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The value strategy delivers: ARPU stabilising, churn declining. Integration of Vodafone Italia fully on track: synergy target for 2026 of more than €300 million confirmed.
Fastweb + Vodafone closes the second quarter 2026 with financial results and performance in line with expectations.
As of June 30, 2026, total wireless connections stood at 19.8 million, (-2.0% YoY) and broadband connections at 5.5 million (-2.1% YoY). In the first six months 2026 total revenues amounted to €3.474 million (-3.3% YoY).
In a challenging market undergoing profound structural transformation, the value strategy driven by the company across all segments is delivering the first tangible results: the decline in Telco service revenues and the decline in the customer base have slowed significantly over the first half. The primary objective remains revenue stabilization, alongside growth in beyond-core businesses, energy and ICT services.
Despite the decline in revenues, EBITDA after lease expense (EBITDAaL) in the first half of 2026 increased to €913 million (+12.9% YoY, up nearly 4pp YoY), primarily thanks to the positive impact of synergies. CAPEX amounted to €651 million (-7.3% YoY). Operating Free Cash Flow (OpFCF) stood at €261 million.
Adjusted EBITDAaL amounted to €926 million (+11.8% YoY) while adjusted CAPEX stood at €598 million (-10.6% YoY). Adjusted Operating Free Cash Flow (OpFCF) stood at €329 million.
The B2C continues to operate in a highly competitive environment. Wireless connections stood at 15.3 million (-3.0% YoY) and broadband connections at 4.4 million (-2.0% YoY). Segment revenues amounted to €1.571 million (-3.5% YoY). The value-focused strategy is generating also in Q2 tangible results in both ARPU (average revenue per user) and customer quality. The ARPU gap between acquired and departing customers continues to narrow: the repositioning toward higher‑value segments is driving ARPU stabilisation (+1.0% YoY). Churn continued to improve in Q2: -2.2pp YoY in wireless and -1.6 pp YoY in broadband.
At the same time, revenues from beyond-core services continue to grow strongly. At 30 June 2026 Fastweb Energia services reached 141'000 B2C customers (169'000 including B2B customers, +29'000 QoQ). Growth is driven by a transparent pricing approach and attractive convergent offerings allowing families to better plan their energy spending.
B2B revenues stood at €1.490 million (-5.2% YoY), primarily reflecting non-recurring effects. Excluding these effects, underlying commercial momentum is improving: several significant new contracts were secured during the quarter, and the corporate order book is expanding. Fastweb + Vodafone continues to pursue its strategy to build the country's technological independence, developing a digital ecosystem capable of providing public administrations and enterprises with an integrated, sovereign offering of cloud infrastructure, cybersecurity platforms and AI computing capacity.
At the end of the period, more than 40'000 licences of Fastweb AI Work - the platform integrating generative and agentic AI to deliver secure, regulatory-compliant solutions for enterprises, SMEs and public administrations - had been activated. The launch of FASTCloud Open Source further strengthened the sovereign cloud offering for enterprises and public administrations. The B2B portfolio was further enhanced by a multi-cloud agreement with AWS for the provision of IaaS and PaaS services.
In Q2 2026 Wholesale performance continued to be positive. Wireline access connections provided to other national operators reached 1.2 million (+22.1% YoY), while wholesale wireless connections stood at 5.9 million (-20.2% YoY), reflecting the migration of Poste Mobile's SIMs to another network, partially offset by the onboarding of new wholesale wireless customers. Total revenues amounted to €402 million (+4.7% YoY).
Integration, network, infrastructure and ESG
Synergies are proceeding in line with the plan: as of June 30, 2026, synergies amounted to €166 million, fully on track to achieve the synergy target for 2026 of more than €300 million. The main contribution came from the migration of Fastweb SIMs to the Vodafone network, completed in Q1 2026; additional synergies, including the insourcing of Vodafone Group services, are progressing as planned.
On the company organizational front, a key milestone in the integration plan was achieved thanks to the agreement reached with the trade unions establishing uniform employee benefits and HR policies.
At the same time, the company continues to expand its infrastructure footprint, with the 5G mobile network reaching 90% coverage of the national population at the end of June, +3pp YoY. FTTH network coverage increased by +8pp YoY, reaching 61% of the households and businesses in Italy.
Fastweb + Vodafone continued to deliver a positive ESG performance in the second quarter, in line with the objectives agreed at Group level and with the commitments of its benefit corporation status. Regarding environmental performance, energy efficiency programmes for the network infrastructure delivered 7.34 GWh of annual nominal savings in the first half of 2026, more than double the annual target of 3.4 GWh. Regarding social impact, Fastweb Digital Academy trained over 183'000 people during the period, a performance driven by growing demand for Artificial Intelligence courses and by dedicated upskilling programmes for public administration employees.