Telecom Italia S.p.a. · MIL:TIT
Telecom Italia — TIM Group — Q1 2026 Earnings Presentation
27 slides from Telecom Italia's earnings presentation, May 7, 2026
Slide 1: Q1 2026 results
Q1 2026 results 7 May 2026 1
Slide 2: Key messages
#1 Key messages Pietro Labriola, Group CEO Q1 2026 results - 7 May 2026 2
Slide 3: Highlights
Q1 2026 results In line with expectations 2026 Guidance Confirmed Highlights Tower strategy Revised Saving shares conversion On schedule Poste full voluntary public tender BoD advisors and exchange offer appointed 3
Slide 4: Q1 2026 Results
#2 Q1 2026 Results Pietro Labriola, Group CEO Piergiorgio Peluso, Group CFO Q1 2026 results - 7 May 2026 4
Slide 5: Q1 '26 Results in line with expectations including MVNO phasing
Q1 ‘26 Results in line with expectations including MVNO phasing Organic figures ex Sparkle, €bn and YoY trend (1) Revenues EBITDA CAPEX EBITDA AL Eq. FCF Net Debt After Lease minus CAPEX After Lease After Lease 3.3bn +1.4% (+3.1% ex. MVNO) 0.8bn 0.4bn 0.4bn 7.3bn -0.4bn Group 2-3% growth -2.7% (+4.1
Slide 6: MVNO phasing already included in the plan
MVNO phasing already included in the plan, EBITDA AL acceleration skewed to H2, FY guidance confirmed MVNO revenues Domestic EBITDA AL 2026 phasing €m 2025 2026 actual 2026 expected % weight on FY EBITDA AL MVNO phasing in H1 MVNO stabilization in H2 67 55 19% 45 43 13 Q1 Q2 Q3 Q4 Q1 Q2e Q3e Q4e Wei
Slide 7: TIM Consumer - Resilient top line
TIM Consumer - Resilient top line Organic figures, €bn and YoY trend Q1 H1 ‘26 ‘25 Revenues KPIs 1.4bn Fixed ARPU Fixed net adds Net adds TIM Vision o/w FWA 5G Consumer, k lines Service revenues -3.0% (+0.6% ex. MVNO) Consumer, €/month o/w FTTH TIM o/w services -1.8% (+2.2% ex. MVNO) +5.4% 12 32 +3.
Slide 8: TIM Consumer - Launching 'TIM Premium'
TIM Consumer - Launching ‘TIM Premium’, a premium offer ready for AI, gaming and streaming powered by a future-proof network Market context Five key target segments Sports & live event fans TIM Premium Unprecedented bandwidth #1 Need for congestion-resistant connectivity A new high-performance deman
Slide 9: TIM Enterprise - Consistent growth trajectory supported by Cloud Services
TIM Enterprise - Consistent growth trajectory supported by Cloud Services Organic figures, €bn and YoY trend Q1 ‘26 Revenues KPIs Revenues from NSH (1) 0.8bn Service revenue mix TIM Weight on tot. and YoY change 1.5x Enterprise +3.2% o/w services +4.2% Cloud Connectivity Other IT Q1 '25 Q1 '26 ▪ Con
Slide 10: TIM Enterprise - Investing to become Italy's Digital Sovereignty champion
TIM Enterprise - Investing to become Italy’s Digital Sovereignty champion In December 2025, TIM launched a CEO-led strategic initiative to become Italy’s leading sovereign ICT provider Building on NSH expertise, TIM aims to extend sovereign technology solutions to private sector players managing cri
Slide 11: TIM Domestic - Deploying Agentic AI for better services and leaner operations
TIM Domestic - Deploying Agentic AI for better services and leaner operations What TIM is doing on AI How Who is involved Full speed ahead Building an ‘industrial scale’ All employees on Agentic AI environment on board ▪ Centralized Data ▪ Defined AI governance and Key Current Focus Areas: Governanc
Slide 12: TIM Brasil - Further delivering on operational excellence
TIM Brasil - Further delivering on operational excellence Organic figures, €bn and YoY trend (1) Q1 ‘26 Revenues EBITDA AL CAPEX 1.1bn 0.4bn 0.2bn +6.4% +4.3% o/w services +6.5% 19.9% on revenues ▪ Q1 results in line with plan, revenues and EBITDA AL growing above inflation (2) Service Revenues KPIs
Slide 13: CAPEX and OPEX control with Transformation Plan on track
CAPEX and OPEX control with Transformation Plan on track Organic figures ex. Sparkle, €m Group OPEX Group CAPEX Domestic Brazil Net of licences Domestic Brazil weight weight (1) Δ YoY 2.295 +2.7% 2.357 Revenue driven 50% +3% Customer driven 21% 539 +8.8% 587 Addressable costs 50% -1% 457 -9.0% 416 M
Slide 14: Cash Flow and Net Debt evolution in line with expectations
Cash Flow and Net Debt evolution in line with expectations Adjusted Net Debt After Lease, excluding ‘98 Concession Fee, Sparkle discontinued, €m Leverage (2) Incl. € 210m of personnel non-recurring costs (mainly new early retirement) (1) (390) (124) (79) (2) (18) (28) 142 (327) 6.854 7.290 1.86x 1.9
Slide 15: Other topics
#3 Other topics Pietro Labriola, Group CEO Q1 2026 results - 7 May 2026 15
Slide 16: Ongoing corporate actions for a leaner, more efficient capital structure
Ongoing corporate actions for a leaner, more efficient and remuneration-supportive capital structure Saving shares conversion Reverse stock split Share buyback ▪ No creditor opposition to the share ▪ 10:1 reverse split of ordinary shares ▪ Up to € 0.4bn share buyback program capital reduction ▪ No i
Slide 17: TIM tower strategy as part of ongoing effort to optimize infrastructure cost base 1/2
TIM tower strategy as part of ongoing effort to optimize infrastructure cost base 1/2 ▪ Preliminary agreement to develop mobile access through RAN sharing across 15.5k existing sites RAN sharing ▪ Speed up 5G rollout, expanding coverage in low-density areas (<35k inhabitants) agreement (1) ▪ Balance
Slide 18: TIM tower strategy as part of ongoing effort to optimize infrastructure cost base 2/2
TIM tower strategy as part of ongoing effort to optimize infrastructure cost base (1) 2/2 Three pillars strategy enabling the potential exit from INWIT Existing third-party towers New towers by third parties Towers built by the new JV ▪ ~30k towers in the market ex-INWIT ▪ Market interest to build ~
Slide 19: Closing remarks
Q1 2026 results In line with expectations 2026 Guidance Confirmed Closing AI and Digital Sovereignty TIM gearing up to become a key Italian player remarks Launching new high-performance TIM Premium connectivity proposition Greater efficiency through infra Tower strategy sharing and supply chain reba
Slide 20: Q&A
Q&A Q1 2026 results - 7 May 2026 20
Slide 21: Annex
Annex Q1 2026 results - 7 May 2026 21
Slide 22: TIM Group - 2026 Guidance
TIM Group - 2026 Guidance Organic P&L figures (1), €bn, YoY growth Guidance FY ‘26 Revenues 2-3% growth Shareholders’ remuneration o/w Domestic 1-2% growth ▪ Dividends: 70% of Eq. FCF AL net of ‘98 EBITDA AL 5-6% growth Concession Fee impact and dividends to TIM o/w Domestic ~4% growth Brasil minori
Slide 23: TIM Group - Q1 '26 EBITDA AL reconciliation and NWC drill-down
TIM Group - Q1 ‘26 EBITDA AL reconciliation and NWC drill-down €m ( 210 ) ( 26 ) 416 794 ( 416 ) 558 378 142 Organic CAPEX Organic Personnel Other Reported CAPEX Reported EBITDA AL EBITDA AL non-recurring non-recurring EBITDA AL EBITDA AL - CAPEX items items - CAPEX (327) (485) 210 (52) Change in Pe
Slide 24: TIM Domestic - New early retirements program
TIM Domestic – New early retirements program ▪ Voluntary early retirement exits to be completed by November 30th, 2026 ▪ Up to 1,025 eligible employees ▪ Eligibility limited to employees reaching old-age/early retirement pension entitlement by November 30th, 2031 New early Rationale for the new earl
Slide 25: Capital structure
Capital structure € 3.5bn Financial assets AL (1) € 11.2bn Gross Debt AL (1) 11% 5% 1% 17% 20% 34% by by by by type type 20% currency interest rate 62% 66% 75% 89% Cash & cash equivalent Other Bonds Bank & EIB Other EUR USD BRL Other Fixed Floating € 3.0bn Credit facility Debt maturities (2) Avg cos
Slide 26: 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 ‘26 and FY ‘25 financial growth in the different business lines and the global business, financial results and ot
Slide 27: Further questions
Further questions please contact the IR team Investor_relations@telecomitalia.it GruppoTIM.it 27