保罗迪圣电讯 2025年年度报告和过渡报告

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow:Item17☐Item18☐If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ TABLE OF CONTENTS PageINTRODUCTIONiiGLOSSARY OF TELECOMMUNICATION TERMSvCAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTSviiiPRESENTATION OF FINANCIAL INFORMATIONxPART I1Item 1. Identity of Directors, Senior Management and Advisers1Item 2. Offer Statistics and Expected Timetable1Item 3. Key Information1Item 4.Information on the Company25Item4A.Unresolved Staff Comments83Item 5.Operating and Financial Review and Prospects83Item6. Directors, Senior Management and Employees101Item7. Major Shareholders and Related Party Transactions114Item8.Financial Information117Item9. The Offer and Listing129Item10. Additional Information132Item11. Quantitative and Qualitative Disclosures About Market Risk165Item12. Description of Securities Other Than Equity Securities165PARTII167Item13.Defaults, Dividend Arrearages and Delinquencies167Item14.Material Modifications to the Rights of Security Holders and Use of Proceeds167Item15.Controls and Procedures167Item16.[Reserved]168Item16a.Audit Committee Financial Expert168Item16b.Code of Ethics169Item16c. Principal Accountant Fees and Services170Item16d. Exemptions From the Listing Standards for Audit Committees Procedures171Item16e. Purchases of Equity Securities by the Issuer and Affiliated Purchasers172Item16f. Change in Registrant’s Certifying Accountant172Item16g. Corporate Governance172Item16h. Mine Safety Disclosure178Item 16i. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections178Item 16j. Insider Trading Policies178Item 16k. Cybersecurity178PARTIII182Item17. Financial Statements182Item18. Financial Statements182Item19. Exhibits182SIGNATURES185CONSOLIDATED FINANCIAL STATEMENTS1 INTRODUCTION References in this annual report to “Telefônica Brasil,” “Telefônica,” “we,” “our,” “us” and “the Company” are to Telefônica BrasilS.A. are to Telefônica Brasil S.A. and its consolidated subsidiaries (unless the context otherwise requires). All references in this annualreport to: •“ADRs” are to the American Depositary Receipts evidencing our ADSs;•“ADSs” are to our American Depositary Shares, each representing one of our common shares;•“ANATEL” are toAgência Nacional de Telecomunicações, the Brazilian telecommunications regulatory agency;•“B3” are toB3 S.A. – Brasil, Bolsa, Balcão, the São Paulo stock exchange and a Brazil-based financial market infrastructureprovider;•“BNDES” are to theBanco Nacional de Desenvolvimento Econômico e Social, the Brazilian Development Bank;•“Brazil” are to the Federative Republic of Brazil;•“Brazilian Corporate Law” are to Law No. 6,404 of December 15, 1976, as amended;•“CADE” are to theConselho Administrativo de Defesa Econômica, the Brazilian antitrust and competition authority;•“CDI rate” are toCertificado de Depósito Interbancário, the Certificate for Interbank Deposits;•“Central Bank” are to theBanco Central do Brasil, the Brazilian Central Bank;•“Claro” are toClaro S.A.and its affiliates, a telecommunications service provider in Brazil and our competitor;•“CMN” are to theConselho Monetário Nacional, the Brazilian Monetary Council;•“Common shares” are to the common shares of Telefônica Brasil;•“COPOM” are to the Monetary Policy Committee of the Central Bank(Comitê de Política Monetária do Banco Central doBrasil);•“CTBC Telecom” are toCompanhia de Telecomunicações do Brasil Central;•“CVM” are to theComissão de Valores Mobiliários, the Brazilian Securities Commission;•“Federal District” are toDistrito Federal, the federal district where Brasilia, the capital of Brazil, is located;•“FGV” are to theFundação Getúlio Vargas, a private higher education institution;•“General Telecommunications Law” are to Law No. 9,472/1997, orLei Geral de Telecomunicações, as amended, the law thatregulates the telecommunications industry in Brazil;•“GVT” are to Operating GVT and GVTPar, collectively, formerly wholly-owned subsidiaries of Telefônica Brasil prior to our2016 corporate restructuring;•“GVTPar” are to GVT Participações S.A., a formerly wholly-owned subsidiary of Telefônica Brasil prior to our 2016 corporaterestructuring;•“IASB” are to International Accounting Standards Board;•“IBGE” are toInstituto Brasileiro de Geografia e Estatística, the Brazilian Institute of Geography and Statistics;•“IFRS Accounting Standards” are to International Financial Reporting Standards, as issued by the IASB; •“IGP-DI” are to theÍndice Geral de Preços – Disponibilidade Interna, an inflation index developed by the FGV;•“IGP-M” are to theÍndice Geral de Preços ao Mercado, an inflation index developed by the FGV;•“IOF Tax” are toImposto sobre Operações de Crédito, Câmbio e Seguros, a tax on credit, exchange and insurance transactions;•“IPCA” ar