“In the second quarter of 2025, NOS strengthened its position as a driving force behind Portugal’s digital transformation, through a series of initiatives that combine technology, innovation, and a firm commitment to the country’s economic, social, and environmental development.
With an investment of €228 million in the first half of the year, NOS continues to demonstrate its commitment to deliver the best mobile and fixed network infrastructure and the most advanced communications services, as evidenced by our clear leadership in providing “5G Standalone” technology. At the core of this investment is a focus on innovation. For the second year in a row, NOS was recognised by the Direção Geral de Estatísticas da Educação e Ciência (an official education and science statistics office in Portugal) as the company that invests the most in R&D — a distinction that reinforces our role as a catalyst for the country’s digital transformation.
As part of NOS’s evolution into a broader digital enterprise, and following the acquisition of Claranet Portugal in March, this quarter we launched CyberInspect — a new business unit that democratises access to cybersecurity, enabling any company to identify vulnerabilities and reduce risks. With a unique portfolio of products and services and a superior customer experience, and despite a challenging market environment, NOS maintained its revenue growth trajectory, posting a 3% increase in the second quarter.
As part of its Transformation Programme, NOS continues to improve operational efficiency — particularly through process reengineering supported by disruptive technologies such as generative Artificial Intelligence, which has driven productivity gains and cost reductions across all areas of business. The success of this programme, which is still far from its full potential, has enabled an expansion of the operating margin, which grew by 1.2 pp. this quarter. Combined with revenue growth, this margin expansion led to a 6% increase in EBITDA and a 35% rise in Operating Cash Flow.
Our strong focus in new growth avenues, combined with growing operational efficiency in the telecommunications business, makes us face the company’s future with confidence, despite an increasingly challenging market context. NOS remains firmly committed to reinforce its significance and unique role in Portugal’s digital transition."
Miguel AlmeidaChief Executive Officer
Latest Results
Key Highlights
• Consolidated revenues increased by 3.2% to 458.2 million euros, supported by solid performance in the Telecommunications business.
• Operational efficiency and ongoing transformation programs enable costs to grow at a slower pace than revenues, resulting in a 5.9% EBITDA growth and margin expansion of 1.2pp to 44.3%.
• CAPEX continues its decreasing trend, declining by -1.9% overall, reflecting the completion of most investments in 5G.
• Sustained growth in operational free cash flow with EBITDA AL minus CAPEX increasing to 77.4 million euros.
