FiberCop, the main Italian digital infrastructure operator, has Stand-alone pro-forma results presented for the first time as of September 30, 2024. Born on July 1, 2024 by spin-off of the Tim fixed network, the company positions itself as a leader in the wholesale broadband sector in Italy, with revenues which reached 2,9 billion euros.
FiberCop: solid financial performance
La financial performance FiberCop highlights a normalized Ebitda of 1,6 billion euros and an EbitdaaL (normalized Ebitda after leasing) of 1,4 billion. These results provide strong support to the company's ambitious investment plans for the development of the Ftth (Fiber to the Home) fiber optic network.
The company boasts a robust capital structure, with liquidity of 1,2 billion euros and a revolving credit facility of 2 billion. This guarantees an overall liquidity margin of 3,2 billion euros. Debt amounts to approximately 10 billion euros, with maturities distributed up to 2055.
The expansion of the Ftth network continues
Lo development of the fiber optic network proceeds quickly:
- 11,6 million real estate units covered in September 2024, an increase of 1,4 million compared to December 2023.
- In the gray and black areas, FiberCop reached 10,7 million real estate units, equal to 97% of the annual target.
- In the areas of the PNRR, 800 thousand real estate units have been connected, recording a 50% increase compared to December 2023.
According to AgCom data from June 2024, FiberCop holds almost 40% of the active lines Ftth in Italy and captured over 50% of net customer increases in the second quarter.
The energy strategy
FiberCop is implementing a energy strategy based on self-production from renewable sources. Teleenergy, 100% controlled by FiberCop, was spun off to take care of thecorporate energy supply.
"We are very satisfied with these first results" - commented Luigi Ferraris, CEO of FiberCop – “and our ability to ensure an orderly separation and business continuity. We are well positioned to achieve the PNRR objective in terms of development of the Ftth network in the low and medium density areas of the country and we confirm our commitment to the national plan to guarantee ultra-broadband connectivity to the greatest possible number of Italian families and businesses. The operating and financial results of the quarter, in line with our expectations, represent a solid basis for continuing to implement our significant investment programs”.
What is FiberCop
FiberCop was established as a separate entity on 1 July 2024, following an agreement between the shareholders and TIim, with the aim of ensuring business continuity. The company is led by Luigi Ferraris (CEO) e Massimo Sarmi (president), supported by a new management team and a renewed commercial organization. The shareholding structure It includes Kkr (37,8%), the Canadian pension fund CPP and the Abu Dhabi sovereign fund Adia (both 17,5%), the Mef (16%) and the Italian infrastructure fund F2i (11,2%).
FiberCop provides wholesale telecommunications services, managing over 25 million kilometers of optical fiber and covering 95% of active lines, with a Ftth penetration that reaches 40% of real estate units. The company, with 20.000 employees, aims to digitize the country and achieve the European goal of 1 Gbps connectivity for all by 2030. In July 2024, the board of directors 1,4 billion euro investment approved to accelerate the development of the fiber optic network. The complete Strategic Plan will be presented in the first quarter of 2025.
