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    Felipe Cheng • Banco Santander S.A.

    Felipe Cheng's questions to Tim SA (TIMB) leadership

    Felipe Cheng's questions to Tim SA (TIMB) leadership • Q1 2025

    Question

    Felipe Cheng asked about TIMB's schedule for implementing front-book price increases to align with competitors. He also sought to understand the drivers behind the revenue decline in the TIM Live broadband business and whether the company is considering M&A options for it.

    Answer

    CEO Alberto Griselli confirmed that TIMB is committed to market rationality and plans to implement front-book price upgrades in the coming months. For TIM Live, he attributed the performance to a highly competitive market and the drag from its declining copper customer base. He mentioned that while the fiber base is growing again, the business is dilutive to overall margins, so they are moving cautiously and assessing all inorganic options.

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    Felipe Cheng's questions to Tim SA (TIMB) leadership • Q2 2024

    Question

    Felipe Cheng of Banco Santander, S.A. requested an update on the infrastructure sharing agreement with Vivo, its impact on OpEx and CapEx, and the evolution of the B2B IoT solutions business.

    Answer

    CEO Alberto Griselli reported that the B2B IoT business is on track with its plan, securing contracts in key verticals like agribusiness and logistics, and is also exploring non-organic growth. Regarding the Vivo agreement, both CEO Griselli and CFO Andrea Viegas explained the project is complex but moving forward with the 2G shutdown and single grid implementation, with completion expected by late 2024 or early 2025, offering future cost avoidance benefits.

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    Felipe Cheng's questions to Telefonica Brasil SA (VIV) leadership

    Felipe Cheng's questions to Telefonica Brasil SA (VIV) leadership • Q4 2024

    Question

    Felipe Cheng from Banco Santander S.A. questioned the drivers of the strong B2B fixed-line revenue growth, excluding the IPNET acquisition, and asked about the migration timeline for 1.2 million copper customers.

    Answer

    Executive Christian Gebara attributed the strong B2B growth to the normal pace of business, driven by a focus on digital services like cloud and IoT, a 5,000-person sales force, and significant room for growth among its 1.8 million B2B clients. Executive David Sanchez-Friera added that a large portion of the 1.2 million copper customers are already in Vivo's fiber footprint, and the company targets capturing a significant part of the migration benefits within four years.

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    Felipe Cheng's questions to TIMS3.SA leadership

    Felipe Cheng's questions to TIMS3.SA leadership • Q2 2024

    Question

    Felipe Cheng from Santander requested more detail on the current stage of the infrastructure sharing agreement with Vivo and its expected impact. He also asked about the evolution and performance of the B2B IoT solutions business.

    Answer

    CEO Alberto Griselli reported that the B2B IoT business is on track with its ambitious plan, with contracted revenues growing significantly and a strong pipeline. CFO Andrea Viegas and CEO Alberto Griselli explained the Vivo agreement is a complex project involving 2G shutdown and a single grid, with completion expected by early next year. The project drives energy savings and future CapEx avoidance.

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