SAO PAULO, May 10 (Reuters) - Telefonica Brasil said on Tuesday its first-quarter net profit fell 20.4%, missing analysts' estimates, as the acquisition of 5G licenses weighed on its bottom line.

The unit of Spain's Telefonica, which operates under the Vivo brand in Brazil, posted net profit of 750 million reais, while the Refinitiv forecast was 1.38 billion reais.

The telecom said its quarterly profit was affected by higher average debt, mainly caused by the acquisition of 5G spectrum rights in late 2021 and higher interest rates.

Earnings before interest, taxes, depreciation and amortization came in at 4.51 billion reais, 1.3% higher from the previous year. (Reporting by Peter Frontini; Editing by Leslie Adler, Bernard Orr)