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1、DATE(TLs ONLY)Industry/InBrief (if date not needed line up industry box with logo)ALIXPARTNERS EUROPEAN FIBRE SURVEY 2025As Europes fibre market is redefined,how do investors,operators,and lenders respond?CONTENTS3468Key themesThe operational perspectiveFundingM&A What really matters:OperationsWhat

2、really matters:Re-financingWhat really matters:M&A101112Download further information from our European Fibre Survey 3AlixPartners European fibre survey 2025:As Europes fibre market is redefined,how do investors,operators,and lenders respond?Operator business plansFunding is taking centre stageLong-a

3、nticipated consolidationIn the U.K.and Germany,the steady flow of capital into the sector backing ambitious plans hasnt delivered the projected returns.Penetration rates are trending downward and there are expectations of increasing pressure on average revenue per user(ARPU)levels.In the 2025 AlixPa

4、rtners European Fibre Survey,a survey of 160 market experts entrenched across the European fibre-to-the-premise(FTTP)industry,predominantly in these two markets,three key themes emerged:Fibre companies(FibreCos)face challenges in commercialising the platforms they have built,as weaker demand,competi

5、tion intensity,and operational issues mean the majority are subscale,unable to generate sufficient EBITDA and free cashflow.As a result,FibreCos are funding-constrained,given the lack of operational liquidity and deteriorating market appetite to fund.They might therefore be unable to make the invest

6、ment needed to commercialise the platforms they have built.This loop seems difficult to break,as operators remain focused on delivery of new connections-focused plans and investors have continued to provide limited funding in support of these new reset business plans.Meanwhile,lenders have so far be