Business Strategy and Outlook
| Michael Hodel |TIM, 67%-owned by Telecom Italia, is the smallest of the three remaining major wireless carriers in Brazil, claiming about 24% market share based on customers served. The removal of Oi from the market in 2022 has greatly improved the competitive environment, allowing TIM and its rivals to increase prices and improve profitability. While we expect TIM will generate steady results in the coming years, we believe the firm’s modest fixed-line footprint leaves it at a disadvantage to both its larger competitors.