TIM held a Capital Market Day on July 7th 2022 to present the rationalization of the TIM Group through the creation of four separate units: NetCo, ServiceCo, TIM Consumer, and TIM Brasil. The presentation addressed the market context and strategic priorities for each unit, outlined their respective perimeters, and shared medium to long-term financial trends and KPIs. TIM also confirmed its strong commitment to reducing leverage and maintaining a sustainable capital structure, and discussed potential M&A options to create value for stakeholders.
TIM GROUP FY '23 Preliminary Results.pdfGruppo TIM
On February 15, 2024, TIM management has presented in conference call its FY 2023 preliminary results approved by the Board of Directors.
Il 15 febbraio 2024 il management di TIM ha presentato in conference call i risultati preliminari del FY 2023 approvati dal Consiglio di Amministrazione.
Il 9 novembre 2023 il management di TIM ha presentato in conference call i risultati del Q3 2023 approvati dal Consiglio di Amministrazione.
On November 9, 2023, TIM management has presented in conference call its Q3 2023 results approved by the Board of Directors.
Review the latest investor presentation with comprehensive financial information.
Download the presentation (PDF): http://csg.com/1frsM1P
You are new to Credit Suisse or just want to learn more? The New Investor Section provides a comprehensive overview: http://csg.com/1hCiiNy
Royal Dutch Shell fourth quarter 2019 resultsShell plc
On Thursday January 30, 2020 at 07.00 GMT (08.00 CET and 02.00 EST) Royal Dutch Shell plc released its fourth quarter, full year results and fourth quarter interim dividend announcement for 2019.
Ben van Beurden, Chief Executive Officer of Royal Dutch Shell plc and Jessica Uhl, Chief Financial Officer of Royal Dutch Shell plc host audio webcasts of the fourth quarter 2019 results on Thursday January 30, 2020.
See https://www.shell.com/results for more information.
The Quality Management webinar series, hosted by the IAASB in collaboration with IFAC, takes a deep dive into aspects of the IAASB’s International Standard on Quality Management 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements.
The webinar series focused on:
Webinar One: All You Need to Know about the Firm’s Risk Assessment Process
Webinar Two: Resources: Expectations for Firms and Engagement Partners
Webinar Three: What’s New for Firms’ Monitoring and Remediation Processes (coming August 5, 2021 – register now)
Webinar Four: Bringing it All Together: Exploring all the Components of a Quality Management System (coming August 18, 2021 – register now)
ISQM 1 is part of the IAASB’s suite of quality management standards. Firms are required to have systems of quality management designed and implemented in accordance with ISQM 1 by December 15, 2022. Learn more about the quality management standards at: iaasb.org/quality-management
TIM GROUP FY '23 Preliminary Results.pdfGruppo TIM
On February 15, 2024, TIM management has presented in conference call its FY 2023 preliminary results approved by the Board of Directors.
Il 15 febbraio 2024 il management di TIM ha presentato in conference call i risultati preliminari del FY 2023 approvati dal Consiglio di Amministrazione.
Il 9 novembre 2023 il management di TIM ha presentato in conference call i risultati del Q3 2023 approvati dal Consiglio di Amministrazione.
On November 9, 2023, TIM management has presented in conference call its Q3 2023 results approved by the Board of Directors.
Review the latest investor presentation with comprehensive financial information.
Download the presentation (PDF): http://csg.com/1frsM1P
You are new to Credit Suisse or just want to learn more? The New Investor Section provides a comprehensive overview: http://csg.com/1hCiiNy
Royal Dutch Shell fourth quarter 2019 resultsShell plc
On Thursday January 30, 2020 at 07.00 GMT (08.00 CET and 02.00 EST) Royal Dutch Shell plc released its fourth quarter, full year results and fourth quarter interim dividend announcement for 2019.
Ben van Beurden, Chief Executive Officer of Royal Dutch Shell plc and Jessica Uhl, Chief Financial Officer of Royal Dutch Shell plc host audio webcasts of the fourth quarter 2019 results on Thursday January 30, 2020.
See https://www.shell.com/results for more information.
The Quality Management webinar series, hosted by the IAASB in collaboration with IFAC, takes a deep dive into aspects of the IAASB’s International Standard on Quality Management 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements.
The webinar series focused on:
Webinar One: All You Need to Know about the Firm’s Risk Assessment Process
Webinar Two: Resources: Expectations for Firms and Engagement Partners
Webinar Three: What’s New for Firms’ Monitoring and Remediation Processes (coming August 5, 2021 – register now)
Webinar Four: Bringing it All Together: Exploring all the Components of a Quality Management System (coming August 18, 2021 – register now)
ISQM 1 is part of the IAASB’s suite of quality management standards. Firms are required to have systems of quality management designed and implemented in accordance with ISQM 1 by December 15, 2022. Learn more about the quality management standards at: iaasb.org/quality-management
Quabit unveils its 2018-2022 Business Plan update.
The company is set to position itself as one of the leading real estate developers in Spain already in 2021. Current share price represents a huge opportunity as the company is trading at a very significant discount over Book Value and over NAV and it is planned to reach a 17%-20% ROE in 2022.
Quabit is one of the top 5 Spain's Residential Developers with ore than 3.700 dwellings under development. here is the 9 mothns up to September '18 Report
OKYO Pharma (OKYO) is a bio-pharmaceutical company focused on the discovery & development of first-in-class pharmaceutical therapies to treat inflammatory eye diseases including dry eye and ocular pain. OKYO is developing a lipidated chemerin-peptide drug candidate OK-101, designed to target a key ocular receptor controlling inflammation and ocular pain. The drug, developed by a unique proprietary membrane anchored technology, is designed to increase agonist potency and ocular residence time.
OKYO Pharma Limited (LSE: OKYO) operates as a life sciences and biotechnology company in the United Kingdom. Its development program includes Chemerin for the treatment of ocular inflammation, dry eye disease, and ocular neuropathic pain; and BAM-8, a non-opiod analgesic. OKYO Pharma Limited is headquartered in London, the United Kingdom.
PLAYSTUDIOS Pitch Deck: $1.1B SPAC merger with AciesPitch Decks
PLAYSTUDIOS is the developer and operator of award-winning free-to-play casual games for mobile and social platforms. They create play-to-earn mobile games such as myVegas Slots and myVegas Blackjack, with a loyalty program called playAwards where players can redeem points for rewards such as MGM accommodations and amenities.
PLAYSTUDIOS offers players the chance to earn rewards from 95 partners and 290 entertainment, retail, travel, leisure, and gaming brands. The community has purchased over 11 million rewards worth $500,000 with playAwards loyalty points.
Acies, a blank-check firm started by former MGM Resorts International CEO Jim Murren, and PLAYSTUDIOS agreed to a merger in February 2021, listing on the Nasdaq under the ticker “MYPS.” The transaction valued the mobile games developer at $1.1 billion. Here is the investor presentation behind the PLAYSTUDIOS and Acies Acquisition Corp. merger.
Quabit unveils its 2018-2022 Business Plan update.
The company is set to position itself as one of the leading real estate developers in Spain already in 2021. Current share price represents a huge opportunity as the company is trading at a very significant discount over Book Value and over NAV and it is planned to reach a 17%-20% ROE in 2022.
Quabit is one of the top 5 Spain's Residential Developers with ore than 3.700 dwellings under development. here is the 9 mothns up to September '18 Report
OKYO Pharma (OKYO) is a bio-pharmaceutical company focused on the discovery & development of first-in-class pharmaceutical therapies to treat inflammatory eye diseases including dry eye and ocular pain. OKYO is developing a lipidated chemerin-peptide drug candidate OK-101, designed to target a key ocular receptor controlling inflammation and ocular pain. The drug, developed by a unique proprietary membrane anchored technology, is designed to increase agonist potency and ocular residence time.
OKYO Pharma Limited (LSE: OKYO) operates as a life sciences and biotechnology company in the United Kingdom. Its development program includes Chemerin for the treatment of ocular inflammation, dry eye disease, and ocular neuropathic pain; and BAM-8, a non-opiod analgesic. OKYO Pharma Limited is headquartered in London, the United Kingdom.
PLAYSTUDIOS Pitch Deck: $1.1B SPAC merger with AciesPitch Decks
PLAYSTUDIOS is the developer and operator of award-winning free-to-play casual games for mobile and social platforms. They create play-to-earn mobile games such as myVegas Slots and myVegas Blackjack, with a loyalty program called playAwards where players can redeem points for rewards such as MGM accommodations and amenities.
PLAYSTUDIOS offers players the chance to earn rewards from 95 partners and 290 entertainment, retail, travel, leisure, and gaming brands. The community has purchased over 11 million rewards worth $500,000 with playAwards loyalty points.
Acies, a blank-check firm started by former MGM Resorts International CEO Jim Murren, and PLAYSTUDIOS agreed to a merger in February 2021, listing on the Nasdaq under the ticker “MYPS.” The transaction valued the mobile games developer at $1.1 billion. Here is the investor presentation behind the PLAYSTUDIOS and Acies Acquisition Corp. merger.
I risultati di TIM per il primo trimestre 2022, illustrati in webcast e conference call il 5 maggio 2022.
TIM 2022 First Quarter Results, presented on May 5, 2022, via webcast and conference call.
I risultati di TIM per il primo trimestre 2020, illustrati in webcast e conference call il 19 maggio 2020.
TIM 2020 First Quarter Results, presented on May 19, 2020, via webcast and conference call.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
2. Capital Market Day
July 7th 2022 2
Disclaimer
This presentation (the “Presentation”) provides an overview of a project, currently under evaluation, aimed at the rationalisation of the TIM Group through the creation of four separate units with different industrial focus and economics (the “Project”).
This Presentation comprises the attached slides and any materials distributed at, or in connection with, the Presentation.
The Presentation and the information, statements and opinions contained herein have been prepared by TIM’s management for information and illustration purposes only, in connection with TIM’s Capital Market Day of 7 July 2022, and have not
been independently verified by any third party. The following applies to the Presentation, the oral presentation and any question and answer session that follows the oral presentation. The Presentation is purely indicative in nature and may not
be relied upon unless expressly agreed in writing with the TIM S.p.A. (“TIM” or the “Company”).
There is no certainty that the Project, or any of the transactions contemplated hereby, will be actually pursued and completed by TIM, whether as described in this Presentation or otherwise and even the actual likelihood any of the transaction
herein provided and/or the Project be pursued shall depend on a variety of circumstances which only in part may be foreseen. The distribution of this Presentation shall not be taken as a form of any commitment to on the part of TIM to proceed with any
transaction.
Unless otherwise indicated, the Presentation presents managerial information with respect to the Company as of the date hereof. The Presentation includes certain statements, estimates and projections provided by TIM with respect to its
management’s subjective views and elaborations of the anticipated future performance of the Company’s business or a portion thereof and/or behaviour of third parties which may also affect financial projections and estimates and their underlying
assumptions, statements regarding plans, objectives and expectations with respect to future operations, and statements regarding future performance. Such information and statements are subject to various risks and uncertainties (many of which are
difficult to predict), that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements herein. Such statements, estimates and projections were
elaborated - on the basis of the information available at the date of the Presentation - and reflect various assumptions by the management of TIM concerning anticipated results, which assumptions may or may not prove to be correct. Statements,
estimates and projections are unaudited and cannot be regarded as forecasts. In particular, the financial results of the TIM Group contained in the Presentation are prepared in accordance with International Financial Reporting Standards issued by the
International Accounting Standards Board and endorsed by the EU (designated as “IFRS”). The accounting policies and consolidation principles are the same as those adopted in the TIM Group Annual Audited Consolidated Financial Statements as of 31
December 2021, to which reference can be made, except for the amendments to the standards issued by IASB and adopted starting from 1 January, 2022. Such financial results are unaudited. The TIM Group, in addition to the conventional financial
performance measures established by IFRS, uses certain Alternative Performance Measures for the purposes of enabling a better understanding of the performance of operations and the financial position of the TIM Group. In particular, such alternative
performance measures include: EBITDA, EBIT, Organic change and impact of non-recurring items on revenue, EBITDA and EBIT; EBITDA margin and EBIT margin; net financial debt (carrying and adjusted amount) and Equity Free Cash Flow. Moreover,
following the adoption of IFRS 16, the TIM Group uses the following additional alternative performance indicators: EBITDA After Lease ("EBITDA-AL"), Adjusted Net Financial Debt After Lease and Equity Free Cash Flow After Lease. Such alternative
performance measures are unaudited.
There can be no assurance that the TIM management’s views or assumptions are accurate or that management’s projections and forward-looking statements will be realized, in whole or in part. Industry experts may disagree with these assumptions
and with the TIM management’s view of the market and the prospects for the Company. The actual results may vary from the anticipated results and such variations may be material. Furthermore, alternative modelling techniques, evaluation criteria or
assumptions might produce significantly different results and prove to be more appropriate.
The information contained in the Presentation should not be viewed as complete and exhaustive, and the accuracy of the information can in no way be guaranteed. The information contained herein does not purport to contain all of the information that
may be material, or that a party may need or desire to analyse or evaluate the Project or for any other purposes.
Nothing contained in the Presentation is, or shall be, relied upon as a promise or representation as to the past or future performance of the Company or of any other entity. No representations or warranties (nor projections which can be relied
upon), express or implied, are made hereby by TIM or any other party (including, but not limited to, TIM’s subsidiaries or affiliates and any of its and their respective directors, auditors, managers, employees, advisors, agents and other
representatives), and any and all representations and/or warranties are hereby expressly disclaimed, as to the fairness, accuracy, completeness or correctness of any information, statements, opinions, estimates or projections included herein, or
as to the reasonableness of the assumptions on which any of the same is based. This Presentation speaks as at the date hereof, and the information contained herein is provided as at the date of this Presentation. TIM shall have no obligation to
update, supplement or correct any such information, except to the extent required by applicable law. Without prejudice to the above, TIM reserves the right to amend or replace the Presentation, in whole or in part, at any time, and undertake no
obligation to provide any party with any additional information, or to correct any inaccuracies which may become apparent in the Presentation.
TIM, including its subsidiaries, affiliates, and their respective directors, officers, employees, advisors, agents and other representatives expressly disclaims any and all liability relating to or resulting from the use of the Presentation, reliance on the
information contained herein, or the distribution or possession of the Presentation, including without limitation, any market analysis and financial projections that may be contained herein or provided in connection herewith, by any of the recipients or
their affiliates or any of their respective directors, officers, employees, advisors, agents or other representatives.
Taking also into account the degree of development of the Project, the Presentation is not intended to form the basis of (and/or influence by any means) any investment decision, nor to recommend any course of action to any party whatsoever.
The Presentation, and the information contained herein, has a merely informative and provisional nature, and shall not be considered as tax, accounting or legal advice, nor do they constitute or form part of an offer to sell or purchase, or the
solicitation of an offer to sell or purchase TIM’s shares or securities, or any of the securities businesses or assets described herein, or an offer of financing or an offer or recommendation to enter into, approve or support, any transaction (including
the Project and/or any of the transactions contemplated hereby).
Furthermore, the distribution or possession of this Presentation in certain jurisdictions may be restricted by applicable law or regulations. Recipients are required to inform themselves about, and to comply with, any such restrictions. Neither TIM, nor any
of their subsidiaries, affiliates, and their respective directors, officers, employees, advisors, agents and other representatives, accept any liability to any person whatsoever in relation to the distribution or possession of this Presentation in any jurisdiction.
The Presentation does not constitute an advertisement, an offer, or a solicitation of an offer, to purchase or subscribe for any shares or other securities of the Company, or related financial instruments, in any Country (including, but not limited to, the
United States, Australia, Canada and Japan), nor shall this Presentation or any part of it form the basis of, or be relied upon in connection with, any contract or any commitment or investment decision. Neither this Presentation, nor any part of it, has
been approved by Consob, Borsa Italiana S.p.A. or by any other authority.
By attending the meeting where this Presentation is made, by reading the presentation slides or by accessing and/or accepting delivery of this Presentation, you agree to be bound by the foregoing limitations and restrictions The Presentation cannot be
reproduced in any form, further distributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose. Any failure to comply with these restrictions may constitute a violation of applicable securities laws.
3. Capital Market Day
July 7th 2022 3
The new TIM: unlocking hidden value
Key messages we want to convey today
Beyond vertical
integration
▪ Reiterate reasons why unprecedented value-accretive actions are required leading to the
creation of 4 separate entities with different industrial focus and economics
The new TIM ▪ Explain why each entity can achieve better results on a stand-alone basis by outlining:
‐ Market context
‐ Strategic priorities
‐ Perimeter
‐ Medium-long term financial trends and KPIs
Capital structure
and Plan execution
highlights
▪ Confirm strong commitment to reduce leverage and maintain a sustainable capital
structure
▪ Share different strategic M&A options to create value for all stakeholders and update on
execution
Relentless effort on day-to-day operations
NetCo ServiceCo
TIM Consumer
TIM Brasil
TIM Enterprise
4. Agenda
Beyond vertical integration
Closing remarks
Capital structure and plan execution highlights
Annex
#3
#4
#5
#2
#1
The new TIM
TIM Enterprise TIM Consumer TIM Brasil
NetCo
5. Capital Market Day
July 7th 2022 5
The path to a higher value: setting the scene
▪ Top brand: 1st telecom brand in Italy
▪ Strongest B2B positioning
▪ Best suited to exploit NRRP(1) funds
▪ Unique Telco & Data Centers
infrastructure
▪ Best in class technologies & know-how
A valuable set of assets Relevant challenges going forward
▪ Beyond vertical integration towards expected value creation
▪ Better capital allocation
▪ In-market consolidation tangible upside potential
▪ Increased interest from private money/infra-funds
▪ Opportunities from NRRP(1) initiatives to be exploited
▪ Cloud/Security/IoT with very good growth prospective
Extraordinary actions to exploit full valuation potential
▪ Capital structure to be improved
▪ Relevant capex to be financed
▪ Content strategy to be re-thought
▪ Accelerate efficiencies program
▪ Hyper-competitive market dynamics
▪ Price-war pressure on fixed
▪ Mobile looking for a price rebound
▪ Tough regulatory environment
▪ New entrant competition on wholesale
External challenges Internal challenges
(1) National Recovery and Resilience Plan
From…
To…
From vertical integration… to 4 separate entities with different industrial focus and economics
The new TIM
6. Capital Market Day
July 7th 2022 6
Beyond vertical integration
TIM Consumer
fighting in crowded
fixed and mobile
NetCo
long-term value story
TIM Enterprise
strong growth ahead
TIM Brasil
top performance
and growth
The 1st European wholesale only
player with pervasive footprint
Unique integrated ICT provider
serving Top Corporations & PA
The market leader for premium and
customer centric solutions
The next generation Telco
To extract the highest value in the M-L term, entities coexisting in TIM would better off being managed separately
(1) National Recovery and Resilience Plan (2) Art. 80 EU Communication Code. Considering new regime for SMP 'wholesaler-only', cost-orientation would be lifted excluding exceptional cases
The separation would bring key benefits, ensuring life term assets valorisation and debt sustainability
▪ Stronger business focus
▪ Strategic options for the four entities
▪ Network company dedicated infra perimeter makes
partnerships/aggregations easier
▪ Possibility to identify and fix potential inefficiencies
Business & strategic
▪ Network company could be freed from cost-
orientation if it becomes “wholesale-only”(2),
promoting fiber investment, migration and
decommissioning
▪ Retail would enjoy regulatory relief (elimination of
current replicability rules)
Regulatory
▪ Better capital allocation
▪ Improved risk profile/return on capital
▪ Better visibility on group assets and attractiveness for
private money
▪ Regaining financial flexibility
Financial
Grow
Defend & execute Attack Turnaround
7. Agenda
Beyond vertical integration
Closing remarks
Capital structure and plan execution highlights
Annex
#3
#4
#5
#1
The new TIM
NetCo
#2
TIM Enterprise TIM Consumer TIM Brasil
8. Capital Market Day
July 7th 2022 8
The new TIM - Clearly identified domestic perimeter
(1) For mobile backhauling (2) Preserve ServiceCo offering differentiation/ competitiveness for enterprise segments (3) May guarantee ServiceCo competitiveness (4) Minimum fiber
backbone required to offer Enterprise most important products/services with autonomy
ServiceCo NetCo
TIM Consumer TIM Enterprise Wholesale
Commercial
& Legal
Brands and legal entities
Target markets
Consumer & Small
Medium Enterprises
Large corporates &
Public Administrations
National and International
Wholesale
Access
Network
Secondary & Cabinets Selected fibers IRU (2)
Primary Selected fibers IRU (1) Selected fibers IRU (2) Ducts / mini-ducts & fibers
Edge
Access Electronics & Central Office HW
Distr. Frame/ DSLAMs / OLT
FTTC
Real Estate & building systems
Backbone
Junction and Backbone Fibers Selected fibers IRU (3) Selected fibers IRU (3)
Backbone/Transport HW & Platforms
DC /
Platforms
Service Platforms Consumer Platforms Enterprise Platforms
Data Centers (Noovle)
Mobile
Mobile Network (4) Full MVNO-like services
Mobile Service Platforms (4)
Frequencies
9. Agenda
Beyond vertical integration
Closing remarks
Capital structure and plan execution highlights
Annex
#3
#4
#5
#1
The new TIM
NetCo
#2
TIM Enterprise TIM Consumer TIM Brasil
10. Capital Market Day
July 7th 2022 10
2021 '30
NetCo - Market context: room for improvement, with broadband market still
underpenetrated and change in mix towards ultrabroadband
(1) Million lines, source AGCOM and internal elaborations on Analysis Mason’s estimates (2) Households with a fixed broadband subscription on total households, Eurostat, 2021. FTTH/B data
source: FTTH Council, May ‘22 (data as of Sep. ‘21) (3) Equal to 20% take up rate (calculated on tot. HHs passed with FTTH) (4) Internal estimates (5) Fiber roll-out in National Recovery
and Resilience Plan (NRRP) initiatives to be completed by 2026
~24
Italian fixed lines (1)
~2%
CAGR
Fixed lines market expected growth
9% 31%
66% 78%
IT EU
Broadband market underpenetrated
Households with fixed
Broadband subscription (2)
Market growth fueled by FTTH take up
thanks to coverage increase and copper switch off
13%
>35%
>70%
2021 '25 '30
FWA
FTTH
FTTC
Copper
Retail market, accesses by technology (4)
19.9
Million lines
UBB
73% 100%
>90%
FTTH/B
(3)
NRRP initiatives to support FTTH
coverage expansion and take-up (5)
“Italia 1Giga”
✓ 7 lots assigned to TIM
(~1.2m technical households)
“5G backhauling”
✓ all lots assigned to TIM
(>11k mobile sites)
“Connected healthcare”
✓ 2 lots assigned to TIM
(~3.1k healthcare facilities)
“Connected schools”
✓ 4 lots assigned to TIM
(~5.9k schools)
11. Capital Market Day
July 7th 2022 11
NetCo - The largest UBB infrastructure in the country, successfully upgrading
access network through FiberCop
From the beginning of Pandemic (Q1 ‘20):
✓ 3m km fiber deployed
✓ 18k new fiber cabinets connected
✓ 8m activations and migrations
On-track on FiberCop
Plan execution
FTTH coverage
EoY 2021
as declared in August 2020
(1) As of May ‘22 (2) Market share on overall fixed market, retail and wholesale (3) On active fixed lines (4) ~84% of total cabinets
White areas
Infratel
schools tender
~25%
76%
FTTx
Coverage (3)
800k
Orders
activated
4.6k
Connected
schools
106% of 1st year
contractual target
Unparalleled execution capabilities
CB, coverage & assets(1)
82%
market share fixed (2)
16.4m
accesses in 2021,
o/w ~11m FTTx accesses
>94%
FTTx Coverage (3)
o/w >56% with speed >100Mbps
>27%
technical units covered in FTTH
21m km
fiber deployed nationwide
>127k
fiber cabinets connected (4)
~4m
poles in white areas
FiberCop Plan presented in August 2020
12. Capital Market Day
July 7th 2022 12
NetCo - A long-term value story
(1) Including intercompany (2) “Fair and reasonable pricing”, as per Art.80 of the EU Communication Code, not included (3) EBITDA After Lease slightly lower vs indicative figure published in
“FY’21 Results & 2022-2024 Plan update” presentation due to change in personnel perimeter (4) CAPEX net of license. Capex contribution from National Recovery and Resilience Plan not
included (5) National Recovery and Resilience Plan (6) Full Time Equivalents EoY
FTTH coverage evolution @ 2028
Black Grey White Ultra white
8.5
(35%)
9.5
(39%)
5.7
(23%)
0.6
(3%)
8.5
(35%)
5.2
(22%)
0.8
(3%)
-
-
1.0
(4%)
0.1
(1%)
Cluster size
TIM/FiberCop
NRRP(5) lots
assigned to TIM
Million and % of technical units covered by FTTH
~65%
~6
~16
2021 '22 '23 '24 '25 '26 '27 '28 '29 '30
29%
42%
<15%
2021 '22 '23 '24 '25 '26 '27 '28 '29 '30 '35
CAPEX
to sales
evolution
standalone
Revenues (1)
EBITDA AL (3)
% on revenues
CAPEX (4)
% on revenues
Organic figures,
€bn (including Sparkle)
FTE (6)
EBITDA AL – CAPEX
% on EBITDA AL
5.3
2.0
38%
1.6
29%
2021
~5.2
~2.2
~40%
2.2
42%
2025
5.4
~2.7
~50%
~0.8
<15%
2030
0.4
22%
21.4k ~17k ~15k
€2.0bn CAPEX contribution from NRRP (5)
“Italia 1 Giga” and “5G backhauling” in ‘24-’27
~0 1.9
72%
2022-‘30 cash flow impacted by extra costs
(~€140m/year on avg.) required by right-sizing
Including upside from higher commercial flexibility (2)
~25%
CAPEX peak in ‘23-‘25
FTTH
coverage
Million and % of technical units
~12
13. Agenda
Beyond vertical integration
Closing remarks
Capital structure and plan execution highlights
Annex
#3
#4
#5
#1
The new TIM
TIM Enterprise TIM Consumer TIM Brasil
#2
NetCo
14. Capital Market Day
July 7th 2022 14
TIM Enterprise - Sizable market, fast-growing & profitable ICT space
Addressable by TIM Enterprise (2)
Total market
(1) Cloud incl. IaaS, SaaS, PaaS, Colocation, Migration, MS for Cloud; Security incl. products, consulting services, MS, implementation & HW support; IoT incl. applications, HW and installation; Other IT
incl. all other IT services (e.g. system integration), software, hardware (2) Based on estimated % of Large and PA entities on total business segment; for IoT based on value of addressed verticals
(i.e. Industrial, Smart Agriculture, Urban, eHealth, Merchant)
▪ Market growth driven by Cloud, IoT and Security, Connectivity progressively evolving towards software-based solutions
▪ Further acceleration from increasing need for tailored e2e ICT solutions, PA cloud-first strategy and massive tenders on-going
Italian Business spending for IT and connectivity services, €bn (1)
‘21-‘25 ‘25-‘30
Market CAGR
2021 2025 2030
+4%
+1%
+9%
+16%
+8%
-4%
+4%
+1%
+7%
+9%
+4%
-2%
6.7
2.2
9.6
5.6
3.1
27.2
10.6
3.5
14.7
15.6
6.9
51.4
7.3
1.8
6.3
4.0
2.9
22.3
11.7
2.9
9.6
11.1
6.6
41.8
8.5
1.3
3.6
2.8
2.8
19.1
13.5
2.1
5.5
7.9
6.5
35.4
Other IT
Security
Cloud
IoT
Connectivity
Total
15. Capital Market Day
July 7th 2022 15
2021 figures
(1) Source: Gartner, IDC, BCG analysis, TIM data (2) MVNO agreement with TIM Consumer (3) According to ANSI-TIA certification. Remaining 4 DC sites currently with no certification due
to small dimensions (4) Op.#1 4 sites (100MW), Op.#2 1 site (60MW), Op.#3 4 sites (40MW), Op.#4 5 sites (30MW). Source: Datacentermap, Omdia, company websites
Superior go-to-market
to push offering across the whole
customer base Strong strategic partnerships,
offering best in class technologies
and joint go-to-market while being
key tenants on TIM Enterprise DCs
Leading client portfolio and complete e2e ICT offering Unique assets & network infrastructure
Superior go-to-market capabilities Leading DCs infrastructure in Italian market
▪ Direct property of 16 DCs (50k sqm,
100MW fast growing), of which 7 with
Rating-4 and 5 with Rating-3 (3)
▪ Largest DCs footprint vs.
competitors (4)
▪ Proprietary backbone in strategic
areas, with 45k+ dedicated customer
fiber lines
✓ Guaranteed participation
in tenders requiring
owned backbone
✓ Low industrial costs/ high
competitiveness
~0.5k Pre-sales with deep
industry knowledge / solution-
specific know-how
~1k Sales generating €3m+ of
yearly service revenues each
~10k
Large
Enterprises ~40% ~10%
Public
Administration
Clear leadership in Large
Enterprises segment, unique
positioning in PA
Complete end-to-end offering,
unparalleled in the market
~25k ~50% ~15%
Connectivity IT
Market shares (1)
# of clients
The only network infrastructure ICT player in Italy,
with a unique and superior assets base
▪ Own mobile core network with an
MVNO agreement (2)
✓ Light cost structure
guaranteeing
competitiveness
TIM Enterprise - Unparalleled starting point and unique right-to-win
Data Center
Service Center
~3 years
avg. duration of contracts,
with length and value increasing as
offering expands towards IT
>20 years
of continued relationship
on average for top 10 clients
16. Capital Market Day
July 7th 2022 16
TIM Enterprise - More than just a "sum-of-parts", new integrated model
unlocking full value creation potential
✓ Integrated and clear end-to-end proposition, for all customer needs,
unique in B2B market
✓ Integrated sales / pre-sales incentivized to propose full potential
offering, driving cross-selling
✓ Scaled up/ industrialized approach, leveraging integrated competences
and capabilities, plus owned infrastructure
✓ Increased level of synergies and efficiencies also through portfolio
simplification and R&D focus
x Fragmented offering across factories
x Complex interaction of sales / pre-sales to propose cross-
offering proposition
x Clients unable to recognize portfolio variety and depth
x Complexity in end-to-end assurance model
x Some duplication / limited synergies across the various
BUs
From current Enterprise & Factories model…
TIM Enterprise
End-to-end Connectivity, Cloud, Security and IoT integrated offering
…to new integrated model, larger than just a "sum-of-the-parts"…
TIM Enterprise BU
TIM Enterprise BU
17. Capital Market Day
July 7th 2022 17
▪ Steady topline growth above market (4% CAGR ‘21-‘30), with
change in revenue mix
▪ Strong marginality and cash conversion after initial carve-
out/business set-up, driven by scale, optimized operating model
and high focus on proprietary products / expansion towards
Managed and Professional services
28%
44%
6%
7%
10%
10%
2030
Revenues by segment
41%
23%
1%
3%
20%
11%
Connectivity
Cloud
IoT
Security
Other IT
Terminals & Other
2021
TIM Enterprise - Strong growth ahead
(1) Including intercompany (2) EBITDA After Lease (3) Organic CAPEX net of license and excluding one off investments of €220m cumulated in 2023-‘26 for IT system, backbone and
mobile core network key components rebuild (4) National Recovery and Resilience Plan
Potential upsides not factored in plan
▪ Public safety tender and NRRP(4) additional opportunities
▪ Expanding collaboration with Cloud Service Providers
▪ Expansion on medium segment / reselling of proprietary off-the-
shelf products
Revenues (1)
Organic figures, €bn
Headcounts
EBITDA AL (2)
% on revenues
CAPEX (3)
% on revenues
EBITDA AL – CAPEX
% on EBITDA AL
3.0
2021
≥3.5
2025
~5.0
2030
5.3k ~6.0k ~5.5k
Strong multi-year backlog: ~60% of revenues secured
on avg. between 2022-’25
Cash flow affected by additional restructuring costs of
~€30m/year on avg. over the entire plan to support
personnel rotation & refresh of competence mix
0.9
32%
0.6
19%
1.0
27%
0.5
15%
≥1.7
34%
~0.5
10%
0.4
39%
0.5
47%
≥1.2
~70%
Higher labour cost due to onboarding of Tech/IT talents
18. Capital Market Day
July 7th 2022 18
TIM Enterprise - Evolutionary steps to accelerate revenue growth
TIM Enterprise BU creation
~€5.0bn
at end of 2030
TIM Enterprise full go-to-market
▪ Clear carve-out roadmap and target
corporate structure
▪ Optimized product portfolio, with clear
make vs buy choices, and integrated go-
to-market approach
▪ Updated target operating model,
including vs broader TIM Group
("intercompany")
▪ Confirmed perimeter and execution
roadmap for fixed & mobile assets and IT
systems
▪ Detailed people plan
Foundation
6 months
Separate business unit, with integrated
operating model and clear interfaces vs
broader TIM Group
▪ Standalone legal entity with key assets
transferred
▪ Commercial acceleration: push on
proprietary products, integrated account
plans and strengthened relationship with
partners
▪ New target operating model fully in
place
▪ Backbone & mobile core network rebuilt
and fully operational
▪ Strong push on hirings to build IT
capabilities and change in capability mix
Evolution
18-24 months
Standalone company, with owned
infrastructure and best-in-class ICT
competences and go-to-market
▪ Sustained growth driven by selected new
projects and opportunities in all
segments, jointly with full development
of new skills, new tech practices allowing
to maintain a competitive position
▪ Continuous improvement of commercial
capabilities
▪ Optimized cash conversion and CAPEX
ROI
▪ Completion of IT full-stack
transformation and progressive
expansion of network infrastructure
Acceleration & growth
Steady state
Best-in-class ICT company, reference
player in the Italian market and beyond
≥€3.5bn
at end of 2025
19. Agenda
Beyond vertical integration
Closing remarks
Capital structure and plan execution highlights
Annex
#3
#4
#5
#1
The new TIM
#2
TIM Enterprise TIM Consumer TIM Brasil
NetCo
20. Capital Market Day
July 7th 2022 20
-34%
€bn
20 15
21
12
41
27
2011 '21
Fixed Mobile
TIM Consumer - Market context: crowded fixed and mobile, room for growth
(1) Source: Agcom (2) National Recovery and Resilience Plan (3) TIM, Inwit & Vodafone consortium
….but rising opportunities
set the ground for growth
✓ Increase in UBB footprint driving growth of fixed
market (33% HHs mobile-only vs. 7.5% avg.
excluding Italy)
✓ Growing bandwidth and low latency demand, with
5G enabling a strengthening of network capacity
✓ Sharing of network infrastructures to optimize
investments and reduce run costs while improving
service levels
✓ In-market consolidation / asset separation to
secure future market sustainability
NRRP(2) to further support 5G
coverage expansion and take-up
✓ All lots assigned to TIM consortium (3)
Market context is challenging…
+30%
€bn
Italian TLC revenues (1) Italian TLC CAPEX (1)
6.2 8.1
2011 '21
EBITDA-CAPEX from €10bn in ‘11 to €1.5bn in ‘21
vs -10%
in EU
vs +35%
in EU
▪ Highly competitive environment: Fixed growing but still
highly competitive, Mobile stabilizing but still at low ARPU
▪ Growing Data traffic volumes expected to stretch network
capacity
▪ Spectrum costs for 5G frequencies among the highest in EU
21. Capital Market Day
July 7th 2022 21
Fix the core Build the future
TIM Consumer - Turnaround a sustainable value creation
Reposition towards premium / high reliability operator, digital with a “human touch”
▪ Premium brand positioning, also through targeted and digital communication
▪ Service level as key differentiation element
▪ Price-up to strengthen valorization
Turnaround sales channels
and fix execution
Transform digital services for
economic sustainability
Introduce new
CVM(1) capabilities
▪ Sales excellence
▪ Channel mix modernization, shift to
digital
▪ Data-driven CVM, focused on CB
valorization
▪ Best quality customer services
▪ Turnaround of content strategy
▪ Turnkey ICT solutions for SMB
▪ Customer platform
Restructure operating model towards efficiency
(1) Customer Value Management
▪ Channels turnaround
▪ Organizational restructuring / right-sizing
▪ Smart Capex, ROIC-driven
22. Capital Market Day
July 7th 2022 22
'21 '24 '26
'21 '24 '26
TIM Consumer - Revenue stabilization and cost optimization
Revenue stabilization - Ambitions 2026 vs ‘21 Cost optimization - Ambitions 2026 vs ‘21
-20%
advertising expense
-25%
IT full cost
-20%
FTEs
-30%
Caring cost
-20%
network CAPEX
Addressable OPEX
TIM Consumer
-55%
bad debt
'21 '26
-34%
CAPEX net of licence
TIM Consumer
'21 '26
-27%
CB stabilization,
CB fixed + mobile lines TIM
Consumer + SMB
ARPU increase
CB ARPU Consumer
=
+
-
Focus on FTTH
share of FTTH on tot. fixed
lines, Consumer + SMB
Shift to digital
share of digital acquisitions,
Consumer fixed
~6% ~35%
~20% ~35%
-
23. Capital Market Day
July 7th 2022 23
(1) Organic revenues net of €0.3bn one-offs in 2021 (2) EBITDA After Lease net of €0.4bn one-offs in 2021 (3) CAPEX net of license (4) Full Time Equivalents EoY
Potential upsides - not included in the plan
▪ New regulation on power limits and 5G tender
▪ New ecosystem of digital services
▪ Further in-market consolidation and / or asset
separations
TIM Consumer – A turnaround story
Organic figures, €bn
Revenues (1)
EBITDA AL (2)
% on revenues
CAPEX (3)
% on revenues
EBITDA AL – CAPEX
% on EBITDA AL
FTE (4)
6.8
2021
~6.4
2025
1.2
17%
1.1
16%
≥1.3
~21%
0.9
~13%
0.1
10%
≥0.4
>31%
~14k
6.5
2026
>1.4
22%
0.8
12%
0.6
~43%
~11k
further actions
under evaluation
€0.1bn CAPEX contribution
from NRRP “5G backhauling” in ‘23-’27
▪ Commercial and operative transformation
▪ TIM content transformation for Consumer
▪ ICT offering evolution for SMB
▪ Active sharing agreement on mobile
Included in the plan
2022-‘26 cash flow impacted by extra costs
(~€80m/year on avg.) required by right-sizing
24. Capital Market Day
July 7th 2022 24
TIM Consumer - Execution roadmap
Restructuring
6 months
Set-up transformation machine
and 1st wave of cash-oriented
initiatives
Turnaround
12-18 months
Execute structural turnaround
initiatives
▪ Brand repositioning and pricing /
portfolio redesign
▪ Turnaround of content
▪ Sales excellence program
▪ New organizational structure
▪ Mobile network active sharing
▪ CAPEX and IT demand optimization
▪ Service quality optimization
▪ Customer Value Management
▪ Channels transformation
▪ Caring turnaround
▪ Organizational right-sizing
▪ Industrialization of ICT for SMB
▪ Valorization beyond core
▪ Scale-up of Customer Value
Management and channels
transformation
▪ Transformation of IT systems
Sustainable growth
2024 onwards
Scale turnaround initiatives and
secure sustainable growth
Balance to zero
(EBITDA AL – CAPEX)
as percentage on revenues
From 0% to 5%
(EBITDA AL – CAPEX)
as percentage on revenues
From 5% to 10%+
(EBITDA AL – CAPEX)
as percentage on revenues
25. Agenda
Beyond vertical integration
Closing remarks
Capital structure and plan execution highlights
Annex
#3
#4
#5
#1
The new TIM
#2
TIM Enterprise TIM Consumer TIM Brasil
NetCo
26. Capital Market Day
July 7th 2022 26
TIM Brasil - The most profitable company in LatAM TLC space
Performance-driven market leader…
(EBITDA-CAPEX)/REVENUE (1)
2021, %
EBITDA margin (1)
2021, %
24%
23%
21%
18%
18%
11%
TIM
Op.#1
Op.#2
Op.#3
Op.#4
Op.#5
48%
38%
41%
38%
35%
49%
FCF yield (2)
2021, %
15%
10%
11%
6%
8%
1%
(1) Source: Companies’ disclosures (2) Source: Bloomberg, FCF yield based on 31/12/2021 Equity Value (3) Consensus TIM @ 22 June 2022 (considering only data from analysts that
have already included Oi in their models) (4) Enterprise Value derived from consensus
…with a significant upside to be captured
Analysts Consensus (3)
Upside to TP
Target Price 19.0 R$
Avg. Price
last 3 months
(as of 04/07/2022)
13.4 R$
42%
Enterprise Value= ~R$ 60bn (2)
27. Capital Market Day
July 7th 2022 27
TIM Brasil - Set to become the next generation telco, with a clear path to value
Strengthening the core to generate cash flow… …in order to accelerate growth beyond connectivity
Become the best
mobile operator
in Brazil
Accelerate growth
through the new asset light model
Scale-up presence
in the B2B/IOT tech arena
Expand partnerships
and evolve strategy
…and deliver superior and sustainable value to shareholders…
1. Best offer: innovation as a core
differentiator
2. Best service: a long journey
towards customer experience
excellence
3. Best network: become the winner
in network quality race
1. Massive FTTC to FTTH migration
to maximize customer experience
and profitability while
accelerating footprint expansion
2. Enhance value proposition and
launch convergence play with
better trade-off between volume
and value
Towards becoming a full vertical
orchestrator
1. Select use case verticals
2. Partner with industry leaders
3. Create a strong ecosystem to
expand presence in the solution
and services layer
High value generation through
partnerships with potential unicorns
✓ New revenue streams + equity
value generation
✓ Innovative positioning & distinctive
value proposition
MOBILE
1.5x revenue growth
BROADBAND
2-3x revenue growth
B2B/IOT
10x revenue growth
+equity monetization
CONSUMER PLATFORM
2.5x revenue growth
+equity monetization
(~R$ 2bn announced dividend in 2022 vs. R$ 1.1bn in ‘21)
2021-‘27
28. Capital Market Day
July 7th 2022 28
TIM Brasil - Enhanced value creation from improvement in all metrics
(1) Capital requirements for growth initiatives will be balanced with shareholder remuneration evolution
Revenues Growth Acceleration
From Mid single To High single
CAGR 21-27
EBITDA Growth Acceleration
From Mid Single To Low Double
CAGR 21-24
Improved Capex on Revenues
From Mid-twenties To Mid-teens
2021 to 2030
EBITDA – Capex on Revenues
From Mid-Twenties To Above 30s
2021 to 2027
Shareholder Remuneration
2x in 2022
Dividends and Interest on Equity
Capturing
value from Oi
+
Exploiting 5G
growth
opportunities
Organic &
inorganic
growth
opportunities
in FTTH
Increase
B2B/IOT
verticals
growth
Extracting
value from
customer
platform
partnerships
CAPITAL
REQUIRED(1)
Moderate to
relevant
Moderate to
relevant
Low to
moderate
Minimum
GROWTH
POTENTIAL
High High High Disproportionate
RISK
Low to
moderate
Moderate Medium High
✓ Contribution from Oi
✓ I-Systems impact
x Oi TSA(2) and other
integration costs
x Impact from initial
5G deployment
✓ Phase-out of the
impact of Oi TSA(2)
and integration
x Dilution of 5G
deployment
✓ Full benefit from Oi
acquired spectrum
and other
transaction benefits
✓ Initial 5G payback
%
2021
%
2022
%
2024 %
2027
EBITDA-CAPEX / NET
REVENUES
~24%
~29%
NET SERVICE REVENUES
(1) Capital requirements for growth initiatives will be balanced with shareholder remuneration evolution (2) Transitional Service Agreement
29. Capital Market Day
July 7th 2022 29
~2.0x
~1.6x
~0.6x
~0.3x
2021A '22E '23E '24E
Leverage Leverage After Lease
Net Debt / EBITDA evolution
COMMERCIAL DRIVERS
✓ Increased scale and fixed cost dilution
✓ Migration to more sustainable churn levels
✓ Shift in competitive dynamics: customer
experience as a key differentiator
✓ Creation of new revenue opportunities
INFRASTRUCTURE DRIVERS
✓ Network CAPEX and OPEX savings from
additional spectrum availability
✓ Relevant site overlap allowing for significant
OPEX/leasing synergies
ADDITIONAL UPSIDES
✓ Tax Effects
✓ Accelerated site decommissioning
✓ Additional equity stakes in partners coming
from the Customer Platform strategy (not
quantified)
OI DEAL VALUE DRIVERS
1 2 3
R$ 4-5bn
Immediate benefit from increased scale
(6-12 months to start materially benefiting)
R$ 12-13bn
Additional spectrum allows for savings
shortly after closing
~R$ 0.7bn
Goodwill starting after
transition phase
~R$ 0.3bn
Decommission
starts in Q3 ‘22
OI DEAL NET VALUE CREATION
R$ 16-19bn - R$ 7.3bn (acquisition) = R$ 8.7-11.7bn
1
2
3
TIM Brasil - Maintaining a healthy leverage position after OI closing, rapidly
deleveraging afterwards. Value from the deal >2x the amount paid
30. Agenda
Beyond vertical integration
Closing remarks
Capital structure and plan execution highlights
Annex
#4
#5
#1
The new TIM
#3
#2
TIM Enterprise TIM Consumer TIM Brasil
NetCo
31. Capital Market Day
July 7th 2022 31
The new TIM, not a holding company
Note: The chart is a simplified representation of the pro-forma group structure
(1) Including Small and Medium Businesses
ServiceCo
TIM Consumer
NetCo
TIM Enterprise
TIM Brasil
Potential M&A
Other infra-assets
(inc.Primary)
(1)
32. Capital Market Day
July 7th 2022 32
All preparatory activities ongoing
Perimeter
Dedicated management team
FTEs allocation
Dedicated business plan
Carve-out financials
NetCo ServiceCo
Capital Structure
✓
✓
✓
✓
Ongoing: Big-4 appointed
Considerable structuring work done
Implementation depending on
outcome of M&A transactions
✓
✓
✓
✓
Ongoing: Big-4 appointed
Considerable structuring work done
Implementation depending on
outcome of M&A transactions
33. Capital Market Day
July 7th 2022 33
17.7
3.7 (1.3)
~20
<5
Delayering Plan - Strengthening TIM’s capital structure
Group Net Financial Position After
Lease
€bn
A
A Zoom on the next slide
Depending on final
structure / outcome of
M&A transactions,
financial flexibility for:
i. Accelerate strategy
implementation
ii. Ad-hoc shareholders
remuneration
(1) Includes 5G spectrum in Italy (€1.7bn) and Brazil (€0.4bn), Oi acquisition (€1.1bn), DAZN payment (€0.3bn) and substitute tax (€0.2bn) based on the Plan’s exchange rate assumption
Q1 ‘22
Net Debt AL
2022
Extraordinary
payments (1)
Disposal of 49%
stake in Daphne 3
(i.e. Inwit)
Q1 ’22 Pro-forma
Net Debt AL
pre inorganic /
extraordinary
actions
Q1 ‘22 Pro-forma
Net Debt AL
post delayering
actions / shareholders
remuneration
Deleverage
through execution
of Delayering Plan
Financial
flexibility
For illustrative purposes only, do not consider scale effect
34. Capital Market Day
July 7th 2022 34
Key highlights Delayering Plan to accelerate deleverage
▪ TIM will no longer be
vertically integrated
– Deleverage achieved
either through (i)
deconsolidation of debt
and (ii) cash proceeds
from M&A transactions
(e.g. NetCo, minority
stake in TIM Enterprise,
residual stake in Inwit)
▪ TIM has flexibility to
structure M&A
transactions in a manner
that achieves its objectives
▪ Confidential M&A
negotiations ongoing –
amount of cash-in will
depend on the outcome of
the negotiations
Cash proceeds from:
i. NetCo Transaction
ii. Minority stake disposal
in TIM Enterprise
iii. Other assets
▪ “Combination”(2) with Open Fiber remains the priority / preferred option in order to unlock sizable
synergies and allow full valorization of TIM’s infrastructure network…
▪ … but only if executed at attractive terms to both equity / debt holders
▪ Should the transaction not be finalized alternative options might include, among others:
– Potential disposal to private market investors, given the proven appetite currently showed for the
asset class
– “Structural” separation
Vertical dis-integration to accelerate deleverage
(1) It might include, among other options, intercompany loan repayment (2) It might include, among other options, full disposal of NetCo to Open Fiber
1
For illustrative purposes only, do not consider scale effect
Delayering Plan - Strengthening TIM’s capital structure
Deleverage through
execution of
Delayering Plan
NetCo debt
deconsolidation(1)
(through vertical dis-
integration)
Cash proceeds from
M&A transactions
1
A
Up to ~€11bn
35. Capital Market Day
July 7th 2022 35
(1) Excludes € 285m repurchase agreements o/w € 85m will expire in April 2022, € 150m will expire in May 2022 and € 50m will expire in June 2022
TIM is committed to reduce total leverage
also in a “continuity” scenario
Liquidity secured until 2024 – no refinancing needs,
thus flexibility to execute
0.4
0.7
0.6
0.6
0.7
1.0
4.0
2.4
3.4
4.9
3.5
12.4
1.1
3.8
5.0
Liquidity
Margin
Within 2022 FY 2023 FY 2024
(1)
Bonds Loans
Undrawn portions of committed bank lines
Cash & cash equivalent
Finance Leases
Additional liquidity
SACE further
enhances liquidity
position
Q1 ‘22 adjusted for:
▪ € 1.5bn Inwit transaction
▪ € 2.0bn SACE financing
Independently from vertical dis-integration, we still have options
for a sustainable capital structure
~€20bn
Target Net Debt AL
Q1 ’22 Pro-forma
Net Debt AL
pre inorganic /
extraordinary
actions
Deleverage through
cash proceeds from
M&A transactions
Cash proceeds from:
i. Minority stake disposal in
NetCo, and/or
ii. Minority stake disposal in
TIM Enterprise and/or
iii. Other assets
Sustainable
capital structure
36. Capital Market Day
July 7th 2022 36
In any potential M&A structure, a key objective of the Delayering
Plan will be the reduction in leverage and strong commitment to
improve rating profile
Network
Key Pillars Rating Considerations
▪ One of TIM’s key objectives for the Delayering Plan is to
improve Group’s leverage and credit metrics
▪ TIM currently benefits from a strong liquidity position,
sufficient to cover any maturities until 2024 – this will allow
ample time to complete the contemplated strategic
transactions without having to refinance maturities before a
transaction structure is decided
▪ Considerable structuring work on the current capital
structure has been completed to ensure all envisaged
transaction structures can be implemented in an efficient way
and with an improvement in the leverage profile
– Envisaged liability management actions for debt allocation,
if any, will be decided once there is full visibility on the final
structure / final negotiation of the M&A transactions
▪ Before committing to any transaction, TIM intends to pursue a
full rating assessment
▪ Following the execution of the Delayering Plan, TIM targets a
solid and sustainable capital structure, resulting in ratings
(e.g., for ServiceCo) which are robust and not lower than current
ratings
▪ TIM will optimise its de-leveraging and structuring solutions
to achieve its objectives such that the interest of TIM
debtholders are preserved
37. Capital Market Day
July 7th 2022 37
Delayering Plan - Execution will take ~15-18 months given the extraordinary
nature and complexity of the transaction
▪ TIM is focused on identifying NetCo “path” to vertical dis-integration by YE ‘22, in parallel with the assessment of other strategic options
▪ Execution (including regulatory / corporate approvals) will take ~15-18 months
▪ TIM is committed to accelerate delayering plan’s execution
Definition of the transaction
NetCo M&A
transaction
NetCo
preparation
Regulatory / corporate approvals (~15-18 months)
Binding Agreement
(Oct-22) as per MoU
Perimeter
Equity story /
strategic roadmap
2022 2023 2024
“Carve-out” activities
✓
✓
Focus on NetCo
38. Agenda
Beyond vertical integration
Closing remarks
Capital structure and plan execution highlights
Annex
#3
#5
#1
The new TIM
#2
#4
TIM Enterprise TIM Consumer TIM Brasil
NetCo
39. Capital Market Day
July 7th 2022 39
Closing remarks
▪ Delayering TIM is an unprecedented opportunity to unleash the strengths hidden in
the integrated model
▪ Running a well-balanced portfolio of distinct entities with different characteristics
and at different level of maturity
▪ Identified a clear tailor-made strategy for each entity
▪ Focus will be on execution
▪ Strong commitment to reduce leverage and improve rating profile
▪ Different options ensure the necessary flexibility vis-à-vis the status quo
40. Agenda
Beyond vertical integration
Closing remarks
Capital structure and plan execution highlights
Annex
#3
#4
#1
The new TIM
#2
#5
TIM Enterprise TIM Consumer TIM Brasil
NetCo
41. Capital Market Day
July 7th 2022 41
NetCo - Perimeter
▪ Copper and fiber
infrastructure from
central office to client
premises, with
ServiceCo retaining
selected primary fibers
▪ Central offices and
junction
infrastructure,
excluding backbone, IP
transport and mobile
infrastructure
▪ All real estate assets
except for data
centers, commercial
only spaces and
ServiceCo-only offices
Highlights on
NetCo perimeter
Glossary: AGW= Access Gateway; BTS= Base Transceiver Station; CNO= Optical Distribution Node; DSLAM= Digital Subscriber Line Access Multiplexer; EVDSL= Enhanced Very-high-bit-rate Digital Subscriber Line; IRU=
Indefeasible right of use; OAO= Other Authorized Operators; OLT= Optical Line Terminal; ONT= Optical Network Termination; OPB= Optical Packet Backbone; OPM= Optical Packet Metro; OTB= Optical Termination Box; POP=
Point of Presence; PSTN= Public Switched Telephone Network; Switching SL =Switching “Stadio di Linea”
42. Capital Market Day
July 7th 2022 42
NetCo - Key services between NetCo and ServiceCo
(1) ISO-CSP service purchase, ADSL via interconnection to DSLAM, UBB via VULA purchase over FTTx networks (VULA C, VULA H), business fiber connections or backhauling of SRBs through access
fiber purchase beyond those in IRU at carve out (2) Over time NetCo will rebuild its own backbone (2) At start-up
NetCo
ServiceCo
Bandwidth
G&A
IT Systems &
platforms
Services to implement wholesale
services requiring IP transport (2)
Usage of patents + telephony,
internet & computers (3)
Management of IT/OSS assigned to
ServiceCo for the interim period
Accesses
Access services needed to implement
retail services (1)
Building &
energy
Space occupancy and energy for
industrial and office/commercial use
Network
engineering
Operation and maintenance on
ServiceCo owned network
components
Delivery &
Assurance
Installation/configuration of
equipment and assurance activities
Other Services
Management of shared IT Systems
and Platforms assigned to NetCo
43. Capital Market Day
July 7th 2022 43
Managed &
Professional
Services
Data Center
& Edge
Solutions
Cloud
Infrastructure
Security
&
Compliance
Network
Change Run
Assessment Cloud
Migration
Cost
Optimization
Deployment
Systems &
Applications
Management
Full
outsourcing
Managed
Audit & Billing
Managed
Security &
Governance
Cloud
Modern
Workplace
Customer
Experience
Modern
Applications
Digital
Marketplace
Trusted
Services
TIM Cloud Google Cloud Edge Cloud 3rd Parties Cloud
Data Center and Edge TIM
Fixed Mobile
Traditional
Voice & VoIP
xDSL &
Fiber
Software-
defined
networking
Human
& M2M
Device
& technical
assistance
2/4/5
GHz
5G Private
Network
Security IoT
Vertical
Solutions
Cybersecurity
& cyber risk
management
Crypto
TIM Enterprise - Complete end-to-end ICT offering, unparallel in the market
30-40%
40-50% 25-35% 25-35%
20-40%
30-40%
xx% Marginality observed in the market (defined as Revenues minus direct costs, incl. OPEX contribution)
44. Capital Market Day
July 7th 2022 44
▪ Centralized corporate sales / account management: single point of contact to engage with
customers in order to better identify needs and explore opportunities
▪ Integrated marketing and solution development, by industry and top clients
▪ Specialized pre-sales: product-focused pre-sales specialists supporting account managers
during sales process
▪ Vertical product management: product-focused business and technical requirement
identification to steer competence center development
▪ Integrated delivery project management: specialized PMs for project delivery coordination
▪ Vertical delivery specialists: product-focused experts responsible for single product delivery
▪ Integrated R&D to setup common standards and methodology
▪ Product-specific competence centers to develop internal IP from product management
inputs
▪ Integrated technical practices for management of key partners' technology solutions
▪ Integrated managed services for infrastructures
▪ Vertical application managed services (product-specific)
▪ Integrated operations & assurance in charge of post-sales services, assurance &
maintenance
Vertical Product Development / Delivery /Technology
Connectivity Cloud IoT Security
Integrated delivery project management
Commercial
Centralized corporate sales / account management
Integrated marketing & product portfolio management
Integrated Presales and custom solution architects
Pre-sales
Connectivity
Pre-sales
Cloud
Pre-sales
IoT
Pre-sales
Security
Integrated R&D
Technical practices
Comp. Center
Connectivity
Comp. Center
Cloud
Comp. Center
IoT
Comp. Center
Security
Managed Services, operations & assurance
Infrastructure managed services
Operations & assurance
App.MS
Connectivity
App.MS
Cloud
App.MS
IoT
App.MS
Security
Product
Delivery
Product
Delivery
Product
Delivery
Product
Delivery
Sales Governance
TIM Enterprise - Operating model
45. (+39) 06 3688 2500
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