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Guidance

TIM Brasil Financial Guidance

GOALS PROJECTIONS¹²  (2026)
Revenue Service Revenues Growth (YoY):
~5%
EBITDA EBITDA Growth (YoY):
6% – 8%
Investments (Capex) Nominal Capex³:
R$ 4.4 Bln – 4.6 Bln
Operating Cash Flow (EBITDA-AL minus Capex) EBITDA-AL growth minus Capex (YoY):
11% – 14%
Shareholders Remuneration4 R$ 5.3 Bln – R$ 5.5 Bln

1. Estimates for the projections consider normalizations for non‑recurring effects when applicable; 2. Does not include M&A transactions that have not been 100% finalized; 3. Investments exclude any potential new spectrum assignments; 4. Total shareholder return including any shareholder remuneration events related to the 2026 fiscal year. Estimates are subject to the  Company’s business performance and the approval its Board of Directors and Shareholders’ Meeting.BITDA after leasing payment.