Brisanet Serviços de Telecomunicações (BRST3) Q3 2025 earnings summary

Executive summary

• Net operating revenue for 3Q25 reached R$433.6 million, up 19% year-over-year, driven by strong growth in both fixed broadband and mobile segments, with significant market share gains in the Northeast.

• Adjusted EBITDA for 3Q25 was R$192.9 million (44.5% margin), reflecting operational efficiency and cost control, with a non-recurring tax credit of R$33 million boosting reported EBITDA.

• Net income for 3Q25 was R$38.4 million, more than doubling year-over-year; 9M25 net income totaled R$65.0 million.

• Mobile customer base surpassed 700,000 in September 2025, with coverage in 296 cities and a population reach of 14.3 million.

• Expanded presence to over 300 cities, focusing on smaller markets and organic growth.

Financial highlights

• Net revenue reached R$433.6 million in 3Q25, up 19% year-over-year and 6% sequentially; 9M25 net revenue totaled R$1,235.4 million, up 18% from 9M24.

• Adjusted EBITDA for 9M25 was R$544.9 million (44.1% margin), up 2.2 p.p. year-over-year.

• Net income: R$38.4 million in 3Q25, up from R$17.5 million in 3Q24.

• Broadband revenue grew 8.1% year-over-year in 3Q25; mobile revenue surged 128% year-over-year in 3Q25.

• Free cash flow for 9M25 was negative R$20 million, reflecting heavy investment in mobile infrastructure.

Outlook and guidance

• Continued focus on expanding 5G and FTTH infrastructure, with investments targeting both network and customer base growth.

• Estimated CAPEX for 2025 is R$995 million, emphasizing 5G and equipment inventory expansion.

• Management expects stable margins as scale benefits from network rollout materialize.

• Ongoing investments in infrastructure to support future growth.