The board of directors of Telecom Italia (TIM) has given the green light to the activation of the first tranche of its share buyback program, authorized by the general shareholders' meeting last April, for a maximum global amount of up to 700 million shares and a cap of 400 million euros, as communicated by the company.
This first block of the plan must be executed before December 31, 2026, and will include the acquisition of up to 140 million TIM shares.
The initial tranche is equivalent to approximately 0.7% of the group's share capital and, taking as a reference the closing price of May 26, 2026, it reaches a value close to 100 million euros.
As had already been announced, the shares acquired within this program will be used to cover the company's remuneration and incentive plans that have already been approved.
TIM has reiterated that the share buyback will be carried out in successive tranches, in accordance with the guidelines communicated to the market and with the goal of offering shareholders remuneration equivalent to approximately 50% of the expected proceeds from the sale of its submarine cable subsidiary, Sparkle, an operation still pending closure.
The price at which shares can be acquired may not deviate by more than 10% from the official price set on Euronext Milan in the trading session immediately preceding each purchase and, in any case, may not exceed the higher of the price of the last independent transaction and the highest current independent purchase offer.
Likewise, the daily acquisition volume may not exceed 25% of the average daily trading volume of TIM shares recorded in the 20 trading days prior to each transaction.
Modification of the financial calendar
TIM's board of directors has also decided to partially adjust its financial calendar, bringing forward to July 29 the meeting scheduled for the approval of the accounts for the first half of the current fiscal year.
In that same session, the company's governing body plans to give its approval to the independent business plan for the period 2026-2028.