<?xml version="1.0" encoding="UTF-8"?>
<!-- Generated by Fujitsu Interstage XWand B0250 -->
<?officialURI http://www.esma.europa.eu/taxonomy/2020-03-16/esef_cor-lab-en.xml?>

<?taxonomy-version 1.0.0?>

<?taxonomy-date 2020-03-16?>

<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd http://www.w3.org/1999/xlink http://www.xbrl.org/2003/xlink-2003-12-31.xsd" xmlns:Sonae="https://www.sonae.pt" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink">
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel"/>
  <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncomeStatementAbstract" xlink:label="IncomeStatementAbstract"/>
    <link:label xlink:type="resource" xlink:label="IncomeStatementAbstract_label" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="IncomeStatementAbstract">Profit or loss placeholder - this item MUST be used as a starting point for the statement of profit or loss if the statement of profit or loss is separately</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeStatementAbstract" xlink:to="IncomeStatementAbstract_label" priority="1" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_StatementOfCashFlowsAbstract" xlink:label="StatementOfCashFlowsAbstract"/>
    <link:label xlink:type="resource" xlink:label="StatementOfCashFlowsAbstract_label" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="StatementOfCashFlowsAbstract">Statement of cash flows placeholder - this item MUST be used as a starting point for the statement of cash flows</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfCashFlowsAbstract" xlink:to="StatementOfCashFlowsAbstract_label" priority="1" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_StatementOfChangesInEquityAbstract" xlink:label="StatementOfChangesInEquityAbstract"/>
    <link:label xlink:type="resource" xlink:label="StatementOfChangesInEquityAbstract_label" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="StatementOfChangesInEquityAbstract">Statement of changes in equity placeholder - this item MUST be used as a starting point for the statement of changes in equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfChangesInEquityAbstract" xlink:to="StatementOfChangesInEquityAbstract_label" priority="1" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_StatementOfComprehensiveIncomeAbstract" xlink:label="StatementOfComprehensiveIncomeAbstract"/>
    <link:label xlink:type="resource" xlink:label="StatementOfComprehensiveIncomeAbstract_label" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="StatementOfComprehensiveIncomeAbstract">Statement of comprehensive income placeholder - this item MUST be used as a starting point for the statement of comprehensive income if it is disclosed separately or when the statement of profit or loss and other comprehensive income statements are combined in a single statement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfComprehensiveIncomeAbstract" xlink:to="StatementOfComprehensiveIncomeAbstract_label" priority="1" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_StatementOfFinancialPositionAbstract" xlink:label="StatementOfFinancialPositionAbstract"/>
    <link:label xlink:type="resource" xlink:label="StatementOfFinancialPositionAbstract_label" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="StatementOfFinancialPositionAbstract">Statement of financial position placeholder - this item MUST be used as a starting point for the statement of financial position</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfFinancialPositionAbstract" xlink:to="StatementOfFinancialPositionAbstract_label" priority="1" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://www.esma.europa.eu/taxonomy/2020-03-16/esef_cor.xsd#esef_cor_ItemsAreFurtherDetailedInSection800100SubclassificationsOfAssetsLiabilitiesAndEquities" xlink:label="ItemsAreFurtherDetailedInSection800100SubclassificationsOfAssetsLiabilitiesAndEquities"/>
    <link:label xlink:type="resource" xlink:label="ItemsAreFurtherDetailedInSection800100SubclassificationsOfAssetsLiabilitiesAndEquities_label" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="ItemsAreFurtherDetailedInSection800100SubclassificationsOfAssetsLiabilitiesAndEquities">Items are further detailed in section [800100] Subclassifications of assets, liabilities and equities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ItemsAreFurtherDetailedInSection800100SubclassificationsOfAssetsLiabilitiesAndEquities" xlink:to="ItemsAreFurtherDetailedInSection800100SubclassificationsOfAssetsLiabilitiesAndEquities_label" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://www.esma.europa.eu/taxonomy/2020-03-16/esef_cor.xsd#esef_cor_ItemsAreFurtherDetailedInSection800200AnalysisOfIncomeAndExpense" xlink:label="ItemsAreFurtherDetailedInSection800200AnalysisOfIncomeAndExpense"/>
    <link:label xlink:type="resource" xlink:label="ItemsAreFurtherDetailedInSection800200AnalysisOfIncomeAndExpense_label" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="ItemsAreFurtherDetailedInSection800200AnalysisOfIncomeAndExpense">Items are further detailed in section [800200] Analysis of income and expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ItemsAreFurtherDetailedInSection800200AnalysisOfIncomeAndExpense" xlink:to="ItemsAreFurtherDetailedInSection800200AnalysisOfIncomeAndExpense_label" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://www.esma.europa.eu/taxonomy/2020-03-16/esef_cor.xsd#esef_cor_ItemsAreFurtherDetailedInSection800300StatementOfCashFlowsAdditionalDisclosures" xlink:label="ItemsAreFurtherDetailedInSection800300StatementOfCashFlowsAdditionalDisclosures"/>
    <link:label xlink:type="resource" xlink:label="ItemsAreFurtherDetailedInSection800300StatementOfCashFlowsAdditionalDisclosures_label" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="ItemsAreFurtherDetailedInSection800300StatementOfCashFlowsAdditionalDisclosures">Items are further detailed in section [800300] Statement of cash flows, additional disclosures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ItemsAreFurtherDetailedInSection800300StatementOfCashFlowsAdditionalDisclosures" xlink:to="ItemsAreFurtherDetailedInSection800300StatementOfCashFlowsAdditionalDisclosures_label" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://www.esma.europa.eu/taxonomy/2020-03-16/esef_cor.xsd#esef_cor_ItemsAreFurtherDetailedInSection800400StatementOfChangesInEquityAdditionalDisclosures" xlink:label="ItemsAreFurtherDetailedInSection800400StatementOfChangesInEquityAdditionalDisclosures"/>
    <link:label xlink:type="resource" xlink:label="ItemsAreFurtherDetailedInSection800400StatementOfChangesInEquityAdditionalDisclosures_label" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="ItemsAreFurtherDetailedInSection800400StatementOfChangesInEquityAdditionalDisclosures">Items are further detailed in section [800400] Statement of changes in equity, additional disclosures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ItemsAreFurtherDetailedInSection800400StatementOfChangesInEquityAdditionalDisclosures" xlink:to="ItemsAreFurtherDetailedInSection800400StatementOfChangesInEquityAdditionalDisclosures_label" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://www.esma.europa.eu/taxonomy/2020-03-16/esef_cor.xsd#esef_cor_NotesAccountingPoliciesAndMandatoryTags" xlink:label="NotesAccountingPoliciesAndMandatoryTags"/>
    <link:label xlink:type="resource" xlink:label="NotesAccountingPoliciesAndMandatoryTags_label" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="NotesAccountingPoliciesAndMandatoryTags">Notes, accounting policies and mandatory tags – this item MUST be used as a starting point for markups of disclosures in the notes to the financial statements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotesAccountingPoliciesAndMandatoryTags" xlink:to="NotesAccountingPoliciesAndMandatoryTags_label" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://www.esma.europa.eu/taxonomy/2020-03-16/esef_cor.xsd#esef_cor_LineItemsNotDimensionallyQualified" xlink:label="LineItemsNotDimensionallyQualified"/>
    <link:label xlink:type="resource" xlink:label="LineItemsNotDimensionallyQualified_label" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="LineItemsNotDimensionallyQualified">Line items not dimensionally qualified</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LineItemsNotDimensionallyQualified" xlink:to="LineItemsNotDimensionallyQualified_label" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="http://www.esma.europa.eu/taxonomy/2020-03-16/esef_cor.xsd#esef_cor_LineItemsNotDimensionallyQualifiedPlaceholder" xlink:label="LineItemsNotDimensionallyQualifiedPlaceholder"/>
    <link:label xlink:type="resource" xlink:label="LineItemsNotDimensionallyQualifiedPlaceholder_label" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="LineItemsNotDimensionallyQualifiedPlaceholder">Line items not dimensionally qualified placeholder</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LineItemsNotDimensionallyQualifiedPlaceholder" xlink:to="LineItemsNotDimensionallyQualifiedPlaceholder_label" order="1.0"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_OtherInvestments" xlink:label="Sonae_OtherInvestments"/>
    <link:label xlink:type="resource" xlink:label="Sonae_OtherInvestments_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Other investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_OtherInvestments" xlink:to="Sonae_OtherInvestments_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_OtherInvestments" xlink:label="Sonae_OtherInvestments_3"/>
    <link:label xlink:type="resource" xlink:label="Sonae_OtherInvestments_4" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en">Other investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_OtherInvestments_3" xlink:to="Sonae_OtherInvestments_4"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_CurrentAssetsExcludingNonCurrentAssetsHeldForSale" xlink:label="Sonae_CurrentAssestsExcludingNonCurrentAssetsHeldForSale"/>
    <link:label xlink:type="resource" xlink:label="Sonae_CurrentAssestsExcludingNonCurrentAssetsHeldForSale_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Current assets excluding non-current assets held for sale</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_CurrentAssestsExcludingNonCurrentAssetsHeldForSale" xlink:to="Sonae_CurrentAssestsExcludingNonCurrentAssetsHeldForSale_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_ReservesAndRetainedEarnings" xlink:label="Sonae_ReservesAndRetainedEarnings"/>
    <link:label xlink:type="resource" xlink:label="Sonae_ReservesAndRetainedEarnings_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Reserves and retained earnings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_ReservesAndRetainedEarnings" xlink:to="Sonae_ReservesAndRetainedEarnings_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_RetainedEarningsProfitLossForReportingPeriod" xlink:label="Sonae_RetainedEarningsProfitLossforReportingPeriod"/>
    <link:label xlink:type="resource" xlink:label="Sonae_RetainedEarningsProfitLossforReportingPeriod_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Retained earnings, profit (loss) for reporting period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_RetainedEarningsProfitLossforReportingPeriod" xlink:to="Sonae_RetainedEarningsProfitLossforReportingPeriod_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_OtherLoansCurrent" xlink:label="Sonae_OtherLoansCurrent"/>
    <link:label xlink:type="resource" xlink:label="Sonae_OtherLoansCurrent_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Other loans, current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_OtherLoansCurrent" xlink:to="Sonae_OtherLoansCurrent_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_CurrentLiabilitiesExcludingNonCurrentLiabilitiesHeldForSale" xlink:label="Sonae_CurrentLiabilitiesExcludingNonCurrentLiabilitiesHeldForSale"/>
    <link:label xlink:type="resource" xlink:label="Sonae_CurrentLiabilitiesExcludingNonCurrentLiabilitiesHeldForSale_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Current liabilities excluding non-current liabilities held for sale</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_CurrentLiabilitiesExcludingNonCurrentLiabilitiesHeldForSale" xlink:to="Sonae_CurrentLiabilitiesExcludingNonCurrentLiabilitiesHeldForSale_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_GainsOrLossesFromAssociatesAndJointVentures" xlink:label="Sonae_GainsOrLossesFromAssociatesAndJointVentures"/>
    <link:label xlink:type="resource" xlink:label="Sonae_GainsOrLossesFromAssociatesAndJointVentures_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Gains or losses from associates and joint ventures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_GainsOrLossesFromAssociatesAndJointVentures" xlink:to="Sonae_GainsOrLossesFromAssociatesAndJointVentures_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_OtherComprehensiveIncomeOther" xlink:label="Sonae_OtherComprehensiveIncomeOther"/>
    <link:label xlink:type="resource" xlink:label="Sonae_OtherComprehensiveIncomeOther_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Other comprehensive income, other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_OtherComprehensiveIncomeOther" xlink:to="Sonae_OtherComprehensiveIncomeOther_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_OtherComprehensiveIncomeThatMayBeReclassifiedToProfitOrLossNetOfTax" xlink:label="Sonae_OtherComprehensiveIncomeThatMayBeReclassifiedToProfitOrLossNetOfTax"/>
    <link:label xlink:type="resource" xlink:label="Sonae_OtherComprehensiveIncomeThatMayBeReclassifiedToProfitOrLossNetOfTax_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Other comprehensive income that may be reclassified to profit or loss, net of tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_OtherComprehensiveIncomeThatMayBeReclassifiedToProfitOrLossNetOfTax" xlink:to="Sonae_OtherComprehensiveIncomeThatMayBeReclassifiedToProfitOrLossNetOfTax_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_GainsLossesOnExchangeDifferencesOnTranslationBeforeTaxFromDiscontinuedOperations" xlink:label="Sonae_GainsLossesOnExchangeDifferencesOnTranslationBeforeTaxFromDiscontinuedOperations"/>
    <link:label xlink:type="resource" xlink:label="Sonae_GainsLossesOnExchangeDifferencesOnTranslationBeforeTaxFromDiscontinuedOperations_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Gains (losses) on exchange differences on translation, before tax, from discontinued operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_GainsLossesOnExchangeDifferencesOnTranslationBeforeTaxFromDiscontinuedOperations" xlink:to="Sonae_GainsLossesOnExchangeDifferencesOnTranslationBeforeTaxFromDiscontinuedOperations_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_ReceiptsArisingFromInvestments" xlink:label="Sonae_ReceiptsArisingFromInvestments"/>
    <link:label xlink:type="resource" xlink:label="Sonae_ReceiptsArisingFromInvestments_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Receipts arising from investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_ReceiptsArisingFromInvestments" xlink:to="Sonae_ReceiptsArisingFromInvestments_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_ProceedsFromSalesOfPropertyPlantAndEquipmentAndIntangibleAssetsClassifiedAsInvestingActivities" xlink:label="Sonae_ProceedsFromSalesOfPropertyPlantAndEquipmentAndIntangibleAssetsClassifiedAsInvestingActivities"/>
    <link:label xlink:type="resource" xlink:label="Sonae_ProceedsFromSalesOfPropertyPlantAndEquipmentAndIntangibleAssetsClassifiedAsInvestingActivities_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Proceeds from sales of property, plant and equipment and intangible assets, classified as investing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_ProceedsFromSalesOfPropertyPlantAndEquipmentAndIntangibleAssetsClassifiedAsInvestingActivities" xlink:to="Sonae_ProceedsFromSalesOfPropertyPlantAndEquipmentAndIntangibleAssetsClassifiedAsInvestingActivities_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_InterestAndSimilarIncome" xlink:label="Sonae_InterestAndSimilarIncome"/>
    <link:label xlink:type="resource" xlink:label="Sonae_InterestAndSimilarIncome_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Interest and similar income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_InterestAndSimilarIncome" xlink:to="Sonae_InterestAndSimilarIncome_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_PaymentsForFinancialInvestments" xlink:label="Sonae_PaymentsForFinancialInvestments"/>
    <link:label xlink:type="resource" xlink:label="Sonae_PaymentsForFinancialInvestments_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Payments for financial investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_PaymentsForFinancialInvestments" xlink:to="Sonae_PaymentsForFinancialInvestments_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_PurchaseOfPropertyPlantAndEquipmentAndIntangibleAssetsClassifiedAsInvestingActivities" xlink:label="Sonae_PurchaseOfPropertyPlantAndEquipmentAndIntangibleAssetsClassifiedAsInvestingActivities"/>
    <link:label xlink:type="resource" xlink:label="Sonae_PurchaseOfPropertyPlantAndEquipmentAndIntangibleAssetsClassifiedAsInvestingActivities_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Purchase of property, plant and equipment and intangible assets, classified as investing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_PurchaseOfPropertyPlantAndEquipmentAndIntangibleAssetsClassifiedAsInvestingActivities" xlink:to="Sonae_PurchaseOfPropertyPlantAndEquipmentAndIntangibleAssetsClassifiedAsInvestingActivities_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_OtherOutflowsOfCashFromInvestingActivities" xlink:label="Sonae_OtherOutflowsOfCashFromInvestingActivities"/>
    <link:label xlink:type="resource" xlink:label="Sonae_OtherOutflowsOfCashFromInvestingActivities_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Other outflows of cash from investing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_OtherOutflowsOfCashFromInvestingActivities" xlink:to="Sonae_OtherOutflowsOfCashFromInvestingActivities_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_OtherInflowsOfCashFromInvestingActivities" xlink:label="Sonae_OtherInflowsOfCashFromInvestingActivities"/>
    <link:label xlink:type="resource" xlink:label="Sonae_OtherInflowsOfCashFromInvestingActivities_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Other inflows of cash from investing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_OtherInflowsOfCashFromInvestingActivities" xlink:to="Sonae_OtherInflowsOfCashFromInvestingActivities_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_CapitalIncreasesAdditionalPaidInCapitalAndSharePremiums" xlink:label="Sonae_CapitalIncreasesAdditionalPaidInCapitalAndSharePremiums"/>
    <link:label xlink:type="resource" xlink:label="Sonae_CapitalIncreasesAdditionalPaidInCapitalAndSharePremiums_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Capital increases, additional paid in capital and share premiums</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_CapitalIncreasesAdditionalPaidInCapitalAndSharePremiums" xlink:to="Sonae_CapitalIncreasesAdditionalPaidInCapitalAndSharePremiums_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_OtherInflowsOfCashFromFinancingActivities" xlink:label="Sonae_OtherInflowsOfCashFromFinancingActivities"/>
    <link:label xlink:type="resource" xlink:label="Sonae_OtherInflowsOfCashFromFinancingActivities_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Other inflows of cash from financing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_OtherInflowsOfCashFromFinancingActivities" xlink:to="Sonae_OtherInflowsOfCashFromFinancingActivities_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_ProceedsFromFinancingActivities" xlink:label="Sonae_ProceedsFromFinancingActivities"/>
    <link:label xlink:type="resource" xlink:label="Sonae_ProceedsFromFinancingActivities_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Proceeds from financing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_ProceedsFromFinancingActivities" xlink:to="Sonae_ProceedsFromFinancingActivities_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_InterestAndSimilarExpenses" xlink:label="Sonae_InterestAndSimilarExpenses"/>
    <link:label xlink:type="resource" xlink:label="Sonae_InterestAndSimilarExpenses_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Interest and similar expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_InterestAndSimilarExpenses" xlink:to="Sonae_InterestAndSimilarExpenses_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_OtherOutflowsOfCashFromFinancingActivities" xlink:label="Sonae_OtherOutflowsOfCashFromFinancingActivities_3"/>
    <link:label xlink:type="resource" xlink:label="Sonae_OtherOutflowsOfCashFromFinancingActivities_4" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Other outflows of cash from financing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_OtherOutflowsOfCashFromFinancingActivities_3" xlink:to="Sonae_OtherOutflowsOfCashFromFinancingActivities_4"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_PaymentsFromFinancingActivities" xlink:label="Sonae_PaymentsFromFinancingActivities"/>
    <link:label xlink:type="resource" xlink:label="Sonae_PaymentsFromFinancingActivities_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Payments from financing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_PaymentsFromFinancingActivities" xlink:to="Sonae_PaymentsFromFinancingActivities_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_OtherReservesAndPriorPeriodRetainedEarningsMember" xlink:label="Sonae_OtherReservesAndPriorPeriodRetainedEarnings"/>
    <link:label xlink:type="resource" xlink:label="Sonae_OtherReservesAndPriorPeriodRetainedEarnings_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Other reserves and prior period retained earnings [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_OtherReservesAndPriorPeriodRetainedEarnings" xlink:to="Sonae_OtherReservesAndPriorPeriodRetainedEarnings_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_ReservesAndRetainedEarningsMember" xlink:label="Sonae_ReservesAndRetainedEarningsMember"/>
    <link:label xlink:type="resource" xlink:label="Sonae_ReservesAndRetainedEarningsMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Reserves and retained earnings [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_ReservesAndRetainedEarningsMember" xlink:to="Sonae_ReservesAndRetainedEarningsMember_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_ProfitLossMember" xlink:label="Sonae_ProfitLossMember"/>
    <link:label xlink:type="resource" xlink:label="Sonae_ProfitLossMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Profit (loss) [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_ProfitLossMember" xlink:to="Sonae_ProfitLossMember_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_IncomeDistributionFromInvestmentFunds" xlink:label="Sonae_IncomeDistributionFromInvestmentFunds"/>
    <link:label xlink:type="resource" xlink:label="Sonae_IncomeDistributionFromInvestmentFunds_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Income distribution from investment funds</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_IncomeDistributionFromInvestmentFunds" xlink:to="Sonae_IncomeDistributionFromInvestmentFunds_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_ObligationFulfilledByShareAttributionToEmployees" xlink:label="Sonae_ObligationFulfilledByShareAttributionToEmployees"/>
    <link:label xlink:type="resource" xlink:label="Sonae_ObligationFulfilledByShareAttributionToEmployees_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Obligation fulfilled by share attribution to employees </link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_ObligationFulfilledByShareAttributionToEmployees" xlink:to="Sonae_ObligationFulfilledByShareAttributionToEmployees_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_PartialCancellationOfCashSettledEquitySwap" xlink:label="Sonae_PartialCancellationOfCashSettledEquitySwap"/>
    <link:label xlink:type="resource" xlink:label="Sonae_PartialCancellationOfCashSettledEquitySwap_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Partial cancellation of Cash Settled Equity Swap</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_PartialCancellationOfCashSettledEquitySwap" xlink:to="Sonae_PartialCancellationOfCashSettledEquitySwap_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_ProfitLossBeforeTaxFromContinuingOperations" xlink:label="Sonae_newItem"/>
    <link:label xlink:type="resource" xlink:label="Sonae_newItem_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Profit (loss) before tax from continuing operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_newItem" xlink:to="Sonae_newItem_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_CapitalDecreasesAndPaidInCapital" xlink:label="Sonae_CapitalDecreasesAndPaidInCapital"/>
    <link:label xlink:type="resource" xlink:label="Sonae_CapitalDecreasesAndPaidInCapital_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Capital decreases and paid in capital</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_CapitalDecreasesAndPaidInCapital" xlink:to="Sonae_CapitalDecreasesAndPaidInCapital_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_NonCurrentFinancialAssetsAtFairValueThroughProfitLoss" xlink:label="Sonae_NoncurrentFinancialAssetsAtFairValueThroughProfitLoss"/>
    <link:label xlink:type="resource" xlink:label="Sonae_NoncurrentFinancialAssetsAtFairValueThroughProfitLoss_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Non-current financial assets at fair value through profit loss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_NoncurrentFinancialAssetsAtFairValueThroughProfitLoss" xlink:to="Sonae_NoncurrentFinancialAssetsAtFairValueThroughProfitLoss_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitLoss" xlink:label="Sonae_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitLoss"/>
    <link:label xlink:type="resource" xlink:label="Sonae_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitLoss_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Impairment loss (reversal of impairment loss) recognised in profit loss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitLoss" xlink:to="Sonae_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitLoss_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_IncreaseDecreaseInOtherProvisions" xlink:label="Sonae_IncreaseDecreaseInOtherProvisions"/>
    <link:label xlink:type="resource" xlink:label="Sonae_IncreaseDecreaseInOtherProvisions_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Increase (decrease) in other provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_IncreaseDecreaseInOtherProvisions" xlink:to="Sonae_IncreaseDecreaseInOtherProvisions_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_OtherComprehensiveIncomeBeforeTaxExchangeDifferencesTranslation" xlink:label="Sonae_OtherComprehensiveIncomeBeforeTaxExchangeDifferencesTranslation"/>
    <link:label xlink:type="resource" xlink:label="Sonae_OtherComprehensiveIncomeBeforeTaxExchangeDifferencesTranslation_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Other comprehensive income, before tax, exchange differences translation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Sonae_OtherComprehensiveIncomeBeforeTaxExchangeDifferencesTranslation" xlink:to="Sonae_OtherComprehensiveIncomeBeforeTaxExchangeDifferencesTranslation_2"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_ProfitFromContinuingOperationsBeforeInterestsDividendsShareOfProfitOrLossOfJointVenturesAndAssociatesAndTax" xlink:label="ProfitFromContinuingOperationsBeforeInterestsDividendsShareOfProfitOrLossOfJointVenturesAndAssociatesAndTax" xlink:title="ProfitFromContinuingOperationsBeforeInterestsDividendsShareOfProfitOrLossOfJointVenturesAndAssociatesAndTax"/>
    <link:label xlink:type="resource" xlink:label="label_ProfitFromContinuingOperationsBeforeInterestsDividendsShareOfProfitOrLossOfJointVenturesAndAssociatesAndTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfitFromContinuingOperationsBeforeInterestsDividendsShareOfProfitOrLossOfJointVenturesAndAssociatesAndTax" xml:lang="en" id="label_ProfitFromContinuingOperationsBeforeInterestsDividendsShareOfProfitOrLossOfJointVenturesAndAssociatesAndTax">Profit from continuing operations before interests, dividends, share of profit or loss of joint ventures and associates and tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitFromContinuingOperationsBeforeInterestsDividendsShareOfProfitOrLossOfJointVenturesAndAssociatesAndTax" xlink:to="label_ProfitFromContinuingOperationsBeforeInterestsDividendsShareOfProfitOrLossOfJointVenturesAndAssociatesAndTax" xlink:title="label: ProfitFromContinuingOperationsBeforeInterestsDividendsShareOfProfitOrLossOfJointVenturesAndAssociatesAndTax to label_ProfitFromContinuingOperationsBeforeInterestsDividendsShareOfProfitOrLossOfJointVenturesAndAssociatesAndTax"/>
    <link:loc xlink:type="locator" xlink:href="549300847SOBT7HY7R50-2021-12-31.xsd#Sonae_OtherComprehensiveIncomeThatWasReclassifiedToProfitOrLossBeforeTax" xlink:label="OtherComprehensiveIncomeThatWasReclassifiedToProfitOrLossBeforeTax" xlink:title="OtherComprehensiveIncomeThatWasReclassifiedToProfitOrLossBeforeTax"/>
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeThatWasReclassifiedToProfitOrLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherComprehensiveIncomeThatWasReclassifiedToProfitOrLossBeforeTax" xml:lang="en" id="label_OtherComprehensiveIncomeThatWasReclassifiedToProfitOrLossBeforeTax">Other comprehensive income that was reclassified to profit or loss, before tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeThatWasReclassifiedToProfitOrLossBeforeTax" xlink:to="label_OtherComprehensiveIncomeThatWasReclassifiedToProfitOrLossBeforeTax" xlink:title="label: OtherComprehensiveIncomeThatWasReclassifiedToProfitOrLossBeforeTax to label_OtherComprehensiveIncomeThatWasReclassifiedToProfitOrLossBeforeTax"/>
  </link:labelLink>
</link:linkbase>
