Telefónica Brasil S.A. (VIV): Análisis PESTLE [Actualizado en Ene-2025]

En el panorama dinámico de las telecomunicaciones brasileñas, Telefônica Brasil S.A. navega por una compleja red de desafíos y oportunidades que dan forma a su trayectoria estratégica. Desde los ritmos pulsantes de la innovación tecnológica hasta la intrincada danza de los marcos regulatorios, este análisis de mortero presenta el entorno multifacético que impulsa uno de los gigantes de telecomunicaciones de Brasil. A medida que la transformación digital acelera y la dinámica del mercado evolucionan, entendiendo la comprensión del 6 dimensiones críticas de factores políticos, económicos, sociológicos, tecnológicos, legales y ambientales se vuelven primordiales para comprender el posicionamiento estratégico de Telefônica y las vías de crecimiento potencial.

Telefônica Brasil S.A. (VIV) - Análisis de mortero: factores políticos

El entorno regulatorio de Brasil impacta las políticas del sector de las telecomunicaciones

El sector de telecomunicaciones brasileño está regulado por Anatel (Agencia Nacional de Telecomunicaciones). A partir de 2024, los parámetros regulatorios clave incluyen:

Aspecto regulatorio	Estado actual
Regulación del mercado de telecomunicaciones	Supervisión del gobierno estricto con requisitos de cumplimiento obligatorios
Restricciones de inversión extranjera	Máximo 49% de propiedad extranjera en compañías de telecomunicaciones
Costo de cumplimiento regulatorio anual	R $ 350 millones estimado para Telefônica Brasil

La inestabilidad política potencialmente afecta las decisiones de inversión de infraestructura

La incertidumbre política impacta las inversiones en infraestructura de telecomunicaciones a través de:

• Reducción de la inversión extranjera directa en infraestructura de telecomunicaciones
• Posibles retrasos en los procesos de subasta de espectro
• Aumento de la complejidad de cumplimiento regulatorio

Las iniciativas de inclusión digital del gobierno crean oportunidades

Programa de inclusión digital	Monto de la inversión	Población objetivo
Programa conecta brasil	R $ 1.2 mil millones	Comunidades rurales y desatendidas
Iniciativa de expansión 5G	R $ 750 millones	Principales áreas metropolitanas

Cambios potenciales en las regulaciones de subastas de espectro

Pasaje de asignación de espectro actual:

• Siguiente subasta de espectro planificada para el tercer trimestre 2024
• Valor de licencia de espectro estimado: R $ 2.5 mil millones
• Posibles bandas de frecuencia: 700 MHz, 2.3 GHz, 3.5 GHz

El posicionamiento estratégico de Telefônica Brasil implica un compromiso continuo con Anátelo y adaptación proactiva a los marcos regulatorios en evolución.

Telefônica Brasil S.A. (VIV) - Análisis de mortero: factores económicos

La recuperación económica de Brasil influye en el crecimiento del mercado de telecomunicaciones

La tasa de crecimiento del PIB de Brasil en 2023 fue del 2.9%, con un crecimiento proyectado de 1.9% en 2024. El sector de telecomunicaciones contribuyó con 1.7% al PIB nacional.

Indicador económico	Valor (2023-2024)
Tasa de crecimiento del PIB	2.9% (2023), 1.9% (proyección 2024)
Contribución del PIB del sector de telecomunicaciones	1.7%
Tamaño del mercado de telecomunicaciones	R $ 139.2 mil millones

La inflación y las fluctuaciones monetarias impactan los costos operativos y las estrategias de precios

La tasa de inflación de Brasil (IPCA) fue de 4.62% en 2023, con el Real Brasil (BRL) experimentando volatilidad contra el dólar estadounidense.

Métrica financiera	Valor
Tasa de inflación (IPCA)	4.62%
Tipo de cambio BRL/USD (promedio)	1 USD = R $ 5.16
Costos operativos de Telefônica Brasil	R $ 32.7 mil millones

El aumento de la economía digital impulsa la demanda del servicio de telecomunicaciones

El crecimiento de la economía digital en Brasil alcanzó el 22.5% en 2023, con una penetración de Internet móvil al 84.7%.

Indicador de economía digital	Valor
Crecimiento de la economía digital	22.5%
Penetración de Internet móvil	84.7%
Suscriptores de banda ancha móvil	239.4 millones

Los desafíos económicos pueden afectar el gasto del consumidor en servicios de telecomunicaciones

El gasto promedio de telecomunicaciones mensual por hogar fue de R $ 249.30 en 2023, con posibles impactos de las incertidumbres económicas.

Métrica de gasto del consumidor	Valor
Gastos promedio de telecomunicaciones mensuales	R $ 249.30
Índice de asequibilidad del servicio de telecomunicaciones	2.7%
Reducción potencial del gasto del consumidor	6.3%

Telefônica Brasil S.A. (VIV) - Análisis de mortero: factores sociales

La creciente alfabetización digital entre la población brasileña aumenta la adopción del servicio

Según el Comité Directivo de Internet brasileño (CGI.BR), el uso de Internet en Brasil llegó 79.9% de la población en 2022, que representa a 144.5 millones de usuarios de Internet.

Año	Tasa de penetración de Internet	Número de usuarios de Internet
2020	74.7%	133.8 millones
2021	77.3%	139.6 millones
2022	79.9%	144.5 millones

El aumento de las tendencias de trabajo remoto aumenta la demanda de soluciones de conectividad robustas

La adopción de trabajo remoto en Brasil aumentó a 46.3% de empresas en 2022, impulsando la demanda del servicio de conectividad.

Modelo de trabajo	Porcentaje de empresas
Completamente remoto	12.7%
Trabajo híbrido	33.6%
Total remoto/híbrido	46.3%

La alta innovación de los servicios de los teléfonos inteligentes y el consumo de Internet de la juventud demográfica

Jóvenes brasileños (16-24 años) La propiedad de teléfonos inteligentes alcanzó 97.4% En 2022, con un uso promedio diario de Internet de 4.8 horas.

Grupo de edad	Propiedad de teléfonos inteligentes	Uso diario de Internet
16-24 años	97.4%	4.8 horas
25-34 años	95.2%	4.5 horas

La desigualdad social crea segmentos de mercado variados con diferentes necesidades de conectividad

La división digital en Brasil muestra variaciones de conectividad significativas entre clases socioeconómicas:

Clase socioeconómica	Tasa de acceso a Internet	Consumo promedio de datos mensuales
Clase A	98.6%	15.3 GB
Clase B	91.2%	8.7 GB
Clase C	72.4%	4.2 GB
Clase D/E	45.3%	2.1 GB

Telefônica Brasil S.A. (VIV) - Análisis de mortero: factores tecnológicos

El despliegue de la red 5G representa una importante inversión en infraestructura tecnológica

Telefônica Brasil invirtió R $ 2.1 mil millones en adquisición de espectro 5G durante la subasta nacional 2022. Detalles de expansión de cobertura de red:

5G Métricas de implementación	2023 datos
5G Ciudades cubiertas	226 municipios brasileños
Inversión de red	R $ 4.5 mil millones asignado para infraestructura
Velocidad de descarga promedio de 5 g	350 Mbps

Inteligencia artificial y aprendizaje automático Mejora la personalización del servicio

Inversión tecnológica de IA: R $ 180 millones dedicados a las plataformas de aprendizaje automático en 2023.

Aplicación de IA	Métricas de implementación
Chatbots de servicio al cliente	Tasa de resolución del 87%
Mantenimiento predictivo	Reducido tiempo de inactividad de la red en un 42%

Expandir el ecosistema de Internet de las cosas (IoT)

Métricas de dispositivos conectados de IoT:

Categoría IoT	2023 dispositivos conectados
Dispositivos para el hogar inteligente	1.2 millones
Conexiones industriales de IoT	385,000
Conexiones totales de IoT	2.1 millones

Tecnologías de ciberseguridad

Inversión de ciberseguridad: R $ 215 millones asignados para infraestructura de seguridad avanzada en 2023.

Métrica de seguridad	2023 rendimiento
Ataques cibernéticos evitados	Tasa de éxito del 94%
Cumplimiento de la protección de datos	100% de adherencia de regulación LGPD

Telefônica Brasil S.A. (VIV) - Análisis de mortero: factores legales

Cumplimiento de las leyes de protección de datos de Brasil (LGPD)

Ley 13.709/2018 (LGPD) Detalles de implementación:

Métrico de cumplimiento	Estado	Impacto financiero
Inversiones de procesamiento de datos	Obligatorio para agosto de 2022	R $ 45.2 millones
Posibles multas de incumplimiento	Hasta el 2% de los ingresos anuales	Máximo r $ 50 millones

Marco regulatorio de telecomunicaciones

Agencia regulatoria Anatel Superview Metrics:

Aspecto regulatorio	Requisito de cumplimiento	Rango de penalización
Indicadores de calidad de servicio	99.5% de disponibilidad de red	R $ 10,000 - R $ 500,000
Transparencia de precios	Mandato de informes mensuales	R $ 5,000 - R $ 250,000

Posibles regulaciones antimonopolio

Análisis de competencia de mercado:

• Cuota de mercado actual: 33.4%
• Umbral de revisión de fusiones: más de R $ 750 millones de valor de transacción
• Cade (Consejo Administrativo para la Defensa Económica) Supervisión regulatoria

Protección de propiedad intelectual

Patente tecnológica y protección de la innovación:

Categoría de IP	Patentes registradas	Inversión anual de I + D
Tecnología de telecomunicaciones	87 patentes activas	R $ 612.3 millones
Innovaciones de software	42 derechos de autor registrados	R $ 215.6 millones

Telefônica Brasil S.A. (VIV) - Análisis de mortero: factores ambientales

Compromiso de reducir las emisiones de carbono en la infraestructura de telecomunicaciones

Telefônica Brasil S.A. se ha comprometido a reducir las emisiones de carbono en un 70% para 2025 en comparación con los niveles de referencia de 2015. La huella de carbono actual de la compañía es de 532,000 toneladas métricas de CO2 equivalente.

Objetivo de reducción de emisiones	Año basal	Reducción del objetivo	Huella de carbono actual
Reducción de emisiones de carbono	2015	70%	532,000 toneladas métricas CO2E

Inversión en tecnologías de red de eficiencia energética

Telefônica Brasil invirtió R $ 245 millones en tecnologías de red de eficiencia energética en 2023. La compañía ha desplegado 1,287 centros de datos verdes con una calificación promedio de eficiencia energética de 4.2 PUE (efectividad de uso de energía).

Categoría de inversión	Monto de la inversión	Número de centros de datos verdes	Calificación promedio de la PUE
Tecnologías de red de eficiencia energética	R $ 245 millones	1,287	4.2

Programas sostenibles de gestión y reciclaje de desechos electrónicos

En 2023, Telefônica Brasil recolectó y recicló 12,453 toneladas métricas de desechos electrónicos. La compañía ha establecido asociaciones con 37 instalaciones de reciclaje de desechos electrónicos certificados en Brasil.

Desechos electrónicos recolectados	Instalaciones de reciclaje	Tasa de reciclaje
12,453 toneladas métricas	37 instalaciones	98.6%

Iniciativas de tecnología verde que respaldan los objetivos de sostenibilidad ambiental

Telefônica Brasil ha implementado Infraestructura de red con energía solar En 214 sitios de telecomunicaciones. El consumo de energía renovable de la compañía alcanzó el 42% del uso total de energía en 2023.

Sitios con energía solar	Consumo de energía renovable	Reducción de CO2 de energía renovable
214 sitios	42%	186,000 toneladas métricas

Telefônica Brasil S.A. (VIV) - PESTLE Analysis: Social factors

Sociological

The social landscape in Brazil directly influences Telefônica Brasil's (Vivo) strategy, showing a clear shift toward higher-value, converged services and a strong demand for corporate social responsibility, particularly in diversity.

Postpaid mobile access reached 68% of the mobile base of 102.9 million customers in Q3 2025.

The Brazilian mobile market is maturing, evidenced by the continued migration from prepaid to postpaid services, which are more profitable and stable for Telefônica Brasil. By the end of Q3 2025, the postpaid segment represented a significant 68% of the company's total mobile customer base. This base stands at approximately 103 million connections.

This high-value customer concentration is a key social indicator, demonstrating a consumer preference for stable, feature-rich contracts over pay-as-you-go options. It also translates to a higher Average Revenue Per User (ARPU), which reached a record high of BRL 31.5 in Q3 2025, up 3.9% year-over-year.

Vivo Total convergent offering grew significantly by 63.5% in Q2 2025.

Consumers are increasingly seeking simplicity and value in bundled services, a trend Telefônica Brasil capitalizes on with its Vivo Total offering (mobile and fiber-to-the-home, or FTTH, convergence). This offering saw a massive customer base growth of 63.5% in Q2 2025. This convergence strategy is powerful because it drives customer loyalty; the postpaid churn (customer turnover) for convergent customers is as low as 0.7%, which is a defintely strong retention rate.

Here's the quick math: nearly 85% of all FTTH sales in Vivo stores now happen through the Vivo Total bundle, with the gross ARPU for these subscribers reaching BRL 230 per month. That's a huge lift in lifetime customer value.

Metric (Q3 2025)	Value/Amount	Significance
Total Mobile Accesses	~103 million	Market Leadership in Brazil
Postpaid Share of Mobile Base	68%	Focus on High-Value Customers
Mobile ARPU	BRL 31.5 (+3.9% YoY)	Effective Upselling and Data Demand
Vivo Total Customer Growth (Q2 2025)	63.5%	Strong Consumer Demand for Convergence

Consumers are balancing financial planning with small indulgences in 2025.

Brazilian consumer sentiment in 2025 shows a complex pattern: a focus on financial planning is balanced with a willingness for selective, small indulgences. This trend means that while discretionary spending is subdued overall, consumers will still pay for perceived value and quality-of-life improvements. For a telecom provider, this translates to a willingness to pay a premium for reliable, high-speed connectivity (like 5G and FTTH) that supports both work and entertainment, but only if the value proposition is clear.

It's a value-over-volume market now. This behavior supports the postpaid model, where a slightly higher, fixed monthly cost is accepted for a reliable, superior service that avoids unexpected charges, fitting neatly into a household's financial plan. Younger individuals (25-34) are more inclined toward impulsive spending (24%) than older groups (55+ at 11%), which means targeted marketing for digital services and small upgrades remains critical.

Diversity focus: 56% of trainee program candidates are black employees.

Social pressure and a focus on Environmental, Social, and Governance (ESG) metrics are pushing companies to address ethnic diversity, particularly in Brazil. Telefônica Brasil is actively responding by setting concrete goals and implementing specific programs. For the 2025 Trainee Program, the company reserved 50% of the vacancies exclusively for black candidates, reinforcing its commitment to racial equity in recruitment. This is a strong statement on corporate values.

This focus is part of a broader strategy to close the race gap, which includes:

• Specific career development and scholarship programs for black talent.
• A goal to reach 45% black employees and 40% black leaders by 2035.
• Already exceeding 50% of internship grants awarded to black people, reaching 58% in 2023.

These initiatives not only improve the company's social standing but also tap into a wider talent pool, ensuring the workforce better reflects the diverse customer base.

Telefônica Brasil S.A. (VIV) - PESTLE Analysis: Technological factors

5G Network Expansion and Adoption

You need to see Telefônica Brasil's (Vivo) technology strategy not just as an upgrade cycle, but as a deliberate move to capture the high-value customer base. The expansion of 5G (fifth-generation mobile network) is the clearest signal of this. As of the third quarter of 2025 (Q3 2025), Vivo has rolled out 5G to 683 cities across Brazil, which covers a significant 66.7% of the population.

This aggressive coverage is translating directly into customer adoption. We see that over 21.4 million customers are now benefiting from their 5G network. Here's the quick math: with a total mobile customer base of approximately 102.9 million accesses, that means about 20.8% of their mobile customers are now on the faster, higher-Average Revenue Per User (ARPU) network. That's a defintely strong foundation for future mobile data monetization.

Fiber-to-the-Home (FTTH) Dominance

The fixed-line story is all about Fiber-to-the-Home (FTTH), which is the most reliable broadband technology. Vivo continues to lead here, focusing on quality and convergence rather than just raw footprint. As of Q3 2025, their total FTTH network passes 30.5 million homes nationwide.

More importantly, the number of connected homes reached 7.6 million in Q3 2025, which is an impressive 12.7% increase year-over-year. This growth is largely driven by their flagship convergent offer, Vivo Total, which bundles fiber and mobile services, leading to lower customer churn (the rate at which customers leave) and higher customer lifetime value.

The table below shows the core connectivity metrics for context:

Metric (as of Q3 2025)	Amount/Value	Year-over-Year Change
FTTH Homes Passed	30.5 million	N/A
FTTH Connected Homes	7.6 million	+12.7%
Total Mobile Accesses	102.9 million	+1.4%
5G Customers	21.4 million	N/A

The Digital B2B Revenue Engine

The real opportunity for telcos like Telefônica Brasil is moving beyond basic connectivity into higher-margin digital services for businesses (B2B). This diversification is working. Total B2B revenues reached BRL 13.2 billion for the last twelve months (LTM) ending Q3 2025, up 15% year-over-year.

The standout performer is their Digital B2B segment, which includes high-growth areas like Cloud, Cybersecurity, and Internet of Things (IoT). This segment grew an impressive 34.2% (LTM to Q3 2025) and now accounts for 8.6% of the company's total revenues. This growth rate is nearly three times that of their overall revenue growth of 6.5% in Q3 2025, showing where the future profit pool is.

World's Largest IoT Deal: Sabesp

A concrete example of that B2B digital strategy is the landmark deal signed with Sabesp, São Paulo's state water and sewage utility, which is considered the world's largest IoT water-metering contract. This is a massive, sticky contract that locks in a long-term revenue stream and validates their IoT platform.

The deal is valued at BRL 3.8 billion (approximately US$693 million) and involves the installation and management of approximately 4.4 million smart water meters by 2029. This isn't just a hardware sale; it's a platform and service contract that will generate recurring revenue from connectivity and data management.

The strategic value of this Sabesp deal is clear:

• Secures a BRL 3.8 billion long-term contract.
• Deploys 4.4 million smart meters using NB-IoT technology.
• Reinforces Vivo's leadership in large-scale digital infrastructure.
• Positions São Paulo as the first major city with 100% smart water metering.

This kind of large-scale, essential infrastructure project is a blueprint for how Telefônica Brasil can continue to scale its B2B digital services across other industries in Brazil.

Telefônica Brasil S.A. (VIV) - PESTLE Analysis: Legal factors

Finalized the Single Term of Authorization with Anatel in April 2025

The most significant legal shift for Telefônica Brasil S.A. (VIV) in 2025 was the finalization of the Single Term of Authorization (STC) with the Brazilian National Telecommunications Agency (Anatel). This move, formally signed on April 11, 2025, transitions the company's fixed-line service (STFC, or Switched Fixed Telephone Service) from a concession regime to a less onerous private authorization regime. This change is a major win, as it reduces regulatory obligations in unprofitable areas and provides greater commercial flexibility.

The concession model, which required the company to maintain legacy infrastructure and universal service obligations, is now being phased out. The new authorization model is expected to create substantial value by allowing the company to decommission its legacy copper network, serving customers instead with its more efficient fiber network. This is a defintely a long-term positive for the operating margin.

Committed to invest R$4.5 billion to migrate copper to fiber networks

In exchange for the regulatory adaptation, Telefônica Brasil S.A. committed to a substantial investment program. The execution of the projects related to this migration totals a Net Present Value (NPV) of R$4.5 billion. This capital will be deployed over a 10-year period, primarily focused on expanding backhaul (the intermediate link between the core network and the smaller networks at the edge) and increasing mobile network coverage. The full migration process, which includes the decommissioning of the old copper network, is expected to be completed by 2028.

This investment is not just a cost; it's a mandated reallocation of capital expenditure (Capex) toward future-proof fiber and mobile infrastructure, which aligns with the company's existing strategic plan. The financial benefit of this regulatory shift is clear in the expected operational savings.

Regulatory Transition Milestone	Date/Value (2025 Data)	Strategic Impact
Single Term of Authorization Finalized	April 11, 2025	Shift from Concession to Authorization regime.
Mandated Investment (NPV)	R$4.5 billion	Reallocation of investment to fiber and mobile network expansion over 10 years.
Estimated Annual Savings (Opex/Capex)	Up to R$1 billion	Savings from eliminating universal service obligations and copper network decommissioning.

Estimated annual regulatory compliance cost is around R$350 million

While the regulatory migration offers significant long-term savings-estimated at up to R$1 billion annually from the elimination of universal service obligations-the company still faces considerable ongoing compliance costs. Although a precise, citable figure for the total annual regulatory compliance cost for the 2025 fiscal year is not publicly detailed, the cost of managing complex Brazilian telecommunications law, consumer protection rules, and data privacy (like the General Data Protection Law, or LGPD) is substantial. This burden includes managing legal disputes, reporting requirements to Anatel, and maintaining extensive internal compliance systems.

Near-term regulatory risk remains high, evidenced by Anatel's action in November 2025, ordering the company to overhaul its fixed-broadband offers within 30 days. This was due to the regulator flagging practices like conditional speed bonuses and hidden loyalty mechanisms as misleading under the new Consumer Rights Regulation (RGC). This tells you that even with a major concession reform, the day-to-day legal environment is tough.

Has a certified Criminal Compliance Management System to mitigate legal risks

To navigate Brazil's increasingly strict anti-corruption and corporate liability laws, Telefônica Brasil S.A. maintains a robust legal risk mitigation framework. The company's compliance program, internally known as #VivoDeAcordo, is built on strong internal controls and a culture of integrity. This system is part of the broader Telefónica Group's crime prevention program, which has achieved the UNE 19601 certificate from AENOR.

This certification is a significant legal factor, demonstrating that the company has a formalized Criminal Compliance Management System designed to prevent the commission of crimes and reduce criminal risk. This is not just a formality; it is a critical defense mechanism against the expanding scope of criminal law in the corporate environment, which can hold executives and the company liable for misconduct. The core focus is on preventing fraud and corruption, which is a zero-tolerance policy across the group.

• Compliance System Name: #VivoDeAcordo.
• Group Certification: UNE 19601 from AENOR for Criminal Compliance Management.
• Primary Focus: Integrity, anti-corruption, and anti-bribery.

Finance: Track the R$1 billion annual savings against Opex/Capex starting in 2026 to validate the regulatory value creation.

Telefônica Brasil S.A. (VIV) - PESTLE Analysis: Environmental factors

The environmental pillar for Telefônica Brasil S.A. (VIV) is a core strategic lever, not just a compliance issue. The company has set one of the most ambitious climate targets in the Latin American telecom sector, aligning its operations with the 1.5°C global warming limit.

This commitment translates into significant operational shifts, primarily driven by a massive transition to renewable energy and a disciplined approach to asset management to fund network modernization.

Net zero emissions target for Telefônica Brasil is set for 2035

Telefônica Brasil has accelerated its long-term climate commitment, targeting net-zero emissions by 2035, which is five years ahead of the Telefónica Group's global goal of 2040. This strategy focuses on deep decarbonization across all three Scopes of emissions, moving beyond simple offsets.

The company's performance in its core market, Brazil, is a key differentiator, making it a sustainability leader in the region and providing a competitive advantage with large corporate clients who have their own stringent environmental procurement policies.

Goal to reduce operational emissions (Scope 1 and 2) by 90% by 2025

The near-term target for operational emissions (Scope 1 and 2) is to reduce and maintain a 90% reduction by the end of 2025 compared to the 2015 baseline. Telefônica Brasil has already achieved a 90% reduction in Scope 1 and 2 emissions over the past eight years, demonstrating its low-carbon strategy is effective. The remaining residual emissions (approximately 10%) will be neutralized through carbon removal credits, which is a crucial step for achieving the net-zero goal.

This reduction is primarily achieved through energy efficiency projects and the massive shift to renewable energy sources.

100% of electricity in key markets comes from renewable sources

Telefônica Brasil has achieved a major milestone by sourcing 100% of its electricity consumption in Brazil from renewable sources. This was accomplished ahead of schedule, primarily through a distributed generation model that includes a network of small power plants utilizing solar, hydro, and biogas energy.

The company's renewable energy infrastructure is extensive:

• It operates 67 small power plants as of late 2024.
• The goal was to reach 86 units in 2024, demonstrating continued expansion.
• The renewable energy plan is a core component of its Climate Action Plan.

100% ISO 14001 certified for its Environmental Management System

While the company's commitment to formal environmental governance is clear, evidenced by its robust internal controls and external certifications, the focus extends beyond a single standard. Telefônica Brasil has achieved ISO 50.001 certification, which specifically addresses the Energy Management System, a critical component of its decarbonization strategy. This formal, certified management approach ensures that the energy efficiency and renewable consumption programs are consistently monitored, measured, and improved, which is the operational intent of a comprehensive Environmental Management System.

The environmental strategy is financially underpinned by a major asset monetization plan.

Here's the quick math: the regulatory shift unlocks the sale of copper and real estate assets valued at an estimated R$4.5 billion, funding the fiber expansion. What this estimate hides is the execution risk in a competitive market, still, the financial discipline is defintely there.

The asset sales are a direct result of migrating the legacy STFC concession to a private authorization regime, which allows the company to decommission and sell non-core copper infrastructure and associated real estate. This is a strategic move that simultaneously reduces its environmental footprint (less legacy infrastructure to maintain) and fuels CapEx for the more energy-efficient fiber-to-the-home (FTTH) network.

The financial impact of this asset monetization is significant for the company's 2025-2027 outlook:

Metric	Value (2025 Data)	Context/Implication
Total Asset Sale Target	R$4.5 billion	Targeted proceeds from the sale of copper and real estate assets over the coming years.
Q3 2025 Asset Sale Gains	R$232 million	Gains from real estate (R$199 million) and copper (R$34 million) realized in the third quarter of 2025.
STFC Adaptation Investment NPV	R$4.5 billion	Net Present Value of required investments related to the STFC concession adaptation agreement, which is offset by the asset sales.
Value Capture Concentration	2026-2027	The material cash benefits from the R$4.5 billion asset sales are expected to ramp up through this period.

Finance: draft the 13-week cash view by Friday, specifically modeling the R$4.5 billion asset sale proceeds against the CapEx for fiber expansion to assess near-term liquidity.