• 2024 Revenues at approx. 3.9 billion euros reflecting current perimeter and capital structure.
• 2024 EBITDAaL at approx. 1.9 billion euros net of non-recurring and one-off items.
• Successfully finalised the full carve-out of the company.

The Board of Directors of FiberCop chaired by Massimo Sarmi met today to examine the preliminary pro-forma results for 2024 and approved the budget for 2025. The audited 2024 full-year statutory figures will be released at a later stage post approval by the Board. Revenues stood at approx. 3.9 billion euros as of December 2024, on a normalised and pro-forma basis.^[1]

Normalised EBITDA after Lease (EBITDAaL), excluding some non-recurring and one-off items, stood at approx. 1.9 billion euros.^[2] An accelerated investment programme saw FiberCop completing a significant capital expenditure in 2024 amounting to 2.4 billion euros, in line with all targets, including those related to the NRRP's ‘Italia 1 Giga’ Plan.

The investments made in 2024 for FTTH roll-out enabled the coverage of approximately 2 million additional housing units in 2024, aligning with the company's targets. Furthermore, the 2025 budget, submitted to the Board and unanimously approved, aligns with the multi-year plan prepared and approved by shareholders at the time of TIM's network spin-off.

This budget reaffirms a strong commitment to the investment programme, amounting to a total of over 2 million homes to be passed with FTTH, which will enable the full achievement of the objectives linked to the NRRP, along with investments in a state-of-the-art backbone network upgrade, and meaningful upgrades to other network elements.

“Today's figures, in line with the multi-year plan, are clear evidence of the solidity and continuity of the path the company has taken and intends to pursue,” commented Massimo Sarmi, Chairman and CEO of FiberCop. “The company is accelerating the roll-out of fibre and the decommissioning of the copper network, aiming to secure greater benefits in terms of innovation, environmental, and social sustainability. With a substantial investment plan and a strong management team, we are motivated to further improve the quality of the network and operations, in cooperation with our shareholders. Our mission is to be the digital champion of Italy.”

^[1] To reflect the current perimeter and capital structure of FiberCop, assuming the company had been established on January 1st, 2024, and Telenergia was excluded from the company’s perimeter for the whole year.

^[2] Subject to year-end PPA adjustments still under preparation.