NOS SGPS (NOS) Q4 2025 earnings summary

Executive summary

• Maintained strong operational momentum in FY25 and Q4, leveraging 5G, nationwide fiber, and next-gen infrastructure despite intense competition.

• Delivered robust cash flow, operational efficiencies, and attractive shareholder returns, supported by AI-driven programs and digital transformation.

• Launched Combina/COMBINA program, offering significant customer savings and targeting churn reduction.

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

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

Financial highlights

• FY25 consolidated revenue rose 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 up 29.3% to €241.5M for FY25; Q4 up 58.2% to €63.8M.

• Free cash flow excluding non-recurring items up 15% to €263.8M for FY25; Q4 up 132% to €71M.

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

Outlook and guidance

• Continued efficiency gains expected from SCALE/SCAILE program through 2026, with only a portion of use cases implemented.

• Dividend per share of €0.45 for 2025, including an extraordinary dividend.

• Focus on operational efficiency, digital transformation, and leveraging advanced AI solutions.

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

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