TMT Online ObServer "AMX/TEF-BZ/TIM: FISTEL Ruling Due May 15–22, TEF-BZ..."

Research evidence excerpt

TMT Online ObServer "AMX/TEF-BZ/TIM: FISTEL Ruling Due May 15–22, TEF-BZ..."

Global Research

12 May 2026ab

TMT Online ObServer Equities

Emerging MarketsAMX/TEF-BZ/TIM: FISTEL Ruling Due May 15–

22, TEF-BZ CEO confident; AMX/TEF-BZ/TIM: Telecommunications

TEF-BZ sees room to raise prepaid prices Leonardo Olmos,AnalystCFA

leonardo.olmos@ubs.com

+55-11-9658 7533

TMT Calendar: next main events: Gustavo Farias

Associate Analyst

(TODAY) TIGO earnings release gustavo.farias@ubs.com

(TODAY) Brisanet earnings release +55-11-2767 6154

(TODAY) Desktop earnings release

(May-13) Positivo earnings release

(May-14) Globant earnings release

AMX/TEF-BZ/TIM: BZ Supreme Court set to judge FISTEL between May 15-22,

TEF-BZ CEO confident on ruling

What happened: According to Tele.Síntese, TEF-BZ CEO Christian Gebara

commented on FISTEL during the 1Q26 conference call, noting the operator is

tracking two judicial fronts on the matter, one at TRF-1 and one at the STF, with a

virtual judgment scheduled between May 15-22.

STF case to be judged in virtual session next week. Gebara said TEF-BZ has a

very strong and solid thesis at the STF ADI, arguing the original purpose of

FISTEL no longer applies. The ADI primarily relates to amounts unpaid since

the Covid period.

TRF-1 case from 2003 still in appeals phase. Gebara also referenced the

sector lawsuit initiated in 2003 questioning FISTEL's constitutionality,

currently in appeals at TRF-1. He noted one favorable vote, one against, and a

third judge requested to review the case.

UBS's take: Positive for AMX, TEF-BZ and TIM. Based on our recent FISTEL deep-dive

and our event with Bichara Advogados, the process is likely to be carried out

through a modulated decision (balancing legal certainty and fiscal impact). We note