Nos SGPS SA: Broadly In-line Q2 Results

Research evidence excerpt

Nos SGPS SA: Broadly In-line Q2 Results

Update

July 23, 2026 09:30 PM GMT

Morgan Stanley & Co. International plc+MNos SGPS SA | Europe Harrison Williams, CFA

Equity Analyst

Broadly In-line Q2 Results Harrison.Williams@morganstanley.comEmmet B Kelly +44 20 7425-6627

Emmet.Kelly@morganstanley.com +44 20 7425-6830

AlphaSignals Earnings Reaction Terence Tsui

Unchanged In-line Modest revision higher Terence.Tsui@morganstanley.com +44 20 7425-3095

Impact to our thesis Financial results versus consensus Direction of next 12-month Lindsey C Zastawny

consensus EPS

Source: Company data, Morgan Stanley Research Lindsey.Zastawny@morganstanley.com +44 20 7425-1237

Nos SGPS SA (NOS.LS, NOS PL)

Telecommunications Services | Portugal

Key Takeaways StockIndustryRatingView OverweightAttractive

We expect a broadly neutral reaction to Nos' 2Q26 results Price target €6.50

Shr price, close (Jul 23, 2026) €4.91

Q2 EBITDA was in line with consensus, whilst one-offs below the line drove a 52-Week Range €5.71-3.53

Mkt cap, curr (mn) €2,498

10% beat at net income Net debt (12/26e) (mn)* €1,580

EV, curr (mn)* €4,166

The Telco division was in line at revenue but 2% below at EBITDA. Divisional Q2 DPS (12/26e) €0.35

EBITDA YoY growth of +0.8% (vs +2.8% in Q1) may disappoint some * = GAAP or approximated based on GAAP

Consumer Telco revenue decline slowed to -0.3% (from -0.7% in Q1), aided by the Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

full quarter benefit of price increases Sales / Revenue 1,823 1,854 1,862 1,870

(€mn)**

No formal guidance, however Nos expects a continuation of current trends and EBITDA (€mn)** 814 830 839 841

Capex (€mn) 366 348 336 329

capex to move lower EPS (€)** 0.48 0.48 0.49 0.52

Prior EPS (€)** - 0.46 0.49 0.52

EPS (€)§ 0.40 0.41 0.43 0.48