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TIM S.A. Earnings Release 2026
53202_rns_2026-05-05_1789b169-75d8-4314-8c11-653687a73560.pdf
Earnings Release
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TIM
EARNINGS RELEASE 1ST QTR 2026
| TIMB LISTED NYSE | TIMS B3 LISTED NM ISE B3 |
|---|---|
1Q26
EARNINGS
RELEASE
TIM
The 2026 journey begins with consistent progress in the first quarter
SERVICE REVENUE
6.5% YoY
(1Q26)
Growth driven by advances in Mobile and Ultrafibra
MOBILE SERVICE REVENUE
5.6% YoY
(1Q26)
Solid postpaid performance and a steady pace of prepaid deceleration
POSTPAID REVENUE
7.5% YoY
(1Q26)
Consistent revenue growth alongside customer base expansion
EBITDA-AL
7.8% YoY
(1Q26)
Strong growth with margin expansion: 37.1% (+0.5 p.p. YoY)
OP. CASH FLOW
16.8% YoY
(1Q26)
Cash generation with margin increase: 17.2% (+1.5 p.p. YoY)
SHAREHOLDER REMUNERATION
R$ 390 mln
(1Q26)
Announced as Interest on Capital until March 2026
Acquisition of V8.Tech: Together, we are more than the sum of our parts.
V8.TECH IN A NUTSHELL:
- 10 years of history, with more than 240 customers and approx. 300 employees
- Convergent solutions for TIM in IoT and AI applied to business verticals
- R$ 40 mln in net revenue in Feb and Mar/26
V8 + TIM: MULTIPLYING POTENTIAL
Scale, capillarity, and the ability to expand scope across accounts where V8 already operates
Relationships within named accounts, deep technical expertise, and speed of delivery
New financial partnership with PicPay: Expansion of the digital ecosystem
- Partnership with PicPay expands TIM's digital ecosystem and marks the return to financial services
- Access to a base of 67 million accounts and one of the largest digital banks in the country
- Creation of new revenue avenues via cross-selling and loyalty
- Integrated offer of financial services with 100% digital journeys. Customer benefits linked to loyalty (cashback, vouchers and marketplace)
AI Program Execution: early deliverables already translating into initial benefits
SOFTWARE DEVELOPMENT, DATA ACCESS, AND DIGITAL JOURNEY
- Deployment of AI agents across the software development lifecycle to enhance productivity, optimize factory-related Capex and accelerate time-to-market: +22% of productivity gains
- Evaluation of Digital Channels Data Layer to an AI-ready cloud architecture (Bigtable) optimizing digital experience: +60% of license cost efficiency
ACCELERATING AI ADOPTION AND MAXIMIZING GAINS
- Partnerships: expansion with Microsoft and Google accelerates AI adoption
- Scaling Agentic AI: foundation for new operating model
-
Applying AI FinOps
-
EBITDA and Net Income normalized according to the items indicated in their respective sections. EBITDA-AL excluding the impact of fines from the decommissioning of the sites. Operating Cash Flow ("OpCF") represents EBITDA-AL (-) Capex.
1Q26
EARNINGS
RELEASE
TIM
FINANCIAL AND OPERATIONAL HIGHLIGHTS
| Description | 1Q26 | 1Q25 | % YoY | 4Q25 | % QoQ |
|---|---|---|---|---|---|
| FINANCIAL (R$ million) | |||||
| Net Revenues | 6,806 | 6,394 | 6.5% | 6,920 | -1.6% |
| Services Revenues | 6,644 | 6,240 | 6.5% | 6,665 | -0.3% |
| Mobile Service | 6,253 | 5,922 | 5.6% | 6,305 | -0.8% |
| Fixed Service | 391 | 319 | 22.8% | 359 | 8.9% |
| Normalized* Operating Expenses | (3,519) | (3,310) | 6.3% | (3,248) | 8.3% |
| Normalized* EBITDA | 3,287 | 3,084 | 6.6% | 3,672 | -10.5% |
| Normalized* EBITDA Margin | 48.3% | 48.2% | 0.1p.p. | 53.1% | -4.8p.p. |
| Normalized* EBITDA-AL | 2,523 | 2,340 | 7.8% | 2,921 | -13.6% |
| Normalized* EBITDA-AL Margin | 37.1% | 36.6% | 0.5p.p. | 42.2% | -5.1p.p. |
| Normalized* Net Income | 821 | 810 | 1.3% | 1,349 | -39.1% |
| Capex | (1,354) | (1,339) | 1.1% | (1,347) | 0.5% |
| OpCF (Normalized* EBITDA-AL - Capex) | 1,169 | 1,001 | 16.8% | 1,574 | -25.7% |
| OPERATIONAL ('000) | |||||
| Mobile Customer Base | 61,986 | 62,039 | -0.1% | 61,974 | 0.02% |
| Prepaid | 28,871 | 31,269 | -7.7% | 29,226 | -1.2% |
| Postpaid | 33,116 | 30,770 | 7.6% | 32,748 | 1.1% |
| TIM Ultrafibra Customer Base | 880 | 790 | 11.4% | 850 | 3.6% |
- EBITDA normalized by non-recurring effects on Operating Costs and Expenses (+R$6.0 million in 1Q26 and +R$19.0 million in 1Q25). Net Income normalized by non-recurring effects on EBITDA and Income Tax (-R$2.0 million in 1Q26 and -R$6.5 million in 1Q25). EBITDA-AL excluding the impact of fines from the decommissioning of the sites.
INVESTOR RELATIONS
RESULTS CONFERENCE
May 6th, 2026, at:
10 a.m. (BRT) / 9 a.m. (US EST)
Video conference (Zoom): Click here
CONTACTS
Email: [email protected]
Website: ri.tim.com.br
TIM S.A.
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RECENT AND SUBSEQUENT EVENTS
Shareholder Remuneration
On March 18, 2026, the Board of Directors of TIM S.A. approved the distribution of Interest on Capital ("IoC") in the amounts of R$390 million. For more details, visit the website of Investor Relations of TIM S.A.: Filings
Acquisition of All I-Systems Shares
On February 11, 2026, TIM S.A. informed the market that it has entered into a Share Purchase Agreement with IHS Fiber Brasil - Cessão de Infraestruturas Ltda. ("IHS Brasil"), which regulates the terms and conditions for the acquisition, by the Company, of all the shares issued by I-Systems ("I-Systems") currently held by IHS Brasil, corresponding to 51% of the total share capital of I-Systems. After the conclusion of the transaction, TIM S.A., which already owned 49% of the shares of I-Systems, will hold all the shares. The completion of the transaction is subject to corporate and regulatory approvals. For more details, visit the website of Investor Relations of TIM S.A.: Filings
This document is the property of TIM S.A. All rights reserved ©
1Q26 Earnings Release
TIM S.A.
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FINANCIAL HIGHLIGHTS
NET OPERATING REVENUE
| Description | 1Q26 | 1Q25 | % YoY | 4Q25 | % QoQ |
|---|---|---|---|---|---|
| R$ million | |||||
| Total Net Revenue | 6,806 | 6,394 | 6.5% | 6,920 | -1.6% |
| Services Revenue | 6,644 | 6,240 | 6.5% | 6,665 | -0.3% |
| Mobile Service | 6,253 | 5,922 | 5.6% | 6,305 | -0.8% |
| Client Generated | 5,819 | 5,542 | 5.0% | 5,897 | -1.3% |
| Interconnection | 110 | 84 | 31.5% | 82 | 33.8% |
| Customer Platform | 26 | 22 | 20.9% | 48 | -45.2% |
| Others | 298 | 274 | 8.8% | 279 | 7.0% |
| Fixed Service | 391 | 319 | 22.8% | 359 | 8.9% |
| of which TIM Ultrafibra | 243 | 218 | 11.4% | 238 | 2.0% |
| Product Revenue | 162 | 153 | 5.4% | 255 | -36.7% |
Total Net Revenue ("NR"): R$6,806 million in 1Q26 (+6.5% YoY)
Total Net Revenue recorded another consistent growth, supported by progress on the main fronts, with evolution in Services and Products revenues.
Service Revenue (+6.5% YoY in 1Q26)
The advance was supported by another solid postpaid result and by the acceleration of Ultrafibra's positive performance.
Product Revenue (+5.4% YoY in 1Q26)
The positive performance was driven by significant growth in handset and accessory sales, reflecting the strong market demand during the quarter. In addition, unlike in 1Q25, when we faced an occasional supply shortage, product availability was better this quarter, which also contributed to the results achieved.
This document is the property of TIM S.A. All rights reserved ©
1Q26 Earnings Release
TIM S.A.
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MOBILE SEGMENT:
Mobile Service Revenue ("MSR") (+5.6% YoY in 1Q26) | Mobile ARPU (R$33.7; +5.8% YoY)
MSR's performance once again reflected the consistency of postpaid, which continues to be the main growth engine for the segment. This result led ARPU to another robust evolution, highlighting the focus on value generation supported by the strategy of providing customers with the 'Best Service, Network and Offer'.
Client Generated Revenue ("CGR") (+5.0% YoY in 1Q26)
CGR corresponds to MSR after excluding interconnection, customer platform, and other revenues. The performance was positively influenced by two revenue streams: TIM customers (postpaid and prepaid) and 'non-TIM' customers, especially international roaming services, which typically have a favorable impact in the first quarter.
Interconnection Revenue (+31.5% YoY in 1Q26)
This growth is mainly explained by the execution of agreements with other operators.
Customer Platform Revenue (+20.9% YoY in 1Q26)
The increase was driven by positive results on our key mobile advertising, digital safety and health fronts.
Other Revenues (+8.8% YoY in 1Q26)
The growth reflects the contribution of revenues from infrastructure-sharing agreements.
The following is the performance by mobile client profile:
POSTPAID
Revenue (+7.5% YoY in 1Q26) | ARPU ex-M2M (R$55.1; +1.6% YoY)
The postpaid result shows the monetization of the customer base, explained by the price adjustments applied to the offers and by a consistent process of migration to higher-value plans throughout the quarter. This dynamic, combined with the growth of the customer base (+7.6% YoY) and a controlled churn level, contributed to the positive performance of the segment.
PREPAID
Revenue (-6.5% YoY in 1Q26) | ARPU (R$14.1; +1.6% YoY)
Prepaid maintained the stabilization trajectory observed since 3Q25, even in a context marked by seasonal factors typical of the first quarter, such as Carnival, and by the continuous migration of customers to Controle plans.
This document is the property of TIM S.A. All rights reserved ©
1Q26 Earnings Release
TIM S.A.
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FIXED SEGMENT
Fixed Service Revenue ("FSR") (+22.8% YoY in 1Q26)
FSR's performance was mainly driven by Ultrafibra's revenue, which has been recovering over the last two quarters. In addition, with the completion of the acquisition of the entire share capital of V8 Consulting S.A. ("V8" or "V8.Tech"), revenue from this asset is consolidated in the fixed segment, thus serving as a second driver of performance.
TIM ULTRAFIBRA
Revenue (+11.4% YoY in 1Q26) | ARPU FTTH (R$93.8; +3.2% YoY)
TIM Ultrafibra recorded growth for another quarter as a result of improvements in broadband services and in sales and customer service channels. This was reflected in 36k net additions of FTTH in 1Q26, bringing the total base to 880k customers (almost entirely FTTH). This advance was accompanied by an improvement in the profile of the base, with a focus on premium customers – 92% of the base already operating at speeds of 400 Mbps or higher.
OPERATING COSTS AND EXPENSES
| Description | 1Q26 | 1Q25 | % YoY | 4Q25 | % QoQ |
|---|---|---|---|---|---|
| R$ million | |||||
| Reported Operating Expenses | (3,525) | (3,329) | 5.9% | (3,275) | 7.6% |
| Normalized* Operating Expenses | (3,519) | (3,310) | 6.3% | (3,248) | 8.3% |
| Personnel | (383) | (358) | 6.9% | (360) | 6.3% |
| Selling & Marketing | (936) | (963) | -2.8% | (906) | 3.3% |
| Network & Interconnection | (1,496) | (1,322) | 13.2% | (1,146) | 30.5% |
| General & Administrative | (221) | (211) | 4.9% | (209) | 5.7% |
| Cost Of Goods Sold (COGS) | (225) | (209) | 7.6% | (363) | -38.1% |
| Bad Debt | (225) | (182) | 23.8% | (201) | 12.2% |
| Other operational revenues (expenses) | (33) | (66) | -49.9% | (63) | -47.5% |
| Normalized* Operating Expenses Ex-COGS | (3,294) | (3,101) | 6.2% | (2,885) | 14.2% |
- Operating costs normalized by: consulting service costs for strategic projects (+R$6.0 million in 1Q26), and legal service costs in the context of the closing of the dispute with the former financial services partner (+R$19.0 million in 1Q25).
Operating Costs and Expenses: R$3,519 million in 1Q26 (+6.3% YoY; 51.7% of NR)
The result of Normalized Operating Costs and Expenses was mainly influenced by higher pressures on the network and interconnection cost line, in addition to the incremental costs arising from V8.Tech.
This document is the property of TIM S.A. All rights reserved ©
1Q26 Earnings Release
TIM S.A.
Personnel: (+6.9% YoY in 1Q26; 5.6% of NR)
The growth is mainly explained by the annual adjustments in salaries and benefits, in addition to the increase in other charges related to employees.
Selling and Marketing (-2.8% YoY in 1Q26; 13.8% of NR)
The decrease is explained by: (i) despite the start of the new Big Brother Brasil sponsorship, advertising expenses were lower year-over-year, reflecting a more balanced allocation of campaigns throughout the period; and (ii) lower expenses related to the operational management of clients, including customer service, collections, and payment activities, enabled by the continuous digitalization process.
Network and Interconnection (+13.2% YoY in 1Q26; 22.0% of NR)
The increase reflects: (i) higher traffic costs in international roaming services, partially impacted by seasonal effects; (ii) growth in spending on digital content providers; and (iii) higher expenses in infrastructure-sharing agreements.
General and Administrative ("G&A")¹ (+4.9% YoY in 1Q26; 3.3% of NR)
The increase stems from additional costs attributable to hiring specialized services from third-party providers.
Cost of Goods Sold ("COGS") (+7.6% YoY in 1Q26; 3.3% of NR)
The growth reflects the increase in product revenue, driven by higher sales of handsets and accessories.
Bad Debt (+23.8% YoY in 1Q26; 3.3% of NR) | % Total Gross Revenue (2.1%; +0.2 p.p. YoY)
The increase is mainly explained by the higher exposure of the customer base to delinquency, due to the consistent growth of postpaid, which currently represents 53% of the total base. As a result, the Bad Debt-to-Gross Revenue ratio reached 2.1%.
Other Operating Expenses (Revenues) (-49.9% YoY in 1Q26; 0.5% of NR)
The reduction is explained by the combination of three factors: favorable effects from the contractual renegotiation with American Towers do Brasil – Cessão de Infraestrutura S.A. ("ATC"), partially offset by a higher volume of provisions for contingencies and increased expenses related to FUST/FUNTTEL fees.
¹ The G&A line had a non-recurring impact of R$6.0 million in 1Q26, related to consulting service costs for strategic projects, and R$19.0 million in 1Q25, related to legal services costs in the context of the closing of the dispute with the former financial services partner.
This document is the property of TIM S.A. All rights reserved ©
1Q26 Earnings Release
TIM S.A.
FROM EBITDA TO NET INCOME
EBITDA²: R$3,287 million in 1Q26 (+6.6% YoY) | Margin: 48.3% (+0.1 p.p. YoY)
Normalized EBITDA ("Earnings before Interest, Taxes, Depreciation, Amortization and Equity") showed consistent growth, supported by revenue expansion and tight control of operating expenses, resulting in margin stability.
EBITDA-AL³: R$2,523 million in 1Q26 (+7.8% YoY) | Margin-AL: 37.1% (+0.5 p.p. YoY)
Normalized EBITDA-AL ("After Lease") corresponds to Normalized EBITDA after the incorporation of lease effects. The indicator grew in the quarter, supported by the expansion of operating income and the control of lease impacts.
EBITDA-AL (1Q26)
(R$ MIn; %YoY)
This document is the property of TIM S.A. All rights reserved ©
1Q26 Earnings Release
TIM S.A.
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DEPRECIATION AND AMORTIZATION ("D&A")
| Description | 1Q26 | 1Q25 | %YoY | 4Q25 | % QoQ |
|---|---|---|---|---|---|
| R$ million | |||||
| Depreciation | (1,234) | (1,266) | -2.6% | (1,273) | -3.1% |
| of which Depreciation of Leases | (443) | (415) | 6.7% | (428) | 3.5% |
| Amortization | (505) | (479) | 5.3% | (504) | 0.1% |
| Total D&A | (1,739) | (1,746) | -0.4% | (1,777) | -2.2% |
D&A (-0.4% YoY in 1Q26)
The result reflects the combined effect of: (i) lower depreciation of telecom infrastructure and equipment; (ii) higher depreciation of lease rights of use; and (iii) increased software amortization.
NET FINANCIAL RESULT
| Description | 1Q26 | 1Q25 | % YoY | 4Q25 | % QoQ |
|---|---|---|---|---|---|
| R$ million | |||||
| Cash Items | (560) | (417) | 34.2% | (397) | 41.0% |
| Financial Debt Interest (Net of Derivatives) | (77) | (68) | 13.2% | (85) | -9.6% |
| Interest related to Cash & Cash Equivalents | 199 | 167 | 18.9% | 239 | -16.8% |
| Net Leases Interest | (463) | (372) | 24.5% | (419) | 10.6% |
| Others | (218) | (144) | 51.4% | (131) | 65.8% |
| Non-Cash Items | 30 | (181) | n.a. | 31 | -2.9% |
| Mark-to-market from Derivative | 30 | (20) | n.a. | 31 | -2.9% |
| C6 Mark-to-market | - | (166) | n.a. | - | n.a. |
| Others | - | 5 | n.a. | - | n.a. |
| Net Financial Result | (530) | (598) | -11.5% | (366) | 44.6% |
Net Financial Result (-11.5% YoY in 1Q26)
The improvement is due to (i) a favorable effect in the annual comparison related to the asset value adjustment signed in the agreement with the former financial services partner in 1Q25; (ii) positive mark-to-market effect of derivative contracts; and (iii) higher returns on financial investments; although (iv) partially offset by the increase in interest on leases.
This document is the property of TIM S.A. All rights reserved ©
1Q26 Earnings Release
TIM S.A.
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Income Tax⁴
Normalized Income Tax totaled -R$170 million in 1Q26 (effective tax rate of -17.1%), vs. R$97 million in 1Q25 (effective tax rate of 13.7%). The variation is mainly explained by the increase in Earnings Before Taxes ("EBT") in 1Q26, combined with a lower distribution of Interest on Capital compared to 1Q25 (R$390 million vs. R$690 million, respectively).
Net Income⁵: R$821 million in 1Q26 (+1.3% YoY)
The performance of Normalized Net Income raised Normalized EPS to R$0.34 in 1Q26 from R$0.33 in 1Q25.
INVESTMENTS AND CASH FLOW
CAPEX
| Description | 1Q26 | 1Q25 | %YoY | 4Q25 | % QoQ |
|---|---|---|---|---|---|
| R$ million | |||||
| Network | 1,044 | 1,028 | 1.6% | 871 | 19.8% |
| IT & Others | 310 | 311 | -0.4% | 475 | -34.8% |
| Capex | 1,354 | 1,339 | 1.1% | 1,347 | 0.5% |
| Capex/ Net Revenue | 19.9% | 20.9% | -1.1p.p. | 19.5% | 0.4p.p. |
Capex: R$1,354 million in 1Q26 (+1.1% YoY; 19.9% of NR)
The slight increase reflects a higher allocation of investments in network infrastructure compared to the same period last year, in line with the expansion of 5G coverage, which reached 1,094 cities by the end of March 2026. It should be noted that Capex follows the expected seasonality for the period.
This document is the property of TIM S.A. All rights reserved ©
1Q26 Earnings Release
⁴ The Income Tax line had non-recurring effects in the amount of -R$2.0 million in 1Q26 and -R$6.5 million in 1Q25.
⁵ Net Income normalized for non-recurring effects on EBITDA and Income Tax.
TIM S.A.
CASH FLOW
| Description | 1Q26 | 1Q25 | %YoY | 4Q25 | % QoQ |
|---|---|---|---|---|---|
| R$ million | |||||
| Reported EBITDA | 3,281 | 3,065 | 7.1% | 3,645 | -10.0% |
| Capex | (1,354) | (1,339) | 1.1% | (1,347) | 0.5% |
| Reported EBITDA - Capex | 1,927 | 1,726 | 11.7% | 2,299 | -16.2% |
| Δ Working Capital and Income Tax | (686) | (643) | 6.7% | 574 | n.a. |
| Leases Payment* | (788) | (788) | - | (767) | 2.8% |
| of which Fines | (23) | (31) | -25.6% | (3) | 794.2% |
| Operating Free Cash Flow | 453 | 294 | 54.0% | 2,106 | -78.5% |
- Lease incentives were recognized on the payment of leases in line with the agreed contractual conditions, reducing the amount disbursed in the period (+R$65.8 million in 1Q26, +R$53.7 million in 4Q25, and +R$3.8 million in 1Q25).
Operating Cash Flow ("OpCF"): R$1,169 million in 1Q26 (+16.8% YoY) | Margin: 17.2% (+1.5 p.p. YoY)
The evolution of operating cash flow is the result of the Company's operational consistency, combined with efficient management of resource allocation. The OpCF corresponds to the Normalized EBITDA-AL minus Capex.
Operating Free Cash Flow ("OpFCF"): R$453 million in 1Q26 (+54.0% YoY)
OpFCF reflects the positive operating performance, partially affected by a more adverse impact from working capital and taxes compared to 1Q25. This effect was mainly due to an increase in wholesale accounts receivable and higher tax payments, partially mitigated by improved accounts payable dynamics.
CASH POSITION
Cash and Securities positions totaled R$5,871 million at the end of March 2026, representing an increase of 10.2% YoY, as a result of operating cash generation in the period.
It is also worth noting that the full payment of the TFF (Operating Inspection Fee), which makes up the Fistel fee, has been suspended since 2020. The total amount recorded until March 31, 2026 was R$4.6 billion, of which R$3.3 billion in principal and R$1.2 billion in interest on arrears.
This document is the property of TIM S.A. All rights reserved ©
1Q26 Earnings Release
TIM S.A.
DEBT
DEBT PROFILE
| Issuances | Currency | Interest Rate | Maturity | Short-term | Long-term | Total |
|---|---|---|---|---|---|---|
| R$ million | ||||||
| Debentures | BRL | IPCA + 4,0432% p.a. | 06/28 | 714 | 1,385 | 2,099 |
| BNDES Finame | BRL | IPCA + 4.2283% p.a. | 11/31 | 56 | 260 | 316 |
| V8.Tech | BRL | CDI + 2,42% to CDI + 6,80% | 04/26 to 04/28 | 23 | 39 | 62 |
| BNB | BRL | IPCA + 1.2228% a 1.4945% p.a. | 02/28 | 185 | 170 | 355 |
| Total Financial Debt | 979 | 1,853 | 2,832 | |||
| License (5G) | BRL | Selic | 12/40 | 70 | 923 | 993 |
| Total Debt Before Lease | 1,049 | 2,776 | 3,825 | |||
| Total Lease | BRL | IPCA/IGP-M (13.94% p.a.) | 07/50 | 1,609 | 12,068 | 13,677 |
| Total Debt | 2,658 | 14,843 | 17,502 |
NET DEBT
| Description | 1Q26 | 4Q25 | 3Q25 | 2Q25 |
|---|---|---|---|---|
| R$ million | ||||
| Short-Term Debt | 979 | 926 | 955 | 951 |
| Long-Term Debt | 1,853 | 1,853 | 1,900 | 1,955 |
| Total Debt | 2,832 | 2,779 | 2,855 | 2,906 |
| Cash and Cash Equivalents + Market Sec | (5,871) | (5,885) | (6,529) | (5,474) |
| Net Derivatives-ex C6 | (311) | (283) | (195) | (214) |
| Net Debt | (3,350) | (3,389) | (3,868) | (2,781) |
| License (5G) | 993 | 971 | 1,015 | 989 |
| Net Debt AL | (2,357) | (2,418) | (2,853) | (1,792) |
| Total Lease | 13,677 | 13,531 | 13,264 | 13,075 |
| Total Net Debt | 11,320 | 11,112 | 10,411 | 11,283 |
| Net Debt AL /Normalized EBITDA AL* | -0.22x | -0.23x | -0.28x | -0.18x |
| Net Debt Total/Normalized EBITDA | 0.82x | 0.82x | 0.79x | 0.87x |
*LTM EBITDA "after leases" payments, disregarding payment of principal and interest related to financial leasings.
LT DEBT BY MATURITY
| Year | Pro-Forma | Including IFRS 9, 15 & 16 |
|---|---|---|
| R$ million | ||
| 2027 | 968 | 2,126 |
| 2028 | 864 | 2,581 |
| 2029 | 126 | 1,719 |
| 2030 | 126 | 1,414 |
| After 2030 | 692 | 7,004 |
| Total Debt | 2,776 | 14,843 |
Total post-hedge debt (including net derivatives in the amount of R$311 million) totaled R$17,191 million at the end of March 2026, an increase of R$814 million vs. 1Q25. The increase in debt results from the combination of higher lease liabilities and the partial reduction of total financial debt. In addition, in 1Q26 there was a consolidation of financial debt related to V8.Tech.
This document is the property of TIM S.A. All rights reserved ©
1Q26 Earnings Release
STRATEGIC PARTNERSHIPS
Digital Ecosystem
Security Services
In the Insurance vertical, the strategic partnership with EXA has shown rapid commercial traction since the beginning of operations, reaching approximately 32% penetration over handset sales in the last quarter. The speed of reaching this level of penetration reinforces the high adherence of the insurance solution to the customer's moment of purchase, as well as the relevant potential for incremental monetization of the vertical. These factors consolidate insurance as a strategic component, with significant room for expansion.
Health Services
The strategic partnership with Cartão de Todos has already reached more than 1.4 million TIM customers registered on the platform, with approximately 278k families having subscriptions, evidencing strong traction and broad adherence of the offer to our base. The results demonstrate consistent growth over time, with continuous evolution of the subscriber base and consolidation of the service as one of the main value propositions in the healthcare ecosystem. These indicators reinforce the assertiveness of the strategy adopted, the quality of the chosen partner and the relevant potential for conversion and monetization of the TIM base through value-added services.
Financial Services
TIM has entered into a new partnership with PicPay, the third-largest digital bank in Brazil, aimed at expanding the offering of financial and digital services and generating cross-benefits for the customer bases of both companies. The agreement connects the ecosystems of TIM and PicPay, fostering customer engagement, recurrence and loyalty, while creating new monetization opportunities. The initiative reinforces TIM's structured re-entry into financial services.
Our strategic partnership with KSK (Kasinski Consortium) registers more than 683k TIM customers registered on the platform, demonstrating TIM's relevance as a digital distribution channel for consortium products and financial solutions. These indicators reinforce the consortium as a new model for handset acquisition, in addition to the vertical's growth and monetization potential as the operation matures and conversion levels continue to evolve.
BUSINESS-TO-BUSINESS (B2B)
Total contracted B2B revenue totaled R$1.08 billion in 1Q26, with 36% of the agricultural sector, 40% of logistics initiatives and 19% of projects focused on the Utilities sector.
Total Contracted Revenue
R$1.08 Bln
BREAKTHROUGH IN B2B WITH NEW PARTNERSHIP AND ACQUISITION OF V8.TECH
Mobile Advertising and Data Monetization
In 1Q26, TIM advanced in its revenue diversification strategy, with strong performance in TIM Ads and important commercial advances in Open Gateway. TIM Ads expanded its advertiser base and recorded a growth of over 50% in campaign volume, driven by the introduction of AI in the audience builder and digital solutions focused on performance and measurement. Within the scope of the Open Gateway, TIM signed a large commercial contract with a company specialized in B2B and B2C communication and engagement solutions, leveraging the use of network APIs in anti-fraud and authentication cases and reinforcing the monetization of network capabilities in line with the GSMA's global strategy.
TIM S.A.
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OPERATIONAL INDICATORS
| Description | 1Q26 | 1Q25 | % YoY | 4Q25 | % QoQ |
|---|---|---|---|---|---|
| Mobile Customer Base ('000) | 61,986 | 62,039 | -0.1% | 61,974 | 0.02% |
| Prepaid | 28,871 | 31,269 | -7.7% | 29,226 | -1.2% |
| Postpaid | 33,116 | 30,770 | 7.6% | 32,748 | 1.1% |
| Postpaid ex-M2M | 25,881 | 24,513 | 5.6% | 25,694 | 0.7% |
| Mobile Net Adds ('000) | 12 | (20) | n.a. | (645) | n.a. |
| Postpaid ex-M2M Net Adds ('000) | 188 | 275 | -31.7% | 316 | -40.5% |
| Mobile ARPU (R$) | 33.7 | 31.9 | 5.8% | 33.7 | 0.1% |
| Prepaid | 14.1 | 13.8 | 1.6% | 14.8 | -5.1% |
| Postpaid | 43.6 | 43.8 | -0.4% | 43.3 | 0.6% |
| Postpaid ex-M2M | 55.1 | 54.3 | 1.6% | 54.8 | 0.7% |
| Monthly Churn (%) | 2.9% | 2.9% | - | 3.2% | -0.4p.p. |
| Market Share | 22.7% | 23.5% | -0.8p.p. | 22.9% | -0.2p.p. |
| Prepaid | 30.9% | 31.2% | -0.2p.p. | 30.9% | 0.0p.p. |
| Postpaid | 18.4% | 18.8% | -0.4p.p. | 18.6% | -0.2p.p. |
| Postpaid ex-M2M | 20.7% | 21.2% | -0.5p.p. | 21.0% | -0.3p.p. |
| TIM Ultrafibra Customer Base ('000) | 880 | 790 | 11.4% | 850 | 3.6% |
| FTTH | 876 | 761 | 15.1% | 840 | 4.3% |
| TIM Ultrafibra ARPU (R$) | 94.4 | 93.2 | 1.3% | 95.7 | -1.4% |
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1Q26 Earnings Release
TIM S.A.
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SHAREHOLDER REMUNERATION
In its most recent Guidance (click here), TIM S.A. plans to distribute R$5.3 – 5.5 billion in 2026, reflecting the increase in remuneration in recent years and, for the long term, projects an expansion of shareholder returns in line with cash flow growth.
Shareholders Remuneration
(R$ Mln)
| Description | 2023 | 2024 | 2025 | 1Q26 |
|---|---|---|---|---|
| Dividend Yield (%) | 6.7 | 10.0 | 9.3 | 0.6 |
| Payout (%) | 83 | 87 | 139 | 58 |
CAPITAL MARKETS
TIM S.A.'s shares are traded on B3 S.A. – Brasil, Bolsa, Balcão ("B3"), under the ticker TIMS3, and its ADRs are traded on the New York Stock Exchange ("NYSE"), under the ticker TIMB.
| Description | 1Q26 | 2025 | % YoY |
|---|---|---|---|
| TIMS3 Share Price (R$) | 27.46 | 21.34 | 28.7% |
| TIMB Share Price (US$) | 26.49 | 19.51 | 35.8% |
| Number of Shares Outstanding | 2,392,125,889 | 2,392,125,889 | - |
| Number of Treasury Shares | 3,457,567 | 3,457,567 | - |
| Earnings per Share (EPS) | 0.34 | 1.82 | n.a. |
| Price-to-Earnings (P/E) | 80.0 | 11.8 | n.a. |
- Source: TIM S.A. Investor Relations website: Shares
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1Q26 Earnings Release
TIM S.A.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
1Q26 ESG Highlights
- For the 18th consecutive year, TIM has been confirmed in the portfolio of B3's Corporate Sustainability Index (ISE). This result maintains the Company as the telecommunications operator with the longest continuous presence in the index, which comprises companies with the best environmental, social and governance (ESG) practices in the Brazilian market.
- TIM released its 22nd ESG Report, reinforcing its commitment to transparency with its stakeholders. Among the main results of the goals in its ESG Plan, the Company increased energy efficiency in data traffic by 129%, recycled or reused 99.7% of waste, and maintained 100% of the electricity purchased from renewable sources (through the acquisition of I-RECs). In the social pillar, it reached 36.3% women and 21.3% Black people in leadership positions, in addition to achieving 52.6% women in new hires.
- At the end of the first quarter, the TIM Group published its 2025 Sustainability Report, prepared in accordance with the guidelines of the Corporate Sustainability Reporting Directive (CSRD), transposed into Italian legislation by Legislative Decree 125/2024, and aligned with the ESRS Standards and the European Taxonomy. As a member of the Group, TIM Brasil contributed information in the environmental, social, and governance dimensions.
- On the National Day of Awareness on Climate Change, celebrated on March 16, TIM announced the activation of 5G in Antarctica, expanding support for Brazilian scientific research. At the Comandante Ferraz Antarctic Station, there are 27 research projects dedicated to the environment, 19 of which focus specifically on understanding these changes. The arrival of 5G on the continent is the result of an agreement signed at the end of 2025 between TIM, the Brazilian Navy, the Ministry of Communications, and Anatel.
- TIM and the Brazilian Agricultural Research Corporation (Embrapa) formalized the signing of a Memorandum of Understanding (MOU) for strategic collaboration in the AgForest Lab — a new laboratory dedicated to developing scalable agroforestry systems (SAFs) in the Amazon biome. The initiative will be implemented in 2026 at an experimental field of Embrapa in Eastern Amazonia, in Belém (PA). TIM will provide 5G/4G connectivity infrastructure and IoT solutions for monitoring, traceability, and digital integration in the field.
- TIM Smart Lighting was the technology chosen by the State University of Campinas (Unicamp) to modernize the public lighting system of its main campus. The solution, developed by TIM in partnership with M2M, will be implemented through a collaboration between the operator and the university. The initiative is expected to reduce energy consumption by up to 70%.
- For the fourth consecutive year, TIM was recognized as a leader in the Consistent Quality category in the Mobile Network Experience Report by Opensignal, an independent mobile network analytics company. The operator also achieved first place in the Reliability Experience category and offered the
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1Q26 Earnings Release
TIM S.A.
Best Video Streaming in the market, reflecting its commitment to continuous investments in its network to deliver a differentiated experience for its customers.
With a record harvest — more than 14 thousand tons — the Case IH Connected Farm, a CNH brand, transformed its more than three thousand hectares into a laboratory of innovation and productivity using TIM's 4G connectivity. The use of cutting-edge technologies, from soil preparation to harvesting, ensured lower production costs and higher yields, as well as significant environmental gains. Comparative data between the 23/24 and 24/25 harvests showed a 23.6% reduction in tons of CO2e per sack of soybeans and a 32% savings in fuel consumption.
In line with its commitment to increasing energy efficiency, TIM ended the first quarter with 136 Distributed Generation (DG) plants in operation. With a predominance of solar plants (119), as well as 12 hydroelectric plants, two biogas plants, and three natural gas plants, DG is responsible for about 65% of the energy used by the Company. Furthermore, 100% of the electricity purchased by TIM comes from renewable sources (through the acquisition of I-RECs).
TIM closed the first quarter with 1,890 active biosites in its network. These structures, similar to a common streetlight pole, are a solution for densifying the mobile access network (antennas/towers) with very low visual and urban impact, lower cost, and fast installation. For more than ten years, TIM has been bringing biosite technology to all regions of Brazil, investing in increasingly modern and sustainable models.
To access the quarterly ESG report, please visit: Filings
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1Q26 Earnings Release
TIM S.A.
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DISCLAIMER
The consolidated financial and operating information disclosed in this document, except where otherwise indicated, is presented in accordance with the International Financial Reporting Standards (IFRS) and in Reais (R$), in accordance with the Brazilian Corporation Law, Law 6,404/76. Comparisons refer to the first quarter of 2026 ("1Q26"), unless otherwise noted.
This document may contain forward-looking statements. These are not statements of historical fact and reflect the beliefs and expectations of the Company's management. The words "anticipates", "believes", "estimates", "expects", "forecasts", "plans", "predicts", "projects", "targets", as well as similar words, are intended to identify these statements, which necessarily involve known and unknown risks and uncertainties, foreseen or not, by the Company. Therefore, the Company's future operating results may differ from current expectations and readers of this disclosure should not base their considerations solely on the information provided herein. Forward-looking statements reflect only the views as of the date they are presented and the Company is not obligated to update them in light of new information or future developments.
INVESTOR RELATIONS
ATTACHMENTS
- Exhibit 1: Balance Sheet
- Exhibit 2: Income Statement
- Exhibit 3: Cash Flow Statements
The complete Financial Statements, including the Explanatory Notes, are available on the Investor Relations website of TIM S.A.: ri.tim.com.br
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1Q26 Earnings Release
TIM S.A.
EXHIBIT 1 – TIM S.A.
Balance Sheet
| Description | 1Q26 | 1Q25 | % YoY | 4Q25 | % QoQ |
|---|---|---|---|---|---|
| RS million | |||||
| ASSETS | 57,796 | 56,459 | 2.4% | 56,939 | 1.5% |
| CURRENT ASSETS | 14,086 | 12,963 | 8.7% | 13,464 | 4.6% |
| Cash and cash equivalents | 4,022 | 2,840 | 41.6% | 3,610 | 11.4% |
| Marketable securities | 1,850 | 2,487 | -25.6% | 2,274 | -18.7% |
| Trade accounts receivable | 5,169 | 5,048 | 2.4% | 4,902 | 5.5% |
| Inventories | 387 | 330 | 17.6% | 357 | 8.5% |
| Recoverable income and social contribution taxes | 50 | 78 | -35.6% | 69 | -26.6% |
| Recoverable taxes, fees and contributions | 1,108 | 848 | 30.7% | 1,139 | -2.7% |
| Prepaid expenses | 746 | 659 | 13.2% | 329 | 126.6% |
| Derivative financial instruments | 448 | 397 | 12.6% | 452 | -1.0% |
| Leases | 34 | 33 | 5.7% | 34 | 0.9% |
| Other assets | 271 | 243 | 11.4% | 297 | -8.8% |
| NONCURRENT | 43,710 | 43,496 | 4.9% | 43,475 | 0.5% |
| Noncurrent assets | 4,484 | 4,277 | 4.9% | 4,451 | 0.8% |
| Marketable securities | 35 | 18 | 90.5% | 26 | 32.4% |
| Accounts receivable | 124 | 146 | -15.0% | 137 | -9.8% |
| Recoverable income and social contribution taxes | 273 | 218 | 25.5% | 258 | 5.7% |
| Recoverable taxes, fees and contributions | 916 | 910 | 0.7% | 912 | 0.5% |
| Deferred income and social contribution taxes | 1,388 | 1,338 | 3.8% | 1,356 | 2.4% |
| Judicial deposits | 676 | 689 | -1.8% | 677 | -0.1% |
| Prepaid expenses | 341 | 279 | 22.3% | 340 | 0.3% |
| Leases | 196 | 199 | -1.5% | 200 | -1.9% |
| Other financial assets | 502 | 450 | 11.5% | 514 | -2.3% |
| Other assets | 32 | 30 | 7.9% | 29 | 8.9% |
| Permanent Assets | 39,226 | 39,219 | 0.02% | 39,024 | 0.5% |
| Investment | 1,232 | 1,342 | -8.1% | 1,260 | -2.2% |
| Property, plant and equipment | 23,246 | 23,059 | 0.8% | 23,171 | 0.3% |
| Intangible assets | 14,747 | 14,819 | -0.5% | 14,593 | 1.1% |
| LIABILITIES | 57,796 | 56,459 | 2.4% | 56,939 | 1.5% |
| CURRENT LIABILITIES | 15,381 | 14,734 | 4.4% | 15,201 | 1.2% |
| Suppliers | 5,179 | 4,533 | 14.3% | 5,139 | 0.8% |
| Loans and financing | 979 | 339 | 189.0% | 926 | 5.8% |
| Lease liabilities | 1,644 | 1,577 | 4.2% | 1,703 | -3.4% |
| Derivative financial instruments | 137 | 245 | -44.1% | 169 | -18.8% |
| Payroll and related charges | 429 | 411 | 4.5% | 361 | 18.9% |
| Income tax and social contribution payable | 184 | 116 | 58.9% | 162 | 13.7% |
| Taxes, fees and contributions payable | 5,055 | 4,080 | 23.9% | 4,856 | 4.1% |
| Dividends and interest on shareholders' equity payable | 1,116 | 2,764 | -59.6% | 1,219 | -8.4% |
| Authorizations payable | 326 | 303 | 7.6% | 322 | 1.2% |
| Deferred revenues | 245 | 277 | -11.6% | 260 | -5.8% |
| Other liabilities | 87 | 89 | -2.8% | 86 | 1.1% |
| NON CURRENT LIABILITIES | 17,995 | 17,269 | 4.2% | 17,761 | 1.3% |
| Loans and financing | 1,853 | 2,669 | -30.6% | 1,853 | - |
| Lease liabilities | 12,263 | 11,210 | 9.4% | 12,062 | 1.7% |
| Income tax and social contribution payable | 26 | - | n.a. | 19 | 35.6% |
| Taxes, fees and contributions payable | 33 | 38 | -13.5% | 33 | -1.0% |
| Provision for legal and administrative proceedings | 1,591 | 1,554 | 2.4% | 1,560 | 2.0% |
| Pension plan and other postemployment benefits | 4 | 3 | 29.6% | 4 | - |
| Authorizations to pay | 1,188 | 1,164 | 2.1% | 1,160 | 2.4% |
| Deferred revenues | 412 | 544 | -24.2% | 506 | -18.5% |
| Obligations to shareholders | 534 | 24 | 2125.7% | 534 | -0.02% |
| Other liabilities | 90 | 63 | 41.4% | 29 | 212.8% |
| SHAREHOLDERS' EQUITY | 24,420 | 24,456 | -0.1% | 23,977 | 1.8% |
| Capital | 13,478 | 13,478 | - | 13,478 | - |
| Capital reserves | 393 | 379 | 3.7% | 388 | 1.3% |
| Income reserves | 10,203 | 10,019 | 1.8% | 10,193 | 0.1% |
| Equity valuation adjustments | (3) | (2) | 29.6% | (3) | - |
| Treasury stocks | (79) | (16) | 376.8% | (79) | - |
| Net Income for the period | 427 | 598 | -28.5% | - | n.a. |
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1Q26 Earnings Release
TIM S.A.
EXHIBIT 2 – TIM S.A.
Income Statement
| Description | 1Q26 | 1Q25 | % YoY | 4Q25 | % QoQ |
|---|---|---|---|---|---|
| R$ million | |||||
| Net Revenues | 6,806 | 6,394 | 6.5% | 6,920 | -1.6% |
| Services Revenues | 6,644 | 6,240 | 6.5% | 6,665 | -0.3% |
| Mobile Service | 6,253 | 5,922 | 5.6% | 6,305 | -0.8% |
| Client Generated | 5,819 | 5,542 | 5.0% | 5,897 | -1.3% |
| Interconnection | 110 | 84 | 31.5% | 82 | 33.8% |
| Customer Platform | 26 | 22 | 20.9% | 48 | -45.2% |
| Others | 298 | 274 | 8.8% | 279 | 7.0% |
| Fixed Service | 391 | 319 | 22.8% | 359 | 8.9% |
| of which TIM UltraFibra | 243 | 218 | 11.4% | 238 | 2.0% |
| Products Revenues | 162 | 153 | 5.4% | 255 | -36.7% |
| Operating Expenses | (3,525) | (3,329) | 5.9% | (3,275) | 7.6% |
| EBITDA | 3,281 | 3,065 | 7.1% | 3,645 | -10.0% |
| EBITDA Margin | 48.2% | 47.9% | 0.3p.p. | 52.7% | -4.5p.p. |
| Depreciation & Amortization | (1,739) | (1,746) | -0.4% | (1,777) | -2.2% |
| Depreciation | (1,234) | (1,266) | -2.6% | (1,273) | -3.1% |
| Amortization | (505) | (479) | 5.3% | (504) | 0.1% |
| Equity in Earnings | (28) | (27) | 5.4% | (30) | -5.8% |
| EBIT | 1,515 | 1,292 | 17.2% | 1,838 | -17.6% |
| EBIT Margin | 22.3% | 20.2% | 2.0p.p. | 26.6% | -4.3p.p. |
| Net Financial Results | (530) | (598) | -11.5% | (366) | 44.6% |
| Financial Expenses | (911) | (705) | 29.2% | (866) | 5.1% |
| Financial Income | 381 | 140 | 173.4% | 496 | -23.2% |
| Net Exchange Variation | (1) | (33) | -98.4% | 3 | n.a. |
| Income before taxes | 985 | 694 | 41.9% | 1,472 | -33.1% |
| Income Tax and Social Contribution | (168) | 104 | n.a. | (141) | 19.2% |
| Net Income | 817 | 798 | 2.4% | 1,331 | -38.6% |
| R$ million | |||||
| Net Revenues | 6,806 | 6,394 | 6.5% | 6,920 | -1.6% |
| Services Revenues | 6,644 | 6,240 | 6.5% | 6,665 | -0.3% |
| Mobile Service | 6,253 | 5,922 | 5.6% | 6,305 | -0.8% |
| Client Generated | 5,819 | 5,542 | 5.0% | 5,897 | -1.3% |
| Interconnection | 110 | 84 | 31.5% | 82 | 33.8% |
| Customer Platform | 26 | 22 | 20.9% | 48 | -45.2% |
| Others | 298 | 274 | 8.8% | 279 | 7.0% |
| Fixed Service | 391 | 319 | 22.8% | 359 | 8.9% |
| of which TIM UltraFibra | 243 | 218 | 11.4% | 238 | 2.0% |
| Products Revenues | 162 | 153 | 5.4% | 255 | -36.7% |
| Operating Expenses | (3,519) | (3,310) | 6.3% | (3,248) | 8.3% |
| Personnel | (383) | (358) | 6.9% | (360) | 6.3% |
| Selling & Marketing | (936) | (963) | -2.8% | (906) | 3.3% |
| Network & Interconnection | (1,496) | (1,322) | 13.2% | (1,146) | 30.5% |
| General & Administrative | (221) | (211) | 4.9% | (209) | 5.7% |
| Cost Of Goods Sold (COGS) | (225) | (209) | 7.6% | (363) | -38.1% |
| Bad Debt | (225) | (182) | 23.8% | (201) | 12.2% |
| Other Operational Revenues (Expenses) | (33) | (66) | -49.9% | (63) | -47.5% |
| EBITDA | 3,287 | 3,084 | 6.6% | 3,672 | -10.5% |
| EBITDA Margin | 48.3% | 48.2% | 0.1p.p. | 53.1% | -4.8p.p. |
| Net Financial Results | (530) | (598) | -11.5% | (366) | 44.6% |
| Income Tax and Social Contribution | (170) | 97 | n.a. | (150) | 13.3% |
| Net Income | 821 | 810 | 1.3% | 1,349 | -39.1% |
| Total Normalized Items | (4) | (13) | -68.6% | (18) | -77.7% |
- EBITDA normalized by non-recurring effects on Operating Costs and Expenses (+R$6.0 million in 1Q26 and +R$19.0 million in 1Q25). Net Income normalized by non-recurring effects on EBITDA and Income Tax (-R$2.0 million in 1Q26 and -R$6.5 million in 1Q25).
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1Q26 Earnings Release
TIM S.A.
EXHIBIT 3 – TIM S.A.
Cash Flow Statements
| Description | 1Q26 | 1Q25 | % YoY | 4Q25 | % QoQ |
|---|---|---|---|---|---|
| RS million | |||||
| Initial Cash Balance | 3,610 | 3,259 | 10.8% | 3,674 | -1.7% |
| Earnings Before Taxes Normalized* | 991 | 713 | 39.0% | 1,499 | -33.9% |
| Non recurring operating items | (6) | (19) | -68.6% | (27) | n.a. |
| Depreciation & Amortization | 1,739 | 1,746 | -0.4% | 1,777 | -2.2% |
| Equity in earnings | 28 | 27 | 5.4% | 30 | -5.8% |
| Residual value of property, plant and equipment and intangible written off | 2 | 3 | -32.8% | 1 | 74.7% |
| Interest on asset retirement obligation | (0.2) | 2 | n.a. | 0.6 | n.a. |
| Provision for legal and administrative proceedings | 81 | 64 | 26.1% | 104 | -22.2% |
| Monetary adjustments to deposits, administrative and legal proceedings | 47 | 15 | 222.3% | 74 | -36.1% |
| Interest, monetary and exchange variations of borrowings and other financial adjustments | 196 | 203 | -3.7% | 95 | 106.9% |
| Yield from securities | (65) | (79) | -17.8% | (102) | -36.4% |
| Lease interest payable | 471 | 379 | 24.0% | 427 | 10.3% |
| Lease interest receivable | (7) | (7) | 0.8% | (7) | -2.2% |
| Provision for expected credit losses | 225 | 182 | 23.8% | 201 | 12.2% |
| Result from operations with other derivatives | - | 166 | - | - | n.a. |
| Long-term incentive plans | 5 | 6 | -20.3% | 4 | 20.4% |
| Decrease (increase) in operating assets | (743) | (377) | 96.9% | (481) | 54.2% |
| Trade accounts receivable | (440) | (108) | 305.6% | (549) | -19.9% |
| Taxes and contributions recoverable | 96 | 135 | -29.0% | (27) | n.a. |
| Inventory | (30) | (36) | -15.9% | (4) | 705.5% |
| Prepaid expenses | (403) | (376) | 7.2% | 82 | n.a. |
| Judicial deposit | 10 | 5 | 115.8% | 23 | -55.1% |
| Other current assets | 24 | 3 | 597.3% | (8) | n.a. |
| Increase (decrease) in operating liabilities | (139) | (478) | -70.9% | 739 | n.a. |
| Payroll and related charges | 61 | 58 | 5.4% | 12 | 420.3% |
| Suppliers | 64 | (439) | n.a. | 899 | -92.9% |
| Taxes, charges and contributions | 59 | 101 | -41.9% | 109 | -46.4% |
| Authorizations payable | 8 | 6 | 26.9% | (69) | n.a. |
| Payments for legal and administrative proceedings | (104) | (105) | -1.1% | (94) | 10.6% |
| Deferred revenues | (158) | (19) | 719.1% | (7) | 2057.2% |
| Other current liabilities | (68) | (79) | -14.0% | (110) | -38.5% |
| Income tax and social contribution paid | (158) | (49) | 220.5% | (62) | 155.0% |
| Net Cash (used in) from operations | 2,666 | 2,496 | 6.8% | 4,271 | -37.6% |
| Capex | (1,354) | (1,339) | 1.1% | (1,347) | 0.5% |
| Redemption of marketable securities | 2,200 | 2,108 | 4.4% | 2,589 | -15.0% |
| Investment on marketable securities | (1,719) | (2,084) | -17.5% | (1,908) | -9.9% |
| Capital allocation in SG Fund | - | (85) | - | - | - |
| Receipt - Agreement with Bank C6 | - | 52 | n.a. | 468 | n.a. |
| Payment for the acquisition of V8, net of acquired cash | (43) | - | n.a. | - | n.a. |
| Others | 11 | 16 | -31.6% | 14 | -23.6% |
| Net cash used in investment activities | (905) | (1,333) | -32.1% | (184) | 391.6% |
| New loans | - | - | - | - | - |
| Amortization of loans | (71) | (99) | -28.7% | (78) | -9.9% |
| Interest paid - Loans | (5) | (7) | -31.1% | (47) | -89.8% |
| Payment of lease liability | (374) | (402) | -6.9% | (385) | -2.9% |
| Interest paid on lease liabilities | (480) | (390) | 23.0% | (435) | 10.2% |
| Lease incentives | 66 | 4 | 1612.3% | 54 | 22.6% |
| Payments in stock split/ reverse split operation | (0.1) | - | n.a. | (0.2) | -29.1% |
| Derivative financial instruments | (8) | (5) | 72.3% | (92) | -91.3% |
| Dividends and interest on shareholder's equity paid | (478) | (670) | -28.6% | (2,772) | -82.8% |
| Purchase of treasury shares, net of disposals | - | (13) | n.a. | (392) | n.a. |
| Net cash used in financing activities | (1,350) | (1,582) | -14.7% | (4,150) | -67.5% |
| Cash Flow | 411 | (418) | n.a. | (63) | n.a. |
| Final Cash Balance | 4,022 | 2,840 | 41.6% | 3,610 | 11.4% |
- EBT ("Earnings Before Taxes") normalized by non-recurring effects on Operating Costs and Expenses (+R$6.0 million in 1Q26 and +R$19.0 million in 1Q25).
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1Q26 Earnings Release