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    Daniel Federle • Credit Suisse Group AG

    Daniel Federle's questions to TIMS3 leadership

    Daniel Federle's questions to TIMS3 leadership • Q4 2024

    Question

    Daniel Federle from Bradesco BBI asked about any perceived impact from new competitors, the structural reasons for TIM's mobile revenue growth relative to peers, and the relationship between inflation and the company's ability to raise prices.

    Answer

    CEO Alberto Griselli stated that no impact from new entrants has been observed so far. He explained that TIM's overall mobile growth can be affected by its larger prepaid base in a shrinking market, which is why the company is focused on new revenue streams. Regarding inflation, he confirmed they pass on increases to postpaid customers annually but monitor customer response to gauge demand elasticity.

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    Daniel Federle's questions to Tim SA (TIMB) leadership

    Daniel Federle's questions to Tim SA (TIMB) leadership • Q4 2024

    Question

    Daniel Federle from Bradesco BBI asked if TIM was seeing any competitive impact from a new market entrant. He also inquired about structural reasons for TIM's mobile revenue growth relative to peers and how inflation translates into price increases.

    Answer

    CEO Alberto Griselli stated they have not seen an impact from the new entrant. He explained that TIM's higher proportion of prepaid revenue can be a drag on overall growth since the recharge market is shrinking, which is why the company is focused on new revenue streams like B2B. Regarding inflation, he confirmed they pass on increases to postpaid customers annually and are executing this year's adjustment with the same intensity as last year.

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    Daniel Federle's questions to Tim SA (TIMB) leadership • Q2 2024

    Question

    Daniel Federle from Bradesco BBI asked for the rationale behind the expected deceleration in mobile industry growth in 2025 as implied by the 3-year guidance. He also questioned why selling expenses were not showing more efficiency gains despite historically low churn.

    Answer

    CEO Alberto Griselli explained the long-term guidance reflects a normalization of growth to a rate slightly above inflation, following a period of rapid 'catch-up' growth, contingent on a continued rational market. CFO Andrea Viegas clarified that selling expenses are indeed growing below revenue and showing productivity when excluding the impact of a one-time FISTEL tax credit recognized in the prior year's comparison period.

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    Daniel Federle's questions to TIMS3.SA leadership

    Daniel Federle's questions to TIMS3.SA leadership • Q2 2024

    Question

    Daniel Federle of Bradesco BBI questioned the rationale for the implied deceleration in mobile industry growth in the 3-year guidance for 2025 and beyond. He also asked why selling expenses were not showing more efficiency gains despite lower churn.

    Answer

    CEO Alberto Griselli explained the long-term guidance reflects growth of 1.5-2.0 percentage points above inflation; as inflation is expected to fall, so will nominal growth. CFO Andrea Viegas clarified that selling expenses are growing below revenue when excluding a prior-year tax credit, and the current figure includes investments in advertising for new product launches.

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    Daniel Federle's questions to Telefonica Brasil SA (VIV) leadership

    Daniel Federle's questions to Telefonica Brasil SA (VIV) leadership • Q2 2024

    Question

    Daniel Federle inquired about the primary barriers to further mobile plan price increases and sought to understand Vivo's confidence and competitive advantages in building a profitable digital services business.

    Answer

    Executive Christian Gebara explained that Vivo's strategy focuses on value creation through service convergence, like the Vivo Total plan, rather than simple price hikes. This approach reduces churn and increases lifetime value. On digital services, Gebara stated they already represent nearly 10% of revenue and are a success, driven by Vivo's vast customer base, extensive sales channels, and strong brand. He highlighted 35% growth in B2C new businesses and 19% in B2B digital services, bolstered by the IPNET acquisition.

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