BRST3: quote, dividends and indicators for Brisanet

Brisanet Serviços de Telecomunicações S.A. is a regional telecommunications operator with common shares traded on B3 under the ticker BRST3. Founded in 1998 by José Roberto Nogueira in the city of Pereiro, in the semi-arid region of Ceará, it began its trajectory by offering radio internet, focusing on inland municipalities in the Northeast that historically had less service from the major operators. Over the 2000s, it expanded its customer base and geographic presence in cities in Ceará and Rio Grande do Norte, reaching in 2010 the position of the largest radio internet operator in Brazil in terms of number of customers served in the northeastern hinterland. Starting in 2011, the company began a technological transition to fiber optics, deploying the first city 100% served by this technology in Pau dos Ferros (RN), a move that redefined its operating model and laid the groundwork for growth in higher value-added services.

The evolution of Brisanet’s portfolio accompanied the expansion of its infrastructure. In 2014, the company began offering fixed telephony based on a fiber-optic network, added pay TV in 2015 and, in 2018, started offering mobile telephony under an MVNO model, broadening its range of convergent services. In 2015, it also adopted the integrated SAP Business One system and began submitting its financial statements to independent external auditing, an important step in its institutionalization. In 2019, it launched services in João Pessoa (PB), the first capital it served, consolidating its strategy of moving from smaller cities into denser urban markets. The corporate group underwent a corporate restructuring, transforming Brisanet into a corporation (sociedade anônima) in 2020 and subsequently conducting an initial public offering of shares of the then-parent company Brisanet Participações S.A. in 2021, as well as issuing debentures to finance the expansion of its network and telecommunications infrastructure.

Brisanet’s business model is integrated and vertically organized, covering the entire telecommunications value chain in fixed and mobile broadband. The company plans network expansion, builds and operates its own fiber-optic infrastructure in FTTH (fiber-to-the-home) and GPON architecture, sells, installs and maintains services using a workforce that is mostly in-house, and uses proprietary technology to integrate internal systems and customer service channels. This verticalization is reflected in a network with more than 115,000 kilometers of fiber infrastructure and nearly 300 proprietary data centers, supporting the provision of internet at speeds of up to 1 Gbps, fixed telephony, 4G and 5G mobile services, as well as value-added services. The company concentrates most of its revenue in fixed broadband, complemented by the mobile segment, while further monetizing through equipment rental, SIM card sales and complementary digital services such as music streaming and content solutions.

Brisanet’s activities are reported in a single telecommunications operating segment, which encompasses multimedia communication services (SCM), fixed broadband, switched fixed telephony service (STFC), personal mobile service (SMP), value-added services, equipment rental and the sale of goods associated with connectivity. In the digital products field, the company operates BrisaMusic, a music streaming platform with a catalog that also focuses on Northeastern culture, and distributes video, music, telemedicine, vocational training courses, language learning and ebooks in partnership with third parties, aiming to increase average revenue per user. The company also operates under the Agility Telecom brand in fixed broadband through a franchise model which, at the end of April 2026, comprised around 50 franchisees in five states in the Northeast, serving more than 107,000 customers. All net operating revenue comes from this integrated set of services, which simplifies understanding of the business from a revenue generation standpoint, even though the company operates in different subsegments within the telecommunications sector.

Brisanet’s geographic presence is heavily concentrated in the Northeast region, where it operates in all nine states, including both small and medium-sized cities and state capitals. The company has built a digital fiber-optic belt that connects hundreds of municipalities and, in 2025, already had 1,554,231 fixed broadband subscribers in 158 cities, with 7.1 million homes passed. In the mobile segment, the company expanded rapidly after acquiring 5G radio frequencies in Anatel’s 2021 auction and later acquiring lots in the 700 MHz band in 2025, reaching coverage of more than 300 municipalities and over 852,000 active lines in 2025, with a mobile base that exceeded 990,000 customers in April 2026 and coverage of more than 15.6 million inhabitants, focusing on states such as Ceará, Rio Grande do Norte, Paraíba, Pernambuco and Piauí. The expansion strategy also includes entering states in the Center-West region, initially with mobile services, leveraging the operational experience accumulated in the Northeast to move into new markets.

In the competitive context, Brisanet is classified as an independent internet service provider (ISP) and, according to Anatel data from March 2026, is the largest company among independent fiber-optic providers in Brazil and the leader in fixed broadband in the Northeast region, with a market share above 18% in fiber-optic technology. The company competes with major national operators and other regional providers, but differentiates itself through the combination of fiber-intensive infrastructure, capillarity in inland municipalities and local customer service, supported by an operation heavily based on its own workforce, which had approximately 8,800 employees at the end of April 2026. In the retail segment, its customer base is diversified, with no significant revenue concentration in any single client, while it also maintains a specific presence in B2B and B2G, with dedicated teams, regional consultants and authorized agents to serve companies and public entities.

Brisanet’s operations depend on a set of authorizations and concessions from the National Telecommunications Agency (Anatel), the government agency responsible for regulating the telecommunications sector in Brazil. The company holds authorizations to provide Multimedia Communication Service (SCM); Switched Fixed Telephony Service (STFC) in local, domestic long-distance and international modalities; Conditional Access Service (SeAC, although it has not been marketed since mid-2024); Personal Mobile Service (SMP); and Private Limited Service (SLP), all governed by specific regulations. It also holds several authorizations to use radio frequencies in bands such as 2.3 GHz, 2.5 GHz, 3.5 GHz and 700 MHz, on a primary and secondary basis, with terms that can reach 20 years, especially for frequencies acquired after Law No. 13,879/2019. Regulatory compliance, meeting the deadlines for putting spectrum into operation and observing the General Telecommunications Law are central elements of the company’s operating environment.

On the financial and operational front, in 2025 Brisanet reported net operating revenue of R$ 1,677.3 million, up 17% versus 2024, with adjusted EBITDA of R$ 743.7 million and a margin of 44.3%. The investment cycle in mobile in the same year exceeded R$ 450 million, directed mainly to expanding the 5G network which, according to official Anatel data, gave the company the largest coverage of this technology in the Northeast region. Net income in 2025 was positive, with a profit of R$ 40.9 million, following profits also in 2024 and 2023, supported by scale gains in the subscriber base and operational gains from the infrastructure built. Debt is largely associated with network and spectrum financing, having been reinforced by infrastructure and corporate debenture issues, and follows an expansion cycle that combines increased capacity, geographic coverage and migration of part of the fixed broadband base to mobile and convergent plans. In this context, BRST3 on B3 represents exposure to a regional telecommunications operator that is infrastructure-intensive, with a historical focus and leadership in the Northeast region and a strategy of expanding into new markets and technologies.