“In the second quarter of 2026, NOS once again demonstrated its operational resilience and ability to generate value, despite a highly challenging competitive environment.
The AI-enabled transformation continues to drive operational efficiency, reinforcing the productivity gains that underpin EBITDA margin expansion and increased profitability.
Free cash flow showed a material improvement, supported by optimised investment as the telecommunications network roll-out cycle draws to a close. This is the quarter’s most significant signal and confirms the structural phase we have entered.
Consolidated revenue remains under pressure by the Consumer business unit, which continues to be impacted by a market that remains exceptionally competitive. In the Enterprise business unit, both the Telecommunications and IT segments delivered growth, which allowed consolidated revenue to remain broadly in line with the same period last year.
This quarter was also marked by external recognition, including distinctions from TIME magazine and the Financial Times, which attest to the company’s commitment and achievements in the field of Sustainability.
We enter the second half of the year with the expectations of maintaining this trajectory – the same pattern of financial discipline, operational efficiency and increasing cash flow conversion that characterised the first half."
Miguel AlmeidaChief Executive Officer
Latest Results
Key Highlights
• Consolidated revenue of 458.3 million euros (in line with 2Q25), impacted by continued pressure in the Consumer
business unit and lower Wholesale & Other revenue in the Telecommunications segment, despite growth in the
Enterprise business unit and in IT.
• EBITDA of 206.0 million euros (+1.5% vs. 2Q25), with EBITDA margin expanding 0.7 percentage points to 44.9%,
supported by a 1.2% reduction in operating costs and efficiencies generated by the SCAILE transformation programme.
• Total CAPEX excluding lease contracts of 84.2 million euros, an 8.2% decrease vs. 2Q25, confirming the structural
downward trend in investment levels given the maturity of Telecommunications infrastructures.
• Total Free Cash Flow of 83.3 million euros (+120.0% / +45.4 million euros vs. 2Q25), benefiting from operational
improvement, lower CAPEX and 20.8 million euros of positive non-recurring effects related to tower disposals and legal
proceedings.
• Consolidated Net Income1 reached 77.5 million euros (+34.1% vs. 2Q25).
