TIM (TIMB) Company Report

Analyst Coverage

Research analysts who have asked questions during TIM earnings calls.

Marcelo Santos

JPMorgan Chase & Co.

6 questions for TIMB

Also covers: AFYA, AMX, MELI +8 more

Vitor Tomita

Goldman Sachs Group Inc.

6 questions for TIMB

Also covers: AMX, CINT, LILA +4 more

Bernardo Guttmann

XP Inc.

3 questions for TIMB

Also covers: BBD, BDORY, ITUB +3 more

Gustavo Farias

UBS Group AG

3 questions for TIMB

Also covers: AMX, CINT, TIGO +5 more

Leonardo Olmos

UBS Group AG

3 questions for TIMB

Also covers: AMX, CINT, GLOB +3 more

Bernardo Guttman

2 questions for TIMB

Daniel Federle

Credit Suisse Group AG

2 questions for TIMB

Also covers: TIMS3, TIMS3.SA, VIV

David Lopez

Wall Street Research

2 questions for TIMB

Fanny Cannamouri

Santander

2 questions for TIMB

Felipe Cheng

Banco Santander S.A.

2 questions for TIMB

Also covers: TIMS3.SA, VIV

Maria Clara Infantozzi

Itau BBA

2 questions for TIMB

Also covers: VTEX

Carlos de Legarreta

Itau BBA

1 question for TIMB

Also covers: TIMS3

Cesar Davanco

Santander

1 question for TIMB

Also covers: TIMS3

Lucca Brendim

Bank of America

1 question for TIMB

Also covers: AMX, TV, VIV +1 more

Luis Chagas

BTG Pactual

1 question for TIMB

Phani Kanumuri

HSBC Holdings plc

1 question for TIMB

Also covers: DAVA

Phani Kumar Kanumuri

HSBC

1 question for TIMB

Also covers: AMX, DAVA, TIGO +2 more

Latest news

Recent press releases and 8-K filings for TIMB.

TIM S.A. Confirms Non-Binding Negotiations for I-Systems Stake Acquisition

TIMB

M&A

New Projects/Investments

TIM S.A. confirmed on February 3, 2026, that it is engaged in non-binding negotiations with IHS Fiber Brasil for the potential acquisition of a stake in I-Systems Soluções de Infraestrutura S.A..
These negotiations are ongoing, and the terms and conditions are not yet conclusively defined.
The company does not confirm the reported deal values of approximately $170 million or 900 million reais mentioned in a press article.
This potential acquisition aligns with TIM S.A.'s strategy to strengthen its broadband services and improve telecommunications infrastructure.

4 days ago

6-K

TIM S.A. announces strategic agreement with American Tower

TIMB

New Projects/Investments

Operational Efficiency

TIM S.A. has approved a new strategic agreement with American Tower do Brasil (ATC) to redefine their partnership framework, aiming for sustainability and evolution of its mobile network.
The agreement covers approximately 9,000 towers, representing about 30% of TIM's entire infrastructure, and consolidates all previous contracts into one, unifying the term until 2034.
This initiative is expected to bring simplification and greater efficiency to infrastructure management, providing predictability for new projects and aligning with TIM's Lease Efficiency Plan.

Jan 22, 2026, 12:18 AM

6-K

TIM S.A. approves acquisition of V8.Tech

TIMB

M&A

New Projects/Investments

TIM S.A.'s Board of Directors approved the acquisition of one hundred percent (100%) of the share capital of V8 Consulting S.A. ("V8.Tech") on November 26, 2025.
The initial purchase price for V8.Tech is BRL 140,000,000.00, with potential additional earn-out payments up to an equal amount over a six-year period, subject to specific conditions.
V8.Tech is a technology company founded in 2014, specializing in digital solutions, managed services, digital transformation, cloud computing, and artificial intelligence.
The closing of the transaction is contingent upon approval by the Brazilian Antitrust Authority (CADE) and other customary conditions.

Nov 28, 2025, 11:28 AM

6-K

TIM S.A. Acquires V8.Tech and Establishes New B2B Vice Presidency

TIMB

M&A

New Projects/Investments

Management Change

TIM S.A. has approved the acquisition of 100% of the share capital of V8.Tech for R$140 million, with potential earn-outs up to an additional R$140 million over six years, pending CADE approval.
V8.Tech, a technology company specializing in digital solutions, reported net revenue of approximately R$235 million over the past 12 months (as of September 2025) and achieved a 17% compound annual growth rate (CAGR) between 2021 and 2024.
This acquisition is intended to strengthen TIM's B2B strategy by expanding its digital transformation solutions, particularly in cloud computing and artificial intelligence.
Additionally, TIM S.A. announced the creation of a new Vice Presidency focused on B2B, which will be led by Fabio Costa.

Nov 28, 2025, 11:23 AM

6-K

TIM S.A. Reports Strong Q3 2025 Financial Results and Confirms Full-Year Guidance

TIMB

Earnings

Guidance Update

Dividends

Share Buyback

TIM S.A. reported a solid double-digit increase in net income for Q3 2025, reaching R$ 1.2 billion for the quarter and nearly R$ 3 billion year-to-date.
For the first nine months of 2025, service revenues grew 5.2% year-over-year, while EBITDA increased 6.7% year-over-year with a 50.3% margin.
The company returned capital to shareholders by announcing R$ 1.8 billion in interest on capital and repurchasing R$ 369 million in shares.
Operational cash flow (EBITDA after lease minus CapEx) for Q3 2025 was R$ 1.7 billion, an 8.1% year-over-year increase, contributing to R$ 4.5 billion for the first nine months.
TIM S.A. confirmed it is on track to achieve its 2025 goals, including its full-year guidance for operating free cash flow expansion within the 14%-16% range.

Nov 4, 2025, 1:00 PM

Transcript

TIM S.A. Reports Strong Q3 2025 Financial and Operational Results

TIMB

Earnings

Share Buyback

Dividends

TIM S.A. reported a 5.2% year-over-year increase in service revenues for the first nine months of 2025, with EBITDA rising 6.7% and net income up 42.2% year-over-year. In Q3 2025, EBITDA increased 7.2% with a 51.7% margin, and net income reached R$ 1.2 billion.
Operational cash flow (EBITDA after lease minus CapEx) reached R$ 1.7 billion in Q3 2025, up 8.1% year-over-year, and the company announced R$ 1.8 billion in interest on capital and repurchased R$ 369 million in shares.
The company added 415,000 postpaid lines in Q3 2025, maintaining a low postpaid monthly churn of 0.8%, and expanded its 5G network to 1,000 cities across Brazil.
B2B IoT solutions generated R$ 435 million in contracted revenues since Q1 2024, including a new partnership with Vale, while cost growth was kept at 1.8%, well below inflation.
TIM S.A. is on track to achieve its 2025 goals and is delivering on its full-year guidance across service revenue, EBITDA, CapEx, and shareholder remuneration.

Nov 4, 2025, 1:00 PM

Transcript

TIM S.A. Reports Strong Q3 2025 Financial Results and Confirms Full-Year Guidance

TIMB

Earnings

Guidance Update

Share Buyback

**TIM S.A. reported strong Q3 2025 financial results, with service revenues increasing 5.2% year-over-year for the first nine months and EBITDA rising 6.7% year-over-year to a 50.3% margin. **
**Net income grew significantly by 42.2% year-over-year, reaching BRL 1.2 billion in Q3 2025 and nearly BRL 3 billion year-to-date. **
**The company demonstrated commitment to shareholder remuneration, announcing BRL 1.8 billion in interest on capital and repurchasing BRL 369 million in shares. **
**Operational cash flow (EBITDA after lease minus CapEx) for Q3 2025 was BRL 1.7 billion, an 8.1% year-over-year increase, contributing to BRL 4.5 billion for the first nine months. **
**TIM confirmed its full-year guidance for service revenue, EBITDA, CapEx, and shareholder remuneration, expecting operating free cash flow expansion to be within the 14%-16% range. **

Nov 4, 2025, 1:00 PM

Transcript

TIM S.A. Reports Strong Q3 2025 Financial Results and Updates on Legal Proceedings

TIMB

Earnings

Legal Proceedings

New Projects/Investments

TIM S.A. reported a net profit of R$ 1,207,705 thousand for Q3 2025 and R$ 2,980,714 thousand for the nine months ended September 30, 2025, representing an increase from R$ 805,026 thousand and R$ 2,105,669 thousand respectively in the prior year. Basic and diluted earnings per share for Q3 2025 were R$ 0.50, and R$ 1.23 for the nine months ended September 30, 2025.
The company's Net Revenue reached R$ 6,710,987 thousand for Q3 2025 and R$ 19,704,561 thousand for the nine months ended September 30, 2025.
As of September 30, 2025, the total provision for legal and administrative proceedings was R$ 1,480,860 thousand. The company also faces judicial and administrative proceedings with a possible loss risk totaling R$ 25,373,460 thousand. In April 2025, a R$ 169 million accounting provision was reversed due to a new court decision regarding a Public Civil Action.
TIM S.A. increased its investment in the 5G Fund to R$ 320,245 thousand by September 2025. Additionally, the partnership with Banco C6 was terminated in Q1 2025, leading to the full write-off of the subscription warrant.

Nov 4, 2025, 11:03 AM

6-K

TIM S.A. Reports Strong Q3 and 9M 2025 Financial Results

TIMB

Earnings

Dividends

Share Buyback

TIM S.A. reported a 5.2% YoY increase in Service Revenue and a 6.7% YoY increase in EBITDA with a 50.3% margin for the first nine months of 2025 (9M25).
Net Income grew by 42.2% YoY to R$ 3.0 billion in 9M25, with Q3 2025 alone seeing a 50.0% YoY increase to R$ 805 million.
The company demonstrated strong cash generation, with Operating Cash Flow (EBITDA-AL minus Capex) expanding 11.8% YoY to R$ 4.5 billion in 9M25.
TIM S.A. announced R$ 1.8 billion in Interest on Capital (IoC) and R$ 369 million in share repurchases for 9M25, totaling R$ 2.16 billion in shareholder remuneration.
The company's financial health improved, with Net Debt decreasing 12.9% YoY to R$ 10,441 million and a leverage ratio (Net Debt/LTM EBITDA) of 0.79x.

Nov 3, 2025, 11:47 PM

6-K

TIM S.A. Reports Strong Q3 2025 Financial and Operational Results

TIMB

Earnings

Dividends

New Projects/Investments

Net Revenues for Q3 2025 reached R$6,711 million, a 4.5% year-over-year increase, primarily driven by a 4.8% year-over-year growth in Services Revenues to R$6,534 million.
Normalized EBITDA for Q3 2025 was R$3,469 million, marking a 7.2% year-over-year increase, with the Normalized EBITDA Margin expanding to 51.7%.
The company achieved its highest net income ever, with Normalized Net Income reaching R$1,208 million in Q3 2025, a 50.0% year-over-year increase, resulting in Normalized Earnings per Share of R$0.50.
The mobile customer base grew to 62,619 thousand, an 0.8% year-over-year increase, primarily due to a 9.0% year-over-year expansion in the postpaid segment to 32,344 thousand. Mobile ARPU also increased by 4.6% year-over-year to R$33.1.
On September 23, 2025, the Board of Directors approved the distribution of Interest on Capital in the amount of R$480 million. Additionally, on October 7, 2025, the company announced a partnership with IHS Brasil for the construction of up to 3,000 telecommunications towers.