NOS reports solid start to 2023

Portuguese cable operator NOS reported a solid start to 2023, with customer numbers for all of its businesses up, driven especially by mobile.

NOS said that its total revenue-generating units were up buy 89,400, of which 77,900 came from mobile, of which 85.6% were post-paid.

Fixed broadband RGUs were up by 6,300 and fixed pay TV subs were up by 7,500, which the operator said reflected the “high value proposition of our NOS TV solutions”.

Convergent bundles now account for 68% of the fixed customer base, with an additional 15,200 signing up during the quarter.

Consolidated revenue was up 2.2% to €381.4 million, while EBITDA was up 8.8% to €173.5 million.

While telco revenues grew only modestly, by 0.9% to €369.2 million, reflecting the impact of low-margin resale revenues. Excluding this, telco revenues would have been up 5.4%, which NOS said reflected strong growth in the residential business offsetting a weaker performance in B2B. Telco EBITDA was up 9.4% to €163.7 million.

Audiovisual and cinema revenues on the other hand grew by 22.6% to €20.4 million, reflecting a recovery in cinema sales, with attendance driven by Avatar: The Way of Water, Puss in Boots: Last Wish and Creed III.