Telecom Italia Rsp

Investor Presentation • Nov 5, 2025

9M 2025 Results

6 November 2025

Q3 2025 Highlights

Solid Group and Domestic operational and financial delivery, results on track

TIM Consumer: price dynamic marginally improving in Italy, PosteMobile MVNO signed, TIM Energia launched

TIM Enterprise: robust Cloud revenue growth, LoI signed for JV with Poste on sovereign open-source Cloud and AI

TIM Brasil: highly rational market, persistent growth and improving cash generation

Best non-IG corporate bond placement in last three years

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)

Positive drivers unfolding, strong YoY EBITDA AL acceleration expected in Q4

All figures in €m

EFCF AL consistent with expected trajectory, ramp-up in Q4

Figures incl. Sparkle, €m. H1 '24 TIM Group Integrated view figures

EFCF AL drivers in Q4

• Group EBITDA AL growth
• Higher CAPEX, limited impact on cash absorption
• Favorable NWC seasonality

TIM Consumer with resilient top line

Organic figures, €bn and YoY trend

H1 '25 9M '25

Revenues

TIM CONSUMER

4.5bn -0.4% (-1.5% in Q3)

Retail services flat YoY in Q3

o/w services flat (-0.5% in Q3)

• Launch of TIM Energia powered by Poste, robust early momentum
• Repricing campaign: 4.0m fixed and 3.4m mobile Consumer lines priced-up YTD
• Fixed ARPU increase, better net adds trend thanks to push on FTTH and FWA 5G
• Consumer MNP balance neutral, driven by customer satisfaction and effective retention
• TIM Vision service revenues mid single-digit YoY growth in 9M

KPIs

TIM Enterprise solid growth fueled by Cloud services

Organic figures, €bn and YoY trend

9M '25

Revenues

TIM ENTERPRISE

2.4bn

+4.4% (+3.8% in Q3) o/w services +5.5% (+4.2% in Q3)

• Consistent and solid revenue growth
• Cloud leads as highest and fast-growing revenue driver (41% share of service revenues)
• Strong IoT and Security growth driven by factory solutions
• Continued reduction of low-margin IT components to improve overall profitability

TIM Brasil further delivering on operational excellence

Organic figures, €bn and YoY trend (1)

Thorough CAPEX and OPEX control with Transformation Plan well on track

Organic figures ex. Sparkle, €m

Net debt AL evolution on track

Adjusted Net Debt After Lease, €m

Positive Net Working Capital contribution due to favorable seasonality

TIM/Poste Italiane areas of synergies

Closing remarks

Results and cash dynamic on track, strong acceleration expected in Q4

Guidance confirmed

Developing the strategic partnership with Poste Italiane, ongoing initiatives to generate synergies

Q&A

Annex

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)

Capital structure

Lowest yield of last 3+ years for a BB/BB+ corporate

last 15+ years for TIM

• (1) Net of the adjustment due to the fair value measurement of derivatives and related financial liabilities/assets and discontinued operations
• (2) Nominal amount. Average maturity: 5.8 years (bond 6.4 years)

Guidance 2025-'27

Excluding Sparkle and the effects of '98 Concession Fee. Organic pro-forma P&L figures (1), €bn, YoY growth and 2024-'27 CAGR

	2024 actual	2025	2026	2027
Revenues	13.7 9.4	2-3% growth 1-2% growth		~3% CAGR 2-3% CAGR
EBITDA After Lease	3.6 1.9	~7% growth 5-6% growth		6-7% CAGR 5-6% CAGR
CAPEX on revenues	14.6% 12.9%	~14% 12-13%		~13% ~11%
Eq. FCF (2, 3) After Lease		~0.5	~0.9	~1.1
Leverage (4)	<2.0x	<1.9x (5)

(1) Excluding non-recurring items, change in consolidation area and exchange rate fluctuations. Group P&L figures @ avg. exchange-rate 5.83 R\$/€) (2) TIM Brasil flows based on annual exchange-rate published in Bloomberg Survey based on major banks projections as of 9 January '25 (avg. exchange rate @ 6.18 R\$/€ in '25, 6.37 R\$/€ in '26 and 6.20 R\$/€ in '27) (3) Including the effect of '98 Concession fee, 2025 Equity FCF would be ~€ 1.5bn (4) Adj. Net Debt AL/Organic EBITDA After Lease. Net Debt of TIM Brasil based on consensus exchange rate evolution (EoP exchange rate @ 6.21 R\$/€ in '25) (5) Including the effect of '98 Concession fee on Net Debt, leverage would be ~1.7x

Disclaimer

This presentation contains statements that constitute forward looking statements regarding the intent, belief or current expectations of future growth in the different business lines and the global business, financial results and other aspects of the activities and situation relating to the TIM Group. Such forward looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those projected or implied in the forward-looking statements as a result of various factors. Consequently, TIM makes no representation, whether expressed or implied, as to the conformity of the actual results with those projected in the forward- looking statements. Forward- looking information is based on certain key assumptions which we believe to be reasonable as of the date hereof, but forward- looking information by its nature involves risks and uncertainties, which are outside our control, and could significantly affect expected results.

Analysts and investors are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date of this presentation.

The 9M '25 and Q3 '25 Financial results are prepared in accordance with the 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.

Please note that the 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.

These figures should not be considered as a substitute for the economic and financial information of which they provide a different detail, are unaudited, are produced for explanatory purposes only, and may differ from those that will be published in the financial statements prepared in accordance with IFRS.

• In the TIM Group 9M 2025 financial results, Sparkle 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, unless otherwise specified
• In order to provide a better understanding of business performance, organic 9M 2024 likefor-like data are presented. Such data includes Sparkle 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)
• Cash flows and Net Debt After Lease are based on actual results either for 2025 and for 2024

Further questions please contact the IR team

Investor\_relations@telecomitalia.it