On December 31, 2025 and 2024, the Company held direct equity interests in subsidiaries and jointly controlled companies, as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Equity interests | | | | | | Investees | | Type of investment | | 31.12.2025 | | 31.12.2024 | | Country (Headquarters) | | Core activity | | Terra Networks Brasil Ltda ("Terra Networks")(1) | | Controlled | | 100.00 | % | | 100.00 | % | | Brasil | | Portals, content providers and other information services on the internet | | Telefônica Transportes e Logística Ltda ("TGLog") | | Controlled | | 100.00 | % | | 100.00 | % | | Brasil | | Transports and logistics | | POP Internet Ltda ("POP")(2) | | Controlled | | 100.00 | % | | 100.00 | % | | Brasil | | Internet | | Vivo Pay I Credit Rights Investment Fund (formerly Vivo Money I Credit Rights Investment Fund) | | Controlled | | 100.00 | % | | 100.00 | % | | Brasil | | Credit Rights Investment Fund | | Vivo Pay II Investment Fund in Credit Rights | | Controlled | | — | % | | 100.00 | % | | Brasil | | Credit Rights Investment Fund | | Vivo Pay III Investment Fund in Credit Rights (formerly Vivo Money III Investment Fund in Credit Rights) | | Controlled | | 100.00 | % | | — | % | | Brasil | | Credit Rights Investment Fund | | Vivo Pay Holding Financeira Ltda ("Vivo Pay")(3) | | Controlled | | 100.00 | % | | 100.00 | % | | Brasil | | Equity participation in institutions authorized to operate by BACEN | | Vivo Ventures Fundo de Investimento em Participações Multiestratégia (“Vivo Ventures”) | | Controlled | | 98.00 | % | | 98.00 | % | | Brasil | | Investment funds | | Telefônica Cloud e Tecnologia do Brasil S.A. (“CloudCo Brasil”)(4) | | Controlled | | 50.01 | % | | 50.01 | % | | Brasil | | Consulting in information technology | | Telefônica IoT, Big Data e Tecnologia do Brasil S.A. (“IoTCo Brasil”)(5) | | Controlled | | — | % | | 50.01 | % | | Brasil | | Consulting in information technology | | Aliança Atlântica Holding B.V. ("Aliança") | | Joint control | | 50.00 | % | | 50.00 | % | | Holanda | | Telecommunications sector holdings | | Companhia AIX de Participações ("AIX") | | Joint control | | 50.00 | % | | 50.00 | % | | Brasil | | Operation of underground telecommunications networks | | Companhia ACT de Participações ("ACT") | | Joint control | | 50.00 | % | | 50.00 | % | | Brasil | | Operation of underground telecommunications networks | | VivaE Educação Digital S.A. ("VIVAE")(6) | | Joint control | | — | % | | 50.00 | % | | Brasil | | Training in professional and managerial development | | GUD Comercializadora de Energia S.A. ("GUD") | | Joint control | | 50.00 | % | | 50.00 | % | | Brasil | | Generation and commercialization of customized solutions in renewable energy | | FiBrasil Infraestrutura e Fibra Ótica S.A. (“FiBrasil”)(7) | | Controlled (2025)/Joint control (2024) | | 75.01 | % | | 25.01 | % | | Brasil | | Technical advice on telecommunications networks |
(1)Terra Networks is the sole and direct controlling shareholder of TIS, TLF01, and Samauma. TIS has been the controlling shareholder of CyberCo Brasil since December 9, 2025. (2)POP is the sole and direct controlling company of Recicla V and Vale Saúde Sempre. (3)Vivo Pay Holding is the direct controlling company of Vivo Pay SCD. (4)CloudCo Brasil was the sole and direct controlling company of IPNET and IPNET USA. On July 1, 2025, and November 1, 2025, it incorporated IoTCo Brasil and IPNET (note 1.c.3). (5)IoTCo Brasil was merged by CloudCo Brasil on July 1, 2025. (6)There was a corporate reorganization with Vivo Ventures (note 1.c.4). (7)There was an acquisition of corporate control (note 1.c.2).
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