The BoD of TIM unanimously approved the financial report as at 30 June 2023. During the first half of the year, the stabilization and relaunch of the domestic business and the acceleration of the development of TIM Brasil continued, with results fully in line with the targets for 2023.
In the second quarter:
total group revenues stood at 4 billion euros (+2.8% year-on-year comparison, YoY) revenues from services at 3.7 billion euros (+1.8% YoY) EBITDA, i.e. EBITDA, at 1.6 billion euro (+5.6% YoY)
moreover, in the domestic business
total revenues, 2.9 billion euro, return to growth after 20 quarters, +0.6% YoY fixed line revenues show significant changes, +0.2% YoY the EBITDA trend has stabilized after 21 quarters, 1.1 billion euro with +0.5% YoY.
Looking instead at the first semester it emerges that:
total group revenues stood at 7.8 billion euros (+3.5% year-on-year comparison, YoY) revenues from services at 7.2 billion euros (+2.3% YoY), in in line with the growth target low single digit
the group’s organic EBITDA, i.e. the gross operating margin, at 3.1 billion euros (+4.7% YoY), in line with the growth target mid single digit.
TIM underlines that on the domestic market activities to focus on costs and review the business model continue “in light of the challenging industrial and financial context”. Since the beginning of the year, refinancing activities have been successfully completed for a total amount exceeding €3 billion.
The planned activities continue arrive at the binding offer of Kohlberg Kravis Roberts (KKR) by September 30th, as part of the sale of NetCo, i.e. the company that will include the assets of the fixed network and the stake in Sparkle, in which Cassa depositi e prestiti had also shown interest. After the decision of the TIM Board of Directors last June to launch exclusive negotiation with KKRall the necessary activities are underway to arrive at the receipt of a final binding offer by and no later than next 30 September.