TIM Q2 2025 Earnings Report

TIM EPS Results

• Actual EPS: $0.35
• Consensus EPS: $0.31
• Beat/Miss: Beat by +$0.04
• One Year Ago EPS: N/A

TIM Revenue Results

• Actual Revenue: $1.18 billion
• Expected Revenue: $6.62 billion
• Beat/Miss: Missed by -$5.44 billion
• YoY Revenue Growth: N/A

TIM Announcement Details

• Quarter: Q2 2025
• Date: 7/30/2025
• Time: After Market Closes
• Conference Call Date: Thursday, July 31, 2025
• Conference Call Time: 9:00AM ET

TIM (NYSE:TIMB) S.A., a telecommunications company, provides mobile voice, data, and broadband services in Brazil. The company offers in mobile, landline, long-distance, and data transmission services. It also offers fixed ultra-broadband, fixed ultraband broadband, and digital content services. The company serves individuals and corporates, as well as small, medium, and large companies. TIM S.A is based in Rio de Janeiro, Brazil. The company operates as a subsidiary of TIM Brasil Serviços e Participações S.A.

TIM Q2 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: TIM Brasil reported service revenues up 5.4% year-over-year and a 6.5% increase in EBITDA to a 49.5% margin, alongside significant operating cash flow growth and sustained shareholder distributions.
• Positive Sentiment: Mobile service revenues rose 5.6% YoY with the highest industry mobile ARPU near BRL 33, as TIM added over 450,000 postpaid customers, lifting postpaid penetration to ~70% and driving 12.2% YoY postpaid revenue growth.
• Positive Sentiment: TIM maintains 5G leadership covering 70% of Brazil’s urban population and topping the rankings in 5G cities, with 28% of devices and over 30% of data traffic on 5G, lowering cost per gigabyte and boosting network efficiency.
• Positive Sentiment: The network modernization in São Paulo has swapped half of committed sites—enhancing coverage, capacity, and cutting energy use—and expansion into Minas Gerais has doubled 5G city count, driving superior download speeds and sustainability gains.
• Positive Sentiment: New revenue streams are gaining traction, notably B2B IoT growth in agribusiness, utilities, and logistics with 7,000 km of highways connected, and an Electrobras partnership launching energy sales to corporate clients with up to 30% bill discounts.

Presentation

[Operator]

Good morning, ladies and gentlemen. Welcome to the GinSA twenty twenty five Second Quarter Results Video Conference Call. We would like to inform you that this event is being recorded. There will be a replay for this call on the company's website. After Gene and Sai remarks are completed, there will be a Q and A section for participants. At that time, further instructions will be given.

Hello, and welcome to our earnings conference for the 2025. I'm Vicente Ferreira, Investor Relations Officer of TIM Brasil. This video highlights our recent performance and how we see the market evolving in the first half of the year. After that, we will have a live Q and A with our CEO, Alberto Griselli, and our CFO, Andrea Viegas. Please note that management may make forward looking statements and this presentation may contain them.

Refer to the disclaimer on the screen and on our Investor Relations website. Now let's review our results.

Hello everyone. I'm Alberto Griselli, CEO of TIM Brasil. The 2025 has been marked by strong execution and clear strategic vision, driving solid financial and operational results. Service revenues grew by 5.4% year over year, supported by mobile services, while EBITDA increased by 6.5%, reflecting improved profitability with a 49.5% margin. Operating cash flow expanded significantly while we maintained our commitment, ramping up distribution to shareholders.

We continue to lead in five gs technology, which allow us to offload traffic from four gs. Today, 30% of traffic flows via our five gs network. Additionally, TIM was recognized as the most sustainable Brazilian company, topping the B3 Sustainability Index. Global volatility has increased by end of the semester, but we march forward implementing our strategic Network modernization accelerates with new regions, partnerships expand, and new revenue opportunities are developed. We are on track to meet our 2025 targets.

Targets. As I mentioned, our service revenues evolution is driven by mobile. In quarter two, total service revenue grew 5.1 year on year, while mobile sustaining a faster pace at 5.6%. Team's strategy to combine volume and value initiatives through offer innovation and rational commercial approach is working as the company boasts the highest mobile ARPO in the industry at close to BRL33 per month, expanding at mid single digits. At the same time, we added more than 450,000 new postpaid customers in the second quarter.

Postpaid services have increased in importance with a penetration rate close to 70% of mobile service revenues, confirming the shift towards more stable and higher value customer segments. It's been 14 of rapid postpaid revenue expansion. In quarter two, we maintained the double digit pace closing the first half with 12.2% year over year growth. Again, a combination of solid ARPU dynamics helped by control to pure postpaid upselling and healthy customer base trends with low churn levels and pre to post migrations. In the first quarter, we introduced the concept of three sixty degrees presence in specific markets.

Sao Paulo was the first and now we are expanding this approach to other regions of the country. Under this project, we work with a tripod, Network, Brand and Channels, aiming to translate our network leadership into changes in customer experience and perception. In Sao Paulo, we have completed the modernization of half of the sites we committed to, already benefiting nearly two fifty cities and approximately 10,000,000 people. The network swap improved coverage, capacity and reduced energy consumptions. Following this implementation, we expanded our overall download speed leadership versus our peers, and for the first time, we became leaders in five gs as well.

Speed without coverage is not enough. That's why our coverage leadership comes first, followed by capacity to improve throughput. Minas is next. There, we doubled the number of cities with five g, benefiting around 10,000,000 people as well. Commercial presence is expanded with 13 new stores in 2025, including one flagship location.

Changing gears to new revenue streams. Our B2B IoT strategy is performing well. We have seen substantial growth in contracted revenues, particularly in agribusiness, utilities and logistics. Specifically, in the last vertical, we are consolidating our leadership amid an increasing interest from our peers in these projects. We expect that the sector can maintain a rational approach as we have seen in traditional mobile.

As pioneers in bringing digital connectivity to Brazilian highways, we have reached about 7,000 kilometers of roads covered. Almost half of those are in partnership with large logistics players such as Way and Ecuador Versus It's worth highlighting that we are starting to move up in the value chain, adding solution to our connectivity. Video monitoring and specialized road lighting are now part of our portfolio. TIM is committed to providing integrated solutions that enhance operational efficiency for clients in various sectors. Further developing the B2B IoT opportunity, we will expand our addressable market and open new avenues for growth.

With similar goals, our digital ecosystem continues to expand. Our collaboration with Electrobras is materializing as we launch the first two markets with energy sales to corporate clients. Nationwide expansion is expected by September. Under this partnership, we are offering to high voltage clients up to 30% discounts on their energy bills, targeting approximately 2,000,000 customers. Sales will leverage TIM's existing SME agents.

Additionally, our five gs fund is bearing fruit. This technology driven investment is performing well as investees grow their business and improve their valuation, contributing positively to the fund's performance. A new investment is on the way. A financial service company named Cata Investmentos is the Fund's fourth investee. They are developing and delivering financial solution through a credit as a service model, facilitating access to capital and reducing the dependence of traditional banks.

Moving ahead to infrastructure, I would like to recap how TIM is leading the way in five g development in the country. It's been three years since we began rolling out the technology that would change the way we view investments in the telecom sector. Today, we cover 70% of the urban population and we are number one in cities with five gs. The rapid expansion of our coverage has helped the number of five gs devices to grow fivefold since 2022, and now it represents 28% of total devices. This pairing availability plus adoption is playing a major role in enabling traffic to shift from four gs to five gs.

In state capitals, five gs accounts for 30% of data traffic, and in Sao Paulo, offload is at 36%. Customers spend over half of their time on five gs networks, reflecting strong adoption. Thanks to this scenario and five gs lower cost per Giga Bot, just 30% of four gs, TIM is using its resources more efficiently. Another technology is also a key driver of operational efficiency and cost savings. Artificial intelligence is at the center of present and future opportunities to improve productivity.

The company has mapped 100 use cases, prioritized 56 for strategic fit and value, piloted 24, and executed seven projects focused on operational improvements. Most pilots target cost efficiency with some addressing commercial opportunities. Six new projects are scheduled for development in the 2025. This structured AI pipeline demonstrates Teams commitment to leverage advanced technology and innovation to optimize operation and enhance business performance. Now let's move on the financial details with our CFO, Andrea.

Hello, everyone. I'm Andrea Villareg, CFO of Chi. I'm pleased to share that we've delivered another quarter of consistent performance reinforcing our ability to stay on track with our guidance in a dynamic environment. Once again, we are seeing the benefits of disciplined cost control. Our efficiency program is running at full speed, helping us keep cost growth below inflation.

It's important to note that this multidisciplinary initiative impacts all expense lines and enable us to continue investing in key areas of our business. This strategy has consistently driven improvement across all major operating metrics. We have a balance a We strong have several initiatives underway to optimize our industrial costs and lease, like tower contracts negotiation, evolution of our rail sharing and also new partnership for tower development. Our bottom line continues to expand as a health base, marking yet another quarter of strong earnings growth and reinforcing the consistency of our financial delivery. As Alberto mentioned, we've now completed three years of five gs operations.

Since then, we have been bearing fruit from the efficiency brought by this technology, which has become one of the key levers in our CapEx management strategy. All of this supported our operational cash flow, which once again posted double digit growth. This performance highlights our strong first half results and confirms our commitment to our strategy. Now back to Albert.

Thank you, Andrea. Before we conclude, I would like to highlight our ESG achievements. We disclose our annual report with significant strides in our commitments, among other, use of renewable energy, promotion of diversity and inclusion policies, prioritization of accessibility for people with disabilities. These efforts have earned recognition across multiple sustainability indexes and awards, reinforcing our leadership in corporate responsibility. Looking ahead to the 2025, TIM is focused on executing its strategic initiatives to meet its targets.

Key areas include: first, developing new partnership with a special focus on financial services. We expect to announce new initiatives in the coming months, filling the space left by C6 Bank and expanding our presence within the financial service sector. Second, advancing B2B IoT solution with the expansion of our portfolio and services and reinforces the presence in selected verticals third, accelerating implementation of efficiency initiatives under our program, supporting our ability to expand margins. Fourth, securing the implementation of a new approach to leases, renegotiation with reduced prices, tower company switch is a key lever, shared infrastructure reduce exposure and building is now an option. Fifth, improving broadband operation while proactively monitoring market movements.

I want to emphasize our consistent trajectory of progress, the company's commitment to innovation, operational excellence and sustainable growth as it drives forward into the remainder of the year. Thank you all for your attention. And now let's move to the live Q and A session.

[Operator]

Thank you. We are now going to start the Q and A session. Our first question comes from Marcelo Santos from JPMorgan. Please Mr. Santos, your microphone is open.

[Marcelo Peev Santos, Senior sell-side Equity Analyst - TMT & Education at JP Morgan Chase & Co]

Good morning Alberto, Andrea, Vicente. Thanks for taking questions. I have two questions on my side. The first is and Luisa, good morning as well. The first question is the outlook for lease lines in the remainder of the year.

[Marcelo Peev Santos, Senior sell-side Equity Analyst - TMT & Education at JP Morgan Chase & Co]

So I in the first couple of quarters, the line didn't increase that much. So just wanted to see how we should expect to progress, especially that now that you have these new tower projects. So an update would be great. And the second, I would like to see if there's an evolution on management thought about the fixed business. So I think in the previous calls, have discussed that you're considering a full spectrum of possibilities for what to do, what team wants to be on this business.

[Marcelo Peev Santos, Senior sell-side Equity Analyst - TMT & Education at JP Morgan Chase & Co]

Just want to see if something has evolved from the last call to this call. Thank you.

[Alberto Griselli, CEO at TIM]

Marcelo, hi. So let me take the second one and then I will pass to Andrea for the first one on the tower. So when it comes to the fixed business in terms of inorganic progress, There is no additional news to be shared at this stage. So we are on the organic side focused to optimize the businesses. So you see that for us, it's smaller.

[Alberto Griselli, CEO at TIM]

The scenario remains competitive. And we are tweaking our operations. So you will see that basically, we are losing less and increasing our customer base. And so we are doing some small adjustment and progress there. In terms of nonorganic opportunities, we are at the same stage like last quarter.

[Alberto Griselli, CEO at TIM]

So basically, we got from one extreme divestment of the asset, whereby we will lose our strategic optionality. On the other extreme, some kind of largest deal that are, by definition, more complex. And in the middle, some more balanced opportunities that are the one where we are focusing. And as soon as we are going to have some update, we're going to share with the market. Nothing to date. I will pass towers to Andrea.

[Andrea Palma Marques, CFO at TIM]

Hi, Marcelo. Related to the towers, as we mentioned before, this year is a very challenge to the leads, especially for inflation and also for of our rollouts. We are keeping, negotiation with our partners that our companies is a very hard negotiation, very tough, but we are positive that we will achieve our goal in this year that is increased the lease in the path of the inflation rates. We also are studying some alternatives, as I mentioned. And as soon we have we have news about this, we we will will show you.

[Andrea Palma Marques, CFO at TIM]

But we are we are we are constantly keeping the negotiations with our partners.

[Alberto Griselli, CEO at TIM]

And if I can add on the negotiation, a few points, Marcelo. Basically, what we found over the last months is that some of the main players are more willing to negotiate than in the past, whereby other one are less willing to negotiate in the past. What we are literally looking is some win win situation whereby we got towers that are above market price or what we consider to be fair market price to a fair market price. And we got some negotiation, let's put this way, counter positive things to be put on the table like extension of the contracts and this sort of time. Then there is some in the case of the tower companies, and this is specifically one that is less inclined to negotiate with us.

[Alberto Griselli, CEO at TIM]

So we already communicated that we are going to decommission all towers that are above what we consider to be fair market prices. Of course, it's not something going to happen in the super short term because we need to wait for contract leases to expire. And so there is a pattern there and not to pay fees or fines related to the early termination, but we are committed to the commission towers that are not in line with market prices. And we are already doing it.

[Marcelo Peev Santos, Senior sell-side Equity Analyst - TMT & Education at JP Morgan Chase & Co]

Perfect. Thank you very much for both answers.

[Operator]

Our next question comes from Gustavo Farias from UBS. Please Mr. Farias, your microphone is open.

[Gustavo Farias, Associate Director at UBS Group]

Hi, everyone. Thanks for taking my questions and congrats on the results. Two from my end. The first one, if you could give a little bit more color on CapEx and leasing efficiency measures and the outlook for CapEx for the second semester, especially in the light of this whole network modernization in Sao Paulo and the five gs expansion in Minas Gerais? And the second one, if you could comment on the sale and marketing expenses and how to think about this line going forward and also considering the ongoing commercial efforts in Sao Paulo at the opening of new stores and so on and so forth? Thanks.

[Alberto Griselli, CEO at TIM]

Okay. Let me go with the first round of answers here. When it comes to the CapEx efficiency, as we said, we these are related to a modernization of our infrastructure basically that has been negotiated last year. And basically, the good news is that what we were expecting in terms of improvement in TCO are materializing. We are in the middle, let's put this way, in the total swap of Sao Paulo Capital.

[Alberto Griselli, CEO at TIM]

So the swap is performing well in terms of network performance. So if you look at the benefits of what we are doing for the customers, you will see that we reached the number one position in we already had in coverage and average speed, meaning four gs and five gs. Now we are best in class in both four gs and five gs and of course in the average. And so you see that from that perspective, the modernization project is delivering what was expected to deliver in terms of increased coverage capacity and better service to our customers. At the same time, when you look at the efficiency, what we are measuring now is that what we were expecting, it's also materializing.

[Alberto Griselli, CEO at TIM]

So some of this is more negotiating like the unit price and this sort of stuff. Some is related to the TCO and that this includes other costs like wind space, like energy consumption, and all these benefits are materializing. So what we design in our plan and is reflecting our guidance is being delivered in Sao Paulo, and therefore, now the expansion in our big capital, same approach to capture the same benefits. And of course, this is then coupled with increased commercial penetration in those regions. As we say, the three zero six approach that is made up of is built on network robustness and to deliver in the midterm increased commercial performance and this comes also with new point of sales and increased communication efforts.

[Alberto Griselli, CEO at TIM]

So we are playing all delivers. When it comes to the second question, which is related to marketing and sales, basically in there, got a lot of cost categories, each one with different dynamics. So you got some structural project like I will mention a few. So in that category, have carrying cost and that we are implementing a number of initiatives to increase the level of efficiency there, like the artificial intelligence project that are reported in the presentation. Then you have commercial cost.

[Alberto Griselli, CEO at TIM]

And if you look at what is happening, we are shifting a bit more of our sales to e commerce, for example. And e commerce is more efficient for us versus other channels. And the same time, I don't know if you remember, we internalized the e commerce migration one point five years ago, gross addition more recently. When you internalize, basically, you put CapEx to internalize, but then you don't pay commissions. And what else?

[Alberto Griselli, CEO at TIM]

E E billing. Also the E billing and PIX payment that we have a reduction in our costs related to this. But if you look forward, the second half, we have more campaigns than the first half. So in this first half of the year, we have a very good performance related to the past year. But in the second half, we have more campaigns, Father's Day, Black Friday, and Christmas Day. So

The recent seasonality?

[Alberto Griselli, CEO at TIM]

Yes. This is a a seasonality of the this first quart first half of the day.

It's okay. Did we answer your questions? Okay. Cool.

[Gustavo Farias, Associate Director at UBS Group]

Yeah. Super clear. Thanks for the answers.

[Operator]

Our next question comes from Victor Tomita from Goldman Sachs. Please, mister Tomita, your microphone is open.

[Vitor Tomita, VP - Equity Research at Goldman Sachs]

Good morning, and thanks for taking our questions. Two questions from my side. The the first one is on more on the mobile revenue side. The release sites that there was growth on the on customer generated revenues driven by the customers, but also driven by roaming revenues and some inter operator agreements. Could you give a bit more color on this and whether this was due to any major new agreements since I remember that the initial booming roaming was more related to a change in our plans to include more international roaming?

[Vitor Tomita, VP - Equity Research at Goldman Sachs]

And my second question would be a bit of a follow-up on the on the tower efficiencies points that other questions raised. If you could give me a bit more color on that initiative of a new RFQ partnership for a thousand new towers and on how that differs from the way you typically negotiate or think about tower construction. You also cited that building towers is more of an option now. So just wanted to dig a bit more on that. Thank you.

[Alberto Griselli, CEO at TIM]

Okay, Victor. So let me go with the first one and we'll pass to Andre for the second one. If when you look at the revenue generation drivers, basically, you got the user generated in our report, you see different lines. So all of them are improving. And basically, when you look at the set of drivers, you have the user generated revenues and postpaid we said is driving it.

[Alberto Griselli, CEO at TIM]

And when you look at the other categories, you will see a number of different things. What is there? You have a combination of roaming agreement that is related to what we commented on the previous calls. Then you have the B2B IoT progress that is also inside these numbers. And then you have when you look at the customer platform level revenues, you will see that you have a different mix of drivers.

[Alberto Griselli, CEO at TIM]

So if you look overall, you see a flattish number. But remember that you have something that we had last year like C6 that we don't have this year. And so we have some line of business like mobile advertising and Teen Data that are growing double digit. This is all related to our core strategy that is mobile and incremental revenues that we are working and roaming would be in that category because it's part of the evolution of our main offerings. And then you have new revenue streams like the B2B IoT or mobile advertising and thin data that are growing faster and contribute to the overall growth, exactly in line with our strategy to diversify our revenue portfolio.

[Andrea Palma Marques, CFO at TIM]

Vito, the negotiation that we made with our with the tower companies is more related to stand stand time of the contract and get a discount with this. When we are talking about a FK and another opportunity that we are study is a a plus for us. For example, as Alberto mentioned, we have some some partner that we are not we are not achieving agreement with them and have very higher monthly fee with this tower company. So the alternative will be to build a tower. Another another thing is in the contracts of b to b, sometimes we are in in place that is only us and that our company is not interested in in build a tower in this in this agro business or road.

[Andrea Palma Marques, CFO at TIM]

So this also is an alternative for us. So, but until now, we already renegotiate 30% of our our contracts, and we we believe that we still have room to renegotiate a lot more. I don't know if I was

[Alberto Griselli, CEO at TIM]

And, Vito, if I may add it. Look look at this way. It's like It's like we have a a cost line that we really want to dominate, and so we are putting in place all the levers and alternatives that we have to drive the cost where we want, as Andreas said. So you have the negotiation, you got the run sharing agreement, you got make versus buy option. So we are putting all the options in place because we think that we got more flexibility and more levers to get this cost line where we want to go.

[Operator]

Our next question comes from Luis Chagas from Please, mister Chagas, your microphone is open.

[Analyst]

Hi, guys. Thank you for taking my question. From my side, I have two. So the first one, is regarding OpEx. What are the main drivers behind increase in network and interconnection costs?

[Analyst]

Are these pressures likely to persist, or do you expect normalization in the coming quarters? And the second question is regarding competition. What's your view on the competitive pressure from new entrants in regions like the Northeast? How are you responding to protect market share there? Thank you.

[Alberto Griselli, CEO at TIM]

So, Luis, let me go on the first one and then I will pass the OpEx question to Andrea. So if you look at the overall market, it's our view that we are in a rational market with a competition focus on quality by all main players and our peers, let's put this way. And you see some positive movements in the last quarter, whereby some of the more for more back front book price adjustment has been executed. I believe and we are starting some potential adjustment in according to a more strategy front book prices for pure postpaid also. And so overall, the my reading on the competitive dynamics is that it's rational.

[Alberto Griselli, CEO at TIM]

Of course, are some regional competitors that tends to be a bit more aggressive, and they are playing more on the price levers. As we commented on the first quarter, we are looking it very closely. We are not reacting on prices at this point in time. We're more focusing on our levers in terms of quality of services to make these customers more happy and less sensible to the price movement or the regional competitors. So far, my take is that the threat is limited, but we look at this and we'll respond as things will evolve over time.

[Andrea Palma Marques, CFO at TIM]

Hi, Luis. The increase of the network and interconnection is related to the increase in the international roaming cost and also in provider cost. International roaming, we are increased the the customer that we are using the service, and the provider cost increased because we launched a new portfolio with with streams onboard and also because more customer are acquiring this kind of plan. For us, it's a positive view. If you I can say this because all these have a good margin for us profit if if you have an increase in our provide cost because we have more revenue related to this.

[Andrea Palma Marques, CFO at TIM]

And in the Rome International, as we mentioned in the past time, we have an adjustment between cost and revenue that in the year, this is also positive margin. So the increase of this this expenses is related to the more customer and more revenue.

[Alberto Griselli, CEO at TIM]

Okay, Luis. Did we answer your question? Okay, Luis. Did you answer your question, sir?

[Analyst]

Yes. Yes. Thank you.

[Alberto Griselli, CEO at TIM]

Okay.

[Operator]

Our next question comes from Gustavo Farias from UBS. Please, mister Farias, your microphone is open.

[Gustavo Farias, Associate Director at UBS Group]

Hi, everyone. One additional question. I'd like to take a look on prepaid. We've seen a sequential growth in ARPU versus the first quarter. Just wanted to have an outlook for the how you're seeing the segment, the perspectives ahead and especially in the light of numbers from AMX last week, which also showed some improvements? Thank you.

[Alberto Griselli, CEO at TIM]

Okay. Gustavo. Gustavo here. It's okay. Now when you look at prepaid, one or the main driver of our dynamics, I would feel our competitive dynamics also is related to the prepaid

[Alberto Griselli, CEO at TIM]

So this is something that we will keep doing, we have been doing, is accretive to our revenue growth and it's one of the drivers of the revenue performance of prepaid. As we commented, Gustavo, in the previous calls, we are also working on opportunities of improvement in the frequency of recharges. And we have in place a number of initiative on the offer side, channel side that will increase popularity and communication that we're putting in place. And these basically, if you look forward, should allow us to soften the decline of prepaid revenues from one side while sustaining the postpaid revenues with prepaid to control migration. It's a general trend, I would say. I don't comment on others our peers' performance.

I would say that a lot of what you see is strongly related to the prepaid to control migration strategies of each operator and each one of us as its own.

[Gustavo Farias, Associate Director at UBS Group]

Perfect. Thanks a lot.

[Operator]

Without any more questions from analysts, I'm returning the floor to Mr. Alberto Griselli for his final remarks. Please, Mr. Alberto, you may proceed.

[Alberto Griselli, CEO at TIM]

So thank you all for joining today's video call. I think we wrap up the first half with strong momentum. And despite external challenges, we are staying true to our strategy and consistently delivering solid results. Looking into the second half, I'm generally excited for what the second half holds for us. We've got a robust plan in place and the confidence to make it happen.

[Alberto Griselli, CEO at TIM]

I would like also to provide my heartfelt thanks to our entire team for their commitment and drive. And I look forward to catching up with some of you in the upcoming one to one meetings. Ciao, everybody.

Participants

Executives

• Alberto Griselli, CEO
• Andrea Palma Marques, CFO

Analysts

• Marcelo Peev Santos, Senior sell-side Equity Analyst - TMT & Education at JP Morgan Chase & Co
• Gustavo Farias, Associate Director at UBS Group
• Vitor Tomita, VP - Equity Research at Goldman Sachs
• Analyst