Sonda S.A

What it is

Sonda is a Chilean multinational IT company headquartered in Santiago and the largest in the Information Technology sector in Latin America. It was originally incorporated as a limited liability partnership on October 30, 1974.

It provides IT solutions across more than a dozen countries — from Chile and Brazil to Mexico and Peru — through three segments: Digital Business, Digital Services, and Transactional Business, covering cloud computing, cybersecurity, data analytics, and IT infrastructure. Its clients span banking, education, government, health, manufacturing, mining, retail, transportation, and utilities.

Who owns it

Two related holding vehicles, Índico and Inversiones Yuste, act in concert under a formal shareholder agreement; together they held 41.4% of Sonda as of the first half of 2025. The EODHD data shows insiders collectively hold 62.8% of the shares, with institutional investors — Chilean pension funds and the like — holding a further 24.1%, leaving a free float of roughly 13%.

The company was founded by Andrés Navarro Haeussler, who chaired the board until April 2023, when he resigned and was succeeded as chairman by José Orlandini. Sonda has one share class and every share carries one vote.

Who runs it

Marcelo Castiglione Veloso became Sonda’s chief executive in March 2024, having previously run the company’s Chilean operations. José Orlandini has chaired the board of directors since 2023 and also serves as President of the Institute of Engineers of Chile.

The Corporate Finance Manager — effectively the CFO — is a Civil Industrial Engineer from Pontificia Universidad Católica de Chile with more than 20 years of experience in multinational energy companies; he joined Sonda in May 2021 as CFO of the Chilean operation and assumed the corporate-wide finance role on July 1, 2022. His name is not disclosed in available public sources.

The money, in plain words

Sales have grown every year — from CLP 1.30 trillion (~USD 1.43bn) in FY2023 to CLP 1.44 trillion (~USD 1.59bn) in FY2025, a three-year rise of roughly 11% (our calculation) — but almost none of that growth has reached the bottom line. The company keeps only about 1 cent of profit from every peso of sales — a net profit margin of 1.1% in FY2025 (our calculation), down from 2.3% in FY2024 and 2.9% in FY2023 — which is thin even for a services business where margins are never large.

For every peso shareholders have put in, the company earns less than 3 cents back per year — a return on equity of 2.6% — well below the cost of capital in any market. At 16.7 times earnings (price-to-earnings ratio of 16.7×), the stock is not obviously cheap for a company earning so little; what keeps income-seeking investors interested is the dividend yield of 6.1%, unusually high for the technology sector.

Cash on hand stands at CLP 101bn (~USD 111m), with no short-term debt disclosed, suggesting the balance sheet is not under immediate stress (our calculation).

What it is doing now

Sonda is executing a 2025–2027 strategic plan centred on higher-value services and vertical specialisation; first-half 2025 operating income fell 31% year-on-year, hurt by higher provisions for bad debts and non-recurring gains booked in 2024. Net income attributable to shareholders dropped 52% year-on-year in H1 2025, even as revenues held flat at around USD 781m for the six months.

In November 2025 Sonda committed R$190m (roughly USD 35m) to expand connectivity infrastructure and digital inclusion in Brazil, its largest single national market and the engine for long-run growth. The pipeline of potential new business reached USD 7.26bn at mid-2025, up 37% year-on-year — a signal that demand is there even if converting it to profit is taking time.

What to watch

• Margin recovery: The core question is whether the 2025–2027 plan can push the net margin back above 2%; three straight years of compression is already a red flag.
• Brazil investment return: The R$190m (US$210 k) Brazil commitment is significant relative to the company’s profits; execution risk is real in a competitive local market.
• Dividend sustainability: A 6.1% yield paid out of a 1.1% net margin implies the payout is consuming most — or all — of earnings; under Chilean law, dividends below 30% of annual profit require unanimous shareholder approval. Any cut would hit the stock hard.
• Ownership concentration: With barely 13% of shares in free float, the stock trades thinly — a fact that amplifies moves in either direction and limits institutional liquidity.

This is news, not investment advice.