Il new operator born fromintegration between Fastweb e Vodafone Italy, under the control of Swisscom, he presented the first financial results consolidated after the finalization of theacquisition operation. The quarter ended March 31, 2025 marks the operational start of the merger, in a context still in full transition phase. As stated by the group led by the CEO Walter Renna, the integration continues according to the expected timeframes, but the 2025 it will inevitably be a bridge year towards a new industrial and strategic configuration.
Revenues stable, margins under pressure
I total revenue of the new group stands at 1,818 billion euros, in slight bending (-0,4%) compared to the first quarter of 2024. The most marked contraction of Ebitda after lease, which falls to 422 million (-12,1%), against investments (Capex reported) reduced by 19,9%, equal to 382 million euros. The adjusted Ebitda after lease, net of extraordinary components, is equal to 428 million (-10,8%).
Despite the pressure on margins, the company is recording positive signs on the revenue front cash generation: Adjusted Operating Free Cash Flow (OpFCF) rose to €57 million, up 16,3% compared to Q1 2024, thanks to the efficiency of investments and the conclusion of some structural projects.
Customers and Revenue: The Business Picture
As of March 31, the mobile customers – residential and business – are 20,2 million, in line with the volumes of the previous year and with a market share of 26%. On the fixed segment, however, a decline is recorded: customers fall to 5,85 million (-3,4%), with a market share equal to 31%.
In residential sector, turnover stands at 854 million euros (-2,6%). The contraction in revenues from connectivity, in line with a now consolidated trend, is partly offset by the growth of the so-called “beyond the core” services: energy, insurance, smart home solutions and cyber security. Fastweb Energia, for example, reached 69 thousand customers at the end of March (+15% compared to December 2024).
The group's commercial strategy aims at a clearer brand segmentation – ho.Mobile, Fastweb and Vodafone – and on convergent fixed-mobile offers and bundles for families, with a view to creating value rather than pure volumetric expansion.
Enterprise and Wholesale drive growth
While residential slows down, the business unit aimed at companies and operators show a positive trend. The Enterprise segment generated revenues of 800 million euros (+2,7% on an annual basis), thanks above all to the strong growth of value-added services related to cloud, IoT, cybersecurity and mobile private networks: 202 million euros, up 9,2%.
Excellent performance also for the Wholesale segment: ultrabroadband lines supplied to other operators increased by 34,4%, reaching 968 thousand. The migration of CoopVoce customers to the Vodafone network also continues, as part of the infrastructure rationalization plan. Revenues in the segment stopped at 164 million euros, down 4,1%, reflecting the abandonment of low-margin activities.
The integration between Fastweb and Vodafone also focuses on Infrastructure strengthening: 5G coverage has reached 78% of the Italian population and the FTTH network covers 52% of the territory. On the ESG front, the group confirms its goal of becoming Net Zero Carbon by 2035, in line with Swisscom's sustainability strategy.
Among the social initiatives The free courses of the Fastweb Digital Academy and the campaigns against gender violence stand out, demonstrating a positioning that aims to combine technological innovation, industrial solidity and social impact.
Swisscom: Italy boosts group's accounts
A group level, Swisscom recorded in the first quarter the best turnover in its history: 3.759 million Swiss francs (+39,3%). Ebitda after lease increased by 17,9%, reaching 1.277 million, while operating free cash flow rose to 498 million (+1,8%).
A Italy is the driving force behind the performance, which offset the decline in sales in the Swiss home market (-1,2%). EBITDA in Switzerland remained essentially stable (-0,3%), while operating cash flow increased only marginally (+0,2%).
