TIM S.A. (TIMB) Q2 2026 Earnings Report, Transcript and Summary

Good morning, ladies and gentlemen. Welcome to TIM S.A. 2026 Second Quarter Results Video Conference Call. Would like to inform you that this event is being recorded and all the participants will be in listen-only mode during the company's presentation. There will be a replay for this call on the company's website. After TIM's remarks are completed, there will be a question and answer session for participants. At that time, further instructions will be given. Welcome to Tim's second quarter 2026 results presentation. Following today's presentation, Alberto Griselli, CEO, Andrea Viegas, CFO, and the relations team will be available for the live Q&A session. Before we begin, please note that this presentation may contain forward looking statements that are subject to risks and uncertainties. And now I will hand it over to Alberto.

Hello, everyone. The second quarter was marked by solid execution. We delivered revenue growth, profitability expansion, and cash generation in a balanced way, while continuing to diversify our revenue profile and strengthen our operation. As our broad avenues diversify, we increase the resilience of the business and develop a sustainable path for value creation for our shareholders. Let me walk you through the main highlights Revenue continued to show a consistent dynamic approaching BRL4 billion in the quarter, with service revenues maintaining a solid pace. In the first half of the year, service revenue increased around 6% reflecting broader contribution across the business. This performance was accompanied by further profitability gains. EBITDA grew around 7% in the first half, while EBITDA after lease increased close to 8%, supported by operational efficiency, cost discipline and continued margin expansion. Net income surpassed BRL1 billion in the quarter increasing around 6% year-over-year. In the first half, net income also grew despite a more challenging comparison base for the lines below EBITDA. Cash generation remained strong, Operating cash flow surpassed BRL3 billion in the first half, growing at the double digit pace and reinforcing the consistency of our cash generation. Looking to the different areas of the business, we saw solid performance from our key growth platform. With mobile remaining, of course, as the foundation of our performance, while Ultrafibra and B2B play an increasingly more important role in our business evolution. In mobile, the results were supported by continued postpaid expansion which now represent close to 70% of mobile service revenue. This reinforces a higher value and more resilient customer base. During the first half, we focused on building a more dynamic and segmented portfolio. Allowing us to better address customer needs while creating additional monetization opportunities. This includes expanding the usage of credit card as a payment method in annual and monthly options materialized in TIM Control fit. This launch expands our addressable market through more flexible propositions, strengthening value perception and engagement. Our streaming proposition is also evolving following the launch of TIM Play, a content aggregation platform creating new opportunities for monetization while increasing customer stickiness. In financial services, the partnership with PicPay represent another step in expanding our digital ecosystem and creating cross selling opportunities through an integrated customer journey. With customer expansion and consistent revenue growth strengthening its relevance within our portfolio. To propel this further, we just launched TIM Ultra Combo, our first truly convergent offer. It combines fiber, mobile and content to strengthen our value proposition in selected markets enabling TIM to target new pockets of growth while supporting LTV oriented actions. In B2B, we continue to build a strategic growth platform. Revenue is expanding and gaining relevance, now representing around 7% of our service revenues. At the same time, we are advancing beyond connectivity with progress in IoT private networks, and digital solutions. At the same time, artificial intelligence remains an important enabler for our transformation journey and a key lever for efficiency gains. 1 example is collections where artificial intelligence supports more personalized interactions with customers in debt collection and negotiating processes. Early results are encouraging with more than 2 million customers engaged in a meaningful improvement in recovery rates through the artificial intelligence agents. Together, these initiatives reinforce the evolution of TIM's business supported by disciplined growth a broader set of revenue drivers, and consistent execution. We also continue to strengthen the foundation of the company through our culture, recognized by Great Place to Work and through solid governance practices. Thank you.

And now let's move to the live Q&A session. Thank you, mister Alberto. To make your questions, please press the raise hand button. The first question comes from Luis Shagas from XP.

Hi Alberto, Andrea, Vicente, and Lucca, Morning. And thank you for the opportunity of making questions. I have 2 questions from my side. The first 1 is about I-Systems then FTTH, How does the I-Systems acquisition change your FTTH built economics and homes passed ambition, and what incremental CapEx commitment should we expect? The second question is about the mobile base. Which contracted in this quarter while the market share fell. Is this a deliberate value over volume decision, or has the competitive response including the intermediate price offers in the market, decided to cost you gross adds. Thank you.

Hi, Luis. Good morning. So let me go quickly through the 2 questions. When it comes to I-Systems, for us, it is a kind of accelerator of our broadband strategy. Because now we control the network, the experience of the client, and to a better extent the financial profile of broadband. And therefore, once we acquired and we own back our network, this is 1 of the growth vector of our company going forward. On a own network besides the agreement that we have with V.tal. When it comes to the CapEx, basically, we already discussed in previous quarters that we saw some kind of upside risks on our CapEx profile, meaning that we are optimizing our CapEx base through a number of different mechanisms And therefore, there should not be any material impact of I-Systems CapEx in our CapEx profile. So we are to absorb it basically. When it comes to the revenue growth and the mobile revenue growth, it is important to say that we look at the revenue growth in a portfolio way. So we got 2 business lines growing double digit. And we have mobile growing at mid-single digit at around 4.7%. This slowdown was somewhat expected because if you look at our revenue evolution quarter by quarter, once we do the price up, then it tends to slow down. And that was also accompanied by a slower or softer customer base dynamics in the first half. So the net additions are results of a mix of gross and churn has been softer in this first half versus last year and the second half last year. that is the reason why we put together on the ground a number of evolution of our value propositions, the new offerings that we have been launched to give more dynamism to the customer base dynamics. You look at the customer base dynamics, also remember that we executed a price up in the first quarter. And therefore, churn is a big pressure in the first quarter and second quarter. And so this is this also impacted our net addition dynamics. Was it clear, Luis?

Yes. Very clear.

Thank you, Alberto.

Thank you for your question. The next question comes from mister Roger Araujo from Bank of America. Rogério Araújo: Hi, Alberto, Andrea, Vicente and Lucca, Thanks a lot for the opportunity. I have a couple here. The first 1 on revenue growth, excluding M&A, revenue growth grew just slightly below inflation mainly as the core client generated business is growing at 3.1% year over year. My question is, is there any plan to address growth in the core mobile line and reaccelerated space? If you could please share with us your thoughts on that. Also, the second question, a follow-up from the first 1, could you please walk through the competitive environment if there is any unusual discount from other players And, also, if team is planning to increase control plans prompt booking prices, this year. Thank you so much.

Revenue growth a slowdown, building up on the previous answers to Luis. So the main driver beyond the slowdown is the dilution of the price ups plus the customer base dynamics. And do we have plan to give more dynamism to the mobile revenue group? Yes. As a matter of fact, we a number of our offerings just this quarter. Or at the end of the previous quarter. So there is wide portfolio review, and the objective is to give a push or a boost to the customer base dynamics. In a number of different ways. So if you look, we have 4 main areas of interest. So the first 1 is the Ultra Combo, which is the convergent offering that we just launched. This will help primarily the broadband. It also has a positive effect on the churn of our customer base. Then we launched the TIM Play portfolio It is an evolution of the way we go to market with streaming products. it is a paid product, and, therefore, this will support monetizing our own customer base, so it is an ARPU driver. Of course, this also support the optimization of the cost related to the acquisition of this content. Then we have the third 1, which is TIM Fit. which is a new control plan that is payable via credit card. This is a double objective. So the first 1 is to feed our prepaid to control migration with a lower credit risk. And the other 1 is to fill a gap that we have in our portfolio related to the, let's say, digital or BTL offering that our competitors already had. And the last 1 is a new go to market which is the 1 related to the partnership with PicPay, is basically a go to market whereby we will have another lake or another platform to grow our customer base. So if these different the different value propositions have complementary business objectives, both in terms of ARPU growth, migration, internal migrations on our customer base, and more attractiveness on the market itself. When you go to your second question, which is related to the competitive dynamics, So I think that it is important to step back for a while and just recap what is being going on in these last quarters. So we had-- let me go directly to the end. So the end is that there is more predominancy of what we call a BTL offering or pricing. You know that in the market, we have what we name, what we call ATL above the line offering. It is our general postpaid pure postpaid and prepays pricing. The front book offering that you see in shops in the e commerce And then you have a number of offering that we label, like below the line offering that are generally used to migrate from prepaid to control. So 1 of our competitor at the end of last year made 1 of these offer available through an MVNO agreement. And so, something that is, let's say, more contained became a bit more widespread. And if you look at the way the market responded, then we saw the other competitor that launched this BTL offering they already had in a more widespread fashion. And that is the reason why we also had to adopt our portfolio And so we launched this TIM Fit proposition that basically complement this 1 as well the partnership with PicPay. Now it is also important say that when you go to the market rationality, let's put this way, you always have up and downs. And in the past already, we had moments where 1 of our competitors increased price and then the and then afterwards decreased price. And so it is a sort of cycle. And so there is a good moment, and there is a moment that is not as good. Nowadays, the market is more competitive because more competitive or it looks more promotional because these BTL offerings are more available and visible. And that does not mean that then after this period, we go back to a better period. When it comes to the front book adjustment of our control price, we will certainly want to do it. But in order for us to do it, we have 2 competitors with a higher postpaid market share. And so let's see what they do, and then we will move accordingly. Rogério Araújo: Okay. that is great. Thanks a lot for the clarifications. Very helpful. Thank you.

And the next questions come from mister Marcelo Santos from JPMorgan.

Hi. Good morning. Thanks for taking my questions. The first question I wanted to double click on these new plans that you launched on the hybrid. What is the risk of cannibalization of the higher end control plans? I mean, how do you control for that? And the second question is an update on M&A. How are you seeing the prospects? What is the current view of team in going to broadband? Like, if you could expand a bit on that, that would be great. Thank you very much.

Sure. About I understood correctly your second question. Let me go to the first 1. So the risk of cannibalization, of course, exists. And, we mitigate this risk of cannibalization with a number of strategy, including the remuneration of our commercial networks. And when you look, for example, to TIM Fit, TIM Fit is a product that is available primarily for people that do not pass the credit score for control plans, so they will not be able to get along to buy a control plan because they do not have the credit profile. Therefore, they pay by credit card, the credit profile passes, and the customer is converted. So if you design the process and the remuneration in the right way, you mitigate the risk of cannibalization. that is the first question. And Marcelo, can you repeat your second 1 in terms of the prospect of broadband?

About M&A. I was asking about merger and acquisitions. Like, what is your appetite for M&A? How are you seeing this as a strategy to grow in broadband? Just wanted a refresher on your M&A plans and fixed strategy. Thank you.

Okay. Right. So when it comes to the fixed strategy, so we already bought I-Systems back. And that was the first driver of faster growth in broadband that is related to the fact we control the network, and we can manage profitability and commercial push in a more controlled way besides the customer experience. And that is 1 of the reason why we launched this TIM Ultra Combo plan We launched a couple of weeks ago. The results are quite positive so far, so we are happy with what we are seeing. And this is before we even go to the wider communication. So we did not launch any commercial advertising campaign yet. When it comes to M&A, you know, that I think that the answer is similar to the answer of the previous quarters. So basically, we profile and we analyze almost all targets. We know its pros and cons. We know the way that they contribute commercially or industrially to our strategy. I also think that given the overall environment, the pricing aspect is also important. The outlook ahead in terms of inflation and the interest rate can create good conditions for us. Going forward. So we do not have any rush at this point in time because we just launched an upgrade on our strategy after the acquisition of I-Systems. We think that we got a significant and material opportunities in front of us related to what we are doing. And therefore, that on this 1 as well on the B2B 1, we can grow revenues at a faster pace, while clearly, we will work on putting more dynamisms on the mobile side.

Perfect. Thank you very much.

Thank you. And the next question comes from mister Gustavo Farias from UBS.

Hi, everyone. Thanks for taking my questions. 2 questions. So first 1, on the margin dynamics, so we have seen a deceleration in client generated revenue, but margins continue to expand So if you could provide color on the margins, of the part of revenue that is not client generated And is it what currently allows the consolidated margin to hold up, or this expansion is explained by other drivers. And my second question is on capital allocation. So how do you balance the distribution to shareholders? Considering the investments required to scale fiber and convergence especially following the increase in net debt after the I-Systems transaction. Thank you.

Okay. Let me go on the margin dynamics. So I think that the margin you have a different business line with different margins. So broadband has a high margin, B2B has a lower margin, mobile has a higher margin. The we have quite a wide set of initiatives to increase the productivity of our operations. And that is the opportunity lies ahead and the opportunity that is underpinning our margin expansion going forward. If you look at the cost and if you go at the cost performance, you will see that there are some costs that are increasing, like but that is increasing a bit while we are comfortable that it is we can manage this. There are a number of costs that are going down. You will see HR and GNA increasing a bit because we are consolidating V 8 and ICs. But at the end of the day, we have a wide set of initiatives to keep on increasing marginality going forward. And that is underpinning the expansion that we are seeing and keep seeing. When it comes to the capital allocation, and then I will hand over the word to Andrea, the acquisition of I-Systems, as I was saying, we basically, I see them as having a positive impact on OpEx. And potentially a negative impact on CapEx. But when it comes to the CapEx, we share with you guys that we have been optimizing our CapEx profile in terms of we acquired, especially in network, a swap at the swap and all these sort of things. And therefore, we are able to absorb this within our CapEx profile maintaining the plan that we have in place for mobile.

Hi, Gustavo. Related to the capital allocation, the way we think about capital allocation changed with the acquisition of systems. As Alberto mentioned, we have some opportunities with I-Systems. They have an important asset that we have room to monetize increase take up. So, are not considering increase our CapEx, the CapEx we have already declare in our guidance, because of I-Systems. What we use what we will do is monetize the assets. So our capital allocation will continue with the same goal to invest in attractive returns and maximize the shareholders' remuneration. And we have we consider that we have enough cash for this even with the increase of debt of I-Systems that we will work on. We are just announced an increase of capital of I-Systems exactly to deal with this debt. But we have enough cash for support our dividends and the CapEx of I-Systems.

Very clear. Thank you very much.

Thank you for your question. The next question comes from mister Gustavo Miele from Goldman Sachs.

Good morning, Alberto, Andrea, Vicente, Lucca. Thanks for the opportunity. I also have 2 questions. The first 1 is related to bad debt expenses. We once again saw a small volatility in this line. You mentioned the release that this has some relation with a nonrecurring effect of, like, any specific client in the B2B market. Just want to make sure if we were to adjust for this nonrecurring event, if you would still see some pressure on bad debt expenses and if that is the case, if that reflects maybe a tougher macro environment, for your client base, this would be my first question. And the second 1, also related to macro, if you believe that maybe some volatility in the macro environment could lead to some revision in your plans on growing on the B2B market, which may be a bit more sensitive to those dynamics? So we just want to test hypothesis with you guys. Thank you very much.

Sorry. Let me go with the second 1, and then I will leave the bad debt to Andrea. So when it comes to B2B, we are not seeing, so far a slowdown in our activity. I will say, Gustavo, that 1 of the reasons also that you see we disclosed in this report that our B2B revenues is 6.6% of our overall revenue. So basically, we are a small player and an attacker in this space through, let's say, a very specific business model that is related to the IoT solution and services and with V.tal, the digital and artificial solution. So we did not see or we are not experiencing a slowdown in the vertical where we operate. As a matter of fact, we have the best second quarter in the IoT solutions in our history. And when you look at V.tal's prospects, and pipeline, it is quite rich. So we are not seeing a deceleration yet. Now of course, there is a number of things that are happening in Brazil and outside of Brazil. So the impact of the macro environment sort of volatile, but we do not see we are not seeing a slowdown in the B2B line. For the bad debt, Andrea, Hi.

Hi, Gustavo. As I mentioned in the first quarter, we have this situation with B2B customer partnership that also impacted the second quarter. And this is a 1 off situation. Of course, we have a expansion in our customer base, in our postpaid customer base that came with a slight increase in the bad debt. But we consider that we are achieving a plateau So we have this increase from the past 2 quarters, the first and the second quarter. But we consider that we have achieved a plateau and we expect a gradual stabilization in bad debt moving forward. We are working hard and mitigate these impacts besides the 1 off, of course. Working withwith our credit score more. Those are on the customer segmentation. And we are doing collection initiatives now that we expect to have to improve this line in the coming future.

that is very clear. Thanks, Andrea. Thanks, Alberto.

Thank you for your question. The next question comes from Ms. Maria Clara from Itau BBA.

Hi, everyone. Thanks for this opportunity. So my first question comes on B2B. After the first 2 months of the incorporation of V.tal, could you please provide us how you feel about the asset? What is your B2B strategy going forward? What should be the low hanging fruits in terms of revenue growth ahead? And the second question comes on top of profitability. Andrea, you just mentioned about AI. So could this be a lever in terms of operating efficiencies, especially when it comes to call centers expenses already in the short term? Thank you.

So, Maria Clara, let me go with the B2B. So the incorporation so we are already working very closely with the V.tal guys. And the long hanging fruits are basically the cross and upselling of our strategic verticals with V.tal's product portfolio. So if you look at our strategy, basically, on B2B, in IoT is where V.tal provides value. We selected some verticals. These verticals are the agribusiness, the logistics business, the utility business and the mining business. And so we have important core customers that we have been serving for a while now and successfully. So the idea is to identify the opportunities of cross upselling our sort of coverage as a service portfolio with the V.tal and AI services. A number of discussions are already in place. The cycles for selling these more complex projects We know that are that are not short. Because they are business critical. They got business impact. But the low hanging fruits, basically, it is upselling our strategic customers with a wider set of portfolio. When it comes to profitability, I will leave it to Andrea to address this.

Hi, Maria Clara. Related to AI, we are continuing to work with EI. As we have mentioned several times, we work on several fronts. Network, of course, customer care. I just mentioned the collection and we have in legal areas, the legal area also, we are introducing AI. We consider that it is not a structural change but we have several fronts where we work and increase the productivity. But we believe this is a combination of AI on these fronts, but also maintain our operational discipline, our focus on efficiency So this combination, we will continue to increase our productivity. But not just an AI program. I do not know if you want to complete it.

I will put some additional color, Clara, on if you look at the last page of our presentation today, you will see on the right a number of use-case categories that we are working on. And some of them are already in the implementation and material impact. And I would say that network is 1 of them, and IT is another 1 of them. What does it mean? That the impact is already there. it is material. And by the way, it is not it is not completed. So we got we implemented the first wave where basically, achieved some kind of reduction in increasing productivity and increasing the quality of output. And there are others where basically we still need to get to the material impact, but we are getting there. When it comes to the call center, for example, that you mentioned, a number of activities are already fully digitalized. And so now we are working on the complex ones. 1 of the complex ones is, for example, the access to the human operators and they are related to the questions or complaints or explanation related to the builds. Since there is a trade off between the revenue that you trade off versus the customer satisfaction. This is a difficult 1 that is still managed and handled by the 100%, almost 100% via artificial intelligence. We are going we are doing good progress. So the first wave has been done on the easiest part, and now we are getting to a complex 1. It takes some time. So but we have quite a wide set of portfolio of initiatives that will allow us to increase productivity for a number of years ahead.

Very clear. Thank you, Thank you. Our next question comes from Phani Kanumuri from HSBC.

Hi. Thank you for taking my questions. The first 1 is on TIM Ultra Combo. What percentage of your mobile subscriber base is covered by TIM Ultra Combo? And do you have plans to expand it And if you have plans, like, how do you plan to expand the coverage? Is it by your M&A strategy, or do you have intentions of partnering with other fixed broadband operators to offer converged product. Thank you.

Phani, let me try to rephrase it just to make sure that I understood it correctly. Did you ask what our plan in terms of an expansion of TIM Ultra combo? Yes. So, basically, you will have, your fiber base is pretty low compared to other operators, some other big operators. So what percentage of your mobile subscriber base is currently covered by TIM Ultra Combo? Like Okay. Right. Okay and then, yes. You have plans to expand it. And then do you have plans to expand it? By either, you know, going for a different M&A and fixed or doing a product collaborations with other fixed broadband operators.

Okay.

So, Phani, let me go to the first 1 and then to the plan to expand it. So on the first 1, the product itself is already available nationwide. And so we basically operate via formalized that has it is our network and our partner V.tal in the main capitals of Brazil. And the Ultra combo has been launched across the board. So it is already available on the entire footprint. And clearly, the business model is a bit different. And this reflects or may reflect in some way in the commercial value proposition, which is the price tag that we are putting in 1 region versus the others. Remembering that the competition in broadband is regional, so we can adapt it our offering regionally. But basically, the product is available nationwide, and the only things that may change is the commercial terms in 1 region versus the other region. Therefore, the footprint is already our footprint. The idea is to leverage our own customer base and our brand to accelerate broadband take up. This is basically what we are going to see in the coming quarters. And with a positive fallback also on a longer term on churn on mobile services. But this will appear over time. Then you have and this is the organic Let's put this way. At this point, this is the organic plan. And then there is another organic plan where we can add to our portfolio additional technologies So we are looking into that also. And then there is and that would be organic also. And then there is another plan that is related to potential M&A, whereby basically we buy somebody and with their fiber and complement our footprint also through an acquisition. This plan is a plan that where I commented before, we profile all the players. We know pros and cons. We know what they add to our strategy and where clearly. And we are just waiting for the right conditions to materialize. And within the better condition can materialize going forward.

Great. Thank you. Maybe 1 quick follow-up. In the comments, you said that price increases have led to some increased churn in Q1 and Q2. So as you look through 2Q into different months, are you seeing better churn trends in June compared to April?

So if I understood correctly, finally, you are asking if I commented that we saw some kind of churn increasing in quarter 1 and quarter 2. The answer is yes. This is normal. Generally, when we do price up, that would be a back-book price up. What we are seeing the content was a bit more challenging because there was a bit more of ATL offering around So and we did not move, like, last year with front book prices in the first and second quarter. Having said that, when you look at our churn level, goes up and then goes down. If you are asking if June is better than April in terms of churn level, the answer is yes. June is better than April.

Okay. Yeah. Thank you. Thanks.

Thank you. And our next question comes from mister Daniel Federli from Bradesco BBI.

Good morning, everyone. Thank you very much for taking my questions. The first 1 related to the platform revenue. That more than doubled in the second quarter. I would like to hear if you expect any kind of volatility in this line or we should see this as a trend going forward, very high growth going forward? Second question related to international roaming expenses that seem to be very volatile making it much more difficult to read if EBITDA margin was good or not. If there is any mismatch between roaming revenue and cost. So any color here would be welcome. Thank you.

Hey. Let me address the first 1 that we are and I will leave on the second 1 with Andrea. So we have in our revenue profile different types of revenues. So we got the mobile core revenues, then we got the platform revenues. So within then we got the advertising revenues, then we got the B2B revenues. And some of them are slightly more volatile versus the others. And therefore, these are part of our strategy now. They have been part of our strategy many, many years. And therefore, once we close 1 deal, mobile advertisement, can be big or can be small. But overall, if you look in the year end results, the numbers have been growing year after year. When you look at the platform strategy, we got some partnership that were better, some that work they not scale up. And so the process sends some volatility. But generally, the trends, since these are parts of our strategy, that if you look not on a quarterly basis, but on an annual basis, these are accretive. The larger the scale, the less the volatility. So if, for example, take B2B also, or the IoT within the B2B is a smaller 1, but is growing over time. So every now and then, we close a big deal like the ones that have been closing in the last quarter, like CNH and CPFL, you see clearly a spike. But if you take this year versus last year, it is it is it is growing. So some of the revenues, even because of their size, they are more volatile. But the general trends, it is positive. And is part of our revenue portfolio growth, whereby until some years ago, we just had mobile and now we got mobile, we got broadband. We got B2B, and we got platform strategy, and all contributed to a better resilience of our revenue of our top line.

Hi, Daniel. Related to the roaming costs, we have these agreements with the big carriers and we close amount for a year. So they send us the data and we send them the data. So this is the difference between the revenue and the cost. So, the revenue and the cost is not combined of each quarter. When you see the full year, you see a combination between revenue and cost. But each quarter, they are not aligned. So the first quarter, we have a higher the peak of our costs of the roaming international roaming, was 1 of the impacts that we had in our OpEx in the second quarter. As we mentioned in the previous quarter, we was expecting a decrease and we are expecting this in for the rest of the year. But the revenue reoccur during the year. So only when you see the full year, you can see the combination between the revenue and the cost. I do not know if I addressed your question.

Yes. Just 1 follow-up. So the roaming costs, the bottom happens in the second quarter. Is that correct?

The revenue occurred during the quarters. We have the And the cost? The cost in this year, the major part occurring in the first quarter. So, in the next quarters, we will see not a peak like we saw in the first quarter. If you remember, if you see our results in first quarter, we have a very high interconnection roaming. And this quarter is normalized.

To make it simple, Daniel, generally, the cost tends to be higher in the first half and the revenues tends to be higher in the second half.

Okay. Thank you very much.

it is the same every year.

It is the same.

Okay. Thank you.

Thank you for your question. If you have another question, please press the raise hand button. Ladies and gentlemen, without any more questions, I am returning to mister Alberto Mario Griselli for his final remarks. Please, mister Alberto, you may proceed.

So thank you all for joining today's video call. The market continues to evolve, and we have been driving our strategy to capture the opportunities in broadband, B2B and obviously mobile. Our team is working relentlessly, so I want to thank them for the effort and results. And I look forward to meeting you in the coming days. Ciao.

Thus we conclude the second quarter 2026 conference call of TIM SA. For further information and details of the company, please access our website. tim.com.br/ir. You can disconnect from now on. Thank you, once again.