NOS, SGPS, S.A. informs on: S&P Global Ratings revises NOS's outlook to Positive and affirms 'BBB-' rating

Registered Office: Rua Ator António Silva 9 Campo Grande 1600-404 Lisbon Share Capital: 855,167,890.80 Euros

Registered in the Commercial Registry Office of Lisbon and Corporation no. 504 453 513

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strengthening of its competitive position as the second-largest telecommunications operator in Portugal, supported by a modern infrastructure and significant investment in mobile and fixed networks.

S&P notes that NOS is well positioned to face increased competition, maintaining a high level of service convergence (around 71%) and extensive next-generation network coverage: the 5G network reaches 99.6% of the population, and the fibre network covers 5.8 million homes.

The agency forecasts that reduced investment requirements in 5G and fibre will lead to an improvement in operational free cash flow (FOCF), reaching a level that could support a future upgrade of the rating to

will remain below its financial policy threshold of approximately 2x Net Financial Debt / EBITDA AL.

The revised outlook, from Stable to Positive, reinforces the

strength and supports terms.

This information is also available on NOShttps://www.nos.pt/ir. Lisbon, 15 May 2025

Pedro Cota Dias

Head of Investor Relations and Corporate Finance Email: ir@nos.pt

Tel.: +351 21 782 4725

Fax: +351 21 782 4735