Poste Italiane SpA "Solid operating trends and further upside potential..."

研报英文原文证据摘录

Poste Italiane SpA "Solid operating trends and further upside potential..."

TIM in a nutshell

Telecom Italia (not covered by UBS) is an Italian joint stock company

headquartered in Milan and listed at Borsa Italiana with a market capitalization of c

€17bn as of 09/07/2026. The group is focused on the services business ("ServCo")

following the structural separation and divestiture of the domestic fixed-line network

("NetCo") in 2024.

TIM operates primarily in Italy and Brazil and provides fixed-line, mobile and ICT

communication services. Specifically, in Italy, TIM manages one of the largest 4G/5G

mobile platforms nationally while in Brazil, through TIM Brasil, it is one of the leading

mobile operators and the leader in 4G and 5G network coverage.

TIM Group counts with 25,782 employees of which 35% in Brazil. Based on the

information disclosed by Poste, TIM operates through 3 main business areas:

TIM Domestic - Consumer: the business unit includes the set of telephone and

Internet services and products managed and developed in Landline and Mobile for

individuals and families (from public telephony, from caring activities and

administrative management of customers) and for customers of SMEs (Small and

Medium Enterprises), SOHO (Small Office Home Office) and other mobile

operators (MVNOs); it includes the company TIM Retail, which coordinates the

activities of its stores). As of end-25 the division generated roughly 43% of group

total revenues;

TIM Domestic - Enterprise: This unit offers connectivity services and products

and ICT solutions managed and developed for the Public Sector and Large

Account customers. The following companies are included: Olivetti, TI Trust

Technologies, Telsy and Noovle. As of end-25 the division generated >25% of

group total revenues;