[6-K] TELEFONICA BRASIL S.A. Current Report (Foreign Issuer)

Rhea-AI Filing Summary

Telefônica Brasil S.A. (VIV) filed Q3/9M 2025 interim results on Form 6‑K with a clean review conclusion. The independent reviewer stated nothing came to their attention indicating the individual or consolidated statements as of September 30, 2025 are not fairly presented under CPC 21 and IAS 34.

Consolidated net operating revenue was R$14,949,056 for the quarter and R$43,984,421 for the nine months. Consolidated net income reached R$1,887,220 in the quarter and R$4,282,295 year‑to‑date. On the parent‑company basis, basic and diluted earnings per share were R$0.58782 for the quarter and R$1.32788 for the nine months. Operating cash flow totaled R$15,572,463 for the nine months; investing used R$6,694,924 and financing used R$8,772,076, ending with cash and cash equivalents of R$6,796,561.

The balance sheet showed consolidated assets of R$123,899,419 and equity of R$68,500,404. The company finalized the adaptation from STFC concession to authorization and received approvals for extending 2,100 MHz spectrum. It closed the acquisition of Samauma (up to R$66,451) and agreed to acquire 50% of FiBrasil for R$850,000, approved by ANATEL and CADE, subject to customary closing conditions.

Insights

LatAm telecom equity analyst

Solid 9M growth with clean review and active portfolio moves.

Telefônica Brasil reported higher consolidated net operating revenue of R$43,984,421 for the nine months, with net income of R$4,282,295. The review conclusion indicates limited assurance with no exceptions noted, which is typical for interim statements and supports confidence in reported trends.

Regulatory items matter for medium‑term operations. The company completed the migration of STFC to authorization and obtained approval to extend 2,100 MHz spectrum, which secures continuity of mobile services under current licenses. Cash generation remained strong with operating cash flow of R$15,572,463, while investment and financing cash flows reflect network capex and shareholder returns.

Portfolio actions include closing Samauma (up to R$66,451) and agreeing to acquire 50% of FiBrasil for R$850,000, already approved by ANATEL and CADE. Actual impact will depend on closing and integration terms disclosed in subsequent filings.

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November, 2025

Commission File Number: 001-14475

TELEFÔNICA BRASIL S.A.
(Exact name of registrant as specified in its charter)

TELEFONICA BRAZIL S.A. (Translation of registrant’s name into English)

Av. Eng° Luís Carlos Berrini, 1376 -  28º andar
São Paulo, S.P.
Federative Republic of Brazil
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F X Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes No X 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes No X 

 

Telefônica Brasil S.A.

Individual parent company and consolidated

interim financial statements at

September 30, 2025
and report on review

Report on review of individual parent
company and consolidated interim
financial statements

To the Board of Directors and Shareholders

Telefônica Brasil S.A.

Introduction

We have reviewed the accompanying interim balance sheet of Telefônica Brasil S.A. ("Company") as at September 30, 2025 and the related statements of income, other comprehensive income, for the three-month and nine-month periods then ended, and the statements of changes in equity and cash flows for the nine-month period then ended, as well as the accompanying consolidated interim balance sheet of Telefônica Brasil S.A. and its subsidiaries ("Consolidated") as at September 30, 2025 and the related consolidated statements of income other comprehensive income for the three-month and nine-month periods then ended, and the consolidated statements of changes in equity and cash flows for the nine-month period then ended, and notes, comprising material accounting policies and other explanatory information.

Management is responsible for the preparation and fair presentation of these individual parent company and consolidated interim financial statements in accordance with the accounting standard CPC 21 - "Interim Financial Reporting", of the Brazilian Accounting Pronouncements Committee (CPC), and International Accounting Standard (IAS) 34 - "Interim Financial Reporting", of the International Accounting Standards Board (IASB). Our responsibility is to express a conclusion on these interim financial statements based on our review.

Scope of review

We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual parent company and consolidated interim financial statements referred to above do not present fairly, in all material respects, the financial position of the

Telefônica Brasil S.A. and of the Telefônica Brasil S.A. and its subsidiaries as at September 30, 2025, and the individual parent company financial performance for the three-month and nine-month periods then ended and its cash flows for the nine-month period then ended, as well as the consolidated financial performance for the three-month and nine-month periods then ended and the consolidated cash flows for the nine-month period then ended, in accordance with CPC 21 and IAS 34.

Other matters - Statements of value added

The interim financial statements referred to above include the individual parent company and consolidated statements of value added for the nine-month period ended September 30, 2025. These statements are the responsibility of the Company's management and are presented as supplementary information under IAS 34. These statements have been subjected to review procedures performed together with the review of the interim financial statements for the purpose concluding whether they are reconciled with the interim financial statements and accounting records, as applicable, and if their form and content are in accordance with the criteria defined in the accounting standard CPC 09 - "Statement of Value Added". Based on our review, nothing has come to our attention that causes us to believe that these statements of value added have not been properly prepared, in all material respects, in accordance with the criteria established in this accounting standard, and that they are consistent with the individual parent company and consolidated interim financial statements taken as a whole.

São Paulo, October 30, 2025

PricewaterhouseCoopers

Auditores Independentes Ltda.

CRC 2SP000160/O-5

Ricardo Novaes de Queiroz

Contador CRC 1DF012332/O-2

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
QUARTERLY INFORMATION

Contents

INDIVIDUAL AND CONSOLIDATED INTERIM BALANCE SHEETS	1
INDIVIDUAL AND CONSOLIDATED STATEMENTS OF INCOME	3
INDIVIDUAL AND CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY	4
INDIVIDUAL AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	5
INDIVIDUAL AND CONSOLIDATED STATEMENTS OF VALUE ADDED	6
INDIVIDUAL AND CONSOLIDATED STATEMENTS OF CASH FLOWS	7
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION	8
1.  OPERATIONS	8
2.  BASIS OF PREPARATION AND PRESENTATION OF INDIVIDUAL AND CONSOLIDATED QUARTERLY FINANCIAL INFORMATION	19
3.  CASH AND CASH EQUIVALENTS	21
4.  FINANCIAL INVESTMENTS	21
5.  TRADE ACCOUNTS RECEIVABLE	22
6.  INVENTORIES	23
7.  PREPAID EXPENSES	24
8.  INCOME AND SOCIAL CONTRIBUTION TAXES	24
9.  TAXES, CHARGES AND CONTRIBUTIONS RECOVERABLE	29
10.  JUDICIAL DEPOSITS AND GARNISHMENTS	29
11.  OTHER ASSETS	30
12.  INVESTMENTS	30
13.  PROPERTY, PLANT AND EQUIPMENT (PP&E)	33
14.  INTANGIBLE ASSETS	36
15.  PERSONNEL, SOCIAL CHARGES AND BENEFITS	38
16.  TRADE ACCOUNTS PAYABLE	38
17.  TAXES, CHARGES AND CONTRIBUTIONS PAYABLE	38
18.  DIVIDENDS AND INTEREST ON EQUITY	39
19.  PROVISION AND CONTINGENCIES	40
20.  LOANS, FINANCING, DEBENTURES, LEASES AND OTHER CREDITORS	49
21.  DEFERRED REVENUE	53
22.  OTHER LIABILITIES	53
23.  EQUITY	53
24.  NET OPERATING REVENUE	59
25.  OPERATING COSTS AND EXPENSES	60
26.  OTHER INCOME (EXPENSES), NET	62
27.  FINANCIAL INCOME (EXPENSES), NET	63
28.  BALANCES AND TRANSACTIONS WITH RELATED PARTIES	64
29.  SHARE-BASED PAYMENT PLANS	67
30.  PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS	69
31.  FINANCIAL INSTRUMENTS AND RISK AND CAPITAL MANAGEMENT	70
32.  SUPPLEMENTAL CASH FLOW INFORMATION	79
33.  CONTRACTUAL COMMITMENTS AND GUARANTEES	80
34.  OTHER MATTERS	81
35.  SUBSEQUENT EVENTS	82

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
INDIVIDUAL AND CONSOLIDATED INTERIM BALANCE SHEETS
On September 30, 2025 and December 31, 2024
(In thousands of Reais)

INDIVIDUAL AND CONSOLIDATED INTERIM BALANCE SHEETS

			Company				Consolidated
ASSETS	Note		09.30.2025		12.31.2024		09.30.2025		12.31.2024
Current assets			22,638,406		21,420,246		24,248,764		22,814,327
Cash and cash equivalents	3		6,376,416		6,266,376		6,796,561		6,691,098
Trade accounts receivable	5		9,551,376		8,988,019		10,045,839		9,471,592
Inventories	6		1,195,138		1,046,582		1,256,004		1,097,238
Prepaid expenses	7		2,034,682		1,526,404		2,614,163		1,868,954
Income and social contribution taxes recoverable	8.a		484,580		839,827		507,695		852,694
Taxes, charges and contributions recoverable	9		2,367,002		2,223,467		2,433,742		2,306,093
Judicial deposits and garnishments	10		105,737		150,160		107,140		150,993
Dividends and interest on equity	18.a		25,775		1,975		—		—
Derivative financial instruments	31.a		9,391		15,524		9,475		15,524
Other assets	11		488,309		361,912		478,145		360,141
Non-current assets			99,440,298		101,989,145		99,650,655		102,126,346
Long-term assets			6,228,100		6,018,876		6,766,130		6,485,934
Financial investments	4		33,081		42,408		33,455		42,619
Trade accounts receivable	5		99,826		335,066		142,333		370,149
Prepaid expenses	7		2,319,736		2,086,460		2,381,501		2,085,201
Deferred taxes	8.c		—		—		134,722		158,215
Taxes, charges and contributions recoverable	9		610,418		606,345		610,763		606,345
Judicial deposits and garnishments	10		2,652,791		2,653,562		2,858,352		2,852,730
Derivative financial instruments	31.a		6,147		—		6,147		1,840
Other assets	11		506,101		295,035		598,857		368,835
Investments	12.b		1,430,579		1,320,447		633,040		566,384
Property, plant and equipment	13.a		44,715,943		46,796,018		44,728,474		46,812,381
Intangible assets	14.a		47,065,676		47,853,804		47,523,011		48,261,647
TOTAL ASSETS			122,078,704		123,409,391		123,899,419		124,940,673

Explanatory notes are an integral part of the quarterly information

1

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
INDIVIDUAL AND CONSOLIDATED INTERIM BALANCE SHEETS
On September 30, 2025 and December 31, 2024
(In thousands of Reais)

			Company				Consolidated
LIABILITIES AND EQUITY	Note		09.30.2025		12.31.2024		09.30.2025		12.31.2024
Current liabilities			22,871,638		23,429,881		23,879,394		24,257,939
Personnel, social charges and benefits	15		1,247,048		1,147,385		1,362,205		1,238,452
Trade accounts payable	16		9,325,734		8,933,045		9,531,745		9,230,624
Income and social contribution taxes payable	8.b		88,242		1,142		94,071		9,898
Taxes, charges and contributions payable	17		1,456,278		1,520,447		1,503,214		1,585,936
Dividends and interest on equity	18.b		2,270,047		2,235,116		2,272,022		2,237,090
Provision and contingencies	19.a		1,539,049		1,756,470		1,547,383		1,770,997
Financing, debentures and leases	20.a		4,835,680		6,409,328		4,911,158		6,447,958
Deferred income	21		661,526		724,157		1,196,712		1,019,134
Derivative financial instruments	31.a		19,507		866		22,349		866
Other liabilities	22		1,428,527		701,925		1,438,535		716,984
Non-current liabilities			30,768,914		30,249,928		31,519,621		30,883,239
Personnel, social charges and benefits	15		66,830		63,211		112,162		75,461
Income and social contribution taxes payable	8.b		223,724		215,355		263,831		215,355
Taxes, charges and contributions payable	17		6,341,481		5,063,774		6,410,336		5,128,584
Deferred taxes	8.c		4,163,474		4,003,263		4,171,304		4,015,677
Provision and contingencies	19.a		5,403,754		5,148,906		5,572,489		5,368,788
Financing, debentures and leases	20.a		12,852,860		13,984,060		13,165,409		14,298,572
Deferred income	21		124,480		125,082		218,170		126,912
Derivative financial instruments	31.a		6,020		10,403		12,711		10,403
Other liabilities	22		1,586,291		1,635,874		1,593,209		1,643,487
TOTAL LIABILITIES			53,640,552		53,679,809		55,399,015		55,141,178
Equity			68,438,152		69,729,582		68,438,152		69,729,582
Capital	23.a		60,071,416		62,071,416		60,071,416		62,071,416
Capital reserves	23.c		58,854		63,095		58,854		63,095
Income reserves	23.d		6,093,931		7,523,216		6,093,931		7,523,216
Retained earnings			2,148,780		—		2,148,780		—
Equity valuation adjustment	23.f		65,171		71,855		65,171		71,855
Non-controlling shareholders	23.g		—		—		62,252		69,913
TOTAL EQUITY			68,438,152		69,729,582		68,500,404		69,799,495
TOTAL LIABILITIES AND EQUITY			122,078,704		123,409,391		123,899,419		124,940,673

The explanatory notes are an integral part of the quarterly information

2

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
INDIVIDUAL AND CONSOLIDATED STATEMENTS OF INCOME
On September 30, 2025 and December 31, 2024
(In thousands of Reais)

INDIVIDUAL AND CONSOLIDATED STATEMENTS OF INCOME

			Company								Consolidated
			Three-month period ended				Nine-month period ended				Three-month period ended				Nine-month period ended
	Note		09.30.2025		09.30.2024		09.30.2025		09.30.2024		09.30.2025		09.30.2024		09.30.2025		09.30.2024
Net operating revenue	24		14,227,820		13,568,717		41,962,874		39,828,036		14,949,056		14,039,057		43,984,421		41,263,628
Cost of sales and services	25		(7,598,866)		(7,447,684)		(22,672,380)		(21,833,582)		(8,144,162)		(7,795,275)		(24,206,421)		(22,921,786)
Gross profit			6,628,954		6,121,033		19,290,494		17,994,454		6,804,894		6,243,782		19,778,000		18,341,842
Operating income (expenses)			(3,899,865)		(3,843,752)		(12,359,831)		(11,788,139)		(4,036,241)		(3,952,698)		(12,779,824)		(12,099,062)
Selling expenses	25		(3,283,710)		(3,179,757)		(9,832,030)		(9,435,114)		(3,335,757)		(3,233,686)		(10,020,723)		(9,594,759)
General and administrative expenses	25		(873,362)		(764,200)		(2,591,743)		(2,242,334)		(916,843)		(792,110)		(2,739,885)		(2,319,274)
Other operating income (expense), net	26		221,766		81,397		(11,993)		(164,215)		215,738		70,904		(16,678)		(187,402)
Share of results in investees – equity method	12		35,441		18,808		75,935		53,524		621		2,194		(2,538)		2,373
Operating income			2,729,089		2,277,281		6,930,663		6,206,315		2,768,653		2,291,084		6,998,176		6,242,780
Financial income (expense), net	27		(661,218)		(532,744)		(1,914,523)		(1,586,876)		(666,386)		(528,983)		(1,924,689)		(1,567,270)
Profit  before taxes			2,067,871		1,744,537		5,016,140		4,619,439		2,102,267		1,762,101		5,073,487		4,675,510
Income and social contribution taxes	8.d		(179,512)		(77,093)		(725,115)		(834,534)		(215,047)		(94,032)		(791,192)		(879,823)
Net income for the period			1,888,359		1,667,444		4,291,025		3,784,905		1,887,220		1,668,069		4,282,295		3,795,687
Attributable to:
Controlling shareholders	23.h		1,888,359		1,667,444		4,291,025		3,784,905		1,888,359		1,667,444		4,291,025		3,784,905
Non-controlling shareholders	23.h		—		—		—		—		(1,139)		625		(8,730)		10,782
Basic and diluted earnings per common share (in R$)	23.i		0.58782		0.50851		1.32788		1.14862

Explanatory notes are an integral part of the quarterly information

3

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
INDIVIDUAL AND CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
On September 30, 2025 and December 31, 2024
(In thousands of Reais)

INDIVIDUAL AND CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

				Capital reserves						Income reserves
		Capital		Special goodwill reserve		Treasury shares		Other capital reserves		Legal reserve		Treasury shares		Tax incentive reserve		Reserve for remuneration of shareholders and investments		Retained earnings		Equity valuation adjustment		Parent Company equity		Non-controlling shareholders		Consolidated equity
Balance on  December 31, 2023		63,571,416		63,074		(194)		215		3,841,022		—		313,581		1,730,972		—		46,709		69,566,795		60,525		69,627,320
Return of Capital to Shareholders  - 01/24/24		(1,500,000)		—		—		—		—		—		—				—		—		(1,500,000)		—		(1,500,000)
Unclaimed dividends and interest on equity		—		—		—		—		—		—		—				56,418		—		56,418		—		56,418
Appropriation to tax incentive reserve		—		—		—		—		—		—		99,396		—		(99,396)		—		—		—		—
Repurchase of common shares for treasury		—		—		—		—		—		(992,051)		—		—		—		—		(992,051)		—		(992,051)
Non-controlling shareholders in Vivo Ventures – adjustment		—		—		—		—		—		—		—		—		—		—		—		1,160		1,160
Other comprehensive income		—		—		—		—		—		—		—		—		—		17,486		17,486		—		17,486
Net income for the period		—		—		—		—		—		—		—		—		3,784,905		—		3,784,905		10,782		3,795,687
Interim interest on equity distribution		—		—		—		—		—		—		—		—		(1,905,000)		—		(1,905,000)		—		(1,905,000)
Balance on  September 30, 2024		62,071,416		63,074		(194)		215		3,841,022		(992,051)		412,977		1,730,972		1,836,927		64,195		69,028,553		72,467		69,101,020
Unclaimed dividends and interest on equity		—		—		—		—		—		—		—		—		70,559		—		70,559		—		70,559
Appropriation to tax incentive reserve		—		—		—		—		—		—		13,956		—		(13,956)		—		—		—		—
Repurchase of common shares for treasury		—		—		—		—		—		(307,532)		—		—		—		—		(307,532)		—		(307,532)
Non-controlling shareholders in Vivo Ventures – adjustment		—		—		—		—		—		—		—		—		—		—		—		830		830
Other comprehensive income		—		—		—		—		—		—		—		—		367,299		7,660		374,959		(11)		374,948
Net income for the period		—		—		—		—		—		—		—		—		1,763,043		—		1,763,043		(1,398)		1,761,645
Allocation of income:
Legal reserve		—		—		—		—		277,397		—		—		—		(277,397)		—		—		—		—
Interim interest on equity distribution		—		—		—		—		—		—		—		—		(1,200,000)		—		(1,200,000)		(1,975)		(1,201,975)
Cancellation of common shares		—		—		—		—		—		1,099,584		—		—		(1,099,584)		—		—		—		—
Reserve for remuneration of shareholders and investments		—		—		—		—		—		—		—		1,446,891		(1,446,891)		—		—		—		—
Balance on December 31, 2024		62,071,416		63,074		(194)		215		4,118,419		(199,999)		426,933		3,177,863		—		71,855		69,729,582		69,913		69,799,495
Unclaimed dividends and interest on equity		—		—		—		—		—		—		—		—		59,987		—		59,987		—		59,987
Return of Capital to Shareholders - 12/18/24		(2,000,000)		—		—		—		—		—		—		—		—		—		(2,000,000)		—		(2,000,000)
Appropriation to tax incentive reserve		—		—		—		—		—		—		(2,804)		—		2,804		—		—		—		—
Repurchase of common shares for treasury		—		—		—		—		—		(1,426,481)		—		—		—		—		(1,426,481)		—		(1,426,481)
Cancellation of common shares		—		—		30		(30)		—		928,892		—		(928,892)		—		—		—		—		—
Surplus Distribution – PBS-A Plan		—		—		—		(4,241)		—		—		—		—		—		—		(4,241)		—		(4,241)
Non-controlling shareholders in Vivo Ventures – adjustment		—		—		—		—		—		—		—		—		—		—		—		1,182		1,182
Other comprehensive income		—		—		—		—		—		—		—		—		94,964		(6,684)		88,280		(113)		88,167
Net income for the period		—		—		—		—		—		—		—		—		4,291,025		—		4,291,025		(8,730)		4,282,295
Interim interest on equity distribution		—		—		—		—		—		—		—		—		(2,300,000)		—		(2,300,000)		—		(2,300,000)
Balance on  September 30, 2025		60,071,416		63,074		(164)		(4,056)		4,118,419		(697,588)		424,129		2,248,971		2,148,780		65,171		68,438,152		62,252		68,500,404

Explanatory notes are an integral part of the quarterly information

4

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
INDIVIDUAL AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
On September 30, 2025 and December 31, 2024
(In thousands of Reais)

INDIVIDUAL AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

		Company								Consolidated
		Three-month period ended				Nine-month period ended				Three-month period ended				Nine-month period ended
		09.30.2025		09.30.2024		09.30.2025		09.30.2024		09.30.2025		09.30.2024		09.30.2025		09.30.2024
Net income for the period		1,888,359		1,667,444		4,291,025		3,784,905		1,887,220		1,668,069		4,282,295		3,795,687
Other net comprehensive income that may be reclassified to income in subsequent years		(4,305)		3,502		(6,679)		17,495		(4,305)		3,502		(6,679)		17,495
Gains (losses) on derivative financial instruments		(1,117)		—		(3,438)		898		(1,117)		—		(3,438)		898
Taxes		380		—		1,169		(305)		380		—		1,169		(305)
Currency translation adjustments for foreign investees		(3,568)		3,502		(4,410)		16,902		(3,568)		3,502		(4,410)		16,902
Other net comprehensive income that will not be reclassified to income in subsequent periods		95,620		(4)		95,621		(9)		94,887		(4)		94,888		(9)
Unrealized gains (losses) on financial assets at fair value through other comprehensive income		(8)		(6)		(7)		(13)		(8)		(6)		(7)		(13)
Taxes		2		2		2		4		2		2		2		4
Actuarial gains and limitation effect of the assets of surplus plan		144,888		—		144,888		—		144,477		—		144,477		—
Taxes		(49,262)		—		(49,262)		—		(49,584)		—		(49,584)		—
Equity in the comprehensive income of investees, resulting from actuarial losses from deficit-making plans		(663)		—		(663)		—		—		—		—		—
Other comprehensive income		90,652		3,498		88,279		17,486		90,582		3,498		88,209		17,486
Comprehensive income for the period – net of taxes		1,979,011		1,670,942		4,379,304		3,802,391		1,977,802		1,671,567		4,370,504		3,813,173
Attributable to:
Controlling shareholders		1,979,011		1,670,942		4,379,304		3,802,391		1,979,011		1,670,942		4,379,304		3,802,391
Non-controlling shareholders		—		—		—		—		(1,209)		625		(8,800)		10,782

Explanatory notes are an integral part of the quarterly information

5

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
INDIVIDUAL AND CONSOLIDATED STATEMENTS OF VALUE ADDED
On September 30, 2025 and December 31, 2024
(In thousands of Reais)

INDIVIDUAL AND CONSOLIDATED STATEMENTS OF VALUE ADDED

		Company				Consolidated
		Nine-month period ended				Nine-month period ended
		09.30.2025		09.30.2024		09.30.2025		09.30.2024
Revenue		50,477,932		47,916,433		52,650,427		49,421,988
Sale of goods and services		50,243,228		47,879,028		52,536,808		49,497,567
Other revenues		1,301,901		1,069,848		1,298,245		1,067,115
Allowance for expected losses from accounts receivable		(1,067,197)		(1,032,443)		(1,184,626)		(1,142,694)
Inputs acquired from third parties		(17,829,919)		(17,311,540)		(19,320,936)		(18,341,154)
Cost of goods and products sold and services rendered		(12,028,514)		(11,877,448)		(13,510,676)		(12,926,722)
Materials, electric energy, third-party services and other expenses		(6,001,875)		(5,598,917)		(6,017,375)		(5,577,786)
Loss/recovery of assets		200,470		164,825		207,115		163,354
Gross value added		32,648,013		30,604,893		33,329,491		31,080,834
Withholdings		(11,094,755)		(10,424,456)		(11,122,200)		(10,441,154)
Depreciation and amortization		(11,094,755)		(10,424,456)		(11,122,200)		(10,441,154)
Net value added produced		21,553,258		20,180,437		22,207,291		20,639,680
Value added received in transfer		1,422,631		1,045,275		1,424,500		1,048,640
Share of results in investees – equity method		75,935		53,524		(2,538)		2,373
Financial income		1,346,696		991,751		1,427,038		1,046,267
Total undistributed value added		22,975,889		21,225,712		23,631,791		21,688,320
Distribution of value added		22,975,889		21,225,712		23,631,791		21,688,320
Personnel, social charges and benefits		4,823,646		4,617,839		5,160,319		4,874,187
Direct compensation		3,195,962		3,024,829		3,420,639		3,190,943
Benefits		1,404,972		1,386,314		1,497,322		1,461,303
Government Severance Indemnity Fund for Employees (FGTS)		222,712		206,696		242,358		221,941
Taxes, charges and contributions		9,683,005		9,218,340		9,928,202		9,385,657
Federal		3,869,836		3,810,937		4,072,834		3,947,955
State		5,609,370		5,231,718		5,604,395		5,234,275
Local		203,799		175,685		250,973		203,427
Debt remuneration		4,178,213		3,604,628		4,260,975		3,632,789
Interest		3,183,368		2,537,701		3,267,207		2,568,245
Rental		994,845		1,066,927		993,768		1,064,544
Equity remuneration		4,291,025		3,784,905		4,282,295		3,795,687
Interest on equity distribution		2,300,000		1,905,000		2,300,000		1,905,000
Retained profit		1,991,025		1,879,905		1,991,025		1,879,905
Non-controlling shareholders		—		—		(8,730)		10,782

Explanatory notes are an integral part of the quarterly information

6

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
INDIVIDUAL AND CONSOLIDATED STATEMENTS OF CASH FLOWS
On September 30, 2025 and December 31, 2024
(In thousands of Reais)

INDIVIDUAL AND CONSOLIDATED STATEMENTS OF CASH FLOWS

		Company				Consolidated
		Nine-month period ended				Nine-month period ended
		09.30.2025		09.30.2024		09.30.2025		09.30.2024
Cash flows from operating activities
Income before taxes		5,016,140		4,619,439		5,073,487		4,675,510
Adjustment for:
Depreciation and amortization		11,094,755		10,424,456		11,122,200		10,441,154
Accrued foreign exchange gains/losses on loans and derivative financial instruments		82,689		(15,287)		100,908		(16,149)
Accrued interest and charges on assets and liabilities		421,165		155,770		418,151		152,771
Share of results in investees – equity method		(75,935)		(53,524)		2,538		(2,373)
Gains on disposal of assets		(388,988)		(196,295)		(388,838)		(195,342)
Impairment losses – trade accounts receivable		1,067,197		1,032,443		1,184,626		1,142,694
Change in liability provision		269,633		184,355		204,674		197,977
Write-off and reversal of allowance for inventory impairment		48,796		41,144		48,844		41,914
Pension plans and other post-retirement benefits		(11,695)		55,755		(12,831)		57,093
Provision for lawsuits		568,904		470,508		571,018		474,270
Accrued interest expenses (loans, financing and leases)		1,710,171		1,540,149		1,735,442		1,549,859
Other		(60,330)		5,429		(64,757)		(683)
Changes in assets and liabilities
Trade accounts receivable		(1,411,018)		(819,633)		(1,536,465)		(987,974)
Inventories		(197,353)		(408,385)		(197,878)		(414,993)
Taxes recoverable		(583,640)		(326,040)		(584,821)		(357,134)
Prepaid expenses		(527,922)		(907,550)		(830,390)		(1,097,039)
Other assets		(3,722)		36,352		(7,873)		13,521
Personnel, social charges and benefits		103,283		74,486		130,407		84,206
Trade accounts payable		232,082		1,242,432		208,003		1,281,417
Taxes, charges and contributions		1,575,403		645,373		1,560,912		673,874
Provisions for legal claims, refunds to customers and provision for fines for cancellation of lease contracts		(733,665)		(614,113)		(739,332)		(618,230)
Other liabilities		(201,666)		151,651		124,394		318,342
		12,978,144		12,719,476		13,048,932		12,739,175
Cash generated from operations		17,994,284		17,338,915		18,122,419		17,414,685
Interest paid on loans, financing, debentures and leases		(1,824,809)		(1,600,339)		(1,842,589)		(1,610,558)
Income and social contribution taxes paid		(661,486)		(468,644)		(707,367)		(497,428)
Net cash generated by operating activities		15,507,989		15,269,932		15,572,463		15,306,699
Cash flows from investing activities
Additions to PP&E, intangible assets and others		(7,010,106)		(6,606,224)		(7,020,630)		(6,620,347)
Proceeds from sale of PP&E		271,372		244,454		272,014		244,455
Payment for acquisition of investments and capital subscribed in subsidiary		(73,077)		(82,674)		(88,735)		(62,983)
Loans granted to the subsidiary CloudCo Brasil		—		(45,009)		—		—
Receipts net of judicial deposits		130,973		46,471		132,972		46,876
Net redemptions of financial investments		9,328		—		9,163		—
Cash and cash equivalents received upon the acquisition of companies		—		—		292		—
Receipt of dividends and interest on equity		—		2,452		—		—
Cash received upon sale of investments		10,000		161,057		—		161,057
Net cash used in investing activities		(6,661,510)		(6,279,473)		(6,694,924)		(6,230,942)
Cash flows from financing activities
New borrowings		—		—		20,000		83,084
Payments of loans, financing, debentures and leases		(4,270,397)		(2,473,727)		(4,318,868)		(2,498,157)
Receipts – derivative financial instruments		31,130		40,254		34,435		41,849
Payments – derivative financial instruments		(103,014)		(16,759)		(114,667)		(16,764)
Receipts from reverse stock split and stock split operations		949,354		—		949,354		—
Payments for reverse stock split and stock split operations		(124,064)		—		(124,064)		—
Payment for acquisitions of shares for treasury		(1,426,481)		(992,051)		(1,426,481)		(992,051)
Dividend and interest on equity paid		(1,869,461)		(1,819,122)		(1,869,461)		(1,821,575)
Return of capital to shareholders		(1,923,506)		(1,442,860)		(1,923,506)		(1,442,860)
Capital subscriptions made by non-controlling shareholders in subsidiaries		—		—		1,182		11,160
Net cash used in financing activities		(8,736,439)		(6,704,265)		(8,772,076)		(6,635,314)
Increase in cash and cash equivalents		110,040		2,286,194		105,463		2,440,443
Cash and cash equivalents at beginning of the period		6,266,376		4,031,235		6,691,098		4,358,276
Cash and cash equivalents at end of the  period		6,376,416		6,317,429		6,796,561		6,798,719

Explanatory notes are an integral part of the quarterly information

7

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION

1. OPERATIONS

1.a. Background information

Telefônica Brasil S.A. (the “Company“ or “Telefônica Brasil“) is a publicly-held corporation whose main corporate purpose is the provision of telecommunications services; the development of activities necessary or complementary to the execution of such services in accordance with the concessions, authorizations and permissions granted; rendering value-added services; offering integrated solutions, management and provision of services related to: (i) data centers, including hosting and co-location; (ii) storage, processing and management of data, information, texts, images, videos, applications and information systems and similar; (iii) information technology; (iv) information and communication security; and (v) electronic security systems; licensing and sublicensing of software of any nature, among other activities.

The Company's principal offices are located at 1376, Engenheiro Luis Carlos Berrini Avenue, in the city and State of São Paulo, Brazil. It is a member of the Telefónica Group (“Group“), based in Spain which operates in several countries in Europe and Latin America.

Telefónica S.A. (“Telefónica“), the Group holding company, held a total direct and indirect interest in the Company of 77.13% on September 30, 2025 (76.30% on December 31, 2024) (Note 23.a).

The Company is registered with the Brazilian Securities Commission (“CVM“) and its shares are traded on the B3 S.A. – Brasil, Bolsa e Balcão ("B3"). It is also registered with the U.S. Securities and Exchange Commission (“SEC“) and its American Depositary Shares (“ADSs“), backed by its common shares, are traded on the New York Stock Exchange (“NYSE“).

1.b. Operations

The Company renders the following services: (i) Fixed Switched Telephony Service (“STFC“); (ii) Multimedia Communication Service (“SCM“, data communication, including broadband internet); (iii) Personal Mobile Service (“SMP“); and (iv) Conditioned Access Service (“SEAC“ – Pay TV); (v) Private Limited Service (“SLP“) and (vi) Global Mobile Satellite Service (“SMGS”), throughout Brazil, through authorizations, in addition to other activities.

Service authorizations are granted by Brazil's Telecommunications Regulatory Agency (“ANATEL“), the agency responsible for the regulation of the Brazilian telecommunications sector under the terms of Law No. 9472 of July 16, 1997 – General Telecommunications Law (“Lei Geral das Telecomunicações“ – LGT).

Personal Mobile Service - SMP

Before Law no. 13.879 / 2019 came into effect, authorizations for the use of radio frequencies were commonly granted for 15 years and could be extended only once, for the same term. Following the normative changes to the Law, successive extensions of authorization grants were allowed, though the current terms were only clarified by Decree no. 10.402/2020 which detailed the requirements related to the new successive extension regime; the current authorizations are also covered by the new regime.

The Decree defined ANATEL's parameters for evaluating the scope of extension requests, such as ensuring the efficient use of radio frequencies, competitive aspects, meeting the public interest and fulfilling obligations already assumed with ANATEL.

According to the interpretation of the Federal Audit Court (“TCU”), requests for extension are assessed through a new spectrum bidding process; ANATEL can only approve the extension request if the provider proves compliance with the conditions set forth in the Decree.

8

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

For radio frequency usage authorizations acquired prior to the 5G auction held in 2021, every two years, after the first extension, the Company must pay a fee equivalent to 2% of the revenue earned through the provision of the SMP in the year prior to the payment, net of applicable taxes and social contributions (Note 22), and, for certain items, in the 15th year the Company must pay the equivalent of 1% of its revenue in the previous year. The calculation will consider the net revenue resulting from the application of the Basic and Alternative Service Plans. For authorizations issued for the 700MHz, 2100MHz, 2500MHz sub-bands and part of the 900/1800MHz, the calculation of the fee also applies to the remuneration for network use (interconnection).

In July 2018, ANATEL published Resolution No. 695 with a new regulation for a public spectrum pricing. This Resolution established new criteria for the costs of extending licenses. The formula takes into account factors such as the authorization term, revenue earned in the region, and the spectrum used by the provider. In addition, part of the payment may be converted into investment commitments. However, the calculation methodology contained in the Resolution for specific cases of authorization extensions depends on ANATEL's assessment. ANATEL has recently adopted different calculation methods for valuing authorization extensions. ANATEL submitted for public consultation, in November 2023, the revision of the Spectrum Usage Regulation (“RUE”), approved by Resolution No. 671, of November 3, 2016. The draft submitted by ANATEL revokes Resolution No. 695/2018 and directly consolidates in the RUE the rules associated with the valuation of authorizations for the use of the radio frequency spectrum, introducing the discounted cash flow method at net present value (“VPL”).

The information regarding the authorizations of each sub-band held by the Company for use in the SMP is the same as in Note 1.b. Operations, disclosed in the financial statements for the year ended December 31, 2024, except for the extension of the 2,100 MHz authorizations, are described below.

Extension of 2,100 MHz Authorizations

In April 2023, ANATEL agreed to extend the Company's current authorizations for the use of 2,100 MHz radio frequencies until April 2038 and submitted its decision to the TCU for review.

Since these were the first requests for extensions provided for in the contracts and bidding processes that originally granted these authorizations, the TCU's technical division did not identify evidence of irrational or inappropriate use of these bands by the Company that would justify denying the extensions. However, they highlighted the need to adapt Article 31 of Resolution No. 757/2022 to align with the proposed maximum validity periods.

On February 3, 2025, Resolution No. 757/2022 was revoked by Resolution No. 773/2025, which approved the new Regulation for Conditions of Use of Radio Frequencies.

On February 5, 2025, the TCU approved the extension of the 2,100 MHz authorizations, as originally proposed by ANATEL. This approval was formalized through Ruling No. 224/2025 – TCU – Plenary.

Switched Fixed Telephone Service (STFC)

The STFC concession model, adopted in 1998 upon signing of contracts for the privatization of the telecommunications sector, created a new business model for telecommunications services in Brazil. Over 20 years ago concessionaires were enabled by the expansion and universalization of fixed-line telephone service, which, before privatization, was expensive, elitist and left consumers waiting in long queues, lasting months or years.

On October 4, 2019, Law 13,879/2019 (resulting from PLC 79/2016) was published, introducing changes to the telecommunications regulatory framework, by allowing fixed-line telephone concessionaires to migrate from a concession regime to an authorization regime subject to lower regulatory burdens, including those associated with the continuity and universalization of STFC in the concession area, as well as possible restrictions on the assets associated with its provision.

9

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

On November 27, 2024, the proposal for the Terms and Conditions of the Self-Composition Agreement for Adaptation of the STFC Concession Contracts (“Agreement”) to an authorization instrument was approved by the TCU Plenary, and the Agreement was signed on December 16, 2024. The Terms include, among others: (i) investments by the Company, in the manner, conditions and terms established in this Agreement, in exchange for the adaptation; (ii) maintenance of the STFC service in locations lacking adequate competition within the service area of the STFC Concession contracts that will be terminated, until December 31, 2028; (iii) termination of administrative and judicial proceedings directly related to the STFC concession (Note 19); and (iv) withdrawal by the Company of the arbitration proceeding on the Concession.

The execution of the projects related to items (i) and (ii) totals a NPV of R$4.5 billion. The investments will be made in the manner established in the Agreement.

On April 11, 2025, the Company signed the Single Authorization Term with ANATEL. Concluding the final stage for the adaptation of the STFC Concession regime and thereby, transferring the Company to the private STFC Authorization regime.

Risks Relating to the Brazilian Telecommunications Industry and the Company

The Company's business is subject to extensive regulation, including regulatory changes that may occur during the terms of the agreements and the Company's authorizations to provide telecommunication services in Brazil. ANATEL, oversees, among other matters: industry policies and regulations; licensing (including licensing of spectrum and bidding processes); fees and tariffs; competition, incentives and competitive aspects (including the Company's ability to grow by acquiring other telecommunications businesses); service, technical and quality standards; consumer rights; penalties and other sanctions related to interconnection and agreements.

The Brazilian telecommunications regulatory framework is continuously evolving. The interpretation and enforcement of regulations, the assessment of compliance with regulations and the flexibility of regulatory authorities can be subjective. The Company operates under authorizations from the Brazilian government. However, because of the changing nature of the Brazilian regulatory framework, the Company cannot guarantee that ANATEL will not adversely modify the terms of the Company's authorizations and/or licenses. Accordingly, the Company's operating authorizations and licenses, must meet specific requirements and maintain minimum quality, coverage and service standards. Failure to comply with these requirements may result in the imposition of fines, penalties and/or other regulatory responses, including the termination of the Company's operating authorizations. Any partial or total termination of any of the Company's operating authorizations or licenses or the Company's would have a material adverse effect on the Company's business, financial condition, revenues, results of operations and prospects.

In recent years, ANATEL has been reviewing and introducing regulatory changes, especially with regard to asymmetric competition measures and interconnection fees charged between local telecommunications service providers. Asymmetric competition measures may include regulations aimed at rebalancing markets where one or more participants hold significantly different market power over other competitors.

Under ANATEL's regulatory agenda for 2023-2024, the revision of the General Competition Targets Plan (“PGMC”), approved by the Resolution no. 600, of November 8, 2012 and updated by Resolution no. 694, of July 17, 2018, which concentrates, in a single normative instrument, a set of specific measures aims at promoting competition and establishes the milestones for future reassessments of the performance of sectoral competition. This review, which takes place every four years and began with the publication of public consultation no. 64, of November 6, 2023, is focused on reassessment of significant markets in the sector, asymmetric regulatory measures and holders of Significant Market (“PMS”), previously established under the regulation itself.

After approval by ANATEL's Board of Directors, the new PGMC was published by Resolution No. 783, of September 3, 2025, meeting the deadline set out in ANATEL's regulatory agenda for the 2025-2026 biennium (discussed in Public Consultation No. 46, of September 11, 2024 and approved by ANATEL Internal Resolution No. 399/2024, of December 30, 2024), determining that final approval would be in the second half of 2025.

10

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

As previously mentioned, also in November 2023, ANATEL submitted for public consultation the revised Spectrum Use Regulations ("RUE"), approved by Resolution No. 671 of November 3, 2016. The new wording proposed by ANATEL includes, among other changes, new rules for granting secondary spectrum use authorizations, as well as changes to ANATEL's procedures for assessing efficient spectrum use. The expectation, as indicated in ANATEL's 2025-2026 biennium, is that the new RUE will also be published in the second half of 2025.

It is noted that UPI's recent acquisition of the mobile assets of Oi Móvel S.A. by the leading operators in the Brazilian SMP market (Vivo, Claro and TIM), raised competition concerns by ANATEL and CADE, which imposed regulatory remedies in order to foster market competition, among which: (i) Reference Offer in the Relevant National Roaming Market; (ii) Reference Offer for developing Personal Mobile Service – SMP through Virtual Network MVNO – (“ORPA de MVNO”); (iii) Offer of Temporary and Onerous Assignment of Radio Frequency Use Rights; and (iv) Industrial Network Exploration Offer.

As to the Reference Offer of Wholesale National Roaming Products (“National Roaming ORPA”), the regulatory remedy uses as a reference the values approved and calculated by ANATEL, based on a new methodology for the roaming market cost model (LRIC + bottom-up model – Act No. 8822/2022). As a result of the change in the methodology, the new reference values were significant reduced (FAC-HCA top-down model – Act No. 9157/2018).

As to the Offers, mentioned above, specifically the MVNO ORPA and the National Roaming ORPA (“ORPAs”), these were being debated within the scope of ANATEL with respect to: (i) Requirement of Exclusivity of Contracting Companies: ANATEL decided, for MVNO ORPA, that the exclusivity requirement violates Res. 550/2010 and therefore cannot be maintained as a condition. For the Roaming ORPA, exclusivity may only be required in cases of contracting (a) National Roaming under an Industrial Exploration regime and (b) conventional National Roaming (transitional use) only on the 5GSA network; and (ii) Collection of Minimum Monthly Deductible: ANATEL decided that in both ORPAs the minimum monthly deductible cannot be charged for a period of five years.

The Company currently has contracts allowing for the charging of minimum monthly franchise fees both in the National Roaming market and in the MVNO market, so that current contracts, depending on the contracting companies, can be migrated to the new updated offers.

The maintenance of these remedies will be reassessed during the PGMC review process. They had been considered for inclusion in the new PGMC and were included in the draft regulation subject to public consultation No. 64/2023. However, the approved regulation does not consider the remedies related to MVNO ORPA and spectrum sharing, as the Board of Directors determined that there were no market failures or competition issues that would justify them. For the National Roaming ORPA, price control using the LRIC+ Bottom-Up Cost Model was maintained.

Generally, the adoption of disproportionately asymmetric measures and adoption by ANATEL of concepts, prices and remuneration models may impact remuneration and costs, with detrimental effects on the business, financial condition, revenues, results operations and the Company’s prospects.

As to the interconnection fees, which comprise a significant part of the Company's revenue and cost bases, these are charged among the telecommunications service providers in order to allow and remunerate the interconnected use of their networks. To the extent that changes to the rules governing interconnection fees reduce the fees of the Company or its ability to collect such fees, the Company's businesses, financial condition, revenues, results of operations and prospects could be adversely affected.

In addition, the Company may be affected by changes in rules and regulations aimed at preserving the rights of consumers of telecommunications services. ANATEL published, in November 2023, the new General Regulation on Consumer Rights (“RGC”), through Resolution No. 765/2023, which came into force on September 1, 2025, replacing Resolution No. 632/2014. This new Regulation changed some provisions such as the way in which telecommunications services are offered, in addition to updating/modernizing some customer service rules. Following discussions on the new RGC, including culminating in the cancellation of some of its provisions, ANATEL postponed the effective date to September 2025.

11

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

Therefore, the Company's business, results of operations, revenues and financial conditions could be negatively affected by measures issued by the Brazilian authorities, including: the introduction of new or less flexible operational and/or service requirements; the granting of operating licenses in the Company's areas; limitations on interconnection fees the Company can charge to other telecommunications service providers; imposition of significant sanctions or penalties for failure to comply with regulatory obligations; delays in the granting of, or the failure to grant, approvals for rate increases; and antitrust limitations imposed by ANATEL and CADE.

Finally, there is also the risk that the Company may not be successful in securing future ANATEL tenders for new authorizations for the use of radio frequencies. The Board of Directors of ANATEL, through Ruling No. 148/2024, determined that ANATEL's Superintendencies instructed the publication, by December 31, 2025, of a new Notice for the bidding procedure regarding the 700 MHz subband. A draft Bidding Notice was submitted for debate through Public Consultation No. 59/2024, which received contributions to the end of January 2025. A new tender is expected to be issued for this subband in 2025. As indicated by ANATEL through Resolution No. 757/2022 (subsequently amended by Resolution No. 773/2025), it is expected that ANATEL will hold new auctions by 2028, for the 850 MHz sub-band, and before 2032, for the 900 MHz and 1800 MHz sub-bands.

1.c. Corporate events in 2025

1.c.1. Acquisition of Samauma Brands Electronics Trade, Import and Export Ltda. ("Samauma") by Terra Networks Brasil Ltda. ("Terra Networks") (Business Combination)

On March 21, 2025, Terra Networks, a direct subsidiary of the Company, completed the acquisition of all shares of Samauma for up to R$66,451, subject to meeting agreed operational and financial metrics (“Transaction”). This amount includes a non-compete agreement that was recognized separately from the business combination at a fair value of R$7,755. The remaining purchase price (R$58,696) was allocated to the net assets acquired, excluding the non-compete agreement, which was recognized as an intangible asset.

Samauma was founded in 2012 and is engaged in marketing a broad portfolio of smartphone accessories and electronics under the "i2GO" brand with high-quality, high-performance and affordable products.

On the date of the Transaction, Samauma had over 20,000 points of sale in Brazil, has a robust product development pipeline and marketing process, with gross revenue in 2024 of over R$65,000.

The Transaction documents contain terms and conditions common to this type of transaction.

The Transaction is part of the Company's strategy to strengthen its presence in the market for accessories for smartphones and other electronic devices, operating with its own brand, OVVI, committed to offering innovative and high-quality products, strategically positioning to meet the needs of the constantly evolving market. Following the acquisition, the OVVI and i2GO brands will coexist complementing each other in terms of portfolio and market positioning.

With the completion of the Transaction, as of March 21, 2025, Terra Networks now has direct control of Samauma.

Pursuant to IFRS 3, business acquisitions are accounted for using the acquisition method in which the consideration transferred is measured at fair value comparing this to the fair values of the assets acquired and liabilities assumed and the equity interests issued.

As of the date of issued of this individual and consolidated quarterly information (“ITRs”) of the Company, Terra Networks is in the process of finalizing the Purchase Price Allocation (PPA) report for the fair value of the Samauma identifiable assets acquired and the liabilities assumed from Samauma. The PPA report will be finalized within one year from the acquisition date. As of September 30, 2025, the Company's consolidated financial statements include the preliminary allocations of the PPA.

The assumptions, critical judgments, methods and hypotheses used to determine these fair values were as follows:

12

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

Brand

The “royalty relief” approach was used to assess the brand ("i2GO"), which consists of estimating the cash flows that the Company would otherwise pay for royalties to third parties to use the brand, assuming that it was not owned by the Company. The projected flows correspond to the amounts that would be paid based on a royalty rate applied to i2Go's net revenue over the estimated useful life of the brand.

The main assumptions used in the assessment of the brands were: (i) Projected net revenue over 5.5 years (2025 to 2030); Average royalty rate applied: 1.25%, according to maturity of the years; Discount rate (net WACC + Premium): 18.13% per year; Tax rate (tax factor): 27% and; Estimated useful life: 5.5 years, with projections limited to the considered flow horizon.

The fair value of the brand was estimated at R$1,744, with an amortization period of five years.

Contingent Liabilities

Pursuant to IFRS 3, the acquirer recognizes, on the acquisition date, contingent liabilities assumed in a business combination even if outflows of resources are not probable for settlement of the obligation, provided that it is a present obligation arising from past events and its fair value can be measured reliably. Contingent liabilities with a fair value of R$2,462 were recognized for this acquisition, which were determined based on the estimated cash outflow for their settlement on the acquisition date.

Composition of the fair value of the net assets acquired

A preliminary summary of the fair value of the net assets acquired for R$4,562, as well as the goodwill generated on the acquisition date, pending final adjustments, is as follows:

Current assets		21,120		Current liabilities		13,513
Cash and cash equivalents		292		Loans and financing		9,736
Accounts receivable		10,295		Other liabilities		3,777
Other assets		10,533		Non-Current liabilities		19,576
				Loans and financing		2,923
Non-current assets		16,531		Income tax and social contribution and collection		238
Other assets(1)		12,857		Deferred income tax and social contribution(4)		3,535
Property, plant and equipment		217		Provisions for contingencies(3)		7,819
Intangible assets(2)		3,457		Other liabilities		5,061
				Fair value of liabilities assumed		33,089
				Fair value of net assets acquired		4,562
				Goodwill(5)		54,134
Fair value of assets acquired		37,651		Total considered		58,696

(1) Refers to the allocation of the fair value attributed to the indemnity asset related to the contingent liability, accruing SELIC interest.

(2) Includes the allocation of the fair value of R$1,744 attributed to the brand.

(3) Includes the allocation of the fair value of R$2,462 attributed to the contingent liability, accruing SELIC interest.

(4) Refers to the deferred income tax and social contribution, net, on the allocations of the indemnity asset and contingent liability.

(5) Refers to goodwill determined on acquisition of Samauma with the expectation of future synergies from the combination of the acquired company's businesses, which may be deducted for tax purposes.

13

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

Non-compete agreement

For the non-compete agreement, recognized separately from the business combination, the income approach was used, based on the “with and without” contract method (“with/without”). Potential losses of net revenue associated with the sellers' performance as competitors were considered, projecting two scenarios: one with the agreement in force and one without.

The main assumptions used in the assessment of the non-compete agreement were: (i) Revenue Reduction Capacity: from 15.0% (2025), 25.0% (2026) to 0.00% (2034); (ii) Probability of Competition: from 10.0% (2025), 50.0% (2026) to 0.00% (2034); (iii) Probable Revenue Loss: from 1.5% (2025), 12.5% (2026) to 0.00% (2034), according to the intersection of the factors above; and (iv) Discount rate (WACC): 18.08% per year.

The fair value of the non-compete agreement was estimated at R$7,755, with an amortization term of four years.

Other information

The adjusted total purchase consideration will not exceed R$66,451, with payment made as follows: (i) R$22,000 paid in cash, upon completion of the Transaction and; (ii) the balance of R$44,451 will be paid in accordance with contractual clauses, accruing DI interest rate between the closing date of the transaction and 10 days before the actual payment.

The fair value of accounts receivable totals R$10,295, which does not differ from the book value, consisting of a gross amount of R$11,081, net of estimated losses for impairment in the amount of R$786.

From the acquisition date through to the date of these financial statements, Samauma contributed R$26,801 in net operating revenue and a loss of R$4,103 to the Company's results.

1.c.2. Merger of Telefônica IoT, Big Data and Technology of Brazil S.A. (“IoTCo Brazil”) into Telefônica Cloud and Technology of Brazil S.A. (“CloudCo Brazil”)

On July 1, 2025, the Company informed its shareholders and the market in general that the Extraordinary General Meeting "EGM"on date approved, the merger of IoTCo Brasil and its subsequent extinction, into CloudCo Brasil, both companies controlled by the Company. The CloudCo Brasil shareholders' agreement was amended accordingly.

The merger was completed on July 1, 2025, based on the book value of IoTCo Brasil's net assets. This is a corporate and operational reorganization aimed at promoting administrative and economic benefits by simplifying operational structures, reducing costs incurred by IoTCo Brasil and CloudCo Brasil's operations and activities, and leveraging internal synergies. The Company continues to hold 50.01% of CloudCo Brasil's share capital after the merger.

CloudCo Brasil succeeded IoTCo Brasil with respect to all of its assets, liabilities, rights and obligations.

1.c.3. Acquisition of corporate control of Fibrasil Infraestrutura e Fibra Ótica S.A. ("FiBrasil")

On July 10, 2025, the Company informed its shareholders and the market in general that it entered into, on the same date, a Share Purchase Agreement (“SPA”), with Caisse de dépot et placement du Québec (“La Caisse”, formerly “CDPQ”) and Fibre Brasil Participações S.A. (“Fibre Brasil” and, together with La Caisse, “La Caisse Group”), which regulates the terms and conditions for the acquisition, by the Company, of all shares issued by FiBrasil held by La Caisse Group, representing 50% of FiBrasil’s total share capital, as well as subscription bonuses issued by FiBrasil (“Transaction”). Should the Transaction be completed, the Company will hold 75.01%% of FiBrasil's share capital, with Telefónica Infra S.L. Unipersonal retaining a 24.99% interest. The signing of the SPA, as well as the terms and conditions of the Transaction, were approved by the Company's Board of Directors.

14

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

FiBrasil operates in the neutral and independent wholesale fiber optic network sector in the Brazilian market, by the end of 2024, it was present in 151 cities, serving 4.6 million homes. The Company will continue to expand its presence in the fiber market, focusing on improving the customer experience while contributing to Brazil's digitalization.

The purchase price for the Transaction will be R$850,000 (the "Purchase Price"), to be paid in a single installment by the Company to the La Caisse Group on the closing date of the Transaction, updated by the CDI (Interbank Deposit Certificate) rate, pro rata daily due to the closing of the Transaction not closing within 90 days of the SPA execution date.

The Transaction is subject to meeting of certain conditions precedent customary for this type of transaction, including prior approval by CADE and ANATEL. On October 14, 2025, ANATEL granted prior approval to the Transaction. On October 23, 2025, CADE approved the Transaction without restrictions. The closing of the Transaction remains subject to verification and fulfillment of the other conditions precedent established in the contract.

If applicable, the Company will submit ratification of the Transaction to the General Shareholders' Meeting, pursuant to Article 256 of Law No. 6,404 of December 15, 1976, in which case additional information will be disclosed in due course.

1.c.4. Completion of the PPA for the acquisition of IPNET Cloud Services and Systems Development Ltda. (“IPNET”) and IPNET USA, LLC (“IPNET USA”) by Telefônica Cloud e Tecnologia do Brasil S.A. (“CloudCo Brasil”) (Business Combination)

On July 22, 2024, CloudCo Brasil, a direct subsidiary of the Company, entered into a quota purchase and sale agreement and other agreements, to acquire all of the quotas issued by IPNET Serviços em Nuvem e Desenvolvimento de Sistemas Ltda. (“IPNET”) and IPNET USA, LLC (“IPNET USA”) (“Transaction”), for the amount of up to R$223,799, subject to the meeting certain operational and financial metrics. This amount includes a non-compete agreement which was recognized separately from the business combination at a fair value of R$26,964. The remaining purchase price (R$196,835) was allocated to the net assets acquired, excluding the non-compete agreement, which was recognized as an intangible.

The IPNET Group is engaged, among other activities, the resale of software and systems, as well as the provision of professional and managed services for adaptation, migration and related support. Having been in the market for 20 years, the group contributed to the digital transformation of companies.

The Transaction documents contain terms and provisions common to this type of transaction, and completion was subject to compliance with certain conditions precedent, including obtaining authorization from CADE and implementing a corporate reorganization involving the incorporation of the companies Metarj Soluções em Geotecnologia e Desenvolvimento de Sistemas Ltda. (“Metarj”) and XL Solutions Ltda. (“XL”) by IPNET.

These conditions precedent were met, namely: (i) the final decision of CADE, dated September 3, 2024, which approved the Transaction, without restrictions, through Concentration Act No. 08700.005417/2024-69; and (ii) corporate reorganization with the incorporation of Metarj and XL by IPNET.

With the completion of the acquisition, as of October 1, 2024, CloudCo Brasil became the direct controller of IPNET.

The Transaction expanded CloudCo Brasil's product portfolio and strengthened its professional and managed services, enabling its acceleration and growth. The investment also strengthens the Company's digital ecosystem in the B2B business, advancing innovative solutions.

Pursuant to IFRS 3, business acquisitions are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated by adding the fair values of the transferred assets, the liabilities assumed on the acquisition date with the former controlling shareholders of the acquired company and the equity interests issued in exchange for control of the acquired company.

On the date of these individual and consolidated ITRs of the Company, CloudCo Brasil had already completed the report for the allocation of the purchase price (PPA), through the analysis of the determination of the fair value of the identifiable assets acquired and the liabilities assumed from IPNET.

15

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

The premises, critical judgments, methods and hypotheses used by CloudCo Brasil to determine these fair values were as follows:

Brand

To evaluate the brand, the profitability approach ("Income approach") was used using the avoided royalties method ("Relief from royalties"). This method assumes that the intangible asset has a fair value based on royalty income and represents the savings of the asset owner by avoiding the need to pay royalties to a third party for the license to use the intangible asset. Management's intention at the time of acquiring the stake was to use the acquiree's know-how and its ability to implement the new business model.

The main assumptions used in the evaluation of the brands were: (i) Revenue: Evaluation of the intangible asset was based on net revenue projections supported by the entity's historical growth, without the synergy of the acquisition of IPNET; (ii) Royalty rate: The research carried out at the time, indicated the telecommunications market uses, approximately 1% as an average royalty rate on net revenue; (iii) Brand costs and expenses: A percentage of 10% of net revenue was considered with royalties for brand maintenance, such as marketing expenses and others; (iv) Tax rate: 34%, in accordance with Brazilian tax legislation; and (v) Discount rate (“WACC”) after taxes: 18.23%.

As a result of the calculation, the fair value of the brand was estimated at R$10,099, with an amortization period of five years.

Customer portfolio

The customer portfolio was evaluated using the MMSE method (“Multi-period Excess Earnings Method”), this method for evaluating the customer portfolio was used due to the possibility of attributing the cash flow generated directly to the identified asset.

The main assumptions used in evaluating the customer portfolio were: (i) Revenue: for portfolio projection purposes, we consider the net recurring revenue for the year 2024. The average customer retention rate in the database was calculated, as well as the evolution of average revenue per customer in the periods. The portfolio turnover (“churn”) was estimated at 20%; (ii) Deductions and Expenses: Deductions on gross revenue were designed in accordance with historical practice, substantially taxes on sales or services. Expense costs were projected by comparing historical data and forecasting improvements in gross margin through actions to contain fixed costs over time. (iii) Tax rate: 34%, in accordance with Brazilian tax legislation; (iv) Discount rate (“WACC”) after taxes: 18.23%.

As a result of the calculation described, the fair value of the customer portfolio was estimated at R$28,619, with an amortization period of five years.

Contingent Liabilities

Pursuant to with IFRS 3, the acquirer recognizes, on the acquisition date, contingent liabilities assumed in a business combination even if it is not probable that outflows of resources will be required to settle the obligation, as long as it is a present obligation that arises from past events and its fair value can be measured reliably. In compliance with the previous requirements, contingent liabilities at fair value of R$8,964 were recognized in this acquisition, which were determined based on the estimated cash outflow for settlement on the acquisition date.

16

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

Composition of the fair value of net assets acquired

Below is a preliminary summary of the composition of the fair value of the net assets acquired in the amount of R$20,436, as well as the goodwill generated on the acquisition date, still subject to adjustments:

Current assets		31,206		Current liabilities		35,867
Cash and cash equivalents		13		Loans and financing		3,063
Accounts receivable		27,177		Other liabilities		32,804
Other assets		4,016		Non-Current liabilities		110,320
				Loans and financing		2,500
Non-current assets		135,417		Income tax and social contribution and collection		38,123
Other assets(1)		95,634		Deferred income tax and social contribution(3)		12,187
Property, plant and equipment		1,065		Provisions for contingencies(4)		32,716
Intangible assets(2)		38,718		Other liabilities		24,794
				Fair value of liabilities assumed		146,187
				Fair value of net assets acquired		20,436
				Goodwill(5)		176,399
Fair value of assets acquired		166,623		Total considered		196,835

.

(1) Refers to the allocation of R$95,634 of the fair value attributed to the Indemnification asset related to the contingent liability, accruing SELIC interest.

(2) Refers to the allocation of fair value attributed to intangibles of R$38,718, being: (i) brand (R$10,099);and (ii) customer portfolio (R$28,619).

(3) Refers to deferred income tax and social contribution on the allocation of the fair value attributed to the contingent liability, accruing SELIC interest.

(4) Refers to the allocation of the fair value attributed to the contingent liability, accruing by SELIC interest.

(5) Refers to the value of the goodwill calculated on the acquisition of IPNET with the expectation of future synergies from the combination of the acquiree's businesses, which may be used for tax purposes.

Non-compete agreement

For the non-compete agreement recognized separately from the business combination the income approach was used, based on the “with and without” contract (“with/without” method). This method consists of projecting the expected cash flows for two scenarios: one with the non-compete agreement and the other without the non-compete agreement. Cash flow without the non-compete agreement considers a revenue loss rate and a potential competitor's probability of effectively competing with the Company. The difference between the cash flows of the two scenarios, which corresponds to the loss avoided by the non-compete agreement, is brought to present value by the specific rate of return for this asset and compared with the present value of the original cash flow (without loss revenue).

Two variables were considered to adjust the revenue that would be impacted by competition with sellers: (i) Capacity for reduction; and (ii) Likelihood of competition.

17

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

The main assumptions used in the evaluation of the Non-Compete Agreement: (i) Reduction capacity: measures the impact on the reduction of gross revenue if the salespeople were not present in the acquired business seeking to increase this revenue, as well as if they were competing with the business that was sold. Initially, a greater impact of 25% was estimated, which will reduce year by year to 10% in the last year of the agreement; (ii) Probability of Competition: measures the probability of salespeople leaving the business, giving up the earn-out benefits in each period. The probability of competition decreases each year, starting at 50% and ending at 30%; (iii) Revenue Loss: represents the multiplication of the revenue reduction capacity by the probability of competition. The probability of loss also decreases each year, starting at 12.5% and ending at 3.0%; (iv) Projection: for the other projection factors, we kept them constant as in the original projection; (v) Working Capital: the same working capital metrics (days outstanding) were used to assess the impact of changes in working capital; (vi) After-tax discount rate (“WACC”): 18.18%.

As a result of the calculation described, the fair value of the non-compete was estimated at R$26,964, with an amortization period of six years.

Other information

The total consideration was R$196,835, with payment as follows: R$33,043, paid in cash upon completion of the Transaction and the balance of R$163,792 is being paid in accordance with contractual clauses, updated by the variation of the IPCA / SELIC rate.

The fair value of acquired accounts receivable is R$27,177. The gross contractual amount for trade receivables due is R$31,714, with a loss allowance of R$4,537 recognized on acquisition.

1.d. Reform of taxes on consumption

On December 20, 2023, Constitutional Amendment (“EC”) No. 132 was enacted, establishing the Tax Reform (“Reform”) on consumption. Complementary Law No. 214/2025 (“LC”) was sanctioned by the President of the Republic on January 16, 2025 and Complementary Bill No. 108/2024, regulates tax litigation and rules for administering new taxes, is in the final stages of processing in the national congress.

The dual VAT model is under federal jurisdictions for Contribution on Goods and Services - CBS and nonfederal for Tax on Goods and Services - IBS, which will replace the PIS, COFINS, ICMS and ISS taxes.

A Selective Tax (“IS”) under federal jurisdiction, which will be levied on the production, extraction, marketing or import of goods and services that are harmful to health and the environment; under the LC, the IS will not apply to telecommunications services. There will be a transition period from 2026 to 2032, during which the two tax systems (old and new) will coexist.

The impacts of the Reform will only be fully known once the enactment of new ordinary laws (federal, state and municipal), decrees, normative instructions and technical notes is complete.

Since the changes will be applied prospectively, the Reform had no effect on the individual and consolidated quarterly information (“ITRs”) for the period ended September 30, 2025.

18

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

2. BASIS OF PREPARATION AND PRESENTATION OF INDIVIDUAL AND CONSOLIDATED QUARTERLY FINANCIAL INFORMATION

2.a. Statement of compliance

The individual (Parent Company) and consolidated (Consolidated) quarterly information (“ITRs”) were prepared and are being presented in accordance with Technical Pronouncement CPC 21 - Interim Statements, issued by the Accounting Pronouncements Committee (“CPC”) and with international standards IAS 34 – Interim Financial Reporting, issued by the International Accounting Standards Board (“IASB”), the “IFRS accounting standards” (IFRS® Accounting Standards), including interpretations issued by the IFRS Interpretations Committee (IFRIC® Interpretations) or its predecessor, Standing Interpretations Committee (SIC® Interpretations) and in a manner consistent with the deliberations issued by the CVM, applicable to the preparation of ITRs.

The Company also considered the guidelines set forth in Technical Guidance OCPC 07, issued by the CPC in November 2014, when preparing the ITRs and disclosures are limited to all matters of significance to the financial statements, which is consistent with the information utilized by Management in the performance of its duties.

2.b. Basis of preparation and presentation

The individual and consolidated ITRs were prepared under the historical cost convention, other than for certain assets and liabilities which are measured at fair value.

The Company prepared the consolidated financial ITRs based on the assumption of operational continuity.

An asset is classified as current when it meets any of the following criteria: (a) it is expected to be realized, or is intended to be sold or consumed, in the normal course of the entity's operating cycle; (b) it is held primarily for the purpose of being traded; (c) it is expected to be realized within twelve months after the balance sheet date; or (d) it is cash or a cash equivalent, unless its exchange or use to settle a liability is prohibited for at least twelve months after the balance sheet date.

A liability is classified as current when it meets any of the following criteria: (a) it is expected to be settled during the entity's normal operating cycle; (b) it is held primarily for the purpose of being traded; (c) it is expected to be settled within twelve months after the balance sheet date; or (d) the entity does not have the right, at the balance sheet date, to defer settlement of the liability for at least twelve months after that date.

Deferred tax assets and liabilities are all classified as non-current.

The Statements of Cash Flows were prepared pursuant to IAS 7 to reflect the changes in cash that occurred in the periods presented, using the indirect method.

The accounting standards adopted in Brazil require the presentation of the Statement of Value Added (“DVA”), both individual and consolidated; IFRS standards do not require such presentation. The DVA was prepared in accordance with technical pronouncement CPC 09 and is being presented as supplementary information for IFRS purposes.

These ITRs provide comparative information: (i) for the balance sheets, the positions at September 30, 2025, and December 31, 2024; (ii) for the statements of income and comprehensive income, the three-and nine-month periods ended September 30, 2025, and 2024; and (iii) for the statements of value added, changes in equity, and cash flows, the nine-month periods ended September 30, 2025, and 2024.

The Board of Directors authorized the issuance of the financial statements at the meeting held on October 30, 2025.

19

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

2.c. Functional and reporting currency

Individual and consolidated ITRs are presented in thousands of Brazilian Real/Reais (R$) (unless otherwise mentioned). The Company's functional and presentation currency is the Real.

Transactions in foreign currency are converted into Brazilian Reais as follows: (i) assets, liabilities and equity (except share capital and capital reserves) are converted at the closing exchange rate on the balance sheet date; (ii) expenses and revenues are converted at the average exchange rate, except for specific operations that are converted at the rate on the date of the transaction; and (iii) share capital and capital reserves are converted at the rate on the date of the transaction.

Gains and losses from the cumulative translation adjustments from the conversion of investees abroad are recognized in the statement of comprehensive income. Gains and losses resulting from the conversion of monetary assets and liabilities between the exchange rate in force on the date of the transaction and the end of the years (except the conversion of investments abroad) are recognized in the statement of income.

2.d. Basis of consolidation

Equity interests in subsidiaries or jointly controlled companies are valued using the equity method in the individual parent company quarterly information. In the consolidated quarterly information, the investment and all balances of assets and liabilities, income and expenses arising from transactions and equity interest in subsidiaries are eliminated in full. Investments in jointly controlled companies are maintained under the equity method in the consolidated quarterly information.

The information relating to direct and jointly controlled subsidiaries is the same as that in Note 12. Investments, disclosed in the financial statements for the year ended December 31, 2024, except for the acquisition of Samauma by Terra Networks (Note 1.c.1) and for the acquisition of IoTCo Brasil (Note 1.c.2) .

Information on the investees is presented in Note 12.

2.e. Segment reporting

Operating segments are defined as components of an enterprise for which separate financial information is available which is assessed on a regular basis by the chief operating decision maker in determining how to allocate resources to an individual segment and in assessing the segment's performance. Considering that: (i) all decisions are made based on consolidated reports; (ii) the mission of the Company and its subsidiaries is to provide its customers with quality telecommunications services; and (iii) all decisions relating to strategic, financial planning, purchasing, investments and application of resources are made on a consolidated basis, Management's conclusion is that the Company and its subsidiaries operate in a single operating segment providing services telecommunications.

2.f. Significant accounting practices

The information in the explanatory notes that did not undergo significant changes compared to December 31, 2024 was not all repeated in these ITRs.

The accounting policies adopted in the preparation of the Company's ITRs for the period ended September 30, 2025 are consistent with those used in the preparation of the consolidated financial statements for the year ended December 31, 2024, and should be read together with these financial statements.

The Company did not early adopt new accounting statements or interpretations unless mandatory.

20

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

2.g. Significant accounting judgments estimates and assumptions

The preparation of individual and consolidated ITRs requires the use of certain critical accounting estimates and the exercise of judgment by the Company's Management in applying its accounting policies. These estimates are based on experience, best knowledge, information available at the balance sheet date and other factors, including expectations of future events that are believed to be reasonable in the circumstances. The settlement of transactions involving these estimates may result in values ​​that differ from those recorded in the ITRs due to the criteria inherent to the estimation process. The Company reviews its estimates at least annually.

The significant and relevant estimates and judgments applied by the Company in the preparation of these ITRs have not changed in relation to those presented in the following explanatory notes as presented in the financial statements for the year ended December 31, 2024: Corporate events of 2024 (Business Combination); accounts receivable; Income tax and social contribution; PP&E; intangibles; provisions and contingencies; loans and financing, debentures, leases and other creditors; pension plans and other post-employment benefits; and financial instruments and capital and risk management.

3. CASH AND CASH EQUIVALENTS

	Company				Consolidated
	09.30.2025		12.31.2024		09.30.2025		12.31.2024
Short-term investments(1)	6,319,530		6,133,518		6,733,450		6,542,862
Cash and banks(2)	56,886		132,858		63,111		148,236
Total	6,376,416		6,266,376		6,796,561		6,691,098

.

(1) Highly liquid short-term investments basically Bank Deposit Certificates ("CDB") and Repurchase Agreements with top tier financial institutions, linked to the Interbank Deposit Certificate ("CDI") rate, with original maturities of up to three months, and with immaterial risk of change in value. Income from these investments is recorded as financial income. On September 30, 2025, the average remuneration for these short-term investments was 99,36% of the CDI (99.66% on December 31, 2024).

(2) On September 30, 2025 and December 31, 2024, the Consolidated balances included R$25,214 and R$18,308, respectively, related to the Financial Clearing House, with a member company of the Telefónica Group (Note 28)

4. FINANCIAL INVESTMENTS

These are financial investments with liens held as guarantees for lawsuits (Notes 19 and 33.b).

	Company				Consolidated
	09.30.2025		12.31.2024		09.30.2025		12.31.2024
Guarantee for legal proceedings	33,081		42,408		33,455		42,619
Total non-current	33,081		42,408		33,455		42,619

21

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

5. TRADE ACCOUNTS RECEIVABLE

	Company				Consolidated
	09.30.2025		12.31.2024		09.30.2025		12.31.2024
Services and goods(1)	11,039,424		10,610,250		11,421,885		11,001,308
Interconnection amounts(1) (2)	599,520		631,858		619,946		632,033
Vivo Money FIDC	—		—		339,739		360,411
Related parties (Note 28)(1)	71,066		104,688		50,025		63,240
Gross accounts receivable	11,710,010		11,346,796		12,431,595		12,056,992
Allowance for expected losses	(2,058,808)		(2,023,711)		(2,243,423)		(2,215,251)
Net accounts receivable	9,651,202		9,323,085		10,188,172		9,841,741
Current	9,551,376		8,988,019		10,045,839		9,471,592
Non-current	99,826		335,066		142,333		370,149

(1) The consolidated amounts include: (i) R$2,928,470 and R$2,752,975 to be billed to customers on September 30, 2025 and December 31, 2024, respectively

(2) Refer to billed amounts from other telecommunications operators.

The consolidated non-current balances of accounts receivable refer to the present value of: (i) installments for resale of goods (B2B), up to 24 months; (ii) Vivo Tech products, up to 60 months; and (iii) right to Vivo Money FIDC credits, up to 36 months. These may be reduced for their estimated losses to recoverable value.

The consolidated balances of contractual assets with customers were R$110,956 and R$119,491 on September 30, 2025 and December 31, 2024, respectively.

On September 30, 2025, and December 31, 2024, no customer represented more than 10% of trade accounts receivable, net.

Amounts receivable, net of the allowance for expected losses, classified by maturity, are as below:

	Company				Consolidated
	09.30.2025		12.31.2024		09.30.2025		12.31.2024
Not yet due	7,851,807		7,446,374		8,507,851		7,951,826
Overdue – 1 to 30 days	1,082,606		1,076,317		1,055,269		1,134,436
Overdue – 31 to 60 days	255,307		248,661		224,944		261,861
Overdue – 61 to 90 days	126,071		209,412		130,046		212,887
Overdue – 91 to 120 days	146,576		147,154		120,457		147,320
Overdue – over 120 days	188,835		195,167		149,605		133,411
Total	9,651,202		9,323,085		10,188,172		9,841,741

22

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

The changes in the allowance for expected losses from accounts receivable were:

		Company		Consolidated
Balance on  December 31, 2023		(2,245,096)		(2,437,845)
Supplement to estimated losses, net of reversal (Note 25)		(1,032,443)		(1,142,694)
Write-off		1,053,147		1,205,584
Balance on  September 30, 2024		(2,224,392)		(2,374,955)
Supplement to estimated losses, net of reversal		(343,277)		(380,569)
Write-off		543,958		544,810
Business combination - IPNET (Note 1.c.4)		—		(4,537)
Balance on December 31, 2024		(2,023,711)		(2,215,251)
Supplement to estimated losses, net of reversal (Note 25)		(1,067,197)		(1,184,626)
Write-off		1,032,100		1,157,240
Business combination - Samauma (Note 1.c.1)		—		(786)
Balance on  September 30, 2025		(2,058,808)		(2,243,423)

6. INVENTORIES

	Company				Consolidated
	09.30.2025		12.31.2024		09.30.2025		12.31.2024
Materials for resale(1)	1,280,598		1,086,066		1,338,784		1,137,262
Materials for consumption	27,065		26,061		32,333		27,538
Other inventories	14,259		32,017		14,680		32,036
Gross inventories	1,321,922		1,144,144		1,385,797		1,196,836
Estimated losses from impairment or obsolescence(2)	(126,784)		(97,562)		(129,793)		(99,598)
Net inventories	1,195,138		1,046,582		1,256,004		1,097,238

(1) This includes, among others, mobile phones, SIMcards (chips) and IT equipment in stock.

(2) Additions and reversals of the provision for inventory losses and obsolescence are included in Cost of goods sold (Note 25).

7. PREPAID EXPENSES

	Company				Consolidated
	09.30.2025		12.31.2024		09.30.2025		12.31.2024
Incremental costs (customers' contracts)(1)	3,214,308		2,842,824		3,214,308		2,842,824
Fistel Fees (TFF, Condecine and EBC)(2)	345,818		—		345,818		—
Software licenses and network maintenance	417,810		278,266		983,377		610,902
Advertising and publicity	68,582		203,884		68,582		203,884
Personnel	57,594		109,736		59,647		112,421
Financial charges	145,049		122,325		145,049		122,325
Rental, insurance and other prepaid expenses	105,257		55,829		178,883		61,799
Total	4,354,418		3,612,864		4,995,664		3,954,155
Current	2,034,682		1,526,404		2,614,163		1,868,954
Non-current	2,319,736		2,086,460		2,381,501		2,085,201

(1) Incremental costs for contracts with customers are mostly sales commissions paid to partners to obtain customer contracts, deferred as income under IFRS 15 in accordance with the term of the contract and/or economic benefit to be generated, usually two to six years.

(2) Refers to the remaining balance of fees for (i) Inspection and Operating; (ii) Contribution for the Development of the National Film Industry (“Condecine”) and; (iii) Brazilian Communications Company (“EBC”) for the year, which will be fully amortized by the end of 2025.

23

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

8. INCOME AND SOCIAL CONTRIBUTION TAXES

8.a. Income and Social Contribution taxes recoverable

	Company				Consolidated
	09.30.2025		12.31.2024		09.30.2025		12.31.2024
Income taxes	463,682		701,999		480,497		711,237
Social contribution taxes	20,898		137,828		27,198		141,457
Total	484,580		839,827		507,695		852,694

8.b. Income and Social Contribution taxes payable

	Company				Consolidated
	09.30.2025		12.31.2024		09.30.2025		12.31.2024
Income taxes	235,941		163,608		280,084		170,125
Social contribution taxes	76,025		52,889		77,818		55,128
Total	311,966		216,497		357,902		225,253
Current	88,242		1,142		94,071		9,898
Non-current	223,724		215,355		263,831		215,355

At September 30, 2025 and December 31, 2024 includes R$264,734 and R$216,497, respectively, of taxes provisioned per IFRIC 23 (Note 8.e).

8.c. Deferred taxes

Below, is the composition and changes in the main components of deferred income tax (“IR”) and social contribution (“CS”).

24

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

	Company
	Balance on 12.31.2023		Statement of income		Comprehensive income		Balance on 09.30.2024		Statement of income		Comprehensive income		Balance on 12.31.2024
Deferred tax assets  (liabilities)
Income and social contribution taxes on tax carryforward losses(1)	1,996,168		(282,326)		—		1,713,842		(80,946)		—		1,632,896
Income and social contribution taxes on temporary differences(2)	(5,414,908)		3,997		(301)		(5,411,212)		(76,239)		(148,708)		(5,636,159)
Provision for legal, labor, tax civil and regulatory contingencies	2,355,149		(157,953)		—		2,197,196		(159,256)		—		2,037,940
Trade accounts payable and other provision	1,880,362		400,994		—		2,281,356		63,742		—		2,345,098
Customer portfolio and trademarks	(184,187)		14,298		—		(169,889)		6,348		—		(163,541)
Allowance for expected losses from accounts receivable	612,801		(12,440)		—		600,361		12,432		—		612,793
Estimated losses from modems and other P&E items	109,985		3,226		—		113,211		1,568		—		114,779
Pension plans and other post-employment benefits	360,294		20,653		—		380,947		12,072		(148,712)		244,307
Profit sharing	218,763		(61,487)		—		157,276		47,079		—		204,355
Licenses	(2,366,400)		118,320		—		(2,248,080)		39,440		—		(2,208,640)
Goodwill (Spanish and Navytree, Vivo Part., GVT Part. and Garliava)	(7,432,960)		(173,130)		—		(7,606,090)		(57,710)		—		(7,663,800)
Property, plant and equipment - small value items	(1,190,677)		(42,687)		—		(1,233,364)		(13,673)		—		(1,247,037)
Technological Innovation Law	(7,158)		1,040		—		(6,118)		400		—		(5,718)
Other temporary differences	229,120		(106,837)		(301)		121,982		(28,681)		4		93,305
Total deferred tax liabilities, non-current	(3,418,740)		(278,329)		(301)		(3,697,370)		(157,185)		(148,708)		(4,003,263)
Deferred tax assets	8,985,768						9,009,618						8,784,066
Deferred tax liabilities	(12,404,508)						(12,706,988)						(12,787,329)
Deferred tax liabilities, net	(3,418,740)						(3,697,370)						(4,003,263)
Presented in the balance sheet as follows:
Deferred tax liabilities	(3,418,740)						(3,697,370)						(4,003,263)

			Company
			Balance on 12.31.2024		Comprehensive income		Comprehensive income		Balance on 09.30.2025
Deferred tax assets  (liabilities)
Income and social contribution taxes on tax carryforward losses(1)			1,632,896		(262,815)		—		1,370,081
Income and social contribution taxes on temporary differences(2)			(5,636,159)		114,289		(11,685)		(5,533,555)
Provision for legal, labor, tax civil and regulatory contingencies			2,037,940		19,384		—		2,057,324
Trade accounts payable and other provision			2,345,098		431,848		—		2,776,946
Customer portfolio and trademarks			(163,541)		20,393		—		(143,148)
Allowance for expected losses from accounts receivable			612,793		27,620		—		640,413
Estimated losses from modems and other P&E items			114,779		6,310		—		121,089
Pension plans and other post-employment benefits			244,307		(26,651)		(12,856)		204,800
Profit sharing			204,355		(46,873)		—		157,482
Licenses			(2,208,640)		118,320		—		(2,090,320)
Goodwill (Spanish and Navytree, Vivo Part., GVT Part. and Garliava)			(7,663,800)		(173,130)		—		(7,836,930)
Property, plant and equipment - small value items			(1,247,037)		68,753		—		(1,178,284)
Technological Innovation Law			(5,718)		1,078		—		(4,640)
Other temporary differences			93,305		(332,763)		1,171		(238,287)
Total deferred tax liabilities, non-current			(4,003,263)		(148,526)		(11,685)		(4,163,474)
Deferred tax assets			8,784,066						8,933,558
Deferred tax liabilities			(12,787,329)						(13,097,032)
Deferred tax liabilities, net			(4,003,263)						(4,163,474)
Presented in the balance sheet as follows:
Deferred tax liabilities			(4,003,263)						(4,163,474)

25

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

	Consolidated
	Balance on 12.31.2023		Statement of income		Comprehensive income		Balance on 09.30.2024		Statement of income		Comprehensive income		IPNET Business Combination (Note 1.c.4)		Balance on 12.31.2024
Deferred tax assets (liabilities)
Income and social contribution taxes on tax carryforward losses(1)	2,097,731		(288,054)		—		1,809,677		(88,896)		—		—		1,720,781
Income and social contribution taxes on temporary differences(2)	(5,339,226)		(3,503)		(301)		(5,343,030)		(73,927)		(149,099)		(12,187)		(5,578,243)
Provision for legal, labor, tax civil and regulatory contingencies	2,390,268		(159,454)		—		2,230,814		(162,068)		—		19,604		2,088,350
Trade accounts payable and other provision	1,895,643		404,113		—		2,299,756		61,450		—		—		2,361,206
Customer portfolio and trademarks	(178,158)		26,122		—		(152,036)		7,837		—		—		(144,199)
Allowance for expected losses from accounts receivable	622,046		(16,689)		—		605,357		16,066		—		(1,542)		619,881
Estimated losses from modems and other P&E items	109,985		3,227		—		113,212		1,567		—		—		114,779
Pension plans and other post-employment benefits	364,335		17,922		—		382,257		12,145		(149,103)		—		245,299
Profit sharing	223,420		(61,653)		—		161,767		48,063		—		—		209,830
Licenses	(2,366,402)		118,322		—		(2,248,080)		39,440		—		—		(2,208,640)
Goodwill (Spanish and Navytree, Vivo Part., GVT Part., Garliava and Vita IT)	(7,443,807)		(175,660)		—		(7,619,467)		(58,757)		—		—		(7,678,224)
Property, plant and equipment - small value items	(1,190,678)		(42,686)		—		(1,233,364)		(13,674)		—		—		(1,247,038)
Technological Innovation Law	(7,158)		1,040		—		(6,118)		400		—		—		(5,718)
Other temporary differences	241,280		(118,107)		(301)		122,872		(26,396)		4		(30,249)		66,231
Total deferred tax (Liabilities), non-current	(3,241,495)		(291,557)		(301)		(3,533,353)		(162,823)		(149,099)		(12,187)		(3,857,462)
Deferred tax assets	9,177,084						9,191,074								8,947,536
Deferred tax liabilities	(12,418,579)						(12,724,427)								(12,804,998)
Deferred tax liabilities, net	(3,241,495)						(3,533,353)								(3,857,462)
Presented in the balance sheet as follows:
Deferred tax assets of subsidiaries	177,245						164,862								158,215
Deferred tax liabilities	(3,418,740)						(3,698,215)								(4,015,677)

26

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

						Consolidated
						Balance on 12.31.2024		Statement of income		Comprehensive income		Balance on Samauma -  Business Combination (Note 1.c.1)		Balance on 09.30.2025
Deferred tax assets  (liabilities)
Income and social contribution taxes on tax carryforward losses(1)						1,720,781		(271,625)		—		—		1,449,156
Income and social contribution taxes on temporary differences(2)						(5,578,243)		108,047		(12,007)		(3,535)		(5,485,738)
Provision for legal, labor, tax civil and regulatory contingencies						2,088,350		20,978		—		837		2,110,165
Trade accounts payable and other provision						2,361,206		434,292		—		—		2,795,498
Customer portfolio and trademarks						(144,199)		2,552		—		—		(141,647)
Allowance for expected losses from accounts receivable						619,881		27,051		—		—		646,932
Estimated losses from modems and other P&E items						114,779		6,310		—		—		121,089
Pension plans and other post-employment benefits						245,299		(26,892)		(13,178)		—		205,229
Profit sharing						209,830		(47,605)		—		—		162,225
Licenses						(2,208,640)		118,320		—		—		(2,090,320)
Goodwill (Spanish and Navytree, Vivo Part., GVT Part., Garliava and Vita IT)						(7,678,224)		(160,525)		—		—		(7,838,749)
Property, plant and equipment - small value items						(1,247,038)		68,754		—		—		(1,178,284)
Technological Innovation Law						(5,718)		1,078		—		—		(4,640)
Other temporary differences						66,231		(336,266)				(4,372)		(273,236)
Total deferred tax liabilities, non-current						(3,857,462)		(163,578)		(12,007)		(3,535)		(4,036,582)
Deferred tax assets						8,947,536								9,117,893
Deferred tax liabilities						(12,804,998)								(13,154,475)
Deferred tax liabilities, net						(3,857,462)								(4,036,582)
Presented in the balance sheet as follows:
Deferred tax assets of subsidiaries						158,215								134,722
Deferred tax liabilities						(4,015,677)								(4,171,304)

(1) Under Brazilian tax legislation offsets are limited annually to 30% of the taxable income for the year but otherwise have no expiry dates.

(2) Amounts that will be realized upon payment of provision, losses from accounts receivable, or upon realization of inventories, as well as upon reversal of other provision.

On September 30, 2025 and December 31, 2024, there were unrecognized deferred tax assets for tax carryforward losses of the Company's subsidiaries (POP, Recicla V, TGLog, CloudCo, and Vivo Pay), of R$9,777 and R$12,602 on September 30, 2025 and December 31, 2024, respectively, as offset against future taxable profits is not assured.

8.d. Reconciliation of statutory tax rate to effective tax rate

The Company and its subsidiaries recognize income and social contribution taxes on an accrual basis, and pay taxes based on estimates, recorded in a tax auxiliary ledger. Taxes calculated on profits at the balance sheet date are recorded in liabilities or assets, as applicable.

A reconciliation from the statutory tax rate of 34% (income tax of 25% and social contribution tax of 9%) for the three and nine month periods ended September 30, 2025 and 2024 is as follows:

27

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

	Company								Consolidated
	Three-month period ended				Nine-month period ended				Three-month period ended				Nine-month period ended
	09.30.2025		09.30.2024		09.30.2025		09.30.2024		09.30.2025		09.30.2024		09.30.2025		09.30.2024
Income before taxes	2,067,871		1,744,537		5,016,140		4,619,439		2,102,267		1,762,101		5,073,487		4,675,510
Income and social contribution tax expenses, at the statutory tax rate of 34%	(703,076)		(593,142)		(1,705,487)		(1,570,608)		(714,771)		(599,114)		(1,724,986)		(1,589,674)
Permanent differences
Tax benefit related to interest on equity distribution	333,200		357,000		782,000		647,700		333,200		357,000		782,000		647,700
Non-deductible expenses, gifts, incentives	(17,795)		(24,303)		(66,101)		(83,695)		(18,425)		(24,883)		(67,528)		(85,304)
Tax incentive operating profit	3,338		23,560		22,048		59,369		3,338		23,560		22,048		59,369
Share of results in investees – equity method	12,050		6,394		25,818		18,198		211		746		(863)		807
Unclaimed  interest on equity	(14,169)		(19,182)		(14,169)		(19,182)		(14,169)		(19,182)		(14,169)		(19,182)
Other exclusions, net	206,940		172,580		230,776		113,684		195,569		167,841		212,306		106,461
Tax expense	(179,512)		(77,093)		(725,115)		(834,534)		(215,047)		(94,032)		(791,192)		(879,823)
Effective rate	8.7 %		4.4 %		14.5 %		18.1 %		10.2 %		5.3 %		15.6 %		18.8 %
Current income and social contribution taxes	(119,893)		(94,851)		(576,589)		(556,205)		(144,010)		(107,956)		(627,614)		(588,266)
Deferred income and social contribution taxes	(59,619)		17,758		(148,526)		(278,329)		(71,037)		13,924		(163,578)		(291,557)

8.e. Uncertain Tax Treatments

The Company and its subsidiaries are contesting several assessments filed by the Brazilian Federal Tax Authority (“RFB“) for alleged incorrect deductions of expenses, mainly related to the amortization of goodwill, at various administrative and judicial levels, of R$39,502,275 and R$36,939,312 on September 30, 2025 and December 31, 2024, respectively. Management, sunder the advice of its legal advisors, believes that a large part of these deductions will likely be accepted once examined by the higher courts of last resort (acceptance probability greater than 50%). These amounts accrue SELIC interest.

When the Company and its subsidiaries believe that the probability of loss is greater than 50%, a non-current income tax and social contribution liability is recognized. The amount recognized was R$264,734 and R$216,497 on September 30, 2025 and December 31, 2024, respectively. These claims involve compensation for overpayment of income tax and social contribution awaiting approval by the RFB.

8.f. Adaptation to new OECD Pillar II rules

On December 27, 2024 Law 15,079/24 was enacted, establishing the additional Social Contribution on Net Income (“CSLL”) adapting Brazilian legislation to the Global Rules Against Base Erosion, OECD model (“Pillar II”). The Law determines that if a Company, presents an effective combined rate of Income Tax and Social Contribution on Net Income of less than 15%, it must make an additional payment to top up to this minimum percentage. This rule becomes effective as of January 2025; if an additional payment is necessary, the amount will be collected in the following year. The Company does not expect a significant impact as its effective rates exceed the stipulated minimum rate.

28

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

9. TAXES, CHARGES AND CONTRIBUTIONS RECOVERABLE

	Company				Consolidated
	09.30.2025		12.31.2024		09.30.2025		12.31.2024
State VAT (ICMS)(1)	2,127,645		1,979,351		2,129,715		1,980,977
PIS and COFINS	451,539		457,358		491,733		517,616
Withholding taxes and contributions(2)	312,054		307,263		336,241		326,802
Other taxes	86,182		85,840		86,816		87,043
Total	2,977,420		2,829,812		3,044,505		2,912,438
Current	2,367,002		2,223,467		2,433,742		2,306,093
Non-current	610,418		606,345		610,763		606,345

(1) Includes ICMS credits from the acquisition of property and equipment (available for offset in 48 months); requests for refund of ICMS paid on invoices that were subsequently cancelled; for the rendering of services; tax substitution; and tax rate difference; among others. Non-current consolidated amounts include credits arising from the acquisition of property and equipment of R$563,823 and R$563,895 on September 30, 2025 and December 31, 2024, respectively.

(2) Withholding income tax ("IRRF") credits on short-term investments, interest on equity and others, which are used as deduction in operations for the period and social contribution tax withheld at source on services provided to public agencies.

10. JUDICIAL DEPOSITS AND GARNISHMENTS

Judicial deposits are made, and restrictions placed on bank balances to ensure the continuity of legal processes through the courts or to suspend the enforceability of the tax credit.

Judicial deposits are recorded at historical cost plus accrued interest.

	Company				Consolidated
	09.30.2025		12.31.2024		09.30.2025		12.31.2024
Judicial deposits
Tax	1,516,144		1,505,990		1,716,307		1,697,070
Civil	918,703		889,863		920,271		891,872
Regulatory	263,451		325,810		263,451		325,810
Labor	40,602		62,661		44,935		67,859
Total	2,738,900		2,784,324		2,944,964		2,982,611
Garnishments	19,628		19,398		20,528		21,112
Total	2,758,528		2,803,722		2,965,492		3,003,723
Current	105,737		150,160		107,140		150,993
Non-current	2,652,791		2,653,562		2,858,352		2,852,730

29

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

The judicial deposits, classified by type of tax, on September 30, 2025 and December 31, 2024 are presented below. Further details relating to judicial deposits are available in Note 10. Judicial Deposits and Garnishments, in the financial statements for the year ended December 31, 2024.

		Consolidated
Tax		09.30.2025		12.31.2024
Universal Telecommunication Services Fund (FUST)		647,481		622,820
State Value-Added Tax (ICMS(1)		403,715		432,253
Social Contribution Tax for Intervention in the Economic Order (CIDE)		350,999		338,694
Corporate Income Tax (IRPJ) and Social Contribution Tax (CSLL)		64,436		61,935
Telecommunications Inspection Fund (FISTEL)		58,074		55,801
Contribution tax on gross revenue for Social Integration Program (PIS) and for Social Security Financing (COFINS)		29,745		29,425
Withholding Income Tax (IRRF)		47,189		45,360
Social Security, work accident insurance (SAT) and funds to third parties (INSS)		28,988		27,503
Other taxes, charges and contributions		85,680		83,279
Total		1,716,307		1,697,070

(1) Changes between the comparative periods is mainly due to the offsetting of the judicial deposit of R$38,745, related to the SP tax amnesty program (Note20.c.).

11. OTHER ASSETS

	Company				Consolidated
	09.30.2025		12.31.2024		09.30.2025		12.31.2024
Related-party receivables (Note 28)	178,307		136,084		141,866		115,400
Sale of real estate and other receivables	415,586		255,317		415,587		255,317
Advances to employees and suppliers	132,981		54,899		146,280		60,811
Surplus from post-employment benefit plans (Note 30)(1)	192,170		156,999		192,220		157,046
Loan agreement with subsidiary CloudCo Brasil - 2024	45,036		46,425		—		—
Indemnification assets (IPNET,  VSS and Samauma acquisitions)	—		—		148,997		133,038
Assets held for sale (2)	21,030		—		21,030		—
Sublease of assets and other amounts receivable	9,300		7,223		11,022		7,364
Total	994,410		656,947		1,077,002		728,976
Current	488,309		361,912		478,145		360,141
Non-current	506,101		295,035		598,857		368,835

(1) On September 30, 2025 and December 31, 2024, includes R$188,460 and R$153,714, respectively, referring to the distribution of the PBS-A

(2) Assets classified as available for sale in their current condition, in the process of formalizing the purchase and sale agreement. Depreciation on these properties ceased as of the date of reclassification.

12. INVESTMENTS

12.a. Information on investees

The information relating to direct and jointly controlled subsidiaries is the same as in explanatory Note 12) Investments, disclosed in the financial statements for the year ended December 31, 2024, except for the acquisition of Samauma by Terra Networks (Note 1.c.1) and for the acquisition of IoTCo Brasil (Note 1.c.2).

30

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

Selected financial data of the direct and jointly controlled subsidiaries in which the Company has an interest is presented below:

						09.30.2025						Nine-month period ended September 30, 2025
Investees		Participation		Investment		Assets		Liabilities		Equity		Net operating revenue		Net profit (loss)
Terra Networks(1)		100.00%		Subsidiary		1,152,582		720,610		431,972		626,998		61,739
TGLog		100.00%		Subsidiary		46,049		32,642		13,407		36,626		2,507
POP(2)		100.00%		Subsidiary		187,885		82,519		105,366		35,013		13,596
Vivo Pay I (formerly Vivo Money I)		100.00%		Subsidiary		262,395		83,688		178,707		127,932		12,869
Vivo Pay Holding(4)		100.00%		Subsidiary		16,364		8,533		7,831		—		(5,805)
Vivo Ventures		98.00%		Subsidiary		200,261		368		199,893		—		3,209
Vivo Pay II (formerly Vivo Money III)		100.00%		Subsidiary		666		111		555		594		(780)
CloudCo Brasil(5)		50.01%		Subsidiary		1,360,366		1,243,835		116,531		1,393,945		(20,571)
IoTCo Brasil(6)		50.01%		Subsidiary		—		—		—		59,357		2,979
Aliança		50.00%		Joint control		290,068		817		289,251		—		3,681
AIX		50.00%		Joint control		57,466		36,715		20,751		53,544		3,022
ACT		50.00%		Joint control		51		8		43		78		1
VIVAE		50.00%		Joint control		26,982		4,537		22,445		5,606		(3,169)
GUD		50.00%		Joint control		35,330		5,371		29,959		5,562		(7,182)
FiBrasil		25.01%		Joint control		2,100,957		1,236,032		864,925		310,074		(2,858)

						12.31.2024						Nine-month period ended September 30, 2024
Investees		Participation		Investment		Assets		Liabilities		Equity		Net operating revenue		Net profit (loss)
Terra Networks(1)		100.00%		Subsidiary		987,759		594,433		393,326		510,357		51,882
TGLog		100.00%		Subsidiary		48,177		36,021		12,156		39,236		(14,978)
POP(2)		100.00%		Subsidiary		168,613		76,844		91,769		25,119		10,137
Vivo Pay I (formerly Vivo Money I)		100.00%		Subsidiary		244,850		69,013		175,837		102,923		(8,633)
Vivo Money II(3)		100.00%		Subsidiary		—		—		—		562		(423)
Vivo Pay II (formerly Vivo Money III)		100.00%		Subsidiary		1,162		77		1,085		251		(446)
Vivo Pay Holding(4)		100.00%		Subsidiary		15,196		1,560		13,636		—		(25)
Vivo Ventures		98.00%		Subsidiary		137,628		30		137,598		—		2,969
CloudCo Brasil(5)		50.01%		Subsidiary		948,574		923,461		25,113		862,073		9,384
IoTCo Brasil(6)		50.01%		Subsidiary		166,215		56,979		109,236		91,171		12,066
Aliança		50.00%		Joint control		297,309		2,917		294,392		—		5,302
AIX		50.00%		Joint control		49,834		32,105		17,729		50,646		(16)
ACT		50.00%		Joint control		46		4		42		78		4
GUD		50.00%		Joint control		23,460		7,664		15,796		—		(24)
VIVAE		50.00%		Joint control		21,070		3,957		17,113		—		(3,622)
FiBrasil		25.01%		Joint control		2,025,664		1,157,880		867,784		293,536		6,200

(1) Terra Networks is the single and direct owner of TIS, TLF01 and Samauma.

(2) POP is the single and direct owner of Recicla V and Vale Saúde Sempre.

(3) Vivo Money II merged into Vivo Pay I in October 2024.

(4) Vivo Pay Holding is the direct parent company of Vivo Pay SCD.

(5) CloudCo Brasil is the direct and wholly-owned parent company of IPNET and USA IPNET and incorporated IoTCo Brasil on July 1, 2025 (Note 1.c.2.).

(6) IoTCo Brasil was incorporated by CloudCo Brasil on July 1, 2025 (note 1.c.2.).

31

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

12.b. Changes in investment balances

		Subsidiary		Joint Venture		Other investments		Company Total investments		Total investments
Balance on  December 31, 2023		689,393		396,675		47		1,086,115		438,870
Equity interest (Statements of Income)		51,151		2,373		—		53,524		2,373
Dividends (Terra Networks)		(169,132)		—		—		(169,132)		—
Capital contribution – cash and cash equivalents (Vivo Pay Holding, Vivo Ventures, Vivo Money II, Vivo Pay II and GUD)		72,355		10,319		—		82,674		10,319
Investments in the subsidiary Vivo Ventures		—		—		—		—		58,409
Other comprehensive results (Alliance and other investments)		—		16,902		(13)		16,889		16,889
Balance on  September 30, 2024		643,767		426,269		34		1,070,070		526,860
Equity interest (Statements of Income)		34,938		(6,724)		—		28,214		(6,724)
Dividends (IoTCo Brasil)		(1,975)		—		—		(1,975)		—
Capital contribution – cash and cash equivalents (Vivo Pay Holding, Vivo Ventures, Vivo Money II, Vivo Pay II, TGLOG and GUD)		52,767		3,368		—		56,135		3,368
Capital contribution - dividends receivable  (Terra Networks)		145,183		—		—		145,183		—
Capital contribution -  assets (Terra Networks) (Notes 13 and 14)		12,343		—		—		12,343		—
Investments in the subsidiary Vivo Ventures		—		—		—		—		35,224
Other comprehensive results (Alliance and other investments)		2,821		7,664		(8)		10,477		7,656
Balance on December 31, 2024		889,844		430,577		26		1,320,447		566,384
Equity interest (Statements of Income)		78,473		(2,538)		—		75,935		(2,538)
Dividends (Terra Networks)		(23,800)		—		—		(23,800)		—
Capital contribution - cash and cash equivalents (Vivo Ventures, GUD, VivaE and Vivo Pay II) and redemption of shares in Vivo Pay I		48,154		14,923		—		63,077		14,923
Investments the subsidiary Vivo Ventures		—		—		—		—		58,688
Other comprehensive results (Alliance and other investments)		(663)		(4,410)		(7)		(5,080)		(4,417)
Balance on  September 30, 2025		992,008		438,552		19		1,430,579		633,040

32

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

13. PROPERTY, PLANT AND EQUIPMENT (PP&E)

13.a. Changes in balances

	Company
	Switching and transmission equipment		Infrastructure		Lending equipment		Terminal equipment		Land		Other P&E		Assets and facilities under construction		Total
Balance on  December 31, 2023	23,253,809		14,925,117		5,401,694		421,216		249,536		503,003		1,532,982		46,287,357
Additions	59,926		2,564,441		58,824		—		—		45,588		4,542,614		7,271,393
Write-offs, net(1)	(12,757)		(75,493)		(111)		(403)		(3,918)		(917)		(15,554)		(109,153)
Net transfers(2)	2,288,643		304,564		1,651,585		34,540		—		7,000		(4,321,034)		(34,702)
Subletting	—		(26,823)		—		—		—		—		—		(26,823)
Depreciation (Note 25)	(2,822,411)		(2,816,337)		(1,607,998)		(195,275)		—		(135,203)		—		(7,577,224)
Balance on  September 30, 2024	22,767,210		14,875,469		5,503,994		260,078		245,618		419,471		1,739,008		45,810,848
Additions	88,074		2,146,232		26,461		—		—		80,394		1,474,268		3,815,429
Write-offs, net(1)	2,105		(34,507)		(359)		(125)		(6,353)		917		7,319		(31,003)
Net transfers(2)	992,199		53,528		534,124		2,196		—		5,892		(1,588,294)		(355)
Subletting	—		(38,467)		—		—		—		—		—		(38,467)
Capital contribution in assets in subsidiary (Note 12.b.)	(232)		(2)		(6,026)		—		—		(148)		(3,859)		(10,267)
Depreciation	(1,089,815)		(1,012,284)		(554,007)		(49,822)		—		(44,239)		—		(2,750,167)
Balance on December 31, 2024	22,759,541		15,989,969		5,504,187		212,327		239,265		462,287		1,628,442		46,796,018
Additions	109,711		1,439,980		63,788		509		—		126,328		4,587,567		6,327,883
Write-offs, net(1)	(4,387)		(123,573)		(17)		—		(585)		(6,749)		(18,070)		(153,381)
Net transfers(2)	2,444,408		435,247		1,502,462		14,838		—		(54,099)		(4,344,152)		(1,296)
Subletting	—		(52,037)		—		—		—		—		—		(52,037)
Assets held for sale (Note 11)	—		(17,152)		—		—		(3,878)		—		—		(21,030)
Depreciation (Note 25)	(3,335,752)		(3,018,361)		(1,650,110)		(97,265)		—		(78,726)		—		(8,180,214)
Balance on  September 30, 2025	21,973,521		14,654,073		5,420,310		130,409		234,802		449,041		1,853,787		44,715,943
Balance on December 31, 2024
Cost	91,741,641		47,291,492		31,695,949		6,581,648		239,265		5,776,431		1,628,442		184,954,868
Accumulated depreciation	(68,982,100)		(31,301,523)		(26,191,762)		(6,369,321)		—		(5,314,144)		—		(138,158,850)
Total	22,759,541		15,989,969		5,504,187		212,327		239,265		462,287		1,628,442		46,796,018
Balance on September 30, 2025
Cost	93,957,735		48,295,171		32,451,527		6,583,826		234,802		5,843,519		1,853,787		189,220,367
Accumulated depreciation	(71,984,214)		(33,641,098)		(27,031,217)		(6,453,417)		—		(5,394,478)		—		(144,504,424)
Total	21,973,521		14,654,073		5,420,310		130,409		234,802		449,041		1,853,787		44,715,943

33

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

	Consolidated
	Switching and transmission equipment		Infrastructure		Lending equipment		Terminal equipment		Land		Other P&E		Assets and facilities under construction		Total
Balance on  December 31, 2023	23,266,868		14,929,179		5,401,694		421,385		249,536		512,930		1,536,555		46,318,147
Additions	72,548		2,561,053		58,824		—		—		40,878		4,533,693		7,266,996
Write-offs, net (1)	(12,785)		(76,672)		(111)		(403)		(3,918)		(1,639)		(15,554)		(111,082)
Net transfers (2)	2,278,889		304,565		1,651,585		34,555		—		7,000		(4,311,296)		(34,702)
Subletting	—		(26,823)		—		—		—		—		—		(26,823)
Depreciation (Note 25)	(2,824,012)		(2,816,477)		(1,607,998)		(195,313)		—		(142,578)		—		(7,586,378)
Balance on  September 30, 2024	22,781,508		14,874,825		5,503,994		260,224		245,618		416,591		1,743,398		45,826,158
Additions	89,623		2,146,897		26,461		32		—		76,148		1,468,875		3,808,036
Write-offs, net (1)	2,132		(34,749)		(358)		(133)		(6,353)		1,639		7,372		(30,450)
Net transfers (2)	987,885		53,526		534,123		2,197		—		5,947		(1,584,034)		(356)
Subletting	—		(38,467)		—		—		—		—		—		(38,467)
Business combination - IPNET (Note 1.c.4)	—		533		—		—		—		532		—		1,065
Depreciation	(1,090,342)		(1,012,524)		(554,007)		(49,834)		—		(46,898)		—		(2,753,605)
Balance on December 31, 2024	22,770,806		15,990,041		5,510,213		212,486		239,265		453,959		1,635,611		46,812,381
Additions	109,969		1,443,978		69,992		543		—		131,153		4,580,076		6,335,711
Write-offs, net (1)	(4,386)		(126,055)		(17)		—		(585)		(6,750)		(18,070)		(155,863)
Net transfers (2)	2,443,922		435,244		1,505,108		14,838		—		(54,096)		(4,346,313)		(1,297)
Subletting	—		(52,037)		—		—		—		—		—		(52,037)
Assets held for sale (Note 11)	—		(17,152)		—		—		(3,878)		—		—		(21,030)
Business combination - Samauma (Note 1.c.1)	—		—		—		—		—		217		—		217
Depreciation (Note 25)	(3,337,486)		(3,018,181)		(1,650,111)		(97,296)		—		(86,534)		—		(8,189,608)
Balance on  September 30, 2025	21,982,825		14,655,838		5,435,185		130,571		234,802		437,949		1,851,304		44,728,474
Balance on December 31, 2024
Cost	91,758,158		47,318,029		31,701,975		6,582,403		239,265		5,945,185		1,635,611		185,180,626
Accumulated depreciation	(68,987,352)		(31,327,988)		(26,191,762)		(6,369,917)		—		(5,491,226)		—		(138,368,245)
Total	22,770,806		15,990,041		5,510,213		212,486		239,265		453,959		1,635,611		46,812,381
Balance on September 30, 2025
Cost	93,974,024		48,319,641		32,466,402		6,584,615		234,802		6,016,861		1,851,304		189,447,649
Accumulated depreciation	(71,991,199)		(33,663,803)		(27,031,217)		(6,454,044)		—		(5,578,912)		—		(144,719,175)
Total	21,982,825		14,655,838		5,435,185		130,571		234,802		437,949		1,851,304		44,728,474

(1) Infrastructure, includes R$123,866 and R$74,258 in 2025 and 2024, respectively, referring to the cancellation of lease agreements (Note 13.c)

(2) Total balances refer to transfers between classes of fixed and intangible assets (Note 14.a).

13.b. Annual depreciation rates

The annual depreciation rates are presented below (lease assets rates presented in Note 13.c).

		Company								Consolidated
Description		09.30.2025				12.31.2024				09.30.2025				12.31.2024
Switching and transmission equipment and media		2.50%	to	66.67%		2.50%	to	66.67%		2.50%	to	66.67%		2.50%	to	66.67%
Infrastructure		2.50%	to	20.00%		2.50%	to	20.00%		2.50%	to	50.00%		2.50%	to	50.00%
Leased equipment (cell phones and modems)		20.00%	to	50.00%		20.00%	to	50.00%		20.00%	to	50.00%		20.00%	to	50.00%
Terminal equipment		10.00%	to	25.00%		10.00%	to	25.00%		10.00%	to	50.00%		10.00%	to	50.00%
Other P&E assets		10.00%	to	25.00%		10.00%	to	25.00%		10.00%	to	25.00%		10.00%	to	25.00%

13.c. Additional information on leases

The balances and transactions of leases assets (Note 13.a), were:

34

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

	Consolidated
	Infrastructure		Switching and transmission equipment		Other		Total
Balances and changes:
Balance on  December 31, 2023	11,862,992		203,519		13,606		12,080,117
Additions	2,509,424		51,309		702		2,561,435
Subletting (Note 13.a)	(26,823)		—		—		(26,823)
Depreciation	(2,466,846)		(61,310)		(6,298)		(2,534,454)
Cancellation of contracts	(64,363)		(1,189)		(21)		(65,573)
Balance on  September 30, 2024	11,814,384		192,329		7,989		12,014,702
Additions	2,125,128		87,816		—		2,212,944
Subletting (Note 13.a)	(38,467)		—		—		(38,467)
Depreciation	(897,975)		(18,080)		(2,730)		(918,785)
Cancellation of contracts	(9,895)		(8,934)		—		(18,829)
Other changes	(3,947)		—		—		(3,947)
Balance on December 31, 2024	12,989,228		253,131		5,259		13,247,618
Additions	1,385,092		101,738		63,504		1,550,334
Subletting (Note 13.a)	(52,037)		—		—		(52,037)
Depreciation	(2,668,399)		(69,169)		(14,060)		(2,751,628)
Cancellation of contracts	(123,866)		(840)		—		(124,706)
Balance on  September 30, 2025	11,530,018		284,860		54,703		11,869,581
Balance on December 31, 2024
Cost	29,418,847		520,634		130,315		30,069,796
Accumulated depreciation	(16,429,619)		(267,503)		(125,056)		(16,822,178)
Total	12,989,228		253,131		5,259		13,247,618
Balance on  September 30, 2025
Cost	30,054,422		616,662		193,117		30,864,201
Accumulated depreciation	(18,524,404)		(331,802)		(138,414)		(18,994,620)
Total	11,530,018		284,860		54,703		11,869,581

Annual depreciation rates for leased assets:

		Company								Consolidated
Description		09.30.2025				12.31.2024				09.30.2025				12.31.2024
Infrastructure		2.36%	to	92.31%		2.36%	to	92.31%		2.36%	to	92.31%		2.36%	to	92.31%
Switching and transmission equipment and media		10.00%	to	66.67%		10.00%	to	66.67%		10.00%	to	66.67%		10.00%	to	66.67%
Other P&E assets		26.09%	to	37.50%		26.09%	to	37.50%		26.09%	to	37.50%		26.09%	to	40.00%

13.d. Property, plant and equipment items pledged in guarantee

On September 30, 2025 and December 31, 2024, consolidated PP&E offered as collateral in legal proceedings total R$11,327 and R$29,414, respectively.

35

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

14. INTANGIBLE ASSETS

14.a. Balances and changes

	Company
	Indefinite useful life		Finite useful life
	Goodwill(1)		Licenses		Software		Trademarks		Customer portfolio		Other intangible assets		Software under development		Total
Balances and changes:
Balance on  December 31, 2023	26,262,978		14,887,059		6,044,286		568,384		195,418		33,370		799,912		48,791,407
Additions	—		23,919		434		—		—		—		2,003,220		2,027,573
Net transfers(2)	—		—		2,052,923		—		—		—		(2,018,221)		34,702
Amortization (Note 25)	—		(986,155)		(1,713,722)		(63,154)		(82,218)		(1,983)		—		(2,847,232)
Balance on  September 30, 2024	26,262,978		13,924,823		6,383,921		505,230		113,200		31,387		784,911		48,006,450
Additions	—		—		(434)		—		—		—		855,971		855,537
Write-offs, net	—		—		(3,591)		—		—		—		(651)		(4,242)
Net transfers(2)	—		—		814,339		—		—		—		(813,984)		355
Capital contribution in assets in subsidiary (Note 12.b.)	—		—		(2,077)		—		—		—		—		(2,077)
Amortization	—		(329,569)		(623,541)		(21,051)		(27,407)		(651)		—		(1,002,219)
Balance on December 31, 2024	26,262,978		13,595,254		6,568,617		484,179		85,793		30,736		826,247		47,853,804
Additions	—		—		1,550		—		—		—		2,123,567		2,125,117
Net transfers(2)	—		—		2,073,291		—		—		—		(2,071,995)		1,296
Amortization (Note 25)	—		(988,707)		(1,817,841)		(63,154)		(42,885)		(1,954)		—		(2,914,541)
Balance on  September 30, 2025	26,262,978		12,606,547		6,825,617		421,025		42,908		28,782		877,819		47,065,676
Balance on December 31, 2024
Cost	26,262,978		29,772,875		30,633,046		1,658,897		4,536,912		269,557		826,247		93,960,512
Accumulated amortization	—		(16,177,621)		(24,064,429)		(1,174,718)		(4,451,119)		(238,821)		—		(46,106,708)
Total	26,262,978		13,595,254		6,568,617		484,179		85,793		30,736		826,247		47,853,804
Balance on September 30, 2025
Cost	26,262,978		29,772,875		32,703,582		1,658,897		4,536,912		269,557		877,819		96,082,620
Accumulated amortization	—		(17,166,328)		(25,877,965)		(1,237,872)		(4,494,004)		(240,775)		—		(49,016,944)
Total	26,262,978		12,606,547		6,825,617		421,025		42,908		28,782		877,819		47,065,676

36

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

	Consolidated
	Indefinite useful life		Finite useful life
	Goodwill(1)		Licenses		Software		Trademarks		Customer portfolio		Other intangible assets		Software under development		Total
Balances and changes:
Balance on  December 31, 2023	26,390,696		14,887,059		6,056,999		571,902		205,800		48,021		802,498		48,962,975
Additions	—		23,919		1,096		—		—		—		2,003,401		2,028,416
Net transfers(2)	—		—		2,053,883		—		—		—		(2,019,181)		34,702
Amortization (Note 25)	—		(986,155)		(1,716,824)		(63,993)		(83,239)		(4,565)		—		(2,854,776)
Balance on  September 30, 2024	26,390,696		13,924,823		6,395,154		507,909		122,561		43,456		786,718		48,171,317
Additions	—		—		(1,096)		—		—		—		862,415		861,319
Write-offs, net	—		—		(3,592)		—		—		—		(650)		(4,242)
Net transfers(2)	—		—		821,024		—		—		—		(820,668)		356
Business combination – IPNET (Note 1.c.4)	174,439		—		—		10,099		28,749		27,136		—		240,423
Amortization	—		(329,569)		(624,650)		(21,836)		(29,184)		(2,287)		—		(1,007,526)
Balance on December 31, 2024	26,565,135		13,595,254		6,586,840		496,172		122,126		68,305		827,815		48,261,647
Additions	—		—		2,089		—		—		—		2,123,566		2,125,655
Net transfers(2)	—		—		2,073,680		(80)		(103)		(205)		(2,071,995)		1,297
Business combination – Samauma (Note 1.c.1)	54,134		—		6		3,451		—		7,755		—		65,346
Business combination – IPNET (Note 1.c.4)	1,960		—		—		—		(130)		(172)		—		1,658
Amortization (Note 25)	—		(988,707)		(1,821,809)		(65,603)		(48,089)		(8,384)		—		(2,932,592)
Balance on  September 30, 2025	26,621,229		12,606,547		6,840,806		433,940		73,804		67,299		879,386		47,523,011
Balance on December 31, 2024
Cost	26,565,135		29,772,875		30,772,551		1,673,846		4,577,691		315,248		827,815		94,505,161
Accumulated amortization	—		(16,177,621)		(24,185,711)		(1,177,674)		(4,455,565)		(246,943)		—		(46,243,514)
Total	26,565,135		13,595,254		6,586,840		496,172		122,126		68,305		827,815		48,261,647
Balance on September 30, 2025
Cost	26,621,229		29,772,875		32,843,646		1,677,297		4,577,561		322,833		879,386		96,694,827
Accumulated amortization	—		(17,166,328)		(26,002,840)		(1,243,357)		(4,503,757)		(255,534)		—		(49,171,816)
Total	26,621,229		12,606,547		6,840,806		433,940		73,804		67,299		879,386		47,523,011

(1) Refer to the operations of Santo Genovese Participações (2004); Spanish and Figueira (2006); Telefônica Television Participações (2008); Vivo Participações (2011); GVT Participações (2015); Garliava and Vita IT (2022), Vale Saúde Sempre (2023), IPNET (2024) and Samauma (2025).

(2) Total balances refer to transfers between classes of fixed and intangible assets (Note 13.a).

14.b. Annual amortization rates

		Company								Consolidated
Description		09.30.2025				12.31.2024				09.30.2025				12.31.2024
Licenses		3.60%	to	24.00%		3.60%	to	24.00%		3.60%	to	24.00%		3.60%	to	24.00%
Software		20.00%				20.00%				20.00%				20.00%
Trademarks		5.13%				5.13%				5.13%	to	23.53%		5.13%	to	23.50%
Customer portfolio		10.00%	to	12.50%		10.00%	to	12.50%		10.00%	to	20.69%		9.52%	to	20.70%
Other intangible assets		20.00%				20.00%				6.67%	to	20.00%		6.67%	to	20.00%

37

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

15. PERSONNEL, SOCIAL CHARGES AND BENEFITS

	Company				Consolidated
	09.30.2025		12.31.2024		09.30.2025		12.31.2024
Social charges and benefits	806,525		563,773		887,254		614,595
Profit sharing	334,602		489,166		356,948		514,902
Share-based payment plans (Note 29)	135,163		124,592		137,836		126,019
Salaries and wages	37,588		33,065		48,083		46,747
Others	—		—		44,246		11,650
Total	1,313,878		1,210,596		1,474,367		1,313,913
Current	1,247,048		1,147,385		1,362,205		1,238,452
Non-current	66,830		63,211		112,162		75,461

16. TRADE ACCOUNTS PAYABLE

The Company and/or its subsidiaries do not have financing agreements with suppliers.

	Company				Consolidated
	09.30.2025		12.31.2024		09.30.2025		12.31.2024
Sundry suppliers (Opex, Capex, Services e Material)	8,107,736		7,820,642		8,517,830		8,194,196
Related parties (Note 28)	724,463		622,044		520,365		546,069
Amounts payable (operators, cobilling)	259,879		246,659		259,894		246,659
Interconnection / interlink	233,656		243,700		233,656		243,700
Total	9,325,734		8,933,045		9,531,745		9,230,624

17. TAXES, CHARGES AND CONTRIBUTIONS PAYABLE

	Company				Consolidated
	09.30.2025		12.31.2024		09.30.2025		12.31.2024
Fistel(1)	5,985,172		4,713,786		5,985,172		4,713,786
ICMS	1,329,834		1,256,662		1,408,920		1,328,010
PIS and COFINS	208,515		331,827		233,145		370,312
Fust and Funttel	105,483		102,773		105,483		102,773
Other taxes	168,755		179,173		180,830		199,639
Total	7,797,759		6,584,221		7,913,550		6,714,520
Current	1,456,278		1,520,447		1,503,214		1,585,936
Non-current	6,341,481		5,063,774		6,410,336		5,128,584

(1) Refers to the remaining balances from 2020 to 2025 for which collection, according to decisions of the Federal Regional Court of the First Region, is suspended. The amount is classified as non-current liabilities plus SELIC interest.

38

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

18. DIVIDENDS AND INTEREST ON EQUITY

18.a. Interest on equity receivable

		Company
		2025		2024
Balance at the beginning of the year		1,975		2,503
Proposed dividends from the previous year - Terra Networks		23,800		169,132
Dividends receipt - IoTCo Brasil		—		(2,452)
Balance on September 30		25,775		169,183
Dividends receipt - Terra Networks, IoTCo Brasil, ACT and AIX				(24,000)
Capital increase in subsidiary - Terra Networks				(145,183)
Dividends receivable - IoTCo Brasil				1,975
Balance at the end of the period				1,975

Interest on equity and dividends from the subsidiary are classified as “Investing Activities“ in the statement of cash flows.

18.b. Dividends and interest on equity payable

18.b.1. Balances

		Consolidated
		09.30.2025		12.31.2024
Telefónica		769,980		742,819
Telefónica Latinoamérica Holding		739,037		712,945
Telefónica Chile		1,137		1,096
Telefónica IoT & Big Data Tech		1,975		1,975
Non-controlling interest		759,893		778,255
Total		2,272,022		2,237,090

The amount payable to Telefónica IoT & Big Data Tech refers to the interest on equity (interim basis), as per IoT Co.

18.b.2. Changes

		Consolidated
		2025		2024
Balance at the beginning of the year		2,237,090		2,247,884
Interim interest on equity (net of IRRF)		1,955,000		1,619,250
Unclaimed dividends and interest on equity		(59,987)		(56,418)
Payment of dividends and interest on equity		(1,869,461)		(1,821,575)
IRRF on shareholders exempt/immune from interest on equity		9,380		7,367
Balance on September 30		2,272,022		1,996,508
Interim interest on equity (net of IRRF)				1,021,975
Unclaimed dividends and interest on equity				(70,559)
Payment of dividends and interest on equity				(710,824)
IRRF on shareholders tax exempt/immune from interest on equity				(10)
Balance at the end of the period				2,237,090

Interest on equity and dividends paid to shareholders are classified in “Financing Activities“ in the statement of cash flows.

39

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

19. PROVISION AND CONTINGENCIES

The Company and its subsidiaries are party to administrative and judicial proceedings for labor, tax, regulatory and civil claims filed at different court levels. Management of the Company and its subsidiaries, under the advice of its legal counsel, recognized provision for legal proceedings when an unfavorable outcome is considered probable.

19.a. Balances and changes

At September 30, 2025, the nature and composition of the provisions with a probable risk of loss, and details of the contingent liability, provision for dismantling, refunds to customers and provision for fines for cancellation of lease contracts are the same as in Note 20. Provision and contingencies, disclosed in the financial statements for the year ended December 31, 2024, except for the amounts resulting from the acquisition of Samauma by Terra Networks (Note 1.c.1.).

The balances and changes in the provision for probable risk of losses, in addition to contingent liabilities, provision for dismantling, amounts to be refunded to customers and provision for fines for cancellation of lease contracts are:

	Company
	Provision for legal demands
	Tax		Regulatory		Civil		Labor		Contingent liabilities (PPA)		Provision for fines for canceling lease agreements		Provision for decommissioning		Amounts to be refunded to customers		Total
Balance on  December 31, 2023	2,651,109		1,760,866		1,222,935		679,468		991,034		40,993		407,246		96,601		7,850,252
Additions (reversal), net (Note 26)	(2,871)		(12,466)		198,824		298,332		(11,311)		7,837		(2,366)		—		475,979
Other additions	(484,654)		—		—		—		—		14,929		9,174		—		(460,551)
Write-offs due to payment	(32,953)		(11,450)		(245,710)		(315,114)		—		(2,983)		—		(5,903)		(614,113)
Interest accruals (Note 27)	(271,675)		98,101		223,739		142,096		53,824		—		2,193		—		248,278
Balance on  September 30, 2024	1,858,956		1,835,051		1,399,788		804,782		1,033,547		60,776		416,247		90,698		7,499,845
Additions (reversal), net	40,563		(365,044)		50,679		122,047		(1,206)		(18,635)		(5,982)		—		(177,578)
Other additions (reversal)	—		—		—		—		—		—		468		—		468
Write-offs due to payment	(37,927)		(4,849)		(92,658)		(105,989)		—		(1,136)		—		(35)		(242,594)
Interest accruals	909		(314,063)		48,444		70,558		21,171		—		(1,784)		—		(174,765)
Balance on December 31, 2024	1,862,501		1,151,095		1,406,253		891,398		1,053,512		41,005		408,949		90,663		6,905,376
Additions (reversal), net (Note 26)	84,292		2,857		180,341		317,658		(16,244)		3,130		(16,220)		(90,663)		465,151
Other additions (reversal)(1)	(75,119)		(172,320)		—		—		—		—		7,689		—		(239,750)
Write-offs due to payment	(36,812)		(9,376)		(301,778)		(383,670)		—		(2,029)		—		—		(733,665)
Interest accruals (Note 27)	107,837		72,105		106,047		166,559		82,959		—		10,184		—		545,691
Balance on  September 30, 2025	1,942,699		1,044,361		1,390,863		991,945		1,120,227		42,106		410,602		—		6,942,803
Balance on December 31, 2024
Current	160,947		195,063		572,308		696,484		—		41,005		—		90,663		1,756,470
Non-current	1,701,554		956,032		833,945		194,914		1,053,512		—		408,949		—		5,148,906
Total	1,862,501		1,151,095		1,406,253		891,398		1,053,512		41,005		408,949		90,663		6,905,376
Balance on September 30, 2025
Current	78,323		26,560		690,278		701,782		—		42,106		—		—		1,539,049
Non-current	1,864,376		1,017,801		700,585		290,163		1,120,227		—		410,602		—		5,403,754
Total	1,942,699		1,044,361		1,390,863		991,945		1,120,227		42,106		410,602		—		6,942,803

40

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

	Consolidated
	Provision for legal demands
	Tax		Regulatory		Civil		Labor		Contingent liabilities (PPA)		Provision for fines for canceling lease agreements		Provision for decommissioning		Amounts to be refunded to customers		Total
Balance on  December 31, 2023	2,753,323		1,760,866		1,226,995		693,712		1,002,901		40,993		407,246		96,601		7,982,637
Additions (reversal), net (Note 26)	(500)		(12,466)		200,326		298,222		(11,312)		7,837		(2,366)		—		479,741
Other additions (reversal)	(489,082)		—		—		—		(409)		14,929		9,174		—		(465,388)
Write-offs due to payment	(32,995)		(11,450)		(247,443)		(317,456)		—		(2,983)		—		(5,903)		(618,230)
Interest accruals (Note 27)	(268,133)		98,101		224,482		142,710		54,695		—		2,193		—		254,048
Balance on  September 30, 2024	1,962,613		1,835,051		1,404,360		817,188		1,045,875		60,776		416,247		90,698		7,632,808
Additions (reversal), net	40,563		(365,044)		51,103		122,249		(1,205)		(18,635)		(2,717)		—		(173,686)
Other additions (reversal)	—		—		—		—		(1)		—		468		—		467
Write-offs due to payment	(37,927)		(4,849)		(92,884)		(106,264)		—		(1,136)		—		(35)		(243,095)
Business combination – IPNET (Note 1.c.4)	55,001		—		—		31,669		8,964		—		—		—		95,634
Interest accruals	2,737		(314,063)		48,562		70,699		21,506		—		(1,784)		—		(172,343)
Balance on December 31, 2024	2,022,987		1,151,095		1,411,141		935,541		1,075,139		41,005		412,214		90,663		7,139,785
Additions (reversal), net (Note 26)	84,285		2,857		182,131		318,024		(16,279)		3,130		(18,888)		(90,663)		464,597
Other additions (reversal)(1)	(75,119)		(172,320)		(227)		2		(1,745)		—		7,689		—		(241,720)
Write-offs due to payment	(36,806)		(9,376)		(303,334)		(387,786)		—		(2,030)		—		—		(739,332)
Business combination – IPNET (Note 1.c.4)	(38,123)		—		—		(24,795)		—		—		—		—		(62,918)
Business combination – Samauma (Note 1.c.1)	4,784		—		—		573		2,462		—		—		—		7,819
Interest accruals (Note 27)	113,001		72,105		106,422		165,650		84,279		—		10,184		—		551,641
Balance on  September 30, 2025	2,075,009		1,044,361		1,396,133		1,007,209		1,143,856		42,105		411,199		—		7,119,872
Balance on December 31, 2024
Current	160,947		195,063		573,679		701,300		5,075		41,005		3,265		90,663		1,770,997
Non-current	1,862,040		956,032		837,462		234,241		1,070,064		—		408,949		—		5,368,788
Total	2,022,987		1,151,095		1,411,141		935,541		1,075,139		41,005		412,214		90,663		7,139,785
Balance on September 30, 2025
Current	78,841		26,560		691,397		703,903		3,980		42,105		597		—		1,547,383
Non-current	1,996,168		1,017,801		704,736		303,306		1,139,876		—		410,602				5,572,489
Total	2,075,009		1,044,361		1,396,133		1,007,209		1,143,856		42,105		411,199		—		7,119,872

(1) In 2025 and 2024, significant changes in the tax and regulatory provisions, were as follows: 2025: (i) tax: the Company joined the tax amnesty and refinancing programs in the States of RS and MG and; (ii) Regulatory: joined the Desenrola program. .2024: (i) tax: the Company joined the tax amnesty and refinancing programs in the States of SP and PR and; (ii) Regulatory: due to the Term of Commitment Related to the Self-Composition Negotiations for Adaptation of the STFC Concession Contracts to Authorization Instruments.

19.b. Tax provision and contingencies

Tax Amnesty and Refinancing Programs

State of Rio Grande do Sul

The Government of the State of Rio Grande do Sul, through Decree No. 58.067/2025, established an amnesty and refinancing program to encourage taxpayers to settle obligations at a discount ("Amnesty Program").

On April 15, 2025, the Company, under the advice of its legal counsel, joined the Amnesty Program for ICMS due, which met the legal requirements, based on the provisioned amount of R$163,528, which was reduced to R$73,593 (fees included).

The Amnesty Program establishes an installment plan in up to 18 installments, bearing SELIC interest plus 7% as fees for the State Attorney General's Office (“PGE”) with a 70% reduction in fines and interest (Note 20.).

41

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

		Company				Consolidated
Nature/Degree of Risk of loss		09.30.2025		12.31.2024		09.30.2025		12.31.2024
Probable		1,942,699		1,862,501		2,075,009		2,022,987
Federal		723,725		650,784		854,436		809,765
State		455,937		465,085		457,536		466,590
Municipal		130,948		136,995		130,948		136,995
FUST		632,089		609,637		632,089		609,637
Possible		41,635,270		40,541,704		42,048,569		40,850,071
Federal		4,503,356		4,394,336		4,529,203		4,419,439
State		26,247,254		25,760,253		26,247,254		25,760,365
Municipal		403,447		423,341		762,954		682,468
FUST, FUNTTEL and FISTEL		10,481,213		9,963,774		10,509,158		9,987,799

19.b.1. Tax provisions

Management, under the advice of legal counsel, believes that the following losses present a probable risk of loss for the federal, state, municipal and regulatory (FUST) tax proceedings:

Federal taxes

The Company and/or its subsidiaries are party to administrative and legal proceedings at the Federal level relating to: (i) claims for the non-ratification of compensation and refund requests; (ii) IRRF and CIDE on remittances abroad related to technical and administrative assistance and similar services, as well as royalties; (iii) Social Investment Fund (Finsocial) offset amounts; (iv) additional charges to the PIS and COFINS tax base, as well as additional charges for COFINS required by Law No. 9,718/1998; and (v) ex-tariff, cancellation of the benefits under CAMEX Resolution No. 6, increase in the import duty from 4% to 28%.

State taxes

The Company and/or its subsidiaries are party to administrative and judicial proceedings at the State level for ICMS, for: (i) disallowance of credits; (ii) nonpayment of tax on alleged telecommunications services; (iii) tax credit for challenges/disputes over telecommunication services not provided or wrongly charged (Agreement 39/01); (iv) rate differential; (v) leasing of infrastructure for internet services (data); (vi) outflows of goods with prices lower than those of acquisition; (vii) nonpayment of tax on discounts to customers; (viii) unmeasured services; (ix) CIAP credit; (x) monthly subscription, not covered by the modulation of the effects resulting from the judgment of the STF; and (xi) fine for non-compliance with an accessory obligation.

Municipal taxes

The Company and/or its subsidiaries are party to Municipal tax proceedings, at the judicial level, relating to: (i) Property tax (“IPTU“); (ii) Services tax (“ISS“) on equipment leasing services, non-core activities and supplementary activities and withholding of ISS on contractors' services.

FUST

The Company and/or its subsidiaries have judicial proceedings related to the non-inclusion of interconnection expenses and industrial exploitation of a dedicated line in the calculation basis of FUST.

42

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

19.b.2. Possible risk of loss - tax contingencies

Management, under the advice of legal counsel, believes that the risk of loss for the following federal, state, municipal and regulatory (FUST, FUNTTEL and FISTEL) is possible:

Federal taxes

The Company and/or its subsidiaries are party to administrative and judicial proceedings, at the Federal level, which are awaiting decision at different court levels.

The more significant proceedings are: (i) contested non approval of requests for compensation submitted by the Company; (ii) INSS (a) SAT, social security amounts owed to third parties (INCRA and SEBRAE); (b) meals for employees, withholding of 11% (assignment of workforce); and (c) Stock Options – requirement of social security contributions on amounts paid to employees under the stock option plan; (iii) deduction of COFINS on swap operation losses; (iv) PIS and COFINS: (a) accrual basis versus cash basis; (b) levies on value-added services; and (c) monthly subscription services; (v) IPI levied on shipment of fixed access units from the Company's establishment; (vi) Financial transaction tax (IOF) – on loan transactions, intercompany loans and credit transactions; (vii) IRRF on capital gain on the sale of the GVT Group to the Company; and (viii) exclusion of ICMS from the PIS and COFINS calculation base.

State taxes

The Company and/or its subsidiaries are party to administrative and judicial proceedings, at the State level, related to ICMS, which are awaiting decision at different court levels: (i) rental of movable property; (ii) reversal of previously unused credits; (iii) service provided outside the State of São Paulo paid to the State of São Paulo; (iv) co-billing; (v) tax substitution with a fictitious tax base (tax guideline); (vi) use of credits on acquisition of electric power; (vii) secondary activities, value added and supplementary services; (viii) tax credits related to claims/challenges regarding telecommunications services not provided or mistakenly charged (Agreement 39/01); (ix) deferred collection of interconnection (“DETRAF“ – Traffic and Service Provision Document); (x) credits derived from tax benefits granted by other states; (xi) disallowance of tax incentives related to cultural projects; (xii) transfers of assets among business units owned by the Company; (xiii) communications service tax credits used in provision of services of the same nature; (xiv) card donation for prepaid service activation; (xv) reversal of credit from return and free lease in connection with assignment of networks (used by the Company itself and exemption of public bodies); (xvi) CDR/DETRAF fine; (xvii) own consumption; (xviii) exemption of public bodies; (xix) discounts granted; (xx) monthly subscription with discussion about minutes allowance; and (xxi) fine for non-compliance with an accessory obligation.

Municipal taxes

The Company and/or its subsidiaries are party to administrative and judicial proceedings, at the Municipal level, which are awaiting decision at different court levels.

The more significant proceedings are: (i) ISS on: (a) non-core activity, value-added and supplementary services; (b) withholding at source; (c) call identification and mobile phone licensing services; (d) full-time services, provision, returns and cancelled tax receipts; (e) data processing and antivirus; (f) charge for use of mobile network and lease of infrastructure; (g) advertising services; and (h) services provided by third parties; (ii) IPTU; (iii) land use tax; and (iv) various municipal charges.

FUST, FUNTTEL and FISTEL

Universal Telecommunications Services Fund (“FUST“)

Writs of mandamus were filed seeking the right to exclude revenues from interconnection and Industrial Use of Dedicated Line (“EILD“) in the FUST tax base, according to Abridgment No. 7 of December 15, 2005, as it does not comply with the provisions contained in the sole paragraph of Article 6 of Law No. 9,998/2000, which are awaiting a decision from Higher Courts.

43

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

Various administrative and judicial charges by ANATEL in administrative scope for the constitution of the tax credit related to interconnection, EILD and other revenues that do not originate from the provision of telecommunication services.

On September 30, 2025 and December 31, 2024, the consolidated amount totaled R$6,078,309 and R$5,813,657, respectively.

Fund for Technological Development of Telecommunications (“FUNTTEL“)

Proceedings have been filed for the right not to include interconnection revenues and any others arising from the use of resources that are party of the networks in the FUNTTEL calculation basis, as determined by Law 10,052/2000 and Decree No. 3,737/2001, thus avoiding improper application of Article 4, paragraph 5, of Resolution 95/2013.

There are several notifications of charges from the Ministry of Communications in administrative actions for constitution of the tax credit related to the interconnection, network resources and other revenues that do not originate from the provision of telecommunication services.

On September 30, 2025 and December 31, 2024, the consolidated amount totaled R$2,256,369 and R$2,085,332, respectively.

Telecommunications Inspection Fund (“FISTEL“)

There are judicial actions for the collection of TFI on: (i) extensions of the term of validity of the licenses for use of telephone exchanges associated with the operation of the fixed switched telephone service; and (ii) extensions of the period of validity of the right to use radio frequency associated with the operation of the telephone service personal mobile service.

On September 30, 2025 and December 31, 2024, the consolidated amount totaled R$2,174,480 and R$2,088,810, respectively.

19.c. Regulatory provision and contingencies

Regulatory Amnesty - Approval by the Attorney General's Office ("AGU")

The Federal Attorney General's Office ("PGF") published Notice of Transaction by Adhesion No. 1/2024/PGF/AGU, supported by Law No. 14,973, of September 16, 2024, and by Normative Ordinance PGF No. 150, disclosing possible extraordinary pending obligations with federal public agencies and foundations, which includes Regulatory Agencies.

On December 30, 2024, Management, under the advice of its legal advisors, submitted a request to join the program, with a discount of approximately 55%. The total amount was subject to fees for the PGF.

The Company's application was accepted on February 12, 2025. The transaction was completed on February 25, 2025, with the payment of the corresponding Federal Collection Guides.

		Company / Consolidated
Nature/Degree of Risk of loss		09.30.2025		12.31.2024
Probable		1,044,361		1,151,095
Possible		3,131,825		3,066,637

44

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

19.c.1. Regulatory provisions

Management, under the advice of legal counsel, believes the likelihood of loss of the following regulatory proceedings to be probable:

The Company is a party to administrative proceedings initiated mainly by ANATEL, alleging non-compliance with sectoral regulations, as well as filing legal proceedings, mostly, sanctions applied by ANATEL at the administrative level. These include:

• Burden: Specifically regarding the payment of the onerous charge applied to Personal Mobile Service (SMP) (SMP burden), there is a dispute as to whether revenues are due for radio frequency renewal. Management, under the advice of legal counsel, assesses that there is a probable loss for the SMP burden regarding data revenue, due to the existence of unfavorable decisions both by ANATEL in 2021 and in the lower court. Although the Company managed to overturn one of the unfavorable decisions, the judgment of the Company's Appeal in the lower court was not final, and ANATEL has already appealed. The Company is now prospectively paying amounts for ANATEL, starting in 2022, accordingly, the provision is maintained.

• General User Rights (“DGU”): The Company and/or its subsidiaries are involved in administrative and judicial discussions regarding the rights of users of telecommunications services, with regard the General Regulation of Consumer Rights of Telecommunications Services (“RGC”), approved by Resolution No. 632/2014, especially regarding the provision of services, collection of amounts, disputes, reimbursement, among others.

• Quality: The Company and/or its subsidiaries are involved in administrative and judicial discussions regarding telecommunications services arising from SMP, SeAC and SCM concessions, compliance with the indicators that measure the quality of these services nationwide, based on the Telecommunications Services Quality Regulation (“RQUAL”), approved by Resolution No. 717/2019.

• Relationship with other Providers: The Company and/or its subsidiaries are involved in administrative and legal discussions affecting the regulatory relationship with other telecommunications service providers regarding interconnection, EILD, and the supply of other wholesale products.

The consolidated provisions totaled R$941,675 and R$953,080 on September 30, 2025 and December 31, 2024, respectively.

Other cases:

• The Company and/or its subsidiaries are involved in administrative and legal discussions regarding other matters, including for service interruptions, various regulatory obligations, technical irregularities, Public Civil Actions, among others.

• On October 1, 2024, the Company was advised of a Monitoring and Control Procedure ("PAC") for Reimbursement to monitor compliance with the obligation to compensate consumers identified in a Procedure for Determining Non-Compliance with Obligations ("PADO") that is in progress. As the original PADO has not issued its final decision, a request was made to suspend the PAC, which was accepted by ANATEL through a Decision.

The consolidated amounts provisions totaled R$102,686 and R$198,015 on September 30, 2025 and December 31, 2024, respectively. 

45

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

19.c.2. Possible risk of losses - regulatory contingencies

Management, under the advice of legal counsel, believes the likelihood of loss of the following regulatory proceedings is possible:

• Dispute regarding revenues in the calculation of the burden due to the extension of radio frequencies associated with SMP (except for SMP data revenues in Note c.1). ANATEL believes that the calculation of the burden should consider 2% on all economic profits resulting from the provision of the SMP service. The Company believes that the revenues that are not part of the SMP service plans, such as interconnection, SVA, revenues earned in the 15th year of the licenses' validity and others, should not be considered in the calculation of the burden. Accordingly, the Company filed administrative claims and lawsuits to challenge ANATEL's burden charges. In July 2024, ANATEL's Board of Directors ruled on the PAC for the calculation of the burden for the 2016 biennium, related to the extension of the radio frequency associated with the SMP, the result of which was partially favorable to the Company. It decided to include the restricted scope in the calculation methodology, resulting in a reduction in amounts. In this regard, ANATEL has already proceeded with the recalculation of the 2017 and 2018 biennium, to record the effects of the decision, with the remaining periods pending recalculation by ANATEL. Other proceedings may be impacted by this decision, with pending recalculation by ANATEL. The estimated possible loss prognosis for the SMP burden, is R$1,117,606 and R$1,024,955 on September 30, 2025 and December 31, 2024, respectively.

• Legal proceeding filed by the Company to overturn a decision by CADE, alleging that certain operators (Claro, Oi Móvel and the Company) had engaged in anticompetitive conduct by forming the Rede Correios Consortium to compete in electronic auction No. 144/2015, held by the Brazilian Post and Telegraph Company; and that there was alleged price discrimination by the Company in relation to services offered to BT Brasil Serviços de Telecomunicações Ltda (“BT”), imposing a fine of R$28,394, which update with interest totals R$41,922 and R$38,109 on September 30, 2025 and December 31, 2024, respectively. This action seeks to annul the aforementioned sanction, based on (i) no legal prohibition to form a consortium to participate in a public bidding process; (ii) the lack of typicality and the impossibility of sanctioning by analogy; and (iii) the absence of clear criteria for calculating the sanction and the lack of reasonableness. The case is in the first instance awaiting a ruling.

• The PADO that deals with coverage targets for which the fine applied was R$127,741, which updated with interest totals R$179,953 and R$167,658 on September 30, 2025 and December 31, 2024, respectively, exchanging the formal with alternative means of settling the fine, by way of investment in the installation of a 4G radio base station in 188 locations no having access to this technology, within two and a half years, including year one maintenance costs. The installation will not be performed by range sharing, swap, network rental, industrial exploration contracts, or other contractual means. Upon confirmation by ANATEL, compliance within the determined period has been subject to monitoring.

• On October 1, 2024, the Company was advised of a Monitoring and Control Procedure (“PAC”) for Compensation to monitor compliance with the obligation to provide compensation to consumers identified in a Procedure for Determining Non-Compliance with Obligations (“PADO”) which is in progress, which updated with interest totals R$39,003 and R$35,968 on September 30, 2025 and December 31, 2024, respectively. As the original PADO has no final decision yet, a request was made to suspend the PAC, which was accepted by ANATEL through a Decision.

The consolidated estimates totaled R$1,378,484 and R$1,266,690 on September 30, 2025 and December 31, 2024, respectively.

In addition to the specific cases above, the Company is involved in administrative proceedings instituted mainly by ANATEL (other agents, including other operators, also have claims against the Company) based on alleged non-compliance with sectoral regulations, as well as ordinary legal proceedings and writs of mandamus, mainly, sanctions applied by ANATEL in the administrative sphere (Note 19.c.1.), namely: General User Rights (“DGU”); Quality and Relationship between Providers. The consolidated amounts involved totaled R$1,291,733 and R$1,230,427 on September 30, 2025 and December 31, 2024, respectively.

46

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

Other cases:

• The Company and/or its subsidiaries are involved in administrative and legal matters, such as coverage targets, service interruptions, various regulatory obligations, technical irregularities, payment of public prices for the acquisition of radio frequencies, compensation for unused frequency bands previously granted to the MMDS, Public Civil Actions, among others.

• The Company is a party to legal proceedings concerning the suspension of services, non-increase of tariffs, repairs and maintenance of poles, not currently inestimable. These proceedings are still awaiting judgment in the respective courts.

The consolidated estimates totaled R$461,608 and R$569,520 on September 30, 2025 and December 31, 2024, respectively.

19.d. Civil provision civil contingencies

		Company				Consolidated
Nature/Degree of Risk of loss		09.30.2025		12.31.2024		09.30.2025		12.31.2024
Probable		1,390,863		1,406,253		1,396,133		1,411,141
Possible		1,890,736		1,976,995		1,905,373		2,000,926

19.d.1. Civil provisions

Management, under the advice of legal counsel, believes that the following civil proceedings will result in probable losses:

• The Company is a party to proceedings involving rights to the supplementary amounts from shares calculated on community telephony plants and network expansion plans since 1996 (supplement of share proceedings). These proceedings are at different stages: lower courts, court of justice and high court of justice. On September 30, 2025 and December 31, 2024, the provision was R$136,087 and R$152,109, respectively.

• The Company and/or its subsidiaries are party to various civil proceedings related to individual matters at a consumer level, relating to the non-provision of services and/or products sold. On September 30, 2025 and December 31, 2024, the provision was R$259,315 and R$293,571, respectively.

• The Company and/or its subsidiaries are party to various civil proceedings of a consumer and non-consumer nature at administrative and judicial levels, all arising in the ordinary course of business. On September 30, 2025 and December 31, 2024, the provision was R$1,000,731 and R$965,461, respectively.

19.d.2. Possible losses - civil contingencies

Management, under the advice of legal counsel, believes that the risk of losses is possible for the following civil proceedings:

• The Company and its subsidiaries are party to other civil claims, at several levels, related to service rendering rights. Such claims have been filed by individual consumers, civil associations representing consumer rights of consumers or by the Consumer Protection (“PROCON“), as well as by the Federal and State Public Prosecutor's Office. The Company is also party to other claims of several types related to the ordinary course of business.

• Intellectual Property: Lune Projetos Especiais Telecomunicação Comércio e Ind. Ltda. (“Lune“), a Brazilian company, filed lawsuits on November 20, 2001, against 23 wireless carriers claiming to own the patent for “Bina“, a caller ID. The purpose of the lawsuit was to interrupt provision of such service by carriers and to seek indemnification equivalent to the amount paid by consumers for using the service.

47

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

An unfavorable decision was handed down determining that the Company should refrain from selling mobile phones with the Bina ID service, subject to a daily fine of R$10,000.00 (Ten thousand reais) in the event of non-compliance. Furthermore, according to that decision, the Company must pay indemnification for royalties, to be calculated on settlement. Motions for Clarification were proposed by all parties and Lune's motions for clarification were accepted since an injunctive relief in this stage of the proceedings was deemed applicable. A review appeal was filed which granted a stay of execution suspending the unfavorable decision until final judgment in view of the sentence handed down on June 30, 2016, by the 4th Chamber of the Court of Justice of the Federal District, to annul the lower court sentence and remit the proceedings back to the lower court for a new examination. An expert report was submitted and the claims were dismissed. The parties filed an appeal. On February 1, 2023, the Court of Justice of the Federal District and Territories (“TJDFT”) judged the appeals and, unanimously, dismissed them, upholding the sentence of inadmissibility. Subsequently, a Special Appeal was filed by Lune, addressed by the Superior Court of Justice. An internal appeal was filed by Lune, which has not yet been judged. Management is unable to reasonably estimate a liability with respect to this claim.

• The Company, together with other operators that provide telecommunications services, is a defendant in disputes that challenge the practice adopted by operators of imposing a prescriptive term for the use of prepaid minutes. In other words, the plaintiff claims that the minutes of the prepaid package should not expire after the end of a specific term, and can be used at any time by the consumer. The TRF of the 6th Region, the public civil action that was originally processed in Uberlândia/MG forwarded it to the new TRF, which rejected the necessary referral, maintaining the inadmissibility of the claims made by the MPF, with the decision of the TRF of the 6th Region having already become final. There is still an ongoing public civil action, which was originally processed in Belém/PA, which is awaiting judgment in the TRF of the 1st Region, as well as the public civil action proposed by the OAB/SP against the Federal Union, ANATEL and operators, which was summarily extinguished, but which, by decision of the TRF of the 3rd Region, determined the processing of the action, without any sentence having been handed down yet.

19.e. Labor provision and contingencies

		Company				Consolidated
Nature/Degree of Risk of loss		09.30.2025		12.31.2024		09.30.2025		12.31.2024
Probable		991,945		891,398		1,007,209		935,541
Possible		1,130,967		1,329,707		1,152,251		1,346,257

The labor provision and contingencies involve several labor claims of former employees and former outsourced employees (claiming secondary obligor or joint liability), for among others: differences in overtime pay, variable remuneration, salary parity, additional unhealthy or dangerous practices.

48

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

20. LOANS, FINANCING, DEBENTURES, LEASES AND OTHER CREDITORS

On September 30, 2025, the contractual conditions of loans, financing, debentures and leases are the same as in Note 21. Loans, Financing, Debentures, Leases and Other Creditors, disclosed in the financial statements for the year ended December 31, 2024, (except for the events described in item 20.a.3. of this Note).

20.a. Balances

				Consolidated
				09.30.2025						12.31.2024
		Annual interest rate		Current		Non-current		Total		Current		Non-current		Total
Leases (a.1)				4,523,973		9,574,594		14,098,567		4,520,626		10,725,980		15,246,606
Debentures (7th issue) (a.2)		CDI + 1,12% / CDI + 1,35%		68,848		2,000,000		2,068,848		1,695,214		2,000,000		3,695,214
Loans and financing (a.3)				318,337		1,590,815		1,909,152		232,118		1,572,592		1,804,710
5G Licenses		SELIC		67,282		1,009,237		1,076,519		62,811		942,159		1,004,970
Liabilities for acquisition of a company				41,741		214,061		255,802		26,182		207,167		233,349
Acquisition of Vita IT by TIS (2022)		IPCA		22,731		17,383		40,114		22,290		41,289		63,579
Acquisition of Vale Saúde by POP (2023)		DI		—		3,948		3,948		—		3,578		3,578
Acquisition of IPNET by CloudCo Brasil (2024)		IPCA / SELIC		13,625		155,033		168,658		3,892		162,300		166,192
Acquisition of Samauma by Terra Networks (2025)		CDI		5,385		37,697		43,082		—		—		—
Tax Refinancing and Amnesty Program		SELIC		176,553		265,293		441,846		130,563		313,799		444,362
Financial institutions		CDI + 2,9% / Pré		3,327		1,474		4,801		2,386		2,500		4,886
Other creditors				29,434		100,750		130,184		10,176		106,967		117,143
Subscriptions for senior shares in Vivo Money		CDI + 3,75%		29,378		53,839		83,217		9,466		58,652		68,118
CloudCo Loan Agreement with TC&CT		Euribor 6M + 2,40%		56		46,911		46,967		710		48,315		49,025
Total				4,911,158		13,165,409		18,076,567		6,447,958		14,298,572		20,746,530

All liabilities were contracted in Brazilian Reais (R$), except for the loan agreement entered into on September 26, 2024, between the Company's subsidiary - CloudCo Brasil and Telefónica Cybersecurity & Cloud Tech (a Telefónica Group company), which was contracted in Euros.

20.a.1. Leases

The consolidated annual weighted average rates of the lease contracts were 12.85% and 12.17%, with average maturity terms of 4.81 years and 5.12 years on September 30, 2025 and December 31, 2024, respectively.

49

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

The balances of the lease payables are as follows:

		Consolidated
		09.30.2025		12.31.2024
Nominal value payable		18,814,565		20,401,868
Unrealized financial expenses		(4,715,998)		(5,155,262)
Present value payable		14,098,567		15,246,606
Current		4,523,973		4,520,626
Non-current		9,574,594		10,725,980

20.a.2. Debentures

The debentures are “Sustainability-linked”, (Debentures linked to Environmental, Social and Corporate Governance (“ESG”) performance), as defined by the International Capital Market Association for the Sustainability-Linked Bond Principles, June 2020 version.

The debentures are subject to early maturity events, as set out in clause 6.30 of “Early Maturity” of the Deed of Issuance (“Deed”), which may or may not be automatic upon: (i) non-compliance , by the Company, of any pecuniary or non-pecuniary obligation relating to the debentures and/or provided for in the Deed, not resolved within the deadlines provided for in the Deed; (ii) liquidation, dissolution or extinction of the Company in the manner provided for in the Deed; (iii) spin-off, merger, incorporation, incorporation of shares or any form of corporate reorganization involving the Company, as provided for in the Deed; (iv) early maturity of any debts and/or financial obligations of the Company within the scope of the financial market and capital market operations, local or international, under the terms set out in the Deed; (v) make the distribution and/or payment of dividends, interest on equity or make any other payments to its shareholders, if the Company is in default with any of its pecuniary obligations relating to the debentures; (vi) transfer, by the Company, by any means, assignment or promise of assignment to third parties, of the rights and obligations acquired or assumed in the documents relating to the debentures; (vii) reduction of the Company's share capital, as provided for in article 174, paragraph 3, of the Brazilian Corporation Law, except if for (a) absorption of losses or (b) distribution of resources to the Company's shareholders, up to the limit of 15% of the Company's share capital, individually or in aggregate, on the date of execution of the Deed of Issue; and (viii) disposal of, or creation of liens or encumbrances on, relevant operating assets of the Company, provided that they represent, individually or in aggregate, 15% or more of the Company's total assets, based on the Periodic Financial Statements immediately prior to the date of the event.

Failure to comply with any of the above covenants could result in default under the debenture indenture, which would have a material adverse effect on the Company's financial condition. These clauses are strictly monitored by the Company, aiming to ensure compliance with contractual obligations and guarantee the continuity of the debenture and maintenance of the Company's financial situation.

On September 30, 2025 and December 31, 2024, all applicable covenants had been complied with by the Company.

20.a.3. Loans and Financing

In the quarter ended September 30, 2025, new events are described below: 

50

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

Liabilities for acquisition of companies

Acquisition of Samauma by Terra Networks (Note 1.c.1.)

The total purchase consideration for the acquisition of Samauma by Terra Networks in 2025, including the price adjustments agreed between the parties, will not exceed R$66,451, accruing DI interest between the closing date of the transaction and 10 days before the actual payment. Of this amount, R$22,000 was paid upfront upon completion of the transaction and a first installment of R$4.655. The remainder will be paid in accordance with contractual clauses. The balance on September 30, 2025 was R$43,082.

Tax Amnesty and Refinancing Program

State of Rio Grande do Sul

The Company joined the Tax Amnesty Refinancing Program for ICMS related lawsuits in the State of Rio Grande do Sul. Accordingly, the remaining installment of R$73,593 was classified as a financing, which will be paid in 18 installments bearing SELIC interest. The balance as of September 30, 2025, was R$50,574.

State of Minas Gerais

The Company joined the Tax Amnesty and Refinancing Program for ICMS on electricity bills lawsuits in the State of Minas Gerais in the amount of R$54,646. Upon joining this installment program, a cash payment of R$2,732 was made and the remaining balance of R$51,913 is to be paid in monthly installments bearing SELIC interest, with the final installment due in February 2026. In June 2025, the Company joined a Refis program for this installment plan, with the initial balance of R$35,320 with a down payment of R$2,943. The balance on September 30, 2025, was R$24,357.

Financial institutions

Samauma, acquired by Terra Networks in 2025, has bank loans with financial institutions with fixed interest rates. The interest and principal will be repaid in 2025. The balance on September 30, 2025 was R$2,284.

Other creditors

Desenrola Program

The Company joined the Desenrola Program in order to renegotiate regulatory debts in the amount of R$173,796. This balance was paid in monthly installments, plus interest of 1.43% per month, being fully paid on September 30, 2025.

20.b. Repayment schedule (non-current)

		Consolidated
Year		Leases		Debentures		5G Licenses		Liabilities for the acquisition of companies		Tax amnesty program		Financial institutions		Other creditors		Total
13 to 24 months		3,156,522		—		67,282		52,114		99,681		1,284		31,814		3,408,697
25 to 36 months		2,472,058		2,000,000		67,282		36,310		99,681		190		68,936		4,744,457
37 to 48 months		1,748,089		—		67,282		91,354		65,931		—		—		1,972,656
49 to 60 months		1,007,622		—		67,282		34,283		—		—		—		1,109,187
From 61 months		1,190,303		—		740,109		—		—		—		—		1,930,412
Total		9,574,594		2,000,000		1,009,237		214,061		265,293		1,474		100,750		13,165,409

51

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

20.c. Changes in balances

	Consolidated
	Leases		Debentures		5G Licenses		Financial institutions		Liabilities for the acquisition of companies		Refinancing and Amnesty Program		Other creditors		Total
Balance on  December 31, 2023	13,596,039		3,721,589		1,300,686		—		88,888		—		30,025		18,737,227
Income, with effects on cash and cash equivalents	—		—		—		—		—		—		83,084		83,084
Income, excluding cash and cash equivalents	2,561,435		—		—		—		—		484,654		—		3,046,089
Exchange variation (Note 27)	—		—		—		—		—		—		113		113
Financial charges / Fair value (Note 27)	1,181,768		309,766		34,375		—		4,143		13,595		6,212		1,549,859
Write-offs (cancellation of contracts)	(55,640)		—		—		—		—		—		—		(55,640)
Write-offs (payments) – Principal	(2,151,962)		—		(285,250)		—		(22,927)		(38,018)		—		(2,498,157)
Write-offs (payments) – financial charges	(1,153,390)		(443,422)		(2,241)		—		(3,862)		(829)		(6,814)		(1,610,558)
Balance on  September 30, 2024	13,978,250		3,587,933		1,047,570		—		66,242		459,402		112,620		19,252,017
Income, excluding cash and cash equivalents	2,212,944		—		—		—		—		—		—		2,212,944
Exchange variation	—		—		—		—		—		—		2,485		2,485
Financial charges / Fair value	449,225		107,282		20,212		73		3,315		7,848		3,547		591,502
Business combination – IPNET (Note 1.c.4)	—		—		—		5,563		163,792		—		—		169,355
Write-offs (cancellation of contracts)	(13,481)		—		—		—		—		—		—		(13,481)
Write-offs (payments) – Principal	(929,583)		—		(46,437)		(750)		—		(20,112)		—		(996,882)
Write-offs (payments) – financial charges	(446,802)		(1)		(16,375)		—		—		(2,776)		(1,509)		(467,463)
Other changes	(3,947)		—		—		—		—		—		—		(3,947)
Balance on December 31, 2024	15,246,606		3,695,214		1,004,970		4,886		233,349		444,362		117,143		20,746,530
Income, with effects on cash and cash equivalents	—		—		—		—		—		—		20,000		20,000
Income, excluding cash and cash equivalents	1,550,334		—		—		—		—		129,766		166,215		1,846,315
Exchange variation (Note 27)	—		—		—		—		—		—		(1,419)		(1,419)
Financial charges / Fair value (Note 27)	1,253,674		337,989		71,549		432		12,136		28,912		30,750		1,735,442
Business combination – Samauma (Note 1.c.1)	—		—		—		12,659		44,451		—		—		57,110
Settlement by offsetting judicial deposit (Note 10)	—		—		—		—		—		(38,745)		—		(38,745)
Write-offs (cancellation of contracts)	(127,209)		—		—		—		—		—		—		(127,209)
Write-offs (payments) – Principal	(2,497,580)		(1,500,000)		—		(12,624)		(30,509)		(99,460)		(178,695)		(4,318,868)
Write-offs (payments) – financial charges	(1,327,258)		(464,355)		—		(552)		(3,625)		(22,989)		(23,810)		(1,842,589)
Balance on  September 30, 2025	14,098,567		2,068,848		1,076,519		4,801		255,802		441,846		130,184		18,076,567

21. DEFERRED REVENUE

	Company				Consolidated
	09.30.2025		12.31.2024		09.30.2025		12.31.2024
Contractual Liabilities (customer contracts)(1)	718,919		772,642		1,173,359		1,016,935
Disposal of PP&E(2)	57,534		61,919		57,534		61,919
Government grants	1,716		6,714		1,716		6,714
Other(3)	7,837		7,964		182,273		60,478
Total	786,006		849,239		1,414,882		1,146,046
Current	661,526		724,157		1,196,712		1,019,134
Non-current	124,480		125,082		218,170		126,912

(1) Refers to the balance of contractual liabilities of customers, deferred until performance obligations are satisfied.

(2) Includes the net balances of the residual values from sale of non-strategic towers and rooftops, transferred to income as the conditions for recognition are met.

(3) The consolidated amounts include the resale of software licenses from the indirect subsidiary TIS.

52

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

22. OTHER LIABILITIES

	Company				Consolidated
	09.30.2025		12.31.2024		09.30.2025		12.31.2024
Return of capital to shareholders payable, net of IRRF(Note 23)(1)	91,093		38,721		91,093		38,721
Reverse split and share split (Note 23)(2)	825,290		—		825,290		—
Surplus from post-employment benefit plans (Note 30)	658,527		720,731		665,633		728,559
Liabilities payable to ANATEL(3)	976,549		1,039,492		976,549		1,039,492
Third-party withholdings(4)	161,776		205,671		173,774		218,244
Liabilities with related parties (Note 28)	121,993		134,594		114,659		133,928
Amounts to be refunded to customers	96,895		124,398		101,493		126,867
Other liabilities	82,695		74,192		83,253		74,660
Total	3,014,818		2,337,799		3,031,744		2,360,471
Current	1,428,527		701,925		1,438,535		716,984
Non-current	1,586,291		1,635,874		1,593,209		1,643,487

(1) Refers to the Company's capital reduction (note 23.a.1)

(2) Refers to stocks splits (Note 23.a.2).

(3) Includes the cost of renewing STFC and SMP licenses.

(4) This refers to payroll withholdings and taxes withheld from pay-outs of interest on equity and on provision of services.

23. EQUITY

23.a. Capital

Pursuant to Law No. 6,404 of December 15, 1976 (“Corporation Law”), Article 166, item IV) – capital may only be increased by an Extraordinary Shareholders' Meeting Resolution by modifying the Articles of Incorporation, if the authorized capital increase limit has been reached.

The shareholders will have preemptive rights to subscribe to a capital increase, in proportion to their number of shares. By resolution of the Board of Directors, the preemptive right in the issuance of shares, convertible debentures and subscription bonus, by placement through sale on the Stock Exchange or public subscription, exchange for shares in a public offer for acquisition may be excluded control, under the terms of articles 257 and 253 of the Corporation Law, as well as enjoy tax incentives, under the terms of special legislation, as provided for in article 172 of the Corporation Law.

23.a.1) Return of Capital to Shareholders

A Material Fact Notice was issued to the market on November 5, 2024, advising of the Board of Directors approval of (i) a proposal, subject to deliberation at an EGM, for a return of capital to shareholders of R$2.0 billion, without the cancellation of shares, thereby reducing capital; and (ii) convening an EGM to deliberate on said capital reduction proposal and amendment to the Company's Articles of Incorporation. On December 18, 2024, the Company's EGM approved the reduction of its capital, under the terms detailed in the Material Fact Notice.

The share capital reduction is intended to improve the Company’s capital structure generating value for its shareholders. Following the approval at the EGM, the capital reduction was subject to a notice period of 60 days from the publication of the respective minutes, as provided for in Article 174 of the Brazilian Corporation Law.

53

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

On February 18, 2025, the Company informed its shareholders and the market in general that, on February 17, 2025, the term provided for in article 174 of the Corporations Law ended; therefore, the reduction became fully effective.

On February 27, 2025, the Company informed its shareholders that, following its acquisition of own shares under the Company's Share Buyback Program, the unit value per share to be paid as a result of the reduction in share capital approved at the Extraordinary General Meeting held on December 18, 2024 would be R$1.23337023478 per common share issued by the Company.

The return of capital was settled on July 15, 2025, based on the individual shareholder positions as per the Company’s books of record by February 27, 2025 (including). After this date, the shares issued by the Company were considered "ex-refund rights."

23.a.2) Split and reverse split of the Company's shares

On March 13, 2025, the Company informed its shareholders and the market in general that: (i) at the Company's EGM held on the same date, the proposal for the reverse split of all common shares issued by the Company was approved, in the proportion of 40 shares for 1 share, and subsequent split, so that 1 reverse split share now corresponds to 80 shares, without changing the value of the Company's share capital, but only its total number of shares, with the consequent change to its Bylaws (“Transaction”); and (ii) at a meeting of the Company's Statutory Board of Directors held on the same date after the EGM, it was approved that the procedures for implementing the Transaction would begin on the same date, and the term was defined as between March 14, 2025 (inclusive) and April 14, 2025 (inclusive) so that shareholders holding common shares of the Company could, if applicable, compose their share positions in whole lots multiples of 40, at their free and exclusive discretion, in order to ensure ownership of a whole number of shares as a result of the Transaction (“Free Position Adjustment Period”).

As approved at the EGM, the Transaction did not result in any change to the total number of the Company's securities underlying its American Depositary Receipt - “ADR” program.

The objective of the Transaction was to increase the liquidity of the Company's shares and, consequently, improve their price formation by increasing the number of outstanding shares effectively traded and adjusting their price. Furthermore, the Transaction intends to: (i) reduce operating and administrative costs resulting from the current shareholder base; (ii) provide greater efficiency in the management of the shareholder base; (iii) increase the efficiency of the systems for registering book-entry shares and custody; (iv) improve the provision of information and communication, and service to shareholders; and; (v) provide greater efficiency in the distribution of profits to the Company's shareholders.

Transaction Completion

The Transaction was completed on the first business day following the end of the Free Position Adjustment Period, that is, on April 15, 2025, at which time the Company's share capital was divided into 3,261,287,392 common shares with no par value reflecting the new shareholding positions. Once the Free Position Adjustment Period has ended, shareholders who hold fractions of shares resulting from the Transaction will be subject to the procedure set forth under “Fractions of Remaining Shares”, described below.

As of April 15, 2025, inclusive, the shares began to be traded ex-reverse split and ex-split.

Fractions of Remaining Shares

54

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

After the end of the Free Position Adjustment Period, fractional shares held by shareholders who did not hold whole units of 40 shares were sold at an auction held at B3 on behalf of the fractional shareholders (“Auction”). The net proceeds from the sale of these shares were apportioned and distributed proportionally among all fractional shareholders as follows: (i) for shareholders with complete registration data, the amounts were deposited in the checking account indicated in the respective shareholder's registration; (ii) for shareholders with shares deposited in the B3 Central Depository, the amounts were credited directly to the Central Depository, which was responsible for transferring them to the respective shareholder through its custody agent; and (iii) for other unidentified shareholders or those without complete registration data: the amounts are available at the Company, for the legal term, for receipt by the respective holder upon provision of complete registration data.

The resources allocated to investors (residents and non-residents) were subject to income tax on any gains, which were taxed as "net gains", in accordance with current legislation.

The Transaction (i) was applied to all of the Company's shareholders; (ii) did not result in any change to the value of the Company's share capital; (iii) did not modify the rights granted by the shares issued by the Company to their holders; and (iv) implied a change, consistent with the Transaction, in the number of shares comprising each ADR, with one ADR representing two common shares issued by the Company, while the total number of ADRs in circulation remained unchanged.

On May 19, 2025, the Company informed its shareholders and the market in general that, on the same date, an auction was held for the sale of 35,633,792 common shares, formed from the consolidation of fractions of shares resulting from the reverse stock split of all common shares issued by the Company, in the proportion of 40 shares for 1 share, with subsequent split, so that 1 reverse stock split now corresponds to 80 shares, without changing the value of the Company's share capital, but only its total number of shares, as approved by the shareholders at the Company's Extraordinary General Meeting held on March 13, 2025.

The proceeds of the auction generated R$949,354, net of costs and fees, equivalent to R$26.64196300439 per common share. This amount was made available to holders of fractional shares, based in their respective, in the appropriate proportions, up to May 28, 2025.

On the date of issue of these ITRs, the Company had already paid R$124,064 to the identified holders of fractional shares, leaving the amount of R$825,290 available to unidentified holders or those with incomplete registration data.

Composition of the Company's Capital

The subscribed and paid-in share capital was R$60,071,416 and R$62,071,416 on September 30, 2025 and December 31, 2024, respectively, represented by shares, all common, book-entry and with no par value, distributed as follows:

55

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

		09.30.2025				12.31.2024
Shareholders		Number		%		Number		%
Controlling Group		2,488,480,640		77.13 %		2,488,480,640		76.30 %
Telefónica		1,268,797,680		39.33 %		1,268,797,680		38.90 %
Telefónica Latinoamérica Holding		1,217,810,000		37.74 %		1,217,810,000		37.34 %
Telefónica Chile		1,872,960		0.06 %		1,872,960		0.06 %
Other shareholders		716,484,012		22.20 %		764,884,568		23.46 %
Treasury Shares		21,581,970		0.67 %		7,922,184		0.24 %
Total shares		3,226,546,622		100.00 %		3,261,287,392		100.00 %
Treasury Shares		(21,581,970)				(7,922,184)
Total shares outstanding		3,204,964,652				3,253,365,208
Book value per outstanding share:
On 09/30/2025								R$ 21.35
On 12/31/2024								R$ 21.43

The number of shares and the equity value per share outstanding for the comparative period (December 31, 2024) are being re-presented as though the reverse stock split and stock split (Note 23.a.) had occurred from the first period presented.

23.b. Company's share buyback program

On February 25, 2025, the Company's Board of Directors, in accordance with article 15, item XV of the Company's Articles of Association and CVM Resolution No. 77/2022, approved a new share buyback program to acquire common shares issued by the Company to be held in treasury, subsequently canceled or sold, without reducing the share capital, with the purpose of increasing value to shareholders through efficient use of available cash resources, optimizing the Company's capital allocation.

The shares in the buyback program are to be acquired with resources available in the statutory profit reserve plus net income of the current year, pursuant to article 8, § 1, items I and II of CVM Resolution No. 77/2022. The maximum amount to be used in the program is R$1.75 billion.

This program began on February 26, 2025 and will end on February 25, 2026.

In the period ended September 30, 2025, the Company repurchased 48,400,556 common shares, already adjusted to reflect the effects of the reverse stock split and stock split (Note 23.a.) totaled R$1,426,481.

At a meeting held on July 24, 2025, the Company's Board of Directors approved the cancellation of 34,740,770 common, book-entry shares with no par value issued by the Company held in treasury, equivalent to 1.07% of the share capital, without reducing its total amount. These shares were acquired under the Company's Share Buyback Program. The total amount of the cancelled share was R$928,922. As a result of the approved cancellation of the shares, the Company's share capital is now divided into 3,226,546,622 common, book-entry shares with no par value.

23.c. Capital reserves

The information on capital reserves is the same as in Note 24) Equity, item c, disclosed in the financial statements for the year ended December 31, 2024, except for the changes that occurred during the period ended September 30, 2025, as follows: (i) recognition of the capital transaction related a reverse stock split and stock split in the amount of R$4,241 (note 23.a.2); and (ii) cancellation of 1,122 treasury shares totaling R$30.

The balances were R$58,854 and R$63,095 on September 30, 2025 and December 31, 2024, respectively.

56

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

23.d. Income reserves

The information on income reserves is the same as in Note 24) Equity, item d, disclosed in the financial statements for the year ended December 31, 2024, except for the following changes in the quarter ended September 30, 2025, namely: (i) repurchase of 48,400,556 common shares, already adjusted to reflect the effects of the reverse stock split and stock split (Note 23.a.), totaling R$1,426,481; (ii) cancellation of 34,739,648 treasury shares, totaling R$928,892 and; (iii) appropriations to tax incentive reserves of R$2,804.

The balances were R$6,093,931 and R$7,523,216 on September 30, 2025 and December 31, 2024, respectively.

23.e. Dividend and interest on equity

The amounts of interest on own capital per share are calculated and presented net of withholding income tax. Tax immune shareholders received interest, without deductions for withholding income tax.

23.e.1. Interim interest on equity for 2025

At meetings of the Company's Board of Directors, interest on equity was declared, pursuant to article 26 of the Company's Articles of Association, article 9 of Law No. 9,249/1995 and CVM Resolution No. 143/2022. As provided for in article 26 of the Company's Articles of Association, the interest distributions comprise part of the mandatory dividend for the year ending December 31, 2025, subject to ratification by the Shareholders' General Meeting to be held in 2026, as follows:

Dates
Approval		Credit		Payment limit		Gross Amount		Net Value		Amount per Share, Net
13.02.2025		24.02.2025		30.04.2026		180,000		153,000		0.09429252266
13.03.2025		24.03.2025		30.04.2026		200,000		170,000		0.10493556375
01.04.2025		11.04.2025		30.04.2026		240,000		204,000		0.12592267868
12.05.2025		22.05.2025		30.04.2026		500,000		425,000		0.13116945695
12.06.2025		23.06.2025		30.04.2026		200,000		170,000		0.05264314492
14.07.2025		25.07.2025		30.04.2026		330,000		280,500		0.08715426995
14.08.2025		25.08.2025		30.04.2026		250,000		212,500		0.06624319750
11.09.2025		22.09.2025		30.04.2026		400,000		340,000		0.10608541339
Total						2,300,000		1,955,000

23.e.2. Interest on Equity for 2024

Details are disclosed in Note 24) Equity, item e.3), disclosed in the financial statements for the year ended December 31, 2024.

At the AGM held on April 25, 2025, Management´s financial statements and the Management Report were examined, discussed and voted on, accompanied by the Independent Auditors' Report, the Audit and Control Committee's Opinion and the Fiscal Council's Opinion, referring to the year ended December 31, 2024, as well as the proposal for destination of net income for 2024.

23.f. Equity valuation adjustment

The changes in equity valuation adjustments, net of gains or losses and of taxes, when applicable, were as follows:

Currency translation adjustments for foreign investees: Refers to cumulative translation adjustments from the translation of financial statements of Aliança (joint venture).

Financial assets at fair value through other comprehensive income: Refers to changes in the fair value of equity instruments (shares).

57

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

Derivative financial instruments: Refer to the effective part of cash flow hedges up to the balance sheet date.

	Company / Consolidated
	Currency translation effects – foreign investments		Financial assets at fair value		Derivative transactions		Total
Balance on  December 31, 2023	56,576		(9,274)		(593)		46,709
Translation gains	16,902		—		—		16,902
Gains from derivatives	—		—		593		593
Losses on financial assets at fair value	—		(9)		—		(9)
Balance on  September 30, 2024	73,478		(9,283)		—		64,195
Translation gains	7,664		—		—		7,664
Losses on financial assets at fair value	—		(4)		—		(4)
Balance on December 31, 2024	81,142		(9,287)		—		71,855
Translation losses	(4,410)				—		(4,410)
Losses from derivatives			(5)				(5)
Gains on financial assets at fair value					(2,269)		(2,269)
Balance on  September 30, 2025	76,732		(9,292)		(2,269)		65,171

23.g. Non-controlling shareholders

	IoTCo Brasil		Vivo Ventures		CloudCo Brasil		Total
Equity on December 31, 2024	109,236		137,598		25,113		271,947
Company	54,629		134,846		12,559		202,034
Non-controlling shareholders	54,607		2,752		12,554		69,913
Capital contributions and other movements in equity in the period	—		59,086		(226)		58,860
Company	—		57,904		(113)		57,791
Non-controlling shareholders	—		1,182		(113)		1,069
Merger of IoTCo Brasil by CloudCo Brasil	(112,215)		—		112,215		—
Company	(56,119)		—		56,119		—
Non-controlling shareholders	(56,096)		—		56,096		—
Statements of income movements in the period	2,979		3,209		(20,571)		(14,383)
Company	1,490		3,145		(10,288)		(5,653)
Non-controlling shareholders	1,489		64		(10,283)		(8,730)
Equity on September 30, 2025	—		199,893		116,531		316,424
Company	—		195,895		58,277		254,172
Non-controlling shareholders	—		3,998		58,254		62,252

23.h. Reconciliation of individual parent company and consolidated net income

	Three-month period ended				Nine-month period ended
	09.30.2025		09.30.2024		09.30.2025		09.30.2024
Company's net income (Company)	1,888,359		1,667,444		4,291,025		3,784,905
Participation of non-controlling shareholders	(1,139)		625		(8,730)		10,782
IoTCo Brasil	—		1,722		1,489		6,032
Vivo Ventures	(33)		(20)		64		59
CloudCo Brasil	(1,106)		(1,077)		(10,283)		4,691
Company's net income (Consolidated)	1,887,220		1,668,069		4,282,295		3,795,687

58

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

23.i. Earnings per share

Basic and diluted earnings per share were calculated by dividing net income attributed to the Company's shareholders by the weighted average number of outstanding common shares. The Company has no instruments which might potentially affect the dilution of earnings per share.

		Company				Company
		Three-month period ended				Nine-month period ended
		09.30.2025		09.30.2024		09.30.2025		09.30.2024
Net income for the period		1,888,359		1,667,444		4,291,025		3,784,905
Weighted average number of outstanding common shares for the period (in thousands)		3,212,475		3,279,082		3,231,477		3,295,179
Basic and diluted earnings per common share (R$)		0.58782		0.50851		1.32788		1.14862

The weighted average number of shares outstanding and the basic and diluted earnings per share outstanding for the comparative period (September 30, 2025) are being re-presented as though the reverse stock split and stock split(Note 23.a.) had occurred from the first period presented.

24. NET OPERATING REVENUE

	Company								Consolidated
	Three-month period ended				Nine-month period ended				Three-month period ended				Nine-month period ended
	09.30.2025		09.30.2024		09.30.2025		09.30.2024		09.30.2025		09.30.2024		09.30.2025		09.30.2024
Gross operating revenue	19,737,387		18,657,552		58,308,077		55,117,842		20,558,982		19,196,943		60,607,525		56,747,594
Services(1)	17,979,098		16,959,790		52,883,242		49,684,726		18,735,294		17,457,232		54,990,878		51,211,610
Sale of goods(2)	1,758,289		1,697,762		5,424,835		5,433,116		1,823,688		1,739,711		5,616,647		5,535,984
Deductions from gross operating revenue	(5,509,567)		(5,088,835)		(16,345,203)		(15,289,806)		(5,609,926)		(5,157,886)		(16,623,104)		(15,483,966)
Tax	(2,765,717)		(2,658,963)		(8,280,354)		(8,050,992)		(2,862,978)		(2,721,607)		(8,552,387)		(8,233,938)
Services	(2,423,766)		(2,400,620)		(7,251,629)		(7,014,979)		(2,505,583)		(2,450,691)		(7,472,558)		(7,165,274)
Sale of goods	(341,951)		(258,343)		(1,028,725)		(1,036,013)		(357,395)		(270,916)		(1,079,829)		(1,068,664)
Discounts granted and return of goods	(2,743,850)		(2,429,872)		(8,064,849)		(7,238,814)		(2,746,948)		(2,436,279)		(8,070,717)		(7,250,028)
Services	(2,285,181)		(1,910,584)		(6,515,260)		(5,574,483)		(2,285,177)		(1,910,585)		(6,515,254)		(5,574,486)
Sale of goods	(458,669)		(519,288)		(1,549,589)		(1,664,331)		(461,771)		(525,694)		(1,555,463)		(1,675,542)
Net operating revenue	14,227,820		13,568,717		41,962,874		39,828,036		14,949,056		14,039,057		43,984,421		41,263,628
Services	13,270,151		12,648,586		39,116,353		37,095,264		13,944,534		13,095,956		41,003,066		38,471,850
Sale of goods	957,669		920,131		2,846,521		2,732,772		1,004,522		943,101		2,981,355		2,791,778

(1) Includes telephone services, use of interconnection network, data and SVA services, cable TV and other services.

(2) Includes sale of goods (handsets, SIM cards and accessories) and equipment of "Vivo Tech".

No customer contributed more than 10% of operating revenue for the quarters ended September 30, 2025 and 2024.

59

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

25. OPERATING COSTS AND EXPENSES

	Company
	Three-month period ended
	09.30.2025								09.30.2024
	Cost of sales and services		Selling expenses		General and administrative expenses		Total		Cost of sales and services		Selling expenses		General and administrative expenses		Total
Third-party services	(2,426,356)		(1,585,855)		(314,941)		(4,327,152)		(2,248,743)		(1,505,035)		(252,158)		(4,005,936)
Depreciation and amortization	(3,072,610)		(421,067)		(215,187)		(3,708,864)		(3,027,169)		(419,315)		(208,896)		(3,655,380)
Personnel	(279,107)		(851,335)		(310,921)		(1,441,363)		(278,203)		(874,274)		(274,727)		(1,427,204)
Cost of goods sold	(956,346)		—		—		(956,346)		(1,023,525)		—		—		(1,023,525)
Taxes, charges and contributions	(497,924)		(8,799)		(13,725)		(520,448)		(505,376)		(9,769)		(8,148)		(523,293)
Allowance for expected losses on accounts receivable (Note 5)	—		(367,212)		—		(367,212)		—		(331,341)		—		(331,341)
Rental, insurance, condominium and connection means	(343,269)		(17,975)		(12,479)		(373,723)		(343,583)		(17,140)		(11,272)		(371,995)
Materials and other operating costs and expenses	(23,254)		(31,467)		(6,109)		(60,830)		(21,085)		(22,883)		(8,999)		(52,967)
Total	(7,598,866)		(3,283,710)		(873,362)		(11,755,938)		(7,447,684)		(3,179,757)		(764,200)		(11,391,641)

	Company
	Nine-month period ended
	09.30.2025								09.30.2024
	Cost of sales and services		Selling expenses		General and administrative expenses		Total		Cost of sales and services		Selling expenses		General and administrative expenses		Total
Third-party services	(7,187,210)		(4,738,059)		(871,293)		(12,796,562)		(6,711,635)		(4,426,006)		(793,200)		(11,930,841)
Depreciation and amortization	(9,184,491)		(1,266,784)		(643,480)		(11,094,755)		(8,601,796)		(1,226,519)		(596,141)		(10,424,456)
Personnel	(838,543)		(2,573,853)		(952,952)		(4,365,348)		(830,544)		(2,581,793)		(757,791)		(4,170,128)
Cost of goods sold	(2,941,191)		—		—		(2,941,191)		(3,059,826)		—		—		(3,059,826)
Taxes, charges and contributions	(1,457,981)		(23,879)		(47,519)		(1,529,379)		(1,508,992)		(29,495)		(28,907)		(1,567,394)
Allowance for expected losses on accounts receivable (Note 5)	—		(1,067,197)		—		(1,067,197)		—		(1,032,443)		—		(1,032,443)
Rental, insurance, condominium and connection means	(996,715)		(57,383)		(37,400)		(1,091,498)		(1,063,611)		(54,605)		(36,277)		(1,154,493)
Materials and other operating costs and expenses	(66,249)		(104,875)		(39,099)		(210,223)		(57,178)		(84,253)		(30,018)		(171,449)
Total	(22,672,380)		(9,832,030)		(2,591,743)		(35,096,153)		(21,833,582)		(9,435,114)		(2,242,334)		(33,511,030)

60

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

	Consolidated
	Three-month period ended
	09.30.2025								09.30.2024
	Cost of sales and services		Selling expenses		General and administrative expenses		Total		Cost of sales and services		Selling expenses		General and administrative expenses		Total
Third-party services	(2,837,472)		(1,587,116)		(322,843)		(4,747,431)		(2,501,288)		(1,501,728)		(265,523)		(4,268,539)
Depreciation and amortization(1)	(3,076,503)		(424,453)		(217,308)		(3,718,264)		(3,030,197)		(420,818)		(209,901)		(3,660,916)
Personnel	(362,124)		(869,440)		(342,380)		(1,573,944)		(341,824)		(896,754)		(286,884)		(1,525,462)
Cost of goods sold	(989,365)		—		—		(989,365)		(1,043,610)		—		—		(1,043,610)
Taxes, charges and contributions	(510,944)		(9,352)		(13,807)		(534,103)		(512,901)		(9,769)		(8,498)		(531,168)
Allowance for expected losses on accounts receivable (Note 5)	—		(397,482)		—		(397,482)		—		(360,007)		—		(360,007)
Rental, insurance, condominium and connection means(2)	(342,959)		(17,089)		(13,845)		(373,893)		(343,305)		(16,492)		(11,868)		(371,665)
Materials and other operating costs and expenses	(24,795)		(30,825)		(6,660)		(62,280)		(22,150)		(28,118)		(9,436)		(59,704)
Total	(8,144,162)		(3,335,757)		(916,843)		(12,396,762)		(7,795,275)		(3,233,686)		(792,110)		(11,821,071)

	Consolidated
	Nine-month period ended
	09.30.2025								09.30.2024
	Cost of sales and services		Selling expenses		General and administrative expenses		Total		Cost of sales and services		Selling expenses		General and administrative expenses		Total
Third-party services	(8,348,024)		(4,739,796)		(910,186)		(13,998,006)		(7,513,681)		(4,412,271)		(824,318)		(12,750,270)
Depreciation and amortization(1)	(9,196,126)		(1,277,251)		(648,823)		(11,122,200)		(8,610,853)		(1,231,032)		(599,269)		(10,441,154)
Personnel	(1,069,941)		(2,634,570)		(1,050,448)		(4,754,959)		(1,024,733)		(2,646,181)		(794,564)		(4,465,478)
Cost of goods sold	(3,043,324)		—		—		(3,043,324)		(3,113,543)		—		—		(3,113,543)
Taxes, charges and contributions	(1,482,592)		(25,078)		(48,685)		(1,556,355)		(1,529,056)		(29,498)		(31,366)		(1,589,920)
Allowance for expected losses on accounts receivable (Note 5)	—		(1,184,626)		—		(1,184,626)		—		(1,142,694)		—		(1,142,694)
Rental, insurance, condominium and connection means(2)	(996,656)		(55,264)		(40,713)		(1,092,633)		(1,063,110)		(52,734)		(38,044)		(1,153,888)
Materials and other operating costs and expenses	(69,758)		(104,138)		(41,030)		(214,926)		(66,810)		(80,349)		(31,713)		(178,872)
Total	(24,206,421)		(10,020,723)		(2,739,885)		(36,967,029)		(22,921,786)		(9,594,759)		(2,319,274)		(34,835,819)

(1) Includes consolidated lease depreciation of R$2,751,628 and R$2,534,454 for the quarters ended September 30, 2025 and 2024, respectively (Note 13.c).

(2) Includes costs and expenses for renting infrastructure, real estate, equipment, vehicles, insurance and means of connection. In addition to small-value leases of R$5,283 and R$5,468, for the quarters ended September 30, 2025 and 2024.

61

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

26. OTHER INCOME (EXPENSES), NET

	Company
	Three-month period ended				Nine-month period ended
	09.30.2025		09.30.2024		09.30.2025		09.30.2024
Recovered expenses and fines	222,764		153,582		536,301		372,736
Provisions for legal claims (Note 19)(1)	(175,125)		(142,252)		(568,904)		(470,508)
Other operating income (expenses)	174,127		70,067		20,610		(66,443)
Total	221,766		81,397		(11,993)		(164,215)
Other operating income	396,891		223,649		556,911		372,736
Other operating expenses	(175,125)		(142,252)		(568,904)		(536,951)
Total	221,766		81,397		(11,993)		(164,215)

	Consolidated
	Three-month period ended				Nine-month period ended
	09.30.2025		09.30.2024		09.30.2025		09.30.2024
Recovered expenses and fines	223,097		154,917		537,384		374,660
Provisions for legal claims (Note 19)(1)	(176,084)		(143,410)		(571,018)		(474,270)
Other operating income (expenses)	168,725		59,397		16,956		(87,792)
Total	215,738		70,904		(16,678)		(187,402)
Other operating income	391,822		214,314		554,340		374,660
Other operating expenses	(176,084)		(143,410)		(571,018)		(562,062)
Total	215,738		70,904		(16,678)		(187,402)

(1) In 2025 and 2024, they include R$25,638 and R$26,546, respectively, referring to the reversal of expenses for provisions for legal claims upon joining the tax amnesty and refinancing programs (Note 19.b.).

62

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

27. FINANCIAL INCOME (EXPENSES), NET

	Company
	Three-month period ended				Nine-month period ended
	30.09.2025		30.09.2024		30.09.2025		30.09.2024
Financial Income
Gain on derivative transactions (Note 31)	58,100		66,021		155,762		166,768
Interest income	221,011		144,552		644,977		430,127
Foreign exchange and monetary variation gains	64,429		53,667		194,483		132,677
Interest (customers, taxes and other)	68,791		71,244		206,884		172,852
Other financial income	26,139		19,578		144,590		89,327
Total	438,470		355,062		1,346,696		991,751
Financial Expenses
Charges for financing, debentures and leases (Note 20)(1)	(550,304)		(484,723)		(1,710,171)		(1,540,149)
Provisions for legal claims (Note 19)(2)	(211,192)		(105,532)		(535,507)		(246,085)
Loss on derivative transactions (Note 31)	(79,691)		(75,139)		(238,451)		(151,481)
Interest (financial institutions, trade accounts payable, taxes and other)	(185,325)		(153,537)		(591,323)		(405,990)
Foreign exchange and monetary variation losses (suppliers, taxes and others)	(4,967)		(29,671)		(28,756)		(121,625)
Other financial expenses	(68,209)		(39,204)		(157,011)		(113,297)
Total	(1,099,688)		(887,806)		(3,261,219)		(2,578,627)
Financial income (expenses), net	(661,218)		(532,744)		(1,914,523)		(1,586,876)

	Consolidated
	Three-month period ended				Nine-month period ended
	30.09.2025		30.09.2024		30.09.2025		30.09.2024
Financial Income
Gain on derivative transactions (Note 31)	60,581		69,604		175,974		171,957
Interest income	236,819		155,475		688,460		459,877
Foreign exchange and monetary variation gains	70,703		56,884		212,147		142,715
Interest (customers, taxes and other)	67,656		71,715		203,902		174,886
Other financial income	26,861		19,949		146,555		96,832
Total	462,620		373,627		1,427,038		1,046,267
Financial Expenses
Charges for financing, debentures and leases (Note 20)(1)	(556,653)		(487,760)		(1,735,442)		(1,549,859)
Provisions for legal claims (Note 19)(2)	(211,567)		(107,453)		(541,457)		(251,855)
Loss on derivative transactions (Note 31)	(91,819)		(78,526)		(278,301)		(155,630)
Interest (financial institutions, trade accounts payable, taxes and other)	(186,187)		(154,106)		(593,014)		(407,643)
Foreign exchange variation on loans and financing (Note 20)	1,519		(113)		1,419		(113)
Foreign exchange and monetary variation losses (suppliers, taxes and others)	(12,185)		(33,225)		(40,512)		(129,613)
Other financial expenses	(72,114)		(41,427)		(164,420)		(118,824)
Total	(1,129,006)		(902,610)		(3,351,727)		(2,613,537)
Financial income (expenses), net	(666,386)		(528,983)		(1,924,689)		(1,567,270)

(1) Includes consolidated R$1,253,674 e R$1,181,768 for the three-month period ended September 30, 2025 and 2024, respectively, referring to lease charges (Note 20.c).

(2) In 2025 and 2024, includes the amounts of R$65,990 and R$374,271, respectively, referring to the reversal of provisions for legal claims upon joining the tax amnesty and refinancing programs (Note 19.b.)

63

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

28. BALANCES AND TRANSACTIONS WITH RELATED PARTIES

28.a. Balances and transactions with related parties

The main balances of assets and liabilities with related parties arise from transactions with member companies of the controlling group, which were carried out at prices and other commercial conditions as agreed in a contract between the parties and refer to:

a) Fixed and mobile telephone services, provided to Telefónica Group companies.

b) Fiber optic network construction consultancy service.

c) Installments receivable as from the sale of equity interests and capital contributions, and accruals.

d) Shared services, at the cost.

e) Right to use certain software licenses and contracted maintenance and support services.

f) International transmission infrastructure for various contracted data circuits and connection services.

g) Adquira Sourcing Platform, an online solution for negotiating the purchase and sale of various goods and services.

h) Cost Sharing Agreement, reimbursement of expenses related to the digital business.

i) Financial Clearing House Roaming, inflows of funds for payments and receipts arising from the roaming operation.

j) Data communication services and integrated solutions.

k) Long-distance calling and international roaming services.

l) Disposal of assets.

m) Brand Fee, for the assignment of use of brand rights.

n) Rental of buildings, data circuit or infrastructure.

o) Factoring operations, financing line for services provided by Telefónica Group suppliers.

p) Contracts for the assignment of rights to use the pipeline network, duct rental services for fiber optics and right-of-way occupation contracts with various highway concessionaires.

q) Provision of transportation, storage and equipment repair services to companies in the Telefónica Group.

The Company and its subsidiaries sponsor pension plans and other post-employment benefits for their employees with Visão Prev and Sistel (Note 30.).

Telefônica Corretora de Seguros (“TCS“) is an insurance broker for the Company and its subsidiaries for insurance of cell phones, operational risks, general liability, guarantee insurance, among others. There are no outstanding balances between TCS and the Company and its subsidiaries.

64

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

The following table summarizes the consolidated balances with related parties:

				Balance Sheet – Assets
				09.30.2025						12.31.2024
Companies		Type of transaction		Cash and cash equivalents		Accounts receivable		Other assets		Cash and cash equivalents		Accounts receivable		Other assets
Parent Companies
Telefónica Móveis Chile		k)		—		1,421		—		—		1,415		—
Telefónica Latinoamerica Holding		d)		—		—		1,675		—		—		2,389
Telefónica		d)		—		4,369		109		—		—		66
				—		5,790		1,784		—		1,415		2,455
Other Group companies
Telefonica Global Solutions Participações		a) / d) / e) / f) / n) / q)		—		1,210		415		—		3,331		317
Telefónica Venezolana		d) / k)		—		10,185		5,030		—		11,857		5,821
Telefónica Global Solutions		f) / k)		—		22,449		—		—		25,626		—
Telefónica Innovación Digital		d)		—		—		8,110		—		—		3,581
Telefónica Moviles Argentina		k)		—		—		—		—		6,183		—
Telfisa Global BV		i)		25,214		—		—		18,308		—		—
Telxius Cable Brasil		a) / d) / f)		—		3,392		169		—		6,644		411
Telefonica Ciberseguranca e Tecnologia do Brasil		a) / d) / e) / n)		—		2,534		11,275		—		131		18,270
FiBrasil Infraestrutura e Fibra Ótica		a) / e) / f) / j) / n) / p)		—		1,122		107,043		—		958		74,991
Telefónica Móviles del Uruguay		k)		—		1,196		—		—		1,137		—
Other				—		2,147		8,040		—		5,958		9,554
				25,214		44,235		140,082		18,308		61,825		112,945
Total				25,214		50,025		141,866		18,308		63,240		115,400
Current assets
Cash and cash equivalents (Note 3)				25,214		—		—		18,308		—		—
Trade accounts receivable (Note 5)				—		50,025		—		—		63,240		—
Other assets (Note 11)				—		—		79,143		—		—		72,641
Non-current assets
Other assets (Note 11)				—		—		62,723		—		—		42,759

65

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

				Balance Sheet – Liabilities
				09.30.2025				12.31.2024
Companies		Type of transaction		Trade accounts payable		Other liabilities and  leases		Trade accounts payable		Other liabilities and  leases
Parent Companies
Telefónica Móveis Chile		k)		1,518		—		979		—
Telefónica Latinoamerica Holding		d)		1,223		—		—		1,199
Telefónica		d) / e) / m)		8,648		110,626		8,585		128,304
				11,389		110,626		9,564		129,503
Other Group companies
Telefonica Global Solutions Participações		d) / e) /  f) / k)		59,885		318		31,843		318
Telefónica Compras Electrónica		g)		22,404		—		29,952		—
Telefónica Innovación Digital		h)		42,557		—		40,613		—
Telefónica Venezolana		d) / k)		10,633		1,684		12,310		1,961
Telefónica Global Solutions		e) / f) / j) / k)		35,327		—		55,623		—
Telxius Cable Brasil		d) / f)		65,755		1,572		50,965		1,572
Companhia AIX Participações		p)		2,867		67,077		2,691		80,549
Telefónica IoT & Big Data Tech		h)		29,969		—		31,315		—
Telefonica Ciberseguranca e Tecnologia Do Brasil		e)		76,062		—		111,819		—
FiBrasil Infraestrutura e Fibra Ótica		d) / f)		130,986		—		121,887		13
Other				32,531		459		47,487		561
				508,976		71,110		536,505		84,974
Total				520,365		181,736		546,069		214,477
Current liabilities
Trade accounts payable and other payables (Note 16)				520,365		—		546,069		—
Leases (Note 20)				—		24,782		—		24,335
Other liabilities (Note 22)				—		114,066		—		133,290
Non-current liabilities
Leases (Note 20)				—		42,295		—		56,214
Other liabilities (Note 22)				—		593		—		638

66

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

				Statement of income
				Nine-month period ended
				09.30.2025						09.30.2024
Companies		Type of transaction		Operating revenues		Revenues (cost, expenses  and other expenses) operating		Financial result		Operating revenues		Revenues (cost, expenses and other expenses) operating		Financial result
Parent Companies
Telefónica Móveis Chile		k)		2,278		(3,956)		12		1,858		(2,509)		7
Telefónica Latinoamerica Holding		d)		—		452		1,749		—		626		—
Telefónica		d) / e) / m)		—		(404,747)		33,613		230		(393,422)		(24,385)
				2,278		(408,251)		35,374		2,088		(395,305)		(24,378)
Other Group companies
Telefonica Global Solutions Participações		a) / d) / e) / f) / k) / j) / n)		4,436		(51,050)		—		4,345		(65,150)		(21)
Telefónica Innovación Digital		d) / h)		—		(179,747)		9,900		—		(171,347)		(15,926)
Telefônica factoring do Brasil		d) / o)		8		1,516		(2,331)		9		1,219		—
Telefónica Global Technology		e)		—		(53,855)		971		—		(56,040)		(1,561)
Telefónica Global Solutions		e) / f) / j) / k)		25,429		(67,277)		2,163		31,098		(64,474)		569
Telxius Cable Brasil		a) / d) / e) / f) / l)		4,619		(206,835)		4,196		5,927		(182,511)		(4,978)
Telefonica Cibersegurança e Tecnologia do Brasil		a) / d) / e) / n)		506		(198,620)		—		287		(194,044)		—
Companhia AIX Participações		a) / p)		92		—		(7,062)		33		—		(1,926)
Telefónica IoT & Big Data Tech		c) / d) / h)		—		(97,924)		5,781		—		(91,052)		(1,839)
FiBrasil Infraestrutura e Fibra Ótica		a) / d) / e) / f) / j) / n) / p)		5,393		(311,878)		8,430		6,308		(286,634)		8,444
Telefónica Móveis Argentina		k)		4,226		(2,603)		482		2,221		(4,753)		(399)
Telefónica Del Perú		k)		132		(268)		2		7,945		(3,178)		129
Other				3,730		(72,092)		(24)		5,785		(79,018)		(1,171)
				48,571		(1,240,633)		22,508		63,958		(1,196,982)		(18,679)
Total				50,849		(1,648,884)		57,882		66,046		(1,592,287)		(43,057)

28.b. Management compensation

Consolidated key management compensation paid by the Company to its Board of Directors and Statutory Officers for the nine-month period ended September 30, 2025 and 2024 totaled R$60,443 and R$48,975, respectively. This includes R$30,702 (R$27,263 on September 30, 2024) for salaries, benefits and social charges and R$29,741 (R$21,712 on September 30, 2024) for variable compensation.

These amounts were recorded as personnel expenses in General and administrative expenses.

In the nine-month period ended September 30, 2025 and 2024, the Directors and Officers received no pension, retirement or similar benefits.

29. SHARE-BASED PAYMENT PLANS

Plan liabilities are recognized at the fair value of the cash-settled transaction. Fair value is measured initially and at each year-end date up to and including the settlement date, any change in fair value is recognized as employee benefit expense (Note 25.) in the statement of income. Fair value is recognized as an expense over the period to the acquisition date, with a corresponding liability.

The Company's parent company, Telefónica, maintains different compensation plans based on the quoted value of its shares (Talent for the Future Share Plan (“TFSP“) and Performance Share Plan (“PSP“), which were also offered to directors and employees of its subsidiaries, including the Company and its subsidiaries.

67

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

The Company approved incentive plans (Performance Share Plan (“PSP VIVO”) via performance units, with cash settlement (“Plan”). Participants in the Plan will be entitled to the grant of a certain number of units representing one share issued by the Company (VIVT3) (“Unit” and “Share”). Each Unit represents the expectation of the right to receive the full value of one Share, which will serve as a basis, taking into account the number of Units received, to determine the value of the incentive to be paid by the Company in cash to participants.

The details of these plans are the same as those disclosed in Note 30) Share-Based Compensation Plans, disclosed in the financial statements for the year ended December 31, 2024.

The cycles for plans in force on September 30, 2025 were:

Plans		Public (Officers and Employees)		Company shares potentially receivable
Talent for the Future Share Plan (“TFSP”) - global level		Senior Managers, Managers and Specialists
Cycle 2023-2025 (January 1, 2023 to December 31, 2025)		145 active executives		292,000
Cycle 2024-2026 (January 1, 2024 to December 31, 2026)		139 active executives		257,500
Cycle 2025-2027 (January 1, 2025 to December 31, 2027)		135 active executives		243,500
Performance Share Plan (“PSP”) – global level		Vice Presidents and Directors
Cycle 2023-2025 (January 1, 2023 to December 31, 2025)		94 active executives (including 5 executives appointed pursuant to the Company's Articles of Association)		869,550
Cycle 2024-2026 (January 1, 2024 to December 31, 2026)		112 active executives (including 5 executives appointed pursuant to the Company's Articles of Association)		987,326
Cycle 2024-2026 (January 1, 2024 to December 31, 2026)		121 active executives (including 5 executives appointed pursuant to the Company's Articles of Association)		1,017,043
Performance Share Plan (“PSP VIVO”) - local level		Vice Presidents and Directors
Cycle 2023-2025 (January 1, 2023 to December 31, 2025)		93 active executives (including 5 executives appointed pursuant to the Company's Articles of Association)		410,005
Cycle 2024-2026 (January 1, 2024 to December 31, 2026)		112 active executives (including 5 executives appointed pursuant to the Company's Articles of Association)		397,103
Cycle 2025-2027 (January 1, 2025 to December 31, 2027)		119 active executives (including 5 executives appointed pursuant to the Company's Articles of Association)		1,048,828

On September 30, 2025 and December 31, 2024, the consolidated liability balances of the share compensation plans were R$137,836 and R$126,019, respectively, including taxes.

68

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

30. PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS

The plans sponsored by the Company and its subsidiaries and the related benefits by type are as follows:

Plan		Type		Entity		Sponsor
PBS-A		Defined benefit (DB)		Sistel		Telefônica Brasil, jointly with other telecoms resulting from privatization of the Sistema Telebrás
PAMA / PCE		Defined benefit (DB)		Sistel		Telefônica Brasil, jointly with other telecoms resulting from privatization of the Sistema Telebrás
Healthcare – Law No. 9656/98		Defined benefit (DB)		Telefônica Brasil		Telefônica Brasil, Terra Networks, TGLog, TIS, IoTCo Brasil and CloudCo Brasil
CTB		Defined benefit (DB)		Telefônica Brasil		Telefônica Brasil
Telefônica BD		Defined benefit (DB)		VisãoPrev		Telefônica Brasil
VISÃO		Defined contribution (DC) / Hybrid		VisãoPrev		Telefônica Brasil, Terra Networks, TGLog, TIS, IoTCo Brasil and CloudCo Brasil

The details of these plans are the same as in Note 31) Pension Plans and Other Post-Employment Benefits, as disclosed in the financial statements for the year ended December 31, 2024, except for the distribution of surpluses carried out by the Sistel Social Security Foundation (“Sistel”), described below.

• according to Ordinance No. 753 of the National Superintendence of Supplementary Pensions (“PREVIC”), published in the Official Gazette on August 20, 2025, Sistel approved the distribution of the PBS-A plan surpluses for 2022 and 2023, with the reversion of amounts to the sponsors and temporary additional income to beneficiaries. The Company's share of the distribution of these surpluses was calculated at R$107,077, with distributions scheduled in the form of 36 monthly payments, adjusted for inflation based on the plan's income . The consolidated accounting effects of this distribution were: R$107,077 in assets (surplus) of post-employment benefit plans (note 11); R$70,671 in other comprehensive income, net of taxes; and R$36,406 in income tax and social contribution payable (note 8.b); and

• changes to the health plan for employees and retirees (Law No. 9656): the Company reviewed and made adjustments to the methodology used to calculate medical costs for active and retired employees (eligible under Law No. 9656), including a review of assumptions, such as: actuarial liability discount rates, aging factor (increase in the use of medical services during the period), take-up (percentage of terminated/retired employees eligible for the benefit under Law No. 9656). The consolidated accounting effects of these changes were: (i) R$105,841 in liabilities for pension plans and other post-employment benefits (note 22); (ii) R$24,223 in other comprehensive income (equity), net of taxes; (iii) R$13,178 in deferred income tax and social contribution (note 8.c) and; (iv) R$68,440 in general and administrative expenses (personnel expenses, charges and social benefits), (note 25).

69

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

The changes in consolidated balances of the surplus and deficit plans were as follows:

		Consolidated
		Plans with surplus		Plans with deficit		Total
Balance on  December 31, 2023		74,048		(1,077,083)		(1,003,035)
Current service cost		(867)		(12,516)		(13,383)
Net interest on net defined benefit liabilities/assets		5,042		(73,922)		(68,880)
Contributions and benefits paid by the employers		842		24,328		25,170
Distribution of reserves		(24,528)		—		(24,528)
Balance on  September 30, 2024		54,537		(1,139,193)		(1,084,656)
Current service cost		(288)		(4,172)		(4,460)
Net interest on net defined benefit liabilities/assets		1,681		(24,641)		(22,960)
Contributions and benefits paid by the employers		(10)		172		162
Surplus Distribution – PBS-A Plan (gross amount)		114,852		—		114,852
Amounts recognized in OCI		1,314		439,275		440,589
Distribution of reserves		(15,040)		—		(15,040)
Balance on December 31, 2024		157,046		(728,559)		(571,513)
Current service cost		(714)		66,700		65,986
Net interest on net defined benefit liabilities/assets		(12,744)		(59,866)		(72,610)
Contributions and benefits paid by the employers		763		18,692		19,455
Surplus Distribution – PBS-A Plan (gross amount)		107,077		—		107,077
Other effects on other comprehensive income		—		37,400		37,400
Distribution of reserves		(59,208)		—		(59,208)
Balance on  September 30, 2025		192,220		(665,633)		(473,413)
Balance on December 31, 2024
Current assets		73,314		—		73,314
Non-current assets		83,732		—		83,732
Current liabilities		—		(31,027)		(31,027)
Non-current liabilities		—		(697,532)		(697,532)
Balance on September 30, 2025
Current assets		85,622		—		85,622
Non-current assets		106,598		—		106,598
Current liabilities		—		(27,736)		(27,736)
Non-current liabilities		—		(637,897)		(637,897)

31. FINANCIAL INSTRUMENTS AND RISK AND CAPITAL MANAGEMENT

31.a. Derivative transactions

The Company's derivative financial instruments are mainly intended to mitigate inflation risks on leases indexed to the IPCA, in addition to mitigating foreign exchange risks for liabilities in foreign currency. Derivative financial instruments are not used for speculation purposes.

70

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

Management believes that the Company's internal controls for its derivatives are adequate to control risks associated with each strategy for the market. Gains/losses obtained or sustained by the Company in relation to its derivatives show that its risk management has been appropriate.

Whilst these derivative contracts qualify for hedge accounting, the hedged item is adjusted to fair value, offsetting the result of the derivatives, pursuant to hedge accounting rules. This hedge accounting applies both to financial liabilities and probable cash flows in foreign currency.

Derivatives contracts include specific penalties for breach of contract. Breach of contract in agreements with financial institutions may cause early liquidation of the contract.

On September 30, 2025 and December 31, 2024, the Company held no embedded derivatives contracts.

31.a.1. Fair value of derivative financial instruments

The valuation method for the fair value of financial liabilities (if applicable) and derivative financial instruments is the discounted cash flow method, based on expected settlements or realization of liabilities and assets at market rates prevailing at the balance sheet date.

The fair values of the positions in Reais are calculated by projecting future inflows from transactions using B3 yield curves and discounting these flows to present value using market DI rates for swaps announced by B3.

The market values of foreign exchange derivatives were obtained using the market exchange rates in effect at the balance sheet date and projected market rates obtained from the currency's coupon-rate yield curves. The linear convention of 360 calendar days was used to determine coupon rates of positions indexed in foreign currencies, while the exponential convention of 252 business days was used to determine coupon rates for positions indexed to CDI rates.

71

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

Consolidated derivatives financial instruments shown below are registered with B3 and classified as swaps, which do not usually require margin deposits.

		Company / Consolidated
						Accumulated effects from fair value
		Notional Value				Amount receivable (payable)
Description		09.30.2025		12.31.2024		09.30.2025		12.31.2024
Swap contracts
Assets position		1,084,509		899,522		117,378		104,300
Foreign Currency		776,559		594,886		14		7,782
US$(1)		547,263		493,087		14		6,526
EUR(1)		159,587		101,799		—		1,256
NDF US$(3)		69,709		—		—		—
Floating rate		258,301		259,259		3,647		2,938
CDI(1)		213,310		214,268		3,647		1,098
Euribor(4)		44,991		44,991		—		1,840
Inflation rates		49,649		45,377		113,717		93,580
IPCA(2)		49,649		45,377		113,717		93,580
Liabilities position		(1,084,509)		(899,522)		(136,816)		(98,205)
Floating rate		(801,490)		(685,254)		(132,606)		(97,353)
CDI(1)(2)		(801,490)		(685,254)		(132,606)		(97,353)
Fixed rate		(69,709)		—		(4,192)		—
NDF US$(3)		(69,709)		—		(4,192)		—
Foreign Currency		(213,310)		(214,268)		(18)		(852)
US$(1)		(166,500)		(214,268)		(3)		(852)
EUR(1)		(46,810)		—		(15)		—
		Long position				15,622		17,364
		Current				9,475		15,524
		Non-current				6,147		1,840
		Short position				(35,060)		(11,269)
		Current				(22,349)		(866)
		Non-current				(12,711)		(10,403)
		Amounts payable, net				(19,438)		6,095

(1) Foreign currency swap (euro and CDI x euro) (R$112,777) and (US dollar and CDI x US dollar) (R$380,763) – swap transactions contracted with maturities up to November 19, 2025, with the objective of protecting against exchange rate variation risks of net amounts payable (book value of R$4443 payable and R$10,415 payable, respectively).

(2) IPCA x CDI swap (R$49,649) – swap transactions contracted with maturities in 2033 with the objective of protecting against the risk of variation of the IPCA (book value of R$6,304 receivable).

(3) Forward operations contracted (NDF dollar x R$) (R$69,709) – forward operations contracted with maturities up to December 11, 2025, with the objective of protecting against exchange rate variation risks of service contracts (book value of R$4192 payable).

(4) Swap Euribor x CDI (R$44,991) – swap operations contracted with maturities in 2027 with the objective of protecting against the risk of Euribor variation (book value of R$6,692 payable).

Swaps maturing after September 30, 2025, are as follows:

72

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

		Company / Consolidated
		Maturing in
Swap contract		1 to 12 months		13 to 24 months		25 to 36 months		37 to 48 months		49 to 60 months		From 61 months		Amount receivable (payable) on 09.30.2025
IPCA x CDI		6,176		5,405		5,193		5,389		4,761		(20,620)		6,304
NDF US$ x Fixed rate		(4,192)		—		—		—		—		—		(4,192)
Foreign currency x CDI		(18,487)		—		—		—		—		—		(18,487)
CDI x Foreign Currency		3,629		—		—		—		—		—		3,629
Euribor x CDI		—		(6,692)		—		—		—		—		(6,692)
Total		(12,874)		(1,287)		5,193		5,389		4,761		(20,620)		(19,438)

The Company uses fair value hedge accounting for its foreign currency swaps x CDI and IPCA x CDI for hedging or financial debt, whereby both derivatives and hedged risk are recognized at fair value.

In the quarters ended September 30, 2025 and 2024, derivative financial instruments generated negative and positive consolidated net results of R$102,327 and R$16,327, respectively (Note 27).

31.a.2. Sensitivity analysis of the Company's risk variables

Publicly-held companies are required to disclose sensitivity analyses for each type of market risk considered significant by Management, arising from financial instruments, to which the entity is exposed at the closing date, including derivative financial instruments.

Each financial instrument derivative transaction was assessed, and assumptions under a probable base scenario and a further two stressed scenarios that could adversely impact the Company.

For the probable base scenario, at the maturity dates for each of the transactions, the market rates sourced from B3 yield curves (currencies and interest rates) were used plus data from the IBGE, Central Bank, FGV, among others. In the probable scenario, there is no impact on the fair value of the above-mentioned derivatives. For scenarios II and III, consistent with the CVM requirement, risk variables were stressed by 25% and 50%, respectively.

73

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

Since the Company only holds derivatives to hedge its foreign currency assets and liabilities, other scenarios are not applicable. For these transactions, the Company reported the consolidated net exposure for each of the three scenarios on September 30, 2025:

				Consolidated
Transaction		Risk		Probable		25% depreciation		50% depreciation
Hedge (assets position)		Derivatives (depreciation risk EUR)		82,643		103,304		123,965
Payables in EUR		Debt (appreciation risk EUR)		(83,733)		(104,666)		(125,600)
Receivables in EUR		Debt (depreciation risk EUR)		1,092		1,365		1,638
		Net Exposure		2		3		3
Hedge (assets position)		Derivatives (depreciation risk US$)		438,977		548,721		658,465
Payables in US$		Debt (appreciation risk US$)		(500,005)		(625,007)		(750,009)
Receivables in US$		Debt (depreciation risk US$)		60,760		75,950		91,141
		Net Exposure		(268)		(336)		(403)
Hedge (assets position)		Derivatives (risk of decrease in IPCA)		38,484		48,105		57,726
Debt in IPCA		Debt (risk of increase in IPCA)		(38,484)		(48,105)		(57,726)
		Net Exposure		—		—		—
Hedge (assets position)		Derivatives (depreciation risk Euribor)		6,692		8,364		12,547
Opex em US$		Opex (risk of increase in Euribor)		(6,692)		(8,364)		(12,547)
		Net Exposure		—		—		—
Hedge (CDI position)
Hedge US$ and EUR (liabilities position)		Derivatives (risk of decrease in CDI)		18		21		24
Hedge IPCA (liabilities position)		Derivatives (risk of increase in CDI)		(32,180)		(40,225)		(48,270)
		Net Exposure		(32,162)		(40,204)		(48,246)
Total net exposure in each scenario				(32,428)		(40,537)		(48,646)
Net effect on changes in current fair value				—		(8,109)		(16,218)

The fair values shown in the table above are based on the portfolio position on September 30, 2025, but do not contemplate other changes to market variables which are constantly monitored by the Company. The use of different assumptions could significantly affect the estimates.

For the calculation of the net exposure for the sensitivity analysis, all derivatives were considered at market value and hedged items designated for hedges for accounting purposes were also considered at fair value.

74

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

The assumptions used by the Company for the sensitivity analysis on September 30, 2025, were as follows:

Risk Variable		Probable		25% depreciation		50% depreciation
US$		5.32		6.65		7.98
EUR		6.24		7.81		9.37
IPCA		5.11 %		6.43 %		7.76 %
IGPM		2.82 %		3.54 %		4.26 %
CDI		14.90 %		18.63 %		22.35 %
Euribor		1.95 %		2.45 %		2.94 %

31.b. Fair value

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Fair value measurement is based on the assumption that the transaction to sell the asset or transfer the liability will take place (i) in the principal market for the asset or liability; and (ii) in the absence of a principal market, in the most advantageous market for that asset or liability. The Company and or its subsidiaries must have access to the principal or most advantageous market.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing an asset or liability, assuming that market participants act in their best economic interests.

Fair value measurement of a non-financial asset takes into consideration the capacity of a market participant to generate economic benefits through the best use of the asset or selling it to another market participant that would also make the best use of the asset.

The Company and its subsidiaries use suitable valuation techniques for their circumstances and for which there is sufficient data to measure the fair value, which maximizes the use of relevant observable inputs and minimizes the use of unobservable inputs.

The fair values of all assets and liabilities are classified within the fair value hierarchy described below, based on the lowest level of information that is significant to the fair value measurement as a whole: (i) Level 1: quoted market prices (unadjusted) in active markets for identical assets or liabilities; (ii) Level 2: valuation techniques for which there is a significantly lower level of information to measure the fair value directly or indirectly observable; and (iii) Level 3: valuation techniques for which the lowest and significant level of information to measure the fair value is not available.

For assets and liabilities recognized in the financial statements on a recurring basis, the Company and its subsidiaries determine whether transfers have occurred between levels of the hierarchy, reassessing the categorization (based on information at the lowest and most significant level for measuring the fair value as a whole) to each year end.

The Company and its subsidiaries assessed their financial assets and liabilities in relation to market values using available information and appropriate valuation methodologies. Both the interpretation of market data and the selection of valuation methods require considerable judgment and reasonable estimates to produce the most adequate realization value. As a result, the estimates shown do not necessarily indicate amounts that could be realized in the current market. The use of different assumptions for the market and/or methodologies may have a material effect on estimated realization values.

In the period/year ended September 30, 2025 and December 31, 2024, there were no transfers of fair value assessments between the aforementioned levels.

For fair value disclosure purposes, the Company and its subsidiaries have classified assets and liabilities based on the nature, characteristics, and risks of each item, as well as the level within the fair value hierarchy.

75

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

Below is the composition and classification of financial assets and liabilities of September 30, 2025 and December 31, 2024.

						Company
						Book value				Fair value
		Classification by category		Fair value hierarchy		09.30.2025		12.31.2024		09.30.2025		12.31.2024
Financial Assets
Current
Cash and cash equivalents  (Note 3.)		1				6,376,416		6,266,376		6,376,416		6,266,376
Trade accounts receivable (Note 5)		1				9,551,376		8,988,019		9,551,376		8,988,019
Derivative transactions (Note 31.a)		2		Level 2		9,475		15,524		9,475		15,524
Sale of real estate and other receivables (Note 11)		1				85,623		134,963		85,623		134,963
Loan agreement with subsidiary CloudCo Brasil (Note 11)		1				27		1,416		27		1,416
Related-party receivables (Note 11)		1				115,659		93,395		115,659		93,395
Non-current
Financial investments (Note 4)		1				33,081		42,408		33,081		42,408
Trade accounts receivable (Note 5)		1				99,826		335,066		99,826		335,066
Derivative transactions (Note 31.a)		3		Level 2		6,147		—		6,147		—
Sale of real estate and other receivables (Note 11)		1				106,547		120,354		106,547		120,354
Loan agreement with subsidiary CloudCo Brasil (Note 11)		1				45,009		45,009		45,009		45,009
Related-party receivables (Note 11)		1				62,648		42,689		62,648		42,689
Total financial assets						16,491,834		16,085,219		16,491,834		16,085,219
Financial Liabilities
Current
Trade accounts payable, net (Note 16)		1				9,325,734		8,933,045		9,325,734		8,933,045
Loans and financing (Note 20.a)		1				243,835		193,374		243,835		193,374
Leases (Note 20.a)		2		Level 2		4,522,997		4,520,740		4,522,997		4,520,740
Debentures (Note 20.a)		1				68,848		1,695,214		68,848		1,695,214
Reverse split and split of shares (Note 23.a)		1				825,290		—		825,290		—
Derivative transactions (Note 31.a)		2		Level 2		17,238		866		17,238		866
Derivative transactions (Note 31.a)		3		Level 2		2,269		—		2,269		—
Liabilities with ANATEL (Note 22)		1				78,438		146,844		78,438		146,844
Reduction of capital of the Company (Note 22)		1				91,093		38,721		91,093		38,721
Amounts to be refunded to customers (Note 22)		1				96,895		124,398		96,895		124,398
Liabilities with related parties (Note 22)		1				121,176		133,741		121,176		133,741
Non-current
Loans and financing (Note 20.a)		1				1,274,529		1,255,958		1,274,529		1,255,958
Leases (Note 20.a)		2		Level 2		9,578,331		10,728,102		9,578,331		10,728,102
Debentures (Note 20.a)		1				2,000,000		2,000,000		2,000,000		2,000,000
Derivative transactions (Note 31.a)		2		Level 2		6,020		10,403		6,020		10,403
Liabilities with ANATEL (Note 22)		1				898,111		892,648		898,111		892,648
Liabilities with related parties (Note 22)		1				817		853		817		853
Total financial liabilities						29,151,621		30,674,907		29,151,621		30,674,907

76

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

						Consolidated
						Book value				Fair value
		Classification by category		Fair value hierarchy		09.30.2025		12.31.2024		09.30.2025		12.31.2024
Financial Assets
Current
Cash and cash equivalents  (Note 3)		1				6,796,561		6,691,098		6,796,561		6,691,098
Trade accounts receivable (Note 5)		1				10,045,839		9,471,592		10,045,839		9,471,592
Derivative transactions (Note 31.a)		2		Level 2		9,475		15,524		9,475		15,524
Sale of real estate and other receivables (Note 11)		1				85,623		134,963		85,623		134,963
Related-party receivables (Note 11)		1				79,143		72,641		79,143		72,641
Non-current
Financial investments (Note 4)		1				33,455		42,619		33,455		42,619
Trade accounts receivable (Note 5)		1				142,333		370,149		142,333		370,149
Derivative transactions (Note 31.a)		2		Level 2		6,147		1,840		6,147		1,840
Sale of real estate and other receivables (Note 11)		1				106,597		120,354		106,597		120,354
Related-party receivables (Note 11)		1				62,723		42,759		62,723		42,759
Total financial assets						17,367,896		16,963,539		17,367,896		16,963,539
Financial Liabilities
Current
Trade accounts payable, net (Note 16)		1				9,531,745		9,230,624		9,531,745		9,230,624
Loans and financing (Note 20.a)		1				318,337		232,118		318,337		232,118
Leases (Note 20.a)		2		Level 2		4,523,973		4,520,626		4,523,973		4,520,626
Debentures (Note 20.a)		1				68,848		1,695,214		68,848		1,695,214
Reverse split and split of shares (Note 23.a)		1				825,290		—		825,290		—
Derivative transactions (Note 31.a)		2		Level 2		22,349		866		22,349		866
Liabilities with ANATEL (Note 22)		1				78,438		146,844		78,438		146,844
Reduction of capital of the Company (Note 22)		1				91,093		38,721		91,093		38,721
Amounts to be refunded to customers (Note 22)		1				101,493		126,867		101,493		126,867
Liabilities with related parties (Note 22)		1				114,066		133,290		114,066		133,290
Non-current
Loans and financing (Note 20.a)		1				1,590,815		1,572,592		1,590,815		1,572,592
Leases (Note 20.a)		2		Level 2		9,574,594		10,725,980		9,574,594		10,725,980
Debentures (Note 20.a)		1				2,000,000		2,000,000		2,000,000		2,000,000
Derivative transactions (Note 31.a)		2		Level 2		12,711		10,403		12,711		10,403
Liabilities with ANATEL (Note 22)		1				898,111		892,648		898,111		892,648
Liabilities with related parties (Note 22)		1				593		638		593		638
Total financial liabilities						29,752,456		31,327,431		29,752,456		31,327,431

Classification by category

(1) Amortized cost

(2) Measured at fair value through profit or loss

(3) Measured at fair value through OCI

31.c. Capital management

The purpose of the Company's capital management is to ensure maintenance of a high credit rating and an optimal capital ratio to support the Company's business and maximize shareholder value.

The Company manages its capital structure by making adjustments and adapting to current economic conditions. In seeking such equilibrium, the Company may pay dividends, obtain new loans, issue debentures and contract derivatives. For the period ended September 30, 2025, there were no changes in capital structure objectives, policies or processes.

77

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

The Company includes in the net debt structure the balances of loans, financing, debentures, leases and other creditors and derivative financial instruments, less cash and equivalents cash and accounts receivable from credit rights (FIDC Vivo Money).

31.d. Risk management policy

The Company and its subsidiaries are exposed to several market risks as a result of its commercial operations, debts contracted to finance its activities and debt-related financial instruments.

31.d.1. Currency Risk

The Company is exposed to the foreign exchange risk for financial assets and liabilities denominated in foreign currencies, which may reduce receivables or increase payables depending on the exchange rate in the period.

Hedging transactions were executed to minimize the risks associated with exchange rate changes on financial assets and liabilities in foreign currencies. This balance is subject to daily changes due to the dynamics of the business. However, the Company seeks to provide cover for the net balance of these assets and obligations (US$63,306 thousand and €13,235 thousand paid by September 30, 2025, and US$40,295 thousand, €15,988 thousand and £71 thousand paid by December 31, 2024) to mitigate its foreign exchange risks.

31.d.2. Interest and Inflation Risk

This risk may arise from an unfavorable change in the domestic interest rate, which may adversely affect financial expenses from the portion of debentures linked to the CDI rate and liability positions in derivatives (currency hedge and IPCA) pegged to floating interest rates (CDI).

To reduce exposure to the floating interest rate (CDI), the Company and its subsidiaries invested cash equivalents of R$6,733,450 and R$6,542,862 on September 30, 2025, and December 31, 2024, respectively, mostly in short-term CDI-based financial investments (CDBs). The carrying amounts of these instruments approximate their fair values, as they may be redeemed in the short term.

31.d.3. Liquidity Risk

Liquidity risk arises from the possibility that the Company may not having sufficient funds to meet its commitments due to the different timing and settlement terms of its rights and obligations.

The Company structures the maturities of financial instruments to manage their liquidity.

The Company's cash flow and liquidity are managed on a daily basis by the operating departments to ensure that cash flows and contracted funding, when necessary, are sufficient to meet scheduled commitments in to mitigate liquidity risk.

The maturity profile of consolidated financial liabilities includes future principal and interest amounts up to the maturity date. For fixed rate liabilities, interest was calculated based on the indices established in each contract. For floating rate liabilities, interest was calculated based on the market forecast for each period.

In order to minimize liquidity risk and ensure compliance with obligations, the Company's cash investment policy prioritizes instruments indexed to the CDI (floating rate), with daily liquidity and counterparties whose credit rating and/or balance scorecard indicate low credit risk. In addition, the investment policy establishes diversification limits for counterparties, fortifying the Company's ability to honor its payment commitments.

31.d.4. Credit Risk

Credit risk arises from the possibility that the Company may incur losses resulting from difficulties in receiving invoiced amounts for the provision of services and sale of devices and equipment to its B2C and B2B customers and distributor network.

78

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

The credit risk from accounts receivable is diversified and risk minimized by diligent control over the customer base and constant risk analysis. The Company monitors the level of accounts receivable and limits the risk of unpaid bills on an ongoing basis, negating access to its services if the invoice is overdue. For prepaid mobile customers there is no credit risk.

The credit risk from the sale of devices is managed by a conservative policy in granting credit, through modern management methods, which involve the application of credit scoring techniques, analysis of financial statements and information and consultation of commercial databases, in addition to the request for guarantees.

The Company and its subsidiaries are also subject to credit risk arising from their financial investments, letters of guarantee received as collateral for certain transactions and amounts receivable from derivative financial instruments. The Company and its subsidiaries control the credit limit granted to each counterparty and diversify this exposure among top-tier financial institutions, in accordance with the current counterparty credit policy.

31.d.5. Insurance Coverage

The policy of the Company and its subsidiaries, as well as the Telefónica Group, is to contract insurance coverage for all significant high-risk assets and liabilities based on Management's judgment and following Telefónica corporate program guidelines.

On September 30, 2025, the maximum limits of claims (established pursuant to the agreements of each entity consolidated by the Company) for significant assets, liabilities or interests covered by insurance and their respective total R$900,000 for operational risks (including business interruption) and R$75,000 for general civil liability.

Management considers the insurance coverage to be sufficient to cover any potential claims.

32. SUPPLEMENTAL CASH FLOW INFORMATION

The consolidated cash flow financing activities for the nine months ended September 30, 2025, and 2024.

		Consolidated
				Cash flows from financing activities				Cash flows from operating activities		Financing activities not involving cash and cash equivalents
		Balance on December 31, 2024		Entries		Write-offs (payments)		Write-offs (payments)		Financial charges, foreign exchange variation		Additions (cancellations) of contracts		Business combination		Interim and unclaimed dividends and interest on equity		Balance on  September 30, 2025
Interim dividends and interest on equity		2,237,090		—		(1,869,461)		—		—		—		—		1,904,393		2,272,022
Loans and financing		1,804,710		20,000		(321,288)		(50,976)		142,360		257,236		57,110		—		1,909,152
Leases		15,246,606		—		(2,497,580)		(1,327,258)		1,253,674		1,423,125		—		—		14,098,567
Debentures		3,695,214		—		(1,500,000)		(464,355)		337,989		—		—		—		2,068,848
Reverse split and split of shares		—		949,354		(124,064)		—		—		—		—		—		825,290
Return of capital to shareholders		38,721		—		(1,923,506)		—		—		—		—		1,975,878		91,093
Derivative financial instruments		(6,095)				(80,232)		(3,768)		109,533		—		—		—		19,438
Total		23,016,246		969,354		(8,316,131)		(1,846,357)		1,843,556		1,680,361		57,110		3,880,271		21,284,410

79

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

		Consolidated
				Cash flows from financing activities		Cash flows from financing activities		Cash flows from operating activities		Financing activities not involving cash and cash equivalents
		Balance on  December 31, 2023		Entries		Write-offs (payments)		Write-offs (payments)		Financial charges, foreign exchange variation		Additions (cancellations) of contracts		Interim and unclaimed dividends and interest on equity		Balance on  September 30, 2024
Interim dividends and interest on equity		2,247,884		—		(1,821,575)		—		—		—		1,570,199		1,996,508
Loans and financing		1,419,599		83,084		(346,195)		(13,746)		58,438		484,654		—		1,685,834
Leases		13,596,039		—		(2,151,962)		(1,153,390)		1,181,768		2,505,795		—		13,978,250
Debentures		3,721,589		—		—		(443,422)		309,766		—		—		3,587,933
Return of capital to shareholders		—		—		(1,442,860)		—		—		—		1,481,581		38,721
Derivative financial instruments		9,415		—		25,085		3,462		(20,624)		—		—		17,338
Total		20,994,526		83,084		(5,737,507)		(1,607,096)		1,529,348		2,990,449		3,051,780		21,304,584

33. CONTRACTUAL COMMITMENTS AND GUARANTEES

33.a. Contractual commitments

The Company has off-book contractual commitments arising from the purchase of goods and services, which mature on several dates, settled via monthly payments.

At September 30, 2025, the future nominal values over the entire contract periods were:

Periods		Consolidated
1 to 12 months		968,712
13 to 24 months		834,302
25 to 36 months		824,580
37 to 48 months		834,496
49 to 60 months		366,703
From 61 months		146,077
Total(1)		3,974,870

(1) Includes R$1,175,656, referring to contracts for the provision of security services with Telefónica Cybersecurity Tech, S.L.U. (“CyberCo”) and its subsidiaries, companies of the Telefónica Group.

33.b. Guarantees

On September 30, 2025, the Company had guarantees for several commitments with ANATEL, suppliers and legal proceedings:

		Consolidated
Insurance of guarantee(1)		30,199,602
Letters of guarantee(2)		10,006,960
Judicial deposits and garnishments (Note 10)		2,965,492
Property and equipment (Note 13.d)		11,327
Blocked financial investments – Legal proceedings (Note 4)		33,455
Total		43,216,836

(1) Refer to amounts of insurance contracted to enable the continuity of the discussion of lawsuits (Note 19).

(2) In the quarter ended March 31, 2025, R$4 billion was contracted in relation to the Self-Composition Agreement process for Adapting STFC Concession Contracts, Note 1.b.).

80

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

34. OTHER MATTERS

34.a. Environmental Risks

The Company's operations and properties are subject to various environmental laws and regulations that govern environmental licenses and registrations, protection of fauna and flora, atmospheric emissions, waste management and remediation of contaminated areas, among others. If the Company or its business partners are unable to comply with current and future legal requirements, or identify and manage new or existing environmental liabilities, it will may incur significant costs, which include investigation and remediation costs, indemnities, compensation, adjustment of conduct, fines, suspension of activities and other penalties, investments to improve facilities or change operations, in addition to damage to the Company's reputation in the market.

The identification of new relevant environmental issues, changes in assessment criteria by regulatory agencies, more restrictive laws and regulations or other unforeseen events may result in significant environmental liabilities and their respective costs. The occurrence of any of these factors could have a material adverse effect on the Company's business, results of operations and financial condition. Pursuant to article 75 of Law No. 9,605/1998, the maximum fine for non-compliance with the environmental law is R$50,000 plus losses related to embargoes or administrative sanctions, in addition to indemnities and repairs for damages caused to the environment.

Climate change poses a number of potential systemic risks (environmental, financial and socioeconomic) to telecommunications operators from both a regulatory and physical perspective. Increased intensity and frequency of extreme events, such as precipitation, cyclones, floods, fires and heat waves, may damage, suspend or interrupt the Company’s transmission operations for an indefinite period. Should a succession of extreme weather events occur, the Company may not have sufficient resources to repair its infrastructure in a timely and cost-effective manner.

In a quantitative analysis, it is noted that the increase in temperature directly affects the operating conditions of the Company's network equipment, which can cause failures, accelerated wear and loss of assets and, therefore, increase the probability of service interruptions, generating reputational and financial risks. For this reason, cooling the equipment is essential to ensure the proper operation of the Company. In more serious cases, the risk of fires can also increase. As a result, global warming can increase demands for cooling and energy use, increasing our operating costs.

The telecommunications sector is not particularly dependent on fossil fuels, but it is dependent on electricity consumption for its networks, so variations in electricity prices are sensitive to the sector and can have a significant impact on the Company's operating expenses related to energy. The estimated economic impact of this risk classifies it as substantive, on the horizon of 2030.

To manage climate risks, the Company performs diagnostics on physical and transition risks, promotes energy efficiency programs and renewable energy and distributed energy generation plans, in addition to having a dedicated business continuity area, guided by the Global Business Continuity Regulation (“GBC”), which is responsible for ensuring that the company is prepared to face unforeseen events, minimize impacts and maintain the continuity of operations in adverse situations.

34.b. Compliance

The Company is subject to compliance with Brazilian legislation related to combating corruption, in particular Law No. 12,846/2013 and Decree No. 11,129/2022, as well as foreign legislation in the jurisdictions in which it operates as a securities issuer and securities, more specifically the US Foreign Corrupt Practice Act (FCPA) of 1977.

Violations of legislation aimed at combating corruption may result in financial penalties, damage to reputation and other legal consequences that may negatively affect the Company's activities, the results of its operations or its financial condition.

81

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Nine-month period ended September 30, 2025 and 2024
(In thousands of Reais, unless otherwise stated)

The Company has internal policies and procedures designed to prevent, detect and remedy non-compliance with these laws by the Company's directors, officers, partners, executives, representatives and service providers and develops and implements initiatives to ensure continuous improvement of its Compliance Program, through a robust organizational and governance structure that guarantees operations based on ethics, transparency and respect for applicable laws and regulations.

As a result of its commitment to maintaining a robust Compliance Program, the Company has obtained the DSC 10,000 certification annually since 2020, currently valid until December 12, 2025. In 2023, it was recognized as a Pro-Ethics company, an initiative of the Comptroller General's Office ("CGU") and the Ethos Institute to encourage the voluntary adoption of integrity measures by companies and, thus, recognize those committed to implementing actions aimed at preventing, detecting, and remediating acts of corruption and fraud. In 2024, it received the award for best Compliance Department in the Telecom and Technology sector from the Leaders League Compliance Summit & Awards Brazil, and in 2025, it was recognized as "Compliance Program of the Year."

35. SUBSEQUENT EVENTS

35.a. Corporate Reorganization of Investees - VivaE and Vivo Ventures

On October 6, 2025, the Company informed its shareholders and the market in general that, on the same date, it had concluded a corporate reorganization involving its stake in VivaE Educação Digital S.A. (“VivaE” and “Transaction”), a company jointly owned by the Company and Ânima Holding S.A. The Transaction consisted of the contribution of all of the shares of VivaE owned by the Company to the Vivo Ventures Fundo de Investimento em Participações Multiestratégia Investimento no Exterior – Responsabilidade Limitada fund (“Vivo Ventures”), being the purchase consideration for part of the shares already subscribed by the Company in the fund, being a contribution of R$17,375, as determined by an independent appraisal performed by a specialized company. Vivo Ventures is a private equity investment fund held by the Company, as a majority shareholder, together with Telefónica Open Innovation, S.L.

Following the Transaction, VivaE entered into a business combination agreement with Ada Tecnologia e Educação S.A. ("Ada"), a company specializing in providing services and developing solutions for teaching programming and technology in the B2B business, thus enabling VivaE and Ada to generate synergies and forge closer strategic partnerships in this business. Completion of the business combination between VivaE and Ada is subject to certain conditions precedent, including obtaining applicable antitrust approval.

35.b. Declaration of Interest on Equity

At a meeting held on October 14, 2025, the Company's Board of Directors approved a proposal for distribution of interest on equity ("JSCP"), in accordance with Article 26 of the Company's Bylaws, Article 9 of Law No. 9,249/1995, and CVM Resolution No. 143/2022, in the gross amount of R$380,000, equivalent to R$0.11856605026 per common share, corresponding to a net amount of income tax withheld at source of R$323,000, equivalent to R$0.10078114272 per common share, determined based on the balance sheet as of September 30, 2025.

As provided for in Article 26 of the Company's Bylaws, the interest distribution will be treated as a prepayment to the mandatory dividend for the year ending December 31, 2025. ad referendum of the Annual General Shareholders' Meeting to be held in 2026.

This distribution will be paid by April 30, 2026, on a date to be determined by the Company's Board of Directors, and will be credited individually to each shareholder, based on the shareholding position recorded in the Company's records at the end of October 27, 2025.

The IOE per share amounts may be adjusted considering the Company's shareholder base to be verified on October 27, 2025, due to any share acquisitions under the Company's current Share Buyback Program.

82

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

			TELEFÔNICA BRASIL S.A.
Date:	November 7, 2025		By:	/s/ João Pedro Carneiro
				Name:	João Pedro Carneiro
				Title:	Investor Relations Director

FAQ

What were Telefônica Brasil (VIV) consolidated net operating revenues for 9M 2025?

Consolidated net operating revenue was R$43,984,421 for the nine months ended September 30, 2025.

What net income did VIV report for Q3 and 9M 2025?

Consolidated net income was R$1,887,220 in Q3 2025 and R$4,282,295 for the nine months.

What were VIV’s EPS figures for the period?

On the parent‑company basis, basic and diluted earnings per share were R$0.58782 for Q3 2025 and R$1.32788 for the nine months.

How much operating cash flow did Telefônica Brasil generate in 9M 2025?

Net cash generated by operating activities was R$15,572,463 for the nine months ended September 30, 2025.

What did the interim review conclude about VIV’s financial statements?

The reviewer stated nothing came to their attention indicating the statements were not fairly presented under CPC 21 and IAS 34.

Were there notable corporate actions or approvals disclosed?

Yes. The company completed the STFC concession adaptation to authorization, obtained 2,100 MHz extension approval, closed Samauma (up to R$66,451), and agreed to acquire 50% of FiBrasil for R$850,000 with ANATEL and CADE approvals.

What were consolidated assets and equity at September 30, 2025?

Consolidated total assets were R$123,899,419 and total equity was R$68,500,404.