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Consensus

05/16/2019 - 06:00 PM

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The attached table shows the consensus data calculated as the arithmetic average of the most recent estimates made by certain independent analysts (*) of Telecom Italia‘s key financial data.
The consensus estimates contained in this table are for informational purposes only and constitute neither a recommendation nor a solicitation or invitation to buy, sell or maintain the availability of Telecom Italia or the Group companies financial instruments.
The data set forth below represents forecasts made by these independent analysts and do not represent opinions, forecasts or estimates of Telecom Italia or of its management.
Telecom Italia takes no responsibility for the completeness and reliability of the consensus estimates reported in the table.


(*) Please note that the consensus estimates where provided by only some of the analysts covering Telecom Italia.

Analysts Consensus on TI Group  1Q'19 & FY 2019-21

€ mln, IFRS 9/15


REVENUES

1Q'18 2Q'18 3Q'18 4Q'18 FY'18 Consensus *
1Q'19 YoY 2019 YoY 2020 YoY 2021 YoY
Domestic 3.657 3.766 3.759 3.849 15.031 3.506 -4,1% 14.590 -2,9% 14.533 -0,4% 14.510 -0,2%
Service 3.294 3.354 3.397 3.307 13.352 3.192 -3,1% 13.134 -1,6% 13.052 -0,6% 13.045 -0,1%

  Wireline Domestic

2.538 2.593 2.572 2.774 10.477 2.505 -1,3% 10.320 -1,5% 10.279 -0,4% 10.268 -0,1%

o/w Fixed Services

2.402 2.458 2.468 2.546 9.875 2.371 -1,3% 9.697 -1,8% 9.657 -0,4% 9.663 0,1%

  Mobile Domestic

1.262 1.321 1.328 1.274 5.185 1.146 -9,2% 4.905 -5,4% 4.879 -0,5% 4.855 -0,5%

o/w Mobile Services

1.034 1.044 1.069 960 4.107 930 -10,1% 3.882 -5,5% 3.837 -1,2% 3.820 -0,4%
Brazil 1.033 968 917 1.025 3.943 982 -4,9% 4.038 2,4% 4.143 2,6% 4.279 3,3%
TI Group 4.685 4.726 4.666 4.863 18.940 4.485 -4,3% 18.590 -1,8% 18.638 0,3% 18.751 0,6%
EBITDA Organic
Domestic  1.541 1.617 1.708 1.497 6.363 1.447 -6,1% 6.119 -1,5% 6.124 0,1% 6.166 0,7%
Brazil 353
351 346 416
1.466
352
-0,4% 1.546 5,8% 1.610 4,1% 1.684 4,6%
TI Group  1.888 1.966 2.052 1.095 7.811 1.794 -5,0% 7.679 -0,1% 7.748 0,9% 7.865 1,5%
EBITDA Organic After Lease
Domestic  1.460       6.033 1.364 -6,5% 5.807 -3,7% 5.849 0,7% 5.872 0,4%
Brazil 335       1.398 338 0,8% 1.483 6,1% 1.547 4,3% 1.607 3,9%
TI Group  1.789       7.412 1.696 -5,2% 7.319 -1,3% 7.429 1,5% 7.507 1,1%
EBITDA Reported
Domestic  1.446 1.591 1.702 1.216 5.955 1.405 -2,9% 5.986 0,5% 6.009 0,4% 6.074 1,1%
Brazil 353 351 346 417 1.467 349 -1,0% 1.540 5,0% 1.604 4,2% 1.678 4,6%
TI Group 1.793 1.940 2.045 1.625 7.403 1.751 -2,4% 7.544 1,9% 7.632 1,2% 7.772 1,8%
CAPEX report
Domestic ex licenses 507 705 675 1.232 3.119 540 6,5% 2.916 -6,5% 2.912 -0,1% 2.925 0,4%

Domestic licenses

      2.399 2.399                
Brazil ex licenses 154 231 188 317 890 160 3,9% 927 4,1% 928 0,1% 965 3,9%
TIM Group ex licenses 660 937 863 1.549 4.009 692 4,9% 3.850 -4,0% 3.836 -0,4% 3.893 1,5%
ENDING NET DEBT (Adj) 25.561 23.997 23.910 25.270 25.270 25.440   24.584   23.737   22.669  
ENDING NET DEBT (After Lease)         23.322 23.382   22.809   21.995   21.069  
Net Debt / EBITDA After Lease (x)         3,1x     3,1x   3,0x   2,8x  

* average of 14 brokers estimates