Telefônica Brasil S.A. (VIV): Analyse du pilon [Jan-2025 Mise à jour]

Dans le paysage dynamique des télécommunications brésiliennes, Telefônica Brasil S.A. navigue dans un réseau complexe de défis et d'opportunités qui façonnent sa trajectoire stratégique. Des rythmes pulsants de l'innovation technologique à la danse complexe des cadres réglementaires, cette analyse du pilon dévoile l'environnement à multiples facettes conduisant l'un des géants des télécommunications du Brésil. À mesure que la transformation numérique accélère et que la dynamique du marché évolue, la compréhension du 6 dimensions critiques des facteurs politiques, économiques, sociologiques, technologiques, juridiques et environnementaux deviennent primordiaux pour comprendre le positionnement stratégique de Telefônica et les voies de croissance potentielles.

Telefônica Brasil S.A. (VIV) - Analyse du pilon: facteurs politiques

L'environnement réglementaire du Brésil a un impact sur les politiques du secteur des télécommunications

Le secteur brésilien des télécommunications est réglementé par Anatel (Agence nationale de télécommunications). En 2024, les paramètres de régulation clés comprennent:

Aspect réglementaire	État actuel
Règlement sur le marché des télécommunications	Une surveillance du gouvernement stricte avec des exigences de conformité obligatoires
Restrictions d'investissement étranger	Maximum 49% de propriété étrangère dans les entreprises de télécommunications
Coût annuel de conformité réglementaire	350 millions de rands estimés pour Telefônica Brasil

L'instabilité politique affecte potentiellement les décisions d'investissement des infrastructures

L'incertitude politique a un impact sur les investissements des infrastructures de télécommunications à travers:

• Réduction des investissements directs étrangers dans les infrastructures de télécommunications
• Retards potentiels dans les processus d'enchères de spectre
• Accédoir à la complexité de la conformité réglementaire

Les initiatives d'inclusion numérique du gouvernement créent des opportunités

Programme d'inclusion numérique	Montant d'investissement	Population cible
Programa Concta Brasil	1,2 milliard de R	Communautés rurales et mal desservies
Initiative d'extension 5G	750 millions de R	Principales zones métropolitaines

Changements potentiels dans les réglementations sur les enchères de spectre

Paysage d'allocation du spectre actuel:

• Next Spectrum Auction prévue pour le troisième trimestre 2024
• Valeur de licence de spectre estimé: 2,5 milliards de R
• Bandes de fréquence potentielles: 700 MHz, 2,3 GHz, 3,5 GHz

Le positionnement stratégique de Telefônica Brasil implique un engagement continu avec Anatel et l'adaptation proactive à l'évolution des cadres réglementaires.

Telefônica Brasil S.A. (VIV) - Analyse du pilon: facteurs économiques

La reprise économique du Brésil influence la croissance du marché des télécommunications

Le taux de croissance du PIB du Brésil en 2023 était de 2,9%, avec une croissance projetée de 1,9% en 2024. Le secteur des télécommunications a contribué à 1,7% au PIB national.

Indicateur économique	Valeur (2023-2024)
Taux de croissance du PIB	2,9% (2023), 1,9% (projection 2024)
Contribution du PIB du secteur des télécommunications	1.7%
Taille du marché des télécommunications	139,2 milliards de dollars

Les fluctuations de l'inflation et de la monnaie ont un impact sur les coûts opérationnels et les stratégies de tarification

Le taux d'inflation du Brésil (IPCA) était de 4,62% ​​en 2023, le réel brésilien (BRL) subissant une volatilité contre le dollar américain.

Métrique financière	Valeur
Taux d'inflation (IPCA)	4.62%
Taux de change BRL / USD (moyenne)	1 USD = R 5,16 $
Coûts opérationnels du Brasil Telefônica	32,7 milliards de R

L'augmentation de l'économie numérique entraîne la demande de services de télécommunications

La croissance de l'économie numérique au Brésil a atteint 22,5% en 2023, avec une pénétration mobile sur Internet à 84,7%.

Indicateur de l'économie numérique	Valeur
Croissance de l'économie numérique	22.5%
Pénétration de Internet mobile	84.7%
Abonnés à haut débit mobile	239,4 millions

Les défis économiques peuvent affecter les dépenses de consommation en services de télécommunications

Les dépenses mensuelles moyennes de télécommunications par ménage étaient de 249,30 R $ en 2023, avec des impacts potentiels des incertitudes économiques.

Métrique des dépenses de consommation	Valeur
Dépenses de télécommunications mensuelles moyennes	R 249,30 $ R
Indice abordable des services de télécommunications	2.7%
Réduction potentielle des dépenses des consommateurs	6.3%

Telefônica Brasil S.A. (VIV) - Analyse du pilon: facteurs sociaux

La maîtrise de l'alphabétisation numérique parmi la population brésilienne augmente l'adoption des services

Selon le Comité brésilien de direction sur Internet (CGI.BR), l'utilisation d'Internet au Brésil est parvenue 79.9% de la population en 2022, représentant 144,5 millions d'utilisateurs d'Internet.

Année	Taux de pénétration d'Internet	Nombre d'utilisateurs d'Internet
2020	74.7%	133,8 millions
2021	77.3%	139,6 millions
2022	79.9%	144,5 millions

L'augmentation des tendances de travail à distance augmente la demande de solutions de connectivité robustes

L'adoption du travail à distance au Brésil a augmenté 46.3% des entreprises en 2022, ce qui stimule la demande du service de connectivité.

Modèle de travail	Pourcentage d'entreprises
Entièrement éloigné	12.7%
Travail hybride	33.6%
Télécommande / hybride total	46.3%

Les smartphones élevés et la consommation Internet de la jeunesse des jeunes entraînent l'innovation du service

Les jeunes brésiliens (16-24 ans) La propriété des smartphones atteint 97.4% en 2022, avec une utilisation quotidienne moyenne sur Internet de 4,8 heures.

Groupe d'âge	Propriété de smartphone	Utilisation quotidienne d'Internet
16-24 ans	97.4%	4,8 heures
25-34 ans	95.2%	4,5 heures

L'inégalité sociale crée des segments de marché variés avec différents besoins de connectivité

La fracture numérique au Brésil montre des variations de connectivité significatives entre les classes socioéconomiques:

Classe socioéconomique	Taux d'accès Internet	Consommation de données mensuelles moyennes
Classe A	98.6%	15,3 Go
Classe B	91.2%	8,7 Go
Classe C	72.4%	4,2 Go
Classe D / E	45.3%	2,1 Go

Telefônica Brasil S.A. (VIV) - Analyse du pilon: facteurs technologiques

Le déploiement du réseau 5G représente un investissement significatif sur les infrastructures technologiques

Telefônica Brasil a investi 2,1 milliards de R $ dans l'acquisition du spectre 5G au cours de la vente aux enchères nationale de 2022. Détails de l'expansion de la couverture du réseau:

Métriques de déploiement 5G	2023 données
Cities 5G couvertes	226 municipalités brésiliennes
Investissement en réseau	4,5 milliards de R alloués à l'infrastructure
Vitesse de téléchargement moyenne 5G	350 Mbps

L'intelligence artificielle et l'apprentissage automatique améliorent la personnalisation du service

Investissement technologique AI: R80 millions de Rons dédiés aux plates-formes d'apprentissage automatique en 2023.

Application d'IA	Métriques d'implémentation
Chatbots de service client	Taux de résolution de 87%
Maintenance prédictive	Réduction du temps d'arrêt du réseau de 42%

Écosystème en expansion de l'Internet des objets (IoT)

Métriques des appareils connectés IoT:

Catégorie IoT	2023 Appareils connectés
Appareils à domicile intelligents	1,2 million
Connexions IoT industrielles	385,000
Connexions IoT totales	2,1 millions

Technologies de cybersécurité

Investissement en cybersécurité: 215 millions de R alloués à l'infrastructure de sécurité avancée en 2023.

Métrique de sécurité	Performance de 2023
Empêché les cyberattaques	Taux de réussite de 94%
Conformité à la protection des données	Adhésion à 100% de réglementation LGPD

Telefônica Brasil S.A. (VIV) - Analyse du pilon: facteurs juridiques

Conformité aux lois sur la protection des données du Brésil (LGPD)

Loi 13.709/2018 (LGPD) Détails de la mise en œuvre:

Métrique de conformité	Statut	Impact financier
Investissements de traitement des données	Obligatoire d'ici août 2022	45,2 millions de R
Amendes potentielles de non-conformité	Jusqu'à 2% des revenus annuels	Maximum R 50 millions de dollars

Cadre réglementaire des télécommunications

Agence de réglementation Anatel Oversight Metrics:

Aspect réglementaire	Exigence de conformité	Plage de pénalité
Indicateurs de qualité du service	99,5% de disponibilité du réseau	10 000 $ R - 500 000 R $
Tarification de la transparence	Mandat de rapport mensuel	5 000 R - R 250 000 $ R

Règlements potentiels antitrust

Analyse de la concurrence du marché:

• Part de marché actuel: 33,4%
• Seuil de révision de la fusion: plus de 750 millions de rands de randonnée
• CADE (Conseil administratif pour la défense économique)

Protection de la propriété intellectuelle

Protection des brevets et de l'innovation technologiques:

Catégorie IP	Brevets enregistrés	Investissement annuel de R&D
Technologie des télécommunications	87 brevets actifs	612,3 millions de R
Innovations logicielles	42 Copyrights enregistrés	215,6 millions de R

Telefônica Brasil S.A. (VIV) - Analyse du pilon: facteurs environnementaux

Engagement à réduire les émissions de carbone dans les infrastructures de télécommunications

Telefônica Brasil S.A. s'est engagée à réduire les émissions de carbone de 70% d'ici 2025 par rapport aux niveaux de référence 2015. L'empreinte carbone actuelle de la société est de 532 000 tonnes métriques d'équivalent de CO2.

Cible de réduction des émissions	Année de base	Réduction de la cible	Empreinte carbone actuelle
Réduction des émissions de carbone	2015	70%	532 000 tonnes métriques CO2E

Investissement dans les technologies de réseau éconergétiques en énergie

Telefônica Brasil a investi 245 millions de R $ dans les technologies de réseau économe en énergie en 2023. La société a déployé 1 287 centres de données verts avec une note d'efficacité énergétique moyenne de 4,2 PUE (efficacité de l'utilisation de l'électricité).

Catégorie d'investissement	Montant d'investissement	Nombre de centres de données verts	Évaluation moyenne PUE
Technologies de réseau économe en énergie	245 millions de R	1,287	4.2

Programmes de gestion et de recyclage durables des déchets électroniques

En 2023, Telefônica Brasil a collecté et recyclé 12 453 tonnes métriques de déchets électroniques. La société a établi des partenariats avec 37 installations certifiées de recyclage des déchets électroniques à travers le Brésil.

Les déchets électroniques collectés	Installations de recyclage	Taux de recyclage
12 453 tonnes métriques	37 installations	98.6%

Initiatives technologiques vertes soutenant les objectifs de la durabilité environnementale

Telefônica Brasil a mis en œuvre infrastructure de réseau à énergie solaire sur 214 sites de télécommunications. La consommation d'énergie renouvelable de la société a atteint 42% de la consommation totale d'énergie en 2023.

Sites à énergie solaire	Consommation d'énergie renouvelable	Réduction du CO2 des énergies renouvelables
214 sites	42%	186 000 tonnes métriques

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.