TIM recorded an increase in revenues and margins in the first nine months of 2025, with growth both in the domestic market and in Brazil, and confirmed all forecasts for the current year, expecting a clear acceleration of the growth path in the last quarter of 2025.
The results of the group
The Group’s total revenues amount to 10 billion euros, up 2.3% year on year (+1.2% in the domestic sector to 6.9 billion euros, +4.7% in Brazil to 3.1 billion euros); Group service revenues are growing by 3.0% year on year to 9.4 billion euros (+1.9% in the domestic sector to 6.4 billion euros, +5.2% in Brazil to 3.0 billion euros).
Group EBITDA is growing, increasing by 5.4% year on year to 3.2 billion euros (+4.1% in the domestic sector to 1.6 billion euros, +6.8% in Brazil to 1.6 billion euros); the Group’s EBITDA After Lease also grew significantly, rising by 5.3% year on year to 2.7 billion euros (+4.1% in the domestic sector to 1.5 billion euros, +6.9% in Brazil to 1.2 billion euros).
The performance of the divisions
TIM Consumer recorded substantially stable total revenues (-0.4% year on year) at 4.5 billion euros, while revenues from services were stable at 4.2 billion euros. The main KPIs are improving: ARPU clearly growing in fixed lines and slightly rising in mobile, thanks also to the repricing activities carried out which, since the beginning of 2025, have involved approximately 4 million fixed lines and approximately 3.4 million mobile lines. The effects on churn were lower than expected, remaining stable, with a net balance of lines linked to mobile number portability (MNP) remaining neutral. The implementation of the strategy linked to the Customer Platform continues successfully, with a 4.8% increase in TimVision’s service revenues. At the end of the quarter, the new TIM Energia service powered by Poste Italiane, dedicated to retail customers, was also launched and received a positive reception from the market.
TIM Enterprise recorded total revenues of 2.4 billion euros (+4.4% year-on-year) and revenues from services of 2.2 billion euros (+5.5% year-on-year), continuing to perform better than the reference market. The Cloud confirms itself as the main business line and the one with the fastest growth, with an increase in revenues from services of 23% year on year, also thanks to the services offered at the National Strategic Hub. The percentage of revenues from services linked to ICT rises to 65% (+3 percentage points year on year), while connectivity is decreasing slightly. The share of revenues generated by the Group’s factories is increasing (+2 percentage points), with a trend expected to accelerate further. The value of the order book is expected to grow to around 4.0 billion euros by the end of the year.
TIM Brasil recorded total revenues of 3.1 billion euros (+4.7% year-on-year) and revenues from services of 3 billion euros (+5.2% year-on-year). EBITDA After Lease is equal to 1.2 billion euros (+6.9% year on year), with a growth trend that has reached the tenth consecutive quarter and continues thanks to the push from the mobile segment and cost efficiency.
The knot of debt
Furthermore, during the nine months, the transformation actions aimed at increasing the level of structural efficiency of the domestic perimeter continued successfully, with a benefit of approximately 130 million euros to the EBITDA AL-CAPEX for the period, equal to 65% of the target for the entire financial year. Group investments amount to 1.2 billion euros, equal to 12.1% of revenues.
The Group’s Adjusted Net Financial Debt After Lease as of 30 September 2025 remains essentially stable at 7.5 billion euros2 and the Equity Free Cash Flow After Lease for the third quarter is positive at 0.1 billion euros. For the last quarter of the year, TIM expects cash generation in line with the indications provided to the market for the entire financial year.
Projects with Poste
The Board of Directors also took note of the management’s presentation on synergies with Poste Italiane. In particular, on the Consumer front, in addition to the TIM Energia powered by Poste Italiane offer, launched at the end of the third quarter, the MVNO contract for PosteMobile was signed, with the migration of customers expected in the first quarter of 2026, and evaluations of cross-selling initiatives for retail and SMB customers were started.
TIM and Poste Italiane have also signed a letter of intent for the establishment of a joint venture on cloud services based on generative AI and open source technologies, which aims to consolidate the two Groups’ leading role in the digitalisation of the country.
