Unifique S.A: 1Q26a: Strong results driven by solid mobile and lower capex

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Unifique S.A: 1Q26a: Strong results driven by solid mobile and lower capex

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Unifique S.A

1Q26a: Strong results driven by solid

mobile and lower capex

Maintain Rating: BUY | PO: 7.10 BRL | Price: 6.37 BRL

Top line +22% YoY; EBITDA margin +240bps YoY 14 May 2026

Unifique reported strong results, with solid revenue growth mainly driven by mobile and Equity

lower capex. Net revenue increased 22% YoY (+4% vs. BofAe), supported by mobile

revenue up 19% QoQ (+5% vs. BofAe), with 40k net adds in 1Q26 (vs. 37k in 4Q25). Lucca R Brendim >> Research Analyst

EBITDA margin maintained a solid trend, reaching 51.9%, up 70bps QoQ and 240bps Merrill Lynch (Brazil)

YoY, despite a slight miss vs. our estimates. Monthly broadband churn increased slightly +55lucca.brendim@bofa.com11 2188 4100

but remained at a healthy level of 1.49% (vs. 1.36% in 4Q). Net income came in at Rogerio Araujo >>

R$52mn, below BofAe at R$62mn, due to higher income tax. Capex was also positive, Research Analyst

Merrill Lynch (Brazil)

reaching 26% of revenues (vs. 32% BofAe), supporting a R$28mn cash generation. +55 11 2188 4255

rogerio.araujo@bofa.com

Our take: Mobile acceleration; margins up; capex down

Unifique delivered strong results, with solid top-line growth, margin expansion and lower

capex. The solid performance was primarily driven by mobile, with net adds accelerating Stock Data

to 40k (vs. 37k in 4Q25) and revenue up 19% QoQ. We expect mobile to remain a key

growth driver going forward. EBITDA margin maintained a positive trend, but we expect Price 6.37 BRL

it to face some short-term pressure from mobile expansion, as certain coverage Price Objective 7.10 BRL

obligations are already due in 2026. Capex was a positive highlight in 1Q26; however, we Date Established 11-Dec-2025