Telecom Italia S.p.a. · MIL:TIT
Telecom Italia — TIM Group — Q1 2025 Earnings Presentation
16 slides from Telecom Italia's earnings presentation, May 8, 2025
Slide 1: Q1 2025 Results
Q1 2025 Results 8 May 2025 1
Slide 2: Q1 2025 Highlights
TIM Group Poste Italiane to become TIM’s largest shareholder Q1 2025 Competitive environment with Domestic Consumer market stable, Enterprise growing as expected, Brazil highly rational Solid operational delivery, results on track Highlights RCF extended until 2030 for €3.0bn down from €4.0bn Court
Slide 3: Poste Italiane
TIM Group Poste Italiane To hold 24.81%(1) of TIM’s ordinary shares and 17.81% of total share capital ▪ Poste Mobile MVNO migration to TIM's mobile network from January ’26 ▪ Service portfolio enrichment opportunities for both TIM Acting as long-term industrial shareholder supporting and Poste on en
Slide 4: Results on track both at Group and Domestic level
TIM Group Results on track both at Group and Domestic level… 2025 organic figures, YoY comparison based on 2024 like-for-like, MSA and TSA included, Sparkle excluded unless otherwise specified, €bn and YoY trend (1) EBITDA EBITDA AL Eq. FCF Net Debt Revenues After Lease CAPEX After Lease minus CAPEX
Slide 5: TIM Consumer with flattish topline and improving KPIs
TIM Consumer TIM Consumer with flattish topline and improving KPIs Organic figures, €bn and YoY trend Revenues (1) KPIs Fixed ARPU FTTH Net adds 1.5bn Fixed net adds TIM Consumer, €/month Consumer, k lines Consumer, k lines CONSUMER +0.3% o/w services -0.1% 86 69 82 89 67 29.5 30.7 (49) (68) (67) (8
Slide 6: TIM Enterprise growing steadily thanks to cloud services
TIM Enteprise TIM Enterprise growing steadily thanks to cloud services Organic figures, €bn and YoY trend Revenues Service revenues mix KPIs TIM 0.8bn Revenues from NSH 2x Connectivity ENTERPRISE +4.5% 36% o/w services +6.6% Cloud -4% YoY Q1 '24 Q1 '25 Other IT ▪ Solid revenues growth sustained by C
Slide 7: TIM Brasil further delivering on operational excellence
TIM Brasil TIM Brasil further delivering on operational excellence Organic figures, €bn and YoY trend (1) Revenues EBITDA AL CAPEX EBITDA AL - CAPEX 1.0bn 0.4bn 0.2bn TIM 0.2bn BRASIL +4.9% +6.5% 20.9% on revenues +19.2% o/w services +5.6% ▪ Solid growth, fully in line with plan KPIs ▪ Efficient ope
Slide 8: All financials in line with the plan
TIM Group All financials in line with the plan All figures in €bn. Organic figures ex. Sparkle for CAPEX and OPEX; Reported figures including Sparkle for EFCF AL and Net Debt AL Group CAPEX Domestic Brazil Equity Free Cash Flow NWC seasonality net of licences After Lease Integrated view 0.5 0.7 0.2
Slide 9: Closing remarks
TIM Group Results and cash flow evolution on track Closing Guidance confirmed remarks Sparkle Sale and Purchase Agreement signed, closing expected in Q4 ‘25, 0.2x leverage reduction Poste to create significant value ‘98 Concession Fee’ dispute moving closer to a resolution 9
Slide 10: Q&A
Q&A 10
Slide 11: Annex
Annex 11
Slide 12: Net debt AL on track
TIM Group Net debt AL on track Adjusted Net Debt After Lease, Reported figures, €bn DAZN payment NWC seasonality & pre-retirements (0.2) 0.0 (0.1) 0.3 (0.3) (0.1) 7.5 7.3 Q1 ‘25 Equity FCF -0.2bn 7.2 (-1.0bn in Q1 ‘24) YE '24 EBITDA AL Ordinary Extraordinary Financial Cash taxes TIM Brasil dividends
Slide 13: Capital structure
TIM Group Capital structure € 11.9 bn Gross Debt AL (1) € 4.8 bn Financial assets (1) 4% 11% 1% 22% 14% 26% 17% by by by by (2) (2) type currency interest rate type 71% 82% 74% 78% Bonds Bank & EIB Other EUR USD BRL Other Fixed Floating Cash & cash equivalent (4) Other Debt maturities (3) Avg cost o
Slide 14: Guidance 2025-'27
TIM Group Guidance 2025-‘27 TIM GROUP Excluding Sparkle and the effects of ‘98 Concession Fee. Organic pro-forma P&L figures (1), €bn, YoY growth and 2024-‘27 CAGR TIM DOMESTIC 2024 actual 2025 2026 2027 Revenues 13.7 2-3% growth ~3% CAGR 9.4 1-2% growth 2-3% CAGR EBITDA 3.6 ~7% growth 6-7% CAGR Aft
Slide 15: Disclaimer
TIM Group Disclaimer This presentation contains statements that constitute forward looking statements regarding the intent, belief or current expectations of future ▪ In the TIM Group Q1 2025 financial and growth in the different business lines and the global business, financial results and other as
Slide 16: Further questions
Further questions please contact the IR team Investor_relations@telecomitalia.it GruppoTIM.it 16