Fastweb + Vodafone presents its Q3 financial results, marking the consolidation of the strategy launched in previous quarters aimed at generating value for customers across all market segments: Residential, B2B, and Wholesale.
The company remains focused on quality, innovation and differentiation of its solutions portfolio, aiming to stabilize revenues from telco services and overall profitability by leveraging growing revenues from ICT solutions and “beyond the core” services.
As of September 30, 2025, mobile customers, both residential and business, stood at 20.168 million, an increase of +0.3% compared to the pro-forma figures of the same period last year, with a market share of 26%. Fixed customers, both residential and business, amounted to 5.759 million (-3.1%), with a market share of 30%.
Total revenues in the first nine months of the year fell slightly to 5.383 billion euros (-1% compared to the same period in 2024). EBITDA after lease expense (EBITDAaL) reached 1.244 billion euros (-10.6% compared to September 30, 2024), while CAPEX amounted to 1.011 billion euros (-7.6%), and Operating Free Cash Flow (OpFCF) totaled 233 million euros (-21.8%).
EBITDAaL adjusted amounted to 1.293 billion euros (-7.1% compared to the first nine months of 2024), while adjusted CAPEX stood at 936 million euros, down by 9.4% compared to the same period last year. Operating Free Cash Flow adjusted thus reached 357 million euros (-0.6% compared to the first nine months of 2024).
In the B2C segment, mobile customers amounted to 15.739 million (-2.2%) compared to September 30, 2024) and fixed customers at 4.637 million (-3.5% compared to the same period last year).
Total B2C revenues amounted to 2.495 billion euros, down by 2.8% year-on-year. Despite competitive pressure, the positive effect of the value-driven strategy on performance indicators continues in the third quarter too, with NPS growth and a decrease in churn rate. This strategy is also supported by the launch, at the beginning of September, of the first Fastweb + Vodafone joint offer for families, which combines fixed and mobile connectivity, energy, digital services, and smartphones, based on the principle that the more services are activated, the greater the savings. Driven by the new portfolio, revenues from “beyond the core” services continue to grow steadily, particularly those related to Fastweb Energia: at the end of September, just over a year after its launch, residential customers who have activated the service were 95,000, up 34% compared to the previous quarter.
Total B2B revenues remained stable in the first nine months of the year, amounting to 2.362 billion euros (-0.3% compared to the same period in 2024). ICT service revenues based on Cloud, cybersecurity, IoT, and 5G Mobile Private Network (MPN) keep their growth trajectory, reaching 605 million euros, up 5.4% year-on-year. The performance of the end-to-end Artificial Intelligence solutions - built on national, secure, and compliant infrastructures and designed for enterprises, SMEs, and public administrations - remains strong.
With the launch of FastwebAI Suite, Fastweb + Vodafone takes a decisive step in strengthening the country’s digital sovereignty, consolidating a strategy that integrates cloud, cybersecurity, and artificial intelligence into a secure, transparent, and fully controlled ecosystem. At a time when technological autonomy is key to ensuring national security, competitiveness, and sustainable growth, Fastweb + Vodafone establishes itself as a benchmark for a sovereign, resilient digital infrastructure serving the country.
Wholesale proves once again to be one of the pillars of Fastweb + Vodafone strategy in the third quarter as well, with total revenues for the nine months reaching 526 million, up 3.5% compared to the same period in 2024, and an increase of 28% in the number of ultra-broadband fixed lines provided to other national operators, reaching 1,063,000. During the quarter, the migration of CoopVoce customers to the Vodafone Italia mobile network was substantially completed.
Thanks to continuous investments in infrastructure and innovation, Fastweb + Vodafone 5G mobile network, the most awarded network in Italy for speed and performance, reached a coverage of 87% of the national population by the end of September, with an increase of 11 pp compared to the same period last year. The coverage of the FTTH fiber network also increased by 13 pp, reaching 54% of the national territory.
Integration process
The industrial and commercial integration of Fastweb and Vodafone Italia is on track: the reorganization process is completed and the new corporate structure fully operational. The first joint portfolio for residential customers was launched and the integration of sales channels is underway, with Fastweb and Vodafone stores featuring dual branding and a portfolio with fully aligned offerings from both companies. Synergies in the first nine months of the year are in line with forecast, with the migration of Fastweb mobile SIMs to Vodafone Italia network proceeding according to plan and the progressive insourcing of some services rendered by Vodafone Group.