FiberCop closes on first semester 2026 with results in line with expectations, completes all the milestones foreseen by the PNRR for the development of the fibre network and confirms the guidance for the entire fiscal year. Supporting the company's prospects are the growth of FTTH connections, operational efficiencies, and the expected greater contribution from new services and B2B sales in the second half of the year. revenues stood at €1,786 billion, down from €1,861 billion in the same period of 2025. According to FiberCop, the figure does not yet fully reflect the impact of the initiatives expected to become fully operational in the coming months. Organic EBITDAaL remained essentially stable at €810 million, while the margin rose to 45%, one percentage point higher year-over-year, thanks to the cost containment measures already implemented. For the full year 2026, the company expects organic EBITDAaL to could grow by about 10%, with an acceleration concentrated mainly in the second half of the year. This improvement should be contributed by revenue growth, the full impact of existing initiatives, and further efficiency improvements.
“The financial results achieved by FiberCop in the first half of 2026 confirm the solidity of the corporate strategy and the company's ability to achieve the operating objectives set,” declared Massimo Sarmi, president and CEO of FiberCop.
FiberCop: FTTH accelerating and PNRR objectives completed
The company manages 13,4 million active lines and continues to strengthen in the FTTH segment, where lines increased by 26% compared to the first half of 2025. The market share of net new FTTH activations reached 66% in the first quarter of 2026, based on the latest available Agcom data, compared to an average of 59% recorded for the whole of 2025.
Il Fiber development plan proceeds as expectedAt the end of June, 15,3 million housing units had been reached, one million more than at the end of the previous financial year. FiberCop completed 100% of the milestones related to the National Recovery and Resilience Plan (PNRR) by the deadline, while the autonomous plan has already achieved 74% of its 2027 target. The company also won the National Connectivity Fund tender to bring fiber optics to an additional 700 housing units by 2030 in the areas affected by public interventions.
“The sustained growth of FTTH, the achievement of the objectives set by the PNRR for the rollout of fiber in Italy and the continuous progress recorded by our Transformation program have produced tangible results in all areas of activity”, underlined Sarmi.
FiberCop: €198 million in savings and investments below estimates
On the cost frontFiberCop has achieved annualized savings of €198 million through initiatives in human resources, IT, and operations. Efficiencies are expected to increase and should help reduce operating costs by over €600 million between 2025 and 2029.
- total investments Revenues for the first half of 2019 amounted to €1,177 billion, essentially stable on an annual basis despite the acceleration of FTTH coverage. The group now expects full-year spending to be lower than initial estimates, thanks to lower construction costs, the completion of PNRR-related interventions, and the progressive reduction in maintenance costs. FiberCop is also converting some power plants in over 100 edge data centers distributed across the country. This project is designed to adapt the infrastructure to new connectivity needs and progressively expand the available services. "The continued expansion of the fiber network, combined with further efficiency improvements, allows us to confirm our guidance for 2026," added Sarmi.
FiberCop: Debt at €12 billion, 2026 remains peak year
The acceleration of investments has led to thenet borrowing at 12 billion euros, compared to 10,9 billion recorded at the end of 2025. Financial leverage stood at 6,9 times, in line with guidance which identifies 2026 as the peak year for debt. The ratio is expected to remain stable in the second half of the year.
The company has €2,1 billion in cash and a total liquidity margin of €4,2 billion, including the revolving lines granted and fully available. These resources cover debt maturities through 2031.
Also considering the financing signed with the European Investment Bank and not yet used, FiberCop believes it has a coverage above your needs until the completion of the autonomous plan in 2027. The reprofiling carried out in the semester also allowed us to extend the weighted average maturity of the debt and reduce its average cost. On the regulatory level, FiberCop finally obtained favorable rulings relating to the Master Service Agreement and the recognition of its status as a wholesale-only operator. Discussions with Agcom for the definition of the new wholesale tariff scheme are also ongoing.
