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One of the UK’s largest alternative broadband networks, Netomnia (Substantial Group), has today reported their latest Q4 2025 results. The figures reveal that revenues on their full fibre (FTTP) network increased to £104m (up 168% year-on-year) and take-up reached 15% (up 28% YoY). Some 3 million premises are now covered (up by 245k in Q4 vs 241k in Q3).
The provider also ended the quarter with a total of 445,000 customers (up by 49k in Q4 and 207k YoY). The results confirm that Netomnia are continuing to build out their network after hitting their 3 million premises target for 2025 and appear to retain their existing coverage goals (see below), although they have recently been linked to talk of a possible c.£2bn merger with bigger rivals CityFibre or Virgin Media (here).
The brief results also reveal that the operator delivered positive adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) of £5m (up from £0.3m in Q3) – excluding exceptional items. This marks positive progress, particularly given how only a couple of quarters back (Q2) they delivered a loss of -£4.9m (the company previously saw a total EBITDA loss of £29m during 2024).
However, the company’s ongoing network builds inevitably mean that their Net Debt has also grown by 69% in the year to total £905m (debt drawn to date including accrued interest less cash), which is up from £801m in Q3.
Jeremy Chelot, Group CEO of Netomnia (YouFibre, brsk), said:
“FY25 marked a breakout year for the Group. We delivered the fastest network build among Alt-Nets, alongside a strong and accelerating customer acquisition rate, while surpassing three million premises serviceable, a milestone that underscores the scale, momentum and resilience of our platform.
This progress firmly positions us as the UK’s second-largest Alt-Net provider and validates our strategy of building a uniquely scaled, capital-efficient retail and wholesale model. With strong operational delivery and a clear line of sight on growth, we are now focused on extending our footprint.”
On the retail service front, we should point out that last quarter was quite chaotic for group ISP brand Brsk, which suffered a data breach (here) and is now in the process of being merged into the YouFibre brand (here).
Otherwise, the next big focus for the group during early 2026, aside from ongoing network build and all that media talk of consolidation, will be on YouFibre’s plan to launch a new VodafoneThree powered mobile service (YouMobile). But we understand this has now been put back from Q1 to Q2 due to the brand merger between YouFibre and Brsk taking precedence.