Half Year 2024 Telecom Italia SpA Earnings Call Transcript
Key Points
- Telecom Italia SpA (TIIAY) successfully completed the NetCo disposal, achieving significant deleverage and credit rating improvement.
- H1 performance was robust, with financials in line or ahead of full-year guidance.
- Domestic business grew as expected in both revenues and EBITDA, with positive drivers anticipated for H2.
- TIM Brazil delivered strong growth, contributing significantly to the group's overall performance.
- The transformation plan execution is ongoing, with more than EUR100 million in EBITDA after lease minus CapEx savings in H1.
- The competitive environment in Italy remains tough, with aggressive pricing from new players, especially from the energy sector.
- Despite the positive outlook, there are concerns about the impact of currency depreciation in Brazil on the company's financials.
- The company faces ongoing challenges in stabilizing the consumer segment, which is performing around 0% growth.
- There is uncertainty regarding the regulatory approval of NetCo's new status, which may not be effective until the second half of 2025.
- The company still needs to address potential cross-subsidy risks from aggressive pricing by newcomers in the market.
Ladies and gentlemen, good morning. And welcome to TIM's first-half 2024 preliminary results conference call. Paolo Lesbo, Head of Investor Relations will introduce the event.
Ladies and gentlemen, good morning, and welcome to TIM preliminary first half 2024 results presentation. I am here with the CEO, Pietro Labriola, the CFO, Adrian Calaza, and the rest of the management team. Today we open the presentation with the highlights of the first half and we explore (inaudible) the following three sections. The first one explains the implication of network closing. The second reviews TIM ServCo financial and operating results based on preliminary like-for-like estimates, i.e. considering the new perimeter and the relationship between TIM and NetCo, regulated by the master service agreement. The third section outlines TIM new capital structure. A Q&A session will follow.
Pointing out our safe board disclaimer on page 2 and 3, let me hand over to Pietro. Pietro, the floor is yours.
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