teleco.com.br

12/11/2025

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 3Q25: R$ 48.3 million

Source: Operators and Teleco estimate

Telecom Net Revenue

R$ Million	1Q24	2Q24	3Q24	4Q24	1Q25	2Q25	3Q25	∆Qter	∆Year
Vivo	13,546	13,679	14,039	14,581	14,390	14,645	14,949	2.1%	6.5%
Claro	11,710	12,034	12,328	12,569	12,438	12,759	12,991	1.8%	5.4%
TIM	6,096	6,303	6,419	6,631	6,394	6,600	6,711	1.7%	4.5%
Oi	2,199	2,144	2,091	1,901	1,479	714	591	-17.2%	-71.7%
SKY	1,492	1,424	1,342	1,258	1,178	1,095	1,026	-6.3%	-23.5%
Nio	-	-	-	-	-	1,011	1,030	1.9%	-
Mileto	-	-	-	-	-	102	77	-24.8%	-
Competitives	9,568	9,781	10,170	10,566	10,723	10,903	10,956	0.5%	7.7%
Total	44,610	45,365	46,389	47,507	46,602	47,829	48,331	1.0%	4.2%

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	2Q25	3Q25	∆Qter	∆Year
Vivo	9,583	9,724	10,068	10,378	10,181	10,375	10,594	2.1%	5.2%
Claro	6,755	7,033	7,224	7,504	7,356	7,672	7,822	2.0%	8.3%
TIM	5,763	5,965	6,086	6,303	6,075	6,272	6,380	1.7%	4.8%
Total	22,244	22,862	23,519	24,325	23,754	24,461	24,949	2.0%	6.1%

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	2Q25	3Q25	∆Qter	∆Year
Vivo	2,970	2,992	3,033	3,292	3,321	3,400	3,487	2.6%	15.0%
Claro	3,060	3,127	3,139	3,132	3,216	3,377	3,453	2.3%	10.0%
TIM	166	169	167	164	159	164	165	0.9%	-0.7%
Oi	1,146	1,052	1,056	986	597	122	210	72.1%	-80.1%
Nio	-	-	-	-	-	1,011	1,030	1.9%	-
SKY	13	20	22	19	15	16	16	0.2%	-27.8%
Competitivas	9,020	9,250	9,639	10,034	10,182	10,411	10,466	0.5%	8.6%
Total	16,375	16,609	17,056	17,627	17,490	18,500	18,828	1.8%	10.4%

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	2Q25	3Q25	∆Qter	∆Year
Algar	440	440	450	458	454	456	468	2.6%	4.0%
Giga Mais	411	419	425	428	434	443	426	-3.9%	0.3%
Brasil Tecpar	249	253	255	341	375	432	436	0.9%	71.0%
Vero	404	412	414	430	432	436	434	-0.4%	4.8%
Brisanet	334	346	365	382	392	410	434	5.7%	18.9%
Desktop	268	280	288	292	295	297	311	4.4%	7.8%
Unifique	249	255	255	266	270	286	306	7.0%	19.9%
Alares	175	176	180	223	223	231	238	3.0%	32.1%
Ligga	136	143	151	156	161	154	156	1.2%	3.6%
Telebrás	79	100	104	132	114	110	106	-3.4%	1.7%
Total	9,020	9,250	9,639	10,034	10,182	10,411	10,466	0.5%	8.6%

Fixed Telephony Net Revenue

R$ Million	1Q24	2Q24	3Q24	4Q24	1Q25	2Q25	3Q25	∆Qter	∆Year
Vivo	617	598	580	562	544	527	511	-3.1%	-11.8%
Claro	865	864	857	835	868	738	763	3.5%	-11.0%
TIM	166	169	167	164	159	164	165	0.9%	-0.7%
Oi	663	699	646	603	562	295	185	-37.3%	-71.4%
Competitives	341	327	335	344	371	335	317	-5.2%	-5.3%
Total	2,652	2,657	2,585	2,507	2,505	2,058	1,942	-5.7%	-24.9%

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	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	2Q25	3Q25	∆Qter	∆Year
Vivo	375	365	358	350	344	343	357	-0.2%	-6.1%
Claro	1,020	1,010	1,107	1,098	998	973	953	-2.5%	-3.7%
Oi	233	208	194	173	108	-	-	-	-
Mileto	-	-	-	-	-	102	77	-24.8%	-
SKY	1,480	1,405	1,319	1,240	1,164	1,079	1,010	-6.4%	-23.4%
Competitives	207	204	195	188	170	158	172	9.3%	-11.9%
Total	3,324	3,192	3,175	3,049	2,784	2,654	2,569	-3.2%	-19.1%

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

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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