FiberCop: revenues at 3.9 billion, debt at 9.2 billion

Fibercop in 2024 posted pro-forma revenues of EUR 3.9 billion and ebitda after leasing of EUR 1.9 billion. Total investments on the Fibercop network amounted to EUR 2.4 billion, of which EUR 1.4 billion related to the second half of the year alone, when the company, after the separation from Tim, launched its new ultra-wideband strategy. Available cash is EUR 1 billion, bringing FiberCop's liquidity margin to EUR 3 billion - including a secured and fully available revolving credit line - and ensuring coverage of debt maturities beyond 2028. Net debt was EUR 9.2 billion as of 31 December, with no recourse to additional financing after completion of the transaction, supported by a liquidity margin covering maturities beyond 2028.

With 14.5 million active lines on a market of 20.2 million UI (real estate units), FiberCop is the leading operator in Italy in the field of fixed broadband access. At this stage, the Italian market remains mainly based on Fttc (Fiber to the cabinet), a high bandwidth technology that generates solid and resilient cash flows, of which FiberCop is the only provider nationwide. The company confirms its commitment to bring Ftth connectivity to 100 per cent of the IUs of interest within three years, including the full achievement of Pnrr targets by the June 2026 deadline. In addition, based on its financial capacity and in accordance with its financial policy, FiberCop will carry out targeted investments in the areas of the stand-alone plan, as well as investments to upgrade its backbone to a more advanced level, in addition to further investment initiatives. According to AgCom data available to date, in Q3 2024 FiberCop acquired 58% of net new Ftth connections (compared to 53% in Q2 of the same year), increasing its overall market share in active Ftth lines to almost 40% of the Italian market.

The Italian ultra-wideband market is considered one of the most interesting in Europe, since it benefits from strong driving dynamics such as the low penetration of fixed ultra-wideband, the lack of competing cable infrastructures (e.g. cable TV), the growing adoption of network-connected devices and data-intensive applications such as Cloud, Gaming and 4K video. In this market context, Fttce Ftth represents the most suitable network technologies to provide reliable and high bandwidth connections. FiberCop offers an open, neutral and technologically flexible wholesale access network, able to serve all operators in a non-discriminatory manner. FiberCop," recalls an nt, "represented the largest infrastructure investment in Europe in 2024, with approximately EUR 10 billion of capital invested by a consortium of long-term investors led by Kkr and a network of leading shareholders (Adia Cpp Investments, Ministry of Economy and Finance and F2i). The presence of strong supporting shareholders combined with experienced top management further strengthens FiberCop's prospects. In the second half of 2024, since the establishment of FiberCop, the management has identified, and taken forward the realisation of, more than 100 million efficiencies, e.g. aimed at the decommissioning of the copper network, optimisation of the real estate and IT

"I am very pleased to announce FiberCop's first pro-forma financial results for 2024. In just six months since its establishment, FiberCop has recorded solid financial results and significant operational milestones." This is the comment to the accounts by Massimo Sarmi, chairman and CEO of the network company. "Our fibre 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 fibre deployment recorded in the second half of 2024. The Italian market is characterised 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 per cent FTTH coverage in its target areas over the next three years. FiberCop plays a strategic role in Italy's economic and business environment, enabling the country's growth through a future-proof infrastructure at the service of institutions, businesses and citizens'.