Hello. Thank you very much, and good afternoon everyone.

Thank you for your participation in our earnings call for the fourth quarter of 2025 at Unifique. We will start off here with the main highlights in this period, in the fourth quarter of '25.

We ended the year with the adjusted EBITDA of 613 million, a growth of 21.4% in regards to the previous year, and an adjusted EBITDA margin of 50.9%. This is an advance of 2.4 percentage points in regards to 2024.

We would like to highlight that this result is a reflect from a clear cost management and discipline for operational efficiency we've seen. In mobile phone, we have traction, and we ended the year with approximately 248,000 net accesses.

From these, a lot of 152,000 adds were during 2025, and this is in line with our strategy of expanding coverage and relevance of the brand in all of the states in the south of Brazil. Then we have our solid capital structure, and we can highlight low financial leverage with a rate of only 0.62 times.

This is really important because it guarantees the flexibility to be able to continue investing, although we know about this macroeconomic scenario that we're going through. As we wrap up this first part, we would like to show you this improvement in our churn rates as we reached a level in the fourth quarter of 2025 of 1.36%, and in regards to 2024 in the same quarter, we had a reduction of 0.19 percentage points.

This is reinforcing customer satisfaction and loyalty, where we can guarantee better retention, and it can also contribute to sustainable growth of our customer base. When we talk about our operational performance in the broadband segment, we continued to have a consistent trajectory of growth and quality.

We ended '25 with 3.7 million homes passed and almost 868,000 customers connected, which represents about 82% expansion throughout the last years. We had a net organic growth of 43,000 accesses, and that represented a strategic change, especially in the state of Rio Grande do Sul, where we focused more on the quality of our base.

We talked about the reduction of delinquency and also the control of churn, which is more than just having accelerated growth. Besides this, we added through organic growth about 32,000 accesses through acquisitions in the last quarter of last year, in line with our strategy for selective expansion.

Sorry, I mentioned organic growth, but I meant inorganic growth, which was the 32,000 accesses. Then the sale of combos in mobile phone and broadband, which is also really important, as it's contributed in a relevant manner for the reduction of the churn and also reinforcing our base.

In the fourth quarter of '25, almost 20% of our base in broadband was already in the combo, and this number went up to about 22% now in February. This demonstrates the strength of our strategy of convergence of products and customer loyalty.

As a result of all of these initiatives, as I mentioned in the first point with the churn, it reduced to 1.36% in the fourth quarter of '25, below the 1.42% registered in the previous quarter, and below the 1.55% registered in the last quarter of '24. This was consolidated as the lowest churn in the sector.

We've continued to strengthen our leadership position here in Santa Catarina, where we've been leaders in market share with almost 21% share, according to the data published by Anatel at the end of the year. I want to reinforce that this result is due to ongoing work and robust work to expand our presence and strengthen the relationship with our customers in the state.

At the same time, we've been redirecting efforts, significant efforts for the growth in Rio Grande do Sul, where we have about 4.6% of the market share. Now we're going to talk about mobile phone and the main highlights on the screen, as we continue to have this strong expansion cycle and gain of scale in mobile.

We ended '25 in the last quarter with about 248,000 accesses, an increase of over 152,000 new customers. This is a growth that I consider to be significant throughout the year alongside significant expansion in the revenue for this segment.

We've grown from 7 million of gross revenue to almost 70 million in the year of '25, it was a significant advance and compared to '24. Now we also finished '25 with about 128 cities with Unifique's coverage, and this allows us to reach a population of approximately 4.4 million people with our own network.

We can see that from these 128 cities, 96 are part of the obligations from the 5G auction, and 32 cities have over 30,000 inhabitants, which reinforces our commitment to expand in areas with greater populational intensity besides the obligations we have with the auction, so that guarantees more returns upon investment. About the new accesses registered in the fourth quarter of '25, almost 54% represent the lines exported from other operators, this is an important piece of information because it demonstrates the trust in our customers and the quality of our services, especially in a market that is relevantly competitive.

Besides this, 81% of the base of mobile phone services come from customers with combo services that reinforces the attractiveness of our portfolio, integrated with more efficiency of our commercial strategy. We can move on to the next slide.

Then here we have all of our product portfolio on this slide here, where you can see that our service, besides connectivity, which is a relevant number still, about 82.7%, but the evolution of mobile is already reflecting in the composition of the revenue, it's already gone beyond some products and become aligned with other products as well. Besides this, we are still advancing with a strategy of diversifying our products, new services.

Such as energy, safety, cloud, and IT, and all of these have a principle which is quality internet delivery, right? This is our main champion product, right, through fiber, mobile phones.

Now about our financial results, we see our gross revenue or gross profit, our EBITDA, and our net income. The gross revenue reached 1.4 billion, and it represents a growth of approximately 13.5% compared to the previous year, and an increase of 18.3% in the quarter-over-quarter comparison.

This performance was levered mainly by the sale of combo plans, mobile phone plus broadband, that were the ones that were most acquired by customers. I'm saying mainly because there were other ways of also growing the revenue, and then the company also registered a significant growth.

An advance of 17.7%. This represents a control of operational costs.

That also helps with the efficiency of our operational costs. The adjusted EBITDA was a little more than our expectations.

It went over 600 million reais and accumulated in the year of '25 and reflecting a increase of 21.4% in regards to the past year, and an EBITDA margin of 50.9%. That represents our capacity to keep profitability despite the advances in investments of the mobile phone.

I'd say this level here of margins is possible thanks to rigorous control we've been discussing in other opportunities as well about our operational expenses and control. We were able to redirect more resources to projects that we consider to be priority in the company.

Our net income of 209 million, an increase of almost 20% compared to 2024, and an increase of 25% compared with the fourth quarter of '25 and the fourth quarter of 2024. That reinforces the consistency of our value creation to shareholders and to the company as a whole that intends to reinvest its profits.

Next slide here is about our net debt and our leverage. Today we have a structure, a capital structure that's very healthy.

We report our net debt that reached 369.9 million, and that reflects leverage of 0.62 times by the end of last year. We continue to keep a solid cash position adding up to almost 281 million reais in December.

This reinforces our financial health and our capacity as well to continue to invest in the expansion and improvement of our services. Another important point is our gross debt, which has a healthy profile and pretty much extended, with 88% connected to IPCA, which helps us mitigate impacts and variations in the short term, and it preserves the solidity of our capital structure.

It's also important to highlight and talk about the profit distribution, which is because we performed the payment of 110 million between interest on equity and dividends with a payout of over 50%. That demonstrates our commitment to value creation for all of our shareholders.

Now I'm going to show you a bit of our main recent events and subsequent events. These were events that right at the end of '25 and after the closing of the quarter.

We had, starting off with capital, we approved in the general meeting in December '25 an increase in capital through the issuance of about 37 million new shares, and these were delivered to shareholders through bonuses. This is an initiative that reinforces, once again, our capital base, and it gives us more flexibility also to sustain this growth cycle in the company.

Another point also that was a recent event was the approval of distribution of dividends, intermediate distribution of dividends, adding up to 200 million reais with scheduled payments between 2026 and 2028. In last Monday, we actually reviewed the payment of part of this, 27 million, related to the dividends that were announced and approved last year.

Another point that's really important to mention here is the increase of our credit rating by S&P Global, and that modified it to AA with a perspective considered stable. This is an upgrade we have in our rating, where we recognize the consistency of our strategy for growth in the customer base and our capacity for execution of our business plans.

That also reinforces the access conditions to have more competitive funding for our company as well. A subsequent event that took place was the agreement for the acquisition of the 3.5 GHz in Paraná adding up to 20 million, and that strengthens us in a very important position with mobile phone in a region that's considered high potential for growth, and in agreement with our expansion plan.

With the entrance in Paraná's market with the agreement for this transfer of 3.5, we took on some regulatory additional obligations that add up the coverage of about a bit more than a 1,000 cities and the deployment of over 2,000 hubs as established in the 5G schedule. However, we would like to mention that our strategy here is going beyond the mandatory aspects.

We also have the intention of operating in cities where we have over 30,000 inhabitants, overcoming these 1,000 or some cities. Another point for subsequent events was the acquisition of a provider, the first provider in the state of Paraná, which was Super.

We completed this now in the beginning of March with this acquisition. There's a basis of about 24,000 customers operating in different cities that are relevant in the state of Paraná.

Here we mention that this is in line with the growth strategy with gain in scale at a regional level. Finally, we performed our book for the fourth issuance of debentures with a seven-year deadline, and this intends to reinforce our liquidity, extend the debt profile, and it's a debenture issuance that is 100% in line with the company's investment plan, nothing for debt rollover, and it's just in line with the company's growth plans.

Now I'd ask you, just as a summary here, we always make it very clear that we have a purpose, right, of being one of the most desired telecom companies in Brazil, and we have started 2026 in line with this strategy of growth, which is sustainable growth, right? We see that this is very clear, and we want to increase our performance in all of the south of Brazil, taking connectivity, quality connectivity to more and more people, and we have the goal of leveraging organic growth in a sustainable manner, caring for the base in broadband and in mobile as well.

We also want to reinforce that with all of these projects and these events, keeping this healthy cash position and low levels of leverage as we've done consistently. We also want to reinforce another point, which is customer retention.

Our churn, as I mentioned, is below average for the sector, and we've done some intense work with different initiatives for this to become a reality, and it really reflects directly upon our commitment to the quality of services provided. Last but not least, we always need to mention that besides investing, we need to keep a commitment to compensate our shareholders.

We intend to pay out dividends consistently throughout the year, in line with our sustainable return policy for stakeholders. Now I'm going to wrap up this part of our presentation now and open up to questioning, and then I'll pass it back to Fabiano as well.

Thanks, guys, for the call and for the opportunity of submitting questions. First, I want to understand the net add pace throughout '26 and what your mind's like.

We saw you went through a restructuring year focusing on customer quality, to understand the monthly or quarterly pace. Then secondly, if I could, I wanted to ask you about the strategic planning for ramping up on mobile, not only the expansion pace of the business unit for mobile, but especially the expansion in Paraná in regions where you don't have fiber presence, and maybe would it be through partnerships or what's your guys's mindset on this for this year and especially for next year?

Thanks.

Hi, Leonardo. Thank you so much for the questions.

This is Fabiano, and I'm answering here. On the first part of your question about net adds, we are very confident that 2026 is going to be the best year for Unifique post-pandemic, right, because of all of the work we've been doing to improve indicators, and churn is dropping, and I think we also had an improvement in organic growth, and so I think we could have a recovery in inorganic growth as well, which I think is going to be very positive.

We are still very focused on efficiency operationally. We have been updating different systems in the company and performing heavy duty investments with this systems update as well.

I believe we have an expectation that by next week we'll become the first platform that will control all of the operation, where we expect operational efficiency gains above 20%. This is going to be significant for our results.

Having said that, we really feel comfortable in providing a bit of a acceleration to our activities and really searching for new growth. You see we're expecting to have at least 50,000 accesses net adds, but we have a target in the company of 60,000, actually.

I don't know if we'll be able to achieve this, but above 50, we really are confident about. What's important to consider here is, Leonardo, we do not work to grow at any cost.

Unifique denies over 50,000 sales per year. An assessment on credit granting is very carefully defined, and we need to do this to be able to get the best index of churn.

Of course, these numbers now are getting better. They're below 1.6%.

Up until 1.6%, I think this work of really controlling our sales in a more rigorous manner, quality of service, and cutting-edge technology, high availability, all of this is really smooth, right? From then on, close to 22% of our subscribers for fiber already have mobile, and they are contributing to this churn that should be healthier.

We're also very ambitious. We think we can improve this a little more.

Now about mobile pace, yes, this year we should take on a small acceleration because we started this business, I think, in December '21 or November '21. By the end of the year, we will already be achieving five years.

It took us about two years to plan and prepare, and for the past two years or so, we've been working on our commercial operation. Now we are at ease and comfortable with the fact that we're really providing brilliant services.

However, we must understand that Unifique has a great reputation in the market where we operate, but the guys are used to our fiber services, right? For mobile, we're still new, and we're going to have to prove that we're good, and this is something we need time for.

To give you an idea, I want to mention that a year ago our average sales ticket was about 36, 37 reais. In the last month, we already reached 43.

We have been increasing the price of our plans, and we've been keeping sales as well, right? We're not concerned about the number of chips.

We're concerned about the economics, right? The operation has to be healthy, right?

Almost 70 million in 2025, and so it's going to be above 170 million in 2026. Next year won't be less than this, I like saying that this is the elimination phase, and after the game's done, and it's going to become a real professional game, right?

Because at that moment, first of all, when you have this thesis where people and 5G will be part of people's lives, people have this need, and our service at this moment will really stand out, right? Then one thing I wanted to mention is that despite the fact that we're together for such a long time, we still have an EBITDA in mobile that's negative, but we'll have the first positive EBITDA, right?

I'm sorry to say that next year we'll still suffer a little bit, but from 2028, mobile will kind of walk on its own feet. We won't have to take cash out of fiber to put it into mobile, right, because in the beginning, it's great as a benefit, but if we consider the benefits we are having in the churn and in the combo packs, I don't think it's negative anymore, right?

Since I can't separate this, and so we have to understand we'll have positive EBITDA in the fourth quarter, and when we talk about the specific Paraná discussion, Paraná's a sensational market, and once we are using our platform and we're confident about the quality of the services we provide, and I really believe that for us to expand to another state, of course, we'll have some other investment points, but then we're going to pay this off really quickly because it's just on the edge, right? Maybe we're going to have like 100 cities this year.

Yes, we'll have to, but this is the obligation. This obligation, and you have to have this service below 30,000 inhabitants to be able to function, all right?

I do this today, tomorrow I start selling and have customers that start helping to pay this off, right? We're calibrating this so that we don't destroy or hurt our results too much, right?

If I do things too quickly, and so you have electric energy, maintenance, leases, and all of this, but you can create this at a real high speed, and, of course, sales take a little while to be able to reach break-even and returns. We can calibrate this, and what I'm mentioning here, if you look at the Unifique EBITDA, even suffering with mobile as a result detractor, you can notice that it gets better, and it also gets better because it was already a detractor that was stronger, and by the end of the year, it won't be a negative EBITDA, it should already start contributing to the absolute numbers.

We are very confident, and we believe that the additional investments we have in a new area, such as Paraná, for example, really make total sense, right, because it's going to pay off quickly. To add on a bit of what you mentioned, yes, we have a partnership program that's robust for the ISPs in Paraná.

We have many different conversations underway, and let's see if we can close this, right, because it's not an easy business, right? Of course, Unifique suffers quite a bit to be able to deploy this network despite our optimism with the future.

We have to put cash on the table, right? Let's see if we're able to advance.

Anyways, with or without partnerships, we started to have the planning with Paraná. In the next months, we'll start having other customers come up in Paraná, and then we'll be able to close off all of the south of Brazil.

We have the goal of being the biggest operator in the south. We're still not.

This is not because of vanity. We don't want to be the biggest just because it sounds good, right?

Whoever has the biggest market share in the market is who is making the most cash in that area, right? We've always had a controlled geographic strategy, and we have to be robust where we are.

Of course, in fact, there was an opportunity, and I think this was a moment that was an opportunistic moment, and we had to take advantage of this opportunity in Paraná. I hope to have answered your question.

Yes, very clear, Fabiano. If I could just follow up on each of these: you talked about the net adds pace in organic, but now about inorganics, just want to understand what the pipeline is like and if these new inspection rules for smaller ISPs with Anatel have led to positive effects.

Then a second follow-up here on mobile: you've been ramping up really well, and what's the approach to convince customers if this is related to this approach? I wanted to understand a bit of the rationale and how you've been operating.

Yes, just one point. You talked about the discounts, but I don't know, Leonardo, I didn't necessarily mention discounts, I don't know if there was a misunderstanding, but our focus is to sell the services with robust packages, and actually we've been increasing our average ticket because our dream here is that customers can have their cell phone and walk around and really use this.

The pack is at a good price, but we sell packs that are even greater, and new technology allows us to have this efficiency. I want customers to get to a restaurant and use our 5G data network.

I don't want him to go to the restaurant and ask for the Wi-Fi in the restaurant because his data's not good, right? You can use our service.

We're selling, and we've reduced the smaller packages, and this is also a point, right? In a quality network, you also have more traffic, right?

We need to be careful as well because mobile has this factor, right, which is about the control of volume of data, right? The guy buys packs of data, and if he uses more than this exceeding amount, then he's going to have additional fee.

What we're doing is to work with more robust packs and at a competitive price, but focusing on quality. Today mostly we've been working in our base.

81% of our sales Of course, we are working and the commercial area's been looking at other sales channels. Soon we'll have other bits of new possibilities to sell even more chips, but we're not on a 100% a 100-meter sprint.

We're at a marathon, and we need to balance out our speed as much as possible. Answering your question about inorganic, yes, the regulator seems to be determined to establish a formalization in the market.

I think this is very fair. Unifique has no problem with competition, actually.

For companies to be strong, they need to have strong competitors as well, and this is what makes a company strong as well. We have no problem with this, but we want to have fair competition, right?

Yes, we want the companies to prove that all of their employees are legal, and taxes are being paid properly, that they're paying the right of passage and the leasing of the posts. I saw on the news yesterday that the parliament has approved the new regulation for the posts, and whoever is working in a legal manner will be benefited by this, right?

Those that are not formal will have to adjust, right? Sometimes we see people selling internet for a very cheap price, and we ask ourselves, "Well, what's the miracle they're doing, right?"

We have to take a look at this, but it does seem that, yes, this is a market where you need to have scale. The more you get scale, the more competitive you'll be, right?

You have to do good work, you have to be skillful, you have to fulfill the prerequisites, etc. If not, there's no point in having scale, right?

From Unifique's perspective, I said, "Well, let's add Paraná to mobile." Yes, of course, we'll reach the scale we need to get the profitability, and maybe we need to perform some additional investments now, but the know-how and infrastructure is all set up.

Let's face this. Sometimes smaller ISPs may have challenges.

We need to know Brazil has a real heavy tax load, and so we do notice in the market that there's a possibility of a bit more concentration. It makes sense sometimes to run and get more scale and try to become more competitive.

I think Unifique is one of those companies that is really well prepared and has low levels of debt. We're not in a rush.

We're doing our work as well as we can. If we do have opportunities come up, I think we'll be ready to seize them.

Great. Thank you, Fabiano.

Hi, guys. Good afternoon.

I wanted to understand a bit of your vision, Fabiano, for Paraná for mobile and fiber, and understand how you're looking at Paraná exclusively with your organic growth and M&As. Within this, if you could talk about what would be Paraná and what you're seeing as growth there for organic, inorganics, etc.

Thanks, Eduardo. Yes, Paraná, in mobile, we have to obviously make organic growth, and so we start working on this infrastructure, and we plan and will perform this till the end of this year 100 cities.

Of course, we'll have this in smaller cities. This has all brought us real pleasant surprises when it comes to performance.

For the sales, network, etc., we'll do this, and we had a first acquisition now, actually, in Paraná in the past two weeks, and I think we've had some conversations, and I think maybe we can perform another acquisition during the year. Since we're going to be setting up this infrastructure in Paraná, then we have the recipe for the cake, let's say.

We have the guys managing this process, and everyone's pretty comfortable with this to be able to take on this challenge of a new state. At the end of the day, we need to have a lot of people there working on this and having people that are in Paraná, for example.

Performing some acquisitions inorganically seems to be a way to consolidate this with our interests and align this with our interests. We acquire some fiber infrastructure, and we can also have people helping us during this work and even with sales, commercial sales.

The state of Paraná has some specificities. It's a state where the guys are more compliant with the right of passage.

Copel has some excellent work done there, and a while back, they owned a telecom operator, and so it seems they've kept this work, right? In this environment, for Unifique, it's a very favorable environment.

This is what we want to compete with, right? We're very optimistic with this entrance into Paraná.

Then this is what we are really seeing here, right? Of course, this takes a little while.

I think this will highlight that the operators need to have both services. Here we'll have both services, right?

We'll have the best fiber network, the best footprint, the best available technology, the best training as well, and we'll be able to repeat this as well. We're going to prove that even in big cities, we have good coverage, but it's not sufficient, and we're far from being ideal, right?

We are working on a different approach, right? We're replacing all the equipment, and it's all new.

Of course, this gives us competitive advantage, and this is equipment that consumes less energy, they bring better data capacity, and we have the best and biggest network in the south. All of the units we connected have two links for 10 GB.

Do you need this? No, but in '29 or 2028, we'll get back to speaking, right?

Then we'll have the applications for 5G, and then customers are really going to know what's good and what's not good. Maybe today it's a little bit challenging for them still, but right ahead there, this is going to be overcome, and we are very comfortable.

We're going to be deploying the mobile network, and we're going to be doing some work this year. As I mentioned, in our area, we took two years to start off, right?

In Paraná, we are going to take three to four months to take on because everything's ready, and it's an investment of many million dollars. You'll notice that, well, we had the potential to improve our margin even more, but I'm not going to promise this now because I think maybe we'll switch this for a bit more of an acceleration in our activities.

When we accelerate a bit more, then of course our expenses grow up a bit more, but you can be sure that we're not going to keep this at a higher level than what we consider to be healthy, right? You'll see a company that has a lot of investments to be able to reap these opportunities in the future.

You can see a company that continues to pay dividends, and so maybe in 2030, this scenario will change a bit. Besides investing in CapEx, I think this recipe has been working well, but we are confident about accelerating a little more without hindering our results.

Of course taking advantage of the results that we see.

That's fine. Thank you.

Guys, just to highlight here that we are really confident about the future. 2026 will be the best year for the company ever since the pandemic, and in the pre-pandemic, we were about 4,000, 4,500 per month, and now with the pandemic, things went up to 15, 16,000.

We were able to adjust and adapt, and we've been keeping these activations, and we were able to reduce our churn, and we're super confident with the future. It's a real huge opportunity, we want to thank you so much for this opportunity to be in this segment that is so challenging.

Technology always brings in news, and it's a dynamic business, but we have a team of almost 3,000 people that are very much committed and well-prepared, and we are also here and committed to be able to create value. I'm the biggest shareholder in the company, I'm completely interested in making this move ahead, and we are highly committed.

The numbers show that where we're at is not easier. We have a Selic rate of almost 15% now, and 14.75%, I don't think it's going to change much, but I normally say that at least we're gaining from Selic, we're not increasing our debt.

Now it's finally the moment to be a little more ambitious. I think we have a lot of opportunities, we've prepared, we've done our homework, and now we have no excuses, we need to accelerate a bit.

Then of course it's not going to be that craziness because then all will get in the way, but I think we have a lot coming our way, and thank you for your time and attention everyone, and we'll be available. Thank you so much guys.

Bye-bye.