TIM (TIMS3) investor relations material

Executive summary

• 9M26 service revenue grew 5.8%, normalized EBITDA 6.8% and operating cash flow 11.6% YoY, keeping results aligned with 2026 targets.

• 3Q26 revenue rose 5.3% to R$7,069m and normalized EBITDA increased 6.7% to R$3,701m; normalized net income declined 7.8% to R$1,113m.

• Growth broadened across mobile, fixed broadband and B2B, with contributions from V8.TECH and I-Systems.

Financial highlights

• 3Q26 service revenue rose 5.3% to R$6,882m; product revenue increased 6.0% to R$188m. 9M26 net revenue grew 5.8% to R$20,841m.

• Normalized 3Q26 operating costs rose 3.9% to R$3,368m, below revenue growth and 4.58% trailing 12-month IPCA; EBITDA margin expanded 0.7pp to 52.4%.

• 3Q26 EBIT grew 8.1% YoY; normalized net income fell 7.8% to R$1,113m, while reported net income was R$991m, down 18.0%.

• 3Q26 normalized EBITDA-AL was R$2,917m, up 7.6%; its margin expanded 0.9pp to 41.3%.

• Bad debt expense rose 30.0% YoY in 3Q26, but declined 5.9% QoQ; the 9M26 increase was 30.7%, mainly reflecting a B2B partner impact.

Outlook and guidance

• 2026 guidance reiterated: service revenue growth ~5%, EBITDA growth 6–8%, operating cash flow growth 11–14%, and nominal capex of R$4.4–4.6bn.

• 2026 shareholder remuneration guidance is R$5.3–5.5bn; longer-term returns are expected to grow in line with cash flow.

• Strategy targets stronger mobile net-add momentum entering 2027 while continuing broadband and B2B expansion.