TELEFONICA BRASIL S.A. Business Summary

Telefônica Brasil S.A., operating under the Vivo brand, is the leading telecommunications provider in Brazil, primarily generating revenue through a subscription-based model across mobile and fixed-line services. The company’s business is divided into three core segments: Mobile Services, which contributes approximately 70% of total revenue with a dominant 39% market share; Fixed Services, driven by an aggressive expansion of its Fiber-to-the-Home (FTTH) network; and a rapidly growing B2B Digital Services division focusing on cloud computing, cybersecurity, and IoT solutions. In the highly consolidated Brazilian market, Telefônica Brasil maintains its position as the premium market leader, directly competing with Claro (América Móvil), TIM Brasil, and the restructured assets of Oi, while distinguishing itself through its superior postpaid customer base and extensive 5G infrastructure. Originally formed in 1998 following the privatization of the state-owned Telebrás system and the subsequent acquisition of Telesp by Telefónica S.A., the company is currently led by Chief Executive Officer Christian Mauad Gebara, a Stanford MBA with a background at McKinsey & Company and JP Morgan. The executive leadership team includes David Melcon Sanchez-Friera as CFO and Investor Relations Officer, and Alex Martins Salgado as Chief Operating Officer, both of whom possess extensive international experience within the Telefónica Group. The company is overseen by Chairman Eduardo Navarro de Carvalho and a board that includes independent directors such as Solange Sobral Targa and Cristina Palmaka. As a publicly traded entity (B3: VIVT3; NYSE: VIV), its primary shareholder remains the Spanish multinational Telefónica S.A., supported by institutional investors including BlackRock and abrdn.