Telefonica Brasil S.A.

Good morning, ladies and gentlemen. Welcome to Vivo's first quarter 2025 earnings call. This conference is being recorded and the replay will be available at the company's website at ri.telefonica.com.br. The presentation will also be available for download. This call is also available in Portuguese. To access, you can press the globe icon on the lower right side of your Zoom screen and then choose to enter the Portuguese room. After that, select Mute Original Audio. Para acessar nossa conferência em português, clique no ícone do globo ao lado inferior direito da sua tela zoom e selecione a opção Portuguese Room. Ao acessar a nova sala, certifique-se de mutar o áudio original. We would like to inform that all attendees will only be listening the conference during the presentation. And then, we will start the question and answer section when further instructions will be provided. Before proceeding, we would like to clarify that any statements that may be made during this conference call regarding the company's business prospects, operational and financial projections and goals are the beliefs and assumptions of Vivo's Executive Board and the current information available to the company. These statements may involve risks and uncertainties as they relate to future events and therefore depend on circumstances that may or may not occur. Investors should be aware of events related to the macroeconomic scenario, the industry, and other factors that could cause results to differ materially from those expressed in the respective forward-looking statements. Present at this conference, we have Mr. Christian Gebara, CEO of the company, Mr. David Malcolm, CFO and Investor Relations Officer, and Mr. João Pedro Soares Carneiro, IR Director. Now, I will turn the conference over to Mr. João Pedro Soares Carneiro, Investor Relations Director of Vivo. Mr. Carneiro, you may begin your conference.

Good morning, everyone, and welcome to Vivo's first quarter 2025 earnings call. Christian Gibada, our CEO, will walk us through Vivo's performance in connectivity and digital services, as well as present our ESG highlights for the period. Then, David Melcon, our CFO, will give more details on cost and capex, free cash flow generation, shareholder remuneration, and lastly, an update on our fixed voice migration process. With that, let me turn the call over to Christian. Thank you, João.

Good morning, everyone, and thank you for joining us today. The first quarter of 2025 was marked by growth both in operations and financially. Starting with our post-paid service, we reached over 67 million customers, achieving a yearly growth of 7.7%. In fiber, we continued the trend of double-digit growth, increasing our customer base by 12.9%. Our total revenues increased 6.2% with mobile service revenue growing 6.5% and fixed revenues expanding by 6.2%. This consistent evolution showcases the growing demand for our services. Profitability remains a key focus, with EBITDA increasing 8.1% during the period. Our operating cash flow reached R$3.8 billion in the quarter, growing 12.7% year-over-year, accounting for almost 27% of our total revenues. Furthermore, our net income grew remarkably by 18.1% year-over-year, reaching R$1.1 billion. We began 2025 with a solid distribution to shareholders, with payments already amounting to R$2.6 billion. This commitment underscores our confidence in sustaining strong financial performance and meeting our guidance for the upcoming years. Moving to slide 4, we display how our revenues are outpacing inflation driven by double-digit growth of our flagship services. Our total revenues for the first quarter of 2025 reached R$14.4 billion, with mobile service revenue being led by postpaid and fixed revenues by FTTH and B2B digital services. We highlight our postpaid and fiber revenues, which are the cornerstones of Vivo's successful convergence story. Together, they represent 73% of our service revenues, with both growing above 10%. Additionally, our new businesses are consistently gaining share in our portfolio and significantly contributing to our growth. This underscores our strategy of moving away from being solely a connectivity provider to a hub of innovative services. These solutions drive net additions and enhance our market positioning, assisting us in meeting the demands of our customers. On the next slide, we dive into the impact of our successful performance in mobile. Our total mobile access reached 102.4 million in the quarter, with hybrid plus pre-postpaid access growing by 7.6% year-over-year to over 48 million customers. This growth features the success of our upselling initiatives, which have effectively transitioned a significant number of customers from prepaid to hybrid and from hybrid to pre-postpaid plans. Our 5G access has doubled since March 2024. This widespread adoption underscores our commitment to providing cutting-edge technology to our customers. Moreover, our post-pay churn has remained very low over the past years, reflecting our ability to retain high-value customers despite increasing prices. This reduced churn, coupled with a steady increase in mobile ARPU, highlights the positive financial impact of our strategic focus on post-paid services. Overall, our strategy of migrating customers to better plans is translating into customer loyalty and ensuring we remain at the forefront of the industry. On slide 6, we provide our insights on the performance of our fiber operations and convergence with post-paid. We have categorized our FTTH line into three segments. VivoTotal customers, convergent customers not in VivoTotal plans, and standalone Fiverr customers. VivoTotal is ramping up its shares in our FTTH customer base, achieving a remarkable growth of 77.4% year-over-year. Meanwhile, the other two categories are migrating to our fully convergent plans, bolstering both our Fiverr and mobile businesses. as the lifetime value of Vivototal's users is much higher than that of customers in standalone offers. Recently, we introduced new Vivototal plans that include partnerships with leading OTT platforms like Netflix, Globoplay and Disney+, adding even more value for our subscribers. In terms of homes passed with FTTH, we expanded to almost 30 million homes, while boosting the rate of net additions. This achievement is driven by the lowest FDTA churn rates we have ever seen and by our commitment to offering the best services on the market. Moving to the next slide, where we detail all B2C new businesses and their positive impact on average spend and lifetime value. Veebo's 57.2 million individual customers generated over R$43 billion in revenues in the last 12 months, with an evolving monthly average of R$63 per customer. Our new business segment has shown incredible performance across various industries, growing 18.6% year-over-year, reaching R$1.7 billion and representing 3% of our total revenues. This growth confirms our commitment to diversifying our offerings and meeting the various needs of customers. Furthermore, we have made significant strides in the market of accessories for smartphones and other devices. On March 21, 2025, Vivo acquired i2Go for up to R$ 80 million, reinforcing our presence in this segment alongside OVIIN. These efforts are part of our broader strategy to enhance customer lifetime value and ensure that our customers continue to benefit from our comprehensive and differentiated value proposition. Moving to Vivo's B2B performance on Site 8, we registered another double-digit growth, exemplifying how our focus of being a one-stop shop for businesses of all sizes is paying off. With 12.3 billion reais in revenues, B2B already represents 22% of our business. This outstanding performance is largely driven by our digital B2B segment that saw a yearly growth of 25.5% and now accounts for 7.7% of forward revenues. Notably, the cloud segment experienced a significant increase of 38% year-over-year as Vivo continues to prioritize the digitalization of customers. The success of Vivo Empresas highlights our position as the leading technological partner of Brazilian companies, serving 1.8 million B2B clients with over 5,000 sales representatives who market a replicable portfolio that spans from mobile and fixed connectivity to state-of-the-art digital solutions and equipment. Now let's move to our ESG highlights for the period. I'm excited to share that Vivo continues to excel in sustainability and social responsibility. We were recognized as the leading Brazilian company in the Dow Jones Basing Class Index and placed sixth among the telcos in the world. Additionally, we are prominently featured in B3's Corporate Sustainability Index, highlighting our leadership among Brazilian companies in ESG practice, as well as being part of CDP's Climate A-List, highlighting our transparency and climate ambition. On the environmental front, our Futuro Vivo platform showcases our commitment to environmental protection with a special focus on the Amazon rainforest. We also launched a campaign at Lollapalooza 2025 called Raízes Vivas, which provided immersive experience on native Brazilian cultures as well as raising environmental awareness. In terms of a diversity, our training program has reached a new milestone with 56% of selected candidates being black employees and 11% having a disability. Vivo was also recognized as number one in Anatel's accessibility ranking for our efforts to support customers with disabilities. Lastly, I would like to invite you to check out on our investment relations website the main ESG highlights of 2024. With that, I hand the floor over to David to comment on our financial performance. Thank you.