NOS SGPS (NOS) Q4 2025 earnings summary

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.