Telefônica Brasil Q2 2026: EBITDA surges 10.9%, net income climbs 17% in strongest showing since 3Q23
VIV sits 30% above its 52-week low of $10.82.
Summary
Telefônica Brasil posted Q2 2026 results with EBITDA up 10.9% YoY and net income up 17%, the strongest growth since 3Q23. The end of accelerated depreciation on legacy assets will provide a R$0.3B quarterly tailwind from 3Q26 onward.
Key Events · Earnings and Guidance · VIV
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EBITDA Growth Accelerates to 10.9%
EBITDA reached R$6,580.8 million in Q2 2026, up 10.9% YoY, the strongest performance since 3Q23. EBITDA margin expanded 1.3pp to 41.8%.
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Net Income Rises 17% YoY
Net income attributable to Telefônica Brasil was R$1,572.5 million, up 17.0% YoY. First-half net income grew 17.9% to R$2,833.6 million, the strongest H1 growth in three years.
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Legacy Depreciation Tailwind Ahead
The end of accelerated depreciation on copper and other legacy technologies will remove approximately R$0.3 billion per quarter in D&A expenses starting in Q3 2026, directly benefiting future net income.
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Subscriber Growth Remains Strong
Postpaid mobile accesses grew 6.9% YoY to 73.2 million, while FTTH homes connected rose 11.3% YoY to 8.2 million. Take-up rate improved 1.1pp to 25.6%.
Analysis · VIV · Technology
The strongest EBITDA growth since 3Q23 underscores a quarter where margins expanded across the board. Net income jumped 17% YoY, fueled by robust postpaid and fiber subscriber gains. A meaningful tailwind also emerged: the end of accelerated depreciation on legacy copper assets will remove roughly R$0.3 billion in quarterly D&A charges starting in 3Q26, directly boosting future earnings. Shareholder returns remain aggressive, with R$6.99 billion already paid out in 2026 and a reiterated commitment to distribute at least 100% of full-year net income.
At the time of this filing, VIV was trading at $14.11 on NYSE in the Technology sector, with a market capitalization of approximately $22.4B. The 52-week trading range was $10.82 to $17.26. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.