Sonaecom: net profit up 25.5% in the third quarter, driven by NOS
Sonaecom's net profit attributable to the group rose 25.5% in the third quarter of 2026, to €30.3 million. This is exactly the amount of the contribution from operator NOS, consolidated under the equity method, which increased by 30.1% year on year.
At the same time, the consolidated revenue of the Portuguese holding company fell 10.5%, to €3.3 million, mainly due to the disposal of Inovretail in July. The company states that its direct results are supported “mainly” by the contribution from NOS, in which it holds a 37.37% stake.
NOS's share of profit drives EBITDA, but the underlying figure remains negative
Consolidated EBITDA rose 23.0% in the third quarter, to €26.3 million, and 15.4% over nine months, to €64.3 million. This increase stems primarily from the contribution of companies accounted for under the equity method, which rose from €23.3 million to €30.3 million over the quarter, and from €63.3 million to €77.6 million over nine months.
Conversely, the underlying EBITDA of activities fully consolidated remains negative, at -€3.1 million compared with -€3.4 million a year earlier, and is stable at -€8.9 million over nine months. Direct results grew 18.8%, to €28.8 million.
The decline in revenue intensified over the financial year: after a 3.7% decrease in the first half, according to the publication of August 26, 2026, it reached 5.7% over nine months, to €11.9 million, and 10.5% in the third quarter alone.
At NOS, profit rises 35.3% despite a lower EBITDA margin
NOS's financial statements explain this momentum. The operator's revenue grew 5.1% in the third quarter, to €480.6 million, driven by IT (+39.2%) and by cinema and audiovisual (+36.7%). Revenue from the consumer business remained stable, while that of the wholesale segment declined.
NOS's EBITDA increased by only 1.3%, to €225.6 million: its margin fell 1.8 points, to 46.9%, due to the increased weight of equipment and licence resales and higher energy costs.
However, the operator's net profit rose 35.3%, to €88.3 million. Its free cash flow excluding non-recurring items increased 11.6%, to €78.6 million, with investments down 8.4% as the network deployment cycle approaches its end.
Net cash of €232.1 million and Bright Pixel portfolio valued at €347 million
Over nine months, net profit attributable to the group rose 52.5%, to €69.4 million, a larger increase than in the quarter. The gap is explained by indirect results, which came in at -€0.6 million compared with -€15.5 million a year earlier, with a positive third quarter of €1.4 million thanks to favourable exchange-rate effects.
Net cash stood at €232.1 million at the end of September 2026, compared with €205.8 million at the end of 2025 and €209.0 million at the end of September 2025. Since the beginning of the year, it has incorporated €86.6 million of dividends received from NOS, €25.4 million of dividends paid, and €29.3 million of net investment in the Bright Pixel portfolio.
The latter welcomed three new companies in the third quarter. Its net asset value (NAV) rose to €347 million, compared with €334.6 million at the end of June and €318 million at the end of 2025, for invested capital of €258 million, implying a multiple of approximately 1.4 times.
In media, the daily newspaper Público recorded a decline in its revenue, notably advertising revenue, and an EBITDA lower than in the third quarter of 2025. Sonaecom's accounts thus combine a falling revenue, following the disposal of Inovretail, with a profit supported by NOS's net income.
