NOS Q1 2026 Net Profit Climbs 4.7% to €62 Million as Cinema, IT and Enterprise Carry the Tape Through the Storm Quarter — EBITDA Lifts 3.1% to €203.3 Million on €460.2 Million in Revenue

NOS, the Portuguese telecom-and-media operator controlled by the Sonae and ZOPT structures, has dropped its first-quarter print for 2026 — and the headline reads through the storm tape. Net result climbs 4.7% to €62.0 million versus Q1 2025; EBITDA lifts 3.1% to €203.3 million; consolidated revenue moves to €460.2 million, up 1.9% year-on-year. The quarter ran through the early-2026 weather event that hit much of central Portugal and forced the same kind of network-resilience spend that has shown up across Galp, EDP and Altice's tapes — but the bottom-line line still moves the right way.

Where the growth came from

The telecommunications segment, which carries about 85% of group revenue at €389.8 million, ran flat year-on-year. The growth this quarter sat in the two adjacent businesses NOS has been bolting onto its consumer-and-enterprise telco spine for the past three years. IT revenues — aggregating NOS's own IT activity and the Claranet Portugal franchise it consolidated in 2023 — climb 16.0% to €54.4 million. The cinema-and-audiovisual line, which NOS Audiovisuais operates through the NOS Lusomundo brand, prints €24.7 million in revenue (+7.0%) on 1.8 million tickets sold (+12.1%). Enterprise telecom revenues, the most strategically watched line inside the consumer-flat telco segment, grow 5.5% — confirming that the volume story behind the past three quarters of B2B fibre-and-cloud roll-out has not stalled.

The subscriber tape

Active services across the group reach roughly 11 million at 31 March 2026 — a net add of 266,700 over the quarter. Mobile services grow by 223,900 to 5.753 million, fixed services add 100,000 to roughly 4.8 million, and enterprise services move past 1.728 million with 53,800 net adds. The 5G print is now 99.6% of the population covered; fixed-network reach sits at 6.1 million homes and businesses. These are tape-of-record numbers — the headroom against the comparable Q1 2025 print on each line is small but positive in every segment.

Capex falls, margin holds

Capital expenditure for the quarter prints at €85.9 million, down 5.1% year-on-year. NOS has now passed the heaviest 5G-coverage capex year (2023) and is operating closer to the maintenance-capex band that ZOPT shareholders Sonae and Telefónica have flagged as the long-run steady state. The EBITDA-margin lift on a flat-revenue telco base, combined with the cinema-and-IT tailwind, is what produces the +4.7% net-profit move at the top of the release.

What the quarter does not show

NOS did not quantify the direct revenue or margin hit from the early-2026 storms — that line will land in the half-year tape due in late July. The release flags only that the quarter was 'impacted by storms affecting much of central Portugal,' which sits alongside the network-resilience capex that civil-protection authorities continue to chase across the bigger utilities. Forward guidance was not updated; NOS continues to guide cautious-growth EBITDA on a low-single-digit telco-revenue base. The Goldman Sachs price-target tape on BCP that printed earlier this week (€1.00 in twelve months) puts NOS's Q1 against a sector backdrop where Lisbon's bank-and-telco line has run ahead of the broader PSI through April — Q1 earnings releases at Banco BPI, Caixa Geral de Depósitos and the Q1 banking aggregate (€1.279 billion) had already set the bar, and NOS clears it.

Sources: NOS Q1 2026 press release; ECO, 12 May 2026; Notícias ao Minuto; Jornal de Negócios.