In 2023, Open Fiber saw a leap in the revenues and in 'ebitda, thanks to investments massive amounts of over 1,6 billion euros to expand its ultra-broadband infrastructure. Under the leadership of President Paolo Ciocca, the board of directors approved the budget 2023, highlighting revenues of 582 million euros, an increase of 24%, compared to approximately 470 million euros in 2022. Ebitda increased by 31%, reaching over 234 million euros with a margin of 40%, compared to 38 % of the previous year.
Open Fiber doubles the red
Il Net income went from -162 million euros in 2022 to -296 million euros in 2023, mainly due to the increase in financial charges. The company highlights that this net result is “an indicator not yet significant given the capital intensity of ongoing infrastructure development.” There net financial position of the company is equal to -5,5 billion euros (-4,6 billion at the end of 2022). To date, the company has connected approximately 14,6 million real estate units with Ftth technology, with approximately 2,7 million active lines on the network. Although delays in the “Italia 1 Giga” tenders, a 3,4 billion project financed with Pnrr funds, and in the Open Fiber Bul Plan to cover villages and isolated areas, they are evident. The problems derive from an imprecise Infratel tender, which caused the laying of extra kilometers of fibre, increasing costs and time.
The Board also approved the Sustainability Report 2023. Among the main objectives of the year, the approval of the company's Net Zero Plan for the elimination of CO2 emissions by 2040 and the achievement of important certifications such as the Energy Management System, Gender Equality and Safety of Information.
OF said it will continue to develop using existing funding, with additional resources coming through theagreement reached with the banks, which combines the release of old credit lines for approximately 870 million euros and new loans for approximately 1,1 billion euros. Furthermore, investments of one billion euros are planned in two tranches by Cdp and Macquarie. Now that KKR has the EU green light to the purchase of Tim's network we bet on the plans of the US fund regarding the wedding between netco (the company that will be born from the separation of the network) e Open Fiber.
