Nos Sgps Sa · EURONEXT:NOS
Nos Sgps Sa — Q1 2026 Earnings Presentation
21 slides from Nos Sgps Sa's earnings presentation, May 12, 2026
Slide 1: Conference Call 1Q26
Conference Call 1Q26
Slide 2: 1Q26 in Review
01 1Q26 in Review
Slide 3: 1Q26 in Review
CONFERENCE CALL 1Q 2026 Revenue growth underpinned by IT expansion and solid A&C performance, more than offsetting competitive pressure in Telco EBITDA performance, fueled by efficient OPEX 1Q26 in Review management, and structurally lower CAPEX, delivering healthy Free Cash Flow generation Robust f
Slide 4: Cash flow generation grounded on robust operational performance and declining investment cycle
CONFERENCE CALL 1Q 2026 Cash flow generation grounded on robust operational performance and declining investment cycle Revenues EBITDA CAPEX EBITDA AL- CAPEX FCF Net Income Excluding non-recurring Items Excluding non-recurring Items excluding leasing excluding leasing 1Q26 1Q26 1Q26 1Q26 1Q26 1Q26 4
Slide 5: NOS' credit rating upgraded by S&P to 'BBB' with stable outlook
CONFERENCE CALL 1Q 2026 NOS’ credit rating upgraded by S&P to ‘BBB’ with stable outlook S&P GLOBAL RATIONALE FOR UPGRADING NOS: “Robust operating performance and cost optimization programs will lead to credit metrics sustainably commensurate with the rating” “Favorably positioned to face increased c
Slide 6: Strong commitment with the future, leading R&D and Patent applications across Portuguese companies
CONFERENCE CALL 1Q 2026 Strong commitment with the future, leading R&D and Patent applications across Portuguese companies #1 #1 PORTUGUESE LEADER IN R&D INVESTMENT1 PORTUGUESE LEADER IN PATENT APPLICATIONS2 TOP 3 SINCE 2018 LEADER FOR THE 2ND TIME IN A ROW +111M€, +15% YOY +350 R&D DEDICATED TEAM S
Slide 7: SCAILE – Augmentation use case example
CONFERENCE CALL 1Q 2026 SCAILE – Augmentation use case example Strategic program to develop advanced digital 7 Execution Programs SCAILE solutions and AI at scale across NOS +140 AI use cases identified EXECUTION PROGRAMS Workforce Augmentation Support for large-scale teams to increase productivity.
Slide 8: Operational Performance
ZS OY, OPERATIONAL PERFORMANCE
Slide 9: Ambitious FttH rollout with 5,569k Households covered, 90.9% of NOS next generation fixed network
CONFERENCE CALL 1Q 2026 Ambitious FttH rollout with 5,569k Households covered, 90.9% of NOS next generation fixed network Fixed NGN Coverage FttH Coverage as a percentage of Fixed k, Households +5.2% NGN Coverage % 6,127k +303k +13.6% Households covered with NOS’ Next +666k Generation Fixed network,
Slide 10: +11.9k RGUs QoQ
CONFERENCE CALL 1Q 2026 Positive operational momentum with growing levels of RGUs, with healthy performance from Fixed services Total RGUs, EoP, k Total RGUs Net Adds, QoQ, k +2.5% +267k +11.9k RGUs QoQ Total RGUs increased by 11.9k to 10,681 10,739 10,869 10,936 10,948 130.8 10,948k, supported by F
Slide 11: +8.0k Fixed Access
CONFERENCE CALL 1Q 2026 Strong start in 2026, with 8.0k Unique Fixed Accesses net additions, building-up on last year momentum Fixed Access, EoP, k Fixed Access Net Adds, QoQ, k +2.3% +35k 1,527 1,536 1,548 1,555 1,563 +8.0k Fixed Access Unique Fixed Accesses increased by 8.0k in 1Q26 to 1,563k. Str
Slide 12: +3.8 RGUs
CONFERENCE CALL 1Q 2026 Mobile RGUs positive trajectory supported by value-added post-paid, offsetting pre-paid deterioration Mobile RGUs, EoP,k Mobile post-paid Net adds, QoQ, k +4.0% +224k 86.8 116.1 116.2 88.5 +3.8 RGUs 69.3 Mobile RGUs added 3.8k to 5,753k, 5,687 5,749 5,753 with positive perfor
Slide 13: Cinema and Audiovisuals segment driven by successful movie line-up, with ticket sales up 12.1%
CONFERENCE CALL 1Q 2026 Cinema and Audiovisuals segment driven by successful movie line-up, with ticket sales up 12.1% following a strong start to the year Cinema tickets sold k, YoY % 1Q26 Portugal Top movies by tickets sold1 k 12.1% Ticket sales up by 12.1% to 548 1.850 million, with very strong 1
Slide 14: Financial Performance 1Q26
03 FINANCIAL PERFORMANCE 1Q26
Slide 15: Consolidated revenue growth driven by IT expansion and A&C successful quarterly performance
CONFERENCE CALL 1Q 2026 Consolidated revenue growth driven by IT expansion and A&C successful quarterly performance, offsetting the slight contraction in Telco Consolidated Revenue, M€ Telco Revenue, M€ IT Revenue, M€ A&C Revenue, M€ +1.9% -0.2% 451.5 460.2 390.5 389.8 25.6 22.7 -11.2% 77.0 81.3 +5.
Slide 16: EBITDA growth driven by positive performance across all segments
CONFERENCE CALL 1Q 2026 EBITDA growth driven by positive performance across all segments Consolidated EBITDA, M€ Telco EBITDA, M€ IT EBITDA, M€ A&C EBITDA, M€ +3.1% 203.3 197.2 +2.8% 185.0 +6.1% 180.0 +5.7% 10.9 11.6 6.4 6.7 Margin 43.7% 44.2% +0.5pp 46.1% 47.5% +1.4pp 13.6% 12.4% -1.2pp 47.2% 46.8%
Slide 17: EBITDA AL – CAPEX growth underpinned by solid EBITDA AL performance and cyclical Telco CAPEX easing
CONFERENCE CALL 1Q 2026 EBITDA AL – CAPEX growth underpinned by solid EBITDA AL performance and cyclical Telco CAPEX easing Total CAPEX ex. leasing, M€ EBITDA AL – CAPEX ex. leasing, M€ Telco IT Audiovisuals and Cinema -5.1% +18.0% 90.6 83.9 71.1 4.0 0.2 0.6 85.9 1.3 -5.4 4.6 85.3 1.5 79.9 1Q25 Telc
Slide 18: Net Income grew 7.9% to 59.7M€
CONFERENCE CALL 1Q 2026 Net Income(1) grew 7.9% to 59.7M€, leveraged by strong operational performance and lower D&A, offsetting decline in JV results and higher taxes Net Income, M€ +7.9% (+4.3M€) +4.7% Net Income exc. non-recurring items growth to 59.7M€, driven by: +7.9% • EBITDA +6.1M€ contribut
Slide 19: Sustainable FCF generation (+22.3%, +14.5M€)
CONFERENCE CALL 1Q 2026 Sustainable FCF(1) generation (+22.3%, +14.5M€) driven by resilient EBITDA AL performance and structural CAPEX reduction FCF ex Dividends, M€ +22.3% (+14.5M€) Free Cash Flow exc. non-recurring items +10.1% growth to 79.5M€, mainly driven by strong +22.3% 91.8 OCF: 83.4 79.5 1
Slide 20: Rating upgrade reflects robust capital structure
CONFERENCE CALL 1Q 2026 Rating upgrade reflects robust capital structure, with continued NFD and NFD/EBITDA AL improvements and conservative leverage ratio NFD, M€ & NFD / EBITDA AL, x Average cost of debt, % 1.4x 9 50 NFD/ EBITDA AL continued to decline, 1,145 3.0 8 45 and remain well below referen
Slide 21: www.nos.pt/ir
www.nos.pt/ir RUA ACTOR ANTÓNIO SILVA Nº9, CAMPO GRANDE, 1600-404 LISBOA.