Sonaecom SGPS

Earnings Release • May 9, 2022

RESULTS ANNOUNCEMENT 1Q22

1. Main Highlights

Net Income almost doubling when compared to 1Q21.

Consolidated Turnover increasing 6.2% to 17.8 million euros, with positive contributions from all areas arrity companies.

EBITDA achieving 10.8 million euros, explained by the capital gain generated with an asset sale at the improvement of ZOPT equity results.

NOS revenues boosted by continued strength of telco operation and recovery in Audiovisuals and Cinema activity

Indirect Results of 11.1 million euros, reflecting the improvement in portfolio valuation of Technology area.

Capital Structure remains strong with a net cash position of 292.4 million euros.

∠. Sonaecom Consolidated Results

Telecommunications area, which includes a 50% stake in ZDPT - consolidated through the equity method - which owns 52.15% stake in NDS, presented a quarter marked by a continued strength of tecovery in Audiovisuals and Cinema activity. The focus on technological leadership and customer experience drove strong KPland financial performance across all telecom business lines. Audiovisual and Cinema activity continues to recover atthough negatively impacted by strict social distancing restrictions in the first weeks of the year.

Regarding Technology area, 1Q22 was a period marked by:

• relevant cash returns with the exit of CiValue and with the cash distribution from Armilar Venture Partners following the sale (i) of Safetypay; and
• (ii) experience by connecting prospective buyers with purchasers and Hackuity, an attack prevention cubersecurity startup;

Coupled with this evolution on portfolio structure, the quarter was also marked by relevant achievements in sompanies, namely in Cybersixgill, with a financing round of 35 million dollars led by More Provident and REV Venture Partners. Additional participating investors include CrowdStrike Falcon Fund, Elron Ventures, Bright Pixel, and DurCrowd.

Turnover

Consolidated turnover in 1Q22 reached 17.8 million euros, increasing 6.2%, when compared to 1Q21. This positive evolution was driven by both Media and Technology area, the latter presenting a growth of 7.0% y.o.y.

Operating costs

Operating costs amounted to 19.6 million euros, 7.9% above 1021. Employee benefits expenses increased 10.4% and Commercial costs increased 1.5% to 3.3 million euros, mainly driver cost of goods sold, aligned with the higher level of Sales. Other expenses increased 7.0%, mainly explained by the higher level of Outsourcing costs.

EBITDA

Total EBITDA increased 4.7 million euros, explained by the improvements on non-recurrent itens and equity results. Non-recurrent itens stood at 3.3 million euros, mainly driver by the capital gains generated with the sales with results increased to 8.9 million euros, mostly driven by ZOPT contribution which, in turn, depends on NOS net income evolution.

Underlying EBITDA stood at negative 1.3 million euros, below the negative 0.9 million euros presented in 1Q21.

Net results

Sonaecom's EBIT increased to 9.4 million euros in 1Q21, explained by the higher level of EBITDA and the lower level of depreciations.

Sonaecom's earnings before tax (EBT) increased from 4.4 million euros, driven by the higher EBIT and financial results. Indirect results reached 11.1 million euros, position fair value adjustments, specially at Cybersixgill. The amount of 5.4 million euros in 1Q21, was mainly related with the upwards revisions at Armilar Venture Funds. Net results group share stood at 20.9 million euros, almost doubling the 10.6 million euros presented in 1Q2.1

Operating CAPEX

Sonaecom's operating CAPEX increased to 1.7 million euros, reaching 9.3% of Turnover, 2.5 p.p. above 1Q21. Excluding the IFRS 16 impact, operating CAPEX would be 1.2 million euros, 0.5 million euros above 1Q21.

Capital Structure

The net cash position stood at 292.4 million euros ince December 2021. Excluding leasings, net cash position stood at 304.8 million euros above December 2021, mainly driven by the 24.9 million euros of positive net inflow from investment activity and the negative operating cash-flow, financials and taxes of 4.9 million euros.

2.1 Telecommunications

NOS operating revenues were 373.4 million euros in 1Q22, increasing 10.6% y.o.y..

EBITDA reached 159.4 million euros, increasing 4.8% when compared to 1Q21 and representing a 42.7% EBITDA margin. CAPEX excluding leasings, spectrum license & other contractual rights amounted to 131.4 million euros in 1022, an increase of 37.0% y.o.y. As a consequence of EBITDA and CAPEX evolution, EBITDA- CAPEX decreased 50.2%.

At the end of 1Q22, total net debt including lerm contracts (according to IFRS 16) amounted to 1,559.3 million euros. Net Financial Debt/EBITDA after lease payments (last 4 quarters) stood at 1.96x EBITDA, and with an average maturity of 2.9 years.

NOS published its 1Q22 results on 3d May 2022, which are available at www.nos.pt.

During 1Q22, NOS share price increased 11.8% from €3.410 to €3.814, whilst PSI20 increased by 8.4%.

Operational Indicators

Operational Indicators ('000)	1021	1022	Δ 22/21	4021	q.o.q.
Total RGUs	4901 2	10 393 3	5.0%	10 305 5	0.9%
Convergent + Integrated RGUs	5 002.0	5 319 2	6.3%	5 2316	1.7%

Financial indicators

Million euros
NOS HIGHLIGHTS	1021	1022	△ 22/21	4Q21	q.o.q.
Operating Revenues	337.4	375.4	10.6%	385.4	-3.1%
EBITDA	152.2	159.4	4.8%	140.2	13.7%
EBITDA margin (%)	45.1%	42.7%	-2.4pp	36.4%	6.5pp
Net Income	30.5	411	34.6%	24.1	70.3%
CAPEX excluding Leasings, Spectrum License & Other Contractual Rights	96.0	1314	37.0%	112 3	17.1%
EBITDA-CAPEX excluding Leasings, Spectrum License & Other Contractual Rights	56.2	28.0	-50.2%	28.0	0.2%

2.2 Technology

The Technology area aims to build and manage a portfolio of technology businesses around retail and telecommunications, as well as cubersecurity, with an international scale. This area currently comprises, alongside with minority stakes, Bright Vector l and Bright Tech Innovation funds, three controlled companies – S21Sec and Excellium (together the Maxive Cybersecurity Group) and Inovretail - that generated more than 84% of its revenues outside the Portuguese market with 79.6% out of the total 597 employees based abroad.

In terms of operational performance, this area continues to prowth with turnover increasing by 7.0% y.o.y to 14.5 million euros.

Controlled Companies

Maxive Cybersecurity is the strategic holding company that combines two of the leading cybersecurity pure players in Europe and is positioned as one of the largest MSSPs (Managed Security Services Provider) pure players both in terms of business and specialized personnel offering its customers a wide set of services and capabilities from both S21sec and Excellium:

S21Sec is a reference multinational MSSP, focused on the delivery of cyber security services and development of proprietary supporting technologies, with a global customer base, leveraging its teams in Spain and Portugal. Since June 2018, with the integration of Nextel, S21Sec is the most relevant "pure player" (company specializing exclusively in the cybersecurity sector) in Spain and Portugal in terms of turnover and number of cybersecurity experts.

Excellium is a market-leading managed security services provider from Luxembourg, with presence in Belgium and counting with more than 100 experts.

The significant European scale and cross-country presence of this group of cubersecurity companies will be key to address the increasingly challenging needs of all organizations and specially the requirements of those large and multi-national companies operating in the European space, while ensuring agile and fast response from specialized teams close to the customer.

lnovRetail is a retail innovation company that provides data science solutions and digital tools that deliver quantifiable insights and actionable recommendations with direct and sustainable impact on retrics. The company's main product is the Staff Empowerment Solution, a SaaS based solution that help reas like Sales Performance Enhancement, Customer Experience Optimisation and Advanced Planning Currently, the company is launching a new omnichannel solution to create a fully personalized shopping experience.

Minority Stakes (non-exhaustive)

Armilar Venture Funds are the 3 Venture Capital funds in which Bright Pixel owns acquired to Novo Banco. With this transaction, concluded in December 2016, Bright Pixel reinforced its portfolio with sizeable stakes in leading edge companies such as Outsystems and Feedzai, both consistently presenting meaningful and sustainable levels of growth.

Arctic Wolf, a US based company, is a global pioneer in the SOC-as-Service market with cutting-edge managed detection and response (MDR), which provides a unique combination of technology and services for clients to quickly detect and contain threats. Bright Pixel, jointly with US technology investors Lightsped Venture Partners and Redpoint, entered in the company's cap table in 2017 in a series B round. Since then, the Company closed a 45 million dollars series C round in 2018, a 60 million dollars Series D round at the end of 2019, a 200 million dollars Series Eround in October 2020 funding at a valuation of 1.3 billion dollars, held by existing and new investors, at an underlying valuation of 4.3 billion dollars.

Stylesage is a strategic analytics SaaS platforn that helps fashion, home and brands with critical pre, in and post season decisions gobally, Every day, StyleSage pulls product data from competitors' ecommerce websites from around the world. Then, with groundbreaking technology in machine learning and visual recognition, StyleSage cleans, organizes, and analyzes the massive amounts of collected data into a cloud-based date movers brands and retailers to make informed, data-driven decisions in areas such line planning, markdown optimization, and global expansion.

Ometria is a London based Al powered customer maketing platform with the vision to become the central the communication between retailers and their customent was done by Bright Pixel in the Series A round, alongside several strategic investors (including Summit Action, the US VC fund of the Summit Series) and was reinforced during series B and C rounds.

Reblaze is an Israeli company that proprietary security technologies in a unified platform, shielding assets from threats found on the Internet. The company raised a Series A round in which Bright Pixel led jointly with JAL Ventures and Data Point Capital.

Visenze is a Singapore-based company that delivers intelligent image recognition that shorten the path to action as consumers search and discover on the visual web. Retailers use ViSenze to convert images into immediate product search opportunities, improving conversion rates. Media companies use Visenze to turn any image or video into an engagement opportunity, driving incremental revenue. Bright Pixel co-led, with Gobi Partners, a 20 million dollars Series C round to enable the artificial intelligence company to further invest in its penetration among smartphone manufacturers, as well as with consumer and social communication applications.

Daisy Intelligence is an Al-powered platform for reams focused on optimizing promotional product and price mixes for dramatically improved business results. Bright Pixel partners invested in a 10 million canadian dollars (circa 7 million euros) series A round.

Nextail is a Spanish company that has developed a cloud-based platform that combines and prescriptive analytics to upgrade retailers' inventory management processes and store operations. The company raised a 10 million dollars Series A round led by London and Amsterdam based venture capital firm KEEN Venture Partners LLP ("KEEN"), together with Bright Pixel and existing investor Nauta Capital. The new financing was to be used to accelerate product development and double the size of the team, as it grows internationally.

Cybersixgill is a market leader in deep and dark web cyper threat intelligence. The companies, financial institutions, governments, and law enforces protect their finances, networks and reputations from cuberthreats that lurk in the deep, dark and surface webs. The advanced cyber threat intelligence platform automates all phases of the intelligence cucle collection, analysis and dissemination of data-providing organizations with unparalleled information and actionable insights to protect their various assets in the ever-evolving cuper threatscape. Bright Pixel co-led its series B 15 million dollars round and participated in its new 35 million dollar round raised in 2022 led by More Provident and REV Venture Partners.

Cellwize is a leading provider of Mobile Network Automation solutions for telco, based in Israel. Cellwize offers modular solutions for an agle adoption of 'zero-touch' network automation capabilities on top of a virtualized service orchestration platform. It supports network operations, especially given the increase in network driven by 55 adoption. Bright Pixel invested in a round of 15 million dollars led by Deutsche Telekom Capital Partners. In November a 32 million dollars Series B funding round led by Intel Capital and Qualcomm Ventures LLC with participation from Ventures, Samsung Next, and existing shareholders.

IriusRisk (previously named Continuum Security) is a Spanish based company with an application to address vulnerabilities early in the development process. In order their international growth plans, the company has raised an investment round of 1.5 million euros, which was led by Swanlaab Venture Factory and joined by ME Venture Capital and Bright Pixel. In September 2020, the company raised a series A round of 6.7 million dollars participated by Paladin, 360 CP, Swanlab JME Venture Capital and Bright Pixel.

lscrambler is a Portuguese startup that develops a security solution to protect Web and Mobile Applications (Javascript code). In 2018, the company raised a 2.3 million dollars in a financing round that was led by Bright Pixel with the co-investment of Portugal Ventures. In 2021, the Company raised 10 million euros in a series A with the participation of Ace Capital Partners.

Probe.ly, having started as an internal project of Bright Pixel, won the Coixo Copital Empreender Award 2017, has stepped from MVP (Minimum Valuable Product) to an independent Web Application Security startup.

Sales Layer is a Spanish based company with a cloud-based Product Information Management (PM) platform, helping brands and retailers to transform their catalogs into a digital, enriched and multichannel control center. Bright Pixelled its series A round.

Deepfence is a leading US-based cloud-native workbad protection platform that a unitied security platiom for kubernetes, virtual machines and serverless workloads. Deepfence ensures business continuity in the face by

detecting and disrupting sophisticated attacks targeting cloud-native technologies, the "glue" that keeps the current world connected. Deepfence raised 9.5 million dollars in Series A financing led by AllegisCuber, with participation from Bright Pixel, and existing investor Chiratae Ventures.

Weaveworks is a US company that helps teams to adopt cloud native computing, managing cloud native infrastructure and applications quickly, reliably and at scale. Weaveworks raised a 36.65 million dollars Series C funding round led by some of the world's leading public cloud and telecommunications companies, including first-time investors (AWS), Ericsson, Orange Ventures, Bright Pixel and Telekom Investment Pool (TIP). The round also included follow-on investments from Accel, GV, and Redline Capital.

Selfforte, based in Helsinki, Finland, is a SaaS platform for Retailers, Brands and Telcos, which uses proprietary data science and Al to measure the effectiveness of online and offline marketing investments.

Portainer.io, based in New Zealand, is one of the most popular container management platforms universal tool unleashes the power of containerized applications for everyone.

Citcon, is a US-based leading mobile wallet payment provider with a fintech platform that enables seamless gobal commerce at scale by connecting the world's businesses with more than 100+ mobile walets, local and alternative payment methods. Citcon raised 30 million dollars in Series C financing led by Norwest Venture Partners and Cota Capital with the participation of Bierra Venture.

Safebreach, pioneer in the Breach and Attack Simulation (BAS) market, is the world's most widely used continuous security validation platform. The patented platform automatically and safely executes thousands of attack methods to validate network, cloud, container and email security controls against its Hacker's Playbook™, the world's largest collection of attack data broken down by methods, tactics and threat actors. SafeBreach raised 53.5 million dollars in Series D funding, led by Bright Pixel and Israel Growth Partners (IGP), with additional participation from Sands Capital, Bank Leumi and ServiceNow.

Experify, is the first platform to enable a truly autheric product review experience by connecting prospective buyers with purchasers. Experify raised 4 million dollars seed round, led by Vertures US, with the participation of Bright Pixel and the Berkeley SkyDeck Fund.

Hackuity, is a risk-based vulnerability management solution that empowers cybersecurity teams and leaders to comprehensively collect, prioritize, and remediate security weaknesses before they can be exploited by their adversaries. Hackuity raised a 12 million euros funding round, led by Bright Pixel with the participation of previous investor Caisse des Dépôts.

2.3 Media

Público, a reference Portuguese speaking nocused on a digital strategy that combines quality of journalism with an innovative and digital image, continued to reinforce its digital presence and the advertising market. During the quarter, the positive performance of online subscriptions, newspaper and advertising sales, translated into an overall 4.9% revenue increase, when compared to 1Q21.

3. Appendix

Consolidated income statement

Million euros
CONSOLIDATED INCOME STATEMENT	1021	1Q22	Δ 22/21	4Q21	q.o.q.
Turnover	16.7	178	6.2%	22.8	-22.0%
Services Rendered	11 9	12 g	8.1%	14.6	-11.5%
Sales	4.8	4 9	1.7%	8.7	-40.5%
Other Income	05	0 4	-175%	08	-48.3%
Operating Costs	18.1	19.6	7.9%	24.8	-21.1%
Employee Benefits Expenses	10.3	11.3	10.4%	115	-1.4%
Commercial Costs (1)	3.3	3.3	15%	7.0	-52.4%
Other Expenses (2)	4.6	4.9	7.0%	63	-22.2%
EBITDA	6.1	10.8	76.6%	5.2	109.1%
Underlying EBITDA(3)	-0.9	-13	-57.1%	-11	-17.2%
Non recurrent itens	0.0	33		29	144%
Equity method(4)	6.9	8.9	28.6%	3.4	157.8%
Discontinued Operations(5)	01	0.0	-100.0%	0.0
Underlying EBITDA Margin (%)	-5.1%	-7.5%	-2.4pp	-5.0%	-2.5pp
Depreciation & Amortization	19	15	-23.4%	19	-21.6%
EBIT	4.2	94	121.8%	3.3	182.7%
Net Financial Results	0.2	0.2	19.6%	0.5	-62.9%
Financial Income	0.6	0.5	-26.6%	21	-77.2%
Financial Expenses	0 5	03	-43.0%	15	-823%
EBT	4.4	ਰ ਦ	117.9%	3.8	148.5%
Tax results	0.4	-0.1		05
Direct Results	4.8	ਰੇ ਦੇ	96.5%	4.3	119.8%
Indirect Results(b)	5.4	11.1	104.0%	48.2	-77.0%
Net Income	10.3	20.6	100.5%	52.5	-60.8%
Group Share	106	20.9	97.3%	52.8	-60.5%
Attributable to Non-Controlling Interests	-0.3	-0.3	8.2%	-0.3	11.4%

() Commercial Coss = COGS + Provisios + others:
(2) Dher spenses = sepering Sentes + chers:
(2) (cludes the Senest, the Suncero: (2) (cludes the Sunces, the Sunerom:
(5) (r

Consolidated balance sheet

Million euros

CONSOLIDATED BALANCE SHEET	1021	1022	ﺔ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤ	4Q21	d.o.d.
Total Net Assets	1 226.8	1 338.0	9.1%	1 316.9	1.6%
Non Current Assets	954.6	985.5	3.2%	990.7	-0.5%
Tangible and Intangible Assets and Rights of Use	20.0	18.6	-6.7%	185	1.0%
Goodwill	145	145	0.0%	145	0.0%
Investments	895.8	930.6	3.9%	934.6	-0.4%
Deferred Tax Assets	16.2	15.8	-2.6%	16.0	-0.9%
Others	8.1	5.9	-27.1%	7.1	-16.9%
Current Assets	272.2	352.5	29.5%	326.2	8.1%
Trade Receivables	18.0	12.0	-33.4%	14.5	-171%
Liquidity	229.3	309.5	35.0%	289.3	7.0%
Others	249	31.0	24.7%	224	38.6%
Shareholders' Funds	1 125.6	1 230.2	9.3%	1 206.8	1.9%
Group Share	11128	12223	9.8%	1 195 g	2.2%
Non-Controlling Interests	12.8	79	-38.2%	109	-27.9%
Total Liabilities	101 3	107.8	6.5%	110.0	-2.0%
Non Current Liabilities	428	529	23.4%	56.7	-6.8%
Loans	1.9	1.0	-47.1%	13	-21.0%
Provisions	0.7	0.6	-15.8%	0.6	13.1%
Others	40.2	51.2	27.4%	54.9	-6.6%
Current Liabilities	58.4	55.0	-5.9%	53.3	3.0%
Loans	3.1	3.7	18.7%	3.0	24.4%
Trade Payables	17.0	10.4	-39.2%	12 1	-14.2%
Others	38	41	6.9%	38	6.8%
Operating CAPEX(1)	1.1	1.7	46.1%	2.5	-32.5%
Operating CAPEX as % of Turnover	6.8%	9.3%	2.5pp	10.8%	-1.5pp
Total CAPEX	4.0	10.1	1528%	20.7	-51.5%
Underlying EBITDA - Operating CAPEX	-2.0	-3.0	-50.9%	-3.6	16.7%
Gross Debt	191	17.0	-10.6%	17.0	0.0%
Net Debt	-210.2	-292.4	-39.1%	-272.3	-7.4%

(1) OperatingCAPEX excludesFinancial Investments.

Consolidated levered FCF

Million euros

LEVERED FREE CASH FLOW	1021	1022	Δ 22/21	4Q21	d.o.q.
Underlying EBITDA-Operating CAPEX	-2.0	-3.0	-50.9%	-3.6	16.7%
Change in WC	-1.0	14.5		1.3	973%
Non Cash Items & Other	0.2	-15.4		-2.8
Operating Cash Flow	-2.8	-3.9	-38.8%	1.0
Investments	-2.8	24.9		-9.2
Dividends and other reserves distribution	0.0	0.0		74.7	-100.0%
Financial results	0.2	3.4		0.3
Income taxes	0.5	-4.5		0.7
FCF(t)	-4 9	20.0		675	-70.4%

(1)FCF Levered afterFinancial Expenses but before CapitalFlows and Financing related up-front Costs.

Sonaecom SGPS is listed on the Euroney. Information is available on Reuters under the symbol SNC.L.S and on Bloomberg under the symbol SNC:PL.

SAFE HARBOUR

This document may contain forward-looking information and statement's current expectations or beliefs. Forward-looking statements are statements that are not historical facts.

These forward-looking statements are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, including, but not limited to, changes in regulation, the telecommunications industry and economic conditions; and the effects of competition. Forward-looking statements may be identified by words such as "believes", "anticipates", "projects", "intends", "should", "seeks", "future" or simlar expressions.

Although these statements reflect our current expectations, which we believe are reasonable, investors, and generally, the recipients of this document are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. You are cautioned not to put undue reliance on any forwarion or statements. We do not undertake any obligation to update any forward-looking information or statements.

Report available on Sonaecom's corporate website www.sonaecom.pt

Investor Relations Contacts Investor.relations@sonaecom.pt TIf: +351 22 013 23 49