TIM S.A. (TIMB) 2026 Q1 法說會逐字稿

(audio in progress) From first quarter 2016 financials, I want to highlight a service revenue growth of 6.5% year-over-year, driven mainly by mobile and supported by continued improvement in fixed. Mobile service revenues grew 5.6%, confirming the resilience of our core business. Profitability also evolved positively EBITDA grew at a solid pace and the EBIT after lease increased 7.8%, reflecting efficiency initiatives and disciplined cost management.

（音訊進行中）從2016年第一季財報來看，我想強調服務營收年增6.5%，主要由行動業務帶動，並受惠於固網持續改善。行動服務營收成長5.6%，再次證明我們核心業務的韌性。獲利能力也正向演進：EBITDA以穩健速度成長，租賃後EBIT成長7.8%，反映效率提升措施與嚴謹的成本管理。

At the same time, operational cash flow grew 16.8%, reinforcing the strength of our cash generation. These results reflect consistent choices around commercial discipline, cost control and capital allocation. To provide further insight, let's discuss our recent mobile performance. Postpaid remains the main contributor to broad. In the quarter, postpaid revenues increased 7.5% year-over-year supported by customer base expansion and disciplined monetization.

同時，營運現金流成長16.8%，進一步強化我們現金創造能力的強勁。這些成果反映我們在商業紀律、成本控管與資本配置上的一貫選擇。為了提供更多洞見，接下來談談近期的行動業務表現。後付費仍是整體成長的主要貢獻者。本季後付費營收年增7.5%，受惠於客戶基礎擴張與有紀律的變現策略。

We continually adjust our go-to-market strategy to achieve balanced growth and profitability, attract suitable customers, manage churn and offer sustainable propositions. In prepaid, revenues are still contracting year-over-year. But since a part of this loss is have inflicted by pre-to-post migrations we see for now stabilization in the base of the client is a good news.

我們持續調整市場進入策略，以在成長與獲利之間取得平衡、吸引合適客群、管理流失率，並提供可持續的方案。在預付費方面，營收仍呈年減。不過，由於部分下滑來自預付轉後付的遷移，我們目前看到客戶基礎趨於穩定，這是個好消息。

We continue to work on prepaid offers to better monetize them while improving the customer journey. Our 3B strategy best network, best offer and best service continues to drive our consistent performance in mobile. In best network, we are advancing network swaps in Brasilia and Belo Horizonte, modernizing over 1,400 sites and benefiting 3 million customers with upgraded 5G. These upgrades improve capacity, quality, operational efficiency, and strengthening the foundation of our mobile business and an AI support network.

我們持續優化預付費方案，以提升變現能力並改善客戶旅程。我們的3B策略——最佳網路、最佳方案與最佳服務——持續推動行動業務的穩健表現。在「最佳網路」方面，我們正推進巴西利亞與貝洛奧里藏特的網路置換，現代化超過1,400個站點，並以升級後的5G惠及300萬名客戶。這些升級提升容量、品質與營運效率，並強化我們行動業務與AI支援網路的基礎。

Under best offer, our big broader Brazil sponsorship supported brand engagement and commercial traction during the quarter, translating visibility into tangible business impact. And in best service, the MyTeam app remains central to our digital strategy. The app reached 18.4 million monthly unique users and expanded its role in customer interaction, sales and recharges contributing to a more efficient model.

在「最佳方案」方面，我們對Big Brother Brazil的贊助在本季支持品牌互動與商業動能，將曝光轉化為可衡量的業務影響。在「最佳服務」方面，MyTeam App仍是我們數位策略的核心。該App每月不重複使用者達1,840萬人，並擴大其在客戶互動、銷售與加值（recharges）中的角色，促成更高效率的營運模式。

Our 3B strategy will continue to be developed to deliver results in the mobile core, while we also seek new revenue opportunities set through partnership. At the end of the quarter, we closed a partnership with Pipa, the third largest digital bank in Brazil, marking our return to financial services through an ecosystem-based model. This partnership brings together two strong brands and massive rich platforms to build a unique value proposition for clients with the potential to create significant value for both companies.

我們將持續深化3B策略，以在行動核心業務交付成果，同時也透過合作夥伴關係尋求新的營收機會。本季末，我們與PicPay（巴西第三大數位銀行）達成合作，標誌著我們以生態系模式重返金融服務。此合作結合兩個強勢品牌與龐大且豐富的平台，為客戶打造獨特價值主張，並有潛力為兩家公司創造顯著價值。

PicPay bring scale with 67 million accounts, BRL550 million in consolidated TPV and strong engagement in digital payments. By joining forces, we aim to enhance customer engagement, increasing interaction frequency and create cross-selling opportunities through simple, fully digital journeys ultimately delivering a more complete and integrated experience.

PicPay帶來規模優勢，擁有6,700萬個帳戶、合併TPV達5.5億巴西雷亞爾，且在數位支付上具高度黏著度。透過強強聯手，我們目標是提升客戶參與度、增加互動頻率，並透過簡單且全數位化的流程創造交叉銷售機會，最終提供更完整、整合的體驗。

Next, I'd like to turn to broadband and share recent developments. In first quarter 2016, the fixed business continued to show operational improve -- revenues were up for the second consecutive quarter, supported by ARPU growth and by fourth consecutive quarter of positive net additions. These results reflect better execution, improved sales quality and a more disciplined commercial approach in selected markets. If rubin is a game of consolidating our recovery, B2B is about acceleration and delivery. As you all know, B2B has become a key pillar of our strategy to diversify revenues and expand beyond traditional connectivity.

接下來我想談寬頻並分享近期進展。在2016年第一季，固網業務持續展現營運改善——營收連續第二季成長，受ARPU提升與連續第四季淨增用戶為正所支撐。這些成果反映更佳的執行力、更好的銷售品質，以及在特定市場更有紀律的商業策略。若說固網是在鞏固復甦，那麼B2B則是在加速與交付。各位都知道，B2B已成為我們多元化營收、拓展傳統連線服務之外的重要策略支柱。

Our focus continues to be on connectivity-led solutions, particularly network asset services and IoT across verticals such as agribusiness, utilities, logistics and industry. In the quarter, contracted revenues reached approximately BRL1.1 billion, representing 30% year-over-year growth. This performance reflects both new projects and the scaling of existing contracts supporting by our capillarity, technical expertise and disciplined execution.

我們的重點仍放在以連線為核心的解決方案，特別是網路資產服務與跨垂直領域的IoT（如農業綜合企業、公用事業、物流與工業）。本季簽約營收約達11億巴西雷亞爾，年增30%。此表現反映新專案導入與既有合約的規模化，並受惠於我們的覆蓋能力、技術專長與有紀律的執行。

A relevant milestone this quarter was our partnership with -- together, we will implement the first hydropower plant in Brazil with 5G connectivity. This project illustrates how advanced connectivity can support safer operations higher efficiency and new digital use cases in critical infrastructure, reinforcing our position in utilities and energy.

本季一項重要里程碑是我們與——的合作；我們將共同在巴西導入首座具備5G連線的水力發電廠。此專案展示先進連線如何在關鍵基礎設施中支援更安全的營運、更高效率與新的數位應用情境，並強化我們在公用事業與能源領域的地位。

Another strategic step was the acquisition of V8. This transaction adds capabilities in cloud, data, analytics and digital solutions, along with strong relationships across corporate accounts by combining the expertise team scale and connectivity assets, we expand our ability to deliver more integrated solutions and accelerate cross-selling opportunities.

另一項策略性舉措是收購V8。此交易新增雲端、資料、分析與數位解決方案能力，並帶來與企業客戶的強大關係。透過結合專業團隊規模與連線資產，我們擴大提供更整合式解決方案的能力，並加速交叉銷售機會。

Since we are talking about technology, I want to give you an update on our artificial intelligence initiatives. Our AI program is becoming increasingly more transformative for the company, changing the way we do our deli activities, the way we hire and manage our people and the way we plan and roll out our products. We are adopting the genetic AI and other AI-based solution across the organization to run a range of tasks with varying levels of complexity. Productivity gains are becoming more pronounced.

既然談到科技，我想更新我們在人工智慧方面的進展。我們的AI計畫正日益成為公司轉型的關鍵力量，改變我們日常營運活動的方式、招募與管理人才的方式，以及規劃與推出產品的方式。我們正於全組織導入生成式AI與其他AI解決方案，以執行不同複雜度的各類任務。生產力提升正變得更加明顯。

Early results in areas such as IT shows gains of above 20% in software development, faster cycles, lower it costs and improved system performance are supporting the first phase of a long-term transformation. Additionally, we are expanding our partnership with Google and Microsoft to deploy AI solution across the entire organization while managing token usage through FinOps approach.

在IT等領域的初步成果顯示，軟體開發效率提升超過20%；更快的迭代週期、更低的IT成本與更佳的系統效能，正支撐長期轉型的第一階段。此外，我們也擴大與Google及Microsoft的合作，在全組織部署AI解決方案，同時以FinOps方法管理token使用量。

Looking ahead, our priorities remain clear. We will continue to strengthen our mobile business by improving network quality, evolving our offers enhancing service while expanding our ecosystem through partnership. We will sustain operational improvements in broadband. And in B2B, we will continue scaling capabilities through connectivity and integration.

展望未來，我們的優先事項依然明確。我們將持續透過提升網路品質、優化方案、強化服務來鞏固行動業務，並透過合作夥伴關係擴大生態系。我們將維持寬頻業務的營運改善。在B2B方面，我們將持續透過連線與整合來擴大能力規模。

The first quarter of 2026 demonstrate our unwavering commitment to progress, innovation and disciplined execution. We are building sustainable value step by step, and we are well positioned to seize future growth opportunities. Thank you for your continued trust and support. And now let's move to the live Q&A session.

2026年第一季展現我們對進步、創新與有紀律執行的堅定承諾。我們正一步一步建立可持續的價值，並已做好準備把握未來成長機會。感謝各位持續的信任與支持。現在我們進入即時問答環節。

(Operator Instructions) Gustavo Farias, UBS.

（接線員指示）UBS的Gustavo Farias。

On my side. So the first one about VA Tech and B2B in general. What could we expect on this line in terms of growth going forward? Just a consultation. Is this line already embedded in the guidance for the year.

我這邊有兩個問題。第一個是關於VA Tech以及整體B2B。未來在這條業務線的成長方面，我們可以期待什麼？只是想請教一下。這條業務線是否已經納入今年的財測指引？

And well, or thinking about both organically or inorganically going forward? The second question, if you could comment on about margins, okay? How you're seeing the pace of margin expansion going forward. So in the quarter, we've seen some headwinds on OpEx. So if you could help us separate what are the recurrent effects from the seasonal or one-off effects, maybe roaming costs, maybe renegotiation of contracts with our companies, it would be very helpful.

另外，從未來來看，無論是有機或無機成長，你們怎麼看？第二個問題是，能否談談利潤率？你們如何看待未來利潤率擴張的節奏？本季我們看到OpEx有一些逆風。如果你們能協助我們區分哪些是經常性影響、哪些是季節性或一次性影響（例如漫遊成本、或與我們供應商的合約重新談判等），會非常有幫助。

Gustavo, thanks for the question. So let me address the first one and then I will hand it over to Andrea for the margin expansion. So when it comes to our revenue growth, as we outlined in our strategic plan in the beginning of February, we got three vectors to support our revenue growth going forward. We got clearly the mobile core business, the broadband expansion and the B2B expansion.

Gustavo，謝謝你的提問。我先回答第一個，然後把利潤率擴張的部分交給Andrea。關於營收成長，如同我們在2月初的策略計畫中所說，未來支撐營收成長有三個向量：很明確的是行動核心業務、寬頻擴張，以及B2B擴張。

So the B2B expansion -- the B2B vertical has been growing overall over the last years at a double-digit rate. Clearly, our base is relatively small within our total revenues, but the growth has been going forward at a double-digit rate. And we expect this to continue in the coming quarters. Clearly, this year, we have the -- we finalized the closing of V8 in January. And therefore, we have the V8 contribution starting in February.

至於B2B擴張——B2B垂直業務在過去幾年整體以雙位數成長。當然，相較於我們總營收，基礎仍相對較小，但成長一直維持雙位數。我們預期未來幾季將延續這個趨勢。很明顯地，今年我們在1月完成V8的交割，因此自2月起開始認列V8的貢獻。

So we have around EUR40 million already in our numbers for February and March this quarter. And V8 is also on a growth trajectory. And so we expect to contribute to the double-digit growth, but on a larger base. And to your question, if this is included in our guidance yes, the answer is yes. It is. Okay. Gustavo. If it's clear, then Andrea, I can address the margins for you.

因此，本季2月與3月我們的數字中已包含約4,000萬歐元。V8本身也處於成長軌道，因此我們預期它將在更大的基礎上，持續貢獻雙位數成長。至於你問這是否已納入我們的指引：是的，答案是是，已經納入。好的，Gustavo。如果這部分清楚的話，接著我請Andrea為你說明利潤率。

Yes, very clear. Thank you.

是的，非常清楚。謝謝。

Gustavo, related to the margin. This quarter, we have some pressure in OpEx, as you see, we have to major impacts. One is in the connection. And in the connection, we have two impacts international homing seasonal impact. We always have this in the first quarter in our interfinancial costs.

Gustavo，關於利潤率。本季如你所見，我們的OpEx有一些壓力，主要有兩個影響因素。其中一個是在連線相關成本上。而在連線方面，又有兩個影響：國際漫遊的季節性影響。我們在第一季的內部財務成本中一向都會出現這個情況。

So this quarter is the higher one. The second is the end providers. Providers we mentioned before, we launched the control plans with the stream in the beginning of last year, and the cost is a result of the growing of this plan.

所以本季是較高的一季。第二項是終端供應商。我們之前提到過，去年年初我們隨著串流推出了控制型方案，而成本是該方案成長所帶來的結果。

The second effect is in the debt. By debt, we have a higher level than the previous quarter. We have more pressure in the bad debt. This is related even to B2C also and to be it would be a consequence of our aquienvironment. And for the second quarter, we expect to continue to the pressure especially because we have a price up in the first quarter.

第二個影響在於債務。就債務而言，我們的水準高於上一季。壞帳壓力更大。這也與 B2C 有關，而且可以說是我們當前環境的結果。至於第二季，我們預期壓力將持續，特別是因為我們在第一季有提價。

Related to the towers, HVC, as we announced in the last quarter, we have renegotiation with American tariff. We negation impact several lines was a structure where you're going to negotiation. We're talking about more than 8,000 towers and more than 40 contracts. One of the impact -- we have impact in the reduction of our debt reduction of the lease, we also have a change of the rate. So we have several effects.

關於鐵塔、HVC，如同我們在上一季所宣布的，我們與 American Tower 進行了重新談判。我們的談判影響到多個科目，因為這是一個你正在談判的架構。我們談的是超過 8,000 座鐵塔以及超過 40 份合約。其中一個影響——我們在降低負債、降低租賃方面有影響，同時利率也有變動。因此有多重影響。

One of them is a one-off in this quarter, is related to the deferred revenue, but is in other expense. When we sold our towers to American Tower around 40,000 towers. We received BRL900 million. This gain was deferred during the period of the contract, around 20 years. When we renegotiation with American Tower, this quarter related to this sold also was included and this period was reduced in about two years, and an average of two years.

其中之一是本季的一次性項目，與遞延收入有關，但列在其他費用中。當我們把約 40,000 座鐵塔賣給 American Tower 時，我們收到 9 億巴西雷亞爾。這筆收益在合約期間（約 20 年）內遞延認列。當我們與 American Tower 重新談判時，本季也把這筆出售相關內容納入，且該期間縮短了約兩年，平均約兩年。

So with two years less, we have the positive impact of less time to defer this game. So this is the impact that we have in this line of other income. We have another impact in the lease, another positive impact in the lease referred to incentives. So as I mentioned, we have several impacts to relate to -- several positive effects related to American Tower. I'm sorry, that was a long explanation, but I don't know it was clear, but...

因此少了兩年，我們在遞延這筆收益的時間縮短上有正面影響。這就是我們在其他收入這一行看到的影響。我們在租賃上也有另一個影響，租賃方面還有與激勵相關的另一個正面影響。所以如我所說，與 American Tower 相關有多項影響——多項正面效果。抱歉解釋得有點長，我不知道是否講得清楚，但……

Yes, very clear.

是的，非常清楚。

I can add one point in terms of margin expansion. So clearly, we are going to expand our margins in the coming quarters. And you have, as Sandra said, something season or something that is more related to the macro environment or the price up like bad debt, and at the same time, there are a number of initiatives that we are working on, on leases and on cost to keep optimizing the productivity of our company.

我可以補充一點關於利潤率擴張。很明顯，我們在接下來幾季會擴大利潤率。如 Sandra 所說，有些是季節性因素，或是更與宏觀環境或提價相關的因素，例如壞帳；同時，我們也在租賃與成本方面推動多項措施，持續優化公司的生產力。

Thanks for the answer. Just a follow-up, if I may, related to how we could think about margins or margin impact coming from this consolidation of V8 Tech, assuming different margin profile potentially more dilutive than the overall connectivity business. Is that correct to assume?

謝謝你的回答。我可以再追問一下嗎？關於 V8 Tech 併表對利潤率或利潤率影響的看法，假設其利潤率結構可能不同、且可能比整體連線業務更具稀釋性。這樣的假設正確嗎？

Yes, it's correct. I assume. So V8 is dilutive in terms of it's not coming with an EBITDA margin like the mobile business. but is accretive on the bottom line. So at the end of the day, on the EBITDA margin, you have a dilutive effect because it is specific of the business. So your assumption is correct.

是的，這個假設正確。V8 在 EBITDA 利潤率方面具有稀釋性，因為它不像行動業務那樣帶來 EBITDA 利潤率，但在淨利層面是增益的。因此最終在 EBITDA 利潤率上會有稀釋效果，因為這是該業務本身的特性。所以你的假設是正確的。

Luis Chagas, XP.

Luis Chagas，XP。

So from my side, I have two questions. So the first one is how do you perceive the coverage competitive landscape in mobile -- and the second question regards -- your fiber results have been improving sequentially. Would you consider M&A or JVs to accelerate growth in this segment? And how do you see the current environment in terms of M&A opportunities.

我這邊有兩個問題。第一個是你們如何看待行動業務的覆蓋競爭格局——第二個問題是關於——你們的光纖業績逐季改善。你們是否會考慮透過併購（M&A）或合資（JV）來加速這個領域的成長？以及你們如何看待目前的 M&A 機會環境？

So let me start with the competitive landscape. So the competitive landscape, it's constructive and on above the line broadly rational. Of course, there are a number of discussions because this rationality goes up and down, and there was some, let's say, noise in in this first few months of the year. But overall, it remains rational.

我先從競爭格局談起。整體競爭格局是建設性的，而且在「線上」（above the line）大致上是理性的。當然，仍有一些討論，因為這種理性程度會上下波動，而且今年前幾個月出現了一些所謂的雜音。但整體而言仍然理性。

So I think that there are a couple of milestones that happen already and some that needs to happen. And so the first one that I think it's a good development. is the pure postpaid in the front book. So just to remember everybody the pure postpaid remain roughly unchanged during the course of 2025, with the exception of some -- one competitor increased it and two of us didn't do it. And so it's good news that this year, a few weeks ago, we increased our enterprise and clearly, all the other plants of around BRL10, so we moved from 120 million to 130.

我認為已經發生了幾個里程碑，也還有一些需要發生。我認為第一個、也是一個好的進展，是前台（front book）的純後付費（pure postpaid）。提醒大家，2025 年期間純後付費價格大致維持不變，只有某一家競爭對手調升，而我們兩家沒有調升。因此好消息是，今年幾週前我們調升了企業方案，並且也調升了其他所有方案約 10 巴西雷亞爾，所以我們把入門點從 120 提到 130。

One of our competitors already implemented the front book adjustment, I think, in February, and the third one moved along a few weeks ago also moving the entry point from 120 to 125. So this, I think, is a good message in terms of market rationality. And it's above inflation in general.

我們其中一個競爭對手我記得在 2 月就已經完成前台調整，第三家也在幾週前跟進，把入門點從 120 提到 125。我認為這在市場理性方面釋放了良好訊號，而且整體上高於通膨。

When it comes to the next milestones took for is the control, so the hybrid plan. So the hybrid plan is something that we did last year around June, and we are planning to -- we are assessing to implement this again this year. for the third quarter, let's say, in a safe mode in terms of hybrid plan. And we would expect that it's something that everybody is considering. And so I got a positive outlook in my mind related to this.

至於接下來要關注的里程碑是控制型（control），也就是混合方案（hybrid plan）。混合方案是我們去年大約 6 月做的，我們正在規劃——我們正在評估今年再次實施，假設在第三季，以較保守的方式推行混合方案。我們也預期這是大家都在考慮的事情。因此我對此抱持正面展望。

On prepaid, I think that we are considering a number of options to make it balanced because if you move up control, then there is something to be considered to be done in prepaid, something that's already been implemented on our side below the line and we are looking at opportunities to do this in a more for more approach on the ATL front as well. So this is for the competitive landscape. If it's okay, Luis, I will move to the other one.

在預付卡（prepaid）方面，我認為我們正在考慮多種選項以維持平衡，因為如果你上調控制型方案，那麼預付卡也需要有所因應。我們這邊在「線下」（below the line）已經做了一些措施，同時也在尋找機會，以更——更偏向 ATL（above the line）前台的方式來推進。所以以上是競爭格局。如果可以的話，Luis，我會轉到另一個問題。

Yes, it's okay. Thank you .

可以，謝謝。

So when you move to the fiber, I think that our priority now is to come to the closing of iSystems that is pretty close and the integration of iSystems in our operation. This will further support our organic plan because we're going to have control of the network in some key markets like Rio de Genera Sao Paulo. So this is a short-term priority related to the fiber. So the incorporation of the iSystem deal in is going to close pretty soon. And in terms of nonorganic, I think here the question is, we have been analyzing opportunities.

談到光纖，我認為我們目前的優先事項是完成 iSystems 的交割，這已經非常接近了，並將 iSystems 整合進我們的營運。這將進一步支持我們的有機計畫，因為我們將在一些關鍵市場（如里約熱內盧、聖保羅）掌握網路控制權。這是光纖短期的優先事項。因此 iSystems 交易的納入將很快完成。至於非有機成長，我認為問題在於：我們一直在分析機會。

We are analyzing opportunities. It's a mixture between strategic value, a commercial value and the impact on our whole P&L and cash flow projections. So we are looking for an accretive deal if this needs to happen. So we are assessing, but there is nothing defined yet. I don't know if Andrew, you want to add something on the broad. No, it's okay. Luis, good for you.

我們正在分析機會。這會在策略價值、商業價值，以及對我們整體損益表（P&L）與現金流預測的影響之間取得平衡。因此如果要做，我們會尋找具增益（accretive）的交易。我們正在評估，但目前尚未有定案。我不知道 Andrew 你是否想補充整體看法。不用了，沒問題。Luis，這樣可以。

Yes. Thank you. Very clear.

好的，謝謝。非常清楚。

Maria Clara Infantozzi, Itau BBA.

Maria Clara Infantozzi，Itaú BBA。

So I have two questions from my side. The first is related to AI. It's called our attention the focus of your speech in the potential profitability expansion coming from AI and the opportunities in terms of growth in the report. So can you please elaborate more how we should think about the opportunities coming from AI going forward?

我這邊有兩個問題。第一個與 AI 有關。你們在發言中強調 AI 可能帶來的獲利能力擴張，以及報告中提到的成長機會，這引起了我們的注意。你們能否更詳細說明，未來我們應該如何看待 AI 帶來的機會？

And the second question is related to the PicPay partnership announcement. Can you please elaborate more on how should we think about this partnership? What is the opportunity here and the potential going forward?

第二個問題與 PicPay 合作公告有關。你們能否更詳細說明我們應該如何看待這項合作？這裡的機會是什麼，以及未來的潛力如何？

With the peak pay, and then we'll hand it over to Andrea for the artificial intelligence and general productivity. So PicPay is a partnership that feel a spot in our customer platform strategy related to the combination of telco and fintech. So as you guys recall, we already had an initiative that has been running for years with a previous digital bank.

先談 PicPay，然後再交給 Andrea 談人工智慧與整體生產力。PicPay 是一項合作，補足了我們客戶平台策略中「電信＋金融科技」結合的拼圖。各位應該記得，我們先前與一家數位銀行已有一項運作多年的計畫。

And we consider that as accretive to our revenue and cash flow generation. And that was an equity partner, the peak pay differs saying the fact that we are in a different phase of the market and the partnership is commercial. The idea is pretty simple. So we want to create a value proposition for our customers and pay customers that is better than the stand-alone value proposition and the cross upsell our customer base is generating revenue growth or commission payments and loyalty because we know that when we cross upsell different packages to our customers, they tend to be more loyal. That's improved.

我們認為那對我們的營收與現金流創造是有增益的。那是一個股權型合作夥伴；而 PicPay 的不同之處在於，我們處於市場的不同階段，且這次合作是商業合作。概念很簡單：我們希望為我們的客戶與 PicPay 客戶打造一個比單獨方案更好的價值主張，並透過交叉銷售／加值銷售我們的客戶基礎來帶動營收成長或佣金收入與黏著度，因為我們知道當我們向客戶交叉銷售不同組合時，他們往往更忠誠。這已經有所改善。

And at the same time, to develop lower customer acquisition cost channels. For prepaid to cross upsell on our customer base and vice versa. So this is the idea behind the partnership. We're going to work with the two different brands. And so we are associated the rents in the value proposition to our customers. And we are looking for a commercial launch in the third quarter of this year.

同時，也要發展客戶取得成本較低的通路。例如在我們既有客戶基礎上，讓預付方案與交叉／加值銷售相互導流，反之亦然。這就是這項合作夥伴關係背後的想法。我們將與兩個不同品牌合作，因此把「租賃」納入我們對客戶的價值主張之中。我們預計在今年第三季進行商業化上線。

Maria Clara. Related to AI opportunity. As you know, we are working for the past two years. Now we are expanding the adoption of rolling out to agents in the key verticals. And we defined Copart call center and net operation, netoperation special in the past part of maintaining. And also, we are using agents to help some staff parts like legal areas, human resource and also the fiscal area, and we are now starting using agents also to collect.

Maria Clara，關於 AI 的機會。如你所知，我們在過去兩年一直在推動。現在我們正在擴大採用範圍，將其推廣到關鍵垂直領域的代理（agents）。我們也在過去一段時間定義了 Copart 呼叫中心與網路營運（net operation），以及 netoperation special 的維運部分。此外，我們也在使用代理來協助一些支援部門，例如法務、人力資源以及財務／稅務領域，而我們現在也開始使用代理來進行蒐集。

And so we are seeing the benefits it's not a game change, but it's showing -- we are seeing impact -- positive impact. And our expectation is this continues to improve and improve our productivity. But we are doing, we're very careful because all these initiatives need CapEx, and we only saw the initiatives when the counts positive. So that's why I mentioned, it's not a game change, but there's a continuous improvement in our productivity. I don't know, Griselli want to --

因此我們正在看到效益。這不是顛覆性的改變，但它正在展現——我們正在看到影響——正面的影響。我們的預期是，這會持續改善並提升我們的生產力。不過我們非常謹慎，因為這些計畫都需要資本支出（CapEx），我們只會在效益為正時才推進這些計畫。所以我才提到，這不是顛覆性的改變，但我們的生產力在持續改善。我不知道 Griselli 是否想要——

I think it's okay, unless Maria Clara has some follow-up questions.

我覺得可以，除非 Maria Clara 還有後續問題。

Yes.

是的。

Rogerio Araujo, Bank of America.

Rogerio Araujo，美國銀行（Bank of America）。

Alberto, Andrea. I'll offer the opportunity. I have a couple here. First one is on other operating expenses and revenue line. where you recognized the gains with American Tower, there is also higher legal provisions of BRL115 million this quarter versus an average of BRL55 million in the past couple of years. If you could please talk about the potential recurrency of this incremental provisions and the reason for that?

Alberto、Andrea，我想提幾個問題。第一個是關於「其他營業費用與收入」這一行：你們在其中認列了與 American Tower 相關的收益；同時，本季法律準備金也較高，達到 1.15 億巴西雷亞爾（BRL115 million），相較過去幾年平均約 5,500 萬巴西雷亞爾（BRL55 million）。能否請你們談談這部分新增準備金未來是否可能經常性發生，以及其原因？

And second question is regarding leases. Is there a strong potential for further lease renegotiations going forward? Or most of that has been done. If you could also say like, for example, American Tower, have you done already all the contracts have been renegotiated, same for for IHS -- so if you could talk about that.

第二個問題是關於租賃（leases）。未來是否仍有很大的空間進一步重新談判租約？還是大部分都已經完成了？例如 American Tower，你們是否已經把所有合約都重新談判完畢？IHS 也是一樣——能否請你們談談這部分？

And also on leases, there is an incentive included in lease payments of BRL66 million this quarter. Will that amount remain over upcoming quarters, maintaining the level of lease payments or this one-off and linked to quarterly renegotiations. So if you could also talk a little bit about this recurrency.

另外同樣關於租賃，本季租賃付款中包含 6,600 萬巴西雷亞爾（BRL66 million）的激勵（incentive）。這個金額在接下來幾季是否會維持，以保持租賃付款水準？還是這是一次性、並與季度重新談判相關？也請談談其經常性。

Roger, let me start with the leases with a general view and then we'll pass to Andrea for incremental information on the lease and the other question. So when you look at the leases Basically, we are working with three main approaches to keep optimizing our cost. Remembering that the cost, they suffer an increased pressure that is coming from network expansion and inflation. And in order to control this driver of cost increases, basically, we are working on different approaches.

Roger，我先從租賃的整體觀點開始，之後再請 Andrea 補充租賃與另一個問題的增量資訊。當你看租賃時，基本上我們正透過三個主要作法來持續優化成本。請記得，成本面臨的上行壓力來自網路擴張與通膨。為了控制這些成本上升的驅動因素，我們基本上採取不同的方法。

The first one is the negotiational approach, like the American Tower one, the deal that we closed with the under renegotiation that we finalize with them. And the second one is the IHS that you mentioned, whereby basically we make on a -- we go on a make versus lease approach. And the third one is sharing with other competitors. And so what is the status on each one of them.

第一個是談判方式，例如 American Tower 的案例，也就是我們與其完成的重新談判交易。第二個是你提到的 IHS，我們基本上採取「自建（make）對比租賃（lease）」的策略。第三個是與其他競爭對手進行共用（sharing）。那麼各項的進度如何。

When it comes to the negotiation approach we've finalized the negotiation last year and the benefits are appearing from this year onwards. We still have a couple of negotiations ongoing with other partners. And this will be information that will release in the coming quarters if we meant to finalize the negotiation and the impact is going to be similar in logic to the American Tower one.

就談判方式而言，我們在去年已完成談判，效益從今年開始逐步顯現。我們仍有幾項與其他合作夥伴的談判正在進行中。如果我們能在接下來幾季完成談判，我們會對外揭露相關資訊，而其影響在邏輯上會與 American Tower 的案例類似。

The make versus lease approach is going to be implemented over time. And therefore, we substitute leases with CapEx and the overall economic analysis, it is positive for the CapEx one. And this primarily is going through the objective of towers in area where a tower company have led interest because there is less ability to have two tenants, like, for example, some of the regulatory coverage and the B2B segment. And we also develop an ultra cost solution that optimize our CapEx investment.

「自建對比租賃」的作法會隨時間逐步落地。因此，我們會以資本支出（CapEx）取代部分租賃；從整體經濟性分析來看，採用 CapEx 的方案是正向的。這主要聚焦在某些區域的鐵塔資產：在那些地方，鐵塔公司興趣較低，因為較難有兩個承租戶（tenants），例如某些法規覆蓋要求以及 B2B 區隔。同時我們也開發了超低成本解決方案，以優化我們的 CapEx 投資。

And the third one is the more medium-term approach that is related to the sharing that we are discussing with one of our competitors we did some progress, but we can enlarge the scope of this agreement, both in terms of number of the competitors and the scope within the competitor we are working with. But I would say that this is going to kick off more in the medium term because it needs time to be executed because basically, you need to optimize and move electronics from on tower to another. So it takes a bit more time. So this is for the general approach in terms of lease control management.

第三個則是較偏中期的作法，與我們正在和其中一位競爭對手討論的共用相關。我們已取得一些進展，但我們可以擴大這項協議的範圍，無論是在參與的競爭對手數量上，或是在我們合作的該競爭對手內部涵蓋範圍上。不過我會說，這會在中期才更明顯啟動，因為執行需要時間：基本上你需要最佳化並把電子設備從一座塔移到另一座塔，所以會花更久一些時間。以上是租賃成本控管的整體作法。

Rogerio, complemented the leasing information that Alberto said we have a one-off of EUR65 million payment in lease. This is also a reflect of HCC agreements. As I mentioned before, we have several impacts. So this is a one-off and was in this quarter. What we have with HTC that is recurring is the downsize in the lease that we have with them. So this will be a recurring impact.

Rogerio，補充 Alberto 提到的租賃資訊：我們在租賃付款中有一筆 6,500 萬歐元（EUR65 million）的一次性付款。這也反映了 HCC 協議。如我先前提到，我們有多項影響。因此這是一次性，發生在本季。我們與 HTC 之間具有經常性的部分，是我們與他們的租賃規模縮減（downsize）。因此這將會是經常性的影響。

Considering the other income that you're asking, so we have a positive one-off that was HTC also that explained was the deferred revenue. and we have some impact also impact in the provision, a provision increase is a normal course of analysts that we have and it also is a one-off. So you can expect that in the second quarter, this line will be -- we will return the packs that we nonenhave. I don't know if I addressed.

至於你問到的其他收入（other income），我們有一項正向的一次性因素，同樣來自 HTC，也就是先前解釋過的遞延收入（deferred revenue）。另外在準備金（provision）方面也有一些影響；準備金增加屬於我們一般分析流程中的正常情況，同時這也是一次性的。因此你可以預期在第二季，這一行將會——我們會回到我們原本沒有的那些影響之前的水準。我不知道是否有回答到。

Well, that's very clear.

好的，這非常清楚。

Phani Kanumuri, HSBC.

Phani Kanumuri，匯豐（HSBC）。

The first one is on what is the reaction from the customers after you had increased your prices this quarter? Are you seeing an increase in churn. And the second one is regarding the recent 700 megahertz auction, how does that change your competitive scenario in mobile?

第一個問題是：你們本季調漲價格後，客戶的反應如何？是否看到流失率（churn）上升？第二個問題是關於近期的 700MHz 頻譜拍賣，這會如何改變你們在行動業務上的競爭態勢？

Let's start with the churn one, Phani. So as we mentioned in the previous call, we executed back book prices in between the first quarter, second quarter. So the impact on churn, it's expected. And Basically, this year, we noticed a smaller increase in the voluntary churn that is slightly higher versus the previous quarter, but it's still in the range of 0.8%. This is the number that we shared with you guys in previous earning calls, but there was an increase in voluntary churn, that then is reflecting also a bit in the context of the macroeconomic in the bad debt.

Phani，我們先談流失率。正如我們在上一通電話會議提到的，我們在第一季與第二季之間執行了既有用戶（back book）的調價。因此，對流失率的影響是可預期的。基本上，今年我們注意到自願性流失（voluntary churn）有較小幅度的上升，較上一季略高，但仍在 0.8% 的區間內。這個數字我們在之前的法說中也與各位分享過。不過自願性流失確實上升，這也在一定程度上反映在總體經濟背景下的壞帳（bad debt）上。

So generally speaking, this impact is higher in the first quarter and then tends to phase down in the second quarter. And so this is what we are going to expect going forward. And the end of April is already showing some sign of this trend happening. At the same time, you see that the effect is more pronounced in our postpaid net additions in January.

整體而言，這個影響在第一季較高，然後在第二季往往會逐步下降。因此這也是我們對未來的預期。而四月底已經顯示出一些這種趨勢正在發生的跡象。同時你也會看到，這個效果在我們 1 月的後付費（postpaid）淨增用戶上更為明顯。

That was a lower number was 30,000, then it moved up to 50,000 in March, it's moving up to 80,000. We closed -- April is going to be higher than 80,000. So basically, we are ramping up back to post price up impact.

當時的數字較低，只有 3 萬，之後 3 月回升到 5 萬，現在正上升到 8 萬。我們已經結束——4 月將會高於 8 萬。因此基本上，我們正在逐步回升，以抵消調價對後付費的影響。

When it comes to -- this is for the first question, Phani. When it comes to the 700 megahertz frequencies, this frequency sort of crystallized a situation whereby some of our competitors are -- so this frequency, I don't know if you guys remember, there's already been assigned in secondary use to the small ISP last year. So some of them are already using this frequency to provide voice services or extend 5G services to their customer base.

至於 700MHz 頻段——這是第一個問題的回答，Phani。談到 700MHz 頻率時，這個頻率某種程度上使得一種情況被「定型」：我們的一些競爭對手——我不知道各位是否記得，這個頻率在去年已經以次要用途（secondary use）的方式分配給小型 ISP。因此其中一些業者已經在使用這個頻率，向其客戶提供語音服務或延伸 5G 服務。

So from a practical perspective, these frequencies are already being used and therefore, the auction crystallized the use from a secondary use to a primary use. As the press has been reported, connects is the association of the mobile operators and telecom, which is the association have a number of objections related to the way the auction is being carried out, and so there are legal proceedings happening related to the overall auction mechanisms and clear results.

因此從實務角度來看，這些頻率已經在被使用，而此次拍賣只是把用途從次要用途「定型」為主要用途（primary use）。如媒體所報導，Conexis 是行動營運商的協會，而 telecom 也是一個協會；他們對拍賣進行方式提出若干異議，因此目前有與整體拍賣機制及最終結果相關的法律程序正在進行中。

Mathieu Robilliard, Barclays.

Mathieu Robilliard，巴克萊。

I had a few questions. The first one was on energy costs. I understand you do not disclose energy cost, but obviously, there's quite a bit of volatility in some of the prices at least globally. I also understand that you have long-term agreements, but maybe if you could give us a bit of color in terms of what potential impact we could see if the situation stays as it is or deteriorates. Are you edged in long-term contracts, that would be helpful.

我有幾個問題。第一個是關於能源成本。我理解你們不揭露能源成本，但顯然，至少在全球範圍內，部分價格波動相當大。我也理解你們有長期協議，但也許你們可以提供一些補充說明，讓我們了解如果情況維持現狀或進一步惡化，可能會看到什麼樣的影響。你們是否透過長期合約進行避險？如果能說明會很有幫助。

The second question was on power, just a follow-up. Can you clarify if you have the caps on inflation for your leases? And the third one was a bit broad on D2D. Obviously, we're seeing a lot of players launching D2D services across different countries. I think you guys also have an agreement with one of the potential providers? Just wanted to see how interesting you thought this vertical could be in Brazil.

第二個問題是關於電力，算是追問。你能否澄清你們的租賃合約是否有通膨上限？第三個問題比較廣泛，關於 D2D。顯然，我們看到很多業者在不同國家推出 D2D 服務。我想你們也和其中一家潛在供應商有協議？只是想了解你們認為這個垂直領域在巴西會有多大吸引力。

So Mathieu, do you want to address the energy and inflation, Yes. And sorry, Mathieu, I didn't get your last question.

那麼 Mathieu，你要先回應能源與通膨的部分嗎？好的。抱歉，Mathieu，我沒有聽清楚你最後一個問題。

Yes. Okay. D2D is direct to device -- direct to sell.

是的。好的。D2D 是 direct to device——直接到裝置——直接銷售。

Sorry, cool. Okay.

抱歉，了解。好的。

Yes, not B2.

是的，不是 B2。

Yes, okay.

是的，好的。

Let's start with energy. We don't disclose very much the energy cost. But we work with three lines of earnings. We have the normal contract the open market, and we have the -- what we call MercadoLibre's when you buy a package, and we have the third one that is, how to say, farms of energy plant for renewable generation. So -- with these energy plans, we have long-term contracts, and this also is included in our lease costs.

先從能源談起。我們不太揭露能源成本。但我們採用三種收益／採購管道。我們有一般合約、公開市場，還有——我們稱之為 MercadoLibre 的方案，也就是你購買一個套裝；第三種是——怎麼說——可再生發電的能源電廠（電站）群。透過這些能源方案，我們有長期合約，而這也包含在我們的租賃成本中。

So it is this energy plants give us a very good gain and protect us to the energy with the open market. In Brazil, we have a lot of impact related to rains and what we call red flag here, but because the government that consider this tariffs. So the energy plans protect us to this kind of a lack of predictability. So we are starting to invest in the energy plan three years ago. And now we have half of our costs are managed in this kind of plant that is also one-off pressure that we have in leasing, but we have a positive impact between the general cost of energy. Related to --

因此，這些能源電廠為我們帶來非常好的收益，並讓我們免於公開市場能源價格的影響。在巴西，我們受到降雨以及我們這裡所謂「紅旗」的影響很大，因為政府會據此調整費率。因此，能源方案能保護我們免於這種不可預測性。我們三年前開始投資這類能源電廠。現在我們有一半的成本是透過這類電廠來管理；這也會在租賃上帶來一次性的壓力，但在整體能源成本之間，我們是有正面影響的。關於——

And Andrea, just to complement, Matt, there is an important initiative that we launched last year, which is called auto generation, whereby we will extend this predictability, this control in a wholesale agreement to a larger proportion of our overall energy consumption. And this project, it's in the process of being implemented. And so the expectation is going to be live by the end of -- basically in the fourth quarter this year. So we're going to be further edged versus price -- potential price increases. Then --

Andrea，補充一下，Matt：我們去年啟動了一項重要計畫，稱為自發電（auto generation），藉此我們會把這種可預測性與控制力，透過批發協議延伸到我們整體能源消耗中更大的一部分。這個專案正在落地實施中，預期基本上會在今年第四季上線。因此，我們將能進一步對沖潛在的價格上漲。然後——

Okay.

好的。

Yes, there is -- sorry, on this, there is a gasoline that runs on generators as a backup solution, and we made sure that we provided some spots a safety buffer for months to come.

是的——抱歉，補充一下：我們有以汽油驅動的發電機作為備援方案，我們也確保在部分地點提供了可支撐未來數月的安全庫存緩衝。

Okay. So if I got it right, about 50% of your volume consumption. I don't know if it's the cost, but it's basically under the energy place,and that will increase throughout the year, above 50%.

好的。所以如果我理解正確，大約 50% 的用量消耗——我不確定是用量還是成本——基本上是在能源電廠／方案之下，而且今年會逐步提高到 50% 以上。

Yes. Related to the tower inflation. We have -- all the contract is -- have inflation rates, we have the impact. What we work very hard, and our goal is always have to increase the inflation. Putting in other words, we observed the impact of the volume because we have more towers related to the expansion of our network, but we -- our goal is to increase is at maximum, the inflation of the year. So we observed the volume driven.

是的。關於鐵塔租賃的通膨。我們的——所有合約——都有通膨調整條款，因此我們會受到影響。我們非常努力在做的、也是我們的目標，是讓增幅始終不超過通膨。換句話說，我們觀察到的影響主要來自用量，因為隨著網路擴張我們有更多鐵塔，但——我們的目標是最多只增加到當年的通膨水準。因此我們看到的是用量驅動的影響。

Okay.

好的。

And for the satellite, D2D solutions, so this is clearly something, Matti, that we see as interesting in a continental country like Brazil, because clearly, as of operators, we provide coverage to a limited surface area within the country. And , therefore, it's something that is potentially interesting. Now the point is that while from fixed broadband, the product is up and running and it's something that is already gaining share in Brazil for the same reason of continental coverage.

至於衛星的 D2D 解決方案，Matti，這顯然是在像巴西這樣幅員遼闊的國家中，我們認為有趣的方向，因為作為電信營運商，我們在國內能提供的覆蓋面積是有限的。因此這可能具有吸引力。現在的重點是：雖然在固網寬頻方面，產品已經上線運作，且基於同樣「幅員遼闊、需要覆蓋」的原因，它在巴西已經開始取得市占。

The D2D solution, we understand that in the current format, it's a niche value proposition. And therefore, here, I think that the big question is the cost of this sort of agreement versus the benefits that we'll deliver to the value proposition. So this is something that we are looking at because today, it's basically -- and if you look at the launches in many markets, it's something that is very specific, very segment in remote areas with text like sort of capabilities, this is going to change in the years to come, so it will become more appealing. And therefore, I would guess that the cost benefit analysis are likely to change over time.

但 D2D 解決方案，我們理解以目前的形式，它是一個利基型的價值主張。因此我認為最大的問題在於，這類協議的成本相對於它能為價值主張帶來的效益如何。這是我們正在評估的，因為目前基本上——如果你看許多市場的推出情況——它非常特定、非常分眾，主要是在偏遠地區提供類似簡訊等能力。未來幾年這會改變，會變得更具吸引力。因此，我猜成本效益分析也很可能會隨時間而改變。

Marcelo Santos, JPMorgan.

Marcelo Santos，摩根大通。

The first question is regarding the higher delinquency -- you said that you expect this to continue in the next quarter. Would that prompt a more cautious analysis and potentially a slowdown in postpaid adds as you seek to control this because we saw the bad debt, we also saw the NPLs, the 1 to 30 days NPLs that had a big increase. So just wanted to understand how you're going to react to this.

第一個問題是關於較高的逾期率——你提到你預期下一季仍會持續。這是否會促使你們採取更審慎的分析，並在你們試圖控制風險時，可能放慢後付費用戶的新增？因為我們看到壞帳，也看到不良貸款（NPL），尤其是 1 到 30 天的 NPL 大幅上升。所以想了解你們會如何因應。

And the second question is a bit more technical is about the deferred revenue regarding the renegotiation with ATC. When you look at that line, like in the past, you always had a certain revenue on that line. So it's just a part of the BRL83 million that is known kind of one-off-ish like you're going to continue to have a level but below? Just wanted to understand how this BRL83 million going to go forward, given that you had this in the past.

第二個問題比較技術性，關於與 ATC 重新談判所產生的遞延收入。當你看那一行時，過去你們在那一行一直都有一定的收入。所以這是否只是 8,300 萬雷亞爾中的一部分屬於一次性項目，而你們仍會持續有一個水準但會較低？只是想了解，考量你們過去就有這項目，這 8,300 萬雷亞爾未來會如何演變。

Marcelo. Related to the debt, as I mentioned, yes, we are seeing more pressure of the debt in this quarter. a consequence of a deterioration of payment of our customers, B2B and also B2C -- more B2C. What we -- I mentioned that respect the pressure continue because we have the price up the first quarter. So as a consequence, as always, we have the price consequence, we have bad debt continues. The -- you mentioned another thing about the debt.

Marcelo。關於債務（壞帳），如我提到的，是的，我們在本季看到更大的壓力，這是因為客戶付款能力惡化所致，包含 B2B 以及 B2C——但以 B2C 為主。我提到壓力會持續，是因為我們在第一季調漲了價格。因此一如既往，價格調整會帶來後續影響，壞帳也會持續。你——你還提到另一點關於債務。

On the bad debt, let me just use another piece of information. So Marcelo, basically, how we deal with it. So the basically because it's a credit. It was talking about the grade. So you have a number of different mechanisms to control it.

關於壞帳，我再補充一點資訊。Marcelo，基本上我們如何處理：因為這本質上是信用問題。剛才談到的是評級（grade）。所以你有許多不同的機制可以控制它。

And clearly, the credit analysis is one of them. And then there are also some offer construct you can think of like really more on clients on credit cards, for example, on prepayments. So there are a number of things that we are implementing already and assessing to cope with the current scenario. Just to finalize on this.

而且很明顯，信用分析是其中之一。然後也有一些你可以考慮的方案設計，例如更偏向讓客戶使用信用卡，或採取預付款等。因此，我們已經在推動並評估多項措施，以因應目前的情境。就此做個總結。

So related to the other -- when we sold the towers for American Tower, this gain was around BRL900 million was deferred during the period. So each month, a month since 2018, we have around EUR4.5 million in design. So this was for 20 years. beginning in 2018. When we make the agreement with HTC, despite of the contract, the contract related to the towers sold was reduced in around two years.

至於另一個問題——當我們把鐵塔賣給 American Tower 時，這筆收益約 9 億雷亞爾，並在期間內遞延認列。因此自 2018 年起，每個月我們大約有 450 萬歐元的認列。這是為期 20 年，自 2018 年開始。當我們與 HTC 達成協議時，儘管有合約，但與已出售鐵塔相關的合約期大約縮短了兩年。

So this reduction of two years is the impact that we have now one that we have two years less, we recognize this around EUR80 million related to the 24 months that we -- because our contracts will end it sooner than we expect. So we recognize this in this one-off operation. I don't know if I address your --

這兩年的縮短就是我們現在的影響：因為少了兩年，我們把與 24 個月相關的大約 8,000 萬歐元認列出來——因為我們的合約會比原先預期更早結束。因此我們在這次一次性操作中認列了這筆。我不知道是否回答到你的——

So going forward, you should go back to the quarter.

所以往後，你應該會回到按季度的水準。

4.2% because we also decommissioned some towers. So we will not be any more 4.5% will be around -- between 4% and 4.2%. So this will continue from -- as always. We always have just a BRL30 million impact each quarter related to this line. But this quarter, we have BRL30 plus -- around BRL87 something.

約 4.2%，因為我們也除役了一些鐵塔。所以不會再是 4.5%，而會在——約 4% 到 4.2% 之間。因此這會從——一如既往地持續。我們每季在這一行通常只有約 3,000 萬雷亞爾的影響。但本季是 3,000 萬再加上——大約 8,700 萬左右。

Okay. Chris a clear on the TC. On the higher delinquency impact on growth. So I better understand that you have some options that you don't need to do and create an is, but is it reasonable to say you'll be a bit more cautious in adding -- like could we expect some pressure on ads or we cannot say that.

好的。Chris 已經把 TC 講得很清楚了。關於較高逾期對成長的影響。為了讓我更好理解，你們有一些選項其實不一定要做、也不需要去創造一個「是」，但是否可以合理地說，你們在新增（用戶）方面會更謹慎一些——例如我們是否可以預期拉新/廣告投放會有一些壓力，還是我們不能這麼說？

No, I wouldn't say we couldn't say that. I'd say we're going to try to be more intelligent and selective. That, I would say, is rather than cautious. So if you look at our net additions, as a matter of fact, is performing well. So there are a number of initiatives always in place.

不，我不會說我們不能這麼說。我會說我們會努力變得更聰明、更有選擇性。我會把這稱為更「精準」，而不是更「謹慎」。所以如果你看我們的淨新增，事實上表現得不錯。我們一直都有多項舉措在推進。

It's always a fine tuning. Marcelo, when you go to the migration or acquisition in terms of you explore different segments, you explore different payment mechanisms different offer construct. So basically, this is something that is going on and we're going to keep optimizing.

這一直都是在微調。Marcelo，當你談到遷轉或獲客時，你會去探索不同的客群、不同的支付機制、不同的方案設計。所以基本上，這些工作一直在進行，我們也會持續優化。

Now of course, the macro, it's unknown, it's uncertain. So we need to adjust our approach to the evolution of the macro environment. For example, the roll up plan, at the end of the day, can have a positive impact because it can release a bit of a pressure on the level of depth of families. And in general terms, what is happening is acquisition is improving bit by bit as we move month-over-month.

當然，宏觀環境是未知且不確定的。因此我們需要根據宏觀環境的演變來調整我們的方法。例如，roll up 計畫最終可能帶來正面影響，因為它可以在一定程度上釋放家庭負債水準的壓力。整體而言，隨著我們逐月推進，獲客正在一點一滴改善。

So this is something that has been and we highlighted in the presentation. So when you look at the big broader impact, our acquisition has been improving and this has been driving the net additions up in the first quarter and the churn has been dragging down a bit. And over time, the churn increase due to price up is going to slow down involuntary and voluntary and the acquisitions are likely to level off. But the acquisition side is improving a bit by bit.

這點我們在簡報中也有強調。當你看更廣泛的影響時，我們的獲客一直在改善，這推動第一季淨新增上升，而流失率則略有拖累。隨著時間推移，因漲價帶來的流失上升（不論非自願或自願）會放緩，而獲客可能會趨於持平。但獲客端確實在逐步改善。

Silvio Doria, Safra.

Silvio Doria，Safra。

I have a question about Fistel. Fistel is going to be discussed at the STF this week. So what's the company expectation regarding the outcome.

我有一個關於 Fistel 的問題。Fistel 本週將在 STF 討論。所以公司對結果的預期是什麼？

Well, the Silvio. We believe that we have, as we always said, a strong legal case it's good news that the Fistel is now to be started to be treated starting next week, the V8 is going to start. We think that the discussion will take some months to articulate and move forward. What we think as a sector, we have a solid legal case in terms of the modulation of these tariffs related to the -- to their objectives. So let's see what it comes out the eight where the (inaudible) will put for order its point of view, and then there will be a discussion that will involve all the ministers there. We believe that it's going to drag some months yet to be addressed, hopefully, by the end of the year.

嗯，Silvio。我們相信，正如我們一直所說，我們有很強的法律論點。好消息是，Fistel 現在將開始處理，從下週起，V8 將啟動。我們認為這個討論需要幾個月才能形成並推進。我們作為整個產業認為，在與這些費率的「調整/適用範圍（modulation）」及其目的相關的議題上，我們有扎實的法律基礎。所以讓我們看看第八（次/階段）會得出什麼結果，（聽不清）將會有序地提出其觀點，之後會有涉及所有部長的討論。我們相信這仍會拖上幾個月才會被處理完，並希望在年底前能有結果。

Daniel Federle, Bradesco BBI.

Daniel Federle，Bradesco BBI。

The first one is a follow-up on the competitive landscape, but more focused on the hybrid, the controlled segments that I understand is more relevant for revenue dynamics than the pure postpaid. By the same time last year, two of the three operators had already increased prices on in February the other one in the beginning of April. So far this year, no one has increased press I would like to hear thoughts on why it's happening. That's a very important development for the sector. There seems to be some rationality. But so far, no price increase. So here your thoughts here?

第一個問題是延伸追問競爭格局，但更聚焦在混合（hybrid）與控制（control）客群；我理解這對營收動能比純後付費更重要。去年同一時間，三家業者中的兩家已在 2 月調漲價格，另一家在 4 月初調漲。今年到目前為止，沒有人調漲價格。我想聽聽你們對為何會這樣的看法。這對產業是非常重要的發展，似乎出現了一些理性化。但到目前為止仍未漲價。你們怎麼看？

And the second one related to client generated revenue that decelerated from 6.3% growth to 5%. I would like to understand if we should understand this as a deceleration trend or that's more volatility and should rebound going forward?

第二個問題與客戶產生的營收（client-generated revenue）有關，增速從 6.3% 放緩到 5%。我想了解我們應該把這解讀為放緩趨勢，還是只是波動、之後會回升？

So Daniel, let me go on the first one. So I would say that for the -- so -- let's see, so price up, you are right. They are quite important, especially of control. Not a lot in terms of the revenue they generate for that year, but basically, the alignment between front book and back book is something important for the sustainability of the more for more strategy. So this is, therefore, an important point.

Daniel，我先回答第一個。我會說，關於——我們來看，漲價（price up）你說得對，確實很重要，尤其是在 control。就它們當年帶來的營收而言未必很大，但基本上，前台方案（front book）與存量方案（back book）的對齊，對「more for more」策略的可持續性很重要。因此這是一個重要點。

And as for us, and then I will give you my reading for the others. As for us, we executed our adjustment last year, roughly in -- I think it was June after Mother's Day. So now we are in a promotional period at the Mother's Day, is sort of more for more strategy is going -- is likely to happen afterwards. So my view is that in our scenario -- current scenario, we are seeing this happening in the third quarter across the board. As for the reason in terms of why the other competitors didn't do it in February.

就我們而言，然後我也會給你我對其他人的解讀。我們去年已執行過調整，大約在——我記得是在母親節之後的 6 月。現在我們正處於母親節的促銷期，「more for more」策略——很可能會在之後發生。所以我的看法是，在我們目前的情境下，我們看到這件事會在第三季於整體市場發生。至於其他競爭對手為什麼沒有在 2 月做。

That was something that I mentioned in -- at the beginning. This market repair, the more for more strategy and this constructive approach, and it's already happened, by the way, in the past, they got ups and down, right? And so we already saw ups and downs in the past. Daniel, you follow the sector very closely. So you might remember that one of our competitor certain point implemented of more for more strategy in control and then it went back again. It depends on each company targets, strategy. So it's not like a linear thing.

這就是我一開始提到的：市場修復（market repair）、more for more 策略，以及這種建設性的做法——而且順帶一提，過去也發生過，它會有起有落，對吧？我們過去已經看過起起落落。Daniel，你非常密切地追蹤這個產業，所以你可能記得，我們某個競爭對手曾在某個時間點在 control 推行 more for more 策略，之後又退回去。這取決於各家公司目標與策略，所以不是線性的。

I still think that, as a whole, my outlook in terms of this happening in the third quarter is positive. That I think if you ask the same question, we are guys going to have a more complete answer. But this is my view in terms of the overall process. It's never been linear in the past, and it's always ups and down and my outlook is that the -- this will unfold positively in the following months. At least, this is the intention on our side.

我仍然認為，整體而言，我對第三季會發生這件事的展望是正面的。我想如果你問同樣的問題，我們到時會有更完整的答案。但這就是我對整體進程的看法。過去從來不是線性的，總是有起有落；而我的展望是，接下來幾個月會朝正面方向展開。至少，這是我們這邊的意圖。

When it comes to the client-generated revenues, I would say that when you look at our revenue portfolio, you see that we have mobile. Now we said in February that we wanted to complement with growth from broadband and the B2B, this is happening. And we always say that mobile is hinged upon postpaid growth in terms of ARPU and customer base and to a lesser extent, a lower deceleration of prepaid, let's put this way.

至於客戶產生的營收，我會說，當你看我們的營收組合，你會看到我們有行動業務。我們在 2 月說過，我們希望以寬頻與 B2B 的成長來補充，這正在發生。我們也一直說，行動業務主要取決於後付費在 ARPU 與客戶基礎上的成長；另外在較小程度上，取決於預付費放緩幅度較低——我們先這麼說。

And another thing, nothing of this has changed. What has changed in this quarter and you see that everything is accretive, mobile product, B2B and broadband. And when it comes to the mobile in specific, we always say that the almost double digit would have come down to a higher middle digit. And this is basically what is happening. So the mechanics and the engine remain the same with a slightly different intensity.

另外，這些都沒有改變。本季改變的是，你看到所有項目都是增厚（accretive）的：行動產品、B2B 與寬頻。至於行動業務本身，我們一直說，接近雙位數的增長會回落到較高的中個位數，而這基本上就是正在發生的事。所以機制與引擎仍然相同，只是強度略有不同。

Very clear. Thank you very much.

非常清楚。非常感謝。

Yes, you got it. All right.

是的，沒錯。好的。

Ladies and gentlemen, without any more questions, I am returning to Mr. Alberto Griselli for his final remarks. Please, Mr. Alberto, you may proceed.

各位女士、先生，若沒有更多問題，我將把電話交回 Alberto Griselli 先生作最後結語。Alberto 先生，請您繼續。

So guys, thank you all for joining today's video call. I want to thank the tireless efforts of our team for the consistent results and solid start of 2026. The environment is a bit more volatile. So we focus on execution as a critical element to our strategy. I look forward to meeting all of you in the coming days on the one-to-one and group meetings. Thank you, everybody.

各位，感謝大家參加今天的視訊會議。我也要感謝我們團隊不懈的努力，讓我們在 2026 年有一致的成果與穩健的開局。環境變得更為波動，因此我們把執行力作為策略中的關鍵要素。我期待在接下來幾天的一對一與小組會議中與各位見面。謝謝大家。

Thus, we conclude the first quarter of 2026 conference call of TIM S.A. For further information and details of the company, please access our website timn.com.br/ir. You can disconnect from now on. Thank you once again.

至此，我們結束 TIM S.A. 2026 年第一季法說會電話會議。如需公司進一步資訊與細節，請造訪我們的網站 timn.com.br/ir。您現在可以掛線。再次感謝。