at the beginning of the lease adjusted for, initial direct costs, advance rent payments and possible lease discounts.
RoIC	Return on invested capital.
Total Net Debt	Net Debt + lease liabilities
Total Shareholder Return (TSR)	Profit or loss from net share price change, plus any dividends received over a given period.
Underlying EBITDA	Recurrent EBITDA from the businesses consolidated using the full consolidation method.
Underlying EBITDA margin	Underlying EBITDA / turnover.

CONSOLIDATED FINANCIAL STATEMENTS 1st Quarter 2022 Consolidated Financial Statements 1Q22

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2022 AND 2021 AND 31 DECEMBER 2021

(Amounts expressed in euro)

(Translation of consolidated financial statements originally issued in Portuguese. In case of discrepancy the Portuguese version prevails.)

	Notes	31 Mar 2022	31 Mar 2021	31 Dec 2021
ASSETS
NON-CURRENT ASSETS:
Property, plant and equipment	5	1,667,017,746	1,673,414,622	1,681,657,450
Intangible assets	6	449,250,113	415,009,083	442,752,572
Right of use assets	7	1,011,818,008	1,026,076,878	1,019,952,622
Investment properties		320,795,839	319,431,332	319,872,797
Goodwill	8	732,553,344	663,380,791	732,295,344
Investments in joint ventures and associates	9	1,549,826,122	1,519,770,247	1,514,650,086
Assets at fair value through profit and loss	10	181,134,619	104,409,206	164,269,283
Assets to fair value through other comprehensive income	10	172,512,891	116,160,597	137,578,854
Other investments	12	15,302,481	14,437,948	14,984,400
Deferred tax assets	11	368,433,469	352,825,144	358,580,253
Other non-current assets		42,427,844	46,893,386	33,694,609
Total Non-Current Assets		6,511,072,476	6,251,809,234	6,420,288,270
CURRENT ASSETS:
Inventories		649,189,762	617,317,414	633,566,900
Trade receivables and other current assets		389,205,395	430,064,158	333,903,265
Income tax assets		37,847,766	44,782,456	35,193,981
Other tax assets		51,836,866	51,130,245	39,176,930
Other investments	12	9,420,529	5,750,506	7,107,031
Cash and bank balances	13	622,357,290	705,362,796	825,063,052
Total Current Assets		1,759,857,608	1,854,407,575	1,874,011,159
Assets classified as held for sale		21,833,908	976,129	22,813,863
TOTAL ASSETS		8,292,763,992	8,107,192,938	8,317,113,292
EQUITY AND LIABILITIES
EQUITY:
Share capital		2,000,000,000	2,000,000,000	2,000,000,000
Own shares		(88,539,491)	(93,340,758)	(88,539,491)
Legal reserve		281,215,564	277,452,299	281,215,564
Reserves and retained earnings	-	396,360,728	(192,882,058)	80,890,373
Profit/(Loss) for the period attributable to the equity holders of the Parent Company		42,375,782	641,289	267,652,127
Equity attributable to the equity holders of the Parent Company		2,631,412,584	1,991,870,772	2,541,218,573
Equity attributable to non-controlling interests	14	537,156,236	364,753,373	604,175,944
TOTAL EQUITY		3,168,568,820	2,356,624,145	3,145,394,517
LIABILITIES:
NON-CURRENT LIABILITIES:
Loans	15	1,166,190,947	1,932,270,724	1,097,360,407
Lease liabilities	7	1,072,922,215	1,078,641,538	1,074,782,608
Other non-current liabilities		100,693,063	86,412,777	96,920,514
Deferred tax liabilities	11	499,719,105	471,201,389	495,286,636
Provisions	16	21,649,281	18,810,302	21,476,976
Total Non-Current Liabilities		2,861,174,611	3,587,336,730	2,785,827,141
CURRENT LIABILITIES:
Loans	15	427,003,704	315,711,559	317,169,593
Lease liabilities	7	103,497,641	104,717,172	106,409,731
Trade payables and other current liabilities		1,609,648,324	1,640,499,884	1,836,391,304
Income tax liabilities		27,273,744	19,201,689	20,903,844
Other tax liabilities		91,939,874	75,573,676	100,846,896
Provisions	16	3,657,274	7,528,083	4,170,266
Total Current Liabilities		2,263,020,561	2,163,232,063	2,385,891,634
TOTAL LIABILITIES		5,124,195,172	5,750,568,793	5,171,718,775
TOTAL EQUITY AND LIABILITIES		8,292,763,992	8,107,192,938	8,317,113,292

CONDENSED CONSOLIDATED INCOME STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2022 AND 2021

(Amounts expressed in euro)

(Translation of consolidated financial statements originally issued in Portuguese. In case of discrepancy the Portuguese version prevails.)

	Notes	31 Mar 2022	31 Mar 2021 Restated Note 3
Sales	4	1,598,955,420	1,537,764,276
Services rendered	4	91,162,743	70,065,161
Gains and losses on investments		(651,435)	(1,165,882)
Gains and losses on investments recorded at fair value through profit and loss	10.3	13,707,143	4,128,897
Other income	17	36,459,915	34,944,071
Cost of goods sold and materials consumed		(1,148,470,727)	(1,119,713,720)
Changes in inventories of finished goods and work in progress		1,212,071	(724,452)
External supplies and services		(198,030,005)	(174,258,270)
Employee benefits expense		(238,137,681)	(219,723,654)
Other expenses		(23,585,599)	(22,493,952)
Depreciation and amortisation expenses	5,6 and 7	(87,050,277)	(83,688,956)
Impairment losses		1,087,051	(9,926,434)
Provisions		(153,642)	(3,752,517)
Share of profit or loss of joint ventures and associates	9	26,091,348	18,818,960
Financial income	18	11,210,173	10,085,901
Financial expense	18	(34,092,984)	(37,653,573)
Profit from continuing operations before tax		49,713,514	2,705,856
Income tax expense		1,415,780	782,307
Profit/(Loss) after taxation from continuing operations		51,129,294	3,488,163
Profit/(Loss) from discontinued operations after taxation		-	(71,665)
Consolidated profit/(Loss) for the period		51,129,294	3,416,498
Attributable to equity holders of the Parent Company:
Continuing operations	20	42,375,782	1,734,366
Discontinued operations	20	-	(1,093,077)
		42,375,782	641,289
Attributable to non-controlling interests:
Continuing operations		8,753,512	1,753,797
Discontinued operations		-	1,021,412
		8,753,512	2,775,209
Profit/(Loss) per share
Continuing operations
Basic	20	0.022204	0.000908
Diluted	20	0.022069	0.000848
Discontinued operations
Basic	20	-	(0.000572)
Diluted	20	-	(0.000535)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE PERIODS ENDED 31 MARCH 2022 AND 2021

(Amounts expressed in euro)

(Translation of consolidated financial statements originally issued in Portuguese. In case of discrepancy the Portuguese version prevails.)

	Notes	31 Mar 2022	31 Mar 2021 Restated Note 3
Net Profit / (Loss) for the period		51,129,294	3,416,498
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations		(4,306,804)	1,873,993
Share of other comprehensive income of joint ventures and associates	9	40,011,177	(10,394,275)
Changes in cash flow hedging reserve		5,716,617	3,762,330
Income tax relating to items that may be reclassified subsequently to profit or loss		(407,619)	(355,800)
Others		325,664	125,760
		41,339,035	(4,987,992)
Items that won´t be reclassified subsequently to profit or loss:
Changes value of financial assets at fair value	10.3	13,475,814	256,808
Total other comprehensive income for the period		54,814,849	(4,731,184)
Total comprehensive income for the period		105,944,143	(1,314,686)
Attributable to:
Equity holders of parent company		93,144,203	(2,415,613)
Non controlling interests		12,799,940	1,100,927

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE PERIODS ENDED 31 MARCH 2022 AND 2021

(Amounts expressed in euro)

(Translation of consolidated financial statements originally issued in Portuguese. In case of discrepancy the Portuguese version prevails.)

					Rese and Ret aine d Ea rning rves s
	Note s	Shar e Cap ital	Own Shar es	Lega l Rese rve	Curr ency Tran slati on R eser ve	Inves tmen ts Fair Valu e Re serv e	Cas h-flo w He dgin g Rese rve	Othe r Res d erve s an Reta ined Ear ning s	Tota l Res d erve s an Reta ined Ear ning s	it/(L oss) Net Prof	Tota l	Non troll ing con Inter ests (Not ) e 14	l Equi Tota ty
					Attr	ibut able to E quity Hold	f Pa rent Com ers o	pany
Bala t 1 J ry 20 21 nce as a anua		2,00 0,00 0,00 0	(93, ) 340 ,758	277, 452 ,299	873 ,305	(25,5 31) 69,6	643 ,746	(238 ) ,214 ,322	(262 ) ,266 ,902	70,9 44,5 78	1,99 2,78 9,21 7	447 ,063 ,129	2,43 9,85 2,34 6
Tota l com preh ensiv e inc for t he p eriod ome		-	-	-	1,66 3,519	213,4 25	3,25 9,56 2	(8,19 8) 3,40	(3,05 2) 6,90	641, 289	(2,41 ) 5,613	1,100 ,927	(1,31 6) 4,68
App iatio n of olida ted n et pr ofit o f 20 20 ropr cons
Tran sfer to le gal r and retai ned ings eser ves earn		-	-	-	-	-	-	70,9 44,5 78	70,9 44,5 78	(70,9 78) 44,5	-	-	-
Incom e dis tribu tion from inve stme nt fu nds		-	-	-	-	-	-	-	-	-	-	(120 ,104)	(120 ,104)
Oblig ation fulf ield by s hare ibuti loyee attr on to emp s		-	-	-	-	-	-	714, 843	714, 843	-	714, 843	11,44 9	726, 292
Varia tion in pe of s ubsid iaries tage rcen		-	-	-	-	-	-	1,141 ,158	1,141 ,158	-	1,141 ,158	(83,3 33) 00,4	(82,1 75) 59,2
Othe rs		-	-	-	-	-	-	(358 ) ,833	(358 ) ,833	-	(358 ) ,833	(1,59 5)	(360 ) ,428
Bala t 31 Marc h 20 21 nce as a		2,00 0,00 0,00 0	(93, 340 ,758 )	277, 452 ,299	2,53 6,82 4	(25,3 56,2 06)	3,90 3,30 8	(173 ,965 ,984 )	(192 ,882 ,058 )	641, 289	1,99 1,87 0,77 2	364 ,753 ,373	2,35 6,62 4,14 5
Bala ry 20 22 t 1 J nce as a anua		2,00 0,00 0,00 0	(88, 539 ,491 )	281, 215, 564	(183 ,979 )	(2,37 3,04 6)	13,11 2,80 0	70,3 34,5 98	80,8 90,3 73	267 ,652 ,127	2,54 1,218 ,573	604 ,944 ,175	3,14 5,39 4,51 7
l com preh ensiv e inc for t he p eriod Tota ome		-	-	-	(2,98 4) 0,45	13,4 75,8 14	3,93 0,96 4	36,3 42,0 96	50,7 68,4 21	42,3 75,7 82	93,14 4,20 3	12,79 9,94 0	105,9 44,1 43
App iatio n of olida ted n et pr ofit o f 20 21 ropr cons
Tran sfer to le gal r and retai ned ings eser ves earn		-	-	-	-	-	-	267, 652, 127	267, 652, 127	(267 ,127) ,652	-	-	-
Oblig ation fulf ield by s hare attr ibuti on to loyee emp s		-	-	-	-	-	-	548 ,129	548 ,129	-	548 ,129	102,6 22	650, 750
Varia tion in pe tage of s ubsid iaries rcen		-	-	-	-	-	-	(3,53 9) 9,46	(3,53 9) 9,46	-	(3,53 9) 9,46	(79,9 52) 29,5	(83,4 20) 69,0
Othe rs		-	-	-	-	-	-	41,14 7	41,14 7	-	41,14 8	7,28 2	48,4 30
Bala t 31 Marc h 20 22 nce as a		2,00 0,00 0,00 0	(88, ) 539 ,491	281, 215, 564	(3,16 3) 4,43	11,10 2,76 8	17,0 43,7 64	371, 378 ,628	396 ,360 ,728	42,3 75,7 82	2,63 1,412 ,584	537 ,156 ,236	3,16 8,56 8,82 0

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 MARCH 2022 AND 2021

(Amounts expressed in euro)

(Translation of consolidated financial statements originally issued in Portuguese. In case of discrepancy the Portuguese version prevails)

	Notes	31 Mar 2022	31 Mar 2021
OPERATING ACTIVITIES
Net cash generated from operating activities (1)		(164,274,370)	(232,394,067)
INVESTMENT ACTIVITIES
Receipts arising from:
Investments		993,908	5,299,448
Property, plant and equipment and intangible assets		5,053,836	4,769,430
Interests and similar income		789,316	788,033
Loans granted		698,258	-
Dividends		1,968,944	1,203,463
Others		33,900,149	1,706,306
		43,404,411	13,766,680
Payments arising from:
Investments	21	(119,695,850)	(86,034,844)
Property, plant and equipment and intangible assets		(78,859,736)	(64,524,719)
Loans granted		(10,178,107)	(677,515)
Others		-	(1,268,663)
		(208,733,693)	(152,505,741)
Net cash used in/ generated by investment activities (2)		(165,329,282)	(138,739,061)
FINANCING ACTIVITIES
Receipts arising from:
Loans, bonds and finance leases	16	782,866,288	1,295,624,102
		782,866,288	1,295,624,102
Payments arising from:
Lease contracts		(44,254,392)	(41,301,944)
Loans, bonds and finance leases	16	(690,161,755)	(937,448,119)
Interests and similar charges		(5,584,313)	(6,477,196)
Dividends		-	(120,104)
		(740,000,460)	(985,347,363)
Net cash used in financing activities (3)		42,865,828	310,276,739
Net increase (decrease) in cash and cash equivalents (4) = (1) + (2) + (3)		(286,737,824)	(60,856,389)
Effect of exchange rate changes on the balance of cash held in foreign currencies		(289,534)	(56,041)
Effect of discontinued operations		-	(85,275)
Cash and cash equivalents at the beginning of the period	13	822,690,051	752,173,451
Cash and cash equivalents at the end of the period	13	536,241,761	691,287,828

SONAE, SGPS, SA

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2022

(Translation of consolidated financial statements originally issued in Portuguese. In case of discrepancy the Portuguese version prevails)

(Amounts stated in euros)

1. Introduction

SONAE, SGPS, S.A. ("Sonae Holding") has its head-office at Lugar do Espido, Via Norte, Apartado 1011, 4470-909 Maia, Portugal, and is the parent company of a group of companies. Sonae´s operations and operating segments are described in Note 4.

Shares representing the share capital of Sonae, SGPS, SA are listed on the Euronext Lisbon stock exchange. At 31 March 2022, Sonae, SGPS, S.A. is majority owned by Pareuro BV and Efanor Investimentos SGPS, S.E., the latter being the ultimate controlling company.

2. Principal accounting policies

The principal accounting policies adopted in preparing the accompanying consolidated financial statements are described below. These policies have been consistently applied in comparative periods.

2.1 Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union, issued by the International Accounting Standards Board ("IASB"), and interpretations issued by the IFRS Interpretations Committee ("IFRIC") or by the previous Standing Interpretations Committee ("SIC"), as adopted by the European Union as from the consolidated financial statements issuance date.

Interim condensed consolidated financial statements are presented quarterly, in accordance with IAS 34 – "Interim Financial Reporting". As such, they do not include all the information to be disclosed in the annual consolidated financial statements and should therefore be read in conjunction with the consolidated financial statements for the previous year.

The accompanying condensed consolidated financial statements have been prepared from the books and accounting records of the company and subsidiaries, adjusted in the consolidation process, on a going concern basis and under the historical cost convention, except for some financial instruments and properties investments which are stated at fair value.

New accounting standards and their impact in these consolidated financial statements:

Up to the date of approval of these consolidated financial statements, the European Union endorsed the following standards, interpretations, amendments and revisions some of which become mandatory during the year 2022:

Standards (new and amendments) effective as at 1 January 2022	Changes	Effective date (for financial years beginning on or after)
IAS 16 – Proceeds before intended use	Prohibition of deducting the proceeds obtained from the sale of items produced during the testing phase, to the acquisition cost of property, plant and equipment.	01 Jan 2022
IAS 37 – Onerous contract – cost of fulfilling a contract	Clarification about the nature of the expenses to be considered in determining whether a particular contract has become onerous.	01 Jan 2022
Annual Improvements 2018-2020	Specific amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41.	01 Jan 2022
IFRS 3 – Reference to the Conceptual framework	Update to references to the Conceptual Framework and clarification on the registration of provisions and contingent liabilities within the scope of a business combination.	01 Jan 2022

These standards were first applied by the Group in 2022, however, the impacts were not relevant in the accompanying financial statements.

The following standards, interpretations, amendments and revisions have been endorsed by the European Union, until the date of approval of these financial statements and are mandatory for future economic years:

Standards (new and amendments) that will become effective, on or after 1 January 2023, already endorsed by the EU	Changes	Effective date (for financial years beginning on or after)
IFRS 17 – Insurance contracts	New accounting for insurance contracts, reinsurance contracts and investment contracts with discretionary participating features.	01 Jan 2023
IFRS 17 – Insurance contracts (amendments)	The amendments to IFRS 17 relate to changes in areas such as: i) scope; ii) level of aggregation of insurance contracts; iii) recognition; iv) measurement; v) modification and derecognition; vi) presentation of the Statement of Financial Position; vii) recognition and measurement of the Income statement; and viii) disclosures.	01 Jan 2023
IAS 1 – Disclosure of accounting policies	Disclosure requirement for material accounting policies, rather than significant accounting policies.	01 Jan 2023
IAS 8 – Disclosure of accounting estimates	Definition of accounting estimate. Clarification as to the distinction between changes to accounting policies and changes to accounting estimates.	01 Jan 2023

The following standards, interpretations, amendments and revisions were not at to the date of approval of these consolidated financial statements endorsed by the European Union:

Standards (new and amendments) that will become effective, on or after 1 January 2023, not yet endorsed by the EU	Changes	Effective date (for financial years beginning on or after)
IAS 1 – Presentation of financial statements – classification of liabilities	Classification of a liability as current or non-current, depending on an entity's right to defer its payment. New definition of "settlement" of a liability.	01 Jan 2023
IAS 12 – Deferred tax related to assets and liabilities arising from a single transaction	Requirement to recognize deferred tax on the recognition of assets under right of use / lease liability and provisions for decommissioning / related asset, when their initial recognition gives rise to equal amounts of taxable temporary differences and deductible temporary differences, because of not being relevant for tax purposes.	01 Jan 2023
IFRS 17 – Initial Application of IFRS 17 and IFRS 9 – Comparative Information	This amendment allows to avoid temporary accounting mismatches between financial assets and insurance contract liabilities in the comparative information presented, when first applying IFRS 17. This amendment allows the application of a classification overlay to a financial asset for which the entity does not restate IFRS 9 comparative information.	01 Jan 2023

The Group did not proceed with the early implementation of any of these standards in the financial statements for the year ended 31 March 2022 since their application is not mandatory, lying in the process of analyzing expected effects of those standards.

3. Restatement of consolidation income statements

Following the disposal of the remaining capital held on the companies Digitmarket Sistemas de Informação S.A. (previously held 75% by Sonae Investment Management – Software and Technology, SGPS, S.A, 15% by AITEC Capital, SGPS, S.A and 10% by Banco BPI, S.A.), and Modelo Distribuição – Materiais de Construção, S.A. (Maxmat) (previously held 50% by Sonae MC, SGPS, S.A. and 50% by Cimentos Estrada Pedra SGPS, Lda.) the countributions from these companies, on the consolidated financial statements, were presented as assets held for sale and as discontinued operations.

The restatement impact on the consolidated financial statements according to the changes described previously, for the period ended 31 March 2021 can be summarized as follows:

31 Mar 2021	Before the restatement	Discontinued operations	After the restatement
Sales	1,571,659,532	(33,895,256)	1,537,764,276
Services rendered	69,433,284	631,877	70,065,161
Gains and losses on investments	(1,165,882)	-	(1,165,882)
Gains and losses on investments recorded at fair value through results	4,128,897	-	4,128,897
Financial income	10,122,173	(36,272)	10,085,901
Other income	37,754,353	(2,810,282)	34,944,071
Cost of goods sold and materials consumed	(1,145,538,817)	25,825,097	(1,119,713,720)
Changes in inventories of finished goods and work in progress	(724,452)	-	(724,452)
External supplies and services	(174,331,413)	73,143	(174,258,270)
Employee benefits expense	(223,679,728)	3,956,074	(219,723,654)
Depreciation and amortisation expenses	(84,541,074)	852,118	(83,688,956)
Impairment losses	(11,589,700)	1,663,266	(9,926,434)
Provisions	(4,495,611)	743,094	(3,752,517)
Financial expense	(37,701,842)	48,269	(37,653,573)
Other expenses	(22,728,276)	234,324	(22,493,952)
Share of profit or loss of joint ventures and associates	18,818,960	-	18,818,960
Profit/(Loss) before taxation from continuing operations	5,420,404	(2,714,548)	2,705,856
Income tax expense	157,367	624,940	782,307
Profit/(Loss) after taxation from continuing operations	5,577,771	(2,089,608)	3,488,163
Profit/(Loss) from discontinued operations after taxation	(2,161,273)	2,089,608	(71,665)
Consolidated profit/(Loss) for the period	3,416,498	-	3,416,498

4. Segment information

Sonae has in its portfolio 8 business segments:

• MC is the undisputed leader in the Portuguese food retail market (offline and online);
• Worten is a leading omnichannel retailer of products and services, with a focus on household appliances and consumer electronics;
• Sierra is the fully integrated operator in the real estate sector;
• Zeitreel is the largest Portuguese fashion group (Salsa, Mo, Zippy and Losan);
• Universo is a fast-growing digital financial services operator in Portugal;
• Bright Pixel is an active and specialized investor with a focus on retail technology, digital infrastructure and cybersecurity;
• NOS is the leading convergent operator in the Portuguese telecommunications market; and
• Iberian Sports Retail Group (ISRG) is one of the largest and fastest growing Iberian sports retailers (Sprinter, SportZone, JD and Size?).

These segments were identified taking into account the following criteria/conditions: the fact that they are units of the group that develop activities where income and expenses can be separately identified, in relation to which financial information is developed separately, their operating results are regularly reviewed by management and on which it makes decisions about, for example, allocation of resources, the fact that they have similar products/services and also taking into account the quantitative threshold (as provided for in IFRS 8).

Financial information per business segment

The main operating segment information as at 31 March 2022 and 2021 can be detailed as follows:

31 Mar 2022	Turnover	Depreciation and amortisation (3)	Provisions and impairment losses (3)	EBIT (3)	Financial results (3)	Income tax (3)
MC	1,294,352,560	(64,749,333)	550,794	42,499,849	(18,908,127)	(2,437,567)
Worten	260,675,738	(8,953,521)	(30,947)	53,053	(611,253)	501,588
Sierra	27,606,029	(793,716)	409,769	13,780,942	(1,051,184)	(284,302)
Zeitreel	95,876,165	(8,628,661)	205,311	(4,171,308)	(1,276,535)	3,073,575
Universo	7,934,210	(480,080)	(347,315)	(3,770,047)	73,966	1,008,288
Bright Pixel	14,542,734	(1,275,136)	(57,702)	1,575,026	225,965	(374,200)
NOS	-	-	-	8,870,529	-	-
ISRG	-	-	-	6,630,425	-	-
Other, eliminations and adjustments (1)	(10,869,273)	(2,169,830)	61,207	(3,461,384)	(1,335,643)	1,474,374
Total consolidated - Direct	1,690,118,163	(87,050,277)	791,117	62,007,085	(22,882,811)	2,961,756

31 Mar 2021	Turnover	Depreciation and amortisation (3)	Provisions and impairment losses (3)	EBIT (3)	Financial results (3)	Income tax (3)
MC	1,246,608,670	(62,084,517)	(9,231,450)	34,698,208	(20,071,682)	(2,219,550)
Worten	271,864,878	(8,221,574)	(3,145,176)	3,012,699	(1,293,412)	(2,395,368)
Sierra	22,216,135	(759,718)	(92,069)	6,908,264	(2,007,141)	(26,372)
Zeitreel	60,996,226	(8,802,526)	284,652	(20,883,023)	(1,587,804)	4,772,317
Universo	4,522,148	(559,995)	(975,611)	(5,801,740)	(207,315)	1,592,233
Bright Pixel	13,586,907	(1,731,802)	(61,763)	(1,631,391)	192,206	339,117
NOS	-	-	-	6,931,092	-	-
ISRG	-	-	-	4,601,780	-	-
Other, eliminations and adjustments (1)	(11,965,527)	(1,528,824)	(267,508)	(4,024,875)	(2,592,524)	731,757
Total consolidated - Direct	1,607,829,437	(83,688,956)	(13,488,925)	23,811,014	(27,567,672)	2,794,134

		31 Mar 2022			31 Mar 2021
	Investment (CAPEX)	Invested capital	Finantial net debt(2)(4)	Investment (CAPEX)	Invested capital	Finantial net debt(2)(4)
MC	26,174,283	2,540,921,864	1,542,695,806	28,372,100	2,527,947,070	1,619,814,621
Worten	9,880,905	32,882,616	-	8,364,282	32,263,473	-
Sierra	11,400,046	982,554,336	38,020,301	145,760	912,223,260	38,419,078
Zeitreel	2,764,899	320,245,781	-	1,765,381	325,610,222	-
Universo	254,904	26,719,214	-	353,855	145,901,333	-
Bright Pixel	9,457,662	289,715,511	(1,904,452)	3,384,463	230,095,067	6,085,467
NOS	-	799,079,106	-	-	779,174,582	-
ISRG	-	107,745,166	-	-	88,506,898	-
Other, eliminations and adjustments (1)	107,323,727	176,379,721	528,862,820	83,305,858	16,919,097	1,037,697,654
Total consolidated	167,256,426	5,276,243,315	2,107,674,475	125,691,699	5,058,641,002	2,702,016,820

1) Includes Sonae individual accounts;

• 2) These captions are accompanied by management in more aggregated form, and not allocated to individual operating segments identified above;
• 3) Reconciled information in note 22;

4) Include lease liabilities.

The caption "Others, eliminations and adjustments" can be analyzed as follows:

	Investment		Invested capital
	31 Mar 2022	31 Mar 2021	31 Mar 2022	31 Mar 2021
Inter-segment intra-groups and contributions of entities non-individualized entities as segments	23,853,129	236,614	176,379,721	77,958,408
Aquisition of an additional 10% of Sonae Sierra (Note 21)	83,470,598	82,159,275	-	-
Cash settled equity swap	-	-	-	(61,039,311)
Other	-	909,969	-	-
	107,323,727	83,305,858	176,379,721	16,919,097

All performance measures are reconciled to the financial statements in Note 22.

Glossary:

Net Invested capital = Net debt + Shareholder funds;

Net Financial Debt = Bonds + bank loans + other loans – cash – bank deposits – current investments – excluding other long-term investments + lease liabilities;

Others, eliminations and adjustments = Intra-groups + consolidation adjustments + contributions from other companies not included in the disclosed segments by do not fit in any reportable segment, i.e., companies "other" than Sonae SGPS are included in the consolidated financial statements as of 31 December 2021, on note 53;

Investments (CAPEX) = Gross investments in Property, Plant and equipment and intangible assets and investments in acquisitions.

5. Property, plant and equipment

During the three months period ended as at 31 March 2022, the movements in Property, plant and equipment as well accumulated depreciation and impairment losses are made up as follows:

		Land and Buildings Plant and Machinery	Vehicles	Fixtures and Fittings	Other tangible assets	Tangible assets in progress	Total tangible assets
Gross assets
Opening balance as at 1 January 2022	1,387,934,876	1,777,791,777	31,165,729	188,035,777	56,614,631	33,384,003	3,474,926,793
Investment	3,376,342	1,379,031	13,059	531,342	150,549	23,751,834	29,202,157
Acquisitions of subsidiaries	10,944	96,907	-	-	-	-	107,851
Disposals	(6,792,191)	(13,689,329)	(213,667)	(1,513,236)	(437,034)	(250,800)	(22,896,258)
Exchange rate effect	(51,982)	(53,207)	-	5,924	(43)	-	(99,309)
Transfers	388,698	26,913,897	(221,891)	2,613,724	427,389	(30,325,275)	(203,462)
Closing balance as at 31 March 2022	1,384,866,686	1,792,439,074	30,743,230	189,673,531	56,755,492	26,559,762	3,481,037,773
Accumulated depreciation and impairment losses
Opening balance as at 1 January 2022	474,800,245	1,112,288,586	21,930,901	137,669,788	46,358,128	221,695	1,793,269,343
Depreciation of the period	5,703,751	30,168,505	458,359	4,413,374	930,821	-	41,674,809
Impairment losses of the period	(4,509,929)	(17,379)	-	(1,537)	(374,693)	-	(4,903,538)
Acquisitions of subsidiaries	1,459	76,762	-	-	-	-	78,222
Disposals	(1,310,087)	(13,026,251)	(209,275)	(1,438,321)	(432,793)	-	(16,416,727)
Exchange rate effect	(14,231)	(26,266)	-	4,591	(61)	-	(35,967)
Transfers	(2,971)	562,229	26,453	(228,896)	(2,925)	-	353,885
Closing balance as at 31 March 2022	474,668,237	1,130,026,186	22,206,438	140,419,000	46,478,477	221,695	1,814,020,027
Carrying amount
as at 31 March 2022	910,198,450	662,412,888	8,536,792	49,254,531	10,277,015	26,338,067	1,667,017,746

The investment includes the acquisition of assets of approximately 23.8 million euro (27 million euro in 2021), associated with the opening and remodeling of stores of Sonae retail operating segments.

6. Intangible assets

During the three months period ended 31 March 2022, the movement occurred in intangible assets and in the corresponding accumulated amortization and impairment losses, was as follows:

	Patents and other similar rights	Software	Other intangible assets	Intangible assets in progress	Total intangible assets
Gross Assets
Opening balance as at 1 January 2022	255,766,929	509,717,810	101,635,876	43,777,049	910,897,664
Investment	563,669	423,566	30,762	15,874,915	16,892,912
Acquisitions of subsidiaries	-	55,696	2,854,856	-	2,910,552
Disposals	-	-	-	(38,309)	(38,309)
Exchange rate effect	-	1,620	-	-	1,620
Transfers	11,278	6,609,269	(7)	(6,406,507)	214,033
Closing balance as at 31 March 2022	256,341,876	516,807,961	104,521,487	53,207,148	930,878,472
Accumulated Depreciation and Impairment Losses
Opening balance as at 1 January 2022	67,214,679	341,799,904	59,130,509	-	468,145,092
Depreciation of the period	542,302	11,075,025	1,277,657	-	12,894,984
Impairment losses of the period (Note 16)	356,700	(53,194)	(356,700)	-	(53,194)
Acquisitions of subsidiaries	-	27,845	613,042	-	640,887
Exchange rate effect	-	598	-	-	598
Transfers	-	(1)	(7)	-	(8)
Closing balance as at 31 March 2022	68,113,681	352,850,177	60,664,501	-	481,628,359
Carrying Amount
as at 31 March 2022	188,228,195	163,957,784	43,856,986	53,207,148	449,250,113

As at 31 March 2022 the Investment related to intangible assets in progress includes 13.7 million euro related to IT projects and development software. Within that amount it is included 4.7 million euro of capitalizations of personnel costs related to own work.

7. Rights of use assets

During the period of three months ended on 31 March 2022, the detail and the movement in the value of the rights of use, as well as in the respective depreciations, was as follows:

	Land and Buildings	Vehicles	Others tangible assets	Total tangible assets
Gross Assets
Opening balance as at 1 January 2022	1,550,214,375	101,204,310	3,490,847	1,654,909,532
Additions	22,883,503	2,180,578	90,309	25,154,390
Effect of foreign currency exchange differences	4,710	(2,251)	-	2,459
Decreases and write-offs	(15,851,916)	(4,795,856)	(64,106)	(20,711,879)
Closing balance as at 31 March 2022	1,557,250,673	98,586,780	3,517,049	1,659,354,502
Accumulated Depreciation and Impairment Losses
Opening balance as at 1 January 2022	565,582,630	67,834,521	1,539,759	634,956,910
Depreciation of the period	26,324,888	5,998,054	157,542	32,480,484
Effect of foreign currency exchange differences	21,359	-	-	21,359
Decreases and write-offs	(15,610,099)	(4,209,167)	(64,106)	(19,883,373)
Use of impairment losses	(38,886)	-	-	(38,886)
Closing balance as at 31 March 2022	576,279,892	69,623,408	1,633,194	647,536,494
Carrying Amount
as at 31 March 2022	980,970,781	28,963,372	1,883,855	1,011,818,008

Liabilities related to rights of use are recorded under non-current and current lease liabilities of 1.073 million euros and 103 million euro respectively (1.075 million euro and 106 million euro at 31 December 2021).

In the consolidated income statement, 32.5 million euro were recognized for depreciation of the period (31.8 million euro in 31 March 2021) and 18.4 million of euro of interest relating to the adjusted debt (18.8 million euro in 31 March 2021).

8. Goodwill

Goodwill is allocated to each operating segment and within each segment to each of the homogeneous groups of cash generating units as follows:

• MC, Worten and Zeitreel - Goodwill is allocated to each operating segment, being afterwards distributed by each homogenous group of cash generating units, namely to each insignia within each segment distributed by country and each of the properties in case of operating segment MC;

• Sierra - The value of the Goodwill of this segment is allocated to the assets held and the operation of management property; and

• Bright Pixel - In this segment the Goodwill is mainly related to the technology business.

As at 31 March 2022 and 31 December 2021, the caption "Goodwill" was made as follows by segment and country:

	31 Mar 2022
Insignia	Portugal	Spain	United Kingdom	Other countries	Total
MC	486,369,406	19,440,000	-	-	505,809,406
Worten	78,185,304	-	-	-	78,185,304
Zeitreeel	53,097,133	-	-	-	53,097,133
Bright Pixel	2,059,740	1,641,824	-	10,971,314	14,672,878
Sierra	18,159,949	-	-	-	18,159,949
Others	-	-	62,628,674	-
	637,871,532	21,081,824	62,628,674	10,971,314	732,553,344

	31 Dec 2021
Insignia	Portugal	Spain	United Kingdom	Other countries	Total
MC	486,369,406	19,440,000	-	-	505,809,406
Worten	78,185,304	-	-	-	78,185,304
Zeitreeel	53,097,133	-	-	-	53,097,133
Bright Pixel	2,059,740	1,641,824	-	10,971,314	14,672,878
Sierra	18,159,949	-	-	-	18,159,949
Others	-	-	62,370,674	-	62,370,674
	637,871,532	21,081,824	62,370,674	10,971,314	732,295,344

9. Joint ventures and associated companies

9.1 Detail of book value of investments in joint ventures and associates

The value of investments in joint ventures and associates can be analyzed as follows:

Investments in joint ventures and associates	31 Mar 2022	31 Dec 2021
Investments in joint ventures	761,638,931	744,565,681
Investments in associates	788,187,191	770,084,405
Total	1,549,826,122	1,514,650,086

The detail per company of investments in joint ventures is as follows:

COMPANY	31 Mar 2022	31 Dec 2021
MC
Maremor Beauty & Fragances, S.L.	171,422	170,499
Sohi Meat Solutions - Distribuição de Carnes, SA	3,791,355	3,639,130
	3,962,777	3,809,630
Sonae Sierra
Arrábidashopping- Centro Comercial, S.A.	26,801,738	27,555,861
Gaiashopping I- Centro Comercial, S.A.	27,259,470	28,854,515
L.C. Malheiro II, SGPS, SA	3,309,726	2,097,775
Madeirashopping- Centro Comercial, S.A.	18,077,093	19,170,362
Nova Centralidade Soc. de Desenv. Imobiliário, SA	8,005,600	-
Pantheon Plaza B.V.	2,819,998	2,845,449
Parque Atlântico Shopping - Centro Comercial, S.A.	17,302,008	17,843,797
Proyecto Cúcuta S.A.S.	2,596,669	2,430,667
SC Aegean B.V.	3,428,195	3,433,293
Sierra LM, SGPS, S.A.	-	1,154,083
Via Catarina- Centro Comercial, S.A.	9,909,523	9,704,074
Visionarea - Promoção Imobiliária, S.A.	864,614	-
Others	2,183,384	2,165,619
	122,558,018	117,255,495
Bright Pixel
Unipress - Centro Gráfico, Lda	508,317	492,267
	508,317	492,267
NOS
ZOPT, SGPS, SA (consolidated)	634,609,819	623,008,290
	634,609,819	623,008,290
Investments in joint ventures	761,638,931	744,565,681

Financial Investment in NOS

The value on the income statement related to ZOPT results from net income of NOS, the net income of ZOPT and the impact on results of the process of allocating the fair value to the assets and liabilities acquired by ZOPT.

On 31 March 2022, it was considered that the assumptions made in the impairment tests carried out in 2021 did not have significant variations.

With regard to ZOPT's financial participations in Finstar and ZAP Media (Finstar consolidated), the Board of Directors of NOS and ZOPT is certain that the patrimony seizure to Mrs. Isabel dos Santos, in the specific case of the shares held by her in Finstar and ZAP Media (where she holds 70% of the capital), does not change the control profile, in this case joint control as defined in IFRS 11.

In January 2022, the Public Prosecutor's Office (MP) with the National Asset Recovery Service of the OPG, representing the Angolan State, requested, at the Luanda District Court, i) the replacement of the current trustees of the companies Finstar and ZAP Media (current Boards of Directors of the companies) by the Ministry of Telecommunications, Information Technologies and Social Communication (MTTICS), as well as, ii) the inhibition of voting rights by Isabel dos Santos, requests that the Court granted. The Board of Directors of NOS is currently convinced - based on the statements that have been made by the new trustee, MTTICS - that the activity of the companies will continue to develop normally.

On 4 April 2020, Sonaecom was informed by its subsidiary Zopt of the communication it received from the Central Criminal Investigation Court of Lisbon ('Cort') to proceed with the preventive seizure of 26.075% of NOS share capital, corresponding to half of the shareholding in NOS held by ZOPT and, indirectly, by the companies Unitel International Holdings, BV and Kento Holding Limited, controlled by

Mrs. Isabel dos Santos. Under the terms of that communication, the foreclosed shares (134,322,268.5 shares) would be deprived of the exercise of voting rights and the right to receive dividends, the latter of which should be deposited with Caixa Geral de Depósitos, S.A. at the order of the Court. The other half of Zopt's participation in NOS share capital, corresponding to an identical percentage of 26.075% - and which, at least in line with the criterion used by the Court, embodies the 50% held in ZOPT by Sonaecom - was not subject to seizure, nor the rights inherent to it have been subject to any limitation.

On 12 June 2020, ZOPT was notified of the order issued by the Lisbon Central Criminal Investigation Court, which authorizes it to exercise the voting right corresponding to the 26.075% of NOS share capital preemptively held to the order of that Court. This notification reinforces the understanding of the Boards of Directors of ZOPT and Sonaecom, according to which the conditions of control of ZOPT over NOS are fulfilled, and that that measure will have no material effect on the control of this company.

Still in June 2020, the Investigating Judge rejected the third-party embargoes deducted by ZOPT on the grounds of incompetence of the Portuguese courts to assess and decide, a decision that, having been appealed by Zopt, was revoked by the Court of Justice. Relationship, already in 2021. In a decision dated 25.11.2021, the investigating judge dismissed the objections and maintained the preventive seizure. ZOPT appealed against this decision to the Lisbon Court of Appeal.

On 19 August 2020, Sonaecom communicated the intention of the shareholders of ZOPT (Sonaecom, Unitel International Holdings, BV and Kento Holding Limited) to liquidate the company, maintaining Sonaecom as the reference shareholder of NOS. To date, the efforts to dissolve the ZOPT have not yet been carried out.

During 2020 and 2021, ZOPT was notified of a number of court decisions concerning the ZOPT shares held by KENTO and Unitel International Holdings and the respective right to receive dividends, specifically the following: (i) preventive preservation in case no. 210/20.4TELSB, of the Central Criminal Court, Single Section, concerning 32.65% of ZOPT's share capital held by Unitel International Holdings and 124,234,675 ZOPT shares held by KENTO, with the deprivation of the exercise of voting rights and the right to receive dividends; (ii) seizure decreed in process no. 14012/20.4T8PRT , by Judge 6 of the Central Civil Court of Póvoa de Varzim, over the shares of ZOPT held by Unitel International Holdings, with all the respective rights of patrimonial nature, including the right to receive dividends; (iii) pledge decreed in process no. 7418/21.3T8LSB, by Judge 2 of the Lisbon Execution Court, of 124,234,675 ZOPT shares held by Kento in ZOPT's capital and of the dividends of those shares; (iv) preservation decreed in process no. 17561/21.3T8LSB-A, by Judge 12 of the Lisbon Central Civil Court, over the ZOPT shares held by KENTO and Unitel International Holdings and over the dividends that have not yet been distributed or that may be deliberated. In relation to the pledge, identified in (iii), ZOPT was also notified by Caixa Geral de Depósitos (CGD), as the beneficiary of the pledge of the shares held by Kento in ZOPT, stating that it was vested with the power to exercise the voting rights attached to the Shares, and all other inherent rights, and that Kento was deprived of exercising such rights without the prior express written consent of CGD. It is the understanding of the ZOPT Board of Directors that, whenever the economic value of the shares is not at stake, CGD, as a pledging creditor of Kento, should act in accordance with Kento's instructions when exercising its voting rights, which means voting in the direction defined by Kento.

Despite the facts described above considering that, no steps have yet been taken to liquidation of ZOPT, that there has been no change in the board of directors of ZOPT and that decisions on the operating

activity of the investee company continue to be taken in accordance with what was being done, we concluded that the profile of joint control over the ZOPT has not changed.

ZOPT Group provisions

The evolution in provisions occurred during the first 3 months of 2022 compared to 31 December 2021 was as follows:

Legal actions with regulators and Competition Authority ("Autoridade da Concorrência" – AdC)

NOS SA, NOS Açores and NOS Madeira brought actions for judicial review of ANACOM's decisions in respect of the payment of the Annual Fee of Activity (for 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020 and 2021) as Electronic Communications Services Networks Supplier, and furthermore the refund of the amounts that meanwhile were paid within the scope of the mentioned acts of settlement was requested. Also NOS Wholesale brought action for judicial review of ANACOM's decision in respect of payment of the Annual Fee of Activity for 2020 and 2021.

The settlement amounts are, respectively, as follows:

• NOS SA: 2009: 1,861 thousand euro, 2010: 3,808 thousand euro, 2011: 6,049 thousand euro, 2012: 6,283 thousand euro, 2013: 7,270 thousand euro, 2014: 7,426 thousand euro, 2015: 7,253 thousand euro, 2016: 8,242 thousand euro, 2017: 9,099 thousand euro, 2018: 10,303 thousand euro, 2019: 10,169 thousand euro; 2020: 10,184 thousand euro and 2021: 9,653 thousand euro.

• NOS Açores: 2009: 29 thousand euro, 2010: 60 thousand euro, 2011: 95 thousand euro, 2012: 95 thousand euro, 2013: 104 thousand euro, 2014: 107 thousand euro, 2015: 98 thousand euro, 2016: 105 thousand euro, 2017: 104 thousand euro, 2018: 111 thousand euro, 2019: 107 thousand euro, 2020: 120 thousand euro and 2021: 123 thousand euro.

• NOS Madeira: 2009: 40 thousand euro, 2010: 83 thousand euro, 2011: 130 thousand euro, 2012: 132 thousand euro, 2013: 149 thousand euro, 2014:165 thousand euro, 2015: 161 thousand euro, 2016: 177 thousand euro, 2017: 187 thousand euro, 2018: 205 thousand euro, 2019: 195 thousand euro, 2020: 202 thousand euro and 2021: 223 thousand euro.

• NOS Wholesale: 2020: 36 thousand euro and 2021: 110 thousand euro.

Tax authorities

During the course of the 2003 to 2022 financial years, some companies of the NOS Group were the subject of tax inspections for the 2001 to 2020 financial years. Following these inspections, NOS SGPS, as the controlling company of the Tax Group, and companies not covered by Tax Group, were notified of the corrections made to the Group's tax losses, to VAT and stamp tax and to make the payments related to the corrections made to the above exercises. The total amount of the notifications unpaid is about 37 million euro, added interest, and charges. These settlement notes, which totally were contested, are the respective lawsuits in progress.

Interconnection tariffs

At 31 March 2022, accounts receivable and accounts payable include 37,139,253 euros and 43,475,093 euros, respectively, resulting from a dispute between the subsidiary NOS SA and, essentially, the operator MEO – Serviços de Comunicação e Multimédia, S.A. (previously named TMN – Telecomunicações Móveis Nacionais, S.A.), in relation to the non-definition of interconnection tariffs of 2001.

The detail of Investments in Associates is as follows:

COMPANY	31 Mar 2022	31 Dec 2021
MC
Sempre a Postos - Produtos Alimentares e Utilidades, Lda	1,042,451	910,322
Sierra
Sierra European Retail Real Estate Assets Holdings, BV ("Sierra BV")	233,840,392	229,957,073
3shoppings - Holding, SGPS, S.A.	13,127,305	12,911,514
Aliansce Sonae Shopping Centers, S.A.	98,752,124	82,144,399
Area Sur Shopping, S.L.	7,760,913	7,609,420
Douro Riverside Hotel, S.A.	1,700,818	-
Fundo Investimento Imobiliário Parque Dom Pedro Shopping Center ("FIIPDPSH")	11,964,142	10,045,075
Fundo Investimento Imobiliário Shop. Parque Dom Pedro ("FIISHPDP")	114,708,124	96,256,931
Iberia Shop.C. Venture Coöperatief U.A. ("Iberia Coop")	14,544,629	14,409,364
Le Terrazze - Shopping Centre 1 Srl	6,548,230	6,444,258
Mercado Urbano – Gestão Imobiliária, S.A.	1,235,998	1,225,393
Olimpo Real Estate SOCIMI, S.A.	7,885,573	7,808,294
Olimpo Real Estate Portugal, SIGI, S.A.	2,792,364	2,747,985
Serra Shopping- Centro Comercial, S.A.	1,082,356	1,063,010
Sierra Portugal Feeder 1	2,188,395	2,167,043
Sierra Portugal Real Estate ("SPF")	21,191,003	20,949,774
Signal Alpha Republica I, S.A.	303,091	325,425
Signal Alpha Republica II, Lda.	56,545	61,658
Trivium Real Estate Socimi, S.A.	26,188,759	25,935,782
Zenata Commercial Project	2,096,153	2,117,099
Bright Pixel
Alfaros SARL	-	13,970
Armilar Venture Partners - Sociedade de Capital de Risco, SA (Armilar)	-	1
Fundo de Capital de Risco Armilar Venture Partners II (Armilar II)	76,883,953	76,854,017
Fundo de Capital de Risco Armilar Venture Partners III (Armilar III)	18,985,204	51,583,976
Fundo de Capital de Risco Espirito Santo Ventures Inovação e Internacionalização (AVP I+I)	15,438,111	15,362,846
Probe.ly - Soluções de Cibersegurança, Lda	114,045	108,771
Suricate Solutions	-	25,997
Others	11,347	33,207
Sonae SGPS
Iberian Sports Retail Group (ISRG)	107,745,166	101,011,800
Investment in associates companies	788,187,191	770,084,405

In the period ended on 31 March 2022, the change in the value of the proportion of equity in Armilar III Fund is essentially related to the distribution of capital made following the sale of a stake held by that fund.

9.2 Movements ocurred in the period

During the period ended at 31 March 2022, movements in investments in joint ventures and associates are as follows:

		31 Mar 2022
Investments in joint ventures	Proportion on equity	Goodwill	Total investment
Balance as at 1 January	654,215,783	90,349,898	744,565,681
Increases during the period	315,683	-	315,683
Acquisitions during the period	8,874,229	-	8,874,229
Effect in gains or losses in joint controlled	10,891,741	-	10,891,741
Distributed dividends	(5,962,731)	-	(5,962,731)
Effect in equity capital and non-controlling interests	2,954,327	-	2,954,327
	671,289,033	90,349,898	761,638,931

		31 Mar 2022
Investments in associates companies	Proportion on equity	Goodwill	Total investment
Initial balance as at 1 January	689,792,740	80,291,665	770,084,406
Acquisitions during the period	1,714,741	-	1,714,741
Capital reduction in associated companies	(33,899,479)	-	(33,899,479)
Effect in gains or losses in associated companies	15,199,607	-	15,199,607
Distributed dividends	(1,968,933)	-	(1,968,933)
Effect in equity capital and non-controlling interests	37,056,850	-	37,056,850
	707,895,526	80,291,665	788,339,416

The effect on equity and non-controlled interests results fundamentally from the exchange rate conversion effect of companies with a different functional currency than the euro.

10. Financial assets at fair value

10.1 Through profit or loss

The value of financial assets at fair value through profit and loss can be analysed as follows:

		Statment of financial position
Company	Head Office	31 Mar 2022	31 Dec 2021
MC
Insco - Insular de Hipermerc., SA	Ponta Delgada	4,748,744	4,748,744
Sportessence - Sport Retail, SA	Ponta Delgada	595,964	595,964
		5,344,707	5,344,708
Bright Pixel
Arctic Wolf Networks, Inc	Delaware	75,671,861	74,168,202
Aryaka	Colorado (USA)	1,369,362	1,369,362
CelllWise	Singapore	8,816,791	8,641,595
ciValue	Yokneam (Israel)	-	1,977,741
Citcon	San Jose (USA)	4,504,100	4,414,600
Daisy Intelligence	Canadá	1,193,449	1,153,213
Experify	Delaware (USA)	1,171,065	-
Habit Analytics	Évora	790,804	790,804
Hackuity	France	3,000,000	-
Jscrambler	Porto	3,828,724	3,828,724
Portainer	Nova Zelândia	-	441,460
Ometria, Ltd.	London	21,868,865	22,016,495
Reblaze	St. Louis	2,477,255	2,428,030
Replai	Porto	1,800,887	1,800,887
Safebreach	Israel	13,585,106	13,315,160
Sales Layer	Valência	2,500,358	2,500,358
Sellforte	Finland	2,500,003	2,500,003
Sixgill Ltd	Israel	17,808,271	5,297,520
Taikai	Porto	1,836,895	1,836,895
ViSenze	Singapore	4,160,710	4,078,034
Weaveworks	San Francisco (USA)	4,504,099	4,414,599
Other financial assets		2,401,305	1,950,894
		175,789,912	158,924,575
Financial assets at fair value through profit or loss		181,134,619	164,269,283

10.2 Through other comprehensive income

The value of financial assets at fair value through other comprehensive income can be analysed as follows:

		Statment of financial position
Company	Head Office	31 Mar 2022	31 Dec 2021
Sonae
NOS SGPS, SA	Lisbon	164,469,287	129,580,000
Bright Pixel
Deepfence	Califórnia	2,252,050	2,207,300
Nextail Labs, SL	Madrid	1,628,759	1,628,759
Iriu sRisk	Saragoça	1,416,514	1,416,514
StyleSage, Inc.	Delaware	1,868,807	1,868,807
Sensei	Castelo Branco	405,900	405,900
Eat Tasty	Vila Nova Famalicão	259,696	259,696
Other financial assets		211,878	211,877
		8,043,604	7,998,854
Financial assets at fair value through other comprehensive income		172,512,891	137,578,854

10.3 Movements occurred in the period

During the year ended at 31 March 2022 and 31 December 2021, movements in investments in joint ventures are as follows:

	31 mar 2022	31 Dec 2021
Investments recorded at fair value through other comprehensive income and through profit or loss
Fair value (net of impairment losses) as at 1 January	301,848,138	213,572,561
Acquisitions in the period	25,858,889	2,620,002
Disposals in the period	(1,977,741)	-
Increase/(decrease) in fair value through profit and loss	10,485,327	4,120,431
Increase/(decrease) in fair value through other comprehensive income	17,432,897	256,808
	353,647,510	220,569,803

In the period ended 31 March 2022, the caption 'Decreases during the period' includes the sale of Bright Pixel's entire stake in CiValue for the amount of 5.3 million euro, which generated a capital gain of 3.3 million of euro. The increases during the period essentially refer to the acquisition of NOS shares, in the amount of 17.5 million euro and participation in the new Sixgill investment round, 4.2 million euro.

11. Deferred taxes

Deferred tax assets and liabilities as at 31 March 2022 and 31 December 2021 may be described as follows considering the different natures of temporary differences:

		Deferred tax assets		Deferred tax liabilities
	31 Mar 2022	31 Dec 2021	31 Mar 2022	31 Dec 2021
Difference between fair value and acquisition cost	4,494,615	4,494,615	93,435,012	86,686,900
Temporary differences on property, plant and equipment and intangible assets	462,469	498,601	88,001,148	87,102,196
Temporary difference of negative goodwill and equity method	-	-	41,321,077	44,707,041
Provisions and impairment losses not accepted for tax purposes	15,474,696	16,928,014	-	-
Impairment of assets	-	-	639,053	639,053
Valuation of hedging derivatives	-	740,886	5,291,514	5,508,153
Amortisation of Goodwill for tax purposes in Spain	-	-	41,007,493	39,553,323
Tax losses carried forward	36,416,666	23,526,318	-	-
Reinvested capital gains/losses	-	-	108,414	113,833
Tax Benefits	42,808,862	39,762,334	-	-
Rights of use	263,526,995	263,770,237	229,243,290	230,277,839
Others	4,496,513	8,847,286	672,104	698,298
	368,433,469	358,580,253	499,719,105	495,286,636

As at 31 March 2022 and 31 December 2021, the tax rate to be used in Portuguese companies, for the calculation of the deferred tax assets relating to tax losses is 21%. The tax rate to be used to calculate deferred taxes in temporary differences in Portuguese companies is 22.5% increased by the state surcharge in companies in which the expected reversal of those deferred taxes will occur when those rates will be applicable. For companies or branches located in other countries, rates applicable in each jurisdiction were used.

12. Other investments

The detail of the other investments as of 31 March 2022 and 31 December 2021 is as follows:

	31 Mar 2022
	Non current	Current
Other investments:
Fair value (net of impairment losses) as at 1 January	14,984,400	-
Acquisitions in the period	608,139	-
Disposals in the period	(443,365)	-
Transfers to available for sale	153,307	-
Fair value (net of impairment losses) as at 31 March	15,302,481	-
Derivative financial instruments
Fair value as at 1 January	-	7,106,548
Increase/(decrease) in fair value	-	2,313,498
Fair value as at 31 March	-	9,420,046
Financial instruments others
Fair value as at 1 January	-	483
Fair value as at 31 March	-	483
	15,302,481	9,420,529

13. Cash and cash equivalents

As at 31 March 2022 and 31 December 2021, Cash and cash equivalents are as follows:

	30 Mar 2022	31 Dec 2021
Cash and bank balances on the statement of financial position	622,357,290	825,063,052
Bank overdrafts (Note 15)	(86,115,529)	(2,373,001)
Cash and bank balances in the statement of cash flows	536,241,761	822,690,051

14. Non-controlling interest

During the period ended 31 March 2022, the movement in non-controlling interests are detailed as follows:

	31 Mar 2022
	MC	Worten	Sierra	Zeitreel	Bright Pixel	Others	Total
Opening balance as at 1 January	265,712,374	921,827	220,767,055	(1,816,156)	118,529,358	61,486	604,175,944
Delivery and attribution of shares to employees due to the extinction of the obligation	102,622	-	-	-	-	-	102,622
Change in percentage of subsidiaries	-	-	(77,483,247)	-	(2,486,996)	40,691	(79,929,552)
Change in currency translation reserve	(897,471)	-	(424,789)	-	480	(4,569)	(1,326,349)
Participation in other comprehensive income (net of tax) related to joint ventures and associated companies included in consolidation by the equity method	-	-	3,719,130	-	274,034	-	3,993,164
Changes in hedging reserves	1,328,220	-	51,393	-	-	-	1,379,613
Others	516	-	(10,360)	-	211,059	(193,932)	7,282
Profit for the period attributable to non controlling interests	4,695,248	50,526	2,048,209	91,329	1,922,565	(54,364)	8,753,512
Closing balance as at 31 December	270,941,508	972,353	148,667,391	(1,724,827)	118,450,500	(150,688)	537,156,236

The item "Change in percentage of subsidiaries" refers to the acquisition of an additional 10% of Sierra share capital for 83.47 million euro, thus the Group now owns 90% of that subsidiary.

15. Loans

As at 31 March 2022 and 31 December 2021, loans are made up as follows:

	31 Mar 2022		31 Dec 2021
	Outstanding amount		Outstanding amount
	Current	Non Current	Current	Non Current
Bank loans	393,415,293	854,990,165	226,101,339	780,726,925
Bonds	32,817,580	310,205,282	90,254,637	315,415,828
Other loans	770,831	995,500	813,618	1,217,654
Total loans	427,003,704	1,166,190,947	317,169,594	1,097,360,408
	31 Mar 2022		31 Dec 2021
	Outstanding amount			Outstanding amount
	Current	Non Current	Current	Non Current
Bank loans
Sonae SGPS, SA - commercial paper	226,500,000	345,000,000	147,600,000	270,000,000
Sonae SGPS, SA 2016/2023	30,000,000	-	30,000,000	-
Sonae SGPS, SA 2020/2025
Sonae MC, SGPS, SA - commercial paper	-	108,098,370	-	105,950,402
Sonae MC affiliated /2014/2023	-	50,000,000	-	50,000,000
Sonae MC / 2018/2031	-	55,000,000	-	55,000,000
Sonae MC affiliated /2020/2025	-	55,000,000	-	55,000,000
Sonae MC affiliated /2021/2028	-	20,000,000	-	20,000,000
Sonae SGPS affiliated /2019/2026	-	50,000,000	-	50,000,000
Sonae Sierra SGPS, SA - commercial paper	25,000,000	-	25,000,000	-
Sonae Sierra / 2018/2022	10,000,000	-	10,000,000	-
Sonae Sierra affiliated /2016/2026	-	36,300,000	-	36,300,000
Sonae Sierra affiliated /2015/2023	5,200,000	106,600,000	5,200,000	107,900,000
Others	11,001,821	4,703,554	6,336,240	6,396,905
	307,701,821	855,701,924	224,136,240	781,547,307
Bank overdrafts (Note 14)	86,115,529	-	2,373,001	-
Up-front fees beard with the issuance of borrowings	(402,058)	(711,759)	(407,902)	(820,382)
Bank loans	393,415,293	854,990,165	226,101,339	780,726,925

		31 Mar 2022 Outstanding amount		31 Dec 2021
				Outstanding amount
	Current	Non Current	Current	Non Current
Bonds
Bonds ESG Sonae SGPS/ 2020/2025	8,000,000	12,000,000	8,000,000	12,000,000
Bonds Sonae MC / December 2019/2024	-	30,000,000	-	30,000,000
Bonds Sonae MC / April 2020/2027	-	95,000,000	-	95,000,000
Bonds Sonae MC / July 2020/2025	-	-	50,000,000	-
Bonds Sonae MC / July 2020/2025	-	-	22,500,000	-
Bonds Sonae MC ESG / December 2021/2024	-	40,000,000	-
Bonds Sonae MC ESG / December 2021/2026	-	60,000,000	-
Bonds Sonae Sierra / 2018/2025	-	50,000,000	10,000,000	30,000,000
Bonds Sonae Sierra / 2018/2023	-	25,000,000	-	25,000,000
Bonds Sonae Sierra / 2018/2023	25,000,000	-	-	25,000,000
Up-front fees beard with the issuance of borrowings	(182,420)	(1,794,718)	(245,363)	(1,584,172)
Bonds	32,817,580	310,205,282	90,254,637	315,415,828
Other loans	568,899	995,935	813,618	1,218,089
Derivates	201,932	(435)	-	(435)
Other loans	770,831	995,500	813,618	1,217,654
	427,003,704	1,166,190,947	317,169,593	1,097,360,407

It is estimated that the book value of all loans does not differ significantly from its fair value, determined based on discounted cash flows methodology.

The interest rate at 31 March 2022 on bond loans and bank loans averaged approximately 0.9% (1.1% at 31 December 2021). Most of the bond loans and variable-rate bank loans are indexed to Euribor.

The derivatives are recorded at fair value.

The loans face value, maturities and interests are as follows (including obligations under financial leases):

	31 Mar 2022	31 Dec 2021
N+1 a)	427,386,250	317,822,859
N+2	307,653,489	330,746,020
N+3	121,741,709	268,243,617
N+4	65,205,042	125,365,234
N+5	446,542,063	279,887,302
After N+5	227,555,555	95,523,224
	1,596,084,109	1,417,588,256

a) Includes amounts used from commercial paper programs when classified as current.

The maturities presented above were estimated according to the contractual clauses of the loans and considering Sonae's best expectation as to its amortization date.

As at 31 March 2022, there are financing operations with financial covenants whose conditions were negotiated in accordance with applicable market practices, and which at the date of this report are in regular compliance.

As at 31 March 2022, Sonae has, as detailed below, cash and bank balance equivalents in the amount of 619 million euros (825 million euros as at 31 December 2021) and available credit lines as follows:

	31 Mar 2022		31 Dec 2021
	Commitments of less than one year	Commitments of more than one year	Commitments of less than one year	Commitments of more than one year
Unused credit facilities
Sonae MC	126,000,000	285,000,000	94,000,000	265,000,000
Sonae Sierra	54,969,346	-	54,969,346	-
Holding & Others	6,043,447	52,115,227	109,266,276	207,161,129
	187,012,793	337,115,227	258,235,622	472,161,129
Agreed credit facilities
Sonae MC	126,000,000	393,098,370	94,000,000	405,000,000
Sonae Sierra	54,969,346	-	54,969,346	-
Holding & Others	166,650,000	325,150,000	137,000,000	607,650,000
	347,619,346	718,248,370	285,969,346	1,012,650,000

16. Provision and impairment losses

Movements in "Provisions and impairment losses" during the period ended 31 March 2022 are as follows:

Caption	Balance as at 01 Jan 2022	Increase	Decrease	Changes in the scope of consolidation	Balance as at 31 Mar 2022
Accumulated impairment losses on investments	4,546,271	-	(4,256,522)	1,379,330	1,669,079
Impairment losses on property, plant and equipment (Note 5)	120,517,257	-	(4,903,538)	-	115,613,719
Impairment losses on intangible assets (Note 6)	34,966,077	-	(53,194)	-	34,912,883
Accumulated impairment losses on non-current assets	-	-	(18,000)	18,000	-
Accumulated impairment losses on non-current assets held for sale	51,375	-	-	-	51,375
Accumulated impairment losses on other current debtors	27,982,415	974,035	(2,476,397)	-	26,480,053
Non - current provisions	21,476,976	1,440,963	(1,268,657)	-	21,649,281
Current provisions	4,170,266	659,242	(1,298,417)	126,183	3,657,274
	213,710,637	3,074,240	(14,274,725)	1,523,513	204,033,664

The change in the caption "Impairment losses on tangible fixed assets" results mostly from the sale of properties for which impairment had been recognized. The "Changes in the scope of consolidation" reflects the impact of the liquidation of Losantur that occurs in early 2022.

Impairment losses are deducted from the value of the corresponding asset.

17. Other Income

The breakdown of other income for the periods ending 31 March 2022 and 2021 is as follows:

	31 Mar 2022	31 Mar 2021 Restated
Supplementary income	9,896,891	10,432,719
Prompt payment discounts obtained	6,840,026	6,963,092
Foreign currency exchange gains	6,133,028	5,907,983
Own work capitalised	4,716,507	3,217,516
Rent discounts relating to pandemic impact	-	3,540,361
Gains on sales of assets	5,260,086	2,613,019
Subsidies	236,153	789,507
Others	3,377,224	1,479,874
	36,459,915	34,944,071

18. Net financial Expenses

As at 31 March 2022 and 2021, Net financial expenses are as follows:

	31 Mar 2022	31 Mar 2021 Restated
Expenses
Interest payable
related with bank loans and overdrafts	(2,582,684)	(3,334,274)
related with non convertible bonds	(937,323)	(2,162,823)
related with operational leases	(18,411,301)	(18,768,514)
others	(241,809)	(719,303)
	(22,173,117)	(24,984,914)
Foreign exchange losses	(9,595,506)	(10,518,318)
Up front fees and commissions related to loans	(1,826,120)	(1,525,115)
Others	(498,241)	(625,226)
	(34,092,984)	(37,653,573)
Income
Interest receivable
others	395,041	512,883
	395,041	512,883
Foreign exchange gains	8,464,623	9,567,173
Other financial income	2,350,509	5,845
	11,210,173	10,085,901
NET FINANCIAL EXPENSES	(22,882,811)	(27,567,672)

19. Related parties

Balances and transactions with related entities can be detailed as follows:

	Parent Company		Jointly controlled companies		Associated companies		Other related parties
	31 Mar 2022	31 Mar 2021	31 Mar 2022	31 Mar 2021	31 Mar 2022	31 Mar 2021	31 Mar 2022	31 Mar 2021
Sales & Services rendered	78,119	75,880	4,375,779	3,806,379	14,194,388	21,793,576	15,565,182	12,850,808
COGS and materials consumed	-	-	73,819,446	72,522,128	-	-	538,033	920,729
External supplies and services and other expenses	120,986	96,513	4,175,749	4,093,278	999,426	1,158,648	2,253,362	2,610,643
Financial income	-	-	142,881	122,872	100,694	140,679	15,462	-
Financial expense	-	-	30,186	24,131	1,583,478	1,598,755	394	28,660
Other income	-	-	152,728	254,257	57,584	1,165,423	876,133	1,048,783
	199,105	172,393	82,696,769	80,823,045	16,935,570	25,857,081	19,248,566	17,459,623

	Parent Company		Jointly controlled companies		Associated companies		Other related parties
	31 Mar 2022	31 Dec 2021	31 Mar 2022	31 Dec 2021	31 Mar 2022	31 Dec 2021	31 Mar 2022	31 Dec 2021
Other non-current assets	-	-	10,892,546	1,627,900	9,144,368	9,888,743	1,178,067	1,178,067
Trade receivables	31,023	30,797	2,002,101	2,928,730	7,781,447	6,594,780	13,169,423	17,263,704
Other assets	482,311	8,270	12,361,869	6,186,738	8,619,219	4,551,254	1,951,517	1,279,971
Trade payables	1,646	-	58,876,542	69,605,733	1,411,513	1,793,596	797,136	988,412
Other liabilities	579,624	-	1,881,462	3,889,536	3,238,810	2,870,278	990,582	2,197,036
	1,094,604	39,067	86,014,520	84,238,637	30,195,357	25,698,651	18,086,725	22,907,190

The related parties include subsidiaries and jointly controlled companies or associated companies of Sonae Sierra SGPS, SA, ZOPT SGPS, SA, Sonae Indústria, SGPS, SA and Sonae Capital, SGPS, SA, as well as other shareholders of subsidiaries or jointly controlled companies by Sonae, and other subsidiaries of the parent company Efanor Investimentos, SGPS, SA.

20. Earnings per share

Earnings per share for the periods ended 31 March 2022 and 2021 were calculated taking into consideration the following amounts:

	31 Mar 2022		31 Mar 2021 Restated Note 3
	Continuing Operations	Descontinuing Operations	Continuing Operations	Descontinuing Operations
Net profit
Net profit taken into consideration to calculate basic earnings per share (consolidated profit fo	42,375,782	-	1,734,366	(1,093,077)
Net profit taken into consideration to calculate diluted earnings per share	42,375,782	-	1,734,366	(1,093,077)
Number of shares
Weighted average number of shares used to calculate basic earnings per share	1,908,434,638	1,908,434,638	1,910,236,308	1,910,236,308
Effect of dilutive potential ordinary shares from convertible bonds	-	-	128,667,482	128,667,482
Outstanding shares related with share based payments	15,994,430	15,994,430	6,919,305	6,919,305
Shares related to performance bonus that can be bought at market price	(4,304,066)	(4,304,066)	(1,624,905)	(1,624,905)
Weighted average number of shares used to calculate diluted earnings per share	1,920,125,002	1,920,125,002	2,044,198,190	2,044,198,190
Earnings per share
Basic	0.022204	-	0.000908	(0.000572)
Diluted	0.022069	-	0.000848	(0.000535)

21. Cash payments of investments

Cash payments related to investments of the period can be detailed as follows:

Payments	31 Mar 2022	31 Mar 2021
Acquisition of SONAE SIERRA SGPS	83,470,598	82,159,275
Acquisition of Nova Centralidade Soc. de Desenv. Imobiliário, SA	8,005,600	-
Acquisition of Sixgill	4,222,262	-
Acquisition of Hackuity	3,000,000	-
Acquisition of Douro Riverside Hotel, S.A.	1,700,818	-
Acquisition of acções Experif	1,135,272	-
Acquisition of Sellforte	-	2,500,003
Acquisition of Sierra Central	-	120,460
Acquisition of Area Sur	-	375,000
Acquisition of Secucloud	-	160,791
Acquisition of Automaize	-	120,000
Others	18,161,301	599,315
	119,695,850	86,034,844

22. Presentation of consolidated income statements

In the Management Report, and for the purposes of calculating financial indicators as EBIT, EBITDA and Underlying EBITDA the consolidated income statement is divided between Direct Income and Indirect Income.

The Indirect Income includes the contribution of Sierra, net of taxes that result from: (i) valuation of investment properties; (ii) gains (losses) with the sale of financial investments, joint ventures or associates; (iii) impairment losses relating to non-current assets (including Goodwill) and (iv) provisions for assets at risk. Additionally and with regard to the portfolio of Sonae, it includes: (i) impairment of real estate assets for retail, (ii) decreases in Goodwill, (iii) negative Goodwill (net of taxes) related to acquisitions in the financial year, (iv) provisions (net of tax) for possible future liabilities, and impairments related to noncore investments, businesses and discontinued assets (or to be discontinued / repositioned), (v) valuation results based on the methodology "mark-to-market" of other current investments that will be sold or traded in the near future and (vi) other irrelevant issues

The value of EBITDA, Underlying EBITDA and EBIT are calculated in the direct income component, i.e. excluding the indirect contributions.

The reconciliation between the two presentation formats for the consolidated income statement for the periods ended 31 March 2022 and 2021 can be summarized as follows:

		31 Mar 2022			31 Mar 2021 Restated Note 3
	Consolidated	Indirect Income	Direct Income	Consolidated	Indirect income	Direct income
Turnover	1,690,118,163	-	1,690,118,163	1,607,829,437	-	1,607,829,437
Investment income
Others	(651,435)	-	(651,435)	(1,165,882)	-	(1,165,882)
Others income
Others	36,459,915	(688,660)	37,148,575	34,944,071	-	34,944,071
Total income	1,725,926,643	(688,660) -	1,726,615,304	1,641,607,626	-	1,641,607,626
Total expenses	(1,609,279,479)	(142,292)	(1,609,137,186)	(1,531,554,503)	-	(1,531,554,503)
Depreciation and amortisation	(87,050,277)	-	(87,050,277)	(83,688,956)	-	(83,688,956)
Impairments of inventories	-	-	-	(4,500,000)	-	(4,500,000)
Gains and Losses on property, plant and equipment and intangible assets	(234,579)	-	(234,579)	(1,022,317)	-	(1,022,317)
Provisions for warranty extensions	(274,382)	(274,382)	-	(190,026)	-	(190,026)
Reversals of impairment losses	2,386,732	-	2,386,732	2,215,994	-	2,215,994
Reversals of provisions for warranty extensions	416,674	416,674	-	187,438	-	187,438
Others	(1,595,615)	-	(1,595,615)	(15,892,357)	-	(15,892,357)
Profit before financial results and results of joint ventures and associates and non-recurrent items	30,295,718	(688,660)	30,984,379	7,162,898	-	7,162,898
Non-recurrent items	2,502,117	-	2,502,117	162,772	-	162,772
Gains and losses on investments recorded at fair value through results	13,707,143	10,485,329	3,221,814	4,128,897	4,120,431	8,466
Financial profit/(loss)	(22,882,811)	-	(22,882,811)	(27,567,672)	-	(27,567,672)
Share of results of joint ventures and associated undertakings
Associates and joint ventures of Sonae Sierra	8,925,655	(613,345)	9,539,000	(48,517,655)	(296,747)	(48,220,908)
Armilar Venture Funds	1,405,907	1,405,907	1,405,907	2,567,164	2,567,164
ZOPT	8,870,529	-	8,870,529	6,931,092	-	6,931,092
Others	6,889,258	-	5,483,351	57,838,360	-	57,838,360
Profit before income tax	49,713,514	10,589,231	39,124,285	2,705,856	6,390,848	(3,684,991)
Income Tax	1,415,780	(1,545,976)	2,961,756	782,307	(2,011,827)	2,794,134
Profit/(Loss) from continued operations	51,129,294	9,043,255	42,086,041	3,488,163	4,379,021	(890,857)
Profit/(Loss) from discontinued operations	-	-	-	(71,665)	-	(71,665)
Profit/(Loss) for the period	51,129,294	9,043,255	42,086,041	3,416,498	4,379,021	(962,522)
Attributable to equity holders of Sonae	42,375,782	8,843,251	33,532,531	641,289	4,149,307	(3,508,018)
Non-controlling interests	8,753,512	200,003	8,553,511	2,775,209	229,714	2,545,496
"Underlying" EBITDA (b)	-	-	120,699,920	-	-	110,059,000
EBITDA (a)	-	-	148,500,823	-	-	126,698,651
EBIT (c)	-	-	62,007,085	-	-	23,811,014

• (a) EBITDA = total direct income total direct expenses reversal of direct impairment losses + share of results in joint ventures and associated undertakings (Sierra direct results, Zopt and other participated) + provisions for extensions of guarantee + unusual results
• (b) "Underlying" EBITDA = EBITDA effect of the equity method non-recurrent results;
• (c) EBIT = EBT financial results dividends;
• (d) EBT = Direct results before taxes;
• (e) Direct income = Results excluding contributions to indirect results;
• (f) Indirect income = Includes Sierra's results, net of taxes, arising from: (i) investment properties valuations; (ii) capital gains (losses) on the sale of financial investments, joint ventures or associates; (iii) impairment losses for non-current assets (including Goodwill) and; (iv) provision for assets at risk. Additionally and with regard to the portfolio of Sonae, it includes: (i) impairment of real estate assets for retail, (ii) decrease in goodwill, (iii) provisions (net of tax) for possible future liabilities and impairments related with non-core financial investments, businesses, discontinued assets (or be discontinued/ repositioned);(iv) valuation results based on the methodology "mark-to-market" of other current investments that will be sold or traded in the near future and (v) other irrelevant issues.

23. Subsequent events

On 17 May 2022, Bright Pixel and remaining shareholders reached an agreement with Thales Europe, S.A. to sell the share capital and voting rights of Maxive – Cybersecurity, SGPS, S.A. The transaction has an underlying Maxive Enterprise Value of 120 million euro and is estimated to have a positive impact on the consolidated results amounting approximately to 63 million euro, amounts that may vary considering the effective closing date of transaction and the respective financial performance of Maxive and its subsidiaries until such time. The completion of the transaction is subject to the fulfilment of customary conditions for an agreement of this nature, including regulatory approval, being expected to occur until 30 November 2022.

24. Approval of financial statements

The financial statements were approved by the Board of Directors in a meeting held on 17 May 2022.

The Board of Directors,

Duarte Paulo Teixeira de Azevedo Ângelo Gabriel Ribeirinho dos Santos Paupério José Manuel Neves Adelino Margaret Lorraine Trainer Marcelo Faria de Lima Carlos António Rocha Moreira da Silva Fuencisla Clemares Philippe Cyriel Elodie Haspeslagh Maria Cláudia Teixeira de Azevedo João Pedro Magalhães da Silva Torres Dolores

SAFE HARBOUR

This document may contain forward-looking information and statements, based on management's current expectations or beliefs. Forward-looking statements are statements that should not be regarded as historical facts.

These forward-looking statements are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, including, but not limited to, changes in regulation, industry and economic conditions; and the effects of competition. Forward-looking statements may be identified by words such as "believes," "expects," "anticipates," "projects," "intends," "should," "seeks," "estimates," "future" or similar expressions.

Although these statements reflect our current expectations, which we believe are reasonable, investors and analysts, and generally all recipients of this document, are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. You are cautioned not to put undue reliance on any forward-looking information or statements. We do not undertake any obligation to update any forward-looking information or statements.

Media and Investor Contacts

Ricardo Figueiredo da Rocha Head of Investor Relations rjfrocha@sonae.pt +351 22 010 4794

Maria João Oliveira External Communication majfoliveira@sonae.pt +351 22 010 4747

Sonae Lugar do Espido Via Norte 4471-909 Maia, Portugal +351 22 948 7522

www.sonae.pt

Sonae is listed on the Euronext Stock Exchange. Information may also be accessed on Reuters under the symbol SONP.IN and on Bloomberg under the symbol SON PL