Flash | 27 Jul 2026 20:12:10 ET │ 11 pages Vivo (VIVT3.SA) 2Q26 Review: Lukewarm CITI'S TAKE Vivo delivered mixed 2Q26 #S with EBITDA (ex-others) exceeding our number by 3% on lower opex, tough largely in-line after accounting for higher leasing and capex, and with recurring FCFE of R$2.2bn (or R$1.8bn ex-asset sale) falling short of our estimates. Topline exceeded our number by 1%, driven by stronger handset sales (+28% y/y), while MSR +6.6% and fixed revenues came largely in-line. Moreover, gross margin f ...