For the first time in 13 years, that is, since 2010, TIM has hit all guidance for two consecutive years. After 22 quarters of uninterrupted decline, revenues from services - that is, those of the TLC group's core businesses - returned to see a plus sign in the fourth quarter compared to the same period last year: 2.85 billion euros, +1.2 percent year-on-year. What's more: for the third consecutive quarter, margins from its Italian operations improved year-on-year. The group's turnaround has thus finally been set in motion thanks to the management of Pietro Labriola and his team. The CEO, who took over from Luigi Gubitosi in December 2021, immediately onboarded CFO Adrian Calaza. The pair had already taken the lead in the relaunch of TIM Brasil, transforming the company's South American arm into what is currently, numbers in hand, the group's jewel. The Brazilian engine TIM Brasil now generates more than a quarter of TIM's revenues and a third of its margins, with double-digit improvements. In the Italian market, the group has also worked hard on cost containment. After the 300 million euros saved in 2022, the year just ended resulted in cuts of another 800 million euros, staying fully on track to meet the target of savings of 1.5 billion euros by 2024. Among the contributing factors was the energy savings produced by shutting down the old 3G network and dismantling 14 thousand telephone booths.
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