管理層發言
Good morning, ladies and gentlemen. Welcome to TIM S.A. 2026 Second Quarter Results Video Conference Call. I would like to inform you that this event is being recorded and all the participants will be in listen-only mode during the company's presentation. There will be a replay for this call on the company's website. After TIM's remarks are completed, there will be a question-and-answer session for participants. At that time, further instructions will be given. Welcome to TIM's second quarter 2026 results presentation. Following today's presentation, Alberto Griselli, CEO, Andrea Viegas, CFO, and the investor relations team will be available for the live Q&A session. Before we begin, please note that this presentation may contain forward-looking statements that are subject to risks and uncertainties. And now I will hand it over to Alberto.
Hello, everyone. The second quarter was marked by solid execution. We delivered revenue growth, profitability expansion, and cash generation in a balanced way, while continuing to diversify our revenue profile and strengthen our operation. As our broad avenues diversify, we increase the resilience of the business and develop a sustainable path for value creation for our shareholders. Let me walk you through the main highlights. Revenue continued to show a consistent dynamic, approaching BRL 4 billion in the quarter, with service revenues maintaining a solid pace. In the first half of the year, service revenue increased around 6%, reflecting broader contribution across the business. This performance was accompanied by further profitability gains. EBITDA grew around 7% in the first half, while EBITDA after lease increased close to 8%, supported by operational efficiency, cost discipline and continued margin expansion. Net income surpassed BRL 1 billion in the quarter, increasing around 6% year-over-year. In the first half, net income also grew despite a more challenging comparison base for the lines below EBITDA. Cash generation remained strong. Operating cash flow surpassed BRL 3 billion in the first half, growing at a double-digit pace and reinforcing the consistency of our cash generation. Looking to the different areas of the business, we saw solid performance from our key growth platforms, with mobile remaining, of course, as the foundation of our performance, while Ultrafibra and B2B play an increasingly important role in our business evolution. In mobile, the results were supported by continued postpaid expansion, which now represents close to 70% of mobile service revenue. This reinforces a higher-value and more resilient customer base. During the first half, we focused on building a more dynamic and segmented portfolio, allowing us to better address customer needs while creating additional monetization opportunities. This includes expanding the usage of credit card as a payment method in annual and monthly options, materialized in TIM Fit. This launch expands our addressable market through more flexible propositions, strengthening value perception and engagement. Our streaming proposition is also evolving following the launch of TIM Play, a content aggregation platform creating new opportunities for monetization while increasing customer stickiness. In financial services, the partnership with PicPay represents another step in expanding our digital ecosystem and creating cross-selling opportunities through an integrated customer journey, with customer expansion and consistent revenue growth strengthening its relevance within our portfolio. To propel this further, we just launched TIM Ultra Combo, our first truly convergent offer. It combines fiber, mobile and content to strengthen our value proposition in selected markets, enabling TIM to target new pockets of growth while supporting LTV-oriented actions. In B2B, we continue to build a strategic growth platform. Revenue is expanding and gaining relevance, now representing around 7% of our service revenues. At the same time, we are advancing beyond connectivity with progress in IoT, private networks, and digital solutions. Artificial intelligence remains an important enabler for our transformation journey and a key lever for efficiency gains. One example is collections, where artificial intelligence supports more personalized interactions with customers in debt collection and negotiating processes. Early results are encouraging, with more than 2 million customers engaged and a meaningful improvement in recovery rates through the artificial intelligence agents. Together, these initiatives reinforce the evolution of TIM's business, supported by disciplined growth, a broader set of revenue drivers, and consistent execution. We also continue to strengthen the foundation of the company through our culture, recognized by Great Place to Work, and through solid governance practices. Thank you.
分析師問答
And now let's move to the live Q&A session. Thank you, Mister Alberto. To make your questions, please press the raise hand button. The first question comes from Luis Chagas from XP.
Hi Alberto, Andrea, Vicente, and Lucca. Good morning, and thank you for the opportunity to ask questions. I have two questions. The first is about I-Systems and FTTH: How does the I-Systems acquisition change your FTTH build economics and homes-passed ambition, and what incremental CapEx commitment should we expect? The second question is about the mobile base, which contracted in this quarter while market share fell. Is this a deliberate value-over-volume decision, or has the competitive response, including intermediate price offers in the market, caused you to lose gross adds? Thank you.
Hi, Luis. Good morning. Let me go quickly through the two questions. When it comes to I-Systems, for us it is a kind of accelerator of our broadband strategy because now we control the network, the client experience, and to a better extent the financial profile of broadband. Therefore, once we acquired and we own back our network, this is one of the growth vectors of our company going forward on our own network besides the agreement that we have with V.tal. When it comes to CapEx, basically we already discussed in previous quarters that we saw some upside risks on our CapEx profile, meaning that we are optimizing our CapEx base through a number of different mechanisms. Therefore, there should not be any material impact of I-Systems CapEx on our overall CapEx profile. We are able to absorb it basically. When it comes to revenue growth and mobile revenue growth, it is important to say that we look at revenue growth in a portfolio way. We have two business lines growing double-digit, and we have mobile growing at mid-single digit at around 4.7%. This slowdown was somewhat expected because if you look at our revenue evolution quarter by quarter, once we do a price-up, then it tends to slow down. That was also accompanied by softer customer base dynamics in the first half. So the net additions are a result of a mix of gross adds and churn, and churn has been softer in this first half versus last year and versus the second half of last year. That is the reason why we put together on the ground a number of evolutions of our value propositions and new offerings that we have launched to give more dynamism to the customer base dynamics. You look at the customer base dynamics; also remember that we executed a price-up in the first quarter, and therefore churn is under pressure in the first and second quarters, and so this also impacted our net addition dynamics. Was it clear, Luis?
Yes. Very clear.
Thank you, Luis.
Thank you for your question. The next question comes from Rogério Araújo from Bank of America.
Hi, Alberto, Andrea, Vicente and Lucca. Thanks a lot for the opportunity. I have a couple of questions. The first on revenue growth: excluding M&A, revenue growth grew just slightly below inflation, mainly as the core client-generated business is growing at 3.1% year over year. Is there any plan to address growth in the core mobile line and reaccelerate it? If you could please share your thoughts on that. Also, my second question, a follow-up from the first: could you please walk through the competitive environment? Is there any unusual discounting from other players? Also, is TIM planning to increase control plan prices this year? Thank you so much.
Revenue growth slowdown builds on the previous answers to Luis. So the main driver beyond the slowdown is the dilution effect of the price-ups plus the customer base dynamics. Do we have a plan to give more dynamism to mobile revenue growth? Yes. As a matter of fact, we launched a number of offerings just this quarter or at the end of the previous quarter. We are conducting a wide portfolio review, and the objective is to give a push to the customer base dynamics in a number of different ways. We have four main areas of interest. First is the Ultra Combo, the convergent offering that we just launched. This will help primarily broadband and also has a positive effect on customer churn. Then we launched the TIM Play portfolio; it is an evolution of the way we go to market with streaming products. It is a paid product and therefore will support monetizing our own customer base, serving as an ARPU driver and supporting optimization of content acquisition costs. Third is TIM Fit, a new control plan that is payable via credit card. This has a dual objective: to feed our prepaid-to-control migration with lower credit risk, and to fill a gap in our portfolio related to digital or below-the-line (BTL) offerings that competitors already had. The last is a new go-to-market partnership with PicPay, providing another platform to grow our customer base. These different value propositions have complementary business objectives, both in terms of ARPU growth, internal migrations within our customer base, and market attractiveness. Regarding competitive dynamics, it is important to step back and recap what has been going on in recent quarters. There is a predominance of what we call BTL offering or pricing. In the market we have above-the-line (ATL) offering, our general postpaid and prepaid pricing that you see in shops and e-commerce, and then we have a number of below-the-line offerings generally used to migrate prepaid to control. One competitor made one of these BTL offers available through an MVNO agreement late last year, and something that was more contained became more widespread. Other competitors then adopted similar BTL offerings in a more widespread fashion, and that is why we also had to adapt our portfolio and launched TIM Fit and the partnership with PicPay to complement that approach. Market rationality tends to move in cycles: there are ups and downs. In the past we had moments where a competitor increased prices and then decreased them. Nowadays the market looks more promotional because BTL offerings are more available and visible. That does not mean we will not return to a better period after this phase. When it comes to front-book adjustment of our control prices, we will certainly want to do it. But to do that we consider what our two competitors with higher postpaid market share do, and then we will move accordingly.
Okay. That is great. Thanks a lot for the clarifications. Very helpful. Thank you.
The next question comes from Marcelo Santos from J.P. Morgan.
Hi. Good morning. Thanks for taking my questions. The first question: I wanted to double-click on the new plans you launched in the hybrid space. What is the risk of cannibalization of higher-end control plans? How do you control for that? The second question is an update on M&A. How are you seeing prospects? What is the current view at TIM on going into broadband via M&A? If you could expand a bit on your M&A plans and fixed strategy, that would be great. Thank you very much.
Sure. On the risk of cannibalization: it certainly exists, and we mitigate this risk with a number of strategies, including the remuneration of our commercial network. For example, TIM Fit is a product that is available primarily for people who do not pass the credit score for control plans, so they would not be eligible to buy a regular control plan because they do not have the credit profile. With TIM Fit they pay by credit card, the credit verification passes, and the customer is converted. If you design the process and the remuneration correctly, you mitigate the risk of cannibalization. Regarding the second question on M&A and broadband prospects: as I mentioned, we already bought I-Systems back, and that was the first driver of faster growth in broadband because we now control the network and can manage profitability and commercial push in a more controlled way, besides customer experience. That is one of the reasons we launched TIM Ultra Combo a couple of weeks ago. The early results are quite positive so far; we are happy with what we are seeing and this is before a wider communication campaign. When it comes to M&A, the answer is similar to that of previous quarters: we profile and analyze almost all targets, we know their pros and cons, and how they contribute commercially or industrially to our strategy. Given the overall environment, pricing aspects and the outlook in terms of inflation and interest rates can create good conditions for us going forward. We do not have any rush at this point because we just launched an upgrade to our strategy after the acquisition of I-Systems. We think we have significant and material opportunities related to what we are doing, both on the fixed side and on B2B, and we can grow revenues at a faster pace while putting more dynamism into the mobile side.
Perfect. Thank you very much.
The next question comes from Gustavo Farias from UBS.
Hi, everyone. Thanks for taking my questions. Two questions. First, on margin dynamics: we have seen a deceleration in client-generated revenue, but margins continue to expand. Could you provide color on margins for the part of revenue that is not client-generated? Is that what currently allows consolidated margin to hold up, or is this expansion explained by other drivers? Second, on capital allocation: how do you balance distribution to shareholders considering the investments required to scale fiber and convergence, especially after the increase in net debt from the I-Systems transaction? Thank you.
Let me go on the margin dynamics. You have different business lines with different margins: broadband has a high margin, B2B has a lower margin, and mobile has a higher margin. We have a wide set of initiatives to increase the productivity of our operations, and that is the opportunity underpinning our margin expansion going forward. If you look at costs, you will see some costs that are increasing a bit, but we are comfortable that we can manage these. There are a number of costs that are going down. You will see HR and G&A increasing slightly because we are consolidating V.tal and I-Systems, but at the end of the day we have initiatives to keep increasing margin. That underpins the expansion we are seeing and expect to continue seeing. When it comes to capital allocation, I will hand over to Andrea, but the acquisition of I-Systems, as I was saying, I see as having a positive impact on OpEx and potentially a negative impact on CapEx. But in terms of CapEx, we have been optimizing our CapEx profile via swaps and other mechanisms, and therefore we are able to absorb this within our CapEx profile while maintaining the mobile plan.
Hi, Gustavo. Related to capital allocation, the way we think about capital allocation changed with the acquisition of I-Systems. As Alberto mentioned, I-Systems has an important asset and we have room to monetize it and increase take-up. We are not considering increasing our CapEx beyond the guidance already declared because of I-Systems. What we will do is monetize the assets. Our capital allocation will continue with the same goal: to invest in projects with attractive returns and maximize shareholder remuneration. We consider that we have enough cash for this, even with the increase in debt from I-Systems. We already announced an increase of capital at I-Systems exactly to deal with that debt, but we have enough cash to support our dividends and the CapEx related to I-Systems.
Very clear. Thank you very much.
The next question comes from Gustavo Miele from Goldman Sachs.
Good morning, Alberto, Andrea, Vicente, Lucca. Thanks for the opportunity. I have two questions. First, related to bad debt expenses: we once again saw some volatility in this line. You mentioned a nonrecurring effect related to a specific client in the B2B market. If we adjust for this nonrecurring event, would we still see pressure on bad debt expenses? If so, does that reflect a tougher macro environment for your client base? Second, also related to macro: could volatility in the macro environment lead you to revise plans for growing in the B2B market, which may be more sensitive to those dynamics? We just want to test that hypothesis. Thank you very much.
Sorry. Let me go to the second question first, and then I will leave bad debt to Andrea. When it comes to B2B, we are not seeing a slowdown in our activity so far. I would say that one of the reasons we disclosed in this report that our B2B revenues are 6.6% of overall revenue is because we are a smaller player in this space and an attacker through a very specific business model related to IoT solutions and services and, with V.tal, digital and AI solutions. We did not see or experience a slowdown in the verticals where we operate. In fact, we had the best second quarter in IoT solutions in our history. V.tal's prospects and pipeline are quite rich, so we are not seeing a deceleration yet. Of course, macro conditions could evolve, but we are not seeing a slowdown in the B2B line. For the bad debt, Andrea?
Hi, Gustavo. As I mentioned in the first quarter, we had a situation with a B2B customer partnership that also impacted the second quarter; this is a one-off situation. Of course we have an expansion in our postpaid customer base that came with a slight increase in bad debt, but we consider that we have achieved a plateau. We had an increase over the past two quarters, the first and the second, but we expect gradual stabilization in bad debt moving forward. We are working hard to mitigate these impacts beyond the one-off, by improving our credit scoring, better customer segmentation, and enhanced collection initiatives. We expect to improve this line in the coming periods.
That is very clear. Thanks, Andrea. Thanks, Alberto.
The next question comes from Maria Clara from Itaú BBA.
Hi, everyone. Thanks for the opportunity. My first question is on B2B: after the first two months of the incorporation of V.tal, how do you feel about the asset? What is your B2B strategy going forward and what are the low-hanging fruits in terms of revenue growth ahead? Second, on profitability: Andrea, you mentioned AI. Could AI be a lever for operating efficiencies, especially for call center expenses, already in the short term? Thank you.
Maria Clara, on B2B: we are already working very closely with the V.tal team. The low-hanging fruits are basically cross-selling and upselling within our strategic verticals using V.tal's product portfolio. In our B2B strategy, IoT is where V.tal provides value. We selected verticals: agribusiness, logistics, utilities, and mining. We have important core customers that we have served successfully for some time. The idea is to identify opportunities to cross-sell and upsell our strategic customers with a wider set of portfolio, combining our coverage-as-a-service offering with V.tal and AI services. Many discussions are already in place. Sales cycles for these more complex projects are long because they are business-critical, but low-hanging fruits are the upselling opportunities with current strategic customers using a wider portfolio.
Hi, Maria Clara. Related to AI, we continue to work on several fronts. We have initiatives in the network and in customer care; I already mentioned collections and we are also introducing AI in legal areas. We consider that this is not a single structural change but a set of initiatives across multiple fronts to increase productivity. We believe this combination of AI initiatives and maintaining operational discipline and efficiency will continue to increase productivity. It is not just an AI program alone.
To add color, if you look at the last page of our presentation today you will see right-side a number of use-case categories we are working on. Some are already in implementation with a material impact — network and IT are examples. The impact is already present and material, and it is not completed yet. We implemented a first wave that achieved reductions and productivity increases and quality improvements. There are other use cases where we still need to reach material impact, but we are progressing. Regarding call centers, a number of activities are already fully digitalized; now we are working on the more complex ones. One complex area is escalation to human operators for billing questions or complaints, where there is a trade-off between revenue and customer satisfaction. These are more difficult to completely migrate to AI and take more time, but we are making good progress. We have a wide portfolio of initiatives that will allow us to increase productivity over the next years.
Very clear. Thank you.
Our next question comes from Fani Kanumuri from HSBC.
Hi. Thank you for taking my questions. First, on TIM Ultra Combo: what percentage of your mobile subscriber base is covered by TIM Ultra Combo? Do you have plans to expand it, and if so, how do you plan to expand coverage? Is it via M&A, or do you intend to partner with other fixed broadband operators to offer converged products? Thank you.
Fani, the product is already available nationwide. We operate via our own network and our partner V.tal in the main capitals of Brazil. The Ultra Combo has been launched across the board and is available on the entire footprint. The business model can vary regionally, and commercial terms may differ region by region because broadband competition is regional and we can adapt our offering. The idea is to leverage our customer base and brand to accelerate broadband take-up, which will have a positive effect on churn for mobile services over time. This is the organic plan. We can also add additional technologies organically. Additionally, there is the potential M&A route, whereby we could acquire players with fiber to complement our footprint. We profile all players, know pros and cons, and are waiting for the right conditions to materialize.
Great. Maybe one quick follow-up: you said that price increases led to some increased churn in Q1 and Q2. Looking through Q2 into different months, are you seeing better churn trends in June compared to April?
Yes. Generally, when we apply a price-up, churn rises initially and then tends to normalize. June is better than April in terms of churn.
Okay. Thank you.
The next question comes from Daniel Federle from Bradesco BBI.
Good morning, everyone. Thank you very much for taking my questions. First, related to platform revenue, which more than doubled in the second quarter: do you expect volatility in this line or should we see this as a trend of very high growth going forward? Second, related to international roaming expenses, they seem volatile and make it difficult to read whether EBITDA margin was strong or not. Is there any mismatch between roaming revenue and cost? Any color would be welcome. Thank you.
Let me address the first question and then leave roaming to Andrea. We have different types of revenues in our profile: mobile core revenues, platform revenues, advertising revenues, B2B revenues. Some of these are more volatile than others. Platform revenues are part of our strategy for many years, and when we close a deal mobile advertisement or other platform deals can be big or small. Overall, if you look at annual results, these segments have been growing year after year. The platform strategy includes partnerships that sometimes scale and sometimes do not, which introduces volatility. But the trend, when viewed annually rather than quarterly, is accretive. The larger the scale, the less the volatility. For example, within B2B IoT is smaller but growing. Occasionally you will see spikes when we close large deals, such as those closed in the last quarter like CNH and CPFL, but year-over-year these revenues are growing and are part of our diversification strategy.
Hi, Daniel. Related to roaming costs: we have agreements with large carriers and reconcile amounts over the year. The data flow and timing mean revenue and cost are not always aligned within the same quarter. In the first quarter we had a peak in international roaming costs which impacted OpEx, as we mentioned in the previous quarter. We were expecting a decrease and we are expecting normalization for the rest of the year. Revenues from roaming accrue over the year, and only when you see the full year do you see the combination between revenue and cost. To simplify, costs tend to be higher in the first half and revenues tend to be higher in the second half.
Okay. Thank you very much.
If you have another question, please press the raise hand button. Ladies and gentlemen, without any more questions, I will return the call to Mister Alberto Mario Griselli for his final remarks. Mister Alberto, you may proceed.
Thank you all for joining today's video call. The market continues to evolve, and we have been driving our strategy to capture the opportunities in broadband, B2B and obviously mobile. Our team is working relentlessly, so I want to thank them for their effort and results. I look forward to meeting you in the coming days. Ciao.
Thus we conclude the second quarter 2026 conference call of TIM S.A. For further information and details of the company, please access our website: tim.com.br/ir. You may disconnect now. Thank you once again.