Daily Call: Fistel removed from the docket; Unifique conference call highlights

Research evidence excerpt

Daily Call: Fistel removed from the docket; Unifique conference call highlights

Accessible version

Daily Call

Fistel removed from the docket; Unifique

conference call highlights

Industry Overview

Heads-up: Fistel removed from the docket 15 May 2026

The Fistel case was removed from this week’s Supreme Court agenda. We note that the Equity

discussion had initially been scheduled for last week and was subsequently postponed to Latin America

this Friday; it has now been taken off the docket with no defined date for resumption. As Daily Call

a recap, we recently revisited the main discussions surrounding Fistel (see our report: Rogerio Araujo >>

Fistel: Potential resolution nearing - upside skew remains favorable). We estimate that Research Analyst

Vivo is currently not paying c.R$800 million per year in Fistel taxes (13% of net income), Merrill+55 11Lynch2188 (Brazil)4255

TIM c.R$500 million (11%), and AMX c.R$800 million (1%). Outstanding balances total rogerio.araujo@bofa.com

R$6.1bn for Vivo (5% of market cap), R$4.3bn for TIM (7%), and R$3.3bn for Claro Lucca R Brendim >>

Research Analyst

Brazil/AMX (1%). Our sensitivity analysis suggests that the risk/reward is skewed to the Merrill Lynch (Brazil)

upside, with the bullish scenario more accretive than the bearish case is punitive. In our +55 11 2188 4100

lucca.brendim@bofa.com

base case, we assume full settlement of outstanding debt but reinstatement of only

50% of future charges. Under a bullish scenario, which assumes full exemption from

both past and future payments, the implied NPV upside potential is +7% for Vivo, +8% AMX: America Movil

for TIM, and +1% for AMX. Under a bearish scenario, which assumes full payment of