FiberCop ha closed 2024 (pro forma) with revenues of 3,9 billion euros and a Ebitda organic after lease of 1,9 billion. The turnover – explains the group in a note – is in line with the management's forecasts and with the shareholders' industrial plan. TheFtth network expansion (Fiber to the Home) continued, with investments in the Pnrr (National Recovery and Resilience Plan) and in those with autonomous investment, supporting the objective of increasingly digitalizing the country.
FiberCop's pro-forma results
During the year, Fibercop has allocated 2,4 billion euros for investments, with a significant portion, equal to 1,4 billion, made in the second half of the year, after the split from the parent company Tim. This has allowed the company to continue its ambitious Fiber to the Home network expansion (Ftth), which saw the connection of 12,2 million real estate units throughout Italy, an increase of 2 million compared to 2023. Theobiettivo for the next three years is that of cover 60% of the planned real estate units, with the final objective of reaching 100% coverage. Fibercop's management has also decided to increase investments compared to the initial forecast, with an increase of about 400 million of euros, bringing the total expected for the three-year period to a figure between 2,5 and 3 billion euros.
Fibercop closed the year with a available cash of 1 billion euros, guaranteeing a liquidity margin of 3 billion euros. This allows the group to cover debt maturities until 2028. Net debt will stands at 9,2 billion of euros: over 88% of the debt is fixed rate, and over 50% is represented by long-term bonds, with a weighted average life of 6 years. The weighted average cost of debt is around 5,4% per annum.
The group, the note explains, has also identified over 100 million euros in operational efficiencies, with targeted interventions such as the decommissioning of the copper network and the optimization of the real estate portfolio and IT infrastructure.
Comment by Massimo Sarmi (president and CEO)
Massimo Sarmi, Chairman and CEO of FiberCop, commented with satisfaction on the results achieved: “In just six months since its establishment, FiberCop has recorded solid financial results and significant operational milestones. Our fiber optic development strategy represents the best guarantee for the company's future growth. The cash flow generated by our infrastructure supports the development towards Ftth, as demonstrated by the acceleration in fiber installation recorded in the second half of 2024. The Italian market is characterized by its strong evolution towards the digital economy, supported by the speed and stability of data transmission. In light of these future developments, the company continues in its commitment to provide 100% Ftth coverage in the target areas in the next three years. FiberCop plays a strategic role in the Italian economic and business context, enabling the growth of the country through a future-proof infrastructure at the service of institutions, businesses and citizens”.
