The Asia is the queen of telcos, theEurope is struggling and Italy, only 20th in the world rankings, is however recording a recovery. According to analysts of theMediobanca Studies Area which compare the balance sheets of the companies every year world big names, “it appears essential to continue the consolidation of the sector at a European level in search of a size adequate to face long-term infrastructure investments and counteract profitability, which is not always adequate”.
Telecommunications: Asia dominates with the US
To achieve a turning point, "the European authorities should facilitate integration processes, including cross-border ones, in response to the overcrowding that is evident especially in the mobile sector which has 34 infrastructure operators (compared to three in the US e four in China). "
In the first half of 2025 the aggregate turnover of the world's leading telcos è increased 2,9% compared to the same period in 2024. Growth affects all geographical areas but is Japanese players (+ 3,2%) and American (+3,6%) driving the sector. Chinese companies, despite recording a more modest increase than in the past (+0,4%), improved their operating profitability (+5,6%).
Even the EMEA operators are progressing (+2,8%), although the growth of the European players alone remains more moderate (+1,1%). In terms of operating profitability, the net operating margin grew by 5,3%, supported byAsia & Pacific (+ 10,3%) and from Americas (+4,0%) confirming the best EBIT margin in the sector (at 20,9%). EMEA (+1,1%) shows contrasting dynamics: the South African one stands out mtn (+61,8%, thanks to rising revenues and cost efficiency) and the Emirati e& (+15%), while the European ones recorded an overall decrease of 3%. Investments increased by 1,8%, with peaks of 12,3% for the Japanese ones and 6,6% for the US ones, while they contracted by 0,4% in Europe, despite the Old Continent is lagging behind in the development of 5G, especially in standalone mode. In fact, only 2% of Europeans use standalone 5G, compared to 25% in the US and 77% in China.
Telecommunications: Who's on the top of the revenue ladder? The world's biggest companies.
The Asia It is the queen of telcos, with four Asian players among the top ten operators. The Chinese company ranks first in terms of global revenues. China Mobile (137,2 billion) followed by the US Verizon (129,7 billion) e AT&T (117,8 billion) and from Deutsche Telekom (115,8 billion, two-thirds of which developed in the USA). Swisscom is 27th with 11,7 billion but with the acquisition of Vodafone Italy would rise to 15,4 billion, displacing Tim from 20th place. Details that emerge further from the annual study by Mediobanca's Research Department.
In 2024, the aggregate revenue of the world's major operators grew 2,2% compared to 2023, with service revenues increasing 1,4% and wholesale revenues 1,8%, while device sales increased 0,9%. ICT revenues were more dynamic (+5,4%). Asian telcos continue to stand out, closing the 12 months of 2024 up 3,8%, compared to EMEA's +1,5% and US telcos' +0,8%.
The industrial profitability of global telcos is slightly recovering between 2020 and 2024 with an EBIT margin of 16,3% (15,3% in 2020). In Europe, the top three in profitability in 2024 are: Deutsche Telekom (EBIT margin at 21,2%), Swisscom (17,4%) and IT Group (16,3%). Among the main international players is the Indian Bharti Airtel boasts the highest industrial margins (EBIT margin at 32,2%), followed by the UAE E& (formerly known as Etisalat, 24,2%) and the US company Verizon (21,9%).
In terms of balance sheets, TIM and Vodafone have the strongest financial structures at the European level, with debt-to-equity ratios of 114,3% and 98,6%, respectively, compared to a European average of 152,2% at the end of December 2024. Among the companies with the lowest balance sheets is Altice, with negative equity. However, in October 2025, the French company restructured its financial debt, reducing the group's debt by €8,6 billion and extending the applicable maturities.
Telecommunications, the ranking of countries in Europe
In 2024, the European telco sector shows signs of slight improvement. Germany confirms itself as the leading market in terms of revenues with 61,1 billion (+2,2%), followed by the United Kingdom (40,9 billion; +1,5%), France (38,1 billion; +1,8%) and Spain (28,1 billion; -0,6%). After having recorded, for the first time since 2017, a marginal recovery in 2023 (+0,8%), Italian telcos confirm the positive trend in 2024 (+3,4% on 2023) while limiting losses (-3,4%).Italy It ranks fifth with 28 billion in revenues and its profitability rose to 1,8% with an ROI (return on investment) improving from 0,1% in 2023 to 1,6% in 2024 (far from 4,6% in 2020) compared to 10,1% in EMEA.
Telecommunications, analysts: "EU facilitates telco consolidation"
A trend that, according to Mediobanca analysts, "disincentivises infrastructure operators from making new investments aimed at developing ultra-broadband, 5G and satellite networks". According to analysts, in fact, after the Vodafone-Fastweb operation “it seems essential to continue at a European level consolidation of the sector in search of adequate size to face long-term infrastructure investments and to counteract the not always adequate profitability”. “The European authorities should facilitate integration processes, even cross-border, in response to the overcrowding evident especially in the mobile sector which has 34 infrastructure operators (compared to three in the USA and four in China)” they underline in their survey.
