Preliminary Q4 2025 Telecom Italia SpA Earnings Call Transcript
Key Points
- Telecom Italia SpA (TIIAY) delivered on its guidance for the fourth consecutive year, reinforcing its track record of execution and credibility with the market.
- Revenues increased by 2.7% to EUR13.7 billion in 2025, supported by continued commercial momentum across core businesses.
- EBITDA after lease grew by 6.5% to EUR3.7 billion, reflecting operating leverage and tight cost control.
- Equity free cash flow after lease reached EUR0.7 billion, further reinforcing the company's deleveraging profile.
- The company confirmed its 2026 guidance and growth trajectory, indicating a stable outlook and strategic consistency.
- The MVNO segment is expected to remain volatile during 2026, with potential impacts on revenue and EBITDA.
- Telecom Italia SpA (TIIAY) faces continued competitive intensity in the Italian market, which may pressure margins.
- The company anticipates a weaker first half of 2026 due to the phasing of MVNO contracts, impacting EBITDA growth.
- There is uncertainty surrounding the approval of the RAN sharing agreement with Fastweb and Vodafone, which could affect future cost savings.
- The reassessment of the deferral period for wireline contract costs led to a nonrecurring charge of approximately EUR0.6 billion in 2025 reported EBITDA.
Ladies and gentlemen, good morning and welcome to TIM preliminary 2025 results and 2026 update presentation. Paulo Lespo, Head of Investor Relations will introduce the event.
Ladies and gentlemen, good morning, and welcome to TIM full-year 2025 preliminary results and 2026 update presentation. I am pleased to be here with the CEO, Pietro Labriola; the CFO, Piergiorgio Peluso; and the rest of the management team.
We will start with Pietro, who will outline the key messages and strategic highlights of today's presentation. We will then review our 2025 operating and financial performance before addressing selected topics that are particularly relevant to understanding the evolution of the group.
Finally, we will provide an update on our 2026 targets and priorities going forward. As usual, we will conclude with a Q&A session. Please refer to the Safe Harbor statement included in the annex for details on the reporting perimeter.
With that, I will now hand over to Pietro.
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