Moody's raised Telecom Italia's long‑term rating from Ba2 to Ba1, with stable outlook, reflecting debt reduction.
2025 Moody's‑adjusted EBITDA rose 6% to €4.3 bn and debt‑to‑EBITDA improved to 3.5× (net 2.7×).
Telecom Italia expects €600 m average free cash flow annually 2026‑28, aided by €1 bn licensing fee settlement and €700 m Sparkle sale.
Up to €400 m of proceeds will fund a share buyback and conversion of savings shares, supporting further deleveraging.