Fastweb+Vodafone, the new operator born from the merger of the two giants and controlled by the Swiss group Swisscom, closed the first semester 2025 with total revenues equal to 3,59 billion euros, a figure slightly declining 0,4% compared to the first half of 2024, based on pro-forma indicators.
In the face of one substantial stability of revenues, the EBITDA after lease shows a more marked decline: 808 million euros, down 9,8% on an annual basis.adjusted EBITDA, which excludes the integration costs of Vodafone Italy, stands at 828 million (-7,6%).
It also suffers fromoperating free cash flow, which fell to 105 million (-8,7%), while investments (Capex) amounted to 703 million, down 10% compared to the first half of last year.
Residential decline, Enterprise and Wholesale growth
In the compartment residential, competitive pressure remains high and revenues stand at 1,67 billion euros, down by 2,6 %. Fastweb+Vodafone reports the first positive impacts of the “value over volume” strategy: improves the satisfaction index (NPS) and reduces the cancellation rate (churn).
The business is particularly dynamic "beyond the core", in particular Fastweb Energy, which records 70 thousand active customers at the end of June, with a growth of 620% on an annual basis.
The growth is confirmed Enterprise segmentRevenues rise to 1,58 billion euros (+1,3%) thanks to the expansion in value-added ICT services, which reach 401 million euros, up by 7,5 %Growth is driven by cloud solutions, cybersecurity, the Internet of Things, private 5G networks, and artificial intelligence applications. Among the new assets, Fastweb AI Suite, a GenAI platform aimed at offering secure digital solutions for companies, SMEs and public administrations.
On the other hand, the Wholesale segmentIndustrial revenues amount to 337 million euro, up by 2,4 % on an annual basis. The fixed ultrabroadband lines supplied to other operators they have exceeded the quota 1 million (1,018 million), marking an increase of 31 % compared to the previous year.
On the mobile front, the CoopVoce customer transition to the Vodafone network, an operation that will be concluded by the end of 2025.
Customers and coverage: mixed signs
I mobile customers totals (consumer and business) as of June 30 stand at 20,2 million, slightly increasing 0,5 % compared to the first half of 2024, with a 26% market share. On the other hand, the regular customers, who come down to 5,79 million (-3,3%), for a market share of 31%.
La 5G coverage He has reached 87% of the population, with an increase of 14 percentage points in one year. The FTTH coverage, now at 53% of the national territory.
Integration and synergies: timelines met, effects expected in the second half
Il integration process between Fastweb and Vodafone Italia, launched after the acquisition by Swisscom, is proceeding as expected. Migration of Fastweb mobile lines to the Vodafone network is underway and will be completed by 2025.
According to the company's statement, the expected synergies – especially on the cost front – will begin to produce tangible effects starting from the second half of the year.
Swisscom's numbers: organic growth overshadowed by acquisition costs
At group level, Swisscom closed the semester with revenues of 7,45 billion francs, up 36,7% on an annual basis (+1,7% on a pro-forma basis). EBITDA after lease is equal to 2,47 billion francs (+15,9%), whileNet income falls to 625 million (-25,2%), due to the extraordinary costs linked to the acquisition of Vodafone Italy.
The Swiss company confirmed the guidance 2025 with revenues between 15 and 15,2 billion francs, EBITDA after lease of 5 billion, investments between 3,1 and 3,2 billion, and a financial leverage of 2,4 times. expected dividend is between 22 and 26 francs per share.
