Telefonica Brasil SA (VIV) 2026 Q2 法說會逐字稿

Good morning ladies and gentlemen. Welcome to Vivo's second quarter 2026 earnings call. 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.

各位女士、先生，早安。歡迎參加 Vivo 2026 年第二季財報電話會議。本次會議將進行錄音，重播將於公司網站 ri.telefonica.com.br 提供。簡報亦將提供下載。本次電話會議亦提供葡萄牙語版本。

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. To access the conference in Portuguese, click on the Globo inferior to the Zoom, and select the option Portuguese Room. Now, access the content, certificates the Audio Original.

如需進入，您可按下 Zoom 螢幕右下角的地球圖示，然後選擇進入葡萄牙語房間。之後，請選擇「將原始音訊靜音」（Mute Original Audio）。如需以葡萄牙語參與會議，請點擊 Zoom 下方的 Globo，並選擇 Portuguese Room 選項。現在，請存取內容，證書 the Audio Original。

We would like to inform that all attendees will only be listening the conference during the presentation and then we will start the questions and answers section when further instructions will be provided. 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. Are 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.

我們在此告知，簡報期間所有與會者將僅能收聽；待簡報結束後，我們將開始問答環節，屆時會提供進一步指示。在繼續之前，我們想澄清，本次電話會議中可能提及的任何關於公司業務前景、營運與財務預測及目標的陳述，均為 Vivo 執行董事會之信念與假設，並基於公司目前可得之資訊。此等陳述可能涉及與未來事件相關之風險與不確定性，因此取決於可能發生或不發生之情況。

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.

投資人應注意與總體經濟情勢、產業及其他因素相關之事件，這些因素可能導致實際結果與各項前瞻性陳述所表達者出現重大差異。

Present at this conference we have Mr. Cristian Jabara, CEO of the company, Mr. Rodrigo Monari, CFO and Investor Relations Officer, and Mr. João Pedro Soares Carneiro, IR Director.

出席本次會議的有公司執行長 Cristian Jabara 先生、財務長兼投資人關係主管 Rodrigo Monari 先生，以及投資人關係總監 João Pedro Soares Carneiro 先生。

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

現在我將把會議交給 Vivo 投資人關係總監 João Pedro Soares Carneiro 先生。Carneiro 先生，您可以開始。

Good morning, everyone, and welcome to Vivo's second-quarter 2026 earnings call. Today, our CEO, Cristian Gebara, will present Vivo's ongoing execution in connectivity and new businesses, as well as share our key ESG highlights for the quarter. Then Rodrigo Monari, our CFO, will give you more color on cost evolution, cash generation, profitability and shareholder distribution going forward. With that, let me turn the call over to Cristian.

各位早安，歡迎參加 Vivo 2026 年第二季財報電話會議。今天，我們的執行長 Cristian Gebara 將介紹 Vivo 在連網與新業務方面的持續執行進展，並分享本季重要的 ESG 亮點。接著，我們的財務長 Rodrigo Monari 將就成本走勢、現金創造、獲利能力以及未來的股東分配提供更多說明。接下來，我把電話交給 Cristian。

Thank you, João. Good morning, everyone, and thank you for joining us today. Building on the positive performance from the beginning of the year, Vivo delivered another quarter of solid execution combining healthy operational and financial trends. These numbers demonstrate the strength of our business model, the quality of our customer base and the consistency of our strategy within a dynamic environment.

謝謝你，João。各位早安，感謝今天加入我們。延續年初以來的正向表現，Vivo 本季再度交出穩健的執行成果，展現健康的營運與財務趨勢。這些數字證明了我們商業模式的強韌性、客戶基礎的品質，以及在動態環境中策略的一致性。

Customer engagement remains at the center of our growth story. In mobile, we kept adding customers with postpaid access at 73.2 million, up 6.9% year-over-year. In fiber, homes connected reached 8.2 million, advancing 11.3% year-over-year, while our footprint expanded to 32 million homes passed. These accomplishments reflect our sustained commercial momentum. Supported by the attractiveness of our value proposition and customer recognition of the quality and differentiation we deliver. Financially, total revenue increased double inflation once again, up 7.6% year-over-year, mobile service revenues advanced 6.6%, while fixed revenues grew 6%, highlighting the improvement of fiber and the positive contribution of our B2B operations.

客戶互動仍是我們成長故事的核心。在行動業務方面，我們持續新增客戶，後付費用戶數達 7,320 萬，年增 6.9%。在光纖方面，已連接住戶達 820 萬，年增 11.3%，同時我們的覆蓋範圍擴大至 3,200 萬戶（homes passed）。這些成果反映了我們持續的商業動能。在具吸引力的價值主張以及客戶對我們所提供之品質與差異化的認可支持下，財務面上，總營收再次以高於通膨的速度成長，年增 7.6%；行動服務營收成長 6.6%，固網營收成長 6%，凸顯光纖改善以及 B2B 業務的正向貢獻。

Profitability continues to outpace revenue growth. EBITDA advanced 10.9% year-over-year with a margin of 41.8%. In the first half of the year, operating cash flow totalled BRL8.2 billion, while net income rose 17.9% to BRL2.8 billion. Free cash flow generation reached BRL4.9 billion, underscoring the strength of our cash generation capabilities.

獲利能力持續跑贏營收成長。EBITDA 年增 10.9%，EBITDA 利潤率為 41.8%。上半年營運現金流合計達 82 億巴西雷亞爾（BRL），淨利年增 17.9% 至 28 億巴西雷亞爾。自由現金流創造達 49 億巴西雷亞爾，凸顯我們強勁的現金創造能力。

Our operation excellence and financial discipline support attractive shareholder returns. Year-to-date, we declared CHP2.2 billion in interest on capital to be paid by April of 2027 or before, we present an evolution of 34.5% versus the same period last year and remain fully committed to our shareholder remuneration guidance for this year. On Slide 4. The benefits of our diversified ecosystem are becoming increasingly evident, supporting growth across connectivity, digital services, and the sale of handsets and electronics. Total revenues increased 7.6% year-over-year in the quarter, reflecting balanced contributions across our top-line. Mobile service revenues advanced 6.6%, while FTTH revenues delivered an even stronger performance of 10.7%. Another highlight was the handsets and electronics segment.

我們的卓越營運與財務紀律支撐具吸引力的股東報酬。年初至今，我們已宣告 22 億 CHP 的資本利息（interest on capital），將於 2027 年 4 月或之前支付；相較去年同期成長 34.5%，並且我們仍完全致力於今年的股東報酬指引。請看第 4 頁投影片。我們多元化生態系的效益愈發明顯，支撐連網、數位服務，以及手機與電子產品銷售的成長。本季總營收年增 7.6%，反映我們各項營收來源對整體營收的均衡貢獻。行動服務營收成長 6.6%，而 FTTH 營收表現更強勁，成長 10.7%。另一個亮點是手機與電子產品部門。

That soared 27.8% year-over-year, marking its highest annual evolution in five years. This performance reflects the success of our commercial initiatives and the growing relevance of Vivo as a destination for customer technology products. As our ecosystem expands, the quality and predictability of revenues.

該部門年增 27.8%，創下五年來最高的年度增幅。此表現反映我們商業措施的成功，以及 Vivo 作為客戶科技產品購買目的地的重要性日益提升。隨著我們的生態系擴張，營收的品質與可預測性。

Keep improving. Recurring revenues attained 84.8% of service revenues, extending a positive trend that has consistently strengthened over recent quarters. This evolution further reinforces the resilience of our business model and the sustainability of our trajectory. Turning to Slide 5, our mobile operation stands out through its ability to combine customer growth, monetization and retention.

持續改善。經常性營收占服務營收的 84.8%，延續近幾季持續強化的正向趨勢。此一演進進一步強化我們商業模式的韌性與發展軌跡的可持續性。接著看第 5 頁投影片，我們的行動業務以同時兼顧客戶成長、變現能力與留存能力而脫穎而出。

Total mobile base increased 2.6% year-over-year as postpaid access rose 7.3%, reaching 52.4 million customers, while machine-to-machine and dangles grew 6.1%, reinforcing our leadership across multiple mobile segments. Commercial activity remains solid, with postpaid and additions rising 14.1% year-over-year. This performance confirms Vivo's competitiveness and the attractiveness of our offers.

行動用戶總數年增 2.6%；其中後付費用戶年增 7.3%，達 5,240 萬戶；同時機器對機器（M2M）與 dangles 年增 6.1%，鞏固我們在多個行動細分市場的領導地位。商業活動維持強勁，後付費淨增用戶年增 14.1%。此表現證實 Vivo 的競爭力以及我們方案的吸引力。

At the same time, we remain focused on successfully executing our more-for-more strategy. Mobile ARPU reached a new high of R32.5 with postpaid churn at stable levels of only 1%. Notably, even after recent price adjustments, customer loyalty remained unchanged, reflecting our superior network and service excellence. The evolution of 5G is an important part of the story.

同時，我們仍專注於成功執行 more-for-more 策略。行動 ARPU 創新高，達 R32.5，後付費流失率（churn）維持穩定水準，僅 1%。值得注意的是，即使近期進行價格調整，客戶忠誠度仍未改變，反映我們更優異的網路與服務卓越性。5G 的發展是故事中的重要一環。

Today, nearly one-third of our mobile base, excluding machine-to-machine and dongles uses 5G every day. As usage continues to ramp up, we are further enhancing customer experience while creating new opportunities to deepen engagement and support future revenue expansion.

目前，在排除機器對機器與 dongles 後，我們的行動用戶中近三分之一每天使用 5G。隨著使用量持續提升，我們進一步強化客戶體驗，同時創造新的機會以加深互動並支持未來營收擴張。

Overall, these results underscore the resilience and monetization potential of our mobile platform. The combination of post-paid expansion, record ARPU, resilient churn levels and growing 5G adoption demonstrate how Vivo is creating a solid foundation for ongoing profitable growth.

整體而言，這些結果凸顯我們行動平台的韌性與變現潛力。後付費擴張、創紀錄的 ARPU、具韌性的流失率水準以及 5G 採用率提升的組合，展現 Vivo 正在為持續的獲利成長奠定穩固基礎。

On slide 6, we illustrate how scale, quality and convergence underspin Vivo's ability to raise the bar in the fiber market. We closed the quarter with 8.2 million fiber access. An increase of 11.3% year-over-year. Once again, convergence was the key driver of this performance. Vivo total reached 3.8 million customers, up 29.4% compared to last year and further increasing its relevance within our fiber base. This reinforces a trend that we have seen for several quarters, customers increasingly demand integrated solutions that unite connectivity, convenience and superior experience.

在第 6 張投影片中，我們說明規模、品質與融合如何支撐 Vivo 在光纖市場持續提高標準的能力。本季末我們的光纖接取數達到 820 萬。年增 11.3%。融合再次成為推動此表現的關鍵動能。Vivo 融合用戶總數達 380 萬，較去年成長 29.4%，並進一步提升其在我們光纖用戶基礎中的重要性。這強化了我們過去數季所觀察到的趨勢：客戶日益要求整合式解決方案，結合連線能力、便利性與更優質的體驗。

Beyond growth, our customer base profile remains a clear differentiator. Fiber churn declined to just 1.4%, reaching historically low levels and reflecting the depth of our customer relationships, as well as the trust in the services we deliver. This high level of loyalty supports the long-term sustainability of our fiber business and contributes to stronger lifetime value generation. Commercial momentum also remained healthy throughout the period. FTTH net additions reached 213,000 access, 6% higher than a year ago. At the same time, we have continued to expand our footprint with both speed and discipline. Homes passed reached 32 million, while take-up improved to 25.6%. This pattern of network expansion and rise in penetration confirmed that we are successfully converting infrastructure investments into profitable customer growth.

除了成長之外，我們的客戶基礎輪廓仍是明顯的差異化因素。光纖流失率降至僅 1.4%，創下歷史低點，反映出我們客戶關係的深度，以及對我們所提供服務的信任。如此高的忠誠度支持我們光纖業務的長期可持續性，並有助於提升客戶終身價值的創造。本期商業動能亦維持健康。FTTH 淨新增達 21.3 萬接取數，較去年高 6%。同時，我們持續以速度與紀律擴大覆蓋。Homes passed 達到 3,200 萬戶，而滲透率（take-up）提升至 25.6%。此一網路擴張與滲透率上升的模式，證實我們正成功將基礎建設投資轉化為具獲利性的客戶成長。

Moving to slide 7, we continue to see the benefits of our strategy to expand beyond connectivity and build a distinguished ecosystem capable of serving a broader range of customer needs. This approach is ancient. On a last 12-month basis, B2C revenues reached 46.6 billion, advancing 6.8% year-over-year. This performance reflects both the resilience of our connectivity in business and the accelerating contribution of new business revenues that expanded 33.6% versus last year.

來到第 7 張投影片，我們持續看到策略帶來的效益：不僅擴展連線服務，更打造具差異化的生態系，能滿足更廣泛的客戶需求。此一作法是古老的。以過去 12 個月計，B2C 營收達 466 億，年增 6.8%。此表現反映出我們連線業務的韌性，以及新業務營收加速貢獻，新業務營收較去年成長 33.6%。

The sustainability of this growth is reflected in customer monetization. B2C revenue per RGU reached 68.5 per month. Continuing the upward trend observed over the past several quarters. As customers adopt more products and services within the Vivo platform, we strengthen engagement and deepen the relationship with our more than 56 million clients. New business endures as one of the most dynamic components of our portfolio. Consumer electronics revenues increased 63.8%, health and wellness advanced 58.2%, video and music OTTs grew 25.7% and financial services expanded 12.8%. Together, these businesses now represent 3.4% of total revenues.

此成長的可持續性反映在客戶變現能力上。B2C 每 RGU 月營收達 68.5。延續過去數季所觀察到的上升趨勢。隨著客戶在 Vivo 平台採用更多產品與服務，我們強化互動並深化與超過 5,600 萬客戶的關係。新業務仍是我們產品組合中最具動能的組成之一。消費性電子營收成長 63.8%，健康與福祉成長 58.2%，影音 OTT 成長 25.7%，金融服務成長 12.8%。合計而言，這些業務目前占總營收的 3.4%。

Innovation also remains an important differentiator. During the quarter, we reinforced Vivo's position as a leading digital hub by introducing exclusive benefits related to Gemini AI and Google Cloud Storage for eligible customers. In addition, we expanded the attractiveness of our offers through partnerships such as YouTube Premium, providing customers with a richer digital experience and further increasing the relevance of our plans. Through tailored offerings, digital innovation and growing portfolio of services, we strengthen customer lifetime value and create new avenues for future expansion.

創新同樣仍是重要的差異化因素。本季我們透過為符合資格的客戶推出與 Gemini AI 及 Google Cloud Storage 相關的專屬權益，鞏固 Vivo 作為領先數位樞紐的地位。此外，我們也透過如 YouTube Premium 等合作夥伴關係提升方案吸引力，為客戶提供更豐富的數位體驗，並進一步提高我們方案的相關性。透過量身打造的方案、數位創新與持續擴大的服務組合，我們強化客戶終身價值，並為未來擴張創造新途徑。

Turning to slide 8, our B2B business continues to demonstrate the strength of Vivo's strategy to evolve from a connectivity provider into a trusted technology partner for enterprise accord across multiple industries. B2B revenues reached. Billion on a last 12-month basis, up 9.2% year-over-year. Digital B2B remains the main growth vector, advancing 14.9%, while connectivity revenues rose 5.8%. Looking at the portfolio, cloud services continued to lead performance with 20.9% growth. Digital solutions increased 20.2%, cybersecurity advanced 10%, and IoT and messaging grew 1% year over year. What stands out is not only the performance itself, but also the breadth of our capabilities. Today, enterprises seek partners capable of delivering tailored end-to-end solutions rather than isolated products. This trend continues to expand vivo's opportunities across both private and public sectors.

轉到第 8 張投影片，我們的 B2B 業務持續展現 Vivo 策略的強勁：從連線供應商演進為跨多個產業、深受企業信賴的科技夥伴。以過去 12 個月計，B2B 營收達。十億，年增 9.2%。數位 B2B 仍是主要成長動能，成長 14.9%，而連線營收成長 5.8%。就產品組合而言，雲端服務持續領先，成長 20.9%。數位解決方案成長 20.2%，資安成長 10%，IoT 與訊息服務年增 1%。值得注意的不僅是表現本身，還有我們能力的廣度。如今企業尋求能提供量身打造端到端解決方案的夥伴，而非零散的單一產品。此趨勢持續擴大 Vivo 在民間與公部門的機會。

A good example of this approach is our recent partnership with EcoRodovias to expand mobile coverage along 400 kilometres of highways in Goias and Minas Gerais, benefiting approximately 1.4 million people. Beyond enhancing connectivity, projects like this highlight Vivo's ability to develop customized initiatives that create value for customers and society.

此作法的一個良好例子，是我們近期與 EcoRodovias 的合作，在戈亞斯州與米納斯吉拉斯州沿 400 公里高速公路擴大行動覆蓋，約 140 萬人受惠。除了提升連線能力之外，這類專案也凸顯 Vivo 開發客製化倡議、為客戶與社會創造價值的能力。

On slide 9, we highlight the continued advancement of our ESG agenda through initiatives that generate measurable impact and recognition from leading institutions. On the environmental front, we continue to expand programs that combine education awareness and circular economy principles through the third edition of Vivo Recycling.

在第 9 張投影片中，我們強調 ESG 議程的持續推進，透過能產生可衡量影響並獲得領先機構認可的倡議。在環境面向，我們持續擴大結合教育宣導與循環經濟原則的計畫，並推出第三屆 Vivo Recycling。

Aligned with Vivo's Volunteer Day, we promoted environmental education and electronic waste collection across 33 schools, benefiting approximately 32,000 students, teachers, and community members. As a result, the volume of materials collected increased 28% year over year, demonstrating growing engagement with responsible consumption and recycling practices. We also achieved important milestones in waste management and environmental stewardship.

配合 Vivo 志工日，我們在 33 所學校推動環境教育與電子廢棄物回收，約 32,000 名學生、教師與社區成員受惠。因此，回收材料量年增 28%，顯示對負責任消費與回收實務的參與度持續提升。我們也在廢棄物管理與環境守護方面達成重要里程碑。

Through our certified recycling seal, 100% of our packaging is now recyclable across all Brazilian states, exceeding our regional target by 66 percentage points. In parallel, the Floresa Futura Vivo progressed with the planting of its first seedlings in the engagement of local communities, reinforcing our commitment to green generation and biodiversity preservation.

透過我們的認證回收標章，目前我們 100% 的包裝在巴西所有州皆可回收，較我們的區域目標高出 66 個百分點。同時，Floresa Futura Vivo 推進至種下首批幼苗並帶動在地社區參與，強化我們對綠色發電與生物多樣性保育的承諾。

From a governance perspective, Vivo was awarded the Pro Ethical Seal and achieved the maximum score in Future Russell's ESG assessment. These achievements were complemented by several recognitions, including being named the best ESG company in the sector by Izami for the third consecutive year and ranking first in LinkedIn top companies in Sao Paulo. We also surpassed our 2025 gender and racial diversity targets under the. Global Compact Brazil's Ambition 2013 initiative.

在公司治理面向，Vivo 獲頒 Pro Ethical Seal，並在 Future Russell 的 ESG 評估中取得滿分。這些成果亦搭配多項肯定，包括連續第三年被 Izami 評為本產業最佳 ESG 公司，以及在 LinkedIn 聖保羅最佳公司排名中名列第一。我們也在。Global Compact Brazil 的 Ambition 2013 倡議下，超越了 2025 年性別與種族多元目標。

With that, I would like to hand over to Rodrigo, who will walk you through our financial results. Thank you.

接下來，我想把時間交給 Rodrigo，由他帶各位回顧我們的財務結果。謝謝。

Thank you, Christian, and good morning, everyone. Turning to Slide 10, our results continue to demonstrate the scalability of our business model as disciplined cost management and an evolving business mix, translated into double-digit EBITDA expansion and further margin improvement.

謝謝你，Christian，各位早安。來到第 10 張投影片，我們的結果持續展現商業模式的可擴展性；在嚴謹的成本管理與持續演進的業務組合帶動下，EBITDA 實現雙位數擴張，利潤率也進一步改善。

Total costs increased 5.3% year-over-year. This was mainly driven by higher costs of services and goods sold, rising 10.2% as a result of the performance in handset sales, digital solutions and new business revenues. These costs remain closely linked to commercial activity and ongoing diversification of our revenue mix. At the same time, operating expenses remained under control rising only 3.2%. Commercial and infrastructure rose 5.7% year-over-year, supported by business growth and ongoing investments in customer experience and network quality. Personal expenses grew below inflation at 3.2% year-over-year, highlighting our efforts to drive productivity and efficiency across the organization.

總成本年增 5.3%。主要由服務成本與銷貨成本上升所帶動，因手機銷售、數位解決方案與新業務營收表現而年增 10.2%。這些成本仍與商業活動及我們營收組合的持續多元化密切相關。同時，營運費用仍受控，僅上升 3.2%。商業與基礎建設費用年增 5.7%，受業務成長及持續投資客戶體驗與網路品質所支撐。人事費用年增 3.2%，低於通膨，凸顯我們在全組織推動生產力與效率提升的努力。

Bad Bet showed a behavior consistent with our disciplined credit practices and the resilient quality of our customer base, remaining flat year-over-year in nominal terms and reducing as a percentage of gross revenue.

不良賭注（Bad Bet）呈現出與我們嚴謹的授信實務以及客戶基礎的韌性品質一致的表現，以名目金額計年對年持平，且占總營收的比重下降。

We are also on track in our immigration from concession to authorization plan, generating 202 million reais in proceeds from copper sales in the quarter. Going forward, we expect to further advance in the value capture through these initiatives.

我們在從特許（concession）轉向授權（authorization）方案的遷移方面也按計畫推進，本季透過銅銷售取得2.02億雷亞爾的收入。展望未來，我們預期將透過這些舉措進一步提升價值捕捉。

As a result, EBITDA grew double-digit for the first time in 11 quarters at 10.9% year-over-year and margins expanded by 1.3 percentage points to 41.8%. This illustrates our ability to capture growth while preserving cost discipline and operational productivity.

因此，EBITDA在連續11個季度後首次實現雙位數成長，年對年增長10.9%，利潤率擴大1.3個百分點至41.8%。這顯示我們在維持成本紀律與營運生產力的同時，仍具備掌握成長的能力。

On slide 11, we stay focused on investing for future growth while sustaining efficiency and financial discipline. As we capture opportunities across mobile, fiber and digital services, we are steadily enhancing the infrastructure and capabilities that underpin our long-term competitiveness.

在第11頁，我們持續聚焦於為未來成長投資，同時維持效率與財務紀律。在掌握行動、光纖與數位服務的機會之際，我們正穩步強化支撐長期競爭力的基礎設施與能力。

CapEx totalled EUR2.6 billion in the quarter, equivalent to 16.4% of revenues, slightly below the previous year. These investments were mainly focused on supporting growing fiber and expansion of 5G coverage, now presenting 978 cities. This represents an increase of 325 cities compared to the same period last year, reaching more than 73% of the Brazilian population.

本季資本支出（CapEx）合計26億歐元，相當於營收的16.4%，略低於去年同期。這些投資主要用於支援光纖成長以及擴大5G覆蓋，目前已涵蓋978個城市。較去年同期增加325個城市，覆蓋超過巴西人口的73%。

As a result of our investment strategy, we are enhancing our returns and cash donation profile. In the first half of 2026, operating cash flow before leases reached BR8.2 billion, growing 11.3% year-over-year and exceeding the pace of CapEx expansion. This reflects our ability to combine network expansion with operational excellence, translate top-line growth and higher profitability into stronger cash flow.

在我們投資策略的帶動下，我們正在提升報酬與現金捐贈（cash donation）輪廓。2026年上半年，租賃前營運現金流達到82億雷亞爾，年對年成長11.3%，且增速超過資本支出擴張。這反映我們能將網路擴張與卓越營運相結合，並把營收成長與更高獲利轉化為更強勁的現金流。

Moving to the next slide, we present the progress in profitability, cash flow and balance sheet management. Net income for the first half of the year was GBP2.8 billion, up 17.9%, delivering the strongest first half year-over-year revolution in three years. These results reflect the consistent execution discussed throughout the presentation, supported by revenue growth above inflation, margin expansion, and a greater contribution from more valuable revenue streams across our portfolio.

接著到下一頁，我們呈現獲利能力、現金流與資產負債表管理的進展。本年度上半年淨利為28億英鎊，成長17.9%，創下三年來最強的上半年年對年躍升。這些成果反映了簡報中一再提及的穩健執行力，並受惠於高於通膨的營收成長、利潤率擴張，以及組合中更高價值營收來源的貢獻提升。

Pre-cash flow has followed a positive trajectory since third quarter '25, reflecting our consistent ability to convert operating performance into cash. While quarterly results can be affected by temporal effects that distort year-over-year comparability, the underlying trend remains sound. This is evidenced by the 4.9 billion reais of free cash flow generated in the first half of 2026, reinforcing the robustness of our cash generation profile and the stress of our balance sheet.

自2025年第三季以來，稅前現金流（Pre-cash flow）持續呈現正向軌跡，反映我們一貫能將營運表現轉化為現金。雖然季度結果可能受到時間性因素影響而扭曲年對年可比性，但基本趨勢仍然穩健。這可由2026年上半年產生49億雷亞爾自由現金流所印證，進一步強化我們現金創造能力的韌性輪廓以及資產負債表的強度。

As in prior years, cash generation remains subject to same quarterly phasing effects. With the overall growth trend remaining unchanged, net debt to EBITDA was stable at just 0.4 times, while our net cash position remained at robust levels, providing significant financial flexibility and supporting future opportunities.

如同往年，現金創造仍會受到相同的季度節奏效應影響。在整體成長趨勢不變的情況下，淨負債／EBITDA維持穩定在僅0.4倍，而我們的淨現金部位仍維持在強勁水準，提供顯著的財務彈性並支援未來機會。

By combining organic growth, ongoing business transformation, strong cash generation and prudent financial management, we are creating a firm foundation for long-term value while maintaining one of the strongest balance sheets in the sector.

透過結合有機成長、持續的業務轉型、強勁的現金創造與審慎的財務管理，我們在維持本產業最強資產負債表之一的同時，也為長期價值奠定堅實基礎。

On slide 13, shareholder remuneration remains one of the main pillars of our acceptable allocation framework. We have already disbursed RMB7 billion to shareholders as part of our remuneration guidance for 2026, an increase of 32% compared to the same period of 2025. Additionally, we still have a share buyback program of up to RMB1 billion in place until February 27.

在第13頁，股東報酬仍是我們資本配置框架的主要支柱之一。作為2026年報酬指引的一部分，我們已向股東支付70億人民幣，較2025年同期增加32%。此外，我們仍有最高10億人民幣的庫藏股回購計畫，期限至2月27日。

Reinforced strike record, the total amount declared since the beginning of the year, stands at BRL2.2 billion to be paid by early '27. This represents a growth of 34.5% compared to the previous year.

在強化的執行紀錄下，自年初以來宣告的總金額為22億巴西雷亞爾，預計於2027年初前支付。這較去年成長34.5%。

Looking ahead, we remain committed to distributing at least 100% of our 2026 net income, reflecting our confidence in business fundamentals, strong cash flow profile and continued focus on value creation for shareholders.

展望未來，我們仍致力於至少分配2026年淨利的100%，反映我們對業務基本面、強勁現金流輪廓以及持續為股東創造價值的信心與專注。

Thank you. We are now ready to move to the Q&A session.

謝謝。我們現在準備進入問答環節。

We are going to start the questions and answers section for investors and analysts. (Operator Instructions)

我們將開始投資人與分析師的問答環節。（接線員指示）

Mr. Luís Chagas, [XP].

Luís Chagas先生，[XP]。

Hello, guys. Hi, Christian. Hi, Rodrigo. Hi, João. Congrats on the results. And thank you for the opportunity of making questions. I have two questions here. The first one, what is your perspective on the current competitive landscape on mobile? In which segments has competition has been most intense?

大家好。嗨，Christian。嗨，Rodrigo。嗨，João。恭喜本次業績。也謝謝提供提問的機會。我這裡有兩個問題。第一個，您如何看待目前行動業務的競爭態勢？競爭在哪些客群／細分市場最為激烈？

And the second one is about prepaid. In this quarter, rrepaid positive sequential FFs. How does that reflect a change in your commercial approach versus a change in competition? Should we treat this as a structural inflection or a quarter-specific effect?

第二個問題是關於預付卡。本季，預付卡出現連續（環比）轉正的FFs。這反映的是你們商業策略的改變，還是競爭環境的改變？我們應將其視為結構性拐點，還是僅為單季特定因素？

Hi, Luis. That's Christian. Okay. Thank you for your comments and your question.

嗨，Luis。我是Christian。好的。謝謝你的評論與提問。

The competitive environment, I think, remains similar to the previous quarter. It's balanced, but in some markets and some segments, a little bit more aggressive. I think Vivo Strategy stands on upselling data, digital services and totalization of customers, as I have been saying, with a very disciplined monetization. And the results of this quarter, once again, proved that we've been successful. Especially in the postpaid segment because we've been upselling first from prepaid to hybrid, but also hybrid to postpaid. And overall, we have positive portability and churn remained very controlled in the same level of 1% in the second quarter of '26. And the pricing strategy, we've been adjusting front book.

我認為競爭環境與上一季大致相同。整體較為均衡，但在某些市場與某些細分領域會更具侵略性一些。如我一直所說，Vivo的策略是以非常嚴謹的變現方式，推動數據加值銷售、數位服務以及客戶整合（totalization）。而本季的結果再次證明我們是成功的。尤其是在後付費（postpaid）領域，因為我們先推動用戶從預付卡升級到混合（hybrid），也推動混合升級到後付費。整體而言，我們攜碼淨流入為正，且流失率（churn）仍控制得非常好，在2026年第二季維持在同樣的1%水準。在定價策略方面，我們一直在調整前台方案（front book）。

Prices for Pure Postpaid and for Hybrid, no, we did that in March, as you know. And also we did back book pricing for our customer base also in April, no, for more than 75% of the Hybrid and almost 80% of the Pure Postpaid. So we'll be keeping our strategy with great results and net adds being positive, as I said, and the postpaid growth at 7.9%. Although the competition is there and we are very attentive, specifically in some markets where we have more players competing and also in some segments. Regarding prepaid remains, you asked me the most competitive one. I believe prepaid remains very competitive. Actually, I think could be more rational.

純後付費（Pure Postpaid）與混合（Hybrid）的價格，我們在3月已經調整過，如你所知。此外，我們也在4月對既有客戶（back book）進行調價，涵蓋超過75%的混合用戶以及接近80%的純後付費用戶。因此，我們將持續執行既定策略並取得良好成果；如我所說，淨增用戶為正，後付費成長達7.9%。儘管競爭仍在，我們也非常留意，特別是在一些競爭者較多的市場以及某些細分領域。至於你問到競爭最激烈的部分，我認為預付卡仍然非常競爭。事實上，我認為它可能會更趨理性。

Capitalizing the fact that connectivity services are essential and they are quite cheap, the price that we have in prepaid compared to most countries. So we have also initiatives like zero rating strategy for WhatsApp and et cetera that makes it maybe more difficult in the future to migrate to hybrid since most of the offers have like 30 per month as prepaid. So we've been able to capture customers as you could see the net add that they're positive, that's good. To keep prepaid growing, we have a slightly negative evolution better than other quarters and as prepaid revenues represent just 30% of the total mobile revenues service revenues for Vivo, but we need to be capturing prepaid customers to be able to in the future. Migrate them to the hybrid. So I think that's more or less what you end on feeling is a big change in the strategy having a net adds, I think is part of our commercial activity. But again, I think the price difference is still very high between prepaid and the entry point of hybrids.

善用連線服務屬於必需品且相當便宜這一事實，也就是我們的預付費價格相較多數國家都更低。因此我們也有像 WhatsApp 零計費（zero rating）策略等措施，這可能會讓未來轉移到混合方案更困難，因為多數方案的預付費大約是每月 30。所以我們得以吸引客戶，如你所見淨增為正，這很好。為了讓預付費持續成長，我們的走勢略為負向，但仍優於其他季度；而預付費營收僅占 Vivo 行動服務總營收的 30%，但我們仍需要吸引預付費客戶，才能在未來把他們轉移到混合方案。所以我想你最後的感受大概是：策略並沒有重大改變；淨增我認為是我們商業活動的一部分。但再說一次，我認為預付費與混合方案入門點之間的價差仍然非常大。

Thank you, Christian. Very good answer. Thank you.

謝謝你，Christian。回答得非常好。謝謝。

Mr. Marcelo Santos, JPMorgan.

JPMorgan 的 Marcelo Santos 先生。

Hi, thank you for allowing me to make questions. The first question is I want to double-click on the mobile competition and mobile plans. Like we saw an emergence of light plans like Vivo Lite in the range of EUR30-35 per month and competitors are also doing something similar.

嗨，謝謝讓我提問。第一個問題是，我想更深入追問行動市場競爭與行動方案。我們看到像 Vivo Lite 這類輕量方案在每月 30–35 歐元的區間出現，而競爭對手也在做類似的事。

What is the risk of cannibalization of the higher-priced hybrid plans?

這對較高價的混合方案造成蠶食的風險有多大？

I just wanted to. Get your comments on these new developments. It looks like a new category of plans is emerging with a lower price than what we were seeing before. So just wanted to hear you the pros and the cons and why like hear your view wise is I want to see how you see the benefits of this plan. And the second question maybe more to Rodrigo.

我只是想聽聽你對這些新發展的看法。看起來一個新類別的方案正在形成，其價格低於我們先前看到的水準。所以想請你談談利弊，以及你為何、也就是想聽你更全面的觀點：你如何看待這類方案的好處。第二個問題可能更偏向 Rodrigo。

What are the main initiatives you have ongoing to secure savings on the lease line? I know you have a lot of things going on, so just wanted you to provide an update on how that's going. Thank you very much.

你們目前為了在租用專線（lease line）上確保節省，正在推動哪些主要措施？我知道你們同時有很多事情在進行，所以想請你更新一下目前進展如何。非常感謝。

Marcelo, thank you for your question. That's Christian here. Delight plans, they are very segmented, okay? These plans represent like a simpler customer proposition and traditional postpaid offerings, like we provide the streamlined onboarding journey with very like alike characteristic similar to the digital subscription services.

Marcelo，謝謝你的提問。我是 Christian。輕量方案非常分眾，好嗎？這些方案代表的是更簡化的客戶主張；相較傳統後付費方案，我們提供更精簡的開通流程，特性非常類似數位訂閱服務。

And what they allow us is to address customer segment that may not qualify for traditional hybrid plans because first, they have like as I said, less onboarding friction and lower bad debt exposure because they are on credit cards. So what we are like targeting here is prepaid customers that we would not migrate to hybrid. Because of credit scoring, for instance, and we could do that through the credit card payment. I fear, as you said, we have $30 per month, but that's for annual subscription.

它讓我們能觸及某些客群：他們可能不符合傳統混合方案的資格，因為第一，如我所說，開通摩擦更低；第二，由於是以信用卡支付，壞帳曝險也更低。因此我們在這裡鎖定的是那些我們原本無法轉移到混合方案的預付費客戶，例如因為信用評分的原因；而我們可以透過信用卡付款來做到。我擔心的是，如你所說，我們有每月 30 美元，但那是年訂閱。

So we guarantee 12 months with no bad debt risk. Or we have the monthly one that is $45 per month. That's comparable to some below-the-line hybrid offers that we see in the market. Again, we don't get the risk of the bad debt. And when it's cheaper, we guarantee the annual contribution of the customer. That's compared to what we have today in the market, the prepaid, as I said before, that its average offer among players is RMB30 per month, now 15 days. Or 30 for 30 days. So, again, we believe we're pursuing a more-for-more strategy, again, because we're guaranteed recurrency from the prepaid customers that we don't have it guaranteed.

因此我們保證 12 個月，且沒有壞帳風險。或者我們也有月繳方案，每月 45 美元。這與我們在市場上看到的一些線下（below-the-line）混合方案優惠相當，甚至略低。同樣地，我們不承擔壞帳風險。而當價格更便宜時，我們能保證客戶的年度貢獻。這相較於我們今天在市場上的預付費，如我先前所說，各家玩家的平均方案是每月 30（現在是 15 天）。或是 30 對應 30 天。所以再說一次，我們相信我們是在推動「多付多得」（more-for-more）的策略，因為我們能從原本無法保證的預付費客戶那裡，取得可預期的經常性收入。

And also, we reduce or we eliminate any bad debt exposure or risk. Rodrigo, have I answered two?

同時，我們也降低或消除任何壞帳曝險或風險。Rodrigo，我有回答到第二個問題嗎？

Hi, Marcelo. Thank you for your question. Let's see, first, leasing, it's important to remember there is a lot of phasing in leasing payments, but if you look in a 12-month basis, our leases are increasing only 1.8% year-over-year, which means we are on track in our goal to remain keep leasing payments growing below mobile search revenue.

嗨，Marcelo。謝謝你的提問。我們先看租賃（leasing）：要記得租賃付款有很多分期/時點因素，但如果以 12 個月基礎來看，我們的租賃費用年增僅 1.8%，這表示我們正按計畫達成目標：讓租賃付款的成長低於行動搜尋營收的成長。

We try to share the initiatives in some pillars here. One of them is to negotiate the contract with the tower force. The other one is to find some efficiencies in terms of usage and technology regarding the tower force.

我們嘗試把相關措施歸納為幾個支柱。其中之一是與鐵塔公司（tower force）重新談判合約。另一個是就鐵塔公司的使用與技術面尋找效率提升。

And the third one is more structural, we try to find some kind of new company that could be useful for us to increase the tenant ratio for each tower used. As in Brazil, you have average like 1.4% tenant ratio per tower. In the US, it's more than two. So we see some room to increase this wage. And then that's the overall of our initiatives.

第三個更偏結構性：我們嘗試尋找某種新公司/新安排，能幫助我們提高每座使用中鐵塔的承租戶比率（tenant ratio）。在巴西，每座鐵塔的平均承租戶比率大約是 1.4。在美國則超過 2。所以我們看到仍有空間可以提高這個比率。以上就是我們整體的措施。

Okay, very clear. Thank you very much.

好的，非常清楚。非常感謝。

Gustavo Miele, Goldman Sachs.

Goldman Sachs 的 Gustavo Miele。

Hi, Christian, Rodrigo. Good morning. Thanks for the opportunity. I would like to ask two questions. The first one would be regarding profitability. We see that this is the third quarter in a row that device sales appears to be a positive highlight for the company. But one question that we usually receive from investors is the impact that this could have on companies' margins. So my question would be.

嗨，Christian、Rodrigo。早安。謝謝提供這個機會。我想問兩個問題。第一個是關於獲利能力。我們看到這已是連續第三個季度，裝置銷售似乎成為公司的一個正面亮點。但投資人常問的一個問題是：這對公司毛利率/利潤率可能造成的影響。所以我的問題是。

Whether this makes sense, if this should be diluted for margins going forward and if there's any lever that we should think about for the remainder of the year that could offset this impact of mix on margins until the end of 2026, this would be my first question.

這是否合理、未來是否會對利潤率造成稀釋；以及在今年剩餘時間裡，是否有任何我們應該關注的槓桿，可以抵消產品組合（mix）對利潤率的影響，直到 2026 年底——這是我的第一個問題。

The second one is more straightforward. We note that there is apparently a non-recurring event on the financial results, which is a financial revenue of RP56 million related to a tax NST program. Just want to make sure whether this is purely non-recurring or maybe if we should think about this repeating and the results of the secondhalf of this year. Thank you very much.

第二個問題比較直接。我們注意到財務結果中似乎有一項一次性事件，也就是與稅務 NST 計畫相關的 5,600 萬雷亞爾（RP56 million）財務收入。我想確認這是否純屬一次性，或我們是否應該預期它在今年下半年可能重複出現並影響結果。非常感謝。

So Gustavo, that's Christian. Yes, it's non-recurring. So as it was stated, it's a non-recurring effect. Going to the EBITDA, yes, I think it's important to see the evolution of our EBITDA. Now we've been growing EBITDA in 10.9%. Even when you exclude any other effect that you may consider here, copper sale or wherever, the evolution is very strong.

Gustavo，我是 Christian。是的，這是一次性的。如同所述，這是一個非經常性影響。談到 EBITDA，是的，我認為重要的是看我們 EBITDA 的演進。目前我們的 EBITDA 成長 10.9%。即使你排除你可能在此考量的其他影響，例如銅纜出售或其他因素，這個成長仍然非常強勁。

I think the strategy of selling devices and electronics in general is a very successful strategy. Apart from the numbers that it brings to revenues or EBITDA, it also allow us to bring more customers to our stores. Who have 1.7,000 stores, that's a way to attract people. And once they are there, apart from buying these products, we are also able to sell services. And when we talk about electronics, it's important to realize that it's not only smartphone and more, we are also selling accessories and other products that we have much better margin than smartphones. So when I sell a smartphone attached to.

我認為銷售裝置與電子產品整體而言是一個非常成功的策略。除了它對營收或 EBITDA 所帶來的數字貢獻之外，它也讓我們能把更多客戶帶進門市。我們有 1.7,000 家門市，這是一種吸引人潮的方式。而一旦他們到了店裡，除了購買這些產品之外，我們也能銷售服務。而當我們談到電子產品時，重要的是要理解不僅是智慧型手機等，我們也在賣配件與其他產品，而這些產品的毛利率遠高於智慧型手機。所以當我賣出一支搭配著的智慧型手機時。

The case to the charger and whatever, I have different margins when I compare the smartphone one and with the other ones. So EBITDA has a very strong evolution, margins have a strong evolution, but more important than that.

例如手機殼、充電器等等，當我把智慧型手機的毛利率與其他品項相比時，毛利結構是不同的。因此 EBITDA 有非常強勁的成長、毛利率也有很強的提升，但更重要的是。

What I think we showed here is that the EBITDA minus CapEx evolution as absolute number has a very strong positive evolution and margins over revenues also presenting strong evolution. So that comes as part of our strategy to have more smartphones and electronics, again, driving customers to stores online and offline and also contributing to the sale of more services and more electronics with better margin than smartphones.

我認為我們在這裡展示的是，EBITDA 減 CapEx 的絕對金額走勢呈現非常強勁的正向成長，而占營收比重的利潤率也同樣呈現強勁改善。這是我們策略的一部分：增加智慧型手機與電子產品的銷售，再次帶動客戶到線上與線下門市，同時也促進更多服務的銷售，以及更多毛利率優於智慧型手機的電子產品銷售。

That's very clear, Christian. Thank you very much.

非常清楚了，Christian。非常感謝。

Thank you, Gustavo.

謝謝你，Gustavo。

Rogerio Araujo, Bank of America.

Rogerio Araujo，美國銀行。

Hey, good morning, Christian, Rodrigo and JP. Thanks for the opportunity. Two questions on our side. One is a follow-up on the mobile market. We heard on a competitor's call that Vivo was aggressive on discounts in the second Q. Could you please clarify what may have driven that perception and also what should I expect going forward in terms of discounting?

嗨，早安，Christian、Rodrigo 和 JP。謝謝提供這個機會。我們這邊有兩個問題。第一個是關於行動市場的追問。我們在某位競爭對手的電話會議上聽到，Vivo 在第二季在折扣上相當積極。你能否說明是什麼可能造成這種觀感，以及未來在折扣力度方面我應該期待什麼？

And my second question is on churn, Rachel. Could you walk through the main drivers of lower churn versus competition? Is it purely the post-paid mix and conversions or are there other factors? And how do you see this lower churn translating to tangible benefits going forward?

第二個問題是關於流失率（churn），Rachel。你能否說明相較於競爭對手，我們較低流失率的主要驅動因素？這純粹是後付費占比與轉換所致，還是還有其他因素？另外，你如何看待這較低的流失率在未來轉化為具體效益？

Thank you.

謝謝。

I think the tangible benefits are the strong evolution of our revenues along many consecutive quarters. I think that's the best answer and why we believe that our turn represents the preference that customers have for Vivo and the loyalty they have for Vivo. Now, I think here, Rogerio, it's a combination of factors. I really don't know to whom I'm answering and what the comment was, but I don't think we have.

我認為具體效益就是我們營收在連續多個季度的強勁成長。我覺得這是最好的答案，也說明了為什麼我們相信，我們的流失率反映了客戶對 Vivo 的偏好以及對 Vivo 的忠誠度。現在，Rogerio，我認為這是多種因素的組合。我其實不知道你是在回應誰、那個評論是什麼，但我不認為我們有。

More aggressive offers in the market. What we do have is the ability to offer the best convergent offer in the market. In a single plan that is Vivo Total, we can offer all the services and that is driving preference and also driving loyalty. If you look at the evolution that we have in Vivo Total one year ago, we had 30% less customers.

在市場上更具侵略性的方案。我們所具備的是提供市場上最佳融合（convergent）方案的能力。在一個單一方案，也就是 Vivo Total 中，我們可以提供所有服務，這正在推動偏好，也在推動忠誠度。如果你看 Vivo Total 的發展，一年前我們的客戶數少了 30%。

So now we have 3.8 out of the 8.2. Additionally to the Vivo Total, we have convergent with different plans. There is another 1.5%. So Vivo has been able to drive convergence in a way that at the moment is unreplicable. That is driving the general evolution of revenues, both in mobile and in Fixed, is also driving down the churn level in both mobile and in Fixed, is also giving us room. To sell more digital services as well. If you consider what is representing digital services in B2C, B2B added together is more than 12%. If I add to that to the previous question about smartphone electronics is another 7%, so 19% of our revenues. Are coming from services or products that are not 100% telecom.

所以現在在 8.2 之中有 3.8。除了 Vivo Total 之外，我們也有不同方案的融合產品。另外還有 1.5%。因此 Vivo 已經能以目前難以被複製的方式推動融合。這帶動了行動與固網兩端的整體營收成長，也同時降低了行動與固網兩端的流失率，並且也給了我們空間。去銷售更多數位服務。如果你把 B2C 與 B2B 的數位服務加總，它占比超過 12%。如果再加上前一題提到的智慧型手機與電子產品，另外是 7%，也就是我們營收的 19%。來自並非 100% 電信的服務或產品。

That is what is driving the preference for Vivo, the ability to do in one single shop, one-stop shopping strategy. You can have everything from technology addressed by a company that is also recognized by superior customer experience, both with the best network in mobile and fixed, but also for the best customer service. So I think that's the answer. So that's what's going to keep us going and growing in the future.

這就是推動客戶偏好 Vivo 的原因：我們能以單一門市、一次購足（one-stop shopping）的策略提供完整方案。你可以獲得所有科技相關需求，而且由一家同時以卓越客戶體驗著稱的公司提供：不僅行動與固網都有最佳網路，也提供最佳客戶服務。所以我認為這就是答案。這也將是我們未來持續前進與成長的動力。

That is very clear. Thank you so much.

非常清楚。非常感謝。

Leonardo Olmos, UBS.

Leonardo Olmos，瑞銀（UBS）。

Hi, everyone. Good morning. Can you hear me well? Yeah. All right. So, Christian, you gave an interview discussing the probable.

大家好。早安。你們聽得到我嗎？聽得到。好。那麼，Christian，你之前接受訪談時談到下半年可能會。

Acceleration of asset sales in the second-half. There's also some tailwinds, negative, sorry, headwinds, negative effects on net income this quarter. So my question is, should we expect an acceleration on net income in the second-half of 2026 and as a consequence, an acceleration of dividends? Thank you.

加速資產出售。另外，本季淨利也受到一些順風因素——不對，抱歉，是逆風、對淨利的負面影響。所以我的問題是：我們是否應該預期 2026 年下半年淨利會加速成長，並因此帶動股利加速？謝謝。

I'm not giving additional guidance, but what I'm going to explain, Lel, to your question, what is copper and real estate and why I'm positive about the increase on the number that we see there. And also, I think only before I start that, I think there was also, I think in the past we said that depreciation would be higher these two quarters because of the legacy technology that we are depreciating. So we are ending up the depreciating process right now. So also it gives also a positive upside for the third and in the fourth quarter.

我不會提供額外指引，但我會針對你的問題解釋，Lel，什麼是銅與不動產，以及為什麼我對我們看到的數字提升持正面看法。另外，在我開始之前，我想補充一下：我記得過去我們也提過，因為我們正在對既有（legacy）技術進行折舊，這兩個季度的折舊會比較高。所以我們現在正接近折舊流程的尾聲。因此這也會對第三季與第四季帶來正向的上行空間。

Net income. For copper and real estate, if you see, we said that we would sell RMB3 billion in copper. Now, up to now, 2025 and 2026, we reached more or less RMB443 million, okay? So it's still missing 2.5. If I look to real estate.

淨利。就銅而言，如果你看，我們說過會出售 30 億人民幣的銅。截至目前，2025 與 2026 年我們大約達成了 4.43 億人民幣，好嗎？所以還差 25 億。如果我看不動產。

We already sold $206 million, so it's still missing if you continue with the $1.5 million, it's still missing a lot for the total number. So the two together is more or less $650 million. Total sale, and we said that it would be $4.5 million. So it's still missing $3.850 million to reach our number. So going forward, and if you look at the trend of the copper, it was $86 million in the first quarter, it's already $200 million in the 201.5 million in the second quarter and the trend is to go up in the third and the fourth quarter. In real estate. We didn't sell anything this quarter and in the previous one, but we organized ourselves to start selling more in the next quarter. I think that was part of the thing that was in the interview. We selected 47 properties that are valued around $600 million. We put them for sale.

我們已經出售了 2.06 億美元，所以如果你以 15 億美元的目標繼續推算，距離總額仍差很多。因此兩者合計大約是 6.5 億美元。總出售額，而我們說過會是 45 億美元。所以距離達成我們的目標仍差 38.5 億美元。因此往後看，如果你看銅的趨勢，第一季是 8,600 萬美元，第二季已經是 2 億美元（2.015 億美元），而趨勢是在第三季與第四季會繼續上升。至於不動產。我們本季沒有出售，上一季也沒有，但我們已經完成內部整備，將在下一季開始賣得更多。我想這也是那次訪談提到的一部分。我們挑選了 47 項資產，估值約 6 億美元。我們已將它們掛牌出售。

Now we have to wait to see we started to have some offers but we want to sell that in the better price the best price for the company so that's what I said that I see the opportunity of starting selling some of them in the third and the fourth quarter and of course if that comes along it has a direct impact in the net income for the quarters.

現在我們必須等待觀察；我們已經開始收到一些出價，但我們希望以更好的價格、以對公司最有利的價格出售。所以我才說，我看到在第三季和第四季開始出售其中一部分的機會；當然，如果這件事成行，將會對各季度的淨利有直接影響。

Yeah, this is very promising. Thank you very much. Have a good day.

是的，這非常有希望。非常感謝。祝你有美好的一天。

Phan Kanumuri, HSBC.

Phan Kanumuri，匯豐（HSBC）。

Hi, good morning everyone. So my first question is on an extension to the previous question asked by the analyst. You have this light plans that you have introduced. Have you till date seen any cannibalization of your own control base that has shifted downwards towards the light plan?

嗨，各位早安。我第一個問題是延伸前一位分析師的提問。你們推出了這些 light 方案。截至目前，你們是否看到自家 control base 有任何被蠶食、往下轉移到 light 方案的情況？

And the second question is regarding the prepaid churn. This quarter, it seemed that you had a very low prepaid churn compared to others. So, I wanted to understand if there is some factor there. Thank you.

第二個問題是關於預付（prepaid）流失率。這一季看起來你們的預付流失率相較其他業者非常低。我想了解是否有什麼因素造成這樣的結果。謝謝。

As I said, Phani, it's not cannibalizing hybrid. It's a different value proposition. It's targeted to a different type of customer. It is more addressed to prepaid customers that cannot have the hybrid plan in the standard way.

如我所說，Phani，這並沒有蠶食 hybrid。這是不同的價值主張。它鎖定的是不同類型的客戶。它更是針對那些無法以標準方式使用 hybrid 方案的預付客戶。

Due to different ways, different reasons, sorry, maybe credit scoring that we see that one of the most attractive one. The credit card penetration in Brazil has gone up in the last years. So there are customers with the ability to get a credit score for a bank that maybe doesn't get from us. So they now have an opportunity to have an annual plan or a monthly plan. Plan where we don't have the bad debt risk and we can offer a very attractive offer. The hybrid will be differentiated by other characteristics, specifically the one that I can bill the customer and the customer doesn't need to use his or her credit in the credit card.

原因有很多、不同因素，抱歉，例如我們看到的信用評分可能是其中最具吸引力的一點。巴西的信用卡滲透率在過去幾年上升了。因此，有些客戶有能力在銀行取得信用評分，但可能無法從我們這裡取得。所以他們現在有機會選擇年繳方案或月繳方案。在這種方案下，我們沒有壞帳風險，並且可以提供非常有吸引力的優惠。hybrid 方案則會以其他特性做出區隔，特別是我可以向客戶出帳，而客戶不需要動用他或她的信用卡額度。

So prepaid churn is not something that we follow very closely because the no prepaid is written by other metrics. More importantly is to attract and to keep a very healthy customer base with high recurrency. That's what we aim in the prepaid. And that's basically the way we measure this segment.

至於預付流失率，我們並沒有非常密切地追蹤，因為預付是用其他指標來衡量。更重要的是吸引並維持一個非常健康、具有高續費（recurrency）的客戶基礎。這是我們在預付業務的目標。而這基本上就是我們衡量這個區隔的方式。

And did you see any change in the recurrence from the customer in the prepaid segment?

那你們有看到預付區隔客戶的續費（recurrence）有任何變化嗎？

It's going very well. I think we are, as I said, the evolution of the revenues are slightly negative, but it's better than previous quarter. So I think we've been working closely to increase this recurrency. And once it becomes very recurrent, there's always a very attractive way for us to migrate these customers to hybrid.

進展非常好。我想我們如先前所說，營收的變化仍略為負成長，但比上一季好。所以我認為我們一直密切努力提升這個續費率。一旦續費變得非常穩定，對我們而言就總是有非常有吸引力的方式把這些客戶遷移到 hybrid。

And now we have also a second option to migrate these customers to light, where I can get a guaranteed annual fee. If he prefers the offer that is annual, no annual plan as more or less the same logic that customers are used to have when they subscribe digital plans.

而現在我們也有第二個選項，把這些客戶遷移到 light，在那裡我可以取得保證的年費收入。如果他偏好年繳的優惠，年繳方案的邏輯大致上與客戶訂閱數位方案時習慣的方式相同。

Okay, yeah. Thanks, everyone. Thanks, David.

好的，是的。謝謝各位。謝謝，David。

Maria Clara Infantozzi, Itau.

Maria Clara Infantozzi，Itaú。

Hi, Christian, Rodrigo and João. Thanks for the opportunity. I have two questions from my side. So the first one on fiber and the second one on Cetics. So first on fiber, how should we think about the next phase of growth for the BU? Should we expect acceleration of organic growth ahead or M&A could be an important piece of growth in the next years? If you could provide an update about the competitive environment in fiber, it would be really helpful.

嗨，Christian、Rodrigo 和 João。謝謝提供這個機會。我這邊有兩個問題。第一個關於光纖，第二個關於 Cetics。先談光纖：我們應該如何看待該事業單位（BU）下一階段的成長？我們應該預期有機成長會加速，還是併購（M&A）可能會是未來幾年成長的重要一環？如果你們能更新一下光纖的競爭環境，會非常有幫助。

And the second question, when it comes to CapEx, it came slightly above our expectations. So I was wondering if this is somehow related to accelerating investment in fiber. Could you please elaborate on that, please? Thank you.

第二個問題是關於資本支出（CapEx），它略高於我們的預期。我想了解這是否在某種程度上與加速光纖投資有關。能否請你們進一步說明？謝謝。

Thank you for the question. Yes, we've been growing fiber in a very healthy way, as you said. I think we're increasing the number of home pass, and we're also increasing the number of net adds. I think that's the strongest, by far, evolution of the fiber business in the Brazilian market.

謝謝你的提問。是的，正如你所說，我們的光纖業務一直以非常健康的方式成長。我想我們正在增加 home pass 的數量，同時也在增加淨新增（net adds）。我認為這是巴西市場光纖業務迄今最強勁的成長表現。

We've been doing that organically. Actually, we also bought what we had -- the other partners that we had in Five Brazil, and now we control 100% -- almost 100% of all the infrastructure that we have today to provide fiber.

我們一直是以有機方式在做。事實上，我們也買下了我們在 Five Brazil 的其他合作夥伴持股，現在我們控制 100%——幾乎 100%——我們目前用來提供光纖服務的所有基礎設施。

We are growing on average between 2 and 2.5 million home pass per year. And we grew in net adds almost 900,000 customers last year. All the strategy is also driven by convergence. So we are also deploying network where we have our customers, especially postpaid, to be able to address it with Vivototal.

我們平均每年新增約 200 萬到 250 萬個 home pass。而去年我們的淨新增客戶接近 90 萬。整體策略也由融合（convergence）所驅動。因此，我們也在我們既有客戶所在的區域（尤其是後付費客戶）部署網路，以便能以 Vivototal 來提供服務。

Going forward, we see a market that is much larger than the footprint that we have today. We could do that, continue to grow it organically or access M&A opportunities where we could find someone with no overlay or with limited overlay with our network with the technical conditions of the network and the CPE. The ones that we expect to have because we have like high-quality network and high-quality equipment and customers' premise and the right pricing. So we are very attentive to see if we find the right target.

展望未來，我們看到市場規模遠大於我們目前的覆蓋範圍（footprint）。我們可以持續以有機方式成長，或是把握併購（M&A）機會，尋找與我們網路沒有重疊（overlay）或重疊有限、且在網路技術條件與 CPE 方面符合要求的標的。我們期望具備的條件是：高品質網路、高品質設備與客戶端設備（customers' premise），以及合理的定價。因此，我們非常留意是否能找到合適的標的。

If we don't, we will continue to build it ourselves. So I don't have many more to share, only that our strategy has been very successful because net adds and the churn level also.

如果找不到，我們就會繼續自行建設。我沒有更多可以分享的，只能說我們的策略非常成功，從淨新增以及流失率（churn）的水準都看得出來。

I think are the great reflect of the preference that customers have for the service that we provide. So we continue that because we see fiber as a value creation opportunity because of our unique assets, the brand, the channels, the customer service, the digital ecosystem and our ability today to offer the best plan of convergence in the market in a single plan.

我認為這些都是客戶偏好我們所提供服務的最佳反映。因此我們會持續推進，因為我們把光纖視為價值創造的機會，憑藉我們獨特的資產：品牌、通路、客戶服務、數位生態系，以及我們目前能以單一方案提供市場上最佳融合方案的能力。

Regarding CapEx, the CapEx is like there is also the seasonality of the CapEx. The intensity of this quarter doesn't reflect what we envisioned for the year. I think as we said last year, we've been working for CapEx optimization in the ratio CapEx over revenues. So we continue with this positive trend and because CapEx as seasonalities and also because we see revenues growing in a very positive way in all lines and some lines are also not driven by CapEx. So that gives us. Lot of room to continue with the trend of gradual improvement in CapEx intensity in an annual base.

至於資本支出（CapEx），CapEx 也具有季節性。本季的強度並不代表我們對全年所設想的水準。我想如同我們去年所說，我們一直在推動 CapEx 最適化，特別是 CapEx 對營收比（CapEx over revenues）。因此我們會延續這個正向趨勢；而且由於 CapEx 有季節性，同時我們看到各條線的營收都以非常正面的方式成長，且有些業務線並不由 CapEx 驅動。所以這讓我們有——很大的空間在年度基礎上持續逐步改善 CapEx 強度的趨勢。

Very clear. Thank you, Christian.

非常清楚。謝謝你，Christian。

Daniel Federle, Bradesco BBI.

Daniel Federle，Bradesco BBI。

Hello. Good morning, everyone. Congratulations for delivering a very solid mobile service revenue growth amid intensifying competition. My first question is that I would like to hear from you, if it's possible for Vivo to remain immune while competitors are delivering much lower growth, the industry seems to be suffering. So if it's possible to Vivo to remain a part of these industry trends.

你好。各位早安。在競爭加劇的情況下，你們仍交出非常穩健的行動服務營收成長，恭喜。我的第一個問題是，我想請教你們，Vivo 是否有可能在競爭對手成長明顯較低、整個產業看起來正在承受壓力的情況下，仍能保持不受影響。也就是說，Vivo 是否有可能不被這些產業趨勢所牽動。

And the second question. One of the main concerns from investors has been that the control price, the front book price has not increased so far. It seems that someone needs to make the first move, given that Vivo is outperforming competitors. Do you see room for Vivo to be this first mover increasing front book prices in the control plan? Thank you.

第二個問題。投資人主要的疑慮之一是，管制資費（control price）、也就是前台目錄價（front book price）至今尚未上調。看起來需要有人先採取行動，尤其是 Vivo 的表現優於競爭對手。你們是否認為 Vivo 有空間成為第一個行動者，在 control 方案中調升前台目錄價？謝謝。

Thank you for the question. We've been always analyzing opportunities. Because there is inflation, so we need to have it to consider it. I think going to your first question, I think our ability to grow is the ability also to raise price when it's needed because we have inflation and we need to address it. Our cost is addressed by inflation, so we need also our revenues to be addressed by inflation. I think we've been very brave to do it.

謝謝你的提問。我們一直都在分析各種機會。因為有通膨，所以我們需要把它納入考量。回到你的第一個問題，我認為我們能夠成長，也來自於在需要時能夠調價，因為有通膨，我們必須因應。我們的成本受到通膨影響，因此我們的營收也需要反映通膨。我認為我們在這方面一直都很勇敢。

And as I said, we did that in the front and in our customer base. I think also our ability to continue to grow revenues is driven by convergence not only fixed in mobile, but also convergence all services to the same customer, we've been very obsessed about selling more digital service, selling more insurance, selling more other products, as I said, electronic products to our customers and I think that is paying off.

而且如我所說，我們在前台以及在既有客戶基礎上都做了這件事。我也認為，我們持續推動營收成長的能力，來自於融合（convergence）策略，不只是固網與行動的融合，也包括把所有服務融合到同一位客戶身上；我們非常專注於銷售更多數位服務、更多保險、更多其他產品，如我所說，還有電子產品給我們的客戶，我認為這些正在帶來成效。

To be the right strategy to keep revenues growing even when we are the leader or even when we have the largest amount of revenues? So I think that's the answer to your first question. This question, as I said before, I think there is maybe some segments that are not being addressed by inflation that it should.

即使我們是領導者、即使我們擁有最大的營收規模，這仍然是讓營收持續成長的正確策略嗎？所以我想這就是對你第一個問題的回答。至於第二個問題，如我先前所說，我認為可能有些區隔尚未把通膨反映進去，但其實應該要反映。

Prepaid for me is the key one. And if prepaid is not addressed with a price correction driven by inflation, it's difficult to migrate. To an entry plan that is much higher than the prepaid average monthly fee. But we are analyzing the market as a whole.

對我來說，預付卡（prepaid）是關鍵的一個。如果預付卡沒有進行由通膨帶動的價格調整，就很難把用戶遷移。遷移到一個入門方案，而該方案的費用遠高於預付卡的平均月費。但我們正在從整體市場的角度進行分析。

And we'll be bringing news as we brought the one now that you just found out the light that is also a great way to get recurrency, guarantee low bad debt. And also we're going to come up with different ways also to address this in the prepaid and the entry level of the hybrid plan.

我們也會像這次一樣帶來新消息；你剛剛也看到「light」方案，這也是提高經常性收入、確保低壞帳的一個很好的方式。此外，我們也會提出不同的方法，來處理預付卡以及混合方案入門級別的相關議題。

Okay, just to confirm, the prepaid prices, they need to increase before increasing?

好的，我只是想確認一下，預付卡價格需要先上調，然後才上調？

Prices. I'm not just saying that. I'm saying that I'm analyzing the old segments and I'm also analyzing the prepaid as well. Not saying that one has to be before the other one. Said that it's part of the strategy because they are very connected.

價格。我不是那個意思。我的意思是，我正在分析所有區隔，也同時在分析預付卡。並不是說一定要先做其中一個再做另一個。而是說，這是策略的一部分，因為它們彼此關聯非常緊密。

Okay, thank you very much, Christian, very clear.

好的，非常感謝你，Christian，非常清楚。

The questions and answers section is over. We would like to hand the floor back to Mr. Christian Gebara for the company's final remarks.

問答環節到此結束。我們想把時間交還給 Christian Gebara 先生，請他做公司最後的結語。

So thank you all for being with us again. I think we restate all our messages, but I believe this quarter. Proved more than ever our ability to drive revenues up, our ability to keep growing EBITDA, also our ability to monetize all our assets from the migration from a concession to an authorization that is still in the beginning of the journey. And more importantly, our ability to drive cash flow generation.

再次感謝各位與我們同在。我想我們重申了所有訊息，但我相信本季。比以往任何時候都更證明了我們推動營收成長的能力、持續提升 EBITDA 的能力，也證明了我們將所有資產變現的能力，包括從特許（concession）轉為授權（authorization）的遷移，而這段旅程仍在初期。更重要的是，我們推動現金流產生的能力。

Now, we are very driven by the EBITDA minus CapEx minus leases, and I think we've been able to prove that in all these different lines, the company has been able to drive up at the same time being very attractive for customers, net adds in a very solid trend, churn in a very downward trend in all services and products, and also being able to differentiate our revenue.

現在，我們非常聚焦於 EBITDA 減 CapEx 減租賃（leases），我認為我們已經能在這些不同面向上證明：公司能夠同步推升表現，同時對客戶仍具高度吸引力；淨增用戶維持非常穩健的趨勢；在所有服務與產品上，流失率（churn）呈現明顯下降趨勢；並且也能夠讓我們的營收更具差異化。

So going forward, we continue to do that. And of course, keeping shareholder remunerations at the top of our agenda. Thank you so much. And if you have additional questions, please reach us. Okay, thank you.

展望未來，我們會持續這麼做。當然，也會把股東報酬維持在我們議程的最優先事項。非常感謝。如果你們還有其他問題，請與我們聯繫。好的，謝謝。

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

Vivo 的電話會議到此結束。感謝各位的參與，祝各位有美好的一天。