Company Overview - Telecom Italia operates in Italy and Brazil, providing fixed, mobile, and data services under the TIM brand [1] - The company is primarily listed on the Italian Stock Exchange [1] Investment Philosophy - The investment philosophy focuses on identifying opportunities with a compelling margin of safety and an asymmetric risk-reward profile [1] - The approach emphasizes meticulous analysis of companies to uncover those with sound fundamentals and attractive valuations [1] Experience and Sector Focus - The individual has over 15 years of experience in the financial sector, with a university degree in business management and economics [1] - The investment strategy maintains a broad perspective across diverse industries, while avoiding complexities in banking, specialized IT, and biotech sectors [1] Investment Decision Process - Investment decisions are guided by a disciplined approach to value investing, emphasizing thorough due diligence [1] - This includes scrutinizing financial statements, assessing management quality, and evaluating competitive positioning within the industry [1]

FY 2024 Preliminary Results and Strategic Plan Update 13 February 2025 1 #1 Key messages Pietro Labriola, Group CEO 2 TIM Group A transformational year… | FY 2024 guidance | Achieved | | --- | --- | | NetCo disposal | Completed | | Largest ever EU liability management | Completed | | INWIT residual stake disposal | Completed | | Sparkle disposal | Approved | | '98 Concession fee | To be cashed-in | 3 TIM Group Plan ambitions TIM CONSUMER TIM ENTERPRISE Leading the Telco & ICT revolution in Italy Capital str ...

Financial Data and Key Metrics Changes - Group revenues increased by 3.4% and EBITDA after lease rose by 11% [4] - CapEx was €1.3 billion, representing 12.5% of revenues, with EBITDA after lease minus CapEx at €1.4 billion, up 35% [4] - Net debt after lease reduced by over €100 million in Q3, landing just below €8 billion [4][28] Business Line Data and Key Metrics Changes - Domestic revenues increased by 1.8% and EBITDA after lease was up 8.3% [5] - TIM Consumer's top line remained flat, with wireline ARPU growing by 8% and mobile ARPU down year-on-year but improved sequentially [11][12] - TIM Enterprise reported total revenues increased by 6% and service revenue by 8%, with a significant acceleration in Q3 [17] Market Data and Key Metrics Changes - The wireline market remains stable, but there is increasing pressure from energy players [9] - The mobile market is competitive, particularly on the low end, but the top end is showing more rational behavior [10] - TIM Brasil is outperforming peers in terms of EBITDA and cash flow margin, demonstrating strong operational efficiency [22] Company Strategy and Development Direction - The company aims to grow in IT while protecting the connectivity business, which currently contributes to 50% of total revenues [15] - The strategy includes bundling services with content to enhance customer retention and increase ARPU [36] - The focus is on maximizing cash generation and shareholder value, with plans for further improvement in operational efficiency [32][27] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the complexity of the current year due to NetCo separation but remains optimistic about Q4 performance [9] - The company expects to see a significant reduction in net debt in Q4, driven by favorable seasonality [28] - There is a positive outlook for cloud services, with strong growth anticipated due to the National Strategic Hub [18][92] Other Important Information - The company has achieved approximately €170 million in savings in terms of EBITDA after lease minus CapEx, equivalent to almost 80% of the full-year target [26] - The company is exploring partnerships in the energy sector to offer bundled services [35] Q&A Session Summary Question: Domestic competition and partnerships with energy providers - Management confirmed interest in partnerships with energy providers and emphasized the importance of bundling services to enhance competitiveness [35][36] Question: Update on the agreement with Open Fiber - Management highlighted the exclusivity in areas covered by FiberCop and the ability to use Open Fiber in black areas without limitations [41][42] Question: Capital allocation and structure optimization - Management stated that further details on capital allocation and structure optimization will be provided in the upcoming plan presentation [43][44] Question: Update on concession fees and discussions with the government - Management provided an update on the appeal process regarding concession fees and the expected timeline for a decision [55][56] Question: Flexibility in commercial approach post-NetCo sale - Management confirmed increased flexibility in commercial strategies, particularly in bundling offers [62] Question: Enterprise contract growth and margin implications - Management indicated that the growth in enterprise contracts is expected to be accretive, with a focus on maintaining margins [86]

Telecom Italia S.p.A. (OTCPK:TIIAY) Q2 2024 Earnings Conference Call August 1, 2024 5:00 AM ET Company Participants Pietro Labriola - Chief Executive Officer Adrian Calaza - Chief Financial Officer Andrea Rossini - Head-Consumer, Small and Medium Market Office ElioSchiavo - Chief Enterprise & Innovative Solutions Office Paolo Lesbo - Head of Investor Relations Conference Call Participants Giorgio Tavolini - Intermonte Joshua Mills - BNP Paribas Mark Watts - Citi Fabio Pavan - Mediobanca James Ratzer - New S ...

Financial Data and Key Metrics Changes - The company achieved a debt reduction of almost €1 billion, reaching record levels in the first nine months, which is entirely organic [15][33][57] - Equity free cash flow in the first nine months is six times higher than the previous year, with €1.2 billion generated, including €444 million in Q3 [15][34] - Service revenues decreased by 4% year-on-year, while EBITDA fell by 4.5% [35] - CapEx was down 9% year-on-year, aligning with the guidance of a €200 million reduction for the full year [35][58] Business Line Data and Key Metrics Changes - Mobile ARPU increased quarter-on-quarter to €12.9, indicating a rebound due to a more rational pricing approach [36] - Mobile service revenues declined by 7.2%, but this was an improvement compared to Q2, attributed to ARPU increases [38] - Fixed revenues, excluding Sparkle, declined by 1.4% year-on-year, with fixed service revenues down 5% [39][40] - The number of broadband lines grew, with retail line losses decreasing to 225,000 from 346,000 in Q2 [43] Market Data and Key Metrics Changes - TIM Brasil reported a 3% year-on-year increase in service revenues, with EBITDA growing by 6.8% [54] - The FTTH network in Brazil grew by over 150%, reaching 1.9 million households [56] - The company holds an 11% market share in the cloud services sector in Italy, which is expected to grow significantly [21] Company Strategy and Development Direction - The company is focused on transforming into a leaner organization, with plans for 5,000 exits by the end of next year [7] - A strategic alliance with Google Cloud was announced, aimed at enhancing cloud service offerings and creating a new company for data centers [19][27] - The company is committed to reducing debt and improving cash conversion, with a focus on operational efficiency [64] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving stable revenues in 2020, despite challenges in service revenue due to a shift towards equipment sales [74] - The company is optimistic about the Brazilian market, expecting continued growth in key metrics [14] - Management emphasized the importance of cash flow and operational performance, indicating a shift in corporate culture towards cash generation [124] Other Important Information - The company has initiated a countrywide digital education initiative called Operation Digital Renaissance, targeting over 1 million citizens [48] - A partnership with Santander for consumer credit was announced, aiming to reduce bad debt and improve financial management [28][30] Q&A Session Summary Question: Outlook on service revenue for 2020 - Management indicated that while there is a shift from service revenue to equipment, they expect revenues to remain stable, with a slight decline anticipated [74] Question: Timeline for data center business monetization - Management clarified that the focus is on creating a cloud offering rather than monetization, with potential for small equity sales to finance growth [76][78] Question: Impact of cash taxes on future cash generation - Management confirmed that the lower cash taxes experienced will remain stable moving forward [107] Question: Broadband strategy evolution - Management stated that the strategy will focus on growing the broadband market rather than competing for market share, maintaining a rational pricing approach [96] Question: Update on Open Fiber negotiations - Management expressed uncertainty about reaching an MOU by year-end but indicated ongoing discussions with infrastructure funds [112]

| --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------|-------|-------|-------| | | | | | | | | | | | Q3 '19 Results Deleveraging and enhancing value November 8 th , 2019 TIM Group Luigi Gubitosi Giovanni Ronca | | | | Safe Harbour 1 This presentation contains statements that constitute forward looking statements regarding the intent, belief or current expectations of future growth in the different business lines and the glo ...

Investment and Innovation - In 2018, TIM invested approximately €1,165 million in technological innovation, representing around 8% of its revenues[956]. - The company committed around 1,300 personnel to technological innovation and engineering efforts in Italy[956]. - TIM's total investment in research contracts in 2018 amounted to €840,000, involving 18 contracts[954]. - The company participated in the Ministry of Economic Development's tender for 5G frequencies, with a total commitment of €2,399 million[957]. - By the end of 2018, TIM had established LTE 700 MHz coverage in over 1,400 cities, enhancing its market presence[980]. - TIM's patent portfolio included 3,256 patents in 2018, with 2,754 granted across 41 countries[971]. - The IoT Open Lab hosted over 180 companies and customers in 2018, fostering partnerships for IoT solutions[964]. - TIM's research and development activities received nearly €14 million in funding from the European Commission and national public administrations from 2016 to 2018[966]. - The company is actively involved in 5G projects, with significant participation in European initiatives and collaborations with major technology providers[958]. - TIM's Innovation & Technology department in Brazil concluded over 180 validation and innovation projects in 2018, with investments totaling R$4 million[976]. - The introduction of energy efficiency solutions led to a reduction in energy consumption of up to 10% during low traffic periods for 2G, 3G, and 4G access layers[984]. - TIM has been involved in RAN Sharing Solutions since 2007, optimizing network resources and costs, particularly in rural areas of Brazil[983]. - The company invested in TIM Lab and the E2E sector in 2017, enhancing smart parking applications and preparing for future NB-IoT and LTE-M commercial networks launched in 2018[984]. - TIM Participações joined the Telecom Infra Project (TIP) in 2017, establishing TIM Lab as the first TIP Community Lab in Latin America to develop universal standards for telecommunications infrastructure[987]. - The partnership with Nokia and BR Digital since 2018 has enabled connectivity services in rural areas, promoting digital inclusion and agrobusiness applications[986]. - The expansion of LTE coverage and activation of Carrier Aggregation strategy aims to improve customer experience through higher throughput[985]. - The company anticipates that large-scale IoT implementation could significantly transform the mobile market, particularly in agriculture and healthcare[984]. - TIM's strategy includes managing innovation and developing new technologies to remain competitive in both price and service offerings[994]. Corporate Governance and Leadership - The Board of Directors was fully renewed on May 4, 2018, with a total of 15 directors appointed, and the overall annual remuneration set at €2,200,000[996]. - The Board of Directors held 21 meetings, while the Control and Risk Committee also met 21 times, indicating active governance and oversight[142]. - The Nomination and Remuneration Committee met 14 times, reflecting ongoing attention to management and board composition[142]. - The Strategic Committee convened 4 times, focusing on long-term strategic initiatives[142]. - The Related Parties Committee held 9 meetings, ensuring compliance and management of related party transactions[142]. - The company experienced a significant leadership transition, with various executives holding key positions in finance, technology, and human resources, enhancing its strategic capabilities[1034][1037][1038]. - The company has a strong focus on technology and digital marketing, with executives holding advanced degrees and extensive experience in telecommunications and media sectors[1031][1037]. - The company is actively involved in corporate governance, with a structured Board of Statutory Auditors overseeing compliance and audit processes[1047]. - The company has a diverse executive team with backgrounds in finance, law, and technology, contributing to a well-rounded leadership approach[1032][1034][1036]. - The company has engaged in strategic appointments to enhance its legal and tax affairs, ensuring robust compliance and governance[1032]. - The company is focused on maintaining high standards of corporate governance and transparency, as reflected in its audit processes and board structure[1051]. Workforce and Employee Relations - The total number of employees decreased by 1,528 units from 59,429 in 2017 to 57,901 in 2018, with domestic terminations accounting for 2,198 units[1055]. - In Brazil, TIM Brasil group saw an increase of 150 employees, rising from 9,508 in 2017 to 9,658 in 2018[1056]. - The company plans to implement a Defensive Solidarity Contract affecting approximately 30,000 employees, which includes a 10% reduction in working hours over 12 months[1074]. - TIM aims to reduce its workforce by around 6,500 staff without forced redundancies while recruiting about 2,000 young people[1067]. - An agreement was signed in June 2018 to manage 4,500 redundancies in a socially sustainable manner as part of the 2018-2020 Business Plan[1069]. - The company has initiated negotiations for a new collective labor contract, addressing various employee benefits including paternity leave and early maternity return[1073]. - TIM has established a framework for industrial relations to enhance collaboration with trade unions, focusing on preventive information and discussions[1062]. Executive Compensation - The total compensation for the Board of Directors in 2018 amounted to €4.2 million, with a maximum annual remuneration set at €2.2 million[1076]. - The Executive Chairman's fixed remuneration was €900,000 gross per annum, with no variable short-term remuneration received[1078]. - The Chairman's fixed emolument was established at €600,000 gross per annum, excluding additional roles[1080]. - Mr. Genish's gross salary as General Manager was €1,000,000 per annum, with an additional fixed remuneration of €400,000 as CEO[1090]. - The target MBO for Mr. Genish was set at €1,400,000 gross per annum, but it was cancelled due to unmet EBITDA thresholds[1091]. - Mr. Gubitosi's gross remuneration as CEO was also €1,000,000 per annum, with a fixed sum of €400,000 and a target MBO of €1,400,000 for 2019[1097]. - Under the Long-term Incentive Plan 2018-2020, Mr. Gubitosi was attributed the right to receive up to 19,215,686 shares depending on performance[1098]. - The total compensation for the current Board of Directors amounted to €3,054,000, including fixed and variable remuneration[1099]. - The end-of-office payment for Mr. Genish could be either nil or €400,000, contingent on performance evaluations[1090]. - The Board of Directors revoked all attributions granted to Mr. Genish on November 13, 2018, with termination effective November 14, 2018[1093]. - The Long-term Incentive Plan allows for adjustments in share allocation based on performance metrics for the period 2018-2020[1092]. - The total fixed remuneration for the current Board of Directors was €2,487,000, with variable non-equity remuneration of €425,000[1099]. - Mr. Genish is not entitled to any MBO or Long-term Incentive payments due to performance outcomes[1095]. - Total remuneration for the previous Board of Directors amounted to €1,132,000, with fixed remuneration of €932,000 and variable remuneration of €187,000[110]. - The total remuneration for the current Board of Directors reached €4,186,000, which includes €3,419,000 in fixed remuneration and €612,000 in variable non-equity remuneration[110]. - The Chief Executive Officer, Luigi Gubitosi, received a total remuneration of €168,000 for his roles as General Manager and Chief Executive Officer during the reporting period[1102]. - Amos Genish, former Chief Executive Officer, earned a total of €1,065,000 during his tenure, which includes €859,000 as General Manager and €206,000 as Chief Executive Officer[1103]. - The remuneration for directors serving on various committees included €25,000 for the Nomination and Remuneration Committee and €28,000 for the Control and Risk Committee[1113][1114]. - The total remuneration for the Chairman, Fulvio Conti, was €0 as he did not receive any remuneration for his role as Director or Strategy Committee member[1101]. - The total remuneration for the Deputy Executive Chairman, Giuseppe Recchi, was €38,000, which includes €10,000 for his role and €28,000 for additional responsibilities[1123]. - The total remuneration for directors in the Strategic Committee was €16,000 for Massimo Ferrari and €3,000 for Giuseppe Recchi during the reporting period[1125][1127]. - The total remuneration for the Board of Directors included various amounts for committee memberships, with some directors receiving up to €28,000 for their roles[1112][1114]. - The overall financial compensation structure reflects a significant portion allocated to fixed remuneration, indicating a stable compensation strategy for the Board[110]. - Total compensation for executive officers in 2018 was €14.0 million[1139]. - Annual compensation for each member of the Board of Auditors is €95,000, with the Chairman receiving €135,000[1145]. - Total compensation paid to the Board of Auditors in 2018 was approximately €520,000[1146]. - Compensation for the Chairman of the Board of Statutory Auditors was €136,000[1147]. - Compensation for each Acting Auditor was €65,000[1147]. - The remuneration for the Control and Risks Committee members includes €15,000 for one director and €7,000 for the Chairman[1130]. - The total remuneration for the Board Directors varies, with specific amounts detailed for each member[1134]. - Stock options granted to executive officers are disclosed in aggregate, with specific plans outlined[1140]. - The company has no general non-competition policies for executive officers with strategic responsibilities[1140].