“The past year was marked by significant challenges for the telecommunications and technology sector, shaped by an uncertain geopolitical environment and particularly intense competition. In this context, NOS demonstrated once again the strength of its strategy and the execution capability of its teams, delivering solid and sustainable results.
Our performance reflects a clear vision: growing with discipline, transforming the business model, and creating long-term value. Consolidated revenue reached 1,823 million euros, with growth supported by the resilience of the telecommunications segment and the expansion of the enterprise business unit and Information Technology segment. EBITDA grew by 4.3%, with margin improvement, demonstrating the effectiveness of our transformation programme and the continuous focus on efficiency, achieved through the comprehensive adoption of Artificial Intelligence in our operations.
In 2025, we also took a decisive strategic step with the integration of Claranet Portugal, reinforcing our ambition to evolve into a complete technological partner. Today, NOS combines leadership in connectivity with growing expertise in cloud, cybersecurity, and high value-added digital services, positioning itself as an active agent for the digital transformation of Portuguese companies.
Despite a more challenging competitive environment in the Consumer business unit, we maintained solid operational momentum, with growth across our service base and strong performance in the Enterprise business unit, reflecting customers' trust in the quality of our networks and solutions. In parallel, we continued to strengthen financial discipline, structurally reducing CAPEX and increasing Operational Cash Flow generation, which reached robust levels throughout the year.
Artificial Intelligence played a central role in our transformation. Through the SCAILE programme, we are integrating AI transversally across the organisation, simplifying processes, increasing efficiency, and accelerating innovation. This is a fundamental step towards building smarter networks, more agile operations, and more personalised experiences for our customers.
We maintain one of the sector's most solid capital structures, with a conservative leverage ratio and a balanced shareholder remuneration policy, combining attractiveness with financial sustainability. This positioning allows us to continue investing in the future, while preserving balance sheet strength.
Our commitment goes beyond financial results. We believe that technological progress only makes sense when accompanied by environmental responsibility, positive social impact, and a strong culture based on people. It is our people who make the execution of our strategy possible and who sustain the ambition to lead the next phase of innovation in Portugal.
We enter 2026 with confidence, but also with a sense of urgency. The convergence between connectivity, information systems, and artificial intelligence is reshaping our sector — and NOS is prepared to lead that change. With a consistent strategy, a differentiated technological base, and exceptional teams, we remain focused on building a company that is more resilient, more efficient, more innovative, closer to its customers, and fully prepared for an uncertain future.
Miguel AlmeidaChief Executive Officer
Latest Results
Key Highlights
• Consolidated revenues reached 1,823.2 million euros, up 1.6%, supported by Telecommunications and the positive contribution from the new IT segment and adjacent businesses, despite weaker Cinema & Audiovisuals.
• Consolidated EBITDA grew 4.3%, supported by ongoing focus on profitability and operational efficiency, with margin expanding by 1.2pp.
• Net income excluding non-recurrent effects reached 241.5 million euros, up 29.3% vs 2024.
• CAPEX decreased 2.4%, reflecting the continued structural reduction in investment.
• Operating cash flow remained strong, with EBITDA AL minus CAPEX increasing 15.4% to 314.1 million euros.
