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 32.0 million homes passed and 8.2 million homes connected at June 30, 2026, and digital services for consumers and companies. It had 118.8 million accesses at June 30, 2026.

Net revenue was R$15.76 billion in Q2 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. Revenue grew 7.6% and EBITDA grew 10.9% in Q2 2026, 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 grow faster than revenue as the accelerated depreciation of copper assets ends, which removes about R$0.3 billion of cost each quarter from Q3 2026. The company must keep a payout of at least 100% of net income after its current commitment for 2024 to 2026 ends. The Q3 2026 report, expected in November 2026, gives the next test, and the 2026 results and the payout plan for 2027, expected in February 2027, give a second 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 9, 2026 · est.Pending

   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.
2. Feb 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

• 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.
• July 31, 2026Shareholders approved the merger of the wholly owned subsidiary FiBrasil into Telefônica Brasil, effective August 1, 2026.
• July 27, 2026Telefônica Brasil reported Q2 2026 results. Net revenue rose 7.6% to R$15.76 billion, EBITDA rose 10.9% to R$6.58 billion and net income rose 17.0% to R$1.57 billion. Postpaid accesses grew 6.9% to 73.2 million, and fiber homes connected grew 11.3% to 8.2 million. Payments to shareholders in 2026 up to that date reached R$6.99 billion, including R$4.0 billion from a capital reduction, and the company repeated its plan to pay out at least 100% of 2026 net income.

Next earnings

Expected about November 9, 2026. 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$7.3 billion for 2020 to 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$4.93 billion at June 30, 2026, down 14.4% from a year earlier after it repaid a R$1.5 billion debenture in July 2025. Read more

Dividend yield

8.0% (last 12 months, at today’s price of $11.42)

Paid per share

$0.908 in the last 12 months (10 payments)

Current annual rate

$0.672 ($0.056 × 12 a year)

Latest ex-dividend date

October 27, 2026, $0.056 per share

Dividends per share by year

Source: company filings and market data, read on October 29, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.