1、ab4 September 2025Global ResearchTMT Online ObServerAMX-BZ,TEF-BZ,TIM CEOs:Fiber growth acceleration,B2B potential and the state of competitionAMX-BZ,TEF-BZ,TIM CEOs:Fiber growth acceleration,B2B potential and the state of competitionWhat happened:At Painel Telebrasil 2025,BZ carriers CEOs talked ab

2、out emerging revenue streams,the current state of competition,and the future of the industry.Key takeaways:TEF-BZ targets fiber expansion after FiBrasils integration.After taking full control of FiBrasil in July,which represents 15%of TEF-BZs total homes passed,CEO Christian Gebara sees greater flex

3、ibility to pursue organic and independent growth.Moreover,he stated that any future broadband consolidation would require network complementarity and TEF-BZ-level quality.B2B and IoT remain key growth opportunities.TIM identifies B2B and AI as strategic growth drivers.CEO Alberto Griselli highlights

4、 agribusiness connectivity as a priority,with only one-third of Brazilian farms covered by 4G/5G,leaving 740 million acres underserved.TIM is using AI for network automation and plans to extend it to customer service.AMX-Claro BZ CEO favors market stability over more competition.CEO Jos Flix believe

5、s Brazils telecom sector has sufficient competition and calls for better organization to ensure companies are financially stable and able to invest.He advocates for flexible AI regulation and notes that legal uncertainties may hinder foreign investment,despite economic optimism.UBSs take:On fiber,we

6、 continue to see room for TEF-BZs further acceleration with controlled Capex intensity,especially after the increased stake in FiBrasil.On the other side,TIMs fiber strategy remains undefined,as ample options continue to be considered,ranging from a sale of the fiber operations to the merger with a