There “new Tim” without a network (Netco) highlights one decent profitability, in line with forecasts formulated by management during the Capital market day last February and a debt reduction in line with estimates. The results of the first 9 months of the year were presented by the Management, the CEO Pietro Labriola and the CFO Adriano Calaza to the financial community.
Meanwhile the Tim shares have accelerated on the stock market, after an already tonic debut, and they gain almost 5% to 0.22876 euros.
A special year: the first of the new Tim
Ad Labriola recalled that this is a “special year” for Tim and that the new perimeter, which excludes the network, has only been operational for four months, therefore Tim’s new dynamics have yet to be implemented. Labriola spoke of a “key year to set future growth” and it has confirmed the guidance of the year, indicating that “there is room for improvement” by the end of the year.
Labriola then confirmed that “there is space for possible shareholder remuneration” (dividend), but the details will be provided at the end of 2025, with the new 2025-2027 plan and after the first year of activity of the new Tim.
Speaking more generally about the TLC sector, Labriola recalled “there are too many of us” and specified “I’m not saying it but they’re saying it at community level”. The manager then reiterated that Italy is the European country with the lowest tariffs and the second in the world with the lowest prices.
The numbers of the 9 months
Tim ended the first nine months of 2024 with total revenues of 10.7 billion euros, up 3.4% year on year (+1.8% in the domestic sector to 7.4 billion euros, +7.2% in Brazil to 3.3 billion euros); revenues from services are growing by 4.1% to 10 billion euros (+2.7% in the domestic sector to 6.8 billion euros, +7.1% in Brazil to 3.2 billion euros).
Growing EBITDA increasing by 8.7% to 3.3 billion of euros (+8.3% in the domestic sector to 1.6 billion euros, +9% in Brazil to 1.6 billion euros); EBITDA After Lease also grew, rising by 11.1% year on year to 2.7 billion euros (+8.3% in the domestic sector to 1.5 billion euros, +14.4% in Brazil to 1.3 billion euros).
Adjusted Net Financial Debt After Lease of the Group as of 30 September 2024 fell under 8 billion eurosdown by over 0.1 billion euros compared to the value immediately following the completion of the sale of NetCo. The evolution of the net financial position expected in the last quarter of the year will allow the Group to achieve the indicated deleverage objective, with a ratio between the adjusted Net Financial Debt After Lease and the organic Ebitda After Lease less than or equal to 2x.
The performance of the 3 core divisions without a network
Tim Consumer recorded total revenue stable a 4.5 billion euros and revenues from services amounting to 4.2 billion euros (+0.2% year on year), continuing the stabilization path undertaken in previous quarters.
Tim Enterprise recorded total revenues of 2.3 billion euros (+5.8% year on year) and service revenues of 2.1 billion euros (+8.0% year-on-year), continuing to outperform the reference market.
Tim Brazil recorded revenues equal to 3.3 billion euros (+7.2% year on year), revenues from services of 3.2 billion euros (+7.1% year on year) and an EBITDA of 1.6 billion euros (+9.0% year on year), continuing on the growth path undertaken in last two years thanks to the push of the mobile segment.
