Oi S.A.

Oi reported Nova Oi revenue of R$631 million, down 27% year on year, and consolidated net revenue down 34.3% year on year, largely due to the exit of fiber and TV operations. Oi Soluções revenue was R$271 million, roughly 60% of total revenue. Routine OpEx was around R$9 billion, down 21% year on year; CapEx was R$78 million, down 44% year on year and about 5% of revenue. Cash ended at R$1.5 billion, with cash burn of 18% in the quarter. Management did not give next-quarter or full-year financial guidance, but said the next quarter will be the first full quarter after the sale of fiber and TV, legacy demobilization should be completed by end-2025, and total accumulated savings from the legacy transformation are estimated at approximately R$2.5 billion.

Marcelo Milliet framed the quarter as part of a broader restructuring, saying Oi is now organized around three service components: Oi Soluções, domestic subsidiaries, and Legacy. He emphasized that Oi Soluções is the core growth engine, with a focus on higher-value ICT services, while Oi Services is being built as a shared-services platform for third parties. His tone was constructive but cautious, repeatedly noting that the company still has major operating and funding challenges to solve.

The CFO’s main message was financial discipline and cost reduction. He pointed to routine OpEx of around R$9 billion, down 21% year on year, and CapEx of R$78 million, down 44% year on year, while highlighting a 17% reduction in total employees and a 5.5% decrease in personnel costs. He also said cash closed at R$1.5 billion, but much of it is restricted, and noted 70% lower interest-bearing liability payments year on year under revised terms with satellite suppliers.

There was no substantive analyst Q&A in the transcript provided. Management instead closed by saying the main issues for investors are strengthening Oi Soluções, growing domestic subsidiaries, cutting legacy costs faster, and solving the 2025 funding gap. They also said further asset sales under the court-supervised restructuring plan remain important.