Open Fiber reports growth in turnover and margins: customer base reaches 4.1 million
Revenue and margins rose in the first half of the year for Open Fiber, a company that sells fibre-optic services exclusively on a wholesale basis and owns the most extensive FTTH (fibre-to-the-home) network in Italia. According to information obtained by *Il Sole 24 Ore*, revenue stood at 448.5 million, up 24 per cent compared with the same period in 2025, EBITDA stood at 259.6 million, a 55 per cent increase which, according to the company, is linked to revenue growth and cost containment. The EBITDA margin stands at 58 per cent. At the end of June, the company led by Giuseppe Gola had 17.4 million properties connected to its fibre network. The customer base has grown to around 4.1 million users, 272,000 more than on 31 December 2025, representing a 7 per cent increase. In ‘white areas’ – those considered to be market failures – there are 800,000 customers. Management expects to record a total increase of around 600,000 customers by the end of the year and believes there is scope to accelerate the pace of growth thereafter.
However, the bottom line remains in the red, affected by the investments made, totalling 159.4 million euros. Open Fiber, which has structured its growth through large-scale project financing, currently has a negative net financial position of 7.3 billion euros. It expects to achieve a positive cash flow by 2028.
During the first half of the year, it invested around 800 million euros in the development of the fibre-optic network, continuing to implement public plans: ‘Italia a 1 giga’, as revised in 2025 with the removal of house numbers and a re-scheduling of targets, was completed at the end of May, one month ahead of the scheduled deadline; the BUL (Ultra-Broadband) scheme, dedicated to areas where the market has failed, is 99 per cent complete: 50 municipalities remain, including, for example, Positano and Campione d’Italia. These are municipalities where there is a problem with planning permission, the company explains, and discussions are currently underway with Infratel to decide on the next steps.
Whilst remaining focused on the wholesale fibre business and on marketing fibre in the areas it serves, the company is also pressing ahead with business diversification by focusing on the creation of a network of hedge data centres. It has set up five such centres and plans to increase this number to 11 by the end of the year, with the aim of making the most of the space, connectivity and energy available within its own network.
There is, however, reportedly no news regarding the proposed merger with rival FiberCop, a company whose main shareholder is the US fund KKR and into which TIM’s former fixed-line network has been merged. The plan to merge the two networks, which involves a substantial earn-out for TIM (up to 2.5 billion), has been put on hold for the time being. Meanwhile, the market is awaiting a change in management at FiberCop, currently led by Massimo Sarmi, who also serves as chairman. Rumours about possible candidates for the role of chief executive are intensifying in recent days.
