December 31, 2025
TIM S.A.
FINANCIAL STATEMENTS
December 31, 2025
Contents
Independent auditors' report on the financial statements 1
Financial statements
Statement of financial position 6
Statements of profit and loss 8
Statements of cash flows 12
Statements of comprehensive income 9
Statements of changes in shareholders' equity 10
Management Report 15
Statements of value added 14
Tax Council Opinion 111
Notes to the financial statements 28
Statement of the executive officers on the financial statements 120
Annual Report from Statutory Committee 112
Statement of the Executive Officers on the Independent auditors' report 121
Independent auditor's report on the Financial Statements
Shape the future nith confidence
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(IASB)
IndeperxJem auditor's report m Social statemems
To the shareholders. board members and direcors or TIM S.A
Rio de Janeiro - RJ
We have audited the financial slafements of Ten S.A. *Cixopany"} which oxriprise the statement of finawial posiéon. as ar December 21.2025, and the sI:atemercs of profit and loss. of comprehensive income. of changes in sharelxilder's q u or ah in n y« aw ended, and nczes to W finawial statements, iwlzzling mateñal acoounLing policies must oi:her
In c›tp o{finirzi, the accorr§zanying F•zancial slatemenls present faiñy, in all material respects. fhe m uu pain of Tlfd S.A. as at December:31. ZO25. and iis financial performance and its cash hems Iér I:be year when en:led in accordance wiI:h I:he accouncng pracéces adopted in Brazil and with the lnternaéonal AccounMng Suu tards (IFRS Aocczazting Slandzuzls) issued by the lnternaéonal AccounMng Standards Baard (IASB).
Basis for opinkzri
We conductedfirm audit in accordance with Brazilian and InternaMonal SI:andards on Aucfi0ng. Do re sibilifJes under dxise standzzds are further described in fhe éudtor's Respons/bd/tfes far he auzfirof flue Fmeocia/ sraremenfs secCzxi of our report. We are independem of be Company in aocordance wit the relevant ettfical principles set fix1ti in I:he Code of Rofessñsnal Ethics few
Ac manfs, the profes nal standards issued by Brazil's Na0rgzal Association of Scale Boards of
Ac mancy {"CFC") zz+d we have fulfilled our other ettdcaI responsibili@s in accordance wii:h ftiese requirerrumts. We beleve that audit evidence we have obtained is suMienL arxl
8 @iBtB tO @O dg 1 DBBig MX OLIF O|LIiNi III .
Key audit matters are those matters that in our professirgzal judgmerc, vreze of rnas i ir ance in
»o r w »wia wtewe»o r itie currerk year. These mauers were addressed in
comes of our audk of the financial stateznenfs as a vdxile. arxl in f‹xzrfing our opinion thereon, and we do not provide a separate opriiou in these maaers. For each maaer below, our description of he v c›tp azzliL adAessed the maaer. k+eluding any commentary on I:he findings or cgAcor e of our procedures is {xovided in ifiat context
Wa lawsMfZled sha responsilfilitiss described in th Auditzz's rasponsibzkiss f‹x Its audk ofMa financial stalzznents section of or rejxzt, indudk›g in ralatim to thssa ruattars Acoordin , ops
of rrugwial misstalzznam of IU finesizg statarnsrss. The rastdts z›forp zz lii prcx›adures, induding
As disck›ssd in the rota 22 la Iha firuzx al statamercs. the Corr§›any is pzzt it numerous tax dakns erxl proce‹ iings at dzfwwitjizisdkt null labels, as of Member 11, 2025. for whlh a pnwision of RS 806 miIlari was recorded in themancial staa ants, wtdlo iha ramarsng RS 24,450 rnzbon was disclased as }xzssibIe losses, zi acaxzlance w0 i CQ ZS QAS 27) Provisions, Corgingsrg LiabZkiss and Co bngsm Assots The i1i zrsnaéon of Its prautsiz i and disdostzes rebtnd to the I:ax contz gancias irw‹:dvas sigrgficant merk fnxn managemszzt, kx:kxBng Mr ara'iIyso of th matters in dispuia, &m opñfiari & internal and axtwnal kzgal coureaI erxl tha sshrreiMuri surrczaxling dxdr ukimate rasolr¥ion.
In additiczj, in view i zt›a magrgtude of its amotass cwohrad, zzzy changes in astznatas is asstzr§ztions thet impact the determiriatñxi @ttw loss prognosis may havo s iticant impacts ml th C‹xzipany's finawial suzamsrcs. Acczxdingly, this was c‹xzsz xsda kay audit mattar.
desi ofc‹zsn:ds over the klaritgicatizxi zzxl avzguaéon zzt iax daktts. kx udkig management's process to datermk›a whsttus zip tnctzacal merzs ara more-IZtaIy-than-nat to ba sustair d in com (b) czyzWing our tax profassiixzals to assess Its zxnpany's tectzacal merzs regarding
c tzgn suns zidispute. i xzgnk+g and arudyz axt za'iI legal opinkzzs. i xzgnk+g c¥ zug and external legal c‹xzzssI c‹xdrmatgxi Isaers, rnagt g with internal legal c‹xzzssI to discuss certain tax disputes, and cK›tairsng a rapia letter from Its cznpany's internal legal rrsel: and
(c) assessing the edaquacy of Its disckrstaes made by tha Corr§›any in note Its 23 ri respect of
Based ml tiga raszdt @ aixBt procaduras performed in Me {xzwision fix tax c‹xzLnp c rs eral rabtnd disdost•as, whñh is cont with rru agsmerK's assossmsnt wa And bug Ma measuremsrc r›ftax cleims assessed as [zobable and possibM loss. es wel as Iha raspectñ/e disclose ri tha rxxa 22 are accs{gaIga ri the context ofMa financial statements ud‹en as a
Th statamant of valrai added Its the year anded Dace11, 2025. }xepared zxxler tha ras{xzzsibiIity afttw ixzipany's axscutiva board ard }xassnted as suppMuantary informs n for IFRS {xaposas, was submktad to ezxlit }zocaduras{›oifczzried in coniz«x xi with Its audk oftha CQ Iczzzx al statamerss For tha {xxposa of f‹xrriñ+g our op flan, we aualuala whetLisz ztfis statamsrs is raoonciled yzith its fira'iwkg statemsrzs and acc‹xznting reomls, as applicable, and
CPC bB - Sugemsnt z›fVaiua Adcled. In our oprsari, itds statement of value addad hes been property }zepared, in al meas1aI respects, ri acixzdarica yzitti tha cri1ana set fix1ti ri this Acc‹xJntirig Prorzounoamant er¥1 is crztsistant wkh tha hnancial staasnants as e wfxga.
infbmsnbon Eng tBo finawial and tfta auditor's repzz•t
Management is ras{xmsZge hx such othar inhxmat en, whñh comprises Its Management RaporL
@tA QNiY ON thB hftBNoBl statute dDBB CDVBf thB g/l8 fTlBFIE QB]X¥t Z€ d U¥B dD F¥X
ex|zwss any f‹xzri of assurance ksizxi Ocean.
Menagamsrs: Rapxt zz+d, ri rgsing so. consider whether this raport is matertigIy arisistam wart th finarx:ieI statamanis, or our krxnulodge cKXained in th zx lit m la ay to L¥a mentally rtfisstato‹1 If, based on the w‹xk we have parf‹xzrmd, wa c‹gxñudethat Ilsaisa meIw1aI of th Managsrrgug Riqxzt, wa ara raquñed to rejxxt hue face Wa have
Rea}x+zssibilitñra of Manag ru st arsd ttuzBa ohwgod wifh A tlan finenciel Mana{ irnont is ras{xxtsZde littles }xepi asian eral Usr | asersatim ct the f usucial in
acccgdawa wart acoounfing practices ado{xed in NazZ and wkh Me me naéonal Accot•sing Sñmdards (IFRS Scenting Stanilards] issued by Me Ir¥wru'gior I Acczzziting Standards Board
prapa af financial statements ezat ara froo fnxn material misstalarnsrX, whether dua to fraud
In preparing Its firamizg staiamercs. rranagamsnt is rosporrsible fw assessing Its Company's
arm us ›g Me going conm basis @ ecc‹xziL@ mlsss rruziagsmerc aittur k ands to bquklata tha Cc›rr§zmy into oaasa operatiixzs. is has uo reaEstic aI1arna1fiza IxA to dD SD.
Tlxoe charged vzgh gay mare ere responsible fix overseeing th C‹xnpany's finawial reporting
AuzBzir"a raaporssibiliñes W tha audit ad Des fizzancial statamants
Of-• nt activas areto zgxain reasonable assurance about who Its finewâl statamanis as a whzga ara frea from meIw1zd misstatamerc, wtwther duato frazxl in errs, and to issua an ezxbtor's raport that irxdudss our opirñon. Reasonalfla assurance isa huh leuel r›f assurance Ixzt is nag a guaraMea that an ezxlit conducted acoordanca with Brazilian erxl lritematñxial Standards an AtxliBng will ahuays dsJect a rru¥ 1aI msstaterrzzit when k axists. Misstatarnanis can zz1ss frcm fzaud in elm eral ara c‹xzsz zad rnatariel if, indrvzxzallya fi cha egpegzza, thay cotdd raasixzabIy be expected to influence Its Annie decisions of uses taki on tha basis c›fd rsa finawial
As pzzt of an aixbt ri acixzdarice w/ith th BrazZtm and Irzerra'iéonaI Starztizcb on Aixlizing, wa
ezezn-zse protessxinaljudpzant and rruantain prafasskzusl skejxicism tlaoughout Its audk. be
l bad arxl assessed the risks af mzgwial m it Ilsa Icuzx al statamerKs. who
to Faud or erm, dns and perfumed zzxlit [zooaduras rasponsivo to thosa rislcs, and bMWnWRedit afiDwca Binds sWfiowm and appropriem 0o pmvWaa besis or oa o@riMn. The ñsk ofnot deteczkiga mznañal missbñamiax rasuMnq horn Maud is tdgharthan fér ona rasuMng
Obtak+ad anlair gel:anrgng of ñztnrnal coriaol reJevarc to tfia six:¥t ri to dasign aixbt
{zooaduras beat zza appropriate in th ck urnstawss, but rux0 Its purpasa it axjxessing an opinkxi on tha idt elm loss af tha Cnrr§zany's imamal caribol.
Evaluated Its appropñaierwss of accourging policies usod and tha reasonaI:dansss of acox•ding astñnatas and ralzgad disdost•as mado by1:to executive board.
C kzled on zip ap[zapriaterwss of management's usa of the going cone n basis eg acoxzzLng zzxl, basad m its audk avtdanca abtakxsd, whattim a rreMwtal srtakgy axists relzged to nvenD or cc›ru:bhixzs tint may cast substantial clraAt as to tha Company's alfilky la
to Aaw aaa in ix azxBtor's raport to tha relzgad dzsdosz•es ri sha Icuzx al stata«ierzs or, if ah disclose ara inad ta, to mrxfify opin@n on its staterr zzt at ancial [xokirzi. Our kzskzzs are basad on its aurBt avidnnoa obtai«ad la tha daia c›forr rejxxc Honfever, futzze svants m k¥zze corg:bhcgzs mey czazsa Its Company to caase to c‹xsinue es a
Evaluated IU overall {Desai, strucaza and crzñant of IU finawial statamnnls, kxgng ill disclcrstzas, and whiles Ihafira'iwiaI statamercs red the underlymg transact xis
wtth ooafldenoe
Wa c‹xwnunkatad with thosa chzzged with pzvamaroa ragardtirg, zznong oztur maaws, the
deficiencies in kztarnal control ituit ure identify duri can zaxliL
Wa abo pnwida dxise chzzged wñh gavernewe wñha statamant hug wa hava c‹xnpIiad wilh relevant ethical rez}t rarnants, inclzzfing appg Ie ñxlapnn e requiramerKs, and communicate wart hero all rsgaéorrstdps arm otter matters that may raascziably ba Bxzzght to on rap kxle a, erxl whara appgczd:sIe, ralatad safeguards.
From Its matters co+nrrazdcatad wgh thase charged with govarnanca, wa datermiriod thosa
law m ragulatizxi jxeckzios pz g1 disdoszza about th matter cz wtwn, aztramely rare
c cumstarices. wa rleaszrsne tta'iat rnatlar slxazld rzx ba c‹znmun1ated in r›tx raport because its
adverse cczzs af disng so would reasoFlBlfly bo izxpoctad to rzztwai@ ilea publiE interact
flea be Jane a, Fetzzuzy 10, 2026.
ERMST & YOUNG
Auditzzas lrziz§+andnntes S/$ Ltda.
CRC 3P615199/F
aabiz lvas de Mixzies Nk›oloci Accourczzg - CRC • RJ 09127D/O
TIM S.A.
Statement of financial position December 31, 2025 and December 31, 2024 (In thousands of reais)
Note | 2025 | 2024 |
Assets | 56,939,179 | 56,327,311 |
Current assets | 13,464,205 | 12,662,929 | |
Cash and cash equivalents | 4 | 3,610,324 | 3,258,743 |
Marketable securities | 5 | 2,274,316 | 2,434,441 |
Trade accounts receivable | 6 | 4,901,777 | 4,677,935 |
Inventories | 7 | 357,204 | 293,529 |
Recoverable income tax and social contribution | 8.a | 68,769 | 111,376 |
Recoverable taxes, fees and contributions | 9 | 1,138,888 | 946,103 |
Prepaid expenses | 10 | 329,362 | 280,851 |
Derivative financial instruments | 36 | 452,203 | 379,888 |
Leases | 17 | 34,098 | 33,717 |
Other assets | 13 | 297,264 | 246,346 |
Non-current assets | 43,474,974 | 43,664,382 | |
Long-term receivables | 4,450,514 | 4,625,808 | |
Marketable securities | 5 | 26,339 | 15,241 |
Trade accounts receivable | 6 | 137,306 | 137,815 |
Recoverable income tax and social contribution | 8.a | 258,415 | 214,880 |
Recoverable taxes, fees and contributions | 9 | 911,704 | 907,353 |
Deferred income tax and social contribution | 8.c | 1,355,604 | 1,081,633 |
Judicial deposits | 11 | 677,150 | 677,530 |
Prepaid expenses | 10 | 340,247 | 281,290 |
Derivative financial instruments | 36 | - | 522,822 |
Leases | 17 | 200,148 | 206,670 |
Other financial assets | 12 | 514,109 | 550,669 |
Other assets | 13 | 29,492 | 29,905 |
Investment | 14 | 1,260,486 | 1,368,286 |
Property, plant and equipment | 15 | 23,171,451 | 22,815,328 |
Intangible assets | 16 | 14,592,523 | 14,854,960 |
The explanatory notes are an integral part of the financial statements.
TIM S.A.
Statement of financial position
December 31, 2025 and December 31, 2024
(In thousands of reais)
Note | 2025 | 2024 | |
Total liabilities and shareholders' equity | 56,939,179 | 56,327,311 | |
Total liabilities | 32,961,788 | 29,922,675 | |
Current liabilities | 15,201,168 | 12,827,248 | |
Suppliers | 18 | 5,138,780 | 4,986,912 |
Loans and financing | 20 | 925,626 | 348,353 |
Lease liabilities | 17 | 1,702,899 | 1,629,698 |
Derivative financial instruments | 36 | 168,711 | 224,275 |
Labor obligations | 361,271 | 353,256 | |
Income tax and social contribution payable | 8.b | 162,102 | 46,610 |
Taxes, fees and contributions payable | 21 | 4,855,551 | 3,888,568 |
Dividends and interest on shareholders' equity payable | 25 | 1,219,319 | 671,525 |
Authorizations payable | 19 | 321,761 | 299,354 |
Deferred revenues | 22 | 259,527 | 280,422 |
Other liabilities and provision | 85,621 | 98,275 | |
Non-current liabilities | 17,760,620 | 17,095,427 | |
Loans and financing | 20 | 1,853,097 | 2,687,148 |
Lease liabilities | 17 | 12,061,969 | 10,946,148 |
Income tax and social contribution payable | 8.b | 19,395 | - |
Taxes, fees and contributions payable | 21 | 33,208 | 38,286 |
Provision for legal and administrative proceedings | 23 | 1,559,687 | 1,564,293 |
Pension plan and other post-employment benefits | 37 | 4,485 | 3,461 |
Authorizations payable | 19 | 1,159,672 | 1,180,428 |
Deferred revenues | 22 | 506,184 | 559,445 |
Obligations to shareholders | 24 | 534,292 | 23,997 |
Other liabilities and provision | 28,631 | 92,221 | |
Shareholders' equity | 25 | 23,977,391 | 26,404,636 |
Share capital | 13,477,891 | 13,477,891 | |
Capital reserves | 388,236 | 373,020 | |
Profit reserves | 10,192,763 | 12,559,460 | |
Equity valuation adjustments | (2,960) | (2,284) | |
Treasury shares | (78,539) | (3,451) |
The explanatory notes are an integral part of the financial statements.
Statements of profit and loss
Years ended December 31, 2025 and 2024
(In thousands of reais, unless otherwise indicated)
Note | 2025 | 2024 | |
Net revenue | 27 | 26,624,721 | 25,447,930 |
Costs of services rendered and goods sold | 28 | (12,266,584) | (11,893,115) |
Gross income | 14,358,137 | 13,554,815 | |
Operating revenues (expenses): | |||
Selling expenses | 28 | (5,959,682) | (5,908,816) |
General and administrative expenses | 28 | (1,734,484) | (1,798,005) |
Equity in earnings | 14 | (107,800) | (82,526) |
Other revenues (expenses), net | 29 | (212,139) | (258,781) |
(8,014,105) | (8,048,128) | ||
Income before financial revenues and expenses | 6,344,032 | 5,506,687 | |
Financial revenues (expenses): | |||
Financial revenues | 30 | 1,629,877 | 861,759 |
Financial expenses | 31 | (3,350,234) | (2,817,346) |
Net foreign exchange variations | 32 | (63,664) | 71,363 |
(1,784,021) | (1,884,224) | ||
Profit before income tax and social contribution | 4,560,011 | 3,622,463 | |
Income tax and social contribution | 8.d | (248,027) | (468,582) |
Net profit for the year | 4,311,984 | 3,153,881 | |
Earnings per share attributable to the Company's shareholders (expressed in R$ per share) | |||
Basic earnings per share | 33 | 1.79 | 1.30 |
Diluted earnings per share | 33 | 1.78 | 1.30 |
The explanatory notes are an integral part of the financial statements. |
STATEMENTS OF COMPREHENSIVE INCOME | ||
Years ended December 31, 2025 and 2024 (In thousands of reais) | ||
2025 | 2024 | |
Net profit for the year | 4,311,984 | 3,153,881 |
Other components of the comprehensive income | ||
Item that will not be reclassified to income (loss): | ||
Pension plans and other post-employment benefits | (1,024) | 1,558 |
Deferred taxes | 348 | (529) |
Total comprehensive income for the year | 4,311,308 | 3,154,910 |
The explanatory notes are an integral part of the financial statements.
TIM S.A.
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Year ended December 31, 2025
(In thousands of reais)
Profit | reserves | ||||||||||
Share capital | Capital reserve | Legal reserve | Expansion reserve | Additional dividends/interest on shareholders' | Tax incentive reserve | Equity valuation adjustments | Treasury shares | Retained earnings | Total | ||
Balances on January 01, 2025 | 13,477,891 | 373,020 | 1,521,086 | 6,285,419 | 2,050,000 | 2,702,955 | (2,284) | (3,451) | - | 26,404,636 | |
Total comprehensive income for the year | |||||||||||||
Net profit for the year | - | - | - | - | - | - | - | - | 4,311,984 | 4,311,984 | |||
Post-employment benefit amount recorded directly in shareholders' equity | - | - | - | - | - | (676) | - | (676) | |||||
Total comprehensive income for the year | - | - | - | - | - | - | - | - | (676) | - | 4,311,984 | 4,311,308 | |
Total contribution from shareholders and distribution to shareholders | |||||||||||||
Long-term incentive plan | - | 16,998 | - | - | - | - | - | - | - | 16,998 | |||
Change in share value on grant date x fair value | - | - | - | (3,167) | - | - | - | 3,167 | - | - | |||
Lapsed fractional shares (Note 25.b) | - | 23,997 | - | 23,997 | |||||||||
Purchase of treasury shares, net of disposals (Note 25.e) | - | - | - | - | - | - | - | (748,268) | - | (748,268) | |||
Cancellation of treasury shares (Note 25.e) | - | - | - | (644,234) | 644,234 | - | |||||||
Transfer of shares - long-term incentive plan (Note 25.e) | - | (25,779) | - | - | - | - | 25,779 | - | - | ||||
Interest on Shareholders' Equity (Note 25.d) | - | - | - | (490,000) | - | - | - | - | - | (490,000) | |||
Dividends | - | - | - | (410,808) | - | - | - | - | - | (410,808) | |||
Allocation of net profit for the year: | |||||||||||||
Legal reserve (Note 25.d) | - | - | 193,492 | - | - | - | - | (193,492) | - | ||||
Dividends (Note 25.d) | - | - | - | - | - | - | - | - | (1,379,192) | (1,379,192) | |||
Interest on Shareholders' Equity (Note 25.d) | - | - | - | - | (1,720,000) | (1,720,000) | |||||||
Allocation to tax benefit reserve (note 25) | - | - | - | - | - | 440,088 | - | - | (440,088) | - | |||
Additional dividends/interest on shareholders' equity distributed (Note 25.d) | - | - | - | (2,050,000) | - | - | - | - | (2,050,000) | ||||
Distribution (allocation) to expansion reserve (Note 25) | - | - | - | 2,629,212 | (2,050,000) | - | (579,212) | - | |||||
Unclaimed dividends (note 25) | - | - | - | 18,720 | - | - | 18,720 | ||||||
Total contribution from shareholders and distribution to shareholders | - | 15,216 | 193,492 | (950,277) | (2,050,000) | 440,088 | - | (75,088) | (4,311,984) | (6,738,553) | |||
Balances on December 31, 2025 | 13,477,891 | 388,236 | 1,714,578 | 5,335,142 | - | 3,143,043 | (2,960) | (78,539) | - | 23,977,391 | |||
The explanatory notes are an integral part of the financial statements.
TIM S.A.
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Year ended December 31, 2024 2023
(In thousands of reais)
Profit reserves
Share capital
Capital reserve
Legal reserve Expansion reserve
Additional
dividends/inter est on
Tax incentive reserve
Equity
valuation adjustments
Treasury shares
Retained earnings
Total
Balances on January 1, 2024 | 13,477,89 | 384,311 | 1,380,427 | 7,107,369 | 1,310,000 | 2,362,239 | (3,313) | (2,984) | - | 26,015,940 | ||
Total comprehensive income for the year | ||||||||||||
Net profit for the year | - | - | - | - | - | - | - | - | 3,153,881 | 3,153,881 | ||
Total contribution from shareholders and distribution to shareholders | - | - | - | - | - | - | - | - | - | - | ||
Post-employment benefit amount recorded directly in shareholders' equity | - | - | - | - | - | 1,029 | - | 1,029 | ||||
Total comprehensive income for the year | - | - | - | - | - | - | - | - | 1,029 | - | 3,153,881 | 3,154,910 |
Total contribution from shareholders and distribution to shareholders | ||||||||||||
Long-term incentive plan | - | 22,354 | - | - | - | - | - | - | 22,354 | |||
Change in share value on grant date x fair value | 10,892 | (10,892) | - | |||||||||
Purchase of treasury shares, net of disposals | - | - | - | - | - | - | (45,004) | - | (45,004) | |||
Transfer of shares - long-term incentive plan | (44,537) | - | - | - | - | - | 44,537 | - | - | |||
Allocation of net profit for the year: | ||||||||||||
Legal reserve (Note 25.d) | - | - | 140,659 | - | - | - | - | - | (140,659) | - | ||
Interest on Shareholders' Equity (Note 25.d) | - | - | - | - | - | (1,450,000) | (1,450,000) | |||||
Constitution of tax incentive reserve (Note 25) | - | - | - | - | - | 340,716 | - | - | (340,716) | - | ||
Additional dividends/interest on shareholders' equity distributed (Note 25.d) | - | - | - | (3,360,000) | 2,050,000 | - | - | - | - | (1,310,000) | ||
Distribution (allocation) to expansion reserve (Note 25) | - | - | - | 2,532,506 | (1,310,000) | - | (1,222,506) | - | ||||
Unclaimed dividends (note 25) | - | - | - | 16,436 | - | - | 16,436 | |||||
Total contribution from shareholders and distribution to shareholders | - | (11,291) | 140,659 | (821,950) | 740,000 | 340,716 | - | (467) | (3,153,881) | (2,766,214) | ||
Balances on December 31, 2024 | 13,477,89 | 373,020 | 1,521,086 | 6,285,419 | 2,050,000 | 2,702,955 | (2,284) | (3,451) | - | 26,404,636 | ||
The explanatory notes are an integral part of the financial statements.
Note | 2025 | 2024 | |
Operating activities | |||
Profit before income tax and social contribution | 4,560,011 | 3,622,463 | |
Adjustments to reconcile income to net cash generated by operating activities: | |||
Depreciation and amortization | 28 | 7,077,687 | 7,026,035 |
Equity in earnings | 14 | 107,800 | 82,526 |
Residual value of written-off property, plant and equipment and intangible assets | 14,818 | 13,887 | |
Interest on asset retirement obligation | 2,982 | 12,400 | |
Provision for legal and administrative proceedings | 23 | 267,041 | 276,811 |
Inflation adjustment on judicial deposits and legal and administrative proceedings | 59,824 | 175,946 | |
Interest, monetary and exchange rate variations on loans and other financial adjustments | 774,861 | 749,515 | |
Yield from marketable securities | (361,735) | (181,717) | |
Interest on lease liabilities | 31 | 1,617,383 | 1,432,764 |
Lease interest | 30 | (28,955) | (28,428) |
Provision for expected credit losses | 28 | 765,783 | 693,122 |
Income (loss) from operations with other derivatives | 31 | 165,780 | |
Long-term incentive plans | 16,998 | 22,354 | |
15,040,278 | 13,897,678 | ||
Decrease (increase) in operating assets | |||
Trade accounts receivable | (988,139) | (1,605,774) | |
Recoverable taxes, fees and contributions | 10,725 | 344,110 | |
Inventories | (63,675) | 38,254 | |
Prepaid expenses | (107,468) | (184,736) | |
Judicial deposits | 31,073 | 32,242 | |
Other assets | (49,159) | 90,931 | |
Increase (decrease) in operating liabilities | |||
Labor obligations | 8,015 | (33,092) | |
Suppliers | 185,370 | 304,243 | |
Taxes, fees and contributions payable | 484,799 | 375,228 | |
Authorizations payable | (59,018) | (163,612) | |
Payments for legal and administrative proceedings | 23 | (362,163) | (318,796) |
Deferred revenues | (74,156) | (61,135) | |
Other liabilities | (303,967) | (294,106) | |
Cash generated by operations | 13,752,515 | 12,421,435 | |
Income tax and social contribution paid | (312,446) | (89,892) | |
Net cash generated by operating activities | 13,440,069 | 12,331,543 |
Note | 2025 | 2024 | |
Investment activities | |||
Redemptions of marketable securities | 8,002,980 | 7,196,354 | |
Investments on marketable securities | (7,492,217) | (7,492,880) | |
Capital contribution 5G Fund | (84,984) | (131,348) | |
Additions to property, plant and equipment and intangible assets | (4,541,495) | (4,550,379) | |
Receipt - Agreement with Banco C6 | 6 | 520,000 | - |
Other | 35,095 | 24,381 | |
Net cash used in investment activities | (3,560,621) | (4,953,872) |
Financing activities | |||
Inflows on loans and financing | 36 | - | 503,351 |
Amortization of loans and financing | 36 | (387,312) | (1,413,497) |
Interest paid - Loans and financing | 36 | (106,401) | (143,518) |
Payment of lease liability | 36 | (1,563,393) | (1,838,667) |
Interest paid on lease liabilities | 36 | (1,646,393) | (1,460,208) |
Income from reverse stock split and stock split operations | 24 | 455,691 | - |
Payments for reverse stock split and stock split operations | 24 | (79,233) | - |
Lease incentives received | 77,918 | 89,431 | |
Derivative financial instruments | (170,393) | (168,652) | |
Purchase of treasury shares, net of disposals | 25 | (748,268) | (45,004) |
Dividends and interest on shareholders' equity paid | 25 | (5,360,083) | (2,720,095) |
Net cash used in financing activities | (9,527,867) | (7,196,859) | |
Increase (decrease) in cash and cash equivalents | 351,581 | 180,812 |
Cash and cash equivalents at the beginning of the year | 3,258,743 | 3,077,931 |
Cash and cash equivalents at the end of the year | 3,610,324 | 3,258,743 |
The explanatory notes are an integral part of the financial statements.
TIM S.A.
STATEMENT OF VALUE ADDED
Years ended December 31, 2025 and 2024
(In thousands of reais)
2025 | 2024 | ||
Revenues | |||
Gross operating revenue | 40,279,063 | 36,731,708 | |
Losses on doubtful accounts | (765,783) | (693,122) | |
Discounts granted, returns and others | (9,609,197) | (7,269,433) | |
29,904,083 | 28,769,153 | ||
Inputs acquired from third parties | |||
Cost of services rendered and goods sold | (4,685,143) | (4,394,555) | |
Materials, energy, outsourced services and other | (3,551,191) | (3,689,242) | |
(8,236,334) | (8,083,797) | ||
Withholding | |||
Depreciation and amortization | (7,077,687) | (7,026,035) | |
Net value added produced | 14,590,062 | 13,659,321 | |
Value added received in transfer | |||
Equity in earnings | (107,800) | (82,526) | |
Financial revenues | 1,837,141 | 1,166,950 | |
1,729,341 | 1,084,424 | ||
Total value added payable | 16,319,403 | 14,743,745 | |
Distribution of value added | |||
Personnel and charges | |||
Direct remuneration | 799,707 | 821,211 | |
Benefits | 318,603 | 278,698 | |
FGTS (Severance Pay Fund) | 80,258 | 78,741 | |
Other | 54,665 | 61,711 | |
1,253,233 | 1,240,361 | ||
Taxes, fees and contributions | |||
Federal | 2,615,964 | 2,924,712 | |
State | 3,047,800 | 2,985,924 | |
Municipal | 122,670 | 103,440 | |
5,786,434 | 6,014,076 | ||
Third-party capital remuneration | |||
Interest | 3,587,269 | 3,058,095 | |
Rentals | 1,371,530 | 1,268,258 | |
4,958,799 | 4,326,353 | ||
Other | |||
Social investment | 8,953 | 9,074 | |
8,953 | 9,074 | ||
Shareholders' Equity Remuneration | |||
Dividends and interest on shareholders' equity | 3,099,192 | 1,450,000 | |
Retained earnings | 1,212,792 | 1,703,881 | |
4,311,984 | 3,153,881 | ||
The explanatory notes are an integral part of the financial statements. |
2025 MANAGEMENT REPORT AND EARNINGS ANALYSIS
COMMENTS TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2025
Dear Shareholders,
The Management of TIM S.A. ("TIM S.A.", "Company" or "TIM") hereby presents its Management Report and 2025 Earnings Analysis, along with the Individual and Consolidated Financial Statements accompanied by the Independent Auditors' Report for the fiscal year ended December 31, 2025.
The financial statements were prepared in accordance with accounting practices adopted in Brazil, which include the Brazilian Corporate Law, the rules of the Brazilian Securities and Exchange Commission (CVM) and the pronouncements of the Accounting Pronouncement Committee (CPC) and International Financial Reporting Standards (IFRS) issued by International Accounting Standards Board (IASB).
The operating and financial information for the year ended in December 31, 2025, unless otherwise stated, is presented in Brazilian reais (R$), based on consolidated amounts and pursuant to the Brazilian Corporation Law.
Message from Management1
We ended 2025 with satisfaction in presenting robust results in a year marked by intense competitive dynamics and important strategic advances. TIM maintained its sustainable growth trajectory, fully meeting its annual targets and reinforcing its leadership position in the Brazilian telecommunications market.
Our services revenue continued to advance consistently throughout the year, supported by strong performance in the mobile, broadband and B2B segments. Operational evolution, combined with rigorous cost discipline and efficient capital allocation, has resulted in historic margins and a continuous cycle of value generation for our shareholders.
The Company ended 2025 delivering:
Solid service revenue growth, in line with guidance, driven by a skilled customer base and sustainable monetization strategies.
EBITDA expanding, with a margin above 50%, reflecting operational efficiency and continuous digitalization of processes.
1All financial figures are normalized to non-recurring items to better represent business dynamics.
Investment discipline, preserving efficient capex and directed to the most relevant opportunities, including the expansion of 5G network coverage and capacity.
Significant progress in Operating Cash Flow generation, supporting the maintenance of healthy leverage levels.
One of the highest historical levels of net income, reinforcing the consistency of financial performance.
We also maintained a strong commitment to shareholder remuneration, interest on equity, dividends and an accelerated buyback program, in line with our sustainable capital return strategy.
In addition, we continue to strengthen our competitive position through improvements in the customer experience, continuous network evolution and expansion of strategic partnerships, including relevant initiatives in the B2B segment and in digital solutions, such as advanced connectivity projects in large corporate operations.
With the results on track and having fully met the 2025 targets, TIM enters 2026 prepared to move forward on its growth journey.
BusinessMobile
In 2025, the mobile operation maintained its strengthening, driven by the strategy of monetizing the base through the migration to higher-value plans. As a result, the company recorded an 8.4% growth in the postpaid base and a 4.7% increase in ex-M2M Postpaid ARPU throughout the year.
This performance reflects the company's focus on reinforcing its key attributes. In 2025, we accelerated the national expansion of 5G, reaching almost 1,000 cities throughout Brazil, in addition to advancing in the modernization of the network in São Paulo and Minas. As a result, TIM was recognized for the fourth consecutive year as a leader in Consistent Quality in OpenSignal's Mobile Network Experience Report.
The company also continues to stand out for its excellence in service: we remain the first company in Brazil to achieve and maintain the Procon-SP Efficiency Seal for 30 consecutive months, being the only one to preserve this certification. In addition, we maintain the RA1000 seal of Reclame Aqui, with a resolution rate of 91.2%, reinforcing our commitment to the customer.
Ultrafiber
TIM UltraFibra ended 2025 with 850 thousand connections, increasing the customer base by 60 thousand accesses (an increase of 7.6% year-on-year), reestablishing its growth trajectory, with the FTTH base as the main lever. Higher value plans, with speeds of 400 Mbps or more, continue to gain more relevance, reaching 90% of the total base as of December 31, 2025.
Corporate
In the corporate sector, we continue to work to increase our B2B market share, through the improvement of the traditional mobile and ICT portfolio, in addition to the launch of new solutions. The expansion of the B2B market will drive a wave of productivity in key industries in Brazil. By capitalizing on the expansion of IoT connectivity as a foundation, we seek to leverage a variety of solutions and services. By establishing strategic partnerships with leaders in four key sectors - agriculture, logistics, utilities and industry - our goal is to lead and catalyze digital transformation in Brazilian industry. Our commitment is to promote innovation and efficiency in sectors that are vital to the country's economic progress.
We have strengthened our position as a leading force in the digital transformation of Brazilian rural areas, highways, and cities, expanding connectivity to previously underserved regions and enabling significant gains in productivity, efficiency, and social impact. In agribusiness, NBIoT coverage grew by more than 25%, while 4G coverage for rural IoT reached 26.2 million hectares, advancing by more than 32% and reinforcing our role in automation and operational intelligence across the sector. In logistics, we expanded coverage to 10,259 kilometers of highways - an increase of 83% - enabling advanced tracking, telemetry and security solutions. From a socio-environmental perspective, we connected 2.6 million people in rural areas, expanded the service to more than 53,000 farms, and recorded a 38.7% increase in smart street lighting, totaling 472,000 installed points, demonstrating how our IoT infrastructure accelerates development in historically underserved regions.
Awards and AchievementsRecognized for S&P for a decade of international commitment to ESG indices: Active Contribution and S&P Global ESG score 81;
For the 3rd consecutive year, TIM is the climate leader of the "A List" by CDP;
The only Telecom in B3's ESG indexes: transparent reports on climate management and sustainability integrated into the business, remaining in the ISE B3 portfolio for 17 years
Macroeconomic Environment
The year 2025 was marked by a still challenging economic environment in Brazil, although with signs of moderation in relation to the pressures observed in 2024. The Extended National Consumer Price Index (IPCA) ended December 2025 with a monthly change of 0.33%, accumulating a rise of 4.26% in the last 12 months. The inflationary deceleration was mainly due to the partial normalization of food and commodity prices, although some groups, especially services, maintained above-average variations due to the still heated demand in part of the year.
The Central Bank of Brazil (BCB) maintained a restrictive stance for much of 2025, keeping the basic interest rate (SELIC) high at 15% per year, the highest level in almost two decades. At the end of the year, this rate remained stable, with indications that cuts could begin throughout 2026, if the data realigns with inflation targets
The exchange rate showed relevant fluctuations in the exchange rate. Unlike the strong devaluation recorded in 2024, the year 2025 was marked by appreciation of the real against the dollar, with the exchange rate closing the year at R$5.50. Throughout 2025, the price ranged from highs above R$6.30 at the beginning ofthe year to lows close to R$5.27 in November.
Financial HighlightsOperational Revenue
Description | 2025 | 2024 | % YoY | |
R$ million | ||||
Total Net Revenue | 26,625 | 25,448 | 4.6% | |
Services Revenue | 25,856 | 24,587 | 5.2% | |
Mobile Service | 24,519 | 23,256 | 5.4% | |
Client Generat ed | 22,961 | 21,605 | 6.3% | |
Interconnection | 345 | 349 | -1.0% | |
Customer Platform | 129 | 219 | -41.2% | |
Ot hers | 1,084 | 1,083 | 0.0% | |
Fixed Revenue | 1,337 | 1,331 | 0.4% | |
of which TIM Ultrafibra | 910 | 921 | -1.2% | |
Product Revenue | 769 | 860 | -10.6% |
In 2025, Total Net Revenue and Services Revenue increased by 4.6% YoY and 5.2% YoY, respectively, driven by the solid performance of Mobile Services revenue in 2025, outperforming inflation in 2025 (IPCA 2025: 4.26%).
Operating Costs and Expenses
Description | 2025 | 2024 | % YoY | |
R$ million | ||||
Reported Operating Expenses | (13,095) | (12,833) | 2.0% | |
Personnel | (1,484) | (1,486) | -0.2% | |
Selling & Marketing | (3,781) | (3,899) | -3.0% | |
Network & Interconnection | (4,926) | (4,508) | 9.3% | |
General & Administrative | (864) | (883) | -2.2% | |
Cost Of Goods Sold (COGS) | (1,062) | (1,104) | -3.8% | |
Bad Debt | (766) | (693) | 10.5% | |
Other operational revenues (expenses) | (212) | (259) | -18.0% |
Operating Costs and Expenses reached R$13,095 million in 2025, remaining considerably below the inflation recorded in the year (4.26%). The result once again reinforces the effectiveness of the actions carried out by the Company for greater efficiency and control of Opex.
From EBITDA to Net Income
Description | 2025 | 2024 | % Y/ Y |
R$ milhões | |||
Adjusted EBITDA | 13,530 | 12,625 | 7.2% |
Ajusted EBITDA Margin | 50.8% | 49.6% | 1.2p.p. |
Equity in Earnings | (108) | (83) | 30.6% |
Non-recurring Expenses/Costs | 0 | (10) | n.a. |
EBITDA | 13,422 | 12,533 | 7.1% |
Depreciation & Amortization | (7,078) | (7,026) | 0.7% |
Depreciation | (5,115) | (5,109) | 0.1% |
Amortization | (1,962) | (1,917) | 2.4% |
EBIT | 6,344 | 5,507 | 15.2% |
EBIT Margin | 23.8% | 21.6% | 2.2p.p. |
Net Financial Results | (1,784) | (1,884) | -5.3% |
Financial Expenses | (3,350) | (2,817) | 18.9% |
Financial Income | 1,630 | 862 | 89.1% |
Net Exchange Variation | (64) | 71 | n.a. |
Income before taxes | 4,560 | 3,622 | 25.9% |
Income Tax and Social Contribution | (248) | (469) | -47.1% |
Net Income | 4,312 | 3,154 | 36.7% |
Adjusted EBITDA (EBITDA - Earnings before Interest, Taxes, Depreciation, Amortization and Equity Ratio)
Adjusted EBITDA at the end of 2025 totaled R$ 13,530 million, an increase of 7.2% YoY, reflecting the combination of a consistent evolution in service revenue combined with disciplined management to control operating costs. The Adjusted EBITDA Margin ended 2025 at 50.8%, increasing the result obtained in 2024 by 1.2 p.p.
DESCRPTION | 2025 | 2024 | % Y/ Y | |
EBITDA Reconciliation | R$ milhões | |||
Net Income | 4,312 | 3,154 | 36.7% | |
Depreciation & Amortization | 7,078 | 7,026 | 0.7% | |
Net Financial Results | 1,784 | 1,884 | -5.3% | |
Income Tax and Social Contribution | 248 | 469 | -47.1% | |
EBITDA | 13,422 | 12,533 | 7.1% | |
Equity in Earnings | 108 | 83 | 30.6% | |
Non-recurring Expenses/Costs | (0) | 10 | -102.0% | |
Adjusted EBITDA | 13,530 | 12,625 | 7.2% | |
Depreciation and Amortization (D&A) / EBIT
In 2025, D&A recorded a slight increase of 0.7% YoY, due to the increase in depreciation of
transmission equipment and higher amortization of software.
EBIT closed 2025 with a total of R$ 6,344 million, increasing by 15.2% compared to the end of 2024, with a margin of 23.8%.
Net Financial Result
In 2025, the Financial Result improved by 5.3% YoY, impacted by a higher yield on financial investments, supported by a more robust cash position and the increase in the basic interest rate in the last 12 months, added to the favorable effect of the mark-to-market of derivative contracts and increased by the appreciation of the 5G Fund, albeit partially limited by the adverse impact of the increase in interest charges on leases and the termination of the strategic partnership in financial services.
Income Tax and Social Contribution
In 2025, the IR/CS totaled -R$248 million compared to -R$469 million in 2024, also influenced by the higher volume of Interest on Equity declared in 2025, the increase in tax benefits and the effect of the agreement to close the strategic partnership in financial services.
Net Income
Net Income totaled R$ 4,312 million in 2025, compared to R$ 3,154 million in 2024. This result represented an expansion of 36.7% YoY.
Cash Flow, Debt and CAPEX
Description | 2025 | 2024 | % YoY |
R$ million | |||
Initial Cash Balance | 3,259 | 3,078 | 5.9% |
Net Cash (used in) from operations | 13,440 | 12,332 | 9.0% |
Net cash used in investment activities | (3,561) | (4,954) | -28.1% |
Net cash used in financing activities | (9,528) | (7,197) | 32.4% |
Final Cash Balance | 3,610 | 3,259 | 10.8% |
In 2025, OFCF totaled R$5,349 million, a robust growth of 16% YoY, driven by a 15.7% YoY increase in operating cash flow and a reduction in lease payments.
DEBT AND CASH | ||||||
Debt Profile | ||||||
Issuances | Currency | Interest Rate | Maturity | Short-term | Long-term | Total |
R$ million | ||||||
Debent ures | BRL | IPCA + 4,0432% p.a. | 06/28 | 685 | 1,364 | 2,049 |
BNDES Finame | BRL | IPCA + 4.2283% p.a. | 11/31 | 56 | 274 | 330 |
BNB | BRL | IPCA + 1.2228% a 1.4945% p.a. | 02/28 | 185 | 215 | 400 |
Total Financial Debt | 926 | 1,853 | 2,779 | |||
License (5G) | BRL | Selic | 12/40 | 69 | 902 | 971 |
Total Debt Before Lease | 994 | 2,755 | 3,750 | |||
Total Lease | BRL | IPCA/IGP-M (13.38% p.a.) | 04/50 | 1,669 | 11,862 | 13,531 |
Total Debt | 2,663 | 14,617 | 17,280 | |||
Net Debt
Description | 4Q25 | 3Q25 | 2Q25 | 1Q25 |
R$ million | ||||
Short-Term Debt | 926 | 955 | 951 | 339 |
Long-Term Debt | 1,853 | 1,900 | 1,955 | 2,669 |
Total Debt | 2,779 | 2,855 | 2,906 | 3,008 |
Cash and Cash Equivalents + Market Sec | (5,885) | (6,529) | (5,474) | (5,327) |
Net Derivat ives-ex C6 | (283) | (195) | (214) | (152) |
Net Debt | (3,389) | (3,868) | (2,781) | (2,471) |
License (5G) | 971 | 1,015 | 989 | 966 |
Net Debt AL | (2,418) | (2,853) | (1,792) | (1,505) |
Total Lease | 13,531 | 13,264 | 13,075 | 12,555 |
Total Net Debt | 11,112 | 10,411 | 11,283 | 11,050 |
Net Debt AL / Normalized EBITDA AL* | -0.23x | -0.28x | -0.18x | -0.15x |
Net Debt Total/ Normalized EBITDA | 0.82x | 0.79x | 0.87x | 0.86x |
*LTM EBITDA "aft er leases" payment s, disregarding payment of principal and int erest relat ed to financial leasings.
Debt by maturity
R$ million
Including
IFRS 9, 15 & 16
Pro-Forma
Year
2027 | 990 | 2,576 |
2028 | 838 | 2,561 |
2029 | 124 | 1,672 |
2030 | 124 | 1,273 |
Aft er 2030 | 678 | 6,535 |
Total Debt | 2,755 | 14,617 |
Total post-hedge debt (including net derivatives in the amount of R$283 million) totaled R$16,997 million at the end of December 2025, an increase of R$791 million vs. 4Q24. The increase in debt results from the combination of the increase in leases and the partial reduction of the total financial debt.
Cash and Securities positions totaled R$5,885 million at the end of December 2025, representing an increase of 3.4% YoY, due to operating cash generation in the period.
Environmental, Social and Governance (ESG or ESG)TIM has a solid track record in ESG, being recognized nationally and internationally for its practices in sustainability, governance and social responsibility. In 2025, TIM was the only company in the telecommunications sector to be recognized by B3 during COP30, in Belém, for simultaneously integrating the three main ESG indices in the Brazilian market: ISE, ICO2 and IDIVERSA. The tribute highlighted the Company's commitment to sustainable practices and reinforced the importance of the ESG agenda as a fundamental pillar for the business.
In addition, the Company demonstrates strong environmental performance, reporting emissions to CDP since 2010 and for the third consecutive year, it is part of the CDP Climate Change A-List, maintaining its leadership in climate change management. To provide transparency to its practices and actions, TIM has been publishing sustainability reports since 2007 following GRI guidelines and has been independently assured since 2009.
As a signatory to the UN Global Compact since 2008 and to UN Women since 2021, the Company develops projects connected to the Sustainable Development Goals (SDGs) and recognizes the rights to data privacy, secure internet, access to information and freedom of expression as essential and non-negotiable. It also maintains its policies on topics such as Diversity, Environment, Climate Change
Management, Corporate Risk Management, Anti-Corruption, Supplier Relations, Occupational Health and Safety, Privacy, among others, for free consultation by its stakeholders. In its materiality matrix updated in 2024, TIM highlights nine essential themes, which include innovation and technology, digital inclusion, data privacy and security, energy efficiency and ethics and compliance, reinforcing its strategy oriented to double materiality and stakeholder engagement.
For more information on the management of ESG aspects at TIM, see the ESG Reports in https://ri.tim.com.br/esg/relatorios-esg/.
Corporate Governance
The Company adopts a corporate governance system in line with national and international best practices, compatible with its status as a publicly-held company listed on B3's Novo Mercado and registered with the U.S. Securities and Exchange Commission (SEC).
The governance structure aims to ensure adequate management supervision, integrity and transparency of the financial statement preparation process, the effectiveness of internal controls and the responsible management of corporate risks, sustaining the creation of value in the long term.
Governance is exercised by a Board of Directors, a Statutory Board of Executive Officers and a Fiscal Council of permanent operation. In the exercise of its duties, the Board of Directors is advised by specialized committees, namely: the Statutory Audit Committee, the Control and Risk Committee, the Compensation Committee and the Environmental, Social & Governance Committee, responsible for supporting the body in relevant matters and in improving the decision-making process.
The duties and responsibilities and prerogatives of these bodies are provided for in the Brazilian corporate law, in the Company's Bylaws, in the Novo Mercado Regulations and in the Internal Regulations of each corporate body.
The performance of the Company and its managers is guided by the principles of transparency, integrity, ethics and corporate responsibility, which guide the conduct of business, the relationship with stakeholders and the disclosure of reliable and timely information to the market, in compliance with the guidelines of the Company's Code of Ethics and Conduct.
The Board of Directors is composed of at least five (5) and at most nineteen (19) members, elected by the Shareholders' Meeting, with a two-year term of office, with reelection permitted. On December 31, 2025, the CDA was formed by ten (10) members, of which four (4) were independent, meeting the requirements of the Novo Mercado and contributing to collegiate decisions with technical and impartial judgment.
The Executive Board is composed of at least three (3) and at most twelve (12) officers, elected by the Board of Directors for a two-year term, with reelection allowed and may be removed at any time. On December 31, 2025, the Board of Directors was composed of six (6) members.
The Fiscal Council is composed of three (3) to five (5) sitting members, with their respective alternates, elected by the General Meeting. On December 31, 2025, the Company's Fiscal Council was composed of three (3) sitting members and an equal number of alternates, all independent professionals recognized by the market
Shareholder Remuneration Dividends and interest on equity
The table below summarizes all the amounts approved as Interest on Equity ("Interest on Equity") realized by TIM S.A. throughout 2025:
Approval Date | Payment Date | Ex-right date | Nature | Unit Price (R$) | Total Amount (R$) |
10/02/2025 | 22/04/2025 | 18/02/2025 | JSCP | 0,082624038 | 200.000.000 |
24/03/2025 | 30/06/2026 | 01/04/2025 | JSCP | 0,202495716 | 490.000.000 |
05/05/2025 | 23/07/2025 | 22/05/2025 | JSCP | 0,124084855 | 300.000.000 |
22/07/2025 | 21/10/2025 | 26/07/2025 | JSCP | 0,132315100 | 320.000.000 |
23/09/2025 | 21/01/2026 | 29/09/2025 | JSCP | 0,199459574 | 480.000.000 |
16/12/2025 | 30/06/2026 | 23/12/2025 | JSCP | 0,175576044 | 420.000.000 |
16/12/2025 | 30/12/2026 | 22/12/2025 | Dividends | 0,7482883774 | 1.790.000.000 |
Total R$ 4,000,000,000 | |||||
Thus, TIM declared a total amount of R$ 2.210 billion in JCP in 2025. In addition, dividends were paid for the 2025 fiscal year, in the amount of R$1.790 billion, totaling R$4 billion in deliberated dividends throughout the year.
Buyback Program
In 2025, the Company totaled 33.5 million shares repurchased under the Share Buyback Program currently in force, with the main objective of increasing shareholder value through the efficient use of available cash resources, optimizing TIM's capital allocation. On December 16, 2025, the Company disclosed a Material Fact, informing the market of the cancellation of 28,678,509 shares.
Recent and Subsequent Events Remuneration to Shareholders
On December 16, 2025, the Board of Directors of TIM S.A. approved the distribution of Interest on Equity in the amounts of R$ 480 million, in addition to approving the distribution of Dividends in the amount of R$ 1.790 million. For more details, visit the Investor Relations website of TIM S.A.
Cancellation of Treasury Shares
On December 16, 2025, TIM S.A. informed the market that the Company's Board of Directors approved the cancellation of 28,678,509 shares held in treasury, without reduction of capital stock, which were acquired under its Buyback Program. Due to the cancellation of the shares, the Company's capital stock is now divided into 2,392,125,889 common shares. For more details, visit the Investor Relations website of TIM S.A.element.
V8 acquisition. TECH
On November 27, 2025, TIM S.A. informed the market that the Company's Board of Directors approved the execution of a Share Purchase and Sale Agreement ("Agreement") for the acquisition of 100% of the capital stock of V8 Consulting S.A. ("V8. Tech"). The Transaction reinforces TIM's strategy focused on B2B, significantly expanding the Company's ability to offer complete digital transformation solutions. For more details, visit the Investor Relations website of TIM S.A..
Independent Audit
In 2023, Ernst & Young Auditores Independentes Ltda. provided audit services of our financial statements and other non-audit services, which are related to the review of the Company's Sustainability Report.
Such services did not exceed the level of 5% of the total fees related to the external audit service.
In line with the external auditors' understanding, the provision of other professional services not related to the external audit, as described above, does not affect the independence or objectivity in conducting the audit exams carried out. The independent auditors have internal processes to ensure that these other services are assessed internally, as well as pre-approved before submitting any proposal to TIM.
The Company also highlights that it is subject to a policy, approved by the Board of Directors as of September 24, 2021, which regulates the process of hiring external auditors, as well as any services not related to the audit of the financial statements, establishing, among other aspects, that the contracting must be submitted to the prior analysis of the Statutory Audit Committee of the Parent Company. This document also defines an illustrative list of services not related to audit whose contracting is prohibited.
Capital Markets
The common shares of TIM S.A. are traded on the São Paulo Stock Exchange (B3) under the ticker TIMS3 and the ADRs, American Depositary Receipts, on the New York Stock Exchange (NYSE), under the ticker TIMB.
The São Paulo Stock Exchange Index (Ibovespa) ended 2025 at 161,125 points, accumulating an appreciation of 33.95% when compared to the previous year. The Brazilian stock exchange recorded 32 closing records throughout the year.
TIM S.A. - Stock Performance
(Base 100 on December 2025; Δ% Dec/25 x Dec/24)
230
210
190
170
150
130
110
90
70
50
TIMB 88.9%
TIMS3 67.1%
IBOV 34.0%
The Company ended 2025 with its common shares quoted at R$21.34 on B3, an appreciation of 67.1% YoY, while the ADRs on the NYSE closed at a price of US$19.50, an appreciation of 88.9% YoY. In market value, TIM closed the year valued at R$59.0 billion or US$11 billion.
Final Considerations
TIM S.A., with the permanent objective of maintaining continuous, balanced and sustainable growth, would like to thank its customers for their loyalty and reiterates its commitment to tirelessly seek mechanisms to reciprocate the preference through quality and differentiated service. We would also like to thank our commercial partners, suppliers and financial institutions for their support and trust and, particularly, our employees, without whom the objectives would not have been achieved and, finally, the shareholders for their support and trust in the company's management.
The Administration
December 31, 2025
(In thousands of reais, unless otherwise indicated)
Operations
Corporate structure
TIM S.A. ("TIM" or "Company") is a public limited company with Registered office in the city of Rio de Janeiro, RJ, and a subsidiary of TIM Brasil Serviços e Participações S.A. ("TIM Brasil"). TIM Brasil is a subsidiary of the Telecom Italia Group that holds 67.48% of the share capital of TIM S.A. on December 31, 2025 (66.59% on December 31, 2024).
The Company holds an authorization for Landline Switched Telephone Service ("STFC") in Local, National Long-Distance and International Long-Distance modes, as well as Personal Mobile Service ("SMP") and Multimedia Communication Service ("SCM"), in all Brazilian states and in the Federal District.
The Company's shares are traded on B3 - Brasil, Bolsa, Balcão ("B3"). Additionally, TIM has American Depositary Receipts (ADRs), Level II, traded on the New York Stock Exchange (NYSE) - USA. As a result, the company is subject to the rules of the Brazilian Securities and Exchange Commission ("CVM") and the Brazilian Securities and Exchange Commission ("SEC"). In order to comply with good market practices, the company adopts as a principle the simultaneous disclosure of its financial information in both markets, in reais, in Portuguese and English.
On December 31, 2025, TIM holds a 49% equity interest (49% on December 31, 2024) in the company I-Systems (associated company).
Basis of preparation and presentation of financial statements
The financial statements were prepared and are being presented according to the accounting practices adopted in Brazil, which comprise the CVM standards and pronouncements, guidance and interpretations issued by the Accounting Pronouncement Committee ("CPC") and in compliance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).
Additionally, the Company considered the guidelines provided for in Technical Guideline OCPC 07 - Evidencing upon Disclosure of General Purpose Financial-Accounting Reports in the preparation of its financial statements. Accordingly, relevant information of the financial statements is being evidenced and corresponds to the information used by management when administrating.
The material accounting policies applied in the preparation of these financial statements are below and/or presented in its respective notes. Those policies were consistently applied in the periods presented.