TIM Group posted a 2.7% year-over-year increase in like-for-like revenues to €6.6 billion for the first half of 2025, driven by strong performance in both its domestic and Brazilian operations. Group EBITDA After Lease rose 5.0% to €1.7 billion. In Italy, TIM Consumer revenues remained flat at €3.0 billion while Enterprise revenues climbed 4.7% to €1.6 billion, bolstered by a 25% jump in cloud services, particularly from the National Strategic Hub. TIM Brasil continued its positive trajectory with revenue growth of 4.8% and EBITDA After Lease up 6.1%, supported by mobile post-paid growth and operational efficiencies.
The Group’s adjusted net financial debt after lease stood at €7.5 billion as of June 30, 2025, essentially unchanged from the prior quarter. Capital expenditures totaled €834 million, or 12.6% of revenues, with investments focused on mobile and IT infrastructure in Italy and network improvements in Brazil. Free cash flow after lease was negative €121 million for the first half but turned positive in the second quarter, in line with full-year guidance. TIM reaffirmed its 2025 outlook and highlighted an expected acceleration in growth in the second half of the year.
Organizational changes included the resignation of CFO Adrian Calaza, who will be succeeded by Piergiorgio Peluso in Q4, and the appointment of Leonardo de Carvalho Capdeville as CTO. Additionally, TIM completed the full spin-out of FiberCop and continued its strategy to divest Sparkle, which is now classified as a discontinued operation. The company also bolstered liquidity with a €995 million cash inflow from the assignment of a license fee refund and signed a new €750 million SACE-guaranteed credit facility.
- Group like-for-like revenue: €6.6 billion (+2.7% YoY)
- Group EBITDA After Lease: €1.7 billion (+5.0% YoY)
- TIM Domestic revenue: €4.5 billion (+1.6% YoY)
- TIM Consumer: €3.0 billion (+0.1% YoY)
- TIM Enterprise: €1.6 billion (+4.7% YoY)
- TIM Brasil revenue: €2.1 billion (+4.8% YoY), EBITDA After Lease: €0.8 billion (+6.1% YoY)
- Group Capex: €834 million (12.6% of revenues)
- Adjusted Net Financial Debt After Lease: €7.5 billion
- Free Cash Flow After Lease (Q2 only): €0.1 billion
- Group headcount: 25,990 (17,031 in Italy)
“As we move into the second half of 2025, the strength of our domestic and Brazilian markets, combined with the success of our strategic and operational initiatives, positions us to meet all of our full-year financial objectives,” said TIM CEO Pietro Labriola.
🌐 Why it Matters: TIM’s mid-year results underscore its continued transformation into a leaner, more cloud-centric operator, with resilient financials despite ongoing structural changes such as the FiberCop divestiture and Sparkle exit. Growth in Brazil and ICT services highlights how diversified service models and regional performance are helping traditional telcos maintain competitiveness.
