Fastweb+Vodafone announces its financial results for the first quarter of 2025, the first integrated figures following the acquisition of Vodafone Italia by Swisscom through its subsidiary Fastweb. The progressive integration of the two companies into a single entity continues, driven by a strategy aimed at value creation through the combination of assets and expertise. The focus remains on quality, differentiation, and a comprehensive portfolio of core and beyond-core services across all market segments: Residential, Enterprise, and Wholesale.
The goal is to stabilize the B2C business and to grow in the B2B and Wholesale segments. The integration plan is on track and aligned with the expected timeline, but 2025 will be a transitional year during which the new strategy will be gradually implemented.
As of March 31, 2025, Fastweb+Vodafone’s mobile customer base (residential + business) remains substantially stable compared to Q1 2024, totaling 20.215 million customers and confirming the company’s leadership in the market with a market share of 26%. Fixed customers (residential + business) reached 5.849 million (in slight decline of 3.4%), corresponding to a market share of 31%.
Total revenues amounted to 1.818 million euros (-0.4% compared to the same period in 2024). Reported EBITDA including lease costs (EBITDAaL) reached 422 million euro (-12.1% versus Q1 2024) while Reported CAPEX reached 382 million euro (-19.9% vs. 1Q 2024). Reported Operating Free Cash Flow (OpFCF) totaled 40 million euro, representing an increase of 37 million euros compared to Q1 2024. Adjusted EBITDAaL totaled 428 million euro (-10,8% vs. Q1 2024) while Adjusted CAPEX amounted to 371 million euro (-13.9% vs. 1Q 2024). Adjusted Operating Free Cash Flow (OpFCF) reached 57 million euro (+16.3% vs. 1Q 2024), thanks to investment optimization and the completion of structural projects.
In the residential segment, characterized by strong competitive pressure, total revenues amount to 854 million euros, marking a 2.6% year-on-year decline. The downward trend in connectivity revenues continues, in line with dynamics observed in recent years, while revenues from beyond-the-core services show growth, confirming the gradual shift in the revenue mix towards higher value-added solutions.
Mobile customers totaled 15.932 million (-2.6% vs. Q1 2024) and fixed customers totaled 4.715 million (-4.2% vs. Q1 2024). The company’s strategy is focused on clearly differentiated offerings through its brands ho.Mobile, Fastweb, and Vodafone, on quality, fixed-mobile convergence, and the development of increasingly integrated home ecosystem including non-core services. By the end of March, one year after launch, Fastweb Energia offer for residential customers totaled 69.000 subscriptions, marking an increase of 15% compared to year-end 2024.
The Enterprise Business Unit recorded growth, with total revenues reaching 800 million euros (+2.7% compared to the same period in 2024). Notably, revenues from value-added services based on Cloud, IoT, cybersecurity and Mobile Private Network (MPN) solutions grew significantly to 202 million euros (+9.2% vs. the same period of last year). With the deployment of next-generation solutions for businesses and public administration, and the development of a proprietary AI ecosystem powered by a dedicated AI supercomputer — currently the third largest in Italy in terms of computing capacity — Fastweb+Vodafone is positioning itself as a leading ICT player in the Enterprise market.
The Wholesale segment saw a significant increase of 34.4% in the number of ultra-broadband lines provided to other national operators, totaling 968,000 and the ramping-up migration of CoopVoce customers on Vodafone Italia mobile network. Revenues reached 164 million euros, with a decline of 4.1% from phasing out of low-margin activities.
Thanks to ongoing investments in infrastructure and innovation with the aim to deliver the best possible service experience and the best connection everywhere, the expansion of Fastweb+Vodafone’s 5G mobile network — the fastest in Italy —continued also in the first quarter of the year, reaching 78% of the national population, up 5 percentage points from Q1 2024. FTTH network coverage also increased by 13 percentage points, now reaching 52% of the national territory.
Integration process and ESG strategy
The integration of Fastweb and Vodafone Italia is progressing: the internal reorganization and the development of a unified corporate culture is going on as planned. The realization of synergies is also progressing as planned, with Fastweb SIM migration on Vodafone network starting in Q2/Q3 2025.
On the sustainability front, Fastweb+Vodafone has reaffirmed its ambitious target of becoming Net Zero Carbon by 2035, in line with the ESG strategy of the Swisscom Group. The company is also promoting inclusive digitalization through free digital literacy courses offered by Fastweb Digital Academy and has intensified its commitment to combating gender-based violence.