Tim SA (TIMB) 2023 Q3 法說會逐字稿

So I'll ask real quick on our forward-looking statements as you know this is an obligations from SEC and also CVM so we read very quickly here. So we clarify that any statements that may be regarding prospects, projections and goals, constitutes the beliefs and expectations of the company's management. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions as they refer to events that may or, may not occur. Investors should understand that factors internal and external to TIM S.A. may affect its performance and lead to results that are different to than those planned. I'll pass -- I'll explain the dynamics of events. So we can go through the agenda.

因此，我會快速詢問我們的前瞻性聲明，因為您知道這是 SEC 和 CVM 的義務，因此我們在這裡快速閱讀。因此，我們澄清，任何可能涉及前景、預測和目標的陳述均構成公司管理層的信念和期望。前瞻性陳述並不保證業績。它們涉及風險、不確定性和假設，因為它們指的是可能發生或可能不會發生的事件。投資者應了解 TIM S.A. 的內部和外部因素可能會影響其績效並導致結果與計劃不同。我會過去——我會解釋事件的動態。這樣我們就可以討論議程了。

So we start the day with opening remarks from our Chairman, Mr. Nicandro Durante. Later, we will have also Pietro Labriola, the CEO of the TIM Group also coming to send a message to you all. After that, we have our CEO, Alberto Griselli that will explain a little bit more about our strategy and our investment case. And then we will move forward to our strategy panels, where we'll go over all the details of our business.

因此，我們以主席尼坎德羅·杜蘭特先生的開場白開始新的一天。稍後我們還有TIM集團執行長Pietro Labriola也來寄語給大家。之後，我們的執行長阿爾貝托·格里塞利 (Alberto Griselli) 將進一步解釋我們的策略和投資案例。然後我們將進入策略小組，在那裡我們將討論我們業務的所有細節。

We start with Mobile where we will have the Chief Revenue Officer, Fabio Avellar is right here. Also Leonardo Capdeville, our CTIO; Renato Ciuchini Renato, our VP of New Business and Innovation. They will come in this panel to explain a little bit more on how we plan to consolidate the best value proposition in a value driven market.

我們從行動業務開始，首席營收長 Fabio Avellar 就在這裡。還有我們的 CTIO Leonardo Capdeville； Renato Ciuchini Renato，我們的新業務和創新副總裁。他們將在這個小組中更多地解釋我們計劃如何在價值驅動的市場中鞏固最佳價值主張。

After this first panel, we will have a Q&A session with questions from the audience here present with us in New York as well as through our webcast. So you'll have the chance to ask all the questions that you want. After this quick Q&A, we have a small interval and then we come back with the panel regarding B2B, where we have very significant novelties. It's going to be very interesting. So stay tuned. Although it's after the break, please come back because this is going to be very interesting, as I said. And we'll have again Fabio Avellar, our CRO, in this panel as well as Fabrizio Bozzetto, our Chief Strategy Officer; and also Paulo Humberto Gouvea, our Head of B2B sales.

在第一個小組討論結束後，我們將舉行問答環節，透過紐約的觀眾以及我們的網路廣播向我們提出問題。因此，您將有機會提出所有您想要的問題。在這個快速問答之後，我們有一個短暫的休息時間，然後我們回到有關 B2B 的小組，其中我們有非常重要的新奇之處。這將會非常有趣。所以請繼續關注。雖然已經是休息時間了，但請回來，因為正如我所說，這將非常有趣。我們將再次邀請我們的 CRO Fabio Avellar 以及我們的首席策略長 Fabrizio Bozzetto 參加本次小組討論。還有我們的 B2B 銷售主管 Paulo Humberto Gouvea。

After that, we stay with Fabio Avellar to go over the strategy regarding broadband. And he will explain how we plan to go profitably in this market. And then we closed these panels with Andrea Viegas our Chief Financial Officer, together with Auana Mattar, our CIO, where they will go over all the elements regarding our 360 approach on efficiency.

之後，我們與 Fabio Avellar 一起討論有關寬頻的策略。他將解釋我們計劃如何在這個市場上獲利。然後，我們與財務長 Andrea Viegas 以及我們的資訊長 Auana Mattar 一起結束了這些小組討論，他們將討論有關我們 360 度效率方法的所有要素。

So after these panels, we have Alberto coming back to close the event, talking about our third quarter results. We disclosed them yesterday. My personal opinion, the results were pretty strong. The market reaction seems to be good. So I hope you find them as well, very interesting to hear, and we'll complete with a final message regarding value creation.

因此，在這些小組之後，我們請阿爾貝托回來結束這次活動，談論我們的第三季業績。我們昨天披露了它們。我個人認為，結果非常強。市場反應似乎不錯。因此，我希望您也能找到它們，聽起來很有趣，我們將完成最後一則關於價值創造的訊息。

So with no further delays, I ask for us to play the video of our 25th anniversary celebration. Thank you.

因此，請立即播放我們 25 週年慶祝活動的影片。謝謝。

(presentation)

（推介會）

Okay. Good morning, good afternoon or good morning to everyone. I'm very happy to be here. And I'd like to give a welcome to all of you here and that was joining us by call. It is great to open up this Investors Day. It is great for me. And I think that we have a lot of good stuff to show to all of you, and I hope that at the end of the session, you have a clear understanding where we are in terms of TIM Brazil.

好的。大家早安，下午好，或早安。我很高興來到這裡。我想對各位透過電話加入我們表示歡迎。很高興在這個投資者日開幕。這對我來說很棒。我認為我們有很多好東西可以向大家展示，我希望在會議結束時，你們能夠清楚地了解我們在 TIM 巴西方面的進展。

So as you know, we are celebrating 25 years in Brazil, has been quite of a journey, a lot of up and downs, but the last couple of years have been fantastic. We have set up a strategy a couple of years ago. And now the results are showing the last 2 to 3 years, you'll see the results are really, really strong. And I think that this is a testament that it was a strategy very well designed and very well executed.

如你所知，我們正在慶祝巴西成立 25 週年，這是一段相當長的旅程，有很多起起落落，但過去幾年非常棒。幾年前我們制定了一項策略。現在結果顯示了過去 2 到 3 年的情況，您會發現結果非常非常強勁。我認為這證明了這是一項精心設計和執行的策略。

I think that Brazil has unique characteristics, and we are very excited about the challenges and the opportunities that you have there. You have seen that you have seen a consolidation of the industry that makes the players there much stronger. You see that the environment is you have the purchasing power, growing Brazil. So a lot of potential. And I said the investments that we have made, made us to be the leaders in 5G in Brazil, which is a great place to be and take advantage of. And I think the numbers are speaking by themselves. We showed yesterday in the quarter 3, and I honestly, I have been leading several companies in the world, many of you maybe know about that and I'm advising companies, and I don't like to talk about quarters.

我認為巴西具有獨特的特點，我們對那裡面臨的挑戰和機會感到非常興奮。你已經看到了產業的整合，這使得那裡的參與者變得更強大。你看，環境就是你有購買力，不斷成長的巴西。所以潛力很大。我說過，我們所做的投資使我們成為巴西 5G 領域的領導者，這是一個值得利用的好地方。我認為數字本身就說明了一切。我們昨天展示了第三季度的情況，老實說，我一直在領導世界上的幾家公司，你們中的許多人可能都知道這一點，我正在為公司提供建議，我不喜歡談論季度。

But in the case of TIM, it's not about the quarter, it's about the numbers that we have delivered throughout the years. And I think that, as I said, we are very well positioned. I believe that we are very well positioned to take advantage of the factors that I just mentioned because I think that you have an fantastic team to deliver that. But at the end of the day it is all about people, and that's why we brought some of our management team here. A lot of our people, and not expose them to you guys to understand the strength of the pipeline that we have in the company.

但就 TIM 而言，重要的不是季度，而是我們多年來交付的數字。我認為，正如我所說，我們處於非常有利的位置。我相信我們處於非常有利的位置，可以利用我剛才提到的因素，因為我認為你們擁有一支出色的團隊來實現這一點。但歸根結底，一切都與人有關，這就是我們將一些管理團隊帶到這裡的原因。我們的許多人，並沒有將他們暴露給你們來了解我們公司的管道的實力。

And why, as a Chairman of the company, I feel very confident that you have all the tools to succeed in this market.

為什麼身為公司董事長，我非常有信心您擁有在這個市場取得成功的所有工具。

So as I said, at the end of the day, it's not only about the numbers, it's not only about the results, it's about ethical behaviors that we have in the company. And I think that the governance structure that we have in the company has helped us to manage this quite well. I have been in the Board for 4 years, and the reason that I joined the Board is that because I thought that the potential of TIM at that time was fantastic. And as I said, you see during the presentations here, and why I was so excited about joining the company. I'm very happy to be here and share this with you.

正如我所說，歸根結底，這不僅與數字有關，也與結果有關，也與我們公司的道德行為有關。我認為我們公司的治理結構幫助我們很好地管理了這一點。我已經在董事會工作了4年，我加入董事會的原因是因為我認為當時TIM的潛力是巨大的。正如我所說，您可以在此處的演示中看到，以及為什麼我對加入該公司如此興奮。我很高興來到這裡與大家分享這一點。

And I think that you have a Board that is a little bit beyond the average of the Boards of Brazil in terms of diversity, in terms of independence. And I think that all those factors together help the company to navigate the uncertainties of the Brazilian market. As you can expect, the ones that with the Brazilian newspapers, you understand what I'm saying about the political environment and things like that. I think the structure that we have in the company help us to navigate all those factors quite well.

我認為你們的董事會在多樣性和獨立性方面略高於巴西董事會的平均水準。我認為所有這些因素共同幫助該公司應對巴西市場的不確定性。正如你所期望的那樣，透過巴西報紙，你可以理解我所說的關於政治環境之類的事情。我認為我們公司的結構可以幫助我們很好地應對所有這些因素。

But as I said, I still think -- I'd like to emphasize that the heart of the business is about talent, and I think that we have an outstanding team in TIM to deliver the numbers. And I'm sure that we will see during the session today what I'm just saying.

但正如我所說，我仍然認為——我想強調業務的核心是人才，我認為我們在 TIM 擁有一支出色的團隊來交付這些數字。我相信我們會在今天的會議上看到我剛才所說的話。

But at the end of the day it's all about innovation, it's all about leaders, it's all about executing the strategy. And I think that you see that I think that we are quite well positioned.

但歸根究底，這一切都與創新、領導者、執行策略有關。我想你也看到了，我認為我們處於非常有利的位置。

So in conclusion, I think that this 25 years have been quite of a journey for the company and the strategy is delivering, execution of the strategies. I think that we are in a very strong place and I hope the next 3 hours, we will be able to relate to you guys what I just mentioned.

總而言之，我認為這 25 年對公司來說是一段相當長的旅程，而策略就是策略的交付和執行。我認為我們處於非常有利的位置，我希望在接下來的 3 小時內，我們能夠將我剛才提到的內容與你們聯繫起來。

With no further ado, I'd like to introduce Pietro Labriola, our CEO, Global CEO that will share some words with you.

話不多說，我想介紹一下我們的執行長、全球執行長 Pietro Labriola，他將與您分享一些話。

Good afternoon, everyone. I wish (inaudible) It wasn't possible. Nevertheless, with this message, I want to celebrate the 25th anniversary of our shining star, TIM S.A., and praise the hard work done by our TIM Brasil.

大家下午好。我希望（聽不清楚）這是不可能的。儘管如此，我還是想透過這則訊息來慶祝我們的閃亮之星 TIM S.A. 成立 25 週年，並讚揚我們的 TIM Brasil 所做的辛勤工作。

As you know, not long ago I was leading this team and like to take on the responsibility of becoming the group CEO. Looking back, I'm 100% sure. I took the right decision to leave TIM Brasil in the end of Alberto Griselli and the rest of the team to complete the project we started in 2015 with [Anatel]. They've accomplished many things and are helping the group reposition itself. TIM Brasil is a core element to the present and the future of the group.

如你所知，不久前我正在領導這個團隊，並希望承擔成為集團執行長的責任。回想起來，我百分之百確定。在 Alberto Griselli 和團隊其他成員完成我們於 2015 年與 [Anatel] 啟動的專案後，我做出了正確的決定，離開 TIM Brasil。他們已經完成了很多事情，並正在幫助團隊重新定位。 TIM Brasil 是該集團現在和未來的核心要素。

To put it in perspective, Brazil accounts for almost 30% of our service revenue and even more for cash flow. These are not just numbers. This is the evidence of the investment that was done by our group in Brazil. Since 2015, there are evidence of the extraordinary work of our teams and the trust of our loyal customers in Brazil.

客觀地說，巴西占我們服務收入的近 30%，現金流量甚至更多。這些不僅僅是數字。這是我們集團在巴西進行投資的證據。自 2015 年以來，有證據表明我們團隊的出色工作以及巴西忠實客戶的信任。

Our efforts to optimize the capital structure and manage our debt levels through the delevering plan while we complete an operational turnaround in Italy, are paying off, and will help build a sustainable future for the group. And TIM Brasil will also benefit from this and is key to the transformation. I want to thank the entire TIM Brasil team whose dedication continue to propel us ahead.

我們在義大利完成營運轉型的同時，透過去槓桿計畫優化資本結構和管理債務水準的努力正在取得回報，並將有助於為集團打造可持續的未來。 TIM Brasil 也將從中受益，並且是轉型的關鍵。我要感謝整個 TIM Brasil 團隊，他們的奉獻精神繼續推動我們前進。

Together, we look forward to an exciting future, and I'm very confident that our journey will be marked by shear successes. Thank you for your ongoing support. And let's make the most of this Investor Day. I'm sure Alberto and his team have prepared great things for you, count on us and count me. See you soon.

我們共同期待一個令人興奮的未來，我非常有信心我們的旅程將會取得巨大成功。感謝您一直以來的支持。讓我們充分利用這個投資者日。我確信阿爾貝托和他的團隊已經為您準備了很棒的東西，請相信我們並相信我。再見。

So today, we celebrate 25 years of a successful journey of TIM Brasil. I would like to, in this brief introduction to the Investor Day, to keep the Investor Day with a short summary of our value proposition to investors what we believe makes us unique and how we are molding this transformation in our equity story.

今天，我們慶祝 TIM Brasil 25 週年的成功歷程。在投資者日的簡短介紹中，我想在投資者日簡短總結我們對投資者的價值主張，我們認為我們的獨特之處以及我們如何在我們的股票故事中塑造這種轉變。

We see ourselves as a unique assets in evolving market. Let's have a look, so, okay, we're already here. So if you look at the Brazilian mobile market, it's healthier than ever before. And this is thanks to the combination of two forces: changes in the market dynamics on one side, a highly favorable demand on the consumer side. The combination of these two forces makes a structurally feasible the implementation of more for more strategy in the years to come.

我們將自己視為不斷發展的市場中的獨特資產。讓我們看一下，好吧，我們已經到了。因此，如果你看看巴西的行動市場，你會發現它比以往任何時候都更健康。這要歸功於兩種力量的結合：一方面是市場動態的變化，另一方面是消費者的高度有利的需求。這兩股力量的結合使得未來幾年實施「多惠多」策略在結構上變得可行。

Let's see a bit more detail in this. So if you could go to the next slide, please. So on the changing dynamics, basically, what we are seeing is a shift from a volume-based competitive scenario to a value-based one. And this is due to a number of forces.

讓我們來看看更多細節。請轉到下一張投影片。因此，就動態變化而言，基本上，我們看到的是從基於數量的競爭場景轉向基於價值的競爭場景的轉變。這是由於多種力量造成的。

The first one is the reduction of the number of players in Brazil from 5 to 3. It was a long and bumpy process. We got (inaudible) as a result, the market today is much more rational, and we compete against our competitors, basically on quality of service, customer experience and innovation. And this is, why? Why? If you look at external and internal research, they all point to the fact that on the consumer mind, the quality of service is the #1 attribute when selecting an operator. So more rational and value-based market on one side.

第一個是巴西隊的球員人數從5人減少到3人，這是一個漫長而坎坷的過程。結果，我們（聽不清楚），今天的市場更理性，我們與競爭對手競爭，主要是在服務品質、客戶體驗和創新方面。這是，為什麼？為什麼？如果您查看外部和內部研究，它們都指出這樣一個事實：在消費者心目中，服務品質是選擇營運商時的第一要素。因此，一方面市場較為理性和基於價值。

Let's go at a highly favorable demand dynamics. So the first point is related to the fact that mobile services is today essential, it's deeply enrooted in Brazilian daily lives. One data point for all 80% of banking transaction occurs on mobile phone in Brazil. And the PIX, the instant payment system, that has been recently introduced by the central government supporting this evidence.

讓我們看看非常有利的需求動態。因此，第一點與行動服務如今至關重要這一事實有關，它已深深植根於巴西人的日常生活中。巴西 80% 的銀行交易均透過手機進行，此數據點顯示這一點。中央政府最近推出的即時支付系統 PIX 也支持了這項證據。

The second point is despite the fact that the service is widely available to a large group, to every Brazilian, the Brazil still lagged behind in terms of data usage. So if you look forward, there is a growth opportunity in data usage that in turn will materialize in a revenue growth opportunity.

第二點是，儘管該服務廣泛適用於一大群人、每個巴西人，但巴西在數據使用方面仍然落後。因此，如果您展望未來，數據使用量將存在成長機會，而這反過來又會帶來收入成長機會。

The third and most important factor is the fact that telco services are cheap in Brazil. So we have not been able to pass inflation over to our customers and are talking about LatAm inflation for a number of years. And today's service is cheap. It's cheap compared to other essential services in Brazil. and it's cheap if you compare Brazil versus other developing countries, just to make an example.

第三個也是最重要的因素是巴西的電信服務價格低廉。因此，我們無法將通貨膨脹轉嫁給我們的客戶，並且多年來一直在談論拉丁美洲的通貨膨脹。而且今天的服務很便宜。與巴西的其他基本服務相比，它很便宜。舉個例子，如果你將巴西與其他發展中國家比較，它就很便宜。

If a Brazilian prepaid subscribers -- when a Brazilian prepaid subscriber wake up in the morning and he need to use our services to spend BRL 1.1 for unlimited voice, unlimited SMS and a decent amount of data, the same Brazilian customers had to spend more than BRL 4 for the famous Brazilian Cafezinho. And you need to spend at least BRL 8 to use the public system to go back and come back from work. So BRL 1 versus BRL 4 versus BRL 8. So it's definitely cheap.

如果巴西預付費用戶——當巴西預付費用戶早上醒來，他需要使用我們的服務花費 1.1 巴西雷亞爾以獲得無限語音、無限短信和大量數據時，同樣的巴西客戶必須花費超過巴西著名的Cafezinho 售價為4 巴西雷亞爾。而且你需要花費至少8巴西雷亞爾才能使用公共系統上下班回來。因此，1 雷亞爾與 4 雷亞爾相對於 8 雷亞爾。所以它絕對便宜。

So when we look at a rational market with low data usage, a cheap pricing for an essential service, this all point to the sustainability of a more for more strategy in the years to come. So given this healthy competitive environment, what makes us unique.

因此，當我們看到一個數據使用量低、基本服務定價便宜的理性市場時，這一切都表明未來幾年「多服務」策略的可持續性。因此，在這種健康的競爭環境下，是什麼讓我們與眾不同。

If you go to the next one. So first and foremost, our track record in delivering on promises as a matter of fact over delivering on promises. We are posting one of the best quarter in TIM Brasil history, and as I commented in the second quarter results, we are ahead of schedule in terms of revenue growth. We are firmly growing above inflation. EBITDA growth, which is expanding faster than revenues and free cash flow that is expanding at 60% 9 months versus last year.

如果你去下一個。因此，首先也是最重要的是，我們在兌現承諾方面的記錄實際上超過了兌現承諾。我們正在發布 TIM Brasil 歷史上最好的季度之一，正如我在第二季業績中所評論的那樣，我們在營收成長方面領先於計劃。我們的成長堅定地高於通貨膨脹。 EBITDA 成長速度快於營收成長速度，而自由現金流與去年相比在 9 個月內成長了 60%。

And one of the reasons we are delivering these numbers is related to the fact that upon completion on the Oi post-merger integration, we basically are capturing more synergy versus what we expected at a faster pace. So if you go to the infrastructure bucket, we managed to get to the highly important market of becoming the best network quality in Brazil in July in this year. And being consolidating this achievement over the last months.

我們提供這些數字的原因之一與這樣一個事實有關：在完成 Oi 合併後整合後，我們基本上正在以更快的速度獲得比我們預期更多的協同效應。因此，如果你專注於基礎設施領域，我們在今年 7 月成功進入了巴西網路品質最好的非常重要的市場。並正在鞏固過去幾個月的這項成就。

We've got some distinguished guests discussing this later on today. If you go on the decommissioning exercise, we are ahead of schedule. We will give more detail on that. So we managed to implement this faster than we expected. When we go to the commercial synergies, we implemented the more-for-more approach for postpaid in the first half, and we recently introduced it for prepaid a couple of weeks ago.

今天晚些時候我們有一些尊貴的客人討論這個問題。如果繼續進行退役演習，我們就會提前。我們將提供更多細節。因此，我們的實施速度比我們預期的要快。當我們談到商業協同效應時，我們在上半年實施了後付費的多對多方法，並且最近在幾週前將其引入了預付費。

When we look at the tax effect, we, after the incorporation of Oi S.A. into TIM Brasil. We got a goodwill that move in NPV from BRL 700 million to BRL 1 billion. And we finally closed the dispute with Oi together with the other buyers with an upside on the price adjustment. So all in all, faster and bigger synergies.

當我們考慮稅收影響時，Oi S.A. 併入 TIM Brasil 後。我們獲得了商譽，淨現值從 7 億雷亞爾增加到 10 億雷亞爾。最後我們和其他買家一起以價格調整的好處結束了與大井的糾紛。總而言之，更快、更大的綜效。

With these results, we are outpacing and outperforming our peers in Latin America in terms of revenue growth. We're growing faster than everybody else. We got the highest EBITDA margin in the regions and expanding. And I think that most importantly, we have the fastest-growing operating free cash flow margin in the region. You can see on the left side of this graph.

憑藉這些成果，我們在收入成長方面超越了拉丁美洲的同行。我們的成長速度比其他人都快。我們獲得了該地區最高的 EBITDA 利潤率，並且還在不斷擴張。我認為最重要的是，我們擁有該地區成長最快的營運自由現金流利潤率。您可以在該圖的左側看到。

Behind these numbers, there is a clear strategy to draft the next-generation team, a strategy that is built upon our strength in mobile. Mobile, in mobile, we have the ambition to become the preferred operator in Brazil. It's our cash cow. It's a predictable model. we've got increasing returns. And through our operation in mobile, we've got the flexibility to fund new growth opportunities in other areas.

在這些數字的背後，有一個明確的策略來選拔下一代團隊，該策略建立在我們在行動領域的優勢之上。移動，在移動方面，我們有志成為巴西的首選運營商。這是我們的搖錢樹。這是一個可預測的模型。我們得到了遞增的回報。透過我們在行動領域的運營，我們可以靈活地為其他領域的新成長機會提供資金。

B2B, we're going to give more detail throughout the panels today. B2B, it's a market that we are actually shaping, and we define it as a sort of blue ocean because it's a market that is new and will expand our total addressable market in the years to come. When we look at broadband, our ambition is to move wisely and selectively to ensure a profitable growth. Efficiency, it's one of our core strengths. It's a dogma, it's intrinsic in the way we run our business. And it's all about discipline in capital allocation and expenditure.

B2B，我們今天將在整個小組中提供更多細節。 B2B，這是我們實際上正在塑造的一個市場，我們將其定義為一種藍海，因為這是一個新的市場，並將在未來幾年擴大我們的總目標市場。當我們考慮寬頻時，我們的目標是明智且有選擇性地採取行動，以確保獲利成長。效率，這是我們的核心優勢之一。這是一種教條，是我們經營業務的固有方式。這一切都與資本配置和支出的紀律有關。

All these four pillars support or better we run these pillars without losing sight of people, environment and society, which are integrated in our business and a competitive advantage as we see over the next slide.

所有這四個支柱都支持或更好地運營這些支柱，同時又不忽視人、環境和社會，正如我們在下一張幻燈片中看到的那樣，這些支柱已融入我們的業務和競爭優勢。

So guys. This is our overall strategy in a nutshell. I will go very briefly through each one of the points, and let's start clicking on mobile.

所以夥計們。簡而言之，這就是我們的整體策略。我將非常簡要地介紹每一點，然後讓我們開始點擊行動裝置。

So on mobile, you probably remember that in last Investor Day, we introduced the tripod concept. So best service, best network and best offer. This is the way to deliver the best value proposition to the Brazilian customers, which, in turn support our strategy to become the preferred operator in Brazil. We have significant development on all these three dimensions.

因此，在行動裝置上，您可能還記得在上一個投資者日，我們引入了三腳架概念。所以最好的服務、最好的網路和最好的報價。這是向巴西客戶提供最佳價值主張的方式，從而支持我們成為巴西首選營運商的策略。我們在這三個方面都取得了重大發展。

The following panels will address that. And what I would like to highlight that if we look in the next slide, the operational KPI, they are all pointing to the fact that we are in the right direction. So, our ARPU is steadily growing over time with (inaudible) Brazil on prepaid and postpaid. We are at around BRL 30 now. Our churn is going in the opposite direction. So we managed to get below the 1% point in this quarter, which is, again, on the low end of our results. At the same time, our net additions after the cleanup of Oi customer base are steadily growing. So quarter 3 really raised the bar in terms of our performance for the future.

以下小組將解決這個問題。我想強調的是，如果我們看下一張投影片，即經營 KPI，它們都表明我們正朝著正確的方向前進。因此，我們的 ARPU 隨著時間的推移（聽不清楚）巴西的預付費和後付費穩步增長。現在價格約 30 巴西雷亞爾。我們的流失正朝相反的方向發展。因此，我們在本季設法將成長率降至 1% 以下，這又是我們業績的低階。同時，清理 Oi 客戶群後我們的淨增量正在穩定成長。因此，第三季確實提高了我們未來表現的標準。

So let's click now. So this is about mobile. Let's click on B2B. So B2B is a bit more articulated. So the opportunity lies at the crossroads of verticals requiring telco infrastructure to transform the business and our ability to provide this infrastructure. Now Brazil is a bit different from the United States or developed countries in a way that mobile coverage reaches everybody, but we just reached a small proportion of the territory. That means that industries like agri business, logistics and transportation, and utility, lack the telco infrastructure to get digital end to end. And this is where the opportunity lies, and this is where the fit is best for us as a predominantly a mobile player.

那我們現在就來點擊一下吧。這是關於移動設備的。讓我們點擊 B2B。因此，B2B 的表達更為明確。因此，機會在於需要電信基礎設施來改變業務的垂直行業和我們提供該基礎設施的能力的十字路口。現在巴西與美國或已開發國家有點不同，行動網路覆蓋了所有人，但我們只涵蓋了一小部分領土。這意味著農業企業、物流和運輸以及公用事業等行業缺乏端到端數位化的電信基礎設施。這就是機會所在，也是最適合我們作為主要移動玩家的地方。

We refer to this as IoT, connectivity and solutions, and we are frontrunner in this business. We started first. We have an edge. We think we have the right to win, and the numbers are becoming a reality. So, since we last met 18 months ago in our last Investor Day, we have been awarded contract of BRL 300 million in value.

我們將其稱為物聯網、連接和解決方案，我們是該業務的領導者。我們先開始了。我們有優勢。我們認為我們有權利獲勝，而這些數字正在成為現實。因此，自 18 個月前的上一次投資者日見面以來，我們已經獲得了價值 3 億雷亞爾的合約。

And to make you some examples, in logistics alone, the leading private concessions in Brazil selected us to provide 4,500 kilometers of intelligent highways. We are talking to make it a bit more representative of the distance between New York and San Francisco. And over the last 12 months.

舉幾個例子，僅在物流方面，巴西領先的私人特許經營商就選擇我們提供 4,500 公里的智慧高速公路。我們正在討論讓它更能代表紐約和舊金山之間的距離。在過去的 12 個月裡。

If you look at the agro business, we currently illuminate 16 million hectares of land. And this help and support our customers to increase their productivity. We are talking about the size of the state of Florida to put this in context. And this is basically not just connectivity. We are building together with our partners and ecosystem solutions. And we are doing this primarily today as commercial partnership. Our 5G fund will support us in the same direction, and we may even look at inorganic activities in the future. This is not just revenue growth opportunities. The project that we closed so far are all accretive in terms of free cash flow margins versus the mobile ones.

如果你看看農業業務，我們目前照亮了 1600 萬公頃的土地。這有助於並支持我們的客戶提高生產力。我們討論的是佛羅裡達州的面積，以便將其放在上下文中。這基本上不僅僅是連接。我們正在與合作夥伴一起建立生態系統解決方案。我們今天主要是作為商業合作夥伴來這樣做的。我們的5G基金也會朝同一個方向支持我們，甚至可能會考慮未來的無機活動。這不僅僅是收入成長機會。與行動專案相比，我們迄今為止完成的專案在自由現金流利潤率方面都是增值的。

So we look at this as a sort of a blue ocean, a market that doesn't exist that we are shaping, and we are frontrunner in this quest.

因此，我們將其視為一種藍海，一個我們正在塑造的不存在的市場，而我們是這項探索的領導者。

If we click on broadband, we are setting the stage for profitable and sustainable growth in this case. So you know the market is huge in Brazil. We're talking about BRL 40 billion. We're just at 2% given the strength and credibility of our brand, we can command a much larger share of this market. We get and we have a working machine in terms of value proposition, our value position is considered premium by our customers. This is supported on a number of KPIs. And we have an asset like full mobile like commercial approach that ensure quality in acquiring new customers.

在這種情況下，如果我們點擊寬頻，我們就為獲利和永續成長奠定了基礎。所以你知道巴西的市場是巨大的。我們談論的是 400 億雷亞爾。鑑於我們品牌的實力和信譽，我們的市佔率僅為 2%，我們可以在這個市場佔有更大的份額。就價值主張而言，我們擁有一台工作機器，我們的價值定位被我們的客戶認為是優質的。許多 KPI 都支持這一點。我們擁有像全行動商業方法這樣的資產，可以確保獲取新客戶的品質。

However, the market is not attractive or it's not that attractive at this point in time because there are 8,000 players. There are 26 different regional leaders competing on price. So we are actively working to define the right mechanisms at the service call level and the network level, and the right timing to accelerate our growth. Having the luxury, we are probably the only one to have this luxury to be able to wait for the right moment and the right environment to come along.

然而，這個市場沒有吸引力，或者說目前沒有那麼有吸引力，因為有 8,000 名玩家。有 26 個不同的地區領導者在價格上競爭。因此，我們正在積極努力在服務呼叫層級和網路層級定義正確的機制，以及加速我們成長的正確時機。擁有這種奢侈，我們可能是唯一擁有這種奢侈，能夠等待合適時機和合適環境出現的人。

If we move to the efficiency slide. So I was saying this is -- for those who follow us on our communication with the market, you will see that we have been evolving and we moved from a unidimensional OpEx-centric efficiency discussion to a cash cost approach. And you see some examples here.

如果我們轉向效率投影片。所以我的意思是，對於那些專注於我們與市場溝通的人來說，您會看到我們一直在發展，我們從以營運支出為中心的一維效率討論轉向現金成本方法。您可以在這裡看到一些例子。

So we're talking about CapEx, and CapEx through Oi frequencies, today, we have a competitive advantage. We've got more frequency per sub, more megahertz per sub than anybody else. That gives us a competitive advantage in terms of the quality of service and our ability to grow demand. Every dollar spend is spent on increasing the efficiency of our network and the quality to our customers, including 5G.

因此，我們正在談論資本支出，以及透過 Oi 頻率進行的資本支出，今天，我們擁有競爭優勢。我們比其他任何人都擁有更高的每個低音炮頻率、更多兆赫茲。這使我們在服務品質和成長需求的能力方面具有競爭優勢。每一分錢都花在提高網路效率和客戶品質上，包括 5G。

The second point, which is quite important, is related to the lease cost. So this lease costs, I was mentioning before, that we are ahead of schedule in terms of implementing our decommissioning plan. And so what is this ahead of schedule. You probably remember, we said that we would decommission 3,500 towers by the end of the year. We are currently at 4,200. So we are well out of schedule, 120%. But I think that what is more important and is that we learned a lot throughout this all, throughout this quite intense 12 months. And we are now applying what we have learned to our own portfolio further sustaining the sustainability of our cost line.

第二點也很重要，與租賃成本有關。因此，我之前提到過，這筆租賃費用顯示我們提前實施了退役計畫。那麼這是什麼提前了呢？你可能還記得，我們​​說過我們將在今年年底前退役 3,500 座塔。我們目前的人數為 4,200。所以我們遠遠超出了計劃，120%。但我認為更重要的是，在這非常緊張的 12 個月裡，我們學到了很多。現在，我們正在將所學到的知識應用到我們自己的投資組合中，進一步維持我們成本線的可持續性。

In addition to that, we are back with the RAN sharing agreement with Vivo that we communicated a few years ago, that was frozen basically because of the post-merger integration with Oi, so we are busy doing something else. We are back on track. And this, again, is an important lever to the future sustainability of network costs.

除此之外，我們又回到了幾年前與 Vivo 溝通的 RAN 共享協議，該協議主要是因為與 Oi 合併後的整合而被凍結，所以我們正忙著做其他事情。我們又回到正軌了。這又是未來網路成本永續性的重要槓桿。

Last but not least, we did a lot of effort over the last year to get digital. It's 5 years that we are increasing all KPIs across the board. Nonetheless, we still believe that there is a further opportunity there, not only with Oi customers. There are other opportunities, other cost items that are not part of what we did so far and there are new technology, we'll discuss this a bit later, like Gen AI that will support us to further increase our efficiency.

最後但並非最不重要的一點是，我們去年在數位化方面做了很多努力。五年來我們全面提高所有 KPI。儘管如此，我們仍然相信那裡還有更多的機會，而不僅僅是 Oi 的客戶。還有其他機會、其他成本項目不屬於我們迄今為止所做的事情，並且有新技術，我們稍後會討論這一點，例如 Gen AI 將支持我們進一步提高效率。

So at the end of the day, discipline in capital allocation, a control of expenditure are transforming TIM Brazil in a quite powerful free cash flow converting machine.

因此，歸根結底，資本配置紀律和支出控制正在將 TIM 巴西轉變為相當強大的自由現金流轉換機器。

Let's go to the final pillar of our strategy. That is about people, society, and environment. So when we discuss about people, here, basically, we are discussing about our ability to attract employees and to retain employees to implement our strategy. The objective is to make people empowered and satisfied with our workplace. And the good news is that we are reaching the highest level in ever in terms of favorability of engagement. So our employee engagement is 90% today.

讓我們討論我們策略的最後一個支柱。這是關於人、社會和環境的。因此，當我們在這裡討論人時，基本上，我們正​​在討論我們吸引員工和留住員工以實施我們的策略的能力。目標是讓人們獲得權力並對我們的工作場所感到滿意。好消息是，我們在參與度方面達到了有史以來的最高水平。所以今天我們的員工敬業度是 90%。

This is reflecting also in outside KPI. We made it to the Great Place to Work 2 years ago. And a few weeks ago, we have been awarded the 12th position in Brazil as a Great Place to Work. So we made a real good progress.

這也反映在外部 KPI 中。兩年前，我們進入了「最佳工作場所」。幾週前，我們在巴西最佳工作場所中排名第 12 位。所以我們取得了真正的良好進展。

There is another thing we are quite proud of, which is according to a number of KPI Refinitiv and Bloomberg. We are the most inclusive and diverse telco in the world. And we are according to Bloomberg, the most inclusive and diverse company in Latin America. This is a great asset to our employees. They love that. And it's just not internal. This is a great asset to our brand.

還有一件事是我們相當自豪的，這是根據 Refinitiv 和 Bloomberg 的多項 KPI 得出的。我們是世界上最具包容性和多元化的電信公司。根據彭博社報道，我們是拉丁美洲最具包容性和多元化的公司。這對我們的員工來說是一筆寶貴的財富。他們喜歡這樣。而且這不是內部的。這是我們品牌的寶貴資產。

If we move to society, society you will know or probably know that we got the largest coverage in Brazil, and we've got the largest rural coverage in Brazil. And this is already provide for digital inclusion of millions of customers. What we've been doing more recently is to develop digital services for example, with the digital bank, and we included that, we financial included the 1 million of Brazilian subscribers.

如果我們走向社會，社會你會知道或可能知道我們在巴西擁有最大的覆蓋範圍，並且我們在巴西擁有最大的農村覆蓋範圍。這已經為數百萬客戶的數位包容性做好了準備。我們最近一直在做的是開發數位服務，例如透過數位銀行，我們將其包括在內，我們的財務包括100萬巴西用戶。

After the success of the partnership with -- in the digital banking finance, we are now working in health and education to provide new services to our customers with a relevant social impact.

在與數位銀行金融領域的合作取得成功之後，我們現在正在健康和教育領域開展工作，為我們的客戶提供具有相關社會影響的新服務。

Finally, environment, we are becoming more efficient and clean over time. We're going to complete this year with 100 clean energy plants in Brazil. This gives and support sustainability of our energy cost because this cost is lower than the captive cost, energy cost. We offer the same benefits, clean energy, and a discount to our own employees this year. So they are benefiting from the same benefits that we are getting for ourselves as a company. And we are now working in the B2B business to use our technology to allow our B2B customers to get the same benefits for themselves.

最後，在環境方面，隨著時間的推移，我們變得更有效率和清潔。今年我們將在巴西建成 100 座清潔能源工廠。這提供並支持我們能源成本的可持續性，因為該成本低於自有成本，即能源成本。今年我們為我們自己的員工提供相同的福利、清潔能源和折扣。因此，他們與我們作為一家公司所獲得的利益相同。而我們現在致力於B2B業務，利用我們的技術讓我們的B2B客戶為自己獲得相同的好處。

(inaudible) growing market, which is related to smart lighting, we'll discuss a bit later on, but talking about 50 million smart lighting poles. We already won 150,000 so far. It's another powerful and growing opportunity in the B2B sector.

（聽不清楚）不斷成長的市場，這與智慧照明有關，我們稍後會討論，但談論的是 5,000 萬個智慧燈桿。到目前為止我們已經贏了150,000。這是 B2B 領域另一個強大且不斷成長的機會。

So guys, going back here, has been very fast. Recapping a bit what I said. So B2B, it's a new market for us, plenty of growth opportunity. The consumer mobile market is healthier than ever before. Second, we got a track record in execution. We keep over delivering on our promises and outpacing our peers in LatAm. Mobile is our cost strength, our cash cow, with increasing returns, allowing us the flexibility to invest in new avenues of product.

所以夥計們，回到這裡的速度非常快。回顧一下我所說的。因此，B2B 對我們來說是一個新市場，有大量的成長機會。消費者行動市場比以往任何時候都更健康。其次，我們在執行方面取得了良好的記錄。我們不斷兌現我們的承諾，並超越拉丁美洲的同行。移動是我們的成本優勢，我們的搖錢樹，回報不斷增加，使我們能夠靈活地投資新的產品管道。

B2B, a blue ocean for us, growing fast over the next years. We have an edge and is becoming a reality on our numbers. B2B is about profitable growth, so we're moving selectively. And when we look at the people, society, and environment, these are integrated with our business and source of competitive advantage.

B2B 對我們來說是一片藍海，未來幾年將快速成長。我們擁有優勢，並且正在從數字上變成現實。 B2B 關乎利潤成長，因此我們有選擇地採取行動。當我們審視人、社會和環境時，它們與我們的業務和競爭優勢的來源融為一體。

All these triggers a virtuous cycle, which is revenue growing above inflation, cash cost approach to efficiency that allow us to increase our cash flow, this expanding cash flow and cash flows margin allow us to increase shareholder remuneration and give us the flexibility in funds to invest in new avenues of growth.

所有這些都觸發了一個良性循環，即收入成長高於通貨膨脹，現金成本方法提高效率，使我們能夠增加現金流，這種不斷擴大的現金流和現金流利潤率使我們能夠增加股東薪酬，並為我們提供資金靈活性投資新的成長途徑。

An example of this, and once again, over deliver, and please let's go on the next one, on our promises is the fact that we have decided to upgrade our guidance in terms of shareholder remuneration, we are moving from BRL 2.3 billion to above BRL 2.9 billion for this year ongoing. This is the new floor going forward.

舉個例子，再一次，超額交付，請讓我們繼續下一個，我們的承諾是，我們決定升級股東薪酬方面的指導，我們將從 23 億雷亞爾提高到以上今年持續投入29 億雷亞爾。這是未來的新樓層。

So guys, thank you for your attention so far. And I will ask Vicente to call the first panel. Thank you very much.

所以，夥計們，謝謝你們迄今為止的關注。我將請維森特致電第一個小組。非常感謝。

Thank you, Alberto. Thank you, Nicandro. Now for first panel I ask Fabio Avellar to join us. Also Leonardo CapDeville, our CTIO; Renato Ciuchini, also Ian our guest from Opensignal.

謝謝你，阿爾貝托。謝謝你，尼坎德羅。現在，在第一場小組討論中，我邀請 Fabio Avellar 加入我們。還有我們的 CTIO Leonardo CapDeville； Renato Ciuchini，也是我們來自 Opensignal 的嘉賓 Ian。

Well, thanks, Vicente. Good afternoon, everyone. It's a pleasure to be here. And to kick off the panel, I want to bring back the concept Alberto has just explained. We are operating in the best value proposition market, which means Brazilians want more than just low prices for chip service.

嗯，謝謝，維森特。大家下午好。很高興來到這裡。首先，我想回顧一下阿爾貝托剛剛解釋的概念。我們在最有價值主張的市場中運營，這意味著巴西人想要的不僅僅是低廉的晶片服務價格。

In this context, we want to consolidate the best value proposition, which means through just three verticals, the best service, the best network and the best offer. And I have here the support of Renato and Leonardo going over with me these three verticals in the next few minutes.

在這種背景下，我們希望鞏固最佳價值主張，這意味著透過三個垂直領域，最好的服務、最好的網路和最好的報價。在接下來的幾分鐘裡，我得到了雷納托和李奧納多的支持，他們將與我一起討論這三個垂直領域。

So regarding the best service, we did an amazing journey so far. The main goal here is to enhance the customer experience, improving each step of the customer journey, opening space for change to become a loved brand.

因此，就最好的服務而言，到目前為止，我們度過了一段令人驚嘆的旅程。這裡的主要目標是增強顧客體驗，改善顧客旅程的每一步，開啟變革空間，成為深受喜愛的品牌。

Secondly, regarding the network, which is an amazing catch-up that we become the best network in Brazil. The third B represents our area of expertise, our area of excellence, but it's an ongoing effort to keep delivering disruption for our customers and innovation for the Brazilian market.

其次，關於網絡，我們成為巴西最好的網絡，這是一個驚人的追趕。第三個 B 代表我們的專業領域、我們的卓越領域，但這是我們不斷努力的目標，不斷為我們的客戶帶來顛覆性的變革，為巴西市場帶來創新。

So, let's get started. Talking a little more about how we are building the best service. We have been transforming the way we manage the relationship to our clients in the Brazilian market. One of the most important initiatives so far was to accelerate the predictive tools to anticipate demands, issues and pain points for our customers. In addition to that we improved the digital channels increasing by more than 20% as you can see on the first graph, this last year the digital interaction.

那麼，讓我們開始吧。多談談我們如何打造最好的服務。我們一直在改變我們在巴西市場管理與客戶關係的方式。迄今為止最重要的措施之一是加速預測工具的發展，以預測客戶的需求、問題和痛點。除此之外，我們還改進了數位管道，增幅超過 20%，正如您在第一張圖（去年的數位互動）中看到的那樣。

One of the great examples I can give you of this new approach was our annual price adjustments. As you may know it's a crucial moment for the customers, usually complaints in churn increase and customer satisfaction fall. But this year, it was totally different. We improved our communication to clients, making it more understandable and transparent. We optimized the channels to connect to them. And we redesigned the way we treat our customers in our contact centers.

關於這種新方法，我可以給您的一個很好的例子就是我們的年度價格調整。您可能知道，這對客戶來說是一個關鍵時刻，通常投訴會增加，客戶滿意度會下降。但今年，情況完全不同了。我們改善了與客戶的溝通，使其更加易於理解和透明。我們優化了連接它們的管道。我們重新設計了聯絡中心對待客戶的方式。

These initiatives combined drives us to two different quarters in a row, reaching the lowest churn rates in whole TIM's history. The complaints level remains the same and the customer satisfaction continues to grow.

這些措施結合在一起，推動我們連續兩個不同的季度，達到整個 TIM 史上最低的客戶流失率。投訴水準維持不變，顧客滿意度持續成長。

Our success in solving the client's issue, as you can see on the second column, is driving us to be recognized as a best-in-class company even beyond the telecom industry in Brazil for many different institutions.

正如您在第二列中所看到的，我們在解決客戶問題方面的成功促使我們被許多不同的機構公認為是巴西電信行業之外的一流公司。

And now these movements supporting us to improve our Net Promoter Score, as you can see on the third graph over there. And regarding the Net Promoter Score, the network plays a crucial role here in improving our customer experience and our customer perception.

現在，這些舉措支持我們提高淨推薦值，正如您在第三張圖上看到的那樣。就淨推薦值而言，網路在改善我們的客戶體驗和客戶認知方面發揮著至關重要的作用。

This way, I invite Leonardo to tell a little more about that.

透過這種方式，我邀請李奧納多講述更多相關內容。

My voice is not so good. Sorry for that. I have to scream a lot because I was championed in the 1 week ago. So we us these KPIs. Let's talking about the network. In fact, it's not so funny, we have a lot of work behind that, but I will try to explain our vision about this. We are talking about the best network, best network, but it is not just a claim.

我的聲音不太好。對此感到抱歉。我不得不大聲尖叫，因為我一周前就獲得了冠軍。所以我們使用這些 KPI。我們來談談網路。事實上，這並不那麼有趣，我們背後有很多工作，但我會盡力解釋我們對此的願景。我們談論的是最好的網絡，最好的網絡，但這不僅僅是一個主張。

First, I'd like to remember that with the Oi towers that we acquired, we consolidated our leadership in terms of coverage, and we become the largest network in Brazil. We were the first company to be present in all of the cities of the country. We are talking about more than 5,000 cities in Brazil.

首先，我想記住，透過我們收購的 Oi 塔，我們鞏固了在覆蓋範圍方面的領先地位，並成為巴西最大的網路。我們是第一家在全國所有城市開展業務的公司。我們談論的是巴西 5,000 多個城市。

At the same time, we acquired spectrum and we have the 5G. With this new spectrum and their 5G, we secured a premier position in terms of quality. Coverage and quality together means consistency. And as you can see in this KPI that's called network consistence quality that we are very well positioned on that.

同時，我們獲得了頻譜，我們擁有了5G。憑藉這一新頻譜及其 5G，我們在品質方面獲得了領先地位。覆蓋範圍和品質意味著一致性。正如您在這個稱為網路一致性品質的 KPI 中看到的那樣，我們在這方面處於非常有利的位置。

Later, we will discuss about this index, how it's calculated with the Opensignal. Well, adding on that, our strategic vision about the 5G. First, the 5G, we have to remember there is 100 megahertz spectrum. It's a lot of spectrum in C-band, where it means a lot of capacity and a very, very good quality or connectivity. If we will be open a lot of opportunity not just for customer experience on B2B, on B2C, but in B2B too.

稍後，我們將討論這個指數，以及如何使用 Opensignal 計算它。好吧，補充一下我們關於 5G 的策略願景。首先，5G，我們必須記住有100兆赫的頻譜。 C 頻段擁有大量頻譜，這意味著大量容量和非常非常好的品質或連接性。如果我們不僅在 B2B、B2C 上，而且在 B2B 上開放給客戶體驗很多機會。

Well, we are advancing faster than our competitors. We are ahead. And with that, we are coverage, for example, all the neighborhood in the main cities in Brazil like Sao Paulo, Rio, Curitiba. And with that, we are implementing what we call offloading strategy.

嗯，我們比競爭對手進步得更快。我們領先。例如，我們的覆蓋範圍是巴西主要城市的所有社區，如聖保羅、裡約熱內盧、庫里蒂巴。由此，我們正在實施所謂的卸載策略。

What it means? When we migrate the customer to the 5G, we have two different phenomenas. The first is the quality for the customer that we are migrating that is very good because they will use the 5G. But at the same time, we are reducing the loading over the 4G network. So we have a combination that is good for the customer who migrated to 5G, but it's good for the customer who remain in 4G by improving quality.

這是什麼意思？當我們將客戶遷移到5G時，我們有兩種不同的現象。首先是我們正在遷移的客戶的品質非常好，因為他們將使用 5G。但同時，我們正在減少 4G 網路的負載。因此，我們的組合對於遷移到 5G 的客戶來說是有利的，但透過提高質量，對於留在 4G 的客戶來說也是有利的。

Well, we can see that very clearly when we see these two indicators, that is the NPS. When the customer who migrated to the 5G has 2x higher NPS than the customer that stayed on the 4G. And at the same time, looking for the network quality, we can see that we are ahead in the 5G with a 20% point ahead than in 4G.

那麼，我們看到這兩個指標就可以很清楚的看到，那就是NPS。當遷移到 5G 的客戶的 NPS 比繼續使用 4G 的客戶高 2 倍。同時，從網路品質來看，我們在5G方面領先，比4G領先20%。

All this full this virtuous cycle that we have in the first, differentiate ourselves in terms of innovation and superior quality. Second, as I mentioned, boosting customer experience on the 5G and in the 4G; and third, enhancing our CapEx efficiency. And why we are doing that? For two reasons.

所有這一切都充分體現了我們首先在創新和卓越品質方面脫穎而出的良性循環。其次，如我所提到的，提升5G和4G的客戶體驗；第三，提高我們的資本支出效率。我們為什麼要這麼做？有兩個原因。

First, the gigabyte, the investment per gigabyte in 5G is lower than investment in gigabyte in 4G. The second with this strategy focused on the 5G, we are reducing the investment in 4G. In fact, we are all the time looking for this future-proof investment. We did that when we perceived that the market team moved from the 3G to the 4G, we were the first company to stop to invest in the legacy at that time and to invest in the 4G, after that, we see other opportunity that was the 4G massive MIMO.

首先是千兆字節，5G每千兆位元組的投資低於4G每千兆位元組的投資。第二個策略重點是5G，我們正在減少4G的投資。事實上，我們一直在尋找這種面向未來的投資。當我們意識到市場團隊從 3G 轉向 4G 時，我們是第一家停止投資傳統技術並投資 4G 的公司，之後，我們看到了其他機會，即4G 大規模 MIMO。

And now we are doing the same with this migration from the 4G to the 5G. Why this is so important? Because I'm looking for what is the investment for the next years, we can remain what we did in the legacy. For example, all these radio that I mentioned to you, this technique, and 4G massive MIMO is ready to the 5G. So when the traffic in 4G starts to decline, we just adjust the software and they can use this radio 4G to move to the 5G.

現在我們正在從 4G 到 5G 的遷移中做同樣的事情。為什麼這麼重要？因為我正在尋找未來幾年的投資，我們可以保持我們在遺產中所做的事情。例如，我向您提到的所有這些無線電、這項技術以及 4G 大規模 MIMO 都已為 5G 做好了準備。所以當4G的流量開始下降時，我們只需調整軟體，他們就可以使用這個無線電4G移動到5G。

With that, we will continue investing, but in an efficient way. We are using our big data and analytics to perceive what is the right time in the right place to invest in the 5G because we are looking where we have the device penetration, 5G device penetration, and the traffic. In the right moment, we decided to put the 5G there to complement use offloading strategy.

有了這個，我們將繼續投資，但要以有效的方式。我們正在利用大數據和分析來了解什麼是在正確的時間、正確的地點投資 5G，因為我們正在尋找設備滲透率、5G 設備滲透率和流量。在適當的時機，我們決定將 5G 放在那裡以補充使用卸載策略。

So we're talking about the best network in that we are confident that it's not just a claim, we are talking about to measure the real customer experience that our customers are using in our network. For that, I'd like to invite Ian from Opensignal to explain about this. Please, Ian?

因此，我們談論最好的網絡，因為我們相信它不僅僅是一個聲明，我們談論的是衡量客戶在我們的網路中使用的真實客戶體驗。為此，我想邀請 Opensignal 的 Ian 來解釋一下。請問，伊恩？

Perfect. Thank you for the introduction. My name is Ian (inaudible) really within my role, I have any opportunity (inaudible) data. So we collect from end-user devices and turn that into measures that we use to help operators, regulators, financial analysts to understand that real-world customer experience.

完美的。謝謝你的介紹。我的名字是 Ian（聽不清楚），確實在我的角色範圍內，我有任何機會（聽不清楚）數據。因此，我們從最終用戶設備中收集信息，並將其轉化為我們用來幫助營運商、監管機構、金融分析師了解真實客戶體驗的措施。

So Opensignal is the global standard for measuring customer-centric network experience. If you're familiar with our business, we published reports in over 80 countries around the world. We do this on mobile and on fixed broadband, and we enable us with massive amounts of end-to-end measurements. We're collecting significant volumes of data and those datas get brought together into a series of very customer-centric measures that correlate, as Leo was saying, to indicators like NPS, network flows, and churn levels as well.

因此，Opensignal 是衡量以客戶為中心的網路體驗的全球標準。如果您熟悉我們的業務，我們在全球 80 多個國家/地區發布了報告。我們在移動和固定寬頻上做到這一點，並且使我們能夠進行大量的端到端測量。我們正在收集大量數據，並將這些數據匯總成一系列以客戶為中心的衡量標準，正如 Leo 所說，這些衡量標準也與 NPS、網路流量和客戶流失程度等指標相關。

Now Opensignal report on many different measures in the network because we're trying to represent all of the aspects that are important to consumers, and no consumer is the same. What's good for one consumer may not be good for another consumer. So if you see our metrics set, we measure everything from mobile gaming experience, live streaming experience, speeds, videos, to availability and consistent quality.

現在，Opensignal 報告了網路中的許多不同衡量標準，因為我們試圖代表對消費者重要的所有方面，而沒有一個消費者是相同的。對一個消費者有利的事情可能對另一個消費者不利。因此，如果您看到我們的指標集，我們會衡量從行動遊戲體驗、直播體驗、速度、視訊到可用性和一致品質的一切。

And I think what's so important here is that a network can deliver excellent gaming experience, that can deliver live streaming video of 4K. But if it's not doing it each time, every time, that starts to build a negative customer perception there. So by focusing on network availability, and focusing on consistent quality, you're now building those foundations in the network. You're building the foundations on which the rest of your great experience is being built.

我認為這裡最重要的是網路可以提供出色的遊戲體驗，可以提供4K的即時串流影片。但如果不是每次都這樣做，就會開始在客戶身上建立負面的認知。因此，透過專注於網路可用性和一致的質量，您現在正在網路中建立這些基礎。您正在打下基礎，在此基礎上您的其他精彩體驗也將在此基礎上建構。

So let me talk a little bit about consistent quality and availability, next. Consistent quality is the capability of the network to be able to support those most common network applications. This is not a black box like mean or average level. What we're doing here is we're measuring from end-user devices many times a day across all of the networks, the download and upload speeds. We're measuring latency, the lag that exists in the network. We're measuring the variation of the lag that's there, the packet loss and time to first bite.

接下來讓我談談一致的品質和可用性。一致的品質是網路能夠支援那些最常見的網路應用的能力。這不是像平均值或平均水平那樣的黑盒子。我們在這裡所做的是每天多次測量所有網路上最終用戶設備的下載和上傳速度。我們正在測量延遲，即網路中存在的滯後。我們正在測量延遲的變化、資料包遺失和第一口的時間。

These are the things that as consumers, we all experience. If I have a large time to first bite, my browser is spinning when I'm trying to look at a web page. If I have high packet loss on my Zoom call, that Zoom call is breaking up. If I've got high jitter, I'm not going to win at Fortnite. These are the things that are impacting the customer experience coming through.

這些都是我們身為消費者都會經歷的事情。如果我有很長的時間來第一口，當我試圖查看網頁時，我的瀏覽器就會旋轉。如果我的 Zoom 通話丟包率很高，則該 Zoom 通話就會中斷。如果我的抖動很高，我就不會在《要塞英雄》中獲勝。這些都是影響顧客體驗的因素。

When we look at the measures, we see that TIM's improvements are in consistent quality over the last 12, 24 months has gone from a position of second up to a leading position here. But what's also interesting, I think, and what's so important when you think about these things is to always look at this competitively as well. So the dynamic in Brazil is obviously improving. TIM are improving. The other players in Brazil also continued to improve. Yet that headroom is still there.

當我們查看這些衡量標準時，我們發現 TIM 在過去 12、24 個月內的改進品質始終如一，從第二位上升到了領先地位。但我認為，同樣有趣的是，當你思考這些事情時，最重要的是始終以競爭性的眼光看待這一點。因此，巴西的動態明顯正在改善。 TIM 正在改善。巴西隊的其他球員也不斷進步。然而，這個空間仍然存在。

On the right-hand side here, we've done a comparison to other global benchmarks. We've looked at other countries within the LatAm region. We've also looked at other countries sort of developing countries as well. And you can actually see that TIM performing incredibly well across all of the LatAm countries and really up with some of the more developed nations there as well.

在右側，我們與其他全球基準進行了比較。我們研究了拉丁美洲地區的其他國家。我們也研究了其他國家，例如發展中國家。實際上，您可以看到 TIM 在所有拉丁美洲國家/地區的表現都非常出色，甚至可以與那裡的一些較發達國家媲美。

And one of the key points about Opensignal's methodology is that we have a methodology that is applied consistently across all the markets around the world. So essentially, we can compare Brazil to Bulgaria and Thailand to another country beginning with T that escapes me right now. But we can do that kind of widespread comparison coming through.

Opensignal 方法論的一個關鍵點是，我們擁有一種在全球所有市場上一致應用的方法論。所以本質上，我們可以將巴西與保加利亞進行比較，將泰國與另一個我現在記不清的 T 開頭的國家進行比較。但我們可以進行這種廣泛的比較。

If we move then to look at network availability, in network availability is a measure of the amount of connection of time that a consumer has. So how much time is a consumer able to access the network for. TIM has 1-hour network availability awards for over 4 years now. So consistently, TIM are connecting more of their customers more of the time than any other operator in Brazil.

如果我們接下來看看網路可用性，網路可用性是衡量消費者擁有的連線時間量的指標。那麼消費者能夠存取網路的時間是多少。 TIM 已連續 4 年多獲得 1 小時網路可用性獎。因此，與巴西任何其他營運商相比，TIM 始終能夠在更長時間內連接更多的客戶。

Most recently, we published our 5G global awards, and we awarded TIM a rising star for 5G network availability, 559% increase in the time that Brazilian consumers on the TIM network have been able to connect to their -- connect to 5G versus 12 months ago. This places TIM in the top 15 networks around the world in order to achieve this rising star award.

最近，我們發布了 5G 全球獎項，並授予 TIM 5G 網路可用性的後起之秀，與 12 個月相比，TIM 網路上的巴西消費者能夠連接到他們的 5G 的時間增加了 559%。這使得 TIM 躋身全球前 15 名網絡，從而獲得了這一新星獎。

And TIM are in great company. The network with the highest 5G availability globally is T-Mobile here in the U.S., and you think about the way that T-Mobile has been able to shift for market dynamics, TIM are in a great place to be able to do something similar in Brazil as well.

和 TIM 是很好的夥伴。全球 5G 可用性最高的網路是美國的 T-Mobile，你想想 T-Mobile 能夠根據市場動態進行轉變的方式，TIM 處於一個很好的位置，能夠在巴西也是如此。

And also in terms of no signal availability, i.e., a measure of time that customers are not connected to the network TIM had the least across Brazil as a whole.

在無訊號可用性方面，即衡量客戶未連接到網路的時間方面，TIM 在整個巴西的時間最少。

So just sort of in conclusion here then, Opensignal's benchmarks and measuring that end-to-end experience, they're doing it in a consistent way, and they're measuring the things are important to consumers here. These metrics correlate to important things like the NPS scores, they correlate to things like reduced churn.

因此，總而言之，Opensignal 的基準測試和衡量端到端體驗，他們正在以一致的方式進行，他們正在衡量對消費者來說很重要的事情。這些指標與 NPS 分數等重要因素相關，與減少客戶流失等因素有關。

So become leading indicators or performing well from a network perspective becomes a leading indicator of being able to perform well commercially as well. And I think that the story for TIM is great and what TIM are doing for sort of their own subscribers in Brazil is excellent in terms of setting the bar, and I think this will only mean that they advance connectivity for all of Brazil as well.

因此，成為領先指標或從網路角度表現良好也成為能夠在商業上表現良好的領先指標。我認為 TIM 的故事很棒，TIM 為巴西自己的訂戶所做的事情在設定標準方面非常出色，我認為這只會意味著他們也促進了整個巴西的連接。

So with that, thank you, and I'll pass back to Leo.

所以，謝謝你，我會轉告 Leo。

Thank you, Ian. Well, Fabio, it seems that we built of a hurry. So you can explain how we will use that now. .

謝謝你，伊恩。好吧，法比奧，看來我們是匆忙建造的。所以你可以解釋一下我們現在將如何使用它。 。

So we have a Ferrari. So let's test drive it. This concept is not actually new for the U.S. audience, but for the Brazilian user is totally new. And we are the pioneers in launching science initiatives in the whole Latin America. The main goal here is to change the market perception. If we have the largest and the best network. So let's tell people about it. But the best way to tell people is to invite them to test by themselves. The UX here is really amazing. I mean, easy, clean, and the marketing campaign so far has been amazing as well.

所以我們有一輛法拉利。那我們就來試駕一下吧。這個概念對美國觀眾來說其實並不新鮮，但對巴西用戶來說卻是全新的。我們是在整個拉丁美洲發起科學倡議的先驅。這裡的主要目標是改變市場看法。如果我們擁有最大、最好的網路。那麼讓我們告訴人們吧。但告訴人們最好的方法是邀請他們自己測試。這裡的使用者體驗真的很棒。我的意思是，簡單、乾淨，而且迄今為止的行銷活動也令人驚嘆。

Just for -- to give you an example, in TikTok, for instance, we have reached the highest engagement rates for the whole TikTok in Brazil ever. So better than talking about, let's stop talking, and let me show you our campaign, please.

舉個例子，以 TikTok 為例，我們已經達到了巴西整個 TikTok 有史以來最高的參與率。因此，比談論更好，讓我們停止談論，請讓我向您展示我們的活動。

(presentation)

（推介會）

Of how we're delivering innovation to the Brazilian markets. Actually, as you can see, our track record shows that you can stay on the forefront of innovation by delivering this kind of disruptive partnerships.

關於我們如何向巴西市場提供創新。事實上，正如您所看到的，我們的業績記錄表明，透過提供這種顛覆性的合作夥伴關係，您可以保持在創新的前沿。

So far, regarding prepaid users, for instance, we are the only player to deliver Amazon Prime video for our customer base. Regarding postpaid, we offer to our customers in the main -- in the two main Brazilian airlines, in-flight connectivity. And last but not least, we have closed a recent deal with Apple with an exclusive offer, being the unique operator to deliver Apple One service in the whole Latin America. And we are always working in something new.

例如，到目前為止，對於預付費用戶，我們是唯一為我們的客戶群提供 Amazon Prime 影片的玩家。關於後付費，我們主要為巴西兩家主要航空公司的客戶提供機上連接服務。最後但並非最不重要的一點是，我們最近與 Apple 達成了一項獨家優惠協議，成為在整個拉丁美洲提供 Apple One 服務的唯一營運商。我們始終致力於新事物。

But the most important thing here is at the bottom of the page, as you can see, all the innovation embedded to our portfolio drives us to good results as well. We reached almost 360,000 new postpaid clients to our base in this last quarter. We have been decreasing very strongly our churn rate. And to give you a reference with these key features, our customer base becomes twice loyalty as the current portfolio.

但這裡最重要的是在頁面底部，正如您所看到的，我們產品組合中嵌入的所有創新也推動我們取得了良好的成果。上個季度，我們的基地新增了近 36 萬名後付費客戶。我們一直在大力降低客戶流失率。為了提供您這些關鍵功能的參考，我們的客戶群忠誠度是目前產品組合的兩倍。

And as I just said, we are always thinking in some new things to deliver to the markets. And I'm really proud to release this today is the official launch of this partnership with Ambev that is one of the best important beverage companies in the whole world. We are joining force to deliver not only customer experience but innovation and customer engagement to our customer base as well.

正如我剛才所說，我們一直在思考向市場提供一些新事物。今天我非常自豪地宣布與 Ambev 正式建立合作關係，Ambev 是全世界最重要的飲料公司之一。我們聯手不僅為我們的客戶群提供客戶體驗，還提供創新和客戶參與。

Every time we do initiatives like that, we try to deliver beyond giga benefits. In this case, for instance, we have combined a prepaid recharge with a chargeback in their mobile app, which in Brazil is called Ze Delivery. So I'll share with you also a video from Eduardo Lacerda, the CEO of Ambev Brazil. Let's watch the video.

每次我們採取這樣的措施時，我們都會努力提供超越千兆級的效益。例如，在這種情況下，我們在他們的行動應用程式中將預付充值與退款結合起來，在巴西稱為 Ze Delivery。因此，我還將與您分享 Ambev Brazil 執行長 Eduardo Lacerda 的影片。我們來看影片吧。

(presentation)

（推介會）

So as we're talking about partnerships I invite Renato to the stage to go a little deeper in how we are building our environment of partnerships.

因此，當我們談論夥伴關係時，我邀請雷納托上台，更深入地探討我們如何建立夥伴關係環境。

Good afternoon, everybody. Thank you, Fabio, for the introduction.

大家下午好。謝謝法比奧的介紹。

Let me start by explaining a little bit our strategy regarding partnerships. Our partnerships are focused in delivering meaningful value to our customers. And, in some cases, additional revenue, either a fee or a revenue share, and is sometimes an equity stake in the company of the partners.

讓我先解釋一下我們有關合作關係的策略。我們的合作夥伴致力於為客戶提供有意義的價值。而且，在某些情況下，額外收入可以是費用或收入分成，有時是合作夥伴公司的股權。

What's a meaningful value for our customers? What do we mean by that? One example is just mentioned, no, it's cash back when you top up to a delivery platform, another one could be an enhanced credit card limit in a financial institution. Other one could be digital education for free or health services at a discount rate for our customers.

對我們的客戶來說，什麼是有意義的價值？我們這麼說是什麼意思？剛才提到了一個例子，不是，是給外送平台充值返現，還有一個可能是金融機構提高信用卡額度。另一種可能是為我們的客戶提供免費的數位教育或以折扣價提供的醫療服務。

So more -- that's what we mean by meaningful value, and that's what we look into those partners. And by having additional meaningful value we can generate more loyalty, more loyalty means less churn, means an extended lifetime of this customer, means a better financial result.

更重要的是──這就是我們所說的有意義的價值，這就是我們對這些合作夥伴的關注。透過擁有額外的有意義的價值，我們可以產生更多的忠誠度，更高的忠誠度意味著更少的客戶流失，意味著延長該客戶的生命週期，這意味著更好的財務結果。

So if I can achieve that with the partners, and on top of that, we can boost the results by receiving some type of revenue or equity in those companies, we can have a very good results out of this ecosystem.

因此，如果我能夠與合作夥伴一起實現這一目標，最重要的是，我們可以透過獲得這些公司的某種類型的收入或股權來提高業績，我們就可以從這個生態系統中獲得非常好的結果。

So we have put a framework here on the bottom right of this slide, it helps you understand how do we decide which markets to go after, which partners to go after. So in the vertical X, we have how much value is delivered by each one of the segments or the partners in terms of additional customer loyalty. And on the horizontal X, we have how much value is generated for TIM in terms of additional incremental revenue or equity in those companies.

因此，我們在這張投影片的右下角放置了一個框架，它可以幫助您了解我們如何決定要關注哪些市場，以及要專注於哪些合作夥伴。因此，在垂直 X 領域，我們了解每個細分市場或合作夥伴在額外的客戶忠誠度方面提供了多少價值。在橫向 X 上，我們可以看到 TIM 在這些公司的額外增量收入或股權方面產生了多少價值。

And when we look at this framework and then we decide which markets to go after, which partners to go after. So let me give you an example of how this works. If you look at YouTube Premium, it's a very desired product for our consumers, high value-added but it's going to generate a lot of loyalty, a lot of engagement, less churn. However, it's very unlikely that we're going to get a revenue share or an equity from Google for that deal.

當我們查看這個框架時，我們會決定要關注哪些市場，以及要關注哪些合作夥伴。讓我給你舉一個例子來說明它是如何運作的。如果你看看 YouTube Premium，你會發現它是我們的消費者非常想要的產品，具有高附加價值，但會產生很高的忠誠度、很高的參與度和更少的流失率。然而，我們不太可能透過這筆交易從谷歌獲得收入分成或股權。

At the same time, on the other hand, we have a security portfolio that is standard of the market. So it doesn't generate a lot of added value to our consumers, but we receive revenue and equity from our partner in that deal. So that's why we have security here on this space, and we have like YouTube Premium here in the space.

同時，另一方面，我們擁有符合市場標準的證券投資組合。因此，它不會為我們的消費者帶來很多附加價值，但我們從該交易的合作夥伴那裡獲得了收入和股權。這就是為什麼我們在這個領域擁有安全保障，而我們在這個領域擁有 YouTube Premium 之類的服務。

So this is the way we assess the market, and you look at this 2x and then we make decisions about which segments to go after which partners to go after.

這就是我們評估市場的方式，你會看這個 2x，然後我們決定要關注哪些細分市場、哪些合作夥伴。

Given that our strategy, I think now it's clear, let's look at our capabilities about delivering against those partnerships. We believe we have built an ecosystem in the last 3, 4 years that is second to none in the industry. Now we've used our ecosystem of physical and digital channels, leveraging all the interactions that we have with our consumers, powered by all the knowledge that we have of our consumers. We have a lot of knowledge about our consumers. And we have propelling that with AI and propensity algorithms that allow us to focus different products for different segments.

鑑於我們的策略，我認為現在已經很明確了，讓我們看看我們實現這些合作關係的能力。我們相信，在過去的三、四年裡，我們已經建立了一個業內首屈一指的生態系統。現在，我們已經使用了實體和數位管道的生態系統，利用我們與消費者的所有互動，並以我們對消費者的所有了解為動力。我們對消費者有很多了解。我們透過人工智慧和傾向演算法推動了這一點，使我們能夠針對不同的細分市場專注於不同的產品。

So we believe today, we have a very, very sophisticated machine that can deliver on this. So let me give you some KPIs here, operational KPIs that we have achieved that I believe are very important. 25% of our digital customers today, they have the app from C6 installed in their phones. This is more than probably most of the banks, the large bank institutions in Brazil. So we have achieved a huge penetration with this partnership. Now we still have 8 million customers from TIM that interact every month with the campaigns from our partners in the financial institution. And we have achieved 10 contractual targets in terms of customer base. That means millions and millions of customers.

所以我們相信今天我們擁有一台非常非常先進的機器可以實現這一目標。因此，讓我在這裡給你們一些 KPI，我認為我們已經實現的營運 KPI 非常重要。如今，我們 25% 的數位客戶在手機中安裝了 C6 的應用程式。這可能比巴西的大多數銀行、大型銀行機構還要多。因此，我們透過這種夥伴關係實現了巨大的滲透。現在，我們仍然有 800 萬 TIM 客戶每月與我們金融機構合作夥伴的活動互動。在客戶群方面，我們已經實現了 10 個合約目標。這意味著數以百萬計的客戶。

In the Education segment, we have a new partner Descomplica. We have the pleasure to have the CEO of Descomplica here today, Marco. Thank you for coming. In 4 months of operation, we have already achieved 300,000 customers engage in their platform, registering the platform, enjoying the benefits of the exclusive premium offers -- premium offers that we have for our base. That means more engagement. That means more loyalty.

在教育領域，我們有一個新的合作夥伴 Descomplica。今天，我們很榮幸邀請到 Descomplica 的執行長 Marco。謝謝你的到來。在 4 個月的營運中，我們已經有 30 萬名客戶參與他們的平台，註冊平台，享受獨家優質優惠的好處 - 我們為我們的基地提供的優質優惠。這意味著更多的參與。這意味著更多的忠誠度。

Just to give you an example, we have measured NPS of those customers. And those customers have an NPS that is 21 percentage points above TIM's average NPS.

舉個例子，我們測量了這些客戶的 NPS。這些客戶的 NPS 比 TIM 的平均 NPS 高出 21 個百分點。

And the third sector that I want to talk about here is the health. We are in the process of rolling out the partnership with Cartao de TODOS, it's a company that we believe it's a really well positioned in the Brazilian market. We have run an operational trial for 3 months now only in the states of Rio and Bahia, which represents roughly 15% of the customer base and we have already achieved 1 million customers interacting per month with our campaigns in this sector.

我想在這裡談論的第三個領域是健康。我們正在與 Cartao de TODOS 建立合作夥伴關係，我們相信這家公司在巴西市場的定位非常有利。目前，我們僅在裡約州和巴伊亞州進行了為期3 個月的營運試驗，這兩個州約佔客戶群的15%，每月已經有100 萬客戶與我們在該領域的活動進行互動。

So if you look at the size of the trial and the size of the market and you look at the numbers here, this could be from a customer base penetration as big as the financial services. And so we have achieved an important milestones. We believe we have a very strong machine, activation machine but also, we have achieved some other important milestones here.

因此，如果你看看試驗的規模和市場的規模，再看看這裡的數字，這可能來自於與金融服務一樣大的客戶群滲透率。我們已經實現了一個重要的里程碑。我們相信我們擁有一台非常強大的機器，啟動機器，而且我們在這裡也實現了一些其他重要的里程碑。

From a social perspective, 0.5 million customers from TIM have gained free digital education in the last 3 years. This is a business that continues to grow year-over-year and has a free cash flow that is accretive to TIM numbers. So we believe we have an ecosystem that works. We have a good strategy. And we believe because of that, we have the right to play and right to win in segments that are being disrupted by digital and where subscription acquisition cost is a key success factor.

從社會角度來看，過去3年，TIM的50萬客戶獲得了免費的數位教育。這是一項逐年持續成長的業務，其自由現金流可增加 TIM 數據。因此，我們相信我們擁有一個有效的生態系統。我們有一個很好的策略。我們相信，正因為如此，我們有權利在受到數位顛覆、訂閱獲取成本是關鍵成功因素的細分市場中發揮作用並贏得勝利。

So looking to 2024, we are very excited as a company in the health sector. Why we're excited about the health sector. Number one, it's a very large market. 150 million people in Brazil are uninsured from a health perspective. We have conducted a survey in our base, and 60% of our base said they are very interested in paying a monthly fee for a service that they can get discounted rates for exams or physical on -- personal consultations and medicines.

因此，展望 2024 年，作為一家健康領域的公司，我們感到非常興奮。為什麼我們對衛生部門感到興奮。第一，這是一個非常大的市場。從健康角度來看，巴西有 1.5 億人沒有保險。我們在我們的基地進行了一項調查，60% 的基地表示他們非常有興趣每月支付一項服務費用，這樣他們就可以獲得檢查或體檢的折扣價格——個人諮詢和藥物。

So we have a big market. We have a big demand for that. And digital is still very early days. Only 10% of the acquisitions today are done through digital. So digital is like in this market like it was financial services 3, 4 years ago. So I think we are in the right timing in this market as well. And I believe we have the right partner. I think we have signed a contract with the best partner in the market today.

所以我們有一個很大的市場。我們對此有很大的需求。數位化還處於早期階段。如今，只有 10% 的收購是透過數位化方式完成的。因此，數位化就像這個市場中的三、四年前的金融服務一樣。所以我認為我們在這個市場上也處於正確的時機。我相信我們有合適的合作夥伴。我認為我們今天已經與市場上最好的合作夥伴簽訂了合約。

Cartao de TODOS maybe not well known by many of you, but they already have 6 million customers, recurring paying families every month. They already do 1.2 million in-person consultations every month. They have 400 clinics in Brazil, same look and feel, same process, same systems. They cover every city above 80,000 inhabitants in Brazil. And the customers that use their service, they have a lifetime that goes beyond 60 months, which is going to help us reduce our churn, increase our loyalty. And the business model that we have set up with them also makes us very excited.

Cartao de TODOS 也許你們很多人都不熟悉，但他們已經擁有 600 萬客戶，每月都有固定付費家庭。他們每個月已經進行 120 萬次面對面諮詢。他們在巴西有 400 家診所，相同的外觀和感覺、相同的流程、相同的系統。它們涵蓋了巴西每一個人口超過 80,000 的城市。使用他們服務的客戶，他們的生命週期超過 60 個月，這將幫助我們減少客戶流失，提高我們的忠誠度。而我們與他們建立的商業模式也讓我們非常興奮。

Why is that? Because we're going to get a revenue share for every service from them that is contracted through our channels. And at the same time, they have 6 million customers, roughly 4 million not TIM. And if this customer migrates to TIM, they're going to get a cash back from us. So we're going to have -- we believe we have a big market, we believe we have the right partner. We're going to be able to bring new customers to TIM. We're going to be able to increase the loyalty of our customer base. We're going to generate a new additional revenue and I think last but not least, we're going to create a great social impact.

這是為什麼？因為我們將從他們透過我們的管道簽約的每項服務中獲得收入分成。同時，他們擁有 600 萬客戶，其中約 400 萬不是 TIM。如果該客戶遷移到 TIM，他們將從我們這裡獲得現金回饋。因此，我們相信我們有一個很大的市場，我們相信我們有合適的合作夥伴。我們將能夠為 TIM 帶來新客戶。我們將能夠提高客戶群的忠誠度。我們將產生新的額外收入，我認為最後但並非最不重要的一點是，我們將創造巨大的社會影響力。

A lot of people in Brazil, 150 million are only in the public system health system. For emergencies, big problems, maybe that works well. But for primary care, they are willing to have a different service.

巴西有很多人，有 1.5 億人只在公共醫療系統工作。對於緊急情況、大問題，也許這很有效。但對於初級保健，他們願意提供不同的服務。

So I think this kind of solution also helps to offload the pressure that we have in the public health system. So I think this is a partnership that also can create a big social impact in Brazil.

所以我認為這種解決方案也有助於減輕我們公共衛生系統的壓力。所以我認為這種夥伴關係也可以在巴西產生巨大的社會影響。

And talking about social impact, I'd like to bring a video from our big partner, Gerando Falcoes, a very well-known nongovernment organization in Brazil. It's a network of institutions, organizations that work on digital transformation entrepreneurial' ships, and they cover 6,000 favelas in Brazil, and we have done a very important partnership with them. I would like to play the video here. Thank you Fabio. Thanks.

談到社會影響，我想帶來一段來自我們的大合作夥伴 Gerando Falcoes 的視頻，Gerando Falcoes 是巴西非常知名的非政府組織。這是一個由致力於數位轉型創業船的機構、組織組成的網絡，它們涵蓋了巴西的 6,000 個貧民窟，我們與他們建立了非常重要的合作關係。我想在這裡播放影片。謝謝法比奧。謝謝。

(presentation)

（推介會）

So just to wrap up this panel. I want to bring back some main ideas here. First of all, is that this 3Bs framework is not actually new. We presented this 18 months ago in our Brazil Investors Day. And at that moment, the achievements we just showed you, TIM is really far and difficult. In summary, we have delivered a lot during those 18 months.

總結一下這個面板。我想在這裡帶回一些主要想法。首先，這個 3Bs 框架其實並不是什麼新鮮事。我們在 18 個月前的巴西投資者日上介紹了這一點。而在那一刻，我們剛剛給大家展示的成就，TIM真的很遙遠很難。總而言之，我們在這 18 個月裡交付了很多東西。

In terms of best service, we still have a way to go. But as you just saw here, we are on the right path, and we have been improving a lot our customer experience indicators. When we talk about the best network, it was a long journey to reach the first position. But it's even more challenging to keep this position from now on.

就最好的服務而言，我們還有很長的路要走。但正如您剛才在這裡看到的，我們正走在正確的道路上，並且我們一直在改進我們的客戶體驗指標。當我們談論最佳網路時，到達第一個位置是一個漫長的過程。但從現在開始保持這個位置就更具挑戰性了。

And finally, the best offer, we have to focus here on delivering innovation to our customers and disruption to the Brazilian market, delivering our more-for-more approach, accelerating the migrations and upgrades in our customer base and monetizing our base by closing strategic partnerships.

最後，最好的報價是，我們必須專注於為客戶提供創新並顛覆巴西市場，提供更多的方法，加速客戶群的遷移和升級，並透過關閉策略合作夥伴關係來貨幣化我們的客戶群夥伴關係。

And this way, we finished our first panel of the day. Thank you.

這樣，我們就完成了今天的第一個小組。謝謝。

Thank you, Fabio. So now we'll start the first session of Q&A. We will be answering questions from the audience. Alberto, please come up. Andrea, if you will. We will also be answering questions from our webcast. Of course, we are in an event that its first language English. But if you have a question in Portuguese, don't worry, send your question through text, we will translate and answer it here as well. And I was informed that our translation for Portuguese is up and running right now. So good news for us.

謝謝你，法比奧。現在我們開始第一場問答環節。我們將回答觀眾的問題。阿爾貝托，請上來。安德里亞，如果你願意的話。我們還將回答網路廣播中的問題。當然，我們參加的活動其母語是英語。但如果您有葡萄牙語問題，請不要擔心，透過文字發送您的問題，我們也會在這裡翻譯並回答。我獲悉我們的葡萄牙語翻譯現已啟動並正在運行。這對我們來說是個好消息。

So the first question from the audience, do we have someone, feel free to raise your hand. You will receive the mic and say your name and the firm that you work for. And be answering the question with all of our guys here, they participate in the first panel and with the addition of Andrea Viegas, feel free to ask the first question.

那麼觀眾的第一個問題，我們有人嗎，請舉手。您將收到麥克風並說出您的名字和您工作的公司。與我們所有的人一起回答這個問題，他們參加了第一個小組，加上 Andrea Viegas，請隨意提出第一個問題。

Not yet. Maybe our friends here are shy. So I will start with Bernardo Guttmann is an analyst from XP. And I will read his question. So just paraphrasing him.

還沒有。也許我們這裡的朋友很害羞。我將從 XP 分析師 Bernardo Guttmann 開始。我會讀他的問題。所以只是轉述一下他。

Good afternoon everyone. Congrats on the event and the listing anniversary. I have a question about B2B. You have highlighted the opportunities, but the company has always struggled to navigate and grow in this market. In my view, the company has a retail DNA, very focused on B2C. So my question is, how do you plan to pivot and transform the company culturally and organizationally to grow and capture these opportunities in the B2B market.

大家下午好。祝賀本次活動暨上市週年紀念日。我有一個關於 B2B 的問題。您強調了這些機會，但該公司一直在努力在這個市場中導航和發展。在我看來，該公司有零售DNA，非常專注於B2C。所以我的問題是，您計劃如何在文化和組織上對公司進行轉型和轉型，以發展並抓住 B2B 市場的這些機會。

I think we have more answers about this in the B2B section, but no problem. I think Bernardo had to send his question. So Alberto, please give it a little bit of a spoiler here.

我認為我們在 B2B 部分對此有更多答案，但沒問題。我認為貝爾納多必須提出他的問題。所以阿爾貝托，請在這裡劇透一下。

Bernardo's considerations at the end of the day. So we are sort of a DNA of pure mobile and mainly consumer. So it's a right argument. I would say that it's a journey. And the fact that we are having a lot of success in terms of winning customers that select us for mission and business-critical services, it's a demonstration that the journey is long, but we are on the right track.

貝納多最終的考慮。所以我們的基因是純粹的行動設備，主要是消費者。所以這是一個正確的論點。我想說這是一次旅行。事實上，我們在贏得選擇我們提供任務和關鍵業務服務的客戶方面取得了巨大的成功，這表明我們的旅程很漫長，但我們走在正確的軌道上。

Of course, we need to upgrade internally to respond and to fulfill our ambition of growth, but Bernardo, this is correct. And the fact is that we launched a strategic project within the company 1 year ago, that provide for a transformation of the B2B as you probably knew a few years ago that encompasses not only the commercial approach, but also the capabilities and the skills required to be successful.

當然，我們需要內部升級來應對並實現我們的成長雄心，但貝爾納多，這是正確的。事實上，我們一年前在公司內部啟動了一個戰略項目，該項目旨在實現B2B 轉型，正如您幾年前可能知道的那樣，該項目不僅包含商業方法，還包含實現B2B 所需的能力和技能。成功的。

Another important point is that in this business, we are not alone. So we are building an ecosystem of partners that work with us to complete value proposition that are useful to our clients. And so we are quite inspired by the results that we are having and the fact that leading companies that select us to provide our technology to their services is, I think the real proof that the journey is long, but we have started and we have started at the right track.

另一個重要的一點是，在這個行業中，我們並不孤單。因此，我們正在建立一個合作夥伴生態系統，與我們合作完成對客戶有用的價值主張。因此，我們對我們所取得的成果以及選擇我們為其服務提供技術的領先公司這一事實感到非常鼓舞，我認為這真正證明了旅程是漫長的，但我們已經開始了，我們已經開始了在正確的軌道上。

Thank you, Alberto. Now we'll move to another question coming from Leonardo Olmos. He's an analyst from UBS. He will be joining us virtually from Zoom. So if our tech guys can open his mic, please?

謝謝你，阿爾貝托。現在我們轉向萊昂納多·奧爾莫斯提出的另一個問題。他是瑞銀集團的分析師。他將透過 Zoom 虛擬方式加入我們。那麼我們的技術人員可以打開他的麥克風嗎？

Congrats on the event and the results. I'll focus on digital services. How can we track digital revenues in the coming quarters, and most importantly in the coming years, I noticed something for the mid to the long term.

祝賀這次活動和結果。我將重點放在數位服務。我們如何追蹤未來幾個季度，最重要的是未來幾年的數位收入，我注意到一些中長期的事情。

What will be the indicators that the digital revenues are picking up? I'm talking about health care and the finance things to discuss in this section. And if I'm not mistaken, to look at it now, we should be looking at the customer platform revenue, right, which was BRL 54 million, up 9% year-over-year. So this is my first question.

數位收入回升的指標是什麼？我正在談論本節要討論的醫療保健和財務問題。如果我沒記錯的話，現在來看，我們應該專注於客戶平台收入，對吧，為 5,400 萬雷亞爾，年成長 9%。這是我的第一個問題。

Leo, we had some trouble to understand you, but just to make sure we will -- Alberto -- will ask Alberto to answer you about the digital revenues, basically what we call to do customer platforms and things correlating to that.

Leo，我們很難理解您的意思，但為了確保我們 - Alberto - 將要求 Alberto 回答您有關數位收入的問題，基本上就是我們所說的客戶平台以及與之相關的事情。

So Alberto I think we can start talking about this while we make sure that the audio from Leo is...

所以阿爾貝托，我認為我們可以開始討論這個問題，同時我們確保來自 Leo 的音訊...

I didn't get because I ask a second question that I read actually get. But on the first question, basically, what we track, we track it internally, and we share on let's say, in some specific moment in our quarterly results with you guys.

我沒有得到，因為我問了第二個問題，我讀到實際上得到了。但關於第一個問題，基本上，我們追蹤什麼，我們在內部追蹤它，然後我們在季度業績的某個特定時刻與大家分享。

So the digital revenues, when we look at partnership, we look at value generation in a number of different ways. So the first way, which is common to all partnership that needs to add value to our customers. And so this is directly impacted in terms of reduction of churn and increased customer loyalty.

因此，當我們考慮合作夥伴關係時，數位收入會以多種不同的方式來看待價值的產生。第一種方式是所有需要為客戶增加價值的合作夥伴所共有的。因此，這會直接影響減少客戶流失和提高客戶忠誠度。

So this is something that is across the board, valid for all partnerships that we do. Then when we look at the monetization of this partnership, we basically have a few options. So charge the customers, charge the partners, and get some equity.

所以這是一個全面的事情，對我們所做的所有合作關係都有效。然後，當我們考慮這種合作關係的貨幣化時，我們基本上有幾個選擇。所以向客戶收費，向合作夥伴收費，並獲得一些股權。

So we started the customer platform strategy a few years ago, and the main tool that we thought at that time was basically to have an equity partnership. Since then the world changed. And so at the end of the day, we are refocusing on this and complemented this with the potential revenue generation of this partner. And so this -- we measure this internally, and we share the progress with you over time. This -- it's an important component to fulfill our guidance of growing revenues above inflation, so it is just another line that contributed with B2B and broadband to allow in Brazil to grow its revenue in real terms in years to come.

所以我們幾年前就開始了客戶平台策略，當時我們想到的主要工具基本上就是股權合作。從那時起，世界發生了變化。因此，最終，我們將重新關注這一點，並透過該合作夥伴的潛在創收來補充這一點。因此，我們在內部對此進行衡量，並隨著時間的推移與您分享進展。這是實現我們收入成長高於通貨膨脹的指導方針的重要組成部分，因此它只是 B2B 和寬頻的另一條線，使巴西能夠在未來幾年實現收入的實際增長。

So Leo, if you can repeat your second question, in order for us to answer it, please?

Leo，您能否重複一下您的第二個問題，以便我們回答？

Yes. First of all, that was exactly my question. And then my follow-up, my second question will be about margin? How do you see this customer platform playing out in the future in TIM. So maybe it is margin dilutive, but is free cash flow accretive? How do you think about it?

是的。首先，這正是我的問題。然後我的後續行動，我的第二個問題是關於保證金？您如何看待這個客戶平台未來在 TIM 的表現？那麼也許它會稀釋利潤，但自由現金流會增加嗎？你覺得怎麼樣？

Leo, it's accretive across the board at the end of the day because basically when we launched this partnership, let me give you a sort of a philosophical approach first, and then I will try to go into the P&L.

利奧，歸根結底，它是全面增值的，因為基本上當我們啟動這種夥伴關係時，讓我先給你一種哲學方法，然後我會嘗試進入損益表。

So, when we look at this partnership, at a certain point, some of you guys ask us, it's diluting. So you're spending money to do this partnership. At the end of the day, what we do is that we have our own objectives that are quite clear, be more appealing to attract customers and provide value to our whole customer base to reduce churn. This is our objective.

因此，當我們審視這種夥伴關係時，在某種程度上，你們中的一些人問我們，它正在稀釋。所以你花錢來建立這種夥伴關係。歸根結底，我們所做的是我們自己的目標非常明確，更具吸引力來吸引客戶，並為我們的整個客戶群提供價值以減少客戶流失。這是我們的目標。

And when you look at the, our partner, they also have their objectives. And so we try to combine this to make it economically sustainable in the long term. So what does it mean this in practice? We just discussed, okay, let's discuss Prime. So Prime is a very important brand for our prepaid Prime's objective is to increase their e-commerce presence in Brazil in the segment where we closed the partnership with, which is e-commerce, which is prepaid. So when you combine the two things, the terms that we got with them is win-win. So it's not an important cost line in our P&L.

當你看看我們的合作夥伴時，他們也有自己的目標。因此，我們嘗試將其結合起來，使其在經濟上長期可持續。那麼這在實踐中意味著什麼呢？我們剛剛討論過，好吧，我們來討論 Prime。因此，Prime 對於我們的預付費來說是一個非常重要的品牌。Prime 的目標是提高他們在巴西電子商務領域的影響力，而我們與該領域已經建立了合作夥伴關係，即預付費電子商務領域。因此，當你將這兩件事結合起來時，我們與他們達成的條件是雙贏的。因此，它不是我們損益表中的重要成本項目。

Now when you look at the partnership as a whole, generally speaking, how do we market this. We have incremental cost in a way that from a communicating point of view, we try to use one of the existing slots that we have to -- so it's synergetic. It's not another campaign. It's a lot within our campaign. So it's not incremental cost.

現在，當你從整體上看待合作關係時，一般來說，我們如何行銷這一點。從溝通的角度來看，我們的成本是增量的，我們嘗試使用我們必須使用的現有插槽之一 - 所以它是協同的。這不是另一場競選活動。我們的競選活動中有很多內容。所以這不是增量成本。

Then we have some specific resources allocated to the running of the partnership, which is primarily related to CRM activities, so they are accretive of the EBITDA margin, and we certainly accretive on the free cash flow margin because generally we don't have any CapEx or small CapEx involved in the launch of this project.

然後，我們分配了一些特定的資源來運作合作夥伴關係，這主要與 CRM 活動相關，因此它們會增加 EBITDA 利潤，而且我們當然會增加自由現金流利潤，因為通常我們沒有任何資本支出或參與該項目啟動的小額資本支出。

Our next question comes from the audience. I think from Ricardo from BTG has a question.

我們的下一個問題來自觀眾。我認為 BTG 的 Ricardo 有一個問題。

Yes. So amazing event. So my question, there was Anatel put up for public hearing maybe a few weeks ago, a regulation preventing the big telcos from doing RAN sharing agreement in cities with less than 100,000 people, right?

是的。如此驚人的事件。所以我的問題是，Anatel 可能在幾週前舉行了公開聽證會，這項規定禁止大型電信公司在人口不到 10 萬的城市簽訂 RAN 共享協議，對嗎？

And you just mentioned earlier today about how important the RAN sharing agreement is with Vivo, for instance, and so my question is, first of all, do you think this is going true, right? I mean what are the changes that this regulation is going to be approved?

例如，你今天早些時候提到了與 Vivo 的 RAN 共享協議有多麼重要，所以我的問題是，首先，你認為這是真的嗎？我的意思是，該法規將被批准的變更有哪些？

And second one is how that would change your plans to cover these smaller cities, I'm sure smaller but...

第二個是這將如何改變您覆蓋這些較小城市的計劃，我確信較小，但是...

So I think that -- well, it's a public consultation. So there will be a discussion about this. RAN sharing at the end of the day, it's favorable for the final customers. So they got better quality at the end of the day. So let's see how the public hearing goes.

所以我認為——嗯，這是一次公眾諮詢。所以才會有關於這個的討論。 RAN 共享歸根結底，對最終客戶是有利的。所以他們最終獲得了更好的品質。那麼讓我們看看公開聽證會進展如何。

But I think it's important to do some distinction. So we have been -- our agreement with Vivo has been approved, and it's related to 4G and for cities, for a part of cities below 30,000. What Anatel is looking for is primarily broadband, what you call broadband RAN sharing, which is related to 5G. The obligation to us to provide coverage to cities below 100,000 start in 2028. So it's something that is a bit more along the way. So we've got a number of years to go before discussing the 5G sort of agreement with Vivo or other companies.

但我認為做一些區分很重要。所以我們與 Vivo 的協議已經獲得批准，它涉及 4G，涉及城市，涉及部分 3 萬以下的城市。 Anatel 尋求的主要是寬頻，即所謂的寬頻 RAN 共享，這與 5G 相關。我們有義務從 2028 年開始為 10 萬人口以下的城市提供覆蓋。因此，這個過程需要更多時間。因此，在與 Vivo 或其他公司討論 5G 協議之前，我們還有很多年的時間。

So we've got a long way to go until there. And there is a lot of value in the 4G sharing stand-alone plus the 2G divisional cost. So the answer is we'll see how the hearing goes. We are quite confident that it should be, let's say, allowed to provide shared infrastructure because at the end of the day, deliver more quality to the customers. Our agreement is open to other players that want to use. But we have a long way to deploy the agreement. We already have in place, see how it goes from there possibly extended. And then in 2028, address the 5G opportunity. It's a bit further on.

因此，我們還有很長的路要走。而且4G共享單機加上2G分割成本有很大的價值。所以答案是我們將看看聽證會進展如何。我們非常有信心，可以說，應該允許提供共享基礎設施，因為最終可以為客戶提供更高的品質。我們的協議對其他想要使用的玩家開放。但我們距離部署該協議還有很長的路要走。我們已經就位，看看它如何從那裡可能擴展。然後在 2028 年，抓住 5G 機會。扯得有點遠了。

Okay. Just if I can do a follow-up now that we're talking about rules and regulations and all. I think the -- what is behind Anatel's idea is should increase competition, right? That's what they're trying to do, I guess.

好的。現在我們正在討論規則和規定等等，如果我能做一個跟進就好了。我認為 Anatel 的想法背後應該是增加競爭，對嗎？我猜這就是他們想要做的。

And there is another also piece of regulation that is up for public hearing, which is allowing smaller operators to use frequency as a secondary use of frequency, right? It's also part of the consultation. How does -- what's your view on that? Might TIM back...

還有另一項法規正在等待公開聽證會，該法規允許較小的業者將頻率用作頻率的二次使用，對嗎？這也是諮詢的一部分。您對此有何看法？或許TIM會回來…

We are very happy with competition. We're in a very competitive market. So if we just discussed that it took a number of years to go from five to three and the two operators have gone bankrupt in the process. And so you know that we have the largest MVNO share in the market. Anatel has been publishing regulation related to roaming for MVNO.

我們對競爭感到非常高興。我們正處於一個競爭非常激烈的市場。因此，如果我們只是討論從五年到三年的時間，而兩家運營商在此過程中破產了。所以您知道我們擁有市場上最大的 MVNO 份額。 Anatel 一直在發布與 MVNO 漫遊相關的法規。

We have an open discussion with them. Some we like it, some we don't like it, and we respond accordingly. I think that Anatel objective is fair enough, they want to increase local competition, mobiles business of scale. And at the end of the day, we already went through a number of subscale operators that were not successful. it's regulated. We're happy with it. We'll see what it -- what it works.

我們與他們進行了公開討論。有些我們喜歡，有些我們不喜歡，我們會做出相對應的反應。我認為Anatel的目標很公平，他們希望增加在地競爭，擴大手機業務規模。最終，我們已經經歷了一些不成功的小規模運營商。它受到監管。我們對此很滿意。我們將看看它有什麼作用。

I don't know, Mario if you want to add some color on this.

我不知道，馬裡奧你是否想對此添加一些色彩。

Just to complement...

只是為了補充...

Mario, please come on the stage. Mario is our VP of Regulatory Affairs, also ESG and press. So Mario, please.

馬裡奧，請上台。 Mario 是我們的監理事務副總裁，同時也是 ESG 和媒體副總裁。那麼馬裡奧，請。

Good afternoon to everybody. Thank you for being here. Just a piece of information. In order to implement the conditions of the acquisition of Oi, we put the availability of a piece of frequencies and nobody appears we didn't sell nothing of the piece of frequencies that (inaudible) asked us to put in (inaudible). So this is why it's not a matter of cherrypicking frequency in some places in Brazil. It's a matter of investing a lot of money. But of course, it's fair enough that after a consolidation at -- the regulator tried to boost competition in some ways, we are following the rules.

大家下午好。非常感謝您的到來。只是一則訊息。為了實現收購 Oi 的條件，我們提供了一段頻率的可用性，但沒有人出現我們沒有出售任何（聽不清楚）要求我們投入（聽不清楚）的頻率。所以這就是為什麼在巴西某些地方這不是挑選頻率的問題。這是投入大量資金的問題。但當然，在監管機構試圖以某種方式促進競爭之後，我們遵守了規則，這是很公平的。

Another point, maybe we can share on the quality of it. So if you look at Anatel, of course, they want to -- it's a normal they then want to increase competition at local level. They've got to frequency, they've got everything.

還有一點，也許我們可以分享它的品質。因此，如果你看看 Anatel，他們當然想要——這是他們想要增加地方層面的競爭的正常現象。他們必須頻率高，他們擁有一切。

What is important also to point out is that as Ian showed, Brazil ranked really very high in terms of the quality that us as a sector are provided to the Brazilian consumers. And if you look at the claims, we are focused -- we are shifting versus a value-based competition. And you see there, for example, another company for the entire sector are going down. So the operator are making an effort in deploying 5G fast faster than the regulator ask. You see that when we look at the (inaudible) services, we are just below U.K. and above every other countries in Latin America, and you see that in terms of complaints, the numbers are constantly improving over time.

還需要指出的是，正如伊恩所表明的那樣，就我們作為一個部門向巴西消費者提供的品質而言，巴西的排名確實非常高。如果你看看這些說法，我們就很專注——我們正在轉向基於價值的競爭。例如，你會看到整個行業的另一家公司正在倒閉。因此，營運商正在努力以比監管機構要求更快的速度部署 5G。您會看到，當我們查看（聽不清楚）服務時，我們略低於英國，高於拉丁美洲其他所有國家，而且您會看到，就投訴而言，數字隨著時間的推移不斷改善。

So I think that the model that we are sort of being adjusted, a competitive model is producing a lot of benefits for the final users.

所以我認為我們正在調整的模型，競爭模型正在為最終用戶帶來許多好處。

Okay. So our next question comes from Fred Mendes from Bank of America. He's joining us virtually. So please, if you guys can now open his mic.

好的。我們的下一個問題來自美國銀行的 Fred Mendes。他實際上正在加入我們。所以請你們現在可以打開他的麥克風。

Thank you, Vicente. Great, great event. Just -- I have just, I guess, a follow-up question on CapEx as well. I think that goes more to Leonardo CapDeville. Where do you think that the team needs to invest the most in 2024, right? Because, I mean, when you look here from the points you described, I mean, strongest network, largest coverage on 5G, it looks like there is room for lower CapEx in 2024 versus 2022. So just wondering where you believe you -- TIM should invest the most.

謝謝你，維森特。很棒，很棒的活動。我想，我還有一個關於資本支出的後續問題。我認為這更適合萊昂納多·卡普德維爾。您認為2024年團隊最需要投入的地方在哪裡，對吧？因為，我的意思是，當你從你所描述的觀點來看時，我的意思是，最強的網絡，最大的5G 覆蓋範圍，看起來2024 年與2022 年相比，資本支出還有降低的空間。所以只是想知道你相信什麼——TIM應該投資最多。

And if you can just refresh our minds a little bit, what would be the level of maintenance in terms of net revenue? And what would be the level of expansion?

如果您能稍微刷新一下我們的想法，就淨收入而言，維持水準會是多少？擴張的程度是多少？

I think we had some trouble hearing you here. So if you can repeat, we just understood, and if you can also speak a little bit slower because I think this will help us here. You talked about CapEx and efficiency in network, but could you again repeat your question, please?

我想我們在這裡聽不到你的聲音。所以，如果你能重複一遍，我們就明白了，如果你也能說得慢一點，因為我認為這對我們有幫助。您談到了網路的資本支出和效率，但您能再次重複您的問題嗎？

No, basically, it is just in terms of CapEx, right? When you look at what we have done so far, it looks like most of the CapEx has been deployed. 5G coverage, quality, everything. So basically, when I look at 2024, I was wondering where should we see most of the CapEx going to?

不，基本上，這只是資本支出方面的，對嗎？當您查看我們迄今為止所做的事情時，看起來大部分資本支出已經部署。 5G覆蓋、質量，一切。所以基本上，當我展望 2024 年時，我想知道我們應該看到大部分資本支出會流向哪裡？

And if there is room for lower CapEx year-over-year, assuming that most of the investment has already been done.

假設大部分投資已經完成，資本支出是否還有同比下降的空間。

Thank you, Fred. I'll ask Alberto to start elaborating on this, and then we can move to other participants of our Q&A as well.

謝謝你，弗雷德。我將請阿爾貝托開始詳細說明這一點，然後我們也可以轉向其他問答的參與者。

Yes. So in terms of CapEx, the changes versus our guidance. So we provided last year a figure of BRL 13.3 billion for the '23, '24, '25. So you will see that basically, we are running for the -- we are expecting to run over the next years at the same speed of this year.

是的。因此，就資本支出而言，變化與我們的指導相比。因此，我們去年為「23」、「24」、「25」提供了 133 億雷亞爾的數字。所以你會看到，基本上，我們正​​在運行——我們預計未來幾年將以與今年相同的速度運行。

We're going to publish new guidelines on updated guidance in February next year. But roughly, we are looking at a constant or sort of constant and nominal CapEx for the next couple of years.

我們將於明年 2 月發布有關更新指南的新指南。但粗略地說，我們正在考慮未來幾年的恆定或恆定的名目資本支出。

So where does the CapEx investment goes. So I will give you some general guidance, and then I would like to share -- to ask Leo to complement on this, which is basically the following. A lot of CapEx is going clearly to the network. And in terms of network, the CapEx is going entirely to provide better service to our customers. And so we shared with you guys today that we have the leading mobile network in Brazil in terms of quality. And we are using -- once the coverage Leo mentioned, we basically reached every single cities. We are now basically providing better coverage and with 5G and 4G in the commercial areas that are more important to us.

那麼資本支出投資去哪了呢？所以我會給你們一些一般性的指導，然後我想分享一下——請Leo對此進行補充，基本上是以下內容。大量資本支出顯然流向了網路。在網路方面，資本支出完全是為了為我們的客戶提供更好的服務。因此，我們今天與大家分享的是，就品質而言，我們擁有巴西領先的行動網路。我們正在使用——一旦利奧提到的覆蓋範圍，我們基本上覆蓋了每個城市。我們現在基本上是在提供更好的覆蓋，並且在對我們更重要的商業領域提供5G和4G。

When you look at Brazil, it's a big country. So overall, we are leading in terms of quality, but we still have some opportunities on a regional level. And so the CapEx is going to increase the overall level of service of our customers and wider gap or close the gap on a regional analysis.

當你看看巴西時，你會發現這是一個大國。總體而言，我們在品質方面處於領先地位，但在區域層面上我們仍然有一些機會。因此，資本支出將提高我們客戶的整體服務水平，並擴大或縮小區域分析的差距。

Please, Leo.

拜託，利奧。

Freddie. I guess that we will focus on the 5G in the next few years. So we commented before that we're reducing the 4G investment and when you look at what is the pressure over the CapEx on the network is related with capacity.

弗雷迪.我估計未來幾年我們會專注在5G。所以我們之前評論說我們正在減少4G投資，當你看看網路上的資本支出壓力與容量有關時。

The good point here is with the 5G, when deployed one site we have a lot of capacity for now and for the future. So when we're talking about Sao Paulo, for example, Sao Paulo city, we already coverage all the neighborhoods what means that we have available a lot of capacity to support the growth in the next few years.

5G 的優點在於，部署一個站點後，我們現在和未來都擁有大量容量。因此，當我們談論聖保羅時，例如聖保羅市，我們已經涵蓋了所有社區，這意味著我們有大量的能力來支持未來幾年的成長。

It's interesting to observe that our doubt when we started this strategy, was about the speed of the change from the device side, the handsets from the 4G to the 5G. At that time, we expect that the data will grow faster than 4G. In the reality, it's better than what we expected.

有趣的是，當我們開始這項策略時，我們的疑慮是裝置端、手機從 4G 到 5G 的變化速度。屆時，我們預計數據成長速度將超過4G。事實上，它比我們預期的要好。

Just to give you a number, we are expecting for the next 3 months that the total potential 5G traffic in Brazil, we will be around 30%. So it represents all the potential that we can capture with this 5G coverage and if that support capacity again now and for the near future. So this is one of the reasons that we are seeing and maintain this vision to reducing the CapEx over the revenue.

給你一個數字，我們預計未來 3 個月巴西 5G 潛在流量總量將達到 30% 左右。因此，它代表了我們可以透過 5G 覆蓋以及現在和不久的將來再次支持容量的所有潛力。因此，這是我們看到並維持這一願景的原因之一，即降低資本支出相對於收入的比例。

Because as a comment, before the efficiency to deploy this capacity over the 5G is more efficient to do that in the 4G and not -- remember that we're talking about the -- even the investment that we did in 4G can be switched for their 5G just for applying software over the radios.

因為作為評論，在 5G 上部署此容量的效率之前，在 4G 中部署此容量的效率更高，而不是 - 請記住，我們正在談論 - 即使我們在 4G 中所做的投資也可以轉換為他們的5G 只是用於透過無線電應用軟體。

So I know that the marketing every time that we're talking about a new wave of technology is a bit afraid about, okay, we did 2G, 3G, 4G and now 5G. But in fact, the 5G is the most efficient way to serve the marketing.

所以我知道，每次我們談論新的科技浪潮時，行銷都有點害怕，好吧，我們做過2G、3G、4G，現在又是5G。但事實上，5G才是服務行銷最有效的方式。

Alberto commented about the opportunity that we have to increase the usage per subscriber in Brazil, and we can monetize in that. So we are confident that our focus on the 5G is the better way to do that.

阿爾貝托評論說，我們有機會增加巴西的每位用戶的使用量，並且我們可以從中獲利。因此，我們相信，專注於 5G 是實現這一目標的更好方法。

Thank you, Leo. Thanks, Alberto. So the next question now comes from Andres Coello from Scotiabank. He will be joining us virtually as well. Andreas, please, if you can tune down your volume, I think will help us with the interference that we are getting here. And please open his mic.

謝謝你，利奧。謝謝，阿爾貝托。下一個問題現在來自豐業銀行的安德烈斯·科埃洛。他也將透過虛擬方式加入我們。安德烈亞斯，如果你能調低音量，我想這將有助於我們應對這裡的干擾。請打開他的麥克風。

So I'm just wondering about the timing of the increasing cash distributions to shareholders. You said you're going to pay now BRL 2.9 billion, but I'm wondering, that's for 2023, and then BRL 2.9 billion will be the base for 2024.

所以我只是想知道增加分配現金給股東的時間。您說現在要支付 29 億雷亞爾，但我想知道，這是 2023 年的情況，然後 29 億雷亞爾將作為 2024 年的基礎。

So just wondering, the BRL 2.9 billion is for this year and next year, or next year we will have perhaps a little bit more? That's my first question.

所以我想知道，29 億雷亞爾是今年和明年的資金，還是明年我們可能會多一點？這是我的第一個問題。

Okay. Andreas, I think we got it. Basically, what he's asking about is regarding the increase in remuneration for shareholders, the growth to BRL 2.9 billion. And what he wants to know is regarding the timing of this, how much is in 2023? How much is in 2024? If this new guidance is going to the future, how these things...

好的。安德烈亞斯，我想我們明白了。基本上，他問的是關於股東薪酬的增加，增加到29億雷亞爾。他想知道的是這個時間，2023年是多少？ 2024年是多少？如果這個新的指導方針適用於未來，這些事情如何...

So let me talk about the future, and then I will pass to Andrea for the timing of the payments. So we -- so it's a new floor. And so our guidance is a continuous improvement. So it's above BRL 2.9 billion this year and onwards.

因此，讓我談談未來，然後我將向安德里亞詢問付款的時間。所以我們——所以這是一個新樓層。因此，我們的指導是持續改進。因此，今年及以後的金額將超過 29 億雷亞爾。

So we -- I think we have a consistent story of even if we don't have a formal policy to deliver on the promises that we make. So remember, we move from BRL 1 billion to BRL 2 billion, then from BRL 2 billion to BRL 2.3 billion, then from BRL 2.3 million to BRL 2.9 billion.

因此，我認為即使我們沒有正式的政策來兌現我們所做的承諾，我們也有一個一致的故事。因此請記住，我們從 10 億雷亞爾變為 20 億雷亞爾，然後從 20 億雷亞爾變為 23 億雷亞爾，然後從 230 萬雷亞爾變為 29 億雷亞爾。

The reason behind this is that our free cash flow margin and free cash flow are expanding pretty fast. And we said we're going to use them to improve shareholder remuneration. This is the driver behind the increase from BRL 2.3 billion and BRL 2.9 billion. So in the following years, the free cash flow will expand and therefore, it's a new floor.

這背後的原因是我們的自由現金流利潤率和自由現金流成長得相當快。我們說我們將利用它們來提高股東薪酬。這是從 23 億雷亞爾增加到 29 億雷亞爾的推動因素。因此，在接下來的幾年裡，自由現金流將會擴大，因此，這是一個新的樓層。

In terms of the timing of the payment, I would pass this to our CFO.

至於付款時間，我會將其傳遞給我們的財務長。

Yes. So related to the payments, we will complete the IOC payments this year. This BRL 2.9 billion is the new guidance that we will approve in the next assembly. So we -- for these years, we will complete the payment in IOC, and for attributed to this BRL 2.9 billion we will pay in the next, first quarter of the next year, like we used to do in our timing of payment -- of dividend payments.

是的。所以說到付款，我們今年將完成國際奧委會的付款。這 29 億雷亞爾是我們將在下次大會上批准的新指導方針。因此，這些年來，我們將在國際奧委會中完成付款，對於這 29 億雷亞爾，我們將在明年第一季支付，就像我們過去在付款時間上所做的那樣——股息支付。

That was very clear. And just one second question, if I may. My second question is on the fixed line deal in Italy. As you know, on Sunday, Telecom Italia approved the KKR offer for the fixed line network in Italy. And while this seems to be important because this will be the first time in 10 years that Telecom Italia has a real chance of exiting the junk status for the bonds, for the Telecom Italia bonds.

這非常清楚。請容許我問第二個問題。我的第二個問題是關於義大利的固定電話交易。如您所知，週日，義大利電信批准了 KKR 對義大利固網網路的報價。這似乎很重要，因為這將是義大利電信 10 年來第一次真正有機會擺脫債券的垃圾級地位。

So I'm wondering, in your opinion, from the Brazilian standpoint, what are the implications of Telecom Italia having a stronger balance sheet?

所以我想知道，在您看來，從巴西的角度來看，義大利電信擁有更強勁的資產負債表會產生什麼影響？

Thank you, Andreas. So basically, just to make sure everybody gets the right question. He wants to know the implications for TIM Brazil are related to the transaction that is being done in Italy from our controller entity.

謝謝你，安德烈亞斯。基本上，只是為了確保每個人都得到正確的問題。他想知道對 TIM 巴西的影響與我們的控制實體在義大利進行的交易有關。

Alberto, I don't know if you want to comment a little bit on this. Of course, it's not a topic directly correlated to Brazil, but there are some implications.

阿爾貝托，我不知道你是否想對此發表一些評論。當然，這不是一個與巴西直接相關的話題，但有一些影響。

To some extent, Pietro already answered this question indirectly in its opening remarks. So the objective of the transaction is a delayering at our main shareholder. If this gets approved, I'd approved by the Board of Directors there, at the end of the day, this means for us more flexibility in capital allocation. as many of you guys on the sales side are already captured in the comments to the -- upon the approval of the agreement.

某種程度上，彼得羅在開場白中已經間接回答了這個問題。因此，交易的目的是拖延我們的主要股東。如果這獲得批准，我會得到那裡的董事會的批准，歸根結底，這對我們來說意味著在資本配置方面有更大的靈活性。因為銷售方面的許多人已經在協議批准後的評論中得到了體現。

So if they, let's say, address the leverage problem, here on our side, we're going to have more flexibility in our capital structure.

因此，如果他們解決了我們這邊的槓桿問題，我們的資本結構就會有更大的彈性。

Thank you, Alberto. Thank you, Andres. Well guys, we still have some questions, but we need to move on with the event. So we will start the second part of our panels with B2B. So I ask Fabrizio Bozzetto and Paulo Humberto to come up. Andrea, please, if you can remain.

謝謝你，阿爾貝托。謝謝你，安德烈斯。好吧，夥計們，我們仍然有一些問題，但我們需要繼續活動。因此，我們將從 B2B 開始小組討論的第二部分。所以我邀請 Fabrizio Bozzetto 和 Paulo Humberto 上來。安德里亞，如果你能留下來的話。

Okay. We have a small break before that. All right. 5 minutes.

好的。在此之前我們有一個短暫的休息時間。好的。 5分鐘。

(Break)

（休息）

Ladies and gentlemen, we are going to resume our event. So if you please take your seat. If we have a countdown also with our Zoom meeting, we can start that. Just a little bit for everyone to be seated, and we can start. So I just heard that I actually was quite unpolite. I didn't introduce myself. I'm Vicente Ferreira, Head of IR of TIM Brasil. I worked with the company for 20 years, 15 in IR. So good afternoon, everyone. Just kidding. But then we are good to go. So we can be back.

女士們先生們，我們將繼續我們的活動。所以請您入座。如果我們的 Zoom 會議也有倒數計時，我們就可以開始。稍微等一下大家就座，我們就可以開始了。所以我只是聽說我其實很不禮貌。我沒有自我介紹。我是 Vicente Ferreira，TIM Brasil 的 IR 主管。我在公司工作了 20 年，其中 15 年從事 IR 工作。大家下午好。只是在開玩笑。但接下來我們就可以出發了。這樣我們就可以回來了。

We are going to start, resume our panels to go into details of our strategy and how we are executing it. As I mentioned in the beginning, B2B is an area of very interesting new things that we are starting to do, so we will have back Fabio Avellar, our CRO; also Fabrizio Bozzetto, our Chief Strategy Officer; and Paulo Humberto, our Head of Sales for B2B to start this panel. So please, Fabrizio?

我們將開始、恢復我們的小組討論，詳細介紹我們的策略以及我們如何執行該策略。正如我在開頭提到的，B2B 是一個我們正在開始做的非常有趣的新事物領域，因此我們將重新聘請我們的 CRO Fabio Avellar；還有我們的首席策略長 Fabrizio Bozzetto；我們的 B2B 銷售主管 Paulo Humberto 主持了本次小組討論。那麼，法布里齊奧，可以嗎？

Thanks, Vicente. Good afternoon, everyone. It's a pleasure to be here with you today. B2B is a new frontier for us. And what we have did in the past is different from what we are going to do in the future. We crafted this strategy a couple of years ago, and we started implemented. And in the past few months already, we are seeing bearing the first fruits. Fabio and Paulo will tell you a bit more in detail on the commercial front.

謝謝，維森特。大家下午好。很高興今天能和大家在一起。 B2B 對我們來說是一個新領域。而我們過去所做的事情和未來要做的事情是不同的。幾年前我們制定了這項策略，並開始實施。在過去的幾個月裡，我們已經看到了第一批成果。法比奧和保羅將向您詳細介紹商業方面的情況。

On this opportunity, we see that the selected verticals in Brazil are going to have a great improvement in margin increase, digitalization through connectivity solution and application. And our opportunity rest in these verticals, starting from what Alberto mentioned a few moments ago.

藉此機會，我們看到巴西選定的垂直行業將透過連接解決方案和應用在利潤成長、數位化方面取得巨大進步。我們的機會就在這些垂直領域，從阿爾貝托剛才提到的開始。

Mobile services reach in Brazil more than 90% of population, but less than 20% of territory coverage. This represents an industrial gap for these verticals affecting their opportunity and their capabilities to transform the distributed operation throughout the territory.

巴西90%以上的人口擁有行動服務，但領土覆蓋率不到20%。這代表了這些垂直產業的產業差距，影響了他們轉變整個地區分散式營運的機會和能力。

So we are partnering with these clients in these verticals to help them to materially transform in their business. We have chosen two verticals like agribusiness, logistics and utilities that are very relevant for the Brazilian economy. These verticals accounts for 30% of Brazilian GDP, agri business alone represent 24% of the Brazilian GDP.

因此，我們正在與這些垂直領域的客戶合作，以幫助他們實現業務的實質轉型。我們選擇了農業綜合企業、物流和公用事業等與巴西經濟非常相關的兩個垂直產業。這些垂直產業佔巴西 GDP 的 30%，光是農業企業就佔巴西 GDP 的 24%。

In logistics, and in particular, highways, accounts for 60% of total cargo that are transported in Brazil. In utilities, we have more than 150 million meters that need some sort of automation, leveraging the connectivity. We also have more than 50 million poles that are in private public partnership, that will need connectivity to be remotely managed.

在物流方面，尤其是高速公路，佔巴西運輸總量的 60%。在公用事業領域，我們有超過 1.5 億個儀表需要利用連接性來實現某種自動化。我們還有超過 5,000 萬根公私合作的電線桿，需要遠端管理連線。

When I was mentioning that B2B is a new frontier for us is because we are leaving aside traditional businesses that the telco usually serve to their clients to focus on IoT connectivity and IoT solution. This is a segment that is worth around USD 1.2 billion, USD 1.5 billion in Brazil at this moment, and is expected to increase fourfold in the next 5 years.

當我提到 B2B 對我們來說是一個新領域時，是因為我們放棄了電信公司通常為客戶提供的傳統業務，並專注於物聯網連接和物聯網解決方案。該細分市場價值約為 12 億美元，目前巴西為 15 億美元，預計在未來 5 年內將成長四倍。

To tap into this opportunity, we defined a three step approach. The first one is to focus on connectivity as a stepping stone to expand towards solution and services. In this first step, we already have achieved remarkable success and a strong track record as Alberto was mentioning and that Fabio and Paulo will show you later some clear example of that.

為了利用這個機會，我們定義了一個三步驟的方法。第一個是專注於連接性，將其作為擴展到解決方案和服務的墊腳石。正如阿爾貝託所提到的那樣，在第一步中，我們已經取得了顯著的成功和良好的業績記錄，法比奧和保羅稍後將向您展示一些明顯的例子。

The second step will be bringing solution beyond connectivity to our customers. This is something that is recent, but also in this step, we have achieved some very good case that is proving the concept. The third step is still and -- is still under construction. 5G-based solution are very unbranded at this stage.

第二步將是為我們的客戶提供連接以外的解決方案。這是最近發生的事情，但在這一步驟中，我們已經取得了一些非常好的案例來證明這個概念。第三步仍在建設中。現階段基於 5G 的解決方案還非常沒有品牌。

But as you may remember, a few months ago, we launched an initiative, our 5G investment fund. That is going to focus on support company to support and develop 5G use cases that we can later take to our clients. So you see our strategy is going to connect in the future on this topic.

但您可能還記得，幾個月前，我們發起了一項舉措，即我們的 5G 投資基金。我們將專注於支援公司來支援和開發 5G 用例，然後我們可以將這些用例提供給客戶。所以你看，我們的策略將在未來與這個主題相關聯。

So far, we have talked about the opportunity and about how we are creating this marketing -- this market, leveraging our strengths and our mobile-driven solution.

到目前為止，我們已經討論了機會以及我們如何利用我們的優勢和行動驅動的解決方案來創建這個行銷——這個市場。

Now I want to talk about how we make money with it. This is a new market, the business model that we created has been changed over time and should be flexible to meet customer needs and demand.

現在我想談談我們如何用它賺錢。這是一個新的市場，我們創建的商業模式已經隨著時間的推移而改變，應該靈活地滿足客戶的需求和需求。

The first use case that we map is the mobile coverage as service. In this case, we provide dedicated infrastructure to our clients that need to cover farm, a plant and highway. For that, we are rightly remunerated through two elements. A fee for the technical development of the project, and then a recurring monthly fee for the connectivity, for the service that we provide.

我們繪製的第一個用例是移動覆蓋即服務。在這種情況下，我們為需要覆蓋農場、工廠和高速公路的客戶提供專用基礎設施。為此，我們透過兩個要素獲得合理的報酬。專案的技術開發費用，然後是我們提供的服務的每月定期費用。

The second use case is related already to IoT connectivity is private network. The business model is very similar to the previous one. But in this case, we are adding additional elements and additional solutions to the previous one.

第二個用例已經與物聯網連接相關，即專用網路。商業模式與之前的非常相似。但在這種情況下，我們在前一個的基礎上添加了額外的元素和額外的解決方案。

So beyond the project deployment fee, beyond the connectivity fee, we also have a fee for the equipment resale.

因此，除了專案部署費、連接費之外，我們還收取設備轉售費。

The third one that is smart lighting is an end-to-end solution. This is something -- this is something very new that our team has developed, in which we put together hardware, software, application and connectivity to solve a business issue of our clients.

第三個是智慧照明，是一個端到端的解決方案。這是我們團隊開發的非常新的東西，我們將硬體、軟體、應用程式和連接結合在一起來解決客戶的業務問題。

In this case, the public management of lighting. For this business model, we created three revenue streams, again, a project deployment that lead to an activation fee, recurring fee for the connectivity and then also the resale of the equipment that need to -- that support the client in managing the service in an end-to-end way.

在這種情況下，公共照明管理。對於這種業務模式，我們再次創建了三個收入流，一個專案部署會產生啟動費、連接的經常性費用，然後還會轉售所需的設備，以支援客戶管理服務一種端到端的方式。

So now I invite Fabio to show you a bit more of our track record on the commercial side.

現在我邀請 Fabio 向您展示我們在商業方面的更多記錄。

Thank you, Fabrizio. So thanks, Fabrizio. And our B2B business model is already up and running. In these three vertical Fabrizio has just showed us, main market leaders, as you can see with the logos here on the slide, has already selected TIM as their main provider of IoT solutions and connectivity.

謝謝你，法布里齊奧。謝謝，法布里齊奧。我們的 B2B 商業模式已經啟動並運行。 Fabrizio 剛剛向我們展示了這三個垂直領域，主要市場領導者（如幻燈片上的標誌所示）已選擇 TIM 作為其物聯網解決方案和連接的主要提供者。

More than this, on new vertical is [Horizon]. And other players are looking for us, trying to become our customers looking for our IoT solutions. This vertical, we are calling Industry 4.0. And after 18 months working on that, these four verticals -- in these four vertical, basically, we closed already more than BRL 300 million in contracts. And the average length of this contract is 5 years, which means these are mid- to long-term commitments.

不僅如此，新的垂直領域還有【地平線】。其他參與者正在尋找我們，試圖成為我們尋找物聯網解決方案的客戶。我們將這個垂直領域稱為工業 4.0。經過 18 個月的努力，這四個垂直領域——基本上，在這四個垂直領域，我們已經簽訂了超過 3 億雷亞爾的合約。而這份合約的平均期限為5年，這意味著這些都是中長期的承諾。

More than that, all of this business is accretive to TIM's value creation. In other words, there are incremental operational free cash flow margin for our results. Another main point to remark here is the social impact that we are delivering so far.

更重要的是，所有這些業務都有助於 TIM 的價值創造。換句話說，我們的業績有增量的營運自由現金流利潤率。這裡要說的另一個要點是我們迄今為止所產生的社會影響。

Now let's watch a video to go a little deeper on the four verticals we are working on.

現在讓我們觀看一段視頻，進一步深入了解我們正在研究的四個垂直領域。

(presentation)

（推介會）

So as you can see, the opportunities here are gigantic. And the social and environmental impacts are equally very relevant. These companies don't see us as a cost, but as an opportunity to increase their productivity and profitability, of course, through the digital transformation we are delivering to their companies.

正如您所看到的，這裡的機會是巨大的。社會和環境影響同樣非常重要。這些公司並不將我們視為成本，而是將我們視為提高生產力和獲利能力的機會，當然，這是透過我們為他們的公司提供的數位轉型來實現的。

Now I'll invite Paulo to tell a little more what we have been done this last month.

現在我將邀請保羅詳細介紹我們上個月所做的事情。

Okay. Thank you, Fabio. Hi, everyone. I'm glad to be here and talk about our achievements on IoT projects.

好的。謝謝你，法比奧。大家好。我很高興來到這裡談論我們在物聯網專案上的成就。

Starting with the logistics sector. As Alberto said, we closed more than 4,500 kilometers of highway. We've built a strong relationship with the road construction companies. In 2023, we won 3x more contract than 2022. Taking our mobile services from less than 1,000 kilometers to more than 4,500 kilometers of covered highways. TIM has became a preferred partner of intelligent highways.

從物流行業開始。正如阿爾貝託所說，我們關閉了超過 4,500 公里的高速公路。我們與道路建設公司建立了牢固的關係。 2023 年，我們贏得的合約比 2022 年增加了 3 倍。我們的行動服務覆蓋高速公路範圍從不到 1,000 公里增加到超過 4,500 公里。 TIM已成為智慧高速公路的首選合作夥伴。

We were selected by almost all of players, if not all of them. This long-lasting partnership allows TIM to discuss solutions above connectivity like push-to-talk, over cellular, video surveillance applications and so on. Supporting those concessions on their road operation management.

幾乎所有球員（如果不是全部）都選擇了我們。這種持久的合作夥伴關係使 TIM 能夠討論連接之上的解決方案，例如一鍵通、蜂窩網路、視訊監控應用等。支援這些道路營運管理方面的優惠。

Moving to utilities. We are going to see the same growth pattern. Again, we became the preferred partner to provide smart lighting solutions for PPPs, public-private partnership companies among [E.ON], Enel and ENGIE. In 12 months, we grew exponentially. We reached 150,000 smart lighting points sold.

轉向公用事業。我們將看到同樣的成長模式。我們再次成為 [E.ON]、Enel 和 ENGIE 等 PPP、公私合作夥伴公司提供智慧照明解決方案的首選合作夥伴。 12 個月內，我們呈指數級增長。我們已售出 15 萬個智慧照明點。

Our smart lighting solution is an end-to-end solution, from the device and connectivity to the management platform. This solution developed with Brazilian partner tech uses seen any IoT connectivity with features like lamp demineralization, GPS and an embedded elect meter that increase the lamp life cycle and the operation productivity and efficiency. In cities like Porto Alegre, where we've already deployed 22,000 smart lighting points device. And in Curitiba, where we already closed a contract for more than 45,000 devices. As Fabrizio mentioned, those B2B use case show our ability to create a business-oriented position that also has a relevant impact over society and environment.

我們的智慧照明解決方案是一個端到端的解決方案，從設備和連接到管理平台。該解決方案與巴西合作夥伴技術共同開發，使用任何具有燈脫鹽、GPS 和嵌入式電錶等功能的物聯網連接，可延長燈的生命週期以及操作生產力和效率。在阿雷格里港等城市，我們已經部署了 22,000 個智慧照明點設備。在庫里蒂巴，我們已經簽訂了超過 45,000 台設備的合約。正如 Fabrizio 所提到的，這些 B2B 用例表明我們有能力創建一個以業務為導向的職位，同時對社會和環境也產生相關影響。

Moving to our next vertical agri business. We are going to show a video that simplify our work that led TIM to cover more than 60 million hectares of land in Brazil. Please, let's play the video.

轉向我們的下一個垂直農業業務。我們將播放一段視頻，該視頻簡化了我們的工作，使 TIM 覆蓋了巴西超過 6000 萬公頃的土地。請讓我們播放影片。

(presentation)

（推介會）

So finally, to wrap up the panel. I want to share with you not only what we have done so far, but also how sizable is each vertical we are working on.

最後，結束面板。我不僅想與您分享我們迄今為止所做的事情，還想與您分享我們正在研究的每個垂直領域的規模有多大。

Firstly, as you can see, in the agri business, we estimate more than 350 million hectares of planted and farming area in Brazil. Just to give you a reference, this size is larger than the entire India.

首先，正如您所看到的，在農業領域，我們估計巴西的種植和農業面積超過 3.5 億公頃。僅供參考，這個尺寸比整個印度還要大。

Secondly, regarding logistics, our efforts so far have been on highways. and we have more than 55,000 kilometers of highways that you can connect with our IoT solutions. To give you the big picture, today, Brazil has more than 1.7 million kilometers of roads.

其次，在物流方面，我們目前的努力都是在高速公路上。我們擁有超過 55,000 公里的高速公路，您可以使用我們的物聯網解決方案連接它們。總體而言，巴西目前擁有超過 170 萬公里的公路。

Last but not least, regarding utilities. We have more than 15 million poles spread all over the country. That can be right now we connect to our smart lighting solutions. What I'm saying here is that we are pioneers in an IoT business that is emerging in Brazil. Of course, competition will arise. But as pioneers, we are taking this advantage for building solid and long-term commitments to our customers. This way, TIM will prevail even when the competition arrives. This way, we finish our business-to-business panel.

最後但並非最不重要的一點是，關於公用事業。我們有超過 1500 萬根電線桿分佈在全國各地。現在我們可以連接到我們的智慧照明解決方案。我在這裡想說的是，我們是巴西新興物聯網業務的先驅。當然，競爭將會出現。但作為先驅，我們正在利用這一優勢為客戶做出堅實而長期的承諾。這樣，即使競爭到來，TIM 也能獲勝。這樣，我們就完成了企業對企業小組。

So let's move on. And it's time to tell you a little more about our broadband strategy. As Alberto explained earlier, we're using a selective approach to grow. We're setting the stage to take the opportunities of the market but a very sustainable and profitable way.

那麼讓我們繼續吧。現在是時候向您詳細介紹我們的寬頻策略了。正如阿爾貝託之前解釋的那樣，我們正在使用選擇性的方法來實現成長。我們正在為抓住市場機會做好準備，但這是一種非常永續且有利可圖的方式。

And we can define our strategy by answering three main questions. The first question to be addressed is how appealing this opportunity is. In other words, is there a room to accelerate our growth in the Brazilian broadband market. Based on our size, as you can see on the slide, we have just 2% of a market which is worth more than BRL 40 billion, and have more than 45 million connections.

我們可以透過回答三個主要問題來定義我們的策略。首先要解決的問題是這個機會有多大吸引力。換句話說，我們在巴西寬頻市場還有加速成長的空間嗎？根據我們的規模，正如您在幻燈片中看到的那樣，我們僅佔據價值超過 400 億雷亞爾的市場的 2%，並擁有超過 4500 萬個連接。

By the way, the markets expect to grow even more, reaching above BRL 50 billion in the coming 5 years. Based on our strong credibility and well awareness in Brazil, of course, we can increase our revenues by capturing an important part of this market, which leads us to the second main question.

順便說一句，市場預計將成長更多，在未來 5 年內達到 500 億雷亞爾以上。當然，基於我們在巴西的強大信譽和良好認知，我們可以透過佔領這個市場的重要部分來增加我們的收入，這引出了第二個主要問題。

Are we ready to accelerate? In this front, we have evolved a lot. We have optimized our go-to-market strategy, reflecting our new condition as a client call which means we are not the owners of the last-mile infrastructure. This way and moving to an asset-light model, we can be much more flexible and assertive in our investments.

我們準備好加速了嗎？在這方面，我們已經發展了很多。我們優化了進入市場的策略，反映了我們作為客戶呼叫的新情況，這意味著我們不是最後一哩基礎設施的所有者。透過這種方式，轉向輕資產模式，我們的投資可以更加靈活和自信。

On the other hand, as you can see on the left part of the slide, companies that use the traditional model, the traditional system has almost the obligation to fill up the network they has acquired or developed.

另一方面，正如你在投影片左側看到的，使用傳統模式、傳統系統的公司幾乎有義務填滿他們已經收購或開發的網路。

On the other hand, we, as an asset-light operator can focus on developing the best value proposition, leveraging the opportunities of cross-selling different areas all over the place, and having more rationality in our investments, for instance, in terms of communication and go to market.

另一方面，我們作為輕資產運營商，可以專注於制定最佳價值主張，利用各地交叉銷售的機會，讓我們的投資更加理性，例如在溝通並進入市場。

When you talk about the value proposition, we are offering the best one in the Brazilian market. We guarantee the best offer added with the best service. And do this by delivering the highest speed in terms of upload and download added with a premium selection of content providers.

當您談論價值主張時，我們提供的是巴西市場上最好的產品。我們保證提供最好的報價和最好的服務。透過提供最高的上傳和下載速度以及精選的優質內容提供者來實現這一目標。

On top of that, regarding the service, we have been recognized as the best broadband in Brazil for one of the most prestigious and important media groups over there. As our latest achievement, Opensignal that's here with us today has ranked the team as the first place in the broadband's consistent quality.

最重要的是，在服務方面，我們被認為是巴西最負盛名和最重要的媒體集團之一的最好的寬頻。作為我們的最新成果，今天在座的 Opensignal 將該團隊評為寬頻一致性品質第一名。

All these assets combined drives us to the highest ARPU and the best Net Promoter Score of the whole Brazilian market. This way, I'm pretty sure that we're fully ready to accelerate our growth.

所有這些資產結合在一起，推動我們獲得整個巴西市場最高的 ARPU 和最佳的淨推薦值。這樣，我非常確定我們已做好充分準備來加速成長。

This leads us to the ultimate question. Is this the right time to accelerate the growth pace in Brazil? And the truth is the market condition is not yet favorable. As you can see on the map, we have more than 8,000 different players all over the country and 26 different market leaders in the different states. Of course, this fact puts enormous pressure on prices and a reducing trend on ARPU.

這引出了最終的問題。現在是加速巴西成長步伐的好時機嗎？事實上，市場狀況尚不樂觀。正如您在地圖上看到的，我們在全國擁有 8,000 多家不同的參與者，在不同的州擁有 26 個不同的市場領導者。當然，這一事實給價格帶來了巨大的壓力，並且 ARPU 呈下降趨勢。

On top of that, also neutral network companies helps the market in developing and deployment, the FTTH as you can see by the homes passed number. There is still room to find a more balanced and healthier equation between the net cost and the client cost.

最重要的是，中立網路公司也幫助市場開發和部署 FTTH，正如您透過家庭透過數量所看到的那樣。在淨成本和客戶成本之間找到一個更平衡、更健康的等式仍有空間。

In summary, what I'm saying is that, firstly, of course, there is room to grow in the Brazilian market to the size of the market. Secondly, we are fully ready to accelerate due to our business model, asset-light model and our best value proposition to the Brazilian markets.

總而言之，我想說的是，首先，巴西市場的市場規模當然還有成長的空間。其次，由於我們的商業模式、輕資產模式以及我們對巴西市場的最佳價值主張，我們已做好加速的準備。

But finally, the best choice now is to wait while the market finds its balance. Having no legacy for us is a gigantic opportunity. So we're going to focus on keeping the pace of our investments by a very healthy, sustainable and profitable growth.

但最後，現在最好的選擇是等待市場找到平衡。沒有遺產對我們來說是一個巨大的機會。因此，我們將專注於透過非常健康、可持續和有利可圖的成長來保持投資步伐。

This way, I finished the broadband panel and I invite Andrea Viegas, our CFO, for the floor. Please Andrea.

這樣，我就完成了寬頻小組討論，並邀請我們的財務長 Andrea Viegas 發言。請安德里亞。

Thank you, Paulo, and good afternoon, everyone. So, so far, it's very clear, our strategy is to how we're capturing most opportunity revenue. So now let's talk about how we spend efficiency while increasing our productivity.

謝謝保羅，大家下午好。因此，到目前為止，我們的策略非常明確，就是如何抓住最多的機會收入。那麼現在我們來談談如何在提高生產力的同時提高效率。

As an administration of these, we already have one of the highest margin ambition and our focus is on increasing the free cash flow margin. So we will do this acting in three fronts. First is OpEx, like Alberto as almost a mantra for us. We are continuing to working in a day-by-day basis. We also still have opportunities in our traditional digitalization and we are ready to the next level of with artificial intelligence.

作為這些管理機構，我們已經擁有最高的利潤率目標之一，我們的重點是增加自由現金流利潤率。因此，我們將在三個方面開展這項工作。首先是營運支出，就像阿爾貝託幾乎成為我們的口頭禪。我們將繼續日復一日地工作。我們在傳統的數位化方面仍然有機會，我們已經準備好進入人工智慧的新水平。

The second bucket of opportunities is lease, we are continuously on our decommission program that we are talking about for the last year and also a (inaudible) the network sharing agreement with Vivo.

第二個機會是租賃，我們持續進行去年討論的退休計劃，以及與 Vivo 的（聽不清楚）網路共享協議。

In CapEx, we have a combination of 5G deployments, which generate more efficiency costs with our most robust spectrum portfolio.

在資本支出方面，我們結合了 5G 部署，利用我們最強大的頻譜組合產生更高的效率成本。

So let's go deeper into these initiatives. The first worth to mention is the digital -- the traditional digitalization and I will talk about some examples that we already have very good results.

那麼讓我們更深入地探討這些措施。首先值得一提的是數位化——傳統的數位化，我會講一些我們已經取得了很好成果的例子。

So the first one, the graph is the digital recharge penetration, it has almost 80% now. Then we have the 6% points expansion in sales on digital platform. The first adoption of PIX was very good for us because it generates more efficiency in several costs and also consolidate our bad debt level.

第一個，圖表是數字儲值滲透率，現在已經差不多80%了。然後我們在數位平台上的銷售額成長了 6%。首次採用 PIX 對我們來說非常有利，因為它在多項成本方面提高了效率，也鞏固了我們的壞帳水準。

And now we have less than 5% of human contact in our call centers. And we still have room to improve like Alberto mentioned. We will continue to, of course, e-commerce is a great opportunity because we only have 30% of our sales in digital channels. We are continuing to work in our customer value management and our cash -- bill-to-cash process. PIX is a game changer involved less collection cost, very good debt levels and also customer, a customer experience.

現在，我們的呼叫中心的人際接觸率還不到 5%。正如阿爾貝託所提到的，我們仍然有改進的空間。當然，我們會繼續，電子商務是一個很好的機會，因為我們只有 30% 的銷售額來自數位管道。我們將繼續致力於客戶價值管理和現金--帳單到現金流程。 PIX 是遊戲規則的改變者，涉及更少的催收成本、非常好的債務水平以及客戶、客戶體驗。

And finally, we still have room to improve the digitalization of Oi performance customer. So besides the traditional, we have also a new wave coming.

最後，我們在 Oi 績效客戶的數位化方面還有改進的空間。所以除了傳統的，我們還迎來了新的浪潮。

and now I will invite our CEO, Auana to talk about this new opportunity.

現在我將邀請我們的執行長 Auana 來談論這個新機會。

Thank you -- thank you, Andrea. Good afternoon, everyone. I'm very pleased to be here in our 25th listing anniversary. So I'll share with you some of our results. But as you could see from the previous presentation, TIM works with IT as a strategic enabler to make our value proposition in go-to-market.

謝謝你——謝謝你，安德里亞。大家下午好。我很高興來到這裡慶祝我們的上市 25 週年紀念日。因此，我將與您分享我們的一些結果。但正如您從先前的演示中看到的那樣，TIM 與 IT 合作作為策略推動者，以實現我們在進入市場時的價值主張。

So at the tech side, we have created an ecosystem working with the biggest players of the world, making available services, products and customer experiences using the most advanced technology available. And now we have, since 2020, accelerated a lot of projects, mainly working, leveraging our investments on big data and cloud platforms. Consolidating the foundation to arrive here at this moment, talking to this next step where we plan to use AI combined with machine learning in Gen AI at scale.

因此，在技術方面，我們創建了一個與世界上最大的參與者合作的生態系統，使用最先進的技術提供可用的服務、產品和客戶體驗。現在，自2020年以來，我們加速了許多項目，主要是利用我們在大數據和雲端平台上的投資。鞏固現在到達這裡的基礎，討論下一步，我們計劃在 Gen AI 中大規模使用人工智慧與機器學習相結合。

How we are planning to do this? As you saw, we are very focused on our acceleration of innovation also cost efficiently. So we defined 6 strategic domains that we are approaching. Today, I will focus only on two of these domains and sharing some results.

我們計劃如何做到這一點？正如您所看到的，我們非常注重加速創新和成本效益。因此，我們定義了我們正在接近的 6 個策略領域。今天，我將只關注其中兩個領域並分享一些結果。

As Leo mentioned, we have been using a lot of big data to achieve the best network position. And now we are going to a next level. We are combining our machine learning models with Gen AI, working specifically on network maintenance costs, and we are targeting already 10% reduction. This is a pilot that we are running in a very strategic regions from Brazil, and beyond efficiency, of course, we are targeting also the quality improvement, continuous quality improvement of our network and also customer satisfaction.

正如Leo所提到的，我們一直在使用大量的大數據來實現最佳的網路位置。現在我們將進入一個新的水平。我們正在將機器學習模型與 Gen AI 結合，專門致力於網路維護成本，我們的目標是降低 10%。這是我們在巴西一個非常具有戰略意義的地區進行的試點，當然，除了效率之外，我們的目標還包括品質改進、網路的持續品質改進以及客戶滿意度。

On the customer service side, we have announced three projects underway. The first of the project we call TIM AIX. TIM AIX is a friendly front end that affects us by our call center attendants. In this front end, the call center attendant has access to the customer profiling, the customer context, sentimental analysis, and then can in a hyperpersonalized way, treat the customer demands. So we are already using a lot of AI here, but now we have just mixed TIM AIX with Gen AI APIs, and we have already measured a reduction of 30% on the treatment of demand. This is really promising for us.

在客戶服務方面，我們宣布了三個正在進行的項目。我們將第一個專案稱為 TIM AIX。 TIM AIX 是一個友善的前端，它影響著我們的呼叫中心服務員。在這個前端，呼叫中心服務員可以存取客戶概況、客戶背景、情緒分析，然後可以以超個人化的方式處理客戶需求。所以我們已經在這裡使用了大量的人工智慧，但現在我們剛剛將 TIM AIX 與 Gen AI API 混合在一起，我們已經測量到處理需求減少了 30%。這對我們來說確實很有希望。

The second one is related to diagnosis analysis through cause synthesis. So we are running Gen AI on the root cause analysis in all of our back office sales. So this is what we call the customer voice. We are using -- taking profit of Gen AI to achieve assertiveness and be more effective. We have measured in this back office, an increasement of 40% in productivity.

第二個是透過原因綜合進行診斷分析。因此，我們在所有後台銷售中運行 Gen AI 進行根本原因分析。這就是我們所說的客戶聲音。我們正在利用 Gen AI 的優勢來實現自信並提高效率。我們測量到該後台辦公室的生產力提高了 40%。

The third one is related to our cognitive bot. We are combining Gen AI with our cognitive bot, so we can assure bot retention and increased customer satisfaction, what drives to more digitalization. We have already measured 30 percentage points results on this.

第三個與我們的認知機器人有關。我們將 Gen AI 與我們的認知機器人結合，這樣我們就可以確保機器人保留並提高客戶滿意度，從而推動更多數位化。我們已經測量了 30 個百分點的結果。

So we were assured that we are working a lot in a very accelerated pace based on compliance, ethics, security. And we will not be open in not accelerating the framework without this. So to show you a little bit about what we are doing. I will share with you the first project TIM AIX, part of it. So let's play the video, please.

因此，我們確信我們正在以合規、道德和安全為基礎，以非常快的速度進行大量工作。如果沒有這個，我們就不會開放不加速該框架。向您展示我們正在做的事情。我將與大家分享第一個專案TIM AIX，其中的一部分。那麼，請讓我們播放影片。

(presentation)

（推介會）

So rest assured that we'll stay focused on that, and we see this opportunity, we stay in our accelerated pace implemented all this Gen AI project to support our value proposition of best offer, best network, best service. Thank you.

因此，請放心，我們將繼續專注於此，我們看到了這個機會，我們將繼續加快實施所有這些 Gen AI 項目，以支持我們的最佳報價、最佳網絡、最佳服務的價值主張。謝謝。

Back to you, Andrea.

回到你身邊，安德里亞。

So after this very effective -- very good opportunities, let's talk about something not so impressive, but that's really important to us. Let's talk about lease.

因此，在這個非常有效、非常好的機會之後，讓我們來談談一些不太令人印象深刻的事情，但這對我們來說非常重要。我們來談談租賃吧。

Lease is a vital cost line for us. And as Alberto mentioned in the beginning, we are very focused in reducing this cost. So we are now 20% above what we are planning for the end of the year in fiscal terms. And in -- this means that despite the mismatch between the physical uninstalled and the financial impacts, we are already capturing the benefits of this reduction in our early results before than we expect.

租賃對我們來說是一個重要的成本項目。正如阿爾貝託在開始時所提到的，我們非常注重降低這筆成本。因此，就財政而言，我們現在比年底計劃高出 20%。這意味著，儘管實際卸載量與財務影響之間存在不匹配，但我們已經比我們預期的更早從早期結果中獲益。

As an example of this, in the month of September, we have 20% reduction in the rent cost related to the peak of this line. So -- this -- beside of this effort and generate more efficient in this cost, we discovered a new dynamic work with our towers company.

舉個例子，在 9 月份，我們與這條線路的高峰相關的租金成本降低了 20%。因此，除了這項努力並提高成本效率之外，我們還與我們的塔樓公司發現了一項新的動態工作。

So now we are focused on better contract conditions and the greater diversification of our supplies. As a matter of fact, now we already see opportunity in another 10% of our sites portfolio.

因此，現在我們的重點是更好的合約條件和我們的供應更加多樣化。事實上，現在我們已經在另外 10% 的網站組合中看到了機會。

So continues in the lease parts, we have a new opportunity that where with the network agreement with Vivo. So let's refresh what the agreement is.

因此，在租賃方面，我們有一個新的機會，那就是與 Vivo 的網路協議。那麼讓我們回顧一下協議的內容。

We have first, the shutdown of 50% of the 2G network from both companies. In this part of the agreement TIM will provide service for part of the territory, and Vivo will provide for the other part. The main goal here is to simplify the infrastructure, and of course, with the cost, mainly energy.

首先，兩家公司都關閉了 50% 的 2G 網路。在這部分協定中，TIM將在部分地區提供服務，Vivo將在另一部分地區提供服務。這裡的主要目標是簡化基礎設施，當然，成本主要是能源。

Another part of this agreement is create a single grid network. And in this part, we will create 3G and 4G single grids for cities with less than 30,000 people. And one part, one of the conterpart will create this single grids and allow the conterpart to decommission their towers. So this will create a very significant efficiency in all costs related to the towers.

該協議的另一部分是創建一個單一的網格網路。而在這一部分，我們將為3萬人口以下的城市打造3G和4G單一網格。一方面，其中一個對手將創建這個單一的網格，並允許對手退役他們的塔。因此，這將為與塔相關的所有成本帶來非常顯著的效率。

The target here is to achieve 1.6 cities is well -- sorry, 1,600 cities and more than 2,400 sites. It's important to highlight that this agreement was approved by the Brazilian regulators. And also the main objective here is to improve the customer experience while allowed both companies to simplify and get more efficiency from their infrastructure.

這裡的目標是實現 1.6 個城市，這很好——抱歉，1,600 個城市和 2,400 多個站點。需要強調的是，該協議得到了巴西監管機構的批准。這裡的主要目標是改善客戶體驗，同時讓兩家公司簡化其基礎設施並提高其效率。

Finally, let's talk about CapEx. So as you know, network is a very important capital allocation for an operation and also a fundamental pillar for customer experience. And the trick here is how we combinate, increase our coverage and our quality network while we are continued to we are -- continuing to control our CapEx.

最後，我們來談談資本支出。如您所知，網路是營運中非常重要的資本配置，也是客戶體驗的基本支柱。這裡的技巧是我們如何結合、增加我們的覆蓋範圍和優質網絡，同時繼續控制我們的資本支出。

So we will achieve this with the combination of built a more robust spectrum portfolio that generates more CapEx. As a matter of fact, today, we have almost 25% more spectrum capacity and the second player and 44% more than the third player.

因此，我們將透過建立更強大的頻譜投資組合來實現這一目標，從而產生更多的資本支出。事實上，今天我們的頻譜容量比第二個玩家多了近 25%，比第三個玩家多了 44%。

And the second part is in the 5G deployments. as Leo mentioned in the mobile section. This creates a virtuous circle where we achieve a more efficient cost per gigabyte, the 5G has 35% lower cost than 4G, and also the offload of the traffic from 4G to 5G, where can -- we have less investment in the network. So the combination of the two -- the combination of these two goals leads us to achieve our revenue per CapEx guidance an year ahead.

第二部分是5G部署。正如 Leo 在移動部分提到的。這創造了一個良性循環，我們實現了更有效率的每 GB 成本，5G 的成本比 4G 低 35%，並且還可以將流量從 4G 卸載到 5G，我們對網路的投資更少。因此，這兩個目標的結合使我們能夠在未來一年實現根據資本支出指導的收入。

So now I ask Alberto to join us for the closing.

現在我請阿爾貝托和我們一起參加閉幕式。

Okay. Thank you again for hanging up with us until now, very pleased to see most of you still here. So I think it's a positive feedback. So this is the final, the closing remark of today's agenda before the final Q&A.

好的。再次感謝你們到目前為止掛斷我們的電話，很高興看到你們大多數人還在這裡。所以我認為這是一個正面的回饋。這是今天議程最後問答之前的最後一個、結束語。

And let's just go one up. Basically a recap of what we believe to be the best value proposition for investors have been discussed through these hours, whereby we aim to expand our cash flow and free cash flow margin based on two main factors: revenue growing above inflation, supported by a number of initiatives and cash cost approach to efficiency.

讓我們先上一層。基本上，我們在這幾個小時內討論了我們認為對投資者來說最好的價值主張，我們的目標是根據兩個主要因素擴大我們的現金流和自由現金流利潤率：收入成長高於通貨膨脹，並得到數字的支持。措施和現金成本方法以提高效率。

I stressed in the opening of my remarks, the importance of sharp execution and our track record in doing that. Short-term results fuel long-term objectives. And I will go very briefly through the third quarter results that were quite rock solid. So let's have a look together at what we achieved.

我在開場白中強調了敏銳執行力的重要性以及我們在這方面的記錄。短期成果推動長期目標。我將非常簡短地介紹非常可靠的第三季業績。讓我們一起看看我們所取得的成就。

Next slide, please. So we increased revenues firmly above inflation at around 7.7% mobile service revenues and around 8% of net revenues. The highlight is postpaid that grew 9.5%, reached the highest ARPU for TIM in our history. Remember, it's the best ARPU in the market, both for prepaid and postpaid. Our prepaid revenues grew as well.

請下一張投影片。因此，我們的收入成長明顯高於通貨膨脹，行動服務收入約為 7.7%，淨收入約為 8%。亮點是後付費成長了 9.5%，達到了 TIM 史上最高的 ARPU。請記住，無論是預付費還是後付費，它都是市場上最好的 ARPU。我們的預付費收入也有所成長。

In B2B IoT, the stuff they've been discussing in the previous panels, we increased in this quarter, 60% of our contracted revenue, so it's growing fast. And in broadband, faithful to our profitable growth. We are still running our cruise speed of around 9%, 10% like in the previous quarters.

在 B2B 物聯網方面，他們在先前的小組討論中一直在討論的內容，我們在本季度增加了合約收入的 60%，因此成長很快。在寬頻領域，忠於我們的獲利成長。我們的巡航速度仍然像前幾季一樣保持在 9%、10% 左右。

If we go into the next slide, you will see our performance in terms of EBITDA and EBITDA after lease. So in the quarter, our EBITDA grew 12% and as the result of revenues growing above inflation, OpEx growing below inflation and synergy from Oi kicking in. I think that the most remarkable is this results in EBITDA after lease as the effect of the successful decommissioning plan, our EBITDA after lease growing 21% year-over-year.

如果我們進入下一張投影片，您將看到我們在 EBITDA 和租賃後 EBITDA 的表現。因此，在本季度，我們的EBITDA 成長了12%，由於收入成長高於通膨、營運支出成長低於通膨以及Oi 的協同作用。我認為最引人注目的是租賃後EBITDA 的結果，這是成功的影響退役計畫後，我們的租賃後 EBITDA 年成長 21%。

If you go to the next slide, we'll see our performance in terms of net income and operating free cash flow. And you will see net income growing at 50%, operating free cash flow, reaching 40% with the highest record high free cash flow margin in our history.

如果您轉到下一張投影片，我們將看到我們在淨利潤和營運自由現金流方面的表現。您將看到淨利潤成長 50%，經營自由現金流達到 40%，自由現金流利潤率創歷史新高。

This indicator is operating free cash flow and operating free cash flow margin is the most important to us because at the end of the day, we capture all the efforts that we are doing across the P&L. And all the actions that we are putting in place mixed in Brazil, the fastest-growing free cash flow margin expansion in LatAm. And I'm pretty confident with the initiatives that we have in place, we've got everything to keep on growing this metric in the years to come.

該指標是經營自由現金流，而經營自由現金流利潤率對我們來說是最重要的，因為歸根結底，我們捕捉了我們在損益表中所做的所有努力。我們在巴西採取的所有行動都是混合的，巴西是拉丁美洲成長最快的自由現金流利潤率擴張地區。我對我們已經採取的措施非常有信心，我們已經具備了在未來幾年繼續提高這項指標的一切條件。

With this, I close this section and last session of today's panels and we move to the Q&A, right?

至此，我結束了本節和今天小組的最後一次會議，我們進入問答環節，對嗎？

We'll start another Q&A. Yes, please. We have already a few questions here. So if you can hand the mic, we have Cesar, we have also here on this front. Yes, please.

我們將開始另一個問答。是的，請。我們已經有幾個問題了。所以，如果你能遞出麥克風，我們有塞薩爾，我們在這方面也有。是的，請。

Cesar Medina from Morgan Stanley. Takeaways for me is that on broadband, you're going to be very patient and that you're going to be generating way more cash than before.

摩根士丹利的塞薩爾·梅迪納。對我來說，在寬頻上，你會非常有耐心，而且你會比以前賺到更多的現金。

So what are going to be the uses of that cash flow generation? Is it circle remuneration, perhaps at some point in M&A? And if you get optimization of the capital structure of the company, like what are the uses of that?

那麼產生的現金流有什麼用途呢？是循環報酬嗎，也許是在併購的某個時刻？如果你讓公司的資本結構得到最佳化，例如它有什麼用？

Well, basically, Cesar, the user is basically when I mentioned the virtuous cycle. So we're going to expand our cash flow part of them will return to shareholder as increasing remuneration as we discussed and as we are doing, and part of them are to fuel our expansion verticals. So the B2B is quite accretive already and for broadband, at broadband we say that we -- it's not the right time to accelerate. We are not saying that we'll not accelerate.

好吧，基本上，Cesar，當我提到良性循環時，使用者基本上就是這樣。因此，我們將擴大我們的現金流，其中一部分將作為我們所討論和正在做的增加的薪酬返還給股東，其中一部分將推動我們的垂直擴張。因此，B2B 已經相當成長，對於寬頻而言，我們說，現在還不是加速發展的正確時機。我們並不是說我們不會加速。

And so at the end of the day, this cash will stay with us to fund the new growth opportunities, potential M&A opportunities that might be attractive in the future, and further reduce our lever as we are doing.

因此，最終，這些現金將留在我們身邊，為新的成長機會、未來可能有吸引力的潛在併購機會提供資金，並進一步降低我們正在做的槓桿。

One quick follow-up. Can you remind us B2B, what percentage of revenues is today?

一項快速跟進。您能提醒我們 B2B 目前佔收入的百分比是多少嗎？

B2B is made up of a number of things, Cesar. So you've got the legacy business and the new business. The new business is the stuff we have been discussing today. And basically, it's going from zero to the numbers that we just saw.

B2B 由很多東西組成，Cesar。因此，您擁有傳統業務和新業務。新業務就是我們今天要討論的內容。基本上，它從零到我們剛剛看到的數字。

When you look at the legacy business, it depends a bit on the perimeter that you look at related to mobile services to corporate clients, which is totally different from what we're seeing today. Fixed infrastructure and some kind of regulatory services related to that. And if you sum all the this up, we are roughly talking about 15% of our revenues 1-5.

當您審視傳統業務時，它在一定程度上取決於您所關注的與企業客戶行動服務相關的範圍，這與我們今天看到的完全不同。固定基礎設施和與之相關的某種監管服務。如果你把所有這些總結起來，我們大致討論的是我們收入的 15% 1-5。

Now we have Carlos, I think, from the audience as well.

我想現在觀眾席上還有卡洛斯。

[Carlos Eduardo] from Itau. Two questions. One, so the B2B and focus on IoT. We've heard promising opportunities since 4G was deployed. My question, I guess, is what has changed not just technologically but for the market that you guys are identifying this as a sizable opportunity now as compared to the 4G deployment a few years ago?

[卡洛斯·愛德華多]來自伊塔烏。兩個問題。第一，B2B 並專注於物聯網。自從 4G 部署以來，我們就聽到了充滿希望的機會。我想我的問題是，與幾年前的 4G 部署相比，你們現在認為這不僅是技術上的變化，而且對於市場來說也發生了巨大的機會？

And secondly, also, it seems that very currently, you showed the CapEx numbers going down, trending down. But as I understand, 5G is far from being fully deployed in Brazil within your network. It probably still needs a lot of density.

其次，目前看來，您顯示資本支出數字正在下降，呈現下降趨勢。但據我了解，5G 遠未在巴西的網路中全面部署。它可能仍然需要很大的密度。

So if you could help us understand conceptually how to reconcile these two realities of clearly the CapEx trending down significantly into the future and also the need for further infrastructure for 5G?

那麼，您能否幫助我們從概念上理解如何調和這兩個現實，即未來資本支出明顯下降的趨勢以及對 5G 基礎設施的進一步需求？

So Carlos, let me go quickly across the two. So when we discuss B2B, basically, what we saw today is 4G not 5G. Most of it is 4G. And what really changed is that our customers want to evolve their business. And the discussion that we're having with them is discussion about their strategy. So we are moving from mobile service, telco services when we discuss this with generally the procurement guys to discussion with the CEO.

卡洛斯，讓我快速介紹一下這兩者。所以當我們討論B2B時，基本上我們今天看到的是4G而不是5G。大部分都是4G。真正改變的是我們的客戶希望發展他們的業務。我們與他們進行的討論是關於他們的策略的討論。因此，當我們與採購人員討論這個問題時，我們正在從行動服務、電信服務轉向與執行長討論。

And so what is different now is they want to do it. They want to get digital end-to-end. They want to be sustainable. They want to increase their productivity. And this is the reason why they're asking us the technology required to do so. And this is particularly true where the connectivity is not available.

現在不同的是他們想要這樣做。他們希望實現端到端數位化。他們希望保持永續發展。他們想要提高生產力。這就是他們向我們詢問所需技術的原因。在無法連線的情況下尤其如此。

And is Brazil is plenty of verticals where connectivity is not available. If you look at the agri business, the President of CNH saying that basically, just a small proportion of the agribusiness in Brazil is digital. They need to be digital. And so there is a long way to go. That's what we see as the main driver of this is customer demand.

巴西有許多垂直產業無法實現連結。如果你看看農業企業，CNH 總裁表示，基本上，巴西農業企業中只有一小部分是數位化的。它們需要數位化。所以還有很長的路要走。我們認為，這就是客戶需求的主要驅動力。

When you go in terms of CapEx. I think Leo addresses perfectly well in terms of how we concile increasing 5G investments versus CapEx sustainability. And basically, I think that on the coverage side, we are almost done. We got the largest coverage in Brazil. So the majority of investment is going to capacity.

當你考慮資本支出。我認為 Leo 很好地闡述了我們如何協調增加 5G 投資與資本支出永續性之間的關係。基本上，我認為在覆蓋範圍方面，我們幾乎已經完成了。我們在巴西獲得了最大的覆蓋範圍。因此，大部分投資都用於產能投資。

And when it's going to capacity, the capacity is going through 5G now. So we put 5G where we need extra demand to serve our customer demands and increase their quality. And 5G is more efficient than 4G. And so rather than doing a capacity expansion via 4G, we do implementing the 5G, which is a big highway, basically empty. And this is a long way to go before it fills up.

當談到容量時，現在容量正在經歷5G。因此，我們將 5G 放在需要額外需求的地方，以滿足客戶的需求並提高他們的品質。而且5G比4G更有效率。因此，我們不是透過 4G 進行容量擴展，而是實施 5G，這是一條基本上空的高速公路。而且距離填滿還有很長的路要走。

There is another cost item which is related to the towers required for further density for 5G. So we will need them in a couple of years. And we foresee that we will not. Is not going to be the rooftop towers that you see in Brazil is going to be more on a street level side that are a lot less expensive. And when you see all the efforts that we are putting in place to reduce our current portfolio, the decommissioning and the RAN sharing, they will go into the direction of making this expansion sustainable over time.

還有另一個成本項目與 5G 更高密度所需的塔有關。所以幾年後我們將需要它們。我們預計我們不會。不會是你在巴西看到的屋頂塔樓，而是會更多地位於街道一側，而且價格要便宜得多。當你看到我們為減少當前產品組合、退休和 RAN 共享而付出的所有努力時，他們將朝著使這種擴張隨著時間的推移可持續發展的方向發展。

So lease is already 13% of our revenues, and we like to be at that level going down.

因此，租賃已經占我們收入的 13%，我們希望能降低這個水準。

I don't know, as a follow-up in terms of the B2B business. If you can -- I'm sure it varies across projects, but if you can give us a sense of the ROIC on these kind of projects, that will be really helpful.

我不知道，作為 B2B 業務方面的後續。如果可以的話——我確信不同項目的投資回報率會有所不同，但如果您能讓我們了解此類項目的投資回報率，那將非常有幫助。

Well, I can give you the number, looking forward our IR. So it's -- if you look at -- we are running at 16%. I will give you the free cash flow margin. The ROIC depends a bit on the timing.

嗯，我可以給你號碼，期待我們的IR。所以，如果你看一下，我們的運行率為 16%。我會給你自由現金流保證金。 ROIC 在一定程度上取決於時間。

So if you look at the mobile business, it's today running at 17, 17-point-something and going up. These projects are above those levels. So they are accretive. So it's 20 plus. It varies. There is a sort of dispersion but at an average it's 20-plus. There is a sort of dispersion -- on average, it's 20-plus.

因此，如果你看看行動業務，它今天的運行速度為 17、17 點左右，並且還在上升。這些項目高於這些水平。所以它們是增值的。所以是20多。它有所不同。雖然有一定的分散性，但平均在 20 以上。存在一定的分散性——平均而言，有 20 多個。

The point is that they require less CapEx because the infrastructure is there, right? And that's what they're incrementally.

關鍵是他們需要更少的資本支出，因為基礎設施就在那裡，對吧？這就是他們逐步實現的。

The infrastructure is paid by the customer.

基礎設施由客戶支付。

Thank you, Carlos. Now we have a question from our Zoom webcast. Will come from Marcelo from JPMorgan. Marcelo, if you can tune down a little bit your volume on your end, and please ask your question.

謝謝你，卡洛斯。現在我們有一個來自 Zoom 網路廣播的問題。將來自摩根大通的馬塞洛。馬塞洛，如果你能把音量調小一點，請提出你的問題。

Sure, Vicente. I hope you can hear me well. I'm going to ask my questions slowly. So congratulations. Thank to ask questions. I wanted to talk about FWA, fixed wireless access. In the past, the company was more vocal about the opportunities with this technology. But today, you didn't mention. What's the management's current view on this technology considering that you want to have a higher share of broadband? Is it not relevant anymore?

當然，維森特。我希望你能好好聽我說話。我會慢慢地問我的問題。所以恭喜你。感謝提問。我想談談 FWA，固定無線存取。過去，該公司對這項技術的機會更加直言不諱。但今天，你沒有提到。考慮到您希望擁有更高的寬頻份額，管理層目前對這項技術有何看法？不再相關了嗎？

So Marcelo, it's -- let's put this way. If you look at our Investor Day last year, we didn't say it was relevant. We say there was -- was more of a niche opportunity in Brazil for a number of reasons.

馬塞洛，這麼說吧。如果你看看我們去年的投資者日，我們並沒有說它是相關的。我們說，出於多種原因，巴西有更多的利基機會。

So if you look at FWA 1 year ago, when we discussed at our Investor Day, basically, we say the CPE costs were high in Brazil to make it let's say, viable and implementation for a larger public. So FWA is being deployed but in Brazil on the business sector already. So for example, in the banking systems, they use FWA and to provide the backup network, for example. So this is an opportunity that exists for some specific business verticals.

因此，如果你看看一年前的FWA，當我們在投資者日討論時，基本上，我們說巴西的CPE 成本很高，因此可以說，它對於更廣泛的公眾來說是可行和實施的。因此，FWA 正在部署，但在巴西的商業部門已經部署了。例如，在銀行系統中，他們使用 FWA 並提供備份網路。因此，對於某些特定的垂直業務領域來說，這是一個存在的機會。

When it comes to the opportunity for consumer, it does exist, but it's niche. So you need to have 5G. We are deploying 5G in main capitals. In make capital as you get fiber, the CPE is still, let's say, let's put this way. It's still a bit expensive now. It's going down. there is a lot of scale growing up, but it's still limited.

當談到消費者的機會時，它確實存在，但它是利基市場。所以你需要有5G。我們正在主要首都部署5G。在獲得光纖的同時賺取資本，CPE 仍然是這樣說的。現在還是有點貴。它正在下降。規模不斷擴大，但仍有限。

And therefore, at the end of the day, in large capital, the opportunity is limited by the presence of fiber there. And since the fiber competitive environment is quite tough in terms of pricing, this is create a further complexity for FWA. So the opportunity to exist. It is in our road map, we got most important things to do on the revenue generation opportunities than FWA. We will probably discuss this again in the second half of next year.

因此，歸根究底，在大資本中，機會受到光纖存在的限制。由於光纖競爭環境在定價方面相當激烈，這為 FWA 帶來了進一步的複雜性。所以機會存在。在我們的路線圖中，我們在創收機會方面要做的事情比 FWA 更重要。我們可能會在明年下半年再次討論這個問題。

So our next question comes also from the Zoom. It comes from Bruno Mara, SP Global. Seen already has one of the high -- the best margins of the industry. Do you see room for improvement on EBITDA margins going forward?

所以我們的下一個問題也是來自Zoom。它來自 SP Global 的 Bruno Mara。 Seen 已經擁有業內最高的利潤率之一。您認為 EBITDA 利潤率未來還有進步的空間嗎？

Well, we said that in our guidance, we believe that our EBITDA will grow faster than revenues.

嗯，我們在指導中說過，我們相信 EBITDA 的成長速度將快於營收的成長速度。

Andrea, do you want to complement?

安德里亞，你想補充一下嗎？

I think we still have room to improve our EBITDA after lease margin because we are continuing to do the decommission program.

我認為扣除租賃利潤後我們的 EBITDA 仍有改善的空間，因為我們正在繼續執行退役計劃。

And complementing on Andrea. When we look at the best way to measure profitability, we are really looking at the cash flow margins. And so it's a combination of EBITDA after lease and CapEx. And this is going to expand according to our guidance at double digit.

並補充安德里亞。當我們尋找衡量獲利能力的最佳方法時，我們實際上關注的是現金流量利潤率。因此，它是租賃後 EBITDA 和資本支出的組合。根據我們的指導，這個數字將以兩位數的速度擴大。

So we are moving from this unilateral discussion about OpEx to more cash cost discussion to the bottom line. And we are very confident that the number is going to increase double significantly over the coming years.

因此，我們正在從有關營運支出的單方面討論轉向更多對利潤的現金成本討論。我們非常有信心，這個數字將在未來幾年顯著增加一倍。

Thanks, Alberto. Thank you, Andrea. The next question comes from (inaudible) from HSBC. Is TIM confident of having BRL 2.9 billion as a base for shareholder remuneration in 2024? And beyond, even if some of the tax reform are implemented, such as interest on capital is removed?

謝謝，阿爾貝托。謝謝你，安德里亞。下一個問題來自（聽不清楚）匯豐銀行。 TIM 有信心以 29 億雷亞爾作為 2024 年股東薪酬的基礎嗎？除此之外，即使實施了一些稅改，例如取消資本利息？

Second question is, can you provide a rough idea on how the company plans to navigate the proposal tax reforms?

第二個問題是，您能否大致介紹一下公司計畫如何應對稅改提案？

And the third one, well, this is lengthy. TIM guided to grow its service revenues above inflation. On ballpark, how much of the growth would be driven by price increases and how much would be driven by cross and upselling services. So basically, I'll talk about shareholder remuneration regarding tax reforms and how we're going to navigate and then how we move our...

第三個，好吧，這很長。 TIM 指導其服務收入成長高於通貨膨脹。粗略估計，成長有多少是由價格上漲推動的，有多少是由交叉銷售和追加銷售服務推動的。所以基本上，我將討論有關稅收改革的股東薪酬以及我們將如何進行，然後我們如何移動我們的...

From the third one, and on the revenue side. So when we look at the revenue side, I think that we have a few levers both on quantities and on price. So when we look at prepaid, so the answer is a bit different depending on the segment. When we're looking on prepaid basically, we see a market which is roughly 1/3, 1/3, 1/3. So I would say that in that case, the price factor is going to be the most relevant one for revenue growth in the future.

從第三個開始，在收入方面。因此，當我們從收入方面來看時，我認為我們在數量和價格上都有一些槓桿。因此，當我們考慮預付費時，根據細分市場的不同，答案會有所不同。當我們基本上看預付費時，我們看到的市場大約是 1/3、1/3、1/3。所以我想說，在這種情況下，價格因素將成為未來收入成長最相關的因素。

When we look at postpaid, the situation is a bit different because we have 22% market share. The market leader is 44%. So I think that the growth potential there is more balanced. So it's likely to be -- as it is today, as a matter of fact, if you look at quarter-on-quarter, you will see that it's half roughly linked to the evolution of the customer base and the rest is linked to the ARPU.

當我們考慮後付費時，情況有點不同，因為我們擁有 22% 的市場份額。市場領導者為44%。所以我認為那裡的成長潛力更加平衡。所以很可能是——就像今天一樣，事實上，如果你看季度環比，你會發現它一半與客戶群的演變有關，剩下的則與ARPU。

When we discuss the ARPU, then you've got a number of different levers that you're using throughout the years to increase it over time. So the price -- the more-for-more strategy that we use every year in our case is roughly once per year. Then we got the migration that is something that we are doing prepaid, control, control, postpaid, control, control. And then there is the actual upselling of services or digital services that have been the discussion that we had in the first panel of today. So it's a mixture of this element.

當我們討論 ARPU 時，您多年來會使用許多不同的槓桿來隨著時間的推移提高 ARPU。因此，我們每年使用的多換多策略的價格大約是每年一次。然後我們進行了遷移，我們正在做預付費、控制、控制、後付費、控制、控制。然後是服務或數位服務的實際追加銷售，這是我們在今天的第一個小組中討論的。所以它是這個元素的混合。

For the shareholder remuneration, before passing the word to Andrea on the tax reform, I would say that we are comfortable with BRL 2.9 billion in the sense that we are upgrading our guidance and saying that BRL 2.9 billion is the new floor. And so we are -- of course, there are tax reform that's been discussed. The IOC discussion has been postponed a bit. But Andrea, please?

對於股東薪酬，在向 Andrea 傳達稅收改革方面的信息之前，我想說，我們對 29 億雷亞爾感到滿意，因為我們正在升級我們的指導，並表示 29 億雷亞爾是新的下限。當然，我們已經討論了稅改。國際奧委會的討論被推遲了一些。但是安德里亞，好嗎？

Yes. The BRL 2.9 billion -- as a matter of fact, the BRL 2.3 billion guidance now increase for BRL 2.9 billion is related to 2023 and considering the current situation in a tax perspective. Of course, if -- when we have the reform, we will see what's happened. But besides this, we are continuously considering an improvement in the shareholder remuneration.

是的。 29億雷亞爾－事實上，現在23億雷亞爾的指導增加29億雷亞爾是與2023年有關，並從稅收角度考慮目前的情況。當然，如果——當我們進行改革時，我們就會看到發生了什麼。但除此之外，我們還在不斷考慮改善股東薪酬。

So you have to understand what the impact of tax reform to have some better discretion. But the main point here is that we will still continue to have a better remuneration of our shareholders.

所以你必須了解稅改的影響，才能有更好的判斷力。但這裡的重點是，我們仍將繼續為股東提供更好的報酬。

If I may, just to add here. It's always good to understand that there are multiple ways of remunerating shareholders, paying dividends and IOC, just two of them. It's pretty common here in U.S. to use buybacks, for example, as a formal remuneration shareholders. This is not very common in Brazil, although we do have a program in place, there's a very small just related to the remuneration of our management.

如果可以的話，我就在這裡補充一下。理解股東報酬的方式有很多種，支付股息和國際奧委會，這只是其中的兩種，這總是好的。例如，在美國使用回購作為正式的股東報酬是很常見的。這在巴西並不常見，儘管我們確實有一個計劃，但只有一個很小的計劃與我們管理層的薪酬有關。

But this is, for example, an area that we could analyze and understand it makes sense according to what Andrea just mentioned that we need to analyze what's going to be the exact scenario for tax reform.

但這是一個我們可以分析和理解的領域，根據安德里亞剛才提到的，我們需要分析稅收改革的確切場景，這是有意義的。

Again, as you guys know, you follow Brazil, all of the political environment is always very changing and things. Sometimes, we think that's going to happen right away and then move forward 1 month, 2 months, 3 months and then change from 1 year to another.

再說一次，正如你們所知，巴西的所有政治環境總是在不斷變化。有時，我們認為這會立即發生，然後向前推進 1 個月、2 個月、3 個月，然後從 1 年變為另一年。

So these things are very fluid. We need to keep following to understand how things will evolve. And then we move accordingly with the mindset that Andrea and Alberto just mentioned that we will remunerate more our shareholders in the future. How we will do that will depend on the conditions that we have in place. So thank you for the question. Funny.

所以這些事情都是非常流動的。我們需要繼續專注以了解事情將如何演變。然後我們按照安德里亞和阿爾貝托剛才提到的心態採取相應的行動，我們將在未來為股東提供更多報酬。我們如何做到這一點將取決於我們現有的條件。謝謝你的提問。有趣的。

And then we move to another one that comes from Isabella Butcher from [Mobile Time]. Can you guys give us more details about the Ze Delivery partnership, how is going to work, when it will be launched? How is C6 bank arbitration? And how is the importance of this partnership for TIM? How much revenue does the partnership yield for TIM ?

然後我們轉向來自 [Mobile Time] 的 Isabella Butcher 的另一篇文章。你們能給我們更多關於 Ze Delivery 合作夥伴關係的詳細資訊嗎？它將如何運作，何時啟動？ C6銀行仲裁如何？這種合作關係對於 TIM 有何重要性？此次合作為 TIM 帶來了多少收入？

This before I give it to Alberto, just mentioning regarding C6, this we have an ongoing arbitration with them. So we have constraints about disclosing information. So we won't be talking about the arbitration itself. Alberto, feel free to answer the part related to the delivery, and also Fabio.

在我把它交給 Alberto 之前，只是提到關於 C6，我們正在與他們進行仲裁。所以我們對資訊揭露有限制。所以我們不會談論仲裁本身。阿爾貝托（Alberto），請隨意回答與交付相關的部分，還有法比奧（Fabio）。

I would ask Fabio to answer that.

我想請法比奧回答這個問題。

Yes. So can you hear me? So regarding Ze Delivery, it's a brand-new strategy. I mean, a brand-new partnership actually. And we are starting this week with some like a proof-of-concept, I mean, like a pilot all over the place. I mean it's a national offer. Basically, we are giving to our prepaid users when they recharge when they top up the plans, they receive a cash back through the app of Ze Delivery Brazil. So that's the mechanic of the offer.

是的。那你聽得到我說話嗎？所以對於Ze Delivery來說，這是一個全新的策略。我的意思是，實際上是一種全新的合作關係。我們將從本週開始進行一些概念驗證，我的意思是，就像各地的試點一樣。我的意思是這是全國優惠。基本上，我們向預付費用戶提供獎勵，當他們充值時，他們會透過 Ze Delivery Brazil 應用程式收到現金回饋。這就是報價的機制。

The most important point here, and as Eduardo (inaudible) in the video we just showed you, is that this is a very first opportunity to join together. So two main companies, very strong, not only in Brazil but in the whole Latin America, trying to increase the engagement of their customers. and deliver innovation to the markets.

這裡最重要的一點，正如我們剛剛向您展示的影片中的愛德華多（聽不清楚）一樣，這是第一次加入的機會。因此，兩家非常強大的主要公司，不僅在巴西，而且在整個拉丁美洲，都在努力提高客戶的參與度。並向市場提供創新。

So I mean, the offer is pretty testing this from now on, from this week on. And probably in the beginning of next year, we're going to launch this as a huge campaign with our bed colleagues.

所以我的意思是，從現在開始，從本週開始，這個報價就非常考驗這一點。也許在明年初，我們將與我們的床位同事一起發起一項大型活動。

Thank you, Fabio. We are going to go now to our last question of the afternoon that comes from Vitor Tomita, he's an analyst from Goldman Sachs. Vitor is joining us from the Zoom webcast. So Vitor, please, if you can tune down your volume and ask your question.

謝謝你，法比奧。我們現在要討論下午的最後一個問題，來自 Vitor Tomita，他是高盛的分析師。 Vitor 將透過 Zoom 網路廣播加入我們。維托，請您降低音量並提出您的問題。

Also regarding the size of the B2B opportunity, do you have a view on how large B2B could be as a part of TIM's revenue mix in the longer term? And also on how TIM usually differentiates itself when competing for B2B projects?

另外，關於 B2B 機會的規模，您認為從長遠來看，B2B 作為 TIM 收入組合的一部分可以有多大？還有 TIM 在 B2B 專案競爭中通常如何脫穎而出？

So let me give a start on this question. So on the long-term opportunity, I think, Vitor, what you can have a look at is the opportunities in the verticals that we show today. So for example, you see at least over the next years versus what we have today and what we've built over the last 12 months, 18 months.

那麼讓我開始回答這個問題。因此，關於長期機會，我認為，Vitor，您可以看看我們今天展示的垂直領域的機會。例如，你至少可以看到未來幾年的情況與我們今天所擁有的情況以及我們在過去 12 個月、18 個月內所建立的情況的比較。

So it's a sizable opportunity that we are going after. And this doesn't include the new things that we're going to do. And that's the reason we call it a bit of a blue ocean because it's a market that it's forming the (inaudible) before as Marcos, for example, pointed out before.

所以這是我們正在追求的一個巨大的機會。這還不包括我們要做的新事情。這就是我們稱之為藍海的原因，因為正如馬可斯之前指出的那樣，這是一個之前正在形成的市場（聽不清楚）。

So when we look at that, we look at not the end point because we don't know what it is. But the impact that this can have on our revenue growth potential. So it's something that is more today and it's growing. And where we are talking about BRL 300 million of contracted revenues and you start filing this up year after year, it becomes a sizable impact. It will become a sensible input to our revenue growth potential.

因此，當我們看到這一點時，我們看到的不是終點，因為我們不知道它是什麼。但這可能會對我們的收入成長潛力產生影響。所以今天它變得更加重要，而且還在不斷增長。當我們談論 3 億雷亞爾的合約收入時，如果你開始年復一年地歸檔，它會產生相當大的影響。它將成為我們收入成長潛力的明智投入。

So see, at this point in time, the end game, we don't know. We are after it. We see that it's material in the short term. We're going to build it over time. And that is going to -- it's looking at the number where we shared with you today, you can see that it's going to be important for our year-over-year revenue growth already in the short term.

所以看，在這個時間點，遊戲的結局，我們還不知道。我們正在追尋它。我們認為這在短期內是重要的。我們將隨著時間的推移來建構它。看看我們今天與您分享的數字，您會發現這對我們短期內的年收入成長非常重要。

Okay. Thank you. Guys, with this, we wrap up our final Q&A session, and we wrap up our event. Very pleased with your presence here. Thank you so much, and have a nice round of applause.

好的。謝謝。夥伴們，至此，我們結束了最後的問答環節，我們的活動也結束了。非常高興您來到這裡。非常感謝大家，並熱烈鼓掌。