Telefônica Brasil S.A. (Viv): Análise de Pestle [Jan-2025 Atualizado]

No cenário dinâmico das telecomunicações brasileiras, a Telefônica Brasil S.A. navega em uma complexa rede de desafios e oportunidades que moldam sua trajetória estratégica. Desde os ritmos pulsantes da inovação tecnológica até a intrincada dança das estruturas regulatórias, essa análise de pilões revela o ambiente multifacetado que impulsiona um dos gigantes de telecomunicações do Brasil. À medida que a transformação digital acelera e a dinâmica do mercado evolui, entender o 6 dimensões críticas de fatores políticos, econômicos, sociológicos, tecnológicos, legais e ambientais se tornam fundamentais para compreender o posicionamento estratégico da Telefônica e as possíveis vias de crescimento.

Telefônica Brasil S.A. (Viv) - Análise de Pestle: Fatores Políticos

O ambiente regulatório do Brasil afeta as políticas do setor de telecomunicações

O setor de telecomunicações brasileiros é regulamentado por Anatel (Agência Nacional de Telecomunicações). A partir de 2024, os principais parâmetros regulatórios incluem:

Aspecto regulatório	Status atual
Regulamentação do mercado de telecomunicações	Estreia supervisão do governo com requisitos obrigatórios de conformidade
Restrições de investimento estrangeiro	Máximo de 49% de propriedade estrangeira em empresas de telecomunicações
Custo anual de conformidade regulatória	Estimado R $ 350 milhões para Telefônica Brasil

A instabilidade política afeta potencialmente as decisões de investimento em infraestrutura

A incerteza política afeta os investimentos em infraestrutura de telecomunicações por meio de:

• Investimento estrangeiro direto reduzido em infraestrutura de telecomunicações
• Possíveis atrasos nos processos de leilão de espectro
• Aumento da complexidade da conformidade regulatória

As iniciativas de inclusão digital do governo criam oportunidades

Programa de inclusão digital	Valor do investimento	População -alvo
Programa Conecta Brasil	R $ 1,2 bilhão	Comunidades rurais e carentes
Iniciativa de expansão 5G	R $ 750 milhões	Principais áreas metropolitanas

Mudanças potenciais nos regulamentos de leilão de espectro

Cenário de alocação de espectro atual:

• Próximo leilão de espectro planejado para o terceiro trimestre 2024
• Valor da licença estimado do espectro: R $ 2,5 bilhões
• Bandas de frequência em potencial: 700 MHz, 2,3 GHz, 3,5 GHz

Telefônica Brasil's strategic positioning involves continuous engagement with Anatel e adaptação proativa às estruturas regulatórias em evolução.

Telefônica Brasil S.A. (Viv) - Análise de Pestle: Fatores Econômicos

A recuperação econômica do Brasil influencia o crescimento do mercado de telecomunicações

A taxa de crescimento do PIB do Brasil em 2023 foi de 2,9%, com crescimento projetado de 1,9% em 2024. O setor de telecomunicações contribuiu com 1,7% para o PIB nacional.

Indicador econômico	Valor (2023-2024)
Taxa de crescimento do PIB	2,9% (2023), 1,9% (2024 projeção)
Contribuição do PIB do setor de telecomunicações	1.7%
Tamanho do mercado de telecomunicações	R $ 139,2 bilhões

As flutuações de inflação e moeda afetam os custos operacionais e estratégias de preços

A taxa de inflação do Brasil (IPCA) foi de 4,62% ​​em 2023, com o Real Brasileiro (BRL) experimentando volatilidade em relação ao dólar americano.

Métrica financeira	Valor
Taxa de inflação (IPCA)	4.62%
Taxa de câmbio BRL/USD (média)	1 USD = r $ 5,16
Telefônica Brasil Custos Operacional	R $ 32,7 bilhões

O aumento da economia digital impulsiona a demanda de serviço de telecomunicações

O crescimento da economia digital no Brasil atingiu 22,5% em 2023, com penetração móvel na Internet em 84,7%.

Indicador de economia digital	Valor
Crescimento da economia digital	22.5%
Penetração da Internet móvel	84.7%
Assinantes de banda larga móvel	239,4 milhões

Os desafios econômicos podem afetar os gastos do consumidor em serviços de telecomunicações

As despesas médias mensais de telecomunicações por família foram de R $ 249,30 em 2023, com possíveis impactos das incertezas econômicas.

Métrica de gastos com consumidores	Valor
Despesas médias mensais de telecomunicações	R $ 249,30
Índice de acessibilidade de serviço de telecomunicações	2.7%
Redução potencial de gastos do consumidor	6.3%

Telefônica Brasil S.A. (Viv) - Análise de Pestle: Fatores sociais

A crescente alfabetização digital entre a população brasileira aumenta a adoção do serviço

De acordo com o Comitê Diretor da Internet brasileiro (CGI.BR), o uso da Internet no Brasil alcançou 79.9% da população em 2022, representando 144,5 milhões de usuários da Internet.

Ano	Taxa de penetração na Internet	Número de usuários da Internet
2020	74.7%	133,8 milhões
2021	77.3%	139,6 milhões
2022	79.9%	144,5 milhões

O aumento das tendências de trabalho remoto aumenta a demanda por soluções robustas de conectividade

A adoção remota de trabalho no Brasil aumentou para 46.3% de empresas em 2022, impulsionando a demanda de serviços de conectividade.

Modelo de trabalho	Porcentagem de empresas
Totalmente remoto	12.7%
Trabalho híbrido	33.6%
Total remoto/híbrido	46.3%

O alto smartphone e consumo da Internet da juventude impulsiona a inovação do serviço

Jovens brasileiros (16 a 24 anos) de propriedade de smartphones alcançou 97.4% Em 2022, com o uso médio diário da Internet de 4,8 horas.

Faixa etária	Propriedade do smartphone	Uso diário na Internet
16-24 anos	97.4%	4,8 horas
25-34 anos	95.2%	4,5 horas

A desigualdade social cria segmentos de mercado variados com diferentes necessidades de conectividade

A divisão digital no Brasil mostra variações significativas de conectividade nas classes socioeconômicas:

Classe socioeconômica	Taxa de acesso à Internet	Consumo médio mensal de dados
Classe A.	98.6%	15,3 GB
Classe B.	91.2%	8.7 GB
Classe c	72.4%	4.2 GB
Classe D/E.	45.3%	2.1 GB

Telefônica Brasil S.A. (Viv) - Análise de Pestle: Fatores tecnológicos

O lançamento de rede 5G representa um investimento significativo em infraestrutura tecnológica

A Telefônica Brasil investiu R $ 2,1 bilhões em aquisição de espectro 5G durante o leilão nacional de 2022. Detalhes da expansão da cobertura da rede:

5G Métricas de implantação	2023 dados
5G cidades cobertas	226 municípios brasileiros
Investimento em rede	R $ 4,5 bilhões alocados para infraestrutura
Velocidade média de download 5G	350 Mbps

Inteligência artificial e aprendizado de máquina Aprimore a personalização do serviço

Investimento em tecnologia da IA: R $ 180 milhões dedicados às plataformas de aprendizado de máquina em 2023.

Aplicação da IA	Métricas de implementação
Atendimento ao cliente Chatbots	Taxa de resolução de 87%
Manutenção preditiva	Tempo de inatividade reduzido em rede em 42%

Expandindo o ecossistema da Internet das Coisas (IoT)

IoT Métricas de dispositivos conectados:

Categoria IoT	2023 Dispositivos conectados
Dispositivos domésticos inteligentes	1,2 milhão
Conexões industriais da IoT	385,000
Conexões totais de IoT	2,1 milhões

Tecnologias de segurança cibernética

Investimento de segurança cibernética: R $ 215 milhões alocados para infraestrutura avançada de segurança em 2023.

Métrica de segurança	2023 desempenho
Pavalteu ataques cibernéticos	Taxa de sucesso de 94%
Conformidade com proteção de dados	100% de adesão à regulação LGPD

Telefônica Brasil S.A. (Viv) - Análise de Pestle: Fatores Legais

Conformidade com as leis de proteção de dados do Brasil (LGPD)

Lei 13.709/2018 (LGPD) Detalhes da implementação:

Métrica de conformidade	Status	Impacto financeiro
Investimentos de processamento de dados	Obrigatório até agosto de 2022	R $ 45,2 milhões
Potenciais multas de não conformidade	Até 2% da receita anual	Máximo R $ 50 milhões

Estrutura regulatória de telecomunicações

Agenda regulatória Anatel Supervision Metrics:

Aspecto regulatório	Requisito de conformidade	Faixa de penalidade
Indicadores de qualidade de serviço	99,5% de disponibilidade de rede	R $ 10.000 - R $ 500.000
Transparência de preços	Mandato de relatório mensal	R $ 5.000 - R $ 250.000

Potenciais regulamentos antitruste

Análise de concorrência no mercado:

• Participação de mercado atual: 33,4%
• Limite de revisão de fusão: mais de R $ 750 milhões no valor da transação
• Cade (Conselho Administrativo de Defesa Econômica) Supervisão regulatória

Proteção à propriedade intelectual

Proteção de patente e inovação em tecnologia:

Categoria IP	Patentes registradas	Investimento anual de P&D
Tecnologia de telecomunicações	87 patentes ativas	R $ 612,3 milhões
Inovações de software	42 direitos autorais registrados	R $ 215,6 milhões

Telefônica Brasil S.A. (Viv) - Análise de Pestle: Fatores Ambientais

Compromisso em reduzir as emissões de carbono em infraestrutura de telecomunicações

A Telefônica Brasil S.A. se comprometeu a reduzir as emissões de carbono em 70% em 2025 em comparação com os níveis basais de 2015. A atual pegada de carbono da empresa é de 532.000 toneladas de CO2 equivalente.

Alvo de redução de emissão	Ano de linha de base	Redução de alvo	Pegada de carbono atual
Redução de emissões de carbono	2015	70%	532.000 toneladas métricas

Investimento em tecnologias de rede com eficiência energética

A Telefônica Brasil investiu R $ 245 milhões em tecnologias de rede com eficiência energética em 2023. A Companhia implantou 1.287 data centers verdes com uma classificação média de eficiência energética de 4,2 PUE (eficácia do uso de energia).

Categoria de investimento	Valor do investimento	Número de data centers verdes	Classificação média da PUE
Tecnologias de rede com eficiência energética	R $ 245 milhões	1,287	4.2

Programas sustentáveis ​​de gerenciamento e reciclagem de lixo eletrônico

Em 2023, a Telefônica Brasil coletou e reciclou 12.453 toneladas de resíduos eletrônicos. A empresa estabeleceu parcerias com 37 instalações de reciclagem de resíduos eletrônicos certificados em todo o Brasil.

Lixo eletrônico coletado	Instalações de reciclagem	Taxa de reciclagem
12.453 toneladas métricas	37 instalações	98.6%

Iniciativas de tecnologia verde que apóiam objetivos de sustentabilidade ambiental

Telefônica Brasil implementou Infraestrutura de rede movida a energia solar em 214 sites de telecomunicações. O consumo de energia renovável da empresa atingiu 42% do uso total de energia em 2023.

Sites movidos a energia solar	Consumo de energia renovável	Redução de CO2 da energia renovável
214 sites	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.