4Q25 Results (31.11.2025)

Conference Call

4Q25

01

4Q/FY25 in Review

CONFERENCE CALL 4Q 2025

Continued positive operational momentum, despite new competitive environment, leveraging 5G and nationwide next generation fixed infrastructure

FY25 in Review

Healthy cash flow generation driven by top-line growth,

operational efficiencies across OPEX and CAPEX structural decline

Attractive shareholder remuneration with a strong dividend yield, while maintaining a robust financial position, with 1.5x leverage ratio

3

CONFERENCE CALL 4Q 2025

Sustainable growth and healthy cash flow generation supporting attractive shareholder returns

4

486.3M€ 1,823.2M€

+0.3% +1.6%

241.5M€

+29.3%

FY25

4Q25

Revenues

EBITDA AL- CAPEX

excluding leasing

4Q25

FY25

68.4M€

+20.6%

314.1M€

+15.4%

Net Income

Excluding non-recurring Items

4Q25

FY25

63.8M€

+58.2%

EBITDA

4Q25

FY25

71.0M€

132.1%

FY25

4Q25

FCF

Excluding non-recurring Items

366.4M€

-2.4%

92.8M€

-4.0%

FY25

4Q25

CAPEX

excluding leasing

263.8M€

+15.0%

195.5M€ 813.5M€

+4.4% +4.3%

Upgraded classification from CDP and S&P recognizing NOS' ESG efforts

B A

UPGRADE

LEADERSHIP POSITION IN THE FIGHT AGAINST CLIMATE CHANGE

A GRADE DISTINCTION ONLY ACHIEVED BY 2% OF THE

COMPANIES

58 PT

75 PT

BEST-EVER RESULT IN THE 2025 S&P GLOBAL ASSESSMENT

INCREASE

NEARLY DOUBLE THE SECTOR AVERAGE

COMBINA: Enhancing NOS's Value Proposition with Unique Customer Benefits

Annual savings depending on the number of services1:

COMBINA 1

1. SERVICE

   COMBINA 2

2. SERVICES

   COMBINA 3

3. SERVICES

Supermarket

discount

Fuel discount

2% 5% 10%

20cents 25cents 30cents

365 days

per year

Annual Estimated savings

(% of saving per Residentail ARPU2)

264€

(35%)

420€

(56%)

648€

(86%)

SCAILE - Productivity use case example

SCAILE

Strategic program to develop advanced digital

solutions and AI at scale across NOS

7 Execution Programs

+140 AI use cases identified

EXECUTION PROGRAMS

Productivity

Service Automation

Cross-functional generative applications aimed at democratizing the use of AI across NOS

Workforce Augmentation

Intelligent Automation

PT

Smart Pairing

NOS proprietary AI assistant

ML & Exp. Optimization

>4,000 USERS

Productivity

Tech Productivity

>40% WITH DAILY USE

Generative AI training

>1,400 INITIAL VIRTUAL TRAININGS

>1,225 IN-PERSON TRAINING

02

OPERATIONAL PERFORMANCE

Fixed NGN coverage expansion through FttH, reaching 89.5% of all homes passed

Fixed NGN Coverage

k, Households

FttH Coverage as a percentage of Fixed NGN Coverage %

6,117k

Households covered with NOS' Gigabit fixed network, 158.8k new homes passed during 4Q25 (+379k in FY25).

89.5%

NOS' Fixed NGN Households covered

with FttH, up +1.7pp QoQ.

+6.6%

+379k

6,117

5,958

5,880

5,801

5,738

+7.0pp

89.5%

87.8%

86.3%

84.1%

82.5%

4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25

2025 positive operational performance, albeit a slowdown in fixed and mobile driven by 4Q seasonality and increased competition

Total RGUs, EoP, k

+2.0%

+214k

490

476

463

452

436

4,665

4,676

4,700

4,731

4,751

5,565

5,529

5,576

5,687

5,749

10,721 10,681 10,739 10,869 10,935

Total RGUs Net Adds, QoQ, k

127.2

70.4

20.1

10.5

57.8

130.8

66.0

19.7

+66.0k RGUs QoQ

Total RGUs increased QoQ, mainly driven by mobile.

Mobile RGUs increased by 62.5k, with a similar performance vs last year.

Fixed RGUs grew 19.7k RGUs, offsetting Wireless decline of 16.3k.

-11.5

-12.4

-13.3

-10.6

-16.3

4Q24

1Q25

2Q25

3Q25

4Q25

3Q24

-40.1

4Q24 1Q25 2Q25

3Q25 4Q25

Mobile Fixed Wireless

Positive momentum in Unique Fixed Access, adding 7.1k accesses in 4Q25

Fixed Access, EoP, k Fixed Access Net Adds, QoQ, k

+2.0%

+30k

1,524 1,527 1,535 1,547 1,554

12.1

+7.1k Fixed Access

Unique Fixed Accesses grew 7.1k QoQ, with positive net adds recorded in all quarters throughout 2025.

6.7

8.3

7.1

2.5

4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25

Value-added post-paid mobile recorded an healthy trajectory throughout 2025, offsetting mobile pre-paid decline

+3.3%

+184k

Mobile RGUs, EoP,k

4,505

4,389

1,070

1,140

5,565 5,529 5,576 5,687 5,749

4Q24 4Q25 1Q25 3Q25 4Q25

Pre-paid Post-paid

Mobile post-paid Net adds, QoQ, k

116.1 116.2

74.3

86.8

88.3

4Q24 4Q25 1Q25 3Q25 4Q25

Mobile pre-paid Net adds, QoQ, k

-11.7

-5.2

-25.8

-69.7

-122.8

4Q24 4Q25 1Q25 3Q25 4Q25

+62k RGUs

Mobile RGUs NAs to 5,749k RGUs, with positive performance from post-paid offsetting pre-paid decline:

• Positive momentum in value-added mobile post-paid with +88.3k NAs in 4Q25 (+407.4k in FY25).

• Pre-paid RGUs impacted by competitive pressure, with -25.8k NAs in 4Q25 (-223.5k in FY25).

Lower volume of blockbuster movies continued to impact Cinema and Audiovisuals

performance, with ticket sales down 19.1% vs 4Q24

Cinema tickets sold k, YoY %

2,038

-19.1%

1,902 1,917

1,650 1,649

-19.1%

-4.2%

-28.0%

43.8%

19.2%

4Q24 1Q25 2Q25 3Q25 4Q25

-8.1%

7,745

7,119

FY24 FY25

4Q25 Portugal Top movies by tickets sold1 k

431

328

133

1st 2nd 3rd

Weaker ticket sales vs last year, down 19.1% to 1,649k (-389.5k tickets sold vs 4Q24) due to less blockbuster movies in 4Q25.

NOS

NOS

NOS

Top 3 movies being distributed by NOS Audiovisuais portfolio, but lack of successful movie lineup dragged down overall segment performance.

NOS

NOS Audiovisuais' distribution

03

FINANCIAL PERFORMANCE 4Q25

Consolidated revenue increasing slightly YoY, reflecting resilient Telco performance and growing IT offsetting A&C decline

Consolidated Revenue, M€

Telco Revenue, M€

IT Revenue, M€

A&C Revenue, M€

+0.3%

484.9 486.3

+0.1%

414.5 414.7

+4.4%

-8.3%

53.2 55.6

+8.8%

27.1 24.8

4Q24 4Q25

4Q24 4Q25

4Q24 4Q25

4Q24 4Q25

Service

Equipment & licences

Strong operating performance, with OPEX reduction driving consolidated EBITDA growth above revenues in all businesses

Consolidated EBITDA, M€

Telco EBITDA, M€

IT EBITDA, M€

A&C EBITDA, M€

+4.4%

195.5

187.3

169.0

+4.4%

176.4

+11.0%

6.1 6.8

+1.0%

12.2 12.4

Margin

38.6%

40.2%

+1.6pp

40.8%

42.5%

+1.8pp

11.5%

12.2%

+0.7pp

45.2%

49.8%

+4.6pp

4Q24 4Q25

4Q24 4Q25

4Q24 4Q25

4Q24 4Q25

+4.0%

EBITDA AL

Reduction in Total CAPEX ex. leasing driven by lower investment needs across all businesses led to a strong EBITDA AL - CAPEX growth of 20.6% YoY

Total CAPEX ex. leasing, M€ EBITDA AL - CAPEX ex. leasing, M€

Telco IT Audiovisuals and Cinema

96.7

-1.0

-4.0%

85.2

86.3

+20.6%

68.4

56.8

-1.0 92.8

-1.8

4Q24

Telco IT

Audiovisuals

and Cinema

4Q25

4Q24 4Q25

-1.2%

-33.9%

-24.2%

YoY, %

Net Income excluding non-recurring items grew 58.2% to 63.8M€ (+23.5M€), mostly supported by good EBITDA performance (+8.2M€) and taxes (+9.9M€)

Net Income, M€ +58.2% (+23.5M€)

-10.9%

71.6

+58.2%

63.8

0.0

63.8

40.3

(31.3)

3.9

Growth in Net Income excluding non-recurring items, driven by:

• 8.2M€ contribution YoY from EBITDA, reflecting resilient top-line and efficient cost management.

• Financial costs increased 2.1M€, due to last year positive non-recurrent impacts, partially offset by lower financial costs.

• JV results added 3.9M€, driven by ZAP

  current results.

• Tax reduction of 9.9M€, benefiting from

different tax incentives.

Including non-recurring items, with negative impact yoy of 31.3M€ due to ANACOM activity fees recorded last year, Net Income decreased 10.9% (-7.8M€) to 63.8M€.

Improved FCF generation reflecting stronger EBITDA AL-CAPEX, with Interest and Taxes paid also supporting yoy growth

FCF ex Dividends, M€

+132.1% (+40.4M€)

+155.0%

+132.1%

5.5

1.7

(0.7)

71.0

0.0

71.0

34.0

27.8

2.8

30.6

Robust Free Cash Flow growth excluding non-recurring items, mainly driven by strong OCF:

• EBITDA AL - CAPEX added 11.7M€,

while WK & Non-cash Items

contributed with 22.3M€, leading to

+34.0M OCF

Non-recurring Items positive impact of

2.8M€ YoY, with Anacom net cash-out of

2.8M€ in 4Q24 (+0.4M€ cash-in and 3.1M€

tax payment);

4Q24 Non-

recuring items

4Q241OCF Interest paid

Income taxes paid

Other 4Q251

Non-recurring items

4Q25

Despite new competition, resilient revenue performance in 2025, with OPEX & CAPEX efficiencies leading to strong EBITDA AL - CAPEX growth

Consolidated Revenue, M€ Consolidated EBITDA, M€ EBITDA AL - CAPEX, M€

+1.6%

1,795.2 1,823.2

-2.6%

Cinema &

Audiovisuals

IT

Telco

102.2

161.5

1,568.1

167.2 99.6

1,592.5

+3.5%

+1.6%

+4.3%

780.2 813.5

15.4%

272.2 314.1

-36.7 -36.1

FY24

FY25

FY24 FY25

FY24 FY25