In 2025, the company pursued a value-focused strategy across all customer segments — B2C, B2B, and Wholesale — leveraging innovation, and quality, focusing on the acquisition of high-quality customers with the goal of stabilizing Telco service revenues and overall margins, while pursuing growth in ICT and beyond-core service revenues.
As of 31 December 2025, total mobile customers (residential and business) stood at 20.054 million, down 0.8% compared to pro-forma figures* 2024, corresponding to a market share of 26%. Broadband customers (residential and business) totaled 5.732 million (-3.1%), with a market share of 30%.
Total year-end revenue amounted to €7,291 million (-1.1% YoY compared with the pro forma figures of 2024). EBITDA after lease expense (EBITDAaL) reached €1,687 million (+0.1% YoY), while CAPEX amounted to €1,478 billion (+0.4%) and Operating Free Cash Flow (OpFCF) stood at €209 million (-2.3%).
EBITDAaL adjusted, excluding integration-related costs, amounted to €1,805 million (-3.1% YoY), while CAPEX adjusted stood at €1,331 million, down 5% YoY. OpFCF adjusted reached €474 million euros (+2,8% YoY) despite transition year.
In the B2C segment, mobile customers stood at 15.601 million (-2.7% YOY) and broadband customers at 4.617 million (-3.4% YoY).
Total B2C revenue amounted to €3,328 million, down 2.9% YoY. However the strong focus on the value-driven strategy launched at the beginning of the year continues to deliver positive operational results, with NPS improvements and a significant slowdown in churn. In 2025, revenue from “beyond core” services delivered again strong performances, particularly those related to Fastweb Energia: in less than two years since its launch, the number of total customers who activated the service reached 114,000.
Total B2B revenue were stable at €3,237 million (-0.5% YoY), while the contribution from value-added ICT services based on Cloud, cybersecurity, IoT and 5G Mobile Private Networks (MPN) continued to grow at a sustained pace, reaching €844 million (+5.4% YoY). Particularly noteworthy is the performance driven by the portfolio of end-to-end Artificial Intelligence (AI) solutions of FastwebAI Suite — built on national, secure infrastructures and complaint with the relevant regulatory framework — designed for enterprises, SMEs and public administrations. By year-end, more than 25,000 licenses had been subscribed by SMEs for the use of the company’s AI-based services.
Thanks to investments in infrastructure, technologies, and skills, Fastweb + Vodafone positions itself as a leading operator in building the country’s digital sovereignty, providing businesses and public administrations with a digital ecosystem that integrates proprietary national infrastructures with Cloud, Cybersecurity, and AI-based services, ensuring resilience, data protection and control.
The Wholesale segment, central to Fastweb + Vodafone’s strategy, continued to grow. At the end of 2025, total revenue reached €722 million, +5.4% YoY, while the number of ultrabroadband fixed lines provided to other national operators reached 1,126,000, +24.4%. By the end of 2025, the migration of CoopVoce customers to Vodafone Italy’s mobile network had been completed.
Thanks to continuous investments in infrastructure and innovation, Fastweb + Vodafone mobile network — the most awarded network in Italy for speed and performance — covers 99% of the national population 89% of which through its 5G mobile network (+8pp YoY). The FTTH fiber network coverage also increased by 15 pp, reaching 56% of the national territory.
Integration process and main events after 31 December 2025
During 2025, the industrial and commercial integration process of Fastweb and Vodafone Italy progressed according to plan. The legal merger of the two entities was finalized at the beginning of January and the reorganization process completed, making the new corporate structure fully operational. By year-end, synergies of €95 million had been achieved, mainly driven by the migration of Fastweb mobile SIMs to Vodafone Italia network, which is nearly complete, and the progressive insourcing of certain services rendered by Vodafone Group.
On the commercial front, a joint offer portfolio for residential customers was launched in September. Finally, in early January 2026 Fastweb + Vodafone and TIM reached a preliminary agreement aimed at developing mobile access networks through a Radio Access Network (RAN) sharing model. The goal is to accelerate the expansion of 5G in Italy, avoiding duplication in rural and less densely populated areas. The project is still subject to approval by the Ministry of Enterprises and Made in Italy (MIMIT), the Italian Competition Authority (AGCM), and the Communications Authority (AGCom).
*Swisscom acquired Vodafone Italia on 31 December 2024. The figures for revenue, EBITDAaL, capital expenditure and operating free cash flow are presented as if Vodafone Italia were consolidated as of 1 January 2024 using uniform accounting principles.