Telecom Italia - 6k
                                  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

                         FOR THE MONTH OF MARCH 2004


                              TELECOM ITALIA S.p.A.
                 (Translation of registrant's name into English)

                                CORSO D'ITALIA 41
                                ROME, ITALY 00198
                     (Address of principal executive offices)


          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 [X]   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): [ ]

          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): [ ]


          Indicate by check mark whether by furnishing the information
          contained in this Form, the registrant is also thereby furnishing
          the information to the Commission pursuant to Rule 12g3-2(b)
          under the Securities Exchange Act of 1934.

                               YES [ ]     NO [X]

          If "Yes" is marked, indicate below the file number assigned
          to the registrant in connection with Rule 12g3-2(b): 82- _______








This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this presentation and include statements regarding the intent, belief or current expectations of the customer base, estimates regarding future growth in the different business lines and the global business, market share, financial results and other aspects of the activities and situation relating to the Company .

Such forward looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those in the forward looking statements as a result of various factors.

Analysts are cautioned not to place undue reliance on those forward looking statements, which speak only as of the date of this press release. Telecom Italia Spa undertakes no obligation to release publicly the results of any revisions to these forward looking statements which may be made to reflect events and circumstances after the date of this presentation, including, without limitation, changes in Telecom Italia Spa business or acquisition strategy or to reflect the occurrence of unanticipated events. Analysts and investors are encouraged to consult the Company´s Annual Report on Form 20-F as well as periodic filings made on Form 6-K, which are on file with the United States Securities and Exchange Commission.



PRESS RELEASE



MARCO TRONCHETTI PROVERA ILLUSTRATES 2004 – 2006 STRATEGIC OBJECTIVES TO THE FINANCIAL COMMUNITY


Growth in average annual revenues and gross operating profit expected to exceed 5% and 5.5% respectively  


Net financial borrowings below 30 billion euros by year-end 2004


Free cash flow from operations to exceed 31 billion euros

over the three years 2004-2006


Annual group dividend distribution to total around 2.8 billion euros


Milan, March 25, 2004 – Marco Tronchetti Provera, chairman of the Telecom Italia Group, today presents to the financial community the Group's strategic objectives for the three year period 2004 – 2006.


For 2004 – 2006, on equivalent consolidation area and exchange rate terms, Telecom Italia forecasts average annual revenue growth to exceed 5%, gross operating profit growth to exceed 5.5%, operating income prior to the amortization of goodwill to increase by more than 7%, and the operating result to grow by 10%. Achievement of these will be driven by the Group's ability to bring innovation to value added services on both the mobile and fixed markets, grow the number of broadband customers and content offerings, and consolidate its market position in areas where it already operates outside Italy.


As a proportion of consolidated revenues, in 2006 gross operating profit and operating income prior to goodwill are expected to reach 47% and 30% respectively.


Industrial investments from 2004 to 2006 shall total approximately 15 billion euros. Over two thirds of this amount will go to innovative ventures, with a weighting in favour of Mobile (47% of the total) over Wireline (42%).


It is confirmed that the target is to bring down net debt to below 30 billion euros by the end of 2004.


Free cash flow from operations (gross operating result + amortization - industrial investments +/-change in working capital) over the three-year period 2004 – 2006 is forecast to exceed 31 billion euros. Calculating annual dividend payouts of around 2.8 billion euros (at consolidated level), as previously announced for 2003, and without taking into account extraordinary operations, annual net cash flow in 2005 and 2006 is expected to reach around 3.5 billion euros.



The presentation may be viewed on the

 www.telecomitalia.it/investor_relation web site



Telecom Italia

Media Relations

Corporate and Wireline Press Office

+39.06.3688.2610

www.telecomitalia.it/stampa_uk


Telecom Italia

Investor Relations

+39.02.8595.4131

www.telecomitalia.it/investor­_relation






Cautionary Statement for Purposes of the "Safe Harbor" Provision of the United
States Private Securities Litigation Reform Act of 1995.

The Private Securities Litigation reform Act of 1995 provides a "safe harbor"
for forward-looking statements.  The Press Release included in this Form 6-K
contains certain forward looking statements and forecasts reflecting
management's current views with respect to certain future events.  The ability
of the Telecom Italia Group to achieve its projected results is dependant on
many factors which are outside of management's control.  Actual results may
differ materially from those projected or implied in the forward-looking
statements.  Such forward-looking information involves risks and uncertainties
that could significantly affect expected results and are based on certain key
assumptions.

The following important factors could cause the Telecom Italia Group's actual
results to differ materially from those projected or implied in any forward-
looking statements:

- the continuing impact of increased competition in a liberalized market,
including competition from global and regional alliances formed by other
telecommunications operators in the core domestic fixed-line and wireless
markets of the Telecom Italia Group;

- the ability of the Telecom Italia Group to introduce new services to
stimulate increased usage of its fixed and wireless networks to offset declines
in its fixed-line business due to the continuing impact of regulatory required
price reductions, market share loss and pricing pressures generally;

- the ability of the Telecom Italia Group to achieve cost-reduction
targets in the time frame established or to continue the process of
rationalizing its non-core assets;

- the impact of regulatory decisions and changes in the regulatory
environment;

- the impact of the slowdown in Latin American economies and the slow
recovery of economies generally on the international business of the Telecom
Italia Group focused on Latin America and on its foreign investments and capital
expenditures;

- the continuing impact of rapid changes in technologies;

- the impact of political and economic developments in Italy and other
countries in which the Telecom Italia Group operates;

- the impact of fluctuations in currency exchange and interest rates;

- Telecom Italia's ability to continue the implementation of its 2002-2004
Industrial Plan, including the rationalization of its corporate structure and
the disposition of Telecom Italia's interests in various companies;

- the ability of the Telecom Italia Group to successfully achieve its debt
reduction targets;

- Telecom Italia's ability to successfully roll out its UMTS networks and
services and to realize the benefits of its investment in UMTS licenses and
related capital expenditures;

- Telecom Italia's ability to successfully implement its internet strategy;

- the ability of the Telecom Italia Group to achieve the expected return
on the significant investments and capital expenditures it has made in Latin
America and in Europe;

- the amount and timing of any future impairment charges for Telecom
Italia's licences, goodwill or other assets; and

- the impact of litigation or decreased mobile communications usage
arising from actual or perceived health risks or other problems relating to
mobile handsets or transmission masts.

The foregoing factors should not be construed as exhaustive.  Due to such
uncertainties and risks, readers are cautioned not to place undue reliance on
such forward-looking statements, which speak only as of the date hereof.
Accordingly, there can be no assurance that the group will achieve its projected
results.



                                   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.

Date:      March 25th, 2004


                                                   TELECOM ITALIA S.p.A.


                                              BY: /s/ Carlo De Gennaro
                                                  ---------------------------
                                                      Carlo De Gennaro
                                                       Company Manager