NOS SGPS

Quarterly Report • Oct 24, 2022

EARNING S ANNOUNCEMENT 3 0 2 2

Lisbon, 24 October 2022

3Q22 HIGHLIGHTS

.....

l able I.
3Q22 Highlights ('000)	3Q21	3Q22	3Q22 / 3Q21	9M21	9M22	9M22 / 9M21
Operating Highlights
Homes Passed	5,068.9	5,216.6	2.9%	5,068.9	5,216.6	2.9%
% FttH	50.0%	59.0%	9.0pp	50.0%	59.0%	9.0pp
Total RGUs	10,146.1	10,665.2	5.1%	10,146.1	10,665.2	5.1%
Fixed Pay TV RGUs	1,381.6	1,424.1	3.1%	1,381.6	1,424.1	3.1%
Convergent + Integrated Customers	1,005.8	1,071.2	6.5%	1,005.8	1,071.2	6.5%
Fixed Convergent + Integrated Customers as % of Fixed Access Customers	63.9%	66.5%	2.7pp	63.9%	66.5%	2.7pp
Mobile RGUs	5,209.9	5,642.3	8.3%	5,209.9	5,642.3	8.3%
Residential ARPU / Unique Subscriber With Fixed Access (Euros)(1)	47.6	48.5	1.8%	47.1	47.8	1.6%
Financial Highlights (Millions of Euros)
Consolidated Revenues	366.5	381 5	4.1%	1.044.9	1,123.5	7.5%
Consolidated EBITDA	171.1	177.8	3.9%	477.7	500.1	4.7%
Consolidated EBITDA Margin	46.7%	46.6%	(0.1pp)	45.7%	44.5%	(1.2pp)
Consolidated EBITDA - Consolidated CAPEX Excluding Leasings, Spectrum License & Other Contractual Rights	61.2	57.6	(5.8%)	167.7	135.9	(19.0%)
Telco Revenues	356.8	367.6	3.0%	1,029.2	1,089.0	5.8%
Telco EBITDA	159.2	167.3	5.1%	447.6	468.2	4.6%
Telco EBITDA Margin	44.6%	45.5%	0.9pp	43.5%	43.0%	(0.5pp)
Telco EBITDA - Telco CAPEX Excluding Leasings, Spectrum License & Other Contractual Rights	53.5	53.3	(0.5%)	147.6	120.8	(18.1%)

Technological leadership and service quality recognized in customer preference and satisfaction levels, driving healthy operational growth and efficiency, with lowest ever levels of churn.

Financial performance supported by strength of operational success in core telco business and continued improvement in cinema activity

• 3Q22 was the best quarter this year for RGU growth with net adds of 141.6 thousand, taking total RGUs to 10.665 million, an additional +5.1% yoy.

• · The key driver of RGU growth remains mobile, with an additional 113.3 thousand subscribers in 3Q22, again the best quarter this year and up by 8.3% compared with last year. The core contributor of this growth in mobile subscribers, 107.2 thousand, has been post-paid contract subscribers. And this was the strongest quarter of post-paid growth since 3Q15, demonstrating our continued focus on promoting the high value proposition of convergent solutions.
• NOS' convergent customer base increased by an additional 19.1 thousand in 3Q22 to 1,071.2 thousand customers, representing 5,538.7 thousand converged RGUs, an average of 5.17 services per customer, evidence that consumers in Portugal prefer to take their communication and entertainment services in convergent bundles - 67% of NOS residential customers subscribe to converged fixed and mobile bundles with Gigabit next generation speeds, unlimited data allowances, over 150 high quality channels with limitless live and on-demand content, a seamless experience over a multiple device user integrating all relevant OTT platforms.
• As a result of this strong growth in mobile, NOS had 5.642 million mobile subscribers by the end of 3Q22, up by 8.3% yoy and of which 63% were post-paid contracts. According to ANACOM's data for 2Q22, NOS' mobile market share stood at 28.0%, representing an increase of 1.3% from last year.
• Our strategic decision to lead in 5G and deploy the most advanced and widespread network as fast as possible is driving results. In addition to independent recognition as the fastest network in Portugal in Ookla's speedtest awards and by Opensignal earlier in the year, NOS was voted the best mobile internet operator in Portugal by the leading Portuquese consumer association - Deco Proteste. Nationwide user tests were conducted over the QualRede platform analysing various indicators to evaluate upload and download speeds, internet navigation experience and quality of content streaming and on all fronts, NOS received the best results of all operators. This recognition is a major achievement attesting to the success of NOS's strategy and an important driver of customer satisfaction, improvement in operating performance and a key enabler of nationwide digital transformation and economic development.
• · Momentum is also improving in our Cinema operation with the number of spectators in our cinema's continuing to grow yoy, although still not yet to pre-pandemic levels. NOS sold 1.786 million tickets in 3Q22, the best quarter post-pandemic, an additional 42.7% compared with last year and in fact higher than growth in the market which increased by 36.6% to 2.720 million tickets. Our Audiovisuals division is also reflecting yoy recovery in distribution of movies to cinema exhibitors, a segment in which NOS also has an important market position.

Telco operating strength driving quality financial performance, together with ongoing recovery in cinema activity

• Consolidated revenues grew 4.1% yoy to 381.5 million euros in 3Q22 driving EBITDA growth of 3.9% to 177.8 million euros.
• Telco revenues increased 3.0% to 367.6 million euros and EBITDA by 5.1% to 167.3 million euros, representing an EBITDA margin of 45.5%, up from 44.6% in 3Q21, in a context where inflation is already impacting the cost base.
• Audiovisuals and Cinema revenues were higher by 22.8% yoy at 23.4 million euros maintain the strong pace of yoy recovery post pandemic. EBITDA reached 10.5 million euros, representing a decline from 3Q21 explained primarily by a change in accounting of Covid related rent discounts and higher energy related costs.
• · Net Income amounted to 106.0 million euros in 3Q22, bringing total Net Income up to 191.3 million euros for the first 9 months of 2022. This Net Income in the quarter includes an approximate 75 million euros capital gain from the sale of a portfolio of towers to Cellnex under the long term partnership announced in April 2020, and further detailed in the additional tower sale announcement in April 2022 (link).
• · Total CAPEX excluding leasing contracts, spectrum license & other contractual rights increased 9.3% to 120.2 million euros, impacted by our 5G deployment programme which is reaching conclusion in the coming quarters with around 80% population already covered by the end of 3Q22.
• · Total Free Cash-Flow Before Dividends, Financial Investments and Own Shares Acquisition in 3Q22 amounted to 148.8 million euros.

Commiss

The Consolidated Financial Statements for 3Q22 have been subject to limited review.

Table 2.
Profit and Loss Statement	3Q21	3022	3Q22 / 3Q21	9M21	9M22	9M22 / 9M21
(Millions of Euros)
Operating Revenues	366.5	381.5	4.1%	1,044.9	1,123.5	7.5%
Telco	356.8	367.6	3.0%	1,029.2	1,089.0	5.8%
Consumer Revenues	252.6	262.9	4.1%	743.5	763.6	2.7%
Business Revenues	79.5	77.7	(2.3%)	225.9	254.3	12.6%
Wholesale and Others	24.8	27.1	9.3%	59.8	71.0	18.9%
Audiovisuals & Cinema (1)	19.1	23.4	22.8%	42.2	62.5	48.3%
Others and Eliminations	(9.4)	(9.5)	1.2%	(26.4)	(28.0)	6.1%
Operating Costs Excluding D&A	(195.3)	(203.7)	4.3%	(567.2)	(623.4)	9.9%
Telco	(197.6)	(200.3)	1.4%	(581.6)	(620.8)	6.7%
Audiovisuals & Cinema (1)	(7.1)	(12.9)	81.1%	(12.0)	(30.6)	154.1%
Others and Eliminations	9.4	ਰੇ 5	(1.2%)	26.4	28.0	6.1%
FRITDA (2)	171.1	177.8	3.9%	477.7	500.1	4.7%
EBITDA Margin	46.7%	46.6%	(0.1pp)	45.7%	44.5%	(1.2pp)
Telco	159.2	167.3	5.1%	447.6	468.7	4.6%
EBITDA Margin	44.6%	45.5%	0.9ppp	43.5%	43.0%	(0.5pp)
Cinema Exhibition and Audiovisuals	12.0	10.5	(11.9%)	30.1	31.9	6.0%
EBITDA Margin	62.6%	44.9%	(17.7pp)	71.4%	51.1%	(20.4pp)
Depreciation and Amortization	(108.0)	(124.2)	15.1%	(312.8)	(345.6)	10.5%
(Other Expenses) / Income	(1.4)	74.2	5443.4%	(7.4)	76.4	1133.9%
Operating Profit (EBIT) (3)	61.8	127.8	106.9%	157.5	230.9	46.6%
Share of profits (losses) of associates and joint ventures	2.4	6.6	172.7%	4.7	17.0	258.1%
(Financial Expenses) / Income	(8.9)	(7.9)	(11.4%)	(26.7)	(25.8)	(3.6%)
Leases Financial Expenses	(6.3)	(6.2)	(2.5%)	(19.3)	(18.7)	(3.4%)
Funding & Other Financial Expenses	(2.5)	(1.7)	(33.7%)	(7.4)	(7.1)	(4.2%)
Income Before Income Taxes	55.3	126.5	128.7%	135.5	222.2	63.9%
Income Taxes	(9.2)	(20.6)	(124.8%)	(15.7)	(31.0)	97.3%
Net Income Before Associates & Non-Controllinq Interests	43.7	99.3	127.1%	115.1	174.2	51.3%
Net income	46.1	105.9	129.5%	119.8	191.2	59.5%
Net income attributable to Non-controlling interests	0.0	0.1	448.2%	0.2	0.1	(41.2%)
Net Income attributable to NOS shareholders	46.1	106.0	129.6%	120.0	191.3	59.4%
Net Income attributable to NOS shareholders excluding gain from tower sale	46.1	43.1	(6.6%)	120.0	128.4	7.0%

(1) Includes Cillenta operations in notal norge.
(2) EBITDA = Operations in Piozantone = Integration + Integration Costs + Net Losses/Gail
(3) EBIT = Income Before Financia

Revenues

Consolidated revenues grew by 4.1% yoy to 381.5 million euros, with growth in Telco revenues of 3.0% to 367.6 million euros and in Audiovisuals and Cinema revenues of 22.8% to 23.4 million euros.

B2C telco revenues maintained previous positive trends with growth of 4.1% to 262.9 million euros driven by very positive RGU performance, both in fixed residential services and mobile standalone segments, more than compensating declining legacy satellite services. In B2B, Revenues decreased by 2.3% yoy to 77.7 million euros, a yoy decline explained by the fact that last year's figures were impacted substantially more by non-recurrent and low margin software resale sales. Underlying growth in B2B revenues was positive accompanied by higher levels of average profitability. Wholesale and other business revenues increased by 9.3% yoy to 27.1 million euros explained namely by yoy recovery in roaming in revenue as a result of a return of holiday makers to Portugal.

Audiovisual distribution and Cinema exhibition revenues grew by 22.8% to 23.4 million euros compared with 3Q21. The number of tickets sold increased by 42.7% yoy and by 11.9% in comparison with the previous quarter, due to the return of spectators to cinemas in safety after the lifting of pandemic restrictions.

able 3.
Operating Indicators ('000)	3021	3Q22	3Q22 / 3Q21 9M21		9M22	9M22 / 9M21
Cinema (1)
Revenue per Ticket (Euros)	5.3	5.5	3.8%	5.3	5.6	4.9%
Tickets Sold - NOS	1,251.9	1,786.0	42.7%	1,819.6	4,370.2	140.2%
I ickets Sold - Total Portuguese Market (2)	1,991.6	2,720.1	36.6%	2,884.6	6,730.6	133.3%
Screens (units)	208	214	2.9%	208	214	2.9%
(1) Portuguese Operations

ICA - Portuguese Institute For Cine

OPEX, EBITDA and Net Results

Consolidated EBITDA grew by 3.9% to 177.8 million euros representing a 46.6% margin as a proportion of consolidated revenues. Telco EBITDA increased 5.1% to 167.3 million euros reflected an increase in margin to 45.5%, compared with 44.6% in 3Q21.

Although Telco OPEX was 1.4% higher yoy at 200.3 million euros, efforts to contain costs where possible have enabled us to maintain a positive margin trajectory despite global inflationary pressures. In particular as regards electricity costs, NOS successfully locked in the price of approximately 35% of its requirements through a long term power purchasing agreement (PPA) agreed in 2021, entailing the construction of a wind farm in Iberia injecting new renewable electricity into the grid. Out of the remaining 65%, around 35% is sourced in the regulated market with regulator controlled prices and only the remaining 30% is sourced in the spot market and as such, NOS' exposure to electricity price inflation is largely mitigated.

The decline recorded in Audiovisuals and Cinema EBITDA of 11.9% to 10.5 million euros was essentially due to the accounting change of Covid related rent concessions, considering the end of application, in June, of addenda to IFRS16. Adjusting for this impact in 3Q21, EBITDA from this activity would have recorded an increase of 3.7%, despite the increase in energy costs.

Consolidated Net Income increased to 106.0 million euros led primarily by growth in Operating Profit of 106.9% to 127.8 million euros, which includes 74.7 million of capital gains and other income from the tower sale and also by a positive contribution from Associates of 6.6 million euros.

CAPEX

Total CAPEX excluding leasing contracts, spectrum license & other contractual rights increased 9.3% to 120.2 million euros impacted by our accelerated 5G deployment programme, which is getting close to completion having achieved population coverage of over 80% by the end of the quarter.

Table 4.
CAPEX (Millions of Euros) (1)	3Q21	3Q22	3Q22 / 3Q21	9M21	9M22	9M22 / 9M21
Total CAPEX Excluding Leasing Contracts, Spectrum license & Other Contractual Rights	110.0	120.2	9.3%	310.1	364.7	17.5%
Telco	105.7	114.0	7.9%	300.1	347.4	15.8%
% of Telco Revenues	29.6%	31.0%	1.4pp	29.2%	31.9%	2.7pp
o.w. Technical CAPEX	70.2	75.9	8.2%	184.6	238.1	29.0%
% of Telco Revenues	19.7%	20.7%	1.0pp	17.9%	21.9%	3.9pp
Baseline Telco	30.6	39.5	29.3%	103.2	118.7	15.0%
Network Expansion / Substitution and Integration Projects and Others	39.6	36.4	(8.1%)	81.4	115.6	42.0%
o.w. Customer Related CAPEX	35.5	38.1	7.4%	115.4	109.3	(5.3%)
% of Telco Revenues	9.9%	10.4%	0.4pp	11.2%	10.0%	(1.2pp)
Audiovisuals and Cinema Exhibition	4.3	6.2	43.7%	10.0	16.9	68.6%
Leasing Contracts & Other Contractual Rights	12.5	16.6	32.4%	25.2	49.4	95.7%
Total Group CAPEX	122.5	136.8	11.7%	335.3	413.6	23.4%
(1) CAPEX = Increase in Tangible and Intangible Fixed Assets, Contract Costs and Rights of Use

5G rollout programme and continued FttH expansion are visible in yoy technical CAPEX growth of 8.2% to 75.9 million euros and of which 36.4 million euros related to network expansion and modernization projects. The fixed Gigabit network coverage already reaches 5.217 million households, of which 59% with FttH, having grown by an additional 40.1 thousand in 3Q22. On the commercial front, investment in telco customer acquisition and retention was higher by 7.4% yoy at 38.1 million euros, reflecting stronger commercial momentum and investment in terminal equipment. Due to the continued recovery in operational performance, CAPEX in the Audiovisuals and Cinema was higher at 6.2 million euros.

Cash Flow

Table 5.
Cash Flow (Millions of Euros)	3Q21	3Q22	3Q22 / 3Q21	9M21	9M22	9M22 / 9M21
EBITDA	171.1	177.8	3.9%	477.7	500.1	4.7%
Total CAPEX Excluding Leasings, Spectrum License & Other Contractual Rights	(110.0)	(120.2)	9.3%	(310.1)	(364.2)	17.5%
EBITDA - Total CAPEX Excluding Leasings, Spectrum License & Other Contractual Rights	61.2	57.6	(5.8%)	167.7	135.9	(19.0%)
% of Revenues	16.7%	15.1%	(1.6pp)	16.0%	12.1%	(4.0pp)
Non-Cash Items Included in EBITDA - CAPEX and Change in Working Capital	(10.4)	(11.4)	9.4%	(4.4)	2.4	(155.5%)
Leasings (Capital & Interest) (1)	(25.2)	(25.0)	(0.8%)	(70.6)	(72.1)	2.2%
Operating Cash Flow	25.6	21.2	(17.0%)	92.7	66.2	(28.6%)
Interest Paid	(2.3)	(1.5)	(33.2%)	(10.2)	(8.7)	(14.5%)
Income Taxes Paid	(13.8)	(18.4)	33.0%	(15.2)	(19.3)	26.7%
Disposals	0.4	121.1	32694.8%	1.5	121.8	7821.2%
Other Cash Movements (2)	(0.4)	26.4	6304.8%	(8.3)	23.6	383.8%
Total Free Cash-Flow Before Dividends, Financial Investments and Own Shares Acquisition	9.4	148.8	1484.6%	60.5	183.5	203.2%
Financial Investments	(0.2)	(1.6)	857.5%	0.2	(1.9)	(878.5%)
Acquisition of Own Shares	0.0	(0.8)	n.a.	(2.1)	(7.1)	242.6%
Dividends	0.0	0.0	n.a.	(142.4)	(143.2)	0.5%
Free Cash Flow	9.2	146.3	1487.5%	(83.7)	31.4	(137.5%)
Debt Variation Through Financial Leasing, Accruals & Deferrals & Others	(2.0)	(0.7)	(67.3%)	(0.1)	(0.1)	(28.7%)
Change in Net Financial Debt	(7.2)	(145.7)	1931.4%	83.8	(31.4)	(137.4%)
1) Includes ono Term Contracts

In 3Q22, EBITDA - total CAPEX excluding leases, spectrum license & other contractual rights amounted to 57.6 million euros with higher EBITDA being offset by increased yoy CAPEX.

As announced in previous quarters, NOS agreed to monetize its mobile tower portfolio through a global agreement originally announced in 2020. In 2020, approximately 2 thousand towers (sites and rooftops) were transferred to Cellnex through the equity sale of NOS Towering, generating proceeds of 375 million euros. In 2Q22, NOS announced a transaction, within the scope of this agreement, to sell up to an additional 350 towers for which the first tranche of cash proceeds was received in 3Q22. The cash proceeds relating to the asset sale amounted to 118.3 million euros. In other cash movements NOS recorded 27.2 million euros relating to VAT charged on the tower sale, which will generate a reverse movement when returned to the Tax Authorities in 4Q22. Upon determination of the final number of towers to be sold until the end of 2022, an additional cash in of around 40 million euros (excluding VAT) should be received generating an additional capital gain of around 24 million which will be recorded.

Recurrent FCF in the quarter was impacted negatively high quarterly level of cash taxes, following the first half of 2022 with close to zero cash taxes, and by a negative working capital impact due, in great part, to efforts to mitigate potential inventory shortages in the current challenging economic and geopolitical environment, amongst others.

Combining all these movements, total FCF before dividends, Financial Investments and Own Shares Acquisitions was 148.8 million euros in 3Q22, and for 9M22 was 183.5 million euros, representing 16.3% of Consolidated Revenues.

Consolidated Balance Sheet

Table 6.
Balance Sheet (Millions of Euros)	3Q21	2021	3Q22	3Q22 / 3Q21
Non-current Assets	2,584.1	2,752.9	2,845.5	10.1%
Current Assets	518.7	506.5	687.3	32.5%
Total Assets	3,102.8	3,259.4	3,532.8	13.9%
Total Shareholders' Equity	937.4	963.0	1,028.8	9.8%
Non-current Liabilities	1,367.9	1,406.4	1,280.4	(6.4%)
Current Liabilities	797.5	890.0	1,223.6	53.4%
Total Liabilities	2,165.4	2,296.4	2,503.9	15.6%
Total Liabilities and Shareholders' Equity	3,102.8	3,259.4	3,532.8	13.9%

Capital Structure and Funding

Table 7.
Net Financial Debt (Millions of Euros)	3Q21	2021	3Q22	3022 / 3021
Short Term	169.3	235.7	500.8	195.8%
Medium and Long Term	762.0	806.9	649.4	(14.8%)
Total Debt	931.2	1,042.6	1,150.2	23.5%
Cash and Short Term Investments	43.4	10.9	150.6	247.2%
Net Financial Debt (1)	887.8	1,031.7	999 5	12.6%
Net Financial Debt / EBITDA after lease payments (last 4 quarters) 14/	1.73x	1.99x	1.85x	0.07pp
Leasings and Long Term Contracts	543.5	534.0	562.3	3.5%
Net Debt	1,431.3	1,565.7	1,561.8	9.1%
Net Debt / EBITDA	2.35x	2.53x	2.44x	0.04pp
Net Financial Gearing (3)	60.4%	61.9%	60.3%	-0.2%

EBITDA After Lease Payments = EBITDA - Lease Cash Payments (Ca
Net Financial Gearing = Net Debt / (Net Debt + Total Shareholders'

At the end of 3Q22, total net debt, including leasings and long-term contracts (according to IFRS16) amounted to 1,561.8 million euros. Net financial debt stood at 999.5 million euros with a cash and short-term investment position on the balance sheet of 150.6 million euros. At the end of 3Q22, NOS also had 312.5 million euros in unissued commercial paper programmes. The decrease in net financial debt in 3Q22 is linked to the completion of the sale of an additional tower portfolio to Cellnex, and to the recurrent free cash flow in the quarter.

Net financial debt / EBITDA after lease payments (last 4 quarters) stood at 1.85x, slightly below NOS' target leverage ratio in the range of 2x net financial debt / EBITDA after lease payments, following the cash-in received from Cellnex at September 30.

The all-in average cost of debt, adjusted for interest rate hedging recently contracted, stood at 1.3% for 3Q22, which compares with 1.3% in 3Q21.

Taking into account loans issued at a fixed rate and interest rate hedging operations in place, as at 30 September 2022, the proportion of NOS' issued debt paying interest at a fixed rate was approximately 57%.

At the end of 3Q22, the average maturity of NOS debt was 2.5 years.

APPENDIX I

Table 8.
Operating Indicators ('000)	1Q20	2020	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22	3Q22
Telco (1)
Homes Passed	4,639.5	4,689.9	4,796.0	4,806.7	4,908.3	4,987.5	5,068.9	5,096.8	5,134.4	5,176.4	5,216.6
Total RGUs	9,695.3	9,747.4	9,871.8	9,917.8	9,901.2	9,999.3	10,146.1	10,305.5	10,393.3	10,523.6	10,665.2
o.w. Consumer RGUs	8,212.6	8,243.8	8,351.9	8,390.8	8,370.4	8,459.8	8,591.2	8,725.7	8,797.8	8,907.6	9,024.7
o.w. Business RGUs	1,482.7	1,503.7	1,520.0	1,527.0	1,530.7	1,539.4	1,554.9	1,579.8	1,595.5	1,616.0	1,640.4
Mobile	4,847.1	4,870.0	4,972.0	5,007.8	4,992.1	5,084.9	5,209.9	5,349.9	5,423.5	5,529.0	5,642.3
Pre-Paid	1,983.2	1,957.7	1,998.1	1,991.7	1,937.0	1,957.5	2,004.4	2,058.8	2,076.3	2,096.5	2,102.6
Post-Paid	2,863.9	2,912.3	2,973.9	3,016.1	3,055.1	3,127.3	3,205.5	3,291.1	3,347.2	3,432.5	3,539.7
Pay TV Fixed Access (2)	1,347.8	1,351.2	1,360.2	1,361.4	1,362.4	1,369.4	1,381.6	1,392.8	1,401.8	1,411.3	1,424.1
Pay TV DTH	283.7	283.4	282.2	279.7	275.7	268.7	260.6	252.8	246.0	241.0	235.3
Fixed Voice	1,756.7	1,766.7	1,769.3	1,774.2	1,770.9	1,770.4	1,775.7	1,782.5	1,784.8	1,792.0	1,799.3
Broadband	1,424.5	1,439.7	1,451.5	1,457.6	1,461.8	1,466.5	1,478.2	1,485.8	1,492.3	1,501.5	1,513.5
Others and Data	35.5	36.4	36.5	37.2	38.3	39.4	40.2	41.6	44.8	48.6	50.8
3,4&5P Subscribers (Fixed Access)	1,206.2	1,213.5	1,224.9	1,229.2	1,234.8	1,246.5	1.269.3	1,287.2	1,300.6	1,314.1	1,330.2
% 3,4&5P (Fixed Access)	89.5%	89.8%	90.1%	90.3%	90.6%	91.0%	91.9%	92.4%	92.8%	93.1%	93.4%
Convergent + Integrated RGUs	4,754.6	4,823.9	4,890.7	4,956.0	5,002.0	5,060.5	5,146.3	5,231.6	5,319.6	5,417.9	5,538.7
Convergent + Integrated Customers	942.3	957.5	967.6	976.7	985.8	993.8	1,005.8	1,020.8	1,036.2	1,052.1	1,071.2
Fixed Convergent + Integrated Customers as % of Fixed Access Customers	60.8%	61.6%	62.0%	62.5%	62.9%	63.4%	63.9%	64.4%	65.2%	65.8%	66.5%
% Convergent + Integrated Customers	57.8%	58.6%	58.9%	59.5%	60.1%	60.7%	61.2%	62.0%	62.9%	63.7%	64.6%
Residential ARPU / Unique Subscriber With Fixed Access (Euros)(««	46.9	45.0	46.2	47.1	46.4	47.1	47.6	48.0	47.1	47.9	48.5
Net Adds
Homes Passed	27.0	50.4	106.1	10.7	101.6	79.2	81.4	27.9	37.6	42.0	40.1
Total RGUs	19.2	52.1	124.4	46.0	(16.6)	98.1	146.9	159.3	87.8	130.2	141.6
o.w. Consumer RGUs	19.2	31.2	108.1	38.9	(20.3)	89.4	131.4	134.5	72.1	109.7	117.2
o.w. Business RGUs	(0.0)	21.0	16.3	7.0	3.7	8.7	15.5	24.9	15.7	20.5	24.4
Mobile	(4.0)	22.8	102.1	35.7	(15.7)	92.8	125.0	140.0	73.6	105.5	113.3
Pre-Paid	(25.0)	(25.5)	40.4	(6.5)	(54.7)	20.5	46.9	54.4	17.5	20.3	6.0
Post-Paid	21.0	48.3	61.7	42.2	39.0	72.3	78.1	85.6	56.1	85.2	107.2
Pay TV Fixed Access (2)	3.1	3.4	9.0	1.2	1.0	7.0	12.1	11.3	9.0	9.5	12.7
Pay TV DTH	1.1	(0.2)	(1.2)	(2.6)	(4.0)	(7.0)	(8.1)	(7.8)	(6.9)	(5.0)	(5.7)
Fixed Voice	8.0	10.0	2.6	4.8	(3.3)	(0.5)	5.3	6.8	2.3	7.2	7.3
Broadband	10.2	15.3	11.8	6.1	4.2	4.7	11.7	7.6	6.5	9.2	11.9
Others and Data	0.7	0.8	0.1	0.7	1.1	1.0	0.8	1.4	3.3	3.8	2.1
3,4&5P Subscribers (Fixed Access)	5.7	7.3	11.4	4.4	ટે રે	11.7	22.8	17.9	13.3	13.5	16.2
Convergent + Integrated RGUs	50.1	69.3	66.8	65.3	45.9	58.6	85.8	85.2	88.0	98.4	120.8
Convergent + Integrated Customers	11.6	15.2	10.1	9.1	9.0	8.1	12.0	14.9	15.4	15.9	19.1

oe Openonolis.
Seas Subscribers include customers served by the HFC, FTTH and ULL notwo
idential ARPU reebated from 1019 to include Revenues of Suiter Rocker of Subscribers.

Cinemas
Revenue per Ticket (Euros)	5.2		5.5	5.2	5.5	5.4	5.3	5.6	5.5	5.7	5.5
Tickets Sold - NOS	1,526.6	0.0	477.1	306.6	15.9		551.8			987.6
Tickets Sold - Total Portuguese Market	2.551.7	16.8	729.2	865 9	26.9		865.9			1,552.3 2.440.9 2.720.1
Screens (units)	219.0	208.0	208.0	208.0	208.0	208.0	208.0	208.0	208.0		208.0 214.0

APPENDIX II

Table 9.
Profit and Loss Statement	1Q20	2Q20	3Q20	4Q20	2020	1Q21	2Q21	3Q21	4Q21	2021	1Q22	2Q22	3Q22
(Millions of Euros)
Operating Revenues	345.4	321.3	346.9	354.3	1,367.9	337.4	341.0	366.5	385.4	1,430.3	373.4	368.6	381.5
Telco	332.9	319.9	342.7	350.2	1,345.7	335.7	336.7	356.8	372.3	1,401.5	365.8	355.6	367.6
Consumer Revenues (1)	244.1	236.1	248.4	253.3	981.9	244.1	246.9	252.6	258.5	1,002.0	247.7	253.0	262.9
Business Revenues (1)	71.9	66.9	70.7	79.5	289.0	73.1	73.3	79.5	90.6	316.5	97.2	79.5	77.7
Wholesale and Others (1)	16.9	16.8	23.7	17.4	74.8	18.5	16.5	24.8	23.2	82.9	20.9	23.1	27.1
Audiovisuals & Cinema (2)	21.8	8.9	11.1	11.9	53.8	9.7	13.4	19.1	24.9	67.0	16.6	22.4	23.4
Others and Eliminations	(9.3)	(7.6)	(6.9)	(7.9)	(31.6)	(8.0)	(9.1)	(9.4)	(11.8)	(38.2)	(9.1)	(9.5)	(9.5)
Operating Costs Excluding D&A	(192.7)	(163.4)	(186.4)	(222.3)	(764.7)	185.3)	(186.6)	(195.3)	(245.1)	(812.3)	(213.9)	(205.8)	(203.7)
Telco	(191.1)	(167.2)	(187.2)	(226.6)	(772.2)	(192.2)	(191.8)	(197.6)	(245.5)	(827.1)	(216.1)	(204.4)	(200.3)
Audiovisuals & Cinema (2)	(10.9)	(3.7)	(6.0)	(3.6)	(24.2)	(1.1)	(3.8)	(7.1)	(11.4)	(23.4)	(6.8)	(10.8)	(12.9)
Others and Eliminations	9.3	7.6	6.9	7.9	31.6	8.0	9.1	9.4	11.8	38.2	9.1	9.5	9.5
EBITDA (3)	152.7	157.9	160.6	132.0	603.2	152.2	154.4	171.1	140.2	618.0	159.4	162.8	177.8
EBITDA Marqin	44.2%	49.1%	46.3%	37.3%	44.1%	45.1%	45.3%	46.7%	36.4%	43.2%	42.7%	44.2%	46.6%
Telco	141.8	152.6	155.5	123.7	573.6	143.5	144.9	159.2	126.8	574.4	149.6	151.2	167.3
EBITDA Margin	42.6%	47.7%	45.4%	35.3%	42.6%	42.8%	43.0%	44.6%	34.1%	41.0%	40.9%	42.5%	45.5%
Cinema Exhibition and Audiovisuals	10.9	5.3	5.1	8.3	29.6	8.7	9.5	12.0	13.4	43.6	9.8	11.6	10.5
EBITDA Marqin	50.1%	58.8%	46.0%	69.9%	55.1%	89.1%	85.1%	62.6%	54.1%	65.0%	58.9%	51.7%	44.9%
Depreciation and Amortization	(100.5)	(101.2)	(103.6)	104.6)	(409.8)	(101.4)	(103.4)	(108.0)	(106.7)	(419.5)	(110.4)	(110.9)	(124.2)
(Other Expenses) / Income	(45.7)	(3.8)	(4.3)	(2.2)	(56.0)	(4.3)	(1.7)	(1.4)	(2.4)	(9.8)	2.7	(0.5)	74.2
Operating Profit (EBIT) (4)	ર્સ્ડ	52.9	52.7	25.2	137.3	46.4	49.3	61.8	31.1	188.7	51.8	51.4	127.8
Share of profits (losses) of associates and joint ventures	(8.8)	(0.9)	0.6	0.0	(9.1)	2.8	(0.5)	2.4	(1.1)	3.6	5.3	5.1	6.6
(Financial Expenses) / Income	(5.7)	(5.6)	(5.3)	(10.1)	(26.6)	(9.2)	(8.7)	(8.9)	(9.9)	(36.6)	(9.1)	(8.9)	(7.9)
Leases Financial Expenses	(1.6)	(1.6)	(1.6)	(6.7)	(11.5)	(6.5)	(6.4)	(6.3)	(6.3)	(25.6)	(6.2)	(6.2)	(6.2)
Funding & Other Financial Expenses	(4.1)	(4.0)	(3.7)	(3.4)	(15.2)	(2.7)	(2.2)	(2.5)	(3.6)	(11.0)	(2.8)	(2.6)	(1.7)
Income Before Income Taxes	(8.0)	46.4	48.1	15.2	101.6	40.1	40.2	55.3	20.1	155.6	48.0	47.6	126.5
Income Taxes	(2.9)	(7.5)	(4.0)	(2.1)	(16.3)	(9.5)	3.0	(9.2)	3.9	(11.8)	(6.9)	(3.4)	(20.6)
Net Income Before Associates & Non-Controlling Interests	(2.0)	39.9	43.5	13.1	94.3	27.7	43.7	43.7	25.2	140.3	35.8	39.1	99.3
Net Income	(10.9)	38.9	44.1	13.1	85.2	30.5	43.2	46.1	24.0	143.9	41.1	44.2	105.9
Net income attributable to Non-controlling interests	0.4	0.2	0.0	(0.2)	0.4	0.0	0.1	0.0	0.1	0.3	0.0	(0.0)	0.1
Discontinued Operations	0.1	6.3	0.0	0.0	6.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income attributable to NOS shareholders	(10.4)	45.3	44.1	12.9	92.0	30.5	43.3	46.1	24.1	144.2	41.1	44.2	106.0

(1) Culvent quarter rigunes are estimates studions studio estations (1) Cruite (1) Cruite (1) Crisitations (1) Crisinations (1) Electricipens
(3) EBITDA = Operating Prodic +

Table 10.

CAPEX (Millions of Euros) (1)	1Q20	2020	3Q20	4Q20	2020	1Q21	2Q21	3Q21	4Q21	2021	1Q22	2Q22	3Q22
Total CAPEX Excluding Leasing Contracts & Other Contractual Rights	88.2	83.5	97.8	115.4	384.9	96.0	104.1	110.0	112.3	422.3	131.4	112.6	120.2
Telco	81.8	79.4	92.0	110.8	364.1	93.2	101.2	105.7	105.6	405.6	125.6	107.7	114.0
% of Telco Revenues	24.6%	24.8%	26.9%	31.6%	27.1%	27.8%	30.0%	29.6%	28.4%	28.9%	34.3%	29.5%	31.2%
o.w. Technical CAPEX	48.5	48.0	51.6	66.2	214.2	49.0	65.4	70.2	70.9	255.5	89.4	72.8	75.9
% of Telco Revenues	14.6%	15.0%	15.0%	18.9%	15.9%	14.6%	19.4%	19.7%	19.1%	18.2%	24.4%	19.9%	20.8%
Baseline Telco	29.8	39.8	32.4	37.7	139.7	38.6	34.0	30.6	39.4	142.6	39.0	40.1	39.5
Network Expansion / Substitution and Integration Projects and Others	18.7	8.2	19.2	28.5	74.5	10.4	31.4	39.6	31.5	112.9	50.4	32.6	36.4
o.w. Customer Related CAPEX	33.4	31.4	40.5	44.6	149.9	44.2	35.8	35.5	34.7	150.1	36.2	35.0	38.1
% of Telco Revenues	10.0%	9.8%	11.8%	12.7%	11.1%	13.2%	10.6%	9.9%	9.3%	10.7%	9.9%	9.8%	10.4%
Audiovisuals and Cinema Exhibition	6.4	4.1	5.8	4.6	20.8	2.7	3.0	4.3	6.7	16.7	5.8	4.8	6.2
Leasing Contracts & Other Contractual Rights	11.3	12.9	11.3	59.1	94.5	2.9	9.8	12.5	11.0	36.2	11.8	21.0	16.6
Spectrum licenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	151.3	151.3	0.0	0.0	0.0
Total Group CAPEX	99.5	96.4	109.1	174.5	479.4	98.8	114.0	122.5	274.5	609.8	143.3	133.6	136.8
Table 11. Cash Flow (Millions of Euros)	1Q20	2Q20	3Q20	4Q20	2020	1Q21	2Q21	3Q21	4Q21	2021	1Q22	2Q22	3Q22
EBITDA	152.7	157.9	160.6	132.0	603.2	152.2	154.4	171.1	140.2	618.0	159.4	162.8	177.8
Total CAPEX Excluding Leasings & Other Contractual Rights	(88.2)	(83.5)	(97.8)	(115.4)	(384.9)	(96.0)	(104.1)	(110.0)	(112.3)	(422.3)	(131.4)	(112.6)	(120.2)
EBITDA - Total CAPEX Excluding Leasings & Other Contractual Rights	64.5	74.3	62.8	16.6	218.3	56.2	50.3	61.2	28.0	195.6	28.0	50.3	57.6
% of Revenues	18.7%	23.1%	18.1%	4.7%	16.0%	16.7%	14.7%	16.7%	7.3%	13.7%	7.5%	13.5%	15.4%
Non-Cash Items Included in EBITDA - CAPEX and Change in Working Capital	(4.5)	5.0	(15.1)	(0.4)	(15.1)	(3.2)	9.3	(10.4)	(1.5)	(5.9)	1.9	11.9	(11.4)
Leasings (Capital & Interest) (1)	(15.6)	(16.9)	(16.8)	(26.4)	(75.7)	(21.1)	(24.3)	(25.2)	(28.4)	(99.0)	(21.9)	(25.3)	(25.0)
Operating Cash Flow	44.4	62.4	30.8	(10.1)	127.5	31.9	35.2	25.6	(2.0)	90.7	8.1	36.9	21.2
Interest Paid	(2.6)	(5.3)	(2.9)	(1.0)	(11.8)	(3.5)	(4.4)	(2.3)	(0.7)	(10.9)	(3.2)	(4.0)	(1.5)
Income Taxes Paid	(3.6)	(0.3)	(16.7)	0.1	(20.5)	(1.5)	0.1	(13.8)	14.5	(0.7)	(0.2)	(0.7)	(18.4)
Disposals	0.0	0.1	374.2	0.1	374.4	0.2	1.0	0.4	0.2	1.8	0.5	0.2	121.1
Other Cash Movements (2)	(3.6)	(3.3)	(3.3)	(0.8)	(11.0)	(5.9)	(1.9)	(0.4)	(1.0)	(9.4)	(1.0)	(1.8)	26.4
Spectrum licenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	(151.3)	(151.3)	0.0	0.0	0.0
Total Free Cash-Flow Before Dividends, Financial Investments and Own Shares A carriation	34.6	53.5	382.1	(11.6)	458.6	21.2	29.9	9.4	(140.3)	(79.8)	4.1	30.6	148.8

0.2

(2.1)

0.0

19.3

(0.7)

(18.7)

---

-

0.2

0.0

(142.4)

(112.2)

0.6

111.6

Total Free Cash-Flow Before Dividends, Financial Investments and Own Shares 382.1 34.6 53.5 (11.6) 458.6 l otal Free Cash-Flow Berore Dividends, Financial investments and Own Share.
Aquisition
Financial Investments
Financial Investments
Acquisition 0.0 1.8 0.3 0.2 2.3 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Financial investments
Acquisition of Own Shares
Dividends 0.0 (2.9) (0.5) (2.4) (5.7) (142.5)
Dividends 0.0 0.0 (142.5) 0.0 Free Cash Flow 34.6 52.5 239.4 (13.9) 312.6 (3.1) Debt Variation Through Financial Leasing, Accruals & Deferrals & Others 0.2 (3.4) (1.5) (7.7) ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ (31.5) (304.9) (52.7) (237.9) 17.3

Change in Net Financial Debt (1) Includes Long Term Contracts.
(2) Includes Cash Restructuring Payments and Other Cash Movements.

able IZ.
Net Financial Debt (Millions of Euros)	1020	2020	3020	4Q20	1021	2021	3021	4021	1022	2022	3Q22
Short Term	23.1	134.8	97.2	100.8	249.6	187.3	169.3	235.7	99	458.4	500.8
Medium and Long Term	1,104.4	891.6	854.6	854.5	705.0	737.1	762.0	806.9	947.0	699.6	649.4
Total Debt	1,127.5	1,026.4	951.8	955.3	954.6	924.4	931.2	1,042.6	,046.0	1,158.0	1,150.2
Cash and Short Term Investments	65.4	17.1	180.3	153.3	171.2	29.4	43.4	10.9	15.5	12.8	150.6
Net Financial Debt (1)	1,062.	1,009.4	771.5	802.0	783.4	895.0	887.8	1,031.7	1,030.5	1,145.2	999.5
Net Financial Debt / EBITDA after lease payments (last 4 quarters) (14)	1.87x	.82×	1.43x	52x	1.50x	1.75x	1.73x	1.99x	1.96x	2.15x	1.85x
Leasings and Long Term Contracts	249.0	210.8	576.4	575.3	560.4	551.5	543.5	534.0	528.8	525.4	562.3
Net Debt	1,311.1	1,220.2	,347.9	1,377.4	1,343.8	,446.5	,431.3	1,565.	,559.3	1,670.6	1,561.8
Net Debt / EBITDA	2.07x	1.97x	2.22x	2.28x	2.23x	2.41x	2.35x	2.53x	2.49x	2.64x	2.44x
Net Financial Gearing (3)	56.7%	57.5%	58.8%	59.0%	57.6%	61.9%	60.4%	61.9%	60.8%	64.7%	60.3%
11 Not Financial Debt = Romavings = Leasings = Cash

(1) Not Philish Debt = Bencwings = Leitangs = Cash
(2) EBITDA After Lease Payments = EBITDA - Lease Cash Payments (Capital & Interest)
(3) Net Financial Gearing = Net Debt /

(0.4)

(2.1)

(142.4)

(224.6)

(5.0)

229.7

0.2

(2.9)

0.0

1.4

(0.2)

(1.2)

-

(0.4)

(3.4)

(142.3)

(115.5)

0.8

114.7

(1.6)

(0.8)

0.0

146.3

(0.7)

(145.7)

(0.6)

0.0

0.0

(141.0)

(2.9)

143.9

(0.2)

0.0

0.0

9.2

(2.0)

(7.2)

DISCLAIMER

This presentation contains forward looking information, including statements which constitute forward looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and assumptions of our management and on information available to management only as of the date such statements were made. Forward-looking statements include: (a) information concerning strategy, possible or assumed future results of our operations, earnings, industry conditions, demand and pricing for our products and other aspects of our business, possible or future payment of dividends and share buyback program; and (b) statements that are preceded by, followed by or include the words "believes", "expects", "anticipates", "intends", "is confident", "plans", "estimates", "may", "might", "could", "would", and the negatives of such terms or similar expressions. These statements are not guarantees of future performance and are subject to factors, risks and uncertainties that could cause the assumptions and beliefs upon which the forwarding looking statements were based to substantially differ from the expectation predicted herein. These factors, risks and uncertainties include, but are not limited to, changes in demand for the company's services, technological changes, the effects of competition, telecommunications sector conditions, changes in regulation and economic conditions. Further, certain forward looking statements are based upon assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from the plans, strategy, objectives, expectations, estimates and intentions expressed or implied in such forward-looking statements. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of new information or future developments or to provide reasons why actual results may differ. You are cautioned not to place undue reliance on any forward-looking statements. NOS is exempt from filing periodic reports with the United States Securities and Exchange Commission ("SEC") pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934, as amended. Under this exemption, NOS is required to post on its website English language translations of certain information that it has made or is required to make public in Portugal, has filed or is required to file with the regulated market Eurolist by Euronext Lisbon or has distributed or is required to distribute to its security holders. This document is not an offer to sell or a solicitation of an offer to buy any securities.

ENQUIRIES

Chief Financial Officer: José Pedro Pereira da Costa Phone: (+351) 21 799 88 19

Analysts/Investors: Maria João Carrapato Phone: (+351) 21 782 47 25 / E-mail: ir@nos.pt

Press: Margarida Nápoles Phone: (+351) 21 782 48 07 / E-mail: comunicacao.corporativa@nos.pt

Conf. Call - 25 October - 12:00pm	Webcast - 25 October - 12:00pm
Participant Details: https://reqister.vevent.com/register/Bl3e9e2dcb26654f 47ae5d89726b4fe092	Participant Details: https://edge.media-server.com/mmc/p/cdwt6ad2 1. Participants must register for the webcast, using the
1. Participants must register in advance of the conference call, using the link provided above. Upon registering, each participant will be provided with Participant Dial In Numbers, Direct Event Passcode and unique Registrant ID. 2. Call reminders will also be sent to registered participants via email the day prior to the event. 3. In the 15/20 minutes prior to call start time, Participants must use the conference access information provided in the email received at the point of registering. A recording of the conference call will be available here.	link provided above. 2. In the 15/20 minutes prior to call start time, Participants must access the webcast using the link provided above.

Rua Actor António Silva nº9, Campo Grande, 1600-404 Lisboa.

www.nos.pt/ir