Telecom Italia backs its full-year guidance after posting higher revenue

By Najat Kantouar

Telecom Italia (IT:TIT) (UK:0H6I) (TIIAY) has confirmed its guidance for the year after posting higher revenue for the first quarter.

The Italian telecommunications company said late Wednesday that earnings before interest, taxes, depreciation, and amortization after leases at March 31 came to 1.2 billion euros ($1.30 billion), up 3% on year.

Earnings before interest, taxes, depreciation, and amortization-a closely watched metric for profitability-were EUR1.5 billion, up 1.6% on an on-year basis.

Group revenue rose to EUR3.9 billion from EUR3.8 billion, up 1.2% on-year. Service revenue increased to EUR3.7 billion driven by growth in both its domestic business and Brazil.

For the year, Telecom Italia continues to expect group revenue to increase by 3% to 4% and by 2% to 3% for TIM Domestic. Organic Ebitda after leases is still expected to grow by 8% to 9% and 9% to 10% for TIM Domestic.

Write to Najat Kantouar at najat.kantouar@wsj.com

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05-30-24 0527ET

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