Sonae started the year on the right foot in terms of NAV (+2.6% qoq), top-line growth (+12% yoy) and profitability (fairly stable EBITDA margin) amidst lingering inflationary trends, and increasing interest rates. The story was not all rosy, however, when it came to net income (group share), which fell by 38.3% to €26m on the back of higher depreciation, taxes, financial costs and inflation.
