Telefônica Brasil

Telefônica Brasil is the largest mobile operator in Brazil and sells its services under the Vivo brand. It had 38.1% of mobile accesses and 40.3% of postpaid mobile accesses in Brazil at December 31, 2025. It also sells fiber broadband, with 32.4 million homes passed and 8.4 million homes connected at September 30, 2026, and digital services for consumers and companies. It had 120.2 million accesses at September 30, 2026.

Net revenue was R$16.02 billion in Q3 2026. Telefónica S.A. and its affiliates own about 77.1% of the shares. One ADS represents two common shares.

The market prices Telefônica Brasil as a mature Brazilian telecom company whose value in US dollars depends on the Brazilian real, local interest rates and a controlling shareholder. Telefónica S.A. and its affiliates own about 77.1% of the shares, so few shares trade freely. In Q3 2026, revenue grew 7.2%, EBITDA grew 10.0% and net income grew 30.1% after the accelerated depreciation of copper assets ended, and the company pays out all of its net income. For the gap to close, three things must be true.

Revenue must keep growing faster than inflation through postpaid, fiber and digital services. Net income must keep growing faster than revenue without one-off gains, because Q3 2026 included R$366 million of gains, mainly from sales of copper-related assets. The company must keep a payout of at least 100% of net income after its current commitment for 2024 to 2026 ends. The 2026 results and the payout plan for 2027, expected in February 2027, give the next test.

If these checks pass, the gap can close slowly over the next four to six quarters. The main reason it may not close is a weaker real or higher Brazilian interest rates, which lower the value in US dollars.

1. Nov 10, 2026Passed

   Q3 2026 results: lower depreciationNet income that grows faster than revenue as copper depreciation ends, with steady postpaid and fiber growth, passes; slower revenue growth or flat net income fails.Outcome: Net income rose 30.1% while revenue rose 7.2%, and postpaid accesses grew 7.1% and fiber homes connected 10.8%.
2. Feb 10, 2027 · est.Pending

   2026 results and payout plan for 2027A new commitment to pay out at least 100% of net income from 2027 passes; a lower payout target fails.

Every passed and failed checkpoint across all picks

• November 10, 2026Telefônica Brasil reported Q3 2026 results. Net revenue rose 7.2% to R$16.02 billion, EBITDA rose 10.0% to R$7.14 billion and net income rose 30.1% to R$2.46 billion. Lower depreciation after the end of the accelerated depreciation of copper assets and R$366 million of gains, mainly from sales of copper-related assets, helped net income. Postpaid accesses grew 7.1% to 74.7 million, and fiber homes connected grew 10.8% to 8.4 million. Free cash flow rose 37.7% to R$2.43 billion. The company repeated its plan to pay out at least 100% of 2026 net income, and it set December 15, 2026 as the payment date of R$325 million of interest on capital declared in February 2026.
• October 30, 2026In answer to a letter from the Brazilian securities regulator CVM, Telefônica Brasil said that it had preliminary, non-binding talks with shareholders of Vero, a fiber internet provider. It said that it has made no decision and has no agreement on the structure, terms or conditions of a possible transaction.
• October 14, 2026The Board declared interest on capital of R$450 million gross, or about R$0.1408 per share, for shareholders of record on October 26, 2026.

Last earnings

November 10, 2026

Next earnings

Expected about February 10, 2027. The company has not confirmed the date.

• 20-FAnnual report for the period ended Dec 31, 2025Filed February 24, 2026 · viv-20251231
• 20-FAnnual report for the period ended Dec 31, 2024Filed February 27, 2025 · viv-20241231

Every filing on SEC EDGAR (CIK 1066119)

• The company reports in Brazilian reais, and the ADS trades in US dollars. A weaker real lowers the dollar value of earnings and dividends.
• The company disputes several regulatory charges and has no provisions for them. At December 31, 2025, FUST cases were R$6.17 billion and FISTEL installation fee cases were R$2.49 billion. Its debt also does not include FISTEL TFF fees of R$7.5 billion for 2020 to 2026, as of September 30, 2026.
• Telefónica S.A. and its affiliates own about 77.1% of the shares and control the Board. Decisions on payouts, deals and related-party contracts depend on the controlling shareholder.
• Vivo had only 18.5% of fiber accesses at December 31, 2025, and many regional providers compete in fiber. Strong competition can slow fiber growth and prices.

Telefônica Brasil has little financial debt. Gross debt without IFRS 16 leases was R$4.82 billion at September 30, 2026, up 21.1% from a year earlier, mainly because it took on about R$0.9 billion of FiBrasil debentures when it merged FiBrasil. Read more

Yield at the current rate

5.5% (current annual rate, at today’s price)

Dividend yield

3.5% (last 12 months, at today’s price of $12.28)

Paid per share

$0.432 in the last 12 months (9 payments)

Current annual rate

$0.672 ($0.056 × 12 a year)

Latest ex-dividend date

October 27, 2026, $0.056 per share

Fewer payments or a raise. The last 12 months paid at least 25% less than the current annual rate. A payment may fall just outside the 12 months, or the company may have raised its dividend.

Dividends per share by year

From 2020 to 2025, the dividend fell by about 15.0% a year. From 2015 to 2025, the dividend fell by about 2.3% a year.

One-off payments far above the usual dividend are left out of these numbers.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.