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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
NOS SGPS
NOS SGPS (NOS) investor relations material
NOS SGPS Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary24 Jul, 2026
Executive summary
Revenues remained flat year-on-year at €458.3 million, with IT and B2B/Enterprise growth offsetting declines in B2C/Consumer and Wholesale, and Cinema & Audiovisuals steady.
EBITDA increased 1.5% year-over-year, with margin expansion driven by disciplined cost management and AI-driven efficiencies.
Free cash flow surged 120% to €83.3 million, mainly due to operational performance, lower CAPEX, and positive non-recurring items such as tower sales and litigation proceeds.
Net income rose 34.1% to €77.5 million; excluding non-recurring items, it increased 19.2% to €68.4 million.
Operational momentum continued with growth in mobile RGUs and network expansion, despite a highly competitive environment.
Financial highlights
Consolidated revenue: €458.3 million (flat YoY); IT revenue up 10.6–19.1%, B2B/Enterprise up 0.7–6.8%, B2C/Consumer down 0.3%, Wholesale down 15.3%.
EBITDA: €206.0 million (+1.5% YoY); margin up 0.7pp to 44.9%.
CAPEX (ex-leasing): €84.2 million (-8.2% YoY), reflecting telecom infrastructure maturity.
Free cash flow: €83.3 million (+120% YoY); recurring FCF up 8.8–9%.
Net financial debt: €1,078 million; NFD/EBITDA AL ratio at 1.56–1.6x, up due to dividend payments but below 2x reference.
Outlook and guidance
CapEx for the year expected to be around €350 million, with a continued declining trend anticipated in future years.
No expectation of negative EBITDA growth in the second half; efficiencies from transformation and AI programs expected to continue supporting margin expansion.
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Latest events from NOS SGPS
- Lower CAPEX and strong IT and cinema growth lifted adjusted Free Cash Flow 11.6%.NOS
Q3 2026 - Revenue, EBITDA, and net income increased, with strong cash flow and a BBB credit rating upgrade.NOSQ1 2026
- Revenue, EBITDA, and cash flow rose, supported by efficiency, AI, and disciplined investment.NOSQ4 2025
- EBITDA and net income rose, offsetting Cinema weakness; margins and cash flow improved.NOSQ3 2025
- Revenue and EBITDA rose, margins expanded, and recurring net income increased 16%.NOSQ2 2025
- Revenue, EBITDA, and net income rose year-over-year, with strong free cash flow and 5G expansion.NOSQ3 2024
- Net income rose 77.2% to €80.7M on strong Telco growth and a tower sale gain.NOSQ2 2024
- Revenue and EBITDA rose 4.5% and 4.3%, with recurring net income up 20.8%.NOSQ1 2025
- Record year with robust growth, high dividends, and strategic expansion in digital business.NOSQ4 2024
Next NOS SGPS earnings date
Q3 20264 Nov, 2026
NOS SGPS
Next NOS SGPS earnings date
Q3 20264 Nov, 2026
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Frequently asked questions
NOS SGPS S.A. is a telecommunications and entertainment company providing mobile and fixed-line services, broadband internet, and television solutions. The company offers digital and satellite TV, fiber-optic internet, and mobile network services for residential and business customers. Additionally, NOS operates in the media and entertainment sector, including film production and distribution. The company is headquartered in Lisbon, Portugal, and its shares are listed on Euronext Lisbon.