[6-K] Shell plc American Current Report (Foreign Issuer)
2Q25 results (IFRS, R$): Net revenue 6.60 bn, +4.7 % YoY; service revenue +5.1 %. Normalised EBITDA 3.35 bn, +6.3 %, margin 50.8 % (+80 bp, record). Net profit 975 m, +25 %; EPS 0.40 vs 0.32.
1H25: Revenue 12.99 bn (+4.8 %), net profit 1.77 bn (+36 %), operating cash flow 5.47 bn (+26 %). Cash & marketable securities 5.47 bn (+65 %). Capex 882 m (-4.6 %), yielding EBITDA-Capex 2.47 bn (+10.8 %).
Operational drivers: Post-paid revenue +10.7 %, ARPU 44.3; prepaid -10.6 %. Mobile ARPU record 32.7 (+4.8 %). Fixed broadband -2.8 %. Opex growth 3.1 %, below 5.35 % inflation; network costs remain pressure point (+15.6 %).
Balance-sheet: Assets 56.95 bn; equity 25.13 bn. Total debt post-hedge 16.76 bn, +591 m YoY on higher lease liabilities; financial debt declined. Dividend/IOE 500 m paid; additional 490 m proposed. Treasury shares repurchased 48 m.
ESG & strategy: CDP Supplier ‘A’, 100 % renewable power, GPTW recognition. Management prioritises 5G rollout, post-paid monetisation and cost discipline.
Risultati 2Q25 (IFRS, R$): Ricavi netti 6,60 mld, +4,7% su base annua; ricavi da servizi +5,1%. EBITDA normalizzato 3,35 mld, +6,3%, margine 50,8% (+80 pb, record). Utile netto 975 mln, +25%; EPS 0,40 vs 0,32.
1H25: Ricavi 12,99 mld (+4,8%), utile netto 1,77 mld (+36%), flusso di cassa operativo 5,47 mld (+26%). Liquidità e titoli negoziabili 5,47 mld (+65%). Capex 882 mln (-4,6%), con EBITDA-Capex a 2,47 mld (+10,8%).
Fattori operativi: Ricavi post-pagamento +10,7%, ARPU 44,3; prepagato -10,6%. ARPU mobile record a 32,7 (+4,8%). Banda larga fissa -2,8%. Crescita Opex 3,1%, inferiore all'inflazione del 5,35%; costi di rete rimangono punto critico (+15,6%).
Bilancio: Attività 56,95 mld; patrimonio netto 25,13 mld. Debito totale post-copertura 16,76 mld, +591 mln YoY per maggiori passività da leasing; debito finanziario in calo. Dividendi/IOE 500 mln pagati; ulteriori 490 mln proposti. Azioni proprie riacquistate per 48 mln.
ESG e strategia: Fornitore CDP con rating ‘A’, energia 100% rinnovabile, riconoscimento GPTW. La direzione dà priorità al rollout 5G, alla monetizzazione post-pagamento e alla disciplina dei costi.
Resultados 2T25 (IFRS, R$): Ingresos netos 6.60 mil millones, +4.7% interanual; ingresos por servicios +5.1%. EBITDA normalizado 3.35 mil millones, +6.3%, margen 50.8% (+80 pb, récord). Beneficio neto 975 millones, +25%; BPA 0.40 vs 0.32.
1S25: Ingresos 12.99 mil millones (+4.8%), beneficio neto 1.77 mil millones (+36%), flujo operativo de caja 5.47 mil millones (+26%). Efectivo y valores negociables 5.47 mil millones (+65%). Capex 882 millones (-4.6%), EBITDA-Capex 2.47 mil millones (+10.8%).
Factores operativos: Ingresos postpago +10.7%, ARPU 44.3; prepago -10.6%. ARPU móvil récord 32.7 (+4.8%). Banda ancha fija -2.8%. Crecimiento de Opex 3.1%, por debajo de la inflación 5.35%; costos de red siguen siendo un punto de presión (+15.6%).
Balance: Activos 56.95 mil millones; patrimonio neto 25.13 mil millones. Deuda total post-cobertura 16.76 mil millones, +591 millones interanual por mayores pasivos de arrendamiento; deuda financiera en descenso. Dividendos/IOE 500 millones pagados; adicionales 490 millones propuestos. Recompra de acciones propias por 48 millones.
ESG y estrategia: Proveedor CDP con calificación ‘A’, energía 100% renovable, reconocimiento GPTW. La gerencia prioriza despliegue 5G, monetización postpago y disciplina en costos.
2분기 25년 실적 (IFRS, R$): 순매출 66억, 전년 대비 +4.7%; 서비스 매출 +5.1%. 정상화 EBITDA 33.5억, +6.3%, 마진 50.8% (+80bp, 최고 기록). 순이익 9.75억, +25%; 주당순이익 0.40 vs 0.32.
상반기 25년: 매출 129.9억 (+4.8%), 순이익 17.7억 (+36%), 영업현금흐름 54.7억 (+26%). 현금 및 유가증권 54.7억 (+65%). 설비투자 8.82억 (-4.6%), EBITDA-설비투자 24.7억 (+10.8%).
운영 동향: 후불제 매출 +10.7%, ARPU 44.3; 선불제 -10.6%. 모바일 ARPU 최고 기록 32.7 (+4.8%). 고정 광대역 -2.8%. 운영비용 증가 3.1%, 인플레이션 5.35% 이하; 네트워크 비용은 여전히 부담 요인 (+15.6%).
재무 상태: 자산 569.5억; 자본 251.3억. 헤지 후 총 부채 167.6억, 전년 대비 5.91억 증가, 리스 부채 증가 영향; 금융 부채는 감소. 배당금/IOE 5억 지급; 추가 4.9억 제안. 자사주 4.8억 매입.
ESG 및 전략: CDP 공급업체 ‘A’ 등급, 100% 재생 에너지 사용, GPTW 인증. 경영진은 5G 구축, 후불제 수익화, 비용 절감을 우선시함.
Résultats 2T25 (IFRS, R$) : Chiffre d'affaires net 6,60 Mds, +4,7 % en glissement annuel ; revenus de services +5,1 %. EBITDA normalisé 3,35 Mds, +6,3 %, marge 50,8 % (+80 pb, record). Résultat net 975 M, +25 % ; BPA 0,40 contre 0,32.
1S25 : Chiffre d'affaires 12,99 Mds (+4,8 %), résultat net 1,77 Mds (+36 %), flux de trésorerie opérationnel 5,47 Mds (+26 %). Trésorerie et titres négociables 5,47 Mds (+65 %). Capex 882 M (-4,6 %), EBITDA-Capex 2,47 Mds (+10,8 %).
Facteurs opérationnels : Revenus postpayés +10,7 %, ARPU 44,3 ; prépayé -10,6 %. ARPU mobile record 32,7 (+4,8 %). Haut débit fixe -2,8 %. Croissance des Opex 3,1 %, inférieure à l'inflation de 5,35 % ; coûts réseau restent un point de pression (+15,6 %).
Bilan : Actifs 56,95 Mds ; capitaux propres 25,13 Mds. Dette totale après couverture 16,76 Mds, +591 M en glissement annuel en raison d'une hausse des passifs de location ; dette financière en baisse. Dividendes/IOE 500 M versés ; 490 M supplémentaires proposés. Rachat d'actions propres pour 48 M.
ESG et stratégie : Fournisseur CDP noté ‘A’, énergie 100 % renouvelable, reconnaissance GPTW. La direction privilégie le déploiement 5G, la monétisation postpayée et la discipline des coûts.
2Q25 Ergebnisse (IFRS, R$): Nettoumsatz 6,60 Mrd., +4,7 % im Jahresvergleich; Serviceumsatz +5,1 %. Normalisiertes EBITDA 3,35 Mrd., +6,3 %, Marge 50,8 % (+80 BP, Rekord). Nettogewinn 975 Mio., +25 %; EPS 0,40 vs 0,32.
1H25: Umsatz 12,99 Mrd. (+4,8 %), Nettogewinn 1,77 Mrd. (+36 %), operativer Cashflow 5,47 Mrd. (+26 %). Zahlungsmittel & marktfähige Wertpapiere 5,47 Mrd. (+65 %). Capex 882 Mio. (-4,6 %), EBITDA-Capex 2,47 Mrd. (+10,8 %).
Betriebliche Treiber: Postpaid-Umsatz +10,7 %, ARPU 44,3; Prepaid -10,6 %. Mobil-ARPU Rekord 32,7 (+4,8 %). Festnetz-Breitband -2,8 %. Opex-Wachstum 3,1 %, unter 5,35 % Inflation; Netzwerkkosten bleiben Druckpunkt (+15,6 %).
Bilanz: Vermögenswerte 56,95 Mrd.; Eigenkapital 25,13 Mrd. Gesamtschulden nach Absicherung 16,76 Mrd., +591 Mio. YoY durch höhere Leasingverbindlichkeiten; Finanzschulden gesunken. Dividende/IOE 500 Mio. ausgezahlt; weitere 490 Mio. vorgeschlagen. Eigene Aktien im Wert von 48 Mio. zurückgekauft.
ESG & Strategie: CDP-Lieferant mit Note ‘A’, 100 % erneuerbare Energie, GPTW-Auszeichnung. Management priorisiert 5G-Ausbau, Postpaid-Monetarisierung und Kostendisziplin.
- Net profit up 25 % YoY to R$975 m, extending double-digit growth trajectory.
- Normalized EBITDA margin reached a record 50.8 %, evidencing cost discipline.
- Operating cash flow rose to R$5.47 bn (+26 %), lifting cash balance 65 % YoY.
- Capex down 4.6 %, improving EBITDA-Capex spread and supporting FCF.
- Post-paid revenue +10.7 % with ARPU gains, reinforcing premium segment strength.
- ESG milestones: CDP ‘A’, 100 % renewable energy, repeated GPTW awards.
- Prepaid revenue fell 10.6 % YoY, dragging overall mobile growth.
- Fixed broadband revenue declined 2.8 % amid intense price competition.
- Network & interconnection costs up 15.6 %, the main Opex pressure point.
- Bad-debt expense increased 11 %, reflecting rapid post-paid expansion.
- Total debt rose R$591 m YoY due to higher lease liabilities.
Insights
TL;DR: Solid top-line, stronger margins, cash build; prepaid and network costs still weak spots.
Revenue grew broadly in line with inflation but EBITDA outpaced, lifting the margin to an all-time 50.8 %. Post-paid mix shift and annual price uplifts are working, offsetting prepaid attrition. Net profit beat on both operating leverage and a lighter tax burden. Cash from operations jumped 26 %, funding capex and distributions while cash reserves surged 65 %. Lease-driven debt creep nudged gross debt higher, yet traditional financial debt fell, keeping leverage contained. Overall, the print supports a constructive equity view, especially given the improving FCF yield and disciplined capex.
TL;DR: Credit profile steady; watch rising lease liabilities and prepaid weakness.
Operating cash flow comfortably covers capex and dividends, a credit positive. Liquidity is ample at R$5.5 bn. However, total debt rose 3.7 % YoY, driven by IFRS-16 obligations, and network/interconnection costs are expanding double-digits, potentially pressuring future margins. Prepaid revenue decline of 10 % highlights competitive intensity in low-end segments. Nonetheless, with EBITDA growth, net leverage should remain stable. I view the quarter as mildly positive for credit but will monitor cost inflation and customer mix.
Risultati 2Q25 (IFRS, R$): Ricavi netti 6,60 mld, +4,7% su base annua; ricavi da servizi +5,1%. EBITDA normalizzato 3,35 mld, +6,3%, margine 50,8% (+80 pb, record). Utile netto 975 mln, +25%; EPS 0,40 vs 0,32.
1H25: Ricavi 12,99 mld (+4,8%), utile netto 1,77 mld (+36%), flusso di cassa operativo 5,47 mld (+26%). Liquidità e titoli negoziabili 5,47 mld (+65%). Capex 882 mln (-4,6%), con EBITDA-Capex a 2,47 mld (+10,8%).
Fattori operativi: Ricavi post-pagamento +10,7%, ARPU 44,3; prepagato -10,6%. ARPU mobile record a 32,7 (+4,8%). Banda larga fissa -2,8%. Crescita Opex 3,1%, inferiore all'inflazione del 5,35%; costi di rete rimangono punto critico (+15,6%).
Bilancio: Attività 56,95 mld; patrimonio netto 25,13 mld. Debito totale post-copertura 16,76 mld, +591 mln YoY per maggiori passività da leasing; debito finanziario in calo. Dividendi/IOE 500 mln pagati; ulteriori 490 mln proposti. Azioni proprie riacquistate per 48 mln.
ESG e strategia: Fornitore CDP con rating ‘A’, energia 100% rinnovabile, riconoscimento GPTW. La direzione dà priorità al rollout 5G, alla monetizzazione post-pagamento e alla disciplina dei costi.
Resultados 2T25 (IFRS, R$): Ingresos netos 6.60 mil millones, +4.7% interanual; ingresos por servicios +5.1%. EBITDA normalizado 3.35 mil millones, +6.3%, margen 50.8% (+80 pb, récord). Beneficio neto 975 millones, +25%; BPA 0.40 vs 0.32.
1S25: Ingresos 12.99 mil millones (+4.8%), beneficio neto 1.77 mil millones (+36%), flujo operativo de caja 5.47 mil millones (+26%). Efectivo y valores negociables 5.47 mil millones (+65%). Capex 882 millones (-4.6%), EBITDA-Capex 2.47 mil millones (+10.8%).
Factores operativos: Ingresos postpago +10.7%, ARPU 44.3; prepago -10.6%. ARPU móvil récord 32.7 (+4.8%). Banda ancha fija -2.8%. Crecimiento de Opex 3.1%, por debajo de la inflación 5.35%; costos de red siguen siendo un punto de presión (+15.6%).
Balance: Activos 56.95 mil millones; patrimonio neto 25.13 mil millones. Deuda total post-cobertura 16.76 mil millones, +591 millones interanual por mayores pasivos de arrendamiento; deuda financiera en descenso. Dividendos/IOE 500 millones pagados; adicionales 490 millones propuestos. Recompra de acciones propias por 48 millones.
ESG y estrategia: Proveedor CDP con calificación ‘A’, energía 100% renovable, reconocimiento GPTW. La gerencia prioriza despliegue 5G, monetización postpago y disciplina en costos.
2분기 25년 실적 (IFRS, R$): 순매출 66억, 전년 대비 +4.7%; 서비스 매출 +5.1%. 정상화 EBITDA 33.5억, +6.3%, 마진 50.8% (+80bp, 최고 기록). 순이익 9.75억, +25%; 주당순이익 0.40 vs 0.32.
상반기 25년: 매출 129.9억 (+4.8%), 순이익 17.7억 (+36%), 영업현금흐름 54.7억 (+26%). 현금 및 유가증권 54.7억 (+65%). 설비투자 8.82억 (-4.6%), EBITDA-설비투자 24.7억 (+10.8%).
운영 동향: 후불제 매출 +10.7%, ARPU 44.3; 선불제 -10.6%. 모바일 ARPU 최고 기록 32.7 (+4.8%). 고정 광대역 -2.8%. 운영비용 증가 3.1%, 인플레이션 5.35% 이하; 네트워크 비용은 여전히 부담 요인 (+15.6%).
재무 상태: 자산 569.5억; 자본 251.3억. 헤지 후 총 부채 167.6억, 전년 대비 5.91억 증가, 리스 부채 증가 영향; 금융 부채는 감소. 배당금/IOE 5억 지급; 추가 4.9억 제안. 자사주 4.8억 매입.
ESG 및 전략: CDP 공급업체 ‘A’ 등급, 100% 재생 에너지 사용, GPTW 인증. 경영진은 5G 구축, 후불제 수익화, 비용 절감을 우선시함.
Résultats 2T25 (IFRS, R$) : Chiffre d'affaires net 6,60 Mds, +4,7 % en glissement annuel ; revenus de services +5,1 %. EBITDA normalisé 3,35 Mds, +6,3 %, marge 50,8 % (+80 pb, record). Résultat net 975 M, +25 % ; BPA 0,40 contre 0,32.
1S25 : Chiffre d'affaires 12,99 Mds (+4,8 %), résultat net 1,77 Mds (+36 %), flux de trésorerie opérationnel 5,47 Mds (+26 %). Trésorerie et titres négociables 5,47 Mds (+65 %). Capex 882 M (-4,6 %), EBITDA-Capex 2,47 Mds (+10,8 %).
Facteurs opérationnels : Revenus postpayés +10,7 %, ARPU 44,3 ; prépayé -10,6 %. ARPU mobile record 32,7 (+4,8 %). Haut débit fixe -2,8 %. Croissance des Opex 3,1 %, inférieure à l'inflation de 5,35 % ; coûts réseau restent un point de pression (+15,6 %).
Bilan : Actifs 56,95 Mds ; capitaux propres 25,13 Mds. Dette totale après couverture 16,76 Mds, +591 M en glissement annuel en raison d'une hausse des passifs de location ; dette financière en baisse. Dividendes/IOE 500 M versés ; 490 M supplémentaires proposés. Rachat d'actions propres pour 48 M.
ESG et stratégie : Fournisseur CDP noté ‘A’, énergie 100 % renouvelable, reconnaissance GPTW. La direction privilégie le déploiement 5G, la monétisation postpayée et la discipline des coûts.
2Q25 Ergebnisse (IFRS, R$): Nettoumsatz 6,60 Mrd., +4,7 % im Jahresvergleich; Serviceumsatz +5,1 %. Normalisiertes EBITDA 3,35 Mrd., +6,3 %, Marge 50,8 % (+80 BP, Rekord). Nettogewinn 975 Mio., +25 %; EPS 0,40 vs 0,32.
1H25: Umsatz 12,99 Mrd. (+4,8 %), Nettogewinn 1,77 Mrd. (+36 %), operativer Cashflow 5,47 Mrd. (+26 %). Zahlungsmittel & marktfähige Wertpapiere 5,47 Mrd. (+65 %). Capex 882 Mio. (-4,6 %), EBITDA-Capex 2,47 Mrd. (+10,8 %).
Betriebliche Treiber: Postpaid-Umsatz +10,7 %, ARPU 44,3; Prepaid -10,6 %. Mobil-ARPU Rekord 32,7 (+4,8 %). Festnetz-Breitband -2,8 %. Opex-Wachstum 3,1 %, unter 5,35 % Inflation; Netzwerkkosten bleiben Druckpunkt (+15,6 %).
Bilanz: Vermögenswerte 56,95 Mrd.; Eigenkapital 25,13 Mrd. Gesamtschulden nach Absicherung 16,76 Mrd., +591 Mio. YoY durch höhere Leasingverbindlichkeiten; Finanzschulden gesunken. Dividende/IOE 500 Mio. ausgezahlt; weitere 490 Mio. vorgeschlagen. Eigene Aktien im Wert von 48 Mio. zurückgekauft.
ESG & Strategie: CDP-Lieferant mit Note ‘A’, 100 % erneuerbare Energie, GPTW-Auszeichnung. Management priorisiert 5G-Ausbau, Postpaid-Monetarisierung und Kostendisziplin.
FAQ
How much did TIMB’s net profit grow in 2Q25?
What is TIM S.A.’s 2Q25 EBITDA margin?
How did operating cash flow change in 1H25 for TIMB?
What happened to prepaid revenue in 2Q25?
What is TIM’s current cash and marketable securities position?
How much capex did TIM invest in 2Q25?
