Oi (OIBR4) Q4 2025 earnings summary

Executive summary

• 2025 was marked by severe insolvency and liquidity pressure, asset sales, cost reductions, and efforts to maintain essential services during judicial restructuring.

• On Aug. 25, 2026, the court confirmed bankruptcy with provisional continuation of operations; asset sales and management actions remain subject to judicial oversight.

Financial highlights

• Consolidated net revenue was R$2.598bn in 2025, down 18.0% YoY; consolidated gross loss was R$1.358bn versus R$1.455bn in 2024.

• Consolidated net loss reached R$36.369bn versus net income of R$9.611bn in 2024; continuing-operations loss was R$37.770bn.

• Consolidated financial result was negative R$33.176bn versus positive R$12.180bn; reversal of debt novation adjustments accounted for a negative R$30bn impact.

• Discontinued operations generated net income of R$1.401bn in 2025, including gains from divestitures; sale proceeds across ClientCo, pay-TV and selected property/tower units totaled R$5.846bn.

• Consolidated operating cash flow was negative R$454m; cash and equivalents closed at R$788m, down from R$1.526bn at year-end 2024.

Outlook and guidance

• Provisional operations are intended to preserve essential services and orderly asset liquidation; continuity depends on court decisions and required regulatory, judicial and contractual approvals.

• The June 2026 competitive process for Oi Soluções attracted no bids; the next steps in the sale process await court direction.

• The UPI Serviços Telefônicos sale to Método was approved by Anatel and Cade, with remaining closing conditions still to be satisfied.