“The results for the third quarter and the first nine months of 2026 clearly highlight the structural change in NOS’ cash generation profile. Our focus on operational execution, combined with the end of the intensive network expansion investment cycle, is translating into sustained growth in Free Cash Flow.
In the third quarter, operational cash generation (EBITDA AL – CAPEX) grew by 12.5%, driving an 11.6% increase in recurring Free Cash Flow. Including non‑recurring effects, total Free Cash Flow for the quarter reached 106.3 million euros.
This strengthened ability to convert results into cash is underpinned by two clear drivers: 1. Solid commercial and operational performance: Consolidated revenues grew 5.1% to 480.6 million euros, supported by strong momentum in the Enterprise segment and in IT (+39.2%), and a historic quarter in Cinemas (+36.7%). In telecommunications, the quality of our infrastructure allowed us to add a further 111 thousand services in the quarter, taking us beyond 11 million RGUs in a highly competitive market. 2. Structural reduction in CAPEX: With next-generation fixed and mobile infrastructure virtually completed, total investment excluding leases fell by 8.4%, reducing telecommunications CAPEX to 19.4% of revenues.
This stronger financial profile allowed us to increase Net Income by 35.3% to 88.3 million euros, while maintaining a conservative balance sheet, with a Net Financial Debt to EBITDA AL ratio of 1.4x, a strength that has once again been validated by rating agencies.
We enter the final stretch of 2026 with our commitment intact: disciplined capital allocation, operational efficiency and sustained Free Cash Flow growth.
Miguel AlmeidaChief Executive Officer
Latest Results
Key Highlights
• Consolidated revenue of 480.6 million euros (+5.1% vs. 3Q25), supported by growth in the IT segment and in Cinema
& Audiovisuals, and by the resilience of the Telecommunications segment, particularly the Consumer unit, despite the
structural reduction in Wholesale & Other revenues.
• Consolidated EBITDA increased to 225.6 million euros (+1.3% vs. 3Q25), with an EBITDA margin of 46.9% (-1.8 pp vs.
3Q25), reflecting the higher weight of resale revenues and equipment sales in IT and Telecoms, as well as headwinds
from energy costs.
• Structural reduction in Telecom CAPEX drove a decrease in total CAPEX excluding Leases to 83.8 million euros (-8.4%
vs. 3Q25).
• Total Free Cash Flow of 106.3 million euros (+107.8% vs. 3Q25), reflecting a combination of robust operational
performance, lower investment and non-recurring cash-in related to legal proceedings.
• Consolidated Net Income of 88.3 million euros (+35.3% vs. 3Q25)
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