NOS, S.G.P.S., S.A. Q3 2025 Earnings Recap

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%.