Sonaecom SGPS

Interim / Quarterly Report • Aug 26, 2025

RESULTS REPORT 1H25

1

TABLES of contents

I – MANAGEMENT REPORT	II – FINANCIAL STATEMENTS
Key Performance Indicators	Condensed consolidated financial statements
Consolidated results	Notes to the condensed consolidated financial statements
Consolidated Balance Sheet
Consolidated P&L
Consolidated FCF
NOS
Bright Pixel
Media

MANAGEMENT REPORT 1H25

The consolidated financial information disclosed in this report is based on unaudited financial statements, prepared in accordance with the International Financial Reporting Standards (IAS/IFRS), issued by the International Accounting Standards Board (IASB), as adopted by the European Union.

Main Highlights

Key Performance Indicators

Direct Results reached €37.2m in 1H25, with a contribution of €40.0m from NOS.

Net Income (group share) reached €21.4m in 1H25, with a negative contribution from indirect results.

NAV of Bright Pixel's active portfolio stood at €328m.

Capital Structure remains robust with a Net Cash position of €221.3m.

Consolidated Results

Key data

€m	2Q24	2Q25	yoy	1H24	1H25	yoy
Turnover	5.3	5.1	(3.9)%	9.1	9.0	(2.0)%
EBITDA	26.7	17.5	(34.4)%	47.4	34.3	(27.5)%
o.w. Equity method(1)	29.1	20.2	(30.6)%	52.7	40.0	(24.1)%
Direct Results	28.6	18.6	(34.8)%	50.9	37.2	(26.9)%
Indirect Results(2)	(4.9)	(10.4)	(111.9)%	(1.8)	(15.4)	-
Net Income Group Share	23.7	7.7	(67.6)%	49.2	21.4	(56.6)%
Net Debt / (Cash)	(176.9)	(221.3)	(25.1)%	(176.9)	(221.3)	(25.1)%

(1) Includes the 50% holding in Unipress, the 50% holding in SIRS and the 37.37% holding in NOS; (2) Includes equity method, and fair value adjustments related with NOS, ZAP, AVP funds and other minority stakes, net of taxes.

Consolidated Turnover reached €5.1m in 2Q25, slightly below 2024.

EBITDA reached €34.3m in 1H25 (€17.5m in the 2Q25), below 1H24, mainly driven by the lower contribution of NOS results through equity method.

Equity method contributions decreased from €52.7m to €40.0m in 1H25 (€29.1m to €20.2m in the 2Q25) driven by the lower contribution of NOS net income, which in 1H24 were positively impacted by non-recurring extraordinary effects including the capital gain from the sale of a tower portfolio to Cellnex and gains from favorable legal proceedings.

Direct Results decreased to €37.2m in 1H25 (€18.6m in 2Q25), from €50.9m in 1H24, driven by the lower EBITDA level.

Indirect Results, were negative by €15.4m in 1H25 (negative by €10.4m in 2Q25), mainly explained by the negative impact from the exchange rate evolution at Bright Pixels' portfolio, which in 1H24 had the opposite impact, despite being offset by some fair value adjustments on Bright Pixel's portfolio.

Net income group share stood at €21.4m, below the €49,2m presented in 1H24 (€7.7m in the 2Q25 vs €23.7m in 2Q24), driven by both direct and indirect results evolution.

The net cash position stood at €221.3m at the end of 1H25, €54.8m above YE24. This performance was driven essentially by (i) the €23.6m of investments in Bright Pixel's portfolio; (ii) the €77m of dividends received from NOS; (iii) the €8.6m dividend paid; and (iv) the positive operating cash-flow, financial activity and taxes amounting to €9.6m.

Consolidated Balance Sheet

€m	30.06.2024	31.03.2025	30.06.2025
Total Net Assets	1,402.4	1,379.5	1,371.5
Non Current Assets	1,194.0	1,193.0	1,136.4
Tangible and Intangible Assets and Rights of Use	6.1	5.7	5.5
Goodwill	1.2	1.2	1.2
Investments	1,167.5	1,160.6	1,103.9
Deferred Tax Assets	10.7	12.7	12.6
Others	8.7	12.8	13.2
Current Assets	208.3	186.6	235.1
Trade Receivables	4.0	3.2	3.7
Liquidity	182.1	175.1	225.0
Others	22.2	8.2	6.4
Shareholders' Funds	1,351.5	1,330.7	1,326.9
Group Share	1,335.5	1,314.3	1,310.0
Non-Controlling Interests	16.0	16.4	16.9
Total Liabilities	50.9	48.8	44.6
Non Current Liabilities	39.4	33.6	31.4
Provisions	0.4	0.4	0.3
Others	39.0	33.1	31.0
Current Liabilities	11.5	15.3	13.2
Trade Payables	1.2	1.5	1.3
Others	10.3	13.8	11.9
Operating CAPEX(1)	0.9	0.5	1.9
Operating CAPEX as % of Turnover	10.1%	13.5%	21.7%
Total CAPEX	2.0	8.3	25.7
Underlying EBITDA - Operating CAPEX	(6.0)	(0.7)	(7.4)
Gross Debt	5.2	4.5	3.7
Net Debt	(176.9)	(170.6)	(221.3)

1) Operating CAPEX excludes Financial Investments.

Consolidated Income Statement

€m	2Q24	2Q25	yoy	1H24	1H25	yoy
Turnover	5.3	5.1	(3.9)%	9.1	9.0	(2.0)%
EBITDA	26.7	17.5	(34.4)%	47.4	34.3	(27.5)%
Underlying EBITDA(1)	(2.4)	(2.6)	(11.3)%	(5.1)	(5.5)	(6.6)%
Non recurrent itens	(0.1)	(0.1)	20.8%	(0.2)	(0.2)	5.4%
Equity method(2)	29.1	20.2	(30.6)%	52.7	40.0	(24.1)%
Depreciation & Amortization	0.4	0.4	(13.5)%	0.9	0.8	(7.5)%
EBIT	26.2	17.1	(34.8)%	46.4	33.5	(27.9)%
Net Financial Results	1.8	0.6	(68.8)%	3.5	2.0	(43.8)%
EBT	28.1	17.7	(37.0)%	49.9	35.5	(29.0)%
Tax results	0.5	1.0	84.1%	1.0	1.7	76.7%
Direct Results	28.6	18.6	(34.8)%	50.9	37.2	(26.9)%
Indirect Results(3)	(4.9)	(10.4)	(111.9)%	(1.8)	(15.4)	-
Net Income	23.7	8.2	(65.2)%	49.1	21.8	(55.5)%
Group Share	23.7	7.7	(67.6)%	49.2	21.4	(56.6)%
Attributable to Non Controlling Interests	(0.1)	0.6	-	(0.1)	0.5	-

(1) Includes the businesses fully consolidated by Sonaecom;

(2) Includes the 50% holding in Unipress, the 50% holding in SIRS and the 37.37% holding in NOS;

(3) Includes equity method and fair value adjustments related with NOS, ZAP, AVP funds and other minority stakes, net of taxes.

Consolidated Free Cash Flow

€m	2Q24	2Q25	yoy	1H24	1H25	yoy
Underlying EBITDA Operating CAPEX	(2.8)	(4.1)	(44.0)%	(6.0)	(7.4)	(22.6)%
Change in WC & Others	(9.8)	(1.3)	-	(10.3)	13.1	-
Operating Cash Flow	(12.6)	(5.3)	57.8%	(16.3)	5.7	-
Investments	1.0	(15.6)	-	4.3	(23.6)	-
Dividends and other reserves distribution	67.4	77.0	14.3%	67.4	77.0	14.3%
Financial results	1.7	1.9	6.8%	3.2	1.9	(42.1)%
Income taxes	0.8	1.0	31.4%	1.5	2.0	39.9%
FCF(1)	58.2	58.9	1.2%	60.0	63.0	5.0%

(1) FCF Levered after Financial Expenses but before Capital Flows and Financing related up-front Costs.

NOS

NOS reported its 2Q25 results to the market on July 21st, reaffirming its commitment to delivering the best mobile and fixed network infrastructure and the most advanced communication services.

Amid a demanding market context, consolidated revenue grew to €879.6m in 1H25 (€458m in 2Q25) driven by a solid performance of the core Telco business, with a highlight to the significant growth in the corporate segment. Consolidated EBITDA increased to €395.3m in 1H25 (€203m in 2Q25), with all the businesses contributing positively for this performance. Further details are available on the company's website here.

On Sonaecom's consolidated accounts, NOS equity method results reached €40.0m in 1H25 (€20.2m in 2Q25), compared to €52.7m in 1H24 (€29.1m in 2Q24). While operational profitability improved this year, last year's figures were positively impacted by extraordinary gains from the sale of towers and activity fees from ANACOM following a favourable court ruling.

In April, NOS paid an ordinary dividend of €0.35 per share (in line with last year), and an extraordinary dividend of €0.05 per share relating to 2024 results, which resulted in a €77m cash-in for Sonaecom.

Bright Pixel

44.9%

Bright Pixel continued to diligently execute its investment strategy and managing its portfolio, which currently comprise a global portfolio of more than 50 active companies across cybersecurity, retail technologies and infrastructure software.

During 1H25, Bright Pixel enlarged its portfolio with 5 new investments across its 3 main segments and continued to develop a pipeline of new ventures to continue to expand its portfolio in the coming months.

NAV and Cash Invested in the active portfolio stood at €328m and €213m, respectively, reflecting a potential cash-on-cash of 1.5x on the existing portfolio.

Bright Pixel Portfolio information

(Non exhaustive)

CYBERSECURITY

Arctic Wolf, a US based company, is a global pioneer in the SOC-as-a-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 Lightspeed Venture Partners and Redpoint, entered in the company's cap table in 2017 in a series B round. Since then, the Company closed a \$45m series C round in 2018, a \$60m series D round at the end of 2019, a \$200m series E round in October 2020 funding at a valuation of \$1.3bn and, in 2021, a \$150m, held by existing and new investors, at an underlying valuation of \$4.3bn.

IriusRisk (previously named Continuum Security) is a Spanish based company with an application security platform to address vulnerabilities early in the development process. In order to realise their international growth plans, the company has raised an investment round of €1.5m, which was led by Swanlaab Venture Factory and joined by JME Venture Capital and Bright Pixel. In September 2020, the company raised a series A round of \$6.7m participated by Paladin, 360 CP, Swanlaab, JME Venture Capital and Bright Pixel. In August 2022, IriusRisk raised a series B round of \$28.7m led by Paladin Capital Group with the participation from existing investors Bright Pixel, Swanlaab Venture Factory, 360 Capital and Inveready.

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

Deepfence is a leading US-based cloud-native workload protection platform that aims to provide a unified security platform for kubernetes, virtual machines and serverless workloads. Deepfence ensures business continuity in the face of persistent threats by detecting and disrupting sophisticated attacks targeting cloudnative technologies, the "glue" that keeps the current world connected. Deepfence raised \$9.5m in series A financing led by AllegisCyber, with participation from Bright Pixel, and existing investor Chiratae Ventures.

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, endpoint, 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 \$53.5m in series D funding, led by Bright Pixel and Israel Growth Partners (IGP), with additional participation from Sands Capital, Bank Leumi and ServiceNow.

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 €12m funding round, led by Bright Pixel with the participation of previous investor Caisse des Dépôts.

VanishID (former PicNic), is the creator of the industry's first automated enterprise-wide human attack surface management platform. Energy Impact Partners and Bright Pixel, with continued participation from existing investors Crosslink Capital and Rally Ventures, led the extension of its series A funding in 1Q23. In 2025, announced its rebrand from Picnic Corporation and a recent \$10M investment led by Dell Technologies Capital and joined by Mark McLaughlin, former CEO and Chairman of Palo Alto Networks, with continued strong participation from Crosslink Capital, Rally Ventures, Energy Impact Partners, and Bright Pixel. LockStep Ventures also joined this funding round.

Sekoia.io, is the European cybertech company that develops the Sekoia.io XDR (eXtended Detection & Response) platform for real-time detection of cyberattacks. The company has raised €35m, in 2023, in a series A financing round from Banque des Territoires, Bright Pixel and its historical investors Omnes Capital, Seventure and BNP Paribas Développement. In 2025, announced a €26m series B round led by Revaia, with participation from UNEXO and the support of its existing investors Bright Pixel Capital, Omnes Capital and Bpifrance.

Vicarius is a SaaS platform that consolidates vulnerability discovery, prioritization, and remediation in a single solution. In 2023, the company raised a \$30 million series B led by Bright Pixel and participated by AllegisCyber Capital, AlleyCorp, and Strait.

Tamnoon is the first and only human-AI managed service developed from the ground up specifically for cloud security remediation. In September 2024, raised \$12m in a series A round led by Bright Pixel with participation by new investors Blu Ventures and Mindset Ventures as well as existing investors Merlin Ventures, Secret Chord Ventures, Inner Loop Capital, and Elron Ventures.

Trustero is a Silicon Valley innovator in AI-powered Security and Compliance that help businesses that need to prove they follow cybersecurity and data protection standards. In 2024 closed a \$10.35m series A funding round led by Bright Pixel, with participation from existing investors Engineering Capital, Zetta Ventures Partners, and Vertex Ventures US.

Knostic is the world's first provider of need-to-know access controls for Generative AI. It helps businesses securely use AI tools by controlling who can access what information, preventing unauthorized data sharing. In 2024 raised a \$11m round led by Bright Pixel with follow-on investments from new and previous investors such as Silicon Valley CISO Investments (SVCI), DNX Ventures, Seedcamp, and angel investors.

RETAIL TECH

InovRetail 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 retailer's key metrics. The company's main product is Seeplus, an Order Delivery System designed to maximise efficiency and boost customer satisfaction. It expertly handles orders from inception to delivery, optimising tracking and reducing delays to provide an unparalleled shopping experience.

Ometria is a London based AI powered customer marketing platform with the vision to become the central hub that powers all the communication between retailers and their customers. This investment 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.

Visenze is a Singapore-based company that delivers intelligent image recognition solutions 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 \$20m 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.

Nextail is a Spanish company that has developed a cloud-based platform that combines artificial intelligence and prescriptive analytics to upgrade retailers' inventory management processes and store operations. The company raised a \$10m 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.

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

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

Citcon, is a US-based leading mobile wallet payment provider with a fintech platform that enables seamless global commerce at scale by connecting the world's businesses with more than 100+ mobile wallets, local and alternative payment methods. Citcon raised \$30m in series C financing led by Norwest Venture Partners and Cota Capital with the participation of Bright Pixel and Sierra Venture.

Afresh, is a US-based leading AI-powered fresh food technology provider. Afresh's AI-powered solutions optimize critical functions in fresh food, including ordering, inventory, merchandising, and operations. Afresh significantly reduces food waste, improves its partners' profitability, and makes fresher, healthier food more accessible to all. Afresh announced a \$115m series B funding round led by Spark Capital and with participation from Insight Partners, VMG Partners, and Bright Pixel.

Chord, is a US based company with a Platform as a Service that offers commerce businesses technology and data products that help enhance their businesses by giving them cutting-edge headless commerce technology and access to meaningful first-party data. In 2022, Chord raised a \$15m series A extension round, co-led by Bright Pixel and existing investor Eclipse and with new investors GC1 Ventures, TechNexus Venture Collaborative and Anti Fund VC joining existing investors Imaginary Ventures, Foundation Capital and White Star Capital as participants.

Harmonya offers an AI-powered product data enrichment, categorization, and insights platform for retailers and brands. The company raised \$20m series A round in 2023, led by Bright Pixel with the participation of existing investor Team8, as well as Arc Investors, J Ventures, Silicon Road Ventures, Allen & Company, LiveRamp Ventures, and Susa Ventures. Already in 2025, the company announced a strategic investment from Dunnhumby Ventures and its existing investors, Bright Pixel Capital and Team8.

KeyChain is the AI-powered platform that helps brands and retailers quickly find the right manufacturers to produce their products. Bright Pixel invested \$5m at the end of 2024, bringing the total company's funding to \$38m with support from leading venture firms BoxGroup, Lightspeed Venture Partners, and SV Angel as well as other CPG giants General Mills, The Hershey Company, and Schreiber Foods.

Brij is the AI-powered platform that helps consumer brands redefine omnichannel enablement by unlocking and monetizing offline customer relationships. The company closed an \$8M oversubscribed investment round led by Bright Pixel and CEAS Investments, with participation from Artemis Fund, Red Bike Capital, Lakehouse Ventures, and Forum Ventures, as well as strategic angels from leading consumer brands including Caraway, Brunt Workwear, and Feastables.

INFRASTRUCTURE SOFTWARE

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

Codacy, is a PT-based automated code review and engineering productivity tool. It provides intelligence for software engineering teams to reach their full potential. Codacy raised a \$15m series B funding round led by Bright Pixel, also backed by existing investors Armilar Venture Partners, EQT Ventures, Join Capital, Caixa Capital, Faber Ventures and Iberis Capital.

Seldon, is a data-centric machine learning operations (MLOps) platform for the deployment, management, monitoring and explainability of machine learning (ML) models. Bright Pixel led its \$20m series B funding round in 1Q23 with significant participation from existing investors AlbionVC, Cambridge Innovation Capital, and Amadeus Capital Partners.

Jentis, is an Austrian scale-up specializing in advanced server-side web tracking and data protection technologies. Its Data Capture Platform is an all-in-one tracking solution that provides businesses enhanced data quality and data sovereignty while enabling compliance with GDPR and other global data protection regulations. Bright Pixel led a €11m in a series A funding round raised in 2023. This round was also participated by the new co-investor 3TS Capital Partners, and by the existing investor Pragmatech Ventures.

FlowFuse is a leading company in the industrial digitalisation movement, empowering businesses to modernize operations through low-code automation and scalable IoT solutions. The company has just closed a \$7.2M investment round led by Senovo, with participation from Bright Pixel, Uncorrelated, Westwave, and Open Core Ventures.

BUSINESS APPLICATIONS

Infraspeak the leading European and South American Intelligent Maintenance Management Platform (IMMP), headquartered in Portugal, has secured a series A extension round of €7.5m, led by Bright Pixel in 2023.

EMERGING TECH & OTHERS

Didimo, a leading creator of high-fidelity digital humans with 3D technology. Didimo enables anyone to quickly and easily create lifelike digital models that businesses and individuals can use to interact and to provide or enjoy services online. In 2020, Didimo announced €1m in funding from new investors led by Armilar Venture Partners along with Bright Pixel and PME Investimentos in cooperation with the 200M Co-Investment Fund. In August 2022, Didimo raised \$7.1m in series A funding led by Armilar Venture Partners, with the participation of Bright Pixel, Portugal Ventures and Techstars.

Armilar Venture Funds are the 3 Venture Capital funds in which Bright Pixel owns participation units 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.

Media

Público is the reference Portuguese speaking news organization focused on a digital strategy that combines journalism high quality standards with an innovative and digital image and has been reinforcing its leadership position on the daily Portuguese newspaper sector, and particularly, on the digital subscription market.

During the 1H25, the growth of subscription revenues was fully offset by the decrease of adverstising revenues, driving to stable level of Revenues but slightly better profitability, when compared to 1H24.

II FINANCIAL STATEMENTS

Sonaecom condensed consolidated financial statements

Condensed consolidated income statement by nature for periods of 6 months ended on 30 June 2025 and 2024

(Translation of consolidated financial statements originally issued in Portuguese. In case of discrepancy the Portuguese version prevails.)

(Amounts stated in euros)	Notes	30 June 2025	30 June 2024
Sales		3,166,644	3,133,284
Services rendered		5,790,806	6,005,046
Other income		418,518	303,435
		9,375,968	9,441,765
Cost of sales		(648,531)	(675,335)
Supplies and external services		(6,402,604)	(6,383,323)
Employee benefits expense		(7,737,392)	(7,494,443)
Amortisation and depreciation		(843,687)	(911,623)
Provisions		(108,920)	(100,131)
Other expenses		(108,738)	(86,993)
		(15,849,872)	(15,651,848)
Gains and losses in joint ventures and associated companies	3.1	40,102,236	52,761,052
Gains and losses on assets at fair value through profit or loss	3.2.3	(18,014,773)	(1,141,279)
Financial expenses		(987,976)	(207,130)
Financial income		2,951,542	3,697,812
Profit / (loss) before tax		17,577,125	48,900,372
Income tax		4,253,580	204,909
Consolidated profit/(loss) for the period		21,830,705	49,105,281
Attributed to:
Shareholders of parent company		21,350,870	49,207,122
Non-controlling interests		479,835	(101,841)
Earnings per share
Basic		0.07	0.16
Diluted		0.07	0.16

The notes are an integral part of the condensed consolidated financial statements.

Condensed consolidated statement of comprehensive income for periods of 6 months ended on 30 June 2025 and 2024

(Translation of consolidated financial statements originally issued in Portuguese. In case of discrepancy the Portuguese version prevails.)

(Amounts stated in euros)	30 June 2025	30 June 2024
Consolidated profit / (loss) for the period	21,830,705	49,105,281
Components of other comprehensive income, net of tax, that may subsequently be reclassified to the income statement:
Changes in reserves resulting from the application of the equity method	(3,511,829)	1,004,350
Changes in currency translation reserve and others	(1)	(282)
Components of other consolidated comprehensive income, net of tax, that won't be reclassified subsequently to the
income statement:
Changes in reserves resulting from the application of equity method	(898,483)	(1,562,356)
Changes in fair value of financial assets at fair value through other comprehensive income net of taxes	(241,531)	(740,320)
Other consolidated comprehensive income for the period	(4,651,844)	(1,298,608)
Consolidated comprehensive income for the period	17,178,861	47,806,673
Attributed to:
Shareholders of parent company	16,699,026	47,403,284
Non-controlling interests	479,835	403,389

Condensed consolidated statement of financial position for periods ended on 30 June 2025 and 31 December 2024

(Translation of consolidated financial statements originally issued in Portuguese. In case of discrepancy the Portuguese version prevails.)

(Amounts stated in euros)	Notes	30 June 2025	31 December 2024
Assets
Non-current assets
Property, plant and equipment		304,271	305,819
Intangible assets		1,899,105	1,640,906
Right of use assets		3,283,813	3,648,966
Goodwill		1,165,721	1,165,721
Investments in joint ventures and associates	3.1	861,911,378	903,918,793
Financial assets at fair value through other
comprehensive income	3.2.1	8,709,456	8,709,456
Financial assets at fair value through profit or loss	3.2.2	233,320,036	228,295,052
Deferred tax assets		12,573,915	12,914,550
Other non-current assets		13,210,354	11,701,213
Total non-current assets		1,136,378,049	1,172,300,476
Current assets
Inventories		255,517	353,448
Trade receivables and other receivables		7,676,436	21,956,731
Income tax assets		1,016,647	872,572
Other current assets		1,181,216	1,234,494
Cash and cash equivalents		224,978,175	169,434,970
Total current assets		235,107,991	193,852,215
Total assets		1,371,486,040	1,366,152,691

The notes are an integral part of the condensed consolidated financial statements.

Condensed consolidated statement of financial position for periods ended on 30 June 2025 and 31 December 2024

(Translation of consolidated financial statements originally issued in Portuguese. In case of discrepancy the Portuguese version prevails.)

(Amounts stated in euros)	Notes	30 June 2025	31 December 2024
Equity and liabilities
Equity
Share capital		230,391,627	230,391,627
Own shares		(7,686,952)	(7,686,952)
Reserves and retained earnings		1,065,957,117	1,061,829,716
Consolidated profit/(loss) for the period		21,350,870	17,340,777
		1,310,012,662	1,301,875,168
Non-controlling interests		16,915,330	16,435,495
Total equity		1,326,927,992	1,318,310,663
Liabilities
Non-current liabilities
Lease liabilities		2,340,414	2,904,275
Provisions		342,206	952,580
Deferred tax liabilities		28,407,624	30,911,352
Other non-current liabilities		286,908	815,385
Total non-current liabilities		31,377,152	35,583,592
Current liabilities
Trade payables and other payables		5,036,461	3,492,138
Lease liabilities		1,357,869	1,778,632
Other current liabilities		6,786,566	6,987,666
Total current liabilities		13,180,896	12,258,436
Total liabilities		44,558,048	47,842,028
Total equity and liabilities		1,371,486,040	1,366,152,691

Condensed consolidated statement of changes in equity for periods of 6 months ended on 30 June 2025 and 2024

(Translation of consolidated financial statements originally issued in Portuguese. In case of discrepancy the Portuguese version prevails.)

			Reserves and Retained Earnings
(Amounts stated in euros)	Share capital	Own shares	Share premium	Legal reserves	Reserves of own shares	Other	reserves Total reserves	Non controlling interests	Profit / (loss)	Total
2025
Balance on 31 December 2024	230,391,627	(7,686,952)	775,290,377	26,525,374	7,686,952	252,327,013	1,061,829,716	16,435,495	17,340,777	1,318,310,663
Appropriation of the consolidated profit/(loss) of 2024
Transfers to other reserves	−	−	−	1,178,143	−	16,162,634	17,340,777	−	(17,340,777)	−
Dividend Distribution	−	−	−	−	−	(8,561,532)	(8,561,532)	−	−	(8,561,532)
Consolidated comprehensive income for the period ended on 30 June 2025	−	−	−	−	−	(4,651,844)	(4,651,844)	479,835	21,350,870	17,178,861
Balance on 30 June 2025	230,391,627	(7,686,952)	775,290,377	27,703,517	7,686,952	255,276,271	1,065,957,117	16,915,330	21,350,870	1,326,927,992

			Reserves and Retained Earnings
(Amounts stated in euros)	Share capital	Own shares	Share premium	Legal reserves	Reserves of own shares	Other	reserves Total reserves	Non controlling interests	Profit / (loss)	Total
2024
Balance on 31 December 2023	230,391,627	(7,686,952)	775,290,377	23,523,509	7,686,952	236,519,355	1,043,020,193	15,600,635	43,785,889	1,325,111,392
Appropriation of the consolidated profit/(loss) of 2023
Transfers to other reserves	−	−	−	3,001,865	−	40,784,024	43,785,889	−	(43,785,889)	−
Dividend Distribution	−	−	−	−	−	(21,403,833)	(21,403,833)	−	−	(21,403,833)
Consolidated comprehensive income for the period ended on 30 June 2024	−	−	−	−	−	(1,803,838)	(1,803,838)	403,389	49,207,122	47,806,673
Balance on 30 June 2024	230,391,627	(7,686,952)	775,290,377	26,525,374	7,686,952	254,095,708	1,063,598,411	16,004,024	49,207,122	1,351,514,232

Condensed consolidated statement of cash flow for the periods of 6 months ended on 30 June 2025 and 2024

(Translation of consolidated financial statements originally issued in Portuguese. In case of discrepancy the Portuguese version prevails.)

(Amounts stated in euros)	30 June 2025	30 June 2024
Operating activities
Receipts from trade receivables	8,807,079	9,363,930
Payments to trade payables	(6,837,917)	(7,334,564)
Payments to employees	(9,506,567)	(8,104,393)
Cash flows generated by operations	(7,537,405)	(6,075,027)
Income taxes (paid)/received	16,360,759	(7,466,727)
Others receipts/(payments) relating to operating activities	335,906	680,964
Cash flows from operating activities (1)	9,159,260		(12,860,790)
Investing activities
Receipts arising from:
Financial investments	2,177	4,152,618
Property, plant and equipment and intangible assets	8	62
Dividends	77,010,875	67,384,516
Interest and similar income	2,719,073	3,012,584
Others	688,464	−
Payments related to:
Financial investments	(24,317,788)	(920,000)
Property, plant and equipment and intangible assets	(176,832)	(329,414)
Cash flows from investing activities (2)	55,925,977		73,300,366
Financing activities
Payments related to:
Lease liabilities	(952,288)	(988,952)
Interest and similar expenses	(28,211)	(60,395)
Dividends	(8,561,533)	(21,403,833)
Cash flows from financing activities (3)	(9,542,032)		(22,453,180)
Net increase (decrease) in cash and cash equivalents (4)=(1)+(2)+(3)	55,543,205		37,986,396
Effect of foreign exchanges rate changes	−		30
Cash and cash equivalents at the beginning of the period	169,434,970		144,088,064
Cash and cash equivalents at the end of the period	224,978,175		182,074,490

SONAECOM, SGPS, S.A.

Notes to the consolidated financial statements of Sonaecom for the period ended on 30 June 2025

(Translation of consolidated financial statements originally issued in Portuguese. In case of discrepancy the Portuguese version prevails)

(Amounts stated in euros)

1. Introductory note

1.1 Group's Presentation

SONAECOM, SGPS, S.A. ( "Company" or "Sonaecom") was established on 6 June 1988, under the name Sonae – Tecnologias de Informação, S.A. and has its head office at Lugar de Espido, Via Norte, Maia – Portugal. It is the parent company of the Group of companies listed in Attachment I ("Group").

Sonaecom SGPS, S.A. is owned directly by Sontel BV and Sonae SGPS, S.A. and Efanor Investimentos SGPS, S.E. is the ultimate controlling company.

Sonaecom shares are listed and traded on Euronext Lisbon.

The Group operates in Portugal and has some subsidiaries in the technology sector operating in about 3 countries (Portugal, Spain and United Kingdom).

The consolidated financial statements are presented in euros, rounded to the unit, and the transactions in foreign currencies are included in accordance with the accounting policies detailed below.

1.2 Consolidation Perimeter

The companies included in the Sonaecom Group's consolidation perimeter at 30 June 2025 are listed in Attachment I of this report.

1.3. Changes in the Group

During the periods ended on 30 June 2025 and 2024, the following changes occurred in the Group:

a) Acquisitions

Participant	Participated	Date
2025
Bright Pixel	Harmonya, INC. ("Harmonya") - increase	Jan-25
Bright Pixel	Crane III LP ("Crane III")	Jan-25
Bright Pixel	Alter Venture Partners Fund II ("Alter Venture") - increase	Jan-25
Bright Pixel	Sekoia.io ("Sekoia") - increase	Feb-25
Bright Pixel	Crane III LP ("Crane III") - increase	Feb-Jun-25
Bright Pixel	Nextail Labs, INC. ("Nextail") - increase	Feb-25
Bright Pixel	Automaise, Lda. ("Automaise") - increase	Mar-25
Bright Pixel	Pavo AI INC. ("Pavo AI")	Mar-25
Bright Pixel	Brij Inc. ("Brij")	Apr-25
Bright Pixel	FlowFuse Inc. ("FlowFuse")	Apr-25
Bright Pixel	Duel Holdings Limited ("Duel")	Apr-25
Bright Pixel	Mesh Inc. ("Mesh")	May-25

Participant	Participated	Date
2024
Bright Tech Innovation	Reckon.AI, S.A. ("Reckon.AI") - increase	Jan-24

The acquisitions described above refer to financial assets held at fair value, which are not part of the group's consolidation perimeter.

1.4 Subsequent events

Until the date of approval of this document, no relevant subsequent events that merit disclosure in this report have occurred.

1.5 Basis of preparation

The condensed consolidated financial statements for the period ended on 30 June 2025, were prepared in accordance with IAS 34 - Interim Financial Reporting. Consequently, these financial statements do not include all the information required by the International Financial Reporting Standards ("IFRS"), so they should be read with the consolidated financial statements for the year ended at 31 December 2024. The accounting policies and measurement criteria, adopted by the Group on 30 June 2025 are consistent with those used in the preparation of 31 December 2024 financial statements.

The condensed consolidated financial statements of Sonaecom Group were prepared on the assumption of continuity of operations, based on the books and accounting records of the companies included in the consolidation, which were prepared in accordance with the International Financial Reporting Standards ("IFRS") as adopted and effective in the European Union and, based on historical cost, except for the revaluation of certain financial instruments.

1.6. New accounting standards and their impact in these consolidated financial statements

During the period there were no changes in accounting policies, except for the adoption of new standards whose application became effective on 1 January 2025 which had no material impact on the Group's condensed financial statements.

The following standards, interpretations, amendments, and revisions have been approved (endorsed) by the European Union, and have mandatory application to the financial years beginning on or after 1 January 2025 and were first adopted in the period ended on 30 June 2025:

Standards	Effective date (for financial years beginning on or after)
IAS 21 – The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability	1-Jan-25
Requirements to determine if a currency can be exchanged for another currency and, when it is not possible to make the exchange for a long period, the options for calculating the spot exchange rate to be used. Disclosure of the impacts of this situation on the entity's liquidity, financial

The Group concluded that the application of these standards does not produced materially relevant impacts on financial statements.

performance, and financial position, as well as the spot exchange rate used on the reporting date.

The following standards, interpretations, amendments, and revisions have been endorsed by the European Union up to the date of approval of these financial statements and are mandatorily applicable in future financial years:

Standards	Effective date (for financial years beginning on or after)
IFRS 7 and IFRS 9 – Amendments to the Classification and Measurement of Financial Instruments Introduction of a new exception to the definition of derecognition date when the settlement of	1-Jan-26
financial liabilities is carried out through an electronic payment system. Additional guidance to assess whether the contractual cash flows of a financial asset are solely payments of principal and interest. Requirement for new disclosures for certain instruments with contractual terms that may alter cash flows. New disclosures about fair value gains or losses recognized in equity in relation to equity instruments designated at fair value through other comprehensive income.
IFRS 7 and IFRS 9 – Contracts Negotiated with Reference to Electricity Generated from Renewable Sources	1-Jan-26
Regarding the accounting for Power Purchase Agreements (PPAs) for electricity generated from renewable sources with respect to: i) clarifying the application of the 'own use' requirements; ii) allowing hedge accounting if renewable energy contracts are designated as hedging instruments; and iii) adding new disclosure requirements about the entity's financial performance and cash flows.
Annual Improvements – Volume 11	1-Jan-26
Some clarifications to Standards: IFRS 1, IFRS 7, IFRS 9, IFRS 10, and IAS 7.

The Group did not proceed with the early adoption of this standard in the financial statements for the period ended 30 June 2025, as its application is not mandatory. No significant impacts on the financial statements are expected from its adoption.

The following standards, interpretations, amendments and revisions were not, until 30 June 2025, approved ("endorsed") by the European Union:

Standards		Effective date (for financial years
		beginning on or after)

IFRS 18 – Presentation and Disclosure in Financial Statements 1-Jan-27

Presentation and disclosure requirements in financial statements, focusing on the income statement, through the specification of a model structure, with the categorization of expenses and income into operating, investing, and financing activities, and the introduction of relevant subtotals. Improvements in the disclosure of management performance measures and additional guidance on the application of aggregation and disaggregation principles.

IFRS 19 – Subsidiaries without Public Accountability: Disclosures 1-Jan-27

A standard that only deals with disclosures, with reduced disclosure requirements, which is applied in conjunction with other IFRS accounting standards for recognition, measurement, and presentation requirements. It can only be adopted by 'Eligible' subsidiaries that are not subject to the obligation of public financial reporting and have a parent company that prepares publicly available consolidated financial statements in accordance with IFRS.

The Group did not proceed with the early adoption of any of these standards in the financial statements for the period ended 30 June 2025, as their application is not mandatory, and is currently in the process of analysing the expected effects of these standards.

2. Operational Activity

2.1 Segment information

During the periods ended on 30 June 2025 and 2024 were identified the following business segments:

• Media;
• Technologies; and
• Holding activities.

These segments were identified taking into account the following criteria/conditions: the fact that they are units of the group that develop activities where income and expenses can be separately identified, for which separate financial is prepared, their operating results are regularly reviewed by management and decisions are made regarding, for example, allocation of resources, the fact that they have similar products/services and also taking into account the quantitative threshold (as provided in IFRS 8).

The segment "Holding activities" includes the operations carried out by the parent company whose main activity is the management of shareholdings.

Excluding the ones mentioned above, the remaining activities of the Group are classified as unallocated.

Inter-segment transactions during the periods ended on 30 June 2025 and 2024 were eliminated in the consolidation process. All these transactions were made at market prices.

Inter-segment transfers or transactions were entered under the normal commercial terms and conditions that would also be available to unrelated third parties and were mainly related to interest on treasury applications and management fees.

The main information regarding the business segment existing as of 30 June 2025 and 2024, prepared in accordance with the same accounting policies and criteria adopted in the preparation of the consolidated financial statements, is as follows:

		Media		Technologies		Holding Activities		Subtotal		Eliminations and others		Total
	June 2025	June 2024	June 2025	June 2024	June 2025	June 2024	June 2025	June 2024	June 2025	June 2024	June 2025	June 2024
Revenues:
Sales and services rendered	8,124,722	8,141,386	846,053	1,009,090	−	−	8,970,775	9,150,476	(13,325)	(12,146)	8,957,450	9,138,330
Other operating revenues	366,985	188,204	43,904	80,128	7,629	36,132	418,518	304,464	−	(1,029)	418,518	303,435
Total revenues	8,491,707	8,329,590	889,957	1,089,218	7,629	36,132	9,389,293	9,454,940	(13,325)	(13,175)	9,375,968	9,441,765
Amortisation and depreciation	(377,539)	(340,618)	(456,606)	(569,087)	(9,542)	(1,918)	(843,687)	(911,623)	−	−	(843,687)	(911,623)
Provisions and impairment losses	−	−	(108,920)	(100,131)	−	−	(108,920)	(100,131)	−	−	(108,920)	(100,131)
Operating income / (loss) for the segment	(1,387,507)	(1,599,706)	(4,227,685)	(4,085,601)	(858,712)	(524,776)	(6,473,904)	(6,210,083)	−	−	(6,473,904)	(6,210,083)
Gains and losses on financial assets at fair value through profit or loss	−	−	(18,014,773)	(1,141,279)	−	−	(18,014,773)	(1,141,279)	−	−	(18,014,773)	(1,141,279)
Gains and losses in joint ventures and associated companies	(8,133)	27,084	127,983	101,647	39,982,386	52,632,321	40,102,236	52,761,052	−	−	40,102,236	52,761,052
Other financial results	83,807	87,659	(471,103)	646,559	989,949	2,468,979	602,653	3,203,197	1,360,913	287,485	1,963,566	3,490,682
Income tax	268,096	357,585	3,942,843	318,280	42,641	(470,956)	4,253,580	204,909	−	−	4,253,580	204,909
Consolidated profit/(loss) for the period	(1,043,737)	(1,127,379)	(18,642,735)	(4,160,394)	40,156,264	54,105,568	20,469,792	48,817,795	1,360,913	287,485	21,830,705	49,105,281
Attributable to:
Shareholders of parent company	(1,043,737)	(1,127,379)	(18,913,329)	(4,022,999)	40,156,264	54,105,568	20,199,198	48,955,190	1,151,672	251,933	21,350,870	49,207,122
Non-controlling interests	−	−	270,594	(137,395)	−	−	270,594	(137,395)	209,241	35,554	479,835	(101,841)
		June 2025 December 2024		June 2025 December 2024		June 2025 December 2024		June 2025 December 2024		June 2025 December 2024		June 2025 December 2024
Assets:
Property, plant and equipment, intangible assets and goodwill	2,317,366	2,350,100	4,212,254	4,401,985	123,291	9,327	6,652,910	6,761,412	−	−	6,652,910	6,761,412
Inventories	255,517	353,448	−	−	−	−	255,517	353,448	−	−	255,517	353,448
Investments in joint ventures and associates	935,833	943,966	78,510,745	79,071,227	782,557,640	823,996,441	862,004,217	904,011,634	(92,840)	(92,841)	861,911,378	903,918,793
Financial assets at fair value through other comprehensive income	3,023,901	3,023,901	8,696,975	8,696,975	−	−	11,720,876	11,720,876	(3,011,420)	(3,011,420)	8,709,456	8,709,456
Financial assets at fair value through profit or loss	−	−	233,320,036	228,295,052	−	−	233,320,036	228,295,052	−	−	233,320,036	228,295,052
Other non-current assets and deferred tax assets	5,648,530	5,534,025	17,947,449	16,859,876	136,858,274	120,426,015	160,454,253	142,819,916	(134,669,984)	(118,204,153)	25,784,269	24,615,763
Other current assets of the segment	9,452,329	11,737,363	22,409,045	32,429,201	203,028,831	149,325,999	234,890,205	193,492,563	(37,731)	6,204	234,852,474	193,498,767
Liabilities:
Liabilities of the segment	10,567,322	11,832,911	34,529,553	38,129,843	2,431,214	805,380	47,528,089	50,768,134	(2,970,041)	(2,926,106)	44,558,048	47,842,028
CAPEX	402,606	1,113,433	25,150,927	27,226,510	17,950,250	31,216,378	43,503,783	59,556,321	(17,826,744)	(31,216,093)	25,677,040	28,340,228

During the period ended 30 June 2025 and 2024, the sales and services rendered by segment were as follows:

	Media	Technologies
2025
Media	−	7,055
Technologies	2,038	−
Holding Activities	−	4,233
External trade customers	8,122,684	834,765
	8,124,722	846,053

	Media	Technologies
2024
Media	−	6,719
Technologies	1,396	−
Holding Activities	−	4,031
External trade customers	8,139,990	998,340
	8,141,386	1,009,090

During the periods ended on 30 June 2025 and 2024, sales and services rendered in the Media and Technologies segments were predominantly obtained in the Portuguese market, representing approximately 90.86% and 98.26%, respectively (93.43% and 100% in 2024, respectively).

3. Investments

3.1. Investments in joint ventures and associates

The associated companies and the joint ventures, their registered offices, proportion on capital held and value in the income statement as of 30 June 2025 and 2024 are as follows:

30 June 2025	Registered Office	Percentage of ownership	Value in profit and loss statement
Investments in companies jointly controlled
Unipress – Centro Gráfico, Lda. ("Unipress")	Vila Nova de Gaia	50.00%	(17,518)
SIRS - Sociedade Independente de Radiodifusão Sonora, S.A. ('Rádio Nova')	Oporto	50.00%	9,385
			(8,133)
Investments in associated companies
NOS, SGPS, S.A. ("NOS")	Oporto	37.37%	39,982,386
Fundo de Capital de Risco Armilar Venture Partners II ("Armilar II")	Lisbon	47.78%	(94,635)
Fundo de Capital de Risco Armilar Venture Partners III ("Armilar III")	Lisbon	46.98%	(22,528)
Fundo de Capital de Risco Armilar Venture Partners Inovação e Internacionalização ("Armilar I+I")	Lisbon	39.28%	245,146
			40,110,369
Total			40,102,236

30 June 2024	Registered Office	Percentage of ownership	Value in profit and loss statement
Investments in companies jointly controlled
Unipress – Centro Gráfico, Lda. ("Unipress")	Vila Nova de Gaia	50.00%	50,565
SIRS - Sociedade Independente de Radiodifusão Sonora, S.A. ('Rádio Nova')	Oporto	50.00%	(23,481)
			27,084
Investments in associated companies
NOS, SGPS, S.A. ("NOS")	Oporto	37.37%	52,632,321
Fundo de Capital de Risco Armilar Venture Partners II ("Armilar II")	Lisbon	47.78%	38,946
Fundo de Capital de Risco Armilar Venture Partners III ("Armilar III")	Lisbon	45.52%	56,144
Fundo de Capital de Risco Armilar Venture Partners Inovação e Internacionalização ("Armilar I+I")	Lisbon	38.25%	6,557
			52,733,968
Total			52,761,052

In situations of investments in associates that are venture capital organizations, IAS 28 contains an option to keep these investments held by them measured at fair value. The Group has chosen this option, in applying the equity method to Armilar Funds.

In accordance with the IFRS 11, the classification of financial investments in joint ventures is determined based on the existence of shareholder agreements that demonstrate and regulate joint control. Thus, as of 30 June 2025, the Group held joint ventures and associated as detailed below.

The division by company of the amount included in the investments in associated companies and joint ventures on 30 June 2025 and 31 December 2024 is as follows:

30 June 2025	Ownership value	Goodwill	Total investment
Investments in companies jointly controlled
Unipress	483,693	321,700	805,393
SIRS	37,601	−	37,601
	521,294	321,700	842,994
Investments in associated companies
NOS	245,851,472	536,706,163	782,557,635
Armilar II	46,591,442	−	46,591,442
Armilar III	17,409,545	−	17,409,545
Armilar I+I	14,509,762	−	14,509,762
	324,362,221	536,706,163	861,068,384
Total	324,883,515	537,027,863	861,911,378

31 December 2024	Ownership value	Goodwill	Total investment
Investments in companies jointly controlled
Unipress	501,211	321,700	822,911
SIRS	28,216	−	28,216
	529,427	321,700	851,127
Investments in associated companies
NOS	287,290,273	536,706,163	823,996,436
Armilar II	46,686,076	−	46,686,076
Armilar III	17,432,073	−	17,432,073
Armilar I+I	14,953,080	−	14,953,080
	366,361,502	536,706,163	903,067,666
Total	366,890,929	537,027,863	903,918,793

Investment in NOS

The value of the investment held in NOS is measured using the equity method.

At NOS's General Meeting in April 2025, shareholders approved the payment of an ordinary dividend of 0.35 euros per share (in line with the previous year) and an extraordinary dividend of 0.05 euros per share relating to the 2024 financial year. The dividend was paid on 24 April and resulted in a receipt of 77 million euros by Sonaecom.

Sonaecom holds directly 192,527,188 shares in NOS, representing approximately 37.37% of its share capital and 37.65% of the voting rights.

Taking into account the percentage of ownership, directly attributable to Sonaecom, it was analysed in the light of what is described in IFRS 10, whether Sonaecom could exercise control over NOS. From this analysis, it was concluded that Sonaecom does not control the aforementioned company, insofar as it does not hold the majority of the share capital and voting rights of NOS and, that it is not clear that i) it is possible for Sonaecom to make decisions for itself only and ii) that the existence of a majority contrary to its intentions is unlikely. In view of the above and given that Sonaecom has the opportunity to participate in NOS' decision-making processes, we are facing a situation of significant influence, with the respective investment being classified as "Investments in associates" and recorded in Sonae's consolidated accounts using the equity method.

For the period ended 30 June 2025, it was considered the assumptions used in the impairment tests carried out in 2024 did not have material changes.

NOS group provisions

The evolution in provisions occurred during the first 6 months of 2025 compared to 31 December 2024 was as follows:

1) Legal actions with regulators and Competition Authority (AdC)

Regarding the challenge by NOS, S.A., NOS Açores, and NOS Madeira to the acts of Anacom concerning the assessment of the "Taxa Anual de Atividade", by ruling of 29 October 2024, the Constitutional Court declared the unconstitutionality, with general binding force, of the rules of the aforementioned Ordinance 1473-B/2008, of 17 December, as amended by Ordinance 296- A/2013, of 2 October, insofar as they determine the incidence and the rate to be applied in relation to providers of electronic communications networks and services included in tier 2, for violation of the constitutional reserve of formal law. During the years ended 31 December 2023, 2024, and the half ended 30 June 2025, NOS recognised income of 38.5 million euros, 78.1 million euros and 6.1 million euros, respectively, corresponding to the amount relating to the pending impugnation processes whose assessments were issued under the rules deemed unconstitutional.

Regarding the July 2020 notification from the Competition Authority concerning digital marketing on the Google search engine, in December 2024, NOS was notified by the Competition Authority of a new statement of objections (accusation), reiterating the previous allegations, to which NOS submitted its defence in 2025. The Board of Directors of NOS believes, based on the information available, that it will be able to demonstrate several arguments in support of its defence. It is, however, believed that the outcome of the proceedings should not result in any significant additional impacts beyond those already reflected in NOS's financial statements.

2) Action brought by DECO

Trial sessions were held in June and September 2024, followed by the closing arguments phase. The proceedings were subsequently suspended at the request of the parties, with the suspension period expiring without an agreement being reached. At that point, the parties requested a new suspension of the proceedings, and as no decision was issued on the request, final arguments were submitted. The Board of Directors of NOS believes that the claimant's arguments will not be upheld in relation to several categories of customers covered by the case. However, it is believed that the outcome of the proceedings should not result in any significant additional impacts beyond those already reflected in NOS's financial statements.

3.2. Financial assets at fair value

3.2.1. Through other comprehensive income

As of 30 June 2025 and 31 December 2024, this caption was composed as follows:

	30 June 2025	31 December 2024
Iriusrisk	7,124,896	7,124,896
Others	1,584,560	1,584,560
	8,709,456	8,709,456

As of 30 June 2025, these investments correspond to shareholdings in unlisted companies in which the Group does not have significant influence.

According to IFRS 9 these investments are classified as "Financial Assets at Fair Value Through Other Comprehensive Income" as they are held as long-term strategic investments that are not expected to be sold in the short to medium term and, therefore, have been irrevocably designated as fair value through other comprehensive income. For investments with a maturity of less than a year, their acquisition cost was considered a reasonable approximation of their respective fair value. For investments with a maturity greater than a year, subsequent changes in fair value are presented through other comprehensive income. The fair value of investments is determined in the currency of the country of investment and converted to euros at the end of the reporting period.

IriusRisk

IriusRisk is a Spanish based company with an application security platform to address vulnerabilities early in the development process. In order to realise 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 JME 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, Swanlaab JME Venture Capital and Bright Pixel. In August 2022, IriusRisk raised a series B round of 28.7 million dollars led by Paladin Capital Group with the participation from existing investors Bright Pixel, Swanlaab Venture Factory, 360 Capital and Inveready.

3.2.2. Financial assets at fair value through profit or loss

As of 30 June 2025 and 31 December 2024, this caption was composed as follows:

	30 June 2025	31 December 2024
Arctic Wolf	71,674,984	80,858,226
Sekoia	15,516,715	12,522,067
Ometria	12,945,687	13,356,570
SafeBreach	12,867,561	14,516,196
Infraspeak	11,152,863	11,152,863
Vicarius	8,532,411	9,625,613
Harmonya	7,679,160	6,737,920
Sales Layer	7,183,949	9,714,017
Codacy	6,000,207	6,000,207
Hackuity	6,000,000	6,000,000
Jentis	5,505,000	5,505,000
Trustero	5,119,440	5,775,360
Tamnoon	5,119,440	5,775,359
KeyChain	4,420,381	3,850,233
Brij	4,266,200	−
Knostic	4,266,199	4,812,799
Citcon	4,265,031	4,812,803
Jscrambler	3,828,724	3,828,724
Afresh	3,172,958	3,579,488
Seldon	2,448,791	3,471,483
FlowFuse	1,993,059	−
Portainer.io	1,922,507	2,005,730
Others	27,438,769	14,394,394
	233,320,036	228,295,052

Investments classified as "Financial Assets at fair Value Through Profit or Loss" in accordance with IFRS 9 are those not irrevocably designated at initial recognition as fair value through other comprehensive income. Also classified under this category are investments in associates held by venture capital organizations or equivalents, where the Group has opted, at initial recognition, to measure at fair value through profit or loss in accordance with IFRS 9. For investments made less than 1 year ago, their acquisition cost was considered a reasonable approximation of their respective fair value. For investments over 1 year, subsequent changes in fair value are presented through profit or loss. The fair value of investments is determined in the currency of the country of investment and converted to euros at the end of the reporting period.

Arctic Wolf

Arctic Wolf, a US based company, is a global pioneer in the SOC-as-a-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 Lightspeed 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 E round in October 2020 funding at a valuation of 1.3 billion dollars and, in 2021, a 150 million dollars, held by existing and new investors, at an underlying valuation of 4.3 billion dollars.

Sekoia.io

Sekoia.io is the European cybertech responsible for developing the Sekoia.io XDR (eXtended Detection & Response) platform, which guarantees the detection of cyberattacks in real time. In 2023, the company raised a round of 35 million euros with the participation of Banque des Territories, Bright Pixel and previous investors Omnes Capital, Seventure and BNP Paribas Développement. In 2025, announced a 26 million euros series B round led by Revaia, with participation from UNEXO and the support of its existing investors Bright Pixel Capital, Omnes Capital and Bpifrance.

Ometria

Ometria is a London based AI powered customer marketing platform with the vision to become the central hub that powers all the communication between retailers and their customers. This investment 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.

SafeBreach

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, endpoint, cloud, container and email security controls against its Hacker's Playbook TM, 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.

Infraspeak

Infraspeak is a leading Portuguese company in the European and South American markets, and the owner of an intelligent maintenance management platform. Bright Pixel led the extension of the Series A round amounting to 7.5 million euros in 2023.

Vicarius

Vicarius is a SaaS platform that consolidates vulnerability discovery, prioritization, and remediation into a single solution. In 2023, the company raised a 30 million dollars series B round led by Bright Pixel with participation from AllegisCyber Capital, AlleyCorp and Strait.

Harmonya

Harmonya offers a generative Artificial Intelligence product for data enrichment and categorization for retailers and large brands. In 2023, the company secured a 20 million dollars series A round led by Bright Pixel Capital and with participation from existing investors: Team8, Arc Investors, J Ventures, Silicon Road Ventures, Allen & Company, LiveRamp Ventures, and Susa Ventures. In 2025, the company announced a strategic investment from Dunnhumby Ventures and current investors, Bright Pixel and Team8.

Sales Layer

Sales Layer is a Spanish based company with a cloud-based Product Information Management (PIM) platform, helping brands and retailers to transform their catalogues into a digital, enriched and multichannel control center. Bright Pixel led its series A round and recently participated in its series B round.

Codacy

Codacy, is a PT-based automated code review and engineering productivity tool. It provides intelligence for software engineering teams to reach their full potential. Codacy raised a 15 million dollars series B funding round led by Bright Pixel, also backed by existing investors Armilar Venture Partners, EQT Ventures, Join Capital, Caixa Capital, Faber Ventures and Iberis Capital.

Hackuity

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.

Jentis

Jentis is an Austrian scale-up specializing in advanced server-side web tracking and data protection technologies. Its Data Capture Platform is an all-in-one tracking solution that provides businesses enhanced data quality and data sovereignty while enabling compliance with GDPR and other global data protection regulations. Bright Pixel led a 11 million euros in a series A funding round raised in 2023. This round was also participated by the new co-investor 3TS Capital Partners, and by the existing investor Pragmatech Ventures.

Trustero

Trustero is an innovative Silicon Valley company focused on AI-driven Security and Compliance, helping businesses prove compliance with cybersecurity and data protection standards. In 2024, it closed a Series A investment round of 10.35 million dollars, led by Bright Pixel, with participation from existing investors Engineering Capital, Zetta Ventures Partners, and Vertex Ventures US.

Tamnoon

Tamnoon is the first and only service managed by humans and AI, developed from scratch specifically for cloud security remediation. In September 2024, they launched a Series A funding round of 12 million dollars, led by Bright Pixel with participation from new investors Blu Ventures and Mindset Ventures, as well as existing investors Merlin Ventures, Secret Chord Ventures, Inner Loop Capital, and Elron Ventures.

KeyChain

KeyChain is an AI-based platform that helps brands and retailers quickly find the ideal manufacturers to produce their products. Bright Pixel invested 5 million dollars at the end of 2024, increasing the company's total funding to 38 million dollars with support from investors BoxGroup, Lightspeed Venture Partners, and SV Angel, as well as other CPG giants like General Mills, The Hershey Company, and Schreiber Foods.

Brij

Brij is the AI-powered platform that helps consumer brands redefine omnichannel enablement by unlocking and monetizing offline customer relationships. The company closed an 8 million dollars oversubscribed investment round led by Bright Pixel and CEAS Investments, with participation from Artemis Fund, Red Bike Capital, Lakehouse Ventures, and Forum Ventures, as well as strategic angels from leading consumer brands including Caraway, Brunt Workwear, and Feastables.

Knostic

Knostic is the world's leading provider of knowledge-based access controls for generative AI. It helps companies use AI tools securely by controlling who can access what information and preventing unauthorized data sharing. In 2024, the company closed an 11 million dollars funding round led by Bright Pixel, with participation from new and existing investors such as Silicon Valley CISO Investments (SVCI), DNX Ventures, Seedcamp, and several angel investors.

Citcon

Citcon, is a US-based leading mobile wallet payment provider with a fintech platform that enables seamless global commerce at scale by connecting the world's businesses with more than 100+ mobile wallets, 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 Bright Pixel and Sierra Venture.

Jscrambler

Jsrambler is a Portuguese startup that develops security products to protect the integrity of web or mobile applications based on JavaScript. In 2018, the company launched an investment round amounting to 2.3 million dollars, led by Bright Pixel, with Portugal Ventures as a co-investor. In 2021, the company launched a Series A funding round of 10 million euros with the participation of Ace Capital Partners.

Afresh

Afresh, is a US-based leading AI-powered fresh food technology provider. Afresh's AIpowered solutions optimize critical functions in fresh food, including ordering, inventory, merchandising, and operations. Afresh significantly reduces food waste, improves its partners profitability, and makes fresher, healthier food more accessible to all. Afresh announced a 115 million dollars series B funding round led by Spark Capital and with participation from Insight Partners, VMG Partners, and Bright Pixel.

Seldon

Seldon, is a data-centric machine learning operations (MLOps) platform for the deployment, management, monitoring and explainability of machine learning (ML) models. Bright Pixel led its 20 million dollars series B funding round in 1Q23 with significant participation from existing investors AlbionVC, Cambridge Innovation Capital, and Amadeus Capital Partners.

FlowFuse

FlowFuse is a leading company in the industrial digitalisation movement, empowering businesses to modernize operations through low-code automation and scalable IoT solutions. The company has just closed a 7.2 million dollars investment round led by Senovo, with participation from Bright Pixel, Uncorrelated, Westwave, and Open Core Ventures.

Portainer.io

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

3.2.3 Movement occurred during the period

For the periods ended 30 June 2025 and 2024, the changes in investments at fair value through other comprehensive income were as follows:

	30 June 2025	30 June 2024
Opening balance	8,709,456	9,994,247
Capital Increases	200,618	−
Fair value	(200,618)	(1,249,326)
Closing balance	8,709,456	8,744,921

For the periods ended 30 June 2025 and 2024, the changes in investments at fair value through profit or loss were as follows:

	30 June 2025	30 June 2024
Opening balance	228,295,052	234,882,161
Acquisitions/Capital Increases	23,489,143	50,000
Fair value	(18,014,773)	(562,228)
Others	(449,386)	−
Closing balance	233,320,036	234,369,933

4. Related Parties

During the periods ended on 30 June 2025 and 31 December 2024, the balances and transactions maintained with related parties were mainly associated with the normal operational activity of the Group and to the concession and obtainment of loans.

				Balances on 30 June 2025
	Parent company	Jointly controlled companies	Associated companies	Other related parties
Accounts receivable	831,170	182,435	20,489	1,155,430
Accounts payable	1,476,104	151,943	173,080	146,869
Other assets	6,908,422	−	−	6,654,311
Other liabilities	31,151	−	20,055	23,194

			Balances on 31 December 2024
	Parent company	Jointly controlled companies	Associated companies	Other related parties
Accounts receivable	15,875,948	40,666	11,631	1,239,443
Accounts payable	749,706	60,595	196,901	123,344
Other assets	5,700,248	−	−	3,387,972
Other liabilities	24,860	188	9,900	21,450

The transactions with related parties during the periods ended on 30 June 2025 and 2024 were as follows:

			Transactions on 30 June 2025
	Parent company	Jointly controlled companies	Associated companies	Other related parties
Sales and services rendered	8,573	8,295	3,500	784,774
Supplies and services received	316,279	133,219	186,847	440,384
Financial income	2,401,536	−	−	198,980
Financial expense	−	−	−	116
Other income	51,200	103,567	−	−

			Transactions on 30 June 2024
	Parent company	Jointly controlled companies	Associated companies	Other related parties
Sales and services rendered	11,478	−	2,500	1,077,726
Supplies and services received	255,968	149,664	168,630	339,417
Financial income	2,830,887	−	−	53,925
Financial expense	−	−	−	273
Other income	−	107,500	−	−

The transactions between Group companies were eliminated in consolidation and therefore are not disclosed in this note.

All the above transactions were made at market prices.

Both accounts receivable and payable with related parties will be paid in cash and have no guaranties attached.

During the periods ended on 30 June 2025 and 2024, no impairment losses have been recognized as accounts receivables of related parties.

Board of Directors,

Ângelo Gabriel Ribeirinho dos Santos Paupério

Maria Cláudia Teixeira de Azevedo

João Pedro Magalhães da Silva Torres Dolores

João Nonell Günther Amaral

Cristina Maria de Araújo Freitas Novais

Attachment I - Companies in the Consolidation Perimeter

The subsidiary companies included in the consolidation using the full consolidation method, their registered offices, main activity, capital holder, and proportion of capital held at 30 June 2025 and 31 December 2024, are as follows:

				Percentage of share capital held
					30 June 2025		31 December 2024
Company (Commercial brand)	Registered office	Main activity	Shareholder	Direct	Effective*	Direct	Effective*
Parent company SONAECOM, S.G.P.S., S.A. ("Sonaecom") Subsidiaries	Maia	Management of shareholdings.	-	-	-	-	-
Bright Ventures Capital, SCR, S.A.	Lisbon	Realization of investment in venture capital, management of venture capital funds and investment in venture capital fund units.	Bright Pixel	100%	100%	100%	100%
Inovretail, S.A.	Oporto	Industry and trade of electronic equipment and software; development, installation, implementation, training and maintenance of systems and software products; rental equipment, sale of software use license; consulting business, advisory in retail segments, industry and services.	Bright Pixel	100%	100%	100%	100%
Inovretail España, SL ("Inovretail España")	Madrid	Industry and trade of electronic equipment and software; development, installation, implementation, training and maintenance of systems and software products; rental equipment, sale of software use license; consulting business, advisory in retail segments, industry and services.	Inovretail	100%	100%	100%	100%
Fundo Bright Vector I ("Bright Vector I") (a)	Lisbon	Venture Capital Fund	Bright Pixel	50%	50%	50%	50%
Fundo Bright Tech Innovation I - ("Bright Tech Innovation I") (a)	Maia	Venture Capital Fund	Sonaecom Bright Pixel PCJ	10% 30% 10%	50%	10% 30% 10%	50%

				Percentage of share capital held
					30 June 2025		31 December 2024
Company (Commercial brand)	Registered office	Main activity	Shareholder	Direct	Effective*	Direct	Effective*
Subsidiaries
PCJ - Público, Comunicação e Jornalismo, S.A. ("PCJ")	Maia	Editing, composition and publication of periodical and non periodical material and the exploration of radio and TV stations and studios.	Sonaecom	100%	100%	100%	100%
Praesidium Services Limited ("Praesidium Services")	Berkshire	Rendering of consultancy services in the area of information systems.	Bright Pixel	100%	100%	100%	100%
Público – Comunicação Social, S.A. ("Público")	Oporto	Editing, composition and publication of periodical and non periodical material.	Sonaecom	100%	100%	100%	100%
Bright Pixel Capital, SGPS, S.A. (former- Sonae Investment Management – Software Technology, SGPS, S.A.)	Maia	Management of shareholdings in the area of corporate ventures and joint ventures.	Sonaecom	100%	100%	100%	100%

* Sonaecom effective participation

(a) The venture capital funds Fundo Bright Vector I and Fundo Bright Tech Innovation I, have Bright Ventures Capital SCR as their management company, which performs their operational management.

These companies were included in the consolidation by the full consolidation method, as established by IFRS 10 – Consolidated financial statements.

Safe Harbour

This document may contain forward-looking information and statements, based on management'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", "expects", "anticipates", "projects", "intends", "should", "seeks", "estimates", "future" or similar expressions.

Although these statements reflect our current expectations, which we believe are reasonable, investors, analysts 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 forward-looking information or statements. We do not undertake any obligation to update any forward-looking information or statements.

Sonaecom SGPS is listed on the Euronext Stock Exchange. Information is available on Reuters under the symbol SNC.LS and on Bloomberg under the symbol SNC:PL.

33

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

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