Company Overview - TIM S.A. Sponsored ADR (TIMB) is based in Rio De Janeiro and operates in the Computer and Technology sector [3] - The stock has experienced a price increase of 79.85% since the beginning of the year [3] Dividend Information - TIMB currently pays a dividend of $0.09 per share, resulting in a dividend yield of 4.09% [3] - The Wireless Non-US industry has a yield of 2.73%, while the S&P 500's yield is 1.49% [3] - The company's annualized dividend of $0.87 has increased by 56.5% compared to the previous year [4] - Over the past 5 years, TIMB has raised its dividend three times, averaging an annual increase of 9.26% [4] - The current payout ratio is 60%, indicating that 60% of its trailing 12-month EPS is distributed as dividends [4] Earnings Growth - The Zacks Consensus Estimate for TIMB's earnings in 2025 is $1.38 per share, reflecting a year-over-year growth rate of 14.05% [5] - Dividends are favored by investors as they enhance stock investing profits, reduce overall portfolio risk, and offer tax advantages [5] Investment Considerations - TIMB is considered a strong dividend investment opportunity, especially in the context of rising interest rates where high-yielding stocks may face challenges [6] - The stock currently holds a Zacks Rank of 3 (Hold), indicating a stable investment outlook [6]

Core Viewpoint - TIM S.A. Sponsored ADR (TIMB) has received an upgrade to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][4]. Earnings Estimates and Revisions - The Zacks rating system is based on the changing earnings picture of a company, specifically tracking the Zacks Consensus Estimate for EPS from sell-side analysts [2]. - For the fiscal year ending December 2025, TIM is expected to earn $1.36 per share, which remains unchanged from the previous year, but the Zacks Consensus Estimate has increased by 1.9% over the past three months [9]. Impact of Institutional Investors - Changes in earnings estimates are strongly correlated with stock price movements, with institutional investors using these estimates to determine the fair value of shares, leading to buying or selling actions that affect stock prices [5]. Business Improvement Indicators - The upgrade in TIM's rating reflects an improvement in the company's underlying business, suggesting that investors may respond positively by driving the stock price higher [6]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a proven track record of Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [8]. - TIM's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [11].

Financial Data and Key Metrics Changes - Service revenues grew by 5.4% year over year, with EBITDA increasing by 6.5%, resulting in a margin of 49.5% [4][5] - Operating cash flow expanded significantly, reflecting improved profitability and a commitment to shareholder distribution [4] Business Line Data and Key Metrics Changes - Total service revenue in Q2 grew by 5.1% year on year, with mobile services growing at a faster pace of 5.6% [6] - Postpaid services now account for nearly 70% of mobile service revenues, with a year-over-year growth of 12.2% in Q2 [7] - The company added over 450,000 new postpaid customers in the second quarter [6] Market Data and Key Metrics Changes - In state capitals, 5G accounts for 30% of data traffic, with São Paulo seeing an offload of 36% [16] - The number of 5G devices has grown fivefold since 2022, now representing 28% of total devices [15] Company Strategy and Development Direction - The company is focused on network modernization and expanding partnerships to develop new revenue opportunities [5][11] - A strategic initiative includes enhancing the B2B IoT strategy, particularly in agribusiness, utilities, and logistics [11][12] - The company aims to secure new partnerships in financial services and expand its digital ecosystem [23] Management's Comments on Operating Environment and Future Outlook - Management acknowledges increased global volatility but remains committed to executing strategic initiatives to meet 2025 targets [5][22] - The competitive landscape is viewed as rational, with a focus on quality rather than aggressive pricing strategies [58] Other Important Information - The company has been recognized as the most sustainable Brazilian company, leading the B3 Sustainability Index [5] - Significant strides have been made in ESG commitments, including renewable energy use and diversity policies [22] Q&A Session Summary Question: Outlook for lease lines in the remainder of the year - Management indicated that negotiations with partners are ongoing, with a focus on achieving lease increases in line with inflation [33][35] Question: Evolution on management's thoughts about the fixed business - Management stated there are no new updates on inorganic opportunities, focusing instead on optimizing existing operations [29][30] Question: CapEx and leasing efficiency measures outlook for the second semester - Management confirmed that CapEx efficiency is improving, particularly in network modernization efforts [40][41] Question: Sale and marketing expenses outlook - Management noted that marketing costs are being managed through increased efficiency and a shift towards e-commerce [43][44] Question: Growth in mobile revenue driven by roaming revenues - Management explained that growth is attributed to user-generated revenues and new roaming agreements, contributing positively to overall revenue [51][52] Question: Increase in network and interconnection costs - Management clarified that the increase is due to higher international roaming costs and a growing customer base, which is expected to maintain a positive margin [60][61] Question: Perspectives on the prepaid segment - Management indicated ongoing efforts to improve prepaid revenue dynamics, focusing on recharge frequency and customer migration strategies [66]

Financial Data and Key Metrics Changes - Service revenues grew by 5.4% year over year, with total service revenue increasing by 5.1% in Q2 2025 [4][6] - EBITDA increased by 6.5%, resulting in a margin of 49.5% [4] - Operating cash flow expanded significantly, contributing to a strong financial performance [4][20] Business Line Data and Key Metrics Changes - Mobile services revenue grew at a faster pace of 5.6%, with the highest mobile ARPO in the industry at close to BRL33 per month [6] - Postpaid services accounted for nearly 70% of mobile service revenues, with a year-over-year growth of 12.2% [7] - The company added over 450,000 new postpaid customers in Q2 2025 [6] Market Data and Key Metrics Changes - TIM leads in 5G technology, with 30% of traffic now flowing through its 5G network [5] - In state capitals, 5G accounts for 30% of data traffic, with São Paulo seeing an offload rate of 36% [15] - The number of 5G devices has grown fivefold since 2022, now representing 28% of total devices [14] Company Strategy and Development Direction - The company is focused on network modernization, expanding partnerships, and developing new revenue opportunities [5] - TIM aims to enhance its B2B IoT strategy, particularly in agribusiness, utilities, and logistics [10] - The company is committed to providing integrated solutions that enhance operational efficiency for clients [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged increased global volatility but remains committed to executing strategic initiatives to meet 2025 targets [5][21] - The company is focused on developing new partnerships, particularly in financial services, and expanding its B2B IoT solutions [22] - Management emphasized a commitment to innovation, operational excellence, and sustainable growth [22] Other Important Information - TIM was recognized as the most sustainable Brazilian company, topping the B3 Sustainability Index [5] - The company has mapped 100 use cases for AI, with several projects focused on operational improvements [16] Q&A Session Summary Question: Outlook for lease lines in the remainder of the year - Management indicated that negotiations with partners are ongoing, and they are optimistic about achieving goals related to lease lines [31][33] Question: Evolution on management's thoughts about the fixed business - Management stated there are no new updates on inorganic progress but is focused on optimizing the organic side of the business [28][30] Question: CapEx and leasing efficiency measures outlook for the second semester - Management confirmed that CapEx efficiency is improving, particularly in network modernization projects [38][40] Question: Sale and marketing expenses outlook - Management noted that marketing expenses will increase due to more campaigns in the second half of the year [42] Question: Mobile revenue growth drivers - Management highlighted that growth is driven by user-generated revenues, roaming agreements, and B2B IoT progress [48] Question: Tower efficiencies and new RFQ partnership - Management explained that they are renegotiating contracts and exploring building new towers as an alternative [50][52] Question: Drivers behind the increase in network and interconnection costs - Management attributed the increase to higher international roaming costs and provider costs due to a new portfolio launch [57] Question: Competitive pressure from new entrants - Management believes the competitive environment is rational, focusing on quality rather than price competition [56]

Financial Performance - Service Revenue increased by 5.4% YoY in 6M25[9] - EBITDA grew by 6.5% YoY in 6M25, reaching a 49.5% margin, a 0.8 percentage point increase YoY[9] - Operating Cash Flow (OpCF) reached R$ 2.7 Billion, showing double-digit expansion[9] - Net Income expansion 14.3%[43] Mobile Business - Mobile Service Revenue grew by 5.9% YoY in 6M25[10] - Postpaid Net Adds (Ex-M2M) increased by 726k in 6M25[15] - Postpaid ARPU reached R$ 32.7/Mo in 2025, the highest in the industry[10] - Postpaid revenues have experienced rapid annual growth for 14 consecutive quarters[13] Infrastructure and Technology - Capex on Revenues was 17.1%, a decrease of 1.3 percentage points YoY[9] - 30% of traffic is now on 5G network[9] - 5G cost per GB is 30% of 4G[34] Sustainability - The company is recognized as the most sustainable Brazilian company in the B3 Sustainability Index (ISE)[9, 45] - 100% of the energy consumed comes from renewable sources[44]

[General Filing Information](index=1&type=section&id=General%20Filing%20Information) [Form 6-K Filing Details](index=1&type=section&id=Form%206-K%20Filing%20Details) TIM S.A. filed a Form 6-K report with the SEC on July 30, 2025, indicating it files annual reports under Form 20-F and is not submitting the Form 6-K in paper - **TIM S.A. filed a Form 6-K report on July 30, 2025**[1](index=1&type=chunk) - The company files annual reports under **Form 20-F**[2](index=2&type=chunk) - The company is not submitting the **Form 6-K in paper**[3](index=3&type=chunk)[4](index=4&type=chunk) [Quarterly Information Overview](index=2&type=section&id=Quarterly%20Information%20Overview) This section introduces the Quarterly Information for TIM S.A. as of June 30, 2025, and provides a table of contents for the report, outlining the various financial statements, performance commentary, and detailed notes - The document presents **TIM S.A.'s Quarterly Information as of June 30, 2025**[5](index=5&type=chunk)[6](index=6&type=chunk) - The report includes balance sheets, statements of income, comprehensive income, changes in shareholders' equity, cash flows, added value, performance comments, and detailed notes[7](index=7&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) [Balance Sheets](index=6&type=section&id=Balance%20Sheets) TIM S.A.'s balance sheet as of June 30, 2025, shows total assets of **R$56.95 billion**, with increased liabilities and decreased shareholders' equity Balance Sheet Summary (Thousands of Reais) | Item | June 2025 | December 2024 | | :-------------------------- | :---------- | :-------------- | | Total Assets | 56,954,895 | 56,327,311 | | Current Assets | 13,455,115 | 12,662,929 | | Non-Current Assets | 43,499,780 | 43,664,382 | | Total Liabilities | 31,829,409 | 29,922,675 | | Current Liabilities | 14,857,968 | 12,827,248 | | Non-Current Liabilities | 16,971,441 | 17,095,427 | | Shareholders' Equity | 25,125,486 | 26,404,636 | - Current liabilities exceeded total current assets by **R$1,402,853 thousand** as of June 30, 2025[119](index=119&type=chunk) [Statements of Income](index=8&type=section&id=Statements%20of%20Income) TIM S.A. reported a **R$1.77 billion net profit** for 1H25, a **36.3% YoY increase**, driven by **4.8% net revenue growth** and improved operating profit Statements of Income Summary (Thousands of Reais) | Item | June 2025 | June 2024 | Change (YoY) | | :------------------------------------ | :---------- | :---------- | :----------- | | Net revenue | 12,993,574 | 12,398,069 | +4.8% | | Gross income | 6,822,451 | 6,529,963 | +4.5% | | Operating profit | 2,840,653 | 2,487,145 | +14.2% | | Profit before income tax and social contribution | 1,867,470 | 1,512,201 | +23.5% | | Net profit for the period | 1,773,008 | 1,300,643 | +36.3% | | Basic earnings per share (R$) | 0.73 | 0.54 | +35.2% | | Diluted earnings per share (R$) | 0.73 | 0.54 | +35.2% | - Financial revenues significantly increased to **R$771,727 thousand** in June 2025 from **R$409,391 thousand** in June 2024, while financial expenses also rose to **R$1,659,666 thousand** from **R$1,415,230 thousand**[16](index=16&type=chunk) [Statements of Comprehensive Income](index=9&type=section&id=Statements%20of%20Comprehensive%20Income) TIM S.A.'s total comprehensive income for 1H25 was **R$1.77 billion**, matching net profit, indicating no other comprehensive income components Statements of Comprehensive Income (Thousands of Reais) | Item | June 2025 | June 2024 | | :------------------------------ | :---------- | :---------- | | Net profit for the period | 1,773,008 | 1,300,643 | | Other components of comprehensive income | - | - | | Total comprehensive income for the period | 1,773,008 | 1,300,643 | [Statements of Changes in Shareholders' Equity](index=10&type=section&id=Statements%20of%20Changes%20in%20Shareholders%27%20Equity) TIM S.A.'s shareholders' equity decreased to **R$25.13 billion** by June 30, 2025, mainly due to **R$3.04 billion in shareholder distributions**, partially offset by net profit Changes in Shareholders' Equity (Thousands of Reais) | Item | January 01, 2025 | June 30, 2025 | | :------------------------------------------------ | :--------------- | :-------------- | | Balances on January 01, 2025 | 26,404,636 | - | | Net profit for the period | - | 1,773,008 | | Long-term incentive plan | - | 11,751 | | Purchase of treasury shares, net of disposals | - | (47,906) | | Lapsed fractional shares | - | 23,997 | | Interest on Shareholders' Equity | - | (990,000) | | Additional dividends/interest on shareholders' equity distributed | - | (2,050,000) | | Distribution of reserve for expansion | - | - | | Balances at June 30, 2025 | - | 25,125,486 | - Shareholders' equity decreased by **R$1,279,150 thousand** from December 31, 2024, to June 30, 2025[20](index=20&type=chunk) [Statements of Cash Flows](index=12&type=section&id=Statements%20of%20Cash%20Flows) TIM S.A. generated **R$5.47 billion** in operating cash flow for 1H25, but investment and financing activities led to a **R$264 million net cash decrease** Statements of Cash Flows Summary (Thousands of Reais) | Activity Type | June 2025 | June 2024 | | :------------------------------------ | :---------- | :---------- | | Net cash generated by operating activities | 5,466,634 | 4,332,194 | | Net cash used in investment activities | (2,133,212) | (1,508,240) | | Net cash used in financing activities | (3,597,548) | (3,790,734) | | Increase (decrease) in cash and cash equivalents | (264,126) | (966,780) | | Cash and cash equivalents at end of period | 2,994,617 | 2,111,151 | - Operating activities saw a significant increase in cash generation, primarily from profit before income tax and social contribution and depreciation/amortization adjustments[24](index=24&type=chunk) - Investment activities included substantial investments in marketable securities and additions to property, plant, and equipment and intangible assets[25](index=25&type=chunk) - Financing activities were dominated by payments of lease liabilities, interest, and dividends/interest on shareholders' equity[25](index=25&type=chunk) [Statements of Added Value](index=14&type=section&id=Statements%20of%20Added%20Value) TIM S.A.'s total added value payable increased to **R$7.77 billion** for 1H25, distributed mainly to third-party capital, taxes, and shareholders Statements of Added Value Summary (Thousands of Reais) | Item | June 2025 | June 2024 | | :------------------------------------ | :---------- | :---------- | | Gross operating revenue | 19,392,739 | 17,817,307 | | Net added value produced | 6,960,225 | 6,538,236 | | Total added value payable | 7,767,460 | 7,063,983 | | Distribution to: | | | | Personnel and charges | 610,077 | 601,896 | | Taxes, fees and contributions | 2,880,236 | 2,968,993 | | Third-party capital remuneration | 2,496,392 | 2,187,305 | | Shareholders' Equity Remuneration | 1,773,008 | 1,300,643 | [Performance Comment](index=17&type=section&id=Performance%20Comment) [Financial Highlights](index=18&type=section&id=Financial%20Highlights) TIM S.A. achieved strong financial performance in 2Q25 and 6M25, driven by mobile service revenue growth and cost management, leading to increased net revenue, EBITDA, and net income [Operational Revenue](index=18&type=section&id=Operational%20Revenue) TIM S.A.'s total net revenue grew **4.7% YoY in 2Q25** and **4.8% in 6M25**, fueled by **5.6% mobile service revenue growth**, despite declines in fixed service and product revenue Net Revenues (R$ million) | Description | 2Q25 | 2Q24 | % YoY | 6M25 | 6M24 | % YoY | | :------------------ | :--- | :--- | :---- | :--- | :--- | :---- | | Net Revenues | 6,600 | 6,303 | 4.7% | 12,994 | 12,398 | 4.8% | | Services Revenues | 6,417 | 6,103 | 5.1% | 12,657 | 12,013 | 5.4% | | Mobile Service | 6,089 | 5,766 | 5.6% | 12,010 | 11,343 | 5.9% | | Fixed Service | 328 | 337 | -2.8% | 646 | 670 | -3.5% | - Mobile ARPU reached a record **R$32.7**, increasing **4.8% YoY**, driven by postpaid evolution and annual price adjustments[40](index=40&type=chunk)[45](index=45&type=chunk) - Postpaid Revenue expanded **10.7% YoY in 2Q25**, with Postpaid ARPU at **R$44.3 (+1.0% YoY)**, while Prepaid Revenue fell **10.6% YoY**, with Prepaid ARPU at **R$14.3 (-4.0% YoY)**[45](index=45&type=chunk)[46](index=46&type=chunk) - TIM Ultrafibra, the broadband service, declined by **3.6% YoY**, with an ARPU of **R$95.6 (-3.0% YoY)**, due to a competitive and fragmented market[47](index=47&type=chunk) [Operational Costs and Expenses](index=20&type=section&id=Operational%20Costs%20and%20Expenses) Normalized Operating Costs and Expenses grew **3.1% YoY in 2Q25** to **R$3.25 billion**, driven by network and interconnection, offset by lower selling and marketing, with bad debt rising Normalized Operating Expenses (R$ million) | Description | 2Q25 | 2Q24 | % YoY | 6M25 | 6M24 | % YoY | | :-------------------------------- | :--- | :--- | :---- | :--- | :--- | :---- | | Normalized* Operating Expenses | (3,249) | (3,150) | 3.1% | (6,558) | (6,355) | 3.2% | | Personnel | (378) | (366) | 3.3% | (736) | (730) | 0.8% | | Selling & Marketing | (952) | (1,002) | -5.0% | (1,914) | (1,982) | -3.4% | | Network & Interconnection | (1,247) | (1,079) | 15.6% | (2,569) | (2,214) | 16.0% | | General & Administrative | (207) | (208) | -0.6% | (418) | (429) | -2.4% | | Cost Of Goods Sold (COGS) | (256) | (268) | -4.5% | (514) | (570) | -9.9% | | Bad Debt | (191) | (172) | 11.0% | (373) | (338) | 10.5% | - Selling & Marketing expenses decreased due to digitalization efforts, including a **+5.9 p.p. YoY growth in digital sales penetration** and **+14 p.p. YoY in PIX adoption**[52](index=52&type=chunk) - Bad Debt's ratio over gross revenue remained stable at **1.9%**, despite the increase in absolute value[57](index=57&type=chunk) [From EBITDA to Net Income](index=22&type=section&id=From%20EBITDA%20to%20Net%20Income) TIM S.A. achieved **R$3.35 billion Normalized EBITDA** in 2Q25, up **6.3% YoY** with a **50.8% margin**, and **Normalized Net Income grew 25.0% YoY** to **R$976 million** EBITDA and Net Income (R$ million) | Description | 2Q25 | 2Q24 | % YoY | 6M25 | 6M24 | % YoY | | :------------------------ | :--- | :--- | :---- | :--- | :--- | :---- | | Normalized* EBITDA | 3,351 | 3,153 | 6.3% | 6,435 | 6,043 | 6.5% | | Normalized* EBITDA Margin | 50.8% | 50.0% | 0.8p.p. | 49.5% | 48.7% | 0.8p.p. | | Normalized* Net Income | 976 | 781 | 25.0% | 1,786 | 1,301 | 37.3% | | Normalized EPS (R$) | 0.40 | 0.32 | 25.0% | - | - | - | - Net Financial Result was negative **R$375 million** in 2Q25, an improvement of **16.7% YoY**, mainly due to the **R$73 million financial appreciation of the 5G Fund**[71](index=71&type=chunk) - Income Tax and Social Contribution totaled **-R$199 million** in 2Q25 (effective rate of **-16.9%**), explained by increased taxable income and higher Interest on Equity in 6M25[73](index=73&type=chunk) [Investments and Cash Flow](index=25&type=section&id=Investments%20and%20Cash%20Flow) TIM S.A. maintained disciplined investment with **Capex decreasing 4.6% YoY in 2Q25**, while Operating Free Cash Flow significantly increased by **19.0% YoY in 2Q25** [Capex](index=25&type=section&id=Capex) TIM S.A.'s Capex totaled **R$882 million in 2Q25**, a **4.6% YoY decrease**, primarily focused on **5G network expansion** Capex (R$ million) | Description | 2Q25 | 2Q24 | % YoY | 6M25 | 6M24 | % YoY | | :---------------- | :--- | :--- | :---- | :--- | :--- | :---- | | Network | 622 | 636 | -2.2% | 1,650 | 1,620 | 1.9% | | IT & Others | 260 | 289 | -10.0% | 571 | 659 | -13.4% | | Capex | 882 | 925 | -4.6% | 2,221 | 2,279 | -2.6% | | Capex/Net Revenue | 13.4% | 14.7% | -1.3p.p. | 17.1% | 18.4% | -1.3p.p. | - Investments focused on expanding the **5G network** across Brazil, enhancing infrastructure in São Paulo and Minas Gerais[75](index=75&type=chunk) [Cash Flow](index=26&type=section&id=Cash%20Flow) Normalized EBITDA minus Capex increased **10.8% YoY in 2Q25** to **R$2.47 billion**, with Operating Free Cash Flow rising **19.0% YoY** to **R$1.13 billion** Cash Flow (R$ million) | Description | 2Q25 | 2Q24 | % YoY | 6M25 | 6M24 | % YoY | | :-------------------------- | :--- | :--- | :---- | :--- | :--- | :---- | | Reported EBITDA | 3,350 | 3,153 | 6.3% | 6,415 | 6,043 | 6.2% | | Capex | (882) | (925) | -4.6% | (2,221) | (2,279) | -2.6% | | Reported EBITDA - Capex | 2,468 | 2,228 | 10.8% | 4,194 | 3,764 | 11.4% | | Operating Free Cash Flow | 1,128 | 948 | 19.0% | 1,422 | 513 | 177.2% | - The increase in OpFCF reflects improved operational cash generation and a less negative change in working capital, mainly due to a reduction in accounts payable[80](index=80&type=chunk) [Cash Position](index=27&type=section&id=Cash%20Position) TIM S.A.'s Cash and Marketable Securities reached **R$5.47 billion** at June 2025, a **65.3% YoY increase**, driven by strong operating cash generation - Cash and Marketable Securities totaled **R$5,474 million** at the end of June 2025, a **65.3% YoY increase**[84](index=84&type=chunk) - The total amount recorded for the suspended TFF (Operating Supervision Fee) was **R$3.8 billion** as of June 30, 2025, comprising **R$2.9 billion in principal** and **R$903 million in accrued interest**[84](index=84&type=chunk) [Debt](index=28&type=section&id=Debt) TIM S.A.'s Total Debt (post-hedge) reached **R$16.76 billion** at June 2025, an increase of **R$591 million**, primarily due to higher lease liabilities, resulting in a **-0.18x net cash position** Debt Profile (R$ million) | Item | June 2025 | December 2024 | | :------------------------------------ | :---------- | :-------------- | | Total Financial Debt | 2,906 | 3,036 | | License (5G) | 989 | 990 | | Total Debt Before Lease | 3,896 | 4,026 | | Total Lease | 13,075 | 12,555 | | Total Debt | 16,971 | 16,581 | | Cash and Cash Equivalents + Market Sec | (5,474) | (5,693) | | Net Debt | (2,781) | (2,813) | | Net Debt AL / Normalized EBITDA AL* | -0.18x | -0.19x | - Total Debt (post-hedge), including net derivatives, reached **R$16,757 million** at the end of June 2025, an increase of **R$591 million** compared to 2Q24[88](index=88&type=chunk) - The growth in total debt was primarily driven by a higher lease liability position, partially offset by a reduction in financial debt[88](index=88&type=chunk) [Operational Indicators](index=31&type=section&id=Operational%20Indicators) TIM S.A.'s mobile customer base grew **0.3% YoY** to **62.19 million** in 2Q25, driven by **8.8% postpaid customer growth**, with Mobile ARPU rising **4.8% YoY** Operational Indicators (Thousands, R$) | Description | 2Q25 | 2Q24 | % YoY | 6M25 | 6M24 | % YoY | | :-------------------------- | :----- | :----- | :---- | :----- | :----- | :---- | | Mobile Customer Base (000) | 62,194 | 61,986 | 0.3% | 62,194 | 61,986 | 0.3% | | Prepaid | 30,679 | 33,014 | -7.1% | 30,679 | 33,014 | -7.1% | | Postpaid | 31,515 | 28,972 | 8.8% | 31,515 | 28,972 | 8.8% | | Mobile ARPU (R$) | 32.7 | 31.2 | 4.8% | 32.3 | 30.8 | 4.9% | | Prepaid ARPU (R$) | 14.3 | 14.9 | -4.0% | 14.1 | 14.8 | -4.7% | | Postpaid ARPU (R$) | 44.3 | 43.9 | 1.0% | 44.0 | 43.0 | 2.4% | | TIM Ultrafibra Customer Base (000) | 799 | 798 | 0.2% | 799 | 798 | 0.2% | | TIM Ultrafibra ARPU (R$) | 95.6 | 98.6 | -3.0% | 94.4 | 97.2 | -2.9% | - Mobile Net Adds decreased by **72.6% YoY in 2Q25** to **155 thousand**, and by **81.6% YoY in 6M25** to **135 thousand**[94](index=94&type=chunk) - Monthly churn remained stable at **2.9% in 2Q25**[94](index=94&type=chunk) [Environmental, Social and Governance (ESG) Highlights](index=32&type=section&id=Environmental%2C%20Social%20and%20Governance%20%28ESG%29%20Highlights) TIM S.A. demonstrated strong ESG commitment in 2Q25, achieving CDP Leader status, operating **134 renewable energy plants**, and launching social programs - TIM was recognized by CDP as a **Leader (score A) in Supplier Engagement Assessment** and is part of the **'A List' for global leaders in climate change management**[98](index=98&type=chunk) - The company has **134 distributed generation plants** in operation, supplying over **17 thousand sites with renewable energy**, and **100% of its electricity consumption comes from renewable sources**[98](index=98&type=chunk) - TIM launched a training program for people with disabilities (starting with autistic individuals) and made a free online Artificial Intelligence course available to all TIM customers[101](index=101&type=chunk) - For the fourth consecutive year, TIM was included in the Great Place To Work (GPTW) ranking and, for the second consecutive year, in the GPTW Diversidade Mulher ranking, with women representing over **52% of the workforce** and holding **37.4% of leadership positions in 2024**[101](index=101&type=chunk) [Disclaimer](index=34&type=section&id=Disclaimer) This section clarifies that financial information is presented in accordance with IFRS and Brazilian Reais, and includes a forward-looking statement disclaimer - Financial and operating information is presented in accordance with **IFRS** and in **Brazilian Reais (R$)**[103](index=103&type=chunk) - The document contains forward-looking statements that reflect management's beliefs and expectations, but future operating results may differ due to known and unknown risks and uncertainties[104](index=104&type=chunk) - The company is not obligated to update forward-looking statements in light of new information or future developments[104](index=104&type=chunk) [Notes to the Quarterly Information](index=35&type=section&id=Notes%20to%20the%20Quarterly%20Information) [1. Operations](index=35&type=section&id=1.%20Operations) TIM S.A. is a subsidiary of TIM Brasil, with Telecom Italia Group holding **66.59%** of its share capital, operating across Brazil with various telecommunication licenses - TIM S.A. is a subsidiary of TIM Brasil Serviços e Participações S.A., with Telecom Italia Group holding **66.59% of its share capital**[108](index=108&type=chunk) - The company holds authorizations for Landline Switched Telephone Service (STFC), Personal Mobile Service (SMP), and Multimedia Communication Service (SCM) across Brazil[109](index=109&type=chunk) - TIM S.A. holds a **49% equity interest in I-Systems** and its shares are traded on B3 and NYSE[110](index=110&type=chunk)[111](index=111&type=chunk) [2. Basis of preparation and presentation of quarterly information](index=35&type=section&id=2.%20Basis%20of%20preparation%20and%20presentation%20of%20quarterly%20information) Quarterly information is prepared under Brazilian accounting practices and IFRS, focusing on historical cost and fair value for derivatives, with the company operating as a single segment [a. General criteria for preparation and disclosure](index=36&type=section&id=a.%20General%20criteria%20for%20preparation%20and%20disclosure) Quarterly information is prepared using historical cost, with derivatives at fair value, and management confirms no going concern uncertainties - Quarterly information is prepared considering historical cost, with derivative financial instruments measured at fair value[117](index=117&type=chunk) - Current liabilities exceeded current assets by **R$1,402,853 thousand** on June 30, 2025, but management confirms no going concern uncertainties due to **R$5.6 billion positive cash generated by operations**[119](index=119&type=chunk) - The Statement of Value Added is presented as supplementary information, as it is not required by IFRS[120](index=120&type=chunk) [b. Functional and presentation currency](index=36&type=section&id=b.%20Functional%20and%20presentation%20currency) The functional and presentation currency is the Brazilian Real (R$), with foreign currency transactions and monetary items translated at relevant exchange rates - The functional and presentation currency is the **Real (R$)**[122](index=122&type=chunk) - Foreign currency transactions are recognized at the exchange rate on the transaction date, and monetary items are translated at the balance sheet date's exchange rate[123](index=123&type=chunk) [c. Segment information](index=36&type=section&id=c.%20Segment%20information) The Company's Executive Board and Board of Directors consider the entire group's operating activities as a single business segment, with all strategic and financial decisions consolidated - The Executive Board and Board of Directors consider the company to represent only one business segment[125](index=125&type=chunk)[128](index=128&type=chunk) - All decisions regarding strategic, financial planning, purchases, investments, and resource allocation are made on a consolidated basis to maximize results from SMP, STFC, and SCM licenses[128](index=128&type=chunk) [d. Business combination and goodwill](index=37&type=section&id=d.%20Business%20combination%20and%20goodwill) Business combinations use the acquisition method, measuring identifiable assets and liabilities at fair value, with goodwill recognized as the excess of consideration over net assets, tested annually for impairment - Business combinations are accounted for under the acquisition method, measuring cost by the fair value of consideration transferred[129](index=129&type=chunk) - Identifiable assets acquired and liabilities assumed are initially measured at their fair value on the acquisition date[130](index=130&type=chunk) - Goodwill is initially measured as the excess of consideration transferred over net assets acquired and is carried at cost less accumulated impairment losses, allocated to cash-generating units for impairment testing[133](index=133&type=chunk)[134](index=134&type=chunk) [f. Approval of quarterly information](index=38&type=section&id=f.%20Approval%20of%20quarterly%20information) The quarterly information was approved by the Company's Board of Directors on July 30, 2025 - The quarterly information was approved by the Company's Board of Directors on **July 30, 2025**[139](index=139&type=chunk) [g. New standards, amendments and interpretations of standards](index=38&type=section&id=g.%20New%20standards%2C%20amendments%20and%20interpretations%20of%20standards) TIM S.A. assessed new standards like IAS21 and CPC18(R3) with no material impact, is assessing IFRS18 and IFRS9 amendments, and IFRS19 is not applicable - IAS21 (Lack of Exchangeability) and CPC18(R3) (Investment in associated company) amendments, effective January 1, 2025, were assessed and identified no material impact[140](index=140&type=chunk)[143](index=143&type=chunk)[144](index=144&type=chunk)[147](index=147&type=chunk) - IFRS18 (Presentation and disclosure of financial statements), effective January 1, 2027, introduces new income statement categories and disclosure requirements, and the company is currently assessing its impacts[151](index=151&type=chunk)[152](index=152&type=chunk)[154](index=154&type=chunk)[155](index=155&type=chunk) - IFRS19 (Subsidiaries without Public Liability) is not applicable to TIM S.A. as its equity instruments are publicly traded[156](index=156&type=chunk)[158](index=158&type=chunk) - Amendments to IFRS9 (Disclosure of quantitative information for contractual terms), effective January 1, 2026, require disclosure of possible changes in contractual cash flows, which the company is assessing[162](index=162&type=chunk)[163](index=163&type=chunk)[164](index=164&type=chunk) [3. Estimates and areas where judgment is significant in the application of the Company's accounting policies](index=40&type=section&id=3.%20Estimates%20and%20areas%20where%20judgment%20is%20significant%20in%20the%20application%20of%20the%20Company%27s%20accounting%20policies) The Company's accounting policies involve significant estimates and judgments, particularly for legal and tax provisions, fair value of financial instruments, and IFRS 16 lease terms - Significant accounting estimates and judgments are made for provisions for legal and tax administrative proceedings, fair value of derivatives and other financial instruments, and unbilled revenues[168](index=168&type=chunk)[169](index=169&type=chunk)[170](index=170&type=chunk)[172](index=172&type=chunk)[173](index=173&type=chunk) - Judgments for leases under IFRS 16 include estimating lease terms and using assumptions to calculate the incremental borrowing rate for lease liabilities[174](index=174&type=chunk)[175](index=175&type=chunk) [4. Cash and cash equivalents](index=41&type=section&id=4.%20Cash%20and%20cash%20equivalents) TIM S.A.'s cash and cash equivalents totaled **R$2.99 billion** as of June 30, 2025, primarily held in highly liquid, interest-earning CDBs Cash and Cash Equivalents (Thousands of Reais) | Item | June 2025 | December 2024 | | :------------------------------------ | :---------- | :-------------- | | Cash and banks | 25,539 | 81,177 | | Free availability interest earning bank deposits: CDB | 2,969,078 | 3,177,566 | | Total Cash and Cash Equivalents | 2,994,617 | 3,258,743 | - CDBs are highly liquid, nominative securities with adjustment linked to the percentage of the Interbank Deposit Certificate (CDI)[178](index=178&type=chunk) - The average remuneration of CDB investments in the first semester of 2025 was **100.34% p.a. of the CDI**[182](index=182&type=chunk) [5. Marketable securities](index=42&type=section&id=5.%20Marketable%20securities) TIM S.A.'s marketable securities, measured at fair value, totaled **R$2.50 billion** as of June 30, 2025, primarily in government bonds and financial papers Marketable Securities (Thousands of Reais) | Item | June 2025 | December 2024 | | :-------------------------- | :---------- | :-------------- | | FUNCINE | 21,401 | 15,241 | | Fundo Soberano | 5,089 | 2,404 | | FIC: Government bonds | 1,688,888 | 1,716,706 | | FIC: CDB | 18,176 | 18,897 | | FIC: Financial bills | 328,622 | 394,343 | | FIC: Other | 438,365 | 302,091 | | Total Marketable Securities | 2,500,541 | 2,449,682 | | Current portion | (2,479,140) | (2,434,441) | | Non-current portion | 21,401 | 15,241 | - The average remuneration of FICs in the first semester of 2025 was **102.90% p.a. of the CDI**[186](index=186&type=chunk) - FUNCINE investments, aimed at tax deductibility, had an average remuneration of **0.16% p.a. in 1H25**[184](index=184&type=chunk) [6. Trade accounts receivable](index=43&type=section&id=6.%20Trade%20accounts%20receivable) TIM S.A.'s trade accounts receivable increased to **R$5.45 billion** as of June 30, 2025, including **R$468 million** from C6 Bank, with a higher provision for expected credit losses Trade Accounts Receivable (Thousands of Reais) | Item | June 2025 | December 2024 | | :------------------------------------ | :---------- | :-------------- | | Trade accounts receivable | 5,447,986 | 4,815,750 | | Gross accounts receivable | 6,132,811 | 5,486,319 | | Provision for expected credit losses | (684,825) | (670,569) | | Current portion | (5,335,336) | (4,677,935) | | Non-current portion | 112,650 | 137,815 | - **R$468,000 thousand** is to be received from the C6 Bank agreement, with approximately **10%** already received by June 30, 2025[198](index=198&type=chunk) Aging of Accounts Receivable (Thousands of Reais) | Category | June 2025 | December 2024 | | :---------------- | :---------- | :-------------- | | Total | 6,132,811 | 5,486,319 | | Falling due | 4,393,276 | 3,917,182 | | Overdue (≤30 days) | 482,281 | 372,836 | | Overdue (>120 days) | 773,961 | 818,039 | [7. Inventories](index=44&type=section&id=7.%20Inventories) TIM S.A.'s total inventory increased to **R$358 million** as of June 30, 2025, primarily due to higher cell phone and tablet stock Inventories (Thousands of Reais) | Item | June 2025 | December 2024 | | :------------------------------------ | :---------- | :-------------- | | Total inventory | 358,229 | 293,529 | | Inventories (Gross) | 377,938 | 310,054 | | Cell phones and tablets | 281,195 | 187,866 | | Accessories and prepaid cards | 73,340 | 98,868 | | TIM chips | 23,403 | 23,320 | | Losses on adjustment to realizable value | (19,709) | (16,525) | - Inventories are presented at the average acquisition cost, with losses recognized to adjust to net realizable value when lower[202](index=202&type=chunk) [8. Income tax and social contribution](index=45&type=section&id=8.%20Income%20tax%20and%20social%20contribution) TIM S.A.'s income tax and social contribution balances reflect both recoverable and payable amounts, as well as a **R$1.28 billion deferred tax asset**, with 1H25 expense significantly lower due to tax benefits [8.a Income tax and social contribution payable (Recoverable)](index=45&type=section&id=8.a%20Income%20tax%20and%20social%20contribution%20payable%20%28Recoverable%29) TIM S.A.'s recoverable income tax and social contribution totaled **R$275.5 million** as of June 30, 2025, with **R$70 million in credits utilized** in 2025 Income Tax and Social Contribution Payable (Recoverable) (Thousands of Reais) | Item | June 2025 | December 2024 | | :------------------------------------ | :---------- | :-------------- | | Income tax and social contribution payable | 275,502 | 326,256 | | Income tax | 185,717 | 200,802 | | Social contribution | 89,785 | 125,454 | | Current portion | (44,734) | (111,376) | | Non-current portion | 230,768 | 214,880 | - TIM recorded **R$535 million (principal)** in 2021 related to a favorable STF decision on non-levy of IRPJ/CSLL on monetary restatement of undue payments, with **R$70 million in credits offset in 2025**[206](index=206&type=chunk)[207](index=207&type=chunk) [8.b Income tax and social contribution payable (Current)](index=46&type=section&id=8.b%20Income%20tax%20and%20social%20contribution%20payable%20%28Current%29) Current income tax and social contribution payable increased to **R$99 million** as of June 30, 2025, as the company opted for quarterly tax payments in 2025 Current Income Tax and Social Contribution Payable (Thousands of Reais) | Item | June 2025 | December 2024 | | :------------------------------------ | :---------- | :-------------- | | Income tax and social contribution payable | 98,993 | 46,610 | | Income tax | 34,062 | - | | Social contribution | 64,931 | 46,610 | | Current portion | (92,482) | (46,610) | | Non-current portion | 6,511 | - | - The company chose to make quarterly payments of income tax and social contribution in 2025[211](index=211&type=chunk) [8.c Deferred income tax and social contribution](index=46&type=section&id=8.c%20Deferred%20income%20tax%20and%20social%20contribution) TIM S.A. recognized a net deferred income tax asset of **R$1.28 billion** as of June 30, 2025, driven by temporary differences from legal provisions, credit losses, and suspended taxes Deferred Income Tax and Social Contribution (Thousands of Reais) | Item | June 2025 | December 2024 | | :------------------------------------ | :---------- | :-------------- | | Tax loss carryforwards and negative basis of social contribution | - | 12,132 | | Temporary differences: | | | | Provision for legal and administrative proceedings | 510,597 | 536,550 | | Provision for expected credit losses | 264,006 | 257,645 | | Taxes with enforceability suspended | 1,379,477 | 1,230,521 | | Derivative financial instruments | (91,656) | (274,140) | | Capitalized interest - 4G and 5G | (229,071) | (246,621) | | Adjustments to standard IFRS16 | 767,386 | 730,015 | | Accelerated depreciation | (1,013,910) | (990,374) | | Fair value adjustment I–Systems | (249,477) | (249,477) | | Impairment loss | 228,656 | 269,172 | | Other assets | 266,828 | 287,234 | | Other liabilities | (90,312) | (92,779) | | Total Temporary Differences | 1,276,104 | 1,081,633 | | Deferred active tax portion | 3,416,950 | 3,323,269 | | Portion of deferred tax liability | (2,140,846) | (2,241,636) | - The company constitutes deferred income tax credits and social contribution on all temporary differences based on profitability history and future taxable results[226](index=226&type=chunk) - The prevailing tax rates are **25% for income tax** and **9% for social contribution**, with no statute of limitation for carried forward losses (offset up to **30% of taxable profit**)[216](index=216&type=chunk) [8.d Expense with current and deferred income tax and social contribution](index=48&type=section&id=8.d%20Expense%20with%20current%20and%20deferred%20income%20tax%20and%20social%20contribution) The total expense for income tax and social contribution for 1H25 was **-R$94.46 million**, a significant reduction from 1H24, primarily due to higher tax benefits from Interest on Shareholders' Equity Income Tax and Social Contribution Expense (Thousands of Reais) | Item | June 2025 | June 2024 | | :------------------------------------ | :---------- | :---------- | | Current income tax and social contribution taxes | (288,933) | (120,503) | | Deferred income tax and social contribution | 194,471 | (91,055) | | Total Expense | (94,462) | (211,558) | | Effective rate | 5.06% | 13.99% | - The reconciliation shows a significant tax benefit from Interest on Shareholders' Equity allocated (**R$336,600 thousand in 1H25**) and tax incentives (**R$209,582 thousand**)[227](index=227&type=chunk) [9. Taxes, fees and contributions to be recovered](index=49&type=section&id=9.%20Taxes%2C%20fees%20and%20contributions%20to%20be%20recovered) TIM S.A.'s taxes, fees, and contributions to be recovered totaled **R$1.83 billion** as of June 30, 2025, primarily related to ICMS and PIS/COFINS credits Taxes, Fees and Contributions to be Recovered (Thousands of Reais) | Item | June 2025 | December 2024 | | :------------------------------------ | :---------- | :-------------- | | Taxes, fees and contributions to be recovered | 1,830,823 | 1,853,456 | | ICMS | 1,219,058 | 1,235,119 | | PIS/COFINS | 306,397 | 330,019 | | IRRF (Withholding income tax) on interest earning bank deposits | 93,159 | 93,008 | | Recoverable ISS | 109,314 | 109,314 | | Other | 102,895 | 85,996 | | Current portion | (903,508) | (946,103) | | Non-current portion | 927,315 | 907,353 | - Recoverable ICMS credits primarily arise from property, plant, and equipment acquisitions for telecommunication services and amounts paid under the tax substitution regime for goods acquired for resale[231](index=231&type=chunk) - PIS/COFINS balance is mostly composed of credits from the non-cumulative taxation regime[233](index=233&type=chunk) [10. Prepaid expenses](index=50&type=section&id=10.%20Prepaid%20expenses) TIM S.A.'s prepaid expenses significantly increased to **R$865.4 million** as of June 30, 2025, mainly due to Fistel fees, unreleased advertisements, and contractual expenses Prepaid Expenses (Thousands of Reais) | Item | June 2025 | December 2024 | | :------------------------------------ | :---------- | :-------------- | | Prepaid expenses | 865,407 | 562,141 | | Fistel | 171,272 | - | | Advertisements not released | 118,570 | 20,331 | | Rentals and reinsurance | 73,881 | 83,603 | | Incremental costs for obtaining customer contracts | 198,332 | 188,269 | | Prepaid contractual expenses | 279,976 | 251,181 | | Other | 23,376 | 18,757 | | Current portion | (568,550) | (280,851) | | Non-current portion | 296,857 | 281,290 | - Incremental costs for obtaining customer contracts are deferred and amortized over **1 to 2 years**, in line with the contract term or economic benefit[237](index=237&type=chunk) - Prepaid contractual expenses represent costs of installing a neutral network deferred over the contract term[238](index=238&type=chunk) [11. Judicial deposits](index=50&type=section&id=11.%20Judicial%20deposits) TIM S.A.'s judicial deposits increased to **R$692.58 million** as of June 30, 2025, covering civil, labor, tax, and regulatory proceedings Judicial Deposits (Thousands of Reais) | Category | June 2025 | December 2024 | | :---------------- | :---------- | :-------------- | | Total Judicial deposits | 692,575 | 677,530 | | Civil | 302,769 | 290,580 | | Labor | 58,156 | 54,954 | | Tax | 236,153 | 239,093 | | Regulatory | 117 | 116 | | Online attachment | 95,380 | 92,787 | - Civil deposits include **R$90,987 thousand** related to vacating transmission sub-bands for 4G technology implementation[245](index=245&type=chunk) - Tax deposits include **R$73,243 thousand** related to the unconstitutionality and illegality of FUST collection[250](index=250&type=chunk) [12. Other financial assets](index=52&type=section&id=12.%20Other%20financial%20assets) TIM S.A.'s other financial assets decreased to **R$508.3 million** as of June 30, 2025, primarily due to the C6 Bank bonus warrant write-off, despite increased 5G Fund investment Other Financial Assets (Thousands of Reais) | Item | June 2025 | December 2024 | | :------------------------------------ | :---------- | :-------------- | | Other financial assets | 508,298 | 550,669 | | C6 Bank bonus warrant | - | 162,958 | | 5G Fund | 332,981 | 212,394 | | Subscription warrant (EXA) | 175,317 | 175,317 | | Non-current portion | 508,298 | 550,669 | - The C6 Bank bonus warrant was fully written off in March 2025 following the termination of the partnership and disposal of TIM's interest[253](index=253&type=chunk)[600](index=600&type=chunk) - Investment in the 5G Fund increased to **R$332,981 thousand**, with a **R$85 million contribution in January 2025**, to boost 5G solution development[254](index=254&type=chunk)[255](index=255&type=chunk) - TIM acquired the right to subscribe for **27% of EXA's shares for R$174 million**, recorded as a financial asset at fair value of **R$175,317 thousand**[257](index=257&type=chunk) [13. Other assets](index=53&type=section&id=13.%20Other%20assets) TIM S.A.'s other assets increased to **R$300.6 million** as of June 30, 2025, mainly due to increases in advances to employees and suppliers, and recoverable INSS Other Assets (Thousands of Reais) | Item | June 2025 | December 2024 | | :------------------------------------ | :---------- | :-------------- | | Other assets | 300,626 | 238,218 | | Advances to employees | 37,374 | 3,819 | | Advances to suppliers | 66,139 | 48,008 | | Amounts receivable from TIM Brasil | 23,218 | 23,260 | | Amounts receivable from incentivized projects | 27,666 | 27,391 | | Recoverable INSS | 95,391 | 80,610 | | Other | 50,838 | 55,130 | | Current portion | (270,401) | (208,313) | | Non-current portion | 30,225 | 29,905 | [14. Investment](index=54&type=section&id=14.%20Investment) TIM S.A.'s investment in I-Systems decreased to **R$1.32 billion** as of June 30, 2025, reflecting its proportional interest in I-Systems' net loss Investment in I-Systems (Thousands of Reais) | Item | June 2025 | December 2024 | | :------------------------------------ | :---------- | :-------------- | | Investment value | 1,315,916 | 1,368,286 | | Company's proportional interest in I-Systems | 49% | 49% | | I-Systems' Net loss for the period/year | (106,879) | (167,145) | | Company's interest in the associated company's income (loss) | (52,370) | (82,526) | - TIM S.A. disposed of **51% of its equity interest in I-Systems** (formerly Fiber Co) in November 2021, resulting in a loss of control and recording the remaining **49% investment at fair value**[263](index=263&type=chunk) [15. Property, plant and equipment](index=56&type=section&id=15.%20Property%2C%20plant%20and%20equipment) TIM S.A.'s net property, plant, and equipment increased to **R$23.25 billion** as of June 30, 2025, primarily due to additions in right-of-use leases and construction Property, Plant and Equipment, Net (Thousands of Reais) | Item | December 2024 | Additions | Write-offs | Transfers | June 2025 | | :------------------------------------ | :-------------- | :-------- | :--------- | :-------- | :---------- | | Total cost of property, plant and equipment, gross | 75,732,043 | 3,064,563 | (163,887) | - | 78,632,719 | | Total accumulated depreciation | (52,916,715) | (2,562,716) | 92,887 | - | (55,386,544) | | Total property, plant and equipment, net | 22,815,328 | 501,847 | (71,000) | - | 23,246,175 | - Right-of-use in leases increased to **R$9,525,590 thousand** in June 2025 from **R$8,948,060 thousand** in December 2024, with additions of **R$1,479,747 thousand**[274](index=274&type=chunk)[280](index=280&type=chunk) - Construction in progress increased to **R$564,894 thousand** in June 2025, with **R$1,584,319 thousand** in additions[274](index=274&type=chunk) - The company assessed useful life estimates for property, plant, and equipment and found no significant changes or alterations to justify changes to the useful lives currently in use[284](index=284&type=chunk) [16. Intangible assets](index=59&type=section&id=16.%20Intangible%20assets) TIM S.A.'s net intangible assets decreased to **R$14.63 billion** as of June 30, 2025, including significant goodwill and radio frequency authorizations, with no impairment found Intangible Assets, Net (Thousands of Reais) | Item | December 2024 | Additions/Amortization | Write-offs | Transfers | June 2025 | | :------------------------------------ | :-------------- | :--------------------- | :--------- | :-------- | :---------- | | Total cost of intangible assets, gross | 47,460,121 | 747,213 | (48) | - | 48,207,286 | | Total accumulated amortization | (32,605,161) | (969,357) | 1 | - | (33,574,517) | | Total intangible assets, net | 14,854,960 | (222,144) | (47) | - | 14,632,769 | - Goodwill registered totaled **R$3,112,169 thousand**, including **R$2,636,426 thousand** from the acquisition of Cozani[302](index=302&type=chunk) - The total effect on intangible assets referring to 5G radio frequencies and related obligations is **R$4,053 million** as of June 30, 2025[332](index=332&type=chunk) - The company performs annual impairment tests for goodwill, comparing book value with fair value, and has not identified any indications of impairment[316](index=316&type=chunk)[321](index=321&type=chunk) [17. Other amounts recoverable](index=66&type=section&id=17.%20Other%20amounts%20recoverable) TIM S.A.'s other amounts recoverable, primarily Fistel credits, totaled **R$33.16 million** as of June 30, 2025, expected to reduce future TFF contributions - Other amounts recoverable totaled **R$33,155 thousand** as of June 30, 2025, down from **R$38,033 thousand** in December 2024[336](index=336&type=chunk) - These credits arise from decreases in the customer base and are expected to offset future TFF (operating supervision fee) contributions[335](index=335&type=chunk) [18. Leases](index=66&type=section&id=18.%20Leases) TIM S.A.'s lease liabilities increased to **R$13.32 billion** as of June 30, 2025, primarily due to network infrastructure and real estate leases Lease Liabilities (Thousands of Reais) | Item | June 2025 | December 2024 | | :------------------------------------ | :---------- | :-------------- | | Total Lease Liabilities | 13,317,154 | 12,575,846 | | LT Amazonas | 332,472 | 324,152 | | Sale of towers (leaseback) | 1,669,829 | 1,606,644 | | Other leases (IFRS16/CPC06(R2)) | 11,194,424 | 10,520,599 | | Current portion | (1,597,359) | (1,629,698) | | Non-current portion | 11,719,795 | 10,946,148 | Lease Assets (Thousands of Reais) | Item | June 2025 | December 2024 | | :------------------------------------ | :---------- | :-------------- | | LT Amazonas | 176,735 | 174,014 | | Sublease "resale stores" – IFRS16 | 65,282 | 66,373 | | Total Lease Assets | 242,017 | 240,387 | - Interest paid on lease liabilities for 1H25 was **R$641,351 thousand**, and **R$31 million** was paid for fines related to site decommissioning[352](index=352&type=chunk) - The company has sale and leaseback agreements for telecommunications towers with ATC, with **R$1,088,390 thousand** booked as deferred revenue[359](index=359&type=chunk) [19. Suppliers](index=69&type=section&id=19.%20Suppliers) TIM S.A.'s accounts payable to suppliers decreased to **R$4.52 billion** as of June 30, 2025, with most obligations in domestic currency, and **R$170 million** in drawee risk operations Suppliers (Thousands of Reais) | Item | June 2025 | December 2024 | | :------------------------------------ | :---------- | :-------------- | | Suppliers | 4,522,549 | 4,986,912 | | Domestic currency | 3,590,578 | 4,233,754 | | Suppliers of materials and services | 3,509,130 | 4,157,887 | | Interconnection | 50,796 | 44,759 | | Roaming | 6,547 | 4,667 | | Co-billing | 24,105 | 26,441 | | Foreign currency | 931,971 | 753,158 | | Suppliers of materials and services | 278,456 | 267,723 | | Roaming | 653,515 | 485,435 | | Current portion | 4,522,549 | 4,986,912 | - The company has **R$170 million** related to drawee risk operations, where financial institutions advance receivables to suppliers without recourse[372](index=372&type=chunk) [20. Authorizations payable](index=70&type=section&id=20.%20Authorizations%20payable) TIM S.A.'s authorizations payable totaled **R$1.49 billion** as of June 30, 2025, including commitments for renewals, ANATEL liability, and 5G radio frequency costs Authorizations Payable (Thousands of Reais) | Item | June 2025 | December 2024 | | :------------------------------------ | :---------- | :-------------- | | Renewal of authorizations | 289,241 | 279,548 | | Updated ANATEL liability | 215,558 | 209,538 | | Authorizations payable (5G) | 989,361 | 990,696 | | Total Authorizations Payable | 1,494,160 | 1,479,782 | | Current portion | (309,960) | (299,354) | | Non-current portion | 1,184,200 | 1,180,428 | - The 5G license costs (**R$884 million initially**) are subject to Selic rate interest and are paid annually over **20 years**[377](index=377&type=chunk) - The company has various radio frequency authorizations with expiration dates ranging from **2027 to 2041**[380](index=380&type=chunk) [21. Loans and financing](index=73&type=section&id=21.%20Loans%20and%20financing) TIM S.A.'s loans and financing decreased to **R$2.91 billion** as of June 30, 2025, including debentures and bank loans, with all financial covenants complied and risks managed by swap contracts Loans and Financing (Thousands of Reais) | Description | June 2025 | December 2024 | | :------------------------------------ | :---------- | :-------------- | | KFW Finnvera | 14,481 | 32,820 | | Debentures | 2,022,952 | 1,956,307 | | BNDES | 357,381 | 385,592 | | BNB | 492,326 | 585,129 | | BNDES (TJLP) | 19,116 | 75,653 | | Total Loans and Financing | 2,906,256 | 3,035,501 | | Current | (950,797) | (348,353) | | Non-current | 1,955,459 | 2,687,148 | - The company complied with all financial and non-financial covenants for its BNDES financing and debentures[387](index=387&type=chunk) - The fair value of debentures, BNDES, and BNB loans is considered the present value of swap contracts that protect against exchange rate and interest rate changes[393](index=393&type=chunk) [22. Taxes, fees and contributions payable](index=75&type=section&id=22.%20Taxes%2C%20fees%20and%20contributions%20payable) TIM S.A.'s taxes, fees, and contributions payable increased to **R$4.29 billion** as of June 30, 2025, primarily driven by ANATEL's taxes and fees, including **R$3.82 billion** for suspended TFF Taxes, Fees and Contributions Payable (Thousands of Reais) | Item | June 2025 | December 2024 | | :------------------------------------ | :---------- | :-------------- | | Taxes, fees and contributions payable | 4,289,377 | 3,926,854 | | Value-added tax on sales and services - ICMS | 293,443 | 279,776 | | ANATEL's taxes and fees | 3,841,130 | 3,389,167 | | Imposto sobre Serviço [Service tax] - ISS | 65,537 | 72,274 | | PIS / COFINS | 50,806 | 51,294 | | Other | 38,461 | 134,343 | | Current portion | (4,251,834) | (3,888,568) | | Non-current portion | 37,543 | 38,286 | - The total value of the obligation relating to TFF (Operating Inspection Fee) is **R$3,815 million** as of June 30, 2025, with payments suspended by injunction since 2020[397](index=397&type=chunk) [23. Deferred revenues](index=76&type=section&id=23.%20Deferred%20revenues) TIM S.A.'s deferred revenues decreased slightly to **R$822.67 million** as of June 30, 2025, including prepaid services, anticipated revenues, and contract liabilities Deferred Revenues (Thousands of Reais) | Item | June 2025 | December 2024 | | :------------------------------------ | :---------- | :-------------- | | Deferred revenues | 822,673 | 839,867 | | Prepaid services | 185,032 | 172,824 | | Anticipated revenues | 33,995 | 35,510 | | Deferred revenues on sale of towers | 545,492 | 572,540 | | Contract liabilities | 58,154 | 58,993 | | Current portion | (293,675) | (280,422) | | Non-current portion | 528,998 | 559,445 | Contractual Assets (Liabilities) Realization Schedule (Thousands of Reais) | Year | Contractual assets (liabilities) | | :--- | :------------------------------- | | 2025 | (16,256) | | 2026 | (20,068) | | 2027 | (1,893) | - Contract liabilities include amounts related to activation and availability fees of customer contracts[403](index=403&type=chunk) [24. Provision for legal and administrative proceedings](index=77&type=section&id=24.%20Provision%20for%20legal%20and%20administrative%20proceedings) TIM S.A.'s provision for legal and administrative proceedings decreased to **R$1.48 billion** as of June 30, 2025, mainly due to a **R$169 million reversal** in civil proceedings, with **R$25.54 billion** in possible losses unprovisioned Provision for Legal and Administrative Proceedings (Thousands of Reais) | Category | June 2025 | December 2024 | | :------------------------------------ | :---------- | :-------------- | | Total Provision | 1,478,933 | 1,564,293 | | Civil | 400,271 | 561,199 | | Labor | 206,735 | 209,098 | | Tax | 835,965 | 759,584 | | Regulatory | 35,962 | 34,412 | - A **R$169 million** accounting provision for a Public Civil Action related to the Infinity plan was reversed in April 2025 following a favorable STF decision[417](index=417&type=chunk) - The company has **R$25,544,879 thousand** in judicial and administrative proceedings with losses assessed as possible, for which no provision has been constituted[440](index=440&type=chunk) - The Conduct Adjustment Term (TAC) with ANATEL, which included commitments for quality and infrastructure improvements, ended in June 2024, with a service deadline extension for **19 municipalities in Rio Grande do Sul until September 30, 2024**[475](index=475&type=chunk) [25. Shareholders' equity](index=88&type=section&id=25.%20Shareholders%27%20equity) TIM S.A.'s shareholders' equity includes share capital, capital reserves, and profit reserves, with **R$990 million** in Interest on Shareholders' Equity and **R$2.05 billion** in additional dividends approved - Share capital is **R$13,477,891 thousand**, represented by **2,420,804,398 common shares** with no par value[20](index=20&type=chunk)[480](index=480&type=chunk) Capital Reserves (Thousands of Reais) | Item | June 2025 | December 2024 | | :------------------------------------ | :---------- | :-------------- | | Special Reserve of goodwill | 353,604 | 353,604 | | Long-term incentive plan | 31,167 | 19,416 | | Other capital reserves | 23,997 | - | | Total Capital Reserves | 408,768 | 373,020 | - The company must distribute a mandatory dividend equivalent to **25% of Adjusted Net Profit** annually, as per its bylaws[493](index=493&type=chunk) - In 1H25, **R$990,000 thousand** in Interest on Shareholders' Equity was distributed, and **R$2,050,000 thousand** in additional dividends for FY2024 were approved[500](index=500&type=chunk)[504](index=504&type=chunk) - The total dividends paid per share on June 30, 2025, was **R$0.67 (R$0.53 in 1H24)**[505](index=505&type=chunk) [26. Long-term incentive plan](index=92&type=section&id=26.%20Long-term%20incentive%20plan) TIM S.A. operates long-term incentive plans for senior directors and key positions, granting performance or restricted shares/cash, with expenses totaling **R$11.75 million** in 1H25 - Long-term incentive plans (2021-2023 and 2024-2026) grant shares (performance and/or restricted) or equivalent cash to senior directors and key positions[512](index=512&type=chunk)[513](index=513&type=chunk)[514](index=514&type=chunk) - Expenses related to these plans totaled **R$11,751 thousand in 1H25 (R$14,113 thousand in 1H24)**[518](index=518&type=chunk) - The Board of Directors approved a new share buyback program on February 12, 2025, for up to **67,210,173 common shares**, with approximately **five million shares earmarked for the Long-Term Incentive Plan**[522](index=522&type=chunk) [27. Net revenue](index=94&type=section&id=27.%20Net%20revenue) TIM S.A.'s net operating revenue for 1H25 was **R$12.99 billion**, an increase from 1H24, primarily driven by mobile service revenue Net Operating Revenue (Thousands of Reais) | Item | June 2025 | June 2024 | | :------------------------------------ | :---------- | :---------- | | Net operating revenue | 12,993,574 | 12,398,069 | | Gross operating revenue | 19,392,739 | 17,817,307 | | Service revenue | 18,700,446 | 17,016,147 | | Mobile | 17,683,909 | 16,028,472 | | Landline | 1,016,537 | 987,675 | | Sale of goods | 692,293 | 801,160 | | Deductions from gross revenue | (6,399,165) | (5,419,238) | - Revenues from services are recognized as services are used, net of sales taxes and discounts, including unbilled revenues estimated based on consumption data[523](index=523&type=chunk)[524](index=524&type=chunk) - The agreement with C6 Bank was approved in March 2025, confirming the termination of the partnership and related disputes[527](index=527&type=chunk) - Incremental costs for obtaining contracts (e.g., sales commissions) are deferred as prepaid expenses and amortized over the contract term[536](index=536&type=chunk) [28. Operating costs and expenses](index=96&type=section&id=28.%20Operating%20costs%20and%20expenses) TIM S.A.'s total operating costs and expenses for 1H25 amounted to **R$10.02 billion**, an increase from 1H24, driven by interconnection, depreciation, and personnel costs Operating Costs and Expenses (Thousands of Reais) | Item | June 2025 | June 2024 | | :------------------------------------ | :---------- | :---------- | | Total Operating Costs and Expenses | (10,016,715) | (9,718,886) | | Personnel | (736,451) | (730,429) | | Outsourced services | (1,752,220) | (1,796,604) | | Interconnection and connection means | (1,886,247) | (1,551,156) | | Depreciation and amortization | (3,521,902) | (3,510,272) | | Taxes, fees and contributions | (533,611) | (552,489) | | Rentals and reinsurance | (384,401) | (362,498) | | Cost of goods sold | (464,282) | (515,308) | | Advertising | (330,094) | (322,468) | | Losses on doubtful accounts | (373,450) | (338,102) | | Other | (34,057) | (39,560) | - The company contributes **R$16,724 thousand** to public or private pension insurance plans for employees, with no additional obligations[540](index=540&type=chunk) [29. Other net revenues (expense), net](index=97&type=section&id=29.%20Other%20net%20revenues%20%28expense%29%2C%20net) TIM S.A.'s other net revenues (expenses), net, for 1H25 resulted in a net expense of **R$83.84 million**, an improvement from 1H24, driven by higher revenues and lower legal provisions Other Net Revenues (Expenses), Net (Thousands of Reais) | Item | June 2025 | June 2024 | | :------------------------------------ | :---------- | :---------- | | Revenues | 106,624 | 85,632 | | Fines on telecommunication services | 57,867 | 48,860 | | Revenue on disposal of assets | 4,149 | 1,652 | | Other revenues | 44,608 | 35,120 | | Expenses | (190,460) | (232,083) | | FUST/FUNTTEL | (80,164) | (80,411) | | Taxes, fees and contributions | (12,457) | (12,534) | | Provision for legal and administrative proceedings, net of reversal | (81,219) | (122,533) | | Expenses on disposal of assets | (5,725) | (2,555) | | Other expenses | (10,895) | (14,050) | | Other revenues (expenses), net | (83,836) | (146,451) | - Other revenues mainly represent deferred revenue from sold towers (**R$27,048 thousand**)[544](index=544&type=chunk) - FUST/FUNTTEL expenses represent contributions on telecommunications revenues due to ANATEL[545](index=545&type=chunk) [30. Financial revenues](index=97&type=section&id=30.%20Financial%20revenues) TIM S.A.'s financial revenues significantly increased to **R$771.73 million** for 1H25, primarily driven by higher interest on bank deposits and inflation adjustments Financial Revenues (Thousands of Reais) | Item | June 2025 | June 2024 | | :------------------------------------ | :---------- | :---------- | | Financial revenues | 771,727 | 409,391 | | Interest on interest earning bank deposits | 341,815 | 185,795 | | Interest received from customers | 19,011 | 20,701 | | Swap interest | 148,758 | 131,090 | | Interest on lease | 14,258 | 14,072 | | Inflation adjustment | 169,477 | 37,302 | | Other derivatives | - | 19,587 | | Other revenue | 78,408 | 844 | - A substantial part of financial revenues is related to monetary restatement on tax credits and judicial deposits[546](index=546&type=chunk) - Swap interest represents gains from swap instruments used to hedge against interest rate changes on debts[547](index=547&type=chunk) [31. Financial expenses](index=98&type=section&id=31.%20Financial%20expenses) TIM S.A.'s financial expenses increased to **R$1.66 billion** for 1H25, primarily driven by higher interest on lease liabilities, taxes, and other derivatives Financial Expenses (Thousands of Reais) | Item | June 2025 | June 2024 | | :------------------------------------ | :---------- | :---------- | | Financial expenses | (1,659,666) | (1,415,230) | | Interest on loans and financing | (148,326) | (135,767) | | Interest on taxes and rates | (192,955) | (130,283) | | Swap interest | (154,243) | (211,145) | | Interest on lease liabilities, net of cancellations | (774,400) | (710,029) | | Inflation adjustment | (117,994) | (95,730) | | Discounts granted | (23,427) | (20,752) | | Other derivatives | (165,780) | - | | Other expenses | (82,541) | (111,524) | - A substantial part of financial expenses is related to inflation adjustment of judicial and administrative proceedings (**R$116,755 thousand in 1H25**)[551](index=551&type=chunk) - Other derivatives expenses (**R$165,780 thousand**) resulted from contractual adjustments with C6 Bank following the termination of the partnership[551](index=551&type=chunk) [32. Foreign exchange variations, net](index=98&type=section&id=32.%20Foreign%20exchange%20variations%2C%20net) TIM S.A. reported a net foreign exchange variation expense of **R$85.24 million** for 1H25, a reversal from 1H24 net revenue, primarily due to higher expenses on accounts receivable Net Foreign Exchange Variations (Thousands of Reais) | Item | June 2025 | June 2024 | | :------------------------------------ | :---------- | :---------- | | Revenues | 87,878 | 161,944 | | Loans and financing | 7,370 | - | | Suppliers | 48,182 | 5,913 | | Swap | 3,601 | 99,838 | | Accounts receivable | 25,466 | 42,283 | | Financial assets | 3,259 | 13,910 | | Expenses | (173,122) | (131,049) | | Loans and financing | (3,596) | (50,528) | | Suppliers | (42,028) | (30,009) | | Swap | (7,370) | (49,310) | | Accounts receivable | (79,184) | (319) | | Financial assets | (40,944) | (883) | | Net foreign exchange variations | (85,244) | 30,895 | - The net foreign exchange variation primarily refers to foreign exchange variation on loans and financing in foreign currency[552](index=552&type=chunk) - Derivative financial instruments are used to mitigate risks of foreign exchange variations related to foreign currency debts[553](index=553&type=chunk) [33. Earnings per share](index=99&type=section&id=33.%20Earnings%20per%20share) TIM S.A.'s basic and diluted earnings per share for 1H25 were **R$0.73**, a significant increase from 1H24, reflecting higher net profit Earnings Per Share (R$ per share) | Item | June 2025 | June 2024 | | :------------------------------------ | :---------- | :---------- | | Income attributable to the Company's shareholders | 1,773,008 | 1,300,643 | | Weighted average number of shares issued (thousands) | 2,420,128 | 2,420,240 | | Basic earnings per share | 0.73 | 0.54 | | Diluted earnings per share | 0.73 | 0.54 | - The Board of Directors approved a reverse stock split and subsequent stock split (**100:1 followed by 1:100**) on February 24, 2025, which will not affect share capital or the total number of shares[563](index=563&type=chunk)[564](index=564&type=chunk) - An auction for fractional shares resulting from the stock split was held on July 14, 2025, totaling **R$455,691 thousand**[644](index=644&type=chunk)[645](index=645&type=chunk) [34. Balances and transactions with related parties](index=100&type=section&id=34.%20Balances%20and%20transactions%20with%20related%20parties) TIM S.A. maintains various balances and transactions with related parties, with total assets of **R$80.05 million** and liabilities of **R$1.55 billion** as of June 30, 2025 Balances with Related Parties (Thousands of Reais) | Item | June 2025 | December 2024 | | :------------------------------------ | :---------- | :-------------- | | Total Assets | 80,053 | 117,273 | | Total Liabilities | 1,548,667 | 724,806 | | TIM Brasil (Shareholders' Equity/Dividends) | 1,358,122 | 367,943 | Transactions with Related Parties (Thousands of Reais) | Item | June 2025 | June 2024 | | :------------------------------------ | :---------- | :---------- | | Revenues | 20,570 | 4,121 | | Costs / Expenses | 609,000 | 596,884 | | Gruppo Havas (Advertising) | 274,836 | 289,997 | - Sales and purchases with related parties are conducted at market-equivalent prices, with outstanding balances settled in cash and no associated guarantees[576](index=576&type=chunk) - In May 2025, Vivendi Group and Gruppo Havas ceased to be related parties[569](index=569&type=chunk) [35. Management remuneration](index=102&type=section&id=35.%20Management%20remuneration) Total remuneration for TIM S.A.'s key management personnel for 1H25 was **R$20.66 million**, an increase from 1H24, including short-term and share-based remuneration Management Remuneration (Thousands of Reais) | Item | June 2025 | June 2024 | | :------------------------------------ | :---------- | :---------- | | Short-term benefits | 13,569 | 13,311 | | Share-based remuneration | 7,089 | 4,930 | | Total Remuneration | 20,658 | 18,241 | [36. Financial instruments and risk management](index=102&type=section&id=36.%20Financial%20instruments%20and%20risk%20management) TIM S.A. manages financial risks using derivative instruments like swaps and options, with **R$434.16 million** in assets and **R$220.27 million** in liabilities, and all foreign currency debt 100% hedged - The company uses derivative financial instruments (swaps and options) to reduce foreign exchange and interest rate risks, without speculative purposes[583](index=583&type=chunk) - All foreign currency loans and financings are **100% protected by swap contracts**, both in terms and value[586](index=586&type=chunk)[613](index=613&type=chunk)[614](index=614&type=chunk) Derivative Financial Instruments (Thousands of Reais) | Item | June 2025 Assets | June 2025 Liabilities | December 2024 Assets | December 2024 Liabilities | | :------------------------------------ | :--------------- | :-------------------- | :------------------- | :------------------------ | | Operations with derivatives | 434,155 | 220,270 | 379,888 | 224,275 | | Other derivatives | - | - | 522,822 | - | | Total Derivatives | 434,155 | 220,270 | 902,710 | 224,275 | - The C6 Bank share subscription options (**R$522,822 thousand in Dec 2024**) were fully written off in March 2025 following the termination of the partnership[598](index=598&type=chunk)[600](index=600&type=chunk) - Sensitivity analysis confirms that derivative financial instruments effectively hedge against market variations, with effects on swaps being offset by inverse movements in the corresponding financial debt[618](index=618&type=chunk)[624](index=624&type=chunk)[625](index=625&type=chunk) [37. Pension plan and other post-employment benefits](index=110&type=section&id=37.%20Pension%20plan%20and%20other%20post-employment%20benefits) TIM S.A. sponsors defined benefit and contribution private pension plans for former employees, managed by various foundations, with a total provision of **R$3.46 million** Pension Plan and Other Post-Employment Benefits (Thousands of Reais) | Item | June 2025 | Decemb

Core Viewpoint - The analysis on TIM S.A. (NYSE: TIMB) is being revisited ahead of its Q2 2025 earnings release scheduled for July 30th, with a previous buy rating based on strong fundamentals and cash flow considerations [1]. Group 1: Company Overview - TIM S.A. is positioned in the telecom sector and is being analyzed for its financial performance and investment potential [1]. - The company is led by Michael (Mike) Dion, who has extensive finance experience across various industries, indicating a strong leadership background [1]. Group 2: Investment Strategy - The investment approach focuses on identifying value opportunities where market reactions to news may be disproportionate, emphasizing the importance of cash flow for both companies and investors [1]. - The preference for investments backed by strong fundamentals and dividends highlights a strategy aimed at long-term value creation [1].

Core Viewpoint - TIM S.A. Sponsored ADR (TIMB) has recently experienced a bearish trend, losing 6.4% over the past week, but the formation of a hammer chart pattern suggests a potential trend reversal as buying interest may be increasing [1] Group 1: Technical Analysis - The hammer chart pattern indicates a potential bottom in the stock price, suggesting that selling pressure may be exhausting [2] - A hammer pattern forms when there is a small candle body with a long lower wick, indicating that despite a downtrend, buying interest emerges after reaching a new low [4] - The occurrence of a hammer pattern at the bottom of a downtrend signals that bears may have lost control, indicating a possible trend reversal [5] Group 2: Fundamental Analysis - Recent upward revisions in earnings estimates for TIMB serve as a bullish indicator, correlating strongly with near-term stock price movements [7] - Over the last 30 days, the consensus EPS estimate for the current year has increased by 0.2%, indicating that analysts expect better earnings than previously predicted [8] - TIMB holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [9][10]

Market Overview - The "Italy Telecom Operators Country Intelligence Report" provides an executive-level overview of the telecommunications market in Italy, including detailed forecasts of key indicators up to 2029 [2][4] - Total telecom and pay-TV service revenue in Italy is projected to decline at a CAGR of 0.5% from 2024 to 2029, primarily due to decreases in mobile voice & messaging, fixed voice, and pay-TV segments [3][8] - Mobile data service revenue is expected to grow at a five-year CAGR of 2.2%, driven by increasing mobile data consumption from online gaming and video streaming, higher demand for 5G smartphones, and a steady rise in mobile data ARPU [3][8] Regulatory Environment - The report reviews the regulatory environment and trends, including developments related to spectrum licensing, DTT migration, and IoT regulations, with a focus on the next 18-24 months [8] Telecom Services Market Outlook - Fixed broadband service revenue is forecasted to grow at a CAGR of 2.1% during the forecast period, supported by gains in fiber subscriptions and government efforts to expand broadband connectivity [3][8] - The report includes historical figures and forecasts of service revenue from fixed telephony, broadband, mobile voice, mobile data, and pay-TV markets [8] Competitive Landscape - The report examines the positioning of leading players in the telecom and pay-TV services market, including subscription market shares across segments [8] - Company snapshots provide analysis of the financial position of leading service providers in the telecommunications and pay-TV markets, including TIM Italy (Telecom Italia), Vodafone Italy, WindTre, and Iliad Italy [10] Key Topics Covered - The report covers demographic and macroeconomic context in Italy, the competitive landscape, and underlying assumptions behind published forecasts [8]

Core Viewpoint - Nickelodeon is launching a new animated preschool series, "Tim Rex in Space," in collaboration with Channel 5's Milkshake!, marking its first global co-production [1][4]. Group 1: Series Overview - "Tim Rex in Space" follows a T-Rex named Tim and his family as they embark on adventures in a unique world made up of asteroids [2]. - The series will premiere on August 4, 2025, airing for three consecutive weeks on Nickelodeon and Nick Jr. channels [1]. Group 2: Production Details - The series is created and produced by Mint Copenhagen, with animation by Jam Media, and features a team of experienced directors and writers [4]. - Key production personnel include Josephine Jerris Margolis, Louise Barkholt, Sam Dransfield, and Andy Potter [4]. Group 3: Voice Cast - The voice cast includes Cassian Swan-Mckee as Tim, Ace Gill as Tommy, Hope Delaney as Tia, and Jamie Smart as Kai, among others [3]. Group 4: Channel 5's Milkshake! - Channel 5's Milkshake! is a leading children's programming block in the UK, catering to preschoolers with a variety of engaging content [5]. - The channel features popular shows like "Peppa Pig," "PAW Patrol," and "Thomas & Friends," and is known for its strong character-led animation [5]. Group 5: Nickelodeon's Position - Nickelodeon, now in its 46th year, is recognized as the number-one entertainment brand for kids, with a diverse global business model [5]. - The brand encompasses television programming, consumer products, digital experiences, and feature films [5].