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TIM shares rose as much as 5%, with Italy’s biggest phone group outpeforming a flat Italian blue-chip index.
The company, whose stock has lost some 50% since the start of the year, reported an 11% drop in its core profit in the third quarter, broadly in line with expecations.
TIM confirmed its target for a “low-teens” percentage rate decrease this year, dragged down by its domestic operations, where it is struggling with stiff price competition.
“Although the Italian market does remain competitive, we can see some clear signs of improvement on churn and mobile net adds”, Newstreet Reasearch said in a report.
TIM also said its domestic energy consumption was expected to be flat in 2023, with measures to curb consumption offsetting growing data centre infrastructure and network expansion.
In slides alongside a quarterly results presentation, the debt-laden company said its domestic energy costs were almost all hedged this year and hedged for around 75% for 2023.
