Lets day that italy stayed with the central powers in ww1, but they still lost.

Yugoslavia gets Trieste and Zara etc., Albania split between Greece and Yugoslavia.

Libya could be independent, as the Senussi would be pro Allied, and the great powers may not have much interest.

Britain would want Eritrea for the Strategic interest or to Ethiopia.

Somalia-land, perhaps to Ethiopia or Britain, maybe something crazy like to Japan, because Japan might have to contribute more in such a time line.
 
France would take Valle d'Aosta and Sardinia, Brits would take Sicily. Regarding colonies Libya would go to France or UK, Eritrea to Brits or Ethiopia and Brits would take Somalia. Greece would take Dodecaneses. Italy would be ordered to pay some reparations and probably there would be some military limitation. There might be revolution and monarchy would be abolishded.
 
Ethiopia would take advantage of this situation to invade and annex Italian Eritrea without much protest from the Entente as Britain takes Italian Somaliland and Libya is partitioned.
 
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