Fastweb+Vodafone presents its financial results for the first half of 2025, highlighting the first effects of the strategy launched in previous months. Thanks to the combination of the complementary assets and expertise of Fastweb and Vodafone Italia, the company focuses on quality, differentiation, and complete offerings portfolios across all segments – Residential, Enterprise, and Wholesale. Through the focus on value rather than volume, the company aims to gradually stabilize Telco service revenues and overall profitability in the mid-term.
Fastweb+Vodafone aims to strengthen its position as a trusted choice for residential customers, while accelerating growth in its Enterprise and Wholesale Business Units. The ambition is to play a leading role in shaping the future of the Italian telco market.
As of June 30, 2025, mobile customers – both residential and business – stood at 20.207 million, up +0.5% compared to the first half of 2024, with a market share of 26%. Fixed customers – residential and business – totaled 5.792 million (-3,3%) corresponding to a market share of 31%.
Total revenues in the first six months of the year remained broadly stable at 3.593 million euro (-0,4% compared to the same period in 2024). EBITDA including lease costs (EBITDAaL) amounted to 808 million euro (-9,8% versus H1 2024), while CAPEX totaled 703 million euro (-10%), and Operating Free Cash Flow (OpFCF) stood at 105 million euro (-8,7%).
Adjusted EBITDAaL (excluding integration cost with Vodafone Italia) totaled 828 million euro (-7,6% compared to the first half of 2024) while adjusted CAPEX amounted to 669 million euro (-8,2% vs. 1H 2024). Adjusted Operating Free Cash Flow (OpFCF) reached 159 million euro (-4,8% vs. 1H 2024).
In the residential segment, where competitive pressure remains high, total revenues stood at 1.673 million euros, down 2,6% year-over-year but the value-oriented strategy is starting to show its first positive impacts, with the NPS score increasing and churn (the customer attrition rate) decreasing. Revenues from beyond the core services, particularly from the Energy offer, are growing strongly. At the end of June, just over a year after the launch of the offer, 70.000 residential customers have activated Fastweb Energy, up 620% compared to the same period of 2024.
Mobile customers stand at 15.818 million (-2.3% compared to the first half of 2024) and fixed customers at 4.663 (-3.9% compared to the same period last year).
As of June 30, the Enterprise Business Unit's overall revenues increased to 1.583 million euro (up +1,3% compared to the same period in 2024). Revenues from value-added ICT services continued to grow, reaching 401 million euro, up +7,5% compared to the previous period. This performance is driven by Fastweb+Vodafone's innovative solutions based on cloud, IoT, cybersecurity, 5G Mobile Private Network (MPN) and artificial intelligence.
Thanks to the implementation of next-generation ICT solutions and the launch of FastwebAI Suite, the platform that integrates GenAI and agent AI to offer businesses, pmi, and public administrations end-to-end, secure, and regulatory-compliant solutions, Fastweb+Vodafone confirms its technological leadership in providing innovative Cloud and AI solutions for full digital sovereignty of the country. Revenues from energy services dedicated to businesses also increased significantly.
The Wholesale segment's strategic importance was confirmed also in the first six months of the year with industrial revenues at 337 million (excluding revenues from services no more provided by Vodafone Group) up +2,4% compared to the first half of 2024 and with a +31% increase in the number of fixed ultra-broadband lines supplied to other national operators, exceeding the 1-million-line milestone and reaching 1.018.000. In the mobile segment, the migration of CoopVoce mobile customers to the Vodafone Italia network has begun and will be completed by the end of 2025.
Thanks to ongoing investments in infrastructure and innovation, Fastweb+Vodafone's 5G mobile network, Italy's most awarded network for speed and performance, continues to expand, reaching 87% coverage of the national population at the end of June marking an increase of 14 percentage points compared to the same period of the last year. FTTH fiber coverage also increased by 14 percentage points, reaching 53% of the national territory. Leveraging on the approach of providing the best service experience, Fastweb+Vodafone provides the best connectivity technology on Fastweb and Vodafone Italia footprint, available for all customers.
Integration Process
The integration process of Fastweb and Vodafone is ongoing as expected, with the completion of internal reorganization. The expected synergies are also being realized in the first half of the year, thanks in particular to the migration of Fastweb mobile clients to Vodafone Italia’s network