UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

Date of Report: May 3, 2022

Commission File Number: 001-39570

TIM S.A.
(Exact name of Registrant as specified in its Charter)

João Cabral de Melo Neto Avenue, 850 – North Tower – 12^th floor
22775-057 Rio de Janeiro, RJ, Brazil
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).

Yes ☐ No ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).

Yes ☐ No ☒

2022 First Quarter Highlights

From Volume to Value: customer base profile continuous transformation

Continuous infrastructure evolution, with focus on quality and innovation

Revenue acceleration contributed to a solid EBITDA growth

Financial Performance

OPERATING REVENUE

Breakdown of Mobile Segment (net of taxes and deductions):

Mobile Service Revenue (MSR) totaled R$ 4,286 million, up by 8.6% YoY, mainly due to the Mobile ARPU (Average Monthly Revenue Per User), up by 7.6% YoY and reached R$ 27.4, reflecting the success of the Company’s strategy to monetize its customer base through migrations to higher-value plans and offer differentiation.

Breaking down the performance of each mobile segment in 1Q22:

Interconnection Revenue (ITX) fell by 17.4% YoY, with lower incoming traffic. It should be noted that this was one of the most benefited lines by the COVID-19 pandemic. MTR’s effect on Net Service Revenue was 2.0%.

Customer Platform Revenue totaled R$ 35 million in 1Q22, with R$ 24 million from Financial Services and R$ 11 million from Mobile Advertising. Educational Services continue to focus heavily on expanding the user base, so they still do not have significant revenue.

Other Revenues grew 23.1% YoY in 1Q22, mainly due to the higher revenue from network sharing and swap contracts, in line with the Company’s strategy to expand the fiber transport infrastructure (backbone and backhaul), allocating resources (Capex and Opex) more efficiently.

¹ Prepaid ARPU excludes Other Mobile Revenue and Customer Platform.

² Human Postpaid ARPU excludes Other Mobile Revenue and Customer Platform.

TIM Live’s main growth factor was FTTH’s expansion. Following the focus on quality, we have been replacing copper networks for fiber ones, improving the customer experience. Thus, our FTTH customer base grew by 31.4% YoY in the first quarter of this year. We also launched TIM Live’s coverage in Joinville in February, marking the return of Live’s expansion to new cities after concluding the deal to sell I-Systems (formerly FiberCo) share control to IHS.

OPERATING COSTS AND EXPENSES

Reported Operating Costs and Expenses totaled R$ 2,624 million in 1Q22 (+13.1% YoY). In the quarter, this line was affected by the following non-recurring items: (i) payroll expenses totaling R$ 11.8 million, related to the acquisition of Oi’s mobile assets; and (ii) expenses with specialized administrative and legal services, totaling R$ 8.4 million, associated to the acquisition/restructuring projects of Oi’s and I-Systems’³ assets.

^[4][5]

Breakdown of Normalized Costs and Expenses Performance:

Personnel Costs⁶ grew by 8.9% YoY in 1Q22. This performance was affected by: (i) readjustments on on wages, benefits, and incentives at a level close to annual inflation of the period; and (ii) higher provisions related to employees’ bonuses.

Commercialization and Advertising remained nearly stable year-on-year, with a small 0.2% growth YoY in the quarter, affected by the net result from (i) reducing advertising expenses; (ii) in contrast to higher expenses with sales commissions, explained by the addition of new customers and a better intra-segment migration mix. The result is also affected by lower expenses with Fistel and lower expenses related to the management of the customer base (billing, collection and caring) through the Company’s continuous efforts on the digitalization processes.

³ I-Systems was created in partnership with IHS Brasil in November 2021 as an open provider of optic-fiber infrastructure. The transaction included the selling of 51% stake to the new partner through the payment of R$ 1.1 billion to TIM and the allocation of R$ 600 million into I-Systems' cash.

⁴ 12-month accumulated IPCA as of March 2022 (Source: IBGE).

⁵ 12-month accumulated IGP-M as of March 2022 (Source: FGV).

⁶ Personnel had a positive non-recurring impact of R$ 11.8 million in 1Q22, from payroll expenses related to the acquisition of Oi’s mobile assets.

Network and Interconnection grew by 24.1% YoY in 1Q22, mainly affected by: (i) higher expenses from the leasing of fiber-optic secondary network from the newly created I-Systems; (ii) higher expenses on infrastructure sharing contracts; (iii) inflationary readjustment in part of the contracts.

General and Administrative (G&A)⁷ expenses were up by 18.1% YoY in the quarter. This increase is mainly from: (i) hiring specialized services from consulting firms for recurring projects; and (ii) higher expenses related to the project, which started in 1Q21, to migrate the IT infrastructure to the cloud (“Journey to Cloud”). The project continues at a fast pace, and, in this quarter, TIM became Brazil’s first telco to migrate 100% of its data centers to the cloud, bringing more operational efficiency and improving the customer experience.

Cost of Goods Sold (COGS) grew by 29.0% YoY in 1Q22, following the Products Revenue growth due to higher handset prices.

Provisions for Doubtful Accounts (Bad Debt) grew by 10.5% YoY in 1Q22, totaling R$ 136 million, explained by a higher postpaid customer base and partially due to the more challenging macroeconomic scenario. Despite this growth, the Bad Debt over Gross Revenue ratio remained nearly stable year-over-year, at 2.1% in 1Q22 vs. 2.0% in 1Q21.

Other Operating Expenses (Revenues) fell by 1.5% YoY in 1Q22, mainly explained by lower expenses related to losses on civil lawsuits and a lower level of FUST/FUNTTEL expenses. This item corresponded to 2.7% of the normalized total Costs and Expenses (vs. 3.0% in 1Q21).

Subscriber Acquisition Costs (SAC = subsidy + commissioning + advertising expenses) totaled R$ 67.8 per gross addition in 1Q22, up by 30.1% YoY, mainly due to higher commission expenses generated by: (i) positive net additions in the Postpaid segment; and (ii) the migration of customers to higher-value segments.

The SAC/ARPU ratio (payback per client) grew YoY, reaching 2.5 months from 2.0 months in 1Q21.

⁷ General and Administrative Expenses had a positive non-recurring impact of R$ 8.4 million in 1Q22, related to expenses with specialized legal and administrative services associated to the acquisition/restructuring projects of Oi’s and I-Systems’ assets.

FROM EBITDA TO NET INCOME

EBITDA⁸ (Earnings before Interest, Taxes, Depreciation and Amortization)

Excluding the effects associated to the I-Systems operation, 1Q22 Normalized EBITDA totaled R$ 2,198 million, up by 8.8% YoY.

Excluding leases effects from these indicators, 1Q22 Normalized EBITDA-AL (“After Lease”) totaled R$ 1,576 million, +1.1% YoY.

DEPRECIATION AND AMORTIZATION (D&A) / EBIT

D&A fell by 2.0% YoY in 1Q22 explained by a lower Depreciation of network infrastructure and 3G transmission and commutation equipment, in addition to lower software amortization. Normalized EBIT grew by 20.7% YoY in 1Q22, reflecting the solid EBITDA growth amid a lower D&A.

⁸ EBITDA normalized according to items in the “Operating Costs and Expenses” section.

NET FINANCIAL RESULTS

In 1Q22, Net Financial Result was negative by R$ 248 million, down by around R$ 23 million in comparison to the 1Q21. This difference is mainly explained by the net result between:

INCOME TAX AND SOCIAL CONTRIBUTION

In 1Q22, the Reported Income Tax (“IR”) and Social Contribution (“CSLL”) totaled -R$ 42 million compared to -R$ 90 million in 1Q21. This improvement is mainly explained by a comparative basis benefited by IoE’s declaration in 1Q22. The line had a non-recurring impact totaling R$ 6.9 million in the quarter, as explained under the Costs section. In the Normalized view, IR/CSLL totaled -R$ 48 million in 1Q22 compared to -R$ 90 million in the same period of 2021 – improvement explained by the same reasons mentioned above. In the Normalized view, the effective rate was -10.4% in 1Q22 vs. -24.6% in 1Q21.

NET INCOME⁹

⁹ Net Income normalized according to items in the “From EBITDA to Net Income” section.

CASH FLOW, DEBT AND CAPEX

In 1Q22, Normalized EBITDA-Capex was R$ 795 million, up by 14.2% YoY, taking Normalized EBITDA-Capex on Net Revenue to 16.8%. Excluding leasings, Normalized EBITDA-AL-Capex totaled R$ 248 million (+5.3% YoY).

CAPEX

At the end of this first quarter, the total Capex result was R$ 1,328 million, stable when compared to the same period of the previous year. In addition, Normalized Capex over Net Revenue was 28.1%, showing a reduction of -2.4 p.p. vs. 1Q21.

WORKING CAPITAL VARIATION

In this quarter, the Working Capital Variation was negative by R$ 1,219 million, mainly due to EAF’s first installment payment, at around R$ 1.1 billion, as part of the obligations of 3.5 GHz license, purchased in the 5G frequencies auction, as previously mentioned in Cash Flow section. In March, the Company also disbursed R$ 298 million to Condecine and CRFP, which make up the Fistel tax with TFF.

The 2022 TFF payment is suspended, as well as those of 2020 and 2021, without a defined payment date (Note 21 of the Financial Statements ), thus benefiting the Working Capital dynamics.

¹⁰ Operating Free Cash Flow with Normalized EBITDA and Capex as indicated in their respective sections.

DEBT AND CASH

In 1Q22, Normalized Debt (post-hedge) totaled R$ 13,964 million, up by R$ 3,729 million YoY. The total includes:

The financing (post-hedge) totaled R$ 3,339 million at the end of December. The average cost of debt, excluding leases and licenses, was 11.4% p.y. (108.5% of CDI) in the quarter, up when compared to 2.8% p.y. (130.4% of CDI) in 1Q21, affected by the higher CDI in the period.

At the end of the quarter, Cash and Securities positions totaled R$ 8,076 million, down by R$ 1,730 million YoY, affected by the items mentioned previously at Cash Flow section.

The average financial yield reached 11.2% p.y. in 1Q22, up by 8.9 p.p. compared to 1Q21, due to the latest increases in the basic interest rate and a better allocation of resources.

¹¹ The derivatives position is also composed of the subscription bonus in the capital of C6 Bank, in the amount of R$ 499 million, as per Note 36 of the Financial Statement.

Quarterly Events and Subsequent Events

CLOSING OF THE PURCHASE OF OI'S MOBILE OPERATION ASSETS

On April 20, 2022, TIM jointly to Telefônica Brasil S.A. and Claro S.A., after complying with the previous conditions established by Cade and by Anatel, announced the conclusion of the acquisition process of Oi Móvel S.A.’s (“Oi Móvel”) mobile operation assets. With the conclusion of the transaction, TIM now holds 100% of the share capital of Cozani RJ Infraestrutura e Rede de Telecomunicações S.A., company that corresponds to part of the assets, rights and obligations unit of Oi Móvel acquired by the Company. For more details regarding the process conclusion, access the Material Fact.

PAYMENT OF INTEREST ON SHAREHOLDERS’ EQUITY

On March 22, 2022, TIM S.A. announced that its Board of Directors approved the distribution of R$ 195 million as Interest on Shareholders’ Equity (“IoE”). The payment was made on April 27, 2022, and the date of March 28, 2022, was used to identify the shareholders entitled to receive such payment. Thus, the shares acquired after that date were ex-Interest on Shareholders’ Equity rights.

TIM OBTAINS RIGHT TO EXERCISE THE 5^TH AND 6^TH TRANCHES OF SUBSCRIPTION BONUSES AT BANK C6

In January and April 2022, TIM obtained the right to exercise the 5^th and 6^th tranches, respectively, of the subscription bonus of C6's share capital as a result of the achievement of the 5^th and 6^th levels of the agreed targets within the partnership, which result in an accumulated interest of around 4.8% in C6’s share capital.

Operating and Marketing Performance

MOBILE SEGMENT:

GENERAL MARKET

The mobile market grew by 7.5% YoY at the end of March 2022, reinforcing the customer base positive advance in the last quarter. In the past 12 months, Postpaid net additions reached 14.4 million users, 58% of it from human postpaid lines. Prepaid reached 3.6 million new lines.

TIM

TIM ended the 1Q22 totaling 52.3 million lines, up by 1.1% YoY in the period.

In 1Q22, the Postpaid base reported 23.2 million lines (+4.5% YoY). The segment mix represents 44% over the total customer base, +1.4 p.p. YoY. The net additions of the last 12 months accumulated a positive result of 996 thousand new lines. The Postpaid monthly disconnection rate remains low (1.5% in 1Q22). Human Postpaid (ex-M2M) reached 19.2 million lines (+5.2% YoY) at the end of the quarter, with net additions of 953 thousand lines in the last 12 months. M2M base reached 4.0 million lines in 1Q22, up by 1.1% YoY.

In 1Q22, the Prepaid base had 29.1 million lines, which fell by 1.4% YoY. The base accumulated 420 thousand disconnections in the last 12 months. The segment is the most impacted by the economy’s deterioration, mainly in the last 2 years.

The 4G base ended the quarter with 46.9 million lines, maintaining a good growth pace (+6.6% YoY).

The 5G DSS base ended the 1Q22 with 366 thousand lines, up by 15.5% QoQ.

FIXED SEGMENT:

TIM Live reached a base of 689 thousand connections in 1Q22, preserving the growth pace (+4.2% YoY). The service’s net additions reached around 4.5 thousand new lines in the period, with the FTTH base as the main driver. Higher-value plans, with speed above 100 Mpbs, continue to gain more relevance, reaching a 65% share of the total base by the end of March.

Customer Platform and Mobile Advertising

Since 2020, TIM has been developing strategies to expand and diversify the Company’s revenue sources, including the Customer Platform, which aims to monetize the Company’s customer base by observing market trends and innovative partnerships. This initiative is made possible by two business models:

Within this strategy, some verticals were ranked as great opportunities for having a more direct connection with mobile services and for having a higher valuation than telecom companies. Below are details of the verticals in which we are already operating.

TIM ADS AND TIM INSIGHTS

With more than 500 datapoints per user, TIM Insights has proven to be a powerful tool to identify the clusters concerned on digital services in various industries, such as Financial Services, Education, Social Networks, Food & Beverage, Retail, Consumer Goods, etc.

With more than 30 million customers with OptIns, TIM Ads provides advertising awareness and performance in several forms such as text, image, gif and, mainly, video in TIM's traditional channels, as well as in applications such as Meu TIM, TIM +Vantagens, TIM Fun and TIM News. In addition, it works as a platform for app installing, generating qualified leads, consumer surveys, 1st party data enrichment and brand lift measurement.

In this first quarter, advertising and data intelligence revenues reached the highest level ever recorded since the beginning of the initiative, around R$ 11 million, up by 87% YoY. In addition, we had more than 5 million TIM users engaged in our advertising campaigns.

FINANCIAL SERVICES

In March 2020, the Company concluded the negotiation with C6 and, as of April 2020, launched exclusive offers for TIM customers who opened C6’s bank accounts and used its services. As compensation in this contract, TIM gets a commission per activated account and the option to obtain an interest in the bank as we reach active account targets. The percentage of shares received for each target achieved varies throughout the contract, with the initial slots being more advantageous for TIM due to the greater effort required to take off a new digital company.

The partnership with C6 closed 1Q22 with another record of active accounts, with over three million active users since the beginning of the partnership, with a 4.4% equity stake of the bank by the end of the quarter (in April, with the achievement of the 6^th tranche, the accumulated equity stake was 4.8%). In terms of revenues, the partnership generated R$ 24 million for TIM in the first quarter of 2022.

Even with the project success, due to differences between the partners, in 2021, an Arbitration Procedure was initiated, which remains open, as described in Note 27 of the Financial Statement.

DIGITAL EDUCATIONAL SERVICES

In July 2021, following the strategy adopted with C6, the Company concluded the negotiation with Anhanguera Educacional Participações S.A., a subsidiary of Cogna Educação S.A (“Cogna”), establishing a strategic partnership to develop offers with special benefits for distance learning through the Ampli platform.

Besides the partnership announced, the Company launched exclusive offers for customers enrolled in the platform’s courses, and TIM customers begin to get discounts on selected courses.

As in the partnership with C6, TIM is paid through a commission and interest in Ampli, which may reach up to 30% of its capital – the subscription of shares was approved by Cade in September 2021. It should also be noted that the calculation of subscription rights will take place annually.

At the end of this first quarter of 2022, the partnership reached over 68 thousand users enrolled in undergraduate, graduate and open courses. In 1Q22, we also reached over 1.6 million accesses on the partnership page.

Infrastructure

For another quarter, TIM reinforces its commitment to enhancing its services and continuously improving the quality, aiming to ensure the best user experience for its customers. The focus on expanding and improving its network infrastructure remains an essential pillar in our business plan.

Below are the evolution details of our mobile and fixed networks:

Environmental, Social & Governance

1^ST QUARTER 2022 ESG HIGHLIGHTS

For TIM Group, the business role is increasingly tied to the responsible management of aspects that go beyond the financial targets and could also generate a positive value for society in a long term. For this reason, its ESG’s ambitions are connected to the Company's materiality matrix and the UN Sustainable Development Goals.

Driven by the aspiration to "be an ESG reference in Brazil", TIM has updated its ESG Plan 2022-24, with environmental, social, and governance goals and commitments:

* Base year 2019

** Reduce by 50% customer complaints at Anatel in the personal mobile service by 2023, with respect to 2019, without considering complaints from customers coming from Oi Móvel's base.

ENVIRONMENTAL

SOCIAL

GOVERNANCE

To access the ESG quarterly report, please go to: ESG Quarterly Report

Disclaimer

The consolidated financial and operating information disclosed in this document, except where otherwise indicated, is presented in accordance with the International Financial Reporting Standards (IFRS) and in Brazilian Reais (R$), in compliance with the Brazilian Corporate Law (Law 6,404/76). Comparisons refer to the first quarter of 2022 (“1Q22”), except when otherwise indicated.

This document may contain forward-looking statements. Such statements are not statements of historical fact and reflect the beliefs and expectations of the Company's management. The words “anticipates”, “believes”, “estimates”, “expects”, “forecasts”, “plans”, “predicts”, “projects”, “targets” and similar words are intended to identify these statements, which necessarily involve known and unknown risks and uncertainties foreseen, or not, by the Company. Therefore, the Company’s future operating results may differ from current expectations and readers of this report should not base their assumptions exclusively on the information given herein. Forward-looking statements only reflect opinions on the date on which they are made and the Company is not obliged to update them in light of new information or future developments.

Investor Relations Contacts

Telephone Number: (+55 21) 4109-3360 / 4112-6048

E-mail: ri@timbrasil.com.br

Investor Relations Website: ri.tim.com.br

Attachments

Attachment 1: Balance Sheet

Attachment 2: Income Statement

Attachment 3: Cash Flow Statement

Attachment 4: Operational Indicators

The Complete Financial Statements, including the Explanatory Notes, are available on the Company's Investor Relations website.

Attachment 1

TIM S.A.

Balance Sheet

Attachment 2

TIM S.A.

Income Statement

Attachment 3

TIM S.A.

Cash Flow Statement

Attachment 4

TIM S.A.

Operational Indicators

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.