Brisanet Serviços de Telecomunicações (BRST3) Q4 2025 earnings summary

Executive summary

• Achieved large-scale 5G expansion and robust growth in both broadband and mobile, converting fixed broadband customers to mobile and maintaining regional leadership in the Northeast with 1.55 million broadband subscribers and 852,000 mobile lines, covering over 300 cities and 14.7 million people.

• Net revenue grew 17% year-over-year to R$1.68 billion, driven by broadband, B2B, and mobile segments; adjusted EBITDA reached R$744 million (44% margin), and net income was R$41 million, impacted by one-off tax expenses and higher financial costs.

• Investments in mobile infrastructure exceeded R$450 million, with total CAPEX of R$751 million, reflecting optimized resource allocation and efficiency gains.

• Recognized for customer satisfaction, innovation, and ESG practices, winning multiple industry awards and maintaining leadership in net broadband additions in the Northeast.

Financial highlights

• Net revenue for 2025 was R$1,677.3 million, up 17.5% year-over-year; 4Q25 net revenue was R$441.9 million, up 16% from 4Q24.

• Adjusted EBITDA reached R$743.7 million (44% margin), up 22.9% year-over-year; 4Q25 Adjusted EBITDA was R$198.9 million (45% margin).

• Net income for 2025 was R$40.9 million, down 32.7% year-over-year due to higher financial expenses and one-off tax items.

• Gross margin stable at 42%; operating income up 28.7% to R$248.3 million.

• Net debt at year-end was R$1,655.5 million; Net debt/LTM EBITDA: 2.21x.

Outlook and guidance

• Estimated CAPEX for 2026 is R$995 million, with continued focus on 5G, subscriber base growth, and expansion into the Midwest region.

• Targeting further market share gains in smaller cities and ongoing optimization of equipment inventory.

• Continued investment in network expansion and technology, with a focus on operational efficiency and financial discipline.