Telefonica Brasil S.A.

Good morning, ladies and gentlemen. Welcome to Vivo's second 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. 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 their respective forward-looking statements. Present at this conference, we have Mr. Christian Gebara, CEO of the company, Mr. Davi 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 second quarter 2025 earnings call. Today, our CEO, Christian Shibata, will walk us through Vivo's performance in connectivity and digital services, along with the ESG highlights for the period. Then, David Melcon, our CFO, will give more color on cost and capex efficiencies, free cash flow generation, and shareholder remuneration. With that, let me pass the call over to Christian.

Thank you, João. Good morning, everyone, and thank you for joining our call. In the second quarter of 2025, we've achieved another period of robust operational and financial results, underscoring the effectiveness of our strategic initiatives and commitment to sustainable growth. In our mobile segment, POSPATE continues to set the pace, achieving 7% year-over-year growth and now comprising 67% of our total mobile customer base. On the fiber front, we expanded our connected homes by 12.6% compared to last year, reaching 7.4 million accesses. Total revenue rose 7.1%, driven by high single-digit expansion in both mobile services and fixed revenues. This result highlights the strength of our diversified portfolio and ability to meet evolving customer needs. EBITDA grew an impressive 8.8% year-over-year with a margin of 40.5% reflecting our disciplined cost management operational efficiency. By continuing to optimize our capital allocation and prioritizing high return investments, we generated $7.3 billion in operating cash flow in the first half of 2025, up 12.5% year-over-year. so far in 2025 we have already paid 5.2 billion to shareholders our strong free cash flow generation allow us to honor our shareholder remuneration commitments while we continue to deliver double-digit net income growth moving on to the next slide we present how our evolving revenue mix continues to positively impact our top line our total revenue reached $14.6 billion in the quarter, up a robust 7.2% year-over-year, significantly outpacing the inflation observed during the period. The main drivers behind the solid performance were postpaid and FTTH revenues that grew 10.9% and 10.4% year-over-year, respectively. Together, these two segments now account for over 72% of our service revenues, highlighting our strategic focus on high-value offerings and service convergence. We also saw positive momentum in new businesses that represented 11.2% of our total revenues over the last 12 months. That's a 1.7 percentage point increase year over year, reinforcing our transformation into a broader digital service hub. Next, on slide five, we examine the key drivers behind our strong performance in mobile. Vivo's mobile strategy continues to deliver solid results. Hybrid plus pure plus paid access grew 7.1% year-over-year to 49 million. This growth is an example of our focus on value and customer experience. Currently, almost one in four of our mobile customers already experience superior quality of 5G. that's available in 596 cities across Brazil. This rapid adoption coupled with successful upselling efforts is driving ARPU upward while churn remains very low. These metrics clearly reflect the strength of our customer-centric approach and our ability to lead in innovation and network quality. On slide six, we dive into the continuous strength of our FTTH and its growing convergence with POSPATE. FTTH remains a key growth engine for Vivo with access up 12.6% year-over-year. This rise is largely due to our flagship conversion plan, Vivo Total, which surged over 63% in the same period, as we see a clear trend of customers migrating to this all-in-one solution. After successfully reaching our target of 29 million homes passed in 2024, we've kept the momentum going. Over the past year, we expanded our fiber footprint to more than 2 million additional homes passed. Net additions are also accelerating as we bought in 201,000 new fiber customers just last quarter. Also, we recently announced a significant move, the acquisition of CDPQ stake in FiberZill, While still pending approval from CADE and Anatel, this transaction will consolidate our leadership in fiber and unlock significant synergies. Moving to this next slide, I invite you to take a look at how our B2C new businesses are gaining traction and becoming increasingly relevant to our revenue mix. Our 57.1 million individual customers generated over 43 billion reais in revenues over the past 12 months. That translates to an average monthly span of 64 reais per customer, a figure that is continuously evolving. In our new business segment, revenues are up 14.7% year-over-year, now representing 3% of Vivo's total revenues. Let me highlight two standout initiatives that are driving this expansion. First, demand for music and video OTT subscriptions remains very strong, with a remarkable 34.5% year-over-year increase. This reflects our ability to meet the growing appetite for digital content. Second, our VivoPay platform continues to expand its offering. It now includes a diverse range of insurance products and other credit alternatives, such as the anticipation of FGTS peaks in installments and consortiums, each tailored to meet the specific needs of our customers. These initiatives are not only boost monetization, but also strength our value proposition, improve customer retention, fully aligned with our strategy of making Vivo a one-stop shop for our customers. Turning to Vivo's B2B performance on slide 8, we explain how the segment continues to outperform thanks to our comprehensive portfolio. This quarter, we recorded our strongest year-over-year growth of B2B revenues in the recent past, up 13.3% over the last 12 months. Digital B2B stood out, within this segment growing 31.3% and now accounting for 8.2% of total revenues. Key contributors to this growth were cloud, IoT, and messaging services. Combined with cybersecurity and other digital solutions, these offerings not only strengthened our leadership and connectivity, but also raised the bar in portfolio diversification, giving us a solid competitive advantage. Heading to ESG. On the next slide, we share with you Vivo's main accomplishments this quarter. We continue to be recognized for our leadership in sustainability. Vivo was named Company of the Year in Exami Magazine's Best in ESG Awards and remains the only telco ranked among the top 100 in the Merkle Responsibility ESG Brazil. On the social front, our annual volunteer day mobilized 10,000 employees who positively impacted around 45,000 people. We also collected 27,000 of electronic waste up 17% compared to the last year, demonstrating our commitment to social and environmental responsibility. Our supply chain is well aligned with our ESG goals. Through our Parcedo Plural program, over 1.3 thousand suppliers completed self-assessments since the beginning of the program. This initiative has helped us to maintain our leadership status in CDP's supplier engagement assessment on climate issues for the fifth year in a row. Last but not least, I invite you to explore more about our ESG journey in Vibus 2024 integrated report. You can assess it by scanning our QR code in the bottom right corner of the slide or by visiting our investor relations website. With that, I turn the call over to Davi, who will walk you through our financial results. Thank you.