The year ended in line with expectations Fastweb + Vodafone's first financial year after the acquisition of Vodafone Italy by SwisscomThe new reality born from the integration archives 2025 with revenues equal to 7,291 billion euros, down 1,1% on a pro-forma basis, but with a marginality which shows resilience: EBITDAaL reaches 1,687 billion, a slight growth of 0,1%.
2025 was the year of the grounding of industrial and commercial integration and, at the same time, of the redefinition of strategic positioning. The priority is cconsolidate traditional telco revenues e preserve profitability, while simultaneously accelerating the development of ICT, value-added services and energy.
Customers slightly down, but market share solid
As of December 31, 2025 mobile customers, including residential and business, are 20 million and 54 thousand, a decrease of 0,8% compared to the pro-forma data of the previous year, with a market share of 26%. On the landline the customer base stands at 5 million 732 thousand units (-3,1%), equal to 30% of the market.
In B2C consumer segment Mobile customers fell to 15,6 million (-2,7%) and fixed-line customers to 4,6 million (-3,4%). B2C revenues fell 2,9% to €3,328 billion, but the company reported positive effects of its "value-based" strategy: satisfaction indicators (NPS) increased and customer churn, or the rate of abandonment, which measures the percentage of users who cancel service or switch to another operator in a given period, slowed.
The business front is more stableB2B revenues stood at €3,237 billion (-0,5%), driven mainly by large companies and public administration.
ICT and AI drive growth
The game is being played on ICTRevenues from value-added services, Cloud, Cybersecurity, IoT and 5G Mobile Private Network, reached 844 million euros, up 5,4% year-on-year. Particularly significant is the performance of artificial intelligence solutions of the FastwebAI Suite: at the end of the year, over 25 licenses had been subscribed by SMEs for the AI-based services developed by the group.
The company thus asserts its position as a leading operator for national "digital sovereignty," integrating proprietary infrastructure with cloud services, cybersecurity, and artificial intelligence.
Energy and wholesale, the drivers "beyond the core"
Alongside ICT, the perimeter grows beyond the core. Fastweb Energy It reaches 114 customers in less than two years since its launch, contributing to revenue diversification. It is also expanding the wholesale segmentRevenues rose 5,4% to €722 million, while ultrabroadband lines supplied to other operators reached 1.126.000 (+24,4%). The migration of CoopVoce customers to the Vodafone Italia mobile network was also completed.
On the infrastructure front, the mobile network covers 99% of the population, with 89% achieved by 5G, an increase of 8 percentage points in a year. Ftth coverage reaches 56% of the national territory, an increase of 15 points.
Full steam ahead with integration, first effects on the income statement
Il The merger process between Fastweb and Vodafone Italia has met the expected deadlines and milestones.The corporate reorganization was completed in early January 2026 and the new facility is operational.
By the end of 2025 they have already been synergies of 95 million euros were recorded, generated above all by the migration of Fastweb SIM cards to the Vodafone Italia network – now almost complete – and by the progressive internalization of services previously provided by the Vodafone group.
A milestone was also reached at the beginning of 2026. preliminary agreement with Tim for cooperation on development of mobile access networks via a RAN sharing model, with the aim of accelerating the expansion of 5G, particularly in rural areas. The operation is subject to approval by the relevant authorities.
Swisscom's accounts
For Swisscom, Italian integration has contributed significantly to the consolidated results. In Italy, 2025 revenues amount to 7,291 billion (-1,1% pro-forma), with an adjusted EBITDAaL of 1,805 billion (-3,1%) and an adjusted operating free cash flow growing by 2,8% to 474 million.
Looking to 2026The Swiss group expects revenues of between 14,7 and 14,9 billion francs, an EBITDAaL of between 5 and 5,1 billion francs, investments of between 3 and 3,1 billion francs, and operating free cash flow of around 2 billion francs. If these targets are achieved, Swisscom intends to propose a dividend increase in 2027 from 26 to 27 francs per share.
On the possible rebranding of the new Italian entity, the CEO Christoph Aeschlimann he explained that the issue is being studied and that it will be discussed "in due course".
