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Bernardo Guttman

Research Analyst at XP

Bernardo Guttmann is a Sector TMT, Banks & Non-Bank Financials Equity Research Head at XP, specializing in technology, media, telecommunications, banking, and non-bank financial institutions. He covers major Brazilian companies such as Nubank, PagBank, and StoneCo, providing research and investment recommendations for institutional clients. Guttmann has built a strong reputation in the Brazilian equity research space, though specific performance metrics, rankings, or returns are not publicly available on major platforms like TipRanks. His career includes extensive experience in financial services and equity research, with a focus on Brazil’s leading fintech and financial firms, and he holds relevant securities licenses required for equity research in Brazil.

Bernardo Guttman's questions to TIM (TIMB) leadership

Question · Q3 2025

Bernardo Guttman inquired about the slight deceleration in mobile service revenues, asking if it stems from competition or natural growth normalization. He also asked about potential M&A in the fiber space and if it could alter TIM's strategy or timing for its fiber business.

Answer

CEO Alberto Griselli explained that the mobile service revenue dynamics were anticipated and consistent with seasonal patterns, driven by balancing postpaid growth and reducing prepaid deceleration, rather than competitive pressure. Regarding fiber M&A, he stated the Brazilian market is hyper-fragmented and not currently attractive due to ARPU and churn pressures. TIM's organic and inorganic strategy for broadband remains unchanged, noting recent operational improvements in net additions despite continued ARPU pressure.

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Question · Q3 2025

Bernardo Guttman inquired about the slight deceleration in mobile service revenues, asking if it stemmed from competition or natural growth normalization. He also questioned how market talk around potential M&A in the fiber space might alter TIM's strategy or timing for its fiber business.

Answer

CEO Alberto Griselli explained that mobile service revenue dynamics were consistent with seasonal patterns and less dependent on competitive dynamics, driven by postpaid growth and reduced prepaid deceleration. Regarding fiber M&A, he stated the Brazilian market's fragmentation makes it unattractive for TIM, whose strategy remains unchanged, focusing on optimizing capital allocation and noting improving broadband operating momentum despite ARPU pressure.

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