Telefônica Brasil announces its results for 2Q24
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 |
7.0 |
EBITDA / Net Revenue Margin |
39.9 % |
39.9 % |
(0.1) p.p. |
39.4 % |
39.4 % |
0.0 p.p. |
EBITDA AL |
4,216 |
3,927 |
7.3 |
8,263 |
7,711 |
7.2 |
EBITDA AL / Net Revenue Margin |
30.8 % |
30.8 % |
(0.0) p.p. |
30.4 % |
30.3 % |
0.1 p.p. |
Net Income |
1,222 |
1,123 |
8.9 |
2,118 |
1,957 |
8.2 |
Earnings per Share (EPS) |
0.74 |
0.68 |
9.5 |
1.28 |
1.18 |
8.8 |
CAPEX ex-IFRS 16 |
2,341 |
2,353 |
(0.5) |
4,215 |
4,039 |
4.4 |
Operating Cash Flow (OpCF) |
3,114 |
2,732 |
14.0 |
6,517 |
5,988 |
8.8 |
OpCF/ Net Revenue Margin |
22.8 % |
21.5 % |
1.3 p.p. |
23.9 % |
23.5 % |
0.4 p.p. |
Operating Cash Flow AL (OpCF AL) |
1,875 |
1,575 |
19.1 |
4,048 |
3,672 |
10.2 |
OpCF AL / Net Revenue Margin |
13.7 % |
12.4 % |
1.3 p.p. |
14.9 % |
14.4 % |
0.4 p.p. |
Free Cash Flow |
3,089 |
2,508 |
23.1 |
5,469 |
5,638 |
(3.0) |
Total Subscribers (Thousand) |
114,683 |
111,940 |
2.5 |
114,683 |
111,940 |
2.5 |
1 – Other Revenues includes Voice, xDSL, FTTC and IPTV.
Net revenue grew (+7.4% YoY), driven by the strong performance of Mobile Service Revenue (MSR) (+8.8 YoY), which was boosted by the growth of Postpaid Revenue (+9.7% YoY). Postpaid's strong performance is related to the increase in customer base (+7.2% YoY), both due to migrations from prepaid as well as to the acquisition of new customers, annual price adjustments, and by maintaining postpaid's (ex-M2M) churn in historical low levels, 0.99% per month.
Fixed revenue had the biggest increase since 2015, +3.9% YoY, mainly driven by the increase in FTTH Revenue, which continued to expand strongly (+17.1% YoY) in 2Q24. FTTH network is currently present in 444 cities (+5 cities YoY) with 27.3 million homes passed (+10.5% YoY) and 6.5 million homes connected (+12.7% YoY).
EBITDA totaled R$5,455 million (+7.3% YoY), with a margin of 39.9% (-0.1 p.p. YoY), due to the strong service revenue performance.
Operating Cash Flow totaled R$3,114 million (+14.0% YoY), with a margin of 22.8% (+1.3 p.p. YoY) over net revenue. In 2Q24, Capex ex-IFRS16 totaled R$2,341 million (-0.5% YoY) or 17.1% of revenues (-1.4 p.p. YoY), directed towards strengthening our mobile network.
Net income attributed to Telefônica Brasil reached R$1,222 million in 2Q24 (+8.9% YoY). Shareholder remuneration paid up in 2024 reached, so far, R$4,137 million, of which R$2,190 million in interest of capital, R$1,500 million from the resources resulting from the capital reduction, while R$447 million were invested in share buybacks. For the years 2024 to 2026, the Company has committed to distribute an amount equal to or above 100% of net income for each fiscal year.
To download the complete version of the Company's earnings release, please visit our website: https://ri.telefonica.com.br/en
SOURCE Telefônica Brasil S.A.
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