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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.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.
- Net income rose 77.2% to €80.7M on strong Telco growth and a tower sale gain.NOS
Q2 20243 Feb 2026 - Revenue, EBITDA, and net income rose, with strong cash flow and 100% 5G coverage.NOS
Q3 202417 Jan 2026 - Record year with robust growth, high dividends, and strategic B2B expansion.NOS
Q4 202423 Dec 2025 - Revenue and recurring net income rose, with strong free cash flow and improved leverage.NOS
Q1 202518 Nov 2025 - EBITDA and net income rose, offsetting Cinema weakness; margins and cash flow improved.NOS
Q3 202528 Oct 2025 - Revenue and EBITDA rose, margins expanded, and recurring net income increased 16%.NOS
Q2 202522 Jul 2025
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