Q3 2025 TIM SA Earnings Call

Operator 1: To inform you that this event is being recorded and all participants will be in listen-only mode during the company's presentation. There will be a replay for this call on the company's website. After TIM's remarks are completed, there will be a Q&A session for participants. At that time, further instructions will be given.

Worded and all participants will be in listen only mode. During the company's presentation. There will be a replay for this call on the company's website. After Chinas say remarks are completed there will be a Q&A session for participants at that time further instructions will be given.

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Vicente Ferreira: Hello everyone. Welcome to our Q3 2025 Earnings Conference Call. I am Vicente Ferreira, Director of Investor Relations at TIM Brasil. This video highlights our recent financial and operational performance, as well as the initiatives that support our strategic plan. Following this, we will have a live question and answer session with our CEO, Alberto Griselli, and our CFO, Andrea Viegas. We emphasize that this presentation may contain forward-looking statements based on the beliefs of the directors. Please consult the disclaimer on the screen and on our Investor Relations website. Now, let's move to our results. Hello everyone. I am Alberto Griselli, CEO of TIM Brasil. Today, we will explore how our commitment to innovation, customer experience, and operational excellence is driving sustainable growth and value creation. We will delve into the key highlights and achievements that are shaping our trajectory this year.

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Vicente Ferreira: Alcançamos um aumento de 5.2% na receita de serviços em relação ao mesmo período do ano anterior nos primeiros nove meses de 2025. Um ritmo de crescimento sustentável que, combinado com nossa robusta máquina de conversão de caixa, está alimentando uma sólida criação de valor. Continuamos evoluindo com nosso negócio B2B para expandir novas fontes de receita. A solução TIM Smart Mining está ganhando tração com uma nova parceria com a Vale, a mineradora. Adicionalmente, EBITDA subiu 6.7% em relação ao ano anterior, com margem de 50.3%, e o lucro líquido aumentou 42.2% na mesma base de comparação. Nossa abordagem disciplinada ao Capex manteve a eficiência de investimento e o fluxo de caixa operacional atingiu BRL 4.5 billion.

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Operator: To inform you that this event is being recorded and all participants will be in listen-only mode during the company's presentation. There will be a replay for this call on the company's website. After TIM S.A. remarks are completed, there will be a Q&A session for participants. At that time, further instructions will be given. Hello.

Vicente Ferreira: Vale destacar que anunciamos BRL 1.8 billion em juros sobre capital próprio e recompramos BRL 369 million em ações, reforçando nosso compromisso com remuneração ao acionista. Mais uma vez, nos destacamos nas práticas de ESG. A TIM atingiu o top dez do FTSE Diversity and Inclusion Index, sendo a única empresa brasileira e a única Telco a figurar na lista. Como apontei, nossas receitas líquidas de serviço continuam crescendo em ritmo sólido, impulsionadas pelo segmento móvel. A expansão do pós-pago permanece como um contribuidor chave, sustentando o crescimento geral. A estratégia More for More está ajudando nossa evolução e as receitas de serviço móvel aumentaram 5.6% no acumulado do ano e 5.2% no Q3. Nesse trimestre, adicionamos 415,000 linhas pós-pagas. Nossas migrações de pré-pago para pós-pago subiram em two digits.

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We keep evolving, our B2B to expand new revenue streams.

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Alberto Griselli: Olá a todos.

Operator: Welcome to our early session.

Alberto Griselli: Bem-vindos à nossa conferência de resultados do terceiro trimestre de 2023.

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Operator: Vicente Ferreira, Investor Relations Officer.

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Alberto Griselli: Sou Vicente Ferreira, Diretor de Relações com Investidores da TIM Brasil. Esse vídeo destaca nossos recentes desempenhos financeiros e operacionais, bem como as iniciativas que sustentam nosso plano estratégico. Após os destaques, teremos uma sessão de perguntas e respostas ao vivo com nosso CEO, Alberto Griselli, e nossa CFO, Andrea Viega. Ressaltamos que essa apresentação pode conter declarações prospectivas baseadas nas crenças dos diretores, com o seguinte disclaimer na tela e em nosso site de Relações com Investidores. Agora, vamos aos nossos resultados. Olá a todos. Eu sou Alberto Griselli, CEO da TIM Brasil. Hoje, exploraremos como nosso compromisso com inovação, experiência do cliente e excelência operacional está impulsionando o crescimento sustentável e criação de valor. Vamos nos aprofundar nos destaques e conquistas principais que estão moldando nossa trajetória este ano.

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Vicente Ferreira: A taxa de churn mensal do pós-pago permanece baixa, em 0.8%, refletindo uma gestão eficiente da base de clientes. Nossa abordagem More for More otimiza o custo-benefício ao equilibrar atratividade da oferta e crescimento da receita. Ofertas exclusivas da Black Friday, incluindo iPhone 16A e PlayStation 5, estão aprimorando nossa proposta de valor. Esperamos que elas ajudem a manter uma tendência sólida no pós-pago. No pré-pago, estamos vendo os primeiros sinais de estabilização, suportados por ofertas direcionadas e uma melhor experiência do cliente. A TIM Ultrafibra também tá mostrando melhorias operacionais, com o ARPU de banda larga em BRL 94 no Q3. ARPU estável e a retomada do crescimento da base de 3.7% em relação ao ano anterior, marcando 8 meses consecutivos de adições líquidas positivas, devem reduzir a diluição negativa da banda larga em nossos números.

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The team, smart mining solution is gaining traction with the new partnership with valid demanding company. Additionally, a bit that Rose 6.7% year-over-year with a 50.3% margin and net income up 42.2% year-over-year. Our disciplined approach to capex, is kept investment efficiencies and operational cash flow reach 4.5 billion. Reacts notably, we announced 1.8 billion in interest on Capital and repurchase 369 million in shares. Reinforcing our commitment to shareholder remuneration once more. We stood out in ESG practices team reached the top 10 of the Fitzy Russell diversity and inclusion index, being the only Brazilian company and the only Telco to appear on the list. As a pointed out our net service revenues continues to grow at a solid pace.

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Alberto Griselli: Alcançamos aumento de 5,2% na receita de serviços em relação ao mesmo período do ano anterior, nos primeiros nove meses de 2024. O ritmo de crescimento sustentável, que, combinado com nossa robusta máquina de conversão de caixa, está alimentando uma sólida criação de valor. Continuamos evoluindo com nosso negócio B2B para expandir novas fontes de receita. A solução TIM Smart Mining está ganhando tração com uma nova parceria com a Vale, a mineradora. Adicionalmente, EBITDA subiu 6,7% em relação ao ano anterior, com margem de 50,3%, e o lucro líquido aumentou 42,2% na mesma base de comparação. Nossa abordagem disciplinada ao CAPEX manteve a eficiência de investimento e o fluxo de caixa operacional atingiu R$ 4,5 bilhões. Vale destacar que anunciamos R$ 1,8 bilhão em juros sobre capital próprio e recompramos R$ 369 milhões em ações, reforçando nosso compromisso com a remuneração ao acionista.

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Vicente Ferreira: A TIM está reforçando sua liderança em rede, com 5G agora disponível em 1,000 cidades em todo o Brasil. Temos a maior cobertura 4G e 5G do país. O caso de modernização da rede de São Paulo está ditando o ritmo pra conectividade de próxima geração. O projeto RISC foi concluído com o upgrade de 100% dos sites em novembro. Somos agora líderes em velocidade de download em todos os rankings que medem throughput. Ampliamos nossa liderança em indicadores de qualidade consistentes, deixando o segundo player ainda mais pra trás. Estamos vendo o primeiro sinal de melhoria operacional, com churn por motivo de rede reduzidas em um quarto. Nossos esforços de modernização estão apoiando com sucesso a gestão da base de clientes, entregando qualidade de rede superior. Estamos expandindo esse projeto pra outras cidades. Completando nossa abordagem de três pilares, vamos falar sobre serviço.

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The more for more strategy is helping our Revolution and mobile service revenues increase. 5.6% annually over 9 months and 5.2% in the third quarter. This quarter we added 415,000 post pay lines with Prepaid to postpaid migrations up by double digits postpaid, monthly return remains low, at 0.8% reflecting efficient, customer base management, our more for more approach optimizes the cost benefit equation by balancing offer attractiveness and revenue growth. Exclusive Black Friday offers, including iPhone 16e and PlayStation 5 are enhancing our value proposition and we expect them to help maintaining a solid Trend in postpaid in prepaid. We are seeing first sign of stabilization supported by targeted offers and improved customer experience.

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Alberto Griselli: Mais uma vez, nos destacamos nas práticas de ESG. A TIM atingiu o top 10 do FTSE Russell Diversity and Inclusion Index, sendo a única empresa brasileira e a única telco a figurar na lista. Como apontei, nossas receitas líquidas de serviço continuam crescendo em ritmo sólido, impulsionadas pelo segmento móvel. A expansão do pós-pago permanece como contribuidor-chave, sustentando o crescimento geral. A estratégia More for More está ajudando nossa evolução, e as receitas de serviço móvel aumentaram 5,6% no acumulado do ano e 5,2% no terceiro trimestre. Neste trimestre, adicionamos 415 mil linhas pós-pagas. Nossas migrações de pré-pago para pós-pago subiram em dois dígitos. A taxa de churn mensal do pós-pago permanece baixa, em 0,8%, refletindo uma gestão eficiente da base de clientes. Nossa abordagem More for More otimiza o custo-benefício ao equilibrar a atratividade da oferta e o crescimento da receita.

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Vicente Ferreira: Proporcionar um excelente serviço está no cerne da nossa estratégia. O aplicativo MyTIM atualizado está transformando a experiência do cliente e a jornada de vendas. Com mais de 17.7 million de usuários únicos e 33% de penetração, o aplicativo está impulsionando o engajamento digital e crescimento do e-commerce. Somos a primeira Telco a integrar com Apple Pay e Google Pay, permitindo recargas seguras pra clientes pré-pagos, simplificando a jornada e incentivando transações recorrentes. O NPS do serviço digital pra pós-pago e pré-pago está em alta, sinalizando que estamos no caminho certo pra elevar a experiência com nosso serviço. Nossos mais de 70 million de clientes são o ativo mais valioso da TIM. Tendo isso em mente, estamos sempre tentando melhorar nosso relacionamento com os clientes e monetizar melhor esse ativo. O TIM+ é nosso programa de fidelidade aprimorado, que oferece mais benefícios, experiências e conveniência.

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Sal network modernization. Key is setting the pace for Next Generation connectivity. The project risks is completion with 100% of sites upgraded, this November we are now leaders in download speed in all rankings that measure throughput.

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We expanded our leadership in consistent quality indicator, leaving the second player, even farther down the scale. On top of that, we are seeing the first sign of operational improvement with churn linked to network reasons, reducing by 1 quart.

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All in all our modernization efforts are successfully supporting customer base management and delivering Superior Network quality. And we are expanding this project to other cities.

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Alberto Griselli: Ofertas exclusivas da Black Friday, incluindo iPhone 16 e PlayStation 5, estão aprimorando nossa proposta de valor. Esperamos que elas ajudem a manter uma tendência sólida no pós-pago. No pré-pago, estamos vendo os primeiros sinais de estabilização, suportados por ofertas direcionadas e uma melhor experiência do cliente. A TIM Ultrafibra também está mostrando melhorias operacionais com o ARPU de banda larga em R$ 94 no terceiro trimestre. ARPU estável e a retomada do crescimento na base, de 3,7% em relação ao ano anterior, marcando oito meses consecutivos de adições líquidas positivas, devem reduzir a diluição negativa da banda larga em nossos números. A TIM está reforçando sua liderança em rede, com 5G agora disponível em 1.000 cidades em todo o Brasil. Temos a maior cobertura 4G e 5G do país. O caso de modernização da rede de São Paulo está ditando o ritmo para a conectividade de próxima geração.

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Completing our freebies approach, let’s talk about service. Providing excellent service is at the heart of our strategy. The revamp, My Team Up, is transforming the customer experience and solving the journey with over 17.7 million unique users and 33% penetration. The app is driving digital engagement and e-commerce growth. We are the first to integrate with Apple Pay and Google Pay.

Vicente Ferreira: Desde o seu lançamento, no início do ano, temos mais de 2 million de usuários ativos mensais aproveitando os benefícios do programa. Distribuímos 120,000 ingressos de cinema e 20,000 cartões presente de corridas no Uber. O NPS do programa é acima de 80 points e reflete uma forte satisfação do cliente. Em paralelo, estamos acelerando a monetização da base com publicidade móvel. Chegamos a mais de 1,000 campanhas e 270 anunciantes em September. Por meio da combinação de nosso inventário próprio, Google e Meta, estamos elevando o engajamento digital e expandindo as fontes de receita além da conectividade. As receitas de publicidade móvel encerraram o trimestre crescendo em 2 digits em relação ao ano anterior. B2B é um aspecto chave do nosso plano estratégico e outra forma de diversificar nossa base de receita.

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Enabling secure direct recharges for prepaid, customer simplifying, the journey and encouraging recurring transactions, digital service. Net promoting score for postpaid and prepaid are on the rise signaling that we are on the right path. To elevating the experience with our service, our more than 60 million, customers are teams, most valuable asset.

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Having this thing in mind, we are always trying to improve our relationship with clients and better. Monetize this asset team ice is our enhanced loyalty program offering more benefits experiences and convenience.

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Alberto Griselli: O projeto RAN foi concluído com upgrade de 100% dos sites em novembro. Somos agora líderes em velocidade de download em todos os rankings que medem throughput. Ampliamos nossa liderança em indicadores de qualidade consistente, deixando o segundo player ainda mais para trás. Além disso, estamos vendo o primeiro sinal de melhoria operacional, com churn por motivo de rede reduzido em 25%. No geral, nossos esforços de modernização estão apoiando com sucesso a gestão da base de clientes e entregando qualidade de rede superior. Estamos expandindo esse projeto para outras cidades. Completando nossa abordagem de três pilares, vamos falar sobre serviço. Proporcionar excelente serviço está no cerne da nossa estratégia. O aplicativo MyTIM, atualizado, está transformando a experiência do cliente e a jornada de vendas. Com mais de 17,7 milhões de usuários únicos e 33% de penetração, o aplicativo está impulsionando o engajamento digital e crescimento do e-commerce.

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Vicente Ferreira: Como temos pouco legado, a evolução da conectividade por meio da cobertura como serviço, ou Coverage as a Service, é o principal impulsionador para expandir nossa presença. As soluções de TI e B2B agora cobrem 4G, NB-IoT, 23.5 million hectares, mais de 7,600 kilometers de rodovias e vendemos quase 400,000 pontos de iluminação inteligente, gerando BRL 435 million em receitas contratadas desde o Q1 2024. A vertical de mineração está ganhando tração e agora temos outro cliente âncora. A Vale está se juntando ao nosso portfólio de clientes e poderá usufruir dos benefícios da solução TIM Smart Mining. Oferecemos soluções em 5G, 4G, IoT e inteligência artificial pra criar ambientes mais seguros, eficientes e sustentáveis pros nossos clientes.

So coverage on the service.

Enjoy the program's benefits, we have distributed 120,000 movie tickets, and 20,000 Uber rides gift cards. The program NPS is over 80 points and reflects strong customers such as

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We reach over 1,000 campaigns and 270 advertisers by September.

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So we have got us all to clean shrunk quite a variety.

Through the combination of our own inventory with Google and meta. We are boosting digital engagement and expanding revenue streams Beyond connectivity mobile ads, revenues close to quarter growing in double digits versus last year.

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Alberto Griselli: Somos a primeira telco a integrar com Apple Pay e Google Pay, permitindo recargas diretas seguras para clientes pré-pagos, simplificando a jornada e incentivando transações recorrentes. O NPS do serviço digital para pós-pago e pré-pago está em alta, sinalizando que estamos no caminho certo para elevar a experiência com nosso serviço. Nossos mais de 60 milhões de clientes são o ativo mais valioso da TIM. Tendo isso em mente, estamos sempre tentando melhorar nosso relacionamento com os clientes e monetizar melhor esse ativo. O TIM+ é nosso programa de fidelidade aprimorado que oferece mais benefícios, experiências e conveniência. Desde o seu lançamento no início do ano, temos mais de 2 milhões de usuários ativos mensais, aproveitando os benefícios do programa. Distribuímos 120 mil ingressos de cinema e 20 mil cartões-presente de corridas no Uber. O NPS do programa é acima de 80 pontos e reflete uma forte satisfação do cliente.

Vicente Ferreira: O TIM Smart Mining pode ser um facilitador-chave para automação e reduzir o impacto ambiental na indústria da mineração. Passo a palavra para Andrea Viegas, nossa CFO, que irá detalhar os números financeiros. Boa tarde a todos. Eu sou Andrea Viegas, CFO da TIM. Neste trimestre, entregamos mais um capítulo de execução consistente e disciplinada. Mantivemos o foco no que mais importa: crescimento sustentável, ganho de produtividade e criação de valor para nossos acionistas. Nosso programa de eficiência permanece como uma das bases da nossa estratégia. Graças aos esforços em todas as áreas, mantivemos o crescimento de custos em apenas 1.8%, bem abaixo da inflação. Essa disciplina se traduziu num aumento de 7.2% no EBITDA, com margem atingindo 51.7%.

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B2B is a key aspect of our strategic plan. And another way to diversify our Revenue base. Since we have little Legacy, the evolution of connectivity through coverage as a service, is the main driver for expanding our presence. B2B IT solutions. Now, cover with 4G and NB iot 23.5 million actors over 7.6 thousand kilometres of Highways and we have solved, almost 400,000, smart, lighting spots, generating 435 million in contracted revenues since first quarter 24. The mining vertical is gaining traction and now we have another anchor customer

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Valet is joining our portfolio of clients and will be able to enjoy the benefits of team and smart mining solution.

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We offer 5G 4G iot and artificial intelligence solutions, to create safer, more efficient, and more sustainable environments for our customers.

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Team smart mining can be a key enabler of Automation and reduce environmental impact in the mining industry with that, I'll hand it over to Andrea gase. Our chief of we will walk you through the financials.

Vicente Ferreira: O EBITDA após leasing também avançou 8.3% em relação ao ano anterior, com robusta expansão de margem, um resultado direto da nossa estratégia de otimização de custos industriais, que temos executado em 3 frentes: nosso modelo de produção, renegociações de contratos e acordos de compartilhamento de rede. Além disso, o CADE aprovou a expansão do nosso acordo de compartilhamento com a Vivo há 2 semanas. Essas iniciativas estão ajudando a manter os custos de leasing estáveis e a margem em expansão, mesmo em ambientes desafiadores. Nosso lucro líquido subiu um sólido dígito duplo no trimestre, atingindo BRL 1.2 billion, elevando o acumulado no ano pra quase BRL 3 billion.

Hello everyone, I'm Andrea Vie CFO of change.

So dramatic rise.

With that I'll, just drift as you watch them is actually down just supposed to sort of those three is we keep families is that good bad things today Franz.

Alberto Griselli: Em paralelo, estamos acelerando a monetização da base com publicidade móvel. Chegamos a mais de 1.000 campanhas e 270 anunciantes em setembro. Por meio da combinação de nosso inventário próprio, Google e Meta, estamos elevando o engajamento digital e expandindo as fontes de receita além da conectividade. As receitas de publicidade móvel encerraram o trimestre, crescendo em dois dígitos em relação ao ano anterior. B2B é aspecto-chave do nosso plano estratégico e outra forma de diversificar nossa base de receita. Como temos pouco legado, a evolução da conectividade por meio da cobertura como serviço, ou coverage as a service, é o principal impulsionador para expandir nossa presença.

Water. We delivered another Shepherd of consistent and disciplined execution. We've stayed focused on what matters. Most

Are they eligible to sell trucks.

Sometimes you contrast is worthy of call agreements you comparable amounts of heat.

She is a catch up of voice put themselves in a compassionate manner.

Sustainable growth, productivity, gains and creative value. For our shareholders. Our efficient program remains 1 of the basis of our strategies.

I do a semi same usages.

We have as a small bundle.

Absolutely.

The music stop it.

So Ms millions as assessed by a solid ASO model you could assume it was solid.

Pretty massive attrition I think all of those would be the only I E.

The bundle from a logical one.

B the orange attacks.

The same thing.

We were going to.

Vicente Ferreira: Esse desempenho nos permitiu distribuir BRL 1.8 billion em juros sobre capital próprio e recomprar BRL 369 million em ações, reafirmando nosso compromisso com a criação de valor pros acionistas. Aproveitando esse ímpeto, nosso fluxo de caixa operacional, medido como EBITDA após leasing menos Capex, atingiu BRL 1.7 billion no trimestre, um aumento de 8.1% em relação ao ano anterior, respaldado por uma estrutura financeira resiliente. Em nove meses, esse indicador subiu em dois dígitos, atingindo BRL 4.5 billion. Com balanço patrimonial forte, estamos bem posicionados pra sustentar o crescimento e entregar valor de longo prazo. De volta com você, Alberto. Obrigado, Andrea. Ao encerrar, quero reforçar que a TIM Brasil está no caminho pra atingir suas metas de 2025 e preparar o terreno para um 2026 de evolução contínua.

Video.

Is that right.

Alberto Griselli: As soluções de TI e B2B agora cobrem 4G e 5G, 23,5 milhões de hectares, mais de 7,6 mil quilômetros de rodovias, e vendemos quase 400 mil pontos de iluminação inteligente, gerando R$ 435 milhões em receitas contratadas desde o primeiro trimestre de 2024. A vertical de mineração está ganhando tração e agora temos outro cliente âncora. A Vale está se juntando ao nosso portfólio de clientes e poderá usufruir dos benefícios da solução TIM Smart Mining. Oferecemos soluções em 5G, 4G, IoT e inteligência artificial para criar ambientes mais seguros, eficientes e sustentáveis para os nossos clientes. TIM Smart Mining pode ser facilitador-chave para a automação e reduzir o impacto ambiental na indústria da mineração. Com isso, passo a palavra para a Andrea Viegas, nossa CFO, que irá detalhar os números financeiros. Olá a todos. Boa tarde a todos. Eu sou a Andrea Viegas, CFO da TIM.

Yeah.

Thanks to efforts across all areas, we kept cost growth at just 1.8%, well below inflation. This discipline translates into a 7.2% increase in the V, with margin reaching 51.7%. If each last of the list also has an 8.3% year-over-year increase with Robbo's margin expansion, this is a direct result of our industrial costs optimization strategy that we've executed across three fronts.

That's the only shares.

From an awesome to Colombia.

Hello This is sunny.

Our make model contracts with negotiations and network sharing agreements.

Perfect.

So it looks like there are some out there.

Sneezing madness gift bags.

That would be the only has not been a mask a.

Molly mantle joined Digitalglobe sounds like he'll have someone on Daniel Pinto down to put them sort of in a state of his really in line mom Navi is dissinger could also bring those visitors oxygen inconvenient.

That's an ammonia how far they can push on.

Also kaj approved. The expansion of our own sharing agreement with Vivo 2 weeks ago. This initiatives are helping us to keep leads cost stable and margin expanding even in a challenging environment. Our net income Rose by a solidly double digit in the quarter. Reaching 1.2 billion highs, and bringing the year to date figure to almost 3 billion highs

Chris Anzalone aimed rigor Belo.

Jovoto cocoa sale Beth Thank you Andrea well together.

They have all the basket.

Performance enable us to distribute 1.8 billion in interest on Capital and repurchased 369 million highs in shares.

So listen.

That doesn't they don't even just thinking about how do they handle those views interest Asia Vodafone cancino than we are.

Awesome Guy Wow.

Vicente Ferreira: Estamos cumprindo o nosso guidance anual em receita de serviços, EBITDA, Capex e remuneração ao acionista. Com resultados no caminho certo, estamos confiantes de que podemos encerrar o ano com sucesso e continuar entregando valor por meio dos seguintes impulsionadores. Primeiro lugar, nosso segmento de pós-pago móvel e B2B, que devem manter uma performance forte. Segundo lugar, pré-pago e banda larga, que devem continuar se recuperando. Em terceiro lugar, eficiência e manter custos e leasing sob controle. Por último, o programa de recompra de ações está se acelerando e estamos mantendo um forte ímpeto nos retornos ao acionista. Agradecemos a atenção e agora vamos pra sessão de perguntas e respostas ao vivo. Obrigado. Agora vamos iniciar a sessão de perguntas e respostas. Se você quiser fazer uma pergunta, por favor, clique em levantar a mão ou mande por escrito pelo Q&A.

At Beach Cutback fix him on that I saw Sidney.

There's no kind of a sad.

Alberto Griselli: Neste trimestre, entregamos mais um capítulo de execução consistente e disciplinada. Mantivemos o foco no que mais importa: crescimento sustentável, ganho de produtividade e criação de valor para nossos acionistas. Nosso programa de eficiência permanece como uma das bases da nossa estratégia. Graças aos esforços em todas as áreas, mantivemos o crescimento de custos em apenas 1,8%, bem abaixo da inflação. Essa disciplina se traduziu em aumento de 7,2% no EBITDA, com margem atingindo 51,7%. O EBITDA após leasing também avançou 8,3% em relação ao ano anterior, com robusta expansão de margem, resultado direto da nossa estratégia de otimização de custos industriais, que temos executado em três frentes: nosso modelo de produção, renegociações de contratos e acordos de compartilhamento de rede. Além disso, o CADE aprovou a expansão do nosso acordo de compartilhamento com a Vivo há duas semanas.

As you can put them as if they had one of course so fast.

Reaffirming our commitment to create a value for shareholders building. On this momentum our operational cash flow measure as a beach National is minus 1.7 billion in the quarter up 8.1% year-over-year supported by as a resilient Financial structure.

Did it go to law.

Impulse or otherwise.

Siggi Mentorship fastback Omar because every month that I'm, a bear pharmacy to watch it.

That's probably been the laggard cadaveric much elastic band.

And 9 months this metric is up by double digits, reaching 4.5 billion, highs with a strong balance sheet. We are well, positioned to sustain growth, and deliver long-term value. Now, back to our belts,

Oh gosh.

They of course.

And so the control lifeboat Ultramicrochemistry have ranke just fill it out.

I know you've been doing is that the owners are sunnis. Thank you I'm going to miss him.

That sounds more like almost every.

One of those it has passed us.

Thank God, we don't know.

Yeah. This is such a big once they finish I'll answer the question to the sick.

The board walk down.

Oh man should put us below Q&A question.

Thank you Andrea as we close. I want to reinforce the Tim Brazil is on track to achieve its 2025 goals and set the stage for 2026 of continuous Evolution. We are delivering on our full year guidance across service Revenue, Aida capex and shareholder remuneration with results. On the right track. We are confident, we can finish the year successfully and continue delivering value through the following drivers.

Been adamant that shouldn't be.

Vicente Ferreira: A primeira pergunta é de Bernardo Guttmann, da XP. Por favor, senhor Guttmann, seu microfone foi habilitado. Olá, bom dia a todos. Parabéns pelos resultados sólidos mais uma vez. Minha pergunta sobre receita de serviços móveis. A gente viu uma pequena desaceleração esse trimestre. Quanto vem da concorrência versus a normalização natural do crescimento depois dos ciclos fortes que tivemos nos últimos anos? Tenho uma segunda pergunta também, se me permitirem. Houve muita fala no mercado sobre potenciais fusões e aquisições na parte de fibra. Como vocês veem nessa aliança? Essa onda de consolidação vai mudar a estratégia de vocês aí pra fibra? Obrigado.

Voicemail Goodman.

Finally for I believe tandem.

Well I haven't.

Solid colors.

Well it was nice.

People want to sort of the history.

So small.

Alberto Griselli: Essas iniciativas estão ajudando a manter os custos de leasing estáveis e a margem em expansão, mesmo em ambiente desafiador. Nosso lucro líquido subiu sólido dígito duplo no trimestre, atingindo R$ 1,2 bilhão, elevando o acumulado no ano para quase R$ 3 bilhões. Esse desempenho nos permitiu distribuir R$ 1,8 bilhão em juros sobre capital próprio e recomprar R$ 369 milhões em ações, reafirmando nosso compromisso com a criação de valor para os acionistas. Aproveitando esse ímpeto, nosso fluxo de caixa operacional, medido como EBITDA após leasing menos CAPEX, atingiu R$ 1,7 bilhão no trimestre, aumento de 8,1% em relação ao ano anterior, respaldado por uma estrutura financeira resiliente. Em nove meses, esse indicador subiu em dois dígitos, atingindo R$ 4,5 bilhões. Com balanço patrimonial forte, estamos bem posicionados para sustentar o crescimento e entregar valor de longo prazo. De volta com você, Alberto. Obrigado, Andrea.

They cannot just suddenly so much of that comes from things that can go.

Some of them.

So not ruling out okay.

As far as what we had it wasn't that far.

2 prepaid and Broadband to continue recovering 3, efficiency are keeping costs and leases under control. And lastly the buyback program is accelerating and we are maintaining strong momentum in shareholder returns. Thank you for your attention. Now let's move to the live Q&A session.

Foster.

Thomas if I may I have a second to pick them put them back.

Thanks.

That followed in Macau.

Yeah.

As long as the fastest.

Passage of the best ways Hussein.

Thank you. We are now going to start the Q&A session. If you wish to ask a question, please use the raisin button or type it down on the Q&A field.

So it sounds like you're canceling it or something like that.

Keep it up thank you.

Our first question comes from Bernardo Goodman from XP. Please, Mr. Goodman your microphone's open.

But again I bet not though.

So let's start with the first one is when you look at the hit.

Alberto Griselli: Oi, Bernardo Guttmann. Obrigado pela pergunta. Começando pela primeira. Quando você vê a receita de serviços móveis, eu acho que nós antecipamos no trimestre anterior, já esse tipo de dinâmica, que está bem consistente com o que vocês viram também em outros anos. Nós temos uma curva em que estamos no ponto mais alto do crescimento no começo do ano, quando a gente faz nossos ajustes de preço, e isso tende a se desacelerar no restante do ano. Acho que nesse trimestre, olhando a dinâmica de receita do nosso lado, temos resultados bem favoráveis em termos de manter a nossa máquina de crescimento do pós-pago em 2 dígitos, reduzindo assim a desaceleração do pré-pago. Essa é uma tendência que a gente vai esperar também nos próximos trimestres.

It was a small I think that our and why shouldn't we ought to be there.

Of course, the sort of messaging video.

I guess my bank stocks.

Let's see another ear.

Hopefully we have a curve.

Are we is it higher.

Oh, my gosh months.

And any thoughts at all.

These are salaried.

The letter.

That's what I'm looking at the manual.

Alberto Griselli: Ao encerrar, quero reforçar que a TIM Brasil está no caminho para atingir suas metas de 2025 e preparar o terreno para 2026 de evolução contínua. Estamos cumprindo nosso guidance anual em receita de serviço, EBITDA, CAPEX e remuneração ao acionista. Com os resultados no caminho certo, estamos confiantes de que podemos encerrar o ano com sucesso e continuar entregando valor por meio dos seguintes impulsionadores: em primeiro lugar, nossos segmentos de pós-pago móvel e B2B, que devem manter uma performance forte; em segundo lugar, pré-pago e banda larga, que devem continuar se recuperando; e em terceiro lugar, eficiência, manter custos e leasing sob controle. Por último, o programa de recompra de ações está se acelerando e estamos mantendo forte ímpeto nos retornos ao acionista. Agradecemos a atenção e agora vamos para a sessão de perguntas e respostas ao vivo. Obrigado. Agora vamos iniciar a sessão de perguntas e respostas.

He has an oversized lucrative.

Favorable premises Ocado com painful.

Hi, good morning everyone, congrats on the solid results. Again, my questions about mobile service, revenues, we saw a slight deceleration this quarter. How much of that comes from competition, versus the natural normalization of growth. After the strong cycle, we had over the last years and if I may, I have a second 1. There's been a lot of Market talk around the potential moves and and m&as in the Fiber space. How do you see this environment? How did this wave of consolidation change your strategy or timing around your fiber business? Thank you.

Maintaining our roadmap.

Mckenna.

Bye bye.

While you review Sidney.

I appreciate that.

And this is a trend.

Because you're going to try and be coming soon.

As violence.

Alberto Griselli: Vamos ver o equilíbrio aí provável de crescimento com o pós-pago mantendo um bom ímpeto e o pré-pago, a gente tá trabalhando pra que a gente tenha uma desaceleração menor na comparação anual. Eu diria que isso é menos dependente da dinâmica competitiva, que continua racional, e está mais, na verdade, relacionado à nossa própria estratégia e padrões sazonais, tá. Com relação às receitas. Com relação à M&A, a gente sempre diz que o mercado brasileiro sendo hiperfragmentado é um mercado que não é atraente nesse momento por causa das pressões de churn. A gente tá sempre tentando otimizar a nossa alocação de capital, fazer como que a gente aloca o capital pra crescer. A gente tem a nossa estratégia específica que depende da nossa situação específica. Banda larga apresenta uma linha de receita limitada.

You provided.

Postpaid <unk> growth.

Growth momentum.

Prepaid.

We're working towards that.

Yes.

Larry Let me stay with us.

No.

So that comparison.

On the competitive dynamic.

She is more around like I said in our own.

I'll start and I'll.

It had a rabbit hill of times, when we look at the M&A M&A that the Oh, we always say that.

Edward fragment that's been the episode.

Okay.

Alberto Griselli: Se você quiser fazer uma pergunta, por favor, clique em levantar a mão ou mande por escrito pelo Q&A. A primeira pergunta é de Bernardo Gutman, da XP. Por favor, senhor Gutman, seu microfone foi habilitado. Olá, bom dia a todos. Parabéns pelos resultados sólidos mais uma vez e a pergunta sobre receitas e serviços móveis. A gente viu uma pequena desaceleração esse trimestre. Quanto vem da concorrência versus a normalização natural do crescimento depois do ciclo forte que tivemos nos últimos anos? Temos uma segunda pergunta também, se me permitirem. Houve muita fala no mercado sobre potenciais fusões e aquisições na parte de fibra. O que vocês veem nesse ambiente? Essa onda de consolidação vai mudar a estratégia de vocês aí para a fibra? Obrigado. Oi, Bernardo. Obrigado pela pergunta.

Because of the anthrax wherever he is.

Hi, Bernardo and thank you for the question. So, let's start with the first 1. So when you look at the, uh, mobile service revenues, I think that uh, um, we anticipated in the previous quarter, this sort of Dynamics and it's pretty, uh, consistent with what, uh, uh, you see in other ear as well. So we have a curved whereby, uh, uh, we are at a higher growth at the beginning of the year, when we do our price adjustment, and then it tends to, uh, decelerate, uh, going forward. I think that in this quarter looking at the revenue, um, Dynamics on our side, we have pretty, uh, favorable, uh, outcome in in terms of uh, maintaining our post-paid engine growth, uh, double digit, uh, whereby reducing the um, deceleration of prepaid. And this is a, a, a trend that we are going to expect in the, in the coming quarters. Whereby, we are likely to balance

And therefore, we are looking all the time.

She is a set of application.

So how we all live.

So we've got serious trouble staying in our system.

Our.

Situations you broke out on for Robin the last three months.

His seat.

And something that the market for many many others that's been undertaken.

Alberto Griselli: A banda larga é algo que o mercado tá esperando já há muitos anos e considerando o número de players, provavelmente isso vai levar um tempo. Nós temos a nossa própria estratégia, tanto orgânica quanto inorgânica nessa área, que continua igual, inalterada em comparação com o que a gente discutiu call de resultado anterior. O que mudou um pouquinho foi o resultado que a gente alcançou em banda larga, porque como vocês tão vendo agora, a gente tem muito operacional muito bom com adições líquidas. ARPU ainda sob depressão. A gente, com banda larga, considerando que as adições líquidas estão aí no território positivo já há 8 meses, a gente provavelmente vai ver melhoras de top line também daqui pra frente.

So let me take some time.

A bit the growth with, uh, uh, uh, postpaid, maintaining the growth momentum and prepaid, uh, we're working, uh, to uh, to uh, to decelerate less year over year. So I would say that it's, uh, uh, less dependent on the competitive dynamics, that remain rational and more related to our own strategy and uh uh, seasonal patterns. This is for the revenues, okay?

We have oh, sorry about.

Got it.

Got it got.

Yes.

This idea and it is unchanged well versed in that.

Gotcha.

During this call because as you know.

Thank God.

The results that we're having.

So in one that we have.

So it's quite a border.

The momentum, but I still know that they've got.

Alberto Griselli: Acho que na primeira, quando você olha para as receitas de serviços móveis, acho que já é tipo de dinâmica que está bem consistente. Temos uma curva onde temos um crescimento maior no início do ano quando fazemos nosso ajuste de preços, e depois tende a desacelerar. Acho que neste trimestre, olhando a dinâmica de receita no nosso lado, temos resultados bem favoráveis mantendo o nosso motor de crescimento. A máquina de crescimento do pós-pago mantendo o crescimento e reduzindo a desaceleração do pré-pago. Esta é uma tendência que esperamos no próximo trimestre, onde provavelmente vamos equilibrar um pouco o crescimento com o pós-pago mantendo o momentum de crescimento e o pré-pago. Estamos trabalhando para que tenhamos uma desaceleração menor na comparação anual, dependendo da dinâmica competitiva que continua relevante, mas mais relacionada à nossa própria comparação, na verdade, relacionada à nossa própria estratégia.

I just don't know.

The steel.

Hello. This is this quarter on Berlin by lack of giving dividend.

And when we look at the m&a, uh, I think that uh, uh, the uh, we we always say that Brazilian Market being April fragmented, is a market is, uh, not attractive at this point in time because of the pressure that we have on Aro and churn. And therefore we are looking to optimize our uh Capital allocation in terms of how we allocate Capital to broadband. So we got our specific strategy that is dependent on our uh uh our specific situation whereby Broadband for us is a limited Revenue line. So

On the yes.

Alright.

The positive territory.

It is now.

Well I mean, it looks like the womens.

We won't be it will keep that range, that's really been Asbury team went to cloud or BRCA. Thank you Bernard.

Vicente Ferreira: Question from Bernardo?

Alberto Griselli: Sim, muito claro. Obrigado.

Okay. Good at this.

And our surplus.

Vicente Ferreira: Eu que agradeço.

Comes from edge of Marcellus.

Vicente Ferreira: A nossa próxima pergunta é de Marcelo Santos, da JPMorgan. Por favor, Senhor Santos, seu microfone foi habilitado.

J P Morgan.

Central shopping somebody could've quantifiable good morning, thanks for that.

Brad the Pilbara.

Marcelo Santos: Bom dia. Obrigado pela oportunidade de fazer perguntas. A primeira é: você pode falar um pouquinho do ambiente competitivo pra serviços móveis? Há espaço pra aumentar os preços de pós-pago puro nos próximos trimestres ou no próximo ano? Obrigada.

It does.

What's the competitive environment on mobile chief in the second round, so yes actually that.

Oh man.

With the Max capacity.

So maybe in this cross linking them as it is on a pro someone or BRCA, yes myself.

Alberto Griselli: Quando olhamos para M&A, acho que sempre dizemos que o mercado brasileiro está sendo hiperfragmentado. É um mercado que não é atraente por causa da pressão que temos internamente e, portanto, estamos procurando otimizar nossa alocação de capital em termos de como alocamos capital para crescimento. Temos nossa estratégia específica que depende da nossa situação específica, onde banda larga é uma receita limitada para nós. A banda larga é algo que o mercado tem esperado por muitos anos. Dado o número de players, vai ser um processo que vai levar algum tempo. Temos nossa própria estratégia para ser orgânica e inorgânica nessa área e não mudou em comparação com o que discutimos nos resultados anteriores. Os resultados que estamos tendo de banda larga, como vocês podem ver agora, temos melhor momentum operacional comparado a algumas outras operadoras que ainda estão sob pressão.

The competitive environment I would say.

Alberto Griselli: Oi, Marcelo. Analisando o ambiente competitivo, eu diria que para serviços móveis esse ambiente competitivo continua positivo do nosso ponto de vista. É claro que há promoções aqui e ali, mas de uma forma geral, eu acho que os ajustes de preços desse ano passaram muito bem. Estamos codificando nos nossos sistemas os ajustes de preços que estamos planejando executar para o ano que vem. Isso está sendo feito atualmente, conforme falamos aqui. Por isso as dinâmicas de mercado continuam favoráveis. É claro que temos aqueles players menores que são mais agressivos, mas de uma forma geral, eles não estão criando nenhuma discussão na dinâmica de mercado competitivo, não em termos de preços. Com relação ao preço do pós-pago, achamos que temos oportunidades de ajustar. Estamos numa campanha promocional, porque a gente acabou de lançar as promoções da Black Friday.

So the competitive environment.

The Broadband is something that the market has been expected for many years. Given the number of players is going to be a process that will take some time and we have our own strategy organic and inorganic towards this uh uh space and is unchanged versus what we discussed, uh, uh, in the previous calls. Uh, what is uh, uh, uh, change it a bit is, uh, uh, the results that we are having on broadband, because as you see now, uh, we have a, a quite, uh, better operating momentum. In terms of a net, additions are being still under pressure. Uh, we posted the steel and negative Revenue growth. This is this quarter on broadband, but given the fact that, uh, on the net additions, we are on a positive territory of, we have been on a positive territory for 8 months now. Uh, we are likely to see improvements on

The top line as well as we move forward.

So it's positive.

Sure.

Oh no worries.

And as a key engine overhaul.

That's okay. Bernardo yeah, it's very clear. Thank you. Thank you, Bernard.

That Oh, Wow, you price that you'll ask Jasmine ratio.

Sadly debate and we are coding.

Our next question comes from Marcelo Santos from JP Morgan, Please, Mr. Santos, your mic phone's open.

So in terms of his speech a family.

They were up.

She language learners.

Back book prices for next year.

So again that's for sure he did.

The market remains.

I mean.

The functional.

Prices. Maybe the zero, maybe the next this year, maybe already over. So maybe in the next. Thank you.

At this point.

That'd be my guess.

So all in all it's Steve.

And then I saw a market that muscle and.

Marcelo. So, when you look at the competitive environment, I would say that the competitive environment on mobile remains positive in our view. So,

Oh no.

Alberto Griselli: Ainda postamos crescimento negativo de receita neste trimestre na banda larga, mas dado o fato de que nas adições estamos em território positivo há oito meses, esperamos ver melhorias na linha de receita também conforme avançamos. Tudo ok, Bernardo? Sim, muito claro. Obrigado. Obrigado, Bernardo. Nossa próxima pergunta é de Marcelo Santos, da JP Morgan. Por favor, senhor Santos, seu microfone foi habilitado. Bom dia, obrigado pela oportunidade de fazer perguntas. O primeiro é: você pode falar um pouquinho do ambiente competitivo para serviços móveis e os planos para aumentar os preços de pós-pago no próximo trimestre ou no próximo ano? Obrigado. Sim, Marcelo, quando você olha para o ambiente competitivo, eu diria que o ambiente competitivo em móvel continua positivo na nossa visão. Não consideramos promoções aqui e ali, mas de forma geral, o ajuste de preços este ano passou muito bem.

We have one last one.

I'd just say, there's a person at that now we are on a promotional.

Regina.

Right.

Okay.

Oh My God, we are considering.

Vicente Ferreira: Daqui até o fim do ano, é provável que a gente tenha aí um ajuste, mas isso é algo que a gente com certeza vai avaliar para o começo do ano que vem. Muito obrigado. A nossa próxima pergunta é de Leonardo Olmos, da UBS. Senhor Olmos, seu microfone foi habilitado.

But its something that works out well.

Yeah.

Moving.

Well, thank you everybody.

And I was surprised to learn that almost that UBS, let's think of it almost any sort of quantifiable retired them.

Hi, good morning, everyone, yet or just can you hold things of that kind of.

Leonardo Olmos: Olá, bom dia a todos. Podem nos dar mais detalhes sobre os planos de eficiência de leasing, especialmente o momento dos impactos esperados por causa da parceria com IHS e também acordos de leasing e renegociações de contrato? Obrigado.

Leave leave him because he loves it.

So actually the timing of the survey checks.

Checks come out of this impact that actually because of that.

Yes, Yeah go ahead Sherri.

And I called leasing boardroom renegotiated with Jefferies. Thank you.

Uh huh.

Alberto Griselli: Estamos codificando em nosso sistema o ajuste de preços que estamos planejando executar para o ano que vem. A dinâmica do mercado continua favorável. Claro que você tem esses players menores que estão dando preços mais agressivos, mas de uma forma geral, em termos de preços, é positivo. Acho que temos uma oportunidade de ajustar. Agora estamos em uma campanha promocional porque acabamos de lançar as promoções da Black Friday, então de agora até o final do ano, é improvável que estejamos considerando um ajuste, mas é algo que certamente estamos avaliando para o início do próximo ano. Muito obrigado. Nossa próxima pergunta é de Leonardo Olmos, da UBS. Senhor Olmos, seu microfone foi habilitado. Bom dia a todos.

But again.

But.

Uh huh.

The, of course, there are promotion here and there, uh, but overall, I think that, uh, the price at Joe adjustment, this year, went through quite nicely and, uh, we are coding, uh, uh, in our systems, as we speak the price adjustment. They were planning to execute, uh, the uh, bakbuk prices, uh, uh, for next year. Um, the S4. So the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the the market dynamics remain. Favorable, of course, you have these smaller players that are a bit more aggressive, but all in all, they're not disrupting the national market dynamics in terms of pricing. And when you look at pure plus paid, uh, I think we have an opportunity, uh, to adjust it. Uh, now we are on a promotional campaign because we just launched the brake Friday promotions. So it's uh uh from now to the end of the year it's uh, unlikely that we are considering an adjustment but it's something.

Andrea Viegas: Bom dia, Leonardo. Com relação à eficiência de lease, como a gente já disse, a gente tá numa discussão contínua com todos os parceiros que temos. Especificamente com relação ao acordo que a gente fez com o IHS, a gente queria a opção de fazer esse acordo, e a gente fez o acordo com alguém que tem o conhecimento e o pessoal pra construir o site pra gente. Esse tipo de site é pra clientes específicos, como agronegócio ou mineração. E a gente vai financiar e eles vão construir o site pra gente. O que a gente espera com relação ao lease e a nossa meta pra esse ano, como a gente já disse antes, é ter crescimento de lease em relação à inflação, apesar de haver um aumento no número de sites pra nossa cobertura crescente de 5G.

I understand that you're leasing.

That we are set some. We are certainly assessing for the beginning of next year.

Thank you Jackie on C band I might just squeeze for saga.

Thank you very much.

Hum.

Dams specified, especially pick up all the.

Specific I'm angry and that's what people have lost some with our clientele you assay test yoga as well once again, thank you Sean.

Our next question comes from Leonardo. Almost from UBS plus, Mr.

Hi, good morning, everyone.

I hope so.

In fact, when it doesn't you have got the ball game.

Hmm.

So can you first of all for us through ESI Express Lane, just kind of decided to put aside some specific product.

Can you give us more caller on the leave? Leave efficiency plan special in terms of timing of the expected impacts coming from uh the partnership with IHS and rent sharing agreement and leasing contract, renegotiations. Thank you.

C C.

I'm Gonna gosh, illuminate us and we will find the financial and they will be.

Do you like criticized crashing.

Alberto Griselli: Podem nos dar mais detalhes sobre os planos de eficiência de leasing, especialmente o momento dos impactos esperados por causa da parceria com IHS e também acordos de leasing e renegociações de contrato? Obrigado. Bom dia, Leonardo. Com relação à eficiência de leasing, como já dissemos, estamos numa discussão contínua com todos os parceiros que temos. Especificamente com relação ao acordo que fizemos com o IHS, queríamos ter a opção de fazer esse acordo e fizemos o acordo com alguém que tem o conhecimento e o pessoal para construir o site para a gente. Esse tipo de site é para clientes específicos, como agronegócio ou mineração. Vamos financiar e eles vão construir o site para a gente.

What we expect Savannah quite a solid.

Good morning, uh, relates to the our leads the fishes. As we mentioned, we are in a continued, um, discussions. We have the the patterns that we have.

Yeah.

We met that goal.

And they can take advantage of it.

The only flowers that we have on that because I won't remember them all.

Side four hour Crazy.

Chris St George.

So I think it's a subsidiary of the inflation.

Andrea Viegas: O nosso objetivo é expandir, é, junto com a inflação, né, acompanhar a inflação esse ano. Respondi à pergunta?

Inflation is spongy and shouldn't decline plus something that all playing out.

The question is from Japan.

See you. Thank you.

Okay.

Leonardo Olmos: Sim. Obrigado. Você falou, né, aí, sobre IHS e o objetivo geral. Eu tô aqui me perguntando, pode falar um pouquinho sobre compartilhamento, realmente, sobre renegociações?

So but he agrees.

Spec spec specific about the, the agreement that we made with, uh, its HS was, uh, we wanted the operational to make, uh, sites and we made this agreement with someone who have the, the knowledgement, and the people to construct sites for us. So, this is this kind of sites is for some specific customers like uh, Agri business or mining.

And the overall gym visit I was just wondering if you don't give me personally I don't know maybe you want to call them.

And uh, we will find a financial and they will build for us the sites.

Sherry.

uh,

And may be not to delegate about it.

Alberto Griselli: O que esperamos com relação ao leasing e nossa meta para este ano, como já dissemos antes, é ter crescimento de leasing em linha com a inflação, apesar de haver aumento no número de sites para nossa cobertura crescente de 5G. Nosso objetivo é acompanhar a inflação para este ano. Respondi à pergunta? Sim, obrigado. Acho que você falou sobre IHS e o objetivo geral. Estou me perguntando se pode falar um pouquinho sobre o compartilhamento e talvez, se não for muito delicado, sobre as renegociações de leasing. Rapidamente sobre as renegociações. O CADE acabou de dar permissão para conseguirmos o compartilhamento. Mudamos um pouquinho a curva do compartilhamento e vamos continuar nosso plano para fazer esse compartilhamento, especialmente para 4G e 5G. Continuamos a discutir a renegociação com nossos parceiros para alcançar nosso plano, que é ter o crescimento de leasing apenas em linha com a inflação.

Well I shouldn't say Nicholas yesterday, yeah, I am sorry.

Russia.

Andrea Viegas: Sim, é verdade. Você falou sobre isso, né? A CADE acabou de dar permissão pra gente continuar com esse compartilhamento. A gente mudou um pouquinho a postura que a gente tinha no ativo e vamos continuar o nosso plano pra fazer esse compartilhamento, especialmente pra 4G e 5G. Estamos continuando a renegociar com os nossos parceiros, né, empresas de torre, pra alcançar o nosso plano, que é não reduzir lease, porque não podemos, mas ter o crescimento de lease apenas acompanhando a inflação. Temos outros acordos também, mas ainda não podemos revelar. Assim que alcançarmos esses novos acordos, a gente vai divulgar pra vocês.

Russia, just outside of California.

A little bit.

Yeah.

What we expect in the lease is, our goal for these years, as we mentioned before, is to have the lease growing relative to inflation, although we have an increase in the number of sites.

So here's a little dog.

We will concentrate on our.

Play out almost once in a while I'm not sure I'm not sure.

For a man.

Somebody should I go actually simplicity and Uh huh.

Uh, for our increasing coverage of 5G. But our goal is to increase just the the inflation tax this year.

So this has gone well.

I don't know if I answer your question.

See I have caught all of our partners balancing hours.

Oh sure.

True.

Culture is a culture to attribute our Oh I'm, sorry, I have to play it is true now.

Yeah. Uh, um, yeah, thank you. You mentioned about IHS uh, and the and the overall goal. I was just wondering if I don't know, maybe you could talk a little bit about the ranch sharing and and maybe if it's not too delicate about the renegotiations,

And those are the least joking about the animals my roles and he is only really they will get implemented and easy banas.

yes, uh, sorry you, you mentioned about sharing, uh, Rowell cat just

Can be a notch.

Linda or damage to the Villa Sos, we ought to be I don't know, Colorado agreements with all of the cycles.

So it doesn't provide you who got privacy, okay. Okay salaried and you have been I still just senior leadership.

Changed a little bit, the series that we have before we feel, so we will continue our plan to to make the Run shares special for uh the 3G and 4G.

Leonardo Olmos: Tá ótimo. Faz todo sentido. Vocês têm empregado um desenvolvimento excelente também nessa frente. Parabéns. Muito obrigado e tenha um bom dia.

Alberto Griselli: Já fizemos alguns acordos também, mas ainda não podemos revelar. Assim que ativarmos nosso novo acordo, vamos divulgar para vocês. Perfeito, faz todo o sentido. Vocês têm entregado desenvolvimento excelente também nessa frente. Parabéns. Muito obrigado. Tenham bom dia. Obrigado. A próxima pergunta vem de Vitor Tomita, do Goldman Sachs. Senhor Tomita, seu microfone está habilitado. Olá, bom dia a todos. Obrigado por responderem as perguntas. A primeira pergunta é follow-up sobre fibra. Do lado orgânico, o que tem ajudado essa melhoria em adições líquidas? São as mesmas iniciativas de antes, com foco em Q2, Q3, ou tem algo novo nessa estratégia? A segunda pergunta é follow-up sobre o ambiente competitivo que foi já abordado. Desde outubro, Nu Bank, New Sell, e a gente está vendo ofertas promocionais notáveis ou algo mais menor que não impactou muito? Obrigado.

I think Adam just development for somebody now. Thank you very much have a good day with regard the thing on bone G. I think hill over together.

Uh huh.

Andrea Viegas: Obrigada.

From ancient.

and, uh, uh, we are continuing to discuss where I continued to renegotiation, call all our partners on Towers, the towers company to, uh, to, to

Alberto Griselli: A próxima pergunta vem de Vitor Tomita, do Goldman Sachs. Senhor Tomita, seu microphone está habilitado.

Goldman Sachs. Mr Signals tell me, it's a beautiful and his tablet pad.

Hello.

Yeah.

Vitor Tomita: Olá, bom dia a todos. Obrigado por responderem minhas perguntas. Minha primeira pergunta é um follow-up sobre a pergunta de fibra. No lado orgânico, o que tem ajudado essa melhoria em adições líquidas? São as mesmas iniciativas de antes, com foco em clientes de alto valor? Tem algo novo aí nessa estratégia? Minha segunda pergunta é um follow-up sobre o ambiente competitivo, que foi já abordado aí. A gente, em outubro, viu novas vendas de Nubank, outros bancos vendendo e oferecendo promoções. Isso foi notável aí pelo TIM comercial ou não impactou muito? Obrigado.

Two main questions.

As a quick follow up on that if I ever got it and follow up.

Uh continuous continuous. Again to achieve our, our plan that is to not reduce the leads because we can't but grow the leads only relates to inflation.

The organic side lots of good.

Tangles are I'm sure that those shouldn't that familiarity I am just trying to.

we have another agreements but uh, we are not, uh, now can scroll it, but

Please go ahead.

She says.

As soon as we, we achieve our, our new agreements, we will disclose for you.

Are you talking about.

Sure.

King.

No.

There are no other questions.

A follow up for asking about it but it won't be actually the environment, we'll keep Toyota is going to be a debit that noise.

Okay. Okay, sounds great. And you have been delivering quite uh, excellent development on that front. Congratulations. Thank you very much. Have a good day.

Thank you.

In marketing.

Ooh Blue Chew bags.

And does your usual alterations some at our Yankee social dynamics.

Your microphone to open.

Dan do you know what.

Boy all from the east to the circle Gray and Osaka.

Alberto Griselli: Sobre o negócio de fibra, o que aconteceu são principalmente várias coisas, principalmente relacionadas à qualidade das aquisições e ao gerenciamento do ciclo de vida do cliente. Quando você vai para a qualidade das aquisições, principalmente relacionado à otimização do nosso credit scoring da base de clientes e targeting local e também a pegada do canal comercial. Alguns canais naturalmente fornecem mais qualidade, outros fornecem menos qualidade. Mudamos ao longo do tempo o mix de nossa aquisição e focamos em segmentos de mais alto valor. Do outro lado, houve muita melhoria na gestão de churn, relacionado à primeira pergunta. Você perde menos clientes de qualidade por causa de inadimplência e ao mesmo tempo melhoramos a qualidade dos serviços também. Essas são as duas principais áreas onde vimos progresso relevante que nos moveu para o crescimento.

Are they looking at.

Now I don't want him, but he gab.

Alberto Griselli: Peço desculpas, Vitor, o meu microfone estava mudo. Falando sobre o negócio de fibra, o que aconteceu no negócio de fibra foi devido a diversos fatores, principalmente relacionado à qualidade das aquisições e gestão do ciclo de vida do cliente. Quando pensamos na qualidade das aquisições, tá principalmente relacionado à otimização do nosso scoring do cliente e target local, e também a pegada do canal comercial. Alguns canais que fornecem naturalmente mais qualidade, já outros canais, menos qualidade. A gente mudou ao longo do tempo o nosso mix de aquisição, pra focar em segmentos de mais alto valor aí nessa nossa pegada, no nosso mix. Essa é a parte dos clientes. Por outro lado, houve muita melhoria na parte de gestão de churn.

You're you're a mutual sort of Ito.

So in California is going to be Hello, everybody when they go to what had been on a well.

On the fiber business.

Primarily a number.

That's exactly right.

Yeah last one holiday.

And.

The management of the customer like what is the plan.

So when you go into the quality of the aircraft.

It does.

Primarily related to.

Hello.

All right.

Hello. Good morning. All, and thanks for taking our questions. Uh, 2, main question from my side. 1 is a quick follow up on the fiber business. Uh, just if you have an update on the organic side on, what has been supporting those, uh, improving that editions, if it's the same initiatives that you had in place before such as focusing more on higher end, customers higher value, customers to car return. Or if there is anything new, that's interesting on the strategy there. The other question, is a bit of a follow-up on what people are asking about the competitive environment. Very specifically, there has been some noise in markets in October due to new Banks. New sell MTN know, increasing commercial show, show Outreach in some areas promotions, to some extent. Uh, was that noticeable at all from the standpoint of our commercial teams or a very or some him or mayor are just nice? Thank you.

Sound Crazy, scoring Oh, the counselor bakery lockout targeting Gucci and the eastern Gulf of Mexico.

Something I pick out those are all gone now.

Naturally my Ah that provides the natrium assay.

That's where by others.

And so it will change on a dime they makes a lot of our Dongguan Tampa now.

Alberto Griselli: Com relação ao ambiente competitivo, você percebe que no último trimestre desde o lançamento, Nu Bank tem aumentado progressivamente as franquias para seus clientes. Começaram com três planos com uma franquia específica e depois, ao longo do tempo, esta é a terceira vez que estão aumentando sua franquia. Mais gigabytes por preço. Até certo ponto, acho que reduziram o preço em alguns planos em algumas ofertas BTL, pelo nosso conhecimento. Diria que jogar no lado de gigabyte por receita é algo que podemos responder rapidamente porque é nossa rede, estamos implantando 5G, temos capacidade de sobra. Não fizemos isso ainda porque até agora o que vemos é que não requer uma resposta do nosso lado. Continuamos monitorando o progresso em termos de perder clientes ou potencialmente perder clientes para eles. Por enquanto, não vimos necessidade de responder ainda. Está muito claro, obrigado.

That's ahead of us.

Thanks.

No. It was not a lot of you know this is for the big out in all fronts of our of customers. That's up on the other side of it as being a hell of a lot of lateral.

You're you're a mutual, yeah, sorry Victor. I had my m m switched off. So, uh, going to the, uh, fiber business. So what happens on, uh, what happened on the, on the fiber business are primarily uh, a number of things, uh, primarily related to the quality of the Acquisitions and uh uh the management of the customer's life cycle. So, uh,

Room myself on the churn one.

Yeah, My patch and she said possibly related to that.

The poor quality of the beginning.

Alberto Griselli: Isso está parcialmente relacionado à primeira pergunta, porque se você tiver mais qualidade no começo, você perde menos clientes por causa de delinquência. Ao mesmo tempo, a gente aumenta a qualidade do serviço como um todo. Essas são as duas áreas em que a gente teve progresso relevante que fez com que a gente tivesse crescimento líquido, menos inadimplência, por dizer. Com relação ao ambiente competitivo, você tá certo. No último trimestre, desde o lançamento, NuCel tem aumentado bastante aí as tarifas pro cliente. Eles começaram com três planos e agora já é a terceira vez que eles estão aumentando aí as provisões de mais gigabytes pelo preço. Eu acho até que eles reduziram o plano em alguns planos, em algumas ofertas.

So that's a bad because.

But because the delinquency delinquency rates and at the same time.

The I think all of you.

So I think that so the size of it.

Areas instead, when we fix a hell of a.

I didn't really move.

Sure.

That's the best you can comment when you go to the employer.

The competitive environment.

Youre right.

Last quarter.

The loan and you sell them some increasing power actively thing I meant that that allow us to assist with the kinds of America. So they started with three plants are really specific allowance down overtime, but this is I think the third time I got it.

They're off allowance.

Alberto Griselli: Nossa próxima pergunta é de Maria Clara Infantozi, do Itaú BBA. Maria Clara, seu microfone está habilitado. Bom dia a todos, obrigada por pegarem minha pergunta. A pergunta é sobre o crescimento de oportunidades em B2B e IoT. Vocês falaram sobre a monetização, claramente. Estou curiosa para saber as oportunidades, o objetivo de longo prazo e também a curto prazo. Maria, basicamente a forma como estamos, como você sabe, nosso legado em B2B é bem pequeno. Se comparar com outros players no mercado, não temos legado. Portanto, montamos uma estratégia específica para nosso DNA. Selecionamos algumas verticais, e as verticais que selecionamos por enquanto: agronegócio foi a primeira que lançamos, infraestrutura foi a segunda, infraestrutura para utilities, que é bem promissora no Brasil, e mineração. Selecionamos essas verticais porque conseguimos identificar um maior fit com nosso DNA tecnológico.

So more gigabyte per of rice is the guy.

Uh, when you go into the, um, quality of the Acquisitions, uh, it's primarily related, uh, to optimization on our, uh, credit scoring, uh, of the customer base and local targeting and the commercial Channel footprint. So, there are some channels that are naturally uh uh that provides nature in more uh more quality whereby other channels, provide less quality. And so we change over time the mix of our acquisition and we targeted, uh, better high value segments within the footprint. So, this is for the, uh, entrance of, uh, of customers. On the other side that has been a lot of improvements on the chair management side. And uh, this is partly related to the first question because if you get more quality at the beginning, you lose less quality less customers uh, because of uh, um uh, bad debt and uh, the liquidity rates and at the same time,

Hum.

That's right that's right on plan.

On slide.

To our knowledge.

Say that the.

Alberto Griselli: O lado dos gigabytes que me afeta, acho que a gente pode responder rapidamente, porque é nossa própria rede e a gente tem 5G com capacidade o suficiente, né? A gente ainda não fez isso, porque até agora, o que a gente vê não requer uma resposta do nosso lado. Nós continuamos monitorando o progresso em termos de potencialmente perder clientes pra eles, mas por enquanto não vimos necessidade de responder ainda. Very clear. Thank you for that.

The playing the gigabyte roadmap side, you've got out there.

We cannot just go on so quickly because it's always good to know.

You know that here, we are deploying our five Jim go for it.

And I said that we didn't do so yet.

Because so far AZ.

We signed him because he said does it quite well.

We improved the uh quality of the services as a whole. So these are the 2 main areas when we uh had some relevant progress that moved us into uh uh net growth. Um when you go to the um to the competitive environment. Uh you're right that over the last uh uh quarter since the launch uh new cell has been increasingly uh the allowances to their customers.

On our side.

So I'll keep.

Good.

Adams of losing customers.

So far it's.

Wanted to know if you almost necessitate that did you his phone right.

It's a very kind of winter class forget okay at Bill.

Vitor Tomita: Tá muito claro. Obrigada.

Alberto Griselli: Okay.

Yeah.

Vicente Ferreira: Ótimo.

Vicente Ferreira: To you.

And our next question comes from.

Florida, you front doors.

Vicente Ferreira: A nossa próxima pergunta vem de Maria Clara Infantozzi, do Itaú BBA. Maria Clara, seu microfone está habilitado.

Yeah, let's Mrs Maria.

So they started with 3 plants with a specific allowance. And then over time, this is, I think the third time where the increasing their allowance, uh, so more gigabyte per price and uh, um, to some extent, I think they reduce the price in some plants on, on some BTL, offer to our knowledge. Uh, I would say that, uh, uh, the, uh, playing, the gigabyte per Revenue side is something that, uh,

Fund established that.

Good morning, Andrew and Jeff bilateral together.

Maria Clara Infantozzi: Morning, everyone. Thanks for taking my question. I would like to explore, please, how do you see the growth opportunities in B2B and IoT? You have been vocal about the monetization and also the market. Just wanted to know, actually, about how do you see those opportunities there, both in the short and how do you see the evolution of the revenue in this sector?

How do you.

Okay.

Chipotle that it'll be to beat.

Oh about it just from I don't sell them when they joined US a lot of me tomorrow, So Desmond and God knows what else I guess that'd be as opposed to the gods Dream.

Alberto Griselli: A forma como olhamos isso é que começamos organicamente agora, estamos trabalhando de forma orgânica nessas quatro verticais. Cobertura como serviço tem impulsionado bastante o crescimento nessas verticais. A longo prazo, em médio prazo, estamos aumentando nosso portfólio de soluções para incluir segurança, para incluir cloud. Podemos fazer cross sell e upsell possivelmente para expandir o número de verticais que estamos vendo. Uma que estamos trabalhando é manufatura. Essas competências e capacidades podemos crescer internamente, e estamos trabalhando nisso já. Mas também estamos avaliando movimentos inorgânicos que achamos que vão fornecer a habilidade e a capacidade de ganhar uma maior participação da carteira dos nossos clientes. Isso não é algo novo dentro da nossa estratégia. Foi lançada há alguns anos. Quase chegamos a R$ 1 bilhão de receitas contratuais ao longo desses anos. Estamos sendo reconhecidos como parceiros líderes nas verticais onde operamos.

I mean, the mantle of the platform.

Uh, we can respond quickly because it's our Network. It's a, you know, we we are deployment 5G. We got 4 of spare capacity. Uh, we didn't do so yet, uh, because so far, uh, the what we see, it's doesn't request an answer on our side and says. So uh, we keep monitoring, uh, the progress in terms of, uh, losing customers or potentially losing customers to them so far. No need to response.

I'm I'm I'm not sure that the money out there so correctly you're quite right.

Very clear. Thank you very much again, okay. Okay, to you.

Alberto Griselli: I'm not sure that Maria understood correctly your question. I will try to rephrase it. Basically, if I understood correctly, is how we are going to maintain the growth in the B2B IoT segment? Was it the question?

Try to rephrase, it and basically if I understood correctly.

We're going to maintain the growth so that's almost in the P. I a sacramento.

Our next question comes from Maria. Clara inventory from E BBA.

These incremental J O T. A S actually I asked so I'm going.

Plus, Mrs. Mario, your microphone's open.

Maria Clara Infantozzi: Yeah, actually, I asked you to please explore more how you see the long-term goals in B2B. You have been vocal about the monetization opportunities. If you could please comment how short-term and long-term goals are perceived by you and where are the opportunities, would be great. Thank you.

This brought him on how he is listening.

Most of them have been vocal about it let's say a lot of buzz.

Someone asked us.

So at least come up with our content.

And as long as it relates to dispositions as a surprise.

Yeah.

Does anybody getting too.

Okay.

And then just to be clear.

Alberto Griselli: Okay. Maria, just to be clear, it's just B2B or it's more general?

Morning everyone. Thanks for taking my pleasure. I would like to explore please. How do you see the group opportunities coming from? Which to be in iot, you have been vocal about the monetization coming from the market. So just wanted to show, I feel about how do you see the size of your opportunity? Your long-term goals and how you see the evolution of your revenues in the short term? Thank you.

Alright.

B b to B any Iot reaches.

Maria Clara Infantozzi: B2B and IoT, which is in the presentation.

Alberto Griselli: Se você quiser ver os clientes que temos, fomos bem-sucedidos comercialmente. Agora temos, nos próximos anos, o objetivo de consolidar nosso posicionamento, expandir o portfólio de serviços e o relacionamento com nossos clientes. Portanto, se você olhar mais no médio prazo, vai ser um mix de crescimento orgânico e inorgânico. Muito claro, obrigada. Obrigada, Maria Clara. Nossa próxima pergunta vem de Dani Camori, do Santander. Dani Camori, o seu microfone foi habilitado, por favor. Olá, tenho algumas perguntas. A primeira é sobre fluxo de caixa operacional depois de leasing. Nos primeiros 9 meses, você teve crescimento de 11,8%, um pouquinho mais baixo do que o forecast de 14% a 15% do ano. O que foi isso? Olhando a situação competitiva agora, vocês têm novos guidance para os próximos 3 anos? Vou responder à primeira pergunta. Vou repetir só para ter certeza de que entendemos corretamente.

Okay, Gotcha gotcha, Okay, Saudi Atlanta.

Alberto Griselli: Okay, B2B and IoT. Okay, got you. Got you. Okay. Maria Clara Infantozzi, it's in the, basically, the way as you know, our legacy on B2B is pretty small. If you compare us to other players in the market, we don't have a legacy. Therefore, we put together a strategy that is specific to our DNA. We selected some verticals. The verticals we selected for the time being are agribusiness. This is the first one that we launched. Infrastructure was the second one. We've got utilities that is quite prominent in Brazil, and mining. We selected these verticals because we think they got a larger fit with our technological, let's say, DNA, let's put it this way.

Really the way we're.

Now Oh, our leg up to be.

Uh huh.

Comparator he got cut off.

Other players in the market that we don't have a leg of sky.

Therefore, we are all together our strategy.

I think Walmart DNA, but also what we said let's go there.

So in a sense.

I'm being a little bit faster than that.

Well on the Utica infrastructure was the second one first.

Yeah. Actually I I asked you to please Explore More. How you see the long-term goals coming from B2B? As you have been vocal about the monetization opportunities and if you could please comment, how short-term and long-term goals, uh, are perceived by you and where are the opportunities, would be great. Thank you.

Yeah.

So that's quite promising in Brazil, dangerous and mining and we sell like but let's see where to go with helix.

Uh, so and it's a very uh just to be clear. It's just B2B or it's in general.

Chicago had a good fit with our technological crafts shopping in a lawful then yeah.

The way we are looking at these is that and I said that.

Alberto Griselli: The way we are looking at this is that we started organically now, and we got quite traction on these four verticals on a concept that we call Coverage as a Service, primarily. This has been driving the growth in these verticals. When you look at more at the medium term, we have the ambition to increase our portfolio of solutions to include security, to include cloud, that we can cross-sell to our services. Possibly to expand the number of verticals we are servicing. As an example, the one that we are working is manufacturing. These competencies and capacities, we can grow them internally, and we are working on that already. We've been working on that already.

Any color you know on the sand with Gabelli.

All right.

Gotcha.

Okay very good.

Service come early as observed at AR.

This has been driving in the U E. We speak.

Alberto Griselli: A primeira é sobre ambiente competitivo. Como mencionei, acho que para Bernardo na primeira pergunta, o ambiente geral, pelo menos em móvel, não em banda larga, mas em móvel, o ambiente competitivo continua racional. Portanto, estamos em posição de continuar crescendo a linha de receita de acordo com o guidance que compartilhamos com vocês em fevereiro. Claro, no próximo ano, vamos atualizar. Portanto, quando você olha para o ambiente móvel geral, diria que não mudou versus o quadro que apresentamos no ano passado quando compartilhamos nosso guidance em fevereiro. Portanto, tudo está confirmado. Claro, há nuances onde vemos pós-pago em móvel impulsionando o crescimento, situação melhorando no ambiente pré-pago. Quando você olha para a segunda pergunta, se entendi corretamente, a dinâmica do fluxo de caixa operacional livre de 11,8% versus nosso guidance de 14%, 16%. Foi essa a questão? Sim, essa é a pergunta.

So now.

When you look at the math.

In the medium term.

I have the stomach ghansham they'll increase.

So long ago, so sorry to coat security to cloud.

The cross sell upsell, but because it's fun.

Sally failed to bleach, which Bonder then.

Okay.

We're working with them in fact, you might get them stand out.

And then.

These competencies.

So the capacity that we can grow them internally and we are working on that right, even though you're working on that already but I just had a body and by we I'm also looking at Oh, yeah. He inorganic moves so answers Oh, Nick that we provide give us the ability to talk about that as a.

B2B and iot, which is in. Okay, got you got it, okay? So yeah, it's uh, uh, basically, The Way We Were, uh, as you know, uh, our Legacy on B2B is pretty small. So, uh, if you compare us to other planes in the market, we don't have a legacy. Uh, and therefore, we, uh, put together a strategy that is specific, uh, uh, to our DNA. So we selected some verticals and the verticals we selected. For the time being our Agro business, this is the first 1 that we launched infrastructure. I was the second 1. Uh, we got utilities that it's quite promising in Brazil and Mining and we selected this vertical, so because within the got uh, a larger fit with our technological, let's say DNA, let's put this way and the way we look at this is that we started organically now and we got traction on this for verticals on a concept that we

Alberto Griselli: We are also looking at ICT inorganic moves that will provide us the ability at a faster pace to win a larger share of wallet of our customers. It's something new within our strategy. It's been launched a few years ago. We almost reached BRL 1 billion of contracted revenues over these years. We are recognizing as a leading partner in the verticals where we operate. If you look at the clients we have there, we've been successful commercially. Now we have, in the coming years, the objective to consolidate our positioning and expand the portfolio of services and relationship with our customers. Therefore, if you look more on the medium term, it's gonna be a mix of organic and inorganic growth.

To win a larger share of wallet share of all customers. So this is not something that so we moved the is something you'll within the hour.

Though not a few years ago.

Uh huh.

I don't think he brought the Arabia over these years.

We are recognizing that.

Alberto Griselli: Basicamente, se você olhar para nossa dinâmica, estamos confirmando nosso guidance. Acreditamos que quando você olha para o crescimento de receita, expansão de EBITDA, expansão de EBITDA após lease, vamos combinar no próximo trimestre e teremos uma expansão dentro da faixa do nosso guidance no final do ano. Basicamente, você pode facilmente fazer o cálculo para ver o que isso vai implicar em nossos números. Mas deixo isso para você. Mas confirmamos nosso guidance para o ano completo. Obrigado. A próxima pergunta é de Davi Lopes da New Street Research. Senhor Lopes, seu microfone está habilitado. Olá, obrigado pela oportunidade. Eu tenho follow-up sobre o aumento de preço do terceiro trimestre. Vocês podem nos dar mais detalhes sobre a magnitude? Qual foi o percentual da base afetada?

Certainly a city in the world.

Operator.

In some way.

We've been successfully commercially.

We have Oh, no I'm not.

So as you consolidate.

That positioning.

And the east.

Oh, I'm, sorry, with your relationship with them, what kind of man or close enough to scan. Therefore, if you want more on demand environment.

And as you know Gothic romance organic or inorganic.

We call coverage as a service primarily and, uh, um, this has been driving in the in as we speak the growth in this verticals. Uh, when you look at a more at the medium-term, uh, we have, uh, uh, the uh, ambition to, uh, increase our portfolio of solutions, uh, to include security to include Cloud that we can cross upsell to our services and, uh, uh, possibly to expand the number of verticals. We are servicing as an example and 1 that we are working is manufacturing and, uh, this uh, um, uh, this competencies and capabilities, uh, we can grow them internally and we are working on that already. We've been working on that already but we are also looking at, uh, uh, ICT inorganic moves. Uh, uh, that we provide us, the ability as a faster Pace, uh, to win a large.

Very good.

Lab.

Maria Clara Infantozzi: Very clear. Thank you.

I think you're one of them or their classroom.

Vicente Ferreira: Thank you, Maria.

Vicente Ferreira: Obrigada, Maria Clara. A nossa próxima pergunta vem de Fani Kanemori, do Santander. Fani Kanemori, o seu microfone foi habilitado. Por favor.

Our next question comes.

From.

Moving on to something there.

Okay.

So make it a fun if we had been at that for football.

Hi, full out couple of stations.

Fani Kanemori: Hi. I have a couple questions here. The first one is on your operating cash flow after lease. The first nine months, it has a growth rate of 0.8%, but trending slightly lower than the 14% to 15% per year. What is driving that? The second one is looking at the competitive situation now, how confident are you in your three-year plan in terms of having guidance? Thank you.

This one is on your actual.

Operating cash flow after such a Castro pressure now the position for nine months and Tomatoes.

Share of wallet of our customers. So this is not something that uh uh so we moved, it's something new within our strategies. It's been launched a few years ago. Um we almost reached 1 billion of contractor revenues over these years. Uh we are recognizing as a leading Partners in the verticals where we operate and if you look at the kinds, we have their uh uh we've been successfully commercially, and now we have uh in the coming years. The objectives to cons.

Alberto Griselli: Com relação às tendências de pré-pago no ano que vem, vocês têm possibilidade de aumentar o preço em pré-pago ou ainda é muito cedo para isso? A outra pergunta sobre B2B. Vocês podem falar sobre as margens B2B? Isso é diluído das margens de vocês ou não? Davi, vou abordar as duas últimas perguntas, vou abordar a primeira. Sobre o aumento do preço do pré-pago, apenas um comentário geral. Basicamente, quando você olha para a estratégia more for more, é a forma como implementamos. Geralmente, é um ajuste que sempre vem com alguns benefícios extras para o cliente. No pré-pago, dada a construção da oferta, é um pouco mais complicado mudar o preço de um dia para o outro. Estamos basicamente comercializando um real por dia. Está profundamente ligado na construção da oferta como algo fácil de desconstruir.

Okay.

The only thing you can say.

Does that have been going up a fan I think toward the end of 14 sea.

Bassil.

Hello.

Just taking one eating at the combo and then if it does show now she's like God.

Consolidate our positioning and expand uh the portfolio of services in the relationship with our customers. And therefore if you look more on the medium term it's going to be a mix of organic and inorganic growth.

Very clear. Thank you.

Plenty of remedies atmosphere. He knows this guidance it kind of changing.

Thank you, Mario.

Well, let me take the first one and that was fun.

Alberto Griselli: Let me take the first one, and that way we'll pass the second one to Andrea. I will repeat it just to be sure that we understand it correctly. The first one in terms of competitive environment, we, as I mentioned, I think to Bernardo Guttmann in the first question, we, the overall, at least on mobile, not on broadband, but on mobile, the competitive environment remains rational. Therefore, we are in the position to basically keep growing the top line according to the guidance that we shared with you last year. Of course, every year in February next year, we're going to upgrade it.

Okay.

Hello.

Just to be sure.

Our next question comes from fenny can Marie from Center plus Mr. Kumari your microphone's open.

So the first one is easy.

Environment.

But we are as I mentioned I think about it.

We are the the overall at least mobile.

Mobile and holiday.

Hi. Uh, so I have a couple of questions here. Uh, the first one is on your operating cash flow after lease. Yeah. In the first nine months, it has a growth rate of 1.8%, but is trending slightly lower than the 14 to 16% for this year.

So that remains rock band.

Alberto Griselli: Diria que estamos explorando como forma de monetizar nossa base de clientes, a migração controlada de pré-pago. Essa é uma forma que encontramos muito efetiva para monetizar nossa base de clientes. Continuamos fazendo isso. A outra coisa que estamos olhando é a forma como equilibramos os benefícios entre pré-pago e controle para garantir que a migração seja estável. Portanto, não vamos entrar em muitos detalhes sobre o plano de controle. Temos alguns planos que podemos explorar na sessão individual. Quando olhamos para a marginalidade de B2B, a marginalidade de B2B, falando de forma geral, quando você olha, temos 50% plus na margem de ofertas B2B abaixo tipicamente desse número. Mas quando você olha para o que realmente importa, que é a geração de fluxo de caixa, eles são acretivos. Geralmente tendem a ser diluídos na margem EBITDA, mas tendem a ser acretivos no bottom line.

Therefore.

We are in the position.

Hum.

Basically to keep growing that top line a card and that's why the guidance that we shut lines of course of.

So uh what is driving that and the second 1 is looking at the competitive situation. Now how do you how confident are you on your 3 year plan in terms of Revenue guidance and others. Thank you.

Of course, the guide every a bunch of your February next next to Golar Kelvin <unk>.

Therefore, when you look at it over on the mobile environment.

Alberto Griselli: Therefore, when you look at the overall mobile environment, I would say that it didn't change versus the picture that we presented when we shared our guidance in February. Therefore, everything is confirmed. Of course, there are the nuances, whereby we see postpaid and in mobile driving the growth and a potentially improving situation in the prepaid environment. When you look at the second question, if I understood correctly, is the operating free cash flow dynamics 11.8% versus our guidance of 14% to 16%. Was that the question, Fanny?

But yes, you cannot everybody else did.

The picture that we have.

Uh huh.

Sure.

I know you don't like.

Guidance is therefore everything gets confirmed through a difficult time.

So let me take the first 1 and that will be passed the second 1 to Andrea. Uh, I will repeat it just to be sure that we understand it correctly. So, the first 1 in terms of competitive environment, uh, we, uh, as I mentioned, I think to Bernardo in the first question, uh, we uh, the, the overall, uh,

Of course, there are the new one.

We see unfortunately.

I mean the growth.

And.

Uh huh.

Sean I think domain.

Government, though I'm being shipped correct. When you look at the second question, if I understood correctly.

uh, at least on mobile, and not on broadband, but on mobile the competitive, uh, environment remains rational, and therefore, uh, we are, uh, in the position, uh, uh, to, uh, uh,

Alberto Griselli: A primeira pergunta, não tenho certeza se entendi. Pode comentar sobre a magnitude do aumento de preços e qual o percentual da base impactada? Foi só pré-pago ou pós-pago também? Há dois ajustes de preços diferentes que classificamos: ajuste front book e back book. Impactamos back book tanto controle quanto pós-pago puro. Não fizemos 100% da base de clientes porque personalizamos dependendo de várias coisas para minimizar atrito e gestão de churn. Mas fizemos o ajuste de preços back book no início do ano tanto para controle quanto para pós-pago puro. Quando você vai para o ajuste de preços front book, fizemos esses ajustes no meio do ano para controle, e não fizemos para pós-pago puro. Acho que houve a pergunta de um colega seu. Basicamente, o que estamos olhando é fazer esses ajustes. Estamos avaliando.

Operating free cash flow.

11, 8% versus our guidance of 14% to 16% it was that simple.

They have to play out, but they weren't that funny.

What you're seeing asset they have yes, that's the question.

Fani Kanemori: Sim, essa a pergunta.

Basically the food to go that way.

Alberto Griselli: Yeah, that's the question.

Alberto Griselli: Tá.

We are confirming our guidance and that we believe at this point okay.

Alberto Griselli: Basically, if you look at our dynamics, we are confirming our guidance, and we believe that when you look at how revenue growth, EBITDA expansion, EBIT after lease expansion and CapEx will combine in the next quarter, this will put our operating free cash flow expansion within the range of our guidance. Now, since we are at the end of the year, basically, you can easily do the calculation to see what this will imply in our numbers, I leave this to you. We are confirming our guidance for the full year.

Revenue.

Two of his say EBITDA expansion built base after the sale.

At this time.

We got behind in the next quarter, but not all and our powerful brands because what you see I can respond within the range.

Overall mobile environment. I would say that it didn't change uh, versus the picture that we presented when, uh, we uh, share our guidance in in February and for everything is confirmed. Um, uh, of course, there are the nuances whereby, uh, we see postpaid in Mobile driving, the growth and, uh, uh, a potential improving situation in the prepaid environment.

They enter that fast.

At the end of the year.

Escalation.

But I'll leave this to your kind of we are confirming our guidance that was where my this is coffee them or not so guidance through a complex.

But again.

Uh, when, uh, you look, uh, and, uh, at the second question, if understood correctly is the operating free, cash flow, Dynamics 11.8% versus our guidance or 14 16%. It was that the question funny.

Vicente Ferreira: Obrigada. A próxima pergunta é de David Lopez da New Street Research. Senhor Lopez, seu microfone está habilitado.

I approach my question demonstrates it that'd be lovely strewn used around noon treat reached their loan Oh, la Southern California established that.

Alberto Griselli: Não decidimos ainda, mas achamos que temos espaço para ajustá-los agora porque estamos em um período promocional sazonal do ano com a Black Friday e a campanha de Natal. É algo que provavelmente vai acontecer no primeiro trimestre do próximo ano. Muito claro, obrigado. Mais uma vez, se desejarem fazer uma pergunta, por favor, usem o botão levantar a mão. Se precisarem fazer uma pergunta, cliquem no botão levantar a mão ou podem por escrito pelo botão de Q&A. Por favor, aguardem enquanto coletamos as perguntas. Senhoras e senhores, sem mais perguntas, eu passo a palavra de volta ao Sr. Alberto Griselli para os comentários finais. Sr. Alberto, pode prosseguir. Obrigado por participarem da videoconferência de hoje. Estamos chegando ao final do ano com forte momentum. Estamos executando nossa estratégia com disciplina e consistência. Apesar de estarmos longe de 2026, ainda temos muito a realizar em 2025.

Thank you.

David Lopez: Hi. Thank you for the opportunity. Just a couple of follow-ups. On the price increase you did in Q3, I was wondering if you could give a bit more color, like color, like maybe the magnitude and what the percentage of the base affected. What prepaid trends are giving? I was wondering, next year, do you have a possibility to do a price increase next year on prepaid or is it too early? The second question around B2B. I was wondering if you could give any, maybe color on margins that you are getting from B2B. Is it dilutive to your margins? I would love. Thank you.

Just a follow.

Follow up on the price increase.

Is that still a pretty massive.

Baccarat My thought and then maybe the muscle Jim I can into what it is.

The.

The Central Africa Central that Badger.

Batch runs out.

I was wondering your last sentence, then decision Chicago and.

I wanted to give real specific link, particularly badger.

So for instance at the time.

Yeah, there's a question. Basically the the if you look at our Dynamics, we are confirming our guidance. And we believe that when you look at how Revenue uh growth a bit expansion, a bit after this expansion and capex will combine in an ex quarter, this uh would put our operative free cash flow expansion within the range of our guidance. Now, since we are the at the end of the year, basically you can easily do the calculation. See what this will imply in our numbers but I leave this to you but we are confirming our guidance for the full year.

Let's say the planar Anderson.

Perfect, thank you very much.

Cause somebody b to B I was wondering the safeguard Danny.

Hello.

Asthma from B to B to your knowledge is this edge Luisa does imagination with phase one now.

Next question, comes from David Lopez from New Street, research, Please, Mr. Lopez your microphones open.

Okay.

There are still with.

Alberto Griselli: David, I got the last two questions that we'll address. I lost the first one. On the second one is the prepaid price increase. Just an overall comment. Basically, when you look at the More for More strategy, this is the way we implement it. Generally it's a price adjustment that always comes with some extra benefits for our customer base. On prepaid, given the construct of the offer, it's a bit too early to change the price. As today, we're basically marketing 1 Real per day. It's, you know, it's deeply linked in the offer construct. It's sort of easy to deconstruct it.

Russia I lost the first one.

Alberto Griselli: Este ano tem sido muito emocionante, e esperamos cumprir todas as promessas que fizemos ao mercado. Quero agradecer à equipe por todo o comprometimento. Estou ansioso para conversar com vocês nas sessões individuais. Por fim, criamos uma oferta de Black Friday especial para nossos clientes. Vamos assistir? Tchau, tchau. Isso conclui a videoconferência do terceiro trimestre de 2024 da TIM S.A. Para mais detalhes, acessem o site tim.com.br/IR. Muito obrigada mais uma vez.

On the on the second quarter.

And overall what else somebody basically when you look at the more for more strategy.

We ask that.

Generally.

Just my thought is that always comes with zelman.

So that's it for our passenger.

Such a claim and on prepaid.

Hi. Thank you for the opportunity and just a couple of follow-ups on the on the price increase you did in Q3. I was wondering if you could give a bit more color like color, um like maybe the magnitude and what's the percentage of the base affected. And um not a prepaid Trends are easing and I was wondering if next year um do you have the possibility to do a price increase next year and prepare? Or is it still too too early?

Construct of.

Though it can be found there.

Surprised wanted want them without.

Basically marketing water per day. So it's a you know it's a deeply league at the AR in the museum.

Uh and the second question is on B2B. Um I was wondering if you could give any maybe color on margins, you're getting from B2B. Is it dilutive to your margins or not? Thank you.

In the call.

The rock is just sort of.

Proxy I will say that we are exploring.

Alberto Griselli: I would say that we're exploring, as a way to monetize our customer base, the prepaid to control migration. That's a way that we found very effective to monetize our customer base. We keep doing it. The other thing we are looking at is the way we balance the benefits between prepaid and control to make sure that the migration makes sense as we increase prices. Therefore, not entering into a lot of details into how we're gonna do this, we can explore this in the one-to-one session. We got some plans there as well. When you look at the marginality of B2B, the marginality of B2B, generally speaking, when you look, we got 50%+ EBITDA margin.

Is there a way to monetize our customer base the prepaid.

Migration of mom began.

That's a word.

That we found very effective.

Actually I'm going to keep doing it.

The other thing we're looking at.

The we believe it's.

He said when he said it's between prepaid and that probably come through more sure that the integration I couldn't speak of Cemig.

Oh, okay. David, I got the last 2 questions that will address. I I lost the first 1. So on the, on the, on the second 1 is is a prepaid price increase. Uh, just uh, uh, an overall comment. Uh, basically the when you look at the more for more strategies, this is the way we implemented. So generally it's a, a price adjustment that always comes with some extra benefits, uh, for our customer base and uh, on prepaid the given the construction.

Controllable therefore at all from it and so we enjoy a lot of D. C. It seems to me that went to the same time, it's how we're gonna zodiac So Dennis.

Do you want to watch.

Sometimes there is consistent.

Act of the offer. It's a bit trickier to change the price, 1 1. As today we're basically marketing 1 Riyal per day. So it's a, you know, it's it's deeply linked uh in the um in the uh in the offer construct as a sort of easy to deconstruct.

Marginality.

So the margin will be to be generally speaking.

The thing.

Seeing 50 plants might be forgotten.

Typically they don't all blocks are the same when you look at what really matters.

Alberto Griselli: The B2B offering goes below typically this number. When you look at what really matters, which is cash flow generation, they are accretive. They generally tends to be dilutive on the EBITDA margin, but it tends to be accretive on the bottom line. That's it. The first question, I'm not sure I got it.

Arthur catch it Hello, generational NASA they are accretive so they've laid.

Laid out.

Oh give me tomorrow.

Sometimes it'll be accretive on a on the island and.

Oh, the bottleneck in a sense other than our bottom line and that's it.

And the first question I'm not sure.

That's key.

Well I think the question was just if you could comment on my part.

David Lopez: There was a first question, or was this question totality? It was just if you could comment on the magnitude of the price increase you did and what percentage of the base. Did you do the price increase to?

She can come as fast or somebody American Israel, Jayson did you do a mentorship dresses at corpus and thought about it also.

And the fact that they first started.

Alberto Griselli: I did also pure postpaid customer. This year, David, there are two types of price adjustment that we classify front book and back book adjustment. On the back book adjustment, we impacted both control and pure postpaid, we did it already. That's not 100% of the customer base because we personalize this depending on a number of things and in order to minimize attrition and churn management. We did the back book price adjustment at the beginning of the year for both control and pure postpaid. When you go to the front book price adjustment, we did those adjustments in mid-year for control, and we didn't do it for pure postpaid.

There are two days.

Of course, if I got it wrong.

So then that back book adjustments book on your back book adjustment.

I would say that they were exploring, uh, uh, as a, a way to monetize our customer base the prepaid to control migration and uh, uh, that's a way, uh, uh, that we found very effective, uh, uh, to monetize our customer base. We keep doing it. And, uh, uh, the other thing we're looking at is, uh, the way we balance the benefits with between prepaid and control to make sure that the immigration makes sense, uh, as we increase prices. And so, therefore not entering into a lot of details into, uh, uh, how we're going to do this. We can explore this in the 1 to 1 Section, where we got some plants there as well. Uh, when you look at the marginality of B2B, uh, so the marginality will be to be generally speaking. Uh, when you look, we got uh, uh, 50 plus bid, the margin. The B2B offering goes below, typically this number, but when you look at what really matters, which is a a

The back book, both control and postpaid phones.

And that's not 100% OTA customer base, because our personal lives.

And I'm really there.

In order to minimize that.

Managed trial, but within the backlog.

Yes ma'am.

Yeah.

All in pure play E plus when you go to the front book.

After all we do.

Adjustments.

In media.

Our control and we didn't do it for Oh.

And I think there was the the quite strong from a.

Alberto Griselli: I think that was the question from a colleague of yours just before. Basically what we're looking at is to make this adjustment. We are assessing. We didn't decide yet, but we think that we are space to adjust them. Not now, because we are in a promotional, in a seasonal period of the year with the Black Friday and the Christmas campaign. It's something that is probably gonna happen in Q1 next year.

So, let's get a colleague of yours.

And basically what we're looking at.

It says it wasn't didn't besides but within.

We think that that piece of junk.

Moshe.

We saw at the start the year with Audi.

Heidi and pain.

So it's something that just right.

Quarter of Blackstone and comfort over matrices that I forgot to put medicine, a message we wanted to convey here.

David Lopez: Very clear. Thank you.

Thank you went to plateau, but again.

Okay glad this once again.

Alberto Griselli: To you.

Vicente Ferreira: Once again, if you wish to ask a question, please use the raise hand button or type it down on the Q&A field. Please hold for more questions. Por favor, aguardem enquanto coletamos as perguntas.

Your question please use the resistance.

Yeah.

No.

British could eat two pillar both towns of Q&A.

Adjustment on the back book adjustment. We impacted, uh, both control and pure postpaid. Uh, we did it already and, uh, it's not 100% of the customer base because, uh, we personalize, this depends on a number of things and the, in order to minimize attrition and share management, but we did the bakbuk price adjustment at the beginning of the year for both control and pure plus paid. Uh, when you go to the front Book, price adjustment, uh, we did those adjustments, uh, uh, in media for, uh, uh, control. And we didn't do it for pure postpaid and I think that was the, uh, the question from, uh,

Well, that's why I didn't want to collect them those are stable at this.

Thank god it isn't that the melodies with questions.

Questions.

Operator 2: Ladies and gentlemen, without any more questions, I'll return the floor back to Mr. Roberto Ruselli for his final remarks. Please, Mr. Roberto, you may proceed.

I'm certainly not going to do.

Oh, that's one leg cramps equipment.

That has been Alberto.

Yeah.

So I'd say all for Johnny maybe it all up like we are arriving at the end of the year I Wonder AUM AUM in Ghana, we are executing our strategy.

Um, a colleague of yours of yours before and uh, um basically what we're looking at is to make these adjustments and we are assessing, we didn't decide yet. But uh within that 3 space to adjust them. Not now because we are in a promotional uh in a seasonal period of the year with the Black Friday and the Christmas Camp campaign. So it's something that is probably going to happen in the first quarter of next year.

Alberto Griselli: Thank you all for joining today's video call. We are arriving at the end of the year with strong momentum. We are executing our strategy with discipline and consistency. Despite being just 2 months away from 2026, we still have a lot to accomplish in 2025. This year end will be very exciting, and we expect to deliver on the promises we made to the market. I really want to thank the entire team for their commitment and relentless drive. Thank you. I look forward to catching up with you guys in a one-to-one session. Lastly, a final message to our safety. We put together a special Black Friday offer for our customers. Let's go for it. Ciao.

Yeah, very clear. Thank you.

To you.

Now you can see since at any cost.

Does that just got away from basically everything.

The launch of a comprehensive with him I'd point, though.

Once again, if you wish to ask a question, please use the raisin button or type it down on the Q&A field. Wait, while pull for questions.

Very exciting and we expect to deliver.

We put a massive complete it really won't matter.

For the community.

And I saw the pullback that you have anthem and I look forward to catching up with you guys, saying you don't want that once I get the whole I'll at least start followed the message just a lot more serious and life where people work together.

So that's helped us not less glamorous as long as I said she'll touch out.

Ladies and gentlemen, without any more questions, I'll return the floor back to Mr. Alberto giselli for his final remarks, Please, Mr. Roberto, you may proceed.

As we conclude the third is wrong.

Operator 2: This we conclude the Q3 2025 conference call. For further information and details of the company, please access our website, ri.tim.com.br. You can disconnect from now on. Thank you once again.

So instead of three.

Yeah.

That's S insights on CBR policy for bed Bath Atkins Gunia now on Wednesday, and then manage the monthly.

So thank you all for joining today's video. Cola, we are arriving at the end of the year with strong momentum. Uh, we are executing our strategy with this discipline and consistency. Um, despite being just 2 months away from 2026, we still have a lot to accomplish in 25.

This year, end will be very exciting and we expect to deliver on the Promises. We made to the market.

I really want to thank you the entire team for the commitment and Relentless drive. Thank you.

And I look forward to catching up with you guys in the 1 to 1 session. Lastly, a final message to our sales team,

We put together a special Black Friday offer for our customers. Let's go for it.

Ciao.

Yes, we conclude the third quarter of 2025 conference call of China. Say, for further information, and details of the company. Please access our website jean.com BR. You can disconnect from now on and thank you once again.