Tim opens 2025 with revenues e margini growing, thanks to both market home that the Brazil. Despite the progress, the balance still remains in red. The group, based on the results of the first quarter, confirms the predictions for the year. At Piazza Affari, the title is weak: it drops 0,20% to 0,36 euros per share.
Tim: first quarter 2025 accounts
In detail, i revenues Total of the Group reached 3,3 billion euros, up 2,7% compared to the same period in 2024. Of these, 2,2 billion come from the Italian market (+1,6%) and 1 billion from Brazil (+4,9%).
Also revenues from services are growing: 3,1 billion euros (+3,3%), with 2,1 billion from Italy (+2,1%) and 1 billion from Brazil (+5,6%).
The Ebitda Group gross operating margin, or EBITDA, rose to 1 billion euros, an increase of 5,7% on an annual basis. Even more significant was the growth ofEbitda After Lease, which stands at 800 million euros, up 5,4%. This result is equally divided between Italy (400 million, +4,0%) and Brazil (400 million, +6,5%).
During the quarter, Tim also optimized its credit line (Revolving Credit Facility), reducing it from 4 to 3 billion euros and extending its maturity to 2030. As of March 31, 2025, the entire amount is still available and guarantees financial coverage until 2028.
Tim: Balance sheet improves, but red remains
Despite the progress, the the balance sheet remains in deficit: the net result is negative for 124 million of euros, but a clear improvement compared to the -400 million of the first quarter of 2024. Also the free cash flow (generated liquidity) is still negative (-89 million), but recovering compared to -790 million in the same period last year.
- total investments (Capex) amounted to 500 million euros, equal to 13,9% of revenues, down 5,8% compared to last year. In Italy, 240 million were invested, down 9,4%, but efficiency actions generated savings of 40 million euros.
Il net debt After Lease stands at 7,5 billion euros, an increase of approximately 250 million compared to the end of 2024, due to seasonality and investments concentrated at the end of the year. However, the ratio between debt and EBITDA After Lease remains below 2,1 times, a value considered solid in the European panorama.
Consumer Stable, Enterprise Pushes Cloud
The compartment Tim Consumer closed the quarter with 1,5 billion euros in revenues, slightly up (+0,3%). The customer base is consolidated, with fewer abandonments (churn down) and an improvement in the average value per customer (ARPU) in fixed services, stable in mobile. The Mobile Portability Balance (MNP) was virtually neutral, for the first time in years. During the quarter, price increases began (repricing), which involved 1,8 million lines (1,1 million fixed and 0,7 million mobile), the effects of which will be seen in the second quarter.
Definitely more lively Tim Enterprise, which recorded revenues of 800 million euros (+4,5%). Leading the performance is the cloud, which becomes the division's main business area for the first time, with a +24% jump in revenues. The contribution of the National Strategic Pole, which doubled its contribution compared to the first quarter of 2024.
Tim Brasil: Mobile Growth Continues
Brazilian business maintains the positive trend of recent years. Tim Brazil recorded in the first quarter revenues normalized equal to 6,4 billion reais (about 1 billion euros, +4,9%), while theEbitda reached 3,1 billion reais (480 million euros, +6,7%). The Ebitda margin stood at 48,2%, the highest in the sector, with an improvement of 0,8 percentage points.
Also 'Net income grew sharply, reaching 810 million reais (125 million euros), up 56% compared to the previous year. According to analysts, the outcome operating was higher than expected (+0,3%), with operating expenses under control (+3% per year against a forecast +5%) and stable capex. ratio between Ebitda After Lease and investments grew by almost 20%, a sign of increasing profitability.
