Telecom Italia S.p.A. (TIIAY) Q1 2025 Earnings Call Transcript

2025-05-10 18:47:17 ET

Telecom Italia S.p.A. (TIIAY)

Q1 2025 Results Conference Call

May 8, 2025 05:00 AM ET

Company Participants

Paolo Lesbo - Head of Investor Relations

Pietro Labriola - Chief Executive Officer

Adrian Calaza - Chief Financial Officer

Andrea Rossini - Head-Consumer, Small and Medium Market Office

Elio Schiavo - Chief Enterprise & Innovative Solutions Office

Conference Call Participants

Joshua Mills - BNP Paribas

David Wright - Bank of America

Domenico Ghilotti - Equita

Giorgio Tavolini - Intermonte

Mathieu Robilliard - Barclays

Luigi Minerva - HSBC

James Ratzer - New Street Research

Andrew Lee - Goldman Sachs

Andrea Todeschini - Banca Akros

Presentation

Operator

Ladies and gentlemen, good morning, and welcome to TIM First Quarter 2025 Presentation. Paolo Lesbo, Head of Investor Relations, will introduce the event.

Paolo Lesbo

Ladies and gentlemen, good morning, and welcome to TIM first quarter 2025 results presentation. I'm here with the CEO, Pietro Labriola; the CFO, Adrian Calaza; and the rest of the management team.

Today, we present the highlights of the first quarter and review the main operating and financial results. At the end, there will be the usual Q&A session.

I point out that Sparkle is treated as a discontinued operation as indicated in the guidance provided in February. Therefore, it is excluded from this set of results unless otherwise stated, and so it will in coming quarters. Please refer to the safe harbor disclaimer in the appendix for the definition of the results perimeter.

Now I hand the stage over to Pietro. Pietro, the floor is yours.

Pietro Labriola

Thank you, Paolo. Good morning, everyone. Let me start with what I believe are the most relevant messages for this quarter. First of all, since our February call, Poste Italiane agreed to acquire a 15% stake from Vivendi. Once completed, Poste will become TIM's largest shareholder, holding 24.8% of ordinary shares. This marks a fundamental step towards greater governance alignment and long-term industrial stability. More on this in the next slide.

The competitive environment in Q1 saw the domestic consumer market broadly stable with some early signs of improvement following faster Vodafone deal, the enterprise market growing as expected and Brazil remaining rational and profitable.

Our results were fully in line with the budget, confirming that we are on track. We have also extended our revolving credit facility to 2030 and reduced its size from EUR 4 billion to EUR 3 billion, reflecting the stronger profile of TIM post NetCo....

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