Following the peak of FTTX financing activity in 2022, the market continues to show reduced yet resilient momentum through 2025. Financing conditions remain challenging, with overall activity levels declining compared to previous years, although transaction volumes and deal flow are still supported by ongoing fibre deployment across Europe. Lenders are maintaining a disciplined approach, with a continued focus on homes activated as a key metric to assess cash flow generation and project viability. France and the UK remain the most active markets, highlighting their central role in the European fibre investment landscape.
In this more constrained environment, access to financing for fibre projects is becoming increasingly complex, reinforcing the need for greater transparency and market insight. To support investors and industry participants, the FTTH Council Europe’s Investors Committee, in collaboration with Macquarie, continues to provide this comprehensive overview of fibre financing transactions across selected European countries. The report captures key market trends, evolving risk considerations, and detailed transaction data, including financing volumes, participating lenders, advisors, and expansion plans where publicly available. The Investors Committee remains committed to updating this resource on a semi-annual basis to reflect ongoing market developments.