NOS, S.G.P.S., S.A.

NOS, S.G.P.S., S.A. Earnings Recaps

NOS.LS Communication Services 1 recap
Q3 2025 Oct 28, 2025

NOS reported a mixed Q3 2025 performance with consolidated revenues declining 1.2% to EUR 457 million, attributed to a challenging audiovisual market, while EBITDA grew 2.7% thanks to strong operational efficiency and cost management.

Key takeaways
  • EBITDA increased 2.7%, driven by improved operational efficiencies and lower operating expenses, achieving a notable 4.6% OpEx reduction.
  • Net income surged 25% to EUR 65 million, reflecting robust operational performance and effective cost management strategies.
  • RGUs reached 10.9 million, marking a 2% increase with 131,000 net additions, the highest since 2023, primarily from fixed and mobile segments.
  • CapEx reduced by 2% to EUR 91.5 million, contributing to a 9.6% rise in EBITDA AL minus CapEx, showcasing disciplined investment amid revenue pressures.
  • Financial leverage improved to 1.6x with debt decreasing to EUR 1,093 million, highlighting a solid balance sheet and a lower average cost of debt now below 2.8%.
Full recap