Reflecting on a Decade of Growth and a Year of Record Achievement
As I look back on the past year, I do so with immense pride and gratitude. In 2024, we marked the 10th anniversary of NOS—a decade of transformation, innovation, and leadership in Portugal’s communications, technology, and entertainment sectors. This milestone is not just a celebration of time passed but a reflection of the extraordinary journey we have undertaken together.
When we embarked on this path in 2014, we set out with a clear vision: to unite two leading players in the Portuguese telecom market and build a company positioned to drive the next wave of convergent growth. Ten years later, our ambition, strategic focus, and relentless execution have established NOS as an undisputed market leader.
2024 was a record-breaking year in many ways. We reinforced our leadership in 5G, achieving the largest coverage, highest quality, and fastest deployment of any operator in Portugal—achievements independently recognized at both national and European levels. We accelerated the expansion of our FTTH coverage, providing 5.7 million households with cutting-edge connectivity. Our digital transformation programs advanced rapidly, enhancing customer interfaces and transactional platforms to improve interactions and deliver a more seamless and personalized experience. And, driven by our commitment to technological leadership, customer experience, and operational excellence, we increased our market share to nearly 32%1 , achieving our strongest year ever in revenue growth, profitability, and cash generation.
We reinforced our leadership in 5G, achieving the largest coverage, highest quality, and fastest deployment of any operator in Portugal.
Looking Ahead: A New Cycle of Innovation and Leadership
As we enter a new strategic cycle, we do so in an increasingly complex market environment, shaped by rapid technological disruption and evolving customer expectations. Yet, where there are challenges, there are also immense opportunities.
Our ambition remains clear: to reinforce our leadership in the consumer segment by delivering a differentiated value proposition built on technological superiority and fostering strong, trusted relationships with our customers. At the same time, we are driving disruptive growth in the enterprise segment, positioning NOS as the preferred partner for digital transformation. In line with this strategy, we took a major step toward leadership with the announcement of our acquisition2 of Claranet Portugal in January 2025. As a leading player in the Portuguese tech sector, Claranet will significantly enhance our ability to deliver cutting-edge technological solutions, enabling real impact transformation for businesses across the country.
A key enabler of our future growth will be the large-scale deployment of AI and advanced digital solutions across all areas of our business.
By embedding AI-driven capabilities into every function, we aim to maximize business potential, drive operational efficiency, and establish NOS as a fully AI-enabled organization, ready to meet the demands of an increasingly digital world.
However, what truly sets NOS apart is our people—their expertise, dedication, and ability to navigate constant change. We continue to invest in talent, strengthen leadership development, and foster a culture of continuous learning, ensuring we remain prepared for the challenges ahead. At the same time, we are deepening our commitment to sustainability and social responsibility, reinforcing our Human Rights Policy across our entire ecosystem—employees, partners, suppliers, customers, and the broader community. Our commitment to fighting climate change is also stronger than ever, as reflected in the progress detailed in our sustainability statement later in this report.
What truly sets NOS apart is our people—their expertise, dedication, and ability to navigate constant change.
Finally, financial discipline and capital optimization remain at the core of our strategy. By ensuring operational efficiency and maximizing returns, we reinforce our market leadership while securing the financial sustainability needed to continue investing in the future and creating long-term value for our shareholders, all our stakeholders, and the country.
With a bold vision, the right strategy, and an exceptional team, I am confident that NOS is ready for this next phase of transformation and growth, and I look forward to continuing this journey with all of you.
Miguel Almeida