Anatel data – May: Vivo and Claro the positive highlights; Nuclei 72k net adds

Research evidence excerpt

Anatel data – May: Vivo and Claro the positive highlights; Nuclei 72k net adds

Accessible version

Brazil Telecom

Anatel data – May: Vivo and Claro the

positive highlights; Nucel 72k net adds

Industry Overview

Solid May trends across mobile and broadband 06 July 2026

Regulator Anatel’s monthly data showed a sequential acceleration in May. In mobile, Equity

Claro (AMX) delivered strong postpaid net adds of 288k, vs 235k in April (excluding Brazil

Nucel). Vivo also posted a solid performance, with positive net adds in postpaid and Telecom

prepaid. Prepaid was the highlight, recording a second consecutive month of positive net Rogerio Araujo >>

adds after several months of net loss. TIM’s was relatively softer, with lower postpaid Research Analyst

net adds and prepaid net loss. Anatel also released figures for Nucel (MVNO owned by Merrill+55 11Lynch2188 (Brazil)4255

Brazilian bank Nubank), with 72k net adds, still a solid growth pace. In our view, Nucel’s rogerio.araujo@bofa.com

expansion represents one of the key medium- to long-term competitive risks for the Lucca R Brendim >>

Research Analyst

sector, although the near-term impact is likely to remain limited. In broadband, Vivo was Merrill Lynch (Brazil)

the standout performer, delivering its strongest net adds in several years. We maintain +55 11 2188 4100

lucca.brendim@bofa.com

our Neutral on AMX, reflecting a balanced risk-reward profile. We also keep our

Underperform ratings on Vivo and TIM, given current stretched valuation with shares

trading at an implied real IRR of ~8.5%, a premium to peers and most bond proxy names. MVNO: Mobile virtual network

operator

Broadband: Vivo the positive highlight

May broadband data was solid for large telcos. Vivo improved sequentially, reaching 80k

fiber net adds vs.