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Synergies achieved to date - driven mainly by the full migration of Fastweb Mobile SIMs to proprietary network and leading to significant margin expansion - translate into 300 million run-rate by end-year. Fastweb Energia maintains its double-digit growth; in B2B, proprietary AI solutions continue to deliver strong momentum.
Milan, 7th May 2026 – Fastweb + Vodafone closes the first quarter 2026 with financial results and performance in line with expectations.
The company continues to execute its strategy focused on value creation across all customer segments — B2C, B2B, and Wholesale — leveraging innovation, quality, and the acquisition of high-value customers. The objective remains to stabilize core Telco revenues and margins, while accelerating growth in ICT and beyond the core services.
As of March 31, 2026, residential and business mobile customers stood at 19,910 million, down 1.5% YoY, with market share stable at 26%. Residential and business broadband customers totaled 5,550 million (-2% YoY), with a 30% market share.
Total revenues for the quarter amounted to €1.737 million (-4.46% YoY). Despite the decline in revenues, EBITDA after leases (EBITDAaL) increased to €457 million (+8.5% YoY), reflecting the positive impact of synergies and cost efficiencies. CAPEX amounted to €339 million (-11% YoY), while Operating Free Cash Flow (OpFCF) stood at €118 million.
Excluding integration-related costs, adjusted EBITDAaL amounted to €460 million (+7.37% YoY) while adjusted CAPEX stood at €304 million (-17.95% YoY). Adjusted Operating Free Cash Flow (OpFCF) stood at €155 million , thanks to the completion of structural projects and strict capital expenditure discipline as well as a different phasing of CAPEX across quarters, in line with the 2026 guidance.
The B2C segment continues to operate in a highly competitive environment. Mobile customers stood at 15,437 million and broadband customers at 4,440 million. Segment revenues amounted to €787 million, down 5.4% YoY. The value-focused strategy is generating tangible results in both ARPU and customer quality. The ARPU gap between acquired and departing customers narrowed significantly (by 43% in mobile and 21% in broadband), reflecting a more value-oriented acquisition mix and improving the overall quality and lifetime value of the customer base.; churn also improved materially, decreasing by 2.4 p.p. in mobile and 4.2 p.p. in broadband versus Q1 2025.
At the same time, revenues from beyond the core services continue to grow strongly. Fastweb Energia service - now also available to Vodafone customers – reached 119.000 customers (140.000 including B2B customers +184% YoY) at the end of March. Growth is driven by a transparent pricing approach, allowing families to better plan their energy spending.
Wholesale delivered another strong quarter, confirming its strategic relevance. Ultrabroadband fixed lines provided to other national operators reached 1,19 million (+23.4% YoY) in the quarter, while wholesale mobile lines increased to 8,19 million (+20.7% YoY). Segment revenues rose 10% year-on-year to €205 million.
B2B Business Unit revenues stood at €739 million (-6.9% YoY). The decline is partially non-structural and reflects the expected renegotiation of certain large connectivity contracts. Underlying fundamentals remain solid, with a stable customer base and growing orders by the public sector.
Investments in infrastructure, technologies and skills position Fastweb + Vodafone as leading enabler of the country’s digital sovereignty, offering an integrated ecosystem of proprietary national mobile and fixed infrastructures, Cloud, Cybersecurity, and AI-based services, to ensure resilience, data protection and end-to-end control. Delivering on this strategy, Fastweb AI Work’s Artificial Intelligence solutions portfolio shows strong performance, leveraging a platform that integrates GenAI and agentic AI to provide secure, compliant solutions for enterprises, SMEs and public administrations. At the end of the period more than 35.000 licenses have been subscribed and more than 50 Artificial Intelligence projects have been developed for enterprises and public administrations.
Integration, network and infrastructure
The integration process proceeds in line with plans. Synergies totaled €77 million in the first quarter of 2026, mainly from the full migration of Fastweb Mobile SIMs to the proprietary network together with further cost efficiencies. Total annual synergies to be reached at the end of 2026 are estimated at about €300 million. Integration is also progressing on the organizational front, supported by the introduction of harmonized people policies, including a shorter working week and enhanced smart working.
At the same time, the company continues to expand its infrastructure footprint, with the 5G mobile network reaching 89% coverage of the national population at the end of March, +4 p.p. compared to the same period last year. FTTH network coverage increased by 6 p.p., reaching 58% of the national territory. Leveraging the combined Fastweb and Vodafone Italia network assets, the company ensures customers access to the best available connectivity across the country.