NOS

What NOS does

NOS Comunicações, S.A. (Euronext Lisbon: NOS) is a Portuguese converged telecommunications and media company serving residential consumers, businesses, and wholesale carriers. Its core product portfolio is built around a 5G mobile network, fibre-optic fixed internet with speeds up to 10 Gbps, a NOS TV pay-TV and streaming platform, fixed voice services, and the Alarme Inteligente NOS Securitas smart home security system (offered in Apartment, Ground Floor, and Villa tiers at EUR 39.99 to EUR 49.99 per month). The company operates an approximately 1,500-kilometre proprietary fibre footprint covering all 308 Portuguese municipalities and over 92% of households, the result of more than EUR 326 million in cumulative infrastructure investment.

The business model is anchored in recurring subscription revenue across consumer and enterprise bundles, complemented by premium content and equipment rental (Apple TV, NVIDIA Shield, Ultra HD 4K set-top boxes at EUR 4.99 to EUR 7.49 per month), wholesale voice and data services to approximately 130 international carriers via POPs in Lisbon, Madrid, London, and Frankfurt, and media rights monetisation including the EUR 57.1 million-per-year Benfica TV deal. NOS also operates the Cinemas NOS cinema chain, the NOS Lusomundo film distribution business, and the WTF MVNO sub-brand, and has expanded into IT services via the January 2025 acquisition of Claranet Portugal for EUR 152 million. Cross-brand monetisation is reinforced by the COMBINA loyalty programme with Galp and Continente and embedded insurance distribution with Habit. The Q1 2026 reporting period showed consolidated revenue of EUR 460 million (up 1.9%), EBITDA minus CapEx of EUR 84 million (up 18%), and recurring free cash flow of nearly EUR 80 million (up 22%), with S&P upgrading the credit rating to BBB with a stable outlook.

Name

NOS

Legal name

NOS Comunicações, S.A.

Website

https://nos.pt

Company type

Public

Founded year

1945

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

NOS Comunicações is a Portuguese converged telecom and media operator providing 5G mobile, fibre internet up to 10 Gbps, pay-TV, and Securitas-backed smart home security to residential, enterprise, and wholesale carrier customers across Portugal.

Ownership category

akta.pro rank

Product category

Telecommunications Services

NAICS

Telecommunications (517), Media Streaming Distribution Services, Social Networks, and Other Media Networks and Content Providers (51621)

SIC

Radiotelephone Communications (4812), Telephone Communications (No Radiotelephone) (4813), Cable & Other Pay Television Services (4841)

akta.pro primary industry

Network Performance, Visibility & SLA Monitoring (Managed NPM/Observability) (HDAIAFAI)

akta.pro secondary industries

Billing, Payments & Subscription Management (MPAHAJAC), Numbering, DID, Porting & Carrier-of-Record Services (HDAIAHAK)

Keywords

• Mobile telecommunications services
• Fiber broadband internet
• Pay television services
• Smart home security
• Enterprise cloud services

Headquarters

HQ city

Campo Grande

HQ country

Portugal

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Technology or R&D, Personnel, Operations, Marketing or Sales, Supply Chain

Revenue model

1. Telecommunications Services: Recurring subscription revenue from mobile (5G), fixed internet (fiber), TV, and landline services for residential and business customers. Q1 2026 consolidated revenues increased 1.9% to EUR 460 million.
2. Premium TV Channels: Revenue from premium channel subscriptions including SPORT TV, DAZN, BTV, TVCine, NOS Studios, and various adult content channels with monthly fees ranging from €2.99 to €34.99.
3. Equipment Rental and Sales: Monthly rental fees for TV boxes (Apple TV €7.49, NVIDIA Shield €7.49, Ultra HD 4K €4.99), routers (Giga Router €4.99), Wi-Fi extenders, and security equipment. One-time sales of smartphones, tablets, smartwatches, and accessories through the online store.
4. Smart Home Security: Monthly subscription fees for Alarme Inteligente security systems ranging from €39.99/month for apartments to €49.99/month for villas, with additional equipment rental and monitoring services.
5. Wholesale Services: Voice and data services as well as roaming solutions for national and international operators, carriers, and resellers. Services include TDM and VoIP interconnections with POPs in Lisbon, Madrid, London, and Frankfurt.
6. Media Rights: Broadcasting rights deals including the €57.1 million per year deal with Benfica for domestic media rights on Benfica TV.

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels7 records

Core offering

NOS is a converged Portuguese telecommunications and media operator that sells 5G mobile services, fiber-optic fixed broadband (up to 10 Gbps), pay-TV (NOS TV with premium sports and cinema channels), and fixed voice telephony to residential and business customers. It also operates a smart home security business (Alarme Inteligente NOS Securitas) and an enterprise/wholesale division providing IoT, cloud, cybersecurity, fleet management, and carrier interconnection services. The company monetizes primarily through recurring subscriptions bundled across its network footprint that covers 92%+ of Portuguese households.

Product overview

NOS is a major Portuguese telecommunications and media company operating as a converged telecom operator with a multi-product portfolio. The core offerings include 5G mobile network services, fiber internet (up to 10Gbps), and NOS TV television platform with streaming capabilities. The company differentiates through its Alarme Inteligente NOS Securitas smart home security system (in partnership with Securitas) and comprehensive enterprise solutions including IoT, cloud, cybersecurity, and fleet management. Consumer products include Wi-Fi Total whole-home coverage, NOS Smart Home automation, and mobile apps (my NOS, NOS TV). Business services span wholesale voice/data services for operators, managed services, and industry-specific solutions for hospitality, banking, healthcare, retail, and public administration. The company also operates NOS Cinemas (theater chain) and holds media distribution rights through NOS Lusomundo.

Differentiator

Problem solved

Functional benefit

Brands

• NOS Lusomundo: Cinemas and film distribution operations in Portugal.
• NOS Securitas
• my NOS
• NOS TV
• Cinemas NOS
• NOS Alfa
• NOS Smart Home
• WTF

Products and services

• 5G Network Mobile 5G connectivity service offering high-speed, low-latency mobile broadband with nationwide coverage across Portugal, available with NOS mobile tariff plans including unlimited and family plans with data sharing.
• Fiber Internet (Net) Fixed broadband internet service over the NOS proprietary fiber-optic network, offering speeds up to 10Gbps for residential and business customers, with optional whole-home Wi-Fi extension and professional installation.
• NOS TV Pay-television service with live TV channels, premium content (Sport TV, DAZN, BTV, TVCine, NOS Studios), on-demand streaming, and interactive features, accessible via set-top box (Apple TV, NVIDIA Shield, Ultra HD 4K) or the NOS TV app across multiple devices.
• Alarme Inteligente NOS Securitas Smart home security system combining wireless sensors, motion detectors, CCTV cameras with AI-based people/animal/vehicle detection, touch panel, mobile app control, and 24/7 professional alarm monitoring via Securitas receiving center. Sold in three tiers (Apartment, Ground Floor, Villa) with professional installation included.
• Mobile Plans (Móvel) Postpaid and prepaid mobile tariff plans on the NOS 5G network, including unlimited plans, family plans with shared data, eSIM support, and IoT/watch connectivity options.
• Enterprise Solutions (Soluções Empresariais) Business ICT portfolio spanning IoT connectivity, fleet and asset management (NOS Follow Pro), cybersecurity, cloud and data center services, video conferencing, contact center, enterprise networking, fixed voice, business TV, and managed services, served via a dedicated division across Hospitality, Banking, Healthcare, Retail, Public Administration, Technology and Media, Logistics, Energy, and Industry verticals.
• Wholesale Services Wholesale voice and data services and roaming solutions sold to telecom operators, carriers, and resellers, with TDM and VoIP interconnections delivered via international Points of Presence in Lisbon, Madrid, London, and Frankfurt.

Quantifiable outcome

• Q1 2026 revenue grew 1.9% to EUR 460 million with EBITDA up 2.1%
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability4 records

Feature5 records

Partnerships

Eight partnerships are on record, tiered core and flagship.

• NOS LusomundocoreOthers · 27 May 2026NOS Lusomundo, the distribution arm of NOS, acquired Portugal rights for the Vatican-backed documentary 'Pray For Me: Pope Francis' at the Cannes Market. This content partnership strengthens NOS's cinema and documentary distribution capabilities in Portugal.
• HabitcoreTechnology or Integration · 10 March 2026Habit, a Portuguese insurtech company specializing in embedded insurance, partnered with NOS to launch equipment insurance products for business segment customers. The partnership covers devices including smartphones, laptops, tablets, smartwatches, consoles, and televisions, distributed through NOS's technological platform including APIs and white-label components.
• BenficaflagshipGTM or Marketing Partner · 28 January 2026Two-year domestic media rights deal worth €57.1 million per year, the most valuable broadcast agreement in Portuguese football history. The deal ensures Benfica's home games continue on its Benfica TV subscription service, with NOS as the exclusive distribution partner.
• Claranet PortugalcoreOthers · 1 January 2025NOS acquired Claranet Portugal in January 2025 for €152 million. Claranet specializes in IT services including applications, cloud, and managed services. Subsequently, Claranet absorbed Ten Twenty One, a technology consulting firm that originated from NOS, consolidating both staff and portfolio.
• SecuritascoreStrategic or Co-development Partner · 15 March 2022Strategic partnership with Securitas, a global leader in private security, to deliver the Alarme Inteligente smart home security system. Securitas provides 24/7 professional monitoring through its alarm receiving center, while NOS provides the technology platform, equipment, and distribution. The partnership combines Securitas's monitoring expertise with NOS's telecom technology and customer reach.
• GalpflagshipGTM or Marketing PartnerCOMBINA program partnership with Galp offering customers combined savings on telecommunications and fuel. Customers can bundle NOS services with Galp fuel purchases and save over €600 per year through the cross-brand loyalty program.
• ContinenteflagshipGTM or Marketing PartnerCOMBINA program partnership with Continente (retail chain) offering customers combined savings on telecommunications and groceries. Customers can bundle NOS services with Continente shopping and save over €600 per year through the cross-brand loyalty program.
• HabitcoreTechnology or IntegrationHabit insurance product distributed through NOS's platform with coverage levels from €80 to €600 and monthly premiums starting at €1.49. The product offers payment protection for utilities, rent, and college fees.

Scale indicators14 records

Recent moves7 records

Expansion highlights7 records

Broad incumbents

• Telefónica (Movistar España): Major European telecom incumbent operating across mobile, fixed, and TV in Spain. Comparable as a large converged operator with similar product mix to NOS, though at significantly larger scale across multiple geographies.
• Swisscom: Swiss incumbent telecom operator providing mobile, fixed, and TV services. Comparable as a national converged operator with similar bundled service strategy and infrastructure-heavy business model.
• Proximus: Belgian incumbent telecom providing mobile, fixed, and TV services. Comparable European converged operator with similar B2B/B2C mix and enterprise solutions focus to NOS.
• Telecom Italia (TIM): Italian incumbent telecom operator offering converged mobile, fixed, and TV services. Comparable European incumbent with similar mature-market dynamics and convergence strategy to NOS.
• KPN: Dutch incumbent telecom offering converged mobile, fixed, and TV services. Comparable national converged telecom model with similar regulatory environment and consumer/enterprise split to NOS.
• Liberty Global (Ziggo/Virgin Media): European cable and converged telecom operator (Ziggo in NL, Virgin Media O2 in UK). Comparable cable/heritage converged telecom operator with similar pay-TV and broadband positioning to NOS's ZON heritage.
• Orange (Orange España): European telecom operator with Spanish operations offering mobile, fixed broadband, and TV services. Comparable converged operator model to NOS, with overlapping Iberian market exposure.

Direct peers

• MEO (Altice Portugal): Portugal's largest fixed broadband operator with ~40% market share. MEO is NOS's primary direct competitor across mobile, fixed, and pay-TV services in Portugal, offering very similar converged telecom bundles.
• Vodafone Portugal: One of Portugal's three major converged telecom operators. Vodafone Portugal directly competes with NOS across mobile (5G), fixed broadband, and TV services, completing the domestic oligopoly.
• NOWO (formerly Cabovisão): Smaller Portuguese cable and fixed broadband operator competing with NOS primarily in the residential connectivity market, often via aggressive pricing.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat7 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/NOSPortugal
• Facebookfacebook.com/nosportugal
• LinkedInlinkedin.com/company/nos-sgps
• Instagraminstagram.com/nosportugal

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NOS