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PARA ALTERAR CORES/FORMAS 1. É possível alterar qualquer cor do diapositivo (texto ou elementos gráficos) selecionando a forma ou o texto que pretende modificar, escolhendo Preenchimento da forma ou Preenchimento do texto, e selecionando a cor desejada na paleta de Cores do tema. 2. Também é possível adicionar ou eliminar qualquer forma ou texto utilizando as opções Copiar e Colar ou clicando no botão Eliminar. 4 November 2026 Conference Call 3Q26
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3Q26 in Review 01
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Revenue growth driven by outstanding IT and Cinema & Audiovisuals results, while resilient Telco performance was impacted by WS&O decline EBITDA growth despite lower margin due to higher volume of resale and energy costs Operational cash flow leveraged by top - line progression and structurally lower CAPEX, with FCF generation boosted by non - recurring items 3Q26 in Review
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CONFERENCE CALL 3Q 2026 4 Revenues 480.6M€ +5.1% EBITDA 225.6M€ +1.3% CAPEX excluding leasing 83.8M€ -8.4% EBITDA AL-CAPEX excluding leasing 109.3M€ +12.5% FCF Excluding non- recurring items Net Income 88.3M€ +35.3% 11,079k +111.1k Total RGUs 1,573k +7.9k Unique Fixed Access 6,312k +87.7k Homes Passed 5,893k +111.7k Mobile RGUs 106.3M€ +107.8% 3Q26 78.6M€ +11.6% Excluding non- recurring items 88.3M€ +35.6% Top - line growth and structural CAPEX reduction led to healthy operational cash flow
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5 CONFERENCE CALL 3Q 2026 NOS’ mobile network recognized as the best in Portugal for the 2nd year in a row by DECO PROteste NOS ’ mobile network described by DECO PROteste as “ The mobile network with the best overall performance , offering the best balance between speed and browsing quality” . A B C 292,533 253,449 239,238 50,855 Mobile network quality A B C 430.8 398.1 386.1 77.7 A B C 36.5 28.0 21.9 12.0 Download speed (last 12 months (Mbps)) Upload speed (last 12 months (Mbps))
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6 CONFERENCE CALL 3Q 2026 SCAILE – Service Automation use case example EXECUTION PROGRAMS Service Automation Workforce Augmentation Smart Pairing Intelligent Automation ML & Exp . Optimization Productivity Tech Productivity SC AI LE Strategic program to develop advanced digital solutions and AI at scale across NOS 7 Execution Programs +140 AI use cases identified Customer - Facing Gen AI Chat Solution Multi - agent conversational written AI deployed in App myNOS and Web Self Care, increasing efficiency and improving customer experience. Customer - Facing Gen AI Voice Solution Multi - agent conversational AI deployed on the voice care channel, increasing efficiency and improving customer experience. >50k INTERACTIONS/ MONTH >85% CORRECT ANSWERS >16 TOOLS USED >20k CALLS HANDLED +50% DEFLECTION +15pp SATISFACTION Natural Conversation Customer agents Billing Agent Smart Handover Features Scheduling Agent RAG Agent Portfolio Agent CONVERSATIONAL VOICE
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Operational Performance 02
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8 CONFERENCE CALL 3Q 2026 6.3 million households covered by NOS next generation fixed network, and FttH expansion driving penetration to 93% Fixed NGN Coverage k, Households 5,981 6,117 6,127 6,225 6,312 3Q25 4Q25 1Q26 2Q26 3Q26 +5.5% +332k FttH Coverage k, Households 6,312k Households covered with NOS’ Next Generation Fixed network, with +88k new homes in 3Q26. 5,845k Households covered with FttH, +139k vs last quarter, 92.6% with NOS’ Fixed NGN. 5,262 5,473 5,568 5,706 5,845 3Q25 4Q25 1Q26 2Q26 3Q26 +11.1% +583k
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9 CONFERENCE CALL 3Q 2026 Total RGUs surpassed the 11 million level, with ongoing positive operational performance in Mobile and Fixed services Total RGUs, EoP , k +111.1k RGUs QoQ Total RGUs increased by 111.1k to 11,079k, with positive contributions from Mobile and Fixed services. 14.5k net additions from Fixed RGUs, with higher volume QoQ, while Wireless RGUs migration continued, with 15.1k net losses. Mobile RGUs added 111.7k, with strong performance QoQ and in line YoY . 452 4,731 5,687 3Q25 436 5,749 4Q25 420 3Q26 389 5,893 4,797 2Q26 5,782 4,782 404 1Q26 5,753 4,7744,751 10,936 10,948 10,968 11,07910,869 +1.9% +209k -10.6 30.4 111.0 3Q25 -16.3 19.7 62.8 4Q25 -15.5 23.6 3.8 1Q26 -16.5 8.1 28.6 2Q26 -15.1 14.5 111.7 3Q26 130.8 66.2 11.9 20.2 111.1 Mobile Fixed Wireless Total RGUs Net Adds, QoQ, k
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10 CONFERENCE CALL 3Q 2026 Unique Fixed Accesses growth driven by positive commercial dynamics across TV Bundles and standalone offers Fixed Access, EoP , k Fixed Access Net Adds, QoQ, k +7.9k Fixed Access Unique Fixed Accesses increased by 7.9k in 3Q26 to 1,573k. Strong performance in TV bundles and also on standalone offers. 3Q25 4Q25 1Q26 2Q26 3Q26 1,548 1,555 1,563 1,565 1,573 +1.6% +25k 3Q25 4Q25 1Q26 2Q26 3Q26 12.1 7.1 8.0 2.3 7.9
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11 CONFERENCE CALL 3Q 2026 Strong quarterly performance from mobile services, with continued healthy momentum from post - paid RGUs and positive quarter in pre - paid +111.7k RGUs Mobile RGUs added 111.7k (vs +28.6k last quarter) to 5,893k, with positive dynamics in both post-paid and pre- paid services: • Value-added mobile post-paid added 62.9k RGUs. • Mobile pre-paid increased by 48.8k RGUs, benefiting from positive results in both mobile and broadband services during summer/holiday season. Mobile Net adds , QoQ, k Mobile RGUs, EoP,k 974 930 979 4,621 1,065 3Q25 4,710 1,039 4Q25 4,779 1Q26 4,851 2Q26 4,914 3Q26 5,687 5,749 5,753 5,782 5,893 +3.6% +207k Post-paid Pre-paid 116 89 69 72 49 -26 -66 -44 63 -5 3Q25 4Q25 1Q26 2Q26 3Q26 111 63 4 29 112
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12 CONFERENCE CALL 3Q 2026 1) Source: ICA August was the best month ever in terms of tickets sold with 1.3m, driving quarterly ticket sales up by 43.8% to 2.8m Cinema tickets sold k, YoY % Ticket sales increased 43.8%, driven by a strong blockbuster line- up, notably Spider-Man and The Odyssey, pushing August to our best month ever. NOS Audiovisuais distributed 2 out of the top 5 movies in 3Q26 (5 on top 10). Infinity Vision, a Disney international certification for sound and image quality standards, was implemented in 3Q26. -28.0% 3Q25 -19.1% 4Q25 12.1% 1Q26 -1.7% 2Q26 43.8% 3Q26 1,917 1,649 1,850 1,869 2,757 43.8% 3Q26 Portugal Top movies by tickets sold 1 k NOS NOS Audiovisuais’ distribution 879 772 312 246 198 NOS 1st 2nd 3rd 4th 5th NOS
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Financial Performance 03
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14 CONFERENCE CALL 3Q 2026 Consolidated revenue up +5.1% in 3Q26, driven by strong IT and Cinema & Audiovisuals performance while Telco was penalized by WS&O Consolidated Revenue 1 , M € 3Q25 3Q26 457.3 480.6 +5.1% Telco Revenue , M € A&C Revenue , M € 291.2 76.7 30.6 3Q25 291.2 79.8 26.5 3Q26 398.6 397.4 -0.3% 10.931.3 3Q25 25.9 32.9 3Q26 42.3 58.8 +39.2% 3Q25 3Q26 25.9 35.3 +36.7% IT Revenue , M € +5.1% Service Equipment & licences 1) Consolidated Revenue includes instersegment eliminations B2C B2B WS&O +137.3% 0.0% +4.0% -13.6%
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15 CONFERENCE CALL 3Q 2026 Consolidated EBITDA growth despite resale and energy costs impact on margin progression Consolidated EBITDA , M € 3Q25 3Q26 222.7 225.6 +1.3% Telco EBITDA , M € A&C EBITDA , M € 3Q25 3Q26 205.1 202.7 -1.1% 3Q25 3Q26 5.7 7.0 +23.9% 3Q25 3Q26 12.0 15.9 +32.5% IT EBITDA , M € -1.8pp -0.4pp -1.5pp -1.4pp46.9%Margin 48.7% 51.0%51.4% 11.9%13.4% 44.9%46.3% EBITDA AL, YoY +2.3% -0.5% +31.5% +45.4%
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16 CONFERENCE CALL 3Q 2026 Stronger operational cash - flow generation supported by structurally lower CAPEX and EBITDA expansion Total CAPEX ex. leasing, M € 85.1 1.8 4.6 3Q25 -8.2 Telco 3Q26A&C 1.1 91.5 -0.6 83.8 IT -8.4% Telco IT Audiovisuals and Cinema -9.6% -34.8% 24.0%YoY, % 3Q25 3Q26 97.2 109.3 +12.5% EBITDA AL – CAPEX ex. leasing, M € 76.9 1.2 5.7
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17 CONFERENCE CALL 3Q 2026 Net Income grew 35.3% to 88.3M €, with significant contributions from lower D&A and better JV results on top of solid operational performance Net Income , M € +35.6% (+23.2M€) Net Income exc. non-recurring items growth to 88.3M€, driven by: • EBITDA +2.9M€ uplift YoY driven by revenue expansion. • D&A +13.7M€ contribution YoY , reflecting the lower investment and a negative one- off in 3Q25 (10.4M€). • Net financial expenses +2.8M€ contribution YoY , benefiting from lower contingency-related interest costs. • Share of JV results contribution of 3.6M€. There were no non-recurring items in 3Q26 (vs +0.1M€ in 3Q25). 3Q25 -0.1 Non- recurring items 3Q251 2.9 13.7 D&A 2.8 Net Financial expenses 3Q26Non- recurring items 0.0 3Q261Non-current income /costs -0.3 Taxes, minorities and Desc. Units 0.5 EBITDA 65.1 88.3 88.3 Share of JV results 3.6 65.2 +35.3% +35.6% 1) Net Income excluding non-recurring items
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18 CONFERENCE CALL 3Q 2026 Underlying FCF increased +11.6% to 78.6M €, with non - recurring items further boosting YoY comparison in +47M € FCF ex Dividend , M € 19.2 Non- recurring items 3Q251 2.3 OCF 0.4 Interest paid 3Q26Non- recurring items 27.7 3Q261Other 1.3 Income taxes paid 4.1 51.2 70.4 78.6 106.3 3Q25 +107.8% +11.6% +107.8% (+55.1M€) Free Cash Flow to 106.3M€, with mixed effects: • OCF added 2.3M€, with 12.1M€ contribution from EBITDA AL-CAPEX partially diluted by WC negative impact of 9.8M€. • Interest paid +0.4M€ contribution. • Income taxes paid +4.1M€ positive impact on FCF. • Other improved +1.3M€ due to lower restructuring costs YoY . Non-recurring items improved 47M€ to 27.7M€, benefiting from higher cash-in from legal proceedings and positive impact from non-recurring taxes. Excluding these effects, FCF increased by 11.6%. 1) Free-Cash-Flow excluding non-recurring items
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19 CONFERENCE CALL 3Q 2026 Solid capital structure and robust liquidity profile, with 1.4x NFD/ EBITDA AL 1.4x NFD/ EBITDA AL, down 0.21x vs 3Q25 and remaining well below the reference level of ~2x. 3.1% Average cost of debt, +0.3pp vs 3Q25, reflecting a higher interest rate environment. 256M€ Liquidity position as of September 30. 4.4M€ cash & equivalents, and 251.5M€ available commercial paper. NFD , M € & NFD / EBITDA AL , x 930 975 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3Q25 4Q25 1Q26 2Q26 3Q26 1.6x 1,094 1.5x 1,022 1.4x 1.6x 1.4x 1,078 0 5 10 15 20 25 30 35 40 45 50 0 1 2 3 4 5 6 7 8 9 3Q25 4Q25 1Q26 2Q26 3Q26 2.8% 2.8% 2.8% 2.9% 3.1% Average cost of debt , %
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