Slide 1: FY 2025
FY 2025
Slide 2: NOS at a Glance
Opi NOS AT A GLANCE
Slide 3: Message from the Chief Executive Officer
INSTITUTIONAL PRESENTATION MARCH 2026 Message from the Chief Executive Officer “2025 was another year in which NOS demonstrated its resilience and execution capability. More than responding to the challenges of the present, we continued to prepare for the future, strengthening our position as an int
Slide 4: 2025 Key Indicators
INSTITUTIONAL PRESENTATION MARCH 2026 2025 Key Indicators Financial KPIs Operational KPIs Consolidated revenue Net Financial Debt (NFD) Total RGUs Market Share2 1,823.2M€ 1,022.0M€ 10.935M Retail Revenue FY25 NFD/EBITDA AL 31.6% Consolidated EBITDA Mobile Service RGUs 1.50x 813.5M€ 5.7M Pay TV subsc
Slide 5: Purpose, Mission, Vision and Values
Purpose, Mission, Vision and Values We are committed to our customers • We strive to improve customer experience every day, putting the customer at the centre of our thinking, decisions, and actions. • We build transparent and genuine relationships, simplifying customer interactions wherever possibl
Slide 6: Stable shareholder structure and seasoned management team
Stable shareholder structure, with SONAE as a reference shareholder, and a seasoned management team with a long-standing experience in telecoms Shareholder structure CEO Audit, Risk and Compliance ; AI and Insight Brand & Market; Legal; Communication; Regulation and Strategy and Business Sales B2C:
Slide 7: NOS is a leading group in ICT and entertainment in Portugal
NOS is a leading group in ICT and entertainment in Portugal, with a diversified portfolio Telecommunications 1,592.5 M€ 745.5 M€ Revenue EBITDA Adjacent business NOS NOS NOS Smart Alarms Insurance Home Information Technologies 167.2 M€ 21.0 M€ Revenue EBITDA Cinema & Audiovisuals 99.6 M€ 46.9 M€ Rev
Slide 8: Our Strategy and Recent Developments
02 OUR STRATEGY AND RECENT DEVELOPMENTS
Slide 9: Our strategy structures our activity
Our strategy structure our activity and respond to the challenges and opportunities of the context in which we operate Consolidate Our Leadership in the Consumer business unit We aim to strengthen and consolidate our leadership in the consumer Business unit by developing a clearly differentiated val
Slide 10: Best mobile network in Portugal and clear 5G leadership
Best mobile network in Portugal and clear 5G leadership since day 1, with investment and roll-out virtually completed with 99.6% outdoor coverage Portuguese 5G leadership since day 1 Track recorded of independent recognitions 99.6% Best 5G experience 2025 in 5G coverage Portugal according to Crowdso
Slide 11: Leadership in mobile network experience recognized by DECO
Leadership in mobile network experience recognized once in March 2026 by DECO – Consumer rights organization Overall Result Podium – 2G/3G/4G/5G Download and Upload Speed - 2G/3G/4G/5G The overall result per operator is calculated based on performance over the last 12 Overall average download and up
Slide 12: State of the art Gigabit fixed network, FttH footprint over 89%
State of the art Gigabit fixed network, with FttH footprint over 89% of HH and target to reach 100% of Municipalities HH passed with Fixed NGN k NOS’ fixed services recognized by FttH coverage % DECO as “best-in-test” 6,117.0 5,427.3 5,738.1 The best 5,098.3 5,285.5 Wi-Fi 89.5% 82.5% 74.2% 64.1% +35
Slide 13: Customer-centric journey delivers best-in-class experience
Customer-centric journey keeps delivering a best-in-class experience, validated by multiple recognitions across different categories BY CONSUMERS BEST-IN-CLASS INFRASTRUCTURE, CUSTOMER PRODUT OF THE YEAR CENTRIC APPROACH, AND STRONG COMMITMENT IN INNOVATION CONTINUES TO LEVERAGE HIGHER LEVELS OF NPS
Slide 14: COMBINA: Enhancing NOS's Value Proposition
COMBINA: Enhancing NOS's Value Proposition with Unique Customer Benefits Annual savings depending on the number of services1: COMBINA 1 COMBINA 2 COMBINA 3 1 SERVICE 2 SERVICES 3 SERVICES Supermarket 2% 5% 10% discount Fuel 20cents 25cents 30cents discount Up to 30 Up to 10% cents/litre 365 days Ann
Slide 15: Strategic acquisition of Claranet Portugal
Strategic acquisition of Claranet Portugal, S.A. concluded in March 2025, boosting NOS exposure to a fast-growing market Opportunity of Market Expansion through Claranet Portugal Leverage NOS positioning in a market 4x larger than traditional Telco, with structurally higher growth rates Drive expans
Slide 16: Claranet brings scale and breadth of IT offer
Claranet brings relevant scale, and a full breadth of solid offer and partnerships in IT Practices Transversal Partners +900 FTEs Drives advanced cloud migration, multicloud Large-scale operation supported by highly Cloud & Infra orchestration and scalable infrastructure services experienced and cer
Slide 17: New tech-based businesses beyond traditional TMT
NOS has been developing new tech-based businesses, expanding beyond traditional TMT, providing diversification and growth avenues Computer Vision Digital Health AI and Machine Learning Enables unassisted shopping experiences in Fully integrated telemedicine SaaS platforms Leverages AI and ML to driv
Slide 18: Scaling AI and Advanced Digital Solutions (SCAILE)
Scaling Artificial Intelligence and Advanced Digital Solutions across the entire organization is one of our priorities throughout our strategic program SCAILE AI DRIVEN SOLUTIONS IMPLEMENTED 2026 will be focused in 7 different execution programs Scale AI across NOS Empowering people to drive AI adop
Slide 19: NOS ESG strategy grounded in four pillars
NOS ESG strategy, grounded in four pillars, recognized be external entities Strategic pillars Ratings Recognitions A In the name For a +connected For our people Responsible D-:A of the Planet society conduct EUROPE’S CLIMATE LEADERS 2025 66 0:100 WORLD'S MOST SUSTAINABLE COMPANIES OF AA 2025 Ensure
Slide 20: Strong position in a mature market, market share expansion
Strong position in a mature market, with successful strategic execution driving market share expansion, reducing the gap to leader and expanding vs 3rd player Retail revenue market share1 % 38.3% 37.5% 37.1% 37.4% -7.5pp -5.8pp 31.2% 31.6% 31.6% 30.8% +2.4pp +3.1pp 28.4% 28.9% 28.9% 28.5% 1.6% 1.6%
Slide 21: Operational Performance
03 OPERATIONAL PERFORMANCE
Slide 22: RGUs growth throughout 2025
RGUs growth throughout 2025 continue to demonstrate NOS’ ability to deliver in a disruptive competitive environment Total RGUs NAs, k, Mobile RGUs NAs, k Fixed Access NAs, k Total RGUs, EoP, k Mobile RGUs, EoP, k Fixed Access, EoP, k 10,721 10,935 5,565 5,749 1,524 1,554 131 46 111 12 30 63 63 70 66
Slide 23: Resilient performance across operational KPIs
Resilient performance across operational KPIs, with stronger mobile MS, +0.5pp to 31.1%, expanding the gap to incumbents despite Digi penetration Mobile market share subs1, % PayTV market share subs1, % Broadband market share subs1, % 41.9% 42.0% 41.2% 40.9% -5.9pp -6.3pp 36.9% -7.6pp -7.6pp 36.0% 3
Slide 24: Cinema continues to differentiate NOS
Cinema continue to differentiate NOS within the TMT sector despite 2025 tickets sold being impacted by lower volume of blockbusters Portuguese Cinema tickets sold k, YoY % leader1 -8.1% 69% of GBO revenues market share 7,745 65% admissions market -19.1% 7,119 share 2,038 1,917 1,902 1,650 1,649 43.8
Slide 25: NOS Audiovisuals' attractive portfolio
NOS Audiovisuals’ attractive portfolio, with the best performing movie in 2025 NOS Portuguese 4Q25 Portugal Top movies by tickets sold1 k Audiovisuals’ leader1 attractive portfolio 45% of GBO revenues 290 247 market share 101 1st 2nd 3rd 46% admissions market share 76 films released in 2025 1st in t
Slide 26: Financial Performance
IN RA S S = 7S O04: FINANCIAL PERFORMANCE
Slide 27: Resilient revenue performance in 2025
Resilient revenue performance in 2025, with OPEX & CAPEX efficiencies leading to strong EBITDA AL – CAPEX growth Revenue M€ EBITDA AL M€ EBITDA AL - CAPEX M€ +1.6% 1,795.2 1,823.2 +4.0% 654.1 680.5 +15.4% 272.2 314.1 2024 2025 2024 2025 2024 2025 27
Slide 28: Core Telco segment with >85% of total revenues
Core Telco segment with >85% of total revenues, with positive performance across main financial KPIs Telecommunications segment Revenue M€ EBITDA AL M€ EBITDA AL - CAPEX M€ Contribution to 87% 92% 92% Consolidated Results +1.6% 1,568.1 1,592.5 B2B 27% 28% +4.3% 603.6 629.3 +11.6% B2C 73% 72% 257.9 2
Slide 29: IT segment expected to leverage NOS growth
IT segment expected to leverage NOS growth, driven by value-added service revenues, ~70% of IT Revenues IT segment Revenue1 M€ EBITDA AL1 M€ EBITDA AL - CAPEX1 M€ Contribution to 9% 2% 3% Consolidated Results +3.5% 161.5 167.2 30% +14.6% Resale 35% 16.0 14.0 +27.2% 9.7 +11% 70% 7.6 Service 65% 2024
Slide 30: Cinema & Audiovisuals positive EBITDA AL – CAPEX performance
Positive EBITDA AL – CAPEX performance from Cinema & Audiovisuals, despite impact on top-line due to lack of blockbusters in 2H25 Cinema & Audiovisuals segment Revenue M€ EBITDA AL M€ EBITDA AL - CAPEX M€ Contribution to 6% 5% 5% Consolidated Results -2.6% 102.2 99.6 -3.8% 36.5 35.2 +26.7% 13.1 16.6
Slide 31: Disciplined cost management drives EBITDA AL margin expansion
Disciplined cost management & ongoing transformation program continue to drive operational efficiencies, leading to EBITDA AL margin expansion Revenue & OPEX AL, YoY % EBITDA AL margin % 6.3% 6.2% 5.0% +0.9pp Revenue 37.8% 38.0% 1.6% 37.3% 36.4% 36.0% 20221 20231 20241 2025 0.1% OPEX AL 2.2% 5.7% 6.
Slide 32: Net Income growth of 29.3% excluding non-recurring items
Robust annual growth from Net Income of 29.3% when excluding non-recurring items Net Income M€ -9.6% -26.2M€ +29.3% 272.1 +54.7M€ 241.5 245.9 4.4 85.3 186.8 2024 Non-reccuring 2024 2025 Non-recurring 2025 items 2024 1 w/o w/o items 2025 1 non-recurring non-recurring items1 items1 1) Non-recurring it
Slide 33: Declining Capital Expenditure trajectory and cash flow generation
Declining trajectory on Capital Expenditure cascading to Operational Cash Flow generation EBITDA AL - CAPEX, M€ Capital Expenditure M€ 17% CAGR ‘20-’25 495.9 422.3 384.9 387.6 375.5 366.4 314.1 272.2 215.6 142.6 96.6 51.8 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 33
Slide 34: Free Cash Flow growth of 15.0% excluding non-recurring items
Robust annual growth from Free Cash Flow of 15.0% when excluding non-recurring items Free cash flow M€ -32.4% -116.5M€ 359.9 +15.0% +34.4M€ 130.5 263.8 229.4 20.3 243.4 2024 Non-recurring 2024 2025 Non-recurring 2025 items 2024 1 w/o w/o items 2025 2 non-recurring items2 non-recurring items2 1) Non-
Slide 35: Investment Grade rating reflects solid Balance Sheet
Investment Grade rating reflect a very solid Balance Sheet Net Financial Debt M€ Cost of debt % Ratings Net Financial Debt/EBITDA AL x BBB- Investment grade rating 1,089 1,022 Positive Outlook 913 3.9% 3.5% 2.7% 1.8 1.4 1.5 BBB Investment grade rating Stable Outlook 2023 2024 2025 2023 2024 2025 35
Slide 36: Commitment to attractive and sustained shareholder remuneration
Reiterated commitment to attractive and sustained shareholder remuneration Dividend per share1 € Total dividend yield2 % 0.45€ Total dividend per share Ordinary Extraordinary 0.35€ Ordinary dividend per share in line with last year, representing an ordinary dividend yield of 8.7%1 0.45 12.0% 0.10€ E
Slide 37: Appendix
05 APPENDIX
Slide 38: Telecoms market in Portugal - summary
Telecoms market in Portugal - summary Mobile PayTV Broadband Fixed Voice Multiple Play Subscribers 13.4M 4.7M 4.8M 4.4M 4.8M Penetration 125% 92% 91% 90% 93% Market Share 31.1% 35.7% 33.3% 34.4% 34.9% 36.0% 42.0% 40.9% 42.0% 41.6% 27.6% 19.4% 21.7% 21.1% 20.4% 3.3% 2.8% 3.3% 1.9% 3.0% Others 2.0% 0.
Slide 39: Financial Calendar and external conferences
Financial Calendar and confirmed participation in external conferences Earnings Annoucement External conferences Capital Market Day Iberian Conference - 2026 - Lisbon - Madrid - 2026-02-05 2026-06-16 2026 1Q Results Conference call on Media and Telecom the following day - Iberian Telcos Day – Confer
Slide 40: Investor Relations team and relevant contacts
Investor Relations team and relevant contacts Team Investor Relations and Corporate Finance Director NOS, SGPS, S.A. pedro.c.dias@nos.pt Pedro Cota Dias Rua Actor António Silva, nº 9 - Campo Grande 1600-404 Lisboa – Portugal General Phone: +351 21 782 47 00 E-mail: ir@nos.pt Investor Relations analy
Slide 41: www.nos.pt/ir
www.nos.pt/ir RUA ACTOR ANTÓNIO SILVA Nº9, CAMPO GRANDE, 1600-404 LISBOA.