Daily Call: Mobile portability data; Brazil Bond Proxies

Research evidence excerpt

Daily Call: Mobile portability data; Brazil Bond Proxies

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Daily Call

Mobile portability data; Brazil Bond

Proxies

Industry Overview

Mobile portability: Claro slows; Vivo gains momentum 13 July 2026

Anatel released June mobile portability data, with Claro (América Móvil) remaining the Equity

best-performing operator, although momentum slowed down. The company posted +57k Latin America

net adds, down from +85k in May and back in line with the trend seen before October Daily Call

2025’s acceleration, which was partly driven by NuCel (Nubank’s MVNO which operates Rogerio Araujo >>

on Claro’s network). A slowdown in Nucel activations may also partially explain June’s Research Analyst

deceleration, but a clearer assessment will be possible once Anatel releases the full Merrill+55 11Lynch2188 (Brazil)4255

subscriber data for June - the regulator resumed reporting Nucel data last month (see: rogerio.araujo@bofa.com

Anatel data for May). Vivo was the positive highlight, with net adds accelerating to +23k Lucca R Brendim >>

Research Analyst

in June, its strongest portability figure since March 2025, while TIM recorded a net loss Merrill Lynch (Brazil)

of 125k subscribers, improving from 151k in May. We maintain our Neutral rating on +55 11 2188 4100

lucca.brendim@bofa.com

AMX, given a balanced valuation of 4.6x 2027e EV/EBITDA, and reiterate our

Underperform ratings on Vivo and TIM, as valuations remain stretched even after the

recent share price correction (Vivo at a 7.9% IRR and TIM at 8.4%). MVNO: Mobile Virtual Network

Operator

Exhibit 1: Claro posted a net gain of 57k users; Vivo posted a gain of 23k and TIM a loss of 125k

Mobile net portability in Brazil ('000 users)

104 98 99 99 93 98 84 85

100 55 58 55 44 45 49 57 56 57 57