Q2 2026 NOS SGPS SA Earnings Call Transcript
Key Points
- EBITDA grew by 1.5% with a margin expansion, supported by disciplined cost management and AI-driven efficiencies.
- Free cash flow, excluding non-recurring items, increased by almost 9% to EUR63 million.
- Net income, excluding non-recurring items, rose by 19% to EUR68 million, reflecting solid operational performance.
- NOS's sustainability performance was recognized globally, being classified as one of the world’s most sustainable companies by TIME.
- The SCAILE program successfully scaled AI across NOS, optimizing customer service operations and reducing average handling time.
- Consolidated revenues were flat at EUR458 million, with declines in B2C and wholesale segments.
- B2C segment revenues declined by 0.3% due to competitive pressure and the growing share of WOO within the customer base.
- Wholesale and other revenues fell by 15%, driven by changes to the wholesale model and a reduction in mass calling services.
- Cinema ticket sales declined by 1.7% year-on-year, impacted by a less favorable calendar.
- Net financial debt increased to EUR1,078 million, primarily due to dividend payments, raising the finance level ratio to 1.6.
Hi, good morning, everyone. And welcome to NOS second quarter earnings conference call. Weâll follow the usual format. Our CFO, Luis Nascimento, will give you a brief overview presentation. Weâll open for Q&A after that.
Over to you, Luis.
Thank you, Pedro, and good morning to all. Welcome to NOS second quarter conference call. We will begin, as usual, with the main highlights of the second quarter. Revenues were broadly in line year-on-year, as solid growth from IT and B2B was offset by revenue declines in B2C and wholesale. EBITDA growth and margin expansion, supported by disciplined cost management and AI-driven efficiencies. And finally, healthy free cash flow, supported by sound operational performance and structurally lower CapEx, further boosted by positive non-recurring items in this quarter.
As usual, a quick overview on our main KPIs. In the second quarter, consolidated revenues
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