Telefonica Brasil: Highlights from 2Q26 Conference Call

研报英文原文证据摘录

Telefonica Brasil: Highlights from 2Q26 Conference Call

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

28 July 2026

Telefonica Brasil Underweight

VIVT3.SA, VIVT3 BZ

Highlights from 2Q26 Conference Call Price (27 Jul 26):R$36.11

LatAm Technology & Telecom /

Vivo just concluded its conference call regarding 2Q26 results. Key highlights Education

were: Marcelo Santos, CFA AC

(55-11) 4950-3708

marcelo.p.santos@jpmorgan.com

• Competitive environment remains similar to the previous quarter. Livea Mizobata

Management characterized mobile competition as “similar” and broadly (55-11) 4950-3604

balanced versus 1Q, with pockets/segments more aggressive, while Vivo livea.mizobata@jpmorgan.com

Banco J.P. Morgan S.A.

continues to focus on disciplined monetization via upselling data/digital

services and “totalization” (convergence), alongside controlled churn

(~1% in 2Q26) and positive portability. The company implemented price

adjustments in March (front-book) and in April (back-book), reaching

>75% of hybrid and ~80% of pure postpaid customers, while reporting

stable postpaid churn (~1%) despite repricing. Nonetheless, the company

did not commit in the call to increase hybrid prices.

• New Vivo Lite plans to boost prepaid-control migration. Vivo

positioned “Lite” plans as a segmented, simplified proposition aimed at

bringing prepaid users (especially those who may not qualify for standard

hybrid/control due to credit scoring) into a recurring, credit-card-paid plan

with lower bad-debt exposure (e.g., ~R$30/month on an annual

commitment or ~R$45/month on a monthly option), effectively creating an

additional stepping stone from prepaid toward higher-value recurring

relationships (including future migration to hybrid/control). Management