Telefônica Brasil (VIVT3) Q3 2025 earnings summary

Executive summary

• Achieved strong growth across all key business lines, driven by robust commercial performance, customer experience focus, and enhanced profitability, especially in mobile postpaid, fiber, and B2B segments.

• Mobile postpaid accesses grew 7.3% year-over-year to 69.8 million, now 68% of total mobile base with 103 million connections.

• Fiber (FTTH) connections rose 12.7% year-over-year, reaching 7.6 million homes and a footprint of 30.5 million.

• Total accesses grew 1.2% YoY to 116.6 million, with mobile accesses at 102.9 million (+1.4% YoY).

• New businesses now represent 11.7% of total revenues, up 2 percentage points year-over-year.

Financial highlights

• Total revenues increased 6.5% year-over-year to R$14.95bn, with mobile and fixed services both contributing.

• EBITDA grew 9% year-over-year to R$6.49bn, margin expanded to 43.4%.

• Net income rose 13.4% to R$4.3 billion for the first nine months; EPS up 15.6% YoY.

• Free cash flow approached R$7 billion, margin at 15.6%.

• CapEx totaled R$6.9 billion for the first nine months, up 3% year-over-year; CapEx/revenue ratio declined to 15.7%.

Outlook and guidance

• Positive trends expected in mobile service revenues despite competitive market.

• Commitment to distribute at least 100% of net income as shareholder remuneration from 2024 to 2026.

• Asset sales from concession migration to ramp up, with project completion expected by 2028.

• Ongoing share buyback program of R$1.75bn to be completed by February 2026.

• Asset sales expected to deliver R$4.5bn over the next years, with value capture concentrated in 2026 and 2027.