TIM SA - ADR Aktienkurs
Vergleich mit Peer Group
📊 Peer Group
📈 Was ist das?
Die Peer Group sind die Unternehmen mit dem ähnlichsten Geschäftsmodell. Sie dienen als Vergleichsmaßstab, um eine Aktie einzuordnen.
🧮 Wie wird sie ausgewählt?
Nach Ähnlichkeit des Geschäftsmodells, also Unternehmen aus derselben Branche, mit vergleichbaren Produkten und einer ähnlichen Kundengruppe. Nur so vergleichst du Äpfel mit Äpfeln.
🏛️ Wofür ist sie wichtig?
Ob eine Aktie günstig oder teuer ist, lässt sich am ehesten im Vergleich beurteilen. Ein KGV von 18 oder ein EV/FCF von 20 wirkt je nach Maßstab günstig oder teuer. Die Peer Group liefert dabei den treffsichersten Maßstab: Unternehmen mit ähnlichem Geschäftsmodell, die denselben Bedingungen unterliegen.
🎯 Was bedeutet das für Anleger?
Liegt eine Kennzahl unter dem Peer-Durchschnitt, ist die Aktie relativ günstiger bewertet, über dem Durchschnitt entsprechend teurer. Ein Abschlag zur Peer Group kann eine Chance sein, aber auch einen Grund haben (zum Beispiel geringeres Wachstum). Der Vergleich ist ein Startpunkt, kein Urteil.
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📘 Marktkapitalisierung
📈 Was ist das?
Die Marktkapitalisierung zeigt, wie viel ein Unternehmen laut Börse aktuell wert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft Unternehmen in Größenklassen (Large, Mid, Small Cap) einzuordnen und gibt Hinweise auf Marktmacht und Stabilität.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Große Unternehmen gelten als stabiler, zahlen oft Dividenden, wachsen aber langsamer.
- Kleine Firmen können stärker wachsen, sind aber schwankungsanfälliger.
- Die Marktkapitalisierung ist ein guter Indikator für Unternehmensgröße, aber kein Maß für Unter- oder Überbewertung.
📘 Enterprise Value (Unternehmenswert)
📈 Was ist das?
Der Enterprise Value (EV) zeigt, was ein Unternehmen tatsächlich kostet, wenn man es komplett übernehmen würde – inklusive Schulden und abzüglich Cash.
🧮 Wie wird es berechnet?
(= Marktkapitalisierung + Nettoverschuldung)
🏛️ Wofür ist es wichtig?
Der EV ist eine realistischere Bewertungsbasis als die Marktkapitalisierung, da er die Kapitalstruktur berücksichtigt. Er ist Grundlage für Kennzahlen wie EV/FCF oder EV/Sales.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Der Enterprise Value zeigt, was ein Unternehmen tatsächlich wert ist – unabhängig davon, wie es finanziert ist.
- Er ist besonders wichtig für professionelle Investoren, da er eine objektivere Grundlage für Bewertungsvergleiche bietet als die Marktkapitalisierung allein.
- Ein Unternehmen mit hoher Verschuldung erscheint im EV teurer, eines mit viel Cash günstiger – auch wenn sie an der Börse gleich viel wert sind.
📘 Nettoverschuldung
📈 Was ist das?
Die Nettoverschuldung zeigt, wie viele Schulden nach Abzug des verfügbaren Cashs tatsächlich verbleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie zeigt, wie stark ein Unternehmen von Fremdkapital abhängig ist – und wie gut es in der Lage ist, seine Schulden kurzfristig zu bedienen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine niedrige oder negative Nettoverschuldung bedeutet hohe finanzielle Stabilität.
- Unternehmen mit viel Cash und geringer Verschuldung sind besser gerüstet für Krisen.
- Eine hohe Nettoverschuldung erhöht das Risiko – besonders bei steigenden Zinsen oder konjunkturellen Schwächen.
📘 Cash
📈 Was ist das?
Der Cashbestand zeigt, wie viele liquide Mittel einem Unternehmen sofort zur Verfügung stehen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Er gibt Auskunft über die finanzielle Flexibilität: Ein hoher Cashbestand ermöglicht Investitionen, Rückkäufe oder Krisenresistenz.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Cashbestand zeigt finanzielle Stärke und Handlungsspielraum.
- Cash kann für Investitionen, Schuldentilgung oder Aktienrückkäufe genutzt werden.
- Allerdings: Zu viel ungenutztes Kapital kann auch auf mangelnde Investitionsideen hinweisen.
📘 Anzahl ausstehender Aktien
📈 Was ist das?
Die Anzahl ausstehender Aktien gibt an, wie viele Aktien eines Unternehmens aktuell im Umlauf sind und von Investoren gehalten werden.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie ist die Grundlage für viele Kennzahlen wie Gewinn je Aktie (EPS), Marktkapitalisierung oder KGV.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Je weniger Aktien im Umlauf sind, desto höher fällt z. B. der Gewinn je Aktie aus – wichtig für Bewertung und Dividendenrendite.
- Aktienrückkäufe verringern die Anzahl ausstehender Aktien – und steigern den Wert je Aktie.
- Kapitalerhöhungen haben den gegenteiligen Effekt: mehr Aktien → Verwässerung der bestehenden Anteile.
📘 Kurs-Gewinn-Verhältnis (KGV)
📈 Was ist das?
Das KGV zeigt, wie oft der Gewinn pro Aktie im aktuellen Aktienkurs enthalten ist – also wie „teuer“ eine Aktie im Verhältnis zum Gewinn ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KGV gehört zu den bekanntesten Bewertungskennzahlen. Es hilft Anlegern einzuschätzen, ob eine Aktie im Vergleich zu ihrem Gewinn eher günstig oder teuer erscheint.
🧮 Berechnung
📊 KGV (TTM) = bezogen auf den Gewinn der letzten 12 Monate (Trailing Twelve Months):🎯 Was bedeutet das für Anleger?
- Ein niedriges KGV kann auf eine günstige Bewertung hindeuten – oder auf Probleme im Geschäftsmodell.
- Ein hohes KGV kann Wachstumserwartungen widerspiegeln – oder eine überbewertete Aktie.
📘 Kurs-Umsatz-Verhältnis (KUV)
📈 Was ist das?
Das KUV zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen – unabhängig vom Gewinn.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KUV ist besonders bei wachstumsstarken oder noch nicht profitablen Unternehmen hilfreich. Es zeigt, wie hoch der Umsatz an der Börse bewertet wird.
🧮 Berechnung
Marktkapitalisierung = 8,59 Mrd. $ | Umsatz (TTM) = 5,28 Mrd. $
Marktkapitalisierung = 8,59 Mrd. $ | Umsatz erwartet = 5,57 Mrd. $
🎯 Was bedeutet das für Anleger?
- Ein niedriges KUV kann auf Unterbewertung hindeuten – oder auf schwache Margen.
- Ein hohes KUV kann hohe Erwartungen widerspiegeln – oder übermäßigen Optimismus.
- Besonders sinnvoll bei Wachstumsunternehmen, bei denen der Gewinn oder Free Cashflow (noch) keine Aussagekraft hat.
📘 Unternehmenswert zu Umsatz (EV/Sales)
📈 Was ist das?
EV/Sales zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen, wenn man auch Schulden und Cash berücksichtigt – es ist eine kapitalstrukturbereinigte Version des KUV.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Kennzahl eignet sich besonders für den Vergleich von Unternehmen mit unterschiedlicher Verschuldung – sie zeigt, wie teuer ein Unternehmen tatsächlich im Verhältnis zum Umsatz ist.
🧮 Berechnung
Enterprise Value = 10,89 Mrd. $ | Umsatz (TTM) = 5,28 Mrd. $
Enterprise Value = 10,89 Mrd. $ | Umsatz erwartet = 5,57 Mrd. $
🎯 Was bedeutet das für Anleger?
- EV/Sales ist neutral gegenüber der Kapitalstruktur und eignet sich gut für Unternehmensvergleiche.
- Ein niedriges Verhältnis kann auf eine günstig bewertete Aktie hindeuten – ein hohes Verhältnis auf hohe Erwartungen oder Überbewertung.
- Besonders nützlich bei wachstumsstarken, noch nicht profitablen Firmen.
📘 Unternehmenswert zu Free Cashflow (EV/FCF)
📈 Was ist das?
EV/FCF zeigt, wie viele Jahre es dauern würde, bis ein Unternehmen seinen Unternehmenswert durch freien Cashflow „zurückverdient”.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Kennzahl hilft, Unternehmen auf Basis ihrer tatsächlichen Cash-Erträge zu bewerten – unabhängig von Bilanzierungsregeln oder buchhalterischem Gewinn.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriges EV/FCF deutet auf eine günstige Bewertung bei starker Cashgenerierung hin.
- Ein hohes EV/FCF kann entweder auf Optimismus oder auf temporär schwachen Cashflow hindeuten.
- Besonders hilfreich bei reifen, profitablen Unternehmen mit stabilen Cashflows.
📘 Kurs-Buchwert-Verhältnis (KBV)
📈 Was ist das?
Das KBV zeigt, wie hoch der Marktwert eines Unternehmens im Verhältnis zu seinem bilanziellen Eigenkapital ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KBV ist besonders bei Substanzwerten (z. B. Banken, Industrie) relevant. Es hilft Anlegern zu erkennen, ob ein Unternehmen unter oder über seinem buchhalterischen Vermögen bewertet ist.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein KBV unter 1 kann auf Unterbewertung oder schwache Rentabilität hindeuten.
- Ein KBV über 1 zeigt, dass der Markt dem Unternehmen Mehrwert über den Buchwert hinaus zuschreibt (z. B. Marken, Patente, Wachstum).
- Das KBV eignet sich besonders gut für Unternehmen mit stabilen, materiellen Vermögenswerten.
📘 Dividende je Aktie
📈 Was ist das?
Die Dividende je Aktie zeigt, wie viel Geld ein Unternehmen pro Aktie an seine Aktionäre ausschüttet – typischerweise jährlich oder quartalsweise.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie ist die absolute Größe der Auszahlung je Aktie – wichtig für alle, die regelmäßige Erträge suchen oder Dividendenstrategien verfolgen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine stabile oder wachsende Dividende je Aktie ist oft ein Zeichen für ein solides Geschäftsmodell.
- Die Dividende je Aktie allein sagt aber nichts über die Rendite – dafür ist auch der Aktienkurs relevant (→ Dividendenrendite).
- Langfristig steigende Dividenden sind oft ein sehr gutes Merkmal (z. B. Dividenden-Aristokraten).
📘 Dividendenrendite
📈 Was ist das?
Die Dividendenrendite zeigt, wie hoch die Dividende eines Unternehmens im Verhältnis zum Aktienkurs ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft dabei, Dividendenaktien vergleichbar zu machen – unabhängig vom absoluten Auszahlungsbetrag.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine stabile Dividendenrendite kann auf verlässliche Ausschüttungen hinweisen.
- Ein Vergleich der 1J- und 5J-Rendite hilft zu erkennen, ob das Dividendenwachstum mit dem Kurswachstum Schritt hält.
- Eine niedrige Rendite ist nicht zwingend negativ – sie kann auf starkes Kurswachstum hindeuten.
📘 Dividendenwachstum
📈 Was ist das?
Das Dividendenwachstum zeigt, wie stark ein Unternehmen seine Dividende je Aktie über die Zeit gesteigert hat.
🧮 Wie wird es berechnet?
5J: durchschnittliche jährliche Wachstumsrate (CAGR)
🏛️ Wofür ist es wichtig?
Stetig steigende Dividenden gelten als Zeichen für finanzielle Stärke und Aktionärsorientierung – besonders interessant für langfristige Investoren.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein stabiles Dividendenwachstum ist ein Zeichen nachhaltiger Ertragskraft.
- Ein hohes Dividendenwachstum kann ein erheblicher Hebel deiner Rendite sein:
- Wenn ein Unternehmen z. B. 1 € Dividende zahlt und diese über 5 Jahre jährlich um 15 % erhöht, bekommst du im 5. Jahr bereits 2 € je Aktie – doppelt so viel wie zu Beginn!
📘 Ausschüttungsquote (Payout)
📈 Was ist das?
Die Ausschüttungsquote zeigt, wie viel Prozent des Unternehmensgewinns (pro Aktie) als Dividende an die Aktionäre ausgeschüttet wird.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Quote hilft einzuschätzen, ob eine Dividende auf Dauer tragfähig ist – besonders im Verhältnis zum erzielten Gewinn.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine niedrige Ausschüttungsquote bedeutet: Das Unternehmen behält einen größeren Teil des Gewinns für Investitionen – typisch für Wachstumsunternehmen.
- Eine moderate Quote (z. B. 25–50 %) steht oft für ein gesundes Gleichgewicht zwischen Ausschüttung und Zukunftsinvestitionen.
- Hohe Ausschüttungsquoten können attraktiv wirken, sind aber riskanter, wenn die Gewinne schwanken oder sinken.
📘 Dividendensteigerungen in Folge (Erhöhungen)
📈 Was ist das?
Diese Kennzahl zeigt, wie viele Jahre in Folge ein Unternehmen seine Dividende pro Aktie erhöht hat – ohne Kürzung oder Aussetzung.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Ein langer Track Record kontinuierlicher Erhöhungen spricht für Verlässlichkeit, solide Finanzen und aktionärsfreundliche Unternehmenspolitik.
🎯 Was bedeutet das für Anleger?
- Ein langer Zeitraum mit Dividendensteigerungen stärkt das Vertrauen – besonders in Krisenzeiten.
- Solche Unternehmen gelten als verlässlich und planbar für Einkommensinvestoren.
- Je länger die Serie, desto stärker das Commitment gegenüber den Aktionären.
📘 Umsatz
📈 Was ist das?
Der Umsatz zeigt, wie viel ein Unternehmen insgesamt mit seinen Produkten und Dienstleistungen verdient – also den Bruttoerlös vor Abzug von Kosten.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Umsatz ist eine der zentralen Kennzahlen zur Einschätzung der Unternehmensgröße, Marktstellung und Wachstumskraft.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein wachsender Umsatz zeigt eine steigende Nachfrage und kann ein guter Frühindikator für Gewinnsteigerungen sein.
- Vergleiche von aktuellem und erwartetem Umsatz geben Hinweise auf das Marktumfeld und Analystenerwartungen.
- Wichtig: Starker Umsatz allein genügt nicht – auch Margen und Profitabilität zählen.
📘 EBITDA
📈 Was ist das?
EBITDA steht für „Earnings Before Interest, Taxes, Depreciation and Amortization“ – also Gewinn vor Zinsen, Steuern und Abschreibungen. Es zeigt das operative Ergebnis eines Unternehmens, bereinigt um bilanztechnische und finanzierungsbedingte Effekte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBITDA ist eine verbreitete Kennzahl zur Beurteilung der operativen Leistungsfähigkeit – insbesondere bei kapitalintensiven Unternehmen oder im internationalen Vergleich.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hohes oder wachsendes EBITDA spricht für starke operative Erträge – unabhängig von Bilanzierung oder Steuerlast.
- EBITDA ist besonders nützlich, um Unternehmen branchenübergreifend zu vergleichen.
- Wichtig: EBITDA ist keine offizielle Gewinnkennzahl – Abschreibungen und Finanzierungskosten werden ausgeklammert.
📘 EBIT
📈 Was ist das?
EBIT steht für „Earnings Before Interest and Taxes“ – also Gewinn vor Zinsen und Steuern. Es zeigt das operative Ergebnis eines Unternehmens nach Abschreibungen, aber vor Finanzierungs- und Steueraufwand.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBIT ist eine zentrale Kennzahl zur Beurteilung der Profitabilität aus dem Kerngeschäft – unabhängig von Kapitalstruktur oder Steuersystem.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hohes EBIT deutet auf ein profitables Kerngeschäft hin – vor Zinslasten oder steuerlichen Effekten.
- Es erlaubt objektivere Vergleiche zwischen Unternehmen mit unterschiedlicher Finanzierung.
- Im Vergleich mit EBITDA zeigt EBIT bereits den Einfluss von Abschreibungen auf das operative Ergebnis.
📘 Nettogewinn
📈 Was ist das?
Der Nettogewinn ist der verbleibende Jahresüberschuss (oder -fehlbetrag) eines Unternehmens – nach Abzug aller Kosten, Steuern, Zinsen und Abschreibungen
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Nettogewinn ist die zentrale Erfolgskennzahl – er zeigt, wie profitabel ein Unternehmen nach allen Kosten tatsächlich arbeitet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein steigender Nettogewinn zeigt, dass das Unternehmen effizient wirtschaftet – trotz aller Kosten.
- Die Entwicklung des Gewinns beeinflusst z. B. direkt das KGV und weitere Kennzahlen.
- Im Zeitverlauf lässt sich ablesen, wie stabil und profitabel ein Geschäftsmodell wirklich ist.
📘 Free Cashflow (FCF)
📈 Was ist das?
Der Free Cashflow gibt Aufschluss über die echte finanzielle Stärke eines Unternehmens – unabhängig von Bilanzierungsregeln. Er zeigt, wie viel Spielraum für Dividenden, Aktienrückkäufe oder Schuldenabbau besteht.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
FCF reflects a company’s real financial strength – regardless of accounting profits. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow bedeutet, dass ein Unternehmen echte Finanzkraft besitzt – unabhängig vom bilanzierten Gewinn.
- Er ist oft die solideste Grundlage für nachhaltige Dividenden und Aktienrückkäufe.
- Sinkender FCF kann ein Warnsignal sein – auch wenn der Gewinn stabil aussieht.
📘 Umsatzwachstum
📈 Was ist das?
Das Umsatzwachstum zeigt, wie stark sich die Erlöse eines Unternehmens im Vergleich zum Vorjahr verändert haben – tatsächlich (TTM) und auf Prognosebasis (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (Umsatz erwartet ÷ Umsatz Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein wachsender Umsatz ist ein zentrales Signal für steigende Nachfrage, Geschäftsausweitung und Marktanteilsgewinne – besonders bei Wachstumsunternehmen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachstum ist der Motor langfristiger Wertsteigerung – besonders bei Technologie- und Wachstumsaktien.
- Wichtig ist nicht nur das aktuelle Wachstum, sondern auch dessen Nachhaltigkeit.
- Prognosen zeigen, ob Analysten weiteres Potenzial erwarten – oder eine Verlangsamung.
📘 EBITDA-Wachstum
📈 Was ist das?
Das EBITDA-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens vor Zinsen, Steuern und Abschreibungen im Vergleich zum Vorjahr gestiegen oder gesunken ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBITDA ÷ EBITDA Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein steigendes EBITDA ist ein Zeichen für verbesserte operative Ertragskraft – unabhängig von Finanzierungsstruktur oder Abschreibungen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Starkes EBITDA-Wachstum signalisiert operative Effizienz und Skalierung – besonders relevant in Wachstumsphasen.
- EBITDA-Wachstum ist ein Frühindikator für Margen- und Gewinnentwicklung – sollte aber stets im Zusammenhang mit Umsatz und EBIT betrachtet werden.
📘 EBIT Wachstum
📈 Was ist das?
Das EBIT-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens (nach Abschreibungen, aber vor Zinsen und Steuern) im Vergleich zum Vorjahr gewachsen ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBIT ÷ EBIT Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Das EBIT-Wachstum ist ein direkter Indikator für die wirtschaftliche Entwicklung des operativen Geschäfts – unter Berücksichtigung der Kapitalintensität (Abschreibungen).
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Steigendes EBIT signalisiert wachsende operative Rentabilität – auch unter Berücksichtigung von Abschreibungen.
- Das EBIT-Wachstum ist ein wichtiges Maß zur Beurteilung von Geschäftsmodellen mit hohen Investitionskosten.
- Im Zusammenspiel mit Umsatz- und EBITDA-Wachstum ergibt sich ein umfassendes Bild zur operativen Entwicklung.
📘 Nettogewinn-Wachstum
📈 Was ist das?
Das Nettogewinn-Wachstum zeigt, wie stark der Jahresüberschuss eines Unternehmens gegenüber dem Vorjahr gestiegen oder gesunken ist – sowohl tatsächlich (TTM) als auch auf Basis von Prognosen (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (erwarteter Nettogewinn ÷ Nettogewinn Vorjahr − 1) × 100
Der erwartete Wert basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Der Gewinn ist die entscheidende Ergebnisgröße für ein Unternehmen. Ein wachsender Nettogewinn deutet auf steigende Effizienz, stabile Kostenkontrolle und nachhaltige Ertragskraft hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachsender Nettogewinn stärkt die Bewertung, Dividendenfähigkeit und Kursfantasie.
- Stagnierender oder rückläufiger Gewinn trotz Umsatzwachstum kann auf Margendruck hinweisen.
📘 Free Cashflow-Wachstum
📈 Was ist das?
Das Free-Cashflow-Wachstum zeigt, wie sich der freie Mittelzufluss eines Unternehmens im Vergleich zum Vorjahr verändert hat – also der Betrag, der nach allen operativen Ausgaben und Investitionen übrig bleibt.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Free Cashflow ist der echte, verfügbare Geldzufluss. Wachstum in diesem Bereich ist ein Zeichen für finanzielle Stärke und steigende Flexibilität bei Dividenden, Rückkäufen oder Investitionen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Sinkender Free Cashflow kann auf steigende Investitionen, höhere Kosten oder stagnierende operative Erträge hindeuten.
- Besonders bei Dividendenwerten ist das FCF-Wachstum wichtig – denn Dividenden werden letztlich aus dem verfügbaren Cash gezahlt.
- Ein negativer Trend sollte genauer analysiert werden – er ist nicht zwangsläufig schlecht, aber potenziell ein Warnsignal.
📘 Bruttomarge
📈 Was ist das?
Die Bruttomarge zeigt, wie viel vom Umsatz nach Abzug der direkten Herstellungskosten (Material, Produktion) als Bruttogewinn übrig bleibt – also der „Rohgewinn“ eines Unternehmens.
🧮 Wie wird es berechnet?
Auch: Bruttomarge = Bruttogewinn ÷ Umsatz × 100
🏛️ Wofür ist es wichtig?
Die Bruttomarge gibt Aufschluss über die Profitabilität eines Produkts oder Geschäftsmodells vor Fixkosten, Steuern und Zinsen. Sie zeigt, wie effizient ein Unternehmen produzieren oder einkaufen kann.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Bruttomarge deutet auf starke Preissetzungsmacht und effiziente Herstellung hin.
- Sinkende Bruttomargen können auf Kostensteigerungen oder Preisdruck hindeuten.
- Besonders im Vergleich zu Wettbewerbern liefert die Bruttomarge wertvolle Einblicke in die Geschäftsqualität.
📘 EBITDA-Marge
📈 Was ist das?
Die EBITDA-Marge zeigt, wie viel vom Umsatz als operativer Gewinn vor Zinsen, Steuern und Abschreibungen (EBITDA) übrig bleibt. Sie misst die operative Effizienz – ohne Verzerrungen durch Finanzierung oder Buchwerte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBITDA-Marge hilft zu verstehen, wie viel operativer Gewinn ein Unternehmen aus jedem Euro Umsatz erzielt – unabhängig von Kapitalstruktur oder steuerlichem Umfeld.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe EBITDA-Marge zeigt starke operative Ertragskraft – unabhängig von Bilanzierungseffekten.
- Die Marge ermöglicht gute Vergleiche zwischen Unternehmen und Branchen.
- Ein stabiler oder wachsender Wert kann auf effiziente Kostenkontrolle und Skalierbarkeit hindeuten.
📘 EBIT-Marge
📈 Was ist das?
Die EBIT-Marge zeigt, wie viel Prozent des Umsatzes als operativer Gewinn nach Abschreibungen, aber vor Zinsen und Steuern übrig bleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBIT-Marge misst die operative Ertragskraft eines Unternehmens unter Berücksichtigung der Kapitalintensität (z. B. Maschinen, Anlagen). Sie eignet sich gut zum Vergleich von Geschäftsmodellen mit unterschiedlich hohen Abschreibungen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe EBIT-Marge zeigt, dass ein Unternehmen auch nach Abschreibungen effizient arbeitet.
- Sie ist besonders relevant in kapitalintensiven Branchen.
- Langfristig stabile oder steigende Margen sind ein Zeichen wirtschaftlicher Stärke und Preissetzungsmacht.
📘 Nettomarge
📈 Was ist das?
Die Nettomarge zeigt, wie viel vom Umsatz am Ende als „Reingewinn“ übrig bleibt – also nach Abzug aller Kosten, Zinsen, Steuern und Abschreibungen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Nettomarge gibt an, wie effizient ein Unternehmen über alle Stufen hinweg wirtschaftet. Sie zeigt, wie viel Gewinn tatsächlich je Euro Umsatz übrig bleibt.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Nettomarge zeigt, dass ein Unternehmen nicht nur operativ stark ist, sondern auch seine Finanzierung und Steuerbelastung im Griff hat.
- Vergleiche mit Wettbewerbern geben Einblicke in die wirtschaftliche Qualität.
- Sinkende Nettomargen trotz Umsatzwachstum können ein Warnsignal sein – etwa für steigende Kosten oder sinkende Effizienz.
📘 Free Cashflow Marge
📈 Was ist das?
Die Free-Cashflow-Marge zeigt, wie viel vom Umsatz nach Abzug aller operativen Ausgaben und Investitionen tatsächlich als freier Mittelzufluss übrig bleibt.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Marge misst die echte Liquidität, die ein Unternehmen erwirtschaftet – unabhängig von Bilanzierungsregeln oder Abschreibungen. Sie ist besonders relevant für Dividenden, Rückkäufe und Investitionen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Free-Cashflow-Marge zeigt, dass ein Unternehmen nachhaltig liquide Mittel erwirtschaftet.
- Sie ist ein starkes Signal für finanzielle Stabilität und Ausschüttungspotenzial.
- Wichtig ist der langfristige Trend – sinkende Werte können auf steigende Investitionen oder rückläufige operative Effizienz hindeuten.
📘 Eigenkapitalquote
📈 Was ist das?
Die Eigenkapitalquote zeigt, wie hoch der Anteil des Eigenkapitals an der Bilanzsumme eines Unternehmens ist – also wie stark es sich aus eigenen Mitteln finanziert.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Eine hohe Eigenkapitalquote steht für finanzielle Stabilität, Krisenfestigkeit und gute Bonität. Sie ist besonders relevant bei der Beurteilung der Verschuldung.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalquote signalisiert finanzielle Stabilität – besonders in Krisenzeiten.
- Ein niedriger Wert kann auf ein höheres Risiko oder eine aggressive Verschuldung hinweisen.
- Wichtig: Die Eigenkapitalquote sollte immer gemeinsam mit der Eigenkapitalrendite betrachtet werden. Nur so lässt sich beurteilen, ob ein Unternehmen nicht nur solide, sondern auch effizient wirtschaftet.
📘 Eigenkapitalrendite (ROE)
📈 Was ist das?
Die Eigenkapitalrendite zeigt, wie effizient ein Unternehmen mit dem Kapital seiner Aktionäre arbeitet – also wie viel Gewinn es pro Euro Eigenkapital erwirtschaftet.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Eigenkapitalrendite ist eine zentrale Rentabilitätskennzahl. Sie hilft Anlegern zu erkennen, ob das Unternehmen eine attraktive Verzinsung auf das eingesetzte Eigenkapital erwirtschaftet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalrendite spricht für ein starkes, effizientes Geschäftsmodell.
- Besonders interessant ist sie bei kapitalintensiven Firmen oder solchen mit hoher Eigenkapitalquote.
- Wichtig: Ein sehr hoher ROE kann auch auf hohe Schulden hinweisen – daher sollte sie immer im Kontext mit der Eigenkapitalquote betrachtet werden.
📘 Return on Capital Employed (ROCE)
📈 Was ist das?
ROCE misst die Gesamtrentabilität eines Unternehmens – also wie effizient es das eingesetzte Kapital (Eigen- und Fremdkapital) zur Gewinnerzielung nutzt.
🧮 Wie wird es berechnet?
Das eingesetzte Kapital ist das gesamte betriebsnotwendige Kapital, unabhängig von der Finanzierungsquelle.
🏛️ Wofür ist es wichtig?
ROCE eignet sich besonders gut für den Vergleich unterschiedlich finanzierter Unternehmen. Es zeigt, wie effektiv ein Unternehmen Kapital investiert – unabhängig von der Kapitalstruktur.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher ROCE zeigt, dass ein Unternehmen sein Kapital effizient einsetzt – unabhängig davon, ob es durch Eigen- oder Fremdkapital finanziert ist.
- Je höher der ROCE im Vergleich zu ähnlichen Unternehmen, desto mehr Wert schafft das Unternehmen mit seinem investierten Kapital.
- Besonders wichtig ist der ROCE bei Firmen mit hohen Investitionen – z. B. in Industrie, Energie oder Infrastruktur.
📘 Return on Invested Capital (ROIC)
📈 Was ist das?
ROIC zeigt, wie effizient ein Unternehmen das Kapital investiert, das langfristig im operativen Geschäft gebunden ist – unabhängig davon, ob es aus Eigen- oder Fremdkapital stammt.
🧮 Wie wird es berechnet?
- NOPAT = „Net Operating Profit After Taxes“
- Investiertes Kapital = operatives Vermögen abzüglich nicht-verzinster Schulden
🏛️ Wofür ist es wichtig?
ROIC ist eine der präzisesten Kennzahlen zur Bewertung der Kapitalrendite – besonders im Vergleich zur Eigenkapitalrendite, weil es Verzerrungen durch Schulden vermeidet. Er zeigt, ob ein Unternehmen Mehrwert für alle Kapitalgeber schafft.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher ROIC zeigt, wie gut ein Unternehmen mit dem tatsächlich investierten (betriebsnotwendigen) Kapital wirtschaftet.
- Im Unterschied zu ROCE wird nur Kapital betrachtet, das wirklich zur Finanzierung operativer Aktivitäten dient – und verzinst werden muss.
- Besonders hilfreich, um die Kapitalrendite von Unternehmen mit viel „überschüssigem“ Kapital oder zinsfreien Verbindlichkeiten realistisch zu vergleichen.
📘 Verschuldungsgrad (Leverage Ratio)
📈 Was ist das?
Der Verschuldungsgrad zeigt, wie stark ein Unternehmen durch verzinsliche Schulden (z. B. Kredite und Anleihen) im Verhältnis zum Eigenkapital finanziert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Kennzahl hilft, das finanzielle Risiko und die Abhängigkeit von Fremdkapital zu beurteilen. Ein hoher Verschuldungsgrad kann die Eigenkapitalrendite steigern – birgt aber auch erhöhte Risiken bei Zinsanstiegen oder Liquiditätsengpässen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriger Verschuldungsgrad steht für finanzielle Stabilität und Unabhängigkeit.
- Ein hoher Wert kann auf erhöhte Risiken hinweisen – insbesondere bei schwankenden Zinsen oder konjunkturellen Schwächen.
- Wichtig: Immer im Kontext zur Branche und Kapitalintensität bewerten.
📘 Ergebnis je Aktie (EPS)
📈 Was ist das?
Das Ergebnis je Aktie (EPS) zeigt, wie viel Gewinn auf eine einzelne Aktie entfällt – und ist eine der wichtigsten Kennzahlen zur Bewertung von Unternehmen.
🧮 Wie wird es berechnet?
Die verwässerte Aktienanzahl berücksichtigt auch potenzielle neue Aktien, etwa durch Optionen, Wandelanleihen oder andere Umtauschrechte.
🏛️ Wofür ist es wichtig?
EPS bildet die Basis für viele Bewertungskennzahlen wie KGV, PEG oder Payout Ratio. Es macht den Gewinn für Aktionäre vergleichbar – unabhängig von der Unternehmensgröße.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- EPS hilft, die Profitabilität pro Aktie zu erfassen – und ist besonders wichtig im Zeitvergleich oder im Vergleich mit Analystenschätzungen.
- Steigendes EPS kann ein Zeichen für stabiles Wachstum oder Aktienrückkäufe sein.
- Wichtig: Verwende verwässertes EPS für realistische Bewertungen – besonders bei stark aktienbasierten Vergütungssystemen.
📘 Free Cashflow je Aktie (FCF je Aktie)
📈 Was ist das?
Der Free Cashflow je Aktie zeigt, wie viel freier Mittelzufluss einem Unternehmen pro Aktie zur Verfügung steht – nach Investitionen, aber vor Dividenden oder Schuldentilgung.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der FCF je Aktie zeigt, wie viel liquide Mittel pro Aktie tatsächlich im Unternehmen verbleiben – wichtig für Dividenden, Aktienrückkäufe oder Schuldentilgung. Im Gegensatz zum Gewinn ist er schwerer manipulierbar und daher besonders aussagekräftig.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow je Aktie ist ein Zeichen für hohe finanzielle Flexibilität.
- Er zeigt, wie viel Kapital ein Unternehmen effektiv einsetzen oder ausschütten kann.
- Besonders relevant für dividendenstarke Unternehmen oder solche mit starker Kapitalrendite.
📘 Short Interest
📈 Was ist das?
Short Interest zeigt, wie viele Aktien eines Unternehmens aktuell leerverkauft wurden – also von Investoren geliehen und verkauft, in der Erwartung fallender Kurse.
🧮 Wie wird es berechnet?
Der Wert zeigt den Anteil der Aktien, der aktuell auf fallende Kurse spekuliert wird.
🏛️ Wofür ist es wichtig?
Short Interest dient als Stimmungsindikator: Ein hoher Wert deutet auf Skepsis oder negative Erwartungen gegenüber dem Unternehmen hin – kann aber auch zu einem „Short Squeeze“ führen, wenn der Kurs plötzlich steigt.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriger Short Interest deutet auf Vertrauen in das Unternehmen hin.
- Ein hoher Wert kann ein Warnsignal sein – oder eine Chance, wenn sich die Stimmung dreht.
- Besonders spannend in volatilen Märkten oder vor wichtigen Quartalszahlen.
📘 Employees
📈 Was ist das?
Die Mitarbeiteranzahl zeigt, wie viele Personen ein Unternehmen weltweit beschäftigt – ein Indikator für Größe, Struktur und Geschäftsmodell.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft bei der Einschätzung von Skaleneffekten, Effizienz und Personalkosten. Zusammen mit Umsatz und Gewinn lassen sich Kennzahlen wie Produktivität je Mitarbeiter ableiten.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Viele Mitarbeiter bedeuten große operative Komplexität – aber auch hohes Umsatzpotenzial.
- Produktivität je Mitarbeiter ist ein wichtiger Indikator für Effizienz.
- Besonders spannend bei stark wachsenden Tech- oder Industrieunternehmen.
📘 Umsatz je Mitarbeiter
📈 Was ist das?
Der Umsatz je Mitarbeiter zeigt, wie viel Erlös ein Unternehmen durchschnittlich pro Beschäftigtem erwirtschaftet – eine Kennzahl für Effizienz und Produktivität.
🧮 Wie wird es berechnet?
Die Mitarbeiterzahl stammt in der Regel aus dem letzten verfügbaren Jahresbericht.
🏛️ Wofür ist es wichtig?
Diese Kennzahl hilft, Geschäftsmodelle zu vergleichen – insbesondere zwischen arbeitsintensiven und technologiegetriebenen Unternehmen. Ein hoher Wert deutet auf Automatisierung, Effizienz oder hohen Wertschöpfungsanteil hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Umsatz je Mitarbeiter spricht für ein skalierbares und margenstarkes Geschäftsmodell.
- Ein niedriger Wert kann auf arbeitsintensive Prozesse oder geringere Wertschöpfung hinweisen.
- Besonders hilfreich beim Vergleich von Tech- vs. Industrieunternehmen.
TIM SA - ADR Aktie Analyse
Analystenmeinungen
20 Analysten haben eine TIM SA - ADR Prognose abgegeben:
Analystenmeinungen
20 Analysten haben eine TIM SA - ADR Prognose abgegeben:
TIM SA - ADR Events
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TIM SA - ADR — Q2 2026 Earnings Call
1. Management Discussion
Good morning, ladies and gentlemen. Welcome to TIM S.A. 2026 Second Quarter Results Video Conference Call. We would like to inform you that this event is being recorded. [Operator Instructions]. There will be a replay for this call on the company's website. [Operator Instructions].
[Presentation]
Welcome to TIM's Second Quarter 2026 Results Presentation. Following today's presentation, Alberto Griselli, CEO; Andrea Viegas, CFO, and the Investor Relations team will be available for the live Q&A session.
Before we begin, please note that this presentation may contain forward-looking statements, which are subject to risks and uncertainties. And now I'll hand it over to Alberto.
Hello, everyone. The second quarter was marked by solid execution. We delivered revenue growth, profitability expansion and cash generation in a balanced way while continuing to diversify our revenue profile and strengthen our operations. As our broad avenue is diversified, we increased the resilience of the business and develop sustainable path for value creation to our shareholders.
Let me walk you through the main highlights. Revenue continued to show a consistent dynamic approaching in the quarter with service revenues maintaining a solid base the first half of the year, service revenue increased around 6%, reflecting broader contribution across the business. This performance was accompanied by further profitability gains.
EBITDA grew around 7% in the first half, while EBITDA after lease increased close to 8%, supported by operational efficiency, cost discipline and continued margin expansion. Net income surpassed BRL 1 billion in the quarter, increasing around 6% year-over-year in the first half and net income also grew despite a more challenging comparison base for the lines below EBITDA.
Cash generation remained strong. Operating cash flow surpassed BRL 3 billion in the first half growing at a double-digit pace and reinforcing the consistency of our cash generation. Looking to the different areas of the business, we saw solid performance from our key growth platform.
With [ mobile ] in remaining, of course, as the foundation of our performance, while [ Ultrafibra ] and B2B playing an increasingly more important role in our business evolution. In mobile, the results were supported by continued postpaid expansion, which now represent close to 70% of mobile service revenues. This reinforces a higher value and more resilient customer base.
During the first half, we focused on building a more dynamic and segmented portfolio, allow us to better address customer needs while creating additional monetization opportunities. This includes expanding the usage of credit card as a payment method in annual and monthly options materialize in [ TIM ] control fit.
This launch expands our addressable market through more flexible propositions, strengthening value perception and engagement. Our streaming proposition is also evolving, following the launch of TIM Pay, a content aggregation platform, creating new opportunities for monetization while increasing customer stickiness.
In Financial Services, the partnership with TIM Pay represent another step in expanding our digital ecosystem and creating cross-selling opportunities through an integrated customer journey. In broadband, [ Ultra Fibra ] maintained positive momentum with customer expansion and consistent revenue growth, strengthening its relevance within our portfolio.
To propel this further, we just launched [ TIM Ultra Combo ], our first truly convergent offer. It combines fiber, mobile and content to strengthen our value proposition in selected markets enabling team to target new pockets of growth while supporting LTV oriented actions. In B2B, we continue to build a strategic growth platform. Revenue is expanding and gaining relevance now representing around 7% of our service revenues. At the same time, we are advancing beyond connectivity with progress in IoT, private networks and digital solutions.
At the same time, artificial intelligence remain an important enabler of our transformation journey and a key lever for efficiency gains. One example is collections where artificial intelligence supports more proactive and personalized interactions with customers in depth collection and negotiating processes. Early results are encouraging, with more than 2 million customers engaged and a meaningful improvement in recovery rates through the artificial intelligence agents.
Together, these initiatives reinforce the evolution of TIM business, supported by disciplined growth a broader set of revenue drivers and consistent execution. We also continue to strengthen the foundation of the company through our culture recognized by Great Place to Work and through solid governance practices. Thank you. And now let's move to the live Q&A session.
[Operator Instructions]. The first question comes from Luis Chagas from [indiscernible].
2. Question Answer
I have 2 questions from my side. So the first one is about ICs and the FTTH. How's the [indiscernible] acquisition change your FTTH build economics and homes passed ambition and what incremental CapEx commitment should be expected?
The second question is about the mobile base, which contracted in this quarter while the market share fell. Is this the elaborate value over volume decision? Or has the competitive response, including the intermediate price offers now in the market, we started to cost you gross adds?
Luis, so let me go quickly through the 2 questions. When it comes to a system for us, it's some kind of accelerator of our broadband strategy because now we control the network, the experience of the client and to a better extent the financial profile of broadband. And therefore, the once we have acquired and we own back our network, this is one of the growth vector of our company going forward on an own network besides the agreement that we have with [ Vital ].
When it comes to the additional CapEx, basically, we already discussed in previous quarters that we saw some kind of upside risks on our CapEx profile, meaning that we are optimizing our CapEx base through a number of different mechanisms and therefore, there shouldn't be any material impact of existent CapEx in our CapEx profile.
So we are able to absorb it basically. When it comes to the revenue growth and the mobile revenue growth, it is important to say that we look at the revenue growth in a portfolio way. So we've got 2 business lines growing double digit and we have mobile growing middle single digit in -- at around 4.7%.
The slowdown was somewhat expected because if you look at our revenue evolution quarter-by-quarter, once we do the price up, then it tends to slow down. And that was also companied by a lower or softer customer base dynamics in the first half. So the net additions, a result of a mixture of gross and churn has been softer in this first half versus last year and the second half of last year. And that's the reason why we put together on the ground, a number of evolution of our value proposition.
So the new offerings that we've been launched to give more dynamism to the customer base dynamics. When you look at the customer base dynamics, also remember that we executed a price up in the first quarter, and therefore, churn is a big pressure in the first quarter and second quarter and so this is -- this also impacted our net addition dynamics. Was it clear, Luis?
Yes, very clear. Thank you, Alberto.
The next question comes from Mr. Rogério Araújo from Bank of America.
I have a couple here. The first one on revenue growth, excluding M&A, revenue grew just slightly below inflation, mainly as the core client generated business is growing at 3.1% year-over-year. My question is, is there any plan to address growth in the core mobile line and reaccelerated space? If you could please share with us your thoughts on that.
Also, the second question, a follow-up from the first one. Could you please walk through the competitive environment, if there is any unusual discount from other players? And also if TIM is planning to increase control [indiscernible] booking prices this year. Thank you so much.
Revenue growth slowdown, building up on the previous answers to Luis. So the main driver beyond the slowdown is the dilution effect of the price-ups plus the customer base dynamics. And do we have plan to give more dynamism to the mobile revenue growth? Yes.
As a matter of fact, we restructured a number of our offerings just this quarter or at the end of the previous quarter. So there is a wide portfolio review and the objective is to give a push or a boost to the customer base dynamics in a number of different ways. So if you look, we have 4 main areas of interest.
So the first one is the [ Ultra combo ], which is the convergent project offering that we just launched. This would help primarily the broadband, but it also has a positive effect on the churn of our customer base. Then we launched the employee portfolio. It is an evolution of the way we go to market with the streaming products, it's a paid product, and therefore, this will support, monetize our own customer base. So it's an ARPU driver. And of course, this also support the optimization of the cost related to the acquisition of this content.
Then we have the third one, which is TIM [indiscernible] which is a new control plan that is payable via credit card. This is a double objective. The first one is to feed our prepaid to control migration with a lower credit risk. And the other one is to fill a gap that we have in our portfolio related to the, let's say, digital or BTL offering that our competitors already had.
And the last one is a new go-to-market, which is the one related to the partnership with TIM Pay that is basically it's a go-to-market whereby we will have another lake or another platform to grow our customer base. So if the different value proposition have complementary business objectives, both in terms of ARPU growth, migration, internal migrations on our customer base and more attractiveness on the market itself.
When you go to your second question, which is related to the competitive dynamics. So I think that it's important to step back for a while and just recap what has been going on in these last quarters. So we had one of -- let me go directly to the end. So the end is that there is more predominancy of what we call [ BTL ] offering or pricing. So you know that in the market, we have what we name, what we call ATL above-the-line offering, it is our general postpaid, pure postpaid and prepaid pricing the front book offering that you see in shops in the e-commerce.
And then you have a number of offerings that we label like below-the-line offering that are generally used to migrate the customer from prepaid to control. So one of our competitors at the end of last year made one of this offer available through an [ MVNO ] agreement. And so something that is, let's say, more contained became a bit more widespread.
And if you look at the way the market responded, then we saw the other competitor that launched this BTL offering that already had in a more widespread fashion. And that's the reason why we also had to adopt our portfolio. And so we launched the TIM [indiscernible] proposition that basically complement this one as well the partnership with TIM Pay.
Now it is also important to say that when you go to the market rationality, let's put this way, you always have ups and downs. And in the past already, we had moments where one of our competitors increased price and then and then afterwards decrease price. And so it's a sort of cycle. And so there is a good moment, and there is a moment that is not good.
Nowadays, the market is more competitive because more competitive or it looks more promotional because these BTL offerings are more available and visible and that doesn't mean that then after this period, we go back to a better period. When it comes to the front book adjustment of our control price, we certainly want to do it, but in order for us to do it, we have 2 competitors with a higher postpaid market share. And so let's see what they do and then we will move accordingly.
And the next question comes from Mr. Marcelo Santos from JPMorgan.
The first question I wanted to double click on these new plans that you launched on the hybrid. What is the risk of cannibalization of the higher-end control plants? I mean how do you control for that?
And the second question is an update on M&A. How you're seeing the prospects? What is the current view of TIM in going to broadband? Like if you could expand a bit on that, that would be great.
About -- I understood correctly your second question, let me go to the first one. So the risk of cannibalization, it's, of course, exists and generally, we mitigate this risk of cannibalization with a number of strategy, including the remuneration of our commercial networks.
And so when you look, for example, to a TIM [indiscernible], TIM [indiscernible] is a product that is available primarily for people that do not pass the credit score for control plants. So they won't be able to get along to buy control plan because they don't have the credit profile. Therefore, they pay by credit card, the credit profile passes and the customer is converted. So if you design the process and the remuneration in the right way, you mitigate the risk of cannibalization. That is the first question. And Marcelo, can you repeat your second one in terms of the prospect of broadband?
M&A -- I was asking about merger and acquisitions like what's your appetite for M&A, how you're seeing this as a strategy to grow in broadband? Just wanted a refresher on your M&A plans and fixed strategy.
Okay. Right. So when it comes to the fixed strategy, so we already bought [ iSystems ] back, and that was the first driver of faster growth in broadband that is related to the fact that we control the network, we can manage profitability and commercial push in a more controlled way. besides the customer experience. And that's one of the reason why we launched this TIM [ ultra combo ] plan. We launched a couple of weeks ago. The results are quite positive so far.
So we're happy with what we are seeing and this is before we even go to the wider communication. So we didn't launch any commercial advertising campaign yet. When it comes to the M&A, I think that the answer is similar to the answer of the previous quarters. So basically, we profile we analyze almost all targets.
We know pros and cons. We know the way that they contribute commercially or industrially to our strategy. We also think that given the overall environment, the pricing aspect is also important. The outlook ahead in terms of inflation and interest rate can create good conditions for us going forward.
So we don't have any rush at this point in time because we just launched an upgrade on our strategy after the acquisition with the system. We think that we got a significant and material opportunities in front of us related to what we are doing. And therefore, that on this one as well on the B2B one, we can grow revenues at a faster pace , while clearly, we'll work on putting more dynamics on the mobile side.
And the next question comes from Mr. Gustavo Farias from UBS.
Two questions. The first one on the margin dynamics. So we've seen a deceleration in client-generated revenue but margins continue to expand. So if you could provide color on the margins of the part of revenue that is not client generated? And if it is what currently allows the consolidated margin to hold up or this expansion is explained by other drivers?
And my second question is on capital allocation. So how do you balance the distribution to shareholders considering the investments required to scale fiber and convergence and especially following the increase in net debt after the [ iSystems ] transaction.
Okay. Let me go on the margin dynamics. So I think that the margin you have a different business line with different margins. So broadband is a high-margin B2B is a lower margin mobile as a higher margin. The -- we have quite a wide set of initiatives to increase the productivity of our operations. And that is the opportunity lies ahead and the opportunity that is underpinning our margin expansion going forward.
If you look at the cost performance you will see that there are some costs that are increasing, like -- but that is increasing a bit, what we are comfort that we can manage this. There are a number of [indiscernible] that are going down. You will see HR and G&A increasing a bit because we are consolidating and I sit at the end of the day, we have a wide set of initiatives to keep on increasing marginality going forward. And that is underpinning the expansion that we are seeing and they keep seeing.
When it comes to the capital allocation, and then I will hand over the word to Andrea. The acquisition of a system, as I was saying, we -- basically, the [indiscernible] has a positive impact on OpEx and potentially a negative impact on CapEx. But when it comes to the CapEx, we share with you guys that we have been optimizing our CapEx profile in terms of we acquire, especially network systems and the swap and all these sort of things. And therefore, we're able to absorb this within our CapEx profile, maintaining the plan that we have in place for mobile.
Gustavo, related to the capital allocation, the way we think about capital allocation didn't change with the acquisition of [indiscernible] systems, as Alberto mentioned. We have some opportunities with [indiscernible] system. They have an important asset that we have room to monetize, increase take up. So we are not considering to increase our CapEx. The CapEx we already declared in our guidance because of we use -- what we will do is monetize the assets.
So our capital allocation will continue with the same goal to investing in that to be returned and maximize the shareholders' remuneration. And we have -- we consider that we have enough cash for this even with the increase of debt of [indiscernible] we will work on we just announced an increase of capital of System exactly to deal with this debt. But we have enough cash for supporting our dividends and the CapEx of the [indiscernible].
The next question comes from Mr. Gustavo Miele from Goldman Sachs.
I also have 2 questions. The first one is related to bad debt expenses. We once again saw a small volatility in this line. You mentioned in the release that this has some relation with a nonrecurring effect of like a specific client in the B2B market. Just want to make sure whether if we were to adjust for this nonrecurring event, if you would still see some pressure on debt expenses. And if that's the case, it does reflect maybe a tougher macro environment for your client base. This would be my first question.
And the second one also related to macro if you believe that maybe some volatility in the macro environment could lead to some revision in your plans on growing on the B2B market, which may be a bit more sensitive to those dynamics. So I just want to test this hypothesis with you guys.
Sorry, let me go with the second one, and then I will leave the debt with Andrea. So when it comes to B2B, we are not seeing so far a slowdown in our activity. I would say we start with -- one of the reasons is also that you will see we disclosed in this report that our B2B revenues is 6.6% of our overall revenue.
So basically, we are a small player and attacker in this space through let's say, a very specific business model that is related to the IoT solution and services. And with the digital and artificial intelligence solutions. So we didn't see or we are not experiencing a slowdown in the verticals where we operate. As a matter of fact, we have the second quarter in the IoT solutions in our history. And when you look at VA prospects and pipeline is quite rich. So we are not seeing a deceleration yet.
Now of course, there is a number of things that are happening in Brazil and outside of Brazil. So the impact of the macro environment is sort of volatile, but we don't see -- we are not seeing a slowdown in the B2B line. For the bad debt, Andrea.
As I mentioned in the first quarter, we have this situation with our B2B customer partnership that also impacted the second quarter and this is a one-off situation. Of course, we have expansion in our customer base in our postpaid customer base that came with a late increase in the bad debt but we consider that we are achieving a plateau.
So we have this increase from the past 2 quarters, the first and the second quarter. But we consider that we have achieve a plateau and we expect a gradual stabilization in bad debt moving forward. We are working hard and mitigate this impact besides the one-off, of course, working with our credit score more than customer segmentation. And we are doing collection initiatives now with [ EI ] that we expect to have -- to improve this line in the coming future.
The next question comes from Mrs. Maria Clara from Itau BBA.
So my first question comes on after the [indiscernible] of the incorporation of [ V8 ]. Can you please provide us how you feel about the asset? What is your B2B strategy going forward? What should be the low-hanging fruit in terms of revenue growth ahead. And the second question comes on top of profitability. Andrea just mentioned about AI, so could this be a lever in terms of operating efficiencies, especially when it comes to call centers, expenses already in the short term?
So Maria Clara, let me go with the B2B. So the incorporation, so we are already working very closely with the [ VA ] guys. And the long hanging fruits are basically the cross and upselling of our strategic verticals with VA product portfolio. So if you look at our strategy basically on B2B, especially in IoTs where [ V8 ] provides value, we selected some verticals. These verticals are the agribusiness, the logistics business, the utility business and the mining business. And so we have important core customers that we've been serving for a while now and successfully.
So the idea is to identify the opportunities of cross upselling our sort of coverage as a service portfolio with the [ VA ] digital and AI services. A number of discussions are already in place. The cycles for selling these more complex projects, we know they are not like short because they are business critical, they got business impact. But the low angle fruits, basically, it's upselling our strategic customers with a wider set of portfolio. When it comes to profitability, I will leave to Andrea to address this.
Maria Clara, related to AI, we are continuing to work with. We mentioned several times, we worked with in several fronts, network, of course, customer care. Now I just mentioned the collection, and we have in legal areas -- legal area also, we introduced AI. We consider that -- it's not a structural change, but we have several fronts where we work and increase the productivity, but we believe this is a combination. AI is front, but also maintain our operational discipline, our focus and efficiency. So this combination will continue to increase our productivity, but not just AI program. I don't know if you want to complete.
Well, I will put some additional color or Maria Clara. If you look at the last page of our presentation today, you will see on the right, a number of use case categories that we are working on. And some of them are already in the implementation and material impact. And I will say that network is one of them and IT is another one of them. What does it mean that the impact is already there, it's material. And by the way, it's not completed.
So we got -- we implemented the first wave where basically, we achieved some kind of reduction in increasing productivity and increasing the quality of output and there are others where basically, we still need to get to the material impact, but we are getting there. When it comes to the call center, for example, that you mentioned, A number of activities are already fully digitalized. And so now we are working on the complex one.
One of the complex one is, for example, that gets to the human operators and they are related to the questions or complaints or explication related to the builds. Since there is a trade-off between the revenue that you trade off versus the customer satisfaction. This is a difficult one that is still managed and handled by the human attendees. And so now we are working on the complex part and the idea clearly is to get to the point whereby the system can handle this 100%, almost 100% artificial intelligence.
We are doing good progress. So the first wave has been done on the easiest part. Now we're getting to the complex one. It takes some time. So but we have quite a wide set of portfolio of initiatives that will support us to increase productivity for a number of years ahead.
Our next question comes from Phani Kanumuri from HSBC.
The first one is on TIM [ Ultra combo ]. What percentage of your mobile subscriber base is covered by [indiscernible]? And do you have plans to expand it? And if you have plans like how do you plan to expand the coverage? Is it by your M&A strategy? Or do you have intentions of partnering with other fixed broadband operators to offer a converged product?
Phani, let me try to rephrase it, just to make sure that I understood it correctly. Did you ask what our plan in terms of an expansion of [indiscernible]?
Yes. So basically, you have your fiber base is pretty low compared to other operators, some of the big operators. So what percentage of your mobile subscriber base is currently covered by [indiscernible]?
And then to expand it -- and then do you have plans to expand it by either going for a different M&A in fixed or doing product collaboration with other fixed broadband operators?
Okay. So Phani, let me go to the first one and then to the plan to expand it. So on the first one, the product itself is already available nationwide. And so we basically operate via former system that is our network and our partner, [ Vital ] and the main capitals of Brazil. And the [ Ultra combo ] has been launched across the board. So it's already available on the entire footprint.
And clearly, the business model is a bit different, and this reflects or may reflect in some way in the commercial value proposition, which is the price tag that we're putting in one region versus the others. Remembering that the competition in broadband is regional so we can adapt it our offering regionally. But basically, the product is available nationwide and the only things that may change is the commercial terms in one region versus the other region. And therefore, the footprint is already our footprint is.
The idea is to leverage our own customer base and our brand to accelerate broadband take up. This is basically what we are going to see in the coming quarters. And with a positive fallback also on a longer-term on churn on mobile services. But this will appear over time. Then you have -- and this is the organic, let's put this way. At this point, is this organic plan.
And then there is other organic plan where we can add to our portfolio additional technologies. So we are looking into that also. And then there is -- and that would be organic also. And then there is another plan that is related to potential M&A, whereby basically we buy somebody and with their fiber and complement our footprint also through an acquisition. This plan, it's a plan that -- whereby I commented before, we profile all the players. We know pros and cons, we know what they add to our strategy and where clearly, and we're just waiting for the right condition to materialize and within the better condition can materialize going forward.
Great. Maybe one quick follow-up. In the comments, you said that price increases have led to some increased churn in 1Q and 2Q. So as you look through 2Q into different months, are you seeing better churn trends in June compared to April?
So if I understood correctly, Phani, you were asking if -- I commented that we saw some kind of churn increase in quarter 1 and quarter 2. The answer is yes. This is normal in -- generally, when we do price up, that would be back book price up. What we are seeing the content was a bit more challenging because there was a bit more of [ ATL ] offering around. So -- and we didn't move like last year with front book prices in the first and second quarter. Having said that, when you look at our churn level, it goes up and then goes down. If you ask if June is better than April in terms of churn level, the answer is yes. June is better than April.
And our next question comes from Mr. Daniel Federle from Bradesco BBI.
The first one related to the platform revenue that more than doubled in the second quarter. I would like to hear if you expect any kind of volatility in this line or we should see this as a trend going forward, very high growth going forward.
Second question related to international roaming expenses that seem to be very volatile, making much more difficult to read if EBITDA margin was good or not, if there is any mismatch between running revenue and costs. So any color here would be welcome.
Let me address the first one that we ask and I will leave the second one with Andrea. So we have, in our revenue profile, different types of revenue. So we got the mobile revenues, then we've got the platform revenues. So then we got the advertising revenues that we got the B2B revenues. And some of them are slightly more volatile versus the others. And therefore, these are part of our strategy now for being part of our strategy many, many years. And therefore, once we close one deal with mobile advertising can be big or can be small. But overall, if you look at the year-end results, the numbers have been growing year after year.
When you look at the platform strategy, we got some partnership that were better, some of the work -- the [indiscernible]. And so the present volatility, but generally, the trends since these are parts of our strategy that if you look not on a quarterly basis, but on an annual basis, these are accretive. The larger the scale, the less volatility.
So for example, the B2B also or the IoT within the B2B, it's a smaller one, but become -- is growing over time. So every now and then, we close a big deal like the ones that have been closing in the last quarter, like [ CNH ] and [ CPFL ], you see clearly a spike. But if you take this year versus last year, it's growing. So some of the revenues, even because of the size, they are more volatile, but the general trends, it's positive and it's part of our revenue portfolio growth whereby until some years ago, we just had mobile and now we go mobile. We got broadband, we've got B2B, we've got platform strategy and all contribute to a better resilience of our revenue of our top line.
Daniel, related to the roaming cost, we have these agreements with the big carriers and we closed amount for a year. So they send us the data and we stand for the other data. So this is the difference between the revenue and the cost. So the revenue and the cost is not combined of each quarter. When you see the full year, you see a combination between revenue and cost.
But each quarter, they are -- is not aligned. So the first quarter, we have hired the peak of our cost of the roaming interconnection roaming was one of the impacts that we had in our OpEx in the second quarter. As we mentioned in the previous quarter, we was expecting a decrease in respecting this for the rest of the year. but the revenue we occurred during the year. So only when we see the full year, you can see the combination between the revenue and the cost. I don't know if I addressed your question.
Yes, yes. Just one follow-up. So roaming costs, the bottom happens in the second quarter. Is that correct?
The revenue occurs during the quarters. We have the --
And the cost?
The cost in this year, the major part occurring in the first quarter. So in the next quarters, we will see not a peak like we saw in the first quarter. If you remember, if you see our results in the first quarter, we have a very high the connection. And this quarter is normalized.
To make it simple, Daniel, generally, the cost tends to be higher in the first half and the revenues tend to be higher in the second half. It's every year.
Every year is the same.
[Operator Instructions]. Ladies and gentlemen, without any more questions, I'm returning to Mr. Alberto Griselli for his final remarks. Please, Mr. Alberto, you may proceed.
So thank you all for joining today's video call. The market continues to evolve and we have been driving our strategy to capture the opportunities in broadband, B2B and obviously, mobile. Our team is working relentlessly. So I want to thank them for the fourth and results. And I look forward to meeting you in the coming days. [indiscernible]?
As we conclude the second quarter of 2026 conference call of TIM. For further information and details of the company, please access our website, tim.com.br/ir. You can disconnect from now on. Thank you, and [indiscernible] again.
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TIM SA - ADR — Q2 2026 Earnings Call
TIM SA - ADR — Q2 2026 Earnings Call
Solide H1: Service-Umsatz +6%, EBITDA +7% und starke Cash-Generierung; Fokus auf Breitband, Konvergenz und Plattformen.
Earnings Call Q2 2026: Management präsentierte Ergebnisse, Strategie-Updates und beantwortete Fragen zu FTTH, Wettbewerb und Kreditrisiken.
📊 Quartal auf einen Blick
- Service-Umsatz: +6% (H1) – breiterer Umsatzmix treibt Wachstum.
- EBITDA: +7% (H1); EBITDA nach Leasing: ~+8% dank Effizienz und Kostenkontrolle.
- Nettoergebnis: >BRL 1 Mrd im Quartal; ~+6% YoY (H1).
- Operativer Cashflow: >BRL 3 Mrd (H1), zweistelliges Wachstum.
- Mobile-Mix: Postpaid ~70% der Mobilumsätze; Mobile-Wachstum ~4,7%.
🎯 Was das Management sagt
- FTTH-Kontrolle: Rückkauf von iSystems soll FTTH-Bauökonomie, Kundenerlebnis und Profitabilität verbessern.
- Konvergenz & Produkte: Einführung von TIM Ultra Combo (Fiber+Mobil+Content) und bezahlbaren Control-Plänen via Kreditkarte zur Monetarisierung und Churn-Reduktion.
- Plattformen & AI: TIM Pay (Content/Financial Services) plus KI-Einsatz (z.B. Inkasso: >2 Mio. Kunden) als Umsatz- und Effizienzhebel.
🔭 Ausblick & Guidance
- CapEx: Management signalisiert keine materielle Anhebung der CapEx-Guidance; Optimierung und Monetarisierung von Assets sollen Investitionsbedarf kompensieren.
- Kapitalallokation: Keine Änderung der Prioritäten; Dividenden bleiben unterstützt, erhöhte Verschuldung durch iSystems wird aktiv gemanagt.
- Risiken: Wettbewerbsdruck durch „below-the-line“-Angebote, kurzfristiger Churn nach Preissteigerungen sowie volatile Forderungsausfälle.
❓ Fragen der Analysten
- FTTH & CapEx: Analysten fragten nach Auswirkungen der Akquisition auf Homes-passed und zusätzlichen CapEx; Management: beschleunigt Strategie, kein signifikant zusätzlicher CapEx erwartet.
- Mobile & Wettbewerb: Nachfrage nach Reaccelerations-Plan für Mobile und Antwort auf aggressive BTL-Angebote; Management setzt auf neue Portfolio- und GTM‑Maßnahmen (Ultra Combo, TIM Pay, neue Control-Pläne).
- Kreditrisiko & Roaming: Bad‑debt‑Spike durch einen B2B-Einzelfall, Management erwartet Plateau und Stabilisierung; Roaming-Kosten waren volatil, Normalisierung im Verlauf des Jahres erwartet.
⚡ Bottom Line
TIM zeigt robuste Profitabilität und Cashflow bei gleichzeitigem strategischem Schwenk zu FTTH, Konvergenz, B2B und Plattformen. Kurzfristig belasten Promotionen im Markt und einzelne Forderungsverluste die Dynamik, langfristig könnte die höhere Kontrolle über Festnetz, neue Monetarisierungsprodukte und KI-Effizienz für nachhaltiges Wachstum und stabile Ausschüttungen sorgen.
TIM SA - ADR — Q1 2026 Earnings Call
1. Management Discussion
Good morning, ladies and gentlemen. Welcome to TIM S.A. 2026 First Quarter Results Video Conference Call. We would like to inform you that this event is being recorded. [Operator Instructions] There will be a replay for this call on the company's website.
Hello. I'm Vicente Ferreira, Investor Relations Officer of TIM Brasil. Welcome to our earnings call. We will review our recent results and the evolution of our strategic plan, then open the floor for Q&A with CEO, Alberto Griselli; and CFO, Andrea Viegas. Before we begin, please note that management may make forward-looking statements. So please refer to the disclaimer on the screen and on our Investor Relations website. Now let's review our results.
Hello, everyone. I'm Alberto Griselli, CEO of TIM Brasil. In early 2026, we prioritized execution amid rising external volatility and increasingly unpredictable conditions in Brazilian telecom. The year began with relevant M&A activity, preparation for a spectrum auction and the new below-the-line offers, among other minor news.
Despite that, mobile remains rational in broad terms, so much so that operators were able to recover inflation during the first months of the year. For TIM, clearly outlining our priorities has been essential. We aim for disciplined growth and cash flow generation as we advance our strategic initiatives. To summarize, in first quarter '26, we finalized the agreement with V8, are close to completing the I-Systems deal, rolled out our annual mobile offer updates, enhanced our new B2B approach and consolidated our broadband recovery. On top of that, the first quarter confirms our consistency of our financial performance and strengthened TIM's long-term foundations.
From first quarter '26 financials, I want to highlight service revenue growth of 6.5% year-over-year, driven mainly by mobile and supported by continued improvement in fixed. Mobile service revenues grew 5.6%, confirming the resilience of our core business. Profitability also evolved positively. EBITDA grew at a solid pace and EBIT after lease increased 7.8%, reflecting efficiency initiatives and disciplined cost management.
At the same time, operational cash flow grew 16.8%, reinforcing the strength of our cash generation. These results reflect consistent choices around commercial discipline, cost control and capital allocation. To provide further insight, let's discuss our recent mobile performance. Postpaid remains the main contributor to growth.
In the quarter, postpaid revenues increased 7.5% year-over-year, supported by customer base expansion and disciplined monetization. We continually adjust our go-to-market strategy to achieve balanced growth and profitability, attract suitable customers, manage churn and offer sustainable propositions.
In prepaid, revenues are still contracting year-over-year, but since a part of this loss is self-inflicted by pre- to post migrations, we see for now stabilization in the pace of decline as a good news. We continue to work on prepaid offers to better monetize them while improving the customer journey.
Our 3B strategy, Best Network, Best Offer and Best Service continues to drive our consistent performance in mobile. In Best Network, we are advancing network swaps in Brasilia and Belo Horizonte, modernizing over 1,400 sites and benefiting 3 million customers with upgraded 5G. These upgrades improve capacity, quality, operational efficiency and strengthening the foundation of our mobile business under an AI-supported network.
Under Best offer, our Big Brother Brazil sponsorship supported brand engagement and commercial traction during the quarter, translating visibility into tangible business impact. And in Best Service, the Meu TIM App remains central to our digital strategy. The app reached 18.4 million monthly unique users and expanded its role in customer interaction, sales and recharges, contributing to a more efficient service model.
Our 3D strategy will continue to be developed to deliver results in the mobile core, while we also seek new revenue opportunities through partnerships. At the end of the quarter, we closed a partnership with PicPay, the third largest digital bank in Brazil, marking our return to financial services through an ecosystem-based model. This partnership brings together 2 strong brands and massive rich platforms to build a unique value proposition for clients with the potential to create significant value for both companies.
PicPay brings scale with 67 million accounts, BRL 550 billion in consolidated TPV and strong engagement in digital payments. By joining forces, we aim to enhance customer engagement, increase interaction frequency and create cross-selling opportunities through simple, fully digital journeys, ultimately delivering a more complete and integrated experience.
Next, I'd like to turn to broadband and share recent developments. In first quarter '26, the fixed business continued to show operational improvements. Revenues were up for the second consecutive quarter, supported by ARPU growth and by fourth consecutive quarter of positive net additions. These results reflect better execution, improved sales quality and a more disciplined commercial approach in selected markets.
If broadband is a game of consolidating our recovery, B2B is about acceleration and delivery. As you all know, B2B has become a key pillar of our strategy to diversify revenues and expand beyond traditional connectivity. Our focus continued to be on connectivity-led solutions, particularly Network as a Services and IoT across verticals such as agribusiness, utilities, logistics and industry.
In the quarter, contracted revenues reached approximately BRL 1.1 billion, representing 30% year-over-year growth. This performance reflects both new projects and the scaling of existing contracts, supporting by our capillarity, technical expertise and disciplined execution. A relevant milestone this quarter was our partnership with Axion.
Together, we will implement the first hydropower plant in Brazil with 5G connectivity. This project illustrates how advanced connectivity can support safer operations, higher efficiency and new digital use cases in critical infrastructure, reinforcing our position in utilities and energy.
Another strategic step was the acquisition of V8. This transaction has capabilities in cloud, data, analytics and digital solution, along with strong relationship across corporate accounts. By combining V8 expertise with TIM scale and connectivity assets, we expand our ability to deliver more integrated solution and accelerate cross-selling opportunities.
Since we are talking about technology, I want to give you an update on our artificial intelligence initiatives. Our AI program is becoming increasingly more transformative for the company, changing the way we do our daily activities, the way we hire and manage our people and the way we plan and roll out our products. We are adopting agentic AI and other AI-based solution across the organization to run a range of tasks with varying levels of complexity.
Productivity gains are becoming more pronounced. Early results in areas such as IT shows gains of above 20% in software development, faster cycles, lower cost and improved system are supporting the first phase of a long-term transformation. Additionally, we are expanding our partnership with Google and Microsoft to deploy AI solution across the entire organization while managing token usage through FinOps approach.
Looking ahead, our priorities remain clear. We will continue to strengthen our mobile business by improving network quality, evolving our offers and enhancing service while expanding our ecosystem through partnership. We will sustain operational improvements in broadband. And in B2B, we will continue scaling capabilities through connectivity, digital solutions and V8 integration. The first quarter of 2026 demonstrate our unwavering commitment to progress, innovation and disciplined execution. We are building sustainable value step by step, and we are well positioned to seize future growth opportunities. Thank you for your continued trust and support. Now let's move to the live Q&A session.
[Operator Instructions] Our first question comes from Gustavo Farias with UBS.
2. Question Answer
Two on my side. So the first one about V8.Tech and B2B in general. What could we expect on this line in terms of growth going forward? Just a consultation. Is this line already embedded in the guidance for the year? And well, in general, how you're thinking about B2B, both organically or inorganically going forward?
The second question, if you could comment on -- about margins, okay, how you're seeing the pace of margin expansion going forward. So in the quarter, we've seen some headwinds on OpEx. So if you could help us separate what are the recurrent effects from the seasonal or one-off effects, maybe roaming costs, maybe renegotiation of contracts with tower companies, it would be very helpful.
Gustavo, thanks for the question. So let me address the first one, and then I will hand it over to Andrea for the margin expansion. So when it comes to our revenue growth, as we outlined in our strategic plan at the beginning of February, we got 3 vectors to support our revenue growth going forward. We've got clearly the mobile core business, the broadband expansion and the B2B expansion. So the B2B expansion -- the B2B vertical has been growing overall over the last years at a double-digit rate. Clearly, our base is relatively small within our total revenues, but the growth has been going forward at a double-digit rate. And we expect this to continue in the coming quarters.
Clearly, this year, we have the -- we finalized the closing of V8 in January. And therefore, we have the V8 contribution starting in February. So we have around BRL 40 million already in our numbers for February and March this quarter. And V8 is also on a growth trajectory. And so we expect to contribute to the double-digit growth, but on a larger base. And to your question, if this is included in our guidance, yes, the answer is yes. It is. Okay. Gustavo, if it's clear, then Andrea can address the margins for you.
Yes, very clear.
Gustavo, related to the margin, this quarter, we have some pressure in OpEx, as you see, we have 2 major impacts. One is in the interconnection. And interconnection, we have 2 impacts, international roaming, that is a seasonal impact. We always have this in the first quarter in our interconnection costs. So this quarter is the higher one.
The second is -- in providers. Providers, we mentioned before, we launched the Control plans with stream in the beginning of the last year, and the cost is a result of the growing of this plan. The second impact is in bad debt. Bad debt, we have a higher level than the previous quarter. We have more pressure in the bad debt. This is related even to B2C and also -- and to B2B, a consequence of our macro environment. And for the second quarter, we expect to the continued pressure, especially because we have a price up in the first quarter.
Related to the towers, ATC, as we announced in the last quarter, we have this renegotiation with American Tower. The renegotiation impacts several lines, was a structural negotiation. We're talking about more than 8,000 towers and more than 40 contracts. One of the impact, we have impact in the reduction of our debt, reduction of the lease. We also have a change of the rate. So we have several impacts.
One of them is a one-off in this quarter, is related to the deferred revenue, but it is in other expense. When we sold the -- our towers to American Tower, around 4,000 towers, we received BRL 900 million. This gain was deferred during the period of the contract, around 20 years. When we renegotiated with American Tower, these contracts related to the sold also was included. And this period was reduced in about 2 years -- an average of 2 years.
So with 2 years less, we have the positive impact of less time to defer this gain. So this is the impact that we have in this line of other income. We have another impact in the lease, another positive impact in the lease referred to incentives. So as I mentioned, we have several impacts to -- related -- several positive impacts related to American Tower. I'm sorry that was a long explanation, but I don't know it was clear, but...
Yes, very clear...
Gustavo, I can add one point in terms of margin expansion. So clearly, we are going to expand our margins in the coming quarters. And you have, as Andrea said, something seasonal, something that is more related to the macro environment or the price up like bad debt. And at the same time, there are a number of initiatives that we are working on, on leases and on cost to keep optimizing the productivity of our company.
Just a follow-up, if I may, related to how we could think about margins or margin impact coming from this consolidation of V8.Tech, I'm assuming a different margin profile, potentially more dilutive than the overall connectivity business. Is that correct to assume?
Yes, it's correct to assume. So V8 is dilutive in terms of -- it's not coming with an EBITDA margin like the mobile business, but it's accretive on the bottom line. So at the end of the day, on the EBITDA margin, you have a dilutive effect specific of the business. So your assumption is correct.
Our next question comes from Luis Chagas with XP.
So from my side, I have 2 questions. So the first one is, how do you perceive the current competitive landscape in mobile? And the second question regards fiber. Your fiber results have been improving sequentially. Would you consider M&A or JVs to accelerate growth in this segment? And how do you see the current environment in terms of M&A deal opportunities?
So let me start with the competitive landscape. So the competitive, Luis, landscape, it's constructive and on above the line, broadly rational. Of course, there are a number of discussions because, you know, this rationality, it goes up and down. And there was some, let's say, noise in the first few months of the year. But overall, it remained rational. So I think that there are a couple of milestones that happened already and some that needs to happen.
And so the first one that I think it's a good development is the price up in pure postpaid in the front book. So just to remember everybody, the pure postpaid remain roughly unchanged during the course of 2025 with the exception of some -- one competitor increased it and two of us didn't do it. And so it's good news that this year, a few weeks ago, we increased our entry price and clearly all the other plans of around BRL 10. So we moved from BRL 120 to BRL 130. One of our competitors already implemented the front book adjustment, I think, in February. And the third one moved along a few weeks ago, also moving the entry point from BRL 120 to BRL 125. So this, I think it's a good message in terms of market rationality and it's above inflation in general.
When it comes to the next milestones to look for is the control, so the hybrid plan. So the hybrid plan is something that we did last year at around June, and we are planning to -- we are assessing to implement this again this year for the third quarter, let's say, in a safe mode in terms of hybrid plan. And we would expect that it's something that everybody is considering. And so I've got a positive outlook in my mind related to this.
On prepaid, I think that we are considering a number of options to make it balanced because if you move up control, then there is something to be considered to be done in prepaid, something is already being implemented on our side below the line, and we are looking at opportunities to do this in a more-for-more approach on the ATL front as well. So this is for the competitive landscape. If it's okay, Luis, I will move to the other one.
Yes, it's okay. Thank you, Alberto.
Okay. So when you move to the fiber, I think that our priority now is to come to the closing of I-Systems, that is pretty close and the integration of I-Systems in our operation. This will further support our organic plan because we're going to have control of the network in some key markets like Rio de Janeiro and São Paulo. So this is the short-term priority related to the fiber. So the incorporation of the I-Systems deal is going to close pretty soon.
And in terms of nonorganic, I think that here, the question is, we have been analyzing opportunities. We are analyzing opportunities. It's a mixture between strategic value, commercial value and the impact on our P&L and the cash flow projections. So we are looking for an accretive deal if this needs to happen. So we are assessing, but there is nothing defined yet. I don't know if Andrea, you want to add something on the broadband. No, it's okay. Luis, good for you.
Yes, thank you. Very clear.
Our next question comes from Maria Clara Infantozzi with Itaú BBA.
So I have 2 questions from my side. The first one is related to AI. It caught our attention, the focus of your speech and the potential profitability expansion coming from AI and the opportunities in terms of growth in the report. So can you please elaborate more how we should think about the opportunities coming from AI going forward? And the second question is related to the PicPay partnership announcement. Can you please elaborate more on how should we think about this partnership? What is the opportunity here and the potential going forward?
With the PicPay, and then we'll hand it over to Andrea for the artificial intelligence in general productivity. So PicPay is a partnership that fill a spot in our customer platform strategy related to the combination of telco and fintech. So as you guys recall, we already had an initiative that has been running for years with the previous digital bank. And we consider that as accretive to our revenue and cash flow generation. And that was an equity partner. The PicPay differs in the fact that we are in a different phase of the market and the partnership is commercial. The idea is pretty simple. So we want to create a value proposition for our customers and PicPay customers that is better than the stand-alone value proposition and cross- upsell our customer bases, generating revenue growth or commission payments and loyalty because we know that when we cross- upsell different packages to our customers, they tend to be more loyal. This is proved.
And at the same time, to develop lower customer acquisition cost channels for PicPay to cross- upsell on our customer base and vice versa. So this is the idea behind the partnership. And we're going to work with the 2 different brands. so we are associated brands in the value proposition to our customers. And we are looking for a commercial launch in the third quarter of this year.
Maria Clara, related to AI opportunity, as you know, we are working for the past 2 years. Now we are expanding the adoption of AI, rolling out agents in the key verticals. And we define 2 priorities, call center and network operation, especially in the past -- part of maintaining. And also, we are using agents to help some stuff parts like legal areas, human resource, also the fiscal area. And we are now starting to use agents also to collect, and so we are seeing the benefits.
It's not a game change, but it's showing -- we are seeing impact -- positive impacts. And our expectation is that this continues to improve -- improving our productivity. But we are doing with very careful because all these initiatives needs CapEx, and we only start the initiatives when the accounts proves positive. So that's why I mentioned it's not a game change, but it's a continuous improvement in our productivity. I don't know, Alberto, if you want to...
I think it's okay, unless Maria Clara has some follow-up questions.
Yes.
Very clear. Thank you so much.
Our next question comes from Rogério Araújo with Bank of America.
I have a couple here. First one inside the other operating expenses and revenue line, where you recognized the gains with American Tower. There is also higher legal provisions of BRL 115 million this quarter versus an average of BRL 55 million in the past couple of years. If you could please talk about the potential recurrency of this incremental provisions and the reason for that?
And second question is regarding leases. Is there a strong potential for further lease renegotiations going forward? Or most of that has been done? If you could also say like, for example, American Tower, have you done already all the contracts have been renegotiated? Same for IHS. So if you could talk about that.
And also on leases, there is an incentive included in lease payments of BRL 66 million this quarter. Will that amount remain over upcoming quarters, maintaining the level of lease payments? Or is this one-off and linked to quarterly renegotiations? So if you could also talk a little bit about this recurrency.
Rogério, let me start with the leases with a general view and then we pass to Andrea for incremental information on the leases and the other question. So when you look at the leases, basically, we are working with 3 main approaches to keep optimizing our cost. Remembering that the cost, they suffer an increased pressure that is coming from network expansion and inflation.
And in order to control this driver of cost increases, basically, we are working on 3 different approaches. The first one is the negotiational approach like the American Tower one, the deal that we closed with them, the renegotiation that we finalized with them. And the second one is the IHS that you mentioned, whereby basically, we make -- we go on a make versus lease approach. And the third one is sharing with other competitors.
And so what is the status on each one of them? When it comes to the negotiation approach, we've finalized the negotiation last year and the benefits are appearing from this year onwards. We still have a couple of negotiations ongoing with other partners. And this will be information that we'll release in the coming quarters if we manage to finalize the negotiation and the impact is going to be similar in logic to the American Tower one. The make versus lease approach is going to be implemented over time. And therefore, we substitute leases with CapEx and the overall economic analysis, it is positive for the CapEx one.
And this primarily is going through the objective of towers in area where tower company have less interest because there is less ability to have 2 tenants, like, for example, some of the regulatory coverage and the B2B segment. And we also develop an ultracost solution that optimize our CapEx investment.
And the third one is the more medium-term approach that is related to the sharing that we are discussing with one of our competitor. We did some progress, but we can enlarge the scope of this agreement, both in terms of number of competitors and the scope within the competitor we are working with. But I would say that this is going to kick off more in the medium term because it needs time to be executed because basically, you need to optimize and move electronics from one tower to another. So it takes a bit more time. So this is for the general approach in terms of lease control management.
Rogério, complement to the lease information that Alberto said, we have a one-off of BRL 65 million payment in lease. This is also a reflect of agreement. As I mentioned before, we have several impacts. So this is a one-off and was in this quarter. What we have with ATC that is recurring is the downsize in the lease that we have with them. So this will be a recurring impact.
Considering the other income that you asked, so we have a positive one-off that was ATC also, that explained, was the deferred revenue. And we have some impact -- also impact in the provision -- a provisional increase is a normal course of analysis that we have and also is a one-off. So you can expect that in the second quarter, this line will be -- we will return to the batch we normally have. I don't know if I addressed...
No, that's very clear.
Our next question comes from Phani Kanumuri with HSBC.
The first one is on what is the reaction from the customers after you had increased your prices this quarter? Are you seeing an increase in churn? And the second one is regarding the recent 700 megahertz auction. How does that change your competitive scenario in mobile?
Let's start with the churn one, Phani. So as we mentioned in the previous call, we executed back book prices in between the first quarter, second quarter. So the impact on churn, it's expected. And basically, this year, we noticed a smaller increase in the voluntary churn that it's slightly higher versus the previous quarter, but it's still in the range of 0.8%. This is the number that we shared with you guys in previous earnings calls, but there was an increase in voluntary churn that then is reflecting also a bit in the context of the macroeconomic in the bad debt.
So generally speaking, this impact is higher in the first quarter and then tends to phase down in the second quarter. And so this is what we are going to expect going forward. And the end of April, it's already showing some sign of this trend happening. At the same time, you see that the effect is more pronounced in our postpaid net additions in the -- in January, there was a lower number. It was 30,000, then it moved up to 50,000. In March, it's moving up to 80,000. We closed April. April is going to be higher than 80,000. So basically, we are ramping up back to post price up impact.
When it comes to -- this is for the first question, Phani. When it comes to the 700 megahertz frequencies, this frequency sort of crystallized a situation whereby some of our competitors are -- so this frequency, I don't know if you guys remember, the has already been assigned in secondary use to the small ISP last year. So some of them are already using this frequency to provide voice services or extend 5G services to their customer base.
So from a practical perspective, these frequencies are already being used. And therefore, the auction crystallize the use from secondary use to a primary use. As the press has been reported, CONEXUS is the association of the mobile operators and Telkom, which is the association of the ISPA, have a number of objections related to the way the auction is being carried out. And so there are legal proceedings happening related to the overall auction mechanisms and clearly results.
Our next question comes from Mathieu Robilliard with Barclays.
Thank you for the presentation. I had a few questions. The first one was on energy costs. Now I understand you do not disclose your energy costs, but obviously, there's quite a bit of volatility in some of the prices at least globally. I also understand that you have long-term agreements. But maybe if you could give us a bit of color in terms of what potential impact we could see if the situation stays as it is or deteriorates. Are you hedged? Are you in long-term contracts? That would be helpful.
The second question was on tower, just a follow-up. Can you clarify if you have caps on inflation for your leases? And the third one was a bit broader on D2D. Obviously, we're seeing a lot of players launching D2D services across different countries. I think you guys also have an agreement with one of the potential providers. Just wanted to see how interesting you thought this vertical could be in Brazil.
So Mathieu, do you want to address the energy and inflation? Yes. And -- sorry, Mathieu, I didn't get your last question.
Yes. Okay. D2D as in direct-to-device, direct to cell...
Sorry, satellite, okay. Cool.
Yes, yes, yes...
Understood, yes.
Sorry, not B2B.
Okay.
How much -- let's start with energy. We don't disclose very much the energy cost, but we work with 3 lines of energy. We have the normal contracts, the open market. Then we have the -- what we call Mercado Livre that's when you buy a package. And we have the third one that is, how do you say, the farms of energy plant for renewable generation. So with these energy plants, we have long-term contracts, and this also is included in our lease costs. So -- and these energy plants give us a very good gain and protect us to the energy with the open market.
In Brazil, we have a lot of impact related to rains and what we call red flag here because the government that considered these tariffs. So the energy plants protect us to this kind of lack of predictability. So we are started to invest in the energy plant 3 years ago. And now we have -- half of our costs are managed in this kind of plant that is also one-off pressure that we have in leasing, but we have a positive impact between -- in the general cost of energy. Relation to...
And Andrea, just to complement, Mathieu, there is an important initiative that we launched last year, which is called auto generation, whereby we will extend this predictability, this control in a wholesale agreement to a larger proportion of our overall energy consumption. And this project, it's in the process of being implemented. And so the expectation is going to be live by the end of -- basically in the fourth quarter this year. So we're going to be further hedged versus price -- potential price increases.
Then -- yes, there is -- sorry, on this, there is a gasoline that runs on generators as a backup solution, and we made sure that we provided some -- let's put this way, safety buffer for months to come.
So if I got it right, about 50% of your volume consumption, I don't know if it's the cost, but it's basically under the energy plan scheme and that will increase throughout the year above 50%.
Yes. Yes. Related to the tower inflation, we have -- all the contract is -- have inflation rates. We have the impact. What we work very hard and our goal is always have to lease increase the inflation. put in another words, we observed the impact of the volume because we have more towers related to the expansion of our network, but we -- our goal is to increase lease at maximum the inflation of the year. So we observed the volume driven.
Okay.
And as for the satellite D2D solutions, so this is clearly something, Mathieu, that we see as interesting in a continental country like Brazil because clearly, as of operators, we provide coverage to a limited surface area within the country. And therefore, it's something that is potentially interesting. Now the point is that while from fixed broadband, the product is up and running and it's something that is already gaining share in Brazil for the same reason of continental coverage.
The D2D solution, we understand that in the current format, it's a niche value proposition. And therefore, here, I think that the big question is the cost of this sort of agreement versus the benefits that will deliver to the value proposition. So this is something that we are looking at because today it's basically -- and if you look at the launches in many markets, it's something that is very specific or very segments in remote areas with text-like sort of capabilities. This is going to change in the years to come. So it will become more appealing. And therefore, I would guess that the cost benefit analysis is likely to change over time.
Our next question comes from Marcelo Santos with JPMorgan.
The first question is regarding the higher delinquency. You said that you expect this to continue in the next quarter. Would that prompt a more cautious credit analysis and potentially a slowdown in postpaid adds as you seek to control this? Because we saw the bad debt, we also saw the NPLs -- the 1 to 30 days NPLs that had a big increase. So I just wanted to understand how you're going to react to this.
And the second question is a bit more technical, is about the deferred revenue regarding the renegotiation with ATC. When we look at that line, like in the past, you always had a certain revenue on that line. So it's just a part of the BRL 83 million debt that is known kind of one-off-ish like you're going to continue to have a level, but below. Just wanted to understand how this BRL 83 million are going to go forward given that you had this in the past.
Marcelo, related to the bad debt, as I mentioned, yes, we are seeing more pressure of bad debt in this quarter, a consequence of a deterioration of payment of our customers, B2B and also B2C, more B2C. What we -- and I mentioned that we expect the pressure to continue because we have the price up in the first quarter. So as a consequence -- as always, we have the price up a consequence, we have bad debt continues. The -- you mentioned another thing about bad debt...
On the bad debt, let me just put another piece of information. So Marcelo, basically, how we deal with it. So the -- basically, because it's a credit, you were talking about the credit. So you have a number of different mechanisms to control it. And clearly, the credit analysis is one of them. And then there are also some offer construct you can think of like relay more on plans on credit cards, for example, on prepayments. So there are a number of things that we are implementing already and assessing to cope with the current scenario, just to finalize on this.
So related to the other income, when we sold the towers for American Tower, this gain was around BRL 900 million was deferred during the period. So each month since 2018, we have around BRL 4.5 million in this line. So this was for 20 years beginning in 2018. When we make the agreement with ATC, this part of the contract, the contract that relates to the towers sold was reduced in around 2 years. So this reduction of 2 years is the impact that we have now. Once that we have 2 years less, we recognize this around BRL 80 million related to the 24 months that will -- because our contract will end it sooner than we expect, so we recognize this in this one-off operation. I don't know if I addressed your...
So going forward, it should go back to the...
4.2% because we also decommissioned some towers. So it will not be anymore 4.5%. It will be around -- between 4% and 4.2%. So this will continue from -- as always. We always have this BRL 13 million impact each quarter related to this line. But this quarter, we have BRL 30 million plus around BRL 87 million something.
Okay. Crystal clear on the ATC. On the higher delinquency impact on growth. So Alberto, I understand that you have some options that you don't need to tough and credit analyze, but is it reasonable to say you'll be a bit more cautious in adding in -- like could we expect some pressure on adds or we cannot say that?
No, I wouldn't say -- no, we couldn't say that. I say we're going to try to be more intelligent and selective. That I would say is rather than cautious. So if you look at our net additions, as a matter of fact, it's performing well. So there are a number of initiatives always in place because it's always fine-tuning, Marcelo, when you go to the migration or acquisition in terms of -- you explore different segments, you explore different payment mechanisms, different offer construct. So basically, this is something that is going on, and we're going to keep optimizing.
Now of course, the macro, it's unknown, it's uncertain. So we need to adjust our approach to the evolution of the macro environment. For example, this enroll plan at the end of the day, can have a positive impact because it can release a bit of a pressure on the level of debt of families. And in general terms, what is happening is acquisition is improving bit by bit as we move month-over-month. So this is something that has been -- and we highlighted in the presentation. So when you look at the big broader impact, our acquisition has been improving, and this has been driving the net additions up in the first quarter and the churn has been dragging down a bit. And over time, the churn increase due to price up is going to slow down involuntary, and the acquisition are likely to level off. But the acquisition side is improving bit by bit.
Our next question comes from Silvio Doria with Safra.
I have a question about FISTEL. FISTEL is going to be discussed at the STF this week. So what's the company expectation regarding the outcome?
Well, the -- Silvio, we believe that we have, as we always said, a strong legal case. It's good news that the FISTEL is now to be -- started to be treated -- starting next week, the 8th, is going to start. We think that the discussion will take some months to articulate and move forward.
The -- what we think as a sector, we have a solid legal case in terms of the modulation of these tariffs related to their objective. So let's see what it comes out the 8th where the Alexandre de Moraes will put forward his point of view. And then there will be a discussion that will involve all the ministers there. So we believe that it's going to take some months yet to be addressed, hopefully, by the end of this year.
Our next question comes from Daniel Federle with Bradesco BBI.
The first one is a follow-up on the competitive landscape, but more focused on the hybrid, the controlling segment that I understand is more relevant for revenue dynamics than the pure postpaid. By the same time last year, 2 of the 3 operators had already increased prices, one in February, the other one in the beginning of April. So far this year, no one has increased price.
So I'd like to hear your thoughts on why that's happening. That's a very important development for the sector. There seems to be some rationality, but so far, no price increase. So I hear your thoughts here. And the second one related to clients generated revenue that decelerated from 6.3% growth to 5%. I'd like to understand if we should understand this as a deceleration trend or that's more volatility and should rebound going forward?
So Daniel, let me go on the first one. So I would say that for the -- so let's see -- so price up, you're right. They are quite important, especially for control. Not a lot in terms of the revenue they generate for that year, but basically, the alignment between front book and back book is something important for the sustainability of the more-for-more strategy. So this is, therefore, an important point.
And as for us, and then I will give you my reading for the others. As for us, we executed our adjustment last year roughly in -- I think it was June after Mother's Day. So now we are in a promotional period that's Mother's Day, the sort of more-for-more strategy is going -- is likely to happen afterwards. So my view is that in our scenario -- current scenario, we are seeing this happening in the third quarter across the board.
As for the reason in terms of why the other competitors didn't do it in February, that was something that I mentioned in -- at the beginning. This market repair, the more-for-more strategy and this constructive approach, and it's already happened, by the way, in the past, they got ups and down, right? And so we already saw ups and downs in the past.
Daniel, you follow the sector very closely. So you might remember that one of our competitors at a certain point implemented a more-for-more strategy in control and then it went back again. It depends on each company targets, strategy. So it's not like a linear thing. I still think that as a whole, my outlook in terms of this happening in the third quarter is positive.
I think if you ask the same question to the other guys, you are going to have a more complete answer. But this is my view in terms of the overall process. It's not -- it's never been linear in the past, and it's always ups and downs. And my outlook is that this will unfold positively in the following months. At least this is the intention on our side.
When it comes to the client-generated revenues, I would say that when you look at our revenue portfolio, you see that we have mobile. Now we said in February that we wanted to complement with growth from broadband and B2B. This is happening. And we always say that mobile is hinged upon postpaid growth in terms of ARPU and customer base, and to a lesser extent, a lower deceleration of prepaid, let's put it this way. Nothing of this has changed. What has changed in this quarter, and you see that everything is accretive mobile product, B2B and broadband.
And when it comes to the mobile in specific, we always say that the -- almost double digit would have come down to a higher middle digit. And this is basically what is happening. So the mechanics and the engine remain the same with a slightly different intensity. I got...
Very clear. Thank you very much, Alberto...
Yes, I got it, right? Okay.
Ladies and gentlemen, without any more questions, I am returning to Mr. Alberto Griselli for his final remarks. Please, Mr. Alberto, you may proceed.
So guys, thank you all for joining today's video call. I want to thank the tireless efforts of our team for the consistent results and solid start of 2026. The environment is a bit more volatile. So we focus on execution as a critical element to our strategy. I look forward to meeting all of you in the coming days on the one-to-one and group meetings. Thank you, everybody.
Thus, we conclude the first quarter of 2026 conference call of TIM S.A. For further information and details of the company, please access our website, tim.com.br/ir. You can disconnect from now on. Thank you once again.
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TIM SA - ADR — Q1 2026 Earnings Call
TIM SA - ADR — Q4 2025 Earnings Call
1. Management Discussion
Good morning, ladies and gentlemen, and welcome to TIM S.A. 2025 Fourth Quarter Results Video Conference Call. We would like to inform you that this event is being recorded. [Operator Instructions] There will be a replay for this call on the company's website. [Operator Instructions]
Hello, everyone. I'm Vicente Ferreira, Investor Relations Officer of TIM Brazil. Welcome to our earnings conference for the fourth quarter of 2025. Today, joining me to discuss the highlights of our results, I have the CEO, Alberto Griselli and the CFO, Andrea Viegas. As usual, we close our call with a live Q&A session. So let's get started.
Alberto, great to have you here. What can you tell us about the main highlights of the 2025 results?
Thank you, Vicente. Hello, everybody. It's a pleasure to share results that represent more than another solid quarter. They depict a consistent execution of our strategy and full delivery of our promises confirming the track record of TIM Brazil in meeting its target. From a financial standpoint, service revenue grew above inflation with a year-on-year expansion of 5.2%, check. EBITDA margin expansion, reaching 51% as EBITDA increased 7.5%, check, as well. CapEx was essentially flat versus 2024, check. Operating cash flow grew at double digit, closing the year expanding at 16%, check. And with the dividend anticipation, we closed the shareholder remuneration at BRL 4 billion in cash, plus BRL 750 million in share buyback, check. In all, guidance was delivered with a combination of strong cash generation and disciplined capital allocation.
Really impressive financial performance of Alberto. But beyond the numbers, what can you tell us in terms of operational results and other achievements that the company made during 2025?
Sure, Vicente. You're right. We had many deliveries that go beyond financials. In 2025, we continue to reinforce our strategic position. TIM remains the leader in 5G in Brazil with coverage of more than 1,000 cities, 52% more cities than our second player. And we, once again, the most awarded operator in Opensignal latest report, winning in key categories such as consistent quality and reliability. In B2B, we surpassed BRL 1 billion in total contracted value across all verticals and for the third consecutive year, TIM was featured on the CDP A list, confirming our leadership in climate and ESG practices. On top of that, we continue to capture productivity gains, applying digitalization, artificial intelligence and strict discipline in capital allocation.
Great list of achievements. But Alberto, what can you tell us in terms of the contribution of each area of the company and the support that those different areas were able to deliver for our results as a whole.
Okay, Vicente. When we look inside the business line, 2025 tells a coherent story. In mobile, we strengthened the pillars that have been driving our performance in recent years. Net service revenues grew at a solid pace, supported mainly by mobile services, which increased 5.4% in the year. Postpaid was again the central engine. Postpaid revenues grew 9.5% in the fourth quarter, and our base expanded by 8.4% with another year of positive net additions. ARPU in postpaid, excluding machine-to-machine, reached almost BRL 55, growing 3.1% year-on-year, which reflects our ability to combine volume and value strengthening value capture across our customers, migrating them to higher value offers while keeping churn under control.
At the same time, the prepaid segment began to show more encouraging signs. The revenue decline has accelerated for the third consecutive quarter, indicating that our actions to stabilize this space through more targeted offer, better segmentation and improved customer experience are starting to gain traction. The combination of robust postpaid expansion and more stable dynamic in prepaid, supports a healthier, more balanced growth profile of our mobile business. None of these achievements would have been possible without the strength of our network. Throughout 2025, we further consolidated what has become a structural advantage for TIM, our leadership in coverage and technical quality. We maintain the broadest 4G and 5G footprint in Brazil and delivered tangible benefits for our customers. TIM's excellence was recognized in the latest Opensignal report, where we took home 6 national awards demonstrated that our investments are not just expanding coverage, but actively enhancing customer experience.
One of the year's more significant milestones was the completion of our network modernization project in Sao Paulo, which has transformed the experience in the country's largest market by modernizing every site in the state, we expanded 5G and 4G coverage, increase capacity and improve overall quality performance. We are now extending this modernization to other cities with a plan that includes around 6,500 sites to be swapped in major capitals until 2027, establishing new standards of holiday and experience of our customers across Brazil.
In fixed services, 2025 was a turning point for our broadband operations team, Ultrafibra. After a period of adjustment and portfolio optimization, broadband revenues returned to growth in the fourth quarter, supported by an improvement in net additions and nearly complete migration from FTTC to fiber. By the end of the year, we reached 850,000 customers and FTTH ARPU of roughly BRL 95. TIM Ultrafibra revenues grew 6.2% year-on-year in the fourth quarter. This shows that our strategy of focusing on quality, rationality and operating efficiency is working. And we are building a more sustainable broadband business for the future.
Another significant milestone in 2025 is our progress in B2B our solution have achieved meaningful impact across key industries. In Agribusiness, TIM coverage surpassed 26 million hectares enabling precision agriculture, automation and greater productivity across vast rural areas.
In logistics, we expanded to more than 10,000 kilometers of highways connecting major corridors and enabling monitoring, safety and operational intelligence.
In Utilities, we sold nearly 470,000 smart lighting points, helping cities modernize infrastructure at scale with efficiency and control.
And in mining, our advanced connectivity spanning 4G, 5G and IoT support safer and more automated operators. These verticals combined allow us to surpass our important milestones of BRL 1 billion in total contracted revenues since the beginning of this journey, confirming B2B as a structural growth engine for TIM, not a future possibility. It is already real, scaled and part of our core.
Vicente, in sum, we saw relevant contribution and strong support from every single line at TIM Brazil.
Thank you, Alberto. We'll come back to you for your final remarks later on. Now our CFO, Andrea will walk us through the details of our financial performance. Andrea, thank you for joining us.
Thank you, Vicente. Hello, everyone. We closed the year with another strong set of financial results reflecting the disciplined execution of our strategy in 2025. This quarter reinforced a story that has been present all year long, cost optimization, expanding profitability and a clear focus on sustainable value creation. Over the last 12 months, our efficiency program has continued to reshape our cost structure. Operation costs again grew well below inflation with OpEx rising just 1.8% year-on-year in 2025. This reflects the structural initiatives underway across the company, showing that this approach is not a temporary effort for a core part of how we operate. This strongest execution contributes to another year of high level improvement in productivity with EBITDA increasing by 7.5% and our margin achieved 51%, making an important milestone.
We also advanced a lease-related efficiency initiatives already contribution to a strong result in 2025. EBITDA after lease grew 8.3% year-on-year, supported by continued optimization of our industrial cost structure and margin sustainability. This operation year-on-year. In total, we delivered what we committed, BRL 4 billion in dividends and IoC plus BRL 750 million in buybacks reaching 139% payout ratio. This demonstrated not only our strong financial performance, but also delivered another quarter of double-digit expansion in operation cash flow, grew 15.7% year-on-year in 2025 and lifting the margin to 22.7%. Throughout the entire year, we maintained a solid cash conversion, supported by margin expansion and well management CapEx.
Finally, our balance sheet remains a source of stability and resilience. Our leverage remains highly comfortable giving us the flexibility to continue investing with discipline while sustaining attractive shareholder returns. These results give us confidence as we enter 2026. We've seen well positioned to continue creating value for all stakeholders.
Back to you, Alberto.
Thank you, Andrea. So as we step back and look at 2025, the conclusion is clear. It was a year of execution, consistency and evolution. We delivered exactly what we promised and build the foundation for advancing our strategy in 2026. Our direction is that we will drive value creation through mobile, B2B and broadband, supported by 3 key enablers that run across the entire company. Artificial intelligence, efficiency and ESG. In mobile, our focus remains on strengthening profitability through a customer-first approach, continuously improving the experience and reinforcing the values of our offerings.
In B2B, we are ready to capture a new wave of opportunities with a wider and more scalable portfolio that integrates connectivity, infrastructure and digital services. The acquisition of V8 was an important step to enhance our capabilities.
And in broadband, we entered 2026 with a more efficient operation, a more reliable service and portfolio aligned with sustainable expansion. Supporting all this, artificial intelligence becomes a transformational layer in our operating model helping us automate, simplify and accelerate decisions across every area. Our efficiency agenda remains a hallmark of execution ensuring discipline in capital allocation and allow us to explore new growth avenues while protecting margins. And ESG continues to be a structural component of who we are shaping our culture and guiding long-term value creation. Confirming this long-term deal in 2025 after many years, we finally reached an important milestone for our shareholders and the financial community. Our return on capital is higher than the consensus cost of capital.
Now let's move to the live Q&A session, Vicente.
Thank you, Alberto. See you a bit, guys.
Before proceeding to the Q&A session, I will pass the floor to Alberto Griselli. Please, Mr. Alberto, the floor is yours.
Introductory note, -- good morning, everybody. Today, we took an important step in our broadband strategy by acquiring full control of I-Systems. This will allow us to improve the efficiency of our broadband operation to deliver a better end-to-end customer experience and position ourselves for future movements.
Now we can actually proceed to the live Q&A session.
[Operator Instructions] Our first question comes from Bernardo Guttmann from XP.
2. Question Answer
Congrats on the solid results. again. Actually, I have 2 questions here. The first one on margins and efficiency. You delivered strong margin expansion this quarter with EBITDA growing much faster than revenues. How much of this efficiency is structural and how much was more temporary or specific to this quarter.
And if I may, the second one on I-Systems. With the consolidation of the company, how should we read this strategic move? Does this suggest a stronger long-term commitment to the asset and a lower probability of a potential sale of the fiber business. And looking ahead, what would be natural next step? Does it make sense to revisit M&A opportunities, maybe looking at regional fiber players? Or is the focus now fully on organic growth?
Bernardo, let me go with the second one, and then I will pass to Andrea for the margin expansion. So the -- when you look at our broadband operation, I think that this quarter has been marked by a positive news on the industrial performance because after the fine-tuning, we managed to get to a revenue growth. So we are back on track on something that has been underperforming in the previous quarters for last year. So in the last quarter, we managed to return to a growth pattern and consolidate and optimize our model. At the same time, we need to recognize that the neutral model that we wanted to implement face a number of challenges. And so the benefits of scale that were supposed to happen as a matter of fact, that didn't happen.
So the acquisition of control of a system provides us a number of benefits. The first one is that we get control of the end-to-end operation of our customers that support one key indicator that is churn management and customer level of service. The second one is that we will be able to increase our efficiency of operations. So this measure is going to be accretive on the margin expansion and a bit dilutive on CapEx, but overall, it's going to be to be neutral on free cash flow generation.
And the third and most strategic one is that we position ourselves for our next step. So the question is what is our next step is and we addressed this in previous calls, whereby we said that we are looking at a number of different options. And as a matter of fact, the sale of our -- the sale of our broadband operation has never been actually on the table, right? So we say that we have extreme opportunities. We are assessing them but all of these opportunities have the intention to increase the value generation of our business. Sale was not there as an option since you mentioned, we just want to clarify this.
Bernardo. Refer to the margin efficiency. This is the consequence of the cost optimization that we are working for the past years. This year, we mentioned several times. We have an efficiency program that's in place and the result is the structure, the major parts. This quarter, we have some effects that first one is the visitor, the interconnection cost for visitors. This is effect in this quarter. If you look in the first quarter, we have increase in the visitor interconnection. And in this quarter, we have a decrease. Remembering that the cost of interconnection refers to the full year. So we have this balance between quarters. Another effect in this quarter was in the reduction of our taxation in the overtime pay. But again, these 2 effects affect this quarter, specifically the fourth quarter, but the results is the efficiency that we have in the structural way and as a consequence, we are delivering what our commitment to expand the margin.
Our next question comes from Gustavo Farias from UBS.
First of all, congrats on the results. So my first question regarding margins. We saw a decrease in the network and interconnection expense, which was really a highlight to us. If you could comment on the main drivers behind that. You mentioned in the release a cost optimization of digital content providers? And how to think about this line going forward?
My second question is on mobile competition. We've been seeing some less positive figures on mobile portability in Q4 based on data from the regulator compared to past periods for TIM. How do you see this competition, especially given this mobile portability numbers we have been seeing lately? And if this -- you think this comes from any new cell impacts?
Okay, Gustavo. So let me take, again, the second, and then I will pass the word to Andrea for the first one. So when it comes to the dynamics of portability, the -- when you look at our report, you see that our churn level is almost stable over the quarters. And therefore, the increase of portability means as a matter of fact, that the share of portability within our churn is increasing. And this depends on a number of things. One of them being the commercial practices of our competitors. But our churn level is fairly stable during the quarters of last year. When we are looking for order, you will see that in the first quarter, we are executing our price adjustments, and this tends to pressure a bit the churn level as normal.
So we are executing it as a matter of -- we started with messaging and informing our customers in December. And as a consequence, churn is going to be a bit higher in the first quarter, resulting in softer net additions. When you go to the new cell impact in market dynamics. I would say that if you look from a general perspective, I believe that the market is pretty rational and keep on being rational. And that our ability to attract customers remain as it was as a matter of fact. Unfortunately, Anatel stopped sharing the number of new cell subscribers. And therefore, we cannot rely on an independent source to measure the growth of the numbers. So what we see, it's our internal view and our internal view is based on a number of KPIs that we use and the impact is not material at this stage.
Gustavo. Related to the network and interconnection. We have some items that are increasing and others that are decreasing. Once that is decreasing is the visitors that I just mentioned. What is increasing -- for example, the content provides that is related to the offers that we launched last year where we put a stream for our customers. So we have an increase in this item and we also have an increase in the network related to the expansion of the 5G.
Our next question comes from Marcelo Santos from JPMorgan.
I just wanted to zoom in a bit more on the personnel expense, the tax the overtime hours. Was there any retroactive recognition of this gain? I just wanted to understand better this understanding, like, is this something that's going to change going forward? And did the fourth quarter include changes that were, let's say, retroactive to previous periods. Just to understand the sustainability of these gains over time or how enough is they are. I think that's the first question we have.
The second question is there was an improvement in broadband ARPU. Does this sign away more rational market in your view? Or is it more like TIM-specific effect?
So I'll start, Marcelo with the second one. The ARPU dynamics. I think this is as a matter of fact, in our numbers a bit more our doing in terms of ARPU expansion. So we optimize throughout 2025, a number of things in order to serve better our customers and increase the efficiency of our operations. As we discussed in previous quarters, one of the things that we did was to evolve our commercial distribution in a way that is today more pull and less push. And the results of this is beneficial in a number of ways because at the end of the day, but at the end of the day, the quality of the customer that we are getting in is better.
So it is one driver. Then there is a second benefit that the pull channels tend to be less expensive than the push channels. So this is one driver. The other driver is more related to the, what we call below the marketing activities, whereby we manage our customer base and move it as mobile from one plant to another plan or when they call to renegotiate. So it's a number of commercial activities related to customer management and we have been tweaking things in the right direction. And this result, it's a positive effect on the ARPU. So it's more how we're doing than the overall market dynamics that remains competitive.
Marcelo, the impact of the overtime pay is affect the past and the future. But in the fourth quarter, the impact is higher because concentrate the past -- of the past few years. So in the future, we will continue with this impact, but will be a small amount considered the fourth quarter. But bear in mind, these gains are not that sizable in our overall OpEx.
[Operator Instructions] Our next question comes from Rog�rio Ara�jo from Bank of America.
I have a couple here. First, on tower leases, if you could mention how the negotiations are evolving with lessors? And are you renegotiating terms ahead of maturities or mailing upon renewals? Also, incentives stepped up in the 4Q. What has driven that? And how should we think about incentive trajectory in the upcoming quarters? And last on tower leases, what is our latest view on lease expenses as a percentage of revenue over the next 2, 3 years? And can ongoing renegotiations offset incremental 5G and tower needs? This is the first one.
And the second on Brazil's tax reform. Do you have any early estimates to share with us about the impact of the effective sales tax from 2027 onwards. And also, if an increase is expected, how much of that do you believe is passed through to consumers versus absorbed by the company?
Rog�rio, let's talk about -- first about the tower lease. The tower lease is at the end, reflects is what the results reflect what we are doing in the past years. We are working very hard in several efficiency levels in the lease. We -- this year was a challenge because we have the impact in the increased towers and also impact inflation and saying that we delivered an expansion of margin in EBITDA after lease. So moving -- this continues -- this efficiency continues. We have a lot of agreements doing with the TowerCo. We announced one of them a few weeks ago. What we expect about the ratio between the lease and revenues is main things with a slight decreasing considering that we are continuously expanding our network related to 5G. Moving to the tax.
Andrea, just a few complement, Rog�rio, on the tower. So when you look at our lease costs, there are a number of things inside. So you have -- the big chunk is clearly is the network cost. But there are other elements. Complementing Andrea, we finalized the negotiation with American Tower in the last year. When we look forward, and so challenges and objectives for this year. We have another ongoing negotiation that is in our -- on the table that is quite important. And there is -- this is part of our plan. And there is -- as you know, the network sharing discussion that are proceeding where I see that there is opportunity in the future to do more. So this initiative is a part of the overall portfolio besides the buy initiatives that we put together. So when you look at our guidance and what we shared with the market is that besides the network deployment that is a pressure on our cost besides the inflation, there is a pressure on our cost, we're going to manage to keep these leases growing a maximum with inflation and so slower than revenues.
So when it comes to the share of this cost versus revenues, this is the answer, looking forward. That's what we have been sharing and implementing over the last years, and we plan to do this in 2026 as well.
For the tax, I will hand it back to Andrea again.
Regarding the tax reform, what we can say now is 2026 has no impact and 2027, that's the year that we already put in our guidance is neutral on free cash flow.
Okay. And can you share maybe after all the transition period by 2033, if there is any early estimates on the impact?
Rog�rio, we didn't announce yet our guidance. So we are talking only about the numbers -- the years that we already announced and that's '25 to '27.
Our next question comes from Daniel Federle from Bradesco BBI.
Congrats for the strong results. The first one is just if you could provide more color on the price increases in the first Q. If it's front book, back book and the magnitude, if possible.
The second question regarding CapEx. CapEx end up a little bit closer to the top of the range. So any update in terms of CapEx demands, requirement pressure from FX, I think it's helpful.
Okay. Daniel, let me go to the price increase first, and then we'll hand it over to Andrea for the CapEx one. So when you look at the more for more strategy, just recapping generally what we do, we upgrade our back book prices and front book prices. The back book prices for postpaid is happening as we speak. So it's the -- it's the one that I mentioned in the previous answer. So it's underway as it was last year, so we're executing it. And the magnitude is fairly similar to the one that we had last year. The -- of course, it's not 100% of the customer base we discussed we -- it happens in a couple of phases throughout the year. But the mechanics in the first is fairly similar to the amount that we executed last year.
We are also discussing the -- internally, the front book prices adjustment in control, we executed this June last year. So we are planning to follow a similar pattern this year. And we are pretty confident that we can do something on postpaid as well this year.
For the CapEx, Andrea.
Daniel, we are on track in CapEx. We maintain the CapEx that we announced in the guidance. The point here is when we see an opportunity to anticipate CapEx, we have -- if we generate some efficiency and we have an opportunity to anticipate CapEx, we are going to. But again, 2025 was exactly what we expect in the investments. I don't know if I answer your question. And we also -- we are always controlling CapEx. We focus on the free cash flow. I don't know if I answer your...
[Operator Instructions] Since there are no further questions, I will now turn the floor back to Mr. Alberto Griselli for any final remarks. Please, Mr. Alberto, the floor is yours.
Thank you all for joining today's video call. I would like to share a big thank to the effort to our entire team for the great results that we achieved together 2025...
This does conclude the fourth quarter of 2025 conference call of TIM S.A. For further information and details of the company, please access our website at tim.com.br/ir. You can disconnect from now on. Thank you once again and have a wonderful day.
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TIM SA - ADR — Q4 2025 Earnings Call
TIM SA - ADR — Q3 2025 Earnings Call
1. Management Discussion
Good morning, ladies and gentlemen, and welcome to TIM S.A. 2025 Third Quarter Results Video Conference Call. We would like to inform you that this event is being recorded. [Operator Instructions] There will be a replay for this call on the company's website. [Operator Instructions].
Hello, everyone, and welcome to our earnings conference for the third quarter of 2025. I'm Vicente Ferreira, Investor Relations Officer of TIM Brasil. This video highlights our recent financial and operational performance as well as the initiatives that support our strategic plan. Following the highlights, we will have a live Q&A with our CEO, Alberto Griselli; and CFO, Andrea Viegas. Please note that management may make forward-looking statements, and this presentation may contain them. Refer to the disclaimer on the screen on our Investor Relations website.
Now let's review our results.
Hello, everyone. I'm Alberto Griselli, CEO of TIM Brasil. Today, we'll explore how our commitment to innovation, customer experience and operational excellence is driving sustainable growth and value creation. Let's dive into the highlights and key achievements that are shaping our journey this year. We've achieved a 5.2% year-over-year increase in service revenues for the first 9 months of 2025, a sustainable growth pace that combined with our robust cash conversion machine is fueling solid value creation.
We keep evolving our B2B to expand new revenue streams. The TIM Smart Mining solution is gaining traction with a new partnership with Vale, the mining company. Additionally, EBITDA rose 6.7% year-over-year with a 50.3% margin and net income up 42.2% year-over-year. Our disciplined approach to CapEx has kept investment efficiency and operational cash flow reached BRL 4.5 billion. Notably, we announced BRL 1.8 billion in interest on capital and repurchased BRL 369 million in shares, reinforcing our commitment to shareholder remuneration.
Once more, we stood out in ESG practices. TIM reached the top 10 of the FTSE Russell Diversity and Inclusion Index, being the only Brazilian company and the only telco to appear on the list. As I pointed out, our net service revenues continues to grow at a solid pace, driven by the mobile segment. Postpaid expansion remains a key contributor, supporting overall growth. The more-for-more strategy is helping ARPU evolution and mobile service revenues increased 5.6% annually over 9 months and 5.2% in the third quarter.
This quarter, we added 415,000 postpaid lines, with prepaid to postpaid migrations up by double digits. Postpaid monthly churn remains low at 0.8%, reflecting efficient customer base management. Our more-for-more approach optimizes the cost benefit equation by balancing offer attractiveness and revenue growth. Exclusive Black Friday offers, including iPhone 16E and PlayStation 5 are enhancing our value proposition, and we expect them to help maintaining a solid trend in postpaid.
In prepaid, we are seeing first sign of stabilization, supported by targeted offers and improved customer experience. TIM ULTRAFIBRA is also showing operational improvements with broadband ARPU at BRL 94 in the third quarter. Stable ARPU and the client base resuming growth at 3.7% year-over-year marking 8 consecutive months of positive net adds should reduce the negative dilution for broadband to our numbers. TIM is reinforcing its leadership in network with 5G now available in 1,000 cities across Brazil.
We have the broadest 4G and 5G coverage in the country. Sao Paulo's network modernization case is setting the base for next-generation connectivity. The project reached its completion with 100% of sites upgraded this November. We are now leaders in download speed in all rankings that measure throughput. We expanded our leadership in consistent quality indicator, leaving the second player even further down the scale. On top of that, we are seeing the first sign of operational improvement with churn linked to network reasons reducing by 1 quarter.
All in all, our modernization efforts are successfully supporting customer base management and delivering superior network quality, and we are expanding this project to other cities. Completing our 3Bs approach, let's talk about service. Providing excellent service is at the heart of our strategy. The revamped MyTIM app is transforming the customer experience and selling journey.
With over 17.7 million unique users and 33% penetration, the app is driving digital engagement and e-commerce growth. We are the first telco to integrate with Apple Pay and Google Pay, enabling secure direct recharges for prepaid customer, simplifying the journey and encouraging recurring transactions.
Digital service Net Promoter Score for postpaid and prepaid are on the rise, signaling that we are on the right path to elevating the experience with our service. Our more than 60 million customers are TIM's most valuable asset. Having this thing in mind, we are always trying to improve our relationship with clients and better monetize this asset. TIM Mais is our enhanced loyalty program, offering more benefits, experiences and convenience. Since its launch at the beginning of the year, we have seen over 2 million monthly active users enjoy the program's benefits.
We have distributed 120,000 movie tickets and 20,000 Uber Rides gift cards. The program NPS is over 80 points and reflects strong customer satisfaction. In parallel, we are accelerating base monetization with mobile ads. We reached over 1,000 campaigns and 270 advertisers by September. Through the combination of our own inventory with Google and Meta, we are boosting digital engagement and expanding revenue streams beyond connectivity.
Mobile ads revenues closed the quarter growing in double digits versus last year. B2B is a key aspect of our strategic plan and another way to diversify our revenue base. Since we have little legacy, the evolution of connectivity through coverage as a service is the main driver for expanding our presence. B2B IT solutions now cover with 4G and NB-IoT, 23.5 million hectares, over 7,600 kilometers of highways, and we have sold almost 400,000 smart lighting spots, generating BRL 435 million in contracted revenues since first quarter '24.
The mining vertical is gaining traction, and now we have another anchor customer. Vale is joining our portfolio of clients and will be able to enjoy the benefits of TIM Smart Mining solution. We offer 5G, 4G, IoT and artificial intelligence solutions to create safer, more efficient and more sustainable environment for our customers. TIM Smart Mining can be a key enabler of automation and reduce environmental impact in the mining industry.
With that, I'll hand it over to Andrea Viegas, our CFO, who will walk you through the financials.
Hello, everyone. I'm Andrea Viegas, CFO of TIM. This quarter, we delivered another chapter of consistent and disciplined execution. We've stayed focused on what matters most: sustainable growth, productivity gains and creating value for our shareholders. Our efficiency program remains one of the basis of our strategy. Thanks to effort across all areas, we kept cost growth at just 1.8%, well below inflation. This discipline translated into a 7.2% increase in EBITDA with margin reaching 51.7%.
EBITDA after lease also advanced 8.3% year-over-year with robust margin expansion, a direct result of our industrial cost optimization strategy, which we've been executing across 3 fronts: our make model, contract renegotiations and network sharing agreements. Also, CADE approved the expansion of our own sharing agreement with Vivo 2 weeks ago. These initiatives are helping us to keep lease costs stable and margin expanding even in a challenging environment.
Our net income rose by a solid double digit in the quarter, reaching BRL 1.2 billion and bringing the year-to-date figure to almost BRL 3 billion. This performance enabled us to distribute BRL 1.8 billion in interest on capital and repurchased BRL 369 million in shares, reaffirming our commitment to create value for our shareholders. Building on this momentum, our operational cash flow measured as EBITDA after lease minus CapEx reached BRL 1.7 billion in the quarter, up 8.1% year-over-year, supported by a resilient financial structure. In 9 months, this metric is up by double digits, reaching BRL 4.5 billion.
With a strong balance sheet, we are well positioned to sustain growth and deliver long-term value.
Now back to Alberto.
Thank you, Andrea. As we close, I want to reinforce that in Brasil is on track to achieve its 2025 goals and set the stage for 2026 of continuous evolution. We are delivering on our full year guidance across service revenue, EBITDA, CapEx and shareholder remuneration. With results on the right track, we are confident we can finish the year successfully and continue delivering value through the following drivers: one, our mobile postpaid and B2B segments to keep performing strongly; two, prepaid and broadband to continue recovering; three, efficiency are keeping costs and leases under control; and lastly, the buyback program is accelerating, and we are maintaining strong momentum in shareholder returns.
Thank you for your attention. Now let's move to the live Q&A session.
[Operator Instructions]
Our first question comes from Bernardo Guttmann from XP.
2. Question Answer
Congrats on the solid results again. My question is about mobile service revenues. We saw a slight deceleration this quarter. How much of that comes from competition versus the natural normalization of growth after the strong cycle we had over the last years? And if I may, I have a second one. There has been a lot of market talk around potential moves and M&As in the fiber space. How do you see this environment? Could this wave of consolidation change your strategy or timing around your fiber business?
Bernardo, thank you for the question. So let's start with the first one. So when you look at the mobile service revenues, I think that we anticipated in the previous quarter, this sort of dynamics, and it's pretty consistent with what you see in other years as well. So we have a curve whereby we are at a higher growth at the beginning of the year when we do our price adjustment, and then it tends to decelerate going forward.
I think that in this quarter, looking at the revenue dynamics on our side, we have pretty favorable outcome in terms of maintaining our postpaid engine growth, double digit, whereby reducing the deceleration of prepaid. And this is a trend that we are going to expect in the coming quarters, whereby we are likely to balance a bit the growth with postpaid maintaining the growth momentum and prepaid, we are working to decelerate less year-over-year. So I would say that it's less dependent on the competitive dynamics that remain rational and more related to our own strategy and seasonal patterns. This is for the revenues, okay?
And when we look at the M&A, I think that the -- we always say that he Brazilian market being hyper fragmented is a market that is not attractive at this point in time because of the pressure that we have on ARPU and churn. And therefore, we are looking to optimize our capital allocation in terms of how we allocate capital to broadband. So we got our specific strategy that is dependent on our specific situation whereby broadband for us is a limited revenue line. So the broadband is something that the market has been expected for many years. Given the number of players, it is going to be a process that will take some time.
And we have our own strategy, organic and inorganic towards this space, and it is unchanged versus what we discussed in the previous calls. What has changed a bit is the results that we are having on broadband because as you see now, we have a quite better operating momentum in terms of net additions. ARPU is still under pressure. We posted still a negative revenue growth this quarter on broadband. But given the fact that on the net additions, we are on a positive territory or we have been on a positive territory for 8 months now. We are likely to see improvements on the top line as well as we move forward. That's okay, Bernardo?
Yes, it's very clear, Alberto.
Our next question comes from Marcelo Santos from JPMorgan.
The first is, if you could just paint a bit what's the competitive environment on mobile? And the second, do you see room to increase pure postpaid prices maybe this year or maybe the next. This year maybe already over, so maybe in the next.
Okay. Yes, Marcelo. So when you look at the competitive environment, I would say that the competitive environment on mobile remains positive in our view. So of course, there are promotions here and there. But overall, I think that the price adjustment this year went through quite nicely. And we are coding in our systems as we speak, the price adjustment that we're planning to execute the back book prices for next year. The -- as for -- so the market dynamics remain favorable. Of course, you have the smaller players that are a bit more aggressive. But all in all, they're not disrupting the national market dynamics in terms of pricing.
And when you look at pure postpaid, I think we have an opportunity to adjust it. Now we are on a promotional campaign because we just launched the Black Friday promotions. So it's -- from now to the end of the year, it's unlikely that we are considering an adjustment, but it's something that we are certainly assessing for the beginning of next year.
Our next question comes from Leonardo Olmos from UBS.
Can you give us more color on the lease efficiency plan, especially in terms of timing of the expected impacts coming from the partnership with IHS and rent sharing agreement and leasing contract renegotiations?
Leonardo, related to the -- our lease efficiency, as we mentioned, we are in a continual discussions with all the partners that we have. Specific about the agreement that we made with IHS was we wanted the [ operation ] to make sites. And we made this agreement with someone who have the acknowledgment and the people to construct sites for us. So this kind of site is for some specific customers like agrobusiness or mining. And we will fund a financial and they will build for us these sites.
What we expect in the leases is -- or our goal for this year, as we mentioned before, is to have the leases growing related to the inflation, although we have an increase in the number of sites for our increasing in coverage of 5G. But our goal is to increase just the inflation tax this year. I don't know if I answer your question.
Yes. Yes. Your mentioned about IHS and the overall goal. I was just wondering if -- I don't know, maybe you could talk a little bit about the RAN sharing and maybe if it's not so delicate about the renegotiations.
Yes. Sorry, you mentioned about RAN sharing. RAN share cards just allowed us to continue. We changed a little bit the series that we have before with Vivo. So we will continue our plan to make the RAN shares especially for the 3G and 4G. And we are continuing to discuss -- we are continuing to renegotiate our partners on the towers company to achieve our plan that is to not reduce the lease because we can, but growing the lease only related to inflation. We have another agreement, but we are not -- now we can't disclose it. But as soon as we achieve our new agreements, we will disclose for you.
Okay. Okay. Sounds great. And you have been delivering quite excellent development on that front. Congratulations.
Our next question comes from Vitor Tomita from Goldman Sachs.
Two main questions from my side. One is a quick follow-up on the fiber business. Just if you have an update on the organic side on what has been supporting those improving net additions, if it's the same initiatives that you had in place before, such as focusing more on higher-end customers, higher value customers [indiscernible] churn or if there is anything new that's interesting on the strategy there?
The other question is a bit of a follow-up on what people are asking about the competitive environment. Very specifically, there has been some noise in markets in October due to new banks, new sell MVNO, increasing commercial outreach in some areas, promotions to some extent. Was that noticeable at all from the standpoint of our commercial teams or very -- or something in my mind or just noise?
Sorry, Vitor, I had my mic switched off. So going to the fiber business. So what happens -- what happened on the fiber business are primarily a number of things. primarily related to the quality of the acquisitions and the management of the customer life cycle. So when you go into the quality of the acquisitions, it's primarily related to optimization on our credit scoring of the customer base and local targeting and the commercial channel footprint. So there are some channels that are naturally -- that provides naturally more quality, whereby other channels provide less quality.
And so we changed over time the mix of our acquisition, and we targeted better high-value segments within the footprint. So this is for the entrance of customers. On the other side, there has been a lot of improvements on the churn management side. And this is partly related to the first question because if you get more quality at the beginning, you lose less customers because of bad debt and delinquency rates. And at the same time, we improved the quality of the service as a whole. So these are the 2 main areas when we had some relevant progress that moved us into net growth.
When you go to the competitive environment, you're right that over the last quarter since the launch, [indiscernible] has been increasing progressively the allowances to their customers. So they started with 3 plants with a specific allowance. And then over time, this is, I think, the third time where they're increasing their allowance, so more gigabyte per price. And to some extent, I think they reduced the price in some plants on some BTL offer to our knowledge.
I would say that the -- playing the gigabyte per revenue side is something that we can respond quickly because it's our network. It's -- we are deploying 5G. We've got [ 4 ] of spare capacity. We didn't do so yet because so far, the -- what we see, it doesn't request an answer on our side. And so we keep monitoring the progress in terms of losing customers or potentially losing customers to them. So far, no need to respond.
Our next question comes from Maria Clara Infantozzi from Itaú BBA.
I would like to [indiscernible], please, how do you see the growth opportunities coming from B2B and IoT? You have been vocal about the monetization coming from the market. So just wanted to ask you about how do you see the size of the opportunity, your long-term goals and how you see the evolution of revenues in the short term?
I'm not sure that, Maria, understood correctly your question. I will try to rephrase it. And basically, if I understood correctly, is how we are going to maintain the growth in the BIoT segment? What is the question?
Yes. Actually, I asked you to please explore more how you see the long-term growth coming from B2B as you have been vocal about the monetization opportunities. And if you could please comment how short-term and long-term goals are perceived by you, and where are the opportunities would be great.
Okay. So -- and Maria, just to be clear, it's just B2B or it's in general?
B2B and IoT, which is...
B2B and IoT, okay. Got you. So, Maria, it's basically, the way we're -- as you know, our legacy on B2B is pretty small. So if you compare us to other players in the market, we don't have a legacy. And therefore, we put together a strategy that is specific to our DNA. So we selected some verticals and the verticals we selected, for the time being, are agribusiness. It is the first one that we launched. Infrastructure was the second one. We got utilities that it's quite promising in Brazil and mining.
And we selected these verticals because we think they got a larger fit with our technological, let's say, DNA, let's put it this way. And the way we look at this is that we started organically now, and we got quite a traction on these 4 verticals on a concept that we call coverage as a service, primarily. And this has been driving in the -- as we speak, the growth in these verticals. When you look more at the medium term, we have the ambition to increase our portfolio of solutions to include security, to include cloud that we can cross upsell to our services and possibly to expand the number of verticals we are servicing. As an example, the one that we are working is manufacturing.
And these competencies and capabilities, we can grow them internally, and we are working on that already. We've been working on that already. But we are also looking at ICT inorganic moves that will provide us the ability at a faster pace to win a larger share of wallet of our customers. So this is not something that -- so we moved -- it's something new within our strategy. It's been launched a few years ago. We almost reached BRL 1 billion of contracted revenues over these years. We are recognizing as a leading partner in the verticals where we operate. If you look at the clients we have there, we've been successful commercially.
And now we have, in the coming years, the objective is to consolidate our positioning and expand the portfolio of services and the relationship with our customers. And therefore, if you look more on the medium term, it's going to be a mix of organic and inorganic growth.
Our next question comes from Phani Kanumuri from Santander.
So I have a couple of questions here. The first one is on your operating cash flow after lease. In the first 9 months, it has a growth rate of 11.8%, but it's trending slightly lower than the 14% to 16% for this year. So what is driving that? And the second one is looking at the competitive situation now, how do you -- how confident are you on your 3-year plan in terms of revenue guidance and results?
Let me take the first one, and I will pass the second one to Andrea. I will repeat it just to be sure that we understand it correctly. So the first one in terms of competitive environment, we -- as I mentioned, I think, to Bernardo in the first question, we -- the overall -- at least on mobile and not on broadband, but on mobile, the competitive environment remains rational. And therefore, we are in the position basically to keep growing the top line according to the guidance that we shared with you last year.
Of course, as every year, in February next year, we're going to upgrade it. And therefore, when you look at the overall mobile environment, I would say that it didn't change versus the picture that we presented when we shared our guidance in February. And therefore, everything is confirmed. Of course, there are nuances whereby we see postpaid in mobile driving the growth. and a potentially improving situation in the prepaid environment. When you look -- and the second question, if I understood correctly, is the operating free cash flow dynamics, 11.8% versus our guidance of 14%, 16%. Was that the question, Phani?
That's the question, Alberto.
Yes, that's the question. Basically, if you look at our dynamics, we are confirming our guidance. And we believe that when you look at how revenue growth, EBITDA expansion, EBITDA after lease expansion and CapEx will combine in the next quarter. This will put our operating free cash flow expansion within the range of our guidance. Now since we are at the end of the year, basically, you can easily do the calculation and see what this will imply in our numbers, but I'll leave this to you, but we are confirming our guidance for the full year.
Next question comes from David Lopes from New Street Research.
Just a couple of follow-ups. On the price increase you did in Q3, I was wondering if you could give a bit more color like maybe the magnitude and what's the percentage of the base affected? And now that prepaid trends are easing, I was wondering if next year, do you have a possibility to do a price increase next year on prepaid? Or is it still too early? And the second question is on B2B. I was wondering if you could give any maybe color on margins you're getting from B2B? Is it dilutive to your margins or not?
Okay. David, I got the last 2 questions. I will address. I lost the first one. So on the second one, this is a prepaid price increase. Just an overall comment. Basically, the -- when you look at the more-for-more strategy, this is the way we implement it. So generally, it's a price adjustment that always comes with some extra benefits for our customer base. And on prepaid, given the construct of the offer, it's a bit trickier to change the price -- as today, we're basically marketing BRL 1 per day. So it's deeply linked in the offer construct as a sort of easy to deconstruct.
I would say that we are exploring as a way to monetize our customer base, the prepaid to control migration. And that's a way that we found very effective to monetize our customer base. We'll keep doing it. And the other thing we are looking at is the way we balance the benefits between prepaid and control to make sure that the migration makes sense as we increase prices. And so therefore, not entering into a lot of details into how we're going to do this, we can explore this in the one-to-one section, where we got some plans there as well.
When you look at the marginality of B2B, so the marginality of B2B, generally speaking, when you look, we got 50-plus EBITDA margin, the B2B offering goes below typically this number. But when you look at what really matters, which is cash flow generation, they are accretive. So they generally tends to be dilutive on the EBITDA margin, but that tends to be accretive on the bottom line. And that's it.
The first question, I'm not sure I got it. There was a first question or was these 2 questions, David?
It was just on the -- if you could comment on the magnitude of the price increase you did and what percentage of the base? Did you do the price increase just to hybrid or some pure postpaid customers?
This year, we did -- there are 2 types of price adjustments. We classify front book and back book adjustment. On the back book adjustment, we impacted both control and pure postpaid. We did it already. And it's not 100% of the customer base because we personalize this depending on a number of things in order to minimize attrition and churn management. But we did the back book price adjustment at the beginning of the year for both control and pure postpaid.
When you go to the front book price adjustment, we did those adjustments in midyear for control, and we didn't do it for pure postpaid. And I think that was the question from a colleague of yours before. And basically, what we are looking at is to make this adjustment. We are assessing. We didn't decide yet, but we think that there is space to adjust them, not now because we are in a promotional -- in a seasonal period of the year with the Black Friday and the Christmas campaign. So it's something that is probably going to happen in the first quarter of next year.
[Operator Instructions] Ladies and gentlemen, without any more questions, I will return the floor back to Mr. Alberto Griselli for his final remarks. Please, Mr. Alberto, you may proceed.
So thank you all for joining today's video call. We are arriving at the end of the year with strong momentum. We are executing our strategy with discipline and consistency. Despite being just 2 months away from 2026, we still have a lot to accomplish in '25. This year-end will be very exciting, and we expect to deliver on the promises we made to the market.
I really want to thank the entire team for their commitment and relentless drive. Thank you. And I look forward to catching up with you guys in the one-to-one session. Lastly, a final message to our sales team. We put together a special Black Friday offer for our customers. Let's go for it.
We conclude the third quarter of 2025 conference call of TIM S.A. For further information and details of the company, please access our website, tim.com.br/ir. You can disconnect from now on, and thank you once again.
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TIM SA - ADR — Q3 2025 Earnings Call
Finanzdaten von TIM SA - ADR
Umsatz
Der Umsatz stellt die Summe aller Einnahmen eines Unternehmens z. B. für dessen Produkte oder Dienstleistungen dar.
Umsatz (TTM) einfach erklärtDirekte Kosten
Direkte Kosten sind die Kosten, die direkt im Zusammenhang mit der Herstellung des Produkts oder der Dienstleistung entstehen.
Bruttoertrag
Der Bruttoertrag gibt an, wie viel vom Umsatz nach Abzug der direkten Herstellkosten im Unternehmen verbleibt. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von der Bruttomarge (engl. Gross Margin).
Brutto Marge einfach erklärtVertriebs- und Verwaltungskosten
Die Vertriebs- & Verwaltungskosten (engl. Selling, General & Administrative expenses, kurz SG&A) beinhalten alle Aufwände für Marketing und den Verkauf sowie die allgemeine Verwaltung des Unternehmens.
Forschungs- und Entwicklungskosten
Die Forschungs- und Entwicklungskosten (engl. research & development costs, kurz R&D) geben Auskunft darüber, wie viel das Unternehmen in die Forschung und die Entwicklung seiner Produkte investiert. Vor allem prozentual vom Umsatz und im Vergleich zu direkten Wettbewerbern sind die Kosten interessant.
EBITDA
Das EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) ist der Gewinn des Unternehmens vor Zinsen, Steuern und Abschreibungen. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von der EBITDA-Marge.
Abschreibungen
Abschreibungen stellen Wertminderungen von Vermögensgegenständen des Unternehmens dar (z.B. durch Abnutzung von Maschinen).
EBIT (Operatives Ergebnis)
Das EBIT (engl. Earnings Before Interest and Taxes) ist der Gewinn des Unternehmens vor Zinsen und Steuern, das auch als operatives Ergebnis bezeichnet wird. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von
der EBIT-Marge.
Nettogewinn
Der Nettogewinn stellt den Gewinn oder Verlust nach Abzug aller Kosten dar.
Nettogewinn einfach erklärtaktien.guide Premium
| Jun '26 |
+/-
%
|
||
| Umsatz | 5.278 5.278 |
5 %
5 %
100 %
|
|
| - Direkte Kosten | 2.397 2.397 |
17 %
17 %
45 %
|
|
| Bruttoertrag | 2.880 2.880 |
36 %
36 %
55 %
|
|
| - Vertriebs- und Verwaltungskosten | 1.350 1.350 |
72 %
72 %
26 %
|
|
| - Forschungs- und Entwicklungskosten | - - |
-
-
|
|
| EBITDA | 1.516 1.516 |
15 %
15 %
29 %
|
|
| - Abschreibungen | 177 177 |
13 %
13 %
3 %
|
|
| EBIT (Operatives Ergebnis) EBIT | 1.339 1.339 |
15 %
15 %
25 %
|
|
| Nettogewinn | 833 833 |
19 %
19 %
16 %
|
|
Angaben in Millionen USD.
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| Hauptsitz | Brasilien |
| CEO | Mr. Griselli |
| Mitarbeiter | 8.873 |
| Gegründet | 1998 |
| Webseite | www.tim.com.br |


