Brazil Telecom Services

Research evidence excerpt

Brazil Telecom Services

Equity Research

2 July 2026 | 2:23PM BRT

Brazil Telecom Services: Anatel disclosed mobile and fixed accesses of

May-26; solid net adds for Claro and Vivo

In this report, we provide granular data on the evolution of mobile and fixed Gustavo Miele

+55(11)3371-0834 |

broadband accesses in the Brazilian Telecom market, per data disclosed by the gustavo.miele@gs.com

Goldman Sachs do Brasil CTVM S.A.

National Telecommunications Agency (Anatel) for May 2026.

Mobile

Solid postpaid net adds, with prepaid also turning modestly positive. Non-M2M

mobile access net adds printed +1,025k in May-26 (vs +237k in May-25), driven by

strong postpaid ex-M2M net adds of +888k (vs +745k in May-25) and helped by a

modest +137k in prepaid plans, a notable improvement from the -508k print in

May-25. We view the recovery to positive prepaid net adds as a mildly encouraging

development, and we will monitor in the coming months whether the segment can

sustain this constructive trend. Total non-M2M mobile accesses reached 219.5mn

(+1.5% YoY), continuing the structural trade-up from prepaid to postpaid plans (see

more details on the trade-up from prepaid to postpaid plans here).

TIM (TIMS3; Neutral); Prepaid losses of -110k MoM in May-26; Ex-M2M postpaid

net adds of +94k. Prepaid net losses of -110k MoM came in slightly worse than -82k

in May-25, as, per our channel check, the company’s prepaid base continues to

suffer from competition due to new, more attractive products from Claro (such as

Claro Flex and Nucel), which remains our main pushback on the thesis. Postpaid net

adds (ex-M2M) of +94k MoM came in below the +198k recorded in May-25, and we

will monitor in the coming months whether the figure is being affected by

competition with bundling products from Claro and Vivo.