Slide 1: Conference Call 2Q26
Conference Call 2Q26 24 July 2026
Slide 2: 2Q26 in Review
01 2Q26 in Review
Slide 3: 2Q26 in Review
Revenue in line YoY, with IT and B2B growth offsetting pressure from B2C and Wholesale, and steady Cinema & Audiovisuals EBITDA growth and margin expansion supported by disciplined OPEX management, AI -driven 2Q26 efficiencies in Review Healthy FCF supported by sound operational performance and stru
Slide 4: EBITDA growth and Capex decreasing support healthy recurring cash flow generation
CONFERENCE CALL 2Q 2026 EBITDA growth and Capex decreasing support healthy recurring cash flow generation, further boosted by non -recurring items on the quarter 2Q26 Revenues EBITDA CAPEX EBITDA AL- CAPEX FCF Net Income excluding leasing excluding leasing 458.3M€ 206.0M€ 84.2M€ 88.9M€ 83.3M€ 77.5M€
Slide 5: NOS Sustainability recognized by Independent Institutions at World, Europe and National level
CONFERENCE CALL 2Q 2026 NOS Sustainability recognized by Independent Institutions at World, Europe and National level, reflecting our commitment with ESG External recognitions & awards Classified as one of “The World’s Ranked among Europe's leading Recognised by CaixaBI for Most Sustainable Companie
Slide 6: SCAILE – Smart Pairing use case example
CONFERENCE CALL 2Q 2026 SCAILE – Smart Pairing use case example Strategic program to develop advanced 7 Execution Programs SCAI LE digital solutions and AI at scale across NOS +140 AI use cases identified EXECUTION PROGRAMS Customer -Agent matching AI Solution Service Automation Optimize the match b
Slide 7: Operational Performance
02 Operational Performance
Slide 8: FttH rollout regained pace and now covers all municipalities in Portugal
CONFERENCE CALL 2Q 2026 FttH rollout regained pace (92% of NOS next generation fixed network) and now covers all municipalities in Portugal Fixed NGN Coverage FttH Coverage as a percentage of k, Households +5.5% Fixed NGN Coverage 6,225k +323k +11.8% Households covered with NOS’ Next +603k Generatio
Slide 9: +20.2k RGUs QoQ
CONFERENCE CALL 2Q 2026 Positive operational momentum continues to show on 2Q26, with a stronger contribution from Mobile services Total RGUs, EoP, k Total RGUs Net Adds, QoQ, k +2.1% +229k +20.2k RGUs QoQ Total RGUs increased by 20.2k to 10,739 10,869 10,936 10,948 10,968 130.8 10,968k, supported b
Slide 10: +2.3k Fixed Access
CONFERENCE CALL 2Q 2026 2Q26 slowdown in Unique Fixed Accesses net additions, albeit with positive growth Fixed Access, EoP, k Fixed Access Net Adds, QoQ, k +1.9% +29k 1,536 1,548 1,555 1,563 1,565 +2.3k Fixed Access Unique Fixed Accesses increased by 2.3k in 2Q26 to 1,565k. 12.1 Slowdown in promoti
Slide 11: +28.6k RGUs
CONFERENCE CALL 2Q 2026 Mobile post -paid continues to offset pre -paid decline, with improved trends on both services on 2Q26 vs 1Q26 Mobile RGUs, EoP,k Mobile post -paid Net adds , QoQ, k +3.7% +206k 116.1 116.2 88.5 69.3 72.2 +28.6k RGUs Mobile RGUs added 28.6k (vs +3.8k last 5,687 5,749 5,753 5,
Slide 12: Cinema with ticket sales down 1.7% and NOS Audiovisuals distributing 3 titles from top 5
CONFERENCE CALL 2Q 2026 Cinema with ticket sales down 1.7% and NOS Audiovisuals distributing 3 title from top 5 Cinema tickets sold k, YoY % 2Q26 Portugal Top movies by tickets sold 1 k Ticket sales down by 1.7% impacted by a less -1.7% 396 344 favorable calendar – 319 1,902 1,917 1,850 1,869 155 11
Slide 13: Financial Performance
03 Financial Performance
Slide 14: Growth from IT and B2B offset top-line pressure from B2C, Wholesale and A&C
CONFERENCE CALL 2Q 2026 Growth from IT and B2B offset top -line pressure from B2C, Wholesale and A&C Consolidated Revenue , M€ Telco Revenue , M€ IT Revenue , M€ A&C Revenue , M€ 0.0% -1.1% 458.2 458.3 396.9 392.4 27.7 23.5 -15.3% 82.6 83.2 +0.7% +10.6% -0.3% -0.3% 286.6 285.7 44.4 49.1 16.1 +19.1%
Slide 15: EBITDA growth and margin expansion underpinned by OPEX performance
CONFERENCE CALL 2Q 2026 EBITDA growth and margin expansion underpinned by OPEX performance Consolidated EBITDA , M€ Telco EBITDA , M€ IT EBITDA , M€ A&C EBITDA , M€ +1.5% 206.0 202.9 +0.8% +4.7% 187.7 186.1 +19.4% 11.7 12.2 5.1 6.1 Margin 44.3% 44.9% +0.7pp 46.9% 47.8% +0.9pp 11.5% 12.4% 0.9pp 45.3%
Slide 16: Structurally lower Telco CAPEX, driving operational cash flow performance
CONFERENCE CALL 2Q 2026 Structurally lower Telco CAPEX, on top of EBITDA AL growth, driving operational cash flow performance Total CAPEX ex. leasing, M€ EBITDA AL – CAPEX ex. leasing, M€ Telco IT Audiovisuals and Cinema -8.2% +14.9% 91.7 88.9 77.4 4.2 1.6 84.2 -6.2 -0.8 -0.5 3.7 85.9 0.8 79.7 2Q25
Slide 17: Net Income up 34.1% to 77.5M€
CONFERENCE CALL 2Q 2026 Net Income up 34.1% to 77.5M €, driven by positive operational performance, lower D&A and lower non -current costs +34.1% (+19.7M€) Net Income , M€ Net Income exc. non-recurring items growth to 68.4M€, driven by: +34.1% • EBITDA +3.1M€ contribution YoY, driven by +19.2% 77.5
Slide 18: Healthy recurring FCF uplift of +8.8%, boosted by non-recurring items
CONFERENCE CALL 2Q 2026 Healthy recurring FCF uplift of +8.8%, further boosted by a strong contribution from non -recurring items to a total FCF growth +120% to 83.3M € FCF ex Dividend , M€ +120.0% (+45.4M€) Free Cash Flow exc. non-recurring items up +120.0% to 62.5M€, with mix effects: 83.3 • OCF d
Slide 19: Robust capital structure, despite Dividend payment on the quarter
CONFERENCE CALL 2Q 2026 Robust capital structure, despite Dividend payment on the quarter NFD , M€ & NFD / EBITDA AL ,x Average cost of debt ,% 1.6x 9 50 NFD/ EBITDA AL at the end of period 1,145 3.0 8 45 increased due to Dividend payment but 1,094 1,078 1,022 40 remains well below reference level o
Slide 20: www.nos.pt/ir
www.nos.pt/ir RUA ACTOR ANTÓNIO SILVA Nº9, CAMPO GRANDE, 1600 -404 LISBOA.