NOS stock falls 1.37 percent as Q2 profit rises 25.1 percent

NOS stock (ISIN PTZON0AM0006) stood at EUR 5.40 on Euronext Lisbon on September 23, 2026, down 1.37 percent. The decline came as investors weighed stronger quarterly profit against softer revenue.

Q2 profit rises 25.1 percent

NOS reported EUR 77.30 million in net income for Q2 2026, up from EUR 61.80 million in Q1 2026. TradingView lists Q2 revenue at EUR 458.00 million and the previous quarter at EUR 460.00 million.

The finance figures show the same direction with greater precision: revenue was EUR 458.30 million in Q2, compared with EUR 460.20 million in Q1, a decline of 0.4 percent. Net income therefore improved while the top line edged lower.

Telecom mix shapes the result

Fitch Ratings said on September 11, 2026, that NOS telecom revenue declined 1.1 percent year over year in Q2 2026, while its EBITDA after leases margin remained above 40 percent.

The same Fitch assessment identifies areas of resilience in the first half of 2026. B2B telecom revenue grew 3 percent year over year, IT service revenue increased 6 percent, and IT segment EBITDA after leases rose 15 percent.

That mix matters because the quarterly revenue comparison is weaker than the profit comparison. Higher-margin business services and IT growth can support earnings even when the core telecom top line is under pressure.

BBB rating keeps credit steady

Fitch affirmed NOS at BBB and maintained a stable outlook on September 11, 2026. For investors, the rating provides a credit benchmark while operating data point to a split picture between consumer telecom demand and faster-growing enterprise services.

Stock trades below yearly high

NOS stock stood at EUR 5.40 on Euronext Lisbon at 3:35 p.m. WET on September 23, 2026. The 52-week range was EUR 3.60 to EUR 5.71, placing the share EUR 0.31 below its yearly high.

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