CityFibre has reported record customer growth, revenues and profitability for the year ended 31 December 2025, as take-up accelerated following Sky’s launch across its nationwide footprint.
Revenues reached £170 million (€195 million) in 2025, up 27% year-on-year, while adjusted EBITDA rose 480% to £29 million. CityFibre said it ended the year with annualised Q4 run rates of more than £200m revenue and over £50m adjusted EBITDA.
The wholesale-only altnet added 330,000 consumer customer connections during 2025, taking cumulative live customers to 848,000. In Q4, CityFibre averaged more than 50,000 new installs per month and recorded 119,000 new connections in the quarter, as it pushed past 20% penetration across its consumer footprint and reiterated a target to exceed 30% by the end of 2026.
CityFibre’s network reached 4.7 million premises passed by year-end, with 4.5 million premises ready for service (RFS). It also pointed to growth in business services, reporting business revenues of £30m, including more than 50% year-on-year growth in Ethernet after tripling the availability of its Ethernet services.
The operator said it secured £2.3 billion in additional financing during the year, including £500m in new equity, a £960m expansion of existing debt facilities, and an £800m accordion facility to support M&A, with £300m already committed. CityFibre highlighted its March 2025 acquisition of Connexin, saying the business was integrated in under 7 months and expanded ISP choice in Hull and the East Riding.
CityFibre also said it has completed its nationwide 10Gb XGS-PON upgrade, with all new connections now XGS-PON ready, enabling multi-gig symmetrical wholesale services.
Simon Holden, CEO of CityFibre, said the company’s wholesale model “sets us apart” and that the business has the momentum to build a long-term competitive alternative to Openreach, with greater ambition heading into 2026.
In a note, Enders Analysis said CityFibre is progressing well on subscriber growth and EBITDA, but noted consolidation has moved more slowly than expected. In a note to clients, Enders added that recent developments point to UK altnet consolidation accelerating in 2026, with CityFibre and VMO2 still the most likely acquirors, potentially easing pressure in the retail broadband market while accelerating wholesale gains.
