A turning point for Europe’s fibre markets: AlixPartners’ European Fibre Survey 2026

Europe’s fibre landscape is undergoing a radical reshaping. Years of ambitious business plans are colliding with market realities, rising competition, and tighter funding constraints. AlixPartners’ European Fibre Survey 2026 takes a deep dive into how these forces are playing out across the continent, revealing a market developing at notably different speeds.

While around 70% of homes across the EU and the U.K. are now passed by fibre networks, the headline figures hide significant regional disparities. The story goes beyond simple coverage, too. Monetisation remains a critical challenge, and our latest analysis shows that, despite heavy investment, realised value in the U.K., Germany, and Italy lags significantly behind the European average. Operational delays and commercial underperformance have accumulated, creating a sharp contrast with the mature, sustainable concession model seen in France.

As the industry pivots from a “growth-at-all-costs” mentality to a focus on financial fundamentals, FibreCos face a complex year ahead. With debt refinancing looming for many in 2026, lenders are scrutinising penetration rates and cost efficiency like never before.

This report identifies and unpacks four key trends that reflect the common and differing nature of the challenges facing European FibreCos in the U.K., Germany, Italy, and France:

1. Greater cost and efficiency focus – to both manage cash and demonstrate profitability: With prolonged funding processes, operators will need to make significant cost reductions, improve capability and efficiency to preserve cash and maximise existing funding.

2. A strong focus on take-up rate improvement: Lender and investor scrutiny and sentiment, following years of business plan underperformance, are sharpening the focus on boosting take-up and revenue, including through wholesale. 

3. An increasing funding need but low availability: 65% of FibreCos need refinancing this year or next, while availability has decreased. Lenders and investors are focused on solid profitability and free cash flows, a healthy capital structure, and operational rollout.

4. The drumbeat on consolidation is getting louder: A widespread consolidation focus – that has increased on 2025 levels – puts a greater emphasis on preparing for consolidation across the sector. 

You can read the full report below or download from here.