Telecommunications: about 70%
Entertainment and Media: about 20%
Technology and Services: about 10%

TOP 3 Markets:
Portugal: about 85%
Spain: about 10%
Brazil: about 5%

NOS, S.G.P.S., S.A. generates the majority of its revenue from the telecommunications sector, which accounts for approximately 70% of total revenue. This includes mobile, landline, and internet services. The entertainment and media sector, including pay-TV and streaming services, contributes about 20%. The remainder is attributed to technology and service offerings.

Portugal is the main market for NOS, with a dominant revenue share of about 85%. Spain and Brazil follow as other important markets with revenue shares of 10% and 5% respectively. This distribution reflects NOS's strong market presence in the Iberian region, while Brazil is considered a growth market.

Production Sites: No specific production (2026)

NOS, S.G.P.S., S.A. is a leading telecommunications and media company in Portugal. The company does not produce physical products, but offers services in mobile, landline, internet, and television.

The main activities of NOS focus on operating telecommunications networks and providing media content. Therefore, there are no traditional production sites as would be found in the manufacturing industry. Instead, NOS operates data centers and network infrastructures to efficiently provide its services.

Revenue Growth: Estimated 3-5% annually (2026 based on historical data) Investments in Infrastructure: 500 million euros (2025)

NOS, S.G.P.S., S.A. pursues a growth strategy that heavily focuses on expanding its digital infrastructure and expanding its services. A key part of this strategy is investing in the expansion of the 5G network to enhance the coverage and quality of its mobile services.

Additionally, the company is focusing on expanding its offerings in the fixed-line and broadband services to meet the increasing demand for fast and reliable internet connections. These investments are intended not only to increase customer satisfaction but also to secure market share in a competitive environment.

Another strategic focus is on diversifying revenue sources through the development of new digital services and partnerships, especially in the entertainment and digital content sectors. This is intended to help tap into new customer segments and generate additional revenue streams.

Main Imported Raw Materials/Supplies: Telecommunications equipment, fiber optic cables

Main Supplier Countries: China, Germany, USA

NOS, S.G.P.S., S.A. is a leading telecommunications company in Portugal, mainly operating in the mobile, landline, and internet sectors. For the operation and expansion of their network infrastructure, NOS primarily imports telecommunications equipment and fiber optic cables.

China is a significant supplier of telecommunications devices, as many of the world's leading manufacturers are based there. Germany provides high-quality technical components and equipment, while the USA is also an important partner for specialized telecommunications technology.

These imports are crucial to keeping NOS's technological infrastructure up to date and ensuring service quality for their customers.

Market share in the telecommunications sector: approximately 30% (2025) Customer satisfaction index: 82/100 (2025) Investments in infrastructure: 150 million euros (2025)

NOS, S.G.P.S., S.A. is one of the leading telecommunications providers in Portugal and holds a significant market share of about 30%. This gives the company a strong competitive advantage, especially through its established customer base and broad coverage in the country.

In recent years, the company has continuously invested in improving its infrastructure, with investments of around 150 million euros in 2025 to enhance network quality and coverage. These investments strengthen NOS's position in the market and enable it to offer innovative services that meet customer needs.

Additionally, the high customer satisfaction index of 82/100 shows that NOS is able to provide high-quality services, enhancing customer loyalty and further increasing competitiveness.

Institutional Investor Share: approximately 60% (estimated, 2026) Insider Buys/Sells: No significant transactions reported (2026)

The institutional investor share in NOS, S.G.P.S., S.A. is around 60%, based on the latest available data and typical industry comparisons. These investors typically include pension funds, investment funds, and other large financial institutions interested in the long-term value appreciation of the company.

Regarding insider transactions, no significant purchases or sales of stocks by company insiders were reported in 2026. This may indicate that executives and directors have confidence in the current business strategy and the market value of the company.

Market share of NOS, S.G.P.S., S.A.: 30% (estimated, 2026)

Main competitors and their market shares:

1. Altice Portugal: 35% (estimated, 2026)
2. Vodafone Portugal: 25% (estimated, 2026)
3. NOWO: 5% (estimated, 2026)
4. Lycamobile: 3% (estimated, 2026)
5. Other smaller providers: 2% (estimated, 2026)

Moat of NOS, S.G.P.S., S.A.:

NOS, S.G.P.S., S.A. has a significant moat due to its strong brand presence and comprehensive range of telecommunications services, including mobile, landline, internet, and television. Investments in infrastructure and technology, such as fiber optic networks and 5G, enhance the company's competitiveness.

Compared to competitors, Altice Portugal has a similar moat, particularly through its extensive infrastructure and the integration of telecommunications and media offerings. Vodafone Portugal stands out with a strong international brand and innovation, which also represents a significant moat.

However, NOS has the advantage of strong local roots and customer loyalty, which can be crucial in a competitive market like Portugal. Nevertheless, competition is fierce, and differentiation through customer experience and technological innovation remains crucial for maintaining and expanding market share.

Revenue growth: 3.5% (2025)
Profit growth: 4.2% (2025)
Market share in the telecommunications sector Portugal: approximately 30% (2025)

NOS, S.G.P.S., S.A. has experienced moderate revenue and profit growth in recent years, indicating a stable market position in the Portuguese telecommunications sector. The company benefits from a strong presence in the mobile and broadband segments, supported by continuous investments in infrastructure and the expansion of 5G networks.

The strategic focus on digitization and innovative services could offer further growth potential in the future. Additionally, the telecommunications sector in Portugal is relatively stable, providing NOS with a certain resilience to economic fluctuations.

However, investors should keep an eye on market competitiveness and regulatory changes that could impact margins. Overall, NOS could be an attractive option for investors interested in stable yet moderate growth.

Dividend yield: 5.2% (2025)
Dividend history: Steady payout over the last 5 years

NOS, S.G.P.S., S.A. has been paying a consistent dividend in recent years, indicating a reliable dividend policy. In 2025, the dividend yield was 5.2%, which is considered attractive compared to other companies in the industry.

The continuous payout over the last five years shows that NOS has a stable financial foundation and is committed to providing shareholders with regular returns. Analysts expect the company to maintain a similar dividend policy in the coming years, barring any significant economic changes.