NOS SGPS (NOS) Q3 2026 earnings summary

Executive summary

• 3Q26 revenue rose 5.1% YoY to €480.6m; EBITDA increased 1.3% to €225.6m, while net income grew 35.3% to €88.3m.

• Lower investment and stronger operations lifted EBITDA AL less CAPEX 12.5% to €109.3m; adjusted Free Cash Flow rose 11.6% to €78.6m.

• The quarter’s total Free Cash Flow was €106.3m, including non-recurring cash proceeds connected with legal proceedings.

Financial highlights

• 9M26 revenue was €1,399.1m, up 2.3% YoY; EBITDA was €634.9m, up 1.9%, and EBIT was €288.0m, up 22.5%.

• 9M26 net income reached €227.7m, up 25.0%; excluding non-recurring effects, net income was €216.4m, up 21.7%.

• 3Q26 operating costs excluding D&A rose 8.7% to €255.0m, outpacing revenue growth and contributing to lower EBITDA margin.

• 3Q26 depreciation and amortization fell 10.3% YoY to €119.1m; 3Q25 included an extraordinary €10.4m impairment charge.

Outlook and guidance

• Management entered the final stretch of 2026 focused on disciplined capital allocation, operational efficiency and sustained Free Cash Flow growth.

• Next-generation fixed and mobile infrastructure was described as virtually complete, supporting a structural reduction in investment.