Hyperoptic Report 2 Million UK Homes Covered by Full Fibre as Revenues Hit £139m

City-focused full fibre (FTTP/B) provider Hyperoptic, which now claims to have built their gigabit broadband network to cover 2 million UK homes (mostly across blocks of flats / MDUs), has today summarised their latest accounts to the end of 2025 and revealed that their revenues increased by 22% to £139m, while the customer base rose 18% to 440,000+.

Just to recap. Hyperoptic has been dealing with many of the same wider market strains as other alternative networks over the past few years, which has already caused some redundancies (here) and prompted them to focus more on commercialisation of what they’ve already built. But the provider is arguably in a better position than others as they have a more established network and are generating stronger revenues, although today’s summary doesn’t include any figures on losses.

One other thing to note is that the figure of 2 million premises passed for Hyperoptic’s own network should be taken with a pinch of salt. Independent modelling from Thinkbroadband tends to put them more in the 1.3 to 1.4 million premises passed territory in terms of actual ‘Ready for Service’ premises (here).

Otherwise, the latest results also included a long overdue update on Hyperoptic’s efforts to start selling packages over Openreach’s rival full fibre network (here), which was originally due to start becoming accessible “during early 2026”. But according to today’s announcement, the provider’s off-net retail proposition is now due to go live in Q3 2026 with an additional 1.8 million homes passed (initial coverage).

Hyperoptic’s Full Year Results Highlights

• Revenue increased by 22% to £139 million, driven by subscriber and ARPU growth
• Customer base grew by 18% to over 440,000 subscribers, with average penetration of homes passed at 31%, and mature cohorts above 60% (and newbuild cohorts above 70%)
• ARPU grew by 1.8% to £27.63, powered by new premise-based pricing capabilities
• Adjusted EBITDA increased to £69 million, with ~90% incremental revenue-to-EBITDA conversion, “reflecting disciplined cost control and sustained unit economics profitability”
• Capital investment of £134 million in full fibre infrastructure, down 23% year-on-year as network build reaches completion and capital intensity reduces
• Off-net retail proposition [Openreach] announced in June 2025, extending commercial reach beyond Hyperoptic’s owned network
• AI enabled capabilities introduced across pricing, customer service, retention and upsell
• Surpassed 39,000 five-star Trustpilot reviews, achieving an overall rating of 4.6 stars, among the best in the sector

The results highlight how they have annualised EBITDA of around £90 million and are on track to exceed £110 million in FY26. The company also expects to make greater use of AI and recently appointed a Chief AI and Technology Officer, which is often about improving efficiency and cutting costs.

In addition, it’s mentioned that in 2025 the provider reduced CO₂ emissions intensity per subscriber by approximately 28%, from 11.8 to 8.5 tonnes per 1,000 subscribers, and reduced its vehicle fleet by approximately 20% (probably more a reflection of the reduction in build activity). The company also continues to provide fast social tariffs and free broadband to community hubs across the UK.

Dana Tobak CBE, CEO and co-founder, said:

“Hyperoptic was the first altnet to launch in the UK in 2011, and we have spent more than fifteen years building one of the UK’s most extensive full fibre networks behind a clear and differentiated strategy. 2025 showed what that investment and strategic focus can deliver. We recorded strong growth across every key metric, our network has now passed two million homes, and our off-net retail proposition opens up an entirely new market.

As our business matures, we are increasingly focused on capitalising on our infrastructure advantage: increasing take-up, driving commercial growth through the off-net retail offer, and further enhancing the customer experience. The trajectory is clear, unit economics continue to strengthen, and the opportunity ahead remains significant.”

The results make no mention of Hyperoptic’s strategy with respect to wider M&A (consolidation) activity in the market. Instead, the provider’s current focus and “ambition” is to double their customer base by 2030 – everything they’re doing now is focused upon fostering that outcome. Investors will no doubt welcome that and they’re clearly going in the right direction.

However, the provider still needs to consider how they adapt to the rising trend toward faster multi-gigabit broadband packages. So far, their fastest tier is still 1Gbps and some of their legacy network would struggle to go beyond that without a major upgrade. At the same time many rivals, including even Openreach, have already gone beyond such speeds and before long Hyperoptic may start to look a little dated if they don’t adapt soon.