Sonae SGPS — M&A Activity 2023

Nov 30, 2023

Announcement

Maia, 30 November 2023

Sonae SGPS, SA ("Sonae") hereby informs that, following the announcements previously released on 20 December 2022 and 31 March 2023, and after fulfilling all precedent conditions, the creation of the Joint Venture ("JV") between Sonae and Bankinter Consumer Finance, E.F.C., S.A. ("Bankinter Consumer Finance") has been completed, and Bankinter Consumer Finance has become a shareholder of 50% of Universo, IME, SA ("Universo").

This transaction is fully aligned with Sonae's portfolio management strategy and allows Sonae to establish a 50/50 partnership with Bankinter Consumer Finance, with a foreseen future integration of the operations of Universo and of the Bankinter Consumer Finance open market business in Portugal, subject to the required approvals of the competent authorities, leveraging on the competencies of both partners towards the creation of a leading consumer credit player in Portugal.

The new JV will be co-controlled by Sonae and Bankinter Consumer Finance and managed by an experienced and recognized team in the sector, with Alberto Ramos, Bankinter's Portugal Country Manager, as Chair of the Board of Directors, and Luís Reis from Sonae, as CEO.

Sonae received as consideration a total of c. €42 million for the sale of a 50% stake in Universo, more than the estimated €19 million, announced on 31 March 2023, reflecting a capital increase undertaken by Universo aimed at absorbing the credit book that will be acquired from Banco CTT and to sustain Universo's future growth. This operation generated a capital gain for Sonae of c.€12 million.

Following this transaction, Sonae has deconsolidated its 100% stake in Universo, with the remaining 50% stake being now consolidated through the equity method. Universo turnover reached €30 million in 2022 and €36 million in the first 9M23.

The Representative for Market Relations,

Head Office Lugar do Espido, Via Norte, Maia Share Capital: €2.000.000.000,00 Maia Commercial Registry and Fiscal Number 500273170 For further information, please contact the Investor Relations Department at Sonae

Ricardo Figueiredo da Rocha Head of Investor Relations / Sonae T. +351 220 104 794 // E. rjfrocha@sonae.pt www.sonae.pt