BRST3 Brisanet

Brisanet Serviços de Telecomunicações S.A. is a regional telecommunications operator founded in 1998 by José Roberto Nogueira in the city of Pereiro, in the semi-arid region of the state of Ceará. The company was created with the goal of providing affordable radio internet access in the interior of Brazil’s Northeast, in a context of low availability of connectivity services outside the major urban centers. Over its first years, it expanded its operations to cities in Ceará, such as Jaguaribe, Icó and Limoeiro do Norte, and to locations in Rio Grande do Norte, such as São Miguel and Pau dos Ferros. In 2010, it consolidated itself as one of the largest radio internet operators in the country, serving tens of thousands of customers in around 150 cities in the Northeastern interior, and began steering its strategy toward the large-scale adoption of fiber-optic technology.

The technological transition had an important milestone in 2011, when Brisanet began deploying a fiber-optic network in Pau dos Ferros, in Rio Grande do Norte, making this location the first city in Brazil to be fully served with this technology by the company. The migration to fiber intensified in the following years, with the launch of new telecommunications services, such as fixed-line telephony in Juazeiro do Norte starting in 2014, pay TV in 2015 and mobile telephony in 2018. In parallel, the corporate structure became more sophisticated, with the adoption of integrated management systems, external auditing of financial statements and an increase in the number of employees, in step with the expansion of the subscriber base. On November 25, 2020, the limited liability company was converted into a corporation, a process that preceded the IPO of the controlling group and reinforced the company’s preparation to access the capital markets.

Brisanet’s shares began trading on B3 under the ticker BRST3, through Brisanet Participações S.A., which became the controlling holding company until the approval, in 2024, of the merger of its parent company into Brisanet Serviços de Telecomunicações S.A. itself. This corporate restructuring aimed to unify the shareholder base in the operating company, simplifying the capital structure. In 2021, the group carried out its first infrastructure debenture issuance and conducted its initial public offering of shares, in addition to acquiring the right to use three radiofrequency bands for 5G operation in an auction held by the National Telecommunications Agency (ANATEL). Subsequent debenture issuances and the expansion of infrastructure demonstrated the increasing use of debt and equity instruments to finance the expansion of the network and service portfolio.

Brisanet’s business model is concentrated in a single operational telecommunications segment, with a strong focus on fixed broadband internet services via fiber optics. The company provides connectivity for homes and businesses through FTTH (fiber-to-the-home) networks and GPON technology, with speeds of up to 1 Gbps. Building on this base, it supplements its offering with pay TV, fixed and mobile telephony services, equipment leasing, value-added services and proprietary streaming solutions such as BrisaMusic and BrisaPlay, as well as the Conecta+ platform. Nearly 90% of net operating revenue comes from fixed broadband internet services, underscoring the importance of fiber connectivity as the main revenue generator. Verticalization of operations, from network planning to installation and support, is supported by proprietary technology and by an in-house “software factory” that integrates sales, customer service, technical supervision and field team management systems.

In terms of service portfolio, Brisanet is authorized by ANATEL to operate in several telecommunications modalities: Multimedia Communication Service (SCM), Switched Fixed Telephone Service (STFC) in the local, domestic long-distance and international long-distance modalities, Conditional Access Service (SeAC) for pay TV, Personal Mobile Service (SMP) and Private Limited Service (SLP). Fixed broadband services form the economic core of the company, while mobile telephony, pay TV, fixed voice and complementary digital services function as extensions of the offer and ways to increase average revenue per user. The company also sells SIM cards and enables MVNO operations within its ecosystem, in addition to offering self-service features and additional functionalities for TV and telephony. Even with this diversified portfolio, management considers that operations are organized under a single business segment, centered on the integrated provision of telecom services.

Brisanet’s area of operation is predominantly regional, focused on the nine states of Brazil’s Northeast. The company has built a robust infrastructure consisting of more than 46,000 km of fiber-optic backbone, more than 115,000 km of FTTH cables and around 280 proprietary data centers, which support the distribution of fixed broadband and mobile services in hundreds of municipalities. In March 2025, the company reported more than 1.49 million customers, serving more than 155 cities with fixed broadband and more than 40 cities with mobile service, with expansion of 4G and 5G, as well as commercial presence in all state capitals in the Northeast and several larger cities. In the mobile segment, Brisanet acquired radiofrequency lots in the 2.3 GHz, 3.5 GHz and other bands, mainly for operations in the Northeast and Center-West regions, reaching, in 2025, more than 260 cities with mobile coverage and a potential population of more than 12 million inhabitants.

The Agility Telecom brand is an important pillar of Brisanet’s indirect expansion. Launched in 2019, it operates under a franchise model, in which franchisees act as small local ISPs using the Brisanet group’s network infrastructure and support, expanding capillarity in smaller towns and remote areas of the Northeast. This structure enabled accelerated growth of Agility’s subscriber base in its early years, although the model has been revisited since 2023, with the de-authorization of some franchisees and studies to potentially convert these partners into virtual mobile operators (MVNOs) in the future. In March 2025, Agility Telecom had 63 franchisees serving more than 140,000 customers in five Northeastern states, reinforcing the strategy of complementing Brisanet’s direct operations with a network of regional partners.

From a commercial standpoint, the company operates across multiple sales channels, covering the B2C, B2B and B2G segments. In B2C, it makes extensive use of digital media, telemarketing, door-to-door sales, physical stores and its own online channel, as well as referral campaigns and the activity of technicians and partners paid by commission. In B2B, it combines inbound and outbound digital efforts, with teams dedicated to specific niches and regional consultants focused on companies, as well as authorized agents specialized in telecommunications. In B2G, it uses tools to map opportunities with the public sector and maintains a team dedicated to prospecting contracts with government entities. This multichannel approach is supported by a proprietary app with a large base of active users, which integrates customer service, self-management and additional services, as well as internal tools that allow the company to monitor networks and operations in real time, reducing the activation time for new customers and optimizing costs.

Brisanet operates in a highly regulated sector, under the supervision of ANATEL and in compliance with the General Telecommunications Law and specific regulations for each service provided. Authorizations for SCM, STFC, SMP, SeAC and SLP, as well as the various licenses for the use of radio frequencies, follow regulatory terms and conditions that involve coverage obligations, payment of fees, sector charges and contributions such as Condecine, administered by the National Film Agency (Ancine) in the case of pay TV. Service concessions, under a private regime, are valid for an indefinite period, while radiofrequency authorizations have fixed terms, generally ranging between 15 and 20 years, with staggered expiration dates through the 2040s. The company is also subject to sanctions in the event of non-compliance with regulatory obligations, which makes compliance management and the relationship with regulatory bodies a central element of its operation. In market terms, Brisanet positions itself as one of the main independent fiber-optic broadband providers in Brazil, a market share leader in the Northeast region, and its more recent trajectory has been marked by the expansion of its customer base, intensified investments in 5G and the consolidation of its role as a regional connectivity platform, with BRST3 shares listed on B3 as a way to access capital to support this strategy.