Oi (OIBR4) investor relations material

Executive summary

• The interim statements were prepared on a going-concern basis, but auditors issued an adverse conclusion: liquidation accounting was required, and material adjustments to asset realization and liability settlement values could not be determined.

• Severe insolvency indicators included negative working capital of R$4,029,347 thousand at the parent and R$3,705,616 thousand consolidated, plus negative equity of R$50,314,815 thousand and R$50,288,235 thousand, respectively.

• On Aug. 25, 2026, the court upheld conversion of the judicial reorganization into bankruptcy, with provisional continuation of operations.

Financial highlights

• 9M 2025 consolidated net revenue was R$2,076,049 thousand, down from R$2,529,428 thousand YoY; the decline primarily reflected migration from concession to authorization and lower copper and regulated wholesale revenue.

• 9M consolidated operating loss before financial results and taxes was R$4,041,682 thousand versus a R$1,160,934 thousand loss in 9M 2024.

• 9M consolidated net loss was R$33,997,722 thousand, versus net income of R$12,516,504 thousand in 9M 2024; Q3 net loss was R$34,819,032 thousand versus net income of R$242,884 thousand.

• 9M consolidated financial result was a net expense of R$31,346,250 thousand, including reversal of debt-novation gains after failure to meet the restructuring plan requirements.

• Discontinued operations contributed net income of R$1,400,984 thousand in 9M 2025, including a R$2,680,972 thousand gain on asset disposals.

Outlook and guidance

• Provisional operations and orderly asset liquidation are focused on maintaining essential services, optimizing liabilities and maximizing available cash for obligations under court direction.

• Near-term continuity remained uncertain amid depleted liquidity and pending asset sales; a judicial filing reported cash declining from R$88.1 million to R$19.6 million by end-July 2026.

• Proceeds and timing depend on pending or contested asset sales, including V.tal and Oi Soluções, and cash generation from remaining operations.