2025 Annual Report
Telecom Italia Capital Société Anonyme
12, rue Eugène Ruppert L-2453 Luxembourg
R.C.S. Luxembourg B 77.970
Audited Annual Accounts as at December 31, 2025, which have been authorized by the Board of Directors held on March 09, 2026 and
independent auditor's report
Telecom Italia Capital Société Anonyme
- 1 -

2025 Annual Report
Table of Contents

Table of Contents
Management’s report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3
Annual A ccounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7
Balance Sheet – Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7
Balance Sheet – Capital, Reserves and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8
Profit & Loss account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 9
Cash Flow Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 10
Notes to the Annual Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 11
Note 1 - General information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 11
Note 2 - Summary of significant accounting policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 11
Note 3 - Formation expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 13
Note 4 - Financial assets - Loans to affiliated undertakings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 13
Note 5 - Debtors - Amounts owed by affiliated undertakings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 14
Note 6 - Cash at bank and in hand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 14
Note 7 - Subscribed capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 14
Note 8 - Share premium account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 14
Note 9 - Reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 15
Note 10 - Provisions for taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 15
Note 11 - Non convertible loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 16
Note 12 - Amounts owed to affiliated undertakings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 16
Note 13 - Other creditors - Tax authorities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 17
Note 14 - Income from other investments and loans forming part of the fixed assets . . . . . . . . . . . . . . . | 17
Note 15 - Other interest receivable and similar income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 18
Note 16 - Interest payable and similar expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 18
Note 17 - Hedging contracts and other derivative agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 19
Note 18 - Tax situation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 19
Note 19 - Consolidation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 19
Note 20 - Directors remuneration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 20
Note 21 - Staff . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 20
Note 22 - Litigation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 20
Note 23 - Auditor’s fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 20
Declaration of the manager responsible for financial reporting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 21
Independent auditor's report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 22

Telecom Italia Capital Société Anonyme
- 2 -

2025 Annual Report

[Page intentionally left blank]
Telecom Italia Capital Société Anonyme
- 3 -

2025 Annual Report
Management’s report

Management’s report

Dear Shareholder,
Telecom Italia Capital (herein defined as well as the “Company” or “TI Capital”) ends the year 2025 with a profit
of EUR 1.498.839,06 (versus a profit of EUR 60.966.561,87 as of December 31, 2024).
The difference in the Profit and Loss result versus the previous year is mainly explained by the impacts
recorded as a consequence of the NetCo transaction in 2024.
In the framework of this transaction, TIM completed the sale of its primary copper and fiber network to Optics
Bidco on July 1, 2024, following the launch of a EUR 5 billion Exchange Offer that resulted in TI Capital issuing
USD 2 billion of New Notes in exchange for the Original Notes. At closing, these New Notes were automatically
exchanged into Bidco Notes and derecognized from TI Capital’s balance sheet, while the related hedging
derivatives were unwound. In addition, intercompany loans with TIM were set off, the two companies settled
fair value differences and TI Capital received reimbursement of expenses.
In particular, in 2024 the unwinding of hedging derivatives had a positive impact of EUR 129,8 million, and the
difference in the fair value between the Notes and the loans previously granted by TI Capital to TIM, which
have been set off, amounted to EUR -38,7 million.
In addition, formation expenses and issue discounts have been charged to the Profit and Loss statement for an
amount of USD 9,5 million (EUR 8,8 million) in relation to the Notes exchanged in 2024.
The net decrease in Cash and Cash equivalents of EUR 3,4 million during 2025 is mainly attributable to the
increase in short term financial receivables.
The net financial position as of December 31, 2025 is positive for EUR 154,7 million (EUR 154,2 million as of
December 31, 2024). It is calculated as follows:

Million EUR | December 31, 2025
Formation expenses | 4,6
Loans to affiliated undertakings | 1.291,0
Amounts owed by affiliated undertakings |
becoming due and payable within one year | 413,1
becoming due and payable after more than one year | 169,0
Cash at bank and in hand | 21,5
Amounts owed to affiliated undertakings |
becoming due and payable within one year [*] | -12,2
becoming due and payable after more than one year | -6,3
Non convertible loans |
becoming due and payable within one year | -26,0
becoming due and payable after more than one year | -1.699,9
Net Financial Position | 154,7

[*] Note 12 of the Annual Accounts – Amounts owed to affiliated undertakings - a) – excluding Guarantee fee due to Parent Company.
Notes
As of December 31, 2025, the aggregate principal amount of the outstanding notes equals to USD
1.999.989.000,00 (USD 1.999.989.000,00 as per December 31, 2024). The proceeds of the notes have been
utilized to provide funding to TIM Group companies. All the notes are unconditionally and irrevocably
guaranteed by the mother company TIM S.p.A..
Share Capital
As of December 31, 2025, the subscribed share capital amounts to EUR 2.336.000,00, consisting of 100.000
ordinary shares with a nominal value of EUR 23,36 per share.
Telecom Italia Capital Société Anonyme
- 4 -

2025 Annual Report
Management’s report

Risks
The Directors consider the following as the main risks that the Company faces:
• the Company has raised, and may raise in the future, financing in currencies other than euro. According
to its risk management policies, TI Capital hedges the foreign currency risk exposure on its liabilities
through currency swaps contracts or natural hedge positions. Furthermore, to hedge its interest rate
exposure, Telecom Italia Capital enters into interest rate swaps.
Moreover, the Company is exposed to generic market, credit and liquidity risks:
• credit risk: representing the risk of non‐fulfilment of obligations assumed by a counterparty in relation to
lending and liquidity management activities. The Company assesses the recoverability of its loans when
the credit is granted and annually. The results of the assessments are summarized in the notes;
• liquidity risk: related to the need to meet short‐term financial liabilities.
The financial risks are managed within guidelines defined at Group level and through:
• the identification of the most suitable financial instruments, including derivatives, to reach prefixed
objectives;
• the monitoring of the results achieved.
The Company's business is not directly affected by climate change.
Corporate governance statement
The Company, in order to ensure its strategic guidance, the effective monitoring of management by the Board
and the Board’s accountability to the Company and the Shareholder, has implemented the following corporate
framework:
• The Board, whose members are characterized by a high professional profile, is entrusted with:
▪ reviewing and guiding the corporate strategy;
▪ overseeing major capital expenditures, acquisitions and divestitures;
▪ ensuring the integrity of accounting and financial reporting systems, including the
independent audit.
• Five out of seven of Board seats are assigned to non-executive members.
• Two out of seven of Board seats are assigned to independent directors.
• The Board establishes an Audit Committee (“AC”) to support its function in respect to all audit
matters. The AC is composed of three members, out of which two are independent, including the
chairperson and has direct access and contact with the external auditors (“réviseur d’entreprises
agréé”).
• The Board delegates the day to day management of the Company to one of its members (the
“Managing Director”).
Telecom Italia Capital is committed to the following organizational model:
• definition of strategic guidelines: in charge of the Group “Financial Risk Committee” of which the
Managing Director of the Company is member;
• execution activity: in charge of Telecom Italia Capital Front Office department, which implements such
guidelines in coordination with the Group Treasurer;
• Group Financial Planning & Risk control: any deviation from the guidelines is reported by the Group
Financial Risk Controller to the “Financial Risk Committee”.
Additional details on internal control and financial risk management policies of TIM Group are available in the
TIM S.p.A. consolidated accounts and related documents.
Telecom Italia Capital Société Anonyme
- 5 -

2025 Annual Report
Management’s report

Alternative Performance Measures
In this Management’s report, in addition to the conventional financial performance measures established by
Luxembourg laws, certain alternative performance measures are presented for a better understanding of the
trend of operations and financial condition.
The alternative performance measures used are described below:
• Net Increase / Decrease in Cash and Cash Equivalents: indicates the ability of the Company to face the
liquidity risk as described above. Greater details on calculation are provided in the Cash Flow
Statement, that the Board of Directors of the Company has decided to include within the present
Financials Statement.
• Net Financial Position: indicates the Company’s ability to pay off its debts. It is calculated as shown
below.

+ | Formation expenses
+ | Loans included in Financial assets
+/- | Financial amounts owed by/to affiliated undertakings
+ | Cash at bank and in hand
- | Debenture loans
Net Financial Position

Events subsequent to December 31, 2025
During the year 2026, it is foreseen to continue the activity of financial assistance to TIM Group companies and
continue to manage the market risks related to the funding and investment activity.
The Company does not perform research and development activities.
The Company did not acquire and does not hold its own shares.
Financials as of December 31, 2025 herein reported comprise the balance sheet, the profit and loss account,
the cash flow statement and the explanatory notes.
The Board invites to approve the financial statements herein reported and proposes to the Shareholders’
meeting to:
1. allocate the profit of the year 2025 amounting to EUR 1.498.839,06 to “Profit or loss brought forward”;
2. create a new reserve of EUR 1.719.960,80 by reallocating the same amount from "Profit and loss
brought forward" to "Other reserves". Following art 8a of the law October 16, 1934 as modified, which
authorizes the Company to deduct net wealth tax from its own basis, the new created reserve is equal
to five (5) times the minimum amount between the net wealth tax to be paid for year 2026 and the
previous year Corporate Income Tax due (EUR 343.992,16), and shall be kept unavailable for five years
starting from the year immediately following the one in which the reserve has been created.
3. Reallocate, considering that the five years unavailability period regarding the reserve created in the
year 2021 for tax purposes has expired, EUR 654.973,75 from "Other reserves" to "Profit or loss
brought forward".

| For the Board of Directors The Managing Director Fabio Adducchio

Telecom Italia Capital Société Anonyme
- 6 -

2025 Annual Report
Management’s report

[Page intentionally left blank]
Telecom Italia Capital Société Anonyme
- 7 -

2025 Annual Report
Annual Accounts

Annual Accounts

Balance Sheet – Assets

TELECOM ITALIA CAPITAL SOCIETE ANONYME BALANCE SHEET AS AT DECEMBER 31, 2025
ASSETS - [EUR] |  | 31 DECEMBER 2025 | 31 DECEMBER 2024
A. Subscribed capital unpaid |  | — | —
I. Subscribed capital not called |  | — | —
II. Subscribed capital called but unpaid |  | — | —
B. Formation expenses | [3] | 4.576.082,88 | 5.535.667,38
C. Fixed assets |  | 1.290.983.118,71 | 1.199.329.604,76
I. Intangible assets |  |  |
1. Costs of development |  | — | —
2. Concessions, patents, licenses, trade marks and similar rights and assets, if they were |  |  |
a) acquired for valuable consideration and need not be shown under C.I.3. |  | — | —
b) created by the undertaking itself |  | — | —
3. Goodwill, to the extent that it was acquired for valuable consideration |  | — | —
4. Payments on account and intangible assets under development |  | — | —
II. Tangible assets |  |  |
1. Land and buildings |  | — | —
2. Plant and machinery |  | — | —
3. Other fixtures and fittings, tools and equipment |  | — | —
4. Payments on account and tangible assets in the course of construction |  | — | —
III. Financial assets |  |  |
1. Shares in affiliated undertakings |  | — | —
2. Loans to affiliated undertakings | [4] | 1.290.983.118,71 | 1.199.329.604,76
3. Participating interests |  | — | —
4. Loans to undertakings with which the undertaking is linked by virtue of participating interests |  | — | —
5. Investments held as fixed assets |  | — | —
6. Other loans |  | — | —
D. Current assets |  | 604.256.318,81 | 925.137.121,16
1. Stocks |  |  |
1. Raw materials and consumables |  | — | —
2. Work in progress |  | — | —
3. Finished goods and goods for resale |  | — | —
4. Payments on account |  | — | —
II. Debtors |  |  |
1. Trade debtors |  |  |
a) becoming due and payable within one year |  | — | —
b) becoming due and payable after more than one year |  | — | —
2. Amounts owed by affiliated undertakings | [5] |  |
a) becoming due and payable within one year |  | 413.069.974,96 | 563.996.370,43
b) becoming due and payable after more than one year |  | 168.985.712,47 | 336.224.793,09
3. Amounts owed by undertakings with which the undertaking is linked by virtue of participating interests |  |  |
a) becoming due and payable within one year |  | — | —
b) becoming due and payable after more than one year |  | — | —
4. Other debtors |  |  |
a) becoming due and payable within one year |  | 712.017,92 | 19.494,53
b) becoming due and payable after more than one year |  | — | —
III. Investments |  |  |
1. Shares in affiliated undertakings |  | — | —
2. Own shares |  | — | —
3. Other investments |  | — | —
IV. Cash at bank and in hand | [6] | 21.488.613,46 | 24.896.463,11
E. Prepayments |  | 302.446,00 | 328.939,53
TOTAL ASSETS |  | 1.900.117.966,40 | 2.130.331.332,83

The accompanying notes are an integral part of these annual accounts.
Telecom Italia Capital Société Anonyme
- 8 -

2025 Annual Report
Annual Accounts

Balance Sheet – Capital, Reserves and Liabilities

TELECOM ITALIA CAPITAL SOCIETE ANONYME BALANCE SHEET AS AT DECEMBER 31, 2025
CAPITAL, RESERVES AND LIABILITIES - [EUR] |  | 31 DECEMBER 2025 | 31 DECEMBER 2024
A. Capital and reserves |  | 135.529.848,48 | 134.031.009,42
I. Subscribed capital | [7] | 2.336.000,00 | 2.336.000,00
II. Share premium account | [8] | 871.234,66 | 871.234,66
III. Revaluation reserve |  | — | —
IV. Reserves | [9] |  |
1. Legal reserve |  | 234.000,00 | 234.000,00
2. Reserve for own shares |  | — | —
3. Reserves provided for by the articles of association |  | — | —
4. Other reserves, including the fair value reserve |  |  |
a) other available reserves |  | — | —
b) other non available reserves |  | 7.506.326,80 | 5.620.526,80
V. Profit or loss brought forward |  | 123.083.447,96 | 64.002.686,09
VI. Profit or loss for the financial year |  | 1.498.839,06 | 60.966.561,87
VII. Interim dividends |  | — | —
VIII. Capital investment subsidies |  | — | —
B. Provisions |  | 202.506,64 | 214.910,88
1. Provisions for pensions and similar obligations |  | — | —
2. Provisions for taxation | [10] | 202.506,64 | 214.910,88
3. Other provisions |  | — | —
C. Creditors |  | 1.764.385.611,27 | 1.996.085.412,52
1. Debenture loans |  |  |
a) Convertible loans |  |  |
i) becoming due and payable within one year |  | — | —
ii) becoming due and payable after more than one year |  | — | —
b) Non convertible loans | [11] |  |
i) becoming due and payable within one year |  | 25.984.166,95 | 29.388.195,36
ii) becoming due and payable after more than one year |  | 1.699.919.280,01 | 1.922.307.259,96
2. Amounts owed to credit institutions |  |  |
a) becoming due and payable within one year |  | 4.972,91 | 4.972,91
b) becoming due and payable after more than one year |  | — | —
3. Payments received on account of orders in so far as they are not shown separately as deductions from stocks |  |  |
a) becoming due and payable within one year |  | — | —
b) becoming due and payable after more than one year |  | — | —
4. Trade creditors |  |  |
a) becoming due and payable within one year |  | 171.146,52 | 171.836,79
b) becoming due and payable after more than one year |  | — | —
5. Bills of exchange payable |  |  |
a) becoming due and payable within one year |  | — | —
b) becoming due and payable after more than one year |  | — | —
6. Amounts owed to affiliated undertakings | [12] |  |
a) becoming due and payable within one year |  | 12.706.363,57 | 17.027.085,80
b) becoming due and payable after more than one year |  | 6.276.550,62 | 7.861.265,91
7. Amounts owed to undertakings with which the undertaking is linked by virtue of participating interests |  |  |
a) becoming due and payable within one year |  | — | —
b) becoming due and payable after more than one year |  | — | —
8. Other creditors |  |  |
a) Tax authorities | [13] | 19.313.815,99 | 19.313.421,50
b) Social security autorithies |  | 9.314,70 | 11.374,29
c) Other creditors |  |  |
i) becoming due and payable within one year |  | — | —
ii) becoming due and payable after more than one year |  | — | —
D. Deferred income |  | 0,01 | 0,01
TOTAL CAPITAL, RESERVES AND LIABILITIES |  | 1.900.117.966,40 | 2.130.331.332,83

The accompanying notes are an integral part of these annual accounts.
Telecom Italia Capital Société Anonyme
- 9 -

2025 Annual Report
Annual Accounts

Profit & Loss account

TELECOM ITALIA CAPITAL SOCIETE ANONYME PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2025
[EUR] |  | 31 DECEMBER 2025 | 31 DECEMBER 2024
1. Net turnover |  | — | 63.501,90
2. Variation in stocks of finished goods and in work in progress |  | — | —
3. Work performed by the undertaking for its own purposes and capitalised |  | — | —
4. Other operating income |  | — | 235.633,25
5. Raw materials and consumables and other external expenses |  | -138.110,53 | -593.742,05
a) Raw materials and consumables |  | — | —
b) Other external expenses |  | -138.110,53 | -593.742,05
6. Staff costs |  | -210.138,33 | -184.565,94
a) Wages and salaries |  | -184.231,91 | -174.562,07
b) Social security costs |  |  |
i) relating to pensions |  | -14.083,25 | -13.402,76
ii) other social security costs |  | -7.730,68 | 7.300,20
c) Other staff costs |  | -4.092,49 | -3.901,31
7. Value adjustments |  | -484.286,52 | -6.352.869,66
a) in respect of formation expenses and of tangible and intangible fixed assets |  | -484.286,52 | -6.352.869,66
b) in respect of current assets |  | — | —
8. Other operating expenses |  | -191.945,73 | -198.685,96
9. Income from participating interests |  | — | —
a) derived from affiliated undertakings |  | — | —
b) other income from participating interests |  | — | —
10. Income from other investments and loans forming part of the fixed assets | [14] | 70.623.370,59 | 136.684.788,07
a) derived from affiliated undertakings |  | 70.623.370,59 | 136.684.788,07
b) other income not included under a) |  | — | —
11. Other interest receivable and similar income | [15] | 143.931.603,48 | 392.269.751,70
a) derived from affiliated undertakings |  | 143.390.033,34 | 389.496.127,68
b) other interest and similar income |  | 541.570,14 | 2.773.624,02
12. Share of profit or loss of undertakings accounted for under the equity method |  | — | —
13. Value adjustments in respect of financial assets and of investments held as current assets |  | — | —
14. Interest payable and similar expenses | [16] | -211.575.033,79 | -440.694.519,21
a) concerning affiliated undertakings |  | -92.912.578,07 | -230.495.989,27
b) other interest and similar expenses |  | -118.662.455,72 | -210.198.529,94
15. Tax on profit or loss |  | -478.438,16 | -20.262.730,23
16. Profit or loss after taxation |  | 1.477.021,01 | 60.966.561,87
17. Other taxes not shown under items 1 to 16 |  | 21.818,05 | —
18. Profit or loss for the financial year |  | 1.498.839,06 | 60.966.561,87

The accompanying notes are an integral part of these annual accounts.
Telecom Italia Capital Société Anonyme
- 10 -

2025 Annual Report
Annual Accounts

Cash Flow Statement

TELECOM ITALIA CAPITAL SOCIÉTÉ ANONYME CASH FLOW STATEMENT AS AT DECEMBER 31, 2025
[EUR] |  | 31 DECEMBER 2025 | 31 DECEMBER 2024
Operating Activities |  |  |
Net result of the year |  | 1.498.839,06 | 60.966.561,87
Taxes |  | -478.438,16 | -20.262.730,23
Profit/Loss before tax |  | 1.977.277,22 | 81.229.292,10
Adjustments for |  |  |
Amortization of formation expenses and on tangible and intangible assets |  | 484.286,52 | 6.352.869,66
Finance Income | [14/15] | -214.554.974,07 | -528.954.539,77
Finance Expenses |  | 211.064.398,30 | 439.856.359,54
Changes in trade and other receivables |  | 33.369,46 | 451.979,92
Changes in trade and other payables |  | -342.265,59 | -341.292,62
Income Taxes Paid |  | -1.172.632,00 | -2.151.786,01
Net cash flows from operating activities |  | -2.510.540,16 | -3.557.117,18
Cash flows from Investing activities |  |  |
Investments and re-payments in Financial Receivables |  | -4.653.952,79 | -54.026.338,86
Interest, commissions and other financial income received |  | 221.655.579,60 | 842.748.939,85
Net cash flows from Investing activities |  | 217.001.626,81 | 788.722.600,99
Cash flows from Financing activities |  |  |
Increase of borrowings |  | — | —
Repayments of borrowings |  | -664.874,01 | -292.967.918,56
Interest, commissions and other financial expenses paid |  | -217.248.472,50 | -474.083.885,18
Net cash flows from financing activities |  | -217.913.346,51 | -767.051.803,74
Net Increase / (Decrease) in Cash and Cash Equivalents ("C&CE") |  | -3.422.259,86 | 18.113.680,07
Net foreign exchange differences in C&CE |  | 7.693,71 | -65.965,17
Cash and cash equivalents at 01 January |  | 24.892.420,61 | 6.844.705,72
Cash and cash equivalents at the end of the year | [6] | 21.477.854,46 | 24.892.420,61

The accompanying notes are an integral part of these annual accounts.
Telecom Italia Capital Société Anonyme
- 11 -

2025 Annual Report
Notes to the Annual Accounts

Notes to the Annual Accounts

as at December 31, 2025, which have been authorized by the Board of Directors held on March 09, 2026
Note 1 - General information
Telecom Italia Capital (the “Company”) was incorporated in Luxembourg on September 27, 2000 for an
unlimited duration. The registered office is currently established at 12, Rue Eugène Ruppert L-2453
Luxembourg. The registered number is B 77.970.
The corporate object is to provide financial assistance to the companies within TIM Group. In this respect, the
Company can acquire assets by issuing securities, bonds or any other financial instrument and by taking loans
in whatever form from banks and institutional investors or in any other form, the above-mentioned list being
purely enumerative and not limitative.
The Company may also have participating interests in any Luxembourg or foreign company and administrate,
manage and develop its portfolio.
The Company may carry out any commercial, industrial or financial operation and perform real estate
transactions pertaining directly or indirectly to its object.
Generally, the Company may carry out all transactions considered as useful to the achievement and
development of its object.
The financial year begins on January 1st and ends on December 31st of each year.
The official version of the accounts is the ESEF version available at the Officially Appointed Mechanism (OAM)
at the Bourse of Luxembourg (https://www.bourse.lu/oam).
Note 2 - Summary of significant accounting policies
Basis of preparation
The annual accounts have been prepared in accordance with accounting principles and regulations generally
accepted in the Grand Duchy of Luxembourg (“Luxembourg GAAP”) under the historical cost convention.
As allowed by the amended law of December 19, 2002, the Board of Directors of the Company has decided to
include the cash flow statement based on the indirect method.
Euro (“EUR”) is the book accounting currency.
Use of estimates
The preparation of financial statements in accordance with Luxembourg GAAP, requires Board of Directors to
make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of
contingent assets and liabilities at the date of the annual accounts, and reported amounts of revenues and
expenses during that reporting period. Actual results could differ from those estimates.
Foreign currency translation
The Company follows the multi-currency accounting policy that consists in recording the assets and the
liabilities in their original currencies, the same being converted into EUR at the balance sheet date.
The exchange differences arising from the transactions expressed in currencies other than EUR are hedged
either by balanced deposits and loans or through derivative instruments, such as Cross Currency Interest Rate
Swaps (“CCIRS”) or foreign exchange agreements, all hereby referred to as “currency swaps”.
Currency swaps combine two positions that are represented by the amounts that will be exchanged with the
counterparty at the maturity of the contract. They are recorded as assets or liabilities to the net between the
payable and the receivable amount. Generally, one is in EUR and the other in currencies other than EUR. This
latter is converted into EUR at the balance sheet date.
The unrealized exchange differences that arise from all these conversions are reflected in the profit and loss
account in the items “Interest payable and similar expenses/Other interest receivable and similar income”.
The realized income and charges in currencies other than EUR are recorded in their respective currencies and
converted at the exchange rate prevailing on the respective transaction dates.
The exchange rate used to convert as of December 31, 2025 the operations in USD into EUR is the following:
1 EUR = 1,17500 USD.
Telecom Italia Capital Société Anonyme
- 12 -

2025 Annual Report
Notes to the Annual Accounts

Formation expenses
Formation expenses may include incorporation expenses and bond issuance expenses. Incorporation expenses
are valued at purchase price including the expenses incidental thereto less cumulated depreciation amounts
written off over maximum 5 years. Bond issuance expenses are written off on a straight-line basis over the
period of the note.
Financial assets
Loans to affiliated undertakings are valued at nominal value including the expense incidental thereto. The
contingent write-downs are recorded in case of a permanent impairment loss of the investments estimated by
the Board of Directors while comparing the net book value with the market value or with the net equity of the
company. These value adjustments are not continued if the reasons for which the value adjustments were
made have ceased to apply.
Debtors
Debtors are valued at their nominal value. They are subject to value adjustments where their recovery is
compromised. These value adjustments are not continued if the reasons for which the value adjustments were
made have ceased to apply.
Cash at bank and in hand
Cash at bank and in hand is defined as cash in hand, demand deposits and short-term, highly liquid
investments readily convertible to known amounts of cash and subject to insignificant risk of changes in value.
Cash at bank and in hand and short-term deposits which are held to maturity are carried at cost.
Accrued interest
Accrued interests are shown with their principal amount.
Prepayments/Deferred income
“Prepayments” and “Deferred income” accounts include prepaid charges and deferred income.
Issue discounts are listed with the related notes, while other similar charges are classified in “Formation
expenses”. All are amortized through the profit and loss account on a straight-line basis over the lifetime of the
notes.
Derivative instruments
The commitments related to currency and interest rates swaps are recorded as off-balance sheet items at the
nominal value of the contracts.
No valuations of unrealized gains or losses are recorded during the life of the contracts since there is a perfect
matching of the realized gains or losses of derivatives and the realized losses or gains on the hedged items at
maturity. For the exchange rate variance refer to the accounting policy “Foreign currency translation” above.
The Company enters into derivatives only for the purpose of hedging.
Creditors
Creditors are recorded at their reimbursement value. Where the amount repayable on account is greater than
the amount received, the difference is shown in the same line of the debt and is written off over the period of
the debt based on a linear method.
Provisions
Provisions are recognized when the Company has a present obligation as a result of a past event, it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation and a
reliable estimate can be made of the amount of the obligation.
Telecom Italia Capital Société Anonyme
- 13 -

2025 Annual Report
Notes to the Annual Accounts

Note 3 - Formation expenses
Formation expenses are composed by bond issuance expenses. Movements for the period on this item are as
follows:

EUR | Total formation expenses
Balance as at 31.12.2024 | 5.535.667,38
Movements of the period |
Depreciation during the period | -484.286,52
Exchange rate impact | -475.297,98
Balance as at 31.12.2025 | 4.576.082,88

Note 4 - Financial assets - Loans to affiliated undertakings
This item is composed by EUR 1.290.983.118,71 (EUR 1.199.329.604,76 as per December 31, 2024) being the
total amount of medium-long term loans granted to TIM S.p.A. (the “Parent Company”) utilizing the proceeds
received by issuing notes.

EUR | 31 December 2025 | 31 December 2024
Nominal value: EUR 147.399.205,20 Expiring March 31, 2027 Floater rate: Euribor 6m + 0,58010% | 147.399.205,20 | —
Nominal value: USD 499.994.000,00 [*] Expiring November 15, 2034 Floater rate: Sofr + 1,10000% | 425.526.808,51 | 481.272.499,76
Nominal value: EUR 395.559.685,00 Expiring January 20, 2037 Floater rate: Euribor 6m + 1,45969% | 395.559.685,00 | 395.559.685,00
Nominal value: EUR 322.497.420,00 Expiring December 05, 2039 Fixed rate: 7,53220% | 322.497.420,00 | 322.497.420,00
| 1.290.983.118,71 | 1.199.329.604,76

[*] Differences between December 31, 2025 and December 31, 2024 are due to exchange rate impact.
The Board of Directors is of the opinion that the value of the loans above is fully recoverable.
Telecom Italia Capital Société Anonyme
- 14 -

2025 Annual Report
Notes to the Annual Accounts

Note 5 - Debtors - Amounts owed by affiliated undertakings
a) becoming due and payable within one year

EUR | 31 December 2025 | 31 December 2024
Short term portion of medium-long term loans granted to TIM S.p.A. :
Nominal value: EUR 200.000.000,00 Expired March 31, 2025 Floater rate: Euribor 6m + 0,94990% | — | 200.000.000,00
Short term loan with TIM S.p.A. | 250.000.000,00 | 197.399.205,20
Short term loan with Telecom Italia Finance | 119.961.219,16 | 115.307.266,37
Short term loan with Ti Sparkle Uk Ltd | 5.400.000,00 | 5.400.000,00
Currency swaps with Group Companies | — | 169.413,33
Accruals on long term loans with Parent Company | 12.181.133,94 | 17.082.461,59
Accruals on short term loans with Parent Company | 1.809.625,00 | 2.256.315,69
Accruals on derivatives with Parent Company | 23.344.203,77 | 26.007.220,32
Accruals on derivatives with Group Companies | 223.851,97 | 83.433,56
Accruals on short term loan with Group Companies | 149.941,12 | 291.054,37
| 413.069.974,96 | 563.996.370,43

b) becoming due and payable after more than one year

EUR | 31 December 2025 | 31 December 2024
Currency swaps with Parent Company | 168.985.712,47 | 336.224.793,09
| 168.985.712,47 | 336.224.793,09

Note 6 - Cash at bank and in hand
The item refers to bank current accounts and deposit accounts for the total amount of EUR 21.488.613,46 (EUR
24.896.463,11 as per December 31, 2024).

EUR | 31 December 2025 | 31 December 2024
Bank current accounts | 277.854,46 | 392.420,61
Bank term deposit accounts | 21.200.000,00 | 24.500.000,00
Cash and cash equivalent as shown in Cash Flow Statement | 21.477.854,46 | 24.892.420,61
Accruals on bank term deposits | 10.759,00 | 4.042,50
| 21.488.613,46 | 24.896.463,11

Note 7 - Subscribed capital
As of December 31, 2025 the authorized, issued and fully paid in share capital of EUR 2.336.000,00 is
represented by 100.000 shares with a nominal value of EUR 23,36 per share.
As of December 31, 2025 and December 31, 2024, the Company is 100% held by TIM S.p.A.
Note 8 - Share premium account
The extraordinary shareholders meeting held on May 15, 2009 decided to recapitalize the Company by
injecting EUR 50.000.000,00 in cash, of which EUR 47.664.000,00 as issuance premium and EUR 2.336.000,00
as share capital. Such premium, paid on the same date, has been utilized in order to cover residual losses after
capital reduction (EUR 35.853.303,61) emerging from the interim accounts as of February 28, 2009. Later, in
order to cover the loss of the year 2014, the shareholder meeting held on April 1, 2015 decided to allocate EUR
10.939.461,73 to “Profit and loss brought forward” reducing the “Share premium and similar premiums” to EUR
871.234,66.
Telecom Italia Capital Société Anonyme
- 15 -

2025 Annual Report
Notes to the Annual Accounts

Note 9 - Reserves
Reserves are split as follows:
– Legal Reserve: the Company is required to allocate a minimum of 5% of its annual net income to a legal
reserve, until this reserve equals 10% of the subscribed share capital. This reserve may not be distributed. The
legal reserve as at December 31, 2025 amounts to EUR 234.000,00 and equals 10% of the share capital. The
reserve has been set up by the shareholders meeting as of March 2, 2005 by converting a portion of other
unavailable reserves.
– Other reserves consist of Tax reserve for an amount of EUR 7.506.326,80. It has been created by the annual
shareholder meetings held in the years 2021, 2022, 2023, 2024 and 2025 is equal to five times the amount of
the Net Wealth Tax to be paid for the relevant fiscal year. It will be unavailable for distribution for a five-year
period since the year of its creation and is detailed as below:

Period | Amount (EUR)
Fiscal year 2021 | 654.973,75
Fiscal year 2022 | 683.853,05
Fiscal year 2023 | 1.417.300,00
Fiscal year 2024 | 1.537.825,00
Fiscal year 2025 | 3.212.375,00

Movements for the year on the reserves, share premium and similar premiums and profit and loss items are as
follows:

| Legal Reserve (EUR) | Other reserves (EUR) | Profit or loss brought forward (EUR) | Profit or loss for the financial year (EUR)
Balance as at 31.12.2024 | 234.000,00 | 5.620.526,80 | 64.002.686,09 | 60.966.561,87
Movement for the year |  |  |  |
Allocation of prior year Profit or Loss [*] | — | 3.212.375,00 | 57.754.186,87 | -60.966.561,87
Reallocation of Reserve [*] | — | -1.326.575,00 | 1.326.575,00 | —
Profit or Loss for the year | — | — | — | 1.498.839,06
Balance as at 31.12.2025 | 234.000,00 | 7.506.326,80 | 123.083.447,96 | 1.498.839,06

[*] Shareholder Meeting held on April 09, 2025 decided to:
1. allocate the profit of the year 2024 amounting to EUR 60.966.561,87 to:
• “Profit or loss brought forward” for EUR 57.754.186,87;
• "Other Reserves" for EUR 3.212.375,00, corresponding to five (5) times the minimum amount between
the net wealth tax to be paid for year 2025 and the previous year Corporate Income Tax due.
2. reallocate, considering that the five years unavailability period regarding the reserve created in the year 2020 for
tax purposes has expired, EUR 1.326.575.,00 from “Other reserves” to "Profit or loss brought forward”.
Note 10 - Provisions for taxation

EUR | 31 December 2025 | 31 December 2024
Chamber of Commerce fee | 202.506,64 | 214.910,88
| 202.506,64 | 214.910,88

Telecom Italia Capital Société Anonyme
- 16 -

2025 Annual Report
Notes to the Annual Accounts

Note 11 - Non convertible loans
The Company has issued non-convertible notes for a total outstanding amount of USD 1.999.989.000,00 as at
December 31, 2025 (December 31, 2024 – USD 1.999.989.000,00).
i) becoming due and payable within one year

EUR | 31 December 2025 | 31 December 2024
Issue discounts on notes Current portion | -272.460,97 | -308.154,44
Accrued interest on notes | 26.256.627,92 | 29.696.349,80
| 25.984.166,95 | 29.388.195,36

ii) becoming due and payable after more than one year

EUR | 31 December 2025 | 31 December 2024
Nominal value: USD 499 .994.000,00[*] Expiring November 15, 2033 Fixed Interest Rate 6,3750% | 425.526.808,51 | 481.272.499,76
Nominal value: USD 499.999.000,00[*] Expiring September 30, 2034 Fixed Interest Rate 6,0000% | 425.531.063,83 | 481.277.312,54
Nominal value: USD 500.000.000,00[*] Expiring July 18, 2036 Fixed Interest Rate 7,2000% | 425.531.914,89 | 481.278.275,10
Nominal value: USD 499.996.000,00[*] Expiring June 04, 2038 Fixed Interest Rate 7,7210% | 425.528.510,64 | 481.274.424,87
Issue discounts on notes Long term portion | -2.199.017,86 | -2.795.252,31
| 1.699.919.280,01 | 1.922.307.259,96

[*] Differences between December 31, 2025 and December 31, 2024 are due to exchange rate impact.
Note 12 - Amounts owed to affiliated undertakings
This item refers to the following payables due to Parent Company and Group Companies:
a) becoming due and payable within one year

EUR | 31 December 2025 | 31 December 2024
Guarantee fee due to Parent Company | 510.635,48 | 838.159,67
Other payables to Parent and Group Companies | 71.266,19 | 66.008,62
Current portion of long term loans with Parent Company [*] | 597.025,37 | 643.622,08
Current portion of long term loans with Group Companies [*] | 76.511,54 | 82.391,75
Currency swaps with Group Companies | 77.874,91 | 105.360,55
Accruals on long term loans with Parent Company | 22.429,14 | 27.997,62
Accruals on long term loans with Group Companies | 4.765,68 | 5.940,75
Accruals on derivatives with Parent Company | 11.345.855,26 | 15.257.604,76
| 12.706.363,57 | 17.027.085,80

Telecom Italia Capital Société Anonyme
- 17 -

2025 Annual Report
Notes to the Annual Accounts

b) becoming due and payable after more than one year

EUR | 31 December 2025 | 31 December 2024
Long term loans with Parent Company [*] | 5.642.326,24 | 7.057.673,78
Long term loans with Group Companies [*] | 634.224,37 | 803.592,13
| 6.276.550,62 | 7.861.265,91

[*] Those items refer to the bank loans used to fund issuance costs for notes released from 2003 to 2006. Loans have a
quarterly amortizing period. Due to shifting of bank counterparties to Parent and Group Companies the loans have been
classified in “Amounts owed by affiliated undertakings”.
The residual nominal amount of above mentioned loans is split as follows:

EUR | 31 December 2025 | 31 December 2024
Related to notes issued on October 29, 2003 for an initial amount of USD 31.300.000,00 Final payment date: November 15, 2033 | 2.368.942,50 | 2.951.670,84
Related to notes issued on October 6, 2004 for an initial amount of USD 35.652.500,00 Final payment date: September 29, 2034 | 3.368.074,40 | 4.164.266,90
Related to notes issued on July 18, 2006 for an initial amount of USD 14.036.250,00 Final payment date: July 18, 2036 | 1.213.070,63 | 1.471.342,00
| 6.950.087,53 | 8.587.279,74

Note 13 - Other creditors - Tax authorities

EUR | 31 December 2025 | 31 December 2024
Income Taxes | 19.300.161,55 | 19.300.161,55
Net wealth tax | 12.840,00 | 12.840,00
Other taxes | 814,44 | 419,95
| 19.313.815,99 | 19.313.421,50

Note 14 - Income from other investments and loans forming part of the fixed assets
a) derived from affiliated undertakings

EUR | 31 December 2025 | 31 December 2024
Interest on long term loans to Parent Company[*] | 70.623.370,59 | 136.684.788,07
| 70.623.370,59 | 136.684.788,07

[*] On July 01, 2024, in the framework of the NetCo Transaction, loans previously granted by Ti Capital to TIM S.p.A. has been
partially or entirely set off for a total amount of USD 500.006.000 and EUR 1.115.463.060. As a consequence, the interest
amount in 2025 is significantly reduced.
Telecom Italia Capital Société Anonyme
- 18 -

2025 Annual Report
Notes to the Annual Accounts

Note 15 - Other interest receivable and similar income
a) derived from affiliated undertakings

EUR | 31 December 2025 | 31 December 2024
Interest on receivables from Parent Company | 7.855.103,17 | 9.798.838,71
Interest on receivables from Group Companies | 2.692.847,89 | 3.001.451,70
Income on derivatives with Parent Company[*] | 127.056.312,41 | 312.533.046,64
Income on derivatives with Group Companies[*] | 4.891.530,10 | 54.940.731,25
Income on currency swaps with Group Companies | 30.542,70 | 51.410,72
Fees on derivatives with Parent Company | — | 232.750,00
Reimbursement of financial expenses NetCo transaction | — | 8.596.152,20
Gain on exchange rates with Parent Company | 873.280,56 | 133.907,11
Gain on exchange rates with Group Companies | -9.583,49 | 207.839,35
| 143.390.033,34 | 389.496.127,68

[*] On July 01, 2024, in the framework of the NetCo Transaction, Notes for USD 2.000.000.011,00 have been exchanged in
Notes of the company Bidco. Since the underlying liability is no more outstanding, the Company unwound several derivative
positions in July 2024 increasing the income on derivatives of EUR 145.537.474,00. As a consequence, the income and
interest on derivatives amount in 2025 is significantly reduced.
b) other interest and similar income

EUR | 31 December 2025 | 31 December 2024
Interest on bank deposits | 517.263,26 | 1.694.910,83
Gain on exchange rates | 24.306,88 | 1.078.713,19
| 541.570,14 | 2.773.624,02

Note 16 - Interest payable and similar expenses
a) concerning affiliated undertakings

EUR | 31 December 2025 | 31 December 2024
Interest on loans with Parent Company | -326.488,51 | -602.685,13
Interest on loans with Group Companies | -40.089,71 | -61.345,21
Guarantee fee due to Parent Company | -510.635,49 | -838.159,67
Charges on derivatives with Parent Company[*] | -87.981.322,40 | -151.936.781,13
Charges on derivatives with Group Companies[*] | -3.990.192,70 | -35.670.853,21
Charges on currency swaps with Group Companies | -7.815,89 | -29.044,48
Fees on derivatives with Parent Company | — | -1.710.000,00
Fees on derivatives with Group Company | — | -80.000,00
Fair value difference NetCo Transaction | — | -38.729.078,33
Losses on exchange rates with Parent Company | -77,77 | -675.050,08
Losses on exchange rates with Group Companies | -55.955,60 | -162.992,03
| -92.912.578,07 | -230.495.989,27

[*] On July 01, 2024, in the framework of the NetCo Transaction, Notes for USD 2.000.000.011,00 have been exchanged in
Notes of the company Bidco. Since the underlying liability is no more outstanding, the Company also unwound several
derivative positions in July 2024 increasing the charges on derivatives of EUR 15.679.850,86. As a consequence, the charges
and interest on derivatives amount in 2025 is significantly reduced.
Telecom Italia Capital Société Anonyme
- 19 -

2025 Annual Report
Notes to the Annual Accounts

b) other interest and similar expenses

EUR | 31 December 2025 | 31 December 2024
Other interest and financial commissions [*] | -1.852,69 | -8.463.479,46
Interest and similar expenses on debentures [**] | -117.819.661,07 | -195.133.883,55
Charges on currency swaps | -25,00 | -37.074,26
Losses on exchange rates | -840.916,96 | -6.564.092,67
| -118.662.455,72 | -210.198.529,94

[*] In the framework of the NetCo Transaction, the bond holders participating to the Exchange Offer launched on April 18,
2024 and completed on May 21, 2024, received an Early Bird Premium (0,25% on the nominal amounts of the Notes
exchanged) amounted to USD 5.000.027,50 (EUR 4.602.381,72). These expenses have been reimbursed by TIM S.p.A. during
the second half of 2024.
[**] On July 01, 2024, in the framework of the NetCo Transaction, Notes for USD 2.000.000.011,00 have been exchanged in
Notes of the company Bidco. As a consequence, the interest amount in 2025 is significantly reduced and the amount as of 30
June 2024 also includes USD 3.419.794,74 (EUR 3.147.822,84) of additional issue discounts charged to Profit and Loss.
Note 17 - Hedging contracts and other derivative agreements
In order to hedge the exchange and interest rate risks linked to the notes issued, the Company entered into
several currency and interest rate swap contracts for the same duration of the hedged notes.
The table here below reports the sum of the notional amount for derivative type and counterparties.

EUR | 31 December 2025 | 31 December 2024
Cross Currency Interest Swap (CCIRS) contracts with Parent Company | 1.107.610.030,84 | 1.107.610.030,84
Interest Rate Swap (IRS) contracts with Parent Company | 1.148.936.170,21 | 1.299.451.342,77
Interest Rate Swap (IRS) contracts with Group Companies | 127.659.574,47 | 144.383.482,53
Foreign exchange agreements with Group Companies | 1.178.432,87 | 4.998.927,21
| 2.385.384.208,39 | 2.556.443.783,35

The table here below reports the net sum of the mark to market value of the above reported derivative
agreements.

EUR | 31 December 2025 | 31 December 2024
Cross Currency Interest Swap (CCIRS) contracts with Parent Company | 171.495.886,11 | 338.567.696,59
Interest Rate Swap (IRS) contracts with Parent Company | 117.835.735,04 | 102.504.819,25
Interest Rate Swap (IRS) contracts with Group Companies | 12.711.297,13 | 10.717.465,00
Foreign exchange agreements with Group Companies | -76.051,00 | 63.456,00
| 301.966.867,28 | 451.853.436,84

Note 18 - Tax situation
The Company is subject to the fiscal law in force in Luxembourg applicable to all commercial Companies.
Note 19 - Consolidation
The accounts of the Company are included in the consolidated accounts of TIM S.p.A. which are available at
the registered office located in Milano, via Negri 1, Italy and on the website http://www.telecomitalia.com
TIM S.p.A. accounts are not consolidated in the accounts of any other company.
Telecom Italia Capital Société Anonyme
- 20 -

2025 Annual Report
Notes to the Annual Accounts

Note 20 - Directors remuneration
Only the independent Directors are remunerated in their capacity as Directors. The remuneration of
independent members, including their participation in the Audit Committee, amounts to EUR 38.000,00 per
annum. No Director has an interest in the share capital of the Company.
Note 21 - Staff
As of December 31, 2025 the Company has 3 employees on its payroll (December 31, 2024 – 3). The average of
employees during the fiscal period has been of 3,00 resources (December 31, 2024 – 3,00).
Note 22 - Litigation
The Company has not been and is not involved in any litigation.
Note 23 - Auditor’s fees
During the the Year 2025 a total of EUR 32.629,44 (VAT excluded) has been paid to Ernst & Young S.A. for the
audit activity (Year 2024 - EUR 18.533,55).
No other amount has been paid to the Auditor.
Telecom Italia Capital Société Anonyme
- 21 -

2025 Annual Report
Declaration of the manager responsible for financial reporting

Declaration of the manager responsible for financial reporting

Pursuant to paragraph 3 of Luxembourg’s Transparency Law, the undersigned Fabio Adducchio, Managing
Director of the Company, to the best of his knowledge, hereby declares that the above financial statements
prepared in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the
annual account give a true and fair view of the assets, liabilities, financial position and profit or loss of the
issuer and that the management report includes a fair review of the development and performance of the
business and the position of the issuer as at and for the period ended December 31, 2025, together with a
description of the principal risks and uncertainties that the issuer faces.

| Fabio Adducchio Managing Director