Fastweb + Vodafone reports financial results for the first nine months of 2026 in line with expectations, registering a significant slowdown of telco service revenues contraction and the improvement of other key operational indicators as a result of the value strategy implemented by the company.
As of 30 September 30, total wireless connections stood at 19.6 million (-2.6% YoY) and broadband connections at 5.4 million (-2.6% YoY). In the first nine months of 2026 total revenues amounted to €5.262 million (-2.2% YoY).
EBITDA after lease expense (EBITDAaL) increased to €1.370 million (+10,1% YoY), primarily thanks to the positive impact of synergies. CAPEX stood at €974 million (-3.7% YoY). Operating Free Cash Flow (OpFCF) stood at €396 million.
Adjusted EBITDAaL amounted to €1,393 million (+7.7% YoY) while adjusted CAPEX stood at €878 million (-6.3% YoY) and adjusted Operating Free Cash Flow (OpFCF) at €515 million.
In the B2C segment, wireless connections stood at 15.2 million (-3.6% YoY) and wireline connections at 4.3 million (-2.8% YoY). Segment revenues amounted to €2.383 million (-1.8% YoY).
In the third quarter the value strategy continued to improve key operational indicators, confirming the soundness of the approach taken. While B2C revenues for the first nine months remain slightly below the same period of last year, a marked slowdown in the contraction of telecom services revenues, together with the good performance of energy services, drove a return to overall growth in Q3 compared with Q3 2025. The value-focused strategy is delivering stabilization in ARPU and churn across both fixed and mobile. Service quality continues to improve, as reflected in rising NPS, and is supported by new product innovation, including 10 Gbps fibre and the Fastweb SevenX modem.
Beyond-the‑core services continued to grow significantly: as of September 30th, Fastweb Energia reached a total of 214.000 subscriptions, more than doubling the number recorded in the same period in 2025 (+125 %; +44.000 subscriptions in the third quarter). With gas in the portfolio, our converged fixed, mobile and energy proposition is now complete, and growth in Q3 indicates that customers value an integrated approach with transparent, predictable bills.
In the B2B segment, the mobile customer base continues to grow, reaching 4.5 million connections (+1.1% YoY) as of 30 September, while the broadband customer base shows a slight decline to 1.10 million connections (‑2%). B2B revenues stood at €2.257 million (-3.8% YoY).
In the Corporate segment, significant contracts have been secured across various industries, including professional services, insurance, energy, and fashion. Innovation in core services also continued, with the roll-out of Mobile Private Network projects for critical infrastructures, supporting both the company’s positioning and connectivity revenues. The company keeps investing in the development of sovereign, secure, and increasingly high‑performing artificial‑intelligence solutions for enterprises and public administrations. Thanks to a recent agreement reached with NVIDIA, the computational capacity of our Supercomputer will be expanded in the coming weeks. This upgrade will enable business and public administration customers to access cutting‑edge computing resources optimized for the most complex AI workloads. Finally, the company strengthened its role as IT partner for SMEs, leveraging the new government innovation vouchers that will stimulate over the coming months demand for digital transformation (cloud and collaboration, artificial intelligence, cybersecurity services).
As of 30 September, Wholesale ultrabroadband wireline connections provided to other national operators reached 1.283 million (+20.6 %, YoY) while wholesale wireless connections stood at 4.8 million (‑40.8 %), reflecting the migration of Lyca Mobile and Poste Mobile SIMs to other MNO, an event that was already factored into the company’s expectations and partially offset by the onboarding of new wholesale wireless customers. Total revenue amounted to €608 million (+1% YoY).
Integration and network
The integration process of Fastweb and Vodafone Italia is on track. The development of a shared corporate culture leveraging the identities and strengths of both entities continues, while the consolidation of the company’s IT systems and infrastructure is also proceeding at strong pace.
Synergies are proceeding in line with the plan: as of 30September, synergies delivered amounted to €265 million, fully on track to achieve the 2026 target of more than €300 million. The main contribution came from the migration of Fastweb SIMs to the Vodafone network and from the insourcing of Vodafone Group services.
At the same time, the company continues to expand its infrastructure footprint, with the 5G mobile network reaching 91% coverage of the national population at the end of September, +4pp YoY. FTTH network coverage increased by +9pp YoY, reaching 63% of the households and businesses in Italy.