TIM S.A.

TIM S.A. (TIM Brasil) is one of the three large mobile network operators in Brazil, based in Rio de Janeiro. It had 61.6 million mobile customers at September 30, 2026, of which 34.0 million were postpaid. It also sells fiber broadband to homes under the TIM Ultrafibra brand, with 931,000 customers, and services to businesses, such as IoT and IT services through V8.Tech. It owns the fiber network company I-Systems.

Its shares trade on B3 in São Paulo, and its ADRs trade on the NYSE; each ADR represents five common shares. Telecom Italia controls TIM Brasil, and since September 2026 Poste Italiane has controlled Telecom Italia. Net revenue was R$7.07 billion in Q3 2026.

The market prices TIM Brasil for the risks of Brazil and for the slow growth of a mature mobile market. Brazilian interest rates are high, the real can lose value against the US dollar, and taxes and rules can change. The three operators compete hard for prepaid customers, and prepaid revenue fell 4.2% in Q3 2026. A new controlling shareholder can also change the strategy or the dividend policy: Poste Italiane took control of Telecom Italia, TIM Brasil's parent, in September 2026, and in November 2026 a press report said that TIM Brasil could be sold.

Results are steady: in Q3 2026, service revenue rose 5.3% and normalized EBITDA rose 6.7% with a 52.4% margin. Normalized net income fell 7.8% to R$1.11 billion, because of higher income tax, lower interest income and higher lease costs. TIM Brasil plans to pay R$5.3 billion to R$5.5 billion to shareholders in 2026, but in the first nine months it announced R$1.31 billion of interest on capital and bought back R$252 million of shares, for R$1.56 billion in total. For the gap to close, three things must be true.

Service revenue must keep growing faster than inflation, with postpaid and fiber growth. The EBITDA margin must keep rising as TIM controls costs. Poste Italiane must keep TIM Brasil's strategy, and TIM must reach its 2026 payout plan. The payouts of Q4 2026 and the 2027 plan and guidance, usually in February, are the main tests.

If these checks pass, the gap can close slowly over the next one to two years. The main reason it may not close is the country risk of Brazil, which the company cannot control.

1. Nov 9, 2026Passed

   Q3 2026 earnings: service revenue and marginService revenue growth of 5% or more and a higher EBITDA margin pass; slower growth or a lower margin fails.Outcome: Service revenue rose 5.3%, and the normalized EBITDA margin rose to 52.4% from 51.7% a year earlier.
2. Feb 9, 2027 · est.Pending

   2026 results, the 2027 plan and the shareholder payoutA 2026 payout in the R$5.3 billion to R$5.5 billion range and a plan that keeps the strategy and raises shareholder payouts under the new controlling shareholder pass; lower payouts or a change of strategy fail.

Every passed and failed checkpoint across all picks

• November 9, 2026TIM Brasil reported Q3 2026 results. Net revenue rose 5.3% to R$7.07 billion, and service revenue rose 5.3%. Normalized EBITDA rose 6.7% to R$3.70 billion, a 52.4% margin. Normalized net income fell 7.8% to R$1.11 billion, because of higher income tax, a weaker financial result and higher depreciation. Postpaid customers rose 5.2%, and TIM Ultrafibra customers rose 13.2%. Total net debt with leases fell to 0.78 times normalized EBITDA. TIM said that the results keep it in line with its 2026 targets.
• November 4, 2026B3 asked TIM Brasil about a Valor Econômico report of a possible sale of TIM Brasil after Poste Italiane took control of Telecom Italia. TIM Brasil answered that it does not know of any material fact about a sale.
• October 30, 2026The board of TIM Brasil approved a proposal to merge its subsidiary I-Systems into TIM S.A. A shareholders' meeting on November 30, 2026 will vote on it.

Last earnings

November 9, 2026

Next earnings

Expected about February 9, 2027. The company has not confirmed the date.

• 20-FAnnual report for the period ended Dec 31, 2025Filed March 30, 2026 · Read it on sec.gov
• 20-FAnnual report for the period ended Dec 31, 2024Filed April 1, 2025 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1826168)

• All of TIM Brasil's business is in Brazil. High interest rates, a weaker real, inflation or changes in taxes and telecom rules can lower its value in US dollars.
• Poste Italiane became the indirect controlling shareholder in September 2026. It can change the board, the strategy or the dividend policy, or sell TIM Brasil. In November 2026, TIM Brasil said that it does not know of any material fact about a sale.
• Claro and Vivo compete hard with TIM Brasil, mostly for prepaid customers. Prepaid revenue fell 4.2% in Q3 2026, and price competition can slow revenue growth.
• TIM Brasil plans R$5.3 billion to R$5.5 billion of shareholder payouts in 2026, but it had announced or paid R$1.56 billion by September 30, 2026. A payout below the plan lowers returns to shareholders.
• TIM Brasil has tax disputes, such as those on the FUST and FUNTTEL telecom funds. It has not paid the full TFF inspection fee since 2020, and the amount recorded through September 30, 2026 was R$5.1 billion. Losses in these disputes can lead to large payments.

TIM Brasil has net cash before leases. At September 30, 2026, total financial debt was R$1.98 billion, of which R$961 million was short-term, and cash, cash equivalents and marketable securities were R$5.18 billion. Read more

The dividend data after June 29, 2026 is missing.

Latest ex-dividend date

June 29, 2026, $0.162 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 12.7% a year. From 2015 to 2025, the dividend grew by about 14.8% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.