Oi S.A.

Nova Oi reported revenue of R$631 million in 1Q 2025, down 27% year over year. Consolidated net revenue fell 34.3% year over year, largely because fiber and TV operations contributed for only two months after the February exit. Oi Soluções revenue was R$271 million, domestic subsidiaries revenue grew 19% year over year, routine OpEx was down 21% year over year, and CapEx was R$78 million, down 44% year over year. Cash at quarter-end was R$1.5 billion, with a cash burn of 18% in the quarter. For guidance, management expects legacy demobilization to be completed by the end of 2025 and says cumulative savings could reach approximately R$2.5 billion; it also said the next quarter will be the first full quarter after the sale of fiber and TV operations.

Marcelo Milliet framed the quarter as part of Oi’s post-restructuring transformation into three main components: Oi Soluções, domestic subsidiaries, and Legacy. He emphasized Oi Soluções as the growth engine, highlighted new contracts totaling R$53 million in January, and pointed to cloud, UC&C, and IoT as higher-value segments. His tone was constructive but cautious, repeatedly noting that the company still has major challenges around revenue mix, cost rationalization, and funding.

The CFO’s financial comments centered on cost discipline, liquidity, and capital allocation under the new operating structure. He pointed to routine OpEx of R$9 billion, a 21% year-over-year reduction, and said CapEx was kept to R$78 million, or roughly 5% of revenue, through investment optimization. On cash, he noted a quarter-end balance of R$1.5 billion, but stressed that a substantial portion is restricted, while working capital was pressured by payments to creditors under the court-revised plan; he also said payments of interest-bearing liabilities were reduced by 70% year over year.

There was no detailed analyst Q&A in the transcript; the call ended right after management’s prepared remarks. Management’s key answers were embedded in the presentation itself: they said the company is continuing to seek funding alternatives to offset ongoing cash burn, while also pursuing asset sales approved in the reorganization plan. They also reiterated that the business must strengthen Oi Soluções and the national subsidiaries while accelerating legacy network demobilization.