CityFibre delivers record performance in 2025

CityFibre, the UK’s largest independent full fibre platform, provides a financial and operational update for the year ended 31 December 2025¹.

FY 2025 HIGHLIGHTS

2025 was a landmark year for CityFibre, marked by record-breaking customer growth and profitability. Take-up accelerated in the second half of the year, driven by the successful launch of Sky across our nationwide, full fibre footprint and continued product, pricing and service leadership across our newly upgraded 10Gb XGS-PON network.

Q4 saw an average of more than 50,000 new customers installed each month, a 112% increase year-on-year. CityFibre has now exceeded 20% penetration across its consumer footprint² and is on track to exceed 30% by the end of 2026. In recent months, around 70% of households who were switching broadband provider were moved onto the CityFibre network where available³.

Revenues reached a record £170 million in 2025, up 27% year-on-year, with consumer revenue growth of 50%. Adjusted EBITDA surged 480% to £29 million. CityFibre exited 2025 strongly, with annualised run rates over Q4 of £200m revenue and over £50m adjusted EBITDA.

Supported by an additional £2.3 billion in financing during the year, CityFibre enters 2026 with renewed ambition to consolidate the sector and extend our market-leading products, services, and economics to even more customers across the UK.

* Management accounts, pending final audit

Continued, record customer growth:

• Installing over 50,000 customers on average each month over Q4, an increase of 112% YoY
• Now exceeding 20% penetration across consumer footprint, and projected to exceed 30% penetration by the end of 2026
• Added 330,000 new customers in 2025, an uplift of 82% YoY with growth across all ISP partners, reaching 848,000 customers in total
• Record 119,000 new customer connections in Q4 2025
• Sky launched across CityFibre’s nationwide network in July 2025, with ISP partners now representing around 50% UK broadband market share

Record revenue and profitability:

• Revenue of £170m in 2025, up 27% YoY
• Consumer revenues increased 50%, to £114m
• Business revenues increased to £30m, including over 50% YoY growth in the Ethernet sector following the tripling of availability of CityFibre’s Ethernet services
• Adjusted EBITDA up 480% to £29m

Secured additional £2.3 billion in landmark financing to drive future network expansion:

• £500m in new equity from existing shareholders
• £960m expansion of existing debt facilities, alongside £800m accordion facility to drive M&A, of which £300m is already committed
• Full fibre footprint now at 4.7m premises, with proven acquisition capability for CityFibre to lead sector consolidation
• Connexin acquired in March 2025 and successfully integrated in less than seven months, bringing a choice of over 30 ISPs to Hull and East Riding

Completed 10Gb XGS-PON network upgrade, with Multi-Gig speeds rolled out nationwide:

• Reinforces CityFibre’s network superiority
• All new connections now 10Gb XGS-PON ready
• Network upgrade supports UK’s fastest and most reliable symmetrical wholesale service, with speeds of 2.5Gb, 5.5Gb and more to come
• CityFibre continues to raise the bar as the UK’s wholesale provider of choice offering ISP partners the best service, the best products and the best economics
• CityFibre is the first challenger network in the UK with accredited near-term carbon reduction targets with the SBTi
• Bringing benefits to homes, businesses and communities and driving innovation and growth for UK economy

Simon Holden, Chief Executive Officer at CityFibre, said: “CityFibre’s wholesale business model has always set us apart and, as our network fills up with customers, we have the momentum to bring about a long-term, competitive alternative to BT Openreach and deliver significant benefits for the UK.

“Looking ahead, our nationwide 10Gb XGS-PON network will enable our ISP partners to unlock all the power of Multi-Gig as we deliver future-proofed digital infrastructure for businesses, mobile operators and public sector partners throughout the UK. Following a landmark 2025, CityFibre is proving to be the network of choice and we enter 2026 with ever greater ambition.”

STRATEGIC PRIORITIES

CityFibre’s strategic priorities are to ensure we reach our scale and our full potential as the leading competitor to BT Openreach and the wholesale network of choice for consumer and business ISPs, mobile network operators and service integrators.

Doing so will ensure a sustainable competitive infrastructure market that will deliver long-term benefits for consumers, businesses and the UK economy.

Our strategic priorities are to:

• Expand our wholesale-only network to more than 8m UK premises

• Drive take-up across all market verticals (residential, business, public sector, mobile)

• Deliver market-leading products and services across the UK’s most advanced full fibre network.
  

¹ Management accounts, pending final audit

² CityFibre’s RFS consumer footprint = 4.15m

³ CityFibre's Gross Adds as percentage of the nationwide switching rate applied to CityFibre's footprint