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NOS SGPS Earnings Release 2026
1904_rns_2026-05-11_3ff84690-a8c9-41b5-ab37-ad4b859dd3e8.pdf
Earnings Release
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Earnings
Announcement
1Q26
NOS
Lisbon, 11 May 2026
Message from Miguel Almeida, CEO
Accelerating Innovation with Impact.
The first quarter of 2026 confirms the trajectory we have been building. In a competitive and demanding market, we grew revenues, expanded margins and accelerated cash flow generation, in a structural and sustained way.
The heavy investment cycle in network expansion is coming to an end, and this is translating into increasing EBITDA-to-free cash flow conversion, with a direct impact on our ability to reward shareholders and continue investing in growth. The recognition from S&P Global, which upgraded our rating to 'BBB' with a stable outlook, validates this reading.
Simultaneously, NOS has been Portugal's main engine of technological innovation. Our investment in Research and Development keeps increasing, and we were once again recognized as the company that invested the most in innovation in Portugal¹.
The enterprise segment, in Telecommunications and IT, is also consolidating its position as a structural growth engine for NOS, offsetting the natural pressures in an increasingly mature consumer segment.
At the same time, AI-driven transformation is already delivering real operational efficiencies, not just promises, as demonstrated by the significant EBITDA margin expansion in the telecommunications business.
For 2026, we remain focused on what matters most: execution, financial discipline and sustained value creation.
Highlights of 1Q26 results
- Consolidated revenue increased 1.9%, driven by strong growth in the IT segment (+16.0%) and robust performance in the Cinema and Audiovisuals segment (+7.0%), offsetting the slight contraction in the Telecommunications segment (-0.2%).
- In addition to top-line performance, the focus on profitability and operational efficiency supported a 3.1% increase in EBITDA, with positive contributions from all business segments, and 0.5 percentage points EBITDA margin expansion to 44.2%.
- The structural CAPEX reduction trend continues, with total investment (excluding leases) decreasing 5.1%, reflecting disciplined management and Telecommunications infrastructure maturity.
- Strong Operating Cash Flow generation, up by 15.3 million euros (+21.6% year-on-year) to 85.9 million euros.
- Consolidated Net Income reached 62.0 million euros, an increase of 4.7% vs. the same period last year, reflecting the consistency of results.
¹ Source: Direção-Geral de Estatísticas da Educação e Ciência (DGEEC)
Earnings Announcement 1Q26
NOS
Consolidated Financial Statements
The Consolidated Financial Statements for the first quarter of 2026 ("1Q26") were subject to a limited review.
Following the completion of the acquisition of Claranet Portugal, 1Q25 Results and CAPEX were restated to include Claranet Portugal, to reflect the effects of the acquisition and ensure comparability with 1Q26.
The "Telecommunications" and "IT" segments were subject to a reclassification of revenue and costs to ensure greater alignment with the current segment view. In particular, Claranet connectivity revenue and costs are now reported within the Telecommunications segment.
Within the Telecommunications segment, two changes were implemented to provide greater alignment and clarity regarding the dynamics of each business unit: a new segmentation into three business units ("Consumer", "Business" and "Wholesale & Other"), and an adjustment of the perimeter between the Business and Consumer business units.
Table 1.
| Profit and Loss Statement (1) (Millions of Euros) | 1Q25 | 1Q26 | 1Q26 / 1Q25 |
|---|---|---|---|
| Operating Revenue | 451.5 | 460.2 | 1.9% |
| Operating costs excluding D&A | (254.3) | (256.9) | 1.0% |
| EBITDA | 197.2 | 203.3 | 3.1% |
| EBITDA margin | 43.7% | 44.2% | 0.5pp |
| Operating costs excluding D&A AL | (286.6) | (290.4) | 1.3% |
| EBITDA AL (2) | 164.9 | 169.8 | 3.0% |
| EBITDA AL margin | 36.5% | 36.9% | 0.4pp |
| Leasings | (32.3) | (33.5) | 3.6% |
| Depreciation and Amortization | (127.6) | (123.5) | (3.2%) |
| (Other Expenses) / Income | 3.7 | 2.5 | (34.2%) |
| Operating Profit (EBIT) (3) | 73.4 | 82.2 | 12.0% |
| Share of profits (losses) of associates and joint ventures | 9.3 | 4.8 | (48.8%) |
| (Financial Expenses) / Income | (16.3) | (15.0) | (7.8%) |
| Leases Financial Expenses | (8.2) | (7.7) | (6.3%) |
| Funding & Other Financial Expenses | (8.1) | (7.4) | (9.4%) |
| Income Before Income Taxes | 66.5 | 72.0 | 8.3% |
| Income Taxes | (7.3) | (10.2) | 39.9% |
| Non-Controlling Interests | 0.0 | 0.2 | 772.0% |
| Net income | 59.2 | 62.0 | 4.7% |
| Net income excluding non-recurring effects (4) | 55.4 | 59.7 | 7.9% |
(1) The values presented from Q1 2025 have been restated to ensure comparability with the 2026 data, reflecting the effects of the acquisition of Claranet Portugal from April 2025 onwards
(2) EBITDA AL = Operating Result + Depreciation, Amortization, and Impairment Losses + Integration Costs + Losses / (Gains) on Asset Disposals + Other Non-Recurrent Costs / (Gains) after Leases
(3) EBIT = Net profit before financial results and taxes.
(4) Excludes non-recurring effects resulting from lower sale and non-recurring gains related to activity fees.
Table 2.
| Profit and Loss Statement - Telco (Millions of Euros) | 1Q25 | 1Q26 | 1Q26 / 1Q25 |
|---|---|---|---|
| Revenue | 390.5 | 389.8 | (0.2%) |
| Consumer Revenue | 287.9 | 285.8 | (0.7%) |
| Business Revenue | 77.0 | 81.3 | 5.5% |
| Wholesale & Other Revenue | 25.6 | 22.7 | (11.2%) |
| Operating costs excluding D&A | (210.6) | (204.8) | (2.7%) |
| EBITDA | 180.0 | 185.0 | 2.8% |
| EBITDA margin | 46.1% | 47.5% | 1.4pp |
| Operating costs excluding D&A AL | (238.5) | (233.8) | (2.0%) |
| EBITDA AL | 152.0 | 156.0 | 2.7% |
| EBITDA AL margin | 38.9% | 40.0% | 1.1pp |
Earnings Announcement 1Q26
NOS
Table 3.
| Profit and Loss Statement - IT (1) (Millions of Euros) | 1Q25 | 1Q26 | 1Q26 / 1Q25 |
|---|---|---|---|
| Revenue (2) | 46.9 | 54.4 | 16.0% |
| Service revenue | 30.1 | 31.6 | 4.8% |
| Equipment & licences revenue | 16.7 | 22.8 | 36.3% |
| Operating costs excluding D&A | (40.5) | (47.7) | 17.7% |
| EBITDA | 6.4 | 6.7 | 5.7% |
| EBITDA margin | 13.6% | 12.4% | (1.2pp) |
| Operating costs excluding D&A AL | (42.1) | (49.3) | 17.1% |
| EBITDA AL | 4.8 | 5.1 | 6.4% |
| EBITDA AL margin | 10.2% | 9.3% | (0.8pp) |
(1) The values presented from Q1 2025 have been restated to ensure comparability with the 2026 data, reflecting the effects of the acquisition of Claranet Portugal from April 2025 onwards
(2) In accordance with IFRS 15, the revenue from contracts where NOS and Claranet act as an Agent (and not as a Principal) should be recognized on a net basis in the consolidated financial statements
Table 4.
| Profit and Loss Statement - Audiovisuals & Cinema (Millions of Euros) | 1Q25 | 1Q26 | 1Q26 / 1Q25 |
|---|---|---|---|
| Revenue | 23.1 | 24.7 | 7.0% |
| Operating costs excluding D&A | (12.2) | (13.2) | 7.8% |
| EBITDA | 10.9 | 11.6 | 6.1% |
| EBITDA margin | 47.2% | 46.8% | (0.4pp) |
| Operating costs excluding D&A AL | (14.9) | (16.0) | 7.5% |
| EBITDA AL | 8.2 | 8.7 | 6.2% |
| EBITDA AL margin | 35.5% | 35.3% | (0.3pp) |
Consolidated revenue increased 1.9% to 460.2 million euros
Consolidated revenue in 1Q26 reached 460.2 million euros, up 1.9% year-on-year, supported by the IT expansion and Cinema and Audiovisuals strong performance.
The Telecommunications segment recorded a slight decline (-0.2%), with revenue broadly stable at 389.8 million euros, although with different dynamics across the three business units. The strong performance of the Enterprise business unit, with revenue growth of 5.5%, offset the pressure in the Consumer business unit, which declined 0.7%, and an 11.2% revenue decrease in Wholesale & Other. This quarter was also negatively impacted by storms, during which NOS stopped billing and charging customers who were left without service.
The customer base in the Telecommunications segment continued to grow, with 11.9 thousand net additions and positive trends in both Consumer (3.0 thousand net additions) and Business (8.9 thousand net additions). Operational performance was driven by growth in fixed services, with 23.6 thousand net additions, and in postpaid mobile services, with 69.3 thousand net additions, supporting the strategy of higher value-added convergent services. The results achieved highlight a clear improvement vs the same period last year, with 52.0 thousand RGU outperformance in net additions vs. 1Q25, which was more heavily impacted by new competitive dynamics following the entry of a new operator in the market.
In the Consumer business unit, revenue totalled 285.8 million euros, down 0.7% year-on-year. Despite solid operational performance, with 3.0 thousand net additions, ARPU in the segment declined 0.8%, reflecting the new competitive landscape and the impact of the storms.
Revenue in the Enterprise business unit increased 5.5% to 81.3 million euros, continuing its growth trajectory. The strong performance of the Enterprise business was broad-based across segments and further supported by higher revenue from projects and resale.
Revenue in the Wholesale & Other business unit decreased by 2.9 million euros to 22.7 million euros, partly impacted by changes in wholesale models, which no longer record the respective revenue and costs.
IT segment revenue totalled 54.4 million euros in 1Q26, a strong 16.0% increase compared to the same period last year. The higher value-added services business, which carries higher margins, maintained solid momentum, with revenue up 4.8% to
Earnings Announcement 1Q26
NOS
31.6 million euros. Segment performance was also boosted by a 36.3% increase in Equipment and Licenses revenue to 22.8 million euros.
The Cinema and Audiovisuals segment delivered a strong performance in 1Q26, with revenue increasing 7.0% to 24.7 million euros. The Cinema business benefited from a higher volume of box office hits during the quarter compared to the same period last year, with total tickets sold up 12.1% to 1.8 million. Among the box office hits, highlights include “Avatar: Fire and Ashes” and “Zootropolis 2”, both in the top 3 most-watched films in the quarter and distributed by NOS Audiovisuais.
| Table 5. | |||
|---|---|---|---|
| Operating Indicators | 1Q25 | 1Q26 | 1Q26 / 1Q25 |
| Cinema | |||
| Revenue per Ticket - box office (Euros) | 6.3 | 6.7 | 6.8% |
| Tickets Sold - NOS ('000) | 1,650.5 | 1,849.8 | 12.1% |
| Tickets Sold - Total Portuguese Market (1) ('000) | 2,662.3 | 2,759.1 | 3.6% |
| Screens (units) | 213 | 196 | (8.0%) |
(1) Source: ICA – Instituto do Cinema e do Audiovisual
Robust EBITDA performance, up 3.1%, with margin expanding 0.5pp to 44.2%
Consolidated operating costs, excluding depreciation and amortization, totaling 256.9 million euros, up 1.0% year-on-year. The performance achieved vs the same period last year highlights NOS' continued focus on driving operational efficiencies and proactively managing its cost base.
Powered by the widespread adoption of Artificial Intelligence within SCAILE, our transformation programme remained focused on creating disruptive approaches. These initiatives have delivered process improvements and efficiency gains in critical areas, with particular impact on optimizing operating costs, namely in customer service.
As a result of revenue performance and operational efficiency, consolidated EBITDA increased 3.1% to 203.3 million euros, with positive contributions from all business segments. EBITDA margin expanded by 0.5 percentage points to 44.2%.
Telecommunications EBITDA reached 185.0 million euros, up 2.8% vs. 1Q25, with margin expanding 1.4 percentage points, highlighting growing efficiency in this segment. Operating costs declined 2.7% year-on-year, despite revenue pressure and the impact of the storms.
Supported by revenue growth, the IT segment delivered improved operational results, with EBITDA increasing 5.7% to 6.7 million euros. However, the segment's margin decreased by 1.2 percentage points to 12.4%, due to the higher weight of Equipment and Licenses revenue, with lower margins than services.
The Cinema and Audiovisuals segment recorded EBITDA of 11.6 million euros in 1Q26, an increase of 6.1% vs. 1Q25, supported by strong operational performance in the quarter, while EBITDA margin stood at 46.8%.
Leasing costs increased 3.6% vs. 1Q25 to 33.5 million euros, reflecting, among other factors, higher volumes of contracts associated with Telecommunications and IT projects. Including the effect of leases, EBITDA AL reached 169.8 million euros, up 3.0%, with margin expanding 0.4 percentage points to 36.9%.
Consolidated Net Income increased 4.7% to 62.0 million euros
Consolidated Net Income in 1Q26 reached 62.0 million euros, up 4.7% vs. the same period last year, driven by a combination of factors, of which the following stand out:
- Strong operational performance, with EBITDA reaching 203.3 million euros, increasing its contribution to Net Income by 6.1 million euros.
- Depreciation and amortization amounted to 123.5 million euros, a reduction of 4.0 million euros. This positive contribution to Net Income reflects several factors, including changes implemented in previous years to the useful lives of certain assets, whose impact was higher last year, combined with the structural downward trend in CAPEX.
Earnings Announcement 1Q26
NOS
- “Other (Costs) / Income” amounted to 2.5 million euros, with a negative impact of 1.3 million euros vs. 1Q25, essentially due to lower non-recurring income relating to ANACOM activity fees.
- Associates and joint ventures totalled 4.8 million euros, with a negative impact of 4.6 million euros on Net Income compared to the same period last year, as 1Q25 benefited from a provision reversal at SportTV.
- Net financial costs were 15.0 million euros, down 1.3 million euros year-on-year. This positive contribution to Net Income reflects a lower interest rate environment compared to the same period last year.
- Income tax totalled 10.2 million euros. Higher pre-tax profit versus the same period last year resulted in an increase in tax, with a negative impact of 2.9 million euros vs. 1Q25.
Excluding non-recurring effects, net of taxes, Consolidated Net Income increased 7.9% to 59.7 million euros.
CAPEX reduction supported by the deceleration of Telecommunications segment investments
In the first quarter of 2026, NOS total investment, excluding lease contracts, continued to decline, reaching 85.9 million euros. This represents a 5.1% reduction compared to 1Q25, mainly reflecting the maturity of Telecommunications business infrastructure.
In the Telecommunications segment, CAPEX stood at 79.9 million euros, down 6.4% vs. the same period last year. Technical investment reached 44.7 million euros, reflecting an 8.3% reduction vs. 1Q25. In addition, customer-related investment totalled 35.2 million euros, 3.8% below 1Q25, supported by efficiencies implemented along the customer journey.
IT segment CAPEX reached 1.5 million euros, an increase of 0.2 million euros. Investment in the Cinema and Audiovisuals segment rose to 4.6 million euros, up 15.0% vs. 1Q25, reflecting the stronger business momentum in the period.
Table 6.
| CAPEX^{(1)}(Millions of Euros) | 1Q25 | 1Q26 | 1Q26 / 1Q25 |
|---|---|---|---|
| Total CAPEX Excluding Leasing Contracts | 90.6 | 85.9 | (5.1%) |
| Telco | 85.3 | 79.9 | (6.4%) |
| % of Telco Revenues | 21.8% | 20.5% | (1.4pp) |
| o.w. Technical CAPEX | 48.7 | 44.7 | (8.3%) |
| % of Telco Revenues | 12.5% | 11.5% | (1.0pp) |
| o.w. Customer Related CAPEX | 36.6 | 35.2 | (3.8%) |
| % of Telco Revenues | 9.4% | 9.0% | (0.3pp) |
| IT | 1.3 | 1.5 | 14.5% |
| Audiovisuals & Cinema Exhibition | 4.0 | 4.6 | 15.0% |
| Leasing Contracts | 17.9 | 25.3 | 40.7% |
| Total Group CAPEX | 108.5 | 111.2 | 2.5% |
(1) CAPEX = Increase in tangible and intangible fixed assets, contract costs and rights of use
(2) The values presented from Q1 2025 have been restated to ensure comparability with the 2026 data, reflecting the effects of the acquisition of Claranet Portugal from April 2025 onwards
Earnings Announcement 1Q26
NOS
Sustainable growth in Operating Cash Flow to 85.9 million euros
The solid operational performance in the first quarter of 2026, combined with the downward trajectory in investment levels, resulted in an 18.0% increase in EBITDA AL - CAPEX (+12.8 million euros) to 83.9 million euros. Changes in working capital and non-cash items also contributed positively, by 2.5 million euros, reflecting higher payments to suppliers in 1Q25. As a result, Operating Cash Flow totalled 85.9 million euros, up 21.6% vs. the same period in 2025.
Interest and other financial charges amounted to 5.6 million euros in 1Q26, an increase of 1.4 million euros vs. 1Q25, due to an extraordinary receipt recorded in 1Q25. Disposals and Financial Investments, as well as Other Movements, totalled 11.4 million euros, compared with 16.8 million euros in the same period last year. This line includes receipts related to activity fees, with a 12.4 million euros receipt in 1Q26 compared with 18.5 million euros in 1Q25.
Taking the above into account, Total Free Cash Flow before Dividends, Financial Investments and Share Buybacks reached 91.8 million euros, up 10.1% vs. 1Q25. Excluding non-recurring effects related to activity fees, Free Cash Flow increased 22.3% to 79.5 million euros.
Table 7.
| Cash Flow (1) (Millions of Euros) | 1Q25 | 1Q26 | 1Q26 / 1Q25 |
|---|---|---|---|
| EBITDA AL | 161.4 | 169.8 | 5.2% |
| Total CAPEX Excluding Leasings | (90.3) | (85.9) | (4.8%) |
| EBITDA AL - Total CAPEX Excluding Leasings | 71.1 | 83.9 | 18.0% |
| % of Revenues | 16.9% | 18.2% | 1.4pp |
| Non-Cash Items Included in EBITDA AL - CAPEX and Change in Working Capital | (0.4) | 2.1 | (562.1%) |
| Operating Cash Flow | 70.6 | 85.9 | 21.6% |
| Interest Paid | (4.1) | (5.6) | 34.6% |
| Income Taxes Paid | 0.1 | (0.0) | (101.1%) |
| Disposals | 0.2 | 0.0 | (90.3%) |
| Other Cash Movements | 16.6 | 11.4 | (31.1%) |
| Total Free Cash-Flow Before Dividends, Financial Investments and Own Shares Acquisition | 83.4 | 91.8 | 10.1% |
| Total Free Cash Flow Before Dividends, Financial Investments, and Own Shares Acquisition, excluding non-recurring effects (2) | 64.9 | 79.5 | 22.3% |
| Financial Investments | (145.4) | (0.0) | (100.0%) |
| Acquisition of Own Shares | 0.0 | 0.0 | 0.0% |
| Dividends | 0.0 | 0.0 | 0.0% |
| Free Cash Flow | (62.0) | 91.8 | (248.0%) |
| Debt Variation Through Financial Leasing, Accruals & Deferrals & Others | 2.1 | 0.3 | (86.1%) |
| Change in Net Financial Debt | 64.1 | (91.5) | (242.7%) |
(1) Values presented are not restated with the acquisition of Claranet
(2) Excludes non-recurring effects resulting from lower sale and non-recurring gains related to activity fees.
Earnings Announcement 1Q26
NOS
Solid capital structure, among the most robust in the sector
At the end of 1Q26, NOS' Net Financial Debt stood at 930.5 million euros, while Total Debt, including leasing contracts (under IFRS 16), amounted to 1,565.5 million euros. The Net Financial Debt / EBITDA AL ratio at the end of the period stood at 1.35x, one of the most conservative levels in the sector.
The all-in average cost of debt in 1Q26 was 2.8%.
NOS' liquidity position remained robust, totalling 347 million euros: 338.0 million euros in unissued commercial paper programmes and 8.7 million euros in Cash and Equivalents.
As of 31 March 2026, approximately 14% of NOS' debt was issued at a fixed rate and 55% was covered by interest rate collars. The total average debt maturity at the end of the period was 2 years and 4 months.
Table 8.
| Balance Sheet
(Millions of Euros) | 1Q25 | 1Q26 | 1Q26 / 1Q25 |
| --- | --- | --- | --- |
| Non-current Assets | 2,989.9 | 2,973.9 | (0.5%) |
| Current Assets | 567.2 | 541.9 | (4.5%) |
| Total Assets | 3,557.1 | 3,515.8 | (1.2%) |
| Total Shareholders' Equity | 1,144.2 | 1,190.5 | 4.0% |
| Non-current Liabilities | 1,585.4 | 1,359.2 | (14.3%) |
| Current Liabilities | 827.5 | 966.0 | 16.7% |
| Total Liabilities | 2,412.9 | 2,325.2 | (3.6%) |
| Total Liabilities and Shareholders' Equity | 3,557.1 | 3,515.8 | (1.2%) |
Table 9.
| Net Financial Debt
(Millions of Euros) | 1Q25 | 1Q26 | 1Q26 / 1Q25 |
| --- | --- | --- | --- |
| Short Term | 134.9 | 311.7 | 131.1% |
| Medium and Long Term | 854.2 | 627.4 | (26.5%) |
| Total Debt | 989.1 | 939.1 | (5.0%) |
| Cash and Short Term Investments | 12.4 | 8.7 | (30.2%) |
| Net Financial Debt (1) | 976.7 | 930.5 | (4.7%) |
| Net Financial Debt / EBITDA after lease payments (last 4 quarters) (2) | 1.48x | 1.35x | (0.1pp) |
| Leasings and Long Term Contracts | 632.3 | 638.0 | 0.9% |
| Net Debt | 1,609.0 | 1,568.5 | (2.5%) |
| Net Debt / EBITDA (last 4 quarters) | 2.04x | 1.90x | (0.07pp) |
| Net Financial Gearing (1) | 58.4% | 56.9% | (1.6pp) |
(1) Net Financial Debt = Borrowings - Leasings - Cash
(2) EBITDA After Lease Payments = EBITDA - Lease Cash Payments (Capital & Interest)
(3) Net Financial Gearing = Net Debt / (Net Debt + Total Shareholders' Equity).
Earnings Announcement 1Q26
NOS
General Meeting and Shareholder Remuneration
On 22 April 2026, NOS held its Annual General Meeting of Shareholders. All items on the agenda were approved and, as a result, NOS shareholders approved the payment of a total dividend of 0.45 euros per share (0.35 euros per share as an ordinary dividend and 0.10 euros per share as an extraordinary dividend), which was paid on 8 May 2026.
Following this dividend payment, NOS will maintain a solid capital structure, remaining below its reference net leverage ratio of 2x NFD / EBITDA AL.
Earnings Announcement 1Q26
NOS
Appendix
Table 10.
| Talco - operating indicators (1000) | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 |
|---|---|---|---|---|---|
| Homes Passed | 5,823.6 | 5,901.8 | 5,980.8 | 6,117.0 | 6,126.7 |
| Ftth Coverage | 84.2% | 86.5% | 88.0% | 89.5% | 90.9% |
| Total RGUs | 10,680.9 | 10,738.6 | 10,869.4 | 10,935.6 | 10,947.9 |
| o.w. Consumer RGUs | 9,006.7 | 9,046.7 | 9,167.6 | 9,216.5 | 9,219.5 |
| o.w. Business RGUs | 1,674.1 | 1,691.9 | 1,701.8 | 1,719.1 | 1,728.0 |
| Mobile RGUs | 5,529.2 | 5,575.6 | 5,686.5 | 5,749.3 | 5,753.1 |
| Pre-Paid | 1,140.2 | 1,070.5 | 1,065.2 | 1,039.5 | 973.9 |
| Post-Paid | 4,389.0 | 4,505.1 | 4,621.3 | 4,709.8 | 4,779.2 |
| Fixed RGUs | 4,675.7 | 4,700.4 | 4,730.9 | 4,750.6 | 4,774.2 |
| Wireless RGUs | 475.9 | 462.6 | 452.0 | 435.7 | 420.2 |
| Fixed Access | 1,527.4 | 1,535.7 | 1,547.8 | 1,554.9 | 1,562.8 |
| Residential ARPU / Unique Subscriber With Fixed Access (Euros) | 50.8 | 50.7 | 50.5 | 51.1 | 50.4 |
| Net Adds | |||||
| Homes Passed | 85.5 | 78.2 | 79.0 | 136.3 | 9.6 |
| Total RGUs | (40.1) | 57.8 | 130.8 | 66.2 | 11.9 |
| o.w. Consumer RGUs | (67.1) | 40.0 | 120.9 | 49.0 | 3.0 |
| o.w. Business RGUs | 27.0 | 17.8 | 9.9 | 17.2 | 8.9 |
| Mobile | (36.0) | 46.4 | 111.0 | 62.8 | 3.8 |
| Pre-Paid | (122.8) | (69.7) | (5.2) | (25.8) | (65.5) |
| Post-Paid | 86.8 | 116.1 | 116.2 | 88.5 | 69.3 |
| Fixed RGUs | 10.5 | 24.7 | 30.4 | 19.7 | 23.6 |
| Wireless RGUs | (14.5) | (13.3) | (10.6) | (16.3) | (15.5) |
| Fixed Access | 2.9 | 8.3 | 12.1 | 7.1 | 8.0 |
Current quarter figures are estimates subject to possible review after final allocations determined
Table 11.
| Cinemas - operating Indicators | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 |
|---|---|---|---|---|---|
| Revenue per Ticket - box office (Euros) | 6.3 | 6.3 | 6.5 | 6.7 | 6.7 |
| Tickets Sold - NOS ('000) | 1,650.5 | 1,901.8 | 1,917.4 | 1,649.0 | 1,849.8 |
| Tickets Sold - Total Portuguese Market (1) ('000) | 2,662.3 | 2,889.6 | 2,866.8 | 2,494.8 | 2,759.1 |
| Screens (units) | 213.0 | 213.0 | 202.0 | 208.0 | 196.0 |
(1) Source: ICA – Instituto do Cinema e do Audiovisual
Earnings Announcement 1Q26
NOS
Table 12.
| Profit and Loss Statement (1)
(Millions of Euros) | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 |
| --- | --- | --- | --- | --- | --- |
| Operating Revenue | 451.5 | 458.2 | 457.3 | 486.3 | 460.2 |
| Operating costs excluding D&A | (254.3) | (255.3) | (234.6) | (290.7) | (256.9) |
| EBITDA | 197.2 | 202.9 | 222.7 | 195.5 | 203.3 |
| EBITDA margin | 43.7% | 44.3% | 48.7% | 40.2% | 44.2% |
| Operating costs excluding D&A AL | (286.6) | (289.1) | (268.6) | (325.0) | (290.4) |
| EBITDA AL (2) | 164.9 | 169.1 | 188.7 | 161.3 | 169.8 |
| EBITDA AL margin | 36.5% | 36.9% | 41.3% | 33.2% | 36.9% |
| Leasings | (32.3) | (33.8) | (34.0) | (34.3) | (33.5) |
| Depreciation and Amortization | (127.6) | (121.7) | (132.7) | (127.7) | (123.5) |
| (Other Expenses) / Income | 3.7 | (9.0) | (0.4) | (1.2) | 2.5 |
| Operating Profit (EBIT) (2) | 73.4 | 72.2 | 89.6 | 66.7 | 82.2 |
| Share of profits (losses) of associates and joint ventures | 9.3 | 2.4 | 3.3 | 5.1 | 4.8 |
| (Financial Expenses) / Income | (16.3) | (16.7) | (17.1) | (15.5) | (15.0) |
| Leases Financial Expenses | (8.2) | (8.5) | (8.0) | (7.8) | (7.7) |
| Funding & Other Financial Expenses | (8.1) | (8.2) | (9.2) | (7.7) | (7.4) |
| Income Before Income Taxes | 66.5 | 57.9 | 75.7 | 56.2 | 72.0 |
| Income Taxes | (7.3) | 0.2 | (10.6) | 7.4 | (10.2) |
| Non-Controlling Interests | 0.0 | (0.3) | 0.1 | 0.2 | 0.2 |
| Net income | 59.2 | 57.8 | 65.2 | 63.8 | 62.0 |
| Net income excluding non-recurring effects (4) | 55.4 | 57.4 | 65.1 | 63.8 | 59.7 |
(1) The values presented from Q1 2025 have been restated to ensure comparability with the 2026 data, reflecting the effects of the acquisition of Claranet Portugal from April 2025 onwards
(2) EBITDA AL = Operating Result + Depreciation, Amortization, and Impairment Losses + Integration Costs + Losses / (Gains) on Asset Disposals + Other Non-Recurrent Costs / (Gains) after Leases
(3) EBIT = Net profit before financial results and taxes.
(4) Excludes non-recurring items resulting from lower sale and non-recurring gains related to activity fees.
Table 13.
| Profit and Loss Statement - Telco
(Millions of Euros) | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 |
| --- | --- | --- | --- | --- | --- |
| Revenue | 390.5 | 396.9 | 398.6 | 419.2 | 389.8 |
| Consumer Revenue | 287.9 | 286.6 | 291.2 | 297.4 | 285.8 |
| Business Revenue | 77.0 | 82.6 | 76.7 | 90.4 | 81.3 |
| Wholesale & Others Revenue | 25.6 | 27.7 | 30.6 | 31.4 | 22.7 |
| Operating costs excluding D&A | (210.6) | (210.7) | (193.5) | (241.5) | (204.8) |
| EBITDA | 180.0 | 186.1 | 205.1 | 177.7 | 185.0 |
| EBITDA margin | 46.1% | 46.9% | 51.4% | 42.4% | 47.5% |
| Operating costs excluding D&A AL | (238.5) | (240.2) | (222.9) | (270.9) | (233.8) |
| EBITDA AL | 152.0 | 156.7 | 175.6 | 148.3 | 156.0 |
| EBITDA AL margin | 38.9% | 39.5% | 44.1% | 35.4% | 40.0% |
Table 14.
| Profit and Loss Statement - IT (1)
(Millions of Euros) | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 |
| --- | --- | --- | --- | --- | --- |
| Revenue (2) | 46.9 | 44.4 | 42.3 | 50.8 | 54.4 |
| Service revenue | 30.1 | 30.9 | 31.3 | 32.5 | 31.6 |
| Equipment & licences revenue | 16.7 | 13.5 | 10.9 | 18.3 | 22.8 |
| Operating costs excluding D&A | (40.5) | (39.3) | (36.6) | (45.3) | (47.7) |
| EBITDA | 6.4 | 5.1 | 5.7 | 5.5 | 6.7 |
| EBITDA margin | 13.6% | 11.5% | 13.4% | 10.8% | 12.4% |
| Operating costs excluding D&A AL | (42.1) | (40.9) | (38.2) | (46.9) | (49.3) |
| EBITDA AL | 4.8 | 3.5 | 4.1 | 3.9 | 5.1 |
| EBITDA AL margin | 10.2% | 7.9% | 9.7% | 7.7% | 9.3% |
(1) The values presented from Q1 2025 have been restated to ensure comparability with the 2026 data, reflecting the effects of the acquisition of Claranet Portugal from April 2025 onwards
(2) In accordance with IFRS 15, the revenue from contracts where NOS and Claranet act as an Agent (and not as a Principal) should be recognized on a net basis in the consolidated financial statements
Earnings Announcement 1Q26
NOS
Table 15.
| Profit and Loss Statement - Audiovisuals & Cinema
(Millions of Euros) | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 |
| --- | --- | --- | --- | --- | --- |
| Revenue | 23.1 | 25.8 | 25.9 | 24.8 | 24.7 |
| Operating costs excluding D&A | (12.2) | (14.1) | (13.9) | (12.4) | (13.2) |
| EBITDA | 10.9 | 11.7 | 12.0 | 12.4 | 11.6 |
| EBITDA margin | 47.2% | 45.3% | 46.3% | 49.8% | 46.8% |
| Operating costs excluding D&A AL | (14.9) | (16.9) | (16.9) | (15.7) | (16.0) |
| EBITDA AL | 8.2 | 8.9 | 9.0 | 9.1 | 8.7 |
| EBITDA AL margin | 35.5% | 34.5% | 34.7% | 36.6% | 35.3% |
Table 16.
| CAPEX (1) (Millions of Euros) | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 |
|---|---|---|---|---|---|
| Total CAPEX Excluding Leasing Contracts | 90.6 | 91.7 | 91.5 | 92.8 | 85.9 |
| Telco | 85.3 | 85.9 | 85.1 | 85.3 | 79.9 |
| % of Telco Revenues | 21.8% | 21.6% | 21.4% | 20.4% | 20.5% |
| o.w. Technical CAPEX | 48.7 | 51.4 | 49.8 | 48.7 | 44.7 |
| % of Telco Revenues | 12.5% | 13.0% | 12.5% | 11.6% | 11.5% |
| o.w. Customer Related CAPEX | 36.6 | 34.5 | 35.3 | 36.7 | 35.2 |
| % of Telco Revenues | 9.4% | 8.7% | 8.9% | 8.7% | 9.0% |
| IT | 1.3 | 1.6 | 1.8 | 1.7 | 1.5 |
| Audiovisuals and Cinema Exhibition | 4.0 | 4.2 | 4.6 | 5.8 | 4.6 |
| Leasing Contracts | 17.9 | 29.0 | 21.1 | 34.0 | 25.3 |
| Total Group CAPEX | 108.5 | 120.7 | 112.6 | 126.9 | 111.2 |
(1) CAPEX = Increase in tangible and intangible fixed assets, contract costs and rights of use
(2) The values presented from Q1 2025 have been restated to ensure comparability with the 2026 data, reflecting the effects of the acquisition of Claranet Portugal from April 2025 onwards
Table 17.
| Cash Flow (1)
(Millions of Euros) | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 |
| --- | --- | --- | --- | --- | --- |
| EBITDA AL | 161.4 | 169.1 | 188.7 | 161.3 | 169.8 |
| Total CAPEX Excluding Leasings | (90.3) | (91.7) | (91.5) | (92.8) | (85.9) |
| EBITDA AL - Total CAPEX Excluding Leasings | 71.1 | 77.4 | 97.2 | 68.4 | 83.9 |
| % of Revenues | 16.9% | 16.9% | 21.3% | 14.1% | 18.2% |
| Non-Cash Items Included in EBITDA AL - CAPEX and Change in Working Capital | (0.4) | 14.3 | 1.1 | 13.4 | 2.1 |
| Operating Cash Flow | 70.6 | 91.7 | 98.2 | 81.8 | 85.9 |
| Interest Paid | (4.1) | (9.3) | (7.0) | (8.1) | (5.6) |
| Income Taxes Paid | 0.1 | (31.0) | (38.6) | (1.4) | (0.0) |
| Disposals | 0.2 | 0.1 | 0.5 | 0.7 | 0.0 |
| Other Cash Movements | 16.6 | (13.6) | (2.0) | (1.9) | 11.4 |
| Total Free Cash-Flow Before Dividends, Financial Investments and Own Shares Acquisition | 83.4 | 37.9 | 51.2 | 71.0 | 91.8 |
| Total Free Cash Flow Before Dividends, Financial Investments, and Own Shares Acquisition, excluding non-recurring effects (2) | 64.9 | 57.4 | 70.4 | 71.0 | 79.5 |
| Financial Investments | (145.4) | (0.1) | (0.0) | (0.6) | (0.0) |
| Acquisition of Own Shares | 0.0 | (2.5) | 0.0 | 0.0 | 0.0 |
| Dividends | 0.0 | (204.9) | 0.0 | 0.0 | 0.0 |
| Free Cash Flow | (62.0) | (169.6) | 51.1 | 70.4 | 91.8 |
| Debt Variation Through Financial Leasing, Accruals & Deferrals & Others | 2.1 | (1.4) | 0.0 | (1.4) | 0.3 |
| Change in Net Financial Debt | 64.1 | 168.3 | (51.1) | (71.8) | (91.5) |
(1) Values presented are not restated with the acquisition of Claranet
(2) Excludes non-recurring items resulting from lower sale and non-recurring gains related to activity fees.
Earnings Announcement 1Q26
NOS
Table 18.
| Net Financial Debt
(Millions of Euros) | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 |
| --- | --- | --- | --- | --- | --- |
| Short Term | 134.9 | 279.0 | 282.9 | 230.0 | 311.7 |
| Medium and Long Term | 854.2 | 873.8 | 819.4 | 806.5 | 627.4 |
| Total Debt | 989.1 | 1,152.9 | 1,102.3 | 1,036.5 | 939.1 |
| Cash and Short Term Investments | 12.4 | 7.9 | 8.5 | 14.5 | 8.7 |
| Net Financial Debt (1) | 976.7 | 1,144.9 | 1,093.8 | 1,022.0 | 930.5 |
| Net Financial Debt / EBITDA after lease payments (last 4 quarters) (2) | 1.48x | 1.71x | 1.62x | 1.50x | 1.35x |
| Leasings and Long Term Contracts | 632.3 | 635.9 | 630.8 | 638.7 | 638.0 |
| Net Debt | 1,609.0 | 1,780.8 | 1,724.6 | 1,660.7 | 1,568.5 |
| Net Debt / EBITDA (last 4 quarters) | 2.04x | 2.23x | 2.14x | 2.04x | 1.90x |
| Net Financial Gearing (3) | 58.4% | 64.2% | 61.9% | 59.6% | 56.9% |
(1) Net Financial Debt = Borrowings - Leasings - Cash
(2) EBITDA After Lease Payments = EBITDA - Lease Cash Payments (Capital & Interest)
(3) Net Financial Gearing = Net Debt / (Net Debt + Total Shareholders' Equity).
Earnings Announcement 1Q26
NOS
Disclaimer
This presentation contains forward looking information, including statements which constitute forward looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and assumptions of our management and on information available to management only as of the date such statements were made. Forward-looking statements include: (a) information concerning strategy, possible or assumed future results of our operations, earnings, industry conditions, demand and pricing for our products and other aspects of our business, possible or future payment of dividends and share buyback program; and (b) statements that are preceded by, followed by or include the words "believes", "expects", "anticipates", "intends", "is confident", "plans", "estimates", "may", "might", "could", "would", and the negatives of such terms or similar expressions. These statements are not guarantees of future performance and are subject to factors, risks and uncertainties that could cause the assumptions and beliefs upon which the forwarding looking statements were based to substantially differ from the expectation predicted herein. These factors, risks and uncertainties include, but are not limited to, changes in demand for the company's services, technological changes, the effects of competition, telecommunications sector conditions, changes in regulation and economic conditions. Further, certain forward looking statements are based upon assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from the plans, strategy, objectives, expectations, estimates and intentions expressed or implied in such forward-looking statements. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of new information or future developments or to provide reasons why actual results may differ. You are cautioned not to place undue reliance on any forward-looking statements. NOS is exempt from filing periodic reports with the United States Securities and Exchange Commission ("SEC") pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934, as amended. Under this exemption, NOS is required to post on its website English language translations of certain information that it has made or is required to make public in Portugal, has filed or is required to file with the regulated market Eurolist by Euronext Lisbon or has distributed or is required to distribute to its security holders. This document is not an offer to sell or a solicitation of an offer to buy any securities.
Earnings Announcement 1Q26
NOS
Enquiries
Chief Financial Officer: Luís Moutinho Nascimento
Phone: (+351) 21 791 99 56
Analysts/Investor: Pedro Cota Dias
Phone: (+351) 21 782 47 00 / E-mail: [email protected]
Press: Margarida Nápoles
Phone: (+351) 21 782 47 00 / E-mail: [email protected]
| Conference Call – 12 May 2026 – 11:00 | Webcast – 12 May 2026 – 11:00 |
|---|---|
| Participant details: | |
| https://register-conf.media-server.com/register/BI15070b73206b43789372cea4ce02302c | Participant details: |
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Earnings Announcement 1Q26
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www. nos.pt/ir