Telefonica Brasil S.A.

Good morning, ladies and gentlemen. Welcome to Vivo's first quarter 2026 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 to 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. Cristian Gebara, CEO of the company, Mr. Rodrigo Monari, 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 2026 earnings call. Today, our CEO, Christian Shibata, will begin by presenting Vivo's execution in connectivity and digital services, as well as highlight our key ESG accomplishments for the quarter. Then, Rodrigo Monari, our CFO, will comment on our controlled cost evolution, free cash flow generation, profitability, and shareholder distribution in the period. With that, let me turn the call over to Christian.

Thank you, João. Good morning, everyone, and thank you for joining us today. Vivo began 2026 at a strong pace. Once again, we delivered growth above inflation across our core metrics, supported by customer base expansion, resilient revenue performance, and continued margin improvement. On the operational side, postpaid remains a key driver of value creation. Our postpaid base grew 6.9% year-over-year, reaching 72.1 million access representing 69.5 percent of our mobile base this execution reflects a healthy combination of net ads discipline pricing and focus on customer experience fiber also remains an essential growth vector we reached 8 million homes connected advancing 11.5 percent year-over-year with our footprint expanding to 31.5 million homes best beyond scale Fiber strength convergence deepens customer relationship, reduces churn, and supports a stronger revenue profile. Regarding our financial results, total revenue grew 7.4% when compared to the previous year. Mobile service revenues delivered a 6.6% increase, while fixed revenues grew 5.1%, underscoring the sustained contribution from Fiber and our B2B portfolio. In terms of profitability, EBITDA rose 8.9% year-over-year, lifting margins to 40.2%. Operating cash flow reached R$4.2 billion, an 8.5% improvement, while net income expanded 19.2% to R$1.3 billion. Free cash flow generation totaled R$2.2 billion during the quarter. our efficient operations allow us to remain fully committed to shareholder returns. So far, we have allocated 7 billion reais for distribution in 2026, reaffirming our confidence in meeting our guidance for the year. Moving to slide four, we highlight the ongoing transformation of our revenue mix as it continues to drive positive impact on our top line. In the first quarter, Total revenues grew 7.4% year-over-year, led by a well-balanced contribution from both mobile and fixed services, as well as the growing relevance of our new business. Postpaid revenues rose 7.8% year-over-year, demonstrating the strength of our value proposition, balanced pricing, and enhanced FTTH revenues. Also improved, advancing 9.3% driven by sustained demand for high-quality connectivity and convergence. It's also worth highlighting the strong performance of our handsets and electronics line that grew 26.6% year-over-year, fueled by a more competitive portfolio and a new go-to-market strategy that enhanced the availability of in-store devices, accessories, and electronics in general. Our new business continues to play a central role in our strategy. They now represent 12.1% of total revenues, an increase of 1.8 percentage points versus first quarter 25, with meaningful contributions from both B2C and B2B solutions. This progress emphasizes our long-term vision of revenue diversification, scaling of digital services, and consolidation of our ecosystem. As a result of our commercial momentum, post-trade and fiber revenues now account for over 74% of service revenues, highlighting a structurally stronger and more resilient revenue mix as we begin 2026. On slide 5, we show how our solid mobile operation was once again driven by Vivo's differentiated network and superior customer experience. By the end of this quarter, of the first quarter, our total mobile base reached 103.7 million access, represented year-over-year improvement of 1.3%. Post-paid, excluding machine-to-machine and dungles, remains a key growth engine, expanding 7.2% to 51.6 million access, while machine-to-machine and dungles also delivered a health increase of 6.4%. Commercial performance was particularly strong this quarter, with postpaid net additions accelerating 22.7% compared to last year, further underlining Vivo's leadership in this segment. Importantly, this evolution comes with value. Postpaid terms remain well controlled at 1.0%, confirming the depth of our customer relationships and loyalty. At the same time, mobile art has reached a record level, up 5.7% year-over-year as customers continue to migrate to higher-value plants and consume more data. In prepaid, while access growth is still negative, revenue is gradually improving, with the year-over-year decline narrowing to minus 1% this quarter. This is the result of ongoing efforts to stabilize the base, enhance monetization, and prioritize customer occurrence. Overall, these results showcase the resilience and quality of our mobile platform. combining continuous phosphate expansion, record ARPU, low churn, and consistent recovery of prepaid revenues. This gives us confidence in our strategy and supports sustainable growth throughout the year. With that, let's move to fiber. Turning to slide six, we further highlight the strength of our fiber business and growing role of convergence as a key differentiator for VIVO. Fiber access demonstrates continuous momentum. maintaining double-digit year-over-year increase and reaching 8 million connections. This performance clearly reflects customer preference for high-quality connectivity and integrated solutions, with VivoTotal once again standing out. Growth is progressively driven by convergence. VivoTotal access expanded 32.6% year-over-year, reaching 3.6 million customers, and now represents 44.7% of our FTTH base, an expansion of more than 20 percentage points in just two years. This confirms the attractiveness of our convergent proposition and its ability to capture even more customers. Our fiber footprint also expanded, with homes past reaching 31.5 million, up 6.2% year-over-year. while the take-up rating proved to 25.4%. This combination strengthens our conviction in achieving network penetration above 30% over time as we continue to translate fiber expansion into customer-based growth. Moving to slide seven, we give more color on the acceleration of our B2C businesses supported by stronger totalization of our customers' needs and growing relevance of service beyond connectivity. On a last 12-month basis, total B2C revenues reached 45.7 billion, growing 5.9% year-over-year. This performance shows the resilience of our core connectivity as well as a strong acceleration in new business that expanded 31.5% in our account for 3.2% of total revenues. Monetization trends remain very solid. B2C revenue per RGU increased to 67.2 reais, underlining the effectiveness of our strategy to deepen customer engagement, drive gross selling, and extract greater lifetime value from our existing base. Looking specifically at new business, we continue to see robust and well-balanced growth across Our main verticals, video and music OTTs remain the largest contributing, growing 24.8% over the year. Consumer electronics delivered another strong results with revenues up 56% supported by higher demand during the period. Health and wellness continue to stand out as one of our fastest growing categories with revenues up nearly 68% supported by the strong scaling of Vale Saúde. that now exceeds 500,000 subscribers, up 13% over the year. This highlights our ambition to scale services that are adjacent of our connectivity solution. In parallel, we maintain the expansion of our financial services capabilities. Through VivoPay, we launched our proprietary installment plan. broadening access to credit and enabling a more seamless purchasing experience for handsets and electronics, while further supporting monetization and customer retention. Altogether, these developments emphasize Vivo's evolution into a broader digital platform, while connectivity remains our core foundation. An increasingly diversified ecosystem of services is enhancing customers' lifetime value, expanding opportunity, and positioning us for sustainable growth over the long term. On slide eight, we provide an update on the development of our B2B business and how the ongoing shift in our revenue mix toward digital solutions continues to gain traction. B2B revenues reached 13.7 billion reais, growing 11.8% year-over-year, once again, delivering a remarkable performance. Digital B2B remains the main growth lever, advancing 23.8% and reaching 5.4 billion reais over the last 12 months, while B2B connectivity also posted robust growth of 5.2%, demonstrating the solidity of our enterprise services. Within Digital B2B, performance remains well balanced across the portfolio. Cloud services expanded 29% over the year, supported by rising demand for scalable infrastructure and hybrid environments. IoT and messaging advanced 70.3%, while digital solutions grew 21.1%, driven by broader adoption of customized enterprise offers. Data protection. In this context, B2B is gaining relevance within Vivo's overall revenue mix, reinforcing the segment's role as a key growth pillar evidenced by accelerating demand from companies undergoing digital transformation across multiple industries. A clear example of this strategic position is our partnership with Marcel Martinho in the agribusiness sector. This initiative illustrates Vivo's leadership in enabling data-driven, sustainable and competitive operations tailored to customers' needs. More broadly, partnerships like this underline how our role is evolving beyond connectivity, positioning Vivo as a trusted digital partner for enterprise customers. Turning to slide nine, we show how ESG remains a core pillar of Vivo's strategy, with consistent progress across people, environment, and governance, translating into tangible outcomes for our stakeholders. Vivo continues to be recognized by major global benchmarks. We lead B3 corporate sustainability index across all sectors for the third time. Are still the only Brazilian telco included in the Dow Jones best in class world index. And for the sixth consecutive year, we're recognized by CDP for supplier climate engagement. On the people front, we continue to expand initiatives focused on employee well-being, including Hospital Púrpura that offers structured care journeys and has seen growing adoption since its launch. Today, the platform is available to more than 80,000 people, including employees and their relatives. Vivo was named the winner of Anatel's 2026 Accessibility Ranking, reinforcing our position as a leader in digital inclusion. From a governance standpoint, following the appointment of a new board member in April, Wayman now accounts for 42% of our board of directors, marking another important milestone as we continue to foster diversity across all levels of the company. On the environmental agenda, we strengthened our external commitment by joining additional initiatives of the UN Global Compact in Brazil, underscoring the credibility and consistency of our ESG roadmap. With that, I will hand over to Rodrigo, who will walk you through the financial results.