1The company's results were driven by strong customer demand for its technology, which management believes strengthens loyalty without proportionally increasing operational costs as traffic grows within its own network.
2Strategic projects, including the completion of the SPE Cozani integration and the Vivo sharing agreement, were instrumental in meeting a significant increase in market demand during the period.
3Management's strategy is centered on long-term value creation, supported by revenue expansion, cost-efficiency measures, robust free cash flow generation, and disciplined reinvestment in high-growth opportunities.
4The company believes it was not a Passive Foreign Investment Company (PFIC) for the taxable year ended December 31, 2025, and does not expect to be one for the current or foreseeable future, which is a relevant consideration for U.S. investors.
5The current Brazilian tax legislation prescribes specific, favorable rules for gains from investments in the financial and capital markets, with a zero tax rate applicable to related foreign investments.