Brazilian Telecom: May’26 Subs: Claro Resumes the Leadership in Postpaid Adds; NuCel Net Adds at 8% of the Base

Research evidence excerpt

Brazilian Telecom: May’26 Subs: Claro Resumes the Leadership in Postpaid Adds; NuCel Net Adds at 8% of the Base

J P M O R G A N Latin America Equity Research

06 July 2026

Brazilian Telecom

May’26 Subs: Claro Resumes the Leadership in

Postpaid Adds; NuCel Net Adds at 8% of the Base

In this note, we analyze the subscriber data for mobile and broadband services for LatAm Technology & Telecom /

May-26 from Anatel. In this report, we add NuCel data, which reached 1m subs in Education

May-26, meaning 72k subs net adds (8% of the base). In mobile voice postpaid, in Marcelo Santos, CFA AC

terms of % of the base, Claro resumes the leadership, with the highest growth at (55-11) 4950-3708

0.87% expansion (vs. 0.41% in Apr-26), vs. 0.57% for Vivo and 0.37% for Tim. marcelo.p.santos@jpmorgan.com

In prepaid, Vivo and Claro posted positive net adds in May at 128k and 75k, Livea Mizobata

respectively, vs -110k for Tim, totalling 123k additions. Broadband-wise, Vivo had (55-11) 4950-3604

74k net adds (0.9% of its base), followed by Claro posting 25k net adds (0.2% of livea.mizobata@jpmorgan.com

Banco J.P. Morgan S.A.

its base), and Tim 8k net adds (0.9% of its base).

• Postpaid: Claro resumes the leadership in adds. Claro leads voice net adds

as % of the base, adding 361k subs, equivalent to 0.87% of its base, vs 169k in

April (0.41% of the base). Next, Vivo added +295k (0.57% of its base, vs 0.45%

in April). Finally, Tim posted 92k net adds (0.37% of its base), after +0.43%

in April. It is also noteworthy that the other smaller players posted +116k in

May’26.

• Prepaid: Segment recorded positive additions, with Vivo and Claro

reporting base growth for the second consecutive month, posting 128k and 75k

net adds, respectively, vs. 132k and 27k, respectively, in Apr’26. Tim posted