Record FTTH Customer Additions and Penetration
Q4 net FTTH additions of 58,000 (record), bringing total FTTH customers to 567,000; retail FTTH now 24% of total broadband base vs 17% a year ago; homes passed reached 2.1 million with a target of 2.4 million by 2026; network utilization up to 34%.
Fixed Retail Revenue Growth
Fixed Retail service revenues increased by 2.6% in Q4, driven by higher FTTH uptake, strong TV growth and rising Fixed Wireless Access (FWA) adoption.
Strong Pay-TV Performance
Pay-TV delivered robust double-digit revenue growth in the quarter; TV customer base grew 7.1% in Q4 with 19,000 net additions; removal of 10% special tax from Jan 2026 expected to further support adoption.
Mobile Momentum and Market Leadership
Mobile service revenues grew 5.2% in Q4; postpaid base expanded 7.2% with a record 60,000 postpaid additions in the quarter (postpaid now 43% of mobile base vs 40% a year ago); 5G device penetration rose to 42.2% from 33.5% in 2024; 5G covers >99% of population and 5G+ nearly 78%.
Data Consumption Growth
Average monthly mobile data consumption per user rose to 18.3 GB, representing a 30% year-on-year increase.
FWA Traction as Bridge Solution vs Starlink
FWA launched in 2025 and closed the year with ~55,000 subscribers (later noted >65,000), serving mainly non-fiber areas with typical usage in the range of 300–400 GB per month and helping defend share against satellite entrants.
System Solutions (ICT) Outperformance
Other revenues grew 26.7% in the quarter; System Solutions delivered exceptional performance with a 57.5% year-on-year increase, supporting double-digit ICT growth guidance for 2026.
Improved Profitability and EBITDA Momentum
Adjusted EBITDA after leases increased by 2.3% in Q4 (the company cites this as the strongest quarterly growth of the year) and management targets accelerating EBITDA growth to ~3% in 2026 driven by operational efficiency and AI-driven cost initiatives.
CapEx and Network Investment
Q4 CapEx of EUR 174.5m; full-year 2025 CapEx EUR 612m, up nearly 9% vs 2024, reflecting FTTH expansion and 5G SA rollout; 2026 CapEx guidance around EUR 600m.
Strong Free Cash Flow and Shareholder Remuneration
Free cash flow after leases: Q4 EUR 168m (up from EUR 145m YoY); FY2025 free cash flow EUR 543m. Management expects ~EUR 750m FCF in 2026 (organic underlying FCF EUR 570–580m excluding one-offs). Announced shareholder remuneration EUR 532m (EUR 355m dividends = EUR 0.8777/share and EUR 177m buybacks), representing a 22% increase in dividends and 16% increase in buybacks vs 2024.
Sustainability Milestone
Group achieved greenhouse gas neutrality in its own operations in 2025, reflecting progress on sustainability commitments.