Telecom Italia posted Q1 2026 revenue €3.3bn, up 1.4% YoY but slightly below consensus €3.34bn due to MVNO drag.
Domestic revenue fell 0.9% to €2.2bn, while TIM Brasil grew 6.4% to €1.1bn and TIM Enterprise rose 3.2% for 15th straight quarter.
Group EBITDA after lease declined 2.7% to €0.8bn, net debt €7.3bn kept leverage under 2x; CEO Labriola said outlook remains on target.
ADRs rose 1% post‑release and management expects cash flow to accelerate debt reduction and drive stronger second‑half performance.