Intense Market Competition: Telefonica Brasil operates in a highly competitive market, facing pressure from major players like Claro and TIM, as well as regional broadband providers, leading to potential price wars, customer churn, and ARPU (Average Revenue Per User) erosion.

Regulatory & Policy Shifts: Changes in telecommunications regulations by ANATEL, spectrum auction rules, taxation policies, or data protection laws (like LGPD) can impact VIV's operational costs, market strategy, and revenue generation.

Macroeconomic Headwinds in Brazil: Economic instability in Brazil, including high inflation, interest rate fluctuations, currency depreciation, and low GDP growth, can reduce consumer spending power and business investment, negatively affecting demand for VIV's services.