Q2 2025 NOS SGPS SA Earnings Call Transcript
Key Points
- The acquisition of Claranet Portugal significantly boosts NOS SGPS SA (ZONNF)'s exposure to a larger and faster-growing IT market.
- Consolidated top-line revenues grew by 3.2% year on year, with EBITDA rising by 5.9%.
- The company achieved a 22% increase in EBITDA minus CapEx, driven by improved operational performance and efficient CapEx management.
- The audiovisual and cinema division reported strong growth, with a 44% increase in cinema ticket sales and a 31% year-on-year revenue increase.
- NOS SGPS SA (ZONNF) maintains a conservative financial leverage ratio of 1.7%, well below the reference threshold of 2 times.
- Consolidated net income declined by 28% to EUR58 million due to fewer positive extraordinary effects compared to the previous year.
- The B2C segment experienced a slight decline of 0.3%, indicating early signs of deceleration due to increased competition impacting ARPU.
- The new IT business showed a small decline of 0.8%, mainly driven by a reduction in the volatile resale of equipment and licenses.
- Free cash flow declined by 72% to EUR38 million, primarily due to extraordinary effects related to the tower sale and legal procedure gains.
- Despite strong operational performance, the company faces challenges from inflation and salary increases, impacting cost structures.
Hello, everyone. Thanks for joining NOS second quarter 2025 results conference call. We'll have a presentation followed by Q&A as usual. But this time, we'll start with Manuel Eanes, who is the Ex-Com Member-in-Charge for B2B. And he will go through some slides on Claranet Portugal to give you a bit more color since this is the first quarter that we are actually consolidating the company.
Then Luis, our CFO will go through the rest of the presentation before Q&A. And I'll hand you over to Manuel.
Thank you, Pedro. Hi, everyone. I'd like to give you a quick update on Claranet's and to explain why we believe that we have now on IT a much bigger and better growth engine. The first note that's the Claranet's acquisition boost NOS exposure to a 4 times larger and faster growing market.
Basically, we estimate the telco market in Portugal to be -- the B2B market in Portugal to be
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