Telefônica Brasil (VIVT3) Q4 2025 earnings summary

Executive summary

• Achieved record-high access base and robust financial performance in 2025, with above-inflation growth across all key business lines, strong commercial momentum, and customer experience focus.

• Mobile postpaid accesses expanded 6.5% year-over-year to 70.8 million, representing 69% of the mobile base; total mobile accesses reached 103 million (+0.7% YoY).

• Fiber footprint reached 31 million homes, with 7.8 million homes connected (+12% YoY); FTTH take-up ratio improved to 25.2%.

• New businesses contributed 12.1% of total revenues, growing 27% YoY, reflecting diversification and digital expansion.

• ESG initiatives earned top global sustainability rankings and expanded social programs.

Financial highlights

• Q4 total revenues rose 7.1% YoY; mobile service revenue up 7.0%, fixed services up 5.4%, and FTTH revenue up 9.8%.

• EBITDA grew 8.1% YoY in Q4; excluding concession migration effects, EBITDA advanced 17.7% YoY.

• Net income for 2025 reached R$6.2bn–R$7.2bn, up 11.2% YoY; free cash flow was R$9.2bn, up 11.4% YoY.

• CapEx for the year was R$9.3bn (+1.1% YoY), with CapEx/revenue ratio reduced to 15.6%.

• Net cash position (ex-leases) of R$2.32bn at year-end; net debt/EBITDA at 0.5x.

Outlook and guidance

• Committed to distributing at least 100% of net income in 2026, with R$6.99bn–R$7bn already announced for distribution.

• New share buyback program of up to R$1bn approved through February 2027.

• Ongoing focus on CapEx optimization, infrastructure leadership, and price increases in mobile and fiber for 2026.

• Continued investment in 5G and fiber expansion, with 716 municipalities covered by 5G (+1.4x YoY).