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Telecom Italia Servco Q1 Slightly Ahead Of Consensus

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Ratings: B1/B+/BB-


• Q1 Servco results (i.e. L4L results of servco ops that will remain post network sale) marginally ahead of company-provided consensus on revenue and EBITDAal. Q1 total group results were slightly ahead on revenue but slightly behind on EBITDAal. • Figures were pretty close to consensus with FY24 guidance confirmed and look broadly credit neutral.
• Q1 group revenue +1.2% YoY (vs. consensus +1.1%) o/w service revenues were +3.2% (vs. consensus +2.6%). EBITDAal was +3% YoY (vs. consensus of +3.4%). • Q1 group CapEx of EUR 933mn was +10.3% YoY (vs. consensus of EUR 922mn) feeding through to an eFCFal outflow of EUR 973mn (vs. consensus of EUR 913mn).• Q1 servco revenue was +2.8% YoY (vs. consensus of +2.6%) o/w service revenue was +3.4% YoY (vs. consensus of +3.2%). EBITDAal was +16.6% (vs. consensus of +14.5%). CapEx was +3% (vs. consensus of +2.9%).

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Ratings: B1/B+/BB-


• Q1 Servco results (i.e. L4L results of servco ops that will remain post network sale) marginally ahead of company-provided consensus on revenue and EBITDAal. Q1 total group results were slightly ahead on revenue but slightly behind on EBITDAal. • Figures were pretty close to consensus with FY24 guidance confirmed and look broadly credit neutral.
• Q1 group revenue +1.2% YoY (vs. consensus +1.1%) o/w service revenues were +3.2% (vs. consensus +2.6%). EBITDAal was +3% YoY (vs. consensus of +3.4%). • Q1 group CapEx of EUR 933mn was +10.3% YoY (vs. consensus of EUR 922mn) feeding through to an eFCFal outflow of EUR 973mn (vs. consensus of EUR 913mn).• Q1 servco revenue was +2.8% YoY (vs. consensus of +2.6%) o/w service revenue was +3.4% YoY (vs. consensus of +3.2%). EBITDAal was +16.6% (vs. consensus of +14.5%). CapEx was +3% (vs. consensus of +2.9%).