Telefonica Brasil SA (VIV) 2025 Q2 法說會逐字稿

Good morning ladies and gentlemen. Welcome to Vivo's second-quarter 2025 earnings call.

女士們、先生們，早安。歡迎參加 Vivo 2025 年第二季財報電話會議。

This conference is being recorded and the replay will be available at the company's website at ri.telefonica.com.br. The presentation will also be available for download. This call is also available in Portuguese. To access, you can press the globe icon on the lower right side of your Zoom screen and then choose to enter the Portuguese room. After that, select mute original audio.

本次會議將被錄製，回放將在公司網站 ri.telefonica.com.br 上提供。簡報也可下載。此通話還提供葡萄牙語版本。要訪問，您可以按下 Zoom 螢幕右下方的地球圖標，然後選擇進入葡萄牙語房間。然後，選擇靜音原始音訊。

To access, you can press the globe icon on the lower right side of your Zoom screen and then choose to enter the Portuguese room. After that, select mute original audio.

要訪問，您可以按下 Zoom 螢幕右下方的地球圖標，然後選擇進入葡萄牙語房間。然後，選擇靜音原始音訊。

(Operator Instructions)

（操作員指示）

Before proceeding, we would like to clarify that any statements that may be made during this conference call regarding the company's business, prospects, operational and financial projections and goals or the beliefs and assumptions of Vivo's Executive Board and the current information available to the company. These statements may involve risks and uncertainties as they relate to future events and therefore depend on circumstances that may or may not occur. Investors should be aware of events related to the macroeconomic scenario, the industry, and other factors that could cause results to differ materially from those expressed in their respective forward-looking statements.

在繼續之前，我們想澄清一下，本次電話會議中可能做出的任何有關公司業務、前景、營運和財務預測和目標或 Vivo 執行委員會的信念和假設以及公司目前掌握的資訊的陳述。這些聲明可能涉及與未來事件相關的風險和不確定性，因此取決於可能發生或可能不會發生的情況。投資者應注意與宏觀經濟情景、行業和其他因素相關的事件，這些事件可能會導致結果與各自前瞻性陳述中表達的結果有重大差異。

Present at this conference we have Mr. Christian Gebara, CEO of the company; Mr. David Melcon, CFO and Investor Relations Officer; and Mr. Joao Pedro Soares Carneiro, IR Director.

出席本次會議的有公司執行長 Christian Gebara 先生、財務長兼投資者關係長 David Melcon 先生以及投資者關係總監 Joao Pedro Soares Carneiro 先生。

Now I will turn the conference over to Mr. Joao Pedro Soares Carneiro, Investor Relations Director of Vivo. Mr. Carneiro, you may begin your conference.

現在我將會議交給vivo投資者關係總監Joao Pedro Soares Carneiro先生主持。卡內羅先生，您可以開始您的會議了。

Good morning, everyone, and welcome to Vivo's second quarter 2025 earnings call. Today, our CEO, Christian Gebara will walk us through Vivo's performance and connectivity and digital services along with the ESG highlights for the period. Then David Melcon, our CFO, will give more color on cost and CapEx efficiencies, free cash flow generation, and shareholder remuneration.

大家早安，歡迎參加 Vivo 2025 年第二季財報電話會議。今天，我們的執行長 Christian Gebara 將向我們介紹 Vivo 的業績、連接性和數位服務以及該時期的 ESG 亮點。然後，我們的財務長 David Melcon 將詳細介紹成本和資本支出效率、自由現金流產生和股東薪酬。

With that, let me pass the call over to Christian.

說完這些，讓我把電話轉給克里斯蒂安。

Thank you, Joao. Good morning, everyone, and thank you for joining our call. In the second quarter of 2025, we've achieved another period of robust operation and financial results, underscoring the effectiveness of our strategic initiatives and commitment to sustainable growth.

謝謝你，若昂。大家早安，感謝你們參加我們的電話會議。2025 年第二季度，我們又取得了強勁的營運和財務業績，凸顯了我們策略舉措的有效性和對永續成長的承諾。

In our mobile segment, postpaid continues to set the pace, achieving 7% year over year growth and now comprising 67% of our total mobile customer base. On the fiber front, we expanded our connected homes by 12.6% compared to last year, reaching 7.4 million accesses.

在我們的行動領域，後付費持續保持領先地位，年增 7%，目前占我們行動客戶群總量的 67%。在光纖方面，我們的連網家庭數量與去年相比擴大了 12.6%，達到 740 萬戶。

Total revenue rose 7.1%, driven by high single digit expansion in both mobile services and fixed revenues. This result highlights the strength of our diversified portfolio and ability to meet evolving customer needs. EBITDA grew an impressive 8.8% year over year with a margin of 40.5%, reflecting our disciplined cost management and operational efficiency.

總收入成長 7.1%，主要得益於行動服務和固定收入的高個位數成長。這項結果凸顯了我們多元化產品組合的優勢以及滿足不斷變化的客戶需求的能力。EBITDA 年成長 8.8%，利潤率達到 40.5%，這反映了我們嚴格的成本管理和營運效率。

By continuing to optimize our capital location and prioritizing high return investments, we generated BRL7.3 billion in operating cash flow in the first half of 2025, up 12.5% year over year. So far in 2025, we have already paid $5.2 billion to shareholders.

透過持續優化資本配置、優先考慮高回報投資，我們在 2025 年上半年產生了 73 億巴西雷亞爾的營運現金流，較去年同期成長 12.5%。截至2025年，我們已經向股東支付了52億美元。

Our strong free cash flow generation allow us to honor our shareholder remuneration commitments while we continue to deliver double digit net income growth.

我們強勁的自由現金流使我們能夠履行股東薪酬承諾，同時繼續實現兩位數的淨收入成長。

Moving on to the next slide, we present how our evolving revenue mix continues to positively impact our top line. Our total revenue reached BRL14.6 billion in the quarter, up a robust 7.1% year over year, significantly outpacing the inflation observed during the period.

進入下一張投影片，我們將展示不斷變化的收入組合如何繼續對我們的收入產生積極影響。本季我們的總營收達到 146 億巴西雷亞爾，年增 7.1%，大幅超過同期的通貨膨脹率。

The main drivers behind the solid performance were postpaid and FTTH revenues that grew 10.9% and 10.4% year over year respectively. Together, these two segments now account for over 72% of our service revenues, highlighting our strategic focus on high value offerings and service convergence.

強勁業績的主要動力是後付費和 FTTH 收入分別年增 10.9% 和 10.4%。這兩個部門合計占我們服務收入的 72% 以上，凸顯了我們對高價值產品和服務融合的策略重點。

We also saw positive momentum. In new businesses that represented 11.2% of our total revenues over the last 12 months. That's a 1.7 percentage point increase year over year, reinforcing our transformation into a broader digital service hub.

我們也看到了積極的勢頭。新業務占我們過去 12 個月總收入的 11.2%。這比去年同期增加了 1.7 個百分點，鞏固了我們向更廣泛的數位服務中心的轉型。

Next, on slide 5, we examine the key drivers behind our strong performance in mobile. Vivo's mobile strategy continues to deliver solid results. Hybrids plus pure paid access grew 7.1% year every year to 49 million.

接下來，在第 5 張投影片上，我們將探討行動領域強勁表現背後的關鍵驅動因素。Vivo 的行動策略持續取得穩健的成果。混合型付費接取用戶數每年成長 7.1%，達到 4,900 萬人。

This growth is an example of our focus on varying customer experience. Currently, almost one in four of our mobile customers already experienced superior quality of 5G. That's available in 596 cities across Brazil. This rapid adoption capital of successful selling efforts is driving up upward while churn remains very low.

這種成長是我們關注不同客戶體驗的一個例子。目前，我們幾乎四分之一的行動客戶已經體驗到5G的卓越品質。該服務覆蓋巴西 596 個城市。成功銷售努力的快速採用資本正在不斷上升，而客戶流失率仍然很低。

These metrics clearly reflect the strength of our customer centric approach and our ability to lead in innovation and network quality. On slide 6, we dive into the continuing strength of our FTTH and its growing convergence with postpaid.

這些指標清楚地反映了我們以客戶為中心的方法的優勢以及我們在創新和網路品質方面的領先能力。在第 6 張幻燈片中，我們深入探討了 FTTH 的持續實力及其與後付費的日益融合。

FTTH remains a key growth engine for Vivo access, up 12.6% year over year. This rise is largely due to our flagship conversion plan Vivo Total, which surged over 63% in the same period as we see a clear trend of customers migrating to this all in one solution.

FTTH 仍然是 Vivo 接入的主要成長引擎，年增 12.6%。這一增長主要歸功於我們的旗艦轉換計劃 Vivo Total，該計劃在同一時期飆升了 63% 以上，因為我們看到客戶明顯傾向於使用這一一體化解決方案。

After successfully reaching our target of 29 million homes passed in 2024, we've kept the momentum going. Over the past year, we expanded our fiber footprint to more than 2 million additional homes passed. Net additions are also accelerating as we bought in 200 and 1,000 new fiber customers just last quarter.

在成功實現 2024 年覆蓋 2900 萬戶家庭的目標後，我們繼續保持這一勢頭。在過去的一年裡，我們擴大了光纖覆蓋範圍，涵蓋了超過 200 萬戶家庭。由於我們在上個季度新增了 200 和 1,000 個光纖客戶，淨增數量也在加速成長。

Also we recently announced a significant move, the acquisition of CDPQ stake in FiBrasil, while still pending approval from CAD and AAA. This transaction will consolidate our leadership in fiber and unlock significant synergies.

此外，我們最近還宣布了一項重大舉措，即收購 CDPQ 在 FiBrasil 的股份，目前該舉措仍需獲得 CAD 和 AAA 的批准。此次交易將鞏固我們在光纖領域的領導地位並產生顯著的協同效應。

Moving to this next slide, I invite you to take a look at how our B2C new businesses are gaining traction and becoming increasingly relevant to our revenue mix. Our 57.1 million individual customers generated over 43 billion reiss in revenues over the past 12 months.

請看下一張投影片，我請您看看我們的 B2C 新業務如何獲得關注並與我們的收入結構變得越來越相關。過去 12 個月，我們的 5,710 萬個人客戶創造了超過 430 億印度盧比的收入。

That translates to an average monthly spend of 64Is per customer, a figure that is continuously evolving. In our new business segment, revenues are up 14.7% during the year, now representing 3% of Vivos's total's revenues.

這意味著每位顧客每月平均花費 64 英鎊，而且這個數字還在不斷變化。在我們的新業務部門，營收在年內成長了 14.7%，目前佔 Vivos 總營收的 3%。

Let me highlight two stand out initiatives that are driving this expansion. First, demand for music and video OTT subscriptions remains very strong, with a remarkable 34.5% year over year increase. This reflects our ability to meet the growing appetite for digital content.

讓我重點介紹一下推動這項擴張的兩個突出舉措。首先，音樂和視訊 OTT 訂閱需求依然強勁，較去年同期成長 34.5%。這反映了我們滿足日益增長的數位內容需求的能力。

Second, our Vivo Pay platform continues to expand its offering. It now includes a diverse range of insurance products and other credit alternatives such as the anticipation of FGTS peaks in installments and consortiums, each tailored to meet the specific needs of our customers.

其次，我們的 Vivo Pay 平台持續擴大其服務範圍。現在，它包括多種保險產品和其他信貸替代方案，例如分期付款和財團預期的 FGTS 峰值，每種產品都是根據客戶的特定需求量身定制的。

These initiatives are not only boost monetization but also strengthen our valuable position, improve customer retention, fully aligned with our strategy of making Vivo a one-stop shop for our customers.

這些措施不僅提高了獲利能力，還鞏固了我們的重要地位，提高了客戶保留率，完全符合我們將 Vivo 打造為客戶一站式商店的策略。

Turning to Vivo's B2B performance. On slide 8, we explained how the segment continues to outperform thanks to our comprehensive portfolio. This quarter, we recorded our strongest year over year growth of B2B revenues in the recent past, up 13.3% over the last 12 months.

轉向 Vivo 的 B2B 表現。在第 8 張投影片上，我們解釋了該細分市場如何憑藉我們全面的產品組合繼續表現出色。本季度，我們的 B2B 收入實現了近期最強勁的同比增長，比過去 12 個月增長了 13.3%。

Digital B2B stood out within the segment, growing 31.3% and now accounting for 8.2% of total revenues. Key contributors to this growth were cloud, IoT, and messaging services. Combined with cybersecurity and other digital solutions, these offers not only strengthened our leadership and connectivity, but also raised the bar in portfolio diversification, giving us a solid competitive advantage.

數位 B2B 在該領域脫穎而出，成長 31.3%，目前佔總營收的 8.2%。這一成長的主要貢獻者是雲端、物聯網和訊息服務。結合網路安全和其他數位解決方案，這些服務不僅增強了我們的領導地位和連結性，而且提高了投資組合多樣化的標準，為我們帶來了堅實的競爭優勢。

Heading to ESG on the next slides, we share with you Vivo's main accomplishments this quarter. We continue to be recognized for our leadership and sustainability. Vivo was named Company of the Year in AIM magazine's best in ESG Awards and remains the only telco ranked among the top 100 in the Merkel responsibility ESG Brazil.

在下一張投影片中前往 ESG，我們將與您分享 Vivo 本季的主要成就。我們的領導力和可持續性繼續獲得認可。Vivo 在 AIM 雜誌的 ESG 獎項評選中被評為年度最佳公司，並且仍然是唯一一家躋身梅克爾責任 ESG 巴西前 100 名的電信公司。

On the social front, our annual volunteer day mobilized 10,000 employees who positively impacted around 45,000 people. We also collected 27 tons of electronic waste, up 17% compared to the last year, demonstrating our commitment to social and environmental responsibility.

在社會方面，我們一年一度的志工日動員了 10,000 名員工，對大約 45,000 人產生了積極影響。我們也收集了27噸電子垃圾，比去年增加了17%，反映了我們對社會和環境責任的承諾。

Our supply chain is well aligned with our ASP goal. Through our arsero plural program, over 13,000 suppliers completed self-assessments since the beginning of the program. This initiative has helped us to maintain our leadership, status in CDP supplier engagement assessment on climate issues for the fifth year in a row.

我們的供應鏈與我們的 ASP 目標非常一致。透過我們的 arsero plural 計劃，自該計劃開始以來，已有超過 13,000 家供應商完成了自我評估。這項措施幫助我們連續第五年在CDP供應商參與氣候議題評估中保持領先地位。

Last but not least, I invite you to explore more about our ESG journey in Vivo's 2024 integrated report. You can assess it by scanning our care code in the bottom right corner of the slide or by visiting our investor relations website.

最後但同樣重要的一點是，我邀請您在 Vivo 2024 年綜合報告中進一步了解我們的 ESG 之旅。您可以透過掃描幻燈片右下角的關注代碼或訪問我們的投資者關係網站來評估它。

With that, I turn the call over to David, who will walk you through our financial results.

說完這些，我將電話轉給大衛，他將向您介紹我們的財務表現。

Thank you.

謝謝。

Thank you, Christian, and good morning, everyone.

謝謝你，克里斯蒂安，大家早安。

On the end, we present the evolution of our cost structure. Vivo's cost of service and goods sold increased by 8.3% this quarter. This was mainly driven by a 15.7% raise in service cost, reflecting the strong growth in digital solutions, particularly in our B2B segment.

最後，我們介紹了成本結構的演變。本季，Vivo 的服務和銷售商品成本成長了 8.3%。這主要是由於服務成本上漲 15.7%，反映了數位解決方案的強勁成長，尤其是在我們的 B2B 領域。

On the other hand, the cost of goods sold declined by 2.3% as sales of handsets and consumer electronics softened slightly. Cost of operations grew 4.9%, remaining below inflation for the period. Personal expenses rose 8.8%, influenced by annual wage adjustments, benefits, and higher headcount in fast growing areas such as digital, IT, and new businesses.

另一方面，由於手機和消費性電子產品銷售略有疲軟，銷售成本下降了 2.3%。營運成本成長 4.9%，仍低於同期通貨膨脹率。個人支出上漲了 8.8%，受到年度薪資調整、福利以及數字、IT 和新業務等快速成長領域的員工人數增加的影響。

Our largest cost line, commercial and infrastructure grew 3.5% year by year. While commercial activity picked up during the quarter, we were able to offset much of the increase through network and energy efficiency gains.

我們最大的成本線，商業和基礎設施年增3.5%。雖然本季商業活動有所回升，但我們能夠透過網路和能源效率的提高來抵消大部分成長。

Thanks to our discipline cost management, we achieved a 60 basis point expansion in EBITDA margin, reaching 40.5%. And notably this was accomplished with minimal contribution from copper and real estate sales related to our migration to the authorization regime.

由於我們嚴格的成本管理，我們的 EBITDA 利潤率提高了 60 個基點，達到 40.5%。值得注意的是，這項成就的實現離不開與我們向授權制度轉型相關的銅和房地產銷售的微小貢獻。

That said, the, we remain confident in our ability to deliver BRL4.5 billion in asset sales over the coming years.

儘管如此，我們仍然有信心在未來幾年實現 45 億巴西雷亞爾的資產銷售。

Moving to a slide 11, we demonstrate how effective CapEx control coupled with solid ABDA growth leads to a double digit operating cash flow increase.

轉到第 11 張投影片，我們展示了有效的資本支出控制加上穩健的 ABDA 成長如何帶來兩位數的經營現金流成長。

CapEx optimization continues to stand out. In the first half of this year, CapEx to revenues ratio declined 0.7 percentage points year by year to 14.8%. Important to mention that 76% of our investments were directed towards growth initiatives, mainly in 5G and fiber expansion.

資本支出優化繼續脫穎而出。今年上半年，資本支出佔營收比年減0.7個百分點至14.8%。值得一提的是，我們 76% 的投資都用於成長計劃，主要是 5G 和光纖擴展。

This focused strategy is accelerating monetization and delivering tangible futureproof results. Our operating cash flow after leases reached BRL4.7 billion in the first half, marking a 15.5% increase year by year.

這項重點策略正在加速貨幣化並帶來實際的未來成果。上半年，我們的租賃後營運現金流達到47億雷亞爾，年增15.5%。

Looking at the last 12 months, we have seen consistent margin expansions both before and after leases. In fact, operating cash flow before leases now represent more than one-fourths of our total revenues. In the next slide, we show that our resilient operating performance translated into upscaling profitability.

回顧過去 12 個月，我們發現租賃前後的利潤率持續擴大。事實上，租賃前的經營現金流現在占我們總收入的四分之一以上。在下一張投影片中，我們將展示我們強勁的營運表現如何轉化為不斷提升的獲利能力。

In the first half of this year, Vivo delivered a 13.5% year by year rise in net income, reaching 2.4 billion ris driven by solid operating executions and finance discipline.

今年上半年，得益於穩健的營運執行和財務紀律，Vivo 淨利潤年增 13.5%，達到 24 億印度盧比。

Our net cash flow position stood at 3.9 billion ris at the end of June, underscoring the strength of our financial management and protecting us from high interest rate scenarios.

截至 6 月底，我們的淨現金流狀況為 39 億裡亞爾，這凸顯了我們財務管理的實力，並保護我們免受高利率的影響。

Including the effects of IRS 16, our net debt total 10.7 billion rise with a low leverage ratio of 0.4 times ABDA over the last 12 months.

包括 IRS 16 的影響，我們的淨債務總額在過去 12 個月內增加了 107 億美元，槓桿率較低，為 ABDA 的 0.4 倍。

On the right hand side of the slide, you will see that our free car for generation remain robust. While it saw a slight year by year decrease due to some facing effects, our fundamentals remain strong.

在幻燈片的右側，你會看到我們免費發電的汽車仍然強勁。雖然受一些不利因素影響，我們的業績逐年略有下降，但我們的基本面依然強勁。

Of fit for the last 12 months remained close to 8% and our flow margin reached 17.6% used today reflecting our healthy financial position and cash generation.

過去 12 個月的適合度仍然接近 8%，而我們的流量利潤率已達到今天的 17.6%，反映了我們健康的財務狀況和現金產生能力。

Finally, on the last slide of the presentation, we highlight our continued commitment to shareholder return.

最後，在簡報的最後一張投影片上，我們強調了我們對股東回報的持續承諾。

So far this year we have already paid more than 5 billion ris to shareholders, reaffirming our commitment to distribute at least 100% of the net income.

今年到目前為止，我們已經向股東支付了超過 50 億裡亞爾，重申了我們分配至少 100% 淨收入的承諾。

In addition to that, so far we have declared another 1.7 billion rise in interest on capital this year.

除此之外，到目前為止，我們今年已宣布資本利息再增加17億。

In the 2nd quarter, We have also completed the reverse stock split followed by a forward stock split operation.

在第二季度，我們也完成了反向股票分割，隨後又完成了正向股票分割作業。

The sale of the fractional shares generates close to 1 billion ris, of which around 80% came from inactive shareholders. This move unlocked significant value with our average daily trading volumes increased 77% after the operation.

零碎股份的出售產生了近 10 億裡亞爾的收入，其中約 80% 來自非活躍股東。此舉釋放了巨大的價值，操作後我們的平均每日交易量增加了 77%。

Looking ahead, our shared buyback program remains at full speed. We still have around 1 billion reiss available for repurchase through February 2026.

展望未來，我們的共享回購計畫仍將全速推進。到 2026 年 2 月為止，我們仍有大約 10 億盧比可供回購。

This gives us confidence in our ability to meet our shareholders remuneration guidance for the coming years.

這使我們對未來幾年滿足股東薪酬指導的能力充滿信心。

Thank you.

謝謝。

And now we can move to the Q&A.

現在我們可以進入問答環節。

Thank you. We are going to start the question and answer section for investors and analysts. If you wish to ask a question, please press the button raise hand. If your question has already been answered, you can leave the queue by clicking on Put hand down.

謝謝。我們將開始針對投資人和分析師的問答環節。如果您想提問，請按舉手按鈕。如果您的問題已得到解答，您可以點擊「放下手」離開隊列。

Our first question comes from Bernardo Gutman with XP.

我們的第一個問題來自 XP 的 Bernardo Gutman。

Hi, good morning, everyone. Thanks for taking my questions. My first question about leases. Despite the quarter over quarter growth. The company seems to be working on several initiatives to optimize and slow down this line. What can we expect over the next few quarters? And my second question about the 5 Brazil integration following the acquisition of the remaining stake, are there any near term synergies you are already capturing? And what's your strategic view on M&A going forward?

大家好，早安。感謝您回答我的問題。我的第一個問題是關於租賃。儘管季度環比有所增長。該公司似乎正在採取多項措施來優化和減緩這條生產線。我們對未來幾季有何期待？我的第二個問題是關於收購剩餘股份後巴西 5 家公司的整合，你們是否已經獲得了一些短期綜效？您對未來的併購策略有何看法？

Thank you.

謝謝。

Sorry, hi Bernardo, this is Christian.

抱歉，你好，Bernardo，我是 Christian。

So I go to the second and then I ask to go to the first one, okay, if you don't mind.

所以我去了第二個，然後我要求去第一個，好的，如果你不介意的話。

So as you said, now, we announced the position of 50% stake that was held now by CDPQ in Brazil.

正如您所說，現在我們宣布了 CDPQ 目前在巴西持有的 50% 股份。

So now we hold 75.01% of the capital while Telefonica Infra, the infrastructure company of the Telefonica Group, retains the remaining 24.99.

因此，現在我們持有 75.01% 的資本，而西班牙電信集團的基礎設施公司 Telefonica Infra 保留剩餘的 24.99%。

So we still need to get it approved by Anael and Cade, so it's difficult for you to now to say when you're going to start capturing these synergies, but what we see is that Ferberil already built the network that was implied to build, so this 4.6 million home pass. So Vivo is almost the sole customer there, so we have like a it's a neutral network, but in the end more than 95% of the clients are from Vivo, so we are mostly the unique relevant customer. So as you can imagine, we can operate this network with our own resources. So if you look at their numbers, not the EITA that they had in 2024 of 282 million highs, that's part of the capture that we envisioned for disintegration and add to that that their penetration is around 16% home connected over home past.

因此，我們仍然需要獲得 Anael 和 Cade 的批准，所以現在很難說什麼時候開始獲得這些協同效應，但我們看到 Ferberil 已經建立了暗示要建立的網絡，所以這 460 萬個家庭通行證。因此，Vivo 幾乎是那裡的唯一客戶，所以我們就像一個中立的網絡，但最終超過 95％ 的客戶來自 Vivo，所以我們大多是唯一的相關客戶。所以你可以想像，我們可以用自己的資源來運作這個網路。因此，如果你看看他們的數字，而不是他們在 2024 年達到的 2.82 億的最高 EITA，那就是我們設想的分解捕獲的一部分，再加上他們的滲透率約為 16% 的家庭連接。

We just ended the second quarter with approximately 24%, so there is also the opportunity to accelerate penetration and bringing more revenues in. So in the end we see that it's a very synergic operation and also give us the flexibility to do what you just described if you want to see more room for M&A in the future, as I said in many different occasions. We are always analyzing opportunities. We need to find an asset that has no or not so much overlap with our network.

我們剛剛以約 24% 的成長率結束了第二季度，因此也有機會加速滲透並帶來更多收入。所以最終我們認為這是一個非常具有協同作用的運作，如果您希望在未來看到更多的併​​購空間，它也為我們提供了靈活性，可以做到您剛才描述的事情，正如我在許多不同場合所說的那樣。我們一直在分析機會。我們需要找到與我們的網路沒有重疊或重疊程度不大的資產。

We also want someone that has the network that is technically the same standard that we have in ours, or at least similar to that, and the right pricing. As I said in the beginning, we ended the quarter with over 31 million Home pass.

我們也希望對方的網路在技術上與我們的標準相同，或至少是相似的，並且價格合適。正如我在一開始所說的，本季結束時我們的 Home Pass 銷量超過 3,100 萬。

Brazil, we may say over 30 million, sorry Home pass 30.1. Brazil has around 60 million homes that we could consider suitable for fiber connection provided by Vivo, so there is room to growth. We may not reach this number. We've been building around 2 million per year, but we see the opportunity to have more than 30, and then we can do that organically, or we could do that through an M&A if you find an asset that complies with the criteria that I just described.

巴西，我們可能會說超過3000萬，抱歉，Home Pass 30.1。巴西約有6000萬戶家庭，我們認為適合Vivo提供的光纖連接，因此還有成長空間。我們可能達不到這個數字。我們每年的產量約為 200 萬，但我們認為有機會超過 3000 萬，然後我們可以有機地做到這一點，或者，如果您找到符合我剛才描述的標準的資產，我們也可以透過併購來實現。

If you don't have more in the second one, I pass to the view to go to the lease one. Bernardo, very clear.

如果第二個視圖中沒有更多內容，我將轉到租賃視圖。伯納多，非常清楚。

Thank you. Hi Bernardo, thanks for the question. So regarding leases, we need to look for two different angles. One is accounting and the one, second one is payment. No. So the first one, accounting, if you look at the evolution of of.

謝謝。你好，Bernardo，謝謝你的提問。因此，關於租賃，我們需要從兩個不同的角度來尋找。一個是會計，一個是付款。不。因此，第一個是會計，如果你看它的演變。

Of the depreciation and interest accruals, you would see that EIA after leases is even growing on a faster path than EIA which shows all the initiatives that we are doing on that side, no? And to complement on the payment angle, you would see that there is some volatility, particularly at the beginning of last year and perhaps even at the end of 2023. However, now, it seems to be more stable in terms of payment, which are mainly linked to all the renegotiations that are going on with the towers company over the last few quarters. But here, I mean, it's important to highlight that the total amount we pay last quarter is 1.2 billion riais. It's the lowest number. In the last 4 quarters, no, which shows that the results of all these initiatives. Looking forward, we have in one, in one hand, we will need to continue working on the coverage of 5G. However, we already have 64% population cover, but on the other hand, we still have many initiatives to reduce the unitary cost of those towers, no. So we cannot give you a number for the future, but based on what we have done over the last four quarters, prove that the initiative to have this cost under control similar to what we have seen recently.

在折舊和利息應計中，您會看到租賃後的 EIA 增長速度甚至比 EIA 更快，這表明我們在這方面正在採取所有舉措，不是嗎？從支付角度來看，你會發現存在一些波動，特別是在去年年初，甚至可能在 2023 年底。不過，現在付款方面似乎更加穩定，這主要與過去幾季與塔公司進行的所有重新談判有關。但在這裡，我的意思是，需要強調的是，我們上個季度支付的總金額是 12 億裡亞爾。這是最低的數字。在過去的 4 個季度中，沒有，這表明所有這些舉措都沒有取得成果。展望未來，我們一方面要繼續致力於5G的覆蓋。然而，我們已經有64％的人口覆蓋率，但另一方面，我們仍然有許多措施來降低這些塔的單位成本，不是嗎。因此，我們無法給出未來的數字，但根據我們過去四個季度所做的工作，可以證明控制這一成本的舉措與我們最近看到的類似。

Very clear, David.

非常清楚，大衛。

Thank you.

謝謝。

Our next question comes from Marcello Santos with JP Morgan. You can open your microphone.

我們的下一個問題來自摩根大通的馬塞洛桑托斯。您可以打開麥克風。

Hi, good morning, Christian Daviso. Thanks for taking my questions. I have to, the first question would be regarding the fiber to the home ARO. That's a line that, I think last year was growing a bit more and that has been changing trends. So I just wanted to understand how much of this is like company strategy driven, maybe you're focusing more on. Bundles or how much of this is like market driven to market environment. That's the first question. And the second question, if you could discuss a bit the mobile competitive environment, what you are seeing now in the beginning of the second half, what's your perception going forward.

你好，早安，克里斯蒂安·戴維索。感謝您回答我的問題。我必須問，第一個問題是關於光纖到府 ARO。我認為這條線去年有所增長，並且一直在改變趨勢。所以我只是想了解這其中有多少是由公司策略驅動的，也許你會更加關注這一點。捆綁或其中有多少是像市場驅動的市場環境。這是第一個問題。第二個問題，您可以稍微討論一下行動競爭環境，您現在在下半年初看到了什麼，您對未來有何看法。

Thank you very much.

非常感謝。

Marcelo, that's Christian. I will TRY to answer.

馬塞洛，那是克里斯蒂安。我會盡力回答。

Yes, I think most of the explanation of the performance is related to acceleration, the Vivos total customer base, as I described, now out of over 7.4 million customers in FTTH 2.9. Already in Vivo total, is a growth in the cus the Vivo total customer base of 63.5%. that has a very positive impact in the churn reduction.

是的，我認為業績成長的主要原因在於Vivo的客戶群成長。正如我之前提到的，Vivo的客戶群規模目前超過740萬，其中FTTH用戶佔2.9%。 Vivo的客戶群成長了63.5%。這對降低客戶流失率有著非常正面的影響。

But ARO is slightly diluted due to the discounts given to the convergent customers.

但由於給予融合客戶的折扣，ARO 略微被稀釋。

So that's the main explanation for this ARPO evolution. So quarter over quarter, it is very small. The reduction we're talking about 0.6%. but year over year, although we grew 63% in the customer base of Vivo total, there is this ARO impact of 2.1%. I think the very positive thing for that.

這就是 ARPO 演變的主要解釋。因此，每季的增幅都非常小。我們所說的減少量是 0.6%。但與去年同期相比，儘管 Vivo 的客戶群成長了 63%，但 ARO 的影響仍為 2.1%。我認為這是一件非常正面的事情。

Is the churn. Now, if you look at the second quarter of 2022, we were at 1.93%. Now the FTTH churn is 1.46%, and that's a lot related to the Vivo total, but I'll add to that all the quality and other things they've been doing to improve it. We had price adjustment in FTTH in January 4.5% price adjustment of 14%. Of our FTTH customers. June, we also had a price up of 9.7% of 22% of our FTTH base, and the Vivo Total we had a 2.9% price increase in 100% of our Vivo total users. So that's the explanation that I have. The second one was regarding what competition in Mo you asked or competition in general.

是客戶流失。現在，如果你看 2022 年第二季度，我們的成長率為 1.93%。現在 FTTH 流失率為 1.46%，這與 Vivo 的總數有很大關係，但我還要補充一點，他們一直在努力提高品質並採取其他措施來改善它。我們在一月份對FTTH進行了價格調整，價格調整了4.5%，為14%。我們的 FTTH 客戶。6 月份，我們的 FTTH 用戶中有 22% 的用戶價格上漲了 9.7%，而 Vivo Total 的所有用戶價格上漲了 2.9%。這就是我的解釋。第二個問題是關於您問到的密蘇裡州的比賽或一般比賽。

Mobile competition.

移動端競爭。

Yeah, I think the market is similar to what we saw in the last quarter.

是的，我認為市場與我們上一季看到的類似。

There is of course a strong competition, the three players, and other small ones also trying to capture markets. Our strategy stands then upselling data, digital services, and totalization of customers that I just described with a very disciplined monetization. So, focus on the quality, expansion of 5G, convergence with the expansion of fiber, and also the sale of FTTH and also controlling churn. So churn is in very good levels in both services, mobile and fixed, and the price adjustment that I described to you before were done in the front base and also in our customer base. So in the front book, sorry, and in our customer base. So that's the reality that we face right now. And we've been growing, as I said, also in the beginning in the post-paid revenues, double digits, and prepaid, no, it's a negative, but if you compare it quarter over quarter, we have a positive trend in the prepaid revenues.

當然，競爭非常激烈，這三家公司和其他小公司也試圖佔領市場。我們的策略是透過非常嚴格的貨幣化來提升數據、數位服務和客戶整體化。因此，重點關注品質、5G 的擴展、與光纖擴展的融合以及 FTTH 的銷售和控制客戶流失。因此，行動和固定服務的客戶流失率都處於非常好的水平，我之前向您描述的價格調整是在前端基礎和我們的客戶群中完成的。因此，在前面的書裡，很抱歉，在我們的客戶群中。這就是我們現在面臨的現實。正如我所說，我們的後付費收入一開始也一直在成長，達到兩位數，而預付費收入則為負數，但如果逐季度比較，預付費收入呈現正面趨勢。

Perfect.

完美的。

Thank you very much.

非常感謝。

Thank you Marcelo.

謝謝你，馬塞洛。

Our next question comes from Gustavo Farris with UBS. You can open your microphone.

我們的下一個問題來自瑞銀的 Gustavo Farris。您可以打開麥克風。

Hi everyone, Gustavo Padilla is here from UBS. Thanks for taking my questions, through on my on my end. The first one, net income, came a little bit below consensus, and we saw financial expenses as the main detractor, and quarter over quarter as well as year over year. So if you could comment, a little bit on that, and how you see those those lines going forward for the full year, 25.

大家好，我是瑞銀的 Gustavo Padilla。感謝您回答我的問題。第一個是淨收入，略低於預期，我們認為財務費用是主要影響因素，與上一季和去年同期相比均有所下降。因此，如果您能對此發表一點評論，以及您如何看待這些線路在全年 25 年的發展。

And the second question on, OECs, we also saw, GNA and personal expenses a little bit above inflation. If you could comment on that going forward as well as, drivers for margin ex to continue expanding.

第二個問題是關於 OEC 的，我們也發現 GNA 和個人支出略高於通貨膨脹率。如果您能對未來進行評論，那麼保證金扣除的驅動因素將繼續擴大。

Thank you.

謝謝。

I.

我。

Hi, Gustavo, so thank you for the questions. So, starting with the first one around financial expenses, look, the financial expenses in the quarter are mainly impacted when you compare year by year, but some sociality effect. So last year we had a positive one-off of 330 million linked to a reversal of a provision resulting from a tax amnesty in the state of Sao Paulo.

你好，Gustavo，謝謝你的提問。因此，從第一個關於財務費用的問題開始，你看，與去年同期相比，本季的財務費用主要受到影響，但也有一些社會影響。因此，去年我們獲得了 3.3 億美元的一次性正收益，這筆收益與聖保羅州稅收赦免條款的撤銷有關。

When comparing with the previous quarter, we are almost in line. What's really perhaps is driving this slightly growth one have to do mainly with the fiel. Liability that obviously now we have 11 more year, accrual that we need to book, all the no the monetary accruals. And also we have some positives and negatives. So the positive also have to do with amnesty that we have this quarter, but we also have some contingencies on the other hand. So as you can see Utabo, we have, around every, almost every quarter, we have some downs. But you can see that at the end of the day, thinking more about the net income. The net income is growing 10% every year, but even if you look to the earning per share, it's more than that, no, it's growing to 12%.

與上一季相比，我們幾乎保持一致。真正推動這一輕微增長的因素可能主要與該領域有關。顯然，現在我們還有 11 年的負債，我們需要記帳的應計項目，所有這些都不是貨幣應計項目。我們也有一些正面和負面的方面。因此，正面的一面也與我們本季的特赦有關，但另一方面，我們也有一些意外情況。所以正如你所看到的，Utabo，我們幾乎每個季度都會遇到一些低迷。但你會發現，到最後，我們多考慮的是淨收入。淨收入每年增長 10%，但即使你看每股收益，它也不止於此，不，它增長到 12%。

What could you be thinking for the next quarter? I will have two main aspects. One has to do with depreciation. The depreciation this quarter is growing 8% year by year, but this is mainly as a result of the review of the useful lives that we did last year in the third quarter. That means that this year 2025 in the third quarter, this effect will be normalized. So the depreciation in the 3rd quarter, we are expecting that would be almost in line. In terms of previous year. So this will help us in terms of the year, evolution. And also bear in mind that in July next year, 2026, we will finalize the depreciation of all the legacies that have to do with copper, no. So this again will be a benefit of around 300 million per quarters in terms of results before taxes, no. So again I think netcom has been one of our key attributes and this should continue going forward regarding the second question in OpEx, okay.

您對下一季有何想法？我主要會講兩個方面。其中一個與折舊有關。本季的折舊年增了 8%，但這主要是因為我們去年第三季對使用壽命進行了審查。這意味著到2025年第三季度，這種影響將會正常化。因此，我們預期第三季的貶值幅度將基本保持一致。就去年而言。因此，這將對我們今年的演變有所幫助。還要記住，明年 7 月，即 2026 年，我們將最終完成所有與銅有關的遺產的折舊，不。因此，就稅前業績而言，這又將帶來每季約 3 億美元的收益，不是嗎？因此，我再次認為網通一直是我們的關鍵屬性之一，關於 OpEx 的第二個問題，這應該繼續下去，好的。

I can help with the second one if you don't have anything else. No, in the second, I think. I would think I would first Gustavo highlight that our EBTA grew 8.8% year over year with a margin of 440.5%. Going directly to the cost on operations, that was your question about personnel and GNA cost-run operation, we had an evolution of 4.9% year over year and here is the explanation mostly driven by personnel, as you said, 8.8%. Here the explanation is mainly due to annual readjustment that we have in salary and benefits and also increased headcount in some key areas for our present and future digital IT and new businesses areas. If you look to commercial infrastructure, the evolution was 3.5%, well below inflation.

如果您沒有其他事情，我可以幫助您完成第二個。不，我認為是第二種。我想先向 Gustavo 強調的是，我們的 EBTA 年比成長 8.8%，利潤率為 440.5%。直接談到營運成本，這是您關於人員和 GNA 成本運作營運的問題，我們的年成長率為 4.9%，而這裡的解釋主要是由人員推動的，正如您所說，為 8.8%。這裡主要解釋一下，我們每年都會對薪酬福利進行調整，同時也增加了現在和未來數位IT和新業務領域一些關鍵領域的員工數量。如果你看一下商業基礎設施，其變化率為 3.5%，遠低於通貨膨脹率。

He is we had a lot of increased commercial activity, but it was offset. By gains that we had both in network and energy efficiencies, but also in the digitalization of most of our processes and interaction with customers. In Genna, the 7.5% was due to higher costs with third party administrative services that were related to the speed of the split that we had in the quarter before. I think also important to highlight here that we declared no the 4.5 billion that will cap in copper and real estate.

他說我們的商業活動增加了很多，但被抵消了。我們不僅在網路和能源效率方面取得了進步，而且在大多數流程和與客戶互動的數位化方面也取得了進展。在 Genna，7.5% 的下降是由於第三方管理服務成本的增加，這與我們在上一季的拆分速度有關。我認為這裡還要強調的是，我們沒有宣布將 45 億美元用於銅和房地產投資。

That's very little capture in this quarter. So our number for asset sales in the 2nd quarter of 2025 was only 5 million HIs. When you compare to the 2nd quarter of 2024, this figure was 31 million HIs. So we are very confident of our cost discipline and our ability to continue to grow IITA.

本季的捕獲量非常小。因此，我們 2025 年第二季的資產銷售數量僅為 500 萬 HI。與 2024 年第二季相比，這個數字是 3,100 萬 HI。因此，我們對我們的成本控制和繼續發展 IITA 的能力非常有信心。

Yeah, just one comment, Gustavo on that one. The net income in the coming quarter would also benefit from what Christian is saying, no, we haven't almost sell those real estate and corporate this quarter, but we are expecting a boost in the coming year, but also in the coming quarters. So this will be an upside.

是的，Gustavo 對此只有一則評論。下一季的淨收入也將受益於克里斯蒂安所說的，不，我們本季幾乎沒有出售那些房地產和公司，但我們預計來年以及未來幾季的淨收入都會有所增長。所以這將是一個好處。

For not only the op reduction, but also the netcom improvement.

不僅是為了減少操作，也是為了改善網路通訊。

Very clear, thank you.

非常清楚，謝謝。

Our next question comes from Vitor Tomita with Goldman Sachs.

我們的下一個問題來自高盛的 Vitor Tomita。

He just left the, oh, he joined back. Victor, you are allowed to talk.

他剛離開，哦，他又回來了。維克多，你可以說話了。

Hello, good morning and thanks for taking my questions. So from our side as well. The first one is related to that point that you just mentioned. You cited that the the 5 million asset sales this quarter were already related to the concession migration. Could you give an update more on the operational side on how the initiative to migrate concession users, remove copper cables, and dismantle them from copper, for copper is advancing currently. Also, my second question would be on B2B. If you could give a bit more. On how the acquired operations from IPNET and VIT are integrated into the general operation, how they have been operating alongside, the other teams and on how those operations have been performing in terms of growth.

您好，早安，感謝您回答我的問題。從我們這邊來看也是如此。第一個問題和您剛才提到的那個點有關。您提到本季的 500 萬資產銷售已經與特許權遷移有關。您能否在運營方面提供更多更新信息，說明如何遷移特許用戶、移除銅纜以及拆除銅纜，因為銅纜目前正在推進中。另外，我的第二個問題是關於 B2B 的。如果你能多給一點的話。關於如何將從 IPNET 和 VIT 收購的業務整合到整體營運中，它們如何與其他團隊一起運營，以及這些業務在成長方面的表現。

Thank you.

謝謝。

Look, Vittor, this is Christian, okay, and that can help me.

聽著，維托，這是克里斯蒂安，好的，這可以幫助我。

We even before the immigration, we were able to sell real estate and copper. So that's what my my my answer before was to explain that we announced the 4.5 billion, that's 3 billion in in cap in copper and 1.5 billion in real estate.

甚至在移民之前，我們就已經能夠出售房地產和銅。所以，我之前的回答就是解釋我們宣布的 45 億美元，其中 30 億美元用於銅業，15 億美元用於房地產。

We haven't started in a very accelerated way, as we will in the next quarter, as we said, and mainly in 2026 and 2027. So the impact on the OPEC's reductions is still not taken this quarter, and this quarter is even lower than what we had in the past before the immigration where we got authorization from cell.

我們還沒有以非常快的速度開始，正如我們所說的，我們將在下個季度，主要是在 2026 年和 2027 年。因此，本季對 OPEC 減產的影響仍未顯現，本季的產量甚至低於我們獲得細胞授權的移民之前的產量。

For the for the sale of some real estate and also we could already be doing migrations in areas where we could be replacing copper to fiber when the customers agree to that. Now we have the ability to have this migration enforced. Because we have the right to migrate when we are able to offer similar service as a case of offering fiber. So the idea here is only to say that it's going to be accelerated.

對於一些房地產的銷售，以及當客戶同意時，我們已經可以在一些地區進行遷移，我們可以將銅線替換為光纖。現在我們有能力強制執行這一遷移。因為當我們能夠提供與提供光纖類似的服務時，我們就有遷移的權利。所以這裡的想法只是說它會加速。

The numbers continue to be the ones that we described before, 3 billion positive cash effect in the net of extraction costs. So that's going to bed for the copper and 1.5 billion proceeds from the sale of assets net of the new mobilization costs before income tax. So this remains the same and you'll see more of this effect in the next quarters, especially 26, 27. Considering the IPNET and Vita was much before IPNET is fully integrated, giving great results. The team is 100% integrated and been contributing a lot for our network sale and other servers that they are responsible for. IPNET is the same.

這些數字仍然是我們之前描述的數字，扣除開採成本後，現金效益為 30 億美元。因此，銅的價格和出售資產所得的 15 億美元收益（扣除所得稅前的新動員成本）都將計入。因此，這種情況保持不變，您將在接下來的幾個季度看到更多這種影響，尤其是 26、27 個季度。考慮到 IPNET 和 Vita 在 IPNET 完全整合之前就已經存在，因此取得了很好的效果。該團隊 100% 整合，為我們的網路銷售和他們負責的其他伺服器做出了巨大貢獻。IPNET也是一樣。

Already contributing in the 2nd quarter, IPET, we still have it like separate because they are focused on Google solutions, so they contributed over 65 million HIs in our 2nd quarter, 25 results. It's in in B2B, but it's also in the fixed business total revenues that you see in that we just. Presented, so they are fully integrated with the impendence that they need to have to keep their portfolio alive, their customer base alive, but also leveraging all the synergies and the contact that we have with many other customers that is helping accelerate their business, both Vita and also IPET, as well as the other one that we bought in B2C that is I to go for consumer electronic accessories.

IPET 已在第二季度做出了貢獻，我們仍然將其視為獨立業務，因為他們專注於 Google 解決方案，因此他們在我們的第二季度貢獻了超過 6500 萬個 HI，即 25 個結果。它存在於 B2B 中，但也存在於我們剛才看到的固定業務總收入中。因此，他們充分整合了保持產品組合活力和客戶群活力所需的緊迫性，同時也利用了我們與許多其他客戶的所有協同效應和聯繫，以幫助加速他們的業務，包括 Vita 和 IPET，以及我們在 B2C 中購買的另一個，即我去購買消費電子配件。

I don't know if there is anything else or if I answered both your questions.

我不知道是否還有其他問題，或者我是否回答了您的兩個問題。

That's clear. Thanks.

這很清楚。謝謝。

Our next question comes from Funnyonumuddy with HSBC.

下一個問題來自匯豐銀行的 Funnyonumuddy。

You can open your microphone.

您可以打開麥克風。

Hi, thanks for taking my question. So I have a couple, could you comment on the net ads that you have in mobile? They seem to have been a bit more weaker than you have historically done. So, what are the steps being taken to, improve the net ads in mobile? The second one is regarding your fibrazil and, the fiber strategy. So, in the comments, you said that you have 60 million homes past that you have potential for, but, how do you see competition and what is the addressable market? Do you think you could reach the 60 million over the long term? And, do you have plans to do what you have done with fiberism which is bringing outside capital for deploying fiber going forward.

你好，謝謝你回答我的問題。我有幾個問題，可以評論一下您在行動裝置上投放的網路廣告嗎？他們似乎比你們歷史上任何時候都弱一些。那麼，正在採取哪些措施來改善行動網路廣告呢？第二個是關於你的 fibrazil 和纖維策略。所以，在評論中，您說您有潛力擁有 6000 萬套房屋，但是，您如何看待競爭以及可尋址市場是什麼？您認為從長遠來看，您能達到 6,000 萬這個目標嗎？另外，您是否有計劃像光纖主義一樣引入外部資本來部署光纖？

Thank you.

謝謝。

So funny, going to the first one, no, I think the evolution is very in line what we had before.

真有趣，回到第一個，不，我認為演變與我們之前所經歷的非常一致。

It's like, as I said before, no, our strategy is very focused on the migration from pre-paid to hybrid. This can be some variation quarter over quarter. But more importantly is the convergence that we are like keeping customers more loyal, selling mobile with fiber and also selling mobile with digital services. We're also increasing the 5G% take up if you see what we had in the second quarter, the 5G take up in our customer base was 13.3%. It's already close to 24%. And our churn is around the 1% level.

正如我之前所說，我們的策略非常注重從預付費到混合付費的遷移。每個季度之間可能會有所變化。但更重要的是融合，我們想要維持客戶忠誠度，銷售有光纖的行動設備，也銷售有數位服務的行動裝置。如果您看我們第二季的情況，我們還在提高 5G 的採用率，我們的客戶群中的 5G 採用率為 13.3%。已經接近24%了。我們的客戶流失率在 1% 左右。

No, so pretty good evolution and our pool is above like 5.1% if you compare the second quarter of 24 with the second quarter of 25. So it's a very healthy. And disciplined strategy and I think we are capturing the value out of it because our mobile service revenue Postpaid increased 11% year over year. So pretty good. And if you'll add Postpaid to fiber, it's already 73.4% of our total service revenue of the company, and every year of these two services combined is 10.8%. In fiber, as we said, the idea is to continue to grow organically.

不，所以進展相當不錯，如果將 24 年第二季與 25 年第二季進行比較，我們的資金池高於 5.1%。所以它非常健康。而且，透過嚴謹的策略，我認為我們正在從中獲取價值，因為我們的行動服務後付費收入比去年同期成長了 11%。非常好。如果將後付費添加到光纖中，它已經占到我們公司總服務收入的 73.4%，而這兩項服務每年的總收入為 10.8%。正如我們所說，在纖維方面，我們的想法是繼續有機成長。

We don't envision right now having any other financial partner to accelerate. I think it was needed at the time that we want to accelerate and to reach what we already declared that more than 30 million that we already reached this quarter 30.1 million and I told before that I see opportunity in in more like. And millions of homes. It doesn't mean that we're going to reach all of them, but there is room to continue to grow. We could do that organically or we could also analyze M&A. That's the idea that we have going forward.

我們目前不打算與任何其他金融合作夥伴合作來加速發展。我認為當時我們需要加速並達到我們已經宣布的超過 3000 萬的目標，我們本季度已經達到了 3010 萬，我之前說過，我看到了更多這樣的機會。以及數百萬個家庭。這並不意味著我們將達到所有目標，但仍有繼續成長的空間。我們可以有機地做到這一點，或者我們也可以分析併購。這就是我們前進的想法。

Yeah, thank you.

是的，謝謝。

Our next question comes from Pablo Gaudi with Ita. You can open your microphone.

我們的下一個問題來自 Ita 的 Pablo Gaudi。您可以打開麥克風。

Good morning, Vivo team. I have two questions as well. The first one is on the competitive landscape you're seeing, especially if you think you will be able to push a new round of pricing for the second half of the year. And the other one it's on the slide you mentioned about like the one stop vendor solution. I don't know if you can provide more details on the strategy you are planning to do to increase the percentage of cross selling.

早安，Vivo 團隊。我也有兩個問題。第一個是關於您所看到的競爭格局，特別是如果您認為您將能夠在下半年推動新一輪的定價。另一個是在幻燈片上您提到的一站式供應商解決方案。我不知道您是否可以提供更多有關您計劃採取的提高交叉銷售比例的策略的詳細資訊。

Can you repeat, the second one, the strategy of what? Sorry, Pablo.

你能重複嗎，第二個，策略是什麼？抱歉，巴布羅。

To increase the penetration of the cross-selling.

增加交叉銷售的滲透率。

In in B2C and B2B in both.

在B2C和B2B都有。

Okay, so going to the second one, yes, we foresee that you increasing, as we described before, no, the percentage of these new services is 1.7% points higher in the representation of the total revenue mix. You went from 9.5% to 11.2%. If I look at it in separate. We can see that in the B2C, the growth was 14.8%. We are growing different verticals and also we are started to show you like the B2C revenue divided by RGU by unique users. So we also went from 60.6 KIs to 63.7.

好的，那麼進入第二個問題，是的，我們預見到您會增加，正如我們之前所描述的，這些新服務的百分比在總收入組合中的佔比將提高 1.7%。從 9.5% 上升到了 11.2%。如果我單獨來看它。我們可以看到在B2C方面，成長是14.8%。我們正在發展不同的垂直產業，我們開始向您展示 B2C 收入除以 RGU 再除以獨立用戶數。因此我們的 KI 也從 60.6 增加到了 63.7。

We gave some numbers about the number of customers with our health plan Valli Saudji that is around 500,000. We gave the number of OTT subscriptions at 3.7, considering our customer base of more than 100 million access in mobile. There is a lot still to be sold, so there is a great effort to monetize our customer base, and we're using our app that has 28 million unique users as the best and like most like a profitable channel to upsell. So again, upselling starts with migrating pre-paid to hybrid, but also to them drive convergence and of course.

我們給了一些關於我們的健康計劃 Valli Saudji 的客戶數量，大約是 500,000 人。考慮到我們擁有超過 1 億的行動客戶群，我們將 OTT 訂閱數量定為 3.7。還有很多產品需要出售，因此我們付出了巨大的努力來將客戶群貨幣化，並且我們正在使用擁有 2800 萬獨立用戶的應用程式作為最佳且最有利可圖的追加銷售管道。因此，再次強調，追加銷售始於將預付費遷移到混合付費，當然也要推動整合。

After that, digital services. Another example is insurance. We have 600,000 smartphones insured by Vivo, but we increased a lot the number of customers that end and that they leave our store with the insurance with a new smartphone. It's now around 35%. It used to be below 20%. So we see many different areas where we imagine the possibility to increase penetration of our services. In B2B is the same.

之後是數位服務。另一個例子是保險。我們有 60 萬部智慧型手機由 Vivo 承保，但最終購買新智慧型手機並投保離開我們商店的顧客數量增加了很多。目前約為35%。過去這一比例低於20%。因此，我們看到了許多不同的領域，我們設想在這些領域增加我們的服務滲透率的可能性。在B2B中也是一樣。

The number is much more relevant. We are talking about revenues in the last 12 months of 4.8 billion highs. It's a growth of 31.3% year over year. It already represents 8.2% of total revenues, and again here we see still low penetration. We have 1.6 million customers. We have the best B2B channel reaching from. Small to the largest companies of the country, but only 15% of them have a digital service acquired through Vivo. So we see a huge opportunities, especially in the mid to low size companies to sell much more digital services. Regarding the mobile, I described what the increase that we have in our customer base.

這個數字更為相關。我們談論的是過去 12 個月 48 億美元的高收入。較去年同期成長31.3%。它已經占到總收入的 8.2%，但我們再次看到滲透率仍然很低。我們有160萬客戶。我們擁有最好的 B2B 頻道。從小型到大型的公司，只有 15% 的公司透過 Vivo 獲得了數位服務。因此，我們看到了巨大的機遇，尤其是中小型公司可以銷售更多的數位服務。關於移動，我描述了我們的客戶群的成長。

We still have. In hybrid, around 1/4 of our customer base to have the annual increase, and we still have also a small piece of our postpaid to have also their annual increase in August. So these are the two groups that we have price increase planned according to the annual adjustment that we have due to inflation.

我們還有。在混合付費領域，我們約有 1/4 的客戶群實現了年度成長，我們還有一小部分後付費客戶在 8 月實現了年度成長。因此，我們根據通貨膨脹導致的年度調整，計劃對這兩類群體進行價格上調。

Perfect, thanks a lot.

非常好，非常感謝。

Thank you. The question and answer section is over. We would like to hand the floor back to Mr. Christian Jabara for the company's final remarks.

謝謝。問答環節到此結束。我們想把發言權交還給克里斯蒂安·賈巴拉先生，請他發表公司的最後評論。

So thank you everyone again for participating in our call. It's one of the best quarters that we had in the last period. It's very strong in all lines, well above inflation, bringing more profitability, but also in optimizing our CapEx allocation. We also still have a lot to be captured with the sale of copper and real estate as I described in one of the questions. So we are very positive about the trend that we have in the next quarters to continue with our strategy of selling more servers to our. Strong customer base, acquiring more customers and more importantly, keeping their loyalty reducing churn in a very positive way as be doing in fiber and also in Postpaid. So if you have any more additional questions, please reach us through our IR team or directly to us, okay? So thank you again and see you soon.

再次感謝大家參加我們的電話會議。這是我們上個季度表現最好的一個季度。它在所有方面都非常強勁，遠高於通膨率，帶來了更多的獲利能力，同時也優化了我們的資本支出分配。正如我在一個問題中所描述的那樣，我們在銅和房地產銷售方面還有很多事情要做。因此，我們對未來幾季的趨勢非常樂觀，將繼續推行向我們銷售更多伺服器的策略。強大的客戶基礎，吸引更多的客戶，更重要的是，保持他們的忠誠度，以非常積極的方式減少客戶流失，就像在光纖和後付費中所做的那樣。因此，如果您還有其他問題，請透過我們的 IR 團隊或直接聯繫我們，好嗎？再次感謝您，希望很快能見到您。

Vivo's conference is now closed. We thank you for your participation and wish you a nice day.

Vivo 發表會目前已經結束。我們感謝您的參與並祝您有個愉快的一天。