Telecom Brazilian Leaders in 3Q25
Brazilian telecom leaders board in 3Q25 presented one change when compared to 2Q25, with Ligga becoming the leader in Ebitda Margin.
Claro led in 5 indicators, followed by Vivo (3), by Brasil Tecpar and Ligga with 1 indicator each.
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| - | Indicator | Description | 4Q24 Leader | 1Q25 Leader |
2Q25 Leader |
3Q25 Leader |
| 1 | Revenue | Net Revenue | Vivo | Vivo | Vivo | Vivo |
| 2 | Revenue Growth | Net Revenue Growth | TecPar | TecPar | TecPar | TecPar |
| 3 | Mobile | Mobile Market Share | Vivo |
Vivo |
Vivo |
Vivo |
| 4 | Mobile | Mobile Revenue | Vivo | Vivo | Vivo | Vivo |
| 5 | Fixed | Fixed Services Market Share | Claro | Claro | Claro | Claro |
| 6 | Fixed | Fixed Services Revenue | Claro | Claro | Claro | Claro |
| 7 | Fixed Broadband Accesses | Fixed Broadband Market Share | Claro | Claro | Claro | Claro |
| 8 | Pay TV Accesses | Pay TV Market Share | Claro | Claro | Claro | Claro |
| 9 | Fixed Telephones | Market Share of Fixed Telephones | Claro | Claro | Claro | Claro |
| 10 | Profitability | EBITDA Margin | Ligga | Ligga | Vero | Ligga |
In the first quarter of 2011, Teleco began monitoring the performance of Telecom Groups in Brazil using selected indicators.
Since 2021, Teleco considers Competitive Operators those defined by Anatel as Small-Scale Providers (PPPs). Anatel considers Vivo, Claro, TIM, Oi and SKY as Large-Scale providers.
Since 2Q22, leadership in the indicators is attributed to the leading company that discloses the indicator, regardless of size. The analysis will also present the results of the Competitive Operators as a group.
This analysis included large providers and the following Competitive providers that disclose their results: Algar, Alares, Alloha (Giga+), Brasil Tecpar, Brisanet, Desktop, Ligga, Vero and Unifique.
In April/22, the sale of Oi Mobile to Vivo, Claro and TIM was concluded, according to the division agreed between the parties. The data in this commentary considers the incorporation of Oi Mobile's accesses by these operators, starting in 2Q22, with the revenue being appropriated by each operator since April.
The results for each indicator are presented below.
1) Revenue: Vivo was the leader in 3Q25
Vivo led in net revenue by holding R$ 14.9 billion in 3Q25, followed by Claro (R$ 13.0 billion) and TIM (R$ 6.7 billion).
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Note: SKY's revenue was estimated by Teleco
Vivo also led in mobile revenue (R$ 10.6 billion) and Claro in fixed services revenue (5.1 billion).
Teleco estimated providers total net revenue at R$ 48.3 billionin 3Q25.
2) Revenue Growth: Brasil TecPar led in 3Q25
Brasil Tecpar led, once more, the annual growth of net revenue in 3Q25 (71.0%) followed by Alares (32.1%). The revenues of both operators were affected by acquisitions.
Mobile contributed to the revenue growth at Unifique and at Brisanet. Without mobile, revenue growth would reach 10% at Unifique and 7.1% at Brisanet.
According to Teleco's estimate, the growth of total net revenue reached 4.1%.
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3) Vivo kept the leadership in Mobile Market Share
Vivo maintained its leadership in 3Q25 bu lost perdeu market share. Claro had market share growth in the quarter and TIM maintained it.
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The market share of authorized MVNOs reached 3.2% and other operators' hit 2.2%; Algar (1.8%), Brisanet (0.3%) and Unifique (0.1%).
4) Vivo led Mobile Revenue in 3Q25
Vivo kept the leadership in net mobile revenue, holding annual growth of 5.2% in 3Q25.
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Claro presented the largest annual revenue growth (8.3%) and TIM's mobile revenue increased 4.8%.
The growth in total mobile net revenue was estimated by Teleco at 6.1%.
5) Fixed Services: Claro is the Market Share leader
Claro led in fixed services market share (Fixed Telephony, Broadband and Pay TV) with a total of 20.0 million accesses in 3Q25 followed by Vivo (13.8 million).
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Oi's market share dropped to 5.2% after the sale of Oi Fibra and Oi TV.
Competitive companies market share was higher than 50.5% in 3Q25 with Brisanet getting the highest market share (2.2%).
6) Fixed Services: Claro leads revenue
Claro led in fixed services net revenue again by holding R$ 5.1 billion in 3Q25, followed by Vivo (R$ 4.3 billion).
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Note: SKY's revenue was estimated by Teleco
Total fixed services net revenue raised 2.1% in 3Q25/3Q24.
7) Fixed Broadband Market Share: Claro
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Claro maintained the leadership in fixed broadband market share in 3Q25, with 10.5 million accesses, followed by Vivo. Oi had been losing market share since 1Q22 and completed the sale of Oi Fibra to V.tal (Nio) in Feb/25, which had a market share of 7.3% in the quarter.
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The group of Competitive providers totalized 30.5 million fixed broadband accesses, representing 56.8% of total accesses in this quarter.
8) Pay TV Market Share: Claro
Claro kept the leadership in Pay TV but lost market share in 3Q25. Sky was in the second position. Oi concluded the sale of its pay TV operation to Mileto in Feb/25.
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Pay TV lost 3.1 million subscribers in 3Q25/3Q24.
9) Market Share of Fixed Telephones: Claro was the leader
Claro (30.3%), amplified its market share lead in 3Q25 couting 6.3 million fixed telephones. Vivo increased its market share to 25.0% in the quarter, and Oi continued to show a sharp decline due to the deactivation of its copper network.
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Fixed telephony lost 2.9 million subscribers in 3Q25/3Q24.
The biggest loss occurs on B2C phones segment. B2B phones already accounted for 51% of the total number of fixed telephones in 3Q25.
10) Profitability: Ligga led EBITDA Margin
Ligga (55.8%) led EBITDA margin in 3Q25, followed by Vero (54.1%) and Desktop (52.8%).
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Note: Routine or normalized EBITDA margin was considered. SKY doesn't disclose this indicator.
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