The German fiber market continues to develop into one of the key areas of infrastructure and investment. High-performance broadband connections based on fiber have become a fundamental requirement for digital applications in both households and businesses. The number of served households (FTTH/FTTB homes passed) has increased significantly in recent years and reached around 24.3 million connections in H1 2025. In parallel, actual usage is also increasing: As of H1 2025, approximately 6.6 million fiber connections were actively in service. This dynamic is supported by consistently high investment levels – network operators invested around EUR 15.3bn in 2024 – as well as the ongoing shift of business-critical applications into the cloud, which further drives the need for stable, high-bandwidth infrastructure. The report provides a structured assessment of rollout speed, activation levels and capital requirements in the sector.

The German market in particular is transitioning from a pure build-out story to a consolidating infrastructure market. Fiber coverage has increased from 30.7% in 2022 to 52.8% in H1 2025; the current target path foresees coverage of more than 80% by 2030. As nationwide coverage advances, priorities are shifting toward scaling existing networks, increasing utilization (homes connected / homes activated) and refinancing built infrastructure. As a result, M&A activity remains high: Strategic buyers are securing network coverage, customer access and operating synergies, while financial investors are focusing on scalable platform models and regional operators. The report analyzes the key transactions in the period 2020–2025, provides an overview of valuation ranges and highlights the factors that are currently most relevant for owners, management teams and investors.