Telefônica Brasil H1 2026 profit hits R$2.82B

Cash and cash equivalents rose to R$8.48 billion at June 30, 2026, after R$10.45 billion operating cash flow supported capex.

Rhea-AI Filing Summary

Telefônica Brasil S.A. (VIV) reports reviewed IFRS interim results for the quarter and six months ended June 30, 2026. Consolidated net operating revenue reached R$31.2 billion in the first half of 2026, up from R$29.0 billion a year earlier, while net income rose to R$2.82 billion from R$2.40 billion. Basic and diluted earnings per share for the six months were R$0.88673.

Consolidated operating cash flow remained strong at R$10.45 billion for the first half, supporting capex (PP&E and intangibles additions) of about R$4.67 billion. Cash and cash equivalents increased to R$8.48 billion at June 30, 2026.

The company advanced its fiber strategy by completing the step acquisition of FiBrasil in November 2025 for R$858.0 million, recognizing goodwill of R$631.2 million, and then acquiring the remaining 24.99% on May 18, 2026 for R$458.7 million. A merger of FiBrasil into Telefônica Brasil has been approved by the board, with no impact on share capital. Capital returns included a R$4.0 billion capital reduction in March 2026 and R$1.72 billion in interim interest on equity in the first half.

Positive

• Net operating revenue grew to R$31.2 billion in the first half of 2026 from R$29.0 billion in 2025, indicating solid top-line expansion.
• Net income increased to R$2.82 billion for the first half of 2026 versus R$2.40 billion a year earlier, reflecting improved profitability.
• Operating cash flow of R$10.45 billion in the first half of 2026 comfortably covered capex and supports financial flexibility.
• The FiBrasil acquisitions (R$858.0 million plus R$458.7 million) consolidate full ownership of a neutral fiber network platform, aligned with the fiber growth strategy.

Negative

• None.

Filing Explained

FiBrasil’s merger remained subject to shareholder approval without planned share issuance, while tax-reform costs remain unresolved before January 2027.

Telefônica Brasil discloses FiBrasil’s proposed merger at the board-approved, pre-meeting stage: an extraordinary meeting was called for July 31, 2026. If approved, the merger would not increase share capital, issue new shares, or change the ownership structure.

The filing also identifies an assurance limitation: the auditor performed a review of the interim statements, which is substantially narrower than an audit and did not express an audit opinion.

Brazil’s consumption-tax reform had no effect on the June 30, 2026 interim statements. The filing says the new taxes begin affecting the company financially from January 2027, while final impacts remain unresolved because further rules are pending and the CBS rate has not been defined.

The named watch items are the outcome of the FiBrasil extraordinary meeting and the subsequent tax-reform regulations before January 2027.

Key Figures

Consolidated net operating revenue (H1 2026): R$31,214,415 thousand Consolidated net income (H1 2026): R$2,824,111 thousand Basic and diluted earnings per common share: R$0.88673 +5 more

8 metrics

Consolidated net operating revenue (H1 2026) R$31,214,415 thousand Six-month period ended June 30, 2026; up from R$29,035,365 thousand in 2025

Consolidated net income (H1 2026) R$2,824,111 thousand Six-month period ended June 30, 2026; up from R$2,395,075 thousand in 2025

Basic and diluted earnings per common share R$0.88673 For the six-month period ended June 30, 2026

Operating cash flow (H1 2026) R$10,452,294 thousand Net cash generated by operating activities, consolidated, six months ended June 30, 2026

Additions to PP&E, intangible assets and others R$4,672,144 thousand Consolidated cash used in investing activities, six months ended June 30, 2026

Cash and cash equivalents R$8,484,361 thousand Consolidated balance at June 30, 2026

FiBrasil step acquisition price R$858,002 thousand Consideration paid November 12, 2025 for 50% of FiBrasil held by Grupo La Caisse

Goodwill from FiBrasil acquisition R$631,169 thousand Goodwill recognized in preliminary purchase price allocation at acquisition

Key Terms

Interim Financial Reporting, Statement of Value Added, step acquisition, Selective Tax, +2 more

6 terms

Interim Financial Reporting financial

"in accordance with accounting standard CPC 21 - "Interim Financial Reporting", of the Brazilian Accounting Pronouncements Committee"

Statement of Value Added financial

"The interim financial statements referred to above include the parent company and consolidated statements of value added"

step acquisition financial

"this acquisition qualifies as a step acquisition for business combination accounting"

Selective Tax regulatory

"A Selective Tax ("IS") under federal jurisdiction was also created"

Pillar II regulatory

"to adapt Brazilian legislation to the Global Rules Against Base Erosion, OECD model ("Pillar II")"

transfer pricing regulatory

"established the new Brazilian Transfer Pricing regime, aligned with OECD guidelines"

FAQ

How did Telefônica Brasil (VIV) perform financially in the first half of 2026?

Telefônica Brasil reported consolidated net operating revenue of R$31.21 billion in the first half of 2026, up from R$29.04 billion in 2025, and net income of R$2.82 billion versus R$2.40 billion a year earlier, with basic and diluted EPS of R$0.88673.

What were Telefônica Brasil (VIV)'s cash and debt-related figures at June 30, 2026?

At June 30, 2026, Telefônica Brasil held cash and cash equivalents of R$8.48 billion. Consolidated financing, debentures and leases totaled R$19.72 billion (current R$5.21 billion, non-current R$14.51 billion).

How strong was Telefônica Brasil (VIV)'s operating cash flow in the first half of 2026?

Net cash generated by operating activities was R$10.45 billion on a consolidated basis in the first half of 2026, compared with R$10.96 billion in the first half of 2025, after interest and income tax payments.

What capital returns did Telefônica Brasil (VIV) make to shareholders in early 2026?

In 2026, Telefônica Brasil recorded a R$4.0 billion return of capital dated March 12, 2026 and R$1.72 billion of interim interest on equity distribution for the six months ended June 30, 2026.

What is the status of Telefônica Brasil (VIV)'s FiBrasil acquisition and merger?

The company completed a step acquisition of FiBrasil in November 2025 for R$858.0 million, and on May 18, 2026 bought the remaining 24.99% for R$458.7 million, now owning 100%. A merger of FiBrasil into Telefônica Brasil has been approved by the board.

How is Telefônica Brasil (VIV) affected by Brazil's new consumption tax reform?

The filing states that the tax reform will be implemented gradually from 2026 to 2032 and that there is no effect on the interim financial information for the period ended June 30, 2026, as changes apply prospectively.

What were Telefônica Brasil (VIV)'s total assets and equity at June 30, 2026?

Consolidated total assets were R$128.91 billion at June 30, 2026, and consolidated total equity was R$65.70 billion, including non-controlling interests of R$73.96 million.

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Available on EDGAR 09/02/2026 - 06:01 AM Accepted by SEC EDGAR 09/01/2026 - 05:56 PM Learn about SEC filing dates

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 September, 2026

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 

 

(A free translation of the original in Portuguese)

 

Telefônica Brasil S.A.

Parent company and consolidated
interim financial statements at
June 30, 2026
and report on review

(A free translation of the original in Portuguese)

Report on review of parent company and
consolidated interim financial statements

To the Board of Directors and Stockholders

Telefônica Brasil S.A.

Introduction

We have reviewed the accompanying interim balance sheet of Telefônica Brasil S.A. ("Company") as at June 30, 2026 and the related statements of income and comprehensive income for the quarter and six-month periods then ended, and the statements of changes in equity and cash flows for the six-month period then ended, as well as the accompanying consolidated interim balance sheet of the Company and its subsidiaries ("Consolidated") as at June 30, 2026 and the related consolidated statements of income and comprehensive income for the quarter and six-month periods then ended, and the consolidated statements of changes in equity and cash flows for the six-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 parent company and consolidated interim financial statements in accordance with 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 financial statements 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 parent company and consolidated interim financial statements referred to above do not present fairly, in all material respects, the financial position of the Company and of the Company and its subsidiaries as at June 30, 2026, and the parent company financial performance for the quarter and six-month period then ended and its cash flows for the six-month period then ended, as well as the consolidated financial performance for the quarter and six-month period then ended and their consolidated cash flows for the six-month period then ended, in accordance with CPC 21 and IAS 34.

www.pwc.com.br PricewaterhouseCoopers Auditores Independentes Ltda.
Avenida Brigadeiro Faria Lima, 3732, Edifício B32, 16^o,
São Paulo, SP, Brasil, 04538-132 T: +55 (11) 4004-8000

Telefônica Brasil S.A.

Other matters - Statements of Value Added

The interim financial statements referred to above include the parent company and consolidated statements of value added for the six-month period ended June 30, 2026. 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 parent company and consolidated interim financial statements taken as a whole.

São Paulo, July 23, 2026

PricewaterhouseCoopers

Auditores Independentes Ltda.

CRC 2SP000160/O-5

Vinícius Ferreira Britto Rêgo

Contador CRC 1BA024501/O-9

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	9
1.  OPERATIONS	9
2.  BASIS OF PREPARATION AND PRESENTATION OF INDIVIDUAL AND CONSOLIDATED QUARTERLY FINANCIAL INFORMATION	15
3.  CASH AND CASH EQUIVALENTS	17
4.  FINANCIAL INVESTMENTS	17
5.  TRADE ACCOUNTS RECEIVABLE	18
6.  INVENTORIES	19
7.  PREPAID EXPENSES	19
8.  INCOME AND SOCIAL CONTRIBUTION TAXES	20
9.  TAXES, CHARGES AND CONTRIBUTIONS RECOVERABLE	26
10.  JUDICIAL DEPOSITS AND GARNISHMENTS	26
11.  OTHER ASSETS	27
12.  INVESTMENTS	27
13.  PROPERTY, PLANT AND EQUIPMENT (PP&E)	30
14.  INTANGIBLE ASSETS	33
15.  PERSONNEL, SOCIAL CHARGES AND BENEFITS	36
16.  TRADE ACCOUNTS PAYABLE	36
17.  TAXES, CHARGES AND CONTRIBUTIONS PAYABLE	36
18.  DIVIDENDS AND INTEREST ON EQUITY	37
19.  PROVISIONS FOR LEGAL PROCEEDINGS AND CONTINGENCIES	37
20.  LOANS, FINANCING, DEBENTURES, LEASES AND OTHER CREDITORS	47
21.  DEFERRED REVENUE	51
22.  OTHER LIABILITIES	51
23.  EQUITY	51
24.  NET OPERATING REVENUE	57
25.  OPERATING COSTS AND EXPENSES	57
26.  OTHER INCOME (EXPENSES), NET	59
27.  FINANCIAL INCOME (EXPENSES), NET	60
28.  BALANCES AND TRANSACTIONS WITH RELATED PARTIES	62
29.  SHARE-BASED PAYMENT PLANS	66
30.  PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS	67
31.  FINANCIAL INSTRUMENTS AND RISK AND CAPITAL MANAGEMENT	68
32.  SUPPLEMENTAL CASH FLOW INFORMATION	78
33.  CONTRACTUAL COMMITMENTS AND GUARANTEES	78
34.  OTHER MATTERS	79
35.  SUBSEQUENT EVENTS	80

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
INDIVIDUAL AND CONSOLIDATED INTERIM BALANCE SHEETS
On June 30, 2026 and December 31, 2025
(In thousands of Reais)

INDIVIDUAL AND CONSOLIDATED INTERIM BALANCE SHEETS

			Company				Consolidated
ASSETS	Note		06.30.2026		12.31.2025		06.30.2026		12.31.2025
Current assets			25,921,108		23,385,913		27,936,835		25,220,293
Cash and cash equivalents	3		8,008,724		6,538,941		8,484,361		7,032,339
Financial investments	4		—		—		91,807		99,102
Trade accounts receivable	5		9,851,714		10,082,818		10,496,016		10,619,617
Inventories	6		1,684,262		1,404,872		1,784,151		1,475,998
Prepaid expenses	7		2,867,090		1,891,448		3,415,343		2,414,780
Income and social contribution taxes recoverable	8.a		269,865		335,171		292,931		356,286
Taxes, charges and contributions recoverable	9		2,515,064		2,571,664		2,653,216		2,687,600
Judicial deposits and garnishments	10		143,606		106,279		146,365		107,565
Derivative financial instruments	31.a		54,472		7,605		55,695		7,706
Other assets	11		526,311		447,115		516,950		419,300
Non-current assets			99,875,617		101,470,083		100,977,949		102,851,415
Long-term assets			6,722,734		6,451,321		7,293,272		7,105,040
Financial investments	4		52,950		40,934		53,325		41,308
Trade accounts receivable	5		446,475		241,571		489,493		283,502
Prepaid expenses	7		2,604,819		2,414,356		2,673,636		2,495,725
Deferred taxes	8.c		—		—		221,697		314,284
Taxes, charges and contributions recoverable	9		646,558		614,267		653,147		618,918
Judicial deposits and garnishments	10		2,683,339		2,647,422		2,897,567		2,856,753
Derivative financial instruments	31.a		30,996		6,147		31,918		8,622
Other assets	11		257,597		486,624		272,489		485,928
Investments	12.b		2,782,834		2,631,934		412,998		420,877
Property, plant and equipment	13.a		44,190,418		45,591,777		45,939,194		47,357,040
Intangible assets	14.a		46,179,631		46,795,051		47,332,485		47,968,458
TOTAL ASSETS			125,796,725		124,855,996		128,914,784		128,071,708

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 June 30, 2026 and December 31, 2025
(In thousands of Reais)

			Company				Consolidated
LIABILITIES AND EQUITY	Note		06.30.2026		12.31.2025		06.30.2026		12.31.2025
Current liabilities			28,017,519		24,082,749		29,382,657		25,246,147
Personnel, social charges and benefits	15		1,139,148		1,171,475		1,315,059		1,346,202
Trade accounts payable	16		9,548,666		9,479,701		10,024,019		9,861,294
Income and social contribution taxes payable	8.b		191,438		94,989		225,874		130,866
Taxes, charges and contributions payable	17		1,557,879		1,467,678		1,622,493		1,516,170
Dividends and interest on equity	18.a		1,682,523		2,774,544		1,682,523		2,774,544
Provision and contingencies	19.a		2,446,172		1,582,565		2,469,535		1,607,456
Financing, debentures and leases	20.a		5,071,062		5,239,087		5,209,316		5,348,864
Deferred income	21		851,475		711,283		1,291,411		1,076,293
Derivative financial instruments	31.a		83,936		52,533		84,175		53,044
Return of capital to shareholders	23.a		4,055,053		91,093		4,055,053		91,093
Other liabilities	22		1,390,167		1,417,801		1,403,199		1,440,321
Non-current liabilities			32,149,936		32,051,504		33,828,893		33,822,835
Personnel, social charges and benefits	15		53,620		79,953		86,812		113,173
Income and social contribution taxes payable	8.b		260,135		227,612		294,925		261,439
Taxes, charges and contributions payable	17		7,721,438		6,510,998		7,794,381		6,581,236
Deferred taxes	8.c		4,101,698		4,180,926		4,101,698		4,226,185
Provision and contingencies	19.a		4,711,782		5,445,770		4,893,811		5,623,903
Financing, debentures and leases	20.a		13,246,832		13,705,531		14,507,193		14,997,817
Deferred income	21		142,347		125,716		224,429		226,372
Derivative financial instruments	31.a		43,940		35,428		47,688		43,859
Other liabilities	22		1,868,144		1,739,570		1,877,956		1,748,851
TOTAL LIABILITIES			60,167,455		56,134,253		63,211,550		59,068,982
Equity			65,629,270		68,721,743		65,629,270		68,721,743
Capital	23.a		56,071,416		60,071,416		56,071,416		60,071,416
Capital reserves	23.c		(371,190)		(110,078)		(371,190)		(110,078)
Income reserves	23.d		8,754,977		8,735,352		8,754,977		8,735,352
Retained earnings			1,139,123		—		1,139,123		—
Equity valuation adjustment	23.f		34,944		25,053		34,944		25,053
Non-controlling shareholders	23.g		—		—		73,964		280,983
TOTAL EQUITY			65,629,270		68,721,743		65,703,234		69,002,726
TOTAL LIABILITIES AND EQUITY			125,796,725		124,855,996		128,914,784		128,071,708

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
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

INDIVIDUAL AND CONSOLIDATED STATEMENTS OF INCOME

			Company								Consolidated
			Three-month period ended				Six-month period ended				Three-month period ended				Six-month period ended
	Note		06.30.2026		06.30.2025		06.30.2026		06.30.2025		06.30.2026		06.30.2025		06.30.2026		06.30.2025
Net operating revenue	24		15,012,076		13,975,128		29,714,015		27,735,054		15,757,400		14,645,092		31,214,415		29,035,365
Cost of sales and services	25		(8,041,168)		(7,504,328)		(15,993,612)		(15,073,514)		(8,581,410)		(8,026,377)		(17,095,922)		(16,062,259)
Gross profit			6,970,908		6,470,800		13,720,403		12,661,540		7,175,990		6,618,715		14,118,493		12,973,106
Operating income (expenses)			(4,539,252)		(4,238,155)		(9,014,463)		(8,459,966)		(4,578,513)		(4,374,160)		(9,197,451)		(8,743,583)
Selling expenses	25		(3,467,580)		(3,234,445)		(7,013,053)		(6,548,320)		(3,542,146)		(3,306,296)		(7,133,321)		(6,684,966)
General and administrative expenses	25		(958,801)		(900,712)		(1,898,638)		(1,718,381)		(1,027,449)		(951,672)		(2,034,218)		(1,823,042)
Other operating expense, net	26		(273)		(115,865)		(18,479)		(233,759)		(9,276)		(116,737)		(28,324)		(232,416)
Share of results in investees – equity method	12		(112,598)		12,867		(84,293)		40,494		358		545		(1,588)		(3,159)
Operating income			2,431,656		2,232,645		4,705,940		4,201,574		2,597,477		2,244,555		4,921,042		4,229,523
Financial expense, net	27		(667,195)		(689,802)		(1,344,852)		(1,253,305)		(713,662)		(689,105)		(1,434,137)		(1,258,303)
Profit  before taxes			1,764,461		1,542,843		3,361,088		2,948,269		1,883,815		1,555,450		3,486,905		2,971,220
Income and social contribution taxes	8.d		(191,904)		(198,389)		(527,448)		(545,603)		(316,255)		(216,645)		(662,794)		(576,145)
Net income for the period			1,572,557		1,344,454		2,833,640		2,402,666		1,567,560		1,338,805		2,824,111		2,395,075
Attributable to:
Controlling shareholders	23.h		1,572,557		1,344,454		2,833,640		2,402,666		1,572,557		1,344,454		2,833,640		2,402,666
Non-controlling shareholders	23.h		—		—		—		—		(4,997)		(5,649)		(9,529)		(7,591)
Basic and diluted earnings per common share (in R$)	23.i		0.49210		0.41528		0.886730		0.74130

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
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais)

INDIVIDUAL AND CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

				Capital reserves						Income reserves
		Capital		Special goodwill		Treasury shares		Other		Legal		Treasury shares		Tax incentive		Remuneration of shareholders and investments		Retained earnings		Equity valuation adjustment		Parent Company equity		Non-controlling shareholders		Consolidated equity
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
Return of capital to shareholders  - 17/02/25		(2,000,000)		—		—		—		—		—		—		—		—		—		(2,000,000)		—		(2,000,000)
Appropriation to tax incentive reserve		—		—		—		—		—		—		18,205		—		(18,205)		—		—		—		—
Repurchase of common shares for treasury		—		—		—		—		—		(728,897)		—		—		—		—		(728,897)		—		(728,897)
Capital transactions - share consolidation and stock split		—		—		—		(4,241)		—		—		—		—		—		—		(4,241)		—		(4,241)
Non-controlling shareholders in Vivo Ventures – adjustment		—		—		—		—		—		—		—		—		—		—		—		360		360
Other comprehensive income		—		—		—		—		—		—		—		—		—		(2,373)		(2,373)		—		(2,373)
Net income for the period		—		—		—		—		—		—		—		—		2,402,666		—		2,402,666		(7,591)		2,395,075
Interim interest on equity distribution		—		—		—		—		—		—		—		—		(1,320,000)		—		(1,320,000)		—		(1,320,000)
Balance on  June 30, 2025		60,071,416		63,074		(194)		(4,026)		4,118,419		(928,896)		445,138		3,177,863		1,064,461		69,482		68,076,737		62,682		68,139,419
Unclaimed dividends and interest on equity		—		—		—		—		—		—		—		—		150,553		—		150,553		—		150,553
Appropriation to tax incentive reserve		—		—		—		—				—		(10,646)		—		10,646		—		—		—		—
Repurchase of common shares for treasury		—		—		—		—		—		(1,017,583)		—		—		—		—		(1,017,583)		—		(1,017,583)
Cancellation of common shares		—		—		30		(30)		—		928,892		—		(928,892)		—		—		—		—		—
Non-controlling shareholders in Vivo Ventures – adjustment		—		—		—		—		—		—		—		—		—		—		—		1,473		1,473
Acquisition of equity stake in subsidiary - FiBrasil		—		—		—		—		—		—		—		—		—		—		—		199,695		199,695
Capital transaction acquisition of CyberCo Brasil by TIS.		—		—		—		(168,729)		—		—		—		—		—		—		(168,729)		—		(168,729)
Capital transactions - share consolidation and stock split		—		—		—		(203)		—		—		—		—		—		—		(203)		—		(203)
Other comprehensive income		—		—		—		—		—		—		—		—		10,157		(44,429)		(34,272)		(95)		(34,367)
Net income for the period		—		—		—		—		—		—		—		—		3,765,240		—		3,765,240		17,228		3,782,468
Allocation of income:
Legal reserve		—		—		—		—		308,395		—		—		—		(308,395)		—		—		—		—
Interim interest on equity distribution		—		—		—		—		—		—		—		—		(2,050,000)		—		(2,050,000)		—		(2,050,000)
Reserve for remuneration of shareholders and investments		—		—		—		—		—		—		—		2,642,662		(2,642,662)		—		—		—		—
Balance on December 31, 2025		60,071,416		63,074		(164)		(172,988)		4,426,814		(1,017,587)		434,492		4,891,633		—		25,053		68,721,743		280,983		69,002,726
Unclaimed dividends and interest on equity		—		—		—		—		—		—		—		—		45,108		—		45,108		—		45,108
Return of capital to shareholders - 12/03/26		(4,000,000)		—		—		—		—		—		—		—		—		—		(4,000,000)		—		(4,000,000)
Appropriation to tax incentive reserve		—		—		—		—		—		—		19,625		—		(19,625)		—		—		—		—
Capital transaction - acquisition of a minority stake in FiBrasil		—		—		—		(261,112)		—		—		—		—		—		—		(261,112)		(197,608)		(458,720)
Non-controlling shareholders in Vivo Ventures – adjustment		—		—		—		—		—		—		—		—		—		—		—		118		118
Other comprehensive income		—		—		—		—		—		—		—		—		—		9,891		9,891		—		9,891
Net income for the period		—		—		—		—		—		—		—		—		2,833,640		—		2,833,640		(9,529)		2,824,111
Interim interest on equity distribution		—		—		—		—		—		—		—		—		(1,720,000)		—		(1,720,000)		—		(1,720,000)
Balance on  June 30, 2026		56,071,416		63,074		(164)		(434,100)		4,426,814		(1,017,587)		454,117		4,891,633		1,139,123		34,944		65,629,270		73,964		65,703,234

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
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais)

INDIVIDUAL AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

		Company								Consolidated
		Three-month period ended				Six-month period ended				Three-month period ended				Six-month period ended
		06.30.2026		06.30.2025		06.30.2026		06.30.2025		06.30.2026		06.30.2025		06.30.2026		06.30.2025
Net income for the period		1,572,557		1,344,454		2,833,640		2,402,666		1,567,560		1,338,805		2,824,111		2,395,075
Other net comprehensive income that may be reclassified to income in subsequent years		(32,245)		2,912		9,891		(2,374)		(32,245)		2,912		9,891		(2,374)
Gains (losses) on derivative financial instruments		(45,278)		(1,998)		35,250		(2,321)		(45,278)		(1,998)		35,250		(2,321)
Deferred taxes		15,395		679		(11,985)		789		15,395		679		(11,985)		789
Currency translation adjustments for foreign investees		(2,362)		4,231		(13,374)		(842)		(2,362)		4,231		(13,374)		(842)
Other net comprehensive income that will not be reclassified to income in subsequent periods		—		5		—		1		—		5		—		1
Unrealized gains on financial assets at fair value through other comprehensive income		—		7		—		1		—		7		—		1
Deferred taxes		—		(2)		—		—		—		(2)		—		—
Other comprehensive income		(32,245)		2,917		9,891		(2,373)		(32,245)		2,917		9,891		(2,373)
Comprehensive income for the period – net of taxes		1,540,312		1,347,371		2,843,531		2,400,293		1,535,315		1,341,722		2,834,002		2,392,702
Attributable to:
Controlling shareholders		1,540,312		1,347,371		2,843,531		2,400,293		1,540,312		1,347,371		2,843,531		2,400,293
Non-controlling shareholders		—		—		—		—		(4,997)		(5,649)		(9,529)		(7,591)

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
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais)

INDIVIDUAL AND CONSOLIDATED STATEMENTS OF VALUE ADDED

	Company				Consolidated
	06.30.2026		06.30.2025		06.30.2026		06.30.2025
Revenue	35,529,574		33,373,554		37,259,604		34,761,649
Sale of goods and services	35,556,604		33,249,690		37,342,037		34,724,774
Other revenues	298,251		396,763		298,466		396,933
Revenues related to the construction of own assets	443,090		427,086		458,798		427,086
Allowance for expected losses from accounts receivable	(768,371)		(699,985)		(839,697)		(787,144)
Inputs acquired from third parties	(12,471,148)		(12,094,796)		(13,578,805)		(13,063,729)
Cost of goods and products sold and services rendered	(8,210,847)		(8,031,984)		(9,309,975)		(8,994,166)
Materials, electric energy, third-party services and other expenses	(4,537,356)		(4,035,880)		(4,546,525)		(4,049,539)
Loss/recovery of assets	277,055		(26,932)		277,695		(20,024)
Gross value added	23,058,426		21,278,758		23,680,799		21,697,920
Withholdings	(7,704,831)		(7,385,891)		(7,867,542)		(7,403,936)
Depreciation and amortization	(7,704,831)		(7,385,891)		(7,867,542)		(7,403,936)
Net value added produced	15,353,595		13,892,867		15,813,257		14,293,984
Value added received in transfer	760,303		948,720		956,162		961,259
Share of results in investees – equity method	(84,293)		40,494		(1,588)		(3,159)
Financial income	844,596		908,226		957,750		964,418
Total undistributed value added	16,113,898		14,841,587		16,769,419		15,255,243
Distribution of value added	16,113,898		14,841,587		16,769,419		15,255,243
Personnel, social charges and benefits	3,129,776		3,225,133		3,426,865		3,447,819
Direct compensation	1,914,690		2,113,153		2,118,458		2,261,325
Benefits	1,034,644		964,893		1,111,832		1,026,518
Government Severance Indemnity Fund for Employees (FGTS)	180,442		147,087		196,575		159,976
Taxes, charges and contributions	7,256,585		6,434,769		7,647,507		6,575,393
Federal	2,972,109		2,606,640		3,274,839		2,719,691
State	4,149,787		3,689,526		4,196,206		3,688,280
Local	134,689		138,603		176,462		167,422
Debt remuneration	2,893,897		2,779,019		2,870,936		2,836,956
Interest	2,136,707		2,125,251		2,332,978		2,183,582
Rental	757,190		653,768		537,958		653,374
Equity remuneration	2,833,640		2,402,666		2,824,111		2,395,075
Interest on equity distribution	1,720,000		1,320,000		1,720,000		1,320,000
Retained profit	1,113,640		1,082,666		1,113,640		1,082,666
Non-controlling shareholders	—		—		(9,529)		(7,591)

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
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais)

INDIVIDUAL AND CONSOLIDATED STATEMENTS OF CASH FLOWS

		Company				Consolidated
		Six-month period ended
		06.30.2026		06.30.2025		06.30.2026		06.30.2025
Cash flows from operating activities
Income before taxes		3,361,088		2,948,269		3,486,905		2,971,220
Adjustment for:
Depreciation and amortization		7,704,831		7,385,891		7,867,542		7,403,936
Accrued foreign exchange accruals on loans, financing and derivative instruments		55,174		61,098		72,211		71,188
Accrued interest and charges on assets and liabilities		170,337		253,013		166,859		252,962
Share of results in investees – equity method		84,293		(40,494)		1,588		3,159
Gains on disposal of assets		(424,444)		(76,266)		(424,160)		(76,120)
Impairment losses – trade accounts receivable		768,371		699,985		839,697		787,144
Change in liability provision		267,689		221,823		279,356		193,006
Pension plans and other post-retirement benefits		20,929		37,080		21,459		37,558
Provision for lawsuits		349,727		393,779		351,075		394,934
Accrued interest expenses (loans, financing, leases and other creditors)		1,095,423		1,159,867		1,196,457		1,178,789
Provisions  (reversals) for fines for cancellation of lease and dismantling contracts		(17,434)		—		(17,434)		—
Other		3,184		657		(520)		(5,900)
Changes in assets and liabilities
Trade accounts receivable		(748,893)		(359,093)		(928,809)		(472,949)
Inventories		(279,135)		61,475		(308,056)		65,632
Taxes recoverable		(36,010)		(280,727)		(73,007)		(268,702)
Prepaid expenses		(737,432)		(740,239)		(749,800)		(951,668)
Other assets		(38,272)		(115,160)		(75,748)		(106,514)
Personnel, social charges and benefits		(58,660)		(38,579)		(57,506)		(27,186)
Trade accounts payable		(137,212)		318,704		(73,177)		350,256
Taxes, charges and contributions		674,998		875,000		710,784		842,797
Provisions for legal claims, refunds to customers and provision for fines for cancellation of lease contracts		(399,895)		(459,024)		(401,980)		(462,689)
Other liabilities		200,012		(78,215)		241,608		147,748
		8,517,581		9,280,575		8,638,439		9,357,381
Cash generated from operations		11,878,669		12,228,844		12,125,344		12,328,601
Interest paid on loans, financing, debentures, leases and other creditors.		(1,095,931)		(1,004,407)		(1,147,458)		(1,016,356)
Income and social contribution taxes paid		(483,371)		(326,108)		(525,592)		(348,874)
Net cash generated by operating activities		10,299,367		10,898,329		10,452,294		10,963,371
Cash flows from investing activities
Additions to PP&E, intangible assets and others		(4,571,843)		(4,657,589)		(4,672,144)		(4,664,649)
Proceeds from sale of PP&E		639,892		126,682		639,892		127,323
Payments for acquisition of investments, net of cash acquired and capital contributions to invested companies		(8,616)		(28,571)		(5,924)		(47,244)
Receipts net of judicial deposits		16,108		43,266		16,319		44,295
Net redemptions (applications) of financial investments		(12,016)		7,108		1,416		6,944
Cash and cash equivalents received upon the acquisition of companies		—		—		—		685
Cash received upon sale of investments		10,000		—		—		—
Net cash used in investing activities		(3,926,475)		(4,509,104)		(4,020,441)		(4,532,646)

7 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
INDIVIDUAL AND CONSOLIDATED STATEMENTS OF CASH FLOWS
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais)

Cash flows from financing activities
New borrowings		—		—		—		20,000
Loan payments, financing, debentures, leases and other creditors		(1,889,000)		(1,868,886)		(1,940,054)		(1,906,432)
Receipts – derivative financial instruments		26,864		20,349		33,421		23,005
Payments – derivative financial instruments		(78,589)		(74,698)		(110,932)		(83,219)
Receipts from reverse stock split and stock split operations		—		949,354		—		949,354
Payments for reverse stock split and stock split operations		(687)		(123,691)		(687)		(123,691)
Payment for acquisitions of shares for treasury		—		(678,015)		—		(678,015)
Dividend and interest on equity paid		(2,502,977)		(1,869,081)		(2,502,977)		(1,869,081)
Payment for acquisition of non-controlling interests		(458,720)		—		(458,720)		—
Capital subscriptions made by non-controlling shareholders in subsidiaries		—		—		118		360
Net cash used in financing activities		(4,903,109)		(3,644,668)		(4,979,831)		(3,667,719)
Increase in cash and cash equivalents		1,469,783		2,744,557		1,452,022		2,763,006
Cash and cash equivalents at beginning of the period		6,538,941		6,266,376		7,032,339		6,691,098
Cash and cash equivalents at end of the  period		8,008,724		9,010,933		8,484,361		9,454,104

Explanatory notes are an integral part of the quarterly information

8 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(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. (“Company” or “Telefônica Brasil”), together with its subsidiaries (“Consolidated”), is a publicly traded company whose main activities are the operation of communications and telecommunications services; as well as the development of any and all activities necessary or ancillary to the execution of these services, including the leasing, sharing and assignment of infrastructure, and may also perform the following activities: (a) operation of value-added services, development, provision, distribution and marketing of digital services, as well as audio, video, image, text and application content over the internet in any medium, including advertising and publicity materials; and (b) operation of integrated solutions, management, provision of services and consulting related to: (i) data center, including hosting and colocation; (ii) storage, processing and management of data, information, texts, images, videos, applications and information systems and similar; (iii) connectivity, internet of things, information technology, networks, systems analysis and development, programming, configuration and similar; (iv) information and communication security; (v) communications and telecommunications; (vi) electronic security systems related to theft, intrusion, fire and others, surveillance, security, tracking and remote or non-remote monitoring; (vii) maintenance, repair, technical assistance and technical support in informatics and any machines and equipment; (viii) artificial intelligence and blockchain; and (ix) intelligence in data management (Big Data), among others.

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 elsewhere.

Telefónica S.A. (“Telefónica“), the Group holding company, held a total direct and indirect interest in the Company of 77.13% on June 30, 2026 and December 31, 2025 (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).

The information regarding STFC and SMP services, and the authorizations for each sub-band held by the Company for use in SMP, detailed in Note 1.b. Operations, the financial statements for the year ended December 31, 2025.

9 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

Risks related to the telecommunications sector in Brazil and the Company

The Company's business is subject to extensive regulation, including changes that may occur during the terms of the Company's contracts to provide telecommunications services in Brazil. ANATEL, the regulatory national body for the telecommunications sector, regulates, among others the: sector policies and regulations; licensing; fees and tariffs; competitive aspects, including the expansion of the Company's business through the acquisition of other telecommunications companies; service, technical and quality standards; consumer rights; and penalties and other sanctions related to interconnection and agreements.

The regulatory framework for telecommunications in Brazil is constantly evolving. The interpretation and compliance with regulations, the assessment of compliance with standards, and the flexibility of regulatory authorizations can be subjective by nature. The Company operates under authorizations granted by the Brazilian government, wich are critical to the Company's business. However, due to the changing nature of the Brazilian regulatory framework, the Company cannot assure that ANATEL will not issue terms of authorizations and/or licenses which are not favorable to the Company’s business. The Company's authorizations and licenses to operate, require the Company to meet specific goals and maintain a minimum level of quality, coverage, and service standards. Failure to meet these requirements may result in the imposition of fines, penalties, or other regulatory reactions, including the termination of authorizations to operate. A partial or total termination of any of the Company's authorizations or licenses to operate would have a substantially adverse effect on the business, its financial condition, revenues, operating results, and prospects.

In recent years, ANATEL has reviewed and introduced regulatory changes aimed at, stimulating competition and modifying interconnection fees charged between local telecommunications service providers. Competitive measures are regularly used to seek an equilibrium in markets where one or more participants hold a significantly greater market share over its competitors.

As stated in ANATEL's regulatory agenda for the 2023-2024 biennium, the revision of the General Competition Goals Plan (“PGMC”), approved by Resolution No. 600 of November 8, 2012, and updated by Resolution No. 694 of July 17, 2018, was submitted to Public Consultation in November 2023. This brings together, in a single regulatory instrument, a set of measures promoting competition by introducing a framework for future reassessments of sectoral performance. This review, every four years, and began with the publication of Public Consultation No. 64 of November 6, 2023, focusing markets in the sector, asymmetric regulatory measures, and holders of Significant Market Power (“SMP”), as defined in the regulation.

Following approval by the ANATEL Board of Directors, issued under Resolution No. 783, of September 3, 2025, establishes ANATEL regulatory agenda deadlines for the 2025-2026 biennium (addressed in Public Consultation No. 46, of September 11, 2024, and approved by ANATEL Internal Resolution No. 399/2024, of December 30, 2024), which indicated final approval for the second half of 2025. Following the approval of the new Regulation, Small Service Providers in the sector, through their Representative Associations, filed a Request for Reconsideration (“PREC”) with the ANATEL Board of Directors, alleging contradictions and flawed analyses. This PREC is currently under review.

Also in November 2023, ANATEL submitted to public consultation the revision of the Spectrum Use Regulation (“RUE”), approved by Resolution No. 671, of November 3, 2016. The new wording proposed by ANATEL includes, among other changes, new regulations for granting authorizations for the use of a secondary spectrum on basis, in addition to changes in the procedures for evaluating the efficient use of the spectrum. by ANATEL. The expectation is that the new RUE will be published in the second half of 2026.

The acquisition of the UPI (Standard Interconnection Unit) of Oi Móvel S.A.'s mobile assets by the three largest operators in the Brazilian SMP market (Vivo, Claro and TIM) (“Operation”), as approved by ANATEL and the Administrative Council for Economic Defense (“CADE”), the New PGMC established the regulatory remedies as a result of the Operation, as well as the CADE's monitoring period for compliance with such remedies.

10 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

For purposes of spectrum market shares, as ANATEL did not indicate any market failures or anti-competitive matters, the impositions from the Operation were extinguished for the MVNO. With respect to National Roaming, a significant market , price controls were maintained through a Bottom-Up LRIC+ Cost Model.

Any disproportionately asymmetrical measures introduced by ANATEL affecting, pricing, and remuneration may affect the remuneration and cost business models and prejudice the Company, financial condition, performance and prospects.

The interconnection tariffs, form the basis of the Company's revenue and costs and are charged among telecommunications service providers to promote and remunerate the interconnected use of their networks. Changes to the regulations over interconnection tariffs may reduce tariff revenues or costs or charges affecting the Company's, financial condition, performance and prospects.

The Company is also at risk from changes in rules and regulations aimed at preserving the rights of consumers of telecommunications services. ANATEL published, in November 2023, the new General Regulation of Consumer Rights (“RGC”), through Resolution No. 765/2023, which came into force on September 1, 2025, replacing Resolution No. 632/2014. This new Regulation covers telecommunications services updating customer service procedures.

Therefore, the Company's financial conditions, performance and prospects could be negatively affected by the regulatory authorities, including, new or more stringent operational and/or service requirements; the granting of operating licenses; limitations on interconnection tariffs; sanctions for failures to comply with regulatory obligations; delays in granting, or lack of approvals for tariff increases; and antitrust limitations imposed by ANATEL and CADE.

The Company may not be successful in being awarded future tenders by ANATEL for new radio frequency usage authorizations. The ANATEL Board of Directors approved the planning for tenders for radio frequency usage authorizations for the short (2026–2028), medium (2029–2032) and long (2032–2036) terms, through Resolution No. 785/2025, subsequently updated by Resolution No. 786/2026.

On May 4, 2026, the auction for the 700 MHz band took place, divided into five regional blocks. In the first round, priority was given to providers that already held regional authorizations in the 3.5 GHz band, precluding the Company from acquiring new authorizations.

1.c. Business Combination and Merger - Fibrasil Infraestrutura e Fibra Ótica S.A. (“FiBrasil”)

1.c.1. Business Combination - Acquisition of controlling interest in FiBrasil by the Company

On July 10, 2025, the Company informed its shareholders and the market in general that it had entered into 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, “Grupo La Caisse”), which governs the terms and conditions for the Company's acquisition of all FiBrasil shares held by Grupo La Caisse, representing 50% of FiBrasil's total share capital, as well as subscription warrants issued by FiBrasil (“Transaction”).

FiBrasil operates in the wholesale neutral and independent fiber optic network sector in the Brazilian market. The Company will continue to expand its presence in the fiber market, with a focus on improving the customer experience while contributing to Brazil's digitalization process.

The Transaction was subject to certain usual conditions precedent for this type of operation being met, including prior approval from CADE and ANATEL. On October 14, 2025, ANATEL granted prior approval for the Transaction and on October 23, 2025, CADE approved the Transaction without restrictions. After obtaining the regulatory authorizations and fulfilling the other conditions precedent, the Transaction was completed on November 12, 2025.

11 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

The signing of the SPA, as well as the terms and conditions of the Transaction, were approved by the Company's Board of Directors. The Company submitted the Transaction for ratification to the general shareholders' meeting, pursuant to article 256, II of the Brazilian Corporations Law. As a consequence, the approval of the transaction by the General Meeting also gave the right of withdrawal for those Company's shareholders dissenting from the resolution.

On February 11, 2026, the deadline expired for dissenting shareholders to exercise their right of withdrawal from the resolutions of the Company's Extraordinary General Meeting held on January 9, 2026. Accordingly, no common shares issued by the Company were withdrawn.

The acquisition value of the Transaction, updated by the interbank deposit certificate (“CDI”) rate, pro rata, as provided for in the SPA, was R$858,002, paid on November 12, 2025 in a single installment by the Company to the La Caisse Group. The subscription warrants previously issued by FiBrasil were canceled upon closing of the Transaction.

The Company already held a 25.01% stake in FiBrasil's capital; with the completion of the Transaction, the Company became the direct controlling shareholder of FiBrasil, holding 75.01% of its total share capital. As of December 31, 2025, TEF Infra retained a 24.99% stake. Pursuant to IFRS 3 / CPC 15, this acquisition qualifies as a step acquisition for business combination accounting, requiring the fair value remeasurement of the previously held investment.

The fair value, on the acquisition date, of the equity interest that the Company held in FiBrasil was R$372,251, determined based on the acquisition price adjusted for the control premium. Given that the book balance was R$243,501, the Company recorded a fair value remeasurement gain on the investment of R$128,750, accounted for in the "Other Operating Revenues/Expenses".

Pursuant to IFRS 3 / CPC 15, the purchase consideration is measured at fair value, being the fair values ​​of the assets transferred, the liabilities assumed on the acquisition date, and the equity interests issued in exchange for control of the acquired company.

For the allocation of non-controlling shareholders' participation, the Company opted, as permitted by IFRS 3 / CPC 15, to use the current equity instruments for FiBrasil's identifiable net assets.

Upon completion of the Transaction, on November 12, 2025, the Company became the direct controlling shareholder of FiBrasil.

As of the date of these individual and consolidated financial statements, the Company is in the final stages of preparing the purchase price allocation report (“PPA”), determining the fair value of the identifiable assets acquired and the liabilities assumed. This will be finalized as soon as significant information is available, and within 12 months from the acquisition date.

As of June 30, 2026, the Company's consolidated financial statements included the preliminary PPA allocations.

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

Property, plant and equipment and intangible assets

The fair value of property, plant and equipment and intangible assets was assessed based on the Direct Market Comparison Method (“DCDM”) and the Cost Quantification Method.

The DCDM method was used to assess movable and immovable property, as it allows for the estimation of fair value through comparison with recent sales and market prices of similar assets, adjusted for factors such as age, state of conservation, usability, type of sale and, in the specific case of real estate, the region in which located.

The Cost Quantification Method consisted of identifying the replacement cost or reproduction cost (“RCN”) of the assets, through the application of the direct and indirect methods.

12 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

For movable property, the RCN was considered based on investments estimated by FiBrasil's engineering department, while the indirect cost method was applied to assets not covered by the direct cost method. The adjustment factors and price indices used in the estimates were derived from inflation indices published by the Brazilian Institute of Geography and Statistics (“IBGE”).

As a result of the calculation described, the fair value of the fixed and intangible assets was R$1,615,657; the determination of depreciation and amortization rates are being evaluated.

Contingent liability

According to IFRS 3 / CPC 15, the acquirer recognizes, on the acquisition date, contingent liabilities assumed in a business combination even when not probable that outflows of resources will be required to settle the obligation, provided that it is a present obligation arising from past events and its fair value can be reliably measured. Accordingly, contingent liabilities at a fair value of R$24,065 were recognized from this acquisition , which were determined based on the estimated cash outflow for their settlement on the acquisition date.

Composition of the fair value of identifiable net assets

A summary of the preliminary fair value of net assets acquired of R$798,779, as well as the goodwill generated on the acquisition date, subject to further adjustments, is as below:

Current assets		218,901		Current liabilities		182,541
Cash and cash equivalents		78,044		Debentures		199
Accounts receivable		104,694		Leases		77,551
Other assets		36,163		Personnel, charges and social benefits		47,271
				Suppliers		47,200
Non-current assets		1,853,812		Other liabilities		10,320
Deferred income tax and social contribution(1)		61,199
Other assets		10,291		Non-current liabilities		1,091,393
Property, plant and equipment(2)		1,735,838		Debentures		903,964
Intangible assets(3)		46,484		Leases		150,687
				Provisions for contingencies(4)		25,593
				Personnel, charges and social benefits		9,987
				Other liabilities		1,162
				Net assets acquired		798,779
				Goodwill(5)		631,169
				Non-controlling interest		(199,695)
				Company's previous equity holding, remeasured at fair value.		(372,251)
Fair value of assets acquired		2,072,713		Total considered		858,002

.

(1) Includes R$8,182 of deferred income tax and social contribution on the allocation of fair value attributed to the contingent liability, which is being updated by the SELIC rate.

(2) Includes R$159,285 of the allocation of fair value attributed to fixed asset items. Also includes R$166,665 of right-of-use contracts.

(3) Includes R$2,105 of the allocation of fair value attributed to intangible assets.

(4) Includes R$24,065 of the fair value attributed to the contingent liability, which is being updated by the SELIC rate.

(5) Refers to the goodwill value determined in the acquisition of FiBrasil.

13 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

1.c.2. Acquisition of all outstanding shares of Fibrasil

On May 18, 2026, the Company informed its shareholders and the market in general that, on that date, it had acquired all the shares issued by Fibrasil Infraestrutura e Fibra Ótica S.A. (“FiBrasil”) held by Telefónica Infra S.L. Unipersonal (“TEF Infra”), corresponding to 24.99% of FiBrasil's total share capital, through the execution of a Share Purchase Agreement (“SPA”), for the amount of R$458,720, paid in a single installment on the signing date (“ Fibrasil Transaction”).

With the completion of the Fibrasil Transaction, as of May 18, 2026, the Company will hold all of FiBrasil's share capital.

The acquisition was preceded by an evaluation carried out by an independent specialized company, hired by the Company to determine the value of the shares acquired; the Fibrasil Transaction will, provide greater operational synergy for the Company's fiber optic network activities.

The carrying amount of the non-controlling interest is comprised of the fair value of the identifiable assets and liabilities in FiBrasil that were remeasured on the acquisition date on November 12, 2025, net of realizations up to the date of this Fibrasil Transaction.

This Fibrasil Transaction involves changes in interests in subsidiaries; the effects are recorded in accordance with IFRS 10 / CPC 36, and changes in interests in subsidiaries that do not result in loss of control are accounted for as capital transactions. Therefore, the difference between the amount by which the non-controlling interests were adjusted and the fair value of the consideration paid was recognized directly in equity and attributed to the owners of the Company, in “Other capital reserves,” as below:

Total considered		458,720
Acquisition of non-controlling shareholders' stake		197,608
Capital transaction for the acquisition of the non-controlling shareholders' stake in FiBrasil.		261,112

1.c.3. Merger of FiBrasil

On June 16, 2026, the Company informed its shareholders and the market in general that its Board of Directors approved, on the same date, the proposal to merge FiBrasil, its wholly-owned subsidiary, with the consequent extinction of the investee (“Merger”), under the terms of the “Protocol and Justification for the Merger of FiBrasil by the Company”, executed on this date, as well as convening an Extraordinary General Meeting (“EGM”) of the Company, to be held on July 31, 2026.

As the Company holds all of the shares of FiBrasil, the Merger will not result in: (i) an increase in the Company's share capital; (ii) the issuance of new shares by the Company; or (iii) any change in the Company's shareholding structure, therefore, there is no share exchange relationship.

The Merger is aligned with the Company's strategy of optimizing the management of its telecommunications infrastructure assets and growing its share of the fiber market, promoting: (i) simplification of the corporate structure; (ii) greater speed in the decision-making process; (iii) operational and administrative optimization; and (iv) reduction of costs and ancillary.

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. To begin the process of regulating the constitutional amendment, Complementary Law No. 214/2025 (“LC”) was sanctioned by the President of the Republic on January 16, 2025. Additionally, on January 13, 2026, LC No. 227/2026 was approved, which, among other topics, creates the IBS management committee, regulates tax litigation, and establishes rules for the administration of the new taxes.

The Reform model is based on a split VAT (“dual VAT”) in two jurisdictions, one federal (Contribution on Goods and Services - CBS) and one sub-national (Tax on Goods and Services - IBS), which will replace the PIS, COFINS, ICMS, and ISS taxes.

14 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

A Selective Tax (“IS”) under federal jurisdiction was also created, which will apply to the production, extraction, marketing, or importation of goods and services that are harmful to health and the environment, according to the LC (Complementary Law), with the express provision that the IS cannot 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.

Currently, CBS (0.9%) and IBS (0.1%) are being highlighted for statistical purposes, but without collection or financial impact for taxpayers. The Company is prepared to issue and receive tax documents highlighting IBS and CBS. Only from January 2027 onwards will the new taxes begin to financially impact the Company.

Despite the publication of the IBS regulations (CGIBS Resolution No. 6, of April 30, 2026) and the CBS (Decree No. 12,955, of April 29, 2026), the impacts of the Tax Reform will only be fully known after conclusion of all legal and infra-legal regulation, which may include the enactment of new laws (federal, state and municipal), decrees, normative instructions and technical notes. For example, the CBS rate, which comes into effect in January 2027, has not yet been defined.

As the changes will be applied prospectively, there is no effect of the Reform on the individual and consolidated Quarterly Information (“ITRs”) for the period ending June 30, 2026.

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 the CVM regulations, 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 all disclosures are limited to 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 its financial statements based on the assumption of operational continuity.

The Statements of Cash Flows were prepared pursuant to IAS 7 / CPC 03 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 compare: (i) for the balance sheets, the positions as of June 30, 2026 with December 31, 2025; (ii) for the statements of income and of comprehensive income, the three- and six-month periods ended June 30, 2026 and 2025; and (iii) for the statements of added value, changes in equity and cash flows, the six-month periods ended June 30, 2026 and 2025.

The Company's ITRs were approved by the Board of Directors at a meeting held on July 23, 2026.

15 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

2.c. Functional and reporting currency

The individual and consolidated financial statements 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 conversion of investees abroad are recognized in the statement of comprehensive income as cumulative translations adjustments. 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 of accounting 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 reported under the equity method in the consolidated quarterly information.

The information relating to direct and jointly controlled subsidiaries is presented in Note 12. Investments are those, disclosed in the financial statements for the year ended December 31, 2025.

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 and as disclosed at December 31, 2025 was not repeated in these ITRs.

The material accounting policies adopted in preparing the Company's Interim Financial Statements for the quarter ended June 30, 2026, are consistent with those used in preparing the consolidated financial statements for the year ended December 31, 2025, and should be analyzed in conjunction with those financial statements, except for the Changes in the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7 (equivalent to CPC 48 and CPC 40, respectively) and Annual Enhancements to International Accounting Standards (IFRS Accounting Standards) – Volume 11, both effective for annual periods beginning on or after January 1, 2026. These changes and enhancements did not impact the Company's Interim Financial Statements.

16 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

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

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, 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, 2025: Corporate events of 2025 (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
		06.30.2026		12.31.2025		06.30.2026		12.31.2025
Short-term investments(1)		7,900,148		6,460,418		8,359,290		6,945,770
Cash and banks(2)		108,576		78,523		125,071		86,569
Total		8,008,724		6,538,941		8,484,361		7,032,339

.

(1) Highly liquid short-term investments are mostly 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 June 30, 2026, the average yield for these short-term investments was 99.88% of the CDI (100.04% on December 31, 2025).

(2) On June 30, 2026 and December 31, 2025, the Consolidated balances included R$11,915 and R$16,694 , respectively, related to the Financial Clearing House, with a member company of the Telefónica Group (Note 28)

4. FINANCIAL INVESTMENTS

		Company				Consolidated
		06.30.2026		12.31.2025		06.30.2026		12.31.2025
Guarantee deposits for legal proceedings(1)		16,313		40,934		16,688		41,308
Treasury Bills  - LFT(2)		—		—		91,807		99,102
SUDENE tax incentives(3)		36,637		—		36,637		—
Total non-current		52,950		40,934		145,132		140,410
Current		—		—		91,807		99,102
Non-current		52,950		40,934		53,325		41,308

(1) These are financial investments in guarantees held for legal proceedings (Notes 19. and 33.).

(2) These are financial investments in Treasury Financial Bills (“LFT”), made by the subsidiaries Vivo Pay I Fundo de Investimentos em Direitos Creditórios and Vivo Pay Sociedade de Crédito Direto S.A.. These are financial assets measured at fair value through profit or loss.

(3) These are reinvestment in tax incentives on operating profits in the region covered by the Superintendency for the Development of the Northeast (“SUDENE”).

17 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

5. TRADE ACCOUNTS RECEIVABLE

		Company				Consolidated
		06.30.2026		12.31.2025		06.30.2026		12.31.2025
Services and goods(1)		11,881,154		11,818,593		12,448,035		12,250,210
Interconnection balances(1) (2)		567,671		597,809		601,596		634,221
Vivo Pay FIDC		—		—		324,086		348,848
Related parties (Note 28)(1)		64,811		68,865		45,011		50,292
Gross accounts receivable		12,513,636		12,485,267		13,418,728		13,283,571
Allowance for expected losses		(2,215,447)		(2,160,878)		(2,433,219)		(2,380,452)
Net accounts receivable		10,298,189		10,324,389		10,985,509		10,903,119
Current		9,851,714		10,082,818		10,496,016		10,619,617
Non-current		446,475		241,571		489,493		283,502

(1) The consolidated amounts include: (i) R$3,226,737 and R$3,024,347 to be billed to customers on June 30, 2026 and December 31, 2025, respectively, in addition to contractual assets.

(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 by estimated expected losses.

The consolidated balances of contractual assets with customers were R$141,558 and R$136,473 on June 30, 2026 and December 31, 2025, respectively.

On June 30, 2026, and December 31, 2025, 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
	06.30.2026		12.31.2025		06.30.2026		12.31.2025
Not yet due	8,394,327		8,492,065		9,201,128		9,252,301
Overdue – 1 to 30 days	1,202,604		1,197,527		1,174,003		1,070,093
Overdue – 31 to 60 days	284,131		285,086		260,037		266,390
Overdue – 61 to 90 days	136,374		135,921		115,532		127,779
Overdue – 91 to 120 days	118,116		69,705		109,539		63,929
Overdue – over 120 days	162,637		144,085		125,270		122,627
Total	10,298,189		10,324,389		10,985,509		10,903,119

18 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(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, 2024		(2,023,711)		(2,215,251)
Expected losses, net of reversal (Note 25)		(699,985)		(787,144)
Write-off		697,015		757,700
Business combination - Samauma		—		(508)
Balance on  June 30, 2025		(2,026,681)		(2,245,203)
Expected losses, net of reversal		(727,715)		(794,193)
Write-off		593,518		660,091
Business combination - Samauma		—		(278)
Business combination - FiBrasil		—		(869)
Balance on December 31, 2025		(2,160,878)		(2,380,452)
Expected losses, net of reversal (Note 25)		(768,371)		(839,697)
Write-off		713,802		786,930
Balance on  June 30, 2026		(2,215,447)		(2,433,219)

6. INVENTORIES

		Company				Consolidated
		06.30.2026		12.31.2025		06.30.2026		12.31.2025
Materials for resale(1)		1,765,580		1,442,313		1,858,516		1,505,519
Materials for consumption		19,669		20,797		30,722		28,986
Other inventories		3,600		59,814		3,009		62,890
Gross inventories		1,788,849		1,522,924		1,892,247		1,597,395
Estimated losses from impairment or obsolescence(2)		(104,587)		(118,052)		(108,096)		(121,397)
Net inventories		1,684,262		1,404,872		1,784,151		1,475,998

(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 sales (Note 25).

7. PREPAID EXPENSES

		Company				Consolidated
		06.30.2026		12.31.2025		06.30.2026		12.31.2025
Incremental costs (customers' contracts)(1)		3,546,861		3,356,376		3,546,861		3,356,376
Fistel Fees (TFF, Condecine and EBC)(2)		693,875		—		693,881		—
Software licenses and network maintenance		726,381		379,140		1,255,450		893,514
Advertising and publicity		137,408		176,989		137,408		176,989
Personnel		69,823		153,043		72,290		157,750
Financial charges		208,357		177,199		218,443		177,199
Rent, taxes, insurance, and other upfront expenses.		89,204		63,057		164,646		148,677
Total		5,471,909		4,305,804		6,088,979		4,910,505
Current		2,867,090		1,891,448		3,415,343		2,414,780
Non-current		2,604,819		2,414,356		2,673,636		2,495,725

(1) Incremental costs for contracts with customers are mostly sales commissions paid to business 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”), which will be fully amortized by the end of 2026.

19 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

8. INCOME AND SOCIAL CONTRIBUTION TAXES

8.a. Income and Social Contribution taxes recoverable

		Company				Consolidated
		06.30.2026		12.31.2025		06.30.2026		12.31.2025
Income taxes		249,278		313,919		267,304		331,342
Social contribution taxes		20,587		21,252		25,627		24,944
Total		269,865		335,171		292,931		356,286

8.b. Income and Social Contribution taxes payable

		Company				Consolidated
		06.30.2026		12.31.2025		06.30.2026		12.31.2025
Income taxes		343,198		239,911		405,066		301,699
Social contribution taxes		108,375		82,690		115,733		90,606
Total		451,573		322,601		520,799		392,305
Current		191,438		94,989		225,874		130,866
Non-current		260,135		227,612		294,925		261,439

At June 30, 2026 and December 31, 2025 includes R$302,928 and R$269,158, respectively, of taxes provisioned per IFRIC 23 (Note 8.e).

20 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

8.c. Deferred taxes

		Company
		Balance on Balance on 12.31.2024		Statement of income		Comprehensive income		Balance on Balance on 06.30.2025		Statement of income		Comprehensive income		Balance on Balance on 12.31.2025
Deferred tax assets  (liabilities)
Income and social contribution taxes on tax carryforward losses(1)		1,632,896		(205,841)		—		1,427,055		(171,380)		—		1,255,675
Income and social contribution taxes on temporary differences(2)		(5,636,159)		116,934		789		(5,518,436)		27,822		54,013		(5,436,601)
Provision for legal, labor, tax civil and regulatory contingencies		2,037,940		(6,529)		—		2,031,411		54,173		—		2,085,584
Trade accounts payable and other provision		2,345,098		301,811		—		2,646,909		259,525		—		2,906,434
Customer portfolio and trademarks		(163,541)		13,235		—		(150,306)		14,315		—		(135,991)
Allowance for expected losses from accounts receivable		612,793		(3,497)		—		609,296		68,004		—		677,300
Estimated losses from modems and other P&E items		114,779		13,244		—		128,023		(14,710)		—		113,313
Pension plans and other post-employment benefits		244,307		5,666		—		249,973		(69,552)		30,277		210,698
Profit sharing		204,355		(55,442)		—		148,913		65,854		—		214,767
Licenses		(2,208,640)		78,880		—		(2,129,760)		78,880		—		(2,050,880)
Goodwill (Spanish and Navytree, Vivo Part., GVT Part. and Garliava)		(7,663,800)		(115,420)		—		(7,779,220)		(115,420)		—		(7,894,640)
Property, plant and equipment - small value items		(1,247,037)		66,978		—		(1,180,059)		(54,503)		—		(1,234,562)
Technological Innovation Law		(5,718)		734		—		(4,984)		688		—		(4,296)
Other temporary differences		93,305		(182,726)		789		(88,632)		(259,432)		23,736		(324,328)
Total deferred tax liabilities, non-current		(4,003,263)		(88,907)		789		(4,091,381)		(143,558)		54,013		(4,180,926)
Deferred tax assets		8,784,066						8,738,659						9,177,424
Deferred tax liabilities		(12,787,329)						(12,830,040)						(13,358,350)
Deferred tax liabilities, net		(4,003,263)						(4,091,381)						(4,180,926)
Presented in the balance sheet as follows:
Deferred tax liabilities		(4,003,263)						(4,091,381)						(4,180,926)

21 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

		Company
		Balance on 31.12.2025		Statement of income		Comprehensive income		PPA FiBrasil(3)		Balance on 06.30.2026
Deferred tax assets  (liabilities)
Income and social contribution taxes on tax carryforward losses(1)		1,255,675		(297,470)		—		—		958,205
Income and social contribution taxes on temporary differences(2)		(5,436,601)		441,026		(11,985)		(52,343)		(5,059,903)
Provision for legal, labor, tax civil and regulatory contingencies		2,085,584		61,121		—		—		2,146,705
Trade accounts payable and other provision		2,906,434		354,190		—		—		3,260,624
Customer portfolio and trademarks		(135,991)		14,315		—		—		(121,676)
Allowance for expected losses from accounts receivable		677,300		21,986		—		—		699,286
Estimated losses from modems and other P&E items		113,313		2,055		—		—		115,368
Pension plans and other post-employment benefits		210,698		68,593		—		—		279,291
Profit sharing		214,767		(67,750)		—		—		147,017
Licenses		(2,050,880)		78,880		—		—		(1,972,000)
Goodwill (Spanish and Navytree, Vivo Part., GVT Part. and Garliava)		(7,894,640)		(115,420)		—		—		(8,010,060)
Property, plant and equipment - small value items		(1,234,562)		(47,199)		—		—		(1,281,761)
Technological Innovation Law		(4,296)		677		—		—		(3,619)
Other temporary differences		(324,328)		69,578		(11,985)		(52,343)		(319,078)
Total deferred tax liabilities, non-current		(4,180,926)		143,556		(11,985)		(52,343)		(4,101,698)
Deferred tax assets		9,177,424								9,401,722
Deferred tax liabilities		(13,358,350)								(13,503,420)
Deferred tax liabilities, net		(4,180,926)								(4,101,698)
Presented in the balance sheet as follows:
Deferred tax liabilities		(4,180,926)								(4,101,698)

22 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

		Consolidated
		Balance on 12.31.2024		Statement of income		Comprehensive income		Samauma -  Business Combination		Balance on 06.30.2025		Statement of income		Comprehensive income		Samauma Business Combination		FiBrasil Business Combination		Cyber Business Combination		Balance on 12.31.2025
Deferred tax assets (liabilities)
Income and social contribution taxes on tax carryforward losses(1)		1,720,781		(206,815)		—		—		1,513,966		(155,934)		—		—		79,694		—		1,437,726
Income and social contribution taxes on temporary differences(2)		(5,578,243)		114,274		789		(2,979)		(5,466,159)		78,062		53,865		(556)		(18,495)		3,656		(5,349,627)
Provision for legal, labor, tax civil and regulatory contingencies		2,088,350		(4,472)		—		805		2,084,683		54,115		—		32		8,702		—		2,147,532
Trade accounts payable and other provision		2,361,206		310,065		—		—		2,671,271		296,671		—		—		2,454		369		2,970,765
Customer portfolio and trademarks		(144,199)		(4,768)		—		—		(148,967)		18,873		—		—		—		—		(130,094)
Allowance for expected losses from accounts receivable		619,881		(3,581)		—		—		616,300		79,884		—		—		296		—		696,480
Estimated losses from modems and other P&E items		114,779		13,244		—		—		128,023		(14,710)		—		—		—		—		113,313
Pension plans and other post-employment benefits		245,299		5,726		—		—		251,025		(70,022)		30,138		—		—		—		211,141
Profit sharing		209,830		(56,615)		—		—		153,215		66,852		—		—		4,477		2,222		226,766
Licenses		(2,208,640)		78,880		—		—		(2,129,760)		78,880		—		—		—		—		(2,050,880)
Goodwill (Spanish and Navytree, Vivo Part., GVT Part., Garliava and Vita IT)		(7,678,224)		(106,519)		—		—		(7,784,743)		(105,142)		—		—		(16,856)		—		(7,906,741)
Property, plant and equipment - small value items		(1,247,038)		66,978		—		—		(1,180,060)		(54,503)		—		—		—		—		(1,234,563)
Technological Innovation Law		(5,718)		734		—		—		(4,984)		688		—		—		—		—		(4,296)
Other temporary differences		66,231		(185,398)		789		(3,784)		(122,162)		(273,524)		23,727		(588)		(17,568)		1,065		(389,050)
Total deferred tax (Liabilities), non-current		(3,857,462)		(92,541)		789		(2,979)		(3,952,193)		(77,872)		53,865		(556)		61,199		3,656		(3,911,901)
Deferred tax assets		8,947,536								8,932,500												9,593,230
Deferred tax liabilities		(12,804,998)								(12,884,693)												(13,505,131)
Deferred tax liabilities, net		(3,857,462)								(3,952,193)												(3,911,901)
Presented in the balance sheet as follows:
Deferred tax assets of subsidiaries		158,215								146,903												314,284
Deferred tax liabilities		(4,015,677)								(4,099,096)												(4,226,185)

23 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

	Consolidated
	Balance on 12.31.2025		Statement of income		Comprehensive income		Balance on 06.30.2026
Deferred tax assets  (liabilities)
Income and social contribution taxes on tax carryforward losses(1)	1,437,726		(394,043)		—		1,043,683
Income and social contribution taxes on temporary differences(2)	(5,349,627)		437,928		(11,985)		(4,923,684)
Provision for legal, labor, tax civil and regulatory contingencies	2,147,532		43,156		—		2,190,688
Trade accounts payable and other provision	2,970,765		343,261		—		3,314,026
Customer portfolio and trademarks	(130,094)		13,303		—		(116,791)
Allowance for expected losses from accounts receivable	696,480		29,882		—		726,362
Estimated losses from modems and other P&E items	113,313		2,055		—		115,368
Pension plans and other post-employment benefits	211,141		69,060		—		280,201
Profit sharing	226,766		(72,234)		—		154,532
Licenses	(2,050,880)		78,880		—		(1,972,000)
Goodwill (Spanish and Navytree, Vivo Part., GVT Part., Garliava and Vita IT)	(7,906,741)		(133,023)		—		(8,039,764)
Property, plant and equipment - small value items	(1,234,563)		(47,199)		—		(1,281,762)
Technological Innovation Law	(4,296)		677		—		(3,619)
Other temporary differences	(389,050)		110,110		(11,985)		(290,925)
Total deferred tax liabilities, non-current	(3,911,901)		43,885		(11,985)		(3,880,001)
Deferred tax assets	9,593,230						9,814,683
Deferred tax liabilities	(13,505,131)						(13,694,684)
Deferred tax liabilities, net	(3,911,901)						(3,880,001)
Presented in the balance sheet as follows:
Deferred tax assets of subsidiaries	314,284						221,697
Deferred tax liabilities	(4,226,185)						(4,101,698)

(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.

(3) This refers to the write-off of deferred income tax and social contribution on the allocations of gains/losses on fixed and intangible assets, resulting from the acquisition of 50% of the non-controlling stake in FiBrasil, which occurred on November 12, 2025. The offsetting entry for this write-off was allocated to investments (Note 12).

On June 30, 2026 and December 31, 2025, unrecognized deferred tax assets for tax carryforward losses of the Company's subsidiaries (POP, TLF05 (previously Recicla V), TGLog and Fibrasil), totalled R$33,723 and R$19,039 on June 30, 2026 and December 31, 2025, respectively, deferred tax assets were not recognized because projected taxable profits are insufficient to assure offset.

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.

24 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

A reconciliation from the statutory tax rate of 34% (income tax of 25% and social contribution tax of 9%) to the effective rates is as follows:

		Company								Consolidated
		Three-month period ended				Six-month period ended				Three-month period ended				Six-month period ended
		06.30.2026		06.30.2025		06.30.2026		06.30.2025		06.30.2026		06.30.2025		06.30.2026		06.30.2025
Income before taxes		1,764,461		1,542,843		3,361,088		2,948,269		1,883,815		1,555,450		3,486,905		2,971,220
Income and social contribution tax expenses, at the statutory tax rate of 34%		(599,917)		(524,566)		(1,142,770)		(1,002,411)		(640,497)		(528,853)		(1,185,548)		(1,010,215)
Permanent differences
Tax benefit related to interest on equity distribution		406,300		319,600		584,800		448,800		406,300		319,600		584,800		448,800
Non-deductible expenses, gifts, incentives		(11,944)		(23,883)		(20,230)		(48,306)		(12,193)		(24,283)		(21,801)		(49,103)
Tax incentive operating profit		12,242		9,623		19,625		18,710		12,242		9,623		19,625		18,710
Share of results in investees – equity method		(38,284)		4,375		(28,660)		13,768		122		185		(540)		(1,074)
Unclaimed  interest on equity		(15,337)		—		(15,337)		—		(15,337)		—		(15,337)		—
Deferred taxes not recognized in subsidiaries on tax losses, negative tax bases and temporary differences relating to prior periods.		—		—		—		—		(110,240)		—		(110,240)		—
Other exclusions, net		55,036		16,462		75,124		23,836		43,348		7,083		66,247		16,737
Tax expense		(191,904)		(198,389)		(527,448)		(545,603)		(316,255)		(216,645)		(662,794)		(576,145)
Effective rate		10.9 %		12.9 %		15.7 %		18.5 %		16.8 %		13.9 %		19.0 %		19.4 %
Current income and social contribution taxes		(311,956)		(191,912)		(671,004)		(456,696)		(337,242)		(209,568)		(706,679)		(483,604)
Deferred income and social contribution taxes		120,052		(6,477)		143,556		(88,907)		20,987		(7,077)		43,885		(92,541)

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, totaling R$43,249,709 and R$40,297,796 on June 30, 2026 and December 31, 2025, respectively. Management, under 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%).

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$302,928 and R$269,158 on June 30, 2026 and December 31, 2025, respectively. These claims involve compensation for overpayment of income tax and social contribution awaiting approval by the RFB. These amounts accrue SELIC interest.

8.f. Adaptation to new OECD Pillar II rules

On December 27, 2024 Law 15,079/24 was enacted, introducing an additional Social Contribution on Net Income (“CSLL”) charge to adapt 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 additional tax payments until this minimum percentage is satisfied. This became 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.

Transfer Pricing Rules – Alignment with OECD Standards

On December 28, 2022, Law No. 14,596/2023 was published, later regulated by RFB Normative Instruction No. 2,161/2023, which established the new Brazilian Transfer Pricing regime, aligned with OECD guidelines. The new rules became mandatory as of January 1, 2024, and are designed to as sure that intercompany transactions are carried out on an arm's length basis.

25 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

The Company is currently in the process of preparing the analysis for the corresponding fiscal year, including a sensitivity study, supporting documentation, and a review of applicable methods, as provided for in current legislation. Although the technical process is still under development, the Company does not expect significant impacts from the adoption of the new transfer pricing regime, given the nature of the transactions and the history of compliance with international standards.

The Company will continue to monitor these regulations to ensure its financial statements are updated based on any adjustments identified upon completion of the formal transfer pricing analysis.

9. TAXES, CHARGES AND CONTRIBUTIONS RECOVERABLE

		Company				Consolidated
		06.30.2026		12.31.2025		06.30.2026		12.31.2025
State VAT (ICMS)(1)		2,291,041		2,296,378		2,310,821		2,321,798
PIS and COFINS		433,489		513,950		485,559		558,973
Withholding taxes and contributions(2)		351,934		288,156		411,315		334,941
Other taxes		85,158		87,447		98,668		90,806
Total		3,161,622		3,185,931		3,306,363		3,306,518
Current		2,515,064		2,571,664		2,653,216		2,687,600
Non-current		646,558		614,267		653,147		618,918

(1) Includes ICMS credits from the acquisition of property and equipment (available for offset over 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$601,851 and R$568,579 on June 30, 2026 and December 31, 2025, 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
		06.30.2026		12.31.2025		06.30.2026		12.31.2025
Judicial deposits
Tax		1,549,148		1,499,788		1,759,416		1,703,327
Civil		972,915		928,308		974,579		929,909
Regulatory		251,532		267,596		251,532		267,596
Labor		36,077		39,113		40,443		43,683
Total		2,809,672		2,734,805		3,025,970		2,944,515
Garnishments		17,273		18,896		17,962		19,803
Total		2,826,945		2,753,701		3,043,932		2,964,318
Current		143,606		106,279		146,365		107,565
Non-current		2,683,339		2,647,422		2,897,567		2,856,753

26 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

The judicial deposits, classified by type of tax, on June 30, 2026 and December 31, 2025 are presented below. Further details relating to judicial deposits are presented in Note 10. Judicial Deposits and Garnishments, in the financial statements for the year ended December 31, 2025.

Tax		06.30.2026		12.31.2025
Universal Telecommunication Services Fund (FUST)		673,974		656,567
State Value-Added Tax (ICMS)		428,182		411,581
Social Contribution Tax for Intervention in the Economic Order (CIDE)		364,218		355,555
Corporate Income Tax (IRPJ) and Social Contribution Tax (CSLL)		67,111		65,358
Telecommunications Inspection Fund (FISTEL)		60,506		58,912
Contribution tax on gross revenue for Social Integration Program (PIS) and for Social Security Financing (COFINS)		31,063		30,225
Withholding Income Tax (IRRF)		2,449		6,720
Social Security, work accident insurance (SAT) and funds to third parties (INSS)		30,580		29,537
Other taxes, charges and contributions		101,333		88,872
Total		1,759,416		1,703,327

11. OTHER ASSETS

		Company				Consolidated
		06.30.2026		12.31.2025		06.30.2026		12.31.2025
Related-party receivables (Note 28)		156,519		159,245		31,487		26,471
Sale of real estate and other receivables		260,037		473,091		260,037		473,091
Advances to employees and suppliers		148,241		49,781		172,941		55,522
Surplus from post-employment benefit plans (Note 30)(1)		146,278		182,835		146,349		182,907
Loan agreement with subsidiary CloudCo Brasil - 2024		46,728		46,830		—		—
Indemnification assets (IPNET,  VSS and Samauma acquisitions)		—		—		145,512		141,610
Assets held for sale (2)		8,995		8,761		8,995		8,761
Sublease of assets and other amounts receivable		17,110		13,196		24,118		16,866
		783,908		933,739		789,439		905,228
Current		526,311		447,115		516,950		419,300
Non-current		257,597		486,624		272,489		485,928

(1) On June 30, 2026 and December 31, 2025, includes R$142,693 and R$179,493, 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 Note 12) Investments, disclosed in the financial statements for the year ended December 31, 2025.

27 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

Selected financial data of the direct and jointly controlled subsidiaries are presented below:

						06.30.2026						Six-month period ended June 30, 2026
Investees		Participation		Investment		Assets		Liabilities		Equity		Net operating revenue		Net profit (loss)
Terra Networks (1)		100.00 %		Subsidiary		1,497,794		892,131		605,663		602,571		29,820
TGLog		100.00 %		Subsidiary		45,733		31,883		13,850		29,079		1,120
POP (2)		100.00 %		Subsidiary		207,765		85,724		122,041		26,553		11,697
Vivo Pay I		100.00 %		Subsidiary		243,839		62,422		181,417		71,492		18,831
Vivo Pay III		100.00 %		Subsidiary		3,221		45		3,176		635		(800)
Vivo Pay Holding (3)		100.00 %		Subsidiary		32,668		6,298		26,370		2,025		(5,219)
Vivo Ventures		98.00 %		Subsidiary		254,823		444		254,379		—		(1,145)
FiBrasil (4)		100.00 %		Subsidiary		1,922,358		1,227,670		694,688		215,830		(117,925)
CloudCo Brasil		50.01 %		Subsidiary		1,435,396		1,297,616		137,780		1,124,525		(12,574)
Aliança		50.00 %		Joint control		286,126		1,558		284,568		—		10,601
AIX		50.00 %		Joint control		47,941		36,955		10,986		21,117		(10,869)
ACT		50.00 %		Joint control		32		5		27		52		(16)
GUD		50.00 %		Joint control		—		—		—		—		(2,891)

						12.31.2025						Six-month period ended  June 30, 2025
Investees		Participation		Investment		Assets		Liabilities		Equity		Net operating revenue		Net profit (loss)
Terra Networks (1)		100.00 %		Subsidiary		1,487,924		912,081		575,843		395,653		37,242
TGLog		100.00 %		Subsidiary		46,504		33,775		12,729		22,920		1,392
POP (2)		100.00 %		Subsidiary		193,031		82,687		110,344		22,744		8,811
Vivo Pay I		100.00 %		Subsidiary		251,422		78,836		172,586		85,827		3,343
Vivo Pay II		100.00 %		Subsidiary		—		—		—		483		(587)
Vivo Pay III		100.00 %		Subsidiary		2,010		27		1,983		—		—
Vivo Pay Holding (3)		100.00 %		Subsidiary		35,333		3,745		31,588		—		(3,603)
FiBrasil (4)		75,01% / 25,01%		Subsidiary (Dec-25) Joint control ((Jun-25)		2,024,474		1,211,861		812,613		205,577		(6,393)
CloudCo Brasil (5)		50.01 %		Subsidiary		1,306,016		1,155,661		150,355		858,787		(18,358)
IoTCo Brasil (6)		50.01 %		Subsidiary		—		—		—		59,357		2,979
Vivo Ventures (7)		98.00 %		Subsidiary		250,880		1,238		249,642		—		4,843
Aliança		50.00 %		Joint control		301,512		798		300,714		—		2,690
AIX		50.00 %		Joint control		60,180		38,325		21,855		35,634		1,465
ACT		50.00 %		Joint control		49		6		43		52		1
VIVAE (7)		50.00 %		Joint control		—		—		—		3,604		(2,147)
GUD		50.00 %		Joint control		37,864		13,748		24,116		2,511		(5,130)

(1) A wholly and directly controlling shareholder of TIS, TLF01, and Samauma. TIS has been the controlling shareholder of CyberCo Brasil since December 9, 2025. CyberCo Brasil was acquired by TIS and ceased operations on July 1, 2026, Note 35.b.

(2) A wholly and directly controlling shareholder of TLF05 Empreendimentos e Participações Ltda (formerly Recicla V Comércio e Reciclagem de Sucatas e Metais Ltda) and Vale Saúde Gestão e Soluções Ltda (formerly Vale Saúde Sempre.Administradora de Cartões Ltda).

(3) A wholly and directly controlling shareholder of Vivo Pay SCD.

(4) Became a subsidiary of the Company on November 12, 2025. On May 18, 2026, the Company acquired full control of FiBrasil (Note 1.c.1).

(5) Formerly the wholly and directly controlling shareholder of IPNET and IPNET USA. On July 1, 2025, and November 1, 2025, it incorporated merged IoTCo Brasil and IPNET, respectively.

(6) Merged by CloudCo Brasil on July 1, 2025.

(7) A corporate reorganization with Vivo Ventures on October 6, 2025, resulting in the transfer of the investment in VivaE to Vivo Ventures.

28 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

12.b. Changes in investment balances

		Subsidiary		Joint Venture		Business combination		Other investments		Company Total investments		Total investments
Balance on  December 31, 2024		889,844		430,577		—		26		1,320,447		566,384
Equity interest (Statements of Income)		43,653		(3,159)		—		—		40,494		(3,159)
Dividends (Terra Networks)		(23,800)		—		—		—		(23,800)		—
Capital contribution - cash and cash equivalents (Vivo Ventures and GUD)		17,897		10,674		—		—		28,571		10,674
Investments in the subsidiary Vivo Ventures		—		—		—		—		—		21,721
Other comprehensive results		—		(842)		—		1		(841)		(841)
Balance on  June 30, 2025		927,594		437,250		—		27		1,364,871		594,779
Equity income by results		127,604		(15,068)		—		—		112,536		(15,068)
Capital contribution - cash and cash equivalents (VivaE e GUD)		326,320		4,249		—		—		330,569		4,249
Capital transaction for the acquisition of CyberCo Brasil by TIS		(168,729)		—		—		—		(168,729)		—
Corporate reorganization of Vivo Ventures and VivaE - Investment in Vivo Ventures		11,222		(11,222)		—		—		—		—
Corporate reorganization of Vivo Ventures and VivaE - Gain on the remeasurement of equity interest		—		6,153		—		—		6,153		6,153
Acquisition of controlling interest in FiBrasil		599,084		(372,251)		631,169		—		858,002		(372,251)
Gain on the remeasurement of the equity interest in the acquisition of control of FiBrasil		—		128,750		—		—		128,750		128,750
Investments by subsidiary Vivo Ventures		—		—		—		—		—		72,637
Other comprehensive income		(1,740)		1,655		—		(27)		(112)		1,628
Other		(106)		—		—		—		(106)		—
Balance on December 31, 2025		1,821,249		179,516		631,169		—		2,631,934		420,877
Equity interest (Statements of Income)		(82,705)		(1,588)		—		—		(84,293)		(1,588)
Capital contribution - cash and cash equivalents (Vivo Ventures< Vivo Pay III and GUD) and redemption of shares in Vivo Pay I		(2,243)		859		—		—		(1,384)		859
Acquisition of the stake held by non-controlling shareholders of FiBrasil						197,608				197,608		—
Investments the subsidiary Vivo Ventures		—		—		—		—		—		6,224
Deduction of deferred income tax and social contribution on allocations of gains/losses in the value of fixed and intangible assets.		52,343		—		—		—		52,343		—
Other comprehensive results		—		(13,374)		—		—		(13,374)		(13,374)
Balance on  June 30, 2026		1,788,644		165,413		828,777		—		2,782,834		412,998

29 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(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, 2024	22,759,541		15,989,969		5,504,187		212,327		239,265		462,287		1,628,442		46,796,018
Additions	83,378		986,951		45,897		582		—		68,594		2,838,842		4,024,244
Write-offs, net(1)	(75,090)		(21,912)		(17)		—		(308)		(7,379)		(16,514)		(121,220)
Net transfers(2)	2,000,638		265,958		571,911		8,068		—		(54,100)		(2,793,771)		(1,296)
Subletting	—		(38,654)		—		—		—		—		—		(38,654)
Depreciation (Note 25)	(2,239,838)		(1,995,736)		(1,097,687)		(77,243)		—		(36,147)		—		(5,446,651)
Balance on  June 30, 2025	22,528,629		15,186,576		5,024,291		143,734		238,957		433,255		1,656,999		45,212,441
Additions	56,986		2,597,395		36,568		(48)		—		97,385		3,229,200		6,017,486
Write-offs, net(1)	72,279		(193,233)		—		—		(335)		(698)		5,393		(116,594)
Net transfers	1,235,881		281,198		1,386,724		10,370		—		4		(2,914,177)		—
Subletting	—		(17,840)		—		—		—		—		—		(17,840)
Assets held for sale (Note 11)	—		(7,399)		—		—		(1,362)		—		—		(8,761)
Depreciation	(2,194,811)		(2,071,289)		(1,108,256)		(35,798)		—		(84,801)		—		(5,494,955)
Balance on December 31, 2025	21,698,964		15,775,408		5,339,327		118,258		237,260		445,145		1,977,415		45,591,777
Additions	9,419		1,242,177		45,261		5		—		44,506		2,957,332		4,298,700
Write-offs, net(1)	(1,343)		(44,011)		(22)		(15)		—		(1,503)		(16,535)		(63,429)
Net transfers	2,460,075		41,780		839,788		31,939		—		13,096		(3,386,678)		—
Subletting	—		(2,615)		—		—		—		—		—		(2,615)
Assets held for sale (Note 11)	—		(234)		—		—		—		—		—		(234)
Depreciation (Note 25)	(2,231,016)		(2,114,256)		(1,169,032)		(33,210)		—		(86,267)		—		(5,633,781)
Balance on  June 30, 2026	21,936,099		14,898,249		5,055,322		116,977		237,260		414,977		1,531,534		44,190,418
Balance on December 31, 2025
Cost	94,841,291		50,078,389		32,920,602		6,585,077		237,260		5,882,621		1,977,415		192,522,655
Accumulated depreciation	(73,142,327)		(34,302,981)		(27,581,275)		(6,466,819)		—		(5,437,476)		—		(146,930,878)
Total	21,698,964		15,775,408		5,339,327		118,258		237,260		445,145		1,977,415		45,591,777
Balance on June 30, 2026
Cost	97,445,108		50,869,083		33,786,071		6,615,039		237,260		5,878,615		1,531,534		196,362,710
Accumulated depreciation	(75,509,009)		(35,970,834)		(28,730,749)		(6,498,062)		—		(5,463,638)		—		(152,172,292)
Total	21,936,099		14,898,249		5,055,322		116,977		237,260		414,977		1,531,534		44,190,418

30 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(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, 2024	22,770,806		15,990,041		5,510,213		212,486		239,265		453,959		1,635,611		46,812,381
Additions	82,232		990,620		50,203		593		—		70,230		2,836,734		4,030,612
Write-offs, net (1)	(75,090)		(24,398)		(17)		—		(308)		(7,379)		(16,514)		(123,706)
Net transfers (2)	2,000,636		265,960		571,911		8,068		—		(54,097)		(2,793,774)		(1,296)
Subletting	—		(38,654)		—		—		—		—		—		(38,654)
Business combination - Samauma	—		—		—		—		—		217		—		217
Depreciation (Note 25)	(2,240,974)		(1,995,578)		(1,097,688)		(77,264)		—		(41,152)		—		(5,452,656)
Balance on  June 30, 2025	22,537,610		15,187,991		5,034,622		143,883		238,957		421,778		1,662,057		45,226,898
Additions	57,924		2,645,591		40,138		(3)		—		101,323		3,233,002		6,077,975
Write-offs, net (1)	72,280		(193,463)		—		—		(335)		629		4,942		(115,947)
Net transfers (2)	1,235,175		281,194		1,390,073		9,544		—		345		(2,916,333)		(2)
Subletting	—		33,781		—		—		—		—		—		33,781
Assets held for sale (Note 11)	—		(7,399)		—		—		(1,362)		—		—		(8,761)
Business combination - Samauma	—		—		—		—		—		—		—		—
Business combination - FiBrasil	—		1,563,540		—		—		818		1,061		114,083		1,679,502
Business combination - Cyber	2,800		505		—		—		—		990		860		5,155
Depreciation	(2,196,264)		(2,109,530)		(1,108,740)		(35,820)		—		(91,207)		—		(5,541,561)
Balance on December 31, 2025	21,709,525		17,402,210		5,356,093		117,604		238,078		434,919		2,098,611		47,357,040
Additions	8,702		1,356,971		49,148		58		—		45,261		2,952,827		4,412,967
Write-offs, net (1)	(116)		(41,011)		(22)		(14)		—		(2,830)		(17,118)		(61,111)
Net transfers (2)	2,460,696		41,780		839,950		29,769		—		15,266		(3,388,395)		(934)
Subletting	—		—		—		—		—		—		—		—
Assets held for sale (Note 11)	—		(234)		—		—		—		—		—		(234)
Depreciation (Note 25)	(2,232,340)		(2,238,500)		(1,169,033)		(33,238)		—		(95,423)		—		(5,768,534)
Balance on  June 30, 2026	21,946,467		16,521,216		5,076,136		114,179		238,078		397,193		1,645,925		45,939,194
Balance on December 31, 2025
Cost	94,868,938		52,291,576		32,937,369		6,585,887		238,078		6,078,455		2,098,611		195,098,914
Accumulated depreciation	(73,159,413)		(34,889,366)		(27,581,276)		(6,468,283)		—		(5,643,536)		—		(147,741,874)
Total	21,709,525		17,402,210		5,356,093		117,604		238,078		434,919		2,098,611		47,357,040
Balance on June 30, 2026
Cost	97,475,069		53,202,776		33,806,886		6,615,931		238,078		6,124,565		1,645,925		199,109,230
Accumulated depreciation	(75,528,602)		(36,681,560)		(28,730,750)		(6,501,752)		—		(5,727,372)		—		(153,170,036)
Total	21,946,467		16,521,216		5,076,136		114,179		238,078		397,193		1,645,925		45,939,194

(1) Infrastructure includes R$40,796 and R$213,077 in 2026 and 2025, 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		06.30.2026				12.31.2025				06.30.2026				12.31.2025
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	50.00 %		10.00 %	to	25.00 %

31 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

13.c. Additional information on leases

Changes in the consolidated balances of leases, included above (Note 13.a), were:

	Infrastructure		Switching and transmission equipment		Other		Total
Balance on  December 31, 2024	12,989,228		253,131		5,259		13,247,618
Additions	956,126		79,286		35,862		1,071,274
Subletting (Note 13.a)	(38,654)		—		—		(38,654)
Depreciation	(1,761,090)		(47,073)		(9,243)		(1,817,406)
Cancellation of contracts	(99,294)		(840)		—		(100,134)
Balance on  June 30, 2025	12,046,316		284,504		31,878		12,362,698
Additions	2,552,249		48,971		27,643		2,628,863
Subletting (Note 13.a)	33,781		—		—		33,781
Depreciation	(1,853,963)		(42,779)		(9,270)		(1,906,012)
Cancellation of contracts	(113,783)		(210)		—		(113,993)
Business combination - FiBrasil	110,330		—		—		110,330
Business combination - Cyber	380		—		—		380
Balance on December 31, 2025	12,775,310		290,486		50,251		13,116,047
Additions	1,233,529		5,506		—		1,239,035
Depreciation	(1,918,219)		(39,394)		(9,175)		(1,966,788)
Cancellation of contracts	(40,796)		—		(110)		(40,906)
Balance on  June 30, 2026	12,049,824		256,598		40,966		12,347,388
Balance on December 31, 2025
Cost	32,014,344		638,473		193,117		32,845,934
Accumulated depreciation	(19,239,034)		(347,987)		(142,866)		(19,729,887)
Total	12,775,310		290,486		50,251		13,116,047
Balance on  June 30, 2026
Cost	33,101,714		643,979		192,209		33,937,902
Accumulated depreciation	(21,051,890)		(387,381)		(151,243)		(21,590,514)
Total	12,049,824		256,598		40,966		12,347,388

Annual depreciation rates for leased assets:

		Company								Consolidated
Description		06.30.26				12.31.25				06.30.26				12.31.25
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	37.50 %

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

On June 30, 2026 and December 31, 2025, consolidated PP&E offered as collateral in legal proceedings total R$9,402 and R$9,675, respectively.

32 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(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
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	—		—		55		—		—		—		1,348,357		1,348,412
Write-offs, net	—		—		—		—		—		—		—		—
Net transfers(2)	—		—		1,439,630		—		—		—		(1,438,334)		1,296
Amortization (Note 25)	—		(659,138)		(1,197,617)		(42,103)		(39,079)		(1,303)		—		(1,939,240)
Balance on  June 30, 2025	26,262,978		12,936,116		6,810,685		442,076		46,714		29,433		736,270		47,264,272
Additions	—		—		1,856		—		—		—		1,509,095		1,510,951
Net transfers	—		—		1,455,490		—		—		—		(1,455,490)		—
Amortization	—		(659,138)		(1,270,018)		(42,102)		(7,612)		(1,302)		—		(1,980,172)
Balance on December 31, 2025	26,262,978		12,276,978		6,998,013		399,974		39,102		28,131		789,875		46,795,051
Additions	—		—		634		—		—		—		1,455,038		1,455,672
Write-offs, net	—		—		(42)		—		—		—		—		(42)
Net transfers	—		—		1,866,800		—		—		—		(1,866,800)		—
Amortization (Note 25)	—		(659,138)		(1,360,895)		(42,103)		(7,612)		(1,302)		—		(2,071,050)
Balance on  June 30, 2026	26,262,978		11,617,840		7,504,510		357,871		31,490		26,829		378,113		46,179,631
Balance on December 31, 2025
Cost	26,262,978		29,772,875		33,520,865		1,658,897		4,536,912		269,557		789,875		96,811,959
Accumulated amortization	—		(17,495,897)		(26,522,852)		(1,258,923)		(4,497,810)		(241,426)		—		(50,016,908)
Total	26,262,978		12,276,978		6,998,013		399,974		39,102		28,131		789,875		46,795,051
Balance on June 30, 2026
Cost	26,262,978		29,772,875		35,378,789		1,658,897		4,536,912		269,557		378,113		98,258,121
Accumulated amortization	—		(18,155,035)		(27,874,279)		(1,301,026)		(4,505,422)		(242,728)		—		(52,078,490)
Total	26,262,978		11,617,840		7,504,510		357,871		31,490		26,829		378,113		46,179,631

33 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(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
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	—		—		111		—		—		—		1,348,357		1,348,468
Net transfers(2)	—		—		1,440,018		(80)		(103)		(205)		(1,438,334)		1,296
Business combination – Samauma	59,597		—		6		5,929		—		9,346		—		74,878
Business combination – IPNET	1,660		—		—		—		—		—		—		1,660
Amortization (Note 25)	—		(659,138)		(1,200,414)		(43,784)		(42,531)		(5,413)		—		(1,951,280)
Balance on  June 30, 2025	26,626,392		12,936,116		6,826,561		458,237		79,492		72,033		737,838		47,736,669
Additions	—		—		52,074		—		—		—		1,509,273		1,561,347
Net transfers(2)	—		—		1,455,492		—		1		—		(1,455,491)		2
Business combination – Samauma	(21,007)		—		—		(469)		—		11,944		—		(9,532)
Business combination – IPNET	300		—		—		—		(130)		(172)		—		(2)
Business combination – FiBrasil	631,169		—		42,203		445		3,836		—		—		677,653
Business combination – Cyber	—		—		1,228		—		—		—		—		1,228
Amortization	—		(659,138)		(1,276,396)		(44,105)		(11,239)		(8,029)		—		(1,998,907)
Balance on December 31, 2025	27,236,854		12,276,978		7,101,162		414,108		71,960		75,776		791,620		47,968,458
Additions	—		—		6,978		—		—		—		1,455,135		1,462,113
Write-offs, net	—		—		(12)		—		—		—		—		(12)
Net transfers(2)	—		—		1,867,912		—		—		—		(1,866,978)		934
Amortization (Note 25)	—		(659,138)		(1,377,303)		(44,047)		(11,466)		(7,054)		—		(2,099,008)
Balance on  June 30, 2026	27,236,854		11,617,840		7,598,737		370,061		60,494		68,722		379,777		47,332,485
Balance on December 31, 2025
Cost	27,236,854		29,772,875		33,811,189		1,679,752		4,583,991		336,367		791,620		98,212,648
Accumulated amortization	—		(17,495,897)		(26,710,027)		(1,265,644)		(4,512,031)		(260,591)		—		(50,244,190)
Total	27,236,854		12,276,978		7,101,162		414,108		71,960		75,776		791,620		47,968,458
Balance on June 30, 2026
Cost	27,236,854		29,772,875		35,682,082		1,679,752		4,583,991		336,367		379,777		99,671,698
Accumulated amortization	—		(18,155,035)		(28,083,345)		(1,309,691)		(4,523,497)		(267,645)		—		(52,339,213)
Total	27,236,854		11,617,840		7,598,737		370,061		60,494		68,722		379,777		47,332,485

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

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

34 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

14.b. Annual amortization rates

		Company								Consolidated
Description		30.06.2026				31.12.2025				06.30.2026				12.31.2025
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	23.53%
Customer portfolio		10.00 %	to	12.50 %		10.00 %	to	12.50 %		9.70 %	to	20.69 %		10.00 %	to	20.69 %
Other intangible assets		20.00 %				20.00 %				16.67%	to	25.00%		16.67%	to	25.00%

35 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

15. PERSONNEL, SOCIAL CHARGES AND BENEFITS

		Company				Consolidated
		06.30.2026		12.31.2025		06.30.2026		12.31.2025
Social charges and benefits		720,091		568,166		817,405		645,291
Profit sharing		291,563		489,023		313,587		533,219
Share-based payment plans (Note 29)		144,242		151,325		147,934		154,736
Salaries and wages		36,872		42,914		90,656		94,518
Others		—		—		32,289		31,611
Total		1,192,768		1,251,428		1,401,871		1,459,375
Current		1,139,148		1,171,475		1,315,059		1,346,202
Non-current		53,620		79,953		86,812		113,173

16. TRADE ACCOUNTS PAYABLE

The Company and/or its subsidiaries do not offer financing agreements to suppliers.

		Company				Consolidated
		06.30.2026		12.31.2025		06.30.2026		12.31.2025
Sundry suppliers (Opex, Capex, Services e Material)		8,385,232		8,354,699		9,137,306		9,020,559
Related parties (Note 28)		652,722		604,018		375,999		319,751
Amounts payable (operators, cobilling)		290,213		291,670		290,215		291,670
Interconnection / interlink		220,499		229,314		220,499		229,314
Total		9,548,666		9,479,701		10,024,019		9,861,294

17. TAXES, CHARGES AND CONTRIBUTIONS PAYABLE

		Company				Consolidated
		06.30.2026		12.31.2025		06.30.2026		12.31.2025
Fistel(1)		7,341,381		6,147,772		7,341,381		6,147,772
ICMS		1,390,491		1,332,544		1,483,372		1,417,412
PIS and COFINS		222,260		215,904		247,999		233,775
Fust and Funttel		109,980		106,635		109,980		106,635
Other taxes		215,205		175,821		234,142		191,812
Total		9,279,317		7,978,676		9,416,874		8,097,406
Current		1,557,879		1,467,678		1,622,493		1,516,170
Non-current		7,721,438		6,510,998		7,794,381		6,581,236

(1) This refers to outstanding balances from 2020 to 2025 whose enforceability is suspended, according to decisions of the Federal Regional Court of the First Region, and there is no prospect of the judgment being concluded in the short term. The amount is classified as a non-current liability and is updated by the SELIC rate.

36 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

18. DIVIDENDS AND INTEREST ON EQUITY

Article 8 of Complementary Law No. 224, of December 26, 2025, amended item 2 of Article 9 of Law No. 9,249, of December 25, 1995, increasing the withholding income tax on JSCP (Interest on Equity) from 15% to 17.5% on the date of payment or credit to the beneficiary. This amendment is effective from January 1, 2026.

18.a. Dividends and interest on equity payable

18.a.1. Balances

		Consolidated
		06.30.2026		12.31.2025
Telefónica		580,479		1,002,973
Telefónica Latinoamérica Holding		558,009		962,667
Telefónica Chile		—		1,481
Non-controlling interest		544,035		807,423
Total		1,682,523		2,774,544

18.a.2. Changes in balances

		Consolidated
		2026		2025
Balance at the beginning of the year		2,774,544		2,237,090
Intermediate interest declared (net of withholding tax, official rate)		1,419,000		1,122,000
Unclaimed dividends and interest on equity		(45,108)		—
Payment of dividends and interest on equity		(2,502,977)		(1,869,081)
Withholding Income Tax (IRRF) on Interest on Equity (JSCP) of exempt/immune shareholders		37,064		7,182
Balance on June 30		1,682,523		1,497,191
Intermediate interest declared (net of withholding tax, official rate)				1,742,500
Unclaimed dividends and interest on equity				(150,553)
Payment of dividends and interest on equity				(318,321)
Withholding Income Tax (IRRF) on Interest on Equity (JSCP) of exempt/immune shareholders				3,727
Balance at the end of the period				2,774,544

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

19. PROVISIONS FOR LEGAL PROCEEDINGS 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 June 30, 2026, 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, 2025.

37 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

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 claims
	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, 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)	55,141		11,105		128,140		208,717		(9,324)		6,460		(6,873)		(90,663)		302,703
Other additions(1)	(75,119)		(172,320)		—		—		—		—		3,808		—		(243,631)
Write-offs due to payment	(7,586)		(263)		(218,986)		(232,150)		—		(39)		—		—		(459,024)
Interest accruals (Note 27)	52,264		44,336		66,634		113,607		47,474		—		7,153		—		331,468
Balance on  June 30, 2025	1,887,201		1,033,953		1,382,041		981,572		1,091,662		47,426		413,037		—		6,836,892
Additions (reversal), net	51,229		4,937		127,715		168,760		(13,484)		(3,164)		(16,379)		—		319,614
Other additions	—		—		—		—		—		—		6,194		—		6,194
Write-offs due to payment	(54,669)		(9,899)		(171,454)		(282,108)		—		(2,312)		—		—		(520,442)
Interest accruals	85,234		44,971		91,024		93,818		63,954		—		7,076		—		386,077
Balance on December 31, 2025	1,968,995		1,073,962		1,429,326		962,042		1,142,132		41,950		409,928		—		7,028,335
Additions (reversal), net (Note 26)	27,692		4,139		208,836		117,186		(8,126)		(12,573)		(4,861)		—		332,293
Other additions(1)	(69,823)		—		—		—		—		—		7,356		—		(62,467)
Write-offs due to payment	(72,707)		(12,354)		(150,192)		(163,820)		—		(822)		—		—		(399,895)
Interest accruals (Note 27)	(12,128)		27,554		92,052		70,403		79,157		—		2,650		—		259,688
Balance on  June 30, 2026	1,842,029		1,093,301		1,580,022		985,811		1,213,163		28,555		415,073		—		7,157,954
Balance on December 31, 2025
Current	79,768		55,651		745,614		659,582		—		41,950		—		—		1,582,565
Non-current	1,889,227		1,018,311		683,712		302,460		1,142,132		—		409,928		—		5,445,770
Total	1,968,995		1,073,962		1,429,326		962,042		1,142,132		41,950		409,928		—		7,028,335
Balance on June 30, 2026
Current	105,630		70,088		925,409		658,401		658,089		28,555		—		—		2,446,172
Non-current	1,736,399		1,023,213		654,613		327,410		555,074		—		415,073		—		4,711,782
Total	1,842,029		1,093,301		1,580,022		985,811		1,213,163		28,555		415,073		—		7,157,954

38 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

	Consolidated
	Provision for legal claims
	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, 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)	55,133		11,105		129,268		208,752		(9,324)		6,461		(9,542)		(90,663)		301,190
Other additions (reversal)(1)	(75,119)		(172,320)		—		2		(1,780)		—		3,808		—		(245,409)
Write-offs due to payment	(7,579)		(263)		(220,163)		(234,645)		—		(39)		—		—		(462,689)
Business combination – IPNET	—		—		—		—		—		—		—		—		—
Business combination – Samauma	4,189		—		—		4,572		2,368		—		—		—		11,129
Business combination – FiBrasil	—		—		—		—		—		—		—		—		—
Business combination – Cyber	—		—		—		—		—		—		—		—		—
Interest accruals (Note 27)	56,624		44,336		66,406		114,265		48,259		—		7,153		—		337,043
Balance on  June 30, 2025	2,056,235		1,033,953		1,386,652		1,028,487		1,114,662		47,427		413,633		—		7,081,049
Additions (reversal), net	51,448		4,937		128,718		169,242		(17,416)		(3,165)		(16,378)		—		317,386
Other additions	—		—		—		—		1,780		—		6,194		—		7,974
Write-offs due to payment	(54,878)		(9,899)		(172,451)		(284,424)		(1,544)		(2,312)		—		—		(525,508)
Business combination – IPNET	(38,123)		—		—		(24,795)		—		—		—		—		(62,918)
Business combination – Samauma	595		—		—		(3,999)		94		—		—		—		(3,310)
Business combination – FiBrasil	—		—		—		1,528		24,065		—		—		—		25,593
Business combination – Cyber	1,663		—		—		158		—		—		—		—		1,821
Interest accruals	88,131		44,971		91,746		92,355		64,994		—		7,075		—		389,272
Balance on December 31, 2025	2,105,071		1,073,962		1,434,665		978,552		1,186,635		41,950		410,524		—		7,231,359
Additions (reversal), net (Note 26)	27,725		4,140		209,449		117,887		(8,126)		(11,977)		(5,457)		—		333,641
Other additions (reversal)(1)	(69,823)		—		—		—		—		—		7,356		—		(62,467)
Write-offs due to payment	(72,758)		(12,354)		(151,612)		(164,434)		—		(822)		—		—		(401,980)
Interest accruals (Note 27)	(8,425)		27,553		91,837		70,593		78,585		—		2,650		—		262,793
Balance on  June 30, 2026	1,981,790		1,093,301		1,584,339		1,002,598		1,257,094		29,151		415,073		—		7,363,346
Balance on December 31, 2025
Current	89,274		55,651		749,193		662,626		8,166		41,950		596		—		1,607,456
Non-current	2,015,797		1,018,311		685,472		315,926		1,178,469		—		409,928		—		5,623,903
Total	2,105,071		1,073,962		1,434,665		978,552		1,186,635		41,950		410,524		—		7,231,359
Balance on June 30, 2026
Current	115,217		70,088		928,422		660,993		665,664		29,151		—		—		2,469,535
Non-current	1,866,573		1,023,213		655,917		341,605		591,430		—		415,073				4,893,811
Total	1,981,790		1,093,301		1,584,339		1,002,598		1,257,094		29,151		415,073		—		7,363,346

(1) In 2025, the more significant events affecting in the tax and regulatory provisions were: (i) tax: due to the Company's adherence to tax amnesty programs in several States, with gains from the reversal of provisions for contingencies of R$25,638 (Note 26), gains from the reversal of financial expenses and of interest accruals on provisions for contingencies of R$65,990 (Note 27) and assumption of debt of R$75.119 (Note 20); and (ii) regulatory: due to adherence to the Desenrola program.

In 2026, the more significant events affecting in the tax provisions were the installment payments of federal debts: R$62,822 of INSS/SAT and R$7,001 of IPI, which were transferred to the group of "Loans, financing, debentures, leases and other creditors", Note 20.a.3.

19.b. Tax provision and contingencies

The Tax Amnesty Program

Municipality of São Paulo

The Municipality of São Paulo, based on Laws No. 5,172/66, No. 17,324/2020, Decree No. 60,939/2021 and PGM Ordinance No. 48/2023, launched the tax amnesty and refinancing program for municipal debts, aimed at the settlement and installment payment of tax debts, with the objective of regularizing taxpayer obligations by granting discounts (“Get Up-to-Date Program”).

39 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

The PGM Transaction Notice No. 2/2025 allowed the payment of municipal debts with a reduction of up to 95% of interest and fines, when paid in a single installment.

On June 23, 2026, the Management, supported by the opinion of its legal advisors, joined the "Get Up-to-Date" Program for ISS (Service Tax), with respect to its R$99,116 balance. Under, the program, the balance was reduced to R$31,710.

Upon joining the "Get Up-to-Date" Program, the Company recorded: (i) a write-off of the balance of provisions for contingencies of R$99,116 (Note 19); (ii) cash payment of R$31,710; (iii) reversed accrued interest on the provisions for contingencies of R$55,787 (Note 27) and reversed provisions for contingencies of R$11,619 (Note 26).

		Company				Consolidated
Nature/Expected Risk of loss		06.30.2026		12.31.2025		06.30.2026		12.31.2025
Probable risk of loss		1,842,029		1,968,995		1,981,790		2,105,071
Federal		677,947		700,738		816,006		835,180
State		410,635		494,960		412,337		496,594
Municipal		46,092		132,899		46,092		132,899
FUST		707,355		640,398		707,355		640,398
Probable risk of loss		52,070,993		50,649,037		52,557,622		51,086,071
Federal		4,440,009		5,775,198		4,469,286		5,803,304
State		35,779,028		33,476,863		35,790,569		33,477,423
Municipal		425,748		428,867		842,105		808,770
FUST, FUNTTEL and FISTEL		11,426,208		10,968,109		11,455,662		10,996,574

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 value; (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.

40 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

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.

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.

These include: (i) alleged non-compliance from the non-approval of compensation requests made by the Company; (ii) INSS on: (a) SAT, Social Security and amounts owed to third parties (INCRA and SEBRAE); (b) 11% withholding (labor outsourcing); and (c) Stock Options requirement for social security contributions on amounts paid by group companies to their employees through a stock purchase plan; (iii) COFINS deductions for losses from swap transactions; (iv) PIS and COFINS on: (a) value-added services; and (b) monthly subscription service; (v) IPI transfers from the Company's premises of equipment known as "Fixed access unit"; (vi) exclusion of ICMS from the calculation basis of PIS and COFINS; and (vii) disallowance of PIS and COFINS credits.

State taxes

The Company and/or its subsidiaries maintain several administrative and judicial actions at the state level, related to ICMS (Tax on Circulation of Goods and Services), which are awaiting judgment at various court levels, including: (i) rental of movable property; (ii) reversal of out-of-period credits; (iii) provision of services outside the Srate of São Paulo with collection for the State of São Paulo; (iv) co-billing; (v) tax substitution with unfounded calculation basis (tax schedule); (vi) use of credits from the acquisition of electricity; (vii) ancillary activities, value-added and supplementary services; (viii) tax credits related to challenges/contests regarding telecommunications services not provided or erroneously charged (Agreement 39/01); (ix) deferred collection related to interconnection (Detraf); (x) credits arising from tax benefits; (xi) disallowance of tax incentives related to cultural projects; (xii) crediting of goods intended for fixed assets and transfers of these goods between own establishments; (xiii) credits for the tax on communication services used in the provision of services of the same nature; (xiv) activation of recharges in the prepaid service; (xv) reversal of credit resulting from a loan operation, in the assignment of networks (own consumption and exemption for public bodies); (xvi) CDR/Detraf fine; (xvii) own consumption; (xviii) exemption for public bodies; (xix) amounts given as discounts; (xx) monthly subscription with discussion about minutes allowance; and (xxi) fine for non-compliance with ancillary 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.

41 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

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.

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 June 30, 2026 and December 31, 2025, the consolidated amount totaled R$6,421,110 and R$6,166,037, respectively.

Fund for Technological Development of Telecommunications (“FUNTTEL“)

Proceedings have been filed to exempt interconnection revenues and any others arising from the use of resources that are party of the networks in the FUNTTEL tax calculation basis, as determined by Law 10,052/2000 and Decree No. 3,737/2001, pursuant to 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 June 30, 2026 and December 31, 2025, the consolidated amount totaled R$2,487,217 and R$2,344,915, 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 June 30, 2026 and December 31, 2025, the consolidated amount totaled R$2,547,335 and R$2,485,622, respectively.

19.c. Regulatory provision and contingencies

		Company / Consolidated
Nature/Expected Risk of loss		06.30.2026		12.31.2025
Probable		1,093,301		1,073,962
Possible		3,343,021		3,237,934

42 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(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 paying amounts for ANATEL, prospectively, 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$1,004,201 and R$989,545 on June 30, 2026 and December 31, 2025, 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$89,100 and R$84,417 on June 30, 2026 and December 31, 2025, respectively.

43 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(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 the revenues to be included in the calculation of the fee due for the extension of radio frequencies associated with SMP (except for SMP data revenues, as informed in item c.1 of this Note). In ANATEL's view, the fee should of 2% is applied to all economic benefits arising from the provision of the SMP service. However, in the Company's view, revenues that are not part of the SMP service plans, such as interconnection, SVA, revenues earned in the 15th year of the license validity, and others, should not be considered in the fee calculation. Accordingly, the Company filed administrative claims and lawsuits to challenge ANATEL's fee charges. In July 2024, the ANATEL Board of Directors judged the PAC (Annual Permit for the Development of the Telecommunications Sector) regarding the calculation of the burden for the 2016 biannual period, related to the extension of the radio frequency associated with the SMP (Mobile Personal Service), the result of which was partially favorable to the Company, insofar as it decided to include the terms of lesser scope in the calculation methodology, resulting in a reduction of values. ANATEL has already recalculated for 2017, 2018, and 2022 to reflect the effects of the decision, with the remaining ones pending recalculation by ANATEL. It is estimated that, with a prognosis of possible loss of the SMP burden, the contingency is estimated at R$1,257,529 and R$1,182,102 on June 30, 2026 and December 31, 2025, respectively.

• In 2026, R$34,853 was received upon filing the SMP (Mobile Personal Service) burden declaration for the 2025/2026 biennium, under PAC No. 53500.099440/2025-06, relating to items that the Company considers controversial and are the subject of dispute with ANATEL (Brazilian National Telecommunications Agency).

• 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 plus interest totals R$43,337 and R$43,260 on June 30, 2026 and December 31, 2025, 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 lower courts awaiting a ruling.

• The PADO that deals with coverage targets for which the fine applied was R$127,741, plus interest totaling R$193,118 and R$184,486 on June 30, 2026 and December 31, 2025, respectively, in lieu of settling the fine in cash by providing investment in the installation of a 4G radio base station in 188 locations with no 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 plus interest totals R$43,161 and R$40,524 on June 30, 2026 and December 31, 2025, respectively. As the original PADO has no final decision yet, a request was made to suspend the PAC, which was accepted by ANATEL.

The consolidated estimates totaled R$1,537,145 and R$1,450,372 on June 30, 2026 and December 31, 2025, respectively.

In addition to the 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 courts (Note 19.c.1.), namely: General User Rights (“DGU”); Quality and Relationship between Providers. The consolidated amounts involved totaled R$1,331,338 and R$1,315,968 on June 30, 2026 and December 31, 2025, respectively.

44 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(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$474,538 and R$471,594 on June 30, 2026 and December 31, 2025, respectively.

19.d. Civil provision civil contingencies

		Company				Consolidated
Nature/Estimated Risk of loss		06.30.2026		12.31.2025		06.30.2026		12.31.2025
Probable		1,580,022		1,429,326		1,584,339		1,434,665
Possible		1,866,382		1,799,895		1,886,536		1,815,801

19.d.1. Civil provisions

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

• The Company is a party to proceedings involving rights to the supplementary amounts from shares calculated on community telephony equipment 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 June 30, 2026 and December 31, 2025, the provision was R$102,663 and R$133,322, 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 June 30, 2026 and December 31, 2025, the provision was R$252,228 and R$250,015, 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 June 30, 2026 and December 31, 2025, the provision was R$1,229,448 and R$1,051,328, 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.

45 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(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/Estimated Risk of loss		06.30.2026		12.31.2025		06.30.2026		12.31.2025
Probable		985,811		962,042		1,002,598		978,552
Possible		1,163,040		1,132,609		1,185,093		1,151,825

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.

46 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

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

On June 30, 2026, 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, 2025, except for the proceeds from installment payments of federal debts, described in Note 20.a.3.

20.a. Balances

		Consolidated
		30.06.2026						31.12.2025
		Current		Non-current		Total		Current		Non-current		Total
Leases (a.1)		4,700,341		10,084,372		14,784,713		4,883,176		10,549,678		15,432,854
Debentures (a.2)		152,749		2,941,671		3,094,420		161,453		2,905,512		3,066,965
Loans and financing		356,226		1,481,150		1,837,376		304,235		1,542,627		1,846,862
5G Licenses		72,065		1,008,915		1,080,980		68,932		965,032		1,033,964
Liabilities for acquisition of a company		75,245		190,061		265,306		42,251		234,048		276,299
Tax Refinancing and Amnesty Program		120,945		205,687		326,632		158,295		247,010		405,305
Financial institutions		878		474		1,352		2,200		1,474		3,674
Other creditors (a.3)		87,093		76,013		163,106		32,557		95,063		127,620
Total		5,209,316		14,507,193		19,716,509		5,348,864		14,997,817		20,346,681

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 12.86% and 12.92%, with average maturity terms of 4.80 years and 4.86 years on June 30, 2026 and December 31, 2025, respectively.

The balances of the lease payables are as follows:

		Consolidated
		06.30.2026		12.31.2025
Nominal value payable		19,789,141		20,692,942
Unrealized financial expenses		(5,004,428)		(5,260,088)
Present value payable		14,784,713		15,432,854
Current		4,700,341		4,883,176
Non-current		10,084,372		10,549,678

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.

47 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

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 June 30, 2026 and December 31, 2025, all applicable covenants had been complied with by the Company.

On April 15, 2024, FiBrasil issued a single series of simple debentures in the amount of R$865,000, not convertible into shares, unsecured, under the terms of the Issuance Deed and article 58 of the Brazilian Corporations Law, and without any additional real or personal guarantee. It placed 865,000 debentures with a nominal unit value of R$1,000.00 (one thousand reais). The total term of the debentures is 10 years, maturing in April 2034, inflation indexed by the Broad National Consumer Price Index (“IPCA”). The balance is due in 5 consecutive annual installments, starting in April 2030 and ending in April 2034.

The interest on the debentures will accrue at a rate of 7.36% per year, calculated on a basis of 252 business days, on the updated nominal value of the debentures, adjusted for inflation (IPCA). Interest payments will be made semi-annually, in April and October of each year, with the first payment made in October 2024 and the last payment on the maturity date of the debentures, in April 2034.

The deed of issuance includes covenants; the ratio of Net Debt/EBITDA must be less than or equal to 3.5x.

On June 30, 2026 and December 31, 2025, the applicable covenants had been met by FiBrasil.

20.a.3. Loans and financing - Other creditors

In the first half of 2026, federal tax installment payments were:

Federal debt installment payments (INSS/SAT): installment payment of debts related to Judicial Process No. 0013103-79.2013.4.03.6182 - INSS/SAT in the amount of R$62,822. Of this amount, R$10,470 was paid and the remaining balance of R$52,352 will be paid in monthly installments adjusted by the SELIC rate, with the final installment due in November 2026. The balance on June 30, 2026 was R$52,352.

48 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

Federal debt installments (IPI/II): installment payment of debt related to Judicial Process No. 5014668-93.2011.4.04.7100 - IPI/II in the amount of R$7,001. Of this amount, R$1,166 was paid and the remaining balance of R$5,833 will be paid in monthly installments adjusted by the SELIC rate, with the final installment due in October 2026. The balance as of June 30, 2026 was R$4,702.

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		3,530,639		2,000,000		72,065		54,224		107,653		474		73,566		5,838,621
25 to 36 months		2,638,106		—		72,065		120,340		94,159		—		2,447		2,927,117
37 to 48 months		1,766,389		—		72,065		7,390		3,875		—		—		1,849,719
49 to 60 months		871,443		188,334		72,065		8,107		—		—		—		1,139,949
From 61 months		1,277,795		753,337		720,655		—		—		—		—		2,751,787
Total		10,084,372		2,941,671		1,008,915		190,061		205,687		474		76,013		14,507,193

49 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(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, 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, no effect on cash and cash equivalents	1,071,274		—		—		—		—		126,388		169,593		1,367,255
Exchange variation (Note 27)	—		—		—		—		—		—		100		100
Financial charges / Fair value (Note 27)	835,779		246,664		45,247		392		9,781		23,470		17,456		1,178,789
Settlement by offsetting judicial deposit	—		—		—		—		—		(38,745)		—		(38,745)
Business combination – Samauma	—		—		—		11,921		58,000		—		—		69,921
Write-offs (cancellation of contracts)	(105,372)		—		—		—		—		—		—		(105,372)
Write-offs (payments) – Principal	(1,721,960)		—		—		(10,897)		(26,058)		(67,065)		(80,452)		(1,906,432)
Write-offs (payments) – financial charges	(773,924)		(210,154)		—		(392)		(3,240)		(12,805)		(15,841)		(1,016,356)
Balance on  June 30, 2025	14,552,403		3,731,724		1,050,217		5,910		271,832		475,605		227,999		20,315,690
Income, no effect on cash and cash equivalents	2,628,863		—		—		—		—		3,378		(3,378)		2,628,863
Exchange variation	—		—		—		—		—		—		143		143
Financial charges / Fair value	868,066		185,278		52,679		256		6,519		17,019		16,446		1,146,263
Business combination – Samauma	—		—		—		738		(13,549)		—		—		(12,811)
Business combination – FiBrasil	82,533		904,164		—		—		—		—		—		986,697
Business combination – CyberCo Brasil	—		—		—		—		16,332		—		—		16,332
Business combination – Vale Saúde Sempre	(116,505)		—		—		—		—		—		—		(116,505)
Write-offs (cancellation of contracts)	(1,600,071)		(1,500,000)		(46,437)		(2,849)		(4,451)		(68,646)		(103,138)		(3,325,592)
Write-offs (payments) – financial charges	(982,435)		(254,201)		(22,495)		(381)		(384)		(22,051)		(10,452)		(1,292,399)
Balance on December 31, 2025	15,432,854		3,066,965		1,033,964		3,674		276,299		405,305		127,620		20,346,681
Income, no effect on cash and cash equivalents	1,239,035		—		—		—		—		—		69,823		1,308,858
Exchange variation (Note 27)	—		—		—		—		—		—		(4,223)		(4,223)
Financial charges / Fair value (Note 27)	884,389		220,803		47,016		192		18,004		17,860		8,193		1,196,457
Write-offs (cancellation of contracts)	(43,752)		—		—		—		—		—		—		(43,752)
Write-offs (payments) – Principal	(1,823,730)		—		—		(2,311)		(24,481)		(68,860)		(20,672)		(1,940,054)
Write-offs (payments) – financial charges	(904,083)		(193,348)		—		(203)		(4,516)		(27,673)		(17,635)		(1,147,458)
Balance on  June 30, 2026	14,784,713		3,094,420		1,080,980		1,352		265,306		326,632		163,106		19,716,509

50 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

21. DEFERRED REVENUE

		Company				Consolidated
		06.30.2026		12.31.2025		06.30.2026		12.31.2025
Contractual Liabilities (customer contracts)(1)		932,039		771,870		1,219,257		1,078,029
Disposal of PP&E(2)		53,306		56,121		53,729		56,130
Government grants		670		1,180		670		1,180
Software licenses (resale)(3)		—		—		234,266		159,506
Other		7,807		7,828		7,918		7,820
Total		993,822		836,999		1,515,840		1,302,665
Current		851,475		711,283		1,291,411		1,076,293
Non-current		142,347		125,716		224,429		226,372

(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.

22. OTHER LIABILITIES

		Company				Consolidated
		06.30.2026		12.31.2025		06.30.2026		12.31.2025
Reverse split and share split (Note 23)(1)		824,036		824,723		824,036		824,723
Surplus from post-employment benefit plans (Note 30)		808,262		777,083		818,254		786,546
Liabilities payable to ANATEL(2)		1,065,823		995,457		1,065,823		995,457
Third-party withholdings(3)		172,577		205,231		187,577		229,176
Liabilities with related parties (Note 28)		139,917		146,536		131,531		138,628
Amounts to be refunded to customers		94,647		103,230		100,097		108,166
Other liabilities		153,049		105,111		153,837		106,476
Total		3,258,311		3,157,371		3,281,155		3,189,172
Current		1,390,167		1,417,801		1,403,199		1,440,321
Non-current		1,868,144		1,739,570		1,877,956		1,748,851

(1) Refers to the Company's reserve share split (Note 23.a.2).

(2) Includes amounts related to the cost of renewing STFC and SMP licenses.

(3) Refers to withholdings on payroll and taxes withheld at source on interest on equity and on the 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, once the authorized capital increase limit has been reached.

51 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

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

The information regarding the Company's capital reductions, which occurred and became effective on April 4, 2024 (R$1,500,000) and February 17, 2025 (R$2,000,000), is the same as in Note 24.a.1) Company Capital Reduction, disclosed in the financial statements for the year ended December 31, 2025.

As at the latest balance sheet date, the Company had already paid, in 2025, the net amount of withholding income tax of R$3,408,907 to the identified shareholders, leaving an amount of R$91,093 that will remain available to these shareholders for the statutory limitation period.

Capital Reduction in 2026

In a Material Fact notice disclosed on March 12, 2026, the Company informed its shareholders and the market in general that the proposal to reduce the Company's share capital by R$4,000,000 was approved at an Extraordinary General Meeting (“EGM”), without the cancellation of shares and through the restitution to shareholders of part of the value of their shares, pursuant to article 173 of the Brazilian Corporations Law, maintaining unchanged the number of shares issued and the percentage of shareholder participation in the Company's share capital (“Reduction”). Given its approval at the Extraordinary General Meeting, the implementation of the capital reduction was subject to the lapse of a 60-day period counted from the publication of the respective minutes, as provided for in article 174 of the Brazilian Corporations Law.

On May 15, 2026, the Company informed its shareholders and the market in general that, in continuation of the Material Facts disclosed on December 9, 2025 and March 12, 2026, on May 14, 2026, the period provided for in article 174 of the Brazilian Corporations Law ended, so that the aforementioned reduction became fully effective. Consequently, the Company's share capital was reduced from R$60,071,416 to R$56,071,416.

This Reduction payment was made on July 14, 2026, net of withholding income tax, in Brazilian currency, in the amount of R$1.25171862845 per common share issued by the Company, considering a total of 3,195,606,352 common shares into which its share capital is divided, excluding the 30,940,270 shares held in treasury as of December 31, 2025, considering the shareholding position recorded in the Company's records at the end of the day on May 22, 2026, after which date the shares issued by the Company were considered ex-rights of the refund.

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

The information regarding the Company's Share Grouping (reserve split), which occurred on April 15, 2025 and May 19, 2025, respectively, is the same as that in Note 24.a.2) Share Grouping and Split, disclosed in the financial statements for the year ended December 31, 2025.

As the latest balance sheet date, the Company had already paid R$125,318 (R$687 in 2026 and R$124,631 in 2025) to the identified fractional shareholders, leaving R$824,036 available to unidentified holders or those with incomplete registration data. These amounts do not bear interest.

52 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

Composition of the Company's Capital

The subscribed and paid-in share capital was R$56,071,416 and R$60,071,416 on June 30, 2026 and December 31, 2025, represented by book-entry shares with no par value, held as follows:

		06.30.2026				12.31.2025
Shareholders		Number		%		Number		%
Controlling Group		2,488,480,640		77.13 %		2,488,480,640		77.13 %
Telefónica		1,268,797,680		39.33 %		1,268,797,680		39.33 %
Telefónica Latinoamérica Holding		1,219,682,960		37.80 %		1,217,810,000		37.74 %
Telefónica Chile		—		— %		1,872,960		0.06 %
Other shareholders		707,125,712		21.91 %		707,125,712		21.91 %
Treasury Shares		30,940,270		0.96 %		30,940,270		0.96 %
Total shares		3,226,546,622		100.00 %		3,226,546,622		100.00 %
Treasury Shares		(30,940,270)				(30,940,270)
Total shares outstanding		3,195,606				3,195,606
Book value per outstanding share:
Em 06/30/2026								R$ 20.54
Em 12/31/2025								R$ 21.51

On February 24, 2026, Telefónica Latinoamérica Holding acquired the shareholding that Telefónica Chile held in the Company.

23.b. Company's share buyback program

On February 20, 2026, the Company's Board of Directors approved: (i) the termination, on February 20, 2026, of the previously existing share buyback program (which had been approved by the Board of Directors at a meeting held on February 25, 2025). During the term of said program, 49,613,856 common shares issued by the Company were acquired, of which 34,740,770 were cancelled on July 24, 2025, with the remainder being held in treasury, cancelled or sold; and (ii) the creation of a new share buyback program for 2026 and 2027.

The Company's new share buyback program, approved on February 20, 2026, aims to acquire common shares issued by the Company be held in treasury, subsequent cancellation or sale, without reducing the share capital, in order to increase shareholder value through the efficient use of available cash resources, optimizing the Company's capital structure.

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 billion.

This program began on February 23, 2026 and will end on February 22, 2027.

In the period ended June 30, 2026, the Company did not repurchase any common shares.

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, 2025.

The balances were R$(371,190) and R$(110,078) on June 30, 2026 and December 31, 2025, , respectively. Changes in the balance were due to the capital transaction for the acquisition of the non-controlling shareholders' stake in FiBrasil, Note 1.c.1.

53 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(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, 2025, except for the tax incentive reserves of R$19,625.

The balances were R$8,754,977 and R$8,735,352 on June 30, 2026 and December 31, 2025, 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 2026

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, 2026, subject to ratification by the Shareholders' General Meeting to be held in 2027, as follows:

Dates
Approval		Credit		Payment		Gross Amount		Net Value		Amount per Share, Net
12.02.2026		23.02.2026		30.04.2027		325,000		268,125		0.08390426431
13.03.2026		25.03.2026		30.04.2027		200,000		165,000		0.05163339342
15.04.2026		27.04.2026		30.04.2027		365,000		301,125		0.09423094300
15.05.2026		27.05.2026		30.04.2027		600,000		495,000		0.15490018027
15.06.2026		26.06.2026		30.04.2027		230,000		189,750		0.05937840244
Total						1,720,000		1,419,000

The net values ​​shown in the table above consider the standard IRRF rate of 17.5%, and may be subject to change due to international treaties, tax immunities and exemptions, countries with preferential tax regimes, and privileged tax regimes.

23.e.2. Interest on Equity for 2025

Details are disclosed in Note 24) Equity, item e.1), disclosed in the financial statements for the year ended December 31, 2025.

On February 23, 2026, the Company informed shareholders that its Statutory Board resolved to set the date of April 14, 2026, for the payment of the JSCP (interest on equity) that were declared from April to December 2025.

At the Annual General Meeting held on April 16, 2026, management's accounts were approved, and the Financial Statements, accompanied by the Management Report, the Independent Auditors' Report, the Audit and Control Committee's Opinion, the Fiscal Council's Opinion, and the proposal for the allocation of results, relating to the fiscal year ended December 31, 2025, were examined, discussed, and voted on.

23.e.3. Unclaimed dividends and interest on equity

According to article 287, paragraph II, item “a” of the Brazilian Corporations Law, dividends and interest on equity not claimed by shareholders expire after 3 years, counted from the date of commencement of payment. The Company reverses the amount of expired and forfeited dividends and interest on equity once prescribed.

During the period ended June 30, 2026, the Company reversed prescribed dividends and interest on equity in the amount of R$45,108, which were included in the calculations for the Company's dividend resolutions.

54 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

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).

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

	Company / Consolidated
	Currency translation adjustments foreign		Financial assets at fair value		Derivative transactions		Total
Balance on  December 31, 2024	81,142		(9,287)		—		71,855
Translation losses	(842)		—		—		(842)
Losses from derivatives	—		—		(1,532)		(1,532)
Gains on financial assets at fair value	—		1		—		1
Balance on  June 30, 2025	80,300		(9,286)		(1,532)		69,482
Translation gains	1,655		—		—		1,655
Losses from derivatives	—		—		(46,063)		(46,063)
Losses on financial assets at fair value	—		(21)		—		(21)
Balance on December 31, 2025	81,955		(9,307)		(47,595)		25,053
Translation losses	(13,374)		—		—		(13,374)
Gains from derivatives	—		—		23,265		23,265
Gains on financial assets at fair value	—		—		—		—
Balance on  June 30, 2026	68,581		(9,307)		(24,330)		34,944

The changes in consolidated comprehensive income, along with the corresponding adjustments to the Balance Sheet and Income Statement line items, were:

			Currency translation adjustments foreign		Financial assets at fair value		Derivative transactions		Total
Balances as of December 31, 2025			81,955		(9,307)		(47,595)		25,053
Losses on the conversion of investments in a jointly controlled company located abroad.	Investments - Balance sheet		(13,374)		—		—		(13,374)
Fair value effects	Derivatives transactions - Balance sheet		—		—		25,028		25,028
Covered instrument lows	Derivatives trading - Operating result		—		—		10,222		10,222
Deferred income and social contribution taxes	Deferred income and social contribution taxes - Balance Sheet		—		—		(11,985)		(11,985)
Balances as of June 30, 2026			68,581		(9,307)		(24,330)		34,944

55 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

23.g. Non-controlling shareholders

		FiBrasil		Vivo Ventures		CloudCo Brasil		Total
Equity on December 31, 2025		1,434,482		249,642		150,355		1,834,479
Company		1,233,653		244,649		75,194		1,553,496
Non-controlling shareholders		200,829		4,993		75,161		280,983
Capital contributions in equity in the period		—		5,882		—		5,882
Company		—		5,764		—		5,764
Non-controlling shareholders		—		118		—		118
Statements of income movements in the period		(12,881)		(1,145)		(12,575)		(26,601)
Company		(9,660)		(1,124)		(6,288)		(17,072)
Non-controlling shareholders		(3,221)		(21)		(6,287)		(9,529)
Acquisition of equity stake in the period		—		—		—		—
Company		197,608		—		—		197,608
Non-controlling shareholders		(197,608)		—		—		(197,608)
Equity on June 30, 2026		1,421,601		254,379		137,780		1,813,760
Company(1)		1,421,601		249,289		68,906		1,739,796
Non-controlling shareholders		—		5,090		68,874		73,964

(1) The equity position of FiBrasil in the table above refers to May 18, 2026, the date of the acquisition of the non-controlling interest by the Company, Note 1.c.1.

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

		Three-month period ended				Six-month period ended
		30.06.2026		30.06.2025		30.06.2026		30.06.2025
Company's net income (Company)		1,572,557		1,344,454		2,833,640		2,402,666
Participation of non-controlling shareholders		(4,997)		(5,649)		(9,529)		(7,591)
IoTCo Brasil		—		423		—		1,489
FiBrasil		(961)		—		(3,221)		—
Vivo Ventures		(2)		(20)		(21)		97
CloudCo Brasil		(4,034)		(6,052)		(6,287)		(9,177)
Company's net income (Consolidated)		1,567,560		1,338,805		2,824,111		2,395,075

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
	Three-month period ended				Six-month period ended
	06.30.2026		06.30.2025		06.30.2026		06.30.2025
Net income for the period	1,572,557		1,344,454		2,833,640		2,402,666
Weighted average number of outstanding common shares for the period (in thousands)	3,195,606		3,237,445		3,195,606		3,241,136
Basic and diluted earnings per common share (R$)	0.49210		0.41528		0.89		0.74130

56 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

24. NET OPERATING REVENUE

	Company								Consolidated
	Three-month period ended				Six-month period ended				Three-month period ended				Six-month period ended
	06.30.2026		06.30.2025		06.30.2026		06.30.2025		06.30.2026		06.30.2025		06.30.2026		06.30.2025
Gross operating revenue	21,228,251		19,470,444		41,998,198		38,570,690		22,124,112		20,239,280		43,796,308		40,048,543
Services(1)	19,166,951		17,707,591		37,701,659		34,904,144		19,971,956		18,388,422		39,315,303		36,255,584
Sale of goods(2)	2,061,300		1,762,853		4,296,539		3,666,546		2,152,156		1,850,858		4,481,005		3,792,959
Deductions from gross operating revenue	(6,216,175)		(5,495,316)		(12,284,183)		(10,835,636)		(6,366,712)		(5,594,188)		(12,581,893)		(11,013,178)
Tax	(2,945,948)		(2,774,013)		(5,842,589)		(5,514,637)		(3,087,081)		(2,867,906)		(6,127,622)		(5,689,409)
Services	(2,538,710)		(2,439,787)		(5,011,392)		(4,827,863)		(2,660,531)		(2,512,631)		(5,260,178)		(4,966,975)
Sale of goods	(407,238)		(334,226)		(831,197)		(686,774)		(426,550)		(355,275)		(867,444)		(722,434)
Discounts granted and return of goods	(3,270,227)		(2,721,303)		(6,441,594)		(5,320,999)		(3,279,631)		(2,726,282)		(6,454,271)		(5,323,769)
Services	(2,749,916)		(2,196,063)		(5,354,619)		(4,230,079)		(2,749,931)		(2,196,061)		(5,354,673)		(4,230,077)
Sale of goods	(520,311)		(525,240)		(1,086,975)		(1,090,920)		(529,700)		(530,221)		(1,099,598)		(1,093,692)
Net operating revenue	15,012,076		13,975,128		29,714,015		27,735,054		15,757,400		14,645,092		31,214,415		29,035,365
Services	13,878,325		13,071,741		27,335,648		25,846,202		14,561,494		13,679,730		28,700,452		27,058,532
Sale of goods	1,133,751		903,387		2,378,367		1,888,852		1,195,906		965,362		2,513,963		1,976,833

(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 June 30, 2026 and 2025.

25. OPERATING COSTS AND EXPENSES

	Company
	Three-month period ended								Three-month period ended
	06.30.2026								06.30.2025
	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	(2,460,156)		(1,722,467)		(339,916)		(4,522,539)		(2,395,510)		(1,536,627)		(289,599)		(4,221,736)
Depreciation and amortization	(3,238,130)		(440,817)		(225,026)		(3,903,973)		(3,045,406)		(421,159)		(213,270)		(3,679,835)
Personnel	(285,776)		(874,634)		(351,515)		(1,511,925)		(288,469)		(863,199)		(349,602)		(1,501,270)
Cost of goods sold	(1,139,623)		—		—		(1,139,623)		(945,210)		—		—		(945,210)
Taxes, charges and contributions	(528,682)		(8,322)		(12,478)		(549,482)		(447,023)		(6,213)		(18,428)		(471,664)
Allowance for expected losses on accounts receivable (Note 5)	—		(368,566)		—		(368,566)		—		(357,625)		—		(357,625)
Rental, insurance, condominium and connection means	(346,735)		(19,550)		(13,900)		(380,185)		(360,302)		(19,696)		(13,128)		(393,126)
Materials and other operating costs and expenses	(42,066)		(33,224)		(15,966)		(91,256)		(22,408)		(29,926)		(16,685)		(69,019)
Total	(8,041,168)		(3,467,580)		(958,801)		(12,467,549)		(7,504,328)		(3,234,445)		(900,712)		(11,639,485)

57 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

	Company
	Six-month period ended								Six-month period ended
	06.30.2026								06.30.2025
	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	(4,797,041)		(3,510,544)		(642,644)		(8,950,229)		(4,760,854)		(3,152,204)		(556,352)		(8,469,410)
Depreciation and amortization	(6,389,443)		(873,234)		(442,154)		(7,704,831)		(6,111,881)		(845,717)		(428,293)		(7,385,891)
Personnel	(560,896)		(1,723,198)		(735,641)		(3,019,735)		(559,436)		(1,722,518)		(642,031)		(2,923,985)
Cost of goods sold	(2,391,888)		—		—		(2,391,888)		(1,984,845)		—		—		(1,984,845)
Taxes, charges and contributions	(1,032,251)		(18,640)		(24,522)		(1,075,413)		(960,057)		(15,080)		(33,794)		(1,008,931)
Allowance for expected losses on accounts receivable (Note 5)	—		(768,371)		—		(768,371)		—		(699,985)		—		(699,985)
Rental, insurance, condominium and connection means	(757,905)		(38,059)		(26,210)		(822,174)		(653,446)		(39,408)		(24,921)		(717,775)
Materials and other operating costs and expenses	(64,188)		(81,007)		(27,467)		(172,662)		(42,995)		(73,408)		(32,990)		(149,393)
Total	(15,993,612)		(7,013,053)		(1,898,638)		(24,905,303)		(15,073,514)		(6,548,320)		(1,718,381)		(23,340,215)

	Consolidated
	Three-month period ended								Three-month period ended
	06.30.2026								06.30.2026
	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	(2,890,718)		(1,722,834)		(349,873)		(4,963,425)		(2,784,517)		(1,537,561)		(302,465)		(4,624,543)
Depreciation and amortization(1)	(3,307,798)		(443,081)		(232,848)		(3,983,727)		(3,049,171)		(424,795)		(214,994)		(3,688,960)
Personnel	(374,608)		(911,164)		(399,187)		(1,684,959)		(364,139)		(884,778)		(384,424)		(1,633,341)
Cost of goods sold	(1,172,251)		—		—		(1,172,251)		(988,412)		—		—		(988,412)
Taxes, charges and contributions	(555,278)		(9,248)		(12,815)		(577,341)		(456,136)		(6,858)		(18,584)		(481,578)
Allowance for expected losses on accounts receivable (Note 5)	—		(405,083)		—		(405,083)		—		(403,087)		—		(403,087)
Rental, insurance, condominium and connection means(2)	(236,546)		(18,473)		(16,084)		(271,103)		(360,530)		(19,069)		(13,991)		(393,590)
Materials and other operating costs and expenses	(44,211)		(32,263)		(16,642)		(93,116)		(23,472)		(30,148)		(17,214)		(70,834)
Total	(8,581,410)		(3,542,146)		(1,027,449)		(13,151,005)		(8,026,377)		(3,306,296)		(951,672)		(12,284,345)

	Consolidated
	Six-month period ended								Six-month period ended
	30.06.2026								30.06.2026
	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	(5,688,725)		(3,494,349)		(665,601)		(9,848,675)		(5,510,552)		(3,152,680)		(587,343)		(9,250,575)
Depreciation and amortization(1)	(6,532,047)		(877,764)		(457,731)		(7,867,542)		(6,119,623)		(852,798)		(431,515)		(7,403,936)
Personnel	(732,747)		(1,792,835)		(826,897)		(3,352,479)		(707,817)		(1,765,130)		(708,068)		(3,181,015)
Cost of goods sold	(2,451,164)		—		—		(2,451,164)		(2,053,959)		—		—		(2,053,959)
Taxes, charges and contributions	(1,085,835)		(20,399)		(24,788)		(1,131,022)		(971,648)		(15,726)		(34,878)		(1,022,252)
Allowance for expected losses on accounts receivable (Note 5)	—		(839,697)		—		(839,697)		—		(787,144)		—		(787,144)
Rental, insurance, condominium and connection means(2)	(538,710)		(35,695)		(30,644)		(605,049)		(653,697)		(38,175)		(26,868)		(718,740)
Materials and other operating costs and expenses	(66,694)		(72,582)		(28,557)		(167,833)		(44,963)		(73,313)		(34,370)		(152,646)
Total	(17,095,922)		(7,133,321)		(2,034,218)		(26,263,461)		(16,062,259)		(6,684,966)		(1,823,042)		(24,570,267)

(1) Includes consolidated lease depreciation of 1,966,788 and R$1,817,406 for the quarters ended June 30, 2026 and 2025, 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$2,370 and R$2,250, for the quarters ended June 30, 2026 and 2025.

58 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

26. OTHER INCOME (EXPENSES), NET

	Company
	Three-month period ended				Six-month period ended
	06.30.2026		06.30.2025		06.30.2026		06.30.2025
Recovered expenses and fines	115,801		184,846		266,873		313,537
Provisions for legal claims (Note 19)(1)	(181,039)		(211,475)		(349,727)		(393,779)
Other operating income (expenses)(2)	64,965		(89,236)		64,375		(153,517)
Total	(273)		(115,865)		(18,479)		(233,759)
Other operating income	180,766		184,846		331,248		313,537
Other operating expenses	(181,039)		(300,711)		(349,727)		(547,296)
Total	(273)		(115,865)		(18,479)		(233,759)

	Consolidated
	Three-month period ended				Six-month period ended
	06.30.2026		06.30.2025		06.30.2026		06.30.2025
Recovered expenses and fines	115,705		185,132		267,738		314,287
Provisions for legal claims (Note 19)(1)	(182,172)		(212,714)		(351,075)		(394,934)
Other operating income (expenses)(2)	57,191		(89,155)		55,013		(151,769)
Total	(9,276)		(116,737)		(28,324)		(232,416)
Other operating income	172,896		185,132		322,751		314,287
Other operating expenses	(182,172)		(301,869)		(351,075)		(546,703)
Total	(9,276)		(116,737)		(28,324)		(232,416)

(1) 2026 and 2025, include R$11,619 and R$25,638, respectively, relating to the reversal of expenses for provisions for legal claims upon joining the tax amnesty programs (Note 19.b)

(2) 2026, includes a net gain of R$287,862 from the sale of copper, resulting from the ongoing process of replacing the Company's copper cable network with a fiber optic network, made possible by the migration from the STFC concession regime to the private STFC authorization regime, completed on April 11, 2025.

59 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

27. FINANCIAL INCOME (EXPENSES), NET

	Company
	Three-month period ended				Six-month period ended
	06.30.2026		06.30.2025		06.30.2026		06.30.2025
Financial Income
Gains from derivative transactions (Note 31)	64,051		41,760		124,468		97,662
Interest income	213,036		222,291		444,910		423,966
Foreign exchange and indexation credits	66,916		52,573		123,011		130,054
Interest (customers, taxes and other)	40,555		57,371		74,616		138,093
Other financial income	36,989		30,793		77,591		118,451
Total	421,547		404,788		844,596		908,226
Financial Expenses
Charges for financing, debentures and leases (Note 20)(1)	(541,599)		(593,413)		(1,095,423)		(1,159,867)
Provisions for legal claims (Note 19)(2)	(103,533)		(157,449)		(257,038)		(324,315)
Loss on derivative transactions (Note 31)	(78,307)		(69,756)		(179,641)		(158,760)
Interest (financial institutions, trade accounts payable, taxes and other)	(242,888)		(236,308)		(474,374)		(405,998)
Foreign exchange and indexation charges (suppliers, taxes and others)	(80,000)		6,216		(95,322)		(23,789)
Other financial expenses	(42,415)		(43,880)		(87,650)		(88,802)
Total	(1,088,742)		(1,094,590)		(2,189,448)		(2,161,531)
Financial income (expenses), net	(667,195)		(689,802)		(1,344,852)		(1,253,305)

60 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

	Consolidated
	Three-month period ended				Six-month period ended
	06.30.2026		06.30.2025		06.30.2026		06.30.2025
Financial Income
Gains from derivative transactions (Note 31)	92,537		56,817		173,590		115,393
Interest income	230,382		236,746		481,759		451,641
Foreign exchange and indexation credits	76,431		60,776		148,130		141,444
Foreign exchange gains on loans and financing (Note 20)	727		(1,642)		4,223		—
Interest (customers, taxes and other)	39,422		56,285		72,239		136,246
Other financial income	39,776		31,287		77,809		119,694
Total	479,275		440,269		957,750		964,418
Financial Expenses
Charges for financing, debentures and leases (Note 20)(1)	(595,419)		(602,240)		(1,196,457)		(1,178,789)
Provisions for legal claims (Note 19)(2)	(104,838)		(160,384)		(260,143)		(329,890)
Loss on derivative transactions (Note 31)	(107,910)		(86,000)		(250,025)		(186,482)
Interest (financial institutions, trade accounts payable, taxes and other)	(255,578)		(236,629)		(486,739)		(406,827)
Foreign exchange variation on loans and financing (Note 20)	—		(100)		—		(100)
Foreign exchange and indexation charges (suppliers, taxes and others)	(84,650)		1,465		(104,662)		(28,327)
Other financial expenses	(44,542)		(45,486)		(93,861)		(92,306)
Total	(1,192,937)		(1,129,374)		(2,391,887)		(2,222,721)
Financial income (expenses), net	(713,662)		(689,105)		(1,434,137)		(1,258,303)

(1) Includes consolidated lease charges of R$884,389 and R$868,066 for the periods ended June 30, 2026 and 2025, respectively (Note 20.c).

(2) 2026 and 2025, includes R$55,787 and R$65,990, respectively, relating to the reversal of expenses for provisions for legal claims resulting from adherence to tax amnesty programs (Note 19.b).

61 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(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 telephony services provided to Telefónica Group companies.

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

c) Contracts for the assignment of rights to use duct networks, duct leasing services for fiber optics, and contracts for the occupation of right-of-way with various highway concessionaires.

d) Shared services, passed on at the cost actually incurred.

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

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

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

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

i) Financial Clearing House Roaming, inflow of funds for payments and receipts derived from roaming operations.

j) Data communication services and integrated solutions.

k) Long-distance calling and international roaming services

l) Sale of assets.

m) Brand Fee for the assignment of trademark rights.

n) Rental of buildings, data circuits or infrastructure.

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.

62 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

The following table summarizes the consolidated balances with related parties:

				Balance Sheet – Assets
				06.30.2026						12.31.2025
Companies		Type of transaction		Cash and cash equivalents		Accounts receivable		Other assets		Cash and cash equivalents		Accounts receivable		Other assets
Parent Companies
Telefónica Móviles Chile, S.A.		k)		—		—		—		—		1,647		—
Telefónica Latinoamérica Holding, S.L.		d)		—		—		3,117		—		—		2,199
Telefónica, S.A.		d)		—		4,369		107		—		4,369		111
				—		4,369		3,224		—		6,016		2,310
Other Group companies
Telefónica Venezolana, C.A.		d) / k)		—		4		4,902		—		10,537		5,197
Terra Networks Mexico SA de CV		e)		—		567		—		—		1,174		—
Telefónica Global Solutions, S.L.U.		f) / k)		—		29,823		—		—		23,441		—
Telefónica Innovación Digital, S.L.		d)		—		—		12,793		—		—		9,608
Telefónica Serviços Empresariais do Brasil Ltda		d)		—		—		955		—		—		669
Telfisa Global B.V.		i)		11,915		—		—		16,694		—		—
Telxius Cable Brasil Ltda		a) / d) / f)		—		4,781		535		—		2,539		321
Celular De Telefonia SA de CV		d)		—		—		2,499		—		—		2,582
Telefônica Factoring do Brasil Ltda.		a) / b) / d)		—		156		1,851		—		1,795		55
Telefónica IoT & Big Data Tech, S.A.		d)		—		—		2,462		—		—		1,598
Telefónica Hispanoamérica, S.A.		d)		—		—		2,015		—		—		2,077
Telefónica Móviles España, S.A.U.		k)		—		1,746		—		—		953		—
Other				—		3,565		251		—		3,837		2,054
				11,915		40,642		28,263		16,694		44,276		24,161
Total				11,915		45,011		31,487		16,694		50,292		26,471
Current assets
Cash and cash equivalents (Note 3)				11,915		—		—		16,694		—		—
Trade accounts receivable (Note 5)				—		45,011		—		—		50,292		—
Other assets (Note 11)				—		—		31,329		—		—		26,317
Non-current assets
Other assets (Note 11)				—		—		158		—		—		154

63 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

				Balance Sheet – Liabilities
				06.30.2026				12.31.2025
Companies		Type of transaction		Trade accounts payable		Other liabilities and  leases		Trade accounts payable		Other liabilities and  leases
Parent Companies
Telefónica Móviles Chile, S.A.		k)		—		—		900		—
Telefónica Latinoamérica Holding, S.L.		d)		771		—		—		1,205
Telefónica, S.A.		d) / e) / m)		8,472		127,563		11,490		124,541
				9,243		127,563		12,390		125,746
Other Group companies
Telefónica Global Solutions Participações, Ltda		d) / e) /  f) / j) / k)		63,078		325		60,099		318
Telefónica Compras Electrónicas, S.L.		g)		39,071		—		31,253		—
Telefónica Innovación Digital, S.L.		h)		105,262		—		38,503		—
Telefónica Venezolana, C.A.		d) / k)		138		1,639		11,037		1,742
Telefónica Global Solutions, S.L.U.		e) / f) / j) / k)		25,526		—		54,769		—
Telxius Cable Brasil Ltda		d) / f) / l)		20,554		1,572		44,993		10,354
Companhia AIX Participações Ltda		c)		—		48,982		2,867		60,481
Telefónica IoT & Big Data Tech, S.A.		h)		35,719		—		33,477		—
Telefónica Global Technology S.A.		e)		45,476		—		1,750		—
Other				31,932		433		28,613		468
				366,756		52,951		307,361		73,363
Total				375,999		180,514		319,751		199,109
Current liabilities
Trade accounts payable and other payables (Note 16)				375,999		—		319,751		—
Leases (Note 20)				—		29,858		—		25,608
Other liabilities (Note 22)				—		130,966		—		138,026
Non-current liabilities
Leases (Note 20)				—		19,125		—		34,873
Other liabilities (Note 22)				—		565		—		602

64 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

				Statement of income
				Six-month period ended
				06.30.2026						06.30.2025
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 Móviles Chile, S.A.		k)		—		—		—		1,729		(1,694)		24
Telefónica Latinoamérica Holding, S.L.		d)		—		237		(50)		—		291		285
Telefónica, S.A.		d) / e) / m)		—		(279,303)		(1,017)		—		(272,150)		24,776
				—		(279,066)		(1,067)		1,729		(273,553)		25,085
Other Group companies
Telefónica Global Solutions Participações, Ltda		a) / d) / e) / f) / j) /  k) / n)		2,663		(38,748)		—		3,232		(33,334)		—
Telefónica Innovación Digital, S.L.		d) / e) / h)		—		(114,559)		4,394		—		(118,058)		9,289
Telefônica factoring do Brasil Ltda		a) / b) / d)		6		1,844		—		6		723		(2,331)
Telefónica Global Technology		e)		—		(36,454)		(962)		—		(34,583)		730
Telefónica Global Solutions, S.L.U.		e) / f) / j) / k)		18,170		(37,520)		1,148		16,546		(35,146)		1,111
Telxius Cable Brasil Ltda		a) / d) / e)  / f) / l)		4,478		(53,667)		3,247		3,572		(139,161)		3,163
Telefônica Cibersegurança e Tecnologia do Brasil Ltda		a) / d) / e) / n)		—		—		—		429		(129,798)		—
Companhia AIX Participações Ltda		a) / c)		27		—		(3,320)		78		—		(4,865)
Telefónica IoT & Big Data Tech, S.A.		d) / h)		—		(71,086)		2,274		—		(65,303)		5,852
FiBrasil Infraestrutura e Fibra Ótica S.A.		a) / c) / d) / e) / f) / j) / n)		—		—		—		4,439		(206,586)		5,643
Telefónica Móviles Argentina, S.A.		k)		—		—		—		4,226		(2,603)		482
Telefónica Venezolana, C.A.		d) / k)		2		(16)		2,450		3		(53)		(381)
Other				1,600		(52,805)		(406)		2,715		(54,598)		1,012
				26,946		(403,011)		8,825		35,246		(818,500)		19,705
Total				26,946		(682,077)		7,758		36,975		(1,092,053)		44,790

28.b. Management compensation

Consolidated key management compensation paid by the Company to its Board of Directors and Statutory Officers for the three-month period ended June 30, 2026 and 2025 totaled R$38,122 and R$47,435, respectively. This includes R$20,206 (R$26,139 on June 30, 2025) for salaries, benefits and social charges and R$17,916 (R$21,296 on June 30, 2025) for variable compensation.

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

In the three-month period ended June 30, 2026 and 2025, the Directors and Officers received no pension, retirement or similar benefits.

65 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

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 balance sheet 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 offers, different compensation plans based on the quoted value of its shares (Talent for the Future Share Plan (“TFSP“) and Performance Share Plan (“PSP“), to directors and employees of its subsidiaries, including the Company and its subsidiaries.

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, 2025.

The three-year programs on June 30, 2026 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). For this cycle, 50% of the indicators were achieved, with delivery made on March 26, 2026 to 138 active executives and 139,250 shares of Telefónica, S.A.		138 active executives		139,250
Cycle 2024-2026 (January 1, 2024 to December 31, 2026)		134 active executives		247,000
Cycle 2025-2027 (January 1, 2025 to December 31, 2027)		128 active executives		230,500
Performance Share Plan (“PSP”) – global level		Vice Presidents and Directors
Cycle 2024-2026 (January 1, 2024 to December 31, 2026)		102 active executives (including 5 executives appointed pursuant to the Company's Articles of Association)		909,398
Cycle 2024-2026 (January 1, 2024 to December 31, 2026)		114 active executives (including 5 executives appointed pursuant to the Company's Articles of Association)		943,133
Performance Share Plan (“PSP VIVO”) - local level		Vice Presidents and Directors
Cycle 2024-2026 (January 1, 2024 to December 31, 2026)		102 active executives (including 5 executives appointed pursuant to the Company's Articles of Association)		725,300
Cycle 2025-2027 (January 1, 2025 to December 31, 2027)		113 active executives (including 5 executives appointed pursuant to the Company's Articles of Association)		975,417

On June 30, 2026 and December 31, 2025, the consolidated liability balances of the share compensation plans totalled R$147,934 and R$154,736, respectively, including taxes.

66 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(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, CloudCo Brasil, Cyber anda FiBrasil
CTB		Defined benefit (DB)		Telefônica Brasil		Telefônica Brasil
Telefônica BD		Defined benefit (DB)		VisãoPrev		Telefônica Brasil
Visão Multi e Visão Telefônica		Defined contribution (DC) / Hybrid		VisãoPrev		Telefônica Brasil, Terra Networks, TGLog, TIS, CloudCo Brasil, Cyber anda FiBrasil

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, 2025.

67 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

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

		Plans with surplus		Plans with deficit		Total
Balance on  December 31, 2024		157,046		(728,559)		(571,513)
Current service cost		(476)		(4,605)		(5,081)
Net interest on net defined benefit liabilities/assets		(8,496)		(40,412)		(48,908)
Contributions and benefits paid by the employers		509		15,922		16,431
Distribution of surplus – PBS-A Plan (gross amount)		(37,289)		—		(37,289)
Balance on  June 30, 2025		111,294		(757,654)		(646,360)
Current service cost		(486)		82,145		81,659
Net interest on net defined benefit liabilities/assets		26,504		(36,949)		(10,445)
Contributions and benefits paid by the employers		184		6,148		6,332
Surplus Distribution – PBS-A Plan (gross amount)		125,858		—		125,858
Amounts recognized in OCI		(11,665)		(79,074)		(90,739)
Distribution of reserves		(68,782)		—		(68,782)
Business combination - acquisition of FiBrasil		—		(1,162)		(1,162)
Balance on December 31, 2025		182,907		(786,546)		(603,639)
Current service cost		(414)		(3,508)		(3,922)
Net interest on net defined benefit liabilities/assets		10,227		(42,249)		(32,022)
Contributions and benefits paid by the employers		436		14,049		14,485
Distribution of reserves		(46,807)		—		(46,807)
Balance on  June 30, 2026		146,349		(818,254)		(671,905)
Balance on December 31, 2025
Current assets		85,323		—		85,323
Non-current assets		97,584		—		97,584
Current liabilities		—		(27,325)		(27,325)
Non-current liabilities		—		(759,221)		(759,221)
Balance on June 30, 2026
Current assets		73,976		—		73,976
Non-current assets		72,373		—		72,373
Current liabilities		—		(27,325)		(27,325)
Non-current liabilities		—		(790,929)		(790,929)

31. FINANCIAL INSTRUMENTS AND RISK AND CAPITAL MANAGEMENT

31.a. Derivative transactions

The Company enters into derivative financial instrument contracts to mitigate the effects of inflation risks in lease contracts indexed to the IPCA (Brazilian Consumer Price Index), as well as against exchange rate risks related to liabilities in foreign currency. Derivative instruments are not used for speculative purposes, and existing exchange rate risks are duly covered (hedged).

68 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

In addition, the Company has a hedging program to mitigate cash flow volatility resulting from fluctuations in the price of copper. These operations were carried out through NDF (Non-Deliverable Forward) contracts with monthly maturities until 2027, aiming to protect part of the projected sales volume. Considering the characteristics of these operations and pursuant to the applicable accounting standard, the Company adopted the hedge accounting methodology, as at cash flow hedge, for these operations. In situations where the anticipated transaction is no longer expected, the accumulated gain or loss and previously deferred hedging costs recognized in equity are immediately reclassified to profit or loss.

The Company maintains derivatives designated as cash flow hedges to protect future copper revenue projected for the next 24 months. The contracts, referenced to the price of copper in reais (LME*PTAX), have an average contracted value of R$68,006 per ton, with 16 thousand tons contracted considering a hedge ratio of 0:5 of the expected sales.

The hedge effects are recognized in other comprehensive income (hedge reserve) in equity and will be transferred to profit or loss as the hedged revenue impacts financial performance. If extraction does not occur on the scheduled dates, the contracts may be rolled over up to three times. After this limit, the amounts are reclassified to financial results.

The main source of ineffectiveness is the risk of not recovering copper on the scheduled dates. The qualitative effectiveness test as of June 30, 2026, confirmed that the hedge remained effective, given the 100% correlation between the hedged item and the derivative, since both have the same discount rate.

As of June 30, 2026, for the purpose of evaluating the effectiveness of the hedging relationship, the accumulated variation in the intrinsic value of the open hedging instruments since the beginning of the relationship totaled R$35,403. Correspondingly, the variation in the hedged item also totaled R$35,403. Therefore, no material losses arising from transactions with derivative instruments were identified to be considered in the financial results for the period.

The Company maintains internal controls over its derivative financial instruments which, in the opinion of Management, are adequate to control the risks associated with each market strategy. The results obtained by the Company in relation to its derivative financial instruments demonstrate that the management of risks by Management has been carried out appropriately. Since these derivative financial instrument contracts qualify as hedge accounting, the hedged risk can also be adjusted to fair value, offsetting the result of the derivative financial instruments, according to hedge accounting rules. This hedge accounting applies to both financial liabilities and probable cash flows in foreign currency.

Derivative financial instrument contracts have specific penalty clauses for breach of contract usually from by non-compliance with a contractual clause, resulting in the early settlement of the contract.

On June 30, 2026 and December 31, 2025, the Company held no embedded derivatives contracts or designated as a fair value hedge in their active portfolio.

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.

69 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(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
						Fair value
		Notional Value				Amount receivable (payable)
Description		06.30.2026		12.31.2025		06.30.2026		12.31.2025
Swap contracts
Assets position		1,919,132		1,945,120		120,438		118,083
Foreign Currency		914,944		626,540		2,308		1,406
US$(1)		764,452		509,245		2,308		1,406
EUR(1)		83,557		117,295		—		—
NDF US$(3)		66,935		—		—		—
Floating rate		189,938		221,461		116		—
CDI(1)		144,947		176,470		116		—
Euribor(4)		44,991		44,991		—		—
Pre-rate		764,802		1,048,500		—		—
NDF Copper(5)		764,802		1,048,500		—		—
Inflation rates		49,448		48,619		118,014		116,677
IPCA(2)		49,448		48,619		118,014		116,677
Liabilities position		(1,919,132)		(1,945,120)		(164,688)		(198,658)
Floating rate		(942,448)		(720,150)		(126,904)		(122,069)
CDI(1)(2)		(942,448)		(720,150)		(126,904)		(122,069)
Pre-rate		(66,935)		—		(2,216)		—
NDF US$(3)		(66,935)		—		(2,216)		—
Commodities		(764,802)		(1,048,500)		(35,403)		(72,868)
NDF Copper(5)		(764,802)		(1,048,500)		(35,403)		(72,868)
Foreign Currency		(144,947)		(176,470)		(165)		(3,721)
US$(1)		(144,947)		(154,230)		(165)		(3,434)
EUR(1)		—		(22,240)		—		(287)
Long position						87,613		16,328
Current						55,695		7,706
Non-current						31,918		8,622
Short position						(131,863)		(96,903)
Current						(84,175)		(53,044)
Non-current						(47,688)		(43,859)
Amounts payable, net						(44,250)		(80,575)

(1) Foreign currency swap (euro and CDI x euro) (R$83,557) and (dollar and CDI x dollar) (R$619,505) – swap transactions contracted with maturities up to August 24, 2026, with the objective of protecting against exchange rate variation risks of net amounts payable (book value of R$232 payable and R$849 receivable, respectively).

(2) IPCA x CDI swap (R$49,448) – swap transactions contracted with maturities in 2033 with the objective of protecting against IPCA variation risk (book value of R$4,423 payable).

(3) Contracted forward transactions (NDF dollar x BRL) (R$66,935), transactions contracted with maturities up to December 11, 2026, with the objective of protecting against exchange rate variation risks of service contracts (book value of R$2,216 to be paid).

(4) Euribor x CDI swap (R$44,991) – swap transactions contracted with maturities in 2027 with the objective of protecting against the risk of Euribor variation (book value of R$2,825 to be paid).

(5) Copper x Pre-fixed NDF (R$764,802 - LME in Reais * Tons contracted) – Copper NDF transactions contracted to protect future sales revenues against the variation in the price of copper on the LME in relation to the Real. (book value R$35,403 to be paid) The transaction is designated for cash flow hedging.

70 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

Swap maturities and options after June 30, 2026, are as follows:

		Consolidated
		Maturing in
		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 06.30.2026
IPCA x CDI		4,560		4,641		4,055		3,310		2,944		(23,933)		(4,423)
Euribor x CDI		—		(2,825)		—		—		—		—		(2,825)
Foreign currency x CDI		666		—		—		—		—		—		666
NDF Copper x Pre		(31,441)		(3,962)		—		—		—		—		(35,403)
NDF US$ x Pre		(2,216)		—		—		—		—		—		(2,216)
CDI x Foreign Currency		(49)		—		—		—		—		—		(49)
Total		(28,480)		(2,146)		4,055		3,310		2,944		(23,933)		(44,250)

For the preparation of these financial statements, the Company adopts the fair value measurement methodology for foreign currency x CDI and IPCA x CDI swaps, used to hedge financial debts. In this approach, only the derivative instruments are measured at fair value, while the related financial debts remain recorded at amortized cost.

For copper NDF transactions, the Company applies a cash flow hedging strategy. Changes in the fair value of these derivatives are recorded in Other Comprehensive Income and, as sales are made, are reclassified to Other Operating Revenues in the income statement.

In the quarters ended June 30, 2026 and 2025, derivative financial instruments generated negative and positive consolidated net results of R$76,435 and R$71,089, 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) supplemented by 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.

71 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(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 reports the consolidated net exposure for each of the three scenarios on June 30, 2026:

Transaction		Risk		Probable		25% depreciation		50% depreciation
Hedge (assets position)		Derivatives (depreciation risk EUR)		127,136		158,920		190,704
Payables in EUR		Debt (appreciation risk EUR)		(133,497)		(166,871)		(200,245)
Receivables in EUR		Debt (depreciation risk EUR)		6,299		7,873		9,448
		Net Exposure		(62)		(78)		(93)
Hedge (assets position)		Derivatives (depreciation risk US$)		686,022		857,528		1,029,034
Payables in US$		Debt (appreciation risk US$)		(795,827)		(994,784)		(1,193,740)
Receivables in US$		Debt (depreciation risk US$)		108,928		136,159		163,391
		Net Exposure		(877)		(1,097)		(1,315)
Copper Hedge (liabilities position)		Derivatives (High Copper Risk)		(35,403)		(44,254)		(53,105)
Future Copper Revenue		Debts (Risk of a fall in copper prices)		35,403		44,254		53,105
		Net Exposure		—		—		—
Hedge (assets position)		Derivatives (risk of decrease in IPCA)		24,730		14,454		8,153
Debt in IPCA		Debt (risk of increase in IPCA)		(24,730)		(14,454)		(8,153)
		Net Exposure		—		—		—
Hedge (assets position)		Derivatives (depreciation risk Euribor)		2,825		3,531		4,237
Opex em US$		Opex (risk of increase in Euribor)		(2,825)		(3,531)		(4,237)
		Net Exposure		—		—		—
Hedge (CDI position)
Hedge US$ and EUR (liabilities position)		Derivatives (risk of decrease in CDI)		165		148		170
Hedge IPCA (liabilities position)		Derivatives (risk of increase in CDI)		(27,429)		(34,286)		(41,143)
		Net Exposure		(27,264)		(34,138)		(40,973)
Total net exposure in each scenario				(28,203)		(35,313)		(42,381)
Net effect on changes in current fair value				—		(7,110)		(14,178)

The fair values above are based on the portfolio position on June 30, 2026, 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.

72 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

The assumptions used by the Company for the sensitivity analysis on June 30, 2026, were as follows:

Risk Variable		Probable		25% depreciation		50% depreciation
US$		5.18		6.47		7.76
EUR		5.90		7.37		8.85
IPCA		5.00 %		6.28 %		7.59 %
IGPM		3.16 %		3.97 %		4.78 %
CDI		14.15 %		17.69 %		21.23 %
Euribor		2.22 %		2.78 %		3.34 %
Price of Copper (Ton) - US$		13,341		16,676		20,012

31.b. Fair value

This is the value 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 appropriate valuation techniques to match their circumstances and for which there is sufficient data to measure the fair value, optimizing the use of observable inputs and minimizing 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 June 30, 2026 and December 31, 2025, there were no transfers of fair value assessments between the 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.

73 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

Below is the composition and classification of financial assets and liabilities of June 30, 2026 and December 31, 2025.

						Company
						Book value				Fair value
		Classification by category		Fair value hierarchy		06.30.2026		12.31.2025		06.30.2026		12.31.2025
Financial Assets
Current
Cash and cash equivalents  (Note 3.)		1				8,008,724		6,538,941		8,008,724		6,538,941
Financial investments (Note 4)		1				—		—		—		—
Trade accounts receivable (Note 5)		1				9,851,714		10,082,818		9,851,714		10,082,818
Derivative transactions (Note 31.a)		2		Level 2		54,472		7,605		54,472		7,605
Sale of real estate and other receivables (Note 11)		1				178,488		192,472		178,488		192,472
Loan agreement with subsidiary CloudCo Brasil (Note 11)		1				1,719		1,821		1,719		1,821
Related-party receivables (Note 11)		1				106,645		100,293		106,645		100,293
Non-current
Financial investments (Note 4)		1				52,950		40,934		52,950		40,934
Trade accounts receivable (Note 5)		1				446,475		241,571		446,475		241,571
Derivative transactions (Note 31.a)		3		Level 2		30,996		6,147		30,996		6,147
Sale of real estate and other receivables (Note 11)		1				81,549		280,619		81,549		280,619
Loan agreement with subsidiary CloudCo Brasil (Note 11)		1				45,009		45,009		45,009		45,009
Related-party receivables (Note 11)		1				49,874		58,952		49,874		58,952
Total financial assets						18,908,615		17,597,182		18,908,615		17,597,182
Financial Liabilities
Current
Trade accounts payable, net (Note 16)		1				9,548,666		9,479,701		9,548,666		9,479,701
Loans and financing (Note 20.a)		1				250,064		227,226		250,064		227,226
Leases (Note 20.a)		2		Level 2		4,679,236		4,861,423		4,679,236		4,861,423
Debentures (Note 20.a)		1				141,762		150,438		141,762		150,438
Reverse split and split of shares (Note 23.a)		1				824,036		824,723		824,036		824,723
Derivative transactions (Note 31.a)		2		Level 2		63,605		4,938		63,605		4,938
Derivative transactions (Note 31.a)		3		Level 2		20,331		47,595		20,331		47,595
Liabilities with ANATEL (Note 22)		1				93,843		83,558		93,843		83,558
Reduction of capital of the Company (Note 23.a)		1				4,055,053		91,093		4,055,053		91,093
Amounts to be refunded to customers (Note 22)		1				94,647		103,230		94,647		103,230
Liabilities with related parties (Note 22)		1				139,122		145,706		139,122		145,706
Non-current
Loans and financing (Note 20.a)		1				1,214,603		1,212,043		1,214,603		1,212,043
Leases (Note 20.a)		2		Level 2		10,032,229		10,493,488		10,032,229		10,493,488
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		43,940		35,428		43,940		35,428
Liabilities with ANATEL (Note 22)		1				971,980		911,899		971,980		911,899
Liabilities with related parties (Note 22)		1				795		830		795		830
Total financial liabilities						34,173,912		30,673,319		34,173,912		30,673,319

74 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

						Consolidated
						Book value				Fair value
		Classification by category		Fair value hierarchy		06.30.2026		12.31.2025		06.30.2026		12.31.2025
Financial Assets
Current
Cash and cash equivalents  (Note 3)		1				8,484,361		7,032,339		8,484,361		7,032,339
Financial investments (Note 4)		1				91,807		99,102		91,807		99,102
Trade accounts receivable (Note 5)		1				10,496,016		10,619,617		10,496,016		10,619,617
Derivative transactions (Note 31.a)		2		Level 2		55,695		7,706		55,695		7,706
Sale of real estate and other receivables (Note 11)		1				178,488		192,472		178,488		192,472
Related-party receivables (Note 11)		1				31,329		26,317		31,329		26,317
Non-current
Financial investments (Note 4)		1				53,325		41,308		53,325		41,308
Trade accounts receivable (Note 5)		1				489,493		283,502		489,493		283,502
Derivative transactions (Note 31.a)		2		Level 2		31,918		8,622		31,918		8,622
Sale of real estate and other receivables (Note 11)		1				81,549		280,619		81,549		280,619
Related-party receivables (Note 11)		1				158		154		158		154
Total financial assets						19,994,139		18,591,758		19,994,139		18,591,758
Financial Liabilities
Current
Trade accounts payable, net (Note 16)		1				10,024,019		9,861,294		10,024,019		9,861,294
Loans and financing (Note 20.a)		1				356,226		304,235		356,226		304,235
Leases (Note 20.a)		2		Level 2		4,700,341		4,883,176		4,700,341		4,883,176
Debentures (Note 20.a)		1				152,749		161,453		152,749		161,453
Reverse split and split of shares (Note 23.a)		1				824,036		824,723		824,036		824,723
Derivative transactions (Note 31.a)		2		Level 2		63,844		5,449		63,844		5,449
Derivative transactions (Note 31.a)		3		Level 2		20,331		47,595		20,331		47,595
Liabilities with ANATEL (Note 22)		1				93,843		83,558		93,843		83,558
Reduction of capital of the Company (Note 23.a)		1				4,055,053		91,093		4,055,053		91,093
Amounts to be refunded to customers (Note 22)		1				100,097		108,166		100,097		108,166
Liabilities with related parties (Note 22)		1				130,966		138,026		130,966		138,026
Non-current
Loans and financing (Note 20.a)		1				1,481,150		1,542,627		1,481,150		1,542,627
Leases (Note 20.a)		2		Level 2		10,084,372		10,549,678		10,084,372		10,549,678
Debentures (Note 20.a)		1				2,941,671		2,905,512		2,941,671		2,905,512
Derivative transactions (Note 31.a)		2		Level 2		47,688		43,859		47,688		43,859
Liabilities with ANATEL (Note 22)		1				971,980		911,899		971,980		911,899
Liabilities with related parties (Note 22)		1				565		602		565		602
Total financial liabilities						36,048,931		32,462,945		36,048,931		32,462,945

Classification by category: (1) Amortized cost; (2) Measured at fair value through profit or loss and (3) Measured at fair value through OCI.

31.c. Capital management

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

75 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

The Company manages its capital structure by making adjustments and adapting to current economic conditions. In seeking this equilibrium, the Company may pay dividends, obtain new loans, issue debentures and contract derivatives. For the period ended June 30, 2026, there were no changes in capital structure objectives, policies or processes.

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 because 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$132,693 thousand and €21,566 thousand paid by June 30, 2026, and US$64,147 thousand, €21,529 thousand and £5 thousand paid by December 31, 2025) 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 for 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 have invested cash equivalents of R$8,359,290 and R$6,945,770 on June 30, 2026, and December 31, 2025, 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 of the Company 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.

76 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

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.

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 for granting credit, through management methods, including 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 monitor 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. Exchange rate and commodity risk

The Company is exposed to exchange rate fluctuations linked to commodity risk arising from future revenue from copper sales, since both the international price of the metal and the exchange rate of the foreign currency can impact the amount to be received. Adverse variations in these markets can reduce revenue in reais and increase the volatility of results.

To mitigate these risks, hedging operations with financial derivatives were contracted, designed to simultaneously protect against currency exposure and exposure to the price of copper. These operations aim to maintain greater predictability in the project's cash flow and minimize the impacts of market fluctuations.

The amount covered, corresponding to 16 thousand tons, is adjusted according to the dynamics of projected sales and the evolution of market conditions, ensuring continuous alignment between the protected volume and the Company's effective exposure.

31.d.6. Insurance Coverage

The policy of the Company and its subsidiaries, as well as the Telefónica Group, includes maintaining insurance coverage for all high-risk assets and liabilities of significant value, as determined by Management, following the guidelines of Telefónica's corporate program.

On June 30, 2026, 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$106,000 for general civil liability.

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

77 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

32. SUPPLEMENTAL CASH FLOW INFORMATION

The consolidated cash flow financing activities for the quarters ended June 30, 2026, and 2025.

	Consolidated
			Cash flows from financing activities				Cash flows from operating activities		Financing activities not involving cash and cash equivalents
	Balance on December 31, 2025		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  June 30, 2026
Interim dividends and interest on equity	2,774,544		—		(2,502,977)		—		—		—		—		1,410,956		1,682,523
Loans and financing	1,846,862		—		(116,324)		(50,027)		87,042		69,823		—		—		1,837,376
Leases	15,432,854		—		(1,823,730)		(904,083)		884,389		1,195,283		—		—		14,784,713
Debentures	3,066,965		—		—		(193,348)		220,803		—		—		—		3,094,420
Reverse stock split and stock split	824,723		—		(687)		—		—		—		—		—		824,036
Reduction of the Company's capital	91,093		—		—		—		—		—		—		3,963,960		4,055,053
Derivative financial instruments	80,575		—		(77,511)		(10,143)		51,329		—		—		—		44,250
Total	24,117,616		—		(4,521,229)		(1,157,601)		1,243,563		1,265,106		—		5,374,916		26,322,371

	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  June 30, 2025
Interim dividends and interest on equity	2,237,090		—		(1,869,081)		—		—		—		—		1,129,182		1,497,191
Loans and financing	1,804,710		20,000		(184,472)		(32,278)		96,446		257,236		69,921		—		2,031,563
Leases	15,246,606		—		(1,721,960)		(773,924)		835,779		965,902		—		—		14,552,403
Debentures	3,695,214		—		—		(210,154)		246,664		—		—		—		3,731,724
Derivative financial instruments	(6,095)		—		(60,214)		(596)		74,006		—		—		—		7,101
Total	22,977,525		20,000		(3,835,727)		(1,016,952)		1,252,895		1,223,138		69,921		1,129,182		21,819,982

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 June 30, 2026, the future nominal values over the entire contract periods were:

78 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

Periods		Consolidated
1 to 12 months		782,475
13 to 24 months		674,997
25 to 36 months		638,402
37 to 48 months		537,177
49 to 60 months		318,583
From 61 months		1,444,024
Total		4,395,658

33.b. Guarantees

On June 30, 2026, the Company had guarantees for several commitments with ANATEL, suppliers and legal proceedings:

		Consolidated
Insurance of guarantee(1)		30,980,729
Letters of guarantee(2)		10,199,187
Judicial deposits and garnishments (Note 10)		3,043,932
Property and equipment (Note 13.d)		9,402
Financial applications - Legal proceedings and SUDENE		53,325
Total		44,286,575

(1) These refer to insurance values ​​contracted to guarantee the continuity of the discussion of judicial processes (Note 19).

(2) Includes the contracting of guarantees arising from the Self-Composition Agreement for the Adaptation of STFC Concession Contracts, concluded in 2025.

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.

79 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

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.

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, 2026. In 2023, it was recognized as a Pro-Ethics company, an initiative of the Brazilian Comptroller General's Office (“CGU”) and the Ethos Institute to promote the voluntary adoption of integrity measures by companies and, thus, recognize those that demonstrate commitment to implementing actions aimed at preventing, detecting, and remedying 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 highlighted as “Compliance Program of the Year”.

35. SUBSEQUENT EVENTS

35.a. Merger of CyberCo Brasil by TIS

On July 1, 2026, the Company informed its shareholders and the market in general that, on that same date, Telefônica Infraestrutura e Segurança Ltda. (“TIS”), a company indirectly controlled by the Company, merged with Telefônica Cibersegurança e Tecnologia do Brasil Ltda. (“CyberCo Brasil”), a company wholly owned by TIS, which was consequently dissolved.

80 

Telefônica Brasil S.A.	(A free translation of the original in Portuguese)
NOTES TO THE INDIVIDUAL AND CONSOLIDATED QUARTERLY INFORMATION
Three and Six-month period ended June 30, 2026 and 2025
(In thousands of Reais, unless otherwise stated)

The merger consisted of a corporate and operational reorganization aimed at promoting administrative and economic benefits through the simplification of operational structures, reduction of costs related to the operations and activities carried out by CyberCo Brasil and TIS, and leveraging internal synergies. Furthermore, the merger was based on the book value of CyberCo Brasil's net assets and did not result in any change to TIS's share capital or to the shareholding that the Company indirectly holds therein.

As a consequence of the merger, TIS succeeds CyberCo Brasil in all assets, liabilities, rights and obligations.

35.b. Declaration of Interest on Equity

At a meeting held on July 16, 2026, the Company's Board of Directors approved the declaration of interest on equity (“JSCP”), pursuant to 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$500,000, equivalent to R$0.15646482856 per common share, with withholding tax at a rate of 17.5%, resulting in a net amount of R$412,500, equivalent to R$0.12908348356 per common share, calculated based on the balance sheet as of June 30, 2026. The net value per share considers the standard rate of 17.5%, subject to change due to international treaties, tax immunities and exemptions, countries with preferential tax regimes, and privileged tax regimes.

As provided for in Article 26 of the Company's Bylaws, such interest will be imputed to the mandatory dividend for the fiscal year ending December 31, 2026, subject to ratification by the Annual General Meeting of Shareholders to be held in 2027.

The payment of these dividends will be made by April 30, 2027, on a date to be determined by the Company's Board of Directors, and will be credited individually to each shareholder, respecting the shareholding position recorded in the Company's records at the end of the day on July 27, 2026. After this date, the shares will be considered "ex-interest".

The interest on equity) amounts per share are subject to adjustment considering the Company's shareholding base to be verified on July 27, 2026, due to any share acquisitions under the Company's Share Buyback Program in effect.

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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:	September 1, 2026		By:	/s/ João Pedro Carneiro
				Name:	João Pedro Carneiro
				Title:	Investor Relations Director