Summary

  • In the second quarter of 2026, Giga Mais reported R$219.9 million of operating cash and R$30.9 million of free cash flow after investment and interest payments, using its stated calculation.
  • The group describes a deliberate shift towards more profitable customers. Its corporate filings also resolve the old article's uncertainty about DB3's ownership and the company's chief executive.

The most revealing subtraction in Giga Mais's second-quarter report comes after the operating results. Start with R$219.9 million of operating cash. Deduct R$82.4 million of investment and R$106.6 million of interest paid. What remains is R$30.9 million.

That is the company's presentation of free cash flow, not its bank balance. It explains why an improving operating margin and a demanding financing bill can coexist. The business behind Giga+ Fibra is generating cash; much of it still has somewhere else to go.

The second-quarter filing, available through its investor-results page, describes a business becoming more selective about customers and spending. It is a more substantial story than the apparent mismatch between company names in a network database. There is now public evidence for the corporate connections. The harder question is whether the operating changes can keep producing cash.

A smaller base is part of management's explanation

Giga+ Fibra is the residential brand of Giga Mais Fibra Telecomunicações S.A. Its companion business, Giga+ Empresas, sells connectivity and solutions to companies, public bodies, carriers and other internet providers, including wholesale access. The corporate profile says the two businesses use the same network.

That profile describes roughly 150,000 kilometres of fiber, more than 860 cities across 22 Brazilian states and about 1.2 million customers. These are the company's current website claims, checked on October 24, 2026, without a separately stated measurement date. They should not be spliced into the quarterly series as though every figure counted the same thing.

The dated figure in the June report is 1.283 million connected homes in the consumer business, down 20.5% from a year earlier. Management says disconnections were concentrated among lower-value subscribers and those with greater credit risk. That is its account of the contraction, not an independently established reason for every customer departure.

Revenue fell less sharply than the connected base. Second-quarter net revenue was R$396.4 million, down 10.6% year on year. EBITDA reached R$215.7 million, up 11.6%, and the EBITDA margin rose from 43.6% to 54.4%. The company attributes the improvement to cost reductions as well as customer selection, including lower personnel expense and the normalisation of non-recurring effects recorded in 2025.

Losing customers while raising the operating margin is therefore not a numerical contradiction. It is the trade-off management is describing. Nor does it establish that the trade-off will remain attractive: EBITDA was lower than in the preceding quarter even as its margin increased. A rising percentage can accompany a shrinking amount.

The money below the margin

EBITDA excludes interest, tax, depreciation and amortisation. Giga Mais still reported a second-quarter net loss of R$9.7 million. An operating measure above R$200 million was not a net profit of that size.

Investment also changed. The company's measure of capital expenditure, comprising additions to property, plant and equipment and intangible assets, fell 36% year on year. Management links that reduction to fewer activations and tighter project selection. It does not, by itself, show that maintenance was neglected or that service deteriorated. It does mean that the positive cash result arrived alongside a lower investment bill.

The comparison with the previous year has an accounting qualification worth spelling out, though not a qualified review conclusion. The filing restates June 2025 comparatives for stock-option expense allocation and deferred-tax adjustments. KPMG draws attention to the restatement without qualifying its conclusion. Its work was an interim review, expressly narrower than an audit; it did not issue an audit opinion on these quarterly statements.

The management explanation has a named management team behind it. The current executive roster identifies Roger Solé Rafols as CEO, elected on August 15, 2025, and Felipe Matsunaga as chief financial and investor-relations officer. An earlier report about an interim chief executive cannot disprove that subsequent appointment. The old article mistook a sequence for a contradiction.

DB3 belongs in the corporate picture

The same problem affected its treatment of DB3. The June filing lists DB3 Serviços de Telecomunicações S.A. as a wholly owned direct subsidiary. The company's ownership chart shows that relationship too, with EB Fibra Participações S.A. holding 70.21% of Giga Mais. The corporate profile describes control through funds managed by eB Capital; the fund manager is not the same legal entity as the direct shareholder.

Meanwhile, the RDAP record for AS61832, reached through Registro.br, names DB3 SERVICOS DE TELECOMUNICACOES S.A as registrant. The lookup works. PeeringDB presents the network under Giga+ Empresas, alongside the DB3 name and the Alloha Fibra - N/NE organisation label.

Those sources answer different questions without leaving DB3's corporate relationship unknowable. The filing identifies the subsidiary; RDAP identifies the registered network-resource holder; PeeringDB describes the network to potential interconnection partners. Its self-reported 1–5 Tbps traffic band is not a customer-service guarantee or a measure of the group's revenue. The presence of several names does not establish that responsibility for a particular customer contract is fragmented.

Buying time, not cancelling the bill

After the June reporting period, the group raised longer-dated financing. The filing's subsequent-event note records US$350 million of senior secured notes priced on August 6, 2026, through wholly owned Giga Mais Fibra Luxembourg and settled on August 13. They mature in 2032, carry an annual coupon of 11.95%, pay interest semi-annually and are guaranteed by Giga Mais and DB3.

The company describes extending its debt maturities as the purpose. That can change when money has to be repaid; it does not remove the need to earn it. The coupon is not a complete measure of funding cost after fees and any hedging. Nor should an August transaction be treated as if its proceeds were already present in the June results.

For the next set of results, the useful comparison is concrete: the connected base, revenue, operating earnings, investment and cash paid in interest, all on matching dates and definitions. Giga Mais has shown one combination in which a smaller base supported a better operating margin and positive free cash flow. Repeating that combination matters more than making the names in a network directory look tidier.

Correction and update, October 25, 2026: Official records establish the current CEO, DB3's subsidiary relationship and the AS61832 registrant. This version adds the second-quarter results and removes unsupported conclusions about accountability or integration drawn from different names. The original URL, publication date and membership access are unchanged.