Interim report
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2.1 Valorizamos as Nossas Pessoas 2.2 2.3 2.4 2.5 Relatório Anual Integrado 2023 01 02 03 04 1 Earnings Announcement 3 Q26
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Earnings Announcement 3 Q 2 6 2 Lisbo n , 3 November 2026 M essage from Miguel Almeida, CEO Operational execution and capital discipline accelerate Free Cash Flow 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. Highlights of 3 Q 2 6 results • 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 a n 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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Earnings Announcement 3 Q 2 6 3 Consolidated Financial Statements The Consolidated Financial Statements for the first nine months of 2026 (“9M26”) were subject to a limited review. Following the completion of the acquisition of Claranet Portugal, 1Q25 Results and CAPEX were restated to include Claranet Portugal, to reflect the effects of the acquisition and ensure comparability with 1Q26. In the beginning of the year, the “Telecommunications” and “IT” segments were subject to a reclassification of revenue and costs to ensure greater alignment with the current segment view. In particular, Claranet connectivity revenue and costs are now reported within the Telecommunications segment. Within the Telecommunications segment, two changes were also implemented in 2026 to provide greater alignment and clarity regarding the dynamics of each business unit: a new segmentation into three business units (“Consumer”, “ Business” and “Wholesale & Other”), and an adjustment of the perimeter between the Business and Consumer business units. Table 1. Operating Revenue 457.3 480.6 5.1% 1,367.1 1,399.1 2.3% Operating costs excluding D&A (234.6) (255.0) 8.7% (744.2) (764.2) 2.7% EBITDA 222.7 225.6 1.3% 622.8 634.9 1.9% EBITDA margin 48.7% 46.9% (1.8pp) 45.6% 45.4% (0.2pp) Operating costs excluding D&A AL (268.6) (287.5) 7.0% (844.3) (863.1) 2.2% EBITDA AL (2) 188.7 193.1 2.3% 522.7 536.0 2.5% EBITDA AL margin 41.3% 40.2% (1.1pp) 38.2% 38.3% 0.1pp Leasings (34.0) (32.5) (4.4%) (100.1) (98.9) (1.2%) Depreciation and Amortization (132.7) (119.1) (10.3%) (382.0) (360.8) (5.5%) (Other Expenses) / Income (0.4) (0.8) 117.6% (5.7) 13.9 (344.8%) Operating Profit (EBIT) (3) 89.6 105.7 18.0% 235.2 288.0 22.5% Share of profits (losses) of associates and joint ventures 3.3 6.9 109.4% 15.0 15.4 2.4% (Financial Expenses) / Income (17.1) (14.3) (16.5%) (50.1) (44.6) (11.0%) Leases Financial Expenses (8.0) (7.6) (3.9%) (24.6) (23.1) (6.0%) Funding & Other Financial Expenses (9.2) (6.7) (27.4%) (25.5) (21.5) (15.8%) Income Before Income Taxes 75.7 98.2 29.8% 200.1 258.8 29.3% Income Taxes (10.6) (10.1) (4.7%) (17.7) (31.5) 78.0% Non-Controlling Interests 0.1 0.1 22.7% (0.2) 0.4 (312.6%) Net income 65.2 88.3 35.3% 182.2 227.7 25.0% Net income excluding non-recurring effects (4) 65.1 88.3 35.6% 177.9 216.4 21.7% Profit and Loss Statement (1) (Millions of Euros) 3Q25 3Q26 3Q26 / 3Q25 9M25 9M26 / 9M25 9M26 (2) EBITDA AL = Operating Result + Depreciation, Amortization, and Impairment Losses + Integration Costs + Losses / (Gains) on Asset Disposals + Other Non-Recurrent Costs / (Gains) after Leases (3) EBIT = Net profit before financial results and taxes. (4) Excludes non-recurring effects resulting from tower sale and non-recurring gains related to legal proceedings. (1) The values presented from Q1 2025 have been restated to ensure comparability with the 2026 data, reflecting the effects of the acquisition of Claranet Portugal from April 2025 onwards
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Earnings Announcement 3 Q 2 6 4 Consolidated revenue grows 5.1%, driven by IT and Cinema & Audiovisuals Consolidated revenue in 3Q26 reached 480.6 million euros, representing a 5.1% increase versus 3Q25. This evolution was supported by the performance of the IT segment and by significant growth in the Cinema & Audiovisuals segment. In the Telecommunications segment, revenue totaled 397.4 million euros (‑0.3% vs 3Q25), with the solid performance of the Enterprise business unit (+4.0% vs 3Q25) and stable revenue in the Consumer business unit (0.0% vs 3Q25) being offset by the structural decline in the Wholesale & Others business unit (‑13.6% vs 3Q25). At the end of 3Q26, the Telecommunications customer base exceeded 11 million RGUs, with 111 thousand net additions compared to the previous quarter. The Consumer unit recorded an increase of 101.4 thousand RGUs, while the Enterprise unit posted 9.6 thousand net additions. Mobile services grew by 111.7 thousand RGUs, with the continued strong momentum of post‑paid mobile services (+62.9 thousand net additions) complemented by growth in pre‑paid mobile services (+48.8 thousand net additions), benefiting from the summer holiday period. Unique fixed access lines increased by 7.9 thousand, bringing NOS’s Table 2. Profit and Loss Statement - Telco (Millions of Euros) Revenue 398.6 397.4 (0.3%) 1,185.9 1,179.6 (0.5%) Consumer Revenue 291.2 291.2 (0.0%) 865.6 862.7 (0.3%) Business Revenue 76.7 79.8 4.0% 236.4 244.2 3.3% Wholesale & Other Revenue 30.6 26.5 (13.6%) 83.9 72.7 (13.4%) Operating costs excluding D&A (193.5) (194.7) 0.6% (614.8) (604.2) (1.7%) EBITDA 205.1 202.7 (1.1%) 571.2 575.4 0.7% EBITDA margin 51.4% 51.0% (0.4pp) 48.2% 48.8% 0.6pp Operating costs excluding D&A AL (222.9) (222.8) (0.1%) (701.7) (689.7) (1.7%) EBITDA AL 175.6 174.7 (0.5%) 484.3 489.9 1.1% EBITDA AL margin 44.1% 44.0% (0.1pp) 40.8% 41.5% 0.7pp 3Q25 3Q26 3Q26 / 3Q25 9M25 9M26 9M26 / 9M25 Table 3. Profit and Loss Statement - IT (1) (Millions of Euros) Revenue (2) 42.3 58.8 39.2% 133.5 162.3 21.6% Service revenue 31.3 32.9 5.1% 92.4 97.5 5.6% Equipment & licences revenue 10.9 25.9 137.3% 41.2 64.8 57.4% Operating costs excluding D&A (36.6) (51.8) 41.6% (116.4) (142.5) 22.4% EBITDA 5.7 7.0 23.9% 17.1 19.8 15.8% EBITDA margin 13.4% 11.9% (1.5pp) 12.8% 12.2% (0.6pp) Operating costs excluding D&A AL (38.2) (53.4) 40.0% (121.1) (147.4) 21.6% EBITDA AL 4.1 5.4 31.5% 12.4 14.9 20.7% EBITDA AL margin 9.7% 9.2% (0.5pp) 9.3% 9.2% (0.1pp) (1) The values presented from Q1 2025 have been restated to ensure comparability with the 2026 data, reflecting the effects of the acquisition of Claranet Portugal from April 2025 onwards (2) In accordance with IFRS 15, the revenue from contracts where NOS and Claranet act as an Agent (and not as a Principal) should be recognized on a net basis in the consolidated financial statements 9M26 / 9M25 3Q25 3Q26 3Q26 / 3Q25 9M25 9M26 Table 4. Profit and Loss Statement - Audiovisuals & Cinema (Millions of Euros) Revenue 25.9 35.3 36.7% 74.8 85.8 14.8% Operating costs excluding D&A (13.9) (19.5) 40.2% (40.2) (46.1) 14.7% EBITDA 12.0 15.9 32.5% 34.6 39.7 14.8% EBITDA margin 46.3% 44.9% (1.4pp) 46.3% 46.3% 0.0pp Operating costs excluding D&A AL (16.9) (22.3) 32.0% (48.7) (54.6) 12.1% EBITDA AL 9.0 13.0 45.4% 26.1 31.2 19.7% EBITDA AL margin 34.7% 36.9% 2.2pp 34.9% 36.4% 1.5pp 9M26 / 9M25 3Q25 3Q26 3Q26 / 3Q25 9M25 9M26
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Earnings Announcement 3 Q 2 6 5 total RGUs up 1.9% year ‑on‑year to 11.079 million at the end of the quarter, with positive dynamics in both bundled and stand‑alone services. Revenue in the Consumer unit totaled 291.2 million euros, in line with the same period of the previous year despite the challenging competitive environment, supported by a strong quarter in equipment sales. The Enterprise unit reinforced its role as a growth lever within the Telecommunications segment, with revenue increasing 4.0% versus the prior‑year period, to 79.8 million euros. Changes in wholesale models in 2026, with a simultaneous reduction in revenues and associated costs, impacted the performance of the Wholesale & Others business unit, which recorded revenue of 26.5 million euros (‑13.6% vs 3Q25). In the IT segment, revenue amounted to 58.8 million euros, a very strong increase of 39.2% compared to 3Q25. The Services component maintained a solid growth pace of +5.1% vs 3Q25, reaching 32.9 million euros, reinforcing NOS’s positioning as a partner of choice for Portuguese companies in value‑added techn solutions. Sales of Equipment and Licences posted extraordinary growth of 137.3% to 25.9 million euros, benefiting from larger-scale projects delivered in the quarter. Revenue in the Cinema & Audiovisuals segment reached 35.3 million euros in 3Q26, an increase of 36.7% versus the same period of the previous year. This performance was driven by outstanding results in the Cinema exhibition unit, with the number of tickets sold increasing 43.8% to 2.8 million, and August recording the best month ever in tickets sold. Financial performance was further enhanced by customer preference for premium formats, particularly IMAX screens. In the Audiovisuals business unit, revenue growth was more moderate, as the two main box office hits of the quarter were not distributed by NO S Audiovisuais. Good operational performance with EBITDA increasing 1.3% In 3Q26, consolidated operating costs excluding depreciations and amortisation totaled 255.0 million euros (+8.7% vs 3Q25), reflecting the higher weight of revenues and costs associated with the resale of equipment and licences in the Enterprise business unit and the IT segment, as well as the increase in energy costs. Consolidated EBITDA reached 225.6 million euros, a growth of 1.3% compared to 3Q25, with the EBITDA margin contracting by 1.8 p.p. due to the dilutive impact of lower-margin resale of equipment and licences as well as energy costs. These factors explain the reduction in the Telecommunications EBITDA margin by 0.4 p.p. to 51.0% (202.7 million euros, ‑1.1% vs 3Q25) and in the IT EBITDA margin by 1.5 p.p. to 11.9% (7.0 million euros, +23.9% vs 3Q25). In the Cinema & Audiovisuals segment, EBITDA increased 32.5% compared to the same period of the previous year, to 15.9 million euros, benefiting from the higher volume of tickets sold. After incorporating Lease costs, which totaled 32.5 million euros in the quarter (‑4.4%), EBITDA AL stood at 193.1 million euros, representing an increase of 2.3% compared to 3Q25 and a margin of 40.2%. Consolidated Net Income increases 35.3% to 88.3 million euros Consolidated Net Income in 3Q26 totalled 88.3 million euros, an increase of 23.0 million euros compared to 3Q25. This progression reflects: Table 5. Cinema Revenue per Ticket - box office (Euros) 6.5 7.2 11.2% 6.4 7.0 9.4% Tickets Sold - NOS ('000) 1,917.4 2,757.2 43.8% 5,469.6 6,475.5 18.4% Tickets Sold - Total Portuguese Market (1) ('000) 2,875.4 3,809.1 32.5% 8,432.9 9,259.4 9.8% Screens (units) 202 203 0.5% 202 203 0.5% (1) Source: ICA – Instituto do Cinema e do Audiovisual 9M26 / 9M25 Operating Indicators 3Q25 3Q26 3Q26 / 3Q25 9M25 9M26
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Earnings Announcement 3 Q 2 6 6 • EBITDA growth of 2.9 million euros year-on-year (+1.3% vs 3Q25), underpinned by the strong operating performance; • Positive contribution from the reduction in Depreciations and Amortisations by 13.7 million euros to 119.1 million euros (‑10.3% vs 3Q25), reflecting in part the lower level of investment and also an extraordinary impairment charge in 3Q25 (10.4 million euros); • “Other (Costs) / Income” totaling ‑0.8 million euros, adversely impacting net income versus the prior‑year period by ‑0.5 million euros; • Associates and joint ventures contributing 6.9 million euros, up 3.6 million euros , notably driven by business growth in Bright City; • A 2.8 million euros reduction in net financial costs ( ‑16.5% vs 3Q25) to 14.3 million euros, with 3Q25 result penalised by the recognition of interest associated with contingencies; • Income taxes decreasing by 0.5 million euros to 10.1 million euros. In 3Q26, no non ‑recurring effects net of taxes were recorded. In 3Q25, non ‑recurring effects amounted to 0.1 million euros and, excluding these effects, Consolidated Net Income in 3Q26 increased 35.6% versus the same period of the previous year. Total CAPEX decreases 8.4%, reflecting the final phase of building the Telecommunications infrastructure Total CAPEX excluding Lease Contracts stood at 83.8 million euros in 3Q26, representing a decrease of 8.4% compared to 3Q25, reaffirming the structural downward trend in investment as next‑generation mobile and fixed networks approach nationwide coverage. In the Telecommunications segment, CAPEX totaled 76.9 million euros, a decrease of 9.6% versus the same period, reflecting a lower need for technical investment (-17.3% vs 3Q25) and a stable evolution in customer‑related investment (+1.0% vs 3Q25). In the IT segment, CAPEX remained at low levels, at 1.2 million euros (‑0.6 million euros vs 3Q25), and in the Cinema & Audiovisuals segment CAPEX stood at 5.7 million euros (+1.1 million euros), supporting cinema modernization and premium cinema experience enhancements. Table 6. Total CAPEX Excluding Leasing Contracts 91.5 83.8 (8.4%) 273.8 253.9 (7.3%) Telco 85.1 76.9 (9.6%) 256.3 236.5 (7.7%) % of Telco Revenues 21.4% 19.4% (2.0pp) 21.6% 20.0% (1.6pp) o.w. Technical CAPEX 49.8 41.2 (17.3%) 149.9 131.3 (12.4%) % of Telco Revenues 12.5% 10.4% (2.1pp) 12.6% 11.1% (1.5pp) o.w. Customer Related CAPEX 35.3 35.8 1.2% 106.4 105.2 (1.2%) % of Telco Revenues 8.9% 9.0% 0.1pp 9.0% 8.9% (0.1pp) IT 1.8 1.2 (34.8%) 4.7 3.4 (27.2%) Audiovisuals & Cinema Exhibition 4.6 5.7 24.0% 12.7 14.0 9.7% Leasing Contracts 21.1 10.9 (48.4%) 68.0 35.6 (47.7%) Total Group CAPEX 112.6 94.7 (15.9%) 341.8 289.5 (15.3%) (1) CAPEX = Increase in tangible and intangible fixed assets, contract costs and rights of use 9M26 / 9M25 CAPEX (1)(2) (Millions of Euros) 3Q25 3Q26 3Q26 / 3Q25 9M25 9M26 (2) The values presented from Q1 2025 have been restated to ensure comparability with the 2026 data, reflecting the effects of the acquisition of Claranet Portugal from April 2025 onwards
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Earnings Announcement 3 Q 2 6 7 Robust operational performance and positive contribution from non ‑ recurring effects drive Free Cash Flow generation of 106.3 million euros Strong operational performance, with EBITDA AL increasing by 4.4 million euros, and the reduction in CAPEX by 7.7 million euros, translated into a 12.1 million euros increase in EBITDA AL – CAPEX, to 109.3 million euros. Working capital and non‑cash items recorded a variation of ‑9.8 million euros versus the same period of the previous year, to ‑8.7 million euros. Combining this movement, Operating Cash Flow increased by 2.3 million euros compared to the prior‑year period, reaching 100.6 million euros. Interest paid and other financial charges decreased 5.1% (‑0.4 million euros) to 6.7 million euros in 3Q26. Other Cash Movements and Disposals totaled 13.1 million euros in 3Q26, compared to ‑1.5 million euros in 3Q25, reflecting a net improvement of 14.6 million euros. In 3Q26, 13.4 million euros of cash‑in from legal proceedings were recognized. Income tax payments recorded a favourable variation of 37.9 million euros versus the same period of the previous year, reflecting tax refunds received in 3Q26, following excess advance corporate tax payments made relative to the final tax liability for the 2025 fiscal year, as well as the comparative effect of 3Q25, a period in which tax payments were significantly influenced by non‑recurring gains recognised in 2024. Total Free Cash Flow before dividends, financial investments and share buybacks reached 106.3 million euros in 3Q26, compared to 51.2 million euros in 3Q25. Excluding non‑recurring effects resulting from tower disposals and legal proceedings, adjusted Free Cash Flow increased by 8.2 million euros (+11.6% vs 3Q25) to 78.6 million euros. Table 7. EBITDA AL 188.7 193.1 2.3% 519.2 536.0 3.2% Total CAPEX Excluding Leasings (91.5) (83.8) (8.4%) (273.5) (253.9) (7.2%) EBITDA AL - Total CAPEX Excluding Leasings 97.2 109.3 12.5% 245.7 282.1 14.8% % of Revenues 21.3% 22.7% 1.5pp 18.4% 20.2% 1.8pp Non-Cash Items Included in EBITDA AL - CAPEX and Change in Working Capital 1.1 (8.7) (918.2%) 15.0 (24.6) (264.3%) Operating Cash Flow 98.2 100.6 2.4% 260.6 257.5 (1.2%) Interest Paid (7.0) (6.7) (5.1%) (20.5) (18.3) (10.7%) Income Taxes Paid (38.6) (0.7) (98.2%) (69.5) (2.7) (96.2%) Disposals 0.5 0.5 2.1% 0.8 17.5 2030.9% Other Cash Movements (2.0) 12.5 (712.6%) 0.9 27.3 2843.2% Total Free Cash-Flow Before Dividends, Financial Investments and Own Shares Acquisition 51.2 106.3 107.8% 172.4 281.4 63.2% Total Free Cash Flow Before Dividends, Financial Investments, and Own Shares Acquisition, excluding non-recurring effects (2) 70.4 78.6 11.6% 192.7 220.5 14.4% Financial Investments (0.0) (0.0) (59.2%) (145.6) 0.1 (100.1%) Acquisition of Own Shares 0.0 (3.3) 0.0% (2.5) (3.3) 29.9% Dividends 0.0 0.0 0.0% (204.9) (230.6) 12.6% Free Cash Flow 51.1 103.0 101.5% (180.6) 47.6 (126.4%) Debt Variation Through Financial Leasing, Accruals & Deferrals & Others 0.0 (0.1) (406.2%) 0.8 0.9 23.9% Change in Net Financial Debt (51.1) (103.1) 101.8% 181.3 (46.7) (125.7%) (1) Values presented are not restated with the acquisition of Claranet 9M26 / 9M25 Cash Flow (1) (Millions of Euros) 3Q25 3Q26 3Q26 / 3Q25 9M25 9M26 (2) Excludes non-recurring effects resulting from tower sale and non-recurring gains related to legal proceedings.
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Earnings Announcement 3 Q 2 6 8 Solid capital structure and robust liquidity profile, with Net Financial Debt / EBITDA AL ratio of 1.4x As at 30 September 2026, NOS’ Net Financial Debt stood at 975 million euros, while total Net Debt, including lease contracts (under IFRS 16), amounted to 1,582 million euros. The Net Financial Debt / EBITDA AL ratio was 1.4x, maintaining a downward trajectory following the dividend payment in May. The all‑in average cost of debt in 3Q26 was 3.1%. NOS’ liquidity position remained robust, totalling 256 million euros, of which 251.5 million euros correspond to unissued commercial paper lines and 4.4 million euros to Cash and Equivalents. At the end of the quarter, around 7% of NOS’ debt was issued at fixed rates and 62% was hedged via interest rate collars. Total average debt maturity at the end of 3Q26 was 2 years and 7 months. In September, NOS refinanced a total of 380 million euros through financing lines with maturities between 4 and 6 years, indexed to the Sustainability Linked Financing Framework, with favourable terms and conditions. This refinancing primarily aimed at replacing existing debt liabilities with with longer maturities, reinforcing NOS’ solid capital structure and enhancing financial flexibility to pursue its investment strategy and sustainable growth. Table 8. Non-current Assets 2,974.3 2,930.1 (1.5%) Current Assets 571.0 567.6 (0.6%) Total Assets 3,545.3 3,497.7 (1.3%) Total Shareholders' Equity 1,059.4 1,126.6 6.3% Non-current Liabilities 1,544.9 1,511.8 (2.1%) Current Liabilities 941.0 859.3 (8.7%) Total Liabilities 2,485.9 2,371.0 (4.6%) Total Liabilities and Shareholders' Equity 3,545.3 3,497.7 (1.3%) Balance Sheet (Millions of Euros) 3Q25 3Q26 3Q26 / 3Q25 Table 9. Short Term 282.9 166.0 (41.3%) Medium and Long Term 819.4 813.8 (0.7%) Total Debt 1,102.3 979.7 (11.1%) Cash and Short Term Investments 8.5 4.4 (48.1%) Net Financial Debt (1) 1,093.8 975.3 (10.8%) Net Financial Debt / EBITDA after lease payments (last 4 quarters) (2) 1.62x 1.40x (0.2pp) Leasings and Long Term Contracts 630.8 607.0 (3.8%) Net Debt 1,724.6 1,582.3 (8.2%) Net Debt / EBITDA (last 4 quarters) 2.14x 1.91x (0.24pp) Net Financial Gearing (3) 61.9% 58.4% (3.5pp) Net Financial Debt (Millions of Euros) 3Q25 3Q26 3Q26 / 3Q25 (1) Net Financial Debt = Borrowings - Leasings - Cash (2) EBITDA After Lease Payments = EBITDA - Lease Cash Payments (Capital & Interest) (3) Net Financial Gearing = Net Debt / (Net Debt + Total Shareholders' Equity).
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Earnings Announcement 3 Q 2 6 9 Appendix Table 10. Homes Passed 5,980.8 6,117.0 6,126.7 6,224.6 6,312.3 5,980.8 6,312.3 FttH Coverage 88.0% 89.5% 90.9% 91.7% 92.6% 88.0% 92.6% Total RGUs 10,869.4 10,935.6 10,947.5 10,967.8 11,078.8 10,869.4 11,078.8 o.w. Consumer RGUs 9,167.6 9,216.5 9,219.5 9,222.5 9,324.0 9,167.6 9,324.0 o.w. Business RGUs 1,701.8 1,719.1 1,728.0 1,745.2 1,754.9 1,701.8 1,754.9 Mobile RGUs 5,686.5 5,749.3 5,753.1 5,781.7 5,893.4 5,686.5 5,893.4 Pre-Paid 1,065.2 1,039.5 973.9 930.4 979.2 1,065.2 979.2 Post-Paid 4,621.3 4,709.8 4,779.2 4,851.3 4,914.2 4,621.3 4,914.2 Fixed RGUs 4,730.9 4,750.6 4,774.2 4,782.4 4,796.8 4,730.9 4,796.8 Wireless RGUs 452.0 435.7 420.2 403.7 388.6 452.0 388.6 Fixed Access 1,547.8 1,554.9 1,562.8 1,565.1 1,573.0 1,547.8 1,573.0 Residential ARPU / Unique Subscriber With Fixed Access (Euros) 50.5 51.1 50.5 50.7 50.4 50.7 50.5 Net Adds Homes Passed 79.0 136.3 9.6 98.0 87.7 242.7 195.3 Total RGUs 130.8 66.2 11.9 20.2 111.1 148.5 143.2 o.w. Consumer RGUs 120.9 49.0 3.0 3.0 101.4 93.7 107.4 o.w. Business RGUs 9.9 17.2 8.9 17.2 9.6 54.8 35.8 Mobile 111.0 62.8 3.8 28.6 111.7 121.4 144.1 Pre-Paid (5.2) (25.8) (65.5) (43.6) 48.8 (197.7) (60.3) Post-Paid 116.2 88.5 69.3 72.2 62.9 319.1 204.4 Fixed RGUs 30.4 19.7 23.6 8.1 14.4 65.6 46.2 Wireless RGUs (10.6) (16.3) (15.5) (16.5) (15.1) (38.5) (47.1) Fixed Access 12.1 7.1 8.0 2.3 7.9 23.3 18.1 Current quarter figures are estimates subject to possible review after final allocations determined Telco - operating indicators ('000) 3Q25 4Q25 1Q26 2Q26 3Q26 9M25 9M26 Table 11. Revenue per Ticket - box office (Euros) 6.3 6.3 6.5 6.7 6.7 6.3 6.7 Tickets Sold - NOS ('000) 1,650.5 1,901.8 1,917.4 1,649.0 1,849.8 1,650.5 1,849.8 Tickets Sold - Total Portuguese Market (1) ('000) 2,662.3 2,889.6 2,866.8 2,494.8 2,759.1 2,662.3 2,759.1 Screens (units) 213.0 213.0 202.0 208.0 196.0 213.0 196.0 (1) Source: ICA – Instituto do Cinema e do Audiovisual 9M25 9M26 Cinemas - operating Indicators 3Q25 4Q25 1Q26 2Q26 3Q26
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Earnings Announcement 3 Q 2 6 10 Table 12. Operating Revenue 457.3 486.3 460.2 458.3 480.6 1,367.1 1,399.1 Operating costs excluding D&A (234.6) (290.7) (256.9) (252.3) (255.0) (744.2) (764.2) EBITDA 222.7 195.5 203.3 206.0 225.6 622.8 634.9 EBITDA margin 48.7% 40.2% 44.2% 44.9% 46.9% 45.6% 45.4% Operating costs excluding D&A AL (268.6) (325.0) (290.4) (285.3) (287.5) (844.3) (863.1) EBITDA AL (2) 188.7 161.3 169.8 173.1 193.1 522.7 536.0 EBITDA AL margin 41.3% 33.2% 36.9% 37.8% 40.2% 38.2% 38.3% Leasings (34.0) (34.3) (33.5) (32.9) (32.5) (100.1) (98.9) Depreciation and Amortization (132.7) (127.7) (123.5) (118.2) (119.1) (382.0) (360.8) (Other Expenses) / Income (0.4) (1.2) 2.5 12.3 (0.8) (5.7) 13.9 Operating Profit (EBIT) (3) 89.6 66.7 82.2 100.1 105.7 235.2 288.0 Share of profits (losses) of associates and joint ventures 3.3 5.1 4.8 3.7 6.9 15.0 15.4 (Financial Expenses) / Income (17.1) (15.5) (15.0) (15.3) (14.3) (50.1) (44.6) Leases Financial Expenses (8.0) (7.8) (7.8) (7.6) (7.6) (24.6) (23.1) Funding & Other Financial Expenses (9.2) (7.7) (7.2) (7.6) (6.7) (25.5) (21.5) Income Before Income Taxes 75.7 56.2 72.0 88.6 98.2 200.1 258.8 Income Taxes (10.6) 7.4 (10.2) (11.2) (10.1) (17.7) (31.5) Non-Controlling Interests 0.1 0.2 0.2 0.1 0.1 (0.2) 0.4 Net income 65.2 63.8 62.0 77.5 88.3 182.2 227.7 Net income excluding non-recurring effects (4) 65.1 63.8 59.7 68.4 88.3 177.9 216.4 (4) Excludes non-recurring items resulting from tower sale and non-recurring gains related to legal proceedings. 3Q26 9M25 9M26 1Q26 2Q26 4Q25 Profit and Loss Statement (1) (Millions of Euros) 3Q25 (1) The values presented from Q1 2025 have been restated to ensure comparability with the 2026 data, reflecting the effects of the acquisition of Claranet Portugal from April 2025 onwards. (2) EBITDA AL = Operating Result + Depreciation, Amortization, and Impairment Losses + Integration Costs + Losses / (Gains) on Asset Disposals + Other Non-Recurrent Costs / (Gains) after Leases (3) EBIT = Net profit before financial results and taxes. Table 13. Profit and Loss Statement - Telco (Millions of Euros) Revenue 398.6 419.2 389.8 392.4 397.4 1,185.9 1,179.6 Consumer Revenue 291.2 297.4 285.8 285.7 291.2 865.6 862.7 Business Revenue 76.7 90.4 81.3 83.2 79.8 236.4 244.2 Wholesale & Others Revenue 30.6 31.4 22.7 23.5 26.5 83.9 72.7 Operating costs excluding D&A (193.5) (241.5) (204.8) (204.7) (194.7) (614.8) (604.2) EBITDA 205.1 177.7 185.0 187.7 202.7 571.2 575.4 EBITDA margin 51.4% 42.4% 47.5% 47.8% 51.0% 0.5pp 48.8% Operating costs excluding D&A AL (222.9) (270.9) (233.8) (233.2) (222.8) (701.7) (689.7) EBITDA AL 175.6 148.3 156.0 159.2 174.7 484.3 489.9 EBITDA AL margin 44.1% 35.4% 40.0% 40.6% 44.0% 40.8% 41.5% 2Q26 4Q25 3Q25 3Q26 9M25 9M26 1Q26
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Earnings Announcement 3 Q 2 6 11 Table 14. Profit and Loss Statement - IT (1) (Millions of Euros) Revenue (2) 42.3 50.8 54.4 49.1 58.8 133.5 162.3 Service revenue 31.3 32.5 31.6 33.0 32.9 92.4 97.5 Equipment & licences revenue 10.9 18.3 22.8 16.1 25.9 41.2 64.8 Operating costs excluding D&A (36.6) (45.3) (47.7) (43.0) (51.8) (116.4) (142.5) EBITDA 5.7 5.5 6.7 6.1 7.0 17.1 19.8 EBITDA margin 13.4% 10.8% 12.4% 12.4% 11.9% 12.8% 12.2% Operating costs excluding D&A AL (38.2) (46.9) (49.3) (44.6) (53.4) (121.1) (147.4) EBITDA AL 4.1 3.9 5.1 4.5 5.4 12.4 14.9 EBITDA AL margin 9.7% 7.7% 9.3% 9.1% 9.2% 9.3% 9.2% 3Q26 9M25 9M26 (1) The values presented from Q1 2025 have been restated to ensure comparability with the 2026 data, reflecting the effects of the acquisition of Claranet Portugal from April 2025 onwards 3Q25 (2) In accordance with IFRS 15, the revenue from contracts where NOS and Claranet act as an Agent (and not as a Principal) should be recognized on a net basis in the consolidated financial statements 4Q25 1Q26 2Q26 Table 15. Profit and Loss Statement - Audiovisuals & Cinema (Millions of Euros) Revenue 25.9 24.8 24.7 25.7 35.3 74.8 85.8 Operating costs excluding D&A (13.9) (12.4) (13.2) (13.5) (19.5) (40.2) (46.1) EBITDA 12.0 12.4 11.6 12.2 15.9 34.6 39.7 EBITDA margin 46.3% 49.8% 46.8% 47.6% 44.9% 46.3% 46.3% Operating costs excluding D&A AL (16.9) (15.7) (16.0) (16.3) (22.3) (48.7) (54.6) EBITDA AL 9.0 9.1 8.7 9.5 13.0 26.1 31.2 EBITDA AL margin 34.7% 36.6% 35.3% 36.8% 36.9% 34.9% 36.4% 9M25 9M26 3Q25 4Q25 1Q26 2Q26 3Q26 Table 16. Total CAPEX Excluding Leasing Contracts 91.5 92.8 85.9 84.2 83.8 273.8 253.9 Telco 85.1 85.3 79.9 79.7 76.9 256.3 236.5 % of Telco Revenues 21.4% 20.4% 20.5% 20.3% 19.4% 21.6% 20.0% o.w. Technical CAPEX 49.8 48.7 44.7 45.4 41.2 149.9 131.3 % of Telco Revenues 12.5% 11.6% 11.5% 11.6% 10.4% 12.6% 11.1% o.w. Customer Related CAPEX 35.3 36.7 35.2 34.2 35.8 106.4 105.2 % of Telco Revenues 8.9% 8.7% 9.0% 8.7% 9.0% 9.0% 8.9% IT 1.8 1.7 1.5 0.8 1.2 4.7 3.4 Audiovisuals and Cinema Exhibition 4.6 5.8 4.6 3.7 5.7 12.7 14.0 Leasing Contracts 21.1 34.0 25.3 (0.5) 10.9 68.0 35.6 Total Group CAPEX 112.6 126.9 111.2 83.6 94.7 341.8 289.5 (1) CAPEX = Increase in tangible and intangible fixed assets, contract costs and rights of use (2) The values presented from Q1 2025 have been restated to ensure comparability with the 2026 data, reflecting the effects of the acquisition of Claranet Portugal from April 2025 onwards 9M25 9M26 CAPEX (1) (2) (Millions of Euros) 3Q25 4Q25 1Q26 2Q26 3Q26
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Earnings Announcement 3 Q 2 6 12 Table 17. EBITDA AL 188.7 161.3 169.8 173.1 193.1 519.2 536.0 Total CAPEX Excluding Leasings (91.5) (92.8) (85.9) (84.2) (83.8) (273.5) (253.9) EBITDA AL - Total CAPEX Excluding Leasings 97.2 68.4 83.9 88.9 109.3 245.7 282.1 % of Revenues 21.3% 14.1% 18.2% 19.4% 22.7% 18.4% 20.2% Non-Cash Items Included in EBITDA AL - CAPEX and Change in Working Capital 1.1 13.4 2.1 (17.9) (8.7) 15.0 (24.6) Operating Cash Flow 98.2 81.8 85.9 71.0 100.6 260.6 257.5 Interest Paid (7.0) (8.1) (5.6) (6.0) (6.7) (20.5) (18.3) Income Taxes Paid (38.6) (1.4) (0.0) (2.0) (0.7) (69.5) (2.7) Disposals 0.5 0.7 0.0 17.0 0.5 0.8 17.5 Other Cash Movements (2.0) (1.9) 11.4 3.3 12.5 0.9 27.3 Total Free Cash-Flow Before Dividends, Financial Investments and Own Shares Acquisition 51.2 71.0 91.8 83.3 106.3 172.4 281.4 Total Free Cash Flow Before Dividends, Financial Investments, and Own Shares Acquisition, excluding non-recurring effects (2) 70.4 71.0 79.5 62.5 78.6 192.7 220.5 Financial Investments (0.0) (0.6) (0.0) 0.1 (0.0) (145.6) 0.1 Acquisition of Own Shares 0.0 0.0 0.0 0.0 (3.3) (2.5) (3.3) Dividends 0.0 0.0 0.0 (230.6) 0.0 (204.9) (230.6) Free Cash Flow 51.1 70.4 91.8 (147.2) 103.0 (180.6) 47.6 Debt Variation Through Financial Leasing, Accruals & Deferrals & Others 0.0 (1.4) 0.3 0.8 (0.1) 0.8 0.9 Change in Net Financial Debt (51.1) (71.8) (91.5) 148.0 (103.1) 181.3 (46.7) (1) Values presented are not restated with the acquisition of Claranet (2) Excludes non-recurring items resulting from tower sale and non-recurring gains related to legal proceedings. 9M25 9M26 Cash Flow (1) (Millions of Euros) 3Q25 4Q25 1Q26 2Q26 3Q26 Table 18. Short Term 282.9 230.0 311.7 352.7 166.0 282.9 166.0 Medium and Long Term 819.4 806.5 627.4 730.5 813.8 819.4 813.8 Total Debt 1,102.3 1,036.5 939.1 1,083.2 979.7 1,102.3 979.7 Cash and Short Term Investments 8.5 14.5 8.7 4.8 4.4 8.5 4.4 Net Financial Debt (1) 1,093.8 1,022.0 930.5 1,078.5 975.3 1,093.8 975.3 Net Financial Debt / EBITDA after lease payments (last 4 quarters) (2) 1.62x 1.50x 1.35x 1.56x 1.40x 1.62x 1.40x Leasings and Long Term Contracts 630.8 638.7 638.0 621.8 607.0 630.8 607.0 Total Net Debt 1,724.6 1,660.7 1,568.5 1,700.2 1,582.3 1,724.6 1,582.3 Total Net Debt / EBITDA (last 4 quarters) 2.14x 2.04x 1.90x 2.05x 1.91x 2.14x 1.91x Net Financial Gearing (3) 61.9% 59.6% 56.9% 62.1% 58.4% 61.9% 58.4% (1) Net Financial Debt = Borrowings - Leasings - Cash (3) Net Financial Gearing = Net Debt / (Net Debt + Total Shareholders' Equity). 9M25 9M26 (2) EBITDA After Lease Payments = EBITDA - Lease Cash Payments (Capital & Interest) Net Financial Debt (Millions of Euros) 3Q25 4Q25 1Q26 2Q26 3Q26
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Earnings Announcement 3 Q 2 6 13 Disclaimer This presentation contains forward looking information, including statements which constitute forward looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and assumptions of our management and on information available to management only as of the date such statements were made. Forward -looking statements include: (a) information concerning strategy, possible or assumed future results of our operations, earnings, industry conditions, demand and pricing for our products and other aspects of our business, possible or future payment of dividends and share buyback program; and (b) statements that are preceded by, followed by or include the words “believes”, “expects”, “anticipates”, “intends”, “is confident”, “plans”, “estimates”, “may”, “might”, “could”, “would”, and the negatives of such terms or similar expressions. These statements are not guarantees of future performance and are subject to factors, risks and uncer tainties that could cause the assumptions and beliefs upon which the forwarding looking statements were based to substantially differ from the expectation predicted herein. These factors, risks and uncertainties include, but are not limited to, changes in demand for the company’s services, technological changes, the effects of competition, telecommunications sector conditions, changes in regulation and economic conditions. Further, certain forward looking statements are based upon assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from the plans, strategy, objectives, expectations, estimates and intentions expressed or implied in such forward-looking statements. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of new information or future developments or to provide reasons why actual results may differ. You are cautioned not to place undue reliance on any forward-looking statements. NOS is exempt from filing periodic reports with the United States Securities and E xchange Commission (“SEC”) pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934, as amended. Under this exemption, NOS is required to post on its website English language translations of certain information that it has made or is required t o make public in Portugal, has filed or is required to file with the regulated market Eurolist by Euronext Lisbon or has distributed or is required to distribute to its security holders. This document is not an offer to sell or a solicitation of an offer to buy any securities.
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Earnings Announcement 3 Q 2 6 14 Enquiries Chief Financial Officer: Luís Moutinho Nascimento Phone: (+351) 21 791 99 56 Analysts/Investors: Pedro Cota Dias Phone: (+351) 21 782 47 00 / E-mail: ir@nos.pt Press: Margarida Nápoles Phone: (+351) 21 782 47 00 / E-mail: comunicacao.corporativa@nos.pt Conference Call – 4 November 2026 – 11:00 Participant details: https://register-conf.media- server.com/register/BI74ca672f90174fccaeb50d3f77b2bc 99 1. Participants are required to register in advance of the conference using the link provided above. Upon registering, each participant will be provided with Participant Dial in Numbers, and a unique Personal PIN. 2. Prior to the call start time, participants will need to use the conference access information provided in the e -mail registered. 3. Select a method for joining the call: • Dial-In: A dial in number and unique PIN are displayed to connect directly from your phone. • Call Me: Enter your phone number and click “Call Me” for an immediate callback from the system. The call will come from a US number. A recording of the conference call will be available here. Webcast – 4 November 2026 – 11:00 Participant details: https://edge.media-server.com/mmc/p/76ktgtkp 1. Participants must register for the webcast, using the link provided above. 2. Prior to call start time, participants must access the webcast using the link provided above.
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RUA ACTOR ANTÓNIO SILVA, Nº 9, CAMPO GRANDE, 1600-404 LISBOA www. nos.pt/ir www.nos.pt/ir RUA ACTOR ANTÓNIO SILVA Nº9, CAMPO GRANDE, 1600 - 404 LISBOA.