TIM Group 9M 2025

Financial & Operating figures

Index

Balance Sheet- Liabilities

Disclaimer

The 9M '25 and Q3 '25 Financial Results have been extracted or derived, with the exception of some data, from the Nine-month Condensed Consolidated Financial Statements at 30 September 2025 of the TIM Group, which has been prepared in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board and endorsed by the EU (designated as "IFRS").

The accounting policies and consolidation principles adopted in the preparation of the 9M '25 and Q3 '25 Financial Results of the TIM Group are the same as those adopted in the TIM Group Annual Audited Consolidated Financial Statements as of 31 December 2024, to which reference can be made, except for the amendments to the standards issued by IASB and adopted starting from 1 January 2025.

In particular, in the 9M '25 and Q3 '25 Financial Results, the Sparkle group has been classified, in accordance with IFRS 5, as Discontinued operations, as all the condition necessary for the completion of the sale are met. Therefore, the TIM Domestic perimeter does not include Sparkle group, unless otherwise specified.

In order to provide a better understanding of business performance, organic 9M '24 like-for-like data are presented. Such data includes Sparkle group as a Discontinued Operation (as required by IFRS 5 for comparison purposes), as well as the NetCo transaction as if it had occurred at the beginning of the reporting period (January 1). In addition, the Organic Like-for-Like Information excludes non-recurring items.

Please note that 9M '25 and Q3 '25 Financial Results of the TIM Group are unaudited.

Alternative Performance Measures

The TIM Group, in addition to the conventional financial performance measures established by IFRS, uses certain alternative performance measures for the purposes of enabling a better understanding of the performance of operations and the financial position of the TIM Group. In particular, such alternative performance measures include: EBITDA, EBIT, Organic change and impact of non-recurring items on revenue, EBITDA and EBIT; EBITDA margin and EBIT margin; net financial debt (carrying and adjusted amount), Equity Free Cash Flow, Operating Free Cash Flow (OFCF) and Operating Free Cash Flow (net of licenses). Moreover, following the adoption of IFRS 16, the TIM Group uses the following additional alternative performance indicators: EBITDA After Lease ("EBITDA-AL"), Adjusted Net Financial Debt After Lease and Equity Free Cash Flow After Lease.

Such alternative performance measures are unaudited.

The information contained herein should not be viewed as complete and exhaustive.

Key Financials

ORGANIC figures excluding Sparkle (1), IFRS 16 & After Lease view, €m

													o/\	v MSA/TSA ⁽⁴⁾
	H1 '24 comparable	H1 '25	Change YoY abs	Change YoY %	Q3 '24 comparable	Q3 '25	Change YoY abs	Change YoY %	9M '24 comparable	9M '25	Change YoY abs	Change YoY %	H1 '25	Q3 '25	9M '25
REVENUES	6,426	6,597	171	2.7	3,325	3,379	53	1.6	9,751	9,975	224	2.3	100	51	151
TIM Domestic	4,474	4,547	73	1.6	2,326	2,332	6	0.3	6,800	6,879	79	1.2	100	51	151
o/w TIM Consumer ⁽²⁾	2,971	2,974	3	0.1	1,556	1,533	(23)	(1.5)	4,527	4,507	(20)	(0.4)	55	30	85
o/w TIM Enterprise ⁽²⁾	1,503	1,573	70	4.7	770	799	29	3.8	2,273	2,372	99	4.4	45	21	66
TIM Brasil	1,970	2,064	94	4.8	1,008	1,055	47	4.5	2,978	3,119	141	4.7	-
SERVICE REVENUES	6,003	6,201	198	3.3	3,127	3,201	75	2.4	9,130	9,403	273	3.0	100	51	151
TIM Domestic	4,112	4,204	92	2.2	2,158	2,182	24	1.1	6,270	6,386	116	1.9	100	51	151
o/w TIM Consumer ⁽²⁾	2,731	2,739	8	0.3	1,437	1,430	(7)	(0.5)	4,168	4,169	1	0.0	55	30	85
o/w TIM Enterprise (2)	1,380	1,465	85	6.2	722	752	30	4.2	2,102	2,217	115	5.5	45	21	66
TIM Brasil	1,909	2,011	102	5.4	978	1,027	49	4.9	2,887	3,038	151	5.2	-
EQUIPMENT	423	396	(27)	(6.4)	198	176	(22)	(11.1)	621	572	(49)	(7.9)	-	-	-
TIM Domestic	362	343	(19)	(5.2)	168	150	(18)	(10.7)	530	493	(37)	(7.0)	-	-	-
TIM Brasil	61	53	(8)	(12.5)	30	28	(2)	(5.9)	91	81	(10)	(10.3)	-	-	-
OPEX	4,469	4,533	64	1.4	2,245	2,242	(3)	(0.1)	6,714	6,775	61	0.9	(826)	(411)	(1,237)
TIM Domestic	3,471	3,498	27	0.8	1,750	1,737	(13)	(0.7)	5,221	5,235	14	0.3	(826)	(411)	(1,237)
TIM Brasil	1,014	1,046	32	3.2	502	512	10	1.7	1,516	1,558	42	2.7	-	-	-
EBITDA	1,957	2,064	107	5.5	1,080	1,136	56	5.2	3,037	3,200	163	5.4	(726)	(360)	(1,085)
TIM Domestic	1,003	1,049	46	4.6	576	595	19	3.3	1,579	1,644	65	4.1	(726)	(360)	(1,085)
TIM Brasil	956	1,018	62	6.5	506	543	37	7.4	1,462	1,561	99	6.8	-	-	-
EBITDA After Lease	1,652	1,735	83	5.0	917	971	54	5.9	2,569	2,706	137	5.3	(726)	(360)	(1,085)
TIM Domestic	918	957	39	4.2	528	549	21	4.0	1,446	1,506	60	4.1	(726)	(360)	(1,085)
TIM Brasil	736	781	45	6.1	391	424	33	8.4	1,127	1,205	78	6.9	-	-	-
CAPEX net of licences	847	834	(13)	(1.5)	356	371	15	4.2	1,203	1,205	2	0.2
TIM Domestic (3)	485	481	(4)	(0.8)	215	218	3	1.4	700	699	(1)	(0.1)
TIM Brasil	362	353	(9)	(2.6)	141	153	12	8.7	503	506	3	0.6
CAPEX on Revenues (%)	13.2%	12.6%		(0.5 p.p.)	10.6%	11.0%		0.4 p.p.	12.3%	12.1%		(0.2 p.p.)
TIM Domestic	10.8%	10.6%		(0.3 p.p.)	9.2%	9.3%		0.1 p.p.	10.3%	10.2%		(0.1 p.p.)
TIM Brasil	18.4%	17.1%		(1.3 p.p.)	14.0%	14.5%		0.5 p.p.	16.9%	16.2%		(0.7 p.p.)
EBITDA AL - CAPEX net of licences	805	901	96	11.9	561	600	39	7.0	1,366	1,501	135	9.9
TIM Domestic	433	476	43	9.9	313	331	18	5.8	746	807	61	8.2
TIM Brasil	374	428	54	14.5	250	271	21	8.3	624	699	75	12.0

⁽¹⁾ Excluding non-recurring items. Comparable base also excluding exchange rate fluctuations (avg. exchange-rate 6.32 R\$/€ in 9M '25) (2) TIM Consumer and TIM Enterprise revenues net of mutual intercompany (no impact on EBITDA)

⁽³⁾ CAPEX net one off separation (4) 9M '25 including TSA (€29m on revenues and service revenues o/w €11m in Q1, €10m in Q2 and €8m in Q3)

TIM Consumer

€m, IFRS 16

	H1 '24	H1 '25	Change YoY abs	Change YoY %	Q3 '25	Change YoY abs	Change YoY %	9M '24	9M '25	Change YoY abs	Change YoY %
REVENUES	2,971	2,974	3	0.1	1,533	(23)	(1.5)	4,527	4,507	(20)	(0.4)
SERVICE REVENUES	2,731	2,739	8	0.3	1,430	(7)	(0.5)	4,168	4,169	1	0.0
Retail (Consumer+SMB) Wholesale & other o/w MVNOs	2,469 232 121	2,461 223 122	(8) (9) 1	(0.3) (3.9) 0.8	1,242 158 45	0 (7) (13)	0.0 (4.2) (22.1)	3,711 397 179	3,703 381 167	(8) (16) (12)	(0.2) (4.0) (6.7)
o/w VISE MSA/TSA	54 30	56 55	2 25	3.7 83.3	91 30	11 0	13.8	134 60	147 85	13 25	9.7 41.7
EQUIPMENT & HANDSETS	240	235	(5)	(2.1)	103	(16)	(13.4)	359	338	(21)	(5.8)
Fixed lines ('000) o/w Consumer	7,323 6,389	7,049 6,152	(274) (237)	(3.7) (3.7)	6,974 6,085	(271) (236)	(3.7) (3.7)	7,245 6,321	6,974 6,085	(271) (236)	(3.7) (3.7)
Broadband lines ('000) ⁽²⁾ o/w Consumer ⁽²⁾ UBB lines ('000)	6,713 5,890 5,448	6,104 5,295 5,528	(609) (595) 80	(9.1) (10.1) 1.5	6,075 5,269 5,539	(580) (566) 84	(8.7) (9.7) 1.5	6,655 5,835 5,455	6,075 5,269 5,539	(580) (566) 84	(8.7) (9.7) 1.5
Churn rate % ⁽³⁾ o/w Consumer	7.7% 7.6%	7.4% 7.2%		(0.3 p.p.) (0.4 p.p.)	4.0% 4.0%		0,3 p,p, 0.4 p.p.	11.3% 11.3%	11.4% 11.2%		0.1 p.p. (0.1 p.p.)
ARPU Consumer (€/month) (4)	30.1	31.5		4.9	32.5		5.6	30.3	31.9		5.1
Mobile lines ('000) o/w Consumer	16,170 14,640	15,781 14,191	(389) (449)	(2.4) (3.1)	15,669 14,069	(432) (488)	(2.7) (3.3)	16,101 14,557	15,669 14,069	(432) (488)	(2.7) (3.3)
Human o/w Consumer Human Calling o/w Consumer Not Human (M2M)	15,983 14,638 13,451 12,107 188	15,593 14,190 13,209 11,806 188	(390) (448) (242) (301)	(2.4) (3.1) (1.8) (2.5) 0.1	15,482 14,068 13,150 11,737 188	(431) (488) (249) (304)	(2.7) (3.3) (1.9) (2.5)	15,913 14,556 13,399 12,041 187	15,482 14,068 13,150 11,737 188	(431) (488) (249) (304)	(2.7) (3.3) (1.9) (2.5) 0.2
Churn rate % ⁽⁵⁾ o/w Consumer	9.7% 9.8%	9.1% 9.1%		(0.6 p.p.) (0.7 p.p.)	4.8% 4.9%		0.0 p.p. 0.0 p.p.	14.5% 14.7%	13.8% 14.0%		(0.7 p.p.) (0.7 p.p.)
ARPU Consumer - Human calling (€/month)	10.6	10.6		0.4	10.7		(0.5)	10.6	10.6		0.1

TIM Enterprise

€m, IFRS 16

	H1 '24	H1 '25	Change YoY abs	Change YoY %	Q3 '25	Change YoY abs	Change YoY %	9M '24	9M '25	Change YoY abs	Change YoY %
REVENUES	1,503	1,573	70	4.7	799	29	3.8	2,273	2,372	99	4.4
SERVICE REVENUES	1,380	1,465	85	6.2	752	30	4.2	2,102	2,217	115	5.5
Connectivity	528	513	(15)	(2.8)	254	(11)	(4.1)	793	767	(26)	(3.3)
Cloud	477	596	119	24.8	306	49	18.9	734	902	168	22.8
Other IT	375	356	(19)	(5.1)	192	(8)	(4.0)	575	548	(27)	(4.7)
o/w MSA	37	45	8	21.6	21	1	5.0	57	66	9	15.8
PRODUCT/EQUIPMENT	123	108	(15)	(12.2)	47	(1)	(2.1)	171	155	(16)	(9.4)

TIM Brasil

ORGANIC figures (1), €m

	H1 '24 comparable	H1 '25	Change YoY abs	Change YoY %	Q3 '24 comparable	Q3 '25	Change YoY abs	Change YoY %	9M '24 comparable	9M '25	Change YoY abs	Change YoY %
REVENUES	1,970	2,064	94	4.8	1,008	1,055	47	4.5	2,978	3,119	141	4.7
SERVICE REVENUES	1,909	2,011	102	5.4	978	1,027	49	4.9	2,887	3,038	151	5.2
Mobile Services Wireline Services	1,802 106	1,908 103	106 (3)	5.9 (3.4)	927 52	975 52	48 0	5.2 (0.7)	2,729 158	2,883 155	154 (3)	5.6 (2.5)
HANDSETS	61	53	(8)	(12.5)	30	28	(2)	(5.9)	91	81	(10)	(10.3)
OPEX	1,014	1,046	32	3.2	502	512	10	1.7	1,516	1,558	42	2.7
EBITDA EBITDA Margin	956 48.5%	1,018 49.3%	62	6.5 0.8 p.p.	506 50.2%	543 51.5%	37	7.4 1.3 p.p.	1,462 49.1%	1,561 50.1%	99	6.8 1.0 p.p.
EBITDA After Lease	736	781	45	6.1	391	424	33	8.4	1,127	1,205	78	6.9
EBITDA AL Margin	37.4%	37.8%		0.4 p.p.	38.8%	40.2%		1.4 p.p.	37.8%	38.6%		0.8 p.p.
CAPEX net of licences	362	353	(9)	(2.6)	141	153	12	8.7	503	506	3	0.6
% on revenues	18.4%	17.1%		(1.3 p.p.)	14.0%	14.5%		0.5 p.p.	16.9%	16.2%		(0.7 p.p.)
Exchange rate AVG YTD (€/R\$)	6.29	6.29			6.32	6.32			6.32	6.32

Mobile Lines ('000) (2)	61,986	62,194	208	0.3	62,149	62,619	470	0.8	62,149	62,619	470	0.8
ARPU Mobile (R\$/month) (3)	30.8	32.3		4.9	31.7	33.1		4.6	31.1	32.6		4.8
TIM UltraFibra Lines ('000)	798	799	2	0.2	793	823	30	3.7	793	823	30	3.7
ARPU TIM UltraFibra (R\$/month)	97.2	94.4		(2.9)	99.0	94.7		(4.4)	97.8	94.5		(3.4)

Profit & Loss

REPORTED figures, IFRS 16, €m

		TIM Group
	FY '24	Q3 '24	Q4 '24	H2 '24	Q1 '25	Q2 '25	H1 '25	Q3 '25	9M '25
REVENUES	14,442	3,569	3,812	7,381	3,276	3,321	6,597	3,379	9,976
Other Income	233	66	118	184	42	93	135	62	197
TOTAL OPERATING REVENUES AND OTHER INCOME	14,675	3,635	3,930	7,565	3,318	3,414	6,732	3,441	10,173
Acquisition of goods and services	(8,017)	(2,118)	(2,329)	(4,447)	(1,919)	(1,925)	(3,844)	(1,945)	(5,789)
Employee benefits expenses	(1,478)	(334)	(373)	(707)	(383)	(353)	(736)	(338)	(1,074)
Other operating expenses	(662)	(152)	(196)	(348)	(141)	(152)	(293)	(132)	(425)
Internally generated assets and Others	307	68	54	122	66	74	140	76	216
EBITDA	4,825	1,099	1,086	2,185	941	1,058	1,999	1,102	3,101
EBITDA Margin	33.4%	30.8%	28.5%	29.6%	28.7%	31.9%	30.3%	32.6%	31.1%
Depreciation and amortization	(3,189)	(784)	(772)	(1,556)	(735)	(738)	(1,473)	(724)	(2,197)
Gains (losses) on disposals of non-current assets	3	14	(11)	3	3	-	3	1	4
Impairment reversals (losses) on non-current assets	(94)	-	(80)	(80)	-	-	-	-	-
EBIT	1,545	329	223	552	209	320	529	379	908
EBIT Margin	10.7%	9.2%	5.8%	7.5%	6.4%	9.6%	8.0%		9.1%
Income (loss) equity invest. valued equity method	55	3	63	66	(7)	(3)	(10)	(7)	(17)
Net Financial Income / (Expenses)	(1,343)	(279)	(252)	(531)	(273)	(210)	(483)	(252)	(735)
Profit (loss) before tax from continuing operations	257	53	34	87	(71)	107	36	120	156
Income tax expense	(174)	(67)	(74)	(141)	11	(43)	(32)	(22)	(54)
Profit (loss) from continuing operations	83	(14)	(40)	(54)	(60)	64	4	98	102
Discontinued operations/Non-current assets held for sale (1)	(447)	195	(2)	193	(21)	(21)	(42)	(14)	(56)
PROFIT (LOSS)	(364)	181	(42)	139	(81)	43	(38)	84	46
Parent Company	(610)	137	(101)	36	(124)	(8)	(132)	23	(109)
Minorities	246	44	59	103	43	51	94	61	155

Cash Flow & Net Debt

REPORTED figures, After Lease view, €m. Sparkle not discontinued

	TIM Group
	Q3 '24	Q4 '24	H2 '24	Q1 '25	Q2 '25	H1 '25	Q3 '25	9M '25
EBITDA After Lease CAPEX net of licences	931 (371)	924 (757)	1,855 (1,128)	789 (478)	908 (396)	1,697 (874)	956 (390)	2,653 (1,264)
EBITDA AL - CAPEX net of licences	560	167	727	311	512	823	566	1,389
CHANGE IN WORKING CAPITAL net of licences	(301)	462	161	(362)	(356)	(718)	(369)	(1,087)
OPERATING FREE CASH FLOW net of licences	259	629	888	(51)	156	105	197	302
Financial Expenses Cash Taxes & Other	(123) 57	(120) 5	(243) 62	(155) 8	(140) 61	(295) 69	(150) 8	(445) 77
EQUITY FREE CASH FLOW After Lease	193	514	707	(198)	77	(121)	55	(66)
Dividends and change in Equity Disposal and Financial investments ⁽¹⁾ Licences	(42) 13,368	(41) 249 -	(83) 13,617 -	(35) (20)	(50) (6)	(85) (26)	(48) (54)	(133) (80)
NET CASH FLOW After Lease	13,519	722	14,241	(253)	21	(232)	(47)	(279)
Adj. Net Debt After Lease EoP	7,988	7,266	7,266	7,519	7,498	7,498	7,545	7,545

LTM Organic EBITDA After Lease ⁽²⁾	3,673	3,672	3,672	3,661	3,642	3,642	3,603	3,603
Leverage (Adj. Net Debt AL / LTM Organic EBITDA AL)	2.17	1.98	1.98	2.05	2.06	2.06	2.09	2.09

Balance Sheet - Assets

IFRS 16, €m

	TIM Group
	30 Sep. 2024	31 Dec. 2024	31 Mar. 2025	30 Jun. 2025	30 Sep. 2025
CURRENT ASSETS	9,073	9,186	10,155	9,215	9,550
Trade and miscellaneous receivables and other current assets	4,546	4,146	4,115	4,096	4,036
Cash and cash equivalents	2,164	2,924	2,227	1,442	1,767
Discontinued operations/assets held for sale (1)	-	-	1,170	1,139	1,162
Securities other than investments, other financial receivables and other current financial assets	1,878	1,651	2,275	2,175	2,209
Inventories	314	297	223	228	243
Current income tax receivables	139	124	113	97	92
Current financial receivables arising from lease contracts	32	44	32	38	41
Other investments	-	-	-	-	-
NON-CURRENT ASSETS	28,790	28,477	27,798	27,232	27,143
Intangible assets	17,262	17,041	16,963	16,713	16,611
Goodwill	11,125	11,030	11,061	11,034	11,054
Intangible assets with a finite useful life	6,137	6,011	5,902	5,679	5,557
Tangible assets	4,545	4,560	4,263	4,127	4,115
Property, plant and equipment owned	4,545	4,560	4,263	4,127	4,115
Right of Use assets	3,450	3,467	3,311	3,295	3,317
Other assets	3,533	3,409	3,261	3,097	3,100
Miscellaneous receivables and other non-current assets	1,594	1,795	1,739	1,717	1,697
Non-current financial assets	767	686	585	449	449
o/w receivable for lease contracts	43	40	37	38	38
o/w other non-current financial assets	724	646	548	411	411
Deferred tax assets	549	513	527	514	524
Other investments	155	150	145	162	177
Investments in associates and joint ventures accounted for using the equity method	468	265	265	255	253
TOTAL ASSETS	37,863	37,663	37,953	36,447	36,693

Balance Sheet - Liabilities

IFRS 16, €m

	TIM Group
	30 Sep. 2024	31 Dec. 2024	31 Mar. 2025	30 Jun. 2025	30 Sep. 2025
CURRENT LIABILITIES	10,735	11,511	12,429	12,254	11,399
Trade and miscellaneous payables and other current liabilities	6,899	7,074	6,886	6,754	6,302
Current financial liabilities	3,815	4,393	4,493	4,457	4,022
o/w liabilities for financing contracts and others	3,276	3,870	4,003	3,967	3,515
o/w liabilities for lease contracts	539	523	490	490	507
Liabilities directly associated with Discontinued operations/Non-current assets held for sale (1)	-	-	1,006	1,006	1,043
Current income tax payables	21	44	44	37	32
NON-CURRENT LIABILITIES	13,429	12,791	12,201	10,994	11,991
Non-current financial liabilities	11,930	11,149	10,704	9,698	10,623
o/w liabilities for financing contracts and others	9,479	8,728	8,223	7,216	8,085
o/w liabilities for lease contracts	2,451	2,421	2,481	2,482	2,538
Miscellaneous payables and other non-current liabilities	773	896	777	658	704
Employee benefits	200	200	194	193	193
Provisions	448	485	464	384	410
Deferred tax liabilities	78	61	62	61	61
TOTAL LIABILITIES	24,164	24,302	24,630	23,248	23,390
EQUITY	13,699	13,361	13,323	13,199	13,303
•	•
Equity attributable to equity owners of the Parent	12,247	11,957	11,975	11,859
Equity attributable to Minority Interests	1,452	1,404	1,348	1,340	1,362
TOTAL LIABILITIES & EQUITY	37,863	37,663	37,953	36,447	36,693