RESULTS 4Q25 Telefônica Brasil S.A. Investor Relations February 23rd, 2026 This presentation may contain forward -looking statements concerning prospects and objectives regarding the capture of synergies, growth of the subscriber base, a breakdown of the various services to be offered and their respective results Our actual results may differ materially from those contained in such forward - looking statements, due to a variety of factors, including Brazilian political and economic factors, the development ...

Financial Data and Key Metrics Changes - In Q4 2025, total operating revenues decreased by 1% compared to the previous quarter and by 2% for the full year, with revenues flat year-over-year when excluding divestitures [17][18] - Adjusted EBITDA improved by 6% in Q4, but declined by 6% for the full year due to divestitures and a non-cash adjustment to stock-based compensation in Q1 [18] - Capital expenditures for the full year were $406 million, with a forecast increase to $550 million-$600 million for 2026 [19] Business Line Data and Key Metrics Changes - TDS Telecom added 58,000 new marketable fiber addresses in Q4, a 39% increase year-over-year, and delivered a total of 140,000 new marketable fiber addresses for the full year [10][11] - Residential fiber net adds were approximately 15,000 in Q4, up 11% from Q4 2024, totaling about 45,000 for the year [11][12] - Cash site rental revenue for Array increased by 64% year-over-year in Q4, with a 96% increase when including T-Mobile interim site revenue [25] Market Data and Key Metrics Changes - The divestitures in 2025, including the sale of wireless operations, have concentrated TDS's footprint in economically viable markets for fiber [12] - The company identified 300,000 additional fiber address opportunities, raising its long-term goal from 1.8 million to 2.1 million fiber addresses [13][14] Company Strategy and Development Direction - TDS aims to strengthen its corporate and capital structure, grow TDS Telecom's fiber business, support Array's tower operations, and enhance company culture while delivering strong operational results [4][5] - Array focuses on optimizing tower operations and monetizing spectrum, with significant progress in spectrum monetization agreements with major carriers [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth prospects for 2026, particularly in fiber and tower operations, despite challenges from legacy revenue declines and divestitures [19][34] - The company is committed to delivering a best-in-class customer experience and achieving operational efficiency through ongoing business transformation efforts [14][15] Other Important Information - TDS repaid $150 million in term loan debt and received $726 million from a special dividend related to the AT&T spectrum sale [6][7] - The company plans to continue disciplined share repurchase activities, with $524 million remaining on its authorization as of the end of 2025 [8] Q&A Session Summary Question: Is DISH included in the 2026 guidance? - Management confirmed that DISH is completely out of the 2026 guidance, and any settlement would be considered upside [43][44] Question: What is the outlook for tower leasing applications? - Management expressed optimism about growth prospects, expecting significant same-store growth and positive results from insourcing the sales team [45][47] Question: How is TDS Telecom addressing video bundling? - Management emphasized the importance of video in their value proposition and plans to strengthen video bundling alongside broadband offerings [84] Question: What is the growth rate embedded in the revenue guidance for 2026? - Management indicated a growth expectation of around 6% on a same-store basis, excluding DISH revenue [80]

Financial Data and Key Metrics Changes - Total operating revenues decreased by 3% year-over-year, with a 1% decline when excluding divestitures, driven by declines in legacy cable and copper markets, partially offset by fiber growth [31] - Adjusted EBITDA also fell by 3% year-over-year, impacted by divestitures and legacy revenue declines, but supported by disciplined cost control [31] - Capital expenditures increased compared to the previous year due to spending on the EACAM program and higher expansion address delivery, with over 80% of 2025 capital expenditures focused on fiber [31][32] Business Line Data and Key Metrics Changes - TDS Telecom achieved a milestone of 1 million fiber addresses, with 42,000 fiber addresses delivered in the quarter, contributing to a 19% growth in residential fiber connections year-over-year [15][23] - Residential fiber net additions were 11,200 in the quarter, reflecting an 8% year-over-year increase [30] - The company is behind schedule on its annual address delivery target but expects the fourth quarter to be the strongest [29] Market Data and Key Metrics Changes - The fiber business is expected to grow significantly, with a target of 1.8 million marketable fiber service addresses, up from approximately 900,000 [28][84] - The company anticipates achieving gig speeds for at least 95% of its footprint, with 76% currently at gig speeds [28] Company Strategy and Development Direction - The company is focused on capital allocation decisions, prioritizing investments in fiber, achieving inorganic growth through M&A, and returning capital to shareholders [17][20] - The EACAM program aims to replace legacy copper infrastructure, adding approximately 300,000 new fiber addresses and providing $1.2 billion in regulatory revenue support over 15 years [24][25] - The company plans to pursue edge-out opportunities in adjacent communities without fiber providers, with several hundred thousand potential service addresses identified [18][57] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fiber business's growth potential and the successful transition to an independent tower company [14][33] - The company is focused on optimizing tower operations and monetizing spectrum, with significant progress made in spectrum monetization [36][38] - Management acknowledged the challenges of transforming the business but emphasized the strong culture and commitment of associates [16] Other Important Information - A $500 million share repurchase program was announced, reflecting the board's confidence in the company's long-term strategy [20][60] - The company expects to declare a special dividend of approximately $10 per share following the closing of the AT&T transaction [18] Q&A Session Summary Question: Update on fiber plan and cohort analysis - Management acknowledged the request for cohort analysis and plans to provide updates in February regarding fiber opportunities and market performance [54][56] Question: Stock buyback program significance - The board's authorization of the buyback program reflects confidence in the company's strategy and is seen as a balanced approach alongside business investments [60] Question: SG&A expenses and wind down costs - Management indicated that SG&A costs are expected to remain high through the first half of next year, with ongoing efforts to rationalize expenses [64][65] Question: Naked tower strategy and land leases - The strategy involves leasing up towers and rationalizing ground rents, with minimal long-term commitments on land leases [75][78] Question: Leverage target and fiber passings impact - The leverage target is set to maximize flexibility, with current leverage at 1.4 times, and future updates on fiber goals will be provided in February [82][84] Question: M&A strategy and edge-out opportunities - Current focus is on operational execution rather than M&A, with potential future opportunities being evaluated [107]

Financial Performance Highlights - Total mobile accesses reached 102.9 million, a 1.4% year-over-year increase[7] - Mobile service revenue increased by 5.5% year-over-year[7] - Fixed revenue grew by 6.5% year-over-year[7] - EBITDA reached R$11.2 billion, a 12.4% year-over-year increase, with a margin of 43.4%[7] - Operating Cash Flow (OpCF) amounted to R$6.9 billion, up 13.4% year-over-year, with a margin of 25.5%[7] - Free Cash Flow (FCF) reached R$4.3 billion[7] - Shareholder remuneration totaled R$5.7 billion as of September 2025[7] Revenue Growth Drivers - Postpaid mobile revenue increased by 7.0% year-over-year[13] - FTTH revenue increased by 10.6% year-over-year[10] - New businesses revenues increased by 22.8% year-over-year[10] Operational Improvements - FTTH accesses increased by 12.7% year-over-year to 7.6 million[7, 17] - Vivo repurchased 48.4 million shares, representing 1.5% of its current capital stock[47] B2B Segment Growth - Total B2B revenues increased by 25.0%[26] - Digital B2B revenues increased by 34.2%[26]

Core Viewpoint - Federal Reserve Chair Jerome Powell hinted at potential interest rate cuts due to labor market weakness, suggesting investors consider adding dividend stocks for stable income [1] Group 1: EOG Resources - EOG Resources is a crude oil and natural gas exploration and production company, recently acquiring Encino Acquisition Partners for $5.6 billion, which is expected to enhance its free cash flow and shareholder returns [3][4] - EOG raised its quarterly dividend by 5% to $1.02 per share, resulting in an annualized dividend of $4.08 per share and a yield of 3.8% [4] - RBC Capital analyst Scott Hanold reiterated a buy rating on EOG, raising the price target from $140 to $145, while TipRanks' AI Analyst has an "outperform" rating with a price target of $133 [4][6] - Hanold updated his earnings per share (EPS) estimates for 2025 and 2026 to $10.07 and $9.46, respectively, reflecting higher oil price expectations [5] - Hanold believes EOG will outperform its peers due to its technological edge, strong balance sheet, and capital efficiency [6] Group 2: Coterra Energy - Coterra Energy, focused on exploration and production in the Permian Basin, Marcellus Shale, and Anadarko Basin, paid a quarterly dividend of 22 cents per share, yielding 3.4% [7] - Analyst Gabriele Sorbara reiterated a buy rating on Coterra but lowered the price target from $35 to $32, while TipRanks' AI Analyst has a "neutral" rating with a price target of $26 [8] - Sorbara expects Q3 oil production to exceed expectations but anticipates EBITDA and free cash flow may lag due to gas pricing issues [10] - Sorbara maintains a buy rating on Coterra, citing attractive valuation and potential for strong capital returns [11] Group 3: AT&T - AT&T declared a quarterly dividend of 27.75 cents per share, with an annualized dividend of $1.11 per share, yielding 4.3% [13] - Citigroup analyst Michael Rollins reiterated a buy rating on AT&T with a price target of $32, expecting strong Q3 performance across strategic products [14][15] - Rollins forecasts 300,000 postpaid phone net additions and 2.5% year-over-year growth in wireless service revenue for Q3 [15] - The analyst also estimates 286,000 fiber net additions and 210,000 net additions for fixed wireless access in Q3 [16] - Rollins believes AT&T's broadband opportunity is an under-appreciated aspect of its financial growth prospects [17]