CLIENT CALL WITH TIM Brasil CEO Alberto Griselli

As part of our EM Telco Top Picks series of virtual and in person events with our preferred EM Telcos we will be hosting a virtual meeting for NSR clients with TIM Brasil CEO, Alberto Griselli on Tuesday 18^th February. Format will be a small group, with the focus on Q&A.

Mobile consolidation in Brazil is leading to improved returns and better growth. TIM Brasil is the most exposed of the Brazilian telcos to this. With decent growth, margins rising and stable capex, cash flow is growing strongly we think. This call will be a great opportunity to dive into the upside scenario, and the extent to which this improved cash generation might be returned to shareholders but also risks around new MVNO entrant NuCel and macro pressure. We also expect to discuss opportunities in B2B, FWA and Digital services. TIM Brasil is one of our key Top Picks for 2025.