Telefônica Brasil, operating under the Vivo brand, is Brazil's largest telecom company, providing mobile and fixed broadband connectivity to consumers and businesses. Vivo holds 38.1% national mobile market share with a total mobile base of 103 million customers, of which 70.8 million are postpaid. Vivo also leads in fiber-to-the-home broadband with an 18.5% market share, a network passing roughly 31 million homes, and 7.8 million connected customers. Vivo earns revenue primarily through monthly postpaid mobile and fiber subscriptions, with additional revenue from prepaid top-ups, device sales, B2B digital services, and digital content. Vivo's flagship product, Vivo Total, bundles mobile and fiber into a convergence plan that drives lower churn and higher revenue per customer — fiber churn in Vivo Total is roughly 50% lower than standalone fiber. B2C customers account for roughly 76% of revenues, with B2B making up the remaining 24%. B2B spans mobile and fixed connectivity as well as cloud, IoT, cybersecurity, and managed IT services. Beyond connectivity, Vivo is expanding into digital services including health, financial services, insurance, entertainment, and education, which collectively reached 12.1% of total revenues in 2025. Vivo's cost structure is largely fixed, with the bulk of spending on network CapEx and tower leases, meaning revenue growth above inflation drives operating leverage. Vivo operates with a near-net-cash balance sheet and distributes at least 100% of net income to shareholders annually.