Telefônica Brasil S.A., together with its subsidiaries, provides mobile and fixed telecommunications services to residential and corporate customers in Brazil. Its fixed line services portfolio includes local, domestic long-distance, and international long-distance calls; and mobile portfolio comprises voice and broadband internet access through 3G, 4G, and 4.5G, as well as mobile value-added services and wireless roaming services. The company also offers data services, including broadband and mobile data services. In addition, it provides pay TV services through direct to home satellite technology, IPTV, and cable, as well as pay-per-view and video on demand services; network services, such as rental of facilities; other services comprising internet access, private network connectivity, computer equipment leasing, extended service, caller identification, voice mail, cellular blocker, and others; wholesale services, including interconnection services to users of other network providers; and digital services, such as entertainment, cloud, and security and financial services, as well as sells wireless devices and accessories. Further, the company offers multimedia communication services, which include audio, data, voice and other sounds, images, texts, and other information, as well as sells devices, such as smartphones, broadband USB modems, and other devices. Additionally, it provides telecommunications solutions and IT support to various industries, such as retail, manufacturing, services, financial institutions, government, etc. It markets and sells its solutions through own stores, dealers, retail and distribution channels, door-to-door sales, and telesales. The company was formerly known as Telecomunicações de São Paulo S.A. - TELESP and changed its name to Telefônica Brasil S.A. in October 2011. The company was incorporated in 1998 and is headquartered in São Paulo, Brazil.
IPO Year: 2020
Exchange: NYSE
Website: telefonica.com.br
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 7/11/2024 | Equal-Weight → Overweight | Morgan Stanley | |
| 1/5/2024 | Overweight → Equal-Weight | Morgan Stanley | |
| 9/29/2023 | $11.00 | Outperform | Itau BBA |
| 5/31/2023 | $10.00 | Buy | Goldman |
| 4/7/2022 | $11.50 | Sector Outperform → Sector Perform | Scotiabank |
| 11/2/2021 | $9.50 → $9.00 | Equal-Weight | Barclays |
| 10/7/2021 | $9.69 → $9.50 | Equal-Weight | Barclays |
| 8/9/2021 | $9.50 → $9.69 | Equal-Weight | Barclays |
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Barclays analyst Mathieu Robilliard maintains Telefonica Brasil (NYSE:VIV) with a Equal-Weight and lowers the price target from $13 to $12.
Telefonica Brasil (NYSE:VIV) reported quarterly earnings of $0.11 per share which met the analyst consensus estimate. This is a 14.58 percent increase over earnings of $0.10 per share from the same period last year. The company reported quarterly sales of $2.74 billion which beat the analyst consensus estimate of $2.57 billion by 6.50 percent. This is a 11.81 percent increase over sales of $2.45 billion the same period last year.
Barclays analyst Mathieu Robilliard maintains Telefonica Brasil (NYSE:VIV) with a Equal-Weight and lowers the price target from $13.5 to $13.
Barclays analyst Mathieu Robilliard maintains Telefonica Brasil (NYSE:VIV) with a Equal-Weight and raises the price target from $13 to $13.5.
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Telefonica Brasil (NYSE:VIV) is set to give its latest quarterly earnings report on Tuesday, 2024-02-20. Here's what investors need to know before the announcement. Analysts estimate that Telefonica Brasil will report an earnings per share (EPS) of $0.16. Telefonica Brasil bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter. New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast). Historical Earnings Performance Last quarter the company beat EPS by $0.04, which was followed by a 7.07% incr
Morgan Stanley upgraded Telefonica Brasil from Equal-Weight to Overweight
Morgan Stanley downgraded Telefonica Brasil from Overweight to Equal-Weight
Itau BBA resumed coverage of Telefonica Brasil with a rating of Outperform and set a new price target of $11.00
Goldman initiated coverage of Telefonica Brasil with a rating of Buy and set a new price target of $10.00
Scotiabank downgraded Telefonica Brasil from Sector Outperform to Sector Perform and set a new price target of $11.50
Barclays reiterated coverage of Telefonica Brasil with a rating of Equal-Weight and set a new price target of $9.00 from $9.50 previously
Barclays reiterated coverage of Telefonica Brasil with a rating of Equal-Weight and set a new price target of $9.50 from $9.70 previously
Barclays reiterated coverage of Telefonica Brasil with a rating of Equal-Weight and set a new price target of $9.70 from $9.50 previously
Barclays reiterated coverage of Telefonica Brasil with a rating of Equal-Weight and set a new price target of $9.50 from $8.50 previously
UBS Group initiated coverage of Telefônica Brasil with a rating of Buy
6-K - TELEFONICA BRASIL S.A. (0001066119) (Filer)
6-K - TELEFONICA BRASIL S.A. (0001066119) (Filer)
6-K - TELEFONICA BRASIL S.A. (0001066119) (Filer)
6-K - TELEFONICA BRASIL S.A. (0001066119) (Filer)
6-K - TELEFONICA BRASIL S.A. (0001066119) (Filer)
6-K - TELEFONICA BRASIL S.A. (0001066119) (Filer)
6-K - TELEFONICA BRASIL S.A. (0001066119) (Filer)
6-K - TELEFONICA BRASIL S.A. (0001066119) (Filer)
6-K - TELEFONICA BRASIL S.A. (0001066119) (Filer)
6-K - TELEFONICA BRASIL S.A. (0001066119) (Filer)
SC 13G/A - TELEFONICA BRASIL S.A. (0001066119) (Subject)
SC 13G - TELEFONICA BRASIL S.A. (0001066119) (Subject)
SC 13G/A - TELEFONICA BRASIL S.A. (0001066119) (Subject)
SAO PAULO, Nov. 5, 2024 /PRNewswire/ -- Telefônica Brasil - ((B3: VIVT3, NYSE:VIV), announces its results for 3Q24. Strong operating performance resulting in revenues, EBITDA, and net income growth along with reduced Capex intensity. R$ million 3Q24 3Q23 % Y-o-Y 9M24 9M23 % Y-o-Y Net Operating Revenue 14,039 13,112 7.1 41,264 38,565 7.0 Mobile Services 9,212 8,465 8.8 26,821 24,614 9.0 FTTH 1,790 1,570 14.0 5,264 4,568 15.2 Corporate Data, ICT, and others 1,129 1,060 6.5 3,389 3,195 6.1 Electronics 856 814 5.1 2,553 2,411 5.9 Other Revenues¹ 1,053 1,202 (12.4) 3,236 3,777 (14.3) Total Costs (8,089) (7,573) 6.8 (24,582) (22,999) 6.9 EBITDA 5,950 5,539 7.4 16,682 15,566 7.2 EBITDA / Net R
SÃO PAULO, July 29, 2024 /PRNewswire/ -- Telefônica Brasil - ((B3: VIVT3, NYSE:VIV), announces its results for 2Q24. 2Q24 Results: Telefônica Brasil S.A. Strong operating performance leading to above-inflation growth in revenues, EBITDA and net income. R$ million 2Q24 2Q23 % Y-o-Y 6M24 6M23 % Y-o-Y Net Operating Revenue 13,679 12,733 7.4 27,225 25,454 7.0 Mobile Services 8,907 8,184 8.8 17,609 16,149 9.0 FTTH 1,757 1,501 17.1 3,474 2,997 15.9 Corporate Data, ICT and others 1,128 1,042 8.3 2,260 2,135 5.9 Electronics 817 743 9.9 1,698 1,597 6.3 Other Revenues¹ 1,070 1,263 (15.3) 2,184 2,575 (15.2) Total Costs (8,224) (7,648) 7.5 (16,493) (15,426) 6.9 EBITDA 5,455 5,085 7.3 10,732 10,027
SÃO PAULO, May 7, 2024 /PRNewswire/ -- Telefônica Brasil - ((B3: VIVT3, NYSE:VIV), announces its results for 1Q24: 1Q24 Results: Telefônica Brasil S.A. Strong operating performance leading to above-inflation growth in revenues, EBITDA and net income R$ million 1Q24 1Q23 % Y-o-Y Net Operating Revenue 13,546 12,721 6.5 Mobile Services 8,702 7,965 9.3 FTTH 1,717 1,496 14.7 Corporate Data, ICT and Digital Services 1,132 1,093 3.5 Handsets and Electronics 881 854 3.1 Other Revenues¹ 1,114 1,312 (15.1) Total Costs (8,269) (7,778) 6.3 EBITDA 5,277 4,942 6.8 EBITDA Margin 39.0 % 38.9 % 0.1 p.p EBITDA After Leases (AL) 4,047 3,784 7.0 EBITDA AL Margin 29.9 % 29.7 % 0.1 p.p Net Income attributed to
SÃO PAULO, Feb. 22, 2024 /PRNewswire/ -- Telefônica Brasil S.A. (NYSE:VIV, B3: VIVT3.ON))) (the "Company") hereby announces that on February 22, 2024, the Company filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 (the "2023 Annual Report") with the U.S. Securities and Exchange Commission (the "SEC"). The 2023 Annual Report can be accessed by visiting either the SEC's website at www.sec.gov or the Company's website at ri.telefonica.com.br/en/. In addition, shareholders may receive a hard copy of the Company's complete audited financial statements free of charge, by requesting a copy from: David Melcon Sanchez-FrieraCFO and Investor Relations OfficerTelephone: +
SÃO PAULO, Feb. 20, 2024 /PRNewswire/ --Telefônica Brasil - ((B3: VIVT3, NYSE:VIV), announces its results for 4Q23 and 2023. Net Income expands by +23.1% YoY in 2023, led by real top-line growth R$ million 4Q23 4Q22 % Y-o-Y 2023 2022 % Y-o-Y Net Operating Revenue 13,535 12,659 6.9 52,100 48,041 8.4 Core Revenue 12,790 11,771 8.7 48,910 44,151 10.8 Mobile Revenue 9,643 8,899 8.4 36,669 33,070 10.9 Fixed core revenue 3,146 2,872 9.5 12,241 11,081 10.5 Non-core Revenue 745 888 (16.1) 3,190 3,890 (18.0) Total Costs (7,783) (7,425) 4.8 (30,782) (28,760) 7.0 EBITDA 5,752 5,234 9.9 21,318 19,282 10.6 EBITDA Margin 42.5 % 41.3 % 1.1 p.p. 40.9 % 40.1 % 0.8 p.p. EBITDA After Leases (AL) 4,461
Telefônica Brasil - ((B3: VIVT3, NYSE:VIV), announces its results for 2Q23. Strong Net Revenue growth combined with cost discipline leads to a double-digit EBITDA expansion SÃO PAULO, July 25, 2023 /PRNewswire/ -- R$ million 2Q23 2Q22 % Y-o-Y 6M23 6M22 % Y-o-Y Net Operating Revenues 12,733 11,831 7.6 25,454 23,183 9.8 Core Revenue 11,913 10,839 9.9 23,785 21,124 12.6 Mobile Revenue 8,927 8,110 10.1 17,746 15,691 13.1 Fixed Core Revenue 2,986 2,729 9.4 6,039 5,433 11.2 Non-Core Revenue 820 992 (17.4) 1,668 2,059 (19.0) Total Costs (7,648) (7,253) 5.4 (15,426) (14,093) 9.5 EBITDA 5,085 4,578 11.1 10,027 9,090 10.3 EBITDA Margin 39.9 % 38.7 % 1.2 p.p 39.4 % 39.2 % 0.2 p.p Net I
SÃO PAULO, May 9, 2023 /PRNewswire/ -- Telefônica Brasil - ((B3: VIVT3, NYSE:VIV), announces its results for 1Q23. Solid operating performance leads to the highest revenue growth in over a decade, as core services accelerate R$ million 1T23 1T22 % Y-o-Y Net Operating Revenues 12,721 11,352 12.1 Core Revenue 11,873 10,285 15.4 Mobile Revenue 8,819 7,581 16.3 Fixed Core Revenue 3,054 2,704 13.0 Non-Core Revenue 848 1,067 (20.5) Total Costs (7,778) (6,840) 13.7 EBITDA 4,942 4,511 9.6 EBITDA Margin 38.9 % 39.7 % (0.9) p.p. Net Income 835 750 11.3 Capex | Ex- IFRS 16 and Licenses 1,686 1,880 (10.3) Operating Cash Flow (OpCF) 3,256 2,631 23.7 OpCF/Net Revenue Margin 25.6 % 23.2 % 2.4 p.p. Fre
SÃO PAULO, Feb. 17, 2023 /PRNewswire/ -- Telefônica Brasil S.A. (NYSE:VIV, B3: VIVT3.ON))) (the "Company") hereby announces that February 17, 2023, the Company filed its annual report on Form 20-F for the fiscal year ended December 31, 2022 (the "2022 Annual Report") with the U.S. Securities and Exchange Commission (the "SEC"). The 2022 Annual Report can be accessed by visiting either the SEC's website at www.sec.gov or the Company's website at https://ri.telefonica.com.br/en. In addition, shareholders may receive a hard copy of the Company's complete audited financial statements free of charge, by requesting a copy from: David Melcon Sanchez-FrieraCFO and Investor Relations OfficerTelephone
SÃO PAULO, Feb. 15, 2023 /PRNewswire/ -- Telefônica Brasil - ((B3: VIVT3, NYSE:VIV), announces its results for 4Q22 and 2022. Vivo reinforces its leadership with a double-digit growth in Customer Base and Revenues, leading to strong Shareholder Remuneration in 2022 R$ million 4Q22 4Q21 % Y-o-Y 2022 2021 % Y-o-Y Net Operating Revenues 12,659 11,501 10.1 48,041 44,033 9.1 Core Revenue 11,771 10,415 13.0 44,151 39,319 12.3 Mobile Revenue 8,899 7,847 13.4 33,070 29,376 12.6 Fixed Core Revenue 2,872 2,568 11.9 11,081 9,942 11.5 Non-Core Revenue 888 1,086 (18.2) 3,890 4,714 (17.5) Recurring Total Costs (7,425) (6,568) 13.0 (28,760) (26,005) 10.6 Reported Total Costs (7,425) (6,568) 13.0 (28,76
SÃO PAULO, Oct. 26, 2022 /PRNewswire/ -- Telefônica Brasil - ((B3: VIVT3, NYSE:VIV), announces its results for 3Q22. Solid performances on revenues lead to better margins and higher Net Income R$ million 3Q22 3Q21 % y-o-y 9M22 9M21 % y-o-y Net Operating Revenues 12,199 11,033 10.6 35,382 32,532 8.8 Core Revenue 11,256 9,888 13.8 32,380 28,904 12.0 Mobile Revenue 8,480 7,391 14.7 24,172 21,529 12.3 Fixed Core Revenue 2,776 2,496 11.2 8,209 7,375 11.3 Non-Core Revenue 943 1,145 (17.7) 3,002 3,628 (17.3) Recurring Total Costs (7,242) (6,620) 9.4 (21,335) (19,437) 9.8 Reported Total Costs (7,242) (6,203) 16.7 (21,335) (18,457) 15.6 Recurring EBITDA 4,957 4,414 12.3 14,047 13,095
SÃO PAULO, Feb. 20, 2024 /PRNewswire/ --Telefônica Brasil - ((B3: VIVT3, NYSE:VIV), announces its results for 4Q23 and 2023. Net Income expands by +23.1% YoY in 2023, led by real top-line growth R$ million 4Q23 4Q22 % Y-o-Y 2023 2022 % Y-o-Y Net Operating Revenue 13,535 12,659 6.9 52,100 48,041 8.4 Core Revenue 12,790 11,771 8.7 48,910 44,151 10.8 Mobile Revenue 9,643 8,899 8.4 36,669 33,070 10.9 Fixed core revenue 3,146 2,872 9.5 12,241 11,081 10.5 Non-core Revenue 745 888 (16.1) 3,190 3,890 (18.0) Total Costs (7,783) (7,425) 4.8 (30,782) (28,760) 7.0 EBITDA 5,752 5,234 9.9 21,318 19,282 10.6 EBITDA Margin 42.5 % 41.3 % 1.1 p.p. 40.9 % 40.1 % 0.8 p.p. EBITDA After Leases (AL) 4,461
Telefônica Brasil - ((B3: VIVT3, NYSE:VIV), announces its results for 2Q23. Strong Net Revenue growth combined with cost discipline leads to a double-digit EBITDA expansion SÃO PAULO, July 25, 2023 /PRNewswire/ -- R$ million 2Q23 2Q22 % Y-o-Y 6M23 6M22 % Y-o-Y Net Operating Revenues 12,733 11,831 7.6 25,454 23,183 9.8 Core Revenue 11,913 10,839 9.9 23,785 21,124 12.6 Mobile Revenue 8,927 8,110 10.1 17,746 15,691 13.1 Fixed Core Revenue 2,986 2,729 9.4 6,039 5,433 11.2 Non-Core Revenue 820 992 (17.4) 1,668 2,059 (19.0) Total Costs (7,648) (7,253) 5.4 (15,426) (14,093) 9.5 EBITDA 5,085 4,578 11.1 10,027 9,090 10.3 EBITDA Margin 39.9 % 38.7 % 1.2 p.p 39.4 % 39.2 % 0.2 p.p Net I
SÃO PAULO, May 9, 2023 /PRNewswire/ -- Telefônica Brasil - ((B3: VIVT3, NYSE:VIV), announces its results for 1Q23. Solid operating performance leads to the highest revenue growth in over a decade, as core services accelerate R$ million 1T23 1T22 % Y-o-Y Net Operating Revenues 12,721 11,352 12.1 Core Revenue 11,873 10,285 15.4 Mobile Revenue 8,819 7,581 16.3 Fixed Core Revenue 3,054 2,704 13.0 Non-Core Revenue 848 1,067 (20.5) Total Costs (7,778) (6,840) 13.7 EBITDA 4,942 4,511 9.6 EBITDA Margin 38.9 % 39.7 % (0.9) p.p. Net Income 835 750 11.3 Capex | Ex- IFRS 16 and Licenses 1,686 1,880 (10.3) Operating Cash Flow (OpCF) 3,256 2,631 23.7 OpCF/Net Revenue Margin 25.6 % 23.2 % 2.4 p.p. Fre
SÃO PAULO, Feb. 15, 2023 /PRNewswire/ -- Telefônica Brasil - ((B3: VIVT3, NYSE:VIV), announces its results for 4Q22 and 2022. Vivo reinforces its leadership with a double-digit growth in Customer Base and Revenues, leading to strong Shareholder Remuneration in 2022 R$ million 4Q22 4Q21 % Y-o-Y 2022 2021 % Y-o-Y Net Operating Revenues 12,659 11,501 10.1 48,041 44,033 9.1 Core Revenue 11,771 10,415 13.0 44,151 39,319 12.3 Mobile Revenue 8,899 7,847 13.4 33,070 29,376 12.6 Fixed Core Revenue 2,872 2,568 11.9 11,081 9,942 11.5 Non-Core Revenue 888 1,086 (18.2) 3,890 4,714 (17.5) Recurring Total Costs (7,425) (6,568) 13.0 (28,760) (26,005) 10.6 Reported Total Costs (7,425) (6,568) 13.0 (28,76
SÃO PAULO, Oct. 26, 2022 /PRNewswire/ -- Telefônica Brasil - ((B3: VIVT3, NYSE:VIV), announces its results for 3Q22. Solid performances on revenues lead to better margins and higher Net Income R$ million 3Q22 3Q21 % y-o-y 9M22 9M21 % y-o-y Net Operating Revenues 12,199 11,033 10.6 35,382 32,532 8.8 Core Revenue 11,256 9,888 13.8 32,380 28,904 12.0 Mobile Revenue 8,480 7,391 14.7 24,172 21,529 12.3 Fixed Core Revenue 2,776 2,496 11.2 8,209 7,375 11.3 Non-Core Revenue 943 1,145 (17.7) 3,002 3,628 (17.3) Recurring Total Costs (7,242) (6,620) 9.4 (21,335) (19,437) 9.8 Reported Total Costs (7,242) (6,203) 16.7 (21,335) (18,457) 15.6 Recurring EBITDA 4,957 4,414 12.3 14,047 13,095
SÃO PAULO, July 26, 2022 /PRNewswire/ -- Telefônica Brasil - ((B3: VIVT3, NYSE:VIV), announces its results for 2Q22. Acceleration of the customer base evolution leads to double-digit revenue growth R$ million 2Q22 2Q21 % y-o-y 6M22 6M21 % y-o-y Net Operating Revenues 11,831 10,649 11.1 23,183 21,498 7.8 Core Revenue 10,839 9,453 14.7 21,124 19,016 11.1 Mobile Revenue 8,110 6,990 16.0 15,691 14,138 11.0 Fixed Core Revenue 2,729 2,462 10.8 5,433 4,878 11.4 Non-Core Revenue 992 1,197 (17.1) 2,059 2,483 (17.1) Recurring Total Costs (7,253) (6,423) 12.9 (14,093) (12,817) 10.0 Reported Total Costs (7,253) (5,860) 23.8 (14,093) (12,254) 15.0 Recurring EBITDA 4,578 4,226 8.3 9,090 8,681 4.7 Recu
SÃO PAULO, May 10, 2022 /PRNewswire/ -- Telefônica Brasil - ((B3: VIVT3, NYSE:VIV), announces its results for 1Q22. Highest net revenue growth in 7 years, led by a historic mark of 100 million total accesses. R$ million 1Q22 1Q21 % YoY Net Operating Revenues 11,352 10,849 4.6 Core Revenue 10,285 9,563 7.5 Mobile Revenue 7,581 7,147 6.1 Fixed Core Revenue 2,704 2,416 11.9 Non-Core Revenue 1,067 1,286 (17.0) Total Costs (6,840) (6,394) 7.0 EBITDA 4,511 4,455 1.3 EBITDA Margin 39.7% 41.1% (1.3) p.p. Net Income 750 942 (20.4) Capex | Ex- IFRS 16 1,880 1,943 (3.3) Operating Cash Flow (OpCF) 2,631 2,511 4.8 OpCF/Net Revenue Margin 23.2% 23.1% 0.1 Free Cash Flow after Lease Payments 2,477 2,19
SÃO PAULO, Feb. 22, 2022 /PRNewswire/ -- Telefônica Brasil - ((B3: VIVT3, NYSE:VIV), announces its results for 4Q21 and 2021. Net income amounted to R$6.2 billion, a 30.6% increase from 2020, with the largest customer base ever R$ million 4Q21 4Q20 % y-o-y 2021 2020 % y-o-y Net Operating Revenues 11.501 11.193 2,8 44.033 43.126 2,1 Core Revenue 10.415 9.828 6,0 39.319 37.030 6,2 Mobile Revenue 7.847 7.569 3,7 29.376 28.421 3,4 Fixed Core Revenue 2.568 2.259 13,7 9.942 8.609 15,5 Non-Core Revenue 1.086 1.365 (20,4) 4.714 6.096 (22,7) Total Costs (6.568) (6.316) 4,0 (26.005) (25.394) 2,4 Reported Total Costs (6.568) (6.316) 4,0 (25.025) (25.318) (1,2) Recurring EBITDA 4.933 4.877 1,2 18.
SÃO PAULO, Oct. 27, 2021 /PRNewswire/ -- Telefônica Brasil - ((B3: VIVT3, NYSE:VIV), announces its results for 3Q21. Fixed revenue back to growth and best mobile service revenue annual increase in 6 years, combined with net profit growing 8.5% R$ million 3Q21 3Q20 % y-o-y 9M21 9M20 % y-o-y Net Operating Revenues 11,033 10,792 2.2 32,532 31,934 1.9 Core Revenue 9,888 9,337 5.9 28,904 27,202 6.3 Mobile Revenue 7,391 7,163 3.2 21,529 20,852 3.2 Fixed Core Revenue 2,496 2,174 14.8 7,375 6,350 16.1 Non-Core Revenue 1,145 1,455 (21.3) 3,628 4,732 (23.3) Total Recurring Costs (6,620) (6,470) 2.3 (19,437) (19,078) 1.9 Reported Total Costs (6,203) (6,470) (4.1) (18,457) (19,002) (2.9) Recurring
SÃO PAULO, July 27, 2021 /PRNewswire/ -- Telefônica Brasil - ((B3: VIVT3, NYSE:VIV), announces its results for 2Q21. Revenue acceleration driven by positive evolution of mobile and fiber accesses, combined with net profit growing 20.9% R$ million 2Q21 % y-o-y Net Operating Revenues 10,649 3.2 Core Revenue 9,453 8.2 Mobile Revenue 6,990 5.6 Fixed Core Revenue 2,462 16.4 Non-Core Revenue 1,197 (24.4) Total Costs (6,423) 3.4 Recurring Total Costs (5,860) (5.7) Recurring EBITDA 4,226 3.0 Recurring EBITDA Margin 39.7% (0.1) p.p. Reported EBITDA 4,789 16.7 Reported EBITDA Margin % 45.0% 5.2 p.p. Net Income 1,345 20.9 Capex | Ex- IFRS 16 2,251 17.9 Free Cash Flow after Lease Payments 1,868