NOS SGPS
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NOS SGPS (NOS) investor relations material

NOS SGPS Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary4 Mar, 2026

Executive summary

  • Maintained strong operational momentum in FY25, leveraging 5G, nationwide fiber, and next-gen fixed infrastructure despite intense competition.

  • Delivered solid cash flow, operational efficiencies, and attractive shareholder returns, supported by digital transformation and AI adoption.

  • Upgraded ESG ratings, with CDP score improving from B to A and S&P Global score rising to 75, reflecting climate leadership.

  • Launched Combina program, offering significant customer savings and aiming to reduce churn, reaching 150,000 customers in two months.

  • Integration of Claranet Portugal strengthened IT, cloud, and cybersecurity positioning.

Financial highlights

  • FY25 consolidated revenue grew 1.6% to €1,823.2M; Q4 revenue up 0.3% to €486.3M.

  • EBITDA increased 4.3% to €813.5M for FY25; Q4 EBITDA up 4.4% to €195.5M.

  • Net income excluding non-recurring items rose 29.3% to €241.5M; Q4 up 58.2% to €63.8M.

  • Free cash flow excluding non-recurring items increased 15% to €263.8M; Q4 up 132% to €71M.

  • CAPEX reduced 2.4% to €366.4M for FY25; Q4 down 4% to €92.8M.

Outlook and guidance

  • Entering 2026 with focus on efficiency, digital transformation, and AI-driven margin expansion.

  • Dividend per share of €0.45 for 2025, including €0.10 extraordinary, reflecting commitment to shareholder returns.

  • IT business expected to maintain 5%-10% growth, with further expansion via acquisitions.

  • CapEx planned to decrease in 2026, aided by AI-driven productivity.

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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.

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