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Investing.coom -- J.P. Morgan said the Italian telecommunications sector is showing signs of stability in both mobile and fixed pricing, following several quarters of pressure from intense competition, in a note dated Thursday.
In its latest research note, the bank pointed to broadly stable mobile pricing across the main operators. Telecom Italia (BIT:TLIT) (TIM) and Vodafone (NASDAQ:VOD) have maintained their positions as premium providers, while Fastweb and WindTre recently raised prices.
TIM repriced about 1.7 million mobile lines during the first half of 2025, which contributed to growth in average revenue per user (ARPU) and came alongside a decline in churn.
Regulatory data also showed that while Iliad continues to gain customers, its ability to capture new subscribers has slowed, with its net recipient percentage trending lower since 2023.
In the fixed-line segment, TIM and Vodafone increased front-book prices, while Iliad lowered its price, positioning itself as the cheapest option among major operators.
TIM repriced roughly 4 million fixed lines in the first half of the year, driving ARPU growth of 6.6% year over year in the second quarter of 2025.
However, despite steady fiber-to-the-home (FTTH) net additions, TIM continued to record consumer fixed-line customer losses, mainly in legacy services.
Iliad, which cut its 5Gbps plan price to €23.7 per month, has kept expanding its subscriber base at the expense of TIM and Fastweb.
J.P. Morgan said the pricing environment in Italy has become more stable, with lower customer churn in both mobile and fixed markets.
The brokerage noted these trends make it “incrementally more positive” on the Italian telecom market.