Telecom Italia S.p.A. (TIIAY) Q3 2024 Earnings Call Transcript

Telecom Italia S.p.A. (OTCPK:TIIAY) Q3 2024 Results Conference Call November 14, 2024 5:00 AM ET

Company Participants

Paolo Lesbo – Head of Investor Relations
Pietro Labriola – Chief Executive Officer
Adrian Calaza – Chief Financial Officer
Agostino Nuzzolo – General Counsel
Andrea Rossini – Head-Consumer, Small and Medium Market Office
ElioSchiavo – Chief Enterprise & Innovative Solutions Office

Conference Call Participants

Giorgio Tavolini – Intermonte
Domenico Ghilotti – Equita
Fabio Pavan – Mediobanca
James Ratzer – New Street Research
Luigi Minerva – HSBC
Ajay Soni – JPMorgan
Joshua Mills – BNP Paribas

Paolo Lesbo

Ladies and gentlemen, good morning, and welcome to TIM Third Quarter 2024 Results Presentation. I am here with the CEO, Pietro Labriola; the CFO, Adrian Calaza; and the rest of the management team.

Today, we will present the highlights of the first 9 months, followed by a review of the operating and financial results. At the end, there will be the usual Q&A session.

I point out that Q3 marks the first quarter of the new TIM. Hence, we report actual results for the first time, whereas in Q1 and Q2, we reported like-for-like estimates of the financial and operating performance. Pointing out our safe harbor disclaimer on Page 2, let me hand over the stage to Pietro. Pietro, the floor is yours.

Pietro Labriola

Thank you, Paolo. Good morning, everyone. Let’s start from a quick recap of the first 9 months results. At group level, revenues were up 3.4%. EBITDA after lease increased 11%. CapEx was €1.3 billion, representing 12.5% of revenues and EBITDA after lease minus CapEx was €1.4 billion, up 35%. Net debt after lease reduced by over €100 million in Q3 and landed just below €8 billion.

At domestic level, revenues increased 1.8%. EBITDA after lease was up 8.3%. CapEx was €0.8 billion or 10.5% of revenues