teleco.com.br

05/29/2025

Economic Results from Providers

Net Revenue

EBITDA Margin

Capex

This page: It shows the evolution of providers net revenue in Brazil. Source: Providers Reports

Net Revenue in Brazilian Telecom in 1Q25: R$ 46.2 million

Source: Operators and Teleco estimate

Telecom Net Revenue

R$ Million	1Q24	2Q24	3Q24	4Q24	1Q25	∆Qter	∆Year
Vivo	13,546	13,679	14,039	14,581	14,390	-1.3%	6.2%
Claro	11,710	12,034	12,328	12,569	12,438	-1.0%	6.2%
TIM	6,096	6,303	6,419	6,631	6,394	-3.6%	4.9%
Oi	2,199	2,144	2,091	1,901	1,479	-22.2%	-32.7%
SKY	1,492	1,424	1,342	1,258	1,178	-6.3%	-21.0%
Competitives	9,537	9,752	10,169	10,486	10,389	-0.9%	8.9%
Total	44,579	45,336	46,387	47,422	46,268	-2.4%	3.8%

Note: Competitive operators are all the small providers, except Vivo, Claro, Oi, TIM and Sky.

R$ Million	2020	2021	2022	2023	2024
Mobile Tel.	69,139	71,846	78,260	85,751	92,868
Fixed Tel.	15,073	13,989	12,890	11,532	10,355
Fixed Broadband	43,180	49,432	55,622	60,211	65,757
Pay TV	19,051	17,945	16,757	15,040	12,730
TOTAL	146,442	153,213	163,529	172,534	181,710

Source: Teleco's estimation and operators

Mobile Net Revenue

R$ Million	1Q24	2Q24	3Q24	4Q24	1Q25	∆Qter	∆Year
Vivo	9,583	9,724	10,068	10,378	10,181	-1.9%	6.2%
Claro	6,755	7,033	7,224	7,504	7,356	-2.0%	8.9%
TIM	5,763	5,965	6,086	6,303	6,075	-3.6%	5.4%
Total	22,244	22,862	23,519	24,325	23,754	-2.3%	6.8%

R$ Million	2020	2021	2022	2023	2024	∆Year
Vivo	28,421	29,376	33,070	36,669	39,753	8.4%
Claro	17,756	19,041	22,695	25,919	28,516	10.0%
TIM	16,214	16,911	20,346	22,584	24,117	6.8%
Oi	6,315	6,031	1,597	-	-	-
Total	69,139	71,846	78,260	85,751	92,868	8.3%

Fixed Broadband Net Revenue

R$ Million	1Q24	2Q24	3Q24	4Q24	1Q25	∆Qter	∆Year
Vivo	2,970	2,992	3,033	3,292	3,321	0.9%	11.8%
Claro	3,060	3,127	3,139	3,132	3,216	2.7%	5.1%
TIM	166	169	167	164	159	-2.9%	-4.1%
Oi	1,146	1,052	1,056	986	677	-31.3%	-40.9%
SKY	13	20	22	19	15	-21.0%	15.3%
Competitives	8,989	9,203	9,596	9,972	9,919	-0.5%	10.3%
Total	16,344	16,562	17,013	17,564	17,307	-1.5%	5.9%

Source: Teleco's estimation; Oi didn't report results yet. Note: Competitive operators are all the small providers, except Vivo, Claro, Oi, TIM and Sky.

R$ Million	2020	2021	2022	2023	2024	∆Year
Vivo	8,689	9,360	10,247	11,229	12,287	9.4%
Claro	8,887	9,403	10,058	10,794	12,458	15.4%
TIM	527	574	617	645	666	3.1%
Oi	6,691	6,219	5,334	5,049	4,238	-16.0%
SKY	202	168	154	84	74	-12.4%
Competitives	18,185	23,708	29,211	32,411	36,034	11.2%
Total	43,180	49,432	55,622	60,211	65,757	9.2%

Source: Teleco's estimation; Oi didn't report results yet.

Net Revenue of Competitive Fixed Broadband Providers

R$ Million	1Q24	2Q24	3Q24	4Q24	1Q25	∆Qter	∆Year
Algar	440	440	450	458	454	-0.9%	3.2%
Alloha Fibra	411	419	425	428	434	1.4%	5.5%
Vero*	404	412	414	430	432	0.5%	7.0%
Brisanet	334	346	365	382	392	2.5%	17.1%
Desktop	268	280	288	292	295	0.7%	9.8%
Unifique	249	255	255	266	266	0.0%	6.6%
Brasil Tecpar	249	253	255	341	375	10.0%	50.8%
Alares	175	176	180	223	223	0.0%	27.5%
Telebrás	79	100	104	132	114	-13.0%	45.6%
Ligga	136	143	151	156	161	3.1%	18.3%
Total	8,989	9,203	9,596	9,972	9,919	-0.5%	10.3%

Fixed Telephony Net Revenue

R$ Million	1Q24	2Q24	3Q24	4Q24	1Q25	∆Qter	∆Year
Vivo	617	598	580	562	544	-3.1%	-11.8%
Claro	865	864	857	835	868	3.9%	0.3%
TIM	166	169	167	164	159	-2.9%	-4.1%
Oi	663	699	646	603	483	-19.9%	-27.2%
Competitives	341	327	335	322	306	-5.0%	-10.3%
Total	2,652	2,657	2,585	2,485	2,360	-5.1%	-11.0%

Source: Teleco's estimation; Oi didn't report results yet. Note: Competitive operators are all the small providers, except Vivo, Claro, Oi, TIM and Sky.

R$ Million	2020	2021	2022	2023	2024	∆Year
Vivo	4,357	3,607	3,008	2,683	2,357	-12.2%
Claro	5,482	4,854	4,197	3,844	3,422	-11.0%
TIM	527	574	617	645	666	3.1%
Oi	3,921	3,904	3,805	3,000	2,610	-13.0%
Competitives	784	1,051	1,262	1,356	1,301	-4.2%
Total	15,073	13,989	12,890	11,532	10,355	-10.2%

Competitive operators are all the small providers, except Vivo, Claro, Oi, TIM and Sky.

Pay TV Net Revenue

R$ Million	1Q24	2Q24	3Q24	4Q24	1Q25	∆Qter	∆Year
Vivo	375	365	358	350	344	-1.8%	-8.3%
Claro	1,020	1,010	1,107	1,098	998	-9.1%	-3.1%
Oi	233	208	194	173	108	-37.4%	-53.4%
SKY	1,480	1,405	1,319	1,240	1,164	-6.1%	-21.4%
Competitives	207	204	195	188	164	-12.6%	-20.7%
Total	3,324	3,192	3,175	3,049	2,778	-8.9%	-16.4%

Note: Competitive operators are all the small providers, except Vivo, Claro.

R$ Million	2020	2021	2022	2023	2024	∆Year
Vivo	1,660	1,690	1,716	1,520	1,448	-4.7%
Claro	6,850	6,017	5,351	4,833	4,245	-14.4%
Oi	1,629	1,545	1,350	1,118	808	-27.7%
SKY	8,263	7,982	7,523	6,673	5,443	-18.4%
Competitives	502	604	720	771	786	2.0%
Total	18,549	17,341	16,037	14,270	11,945	-16.3%

o, Oi, TIM and Sky.

Source: Teleco's estimation; Oi didn't report results yet. Competitive operators are all the small providers, except Vivo, Claro, Oi, TIM and Sky.

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