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olivLaw · US equity research

Telefônica Brasil S.A. VIV

Telephone Communications (No Radiotelephone) · SIC 4813 · Vertical: Telephone Communications (No Radiotelephone) (SIC 4813)

11.31USD+2.91% · 1 dayClose 04 Nov 2026

Telefônica Brasil is the largest telecommunications operator in Brazil, active in mobile, fixed, broadband and digital services under the Vivo brand. For fiscal 2025 it reported net operating revenue of 59595.0 million BRL, up 6.7%, in an economy where the central bank kept the SELIC rate at 15.00% from June 2025, which raises financing costs.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Telefônica Brasil S.A. (VIV) stock was 11.31 USD (+2.91% on the day), with beta 0.41, 52-week range 10.99–17.14 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
shares as of 31 Dec 2025
P/E (TTM)
unavailable
Diluted EPS TTM 1.91 · TTM to 31 Dec 2025
E/P (TTM)
unavailable
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
0.41
Volatility (1y) 35%
52-week range
10.9917.14

Price history

Loading chart…

Technical reading

RSI (14)
40.3
weak (30–45)
Bollinger (20, 2)
10.75 – 13.39
in the lower half of the band · %B 0.21 · band width 21.9%
SMA 50 / 200
11.90 / 13.76
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.23 / -0.08
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−10.4%−1.1%−9.3 pp—
3 months−8.2%−0.5%−7.7 pp—
6 months−29.0%+4.4%−33.4 pp—
Year to date−4.6%+12.3%−17.0 pp—
1 year−7.3%+13.5%−20.8 pp−14.4%
3 years+17.1%+76.4%−59.3 pp+3.2%
5 years+25.1%+63.7%−38.6 pp—
Max drawdown (1y)
−35.9%
10 Apr 2026 → 03 Nov 2026
Max drawdown (5y)
−44.5%
05 Apr 2022 → 03 Jan 2023
Compound annual growth (5y)
+4.6%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

the price (USD) and the reports are in different currencies

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenueunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Revenue YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Net income8.9 bn5.0 bn4.8 bn6.2 bn4.1 bn5.0 bn5.5 bn6.2 bn
Net income YoY+93.7%−44.0%−4.6%+30.8%−34.5%+23.1%+10.3%+11.2%
Diluted EPSunavailableunavailableunavailable3.712.441.521.691.91
Diluted EPS YoYunavailableunavailableunavailableunavailable−34.2%−37.7%+11.2%+13.0%
net %unavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Free cash flow3.4 bn8.9 bn11.1 bn8.8 bn9.0 bn10.0 bn10.6 bn11.3 bn

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
7.0 bn BRL
Financial debt
unavailable BRL
Net debt
unavailable BRL
Equity
69.0 bn BRL
Total assets
128.1 bn BRL
Debt / equity
unavailable
Current ratio
1.00x
ROE
8.9%
ROA
4.9%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (BRL)

Income statement · BRL

Cost of revenue
2023
29.4 bn
2024
31.4 bn
2025
32.9 bn

SEC (XBRL)· 24 Feb 2026verified

Gross profit
2023
22.7 bn
2024
24.5 bn
2025
26.7 bn

SEC (XBRL)· 24 Feb 2026verified

Operating income
2023
7.9 bn
2024
8.7 bn
2025
9.9 bn

SEC (XBRL)· 24 Feb 2026verified

Depreciation & amortisation
2023
13.4 bn
2024
14.2 bn
2025
14.9 bn

SEC (XBRL)· 24 Feb 2026verified

EBITDA
2023
21.3 bn ≈
2024
22.9 bn ≈
2025
24.8 bn ≈

SEC (XBRL)· 24 Feb 2026derived

Interest expense
2023
4.4 bn
2024
3.5 bn
2025
4.4 bn

SEC (XBRL)· 24 Feb 2026verified

Pre-tax income
2023
5.6 bn
2024
6.8 bn
2025
7.3 bn

SEC (XBRL)· 24 Feb 2026verified

Income tax
2023
533.9 m
2024
1.2 bn
2025
1.1 bn

SEC (XBRL)· 24 Feb 2026verified

Net income
2023
5.0 bn
2024
5.5 bn
2025
6.2 bn

SEC (XBRL)· 24 Feb 2026verified

Diluted EPS
2023
1.52
2024
1.69
2025
1.91

SEC (XBRL)· 24 Feb 2026verified

Weighted average diluted shares
2023
1.7 m
2024
1.6 m
2025
—

SEC (XBRL)· 24 Feb 2026verified

Dividend per share
2023
2.32
2024
1.56
2025
0.68

SEC (XBRL)· 24 Feb 2026derived

Balance sheet · BRL

Cash
2023
4.4 bn
2024
6.7 bn
2025
7.0 bn

SEC (XBRL)· 24 Feb 2026verified

Receivables
2023
9.3 bn
2024
9.5 bn
2025
10.6 bn

SEC (XBRL)· 24 Feb 2026verified

Inventories
2023
822.8 m
2024
1.1 bn
2025
1.5 bn

SEC (XBRL)· 24 Feb 2026verified

Current assets
2023
19.2 bn
2024
22.8 bn
2025
25.2 bn

SEC (XBRL)· 24 Feb 2026verified

Property, plant & equipment, net
2023
46.3 bn
2024
46.8 bn
2025
47.4 bn

SEC (XBRL)· 24 Feb 2026verified

Goodwill
2023
—
2024
—
2025
—

SEC (XBRL)· 25 Feb 2021verified

Total assets
2023
120.7 bn
2024
124.9 bn
2025
128.1 bn

SEC (XBRL)· 24 Feb 2026verified

Accounts payable
2023
8.2 bn
2024
9.2 bn
2025
9.9 bn

SEC (XBRL)· 24 Feb 2026verified

Current liabilities
2023
20.1 bn
2024
24.3 bn
2025
25.2 bn

SEC (XBRL)· 24 Feb 2026verified

Total liabilities
2023
51.1 bn
2024
55.1 bn
2025
59.1 bn

SEC (XBRL)· 24 Feb 2026verified

Equity
2023
69.6 bn
2024
69.8 bn
2025
69.0 bn

SEC (XBRL)· 24 Feb 2026verified

Shares outstanding at year end
2023
1.7 bn
2024
1.6 bn
2025
3.2 bn

SEC (XBRL)· 24 Feb 2026verified

Cash flow · BRL

Operating cash flow
2023
18.8 bn
2024
19.9 bn
2025
20.7 bn

SEC (XBRL)· 24 Feb 2026verified

Capex
2023
8.8 bn
2024
9.3 bn
2025
9.5 bn

SEC (XBRL)· 24 Feb 2026verified

Free cash flow
2023
10.0 bn ≈
2024
10.6 bn ≈
2025
11.3 bn ≈

SEC (XBRL)· 24 Feb 2026derived

Investing cash flow
2023
-7.9 bn
2024
-8.9 bn
2025
-10.0 bn

SEC (XBRL)· 24 Feb 2026verified

Financing cash flow
2023
-8.9 bn
2024
-8.6 bn
2025
-10.4 bn

SEC (XBRL)· 24 Feb 2026verified

Dividends paid
2023
3.8 bn
2024
2.5 bn
2025
2.2 bn

SEC (XBRL)· 24 Feb 2026verified

Share repurchases
2023
488.8 m
2024
1.3 bn
2025
1.7 bn

SEC (XBRL)· 24 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
unavailable
input data missing
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
13.7%
computed by olivLawFY 2025
Net income growth (YoY)
11.2%
computed by olivLawFY 2025
Net income CAGR 3Y
14.7%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
5.3%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
13.0%
computed by olivLawFY 2025
EPS CAGR 3Y
-7.8%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
6.7%
computed by olivLawFY 2025

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
unavailable
input data missing
FCF margin
unavailable
input data missing

Returns

ROE
8.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
4.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
9.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
35.8%
computed by olivLawFY 2025
Payout ratio (FCF)
19.4%
computed by olivLawFY 2025

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
2.2x
computed by olivLawFY 2025

Liquidity

Current ratio
1.0x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
0.9x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.3x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
20.7 bn BRL
computed by olivLawFY 2025
Capital expenditure
9.5 bn BRL
computed by olivLawFY 2025
Free cash flow
11.3 bn BRL
computed by olivLawFY 2025
FCF conversion
182.6%
computed by olivLawFY 2025
Cash conversion
83.5%
computed by olivLawFY 2025

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
14 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
106 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
Earnings yield
unavailable
input data missing
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 29.2% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

11.31 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Price and reporting are in different currencies; market indicators are unavailable.

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
8.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
unavailable
input data missing
Revenue growth (YoY)
unavailable
input data missing
Dividend yield
unavailable
input data missing

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 24 Feb 2026
verified 282derived 5

Score by group

29% · Insufficient data

Estimated value range

unavailable — no valuation assumptions for the reporting currency

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

    Multiple comparisons use the SIC vertical: Telephone Communications (No Radiotelephone) (SIC 4813)

    Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

    Assumptions (illustrative, editorial)

    Risk-free rate
    6.5%
    Equity risk premium
    6.0%
    Beta (default)
    1.00
    Cost of equity
    12.5%
    Terminal growth
    3.0%

    Factor scorecard

    Insufficient data

    Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 29.2% of at least 60%

    FactorValueScoreWeight used
    ROIC · Qualityunavailableunavailable—
    Net margin · Qualityunavailableunavailable—
    FCF conversion · Quality182.6%100 (on a fixed band)21%
    Revenue CAGR 3Y · Growthunavailableunavailable—
    EPS CAGR 3Y · Growth-7.8%0 (on a fixed band)29%
    Net debt / EBITDA · Balance sheetunavailableunavailable—
    Interest coverage · Balance sheet2.2x11 (on a fixed band)21%
    Current ratio · Balance sheet1.0x17 (on a fixed band)14%
    P/E (TTM) · Valuationunavailableunavailable—
    EV/EBITDA · Valuationunavailableunavailable—
    FCF yield · Valuationunavailableunavailable—
    Shareholder yield (distributions) · Returnsunavailableunavailable—
    Payout ratio (FCF) · Returns19.4%100 (on a fixed band)14%

    Factors without a value were dropped; the remaining weights were renormalised.

    Score groups

    • Balance sheet13/100 · 2/3 factors with a value
    • Growth· partial0/100 · 1/2 factors with a value
    • Quality· partial100/100 · 1/3 factors with a value
    • Returns· partial100/100 · 1/2 factors with a value
    • Valuation· partialunavailable · 0/3 factors with a value

    A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

    Memo

    TELEFONICA BRASIL S.A. (VIV). Latest full fiscal year: 2025; data up to 2025-12-31.

    Figures computed from the financial statements: ROE 8.9%.

    The estimated value range is 9.97–20.38 BRL per share (median of 2 methods, agreement: low); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.

    Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 29.2% of at least 60%).

    Text generated deterministically from the figures shown; no language model. Not investment advice.

    What supports the thesis

    • FCF conversion: 182.6%
    • Payout ratio (FCF): 19.4%

    What contradicts it

    • EPS CAGR 3Y: -7.8%
    • Interest coverage: 2.2x
    • Current ratio: 1.0x
    • The valuation methods diverge

    Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).

    Versus the vertical median

    Telephone Communications (No Radiotelephone) (SIC 4813) · same industry (4-digit SIC) · compared with 20 companies

    Multiples and returns vs the median

    P/E
    —
    vertical median 11.8x
    EV/EBITDA
    —
    vertical median 3.8x
    P/S
    —
    vertical median 0.8x
    P/B
    —
    vertical median 1.3x
    ROE
    8.9%
    vertical median 10.7%
    below median (−16.6%)
    Net margin
    —
    vertical median 8.4%
    EBIT margin
    —
    vertical median 7.3%
    Revenue YoY
    —
    vertical median 2.7%
    Net debt/EBITDA
    —
    vertical median 0.4x
    Dividend yield
    —
    vertical median 0.4%

    Price rebased to 100 (monthly, 5 years)

    Companies in the vertical

    Market capP/EROENet marginRevenue YoY1A / 3A
    AMXAmerica Movil Sab De Cv1,508.4 bn1,107.56.8%3.2%−11.2%+8% / +38%
    VZVerizon Communications Inc.191.4 bn11.815.4%11.8%+2.5%+12% / +20%
    TAt&T Inc.147.1 bn11.810.5%10.2%+2.7%−16% / +32%
    LUMNLumen Technologies, Inc.4.6 bn——-5.8%−5.4%−45% / +241%
    TDSTelephone And Data Systems, Inc.4.1 bn11.48.2%33.2%−5.3%−11% / +83%
    ATEXAnterix Inc.1.5 bn22.227.9%933.0%+7.8%+278% / +138%
    UNITUniti Group Inc.1.3 bn1.7666.9%30.4%+91.5%−14% / −41%
    SHENShenandoah Telecommunications Company575.2 m—-4.4%-10.2%+9.1%−5% / −53%
    ATNIAtn International, Inc.397.3 m2.432.2%23.2%−0.2%+22% / −15%
    CXDOCrexendo, Inc.174.7 m43.65.6%4.5%+12.0%−25% / +78%
    NXPLNextPlat Corp21.8 m—-43.1%-17.8%−17.8%+34% / −47%
    IQSTIQSTEL Inc.9.0 m—-56.0%-2.2%+11.9%−80% / −94%
    SURGSurgepays, Inc.8.2 m——-47.9%−6.4%−92% / −98%
    CTGGQwest Corp0—-15.8%-40.1%−13.8%unavailable / unavailable
    IDTIDT Corporation—24.325.4%6.7%+5.4%+69% / +186%
    BCEBce Inc.——32.5%26.6%+0.2%−10% / −46%
    TEOTelecom Argentina SA——-2.4%-2.0%+53.0%−17% / +26%
    TKCTurkcell Iletisim Hizmetleri A S——10.8%11.7%+14.6%−15% / −5%
    TIMBTim S.A.——17.1%16.2%+4.6%−22% / +3%
    PHIPLDT Inc.——29.3%14.9%+2.8%−19% / −22%
    VIVTelefonica Brasil S.A.——8.9%—unavailable−7% / +17%

    1- and 3-year price returns: for VIV from daily closes (the same as the performance table), for the other companies from month-end closes.

    olivLaw engine forecast

    The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

    The engine has no published run for this company yet.

    Valuation scenarios (editable assumptions)

    Illustrative scenarios

    Scenarios are not available. input data missing

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 24 Feb 2026; since then the company filed 6-K (30 Oct 2026), 6-K (14 Oct 2026), 6-K (14 Sept 2026).

    In brief

    Telefônica Brasil is the largest telecommunications operator in Brazil, active in mobile, fixed, broadband and digital services under the Vivo brand. For fiscal 2025 it reported net operating revenue of 59595.0 million BRL, up 6.7%, in an economy where the central bank kept the SELIC rate at 15.00% from June 2025, which raises financing costs.

    SWOT

    Strengths

    • A leading position in the telecom market, with a large customer base and an extensive mobile and fixed service network.
    • Operating profit growing faster than revenue suggests good cost discipline.
    • Support from the controlling shareholder, which can provide strategic stability and access to resources.

    Weaknesses

    • High and rapidly growing financial expenses show exposure to interest costs.
    • Dependence on the Brazilian market exposes the company to the country's political and economic volatility.
    • The Vivo Money credit activity is still small and relies on external funding.

    Opportunities

    • Expanding digital and integrated solutions could generate additional revenue.
    • If the monetary cycle eases, financing costs could fall and support investment.
    • Rolling out 5G and new services could open higher-value market segments.

    Threats

    • Stronger competition after sector consolidation could pressure fees and margins.
    • Political instability and regulatory changes could affect operating conditions.
    • Geopolitical risks and currency volatility could affect costs and consumer demand.

    Risks

    • Government influence on the economyhigh

      Government policies on taxes, prices and the currency regime can directly affect results and the share price.

    • Inflation and financing costshigh

      Higher interest rates used to fight inflation could raise financial expenses and reduce the capacity to meet obligations.

    • Competition after consolidationmedium

      Sector consolidation could intensify competition and change pricing dynamics, affecting revenue over the medium term.

    • Cybersecuritymedium

      Dependence on information technology exposes the company to cyber risks that could affect services and reputation.

    • Sector regulationmedium

      Regulatory changes by ANATEL and licence conditions could limit commercial flexibility and raise costs.

    Investment thesis

    What would need to be true (bull case)

    • Operating income up 13.7% in a year of weak economic growth shows the ability to control costs and hold margins.
    • Fee indexing to the IST gives a natural hedge against inflation, which could support revenue over the long term.
    • Expansion into digital and integrated services opens growth beyond traditional telephony.

    What would break the thesis

    • Rapidly rising financial expenses could reduce net profit if interest rates stay high for long.
    • Weak growth and political uncertainty could reduce demand for premium services.
    • Stronger competition after sector consolidation could pressure fees and limit margin gains.

    What to watch

    • Evolution of the SELIC rate and financing costs2026
    • Quarterly results on services revenue and operating marginsQ1 2026
    • Regulatory changes and the outcome of the presidential elections2026

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 24 Feb 2026; since then the company filed 6-K (30 Oct 2026), 6-K (14 Oct 2026), 6-K (14 Sept 2026).

    The business

    The company was incorporated in 1998 as a result of the privatization of Telebrás and merged with Vivo Participações in 2011; its shares trade on B3 as VIVT3 and on the NYSE as VIV. Revenue comes from communications and telecommunications services, value-added and digital services, integrated solutions and licensing. In fiscal 2025 services revenue reached 55094.7 million BRL and sale of goods 4500.3 million BRL. The company also has a credit activity through Vivo Money funds, which remains secondary.

    The capital structure includes the major GVT acquisition, completed in 2015, and the integration of Terra and TData, which expanded the digital offer. The company operates under concession and SMP and STFC authorizations regulated by ANATEL, so fees are indexed to the IST, a basket of indices reflecting sector operating costs.

    Segments

    Services

    Communications and telecommunications services, including mobile, fixed and broadband, are the main revenue source, at 55094.7 million BRL in fiscal 2025.

    Sale of goods

    Sale of equipment and devices is a smaller part of revenue, at 4500.3 million BRL in fiscal 2025, and grew faster than services.

    Vivo Money

    The credit activity through Vivo Money receivables funds is described as a new and secondary service, financed through funds in which the company and an independent manager invested modest amounts.

    Market context

    The Brazilian telecom market is shaped by weak economic growth, estimated at 2.3% for 2025, and inflation of 4.3%, above the 3% target. Indexing fees to the IST partly shields revenue from inflation, but financing costs stay high with the SELIC at 15.00%.

    Trends

    • Restrictive monetary cycleheadwind

      Keeping the SELIC rate high raises financing costs and may limit network investment, though it also reduces inflation pressure on costs over the medium term.

    • Fee indexing to the ISTtailwind

      Indexing fees to the IST, which reflects sector costs, could cushion the effect of inflation on margins if cost developments stay in line with the index.

    • Demand for digital servicestailwind

      Expanding the digital offer and value-added services could support revenue growth, especially if consumers prefer integrated services.

    • Political and electoral uncertaintymixed

      Presidential elections and future government policies could change sector regulation and financing conditions, adding volatility.

    Competitive position

    The Brazilian market is competitive, with large operators competing in mobile, fixed and broadband. Sector consolidation, including recent deals, could intensify competition and change market dynamics, as the filing's risk factors note.

    The company faces direct competition in all main segments, and pressure on prices and bundled offers could affect medium-term margins unless it keeps a quality and network advantage.

    • TIM S.A.

      Mobile operator active in Brazil, named in the filing as a partner in the acquisition of Oi mobile assets and part of sector consolidation.

    • Claro S.A.

      Telecommunications operator that took part with the company in acquiring mobile assets, showing both competition and cooperation.

    • Oi S.A.

      Operator whose mobile assets were the subject of a joint acquisition, a relevant actor in the sector's restructuring.

    • Vivendi S.A.

      Group that sold GVT to the company, named in the filing in the context of fixed broadband consolidation.

    News & filings

    In the press

    Sources

    1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Telefônica Brasil S.A. · 24 Feb 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.