Brisanet Serviços de Telecomunicações (BRST3) Q2 2025 earnings summary

Executive summary

• Net revenue for 2Q25 reached R$410.2 million, up 18% year-over-year and 5% sequentially, driven by growth in fixed broadband and mobile customer base.

• Adjusted EBITDA for 2Q25 was R$178.8 million, with a margin of 44%, reflecting operational efficiency and cost control.

• Mobile customer base surpassed 562,000 in June 2025, with over 110,000 net additions in the quarter and coverage in 282 cities.

• Net income for 2Q25 was R$6.2 million, impacted by higher financial expenses due to increased interest rates.

• Achieved highest organic broadband growth in the Northeast, adding 67K homes connected in 1H25 and 20K in 2Q25, despite sector downturn.

Financial highlights

• Net revenue: R$410.2 million in 2Q25 (up 18% YoY), R$801.8 million in 1H25.

• Adjusted EBITDA: R$178.8 million in 2Q25 (44% margin), R$352.0 million in 1H25.

• Net income: R$6.2 million in 2Q25, R$26.7 million in 1H25.

• Net debt: R$1,662.0 million as of June 2025, up 22% from December 2024.

• Operating cash flow in 1H25 was R$386.3 million, 100% of EBITDA for the period.

Outlook and guidance

• Focus on expanding FTTH and 5G, with marginal investments enabling future growth.

• Continued expansion of 4G/5G coverage, targeting further growth in mobile and fixed broadband customer base.

• Combo (Fiber + 5G) strategy to be emphasized from July 2025, targeting small cities with over 15% market share.

• Expected CAPEX for 2025 is R$485 million, with investments concentrated on 5G and equipment stock.

• Management expects further operational leverage and margin stability as the mobile segment matures.