Telefónica's Brazilian subsidiary, Vivo, achieved a net profit of €486 million in the first half, the largest year-on-year growth for this period in three years. The boost from postpaid and fibre drove the results.
Telefónica Brasil, the subsidiary of the Spanish group operating under the Vivo brand, closed the first half of 2026 with a net profit of 2.915 billion reais, equivalent to about €486 million at the exchange rate used by the company. This figure represents a year-on-year increase of 17.9%, the largest advance for a January-June period in the last three years.
In the second quarter, net profit reached 1.572.5 billion reais (about €270 million), 17% more than in the same period of 2025. Net revenues for the quarter totalled 15.757.4 billion reais (€2.711 billion), after growing 7.6% year-on-year.
Gross operating profit (Ebitda) stood at 6.580.8 billion reais (€1.132 billion), a 10.9% increase, with a margin of 41.8%, improving by 1.3 percentage points compared to a year ago and reaching its highest level since the third quarter of 2023.
Investments increased by 6.1%, to 2.588.5 billion reais, representing 16.4% of revenue. More than 75% of these resources were allocated to mobile and fixed infrastructures to strengthen coverage and meet the growing demand for data.
Operating cash flow grew by 14.3%, reaching 3.992.3 billion reais, reflecting the financial strength of the operator.
By segments, revenues from mobile services reached 10.183 billion reais in the second quarter, a 6.6% increase. Postpaid remains the main driver: its revenue grew by 7.9% and now represents 87% of mobile service revenues. The postpaid customer base reached 73.2 million accesses, a 6.9% year-on-year increase. Within this segment, human lines (excluding machine-to-machine connections) totalled 52.4 million, with 3.6 million net additions in the last twelve months.
The average revenue per user (ARPU) was 53.90 reais, while the cancellation rate remained at a historic low of 1%. By the end of June, Vivo had 105.1 million mobile accesses and a total customer base of 118.8 million.
In the fixed business, fibre revenues grew by 10.7%, driven by network expansion and increased demand for broadband. Corporate and digital services also recorded a 7.8% increase.
The company highlighted that the quarter's growth was supported by the strength of postpaid, fibre, and digital services, as well as cost containment, which improved profitability.
For investors, these results reinforce Telefónica Brasil's position as one of the group's most profitable subsidiaries, with an Ebitda margin above 40% and growing cash flow. The operator continues to invest in next-generation networks to sustain long-term growth.
The complete results for the semester were published on July 24 and are available on Telefónica Brasil's investor relations page.
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