Telecom Italia SPA: ‘Optionalities’ emerging, Poste questions remain

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Telecom Italia SPA: ‘Optionalities’ emerging, Poste questions remain

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Telecom Italia SPA

‘Optionalities’ emerging, Poste questions

remain

Reiterate Rating: NO RATING | PO: NA | Price: 0.696 EUR

Executing well, ‘optionalities’ emerging 11 May 2026

TIT looks on track to meet FY guidance, albeit with MVNO phasing weighing on H1 Equity

growth (Fastweb leaves) but then supporting H2 (Poste arrives). Focus now shifts to Q2

and the new industrial plan ahead of the pending Poste bid (which would begin in July,

Key Changessubject to approvals; see our report, Telecom Italia SPA: Minority prospects could remain

attractive 24 April 2026). On top of fundamentals, we note recent press reports that (EUR) Previous Current

suggest TI’s ‘optionalities’ could crystalise, such as via 1) Italian consolidation following 2026E Rev (m) 14,233.0 14,308.3

the accelerated departure of Hutch from the UK JV (Bloomberg) and 2) Fibercop/Open 2027E Rev (m) 14,544.4 14,811.8

Fibre earn-out potential, as press reports (Reuters) indicate a deal could be close. We 2028E Rev (m) 14,812.1 14,964.1

maintain No Rating on TIT given the pending Poste bid, as we do not believe the stock is

trading on fundamentals. David Wright >>

Research Analyst

Poste questions remain MLI+44 (UK)20 7995 6355

Focus remains on the outstanding Poste bid, with both companies set to present mid- dawright@bofa.com

term plans at Q2 to support shareholders’ decision making. Our view remains that post a SamuelResearchBruceAnalyst>>

pending merger, listed minorities could yet benefit from TI’s cash distribution MLI (UK)

samuel.bruce@bofa.com

commitment (depending whether Poste would sustain this), supported by increased

synergy realisation (depending on how Poste would allocate these) and Italian