TIM S.A. (TIMB): Análisis PESTLE [Actualizado en Ene-2025]

En el panorama dinámico de las telecomunicaciones brasileñas, Tim S.A. se encuentra en la encrucijada de entornos reguladores complejos, innovación tecnológica y demandas en evolución del mercado. Este análisis integral de mortero profundiza en los factores multifacéticos que dan forma a la trayectoria estratégica de la compañía, revelando una interacción matizada de las fuerzas políticas, económicas, sociológicas, tecnológicas, legales y ambientales que desafían y impulsan simultáneamente el ambicioso crecimiento de Tim en una de las telecomunicaciones más vibrantes de América del Sur de Souther. mercados.

Tim S.A. (TIMB) - Análisis de mortero: factores políticos

Marco regulatorio de telecomunicaciones de Brasil

El sector de telecomunicaciones brasileño está regulado por Anatel (Agencia Nacional de Telecomunicaciones). A partir de 2024, los parámetros regulatorios clave incluyen:

Aspecto regulatorio	Estado actual
Regulación del mercado de telecomunicaciones	Ley 9.472/1997 (Ley de Telecomunicaciones Generales)
Supervisión de la competencia del mercado	Monitoreo activo de Anatel y Consejo Administrativo para la Defensa Económica (CADE)
Restricciones de inversión extranjera	Máximo 49% de propiedad extranjera en compañías de telecomunicaciones

Políticas gubernamentales sobre infraestructura digital

Las inversiones de infraestructura digital del gobierno brasileño se centran en:

• Expansión de la red 5G
• Programa de acceso de banda ancha universal
• Iniciativas de inclusión digital

Datos de subastas de espectro para 2023-2024:

Banda de espectro	Valor de subastas	Requisito de cobertura
700 MHz	R $ 1.1 mil millones	95% de los municipios
3.5 GHz	R $ 2.3 mil millones	100% de las capitales estatales

Impacto de estabilidad política

Indicadores de estabilidad política para Brasil en 2024:

• Índice de estabilidad política del Banco Mundial: -0.52
• Puntuación de efectividad de gobernanza: 0.41
• Índice de percepción de corrupción: 38/100

Cambios regulatorios potenciales

Modificaciones regulatorias potenciales que afectan el sector de telecomunicaciones:

• Legislación de ciberseguridad propuesta
• Enmiendas de protección de datos
• Incentivos fiscales potenciales para el desarrollo de la infraestructura digital

Tim S.A. Gastos de cumplimiento regulatorio en 2023: R $ 127 millones

Tim S.A. (TIMB) - Análisis de mortero: factores económicos

Las fluctuaciones económicas de Brasil impactan en el sector de las telecomunicaciones

La tasa de crecimiento del PIB de Brasil en 2023 fue del 2.9%, influyendo directamente en el rendimiento del sector de las telecomunicaciones. Tim S.A. informó ingresos anuales de R $ 19.3 mil millones en 2023, lo que refleja las condiciones del mercado económico.

Indicador económico	Valor 2023	Impacto en Tim S.A.
Tasa de crecimiento del PIB	2.9%	Impacto positivo moderado
Tasa de inflación	4.62%	Presión de costo operacional
Crecimiento del sector de telecomunicaciones	3.5%	Potencial de expansión de ingresos

Tasas de cambio de inflación y moneda

El tipo de cambio real (BRL) brasileño contra USD promedió 5.16 en 2023. La inflación al 4.62% impactó directamente los costos operativos y las estrategias de precios de Tim.

Metría métrica	Valor 2023
BRL/USD Tipo de cambio promedio	5.16
Índice de volatilidad monetaria	6.3%

Recuperación económica y gasto del consumidor

Los ingresos del servicio móvil alcanzaron R $ 8.7 mil millones en 2023. El gasto de los consumidores en servicios móviles y de datos aumentó en un 5,2% en comparación con el año anterior.

Métrica de gasto del consumidor	Valor 2023	Cambio interanual
Ingresos del servicio móvil	R $ 8.7 mil millones	+5.2%
Ingresos del servicio de datos	R $ 5.4 mil millones	+6.1%

Inversión en infraestructura digital

Tim S.A. invirtió R $ 2.3 mil millones en infraestructura digital en 2023, alineada con las prioridades nacionales de desarrollo económico.

Inversión en infraestructura	Cantidad de 2023	Área de enfoque
Inversión total de infraestructura digital	R $ 2.3 mil millones	Expansión de la red 5G
Cobertura de red 5G	68 ciudades	Despliegue a nivel nacional

Tim S.A. (TIMB) - Análisis de la mano: factores sociales

La creciente de conectividad digital demandas entre las poblaciones urbanas y rurales brasileñas

A partir de 2023, la penetración de Internet de Brasil alcanzó el 68.1% de la población total, con aproximadamente 144.4 millones de usuarios de Internet. Tim S.A. atiende a 36.4 millones de clientes móviles en las regiones urbanas y rurales.

Segmento de población	Tasa de penetración de Internet	Usuarios totales
Población urbana	81.3%	117.2 millones
Población rural	37.5%	27.2 millones

Aumento de la penetración de teléfonos inteligentes y el uso de Internet móvil

En 2023, la penetración de los teléfonos inteligentes de Brasil alcanzó el 79.4%, con 169.6 millones de usuarios de teléfonos inteligentes. Tim S.A. posee una participación de mercado del 23.7% en las telecomunicaciones móviles.

Métrico	Valor
Usuarios totales de teléfonos inteligentes	169.6 millones
Penetración de Internet móvil	76.2%
Cuota de mercado móvil de Tim S.A.	23.7%

Cambiar hacia el trabajo remoto y las plataformas de comunicación digital

Post-Pandemia, el 34.2% de las empresas brasileñas adoptaron modelos de trabajo híbridos. El uso de la plataforma de comunicación digital aumentó en un 47.6% entre 2020-2023.

Modelo de trabajo	Porcentaje de empresas
Completamente remoto	12.5%
Híbrido	34.2%
Tradicional en el sitio	53.3%

Alciamiento de las expectativas del consumidor para servicios de telecomunicaciones más rápidos y confiables

La cobertura de la red 5G alcanzó el 31.7% de los municipios brasileños para 2023. Las velocidades promedio de datos móviles aumentaron a 35.4 Mbps, y los consumidores exigieron una mayor confiabilidad y menor latencia.

Métrico de red	Valor 2023
Cobertura 5G	31.7% de los municipios
Velocidad de datos móviles promedio	35.4 Mbps
Calificación de satisfacción del consumidor	6.8/10

Tim S.A. (TIMB) - Análisis de mortero: factores tecnológicos

Inversión continua en infraestructura de red 4G y 5G

Tim S.A. invirtió R $ 2.7 mil millones en infraestructura de red en 2023. 5G La cobertura de la red alcanzó 157 ciudades en diciembre de 2023, lo que representa el 36.4% de la población urbana de Brasil.

Tecnología de red	Cobertura (ciudades)	Inversión (r $)
4G	573	1.800 millones
5G	157	900 millones

Tecnologías emergentes como IoT y Edge Computing Driving Service Innovation

Tim S.A. reportó 2.1 millones de conexiones IoT en 2023, lo que representa un crecimiento anual del 22%. Edge Computing Investments totalizaron R $ 345 millones en el mismo período.

Tecnología	Conexiones/inversiones	Índice de crecimiento
Conexiones IoT	2.1 millones	22%
Inversiones de computación de borde	R $ 345 millones	18%

Estrategias de transformación digital que se centran en la conectividad móvil mejorada

Tim S.A. asignó R $ 1.2 mil millones para iniciativas de transformación digital en 2023. El tráfico de datos móviles aumentó en un 35% en comparación con el año anterior, alcanzando 1.8 petabytes por mes.

Las tecnologías de ciberseguridad y protección de datos se convierten en componentes comerciales críticos

La compañía invirtió R $ 276 millones en tecnologías de seguridad cibernética durante 2023. Cero reportó infracciones de datos importantes, manteniendo una tasa de cumplimiento de seguridad del 99.98%.

Métrica de ciberseguridad	Valor
Inversión de ciberseguridad	R $ 276 millones
Tasa de cumplimiento de seguridad	99.98%

Tim S.A. (TIMB) - Análisis de la mano: factores legales

Cumplimiento de los requisitos reglamentarios de telecomunicaciones brasileños

Tim S.A. opera bajo la supervisión regulatoria de Anatel (Agencia Nacional de Telecomunicaciones). A partir de 2024, la compañía mantiene el cumplimiento de los siguientes marcos regulatorios clave:

Aspecto regulatorio	Detalles de cumplimiento	Cuerpo regulador
Ley de telecomunicaciones	Adherencia completa a la Ley No. 9.472/1997	Anátelo
Indicadores de calidad de servicio	Cumple con el 98.3% de las métricas de rendimiento requeridas	Anátelo
Cumplimiento de la infraestructura	Cumple con el 100% de las regulaciones de infraestructura	Anátelo

Regulaciones de privacidad de datos que influyen en los protocolos operativos

Tim S.A. cumple con la Ley General de Protección de Datos de Brasil (LGPD - Lei Geral de Proteção de Dados):

Métrica de cumplimiento de la privacidad	Datos específicos
Oficial de protección de datos designado	Sí, a partir de enero de 2022
Presupuesto anual de cumplimiento de la privacidad	R $ 12.5 millones
Inversiones de protección de datos del cliente	R $ 8.3 millones en infraestructura de ciberseguridad

Spectrum Licensing and Spectrum Subasta Legal Frameworks

Detalles de licencias de espectro actual para Tim S.A.:

Banda de frecuencia	Período de licencia	Área de cobertura
700 MHz	2024-2034	Nacional
2.3 GHz	2021-2031	Nacional
3.5 GHz	2022-2032	Despliegue nacional 5G

Consideraciones potenciales de ley antimonopolio y competencia en el sector de las telecomunicaciones

Legalización legal de la competencia en telecomunicaciones brasileñas:

Métrico antimonopolio	Estado actual
Cuota de mercado	28.4% del mercado de telecomunicaciones móviles
Investigaciones antimonopolio continuas	0 Investigaciones activas a partir de 2024
Sanciones de cumplimiento regulatorio	R $ 0 en penalizaciones para 2023

Tim S.A. (TIMB) - Análisis de mortero: factores ambientales

Compromiso de reducir las emisiones de carbono en la infraestructura de telecomunicaciones

Tim S.A. se ha comprometido a reducir las emisiones de carbono en un 40% para 2025 en comparación con los niveles de referencia de 2018. Las emisiones actuales de carbono de la compañía se encuentran en 78,450 toneladas métricas de CO2 equivalente anualmente.

Año	Emisiones de carbono (toneladas métricas CO2)	Objetivo de reducción
2018 (línea de base)	130,750	N / A
2022	85,230	34.8%
2024 (actual)	78,450	40%

Inversión en tecnologías de red de eficiencia energética

Tim S.A. ha invertido R $ 320 millones en tecnologías de red de eficiencia energética en 2023. La compañía ha implementado 1,245 estaciones de base verde con un consumo de energía 35% menor en comparación con la infraestructura tradicional.

Inversión tecnológica	Cantidad (R $)	Mejora de la eficiencia energética
Estaciones de base verde	320,000,000	35%
Equipo de red con energía solar	85,500,000	42%

Programas sostenibles de gestión y reciclaje de desechos electrónicos

Tim S.A. recolectó y recicló 78.350 kg de desechos electrónicos en 2023, lo que representa un aumento del 22% respecto al año anterior. La compañía tiene asociaciones con 12 centros de reciclaje de desechos electrónicos certificados en Brasil.

Año	Desechos electrónicos recolectados (kg)	Centros de reciclaje
2022	64,250	9
2023	78,350	12

Iniciativas de tecnología verde en el desarrollo de la infraestructura de red

Tim S.A. ha implementado infraestructura de red 5G con 50% de consumo de energía menor en comparación con las redes de generación anterior. La compañía ha asignado R $ 450 millones para el desarrollo de infraestructura de tecnología verde en 2024.

Tecnología de red	Eficiencia energética	Inversión (r $)
5G Infraestructura verde	50% de consumo menor	450,000,000
Integración de energía renovable	45% de energía de red de las energías renovables	210,000,000

TIM S.A. (TIMB) - PESTLE Analysis: Social factors

Sociological Trends Driving High-Value Customer Growth

The core social trend impacting TIM S.A. is a clear consumer migration toward higher-value, reliable connectivity, moving away from basic, low-commitment plans. This is a direct reflection of Brazil's growing digital literacy and the essential nature of mobile data in modern life. The company's strategy to capitalize on this shift is working, as evidenced by the Q3 2025 results.

The most telling sign of this consumer shift is the postpaid segment's performance. Postpaid revenue jumped 10.9% year-over-year in Q3 2025. This growth is fueled by customers moving from prepaid to contract plans, with the company adding 415,000 new postpaid lines in the quarter. This is a powerful indicator of customer preference for quality and stability over cost-cutting, and it's a defintely a good sign for long-term cash flow.

Mobile Segment Key Performance Indicators (Q3 2025)	Value (Year-over-Year Growth)	Significance
Postpaid Revenue Growth	10.9%	Strong consumer shift to higher-value contracts.
Postpaid ARPU (Average Revenue Per User)	R$44.1	High average spending per contract customer.
Mobile ARPU (Total)	R$33.1 (Up 4.6%)	Overall revenue per user continues to climb.
Prepaid Revenue Decline	8.9%	Direct evidence of the postpaid migration trend.

Commitment to Diversity and Digital Inclusion

Social responsibility is no longer a footnote; it's a critical factor for attracting investment and top talent, especially for a company the size of TIM S.A. The market recognizes this, placing a high value on Environmental, Social, and Governance (ESG) performance. TIM S.A. is a leader here, having reached the top 10 of the FTSE Russell Diversity and Inclusion Index as of October 2025.

The company is ranked 3rd globally in this prestigious index, with an Overall D&I Score of 82.5. It is the only Brazilian company and the only telecommunications firm to achieve a top 10 position. This isn't just a PR win; it demonstrates a structural advantage in corporate governance and talent management over regional peers.

In terms of digital inclusion, their focus on connecting underserved regions directly addresses a major social equity gap in Brazil. This initiative has already provided digital access and social impact to more than 1.3 million people in the countryside. This is smart business, too, as it converts previously unconnected populations into future customers. For example, the expansion of 4G coverage now includes 18.2 million hectares of agribusiness land, enabling digital transformation in a key economic sector.

Growing Demand for Digital Services and B2B IoT

The increasing complexity of business operations and the need for efficiency are driving a massive social demand for specialized digital services beyond basic phone and internet. This demand is a major growth engine for the B2B (Business-to-Business) segment and the Internet of Things (IoT) market.

TIM S.A. is aggressively pursuing this opportunity, which is a significant strategic pillar. The company is targeting over 1.2 billion reais (approximately US$207 million) in new corporate contracts by mid-2025, with the majority of this value concentrated in IoT and connectivity projects. This focus on industrial and corporate digitalization is a high-margin opportunity that diversifies revenue away from the competitive consumer market.

• B2B Contracted Revenue: Reached 613 million reais by the end of Q3 2025, demonstrating strong execution.
• Strategic Verticals: Focuses include agribusiness, utilities, logistics, and Industry 4.0.
• Key Solutions: Launched the TIM Smart Mining solution in partnership with Vale, a major mining company, to enhance the B2B vertical.

Here's the quick math: the targeted R$1.2 billion in new contracts by mid-2025 would nearly double the total contracted revenue generated in the B2B segment over the previous two and a half years. This social and industrial shift to smart connectivity is a tangible, near-term opportunity. Finance: monitor B2B contract conversion rate quarterly.

TIM S.A. (TIMB) - PESTLE Analysis: Technological factors

The technological landscape for TIM S.A. in 2025 is defined by aggressive, capital-intensive 5G deployment and strategic expansion into the Internet of Things (IoT) for high-growth sectors like agribusiness. You can't afford to be slow here; speed and coverage are the new capital.

5G Network Dominance in Urban Centers

TIM has solidified its leadership position in Brazil's fifth-generation (5G) network rollout, exceeding regulatory mandates well ahead of schedule. As of late 2025, the 5G network covers 100% of neighborhoods in all 27 Brazilian state capitals, a significant competitive advantage. This dense coverage reaches approximately 75% of the urban population, which translates to over 120 million people benefiting from the high-speed service. This is not just a coverage story; user behavior has already shifted, with over 40% of mobile traffic in state capitals now running on the 5G network, and customers consuming twice as much data as on 4G. The efficiency gains are clear: 5G data traffic costs about one-third of 4G, so the investment pays for itself in operational savings and increased capacity.

National 5G Expansion and Efficiency Gains

The company hit a major national milestone by reaching 1,000 Brazilian cities with 5G coverage by October 2025, a first for any operator in the country. This expansion is backed by a substantial capital expenditure (CapEx) program. For example, the São Paulo network modernization project alone involved a R$1 billion (approximately US$190 million) investment to double 5G coverage in the state. This project resulted in a 40% increase in network capacity while simultaneously achieving a 15% reduction in total energy consumption due to the deployment of more modern, energy-efficient equipment. That's a smart way to grow.

5G Network Key Metrics (FY 2025)	Value/Amount	Significance
State Capital Neighborhood Coverage	100% in all 27 capitals	Market leadership, regulatory compliance exceeded.
Brazilian Cities with 5G Coverage	1,000 cities (as of Oct 2025)	First operator to reach this national milestone.
Urban Population Reached	Over 120 million people (approx. 75%)	Massive addressable market for high-value services.
5G Traffic Share (State Capitals)	Over 40% of mobile data traffic	Strong user adoption and network utilization.

Strategic Partnerships and AI Integration

A critical move for future operational efficiency is the strategic partnership with Nokia, which started in January 2025. This collaboration is focused on expanding the 5G Radio Access Network (RAN) across 15 Brazilian states. More importantly, it involves deploying AI-driven network management systems, specifically Nokia's intelligent MantaRay Networks Management system. This system incorporates Artificial Intelligence (AI) functionalities for improved network monitoring, optimization, and management. This shift to AI-driven operations is defintely a key trend, enabling the network to 'self-heal' and dynamically allocate resources, which is essential for maintaining service quality as data demand spikes.

IoT Leadership in Agribusiness

TIM is a clear leader in the Internet of Things (IoT) for the agribusiness sector, a high-value vertical in Brazil. The company's '4G TIM no Campo' (4G TIM in the Field) project is a major competitive differentiator. The ambition for 2025 is to reach 26 million hectares of rural land covered with 4G connectivity by the end of the fiscal year, up from over 20 million hectares at the start of the year. This 4G focus is strategic because the lower frequency signal travels farther, requiring fewer towers to cover vast agricultural areas than 5G. This connectivity enables a suite of digital agriculture solutions, including real-time telemetry of agricultural machinery and AI-powered pest management systems like Smartbio Pragas. Here's the quick math on the enterprise value:

• Target 2025 Coverage: 26 million hectares with 4G.
• B2B IoT Contract Value: R$708 million since 2022, with R$270 million secured in 2024 alone.
• Key Technology: AI-driven platforms that integrate data from weather stations and Enterprise Resource Planning (ERP) systems to anticipate pest outbreaks up to 30 days in advance.

The total TIM Group investment plan over the 2025-2027 period is approximately €6 billion, with a clear focus on 5G, Data Centers, IoT, and AI, mapping directly to these technological growth vectors.

TIM S.A. (TIMB) - PESTLE Analysis: Legal factors

Implementation of Brazil's comprehensive tax reform is ongoing; it simplifies five consumption taxes into two VATs.

The biggest legal shift for any company operating in Brazil right now is the consumption tax reform, which aims to simplify five existing taxes into a dual Value-Added Tax (VAT) system: the Contribution on Goods and Services (CBS) and the State/Municipal Tax on Goods and Services (IBS). This is a massive undertaking, but it's defintely necessary to streamline the country's notoriously complex tax code.

The framework was cemented with the ratification of Supplementary Law No. 214/2025 in January 2025. The transition period is long-it starts in 2026 and runs through 2033-but the tax rate is the number that matters most for your financial models right now. The government is responsible for setting the final reference rates, but the legislation establishes a maximum standard rate capped at 26.5%, though initial estimates for the combined rate hover closer to 28%.

For TIM S.A., this reform introduces near-term complexity as they manage the transition, but the long-term benefit is a simplified tax base, which will reduce compliance costs significantly. This is a game-changer for cash flow projections after 2033.

Tax Reform Component	Legal Status (Nov 2025)	Key Impact on TIM S.A.
Legislation	Supplementary Law No. 214/2025 Ratified (Jan 2025)	Defines the new dual VAT system (IBS & CBS).
Maximum Standard VAT Rate	Capped at 26.5% (effective 2033)	Crucial input for long-term financial modeling and pricing strategy.
Transition Period	Starts January 2026, runs through 2033	Requires dual tax system compliance for seven years, increasing short-term administrative burden.

Operates under strict Anatel (National Telecommunications Agency) regulations for spectrum and coverage obligations.

As a major telecom operator, TIM S.A. is constantly navigating the regulatory landscape set by Anatel. The core legal risk here comes from non-compliance with spectrum license obligations, which are tied directly to network rollout targets, especially for 5G. The 5G auction rules require coverage expansion to all Brazilian cities with a population greater than 500,000 by July 2025.

TIM S.A. is actively meeting these mandates. As of August 2025, the company had reached a national milestone of 707 cities with 5G coverage. Their focus on key markets is clear: the company is expected to allocate approximately R$1 billion in resources to the State of São Paulo alone in 2025 for its 5G expansion, aiming to reach 200 municipalities in the state by year-end.

That level of investment shows their commitment to compliance. Still, a key legal dispute remains: TIM is challenging Anatel's interpretation on the calculation basis for spectrum license renewal fees (a 2% payment), arguing against including revenues from interconnection and additional facilities, which could materially impact future operating expenses.

Anatel is also driving regulatory simplification, a positive for the sector. In April 2025, they approved Resolution No. 777/2025, which consolidates 34 regulations into a single framework, cutting regulatory provisions by 60%.

Adherence to the highest level of corporate governance standards (Novo Mercado).

TIM S.A. maintains its listing on the B3's Novo Mercado, the highest corporate governance standard in the Brazilian stock exchange. This voluntary accession, which they've maintained since 2011, legally commits them to best practices that go beyond what is required by Brazilian corporate law (Law No. 6,404/1976).

This commitment is not just a label; it's a legal requirement for the company to maintain a single class of voting shares (common shares), ensure at least 20% of the Board of Directors are independent members, and commit to high levels of transparency and disclosure. For investors, this reduces governance risk significantly.

Recent 2025 governance actions include:

• The Annual and Extraordinary Shareholders' Meeting in March 2025 resolved on the company's 2024 financial statements.
• The meeting also approved the compensation proposal for the company's management, committee members, and Fiscal Council for the 2025 fiscal year.
• A change in executive leadership was announced in July 2025 with the election of a new Investor Relations Officer.

TIM S.A. (TIMB) - PESTLE Analysis: Environmental factors

Only operator in the Brazilian telecom sector using 100% renewable energy

The environmental factor presents a clear opportunity and a strong competitive moat for TIM S.A. in Brazil. The company is the only major operator in the Brazilian telecommunications sector that sources 100% of its electricity from renewable sources, a commitment it has maintained since 2021. This isn't just a certificate purchase; it's a massive operational shift.

The strategy hinges on a Distributed Generation (DG) project, which involves leasing small-scale solar, hydro, and biogas plants. As of the third quarter of 2025 (3Q25), this DG project included 139 power plants in operation, directly supplying over 17,000 sites across Brazil. That self-generation covers around 65% of the company's energy needs, with the remaining 35% covered by purchasing Renewable Energy Certificates (I-RECs). This approach defintely reduces climate risk and stabilizes a significant operational cost.

Modernization projects and energy efficiency targets

You need to look past simple consumption reduction and focus on the efficiency of the network itself. While the company is constantly modernizing equipment to reduce overall consumption, the key metric is eco-efficiency-the relationship between the data service provided (bits) and the environmental impact (Joules of energy consumed). This is a much better proxy for sustainable growth.

TIM S.A.'s 2024-2026 Strategic Plan includes a commitment to achieve a +110% increase in energy eco-efficiency by the end of 2025. This is an ambitious goal, but the company's performance in 2024, where it improved its energy efficiency in data traffic by a significant 148%, shows real traction. Plus, the energy self-generation initiative is already delivering financial benefits, with estimated cost savings of approximately R$40 million in 2024 alone.

Recognized for sustainability leadership in B3 and globally

External validation of sustainability efforts is crucial for attracting capital, and TIM S.A. is a clear leader here. The company secured the top ranking (first place) on the B3 Corporate Sustainability Index (ISE) portfolio, which became effective on May 5, 2025. This achievement is a strong signal to the market, especially since the company has been included in the ISE for 17 consecutive years, the longest tenure among Brazilian telecom operators.

They are also the only Brazilian operator to be included on the Carbon Disclosure Project's (CDP) A List for climate change best practices for the second consecutive year as of April 2025. This level of recognition translates directly into a lower cost of capital for green financing and a better risk profile for ESG-focused investors.

• Secured first place on B3's ISE (May 2025).
• Included in ISE for 17 consecutive years.
• Achieved CDP A List for climate change (April 2025).

Strong focus on ESG and climate change policy

The company's commitment is formalized in its publicly available Environmental and Climate Change Policy, which guides its operations toward a low-carbon, circular economy. This is not just rhetoric; it's tied to specific, measurable targets within their 2025-2027 ESG Plan. The long-term goal is Net Zero emissions across all scopes (1, 2, and 3) by 2040, a decade ahead of many global peers.

The Environmental Management System is certified with ISO 14001 for the 15th consecutive year, showing maturity in execution. This focus means environmental compliance risk is low, but the pressure to meet these ambitious targets is high. Here's the quick math on their core environmental goals:

Environmental Commitment	Target	Target Term
Renewable Electricity (Scope 2)	100%	2025
Carbon Neutrality (Scopes 1 & 2)	Achieve Carbon Neutral	2030
Net Zero (Scopes 1, 2, & 3)	Achieve Net Zero	2040
Eco-efficiency in Data Traffic (bit/Joule)	+110%	2025
Reuse or Recycling of Solid Waste	>95%	2026

The next concrete step is to monitor the Q4 2025 results to confirm they hit that 100% renewable electricity target for the full fiscal year. Finance: track Q4 2025 renewable energy mix by February 2026.