TIM (TIMS3) reported on Monday, July 27, 2026, that in the first half of 2026 it posted 7.8% growth in normalized EBITDA-AL (earnings before interest, taxes, depreciation and amortization after leases) compared to the same period in 2025, with a margin of 38.7%, an increase of 0.6 percentage point. In the same interval, service revenue advanced 6.1% year over year, with positive performance in both mobile and fixed operations.
Normalized EBITDA (earnings before interest, taxes, depreciation and amortization) grew 6.8% in the first half of 2026, with a margin of 49.9%, an expansion of 0.4 percentage point year over year. In the second quarter of 2026, the EBITDA margin reached 51.5%, 0.7 percentage point above the second quarter of 2025, while the EBITDA-AL margin stood at 40.2%, up 0.8 percentage point. The company reported that EBITDA and EBITDA-AL figures were adjusted for non-recurring effects described in the presentation.
TIM’s normalized net income increased 4.0% in the first half of 2026 compared with the same period in 2025, with earnings per share of R$ 0.78. In the second quarter of 2026, earnings per share were R$ 0.43, versus R$ 0.40 in the second quarter of 2025. The company highlighted the impact of recent acquisitions (I-Systems and V8) on depreciation and amortization, in the amount of R$ 65 million, and on net financial result, of R$ 14 million.
Operating cash flow, calculated as normalized EBITDA-AL minus capex, totaled R$ 3.037 billion in the first half of 2026, up 11.7% from the R$ 2.719 billion in the same period of 2025, with a margin of 22.1%, an increase of 1.1 percentage point. In the second quarter of 2026, operating cash flow grew 8.7% from a year earlier and the margin reached 26.8%. The company also reported that lease costs (rentals) rose 3.5% in the half, below the change in the IPCA over the last 12 months, and that opex resumed moderate growth of 4.0% in the second quarter of 2026.
TIM closed the period with R$ 4.5 billion in cash, after completing in May 2026 the full payment for the acquisition of I-Systems. Gross debt totaled R$ 17.0 billion, up 1.7% in 12 months, while debt after leases came to R$ 3.4 billion, down 6.7%. The leverage ratio was 0.89x for net debt to normalized EBITDA and -0.10x for net debt after leases to EBITDA-AL. The company also reported the existence of R$ 4.8 billion in TFF Fistel amounts suspended since 2020.
