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Dec 31, 2025
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Telefônica Brasil Q4 2025 Earnings Report
Telefônica Brasil reported solid revenue and EBITDA growth in Q4 2025, with higher net income and strong mobile and FTTH performance.
Key Takeaways
Telefônica Brasil generated R$15611000000 in net operating revenue in Q4 2025, up 7.1% YoY, with EBITDA of R$6699000000 (+8.1% YoY) and net income of R$1877000000 (+6.5% YoY). Growth was driven by mobile services and FTTH expansion, while free cash flow more than doubled year-over-year.
Net operating revenue increased 7.1% YoY to R$15611000000.
EBITDA rose 8.1% YoY to R$6699000000, with margin at 42.9%.
Net income grew 6.5% YoY to R$1877000000.
Free cash flow surged 111.9% YoY to R$2287000000.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company reaffirmed its commitment to distribute at least 100% of net income between 2024 and 2026 and continues executing asset sales related to the concession migration, with value capture concentrated in 2026 and 2027.
Positive Outlook
- Commitment to distribute at least 100% of net income through 2026.
- R$6990000000 shareholder remuneration already approved for 2026.
- R$4500000000 in expected asset sales from concession migration.
- Continued expansion of FTTH and 5G coverage.
- Strong B2B and digital services momentum.
Challenges Ahead
- Capex intensity remains elevated at 15.1% of revenue.
- Operating cash flow margin declined year-over-year.
- Exposure to interest rate volatility impacting financial results.
- Ongoing migration from concession to authorization model.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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