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NOS SGPS (NOS) investor relations material
NOS SGPS Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Consolidated revenues grew 3.2% year-on-year to €458.2M in Q2 2025, led by Telecommunications and strong Audiovisuals & Cinema performance, with the first full consolidation of Claranet Portugal doubling IT scale and expanding market reach.
EBITDA increased 5.9% to €202.9M, with margin expansion of 1.2pp to 44.3%, driven by operational efficiency, transformation, and AI initiatives.
Net income excluding extraordinary effects rose 16% to €57.4M, while reported net income declined 28% due to fewer one-off gains.
CapEx reduction and working capital improvements drove recurring free cash flow up 8.8%, maintaining a solid balance sheet despite acquisitions and dividend payments.
Leverage remained at 1.7x, below the 2x reference, with strong liquidity and average cost of debt below 3%.
Financial highlights
Operating revenue: €458.2M (+3.2% YoY); EBITDA: €202.9M (+5.9% YoY); EBITDA margin: 44.3% (+1.2pp YoY).
Net income (excl. extraordinary): €57.4M (+16% YoY); reported net income: €58M (-28% YoY).
CapEx: €91.7M (-1.9% YoY), supporting FCF growth and reflecting completion of major 5G investments.
Recurring free cash flow (excl. extraordinary items) up 8.8% to €57.4M.
Net debt at €1,145M; leverage at 1.7x; liquidity position at €278M as of June 30.
Outlook and guidance
Focus on growth in IT and B2B, leveraging expanded capabilities and partnerships post-Claranet acquisition.
No significant integration costs or synergy-driven cost savings expected from Claranet; priority is revenue growth.
Transformation and GenAI initiatives expected to continue driving margin expansion and efficiency.
No anticipated changes in consumer pricing in the near term; price erosion mainly from product mix and digital brand weight.
Confident outlook despite challenging market conditions, with emphasis on new growth avenues and maintaining leadership in 5G.
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