Q2 '23 RESULTS

03 AUGUST 2023

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.

The Q2 '23 and H1 '23 financial and operating data have been extracted or derived, with the exception of some data, from the Half-year Condensed Consolidated Financial Statements at 30 June 2023 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 financial results for Q2 '23 and H1 '23 of the TIM Group are the same as those adopted in the TIM Group Annual Audited Consolidated Financial Statements as of 31 December 2022, to which reference can be made, except for the amendments to the standards issued by IASB and adopted starting from 1 January 2023.

Please note that the limited review by the external auditors (E&Y) on the TIM Group Half-year Condensed Consolidated Financial Statements at 30 June 2023 has not yet been completed.

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 licences). 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.

Operations update #¹

Financial and operating results #²

Q2 '23 Highlights TIM Group

TIM Group

Group results fully in line with FY guidance

Organic data (1)

Domestic delivering steady improvement, paving the way to growth TIM Domestic

Organic data (1) , YoY trend

TIM Entities delivering results (1/4)

	Revenues	Services	Q2 achievements	Main KPIs
TIM Consumer (CO+SMB)	-5.6% YoY	-4.9% YoY	▪ Strong recovery on mobile KPIs: line losses reduced to 1/4 vs. Q1 thanks to higher gross adds and significantly lower deactivations ▪ Fixed line balance improved YoY, lower gross adds vs. Q1 partly compensated by lower churn thanks to market cooling down ▪ FTTH market share leadership, >1m FTTH lines in Q2 ▪ Bad debt: cost of credit significantly reduced vs. main peers ▪ "Customer as a platform" strategy: building a portfolio of "beyond-core" services to increase CB stickiness and generate new revenue streams	Fixed net adds Mobile net adds k lines k lines, human +18 YoY +146 YoY MNP -36 -64 -72 -148 Q1 '23 Q2 Q1 '23 Q2 Fixed ARPU – CO Mobile ARPU – CO net of activation fees human calling, net of MTR €/month €/month +4.8% YoY flat YoY 27.9 11.0 Q1 '23 Q2 Q1 '23 Q2
	Repositioning ongoing		▪ ~€ 70m from '23 selective price ups announced so far, ARPU stable/increased, churn contained Fixed repricing Mobile repricing m clients m clients 4.7 ~€ 40m ~€ 30m 7.3 in 2023 in 2023 0.4 0.3 CO SMB CO SMB	FTTH market share (1) +4.5pp -1.1pp -2.6pp -3.5pp +2.7pp ∆YoY 25% 20% 19% 19% 16% TIM Op.2 Op.3 Op.4 Others Cost of credit, (2) TLC operators 2022, bps 184 142 95 102 60 TIM Op.2 Op.3 Op.4 EU avg.

TIM Entities delivering results (2/4)

	Revenues	Q2 achievements Services			Main KPIs
	+1.1% YoY	+2.3% YoY	H1 '23 Service Revenues
			▪ Positive revenue growth, lower pace vs. Q1 mainly due to contraction of connectivity volumes (fixed voice). LTM(1) revenues +7.3% YoY		Δ YoY	weight	Revenue mix Δ YoY
			▪ Strong pipeline: ~€ 0.15bn from contracts signed in Q2 (1/2 of			Connectivity	-6%	42%	-3.8pp
			which attributable to year 1) and ~€ 1bn from ongoing negotiations including pipeline from NSH(2), beyond expectations			Cloud IoT	+13% -4%	30% 2%	+2.7pp -0.1pp
TIM Enterprise			▪ ~3 years average duration of contracts			Security	+5%	3%	+0.1pp
						Other IT	+8%	23%	+1.1pp
	Cloud revenue dynamics
				NSH - New Plan				Revenues from NSH in '23-'25
	SPC Cloud		NSH - Original Plan			~€ 0.2bn Original Plan		€ 0.3-0.4bn New Plan
			Other offers
		'22	'23	'24	'25

TIM Entities delivering results (3/4)

	Revenues		Q2 achievements	Main KPIs
NetCo	+7.8% +2.2% YoY YoY	▪ ▪ ▪ ▪	Positive revenues trend thanks to new regulated prices for '23 and improved technology mix (from copper to fiber) FTTH roll-out in line with plan, targeting 48% coverage by '25 (+16% YoY) (1) Continued growth of high value connectivity CB Sparkle: strong Q2 performance with positive revenue and	79% market share ~15.8m fixed accesses(3), o/w >70% FTTx ~95% FTTx coverage on active lines o/w ~61% >100Mbps 34% 33% FTTH
		Provider" for the 2nd	EBITDA growth YoY. Sparkle recognized as "Best Data/Capacity year in a row (2)	coverage million technical units	7.8 8.2 Q1'23 Q2
	Italia 1 Giga		5G Backhauling	5G Coverage
NRRP update	~95k households connected ~50% of H1 target delivered		~1.0k sites connected (0.4k passed) 95% of H1 target delivered	46 covered areas 63% of H1 target delivered
	▪ Walk-in plan completed, net target adjusted (~54% non-existent civic buildings on tot.) ▪ Tender values confirmed ▪ Main issues: time required for start-up phase and structural lack of specialized workforce in Sardinia (~25% of plan's target) ▪ Delay expected to be recovered in coming quarters		▪ Execution substantially on track, acceleration expected in coming months ▪ Inspection activities substantially completed (>11k sites of which 550 already certified as non-existent/not applicable), net target adjusted accordingly	▪ Main issue: delays on permits by municipalities related to ~50% of areas notwithstanding 95 permits presented out of 73 areas in 1st milestone ▪ Delay expected to be recovered almost entirely by Sep. '23

TIM Entities delivering results (4/4)

Q2 '23 RESULTS 03 August 2023 10

TIM Domestic

Transformation plan - ~€ 0.2bn additional savings achieved in Q2

2022 2023 2024

1.1 0.7 0.4

TARGET SAVINGS (€bn) (1)	0.3
o/w OPEX savings (2)	0.3
o/w cash cost / CAPEX extra-savings	-

~€ 0.2bn additional savings in Q2 '23 € 0.14bn OPEX savings € 0.05bn cash cost /CAPEX extra savings 50% of incremental FY target reached

	Q2 update
Decommissioning	✓ Launch of accelerated plans targeting: ▪ Copper legacy technologies – Complete shutdown of 6.7k exchanges (64% of tot.) by '28 (3) – 450 GWh/year energy consumption reduction at steady state ▪ Public payphones – Complete shut down of 15k public phone booths anticipated to '23 from '26
Energy	✓ Secured ~10% of energy consumption saving through efficiencies (160 GWh/year in FY) ✓ Signed 9-year PPA(4) extension for additional ~200 GWh/year supply of green energy ✓ Hedged ~40% of '24 needs through PPA, purchase on the market and increased self-production

1.5 1.0 0.5

✓ New maintenance contract yielding 25% savings vs. initial plan ✓ Closure of office premises (200k sqm by '23) by leveraging work from home

✓ Tax benefit from optimization of buildings' cadastral destination (>1.5k requests by '23)
(1) Cumulated savings vs. inertial plan (2) On 2021 restated cost baseline (€ 4.8bn) (3) Acceleration dependent on regulatory approval of TIM's proposed review of current decommissioning guidelines (4) Power Purchase Agreement

Q2 '23 RESULTS 03 August 2023 11

Delayering Plan - Execution ongoing, commitment to a successful outcome TIM Group

Key financials TIM Group

Organic data (1), IFRS 16 and After Lease (AL), €m and YoY trend

	Q2 '23	YoY trend	vs. Q1 '23	vs. Q2 '22	Q2 highlights
Revenues	3,999	+2.8%	-1.5pp ↓	+4.1pp ↑
o/w Domestic	2,924	+0.6%	↑ +0.8pp	↑ +8.0pp	Steady growth at Group level both on revenues and EBITDA
Service Revenues	3,687	+1.8%	↓ -1.0pp	↑ +0.7pp
o/w Domestic	2,644	-0.9%	↑ +1.5pp	↑ +3.9pp	(May '22)
EBITDA	1,641	+5.6%	↑ +1.8pp	↑ +14.1pp	Group EBITDA margin up 1.0 pp YoY
o/w Domestic	1,107	+0.5%	↑ +3.4pp	↑ +16.9pp	slightly higher activation fees drag
EBITDA AL	1,368	+5.5%	↑ +5.0pp	↑ +17.8pp
CAPEX (2)	892	-0.7%			Domestic CAPEX up slightly YoY in Q2
o/w Domestic	719	+2.4%			higher for Oi integration)
EFCF AL	-236	-129			higher financial expenses YoY and FX
Net Debt AL (3)		20,815 (+360 in Q2)			Net Debt AL increasing 0.4bn QoQ

Steady growth at Group level both on revenues and EBITDA

Group revenues and service revenues growth lower vs. Q1 due to lapping of Oi integration (May '22)

Group EBITDA margin up 1.0 pp YoY

Domestic revenues back to growth, EBITDA stabilized with improved trend vs. Q1 despite slightly higher activation fees drag

Domestic CAPEX up slightly YoY in Q2 Lower CAPEX in Brazil YoY (Q2 '22 CAPEX higher for Oi integration)

EFCF AL negative mainly for working capital, higher financial expenses YoY and FX

Net Debt AL increasing 0.4bn QoQ

OPEX - Slight increase YoY mainly attributable to higher COGs TIM Domestic

Variable costs +2% YoY in Q2, with Other CoGS increase related to ICT revenue growth (+8% YoY) and different OPEX/CAPEX mix driven by opportunities on specific deals in Enterprise, not offsetting lower interconnection (rationalization of low-margin international voice revenues) and equipment sold
Commercial costs +2% YoY mainly driven by higher Commissioning (due to reversal of deferred costs in previous years, reducing YoY on a cash view), IDC management and Content & Vas (related to higher multimedia revenues). Bad debt reduced 12% YoY
Industrial costs +13% YoY, with more than ½ of the increase related to higher energy costs (+19m for lower fiscal benefits YoY)(3) but lower than internal projections; the remaining attributable to higher network and industrial space costs
G&A and IT -2% YoY with lower G&A offsetting higher IT costs
Labour -1% YoY driven by solidarity and lower FTEs

(1) Net of capitalized costs (2) Includes other costs/provision and other income (3) 10% tax credit in Q2 '23 (vs. 15% in previous year), no system charges (transport charges) in Q2 '22

TIM Group

Domestic CAPEX up YoY but lower vs. internal projections. Net Debt increase due to negative EqFCF

Organic figures Group Domestic Brazil (1), IFRS 16 and After Lease, €m

Refinancing activity - Strong execution in tough market conditions TIM Group

Liquidity margin - Strengthened by successful refinancing initiatives TIM Group

After Lease view

Liquidity covering debt maturities until '24 (until '25 on a pro-forma view as of 31 Jul. '23)

Cost of debt ~4.4% AL view +0.1pp QoQ and +0.9pp YoY

Q2 '23 RESULTS 03 August 2023 18 (1) Includes € 801m repurchase agreements (nominal amount) due in the following 12 months (2) € 23,342m is the nominal amount of outstanding medium-long term debt. By adding the balance of IAS adjustments and reverse fair value valuations (€ 1,145m) and current financial liabilities (€ 1,261m), gross debt figure of € 25,748m is reconciled with reported number

Financial and operating results #²

Closing remarks TIM Group

Domestic stabilized and expected to improve further in coming quarters on the back of positive drivers
Transformation Plan execution on track with FY target
Refinancing activities successfully implemented notwithstanding tough market conditions
Delayering plan ongoing:
- ➢ Update on Netco process by September, activities in line with timeline
- ➢ 2023e ServiceCo EBITDA AL € >3bn, EBITDA AL-CAPEX € >1bn. L-T sustainability after NetCo transaction ensured by improved cash generation and strong deleverage trajectory
FY guidance reiterated, H1 results fully in line
Equity FCF to be flat in H2 and positive considering the partial anticipation of the NRRP funds

Fixed - Service revenues stabilized, higher ARPU, churn reduced TIM Domestic

Fixed Service Revenues Organic figures, YoY trend	Organic figures	YoY trend vs. Q1 '23		Highlights
0.2% -0.8%	Fixed revenues	2,251	+3.9%	↑ +2.2pp
-1.8%	Equipment	192	+70.2%	+5.7pp ↑	~2/3 of growth YoY from wholesale deal with OF
-3.9% -5.0%	Services	2,059	+0.2%	+2.1pp ↑	activation fees drag (-2.7pp YoY)
	o/w retail (1)	1,285	-2.8%	+0.3pp ↑	lower CB, higher ARPU
	(2) o/w Nat. wholesale	517	+5.1%	+4.1pp ↑	change in regulated prices (+1.4pp YoY on FSR)
Q2 '22 Q3 Q4 Q1 '23 Q2	o/w Int. wholesale	248	+3.3%	+5.9pp ↑	higher data connectivity

TIM Domestic

Mobile - MNPs back to positive, better net adds trend, lower churn, stable ARPU. Service revenues still affected by MTR reduction and lower CB YoY

Organic figures

		YoY trend	vs. Q1 '23	Highlights
Mobile revenues	807	-7.7%	↓ -2.6pp
Equipment	88	-28.7%	-16 pp ↓	mainly lower consumer volumes sold
Services	719	-4.2%	↓ -0.5pp	affected by MTR price reduction (-1.2pp YoY)
o/w retail	615	-4.4%	+0.4pp ↑	lower CB YoY (better trend vs. Q1), lower ARPU on B2B
o/w wholesale & other	104	-3.5%	-7.1pp ↓

ARPU Consumer - Human Calling net of MTR discontinuity

P&L - From EBITDA to Net Income TIM Group

Reported data, €m

(1) Non-Recurring Items include provisions for personnel (2021-26 layoffs ex art.4 "Fornero" law), claims and litigation

Liquidity margin - IFRS 16 view TIM Group

Cost of debt ~4.9%*, +0.1pp QoQ and +0.9pp YoY

* Including cost of all leases

(1) Includes € 801m repurchase agreements (nominal amount) due in the following 12 months (2) € 28,858m is the nominal amount of outstanding medium-long term debt. By adding the balance of IAS adjustments and reverse fair value valuations (€ 1,212m) and current financial liabilities (€ 1,261m), gross debt figure of € 31,331m is reconciled with reported number

Q2 '23 RESULTS 03 August 2023 26

Gross Debt - IFRS 16 view TIM Group

Well diversified and hedged debt

€ m

Fixed rate portion on M/L term debt ~73%

~29% of outstanding bonds (nominal amount) denominated in USD and GBP and fully hedged

Net debt - Adjusted TIM Group

€ m; (-) = Cash generated, (+) = Cash absorbed, excluding call-outs

(1) H1 '23: financial investments +57m, licence +24m (5G Brazil), IFRS 16 +465m, cash taxes and other +162m. H1 '22: Oi acquisition +1,741m, other financial investments +30m, licences +469m (o/w 5G Brazil +412m), IFRS 16 +535m, cash taxes and other -176m

ESG - Q2 findings TIM Group

		2023- '25 Plan
E	▪ Started decommissioning of ~15k public phone booths	Group targets
▪ Signed PPA extension with ERG for energy supply in 2023-'31 Environment ▪ Incentivized the regeneration and old modems ("ADSL scrapping program") ▪ TIM and Fondazione Olivetti: donation to heritage in Ivrea to create a cultural and S ▪ Expanded Sparkle's network capacity East and South America ▪ Signed agreement with CNR for joint developing Urban Intelligence & Smart ▪ Launched "TIM Growth Platform" and Social	~200 GWh/year green	E Net Zero (Scope 1+2+3)	2040
	sustainable disposal of	E Carbon Neutrality (Scope 1+2)	2030
	FAI of an historical	E Scope 3 Reduction (1)	-47%	2030
	recreational center	E Renewable energy on total energy	100%
		Women in leadership position (2) G	≥29%	2025
	in Europe, Middle research aimed at City services "TIM Cybersecurity Made in Italy Challenge" for the scouting of companies and	Scope 1: emissions from production (heating, cogeneration, company fleet) Scope 2: electricity purchase emissions Scope 3: emissions from upstream and downstream activities of the production chain (cat.1-purchase of goods; cat.2; capital goods; cat 11-use of goods sold) Domestic targets
	innovative solutions in the Cybersecurity sector	E Green Products & Smartphones (3)	≥70%
▪ Established Steering Committee the implementation of gender ▪ "Apprendo Training": >170 planning phase completed	Gender Equality to ensure equality targets and projects	E Circular Economy ratio (4)	2€/kg
	training courses for employees,	S Cloud, IoT & Security service revenues (5)	+21% CAGR 23-25
		Digital Identity Services (6) S	+30% CAGR 23-25	2025
G Governance ▪ Approved new whistleblowing procedure		S People trained on ESG skills	≥90%
		S Young Employees Engagement	≥ 78%
		S FTTH Coverage (% of technical units)	48%

(1) Scope 3 cat.1, 2 and 11, 2019 baseline (2) Women managers, weighted average between Domestic and Brazil targets (≥27% and ≥35% respectively for '23-'25) (3) Baseline 2021 (4) Average revenues from the resale of used materials and assets plus waste recycling per kg of waste produced (5) Old target excluding cloud service revenues (6) PEC, SPID, ature (active services)

TIM Group

Guidance 2023-'25

Organic figures, IFRS 16 / After Lease, growth rates and €bn figures (1)

Over-delivery in 2022, positive acceleration also in '23-'25 despite worsening macro scenario

LSD = Low-Single Digit MSD = Mid-Single Digit LMSD =Low-Mid Single Digit

(1) Excluding exchange rate fluctuations, non-recurring items and change in consolidation area. Group figures @ average exchange-rate 5.44 R\$/€

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Q2 '23 RESULTS