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TIM Group
H1 2026
Financial & Operating Figures
Index
Key Financials
TIM Consumer
TIM BrasilTIM Enterprise
TIM Enterprise
P&L Balance Sheet - AssetsCash Flow Net Debt Cash Flow & Net Debt Balance Sheet - Liabilities
Disclaimer
The H1‘26and Q2‘26Financial Results have been extracted orderived, with the exception ofsome data, from the Financial Information atJune 30,2026 oftheTIMGroup examined and approved bytheTIMBoard ofDirectors on29July 2026 ,which hasbeen prepared inaccordance with International Financial Reporting Standards issued bytheInternational Accounting Standards Board and endorsed bytheEU(designated as“IFRS”).
The accounting policies and consolidation principles arethesame asthose adopted intheTIM Group Annual Audited Consolidated Financial Statements asof31December 2025 ,towhich reference can bemade, except fortheamendments tothestandards issued byIASB and adopted starting from 1January, 2026 .
Inparticular, inH1'26and FY'25Financial Results, theSparkle group has been classified, inaccordance with IFRS 5,asDiscontinued operations ,asthesale isconsidered highly probable .Therefore, theTIM Domestic perimeter does notinclude Sparkle group, unless otherwise specified .
Please note that H1‘26and Q2‘26Financial Results oftheTIMGroup areunaudited .
Alternative Performance Measures The TIM Group, inaddition tothe conventional financial performance measures established byIFRS, uses certain alternative performance measures forthe purposes ofenabling abetter understanding ofthe performance ofoperations and the financial position oftheTIMGroup .Inparticular, such alternative performance measures include :EBITDA, EBIT, Organic change and impact of non-recurring items onrevenue, EBITDA and EBIT ;EBITDA margin and EBIT margin ;net financial debt (carrying and adjusted amount), Capital expenditures (net ofTLC licenses), Operating Free Cash Flow (OFCF) and Operating Free Cash Flow (net oflicenses) .
Moreover, following theadoption ofIFRS 16,theTIM Group uses thefollowing additional alternative performance indicators :EBITDA After Lease ("EBITDA -AL"), Adjusted NetFinancial Debt After Lease and Equity Free Cash Flow After Lease .
Such alternative performance measures areunaudited .
These figures should notbeconsidered asasubstitute fortheeconomic and financial information ofwhich they provide adifferent detail, areunaudited, areproduced forexplanatory purposes only, and may differ from those that willbepublished infinancial statements prepared inaccordance with IFRS .
The information contained herein should notbeviewed ascomplete and exhaustive .
Unless otherwise specified, figures areexpressed inmillions ofeuros, rounded tothenearest million .Any discrepancies between totals and subtotals aresolely attributable torounding effects and donotaffect thesubstance ofthefinancial information presented .
Key Financials
ORGANIC figures excluding Sparkle (1), IFRS 16 & After Lease view, €m (1) Excluding non -recurring items. Comparable base also excluding exchange rate fluctuations (avg. exchange -rate 6.01 R$/€ in H 1 ‘26) (2) TIM Consumer and TIM Enterprise revenues net of mutual intercompany (no impact on EBITDA) (3) CAPEX net one off separationBack to index
TIM Consumer
ORGANIC figures excluding Sparkle (1), €m, IFRS 16 (1) Excluding non -recurring items (2) On total lines, internal transformations and other causes excluded (3) On Human linesBack to index
Q1 '25 Q2 '25 Q3 '25 Q4 '25 FY '25 Q1 '26 Q2 '26 Q1 '26 Q2 '26 Q1 '26 Q2 '26
REVENUES 1.485 1.489 1.533 1.516 6.023 1.440 1.453 (3,0) (2,4) (45) (36)
SERVICE REVENUES 1.356 1.383 1.430 1.346 5.515 1.331 1.329 (1,8) (3,9) (25) (54)
Retail (Consumer+SMB) 1.216 1.245 1.242 1.234 4.937 1.221 1.220 0,4 (2,0) 5 (25) Wholesale & other 112 112 158 89 470 61 91 (45,5) (18,8) (51) (21) o/w MVNOs 67 55 45 43 210 13 29 (80,9) (47,0) (54) (26)
o/w VISE 21 35 91 29 176 22 36 5,1 4,0 1 1
MSA/TSA 28 26 30 23 108 49 18 75,0 (30,8) 21 (8)
EQUIPMENT & HANDSETS 129 106 103 170 508 109 124 (15,5) 17,0 (20) 18
Fixed lines ('000) 7.111 7.049 6.974 6.904 6.904 6.845 6.758 (3,7) (4,1) (266) (291) o/w Consumer 6.205 6.152 6.085 6.023 6.023 5.974 5.898 (3,7) (4,1) (231) (254) Broadband lines ('000) 6.127 6.104 6.075 6.051 6.051 6.037 5.992 (1,5) (1,8) (90) (112) o/w Consumer 5.315 5.295 5.269 5.248 5.248 5.239 5.200 (1,4) (1,8) (76) (95) UBB lines ('000) 5.512 5.528 5.539 5.556 5.556 5.579 5.570 1,2 0,8 67 42 Churn rate % (2)3,7% 3,7% 4,0% 4,1% 15,5% 3,8% 4,0% 0,1 p.p. 0,3 p.p.
o/w Consumer 3,6% 3,6% 4,0% 4,1% 15,2% 3,6% 4,0% 0,0 p.p. 0,4 p.p.
ARPU Consumer (€/month) 30,7 32,4 32,5 32,4 32,0 32,4 33,0 5,4 2,0 Mobile lines ('000) 15.873 15.781 15.669 15.173 15.173 15.077 15.026 (5,0) (4,8) (796) (755) o/w Consumer 14.295 14.191 14.069 13.560 13.560 13.453 13.390 (5,9) (5,7) (842) (801) Human 15.682 15.593 15.482 14.987 14.987 14.892 14.842 (5,0) (4,8) (790) (751) o/w Consumer 14.294 14.190 14.068 13.559 13.559 13.452 13.388 (5,9) (5,6) (842) (802) Human Calling 13.233 13.209 13.150 13.048 13.048 13.004 12.998 (1,7) (1,6) (229) (211) o/w Consumer 11.844 11.806 11.737 11.619 11.619 11.564 11.544 (2,4) (2,2) (280) (262) Not Human (M2M) 191 188 188 186 186 184 184 (3,7) (2,2) (7) (4) Churn rate % (3)4,7% 4,4% 4,8% 4,6% 18,5% 4,6% 4,3% (0,1 p.p.) (0,1 p.p.) o/w Consumer 4,7% 4,4% 4,9% 4,7% 18,7% 4,7% 4,4% 0,0 p.p. 0,0 p.p.
ARPU Consumer - Human calling (€/month) 10,5 10,7 10,7 10,8 10,7 10,6 10,7 1,0 (0,1)Δ YoY % Δ YoY abs ORGANIC FIGURES
TIM Enterprise
ORGANIC figures (1), €m, IFRS 16 (1) Organic figures excluding non -recurring itemsBack to index
Q1 '25 Q2 '25 Q3 '25 Q4 '25 FY '25 Q1 '26 Q2 '26 Q1 '26 Q2 '26 Q1 '26 Q2 '26
REVENUES 760 813 799 1.148 3.520 784 877 3,2 7,9 24 64
SERVICE REVENUES 707 758 752 1.059 3.276 737 812 4,2 7,1 30 54
Connectivity 256 257 254 278 1.045 257 249 0,4 (2,9) 1 (8) Cloud 283 313 306 465 1.367 324 380 14,5 21,4 41 67 Other IT 168 188 192 316 864 156 183 (7,1) (2,7) (12) (5) o/w MSA 23 23 21 30 96 23 30 0,0 30,4 0 7
PRODUCT/EQUIPMENT 53 55 47 89 244 47 65 (11,3) 18,2 (6) 10Δ YoY abs Δ YoY % ORGANIC FIGURES
TIM Brasil
ORGANIC figures (1), €m (1) Organic figures excluding non -recurring items. Comparable base also excluding exchange rate fluctuations (2) Includes company lines (23k) (3) Gross of visitorsBack to index
Q1 '25 Q2 '25 Q3 '25 Q4 '25 FY '25Q1 '25
comparableQ1 '26Q2 '25 comparableQ2 '26 Q1 '26 Q2 '26 Q1 '26 Q2 '26
REVENUES 1.038 1.026 1.055 1.101 4.220 1.038 1.105 1.123 1.186 6,4 5,5 67 63
SERVICE REVENUES 1.013 998 1.027 1.060 4.098 1.013 1.079 1.092 1.155 6,5 5,8 66 63
Mobile Services 961 947 975 1.003 3.886 961 1.015 1.037 1.085 5,6 4,6 54 48 Wireline Services 52 51 52 57 212 52 64 55 70 23,1 27,3 12 15
HANDSETS 25 28 28 41 122 25 26 31 31 5,9 (2,2) 1 0
OPEX 540 506 512 519 2.077 539 587 556 584 8,8 4,9 48 28
EBITDA 498 520 543 582 2.143 499 518 567 602 3,9 6,1 19 35
EBITDA Margin 48,0% 50,6% 51,5% 52,9% 50,8% 48,0% 46,9% 50,6% 50,8% (1,1 p.p.) 0,2 p.p.
EBITDA After Lease 377 404 424 462 1.667 378 394 439 468 4,3 6,6 16 29 EBITDA AL Margin 36,4% 39,2% 40,2% 42,0% 39,5% 36,4% 35,6% 39,2% 39,6% (0,8 p.p.) 0,4 p.p.
CAPEX net of licences 217 136 153 214 720 217 220 152 161 1,1 6,0 3 9 % on revenues 20,9% 13,4% 14,5% 19,5% 17,1% 20,9% 19,9% 13,4% 13,4% (1,0 p.p.) 0,0 p.p.
Exchange rate AVG YTD (€/R$) 6,16 6,29 6,32 6,31 6,31 6,16 6,16 6,01 6,01 Mobile Lines ('000) (2)62.039 62.194 62.619 61.974 61.974 62.039 61.986 62.194 61.879 (0,1) (0,5) ARPU Mobile (R$/month) (3)31,9 32,7 33,1 33,7 32,8 31,9 33,7 32,7 34,3 5,8 5,0 TIM UltraFibra Lines ('000) 790 799 823 850 850 790 880 799 899 11,4 12,5 ARPU TIM UltraFibra (R$/month) 93,2 95,6 94,7 95,7 94,8 93,2 94,4 95,6 93,3 1,3 (2,4)Δ YoY % Δ YoY abs ORGANIC FIGURES
Profit & Loss REPORTED figures, IFRS 16, €m Back to index (1) NetCo and Sparkle contribution classified under Profit/Loss related to discontinued operations under IFRS 5
Q1 '25 Q2 '25 H1 '25 Q3 '25 Q4 '25 FY '25 Q1 '26 Q2 '26 H1 '26
REVENUES 3.276 3.321 6.597 3.379 3.758 13.734 3.321 3.509 6.830
Other Income 42 93 135 62 1.057 1.254 59 96 155
TOTAL OPERATING REVENUES AND OTHER INCOME 3.318 3.414 6.732 3.441 4.815 14.988 3.380 3.605 6.985
Acquisition of goods and services (1.919) (1.925) (3.844) (1.945) (2.858) (8.647) (1.987) (2.038) (4.025) Employee benefits expenses (383) (353) (736) (338) (400) (1.474) (576) (315) (891) Other operating expenses (141) (152) (293) (132) (155) (580) (185) (151) (336) Internally generated assets and Others 66 74 140 76 63 279 100 84 184
EBITDA 941 1.058 1.999 1.102 1.465 4.566 732 1.185 1.917
EBITDA Margin 28,7% 31,9% 30,3% 32,6% 39,0% 33,2% 22,0% 33,8% 28,1% Depreciation and amortization (735) (738) (1.473) (724) (741) (2.938) (725) (744) (1.469) Gains (losses) on disposals of non-current assets 3 - 3 1 1 5 15 6 21 Impairment reversals (losses) on non-current assets - - - - (69) (69) - - 0
EBIT 209 320 529 379 656 1.564 22 447 469
EBIT Margin 6,4% 9,6% 8,0% 11,2% 17,5% 11,4% 0,7% 12,7% 6,9% Income (loss) equity invest. valued equity method (7) (3) (10) (7) 61 44 (3) (12) (15) Net Financial Income / (Expenses) (273) (210) (483) (252) (166) (901) (230) (237) (467) Profit (loss) before tax from continuing operations (71) 107 36 120 551 707 (211) 198 (13) Income tax expense 11 (43) (32) (22) (58) (112) (28) (41) (69) Profit (loss) from continuing operations (60) 64 4 98 493 595 (239) 157 (82) Discontinued operations/Non-current assets held for sale (21) (21) (42) (14) (20) (76) (9) (16) (25)
PROFIT (LOSS) (81) 43 (38) 84 473 519 (248) 141 (107)
Parent Company (124) (8) (132) 23 406 297 (292) 88 (204) Minorities 43 51 94 61 67 222 44 53 97TIM Group
Cash Flow & Net Debt REPORTED figures, After Lease view, €m. Sparkle discontinued from Q1 ‘26Back to index (1) Q1 '26 including €210m of non -recurring personnel costs, impacting Reported EBITDA AL through P&L provisions and benefiting working capital through higher employee -related liabilities, with no cash impact (2) Q2 '26 including €973m of 1998 Concession fee reimbursement (3) Q2 '26 including €692m saving shares conversio n (4) Q2 '26 including €240m I -Systems acquisition (5) Excluding non -recurring items and excluding Sparkle
Balance Sheet - Assets IFRS 16, €mBack to index (1) Sparkle assets reclassified to discontinued operations under IFRS 5
Balance Sheet - Liabilities IFRS 16, €mBack to index (1) Sparkle assets reclassified to discontinued operations under IFRS 5
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Further questions
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