Slide 1: 9M 2025 Results
9M 2025 Results 6 November 2025 1
Slide 2: Q3 2025 Highlights
TIM Group Solid Group and Domestic operational and financial delivery, results on track TIM Consumer: price dynamic marginally improving in Italy, Q3 2025 PosteMobile MVNO signed, TIM Energia launched TIM Enterprise: robust Cloud revenue growth, LoI signed for JV with Poste on sovereign open-source
Slide 3: 9M '25 results on track both at Group and Domestic level
TIM Group 9M ‘25 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
Slide 4: Positive drivers unfolding, strong YoY EBITDA AL acceleration expected in Q4
TIM Domestic Positive drivers unfolding, strong YoY EBITDA AL acceleration expected in Q4 All figures in €m YoY Domestic EBITDA AL 2024 2025 Q3 ‘25 Q4 ‘25 Organic figures ex. Sparkle +4,1% YoY TIM Consumer price ups (1) + ++ YoY 4.0% 4.4% 4.0% 1,4461,506 Q3 actual TIM Enterprise business + + growth
Slide 5: EFCF AL consistent with expected trajectory, ramp-up in Q4
TIM Group EFCF AL consistent with expected trajectory, ramp-up in Q4 Figures incl. Sparkle, €m. H1 ‘24 TIM Group Integrated view figures Equity Free Cash Flow 2024 2025 Guidance After Lease EFCF AL drivers in Q4 ▪ Group EBITDA AL growth ▪ Higher CAPEX, limited impact on cash absorption ▪ Favorable N
Slide 6: TIM Consumer with resilient top line
TIM Consumer TIM Consumer with resilient top line Organic figures, €bn and YoY trend 9M ‘25 H1 ‘25 Revenues KPIs 4.5bn Fixed ARPU Fixed net adds Net adds TIM Vision o/w FWA 5G -0.4% (-1.5% in Q3) Consumer, €/month (1) Consumer, k lines Service revenues o/w FTTH TIM o/w services flat (-0.5% in Q3) +5
Slide 7: TIM Enterprise solid growth fueled by Cloud services
TIM Enteprise TIM Enterprise solid growth fueled by Cloud services Organic figures, €bn and YoY trend 9M ‘25 Revenues KPIs Revenues from NSH 2.4bn Service revenue mix TIM Weight on tot. and YoY change 2x ENTERPRISE +4.4% (+3.8% in Q3) o/w services +5.5% (+4.2% in Q3) Cloud Connectivity Other IT 9M '
Slide 8: TIM Brasil further delivering on operational excellence
TIM Brasil TIM Brasil further delivering on operational excellence Organic figures, €bn and YoY trend (1) 9M ‘25 Revenues EBITDA AL CAPEX 3.1bn 1.2bn 0.5bn ▪ Consistent growth, on track +4.7% (+4.5% in Q3) +6.9% (+8.4% in Q3) 16.2% on revenues with plan o/w services +5.2% (+4.9% in Q3) (14.5% in Q3)
Slide 9: Thorough CAPEX and OPEX control with Transformation Plan well on track
TIM Group Thorough CAPEX and OPEX control with Transformation Plan well on track Organic figures ex. Sparkle, €m Group CAPEX Domestic Brazil Net of licences weight Domestic Transformation Plan Customer driven 26% mitigating inertial total cash costs increase 1,203 +0.2% 1,205 Mobile & backbone IP 28
Slide 10: Net debt AL evolution on track
TIM Group Net debt AL evolution on track Adjusted Net Debt After Lease, €m WHAT TO EXPECT IN Q4 1 Higher absorption YoY 4 Positive Net Working Capital due to Days Payable Q3 TIM Brasil buyback contribution due to favorable Outstanding reduction seasonality 2024 2025 (369) (150) 3 (48) 566 (49) 7,498
Slide 11: TIM/Poste Italiane areas of synergies
TIM Group TIM/Poste Italiane areas of synergies Contract signed MVNO contract for PosteMobile Migration in Q1 2026 TIM Available in 750+ TIM stores Launch of TIM Energia powered by Poste Italiane CONSUMER Positive market reaction Cross selling initiatives on retail and SMB customers Under evaluation
Slide 12: Closing remarks
TIM Group Results and cash dynamic on track, strong acceleration expected in Q4 Closing Guidance confirmed remarks Developing the strategic partnership with Poste Italiane, ongoing initiatives to generate synergies 12
Slide 13: Q&A
Q&A 13
Slide 14: Annex
Annex 14
Slide 15: Q3 '25 results on track both at Group and Domestic level
TIM Group Q3 ‘25 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 minu
Slide 16: Capital structure
TIM Group Capital structure € 4.2 bn Financial assets (1) € 11.3 bn Gross Debt AL (1) 12% 5% 1% Sep. 2024 14% 24% 28% 23% by by 18% by by type type currency interest rate 67% 72% 72% 76% Cash & cash equivalent Other Bonds Bank & EIB Other EUR USD BRL Other Fixed Floating Debt maturities (2) Avg cost
Slide 17: 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 18: 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 9M 2025 financial results, growth in the different business lines and the global business, financial results and oth
Slide 19: Further questions
Further questions please contact the IR team Investor_relations@telecomitalia.it GruppoTIM.it 19