Investor and analyst presentation
06 November 2025
Agenda
Introduction
Louis Schmid, Head of Investor Relations Swisscom
Achievements
Christoph Aeschlimann, CEO Swisscom
Business update - Switzerland and Italy
Christoph Aeschlimann, CEO Swisscom
Financial results
Eugen Stermetz, CFO Swisscom Questions & answers Appendix
2
1
Achievements
Christoph Aeschlimann
CEO Swisscom
3
Q3 highlights
Another successful quarter with remarkable achievementsThe best service and network
in Switzerland
Winner of all connect tests 2025
Reinforced multi-brand play
Migros Mobile repositioned and with new offerings
Ramped-up 'beem' services
Start of ATL campaign and introduction of further higher tier editions in September
In line with plan
Integration execution and
synergy capture progressing as expected
Aligned go2market in Italy
New joint portfolio with 1st combined product offering
Group guidance confirmed1
Revenue 15.0-15.2, EBITDAaL ~5.0, CAPEX 3.1-3.2, OpFCF 1.8-1.9
4 1) All figures in CHF billion
Q3 operational results
SwitzerlandPostpaid
B2C+B2B
Broadband
B2C+B2B
TV1
B2C+B2B
Fixed voice
B2C+B2B
W+ access lines
Wholesale
+51 +45 +45
+11 +7 +14
Q1 Q2 Q3
-14 -6
-5
-12 -6
-7
-29 -21 -22
5'601
1'942
1'468
1'065
763
52%
(-1.1pp)
46%
(-1.4pp)
41%
(-0.4pp)
ItalyMobile
B2C+B2B
Broadband
B2C+B2B
W+ access lines
Wholesale
+63 +50 +45
Q1 Q2 Q3
-1
-8
-39
-67 -57 -33
20'168
5'759
1'063
26%
(stable)
30%
(-0.6pp)
Broadly consistent net adds trends in Switzerland and Italy
Net adds
2025, in k
RGUs
30 Sept 2025, in k
RGU market share2
(YOY)
5 1) RGUs without OTT subs, 2) Swisscom estimates as per 30 June 2025
Q3 financial results
Financial results in line with FY guidanceGroup key figures
in CHF mn (YOY pro forma)
EBITDAaL development
in CHF mn (YOY)
Q3 25
9M 25
Revenue
3'729
(-1.8%)
11'175
(-2.1%)
EBITDAaL
1'303
(-3.5%)
3'777
(-4.8%)
CAPEX
-686
(-6.4%)
-2'171
(-7.4%)
OpFCF
617
(0.0%)
1'606
(-1.0%)
Stability
in Switzerland
Transitional
year in Italy
Q1 Q2 Q3
-3 -3 -5
-50
-15 -30
-4 -5 -3
-33 -31 -9
3'968
-90
-54 -47
-11
-95
-12
-191
(-4.8%)
3'777
Adjusted -118 (-3.0%) | Q1: -57, Q2: -23, Q3: -38
-73
9M 24
pro forma
Switzerland
Italy1
Others2
Adjustments and currency3, 4
9M 25
1) At constant currency, 2) Segment 'Others', including intersegment elimination group level, 3) CHF/EUR exchange rate for 9M 25 0.9388 (vs. 9M 24 0.9554), 4) Includes provisions for legal proceedings (Q1 24 CHF +24mn,
6
Q3 25 CHF +90mn), provisions for contractual risks (Switzerland Q3 25 CHF -52mn, Italy Q3 25 CHF -8mn), restructuring cost (Q2 25 CHF -2mn, Q3 25 CHF -10mn), transaction cost Vodafone Italia (Q1 24 CHF -6mn, Q2 24 CHF -7mn,
Q3 24 CHF -5mn), integration OPEX Vodafone Italia (Q1 25 CHF -6mn, Q2 25 -13mn, Q3 25 -19mn), pension cost (IAS 19 reconciliation, Q1 24 CHF +4mn, Q2 24 CHF +5mn, Q3 24 CHF +5mn, Q1 25 CHF -4mn, Q2 25 CHF -4mn,
Q3 25 CHF -4mn) and currency (Q1 25 CHF -1mn, Q2 25 CHF -14mn, Q3 25 CHF -6mn)
2
Business update - Switzerland and Italy
Christoph Aeschlimann
CEO Swisscom
7
Strategic priorities 2025
Cement
#1 position
in Switzerland
Manage Telco top line
Execute Telco cost transformation
Achieve profitable IT growth
Scale up B2B IT and Wholesale
Stabilise B2C Telco top line and grow beyond core
Integrate Vodafone Italia d capture synergy potential
Build #1 customer choice
in Italy
Roadmap 2025 to drive long-term value creation
an
8
Manage Telco top line
B2C: reinforced multi-brand play and new AI offeringWinner of all service tests
Telco
Own brand: value delivery enhanced
#1 in Switzerland with best services across all channels
Swisscom's loyalty programme further extended, improving price/value-perception
'We are family' continuously driving
convergence and main brand standing
More roaming included from 1 Oct
2nd/3rd brands: positioning sharpened
Wingo with value focus: price increase1 CHF +1 and successful summer campaign FlaWingo
Migros Mobile repositioned: new name, new image and new customer-centric offering with more value (5G and family discount)
Coop Mobile with special offerings per week
Enriched customer experience beyond core
Launch of Swisscom myAI: user-friendly AI assistant made in & for Switzerland, meeting highest local standards of user data protection. 'Pro' version for CHF 14.90/m, free trial till YE 25
RGU & net adds
in k (YOY)
Net adds
+24 +20+27
Q1 Q2 Q3
-11 -3
2nd/3rd brand
36% (+3pp)
-3
2nd/3rd brand
12% (+2pp)
3'520 1'679
(+104) (-18)
Postpaid
Broadband
Churn
in % p.a.
8.8
8.0
7.7
6.8
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
23 24 25
ARPU
Q3, in CHF (YOY)
89
35
(-1)
48
(-1)
40
(+0)
W+ blended
(-0)
W- blended Postpaid value
W+ bundle2
9
As from 1 July 2025, 2) Own brand bundle (BB + TV + fixed voice)
Manage Telco top line & achieve profitable IT growth
B2B: leading Swiss partner for secure, resilient and innovative solutionsTelco IT
IT service revenue2
Scale up customer value initiatives to address market pressure
Gradual integration of 'beem' in existing Telco portfolio
Drive cross- and up-selling and prevent cancellations with AI-powered offerings customised for individual SME needs
Ramp up 'beem' services
New secure connectivity solution stimulating top line in the mid-term
Start of ATL marketing campaign in September
Subscriptions for entry-tier edition ramping up swiftly
Introduction of further higher tier editions in September
Partner sales channel is now enabled for entry-tier
'beem' in a nutshell
beemNet
10
ARPU
44
35
(-1)
Postpaid value ARPUP1
(-3)
Q3, in CHF (YOY)
Strengthen position as solutions provider for critical infrastructure and services
Launch of new digitalisation platform for Swiss Armed Forces building secure and resilient and high-performing ICT infrastructure
Transform operating model to improve IT profitability
Drive efficiencies from re-configuring IT delivery value chain and operational synergies to the next level
AI portfolio enhanced with Swiss AI Assistant
Chatbot for SME, highly secure for confidential data thanks to legally compliant data storage
Easy self-service onboarding and attractive flat-rate pricing
in CHF mn
stable
296
296
Q3 24
Q3 25
IT EBITDAaL
in CHF mn
+3
32
35
Q3 24
Q3 25
Chatbot for SME
Average revenue per underlying product (blended wireless and wireline), YOY evolution driven by RGU mix change, 2) All organic
Manage Telco top line
Network and Wholesale: enhance and monetise network leadershipNetwork
5G+ coverage increasing
5G+ footprint up (+3pp YOY), and on track to achieve ~90% by YE 2025
FTTH rollout advancing
Ongoing progress in building the next-Gen fixed network
≤10 Gbps coverage up
by +5pp YOY
Pop coverage
5G+
5G
4G
88% (+3)
99%
99%
(YOY in pp)
HH coverage1
≤ 10 Gbps
>200 Mbps
>80 Mbps
55% (+5)
87% (+3)
93% (+1)
(YOY in pp)
Wholesale Telco
Lever owner economics and monetise FTTH investments
Access market share in wholesale increased, driven by progressing FTTH rollout
Grow Telco revenue with access services
Access service revenue up
Market share access lines2
in % of all Swiss access lines
17.8
18.1
17.3
17.4
17.7
Q3 24 Q4 24 Q1 25 Q2 25 Q3 25e
FTTH penetration
+7pp
42%
49%
Q3 24
Q3 25
FTTH share of access lines
Best network proposition
confirmed
Winner of connect fixed network test for the 5th time in a row and 991 points of 1000
The best internet in Switzerland
thanks to extended FTTH reach and increasing fibre utilisation
Sustain top line growth thanks to customer proximity and technology advantage
Access service revenue3
+4%
48
50
Q3 24
Q3 25
in CHF mn (YOY in %)
11
Share of total 5.45mn HHs in Switzerland, 2) Together with the retail (B2C+B2B) share of 46%, Swisscom's broadband share totals to 64%, Source: Swisscom estimates, 3) Incl. intersegment revenue
Execute Telco cost transformation
On track to achieve Telco cost savings of CHF 50+ millionTelco cost
Power digital push in customer care
Unified contact centre platform for all divisions further enhanced with AI-driven features for more efficient dialogue and post-processing: predictive routing, agent co-pilot and summarization
Peakpoint
AI host
New call-me-back solutions reduce waiting times and make workload easier to plan
Deploy innovative shop formats and features
wingo shop-in-shop
Dual brand pop-up store
Lauch of new formats: Swisscom peakpoint locations in malls and first joint pop-up stores for Swisscom and wingo brands
Pilot for AI host to optimize waiting time
Scale up innovative shop-in-shop formats
and digital-integrated retail concepts
3rd party nearshoring in Kosovo
further extended
Telesales nearshoring successfully piloted for own brand and extended to wingo
12
Telco cost savings 2025
Digital push - B2C
indexed,Q3 YOY
+5%
-2%
eCare
Contactcentre workload
in CHF mn, indicative
50
50+
31
9
Q1 25
H1 25
9M 25
FY 2025
ambition
Integrate Vodafone Italia and capture synergy potential
Integration progressing as planned, synergies ramping upFastweb+Vodafone
Integrated organisation, aligned go2market
Integrated organisation fully operational now
New and aligned offer portfolio (including fixed, mobile and energy) launched - in B2C and B2B
Additional integration measures across branding, sales and service channels implemented to enhance customer experience
SIM migration progressing in line with plan
Migration of SIM cards to own network as scheduled
On track to deliver recurring mobile COGS synergies as guided
Other integration projects proceeding as planned
Optimisation of services provided by Vodafone Group: 1st services transitioned and terminated
Further network integration steps (beyond SIM migration) started,
e.g., 'best-of-breed' fixed footprint for new customers
IT consolidation and modernization projects on track and ramping up
13
Stabilise B2C Telco top line and grow beyond core
B2C: first joint mobile portfolio at higher price points, stabilising operations2nd brand ho.
Joint mobile portfolio
Fastweb with same offerings
Telco mobile
Operational metrics encouraging,
driven by execution of value strategy
Launch of joint portfolio in Q3 improving inflow ARPU and RGU trend
Better sales quality and increased transparency in customer base management reducing churn (-4.4pp YOY) and further improving NPS of main brands
Successful launch of joint portfolio in Q3
3-tiered portfolio with entry, medium and premium packages at higher front-book prices and with increased content, stimulating customer lifetime value
Outlook: keep pushing value strategy
Fastweb+Vodafone: progressive front-/back-book alignment to grant flexibility to all our customers and at the same time endorse our new price positioning
ho.: clear positioning as attacker-brand, 5G option available at EUR 9.95/month, aligned to Fastweb+Vodafone entry level
14
1) Share of BB HHs (2'578k converged RGUs, out of total BB connections (4'637k, all brands) with at least 1 mobile subscription
RGU & net adds
Net adds
Q1 Q2 Q3
-107-114 -79
RGU
15'739
(-2.2%)
t/o 2nd brand
21.2%
(+2pp)
56%1
(+2pp)
Mobile
FMC penetration
in k (YOY pro forma)
Churn
25
20
15
22.7
18.3
Q3 24 Q4 24 Q1 25 Q2 25 Q3 25
Mobile, in % p.a., 2024 pro forma
ARPU
in EUR (YOY in %, pro forma)
9
(-2.7%)
Mobile
NPS
change (vs FY 24)
Stabilise B2C Telco top line and grow beyond core
B2C: new fixed portfolio with super-convergence, strengthening retentionTelco broadband
Continue strengthening operational momentum
Net adds further improving, driven by increased product transparency and NPS-centred operations
Churn keeps decreasing -2.5pp YOY, while inflow ARPU remains stable
Energy with positive results, benefitting from convergence focus
Q3 with new joint portfolio and products
New 3-tiered portfolio with entry, medium and premium packages at higher front-book prices delivering more value and hardware incentives
Launch of integrated Telco/energy offering 'Super-convergenza'
Product news
Fastweb Seven Vodafone Seven
Internally developed Wi-Fi 7 modems launched for both brands, enhancing customer experience and capturing operational synergies
Outlook: keep pushing new portfolio
Strengthen positive net adds momentum and reinforce ARPU trajectory through front-/back-book alignment sustained by joint offerings and convergence
15
1) Including ~15k B2B, 2) Share of HHs with an energy subscription within BB HHs
RGU & net adds
Joint broadband portfolio
Vodafone with same offerings
Fastweb Casa START Fastweb Casa PRO Fastweb Casa ULTRA
A partire da
27,95€/m
A partire da
29,95€/m
A partire da
36,95€/m
Net adds
Q1 Q2 Q3
+13 +21+25
-64 -52 -26
Q1
Q2 Q3
RGU
4'637
(-3.5%)
t/o UBB
97%
(+1pp)
~112k acquired
1
95
(+35% in Q3)
Broadband
Energy
82%
convergence2
in k (YOY pro forma)
Churn
25
20
15
18.3
Q3 24 Q4 24 Q1 25 Q2 25
15.8
Q3 25
Broadband, in % p.a., 2024 pro forma
ARPU
in EUR (YOY in %, pro forma)
24
(-2.8%)
Joint Telco/Energy offerings
NPS
change (vs FY 24)
Scale up B2B IT
B2B: keep managing Telco top line and growing IT with cloud, security and AITelco
Q3 in line with expectations
Mobile RGUs growing, driven by
TM9 contract
Fixed softer, both RGU- and revenue-wise (due to phasing effects from projects in prior year)
Leveraging joint commercial
RGU
base in k (YOY pro forma)
IT
Positive development in Q3
Top line growth driven by security, cloud and AI
Cloud & cyber portfolio enhanced
Strengthening multicloud strategy
through new Oracle contract and
IT revenue
in EUR mn (YOY pro forma)
excellence
New offerings with best of two portfolios
Increasing focus on high-value,
innovative and tailored projects
synergies with hyperscalers
+1.5%
201
204
Q3 24
pro forma
Q3 25
4'429
(+10.0%)
1'122
(-1.5%)
Product news
Product news
Cloud IaaS and PaaS framework agreement for the supply to PA
Adding professional services tailored to GenAI and cloud tech
Cross-selling of energy and VAS to customers of both brands
Outlook: grant best
customer experience
Extend 2.5Gbps FTTH footprint to large accounts and PA
Boost connection stability, through Wi-Fi 7 and FWA 5G
DefenderAI awarded as best CyberSec product by ASSOCISO1
5G
W+
New contracts
New contracts AI IT
Build on AI momentum
>10k FastwebAI Work sold
Extended AI Nexxt factory platform for AI governance, compliance and adoption
Outlook: accelerate growth
Drive top line further through
outdoor enhancement
16
Italian Association of Chief Information Security Officers
cloud, security and AI innovative services
Scale up Wholesale
Network and Wholesale: confirming double digit growth of UBB linesNetwork
5G rollout keeps going on
5G coverage at 87% (+11pp YOY) continues to progress
Best mobile network in Italy
Record peak speed achieved of
2.5Gbps on a commercial 5G network marks key milestone toward 5G advanced and AI-enabled network evolution
Vodafone wins OOKLA test for mobile network speed Q1-Q2 25
FTTH expansion progressing
Combined Fastweb+Vodafone FTTH coverage up +13pp YOY, with a 50/50 passive/active3 fibre share
Pop coverage
Ambition 2025: ~89%, 2030:~95%
99% 99%
76%
87%
4G
5G
Q3 24
in %
HH coverage1
Ambition 2025: ~55%,
2030: ~90%
FTTH
Q3 24
Q3 25
41%
54%
in %
Wholesale Telco
UBB business growing
Substantial growth in UBB lines driven by increased FTTH utilization stimulating top line growth (+4.9% YOY)
Key partnerships ongoing
UBB: strengthening relationships with key customers through commercial and operational excellence
Mobile: CoopVoce customer base substantially migrated on Fastweb+Vodafone network
Keep focus on high-margin core services
Increased share of core services (W-/W+) by +5pp YOY
UBB lines
in k (YOY)
+28%
1'063
832
Q3 24
pro forma
Q3 25
Wholesale external revenue
Wireline3 (+11)
Non-core4 (-9)
189
(+5.6%)
low-margin
business
Core services
Wireless
(+8)
Q3, in EUR mn (YOY pro forma)
17
1) Share of total 29.2mn HHs and companies in Italy, 2) "Passive" FTTH consists of primary network and/or GPON equipment (in central office) of Fastweb + Vodafone being connected to backbone network of Fastweb + Vodafone. "Active"
FTTH consists of secondary and/or primary network incl. GPON equipment of FiberCop or Open Fiber being connected to backbone network of Fastweb + Vodafone, 3) Wireline revenues includes P2P services, IRU and UBB (+24% YOY),
4) Other Wholesale services include mostly activities as supplier to INWIT, with low marginality
3
Financial results
Eugen Stermetz
CFO Swisscom
18
Group revenue and EBITDAaL
EBITDAaL development as anticipated
Revenue
in CHF mn
Q1 Q2 Q3
+2
Q3 with lower Telco service revenue,
-24
-6
-53
-8 -5
-42
-9 -8
-6
-60
-23 -47
-126
-69
partially offset by higher hard- and software sales
-153 (-1.3%) | Q1: -41, Q2: -66, Q3: -46
-83
-55
-15
-242
(-2.1%)
-89
11'175
11'417
1
2
Lower Telco service revenue and hardware and software sales in Q3, partially compensated by growth in wholesale and energy
1
2
9M 24
pro forma
EBITDAaL
in CHF mn
Switzerland
Q1 Q2 Q3
Italy1
Others2
Currency3
9M 25
Telco service revenue decline of Q3
-3 -3 -5
3
-50
-15 -30 -4 -5 -3
4
-33 -31 -9
-90
-54
-47
primarily compensated by Telco cost savings
4
Lower Telco service revenue in Q3
Adjusted -118 (-3.0%) | Q1: -57, Q2: -23, Q3: -38
-11
-95
-12
-191
(-4.8%)
-73
5
3'777
3'968
as well as higher indirect cost, partially compensated by synergy realization
5
Q3 mainly affected by provisions (CHF +20mn,
net), integration OPEX Vodafone Italia (CHF -19mn), pension cost reconciliation (CHF -9mn) and currency (CHF -6mn)
9M 24
19
pro forma
Switzerland Italy1 Others2
Adjustments and currency3,4
9M 25
1) At constant currency, 2) Segment 'Others', including intersegment elimination group level, 3) CHF/EUR exchange rate for 9M 25 0.9388 (vs. 9M 24 0.9554), 4) Includes provisions for legal proceedings (Q1 24 CHF +24mn, Q3 25 CHF +90mn), provisions for contractual risks (Switzerland Q3 25 CHF -52mn, Italy Q3 25 CHF -8mn), restructuring cost (Q2 25 CHF -2mn, Q3 25 CHF -10mn), transaction cost Vodafone Italia (Q1 24 CHF -6mn, Q2 24 CHF -7mn, Q3 24 CHF -5mn), integration OPEX Vodafone Italia (Q1 25 CHF -6mn, Q2 25 CHF -13mn, Q3 25 CHF -19mn), pension cost (IAS 19 reconciliation, Q1 24 CHF +4mn, Q2 24 CHF +5mn, Q3 24 CHF +5mn, Q1 25 CHF -4mn, Q2 25 CHF -4mn, Q3 25 -4mn) and currency (Q1 25 CHF -1mn, Q2 25 CHF -14mn, Q3 25 CHF -6mn)
Group CAPEX and OpFCF
OpFCF adjusted higher, Switzerland positive and Italy stable
CAPEXin CHF mn
9M 24
Adjustments and
Q3 and 9M lower due to different phasing and one-time investments
pro forma
Switzerland
Adjusted +171 (-7.5%) | Q1: +84, Q2: +13, Q3: +74
+7
+93
+71
1
2
3
+3
(-7.4%)
+174
- 2'171
- 2'345
Q1 Q2 Q3
Italy1
Others2
currency3
+34
9M 25
+118
in wireless and IT in prior year
1
2
Q3 and 9M lower due to different phasing mainly in wireless and completion of major IT projects in 2024
3
Q3 with increased integration CAPEX: CHF -31mn (vs CHF -16mn in Q2),
+9
+47
as anticipated
OpFCFin CHF mn
+22 +10 +39
Q1 Q2 Q3
+4 +3 0
+58
0 +35
+8 +5 0
+1
-4 -27
+28 0
+19 +7 +34 -15 -2 -3
-35
-36
-45
Adjusted +53 (+3.2%) | Q1: +27, Q2: -10, Q3: +36
+60
-2
-5
-70
1'606
1'623
-17
(-1.0%)
9M 24
20 pro forma
Switzerland Italy1 Others2 Adjustments and
currency4
9M 25
1) At constant currency, 2) Segment 'Others', including intersegment elimination group level, 3) Includes INWIT consolidation CAPEX (Q1 24 CHF -43mn, Q2 24 CHF -7mn, Q3 24 CHF -8mn, Q1 25 CHF -7mn, Q2 25 CHF -6mn, Q3 25 -8mn), integration CAPEX Vodafone Italia (Q1 25 CHF -3mn, Q2 25 CHF -16mn, Q3 25 CHF -31mn), currency (Q1 25 CHF +1mn, Q2 25 CHF +11mn, Q3 25 CHF +4mn), 4) Includes adjustments EBITDAaL (Q1 24 CHF +22mn, Q2 24 CHF -2mn,
Q1 25 CHF -10mn, Q2 25 CHF -19mn, Q3 25 CHF -3mn), adjustments CAPEX (Q1 24 CHF -43mn, Q2 24 CHF -7mn, Q3 24 CHF -8mn, Q1 25 CHF -10mn, Q2 25 CHF -22mn, Q3 25 CHF -39mn), currency (Q2 25 CHF -3mn, Q3 25 CHF -2mn)
Switzerland revenue and EBITDAaL
EBITDAaL stable thanks to Telco cost delivery
Revenuein CHF mn
Q1 Q2 Q3
-6 -12-11
1
-25
+8
-43
2
+7 +4 0
-1 -2 -2
2
-24
1
-6
(-0.9%)
-29
+10
(-1.4%)
-83
(-2.6%)
-60
-4
3
5'862
5'945
-53
Q3 affected by Telco service revenue decrease (CHF -17mn), hard- and software
sales higher (CHF +8mn)
Q3 with lower Telco service revenue (CHF -18mn), higher hard- and software sales (CHF +27mn, with low marginality)
3
Q3: ongoing growth in access services compensated by lower termination and
9M 24 B2C B2B Wholesale ISF1
+2 +28
EBITDAaL9M 25
leased lines revenues (mobile backhauling)
in CHF mn
Q1 Q2 Q3
+5 +4 +2
+11+11 +11 +5 +33
Q3 Telco service revenue decline partly compensated by lower SAC and lower Telco
-6 0 -4
-13 -18 -14
-18
-21
+9
costs
+33
Adjusted -11 (-0.4%) | Q1: -3, Q2: -3, Q3: -5
+11
-45
-10
5
6
7
2'559
2'550
5
Decrease in Telco service revenue, slightly
4
9M 24 B2C
B2B Wholesale ISF1
+20
Adjustments2
(+0.4%)
9M 25
higher contribution from IT (CHF +3mn in Q3) Cost savings in workforce, IT and other
6
7
Q3 with positive adjustment (CHF +33mn) due to release of provisions for legal proceedings partially compensated by restructuring cost and provisions for contractual risks
21 1) Infrastructure & Support Functions, including intersegment elimination, 2) Includes provisions for legal proceedings (Q1 24 CHF +24mn, Q3 25 CHF +90mn), provisions for contractual risks (Q3 25 CHF -52mn), restructuring cost (Q2 25 CHF -2mn, Q3 25 CHF -10mn), transaction cost Vodafone Italia (Q1 24 CHF -6mn, Q2 24 CHF -7mn, Q3 24 CHF -5mn)
Switzerland EBITDAaL drivers
Telco service revenue and cost savings largely as expectedTelco EBITDAaL adjusted
3'871 863 -810 margin 1'075 4'734 -1'471 51.8% 2'796 2'453 | 238 906 | 1'144 -1'041 | margin 7.0% 80 | |||
-92 (-2.3%) | (-1.6%) | (-3.3%) | (-0.4%) | (+1.0%) | (-0.4%) | (+0.0%) |
in CHF mn and YOY changes
IT EBITDAaL
in CHF mn and YOY changes
Q3 delivery with run-rate above average, FY ambition of CHF 50+mn unchanged
1
2
Q3 flat, affected by
geopolitical uncertainty
3
9M on prior year level due to under-utilisation of capacity
Service revenue
B2C B2B
YOY | -40 | -52 | +13 | -79 | +18 | +50 | -11 | +9 2 | -13 | -4 | +4 | 0 |
t/o Q3 | -17 | -18 | +3 | -32 | +5 | +19 | -8 | 0 | +25 | +25 | -22 | +3 |
Other revenue categories 1
Revenue
Direct costs
Indirect costs
EBITDAaL
adjusted
Service revenue B2B
Other revenue categories3
Revenue
Costs
EBITDAaL
in consulting business limiting EBITDAaL growth
1
2
3
Telco service revenue
in CHF mn and YOY changes
Q2 | Q3 | |
-14 | -13 | |
-10 | -11 | |
-24 | -24 |
Q1 24 Q4
B2C -17 (-1.8%)
B2B -18 (-4.8%)
B2C -17
B2B -13
-30
-17
-17
-34
Q1 25
Q2
Q3
RGU
+7
ARPU
RGU
ARPU
RGU4
ARPU4
RGU
ARPU
-1
t/o -4
-4
-2
-1
-26
-35
(-2.6%)
-13
t/o -7 brand mix
Wireless
-6 (-1.3%)
-10
t/o
-11
-5 BB
brand
-31
-5 fixed voice mix
Wireline
-11 (-2.2%)
Wireless
-6 (-3.4%)
Wireline
-12 (-6.1%)
-18
-18
-16
-17
-13
-10
22
Includes hard- and software, wholesale and other revenue, 2) Thereof CHF +4mn inorganic in Q1, 3) Includes hard- and software and other revenue, 4) Includes postpaid value only
Switzerland CAPEX and OpFCF
OpFCF adjusted higher due to lower CAPEXCAPEX
in CHF mn
Wireless network
Wireline access network
Backbone & infrastructure IT
Other
9M 25
1 Non-recurring CAPEX impacted by Telco cloud activation in prior year
2
PY higher due to extra investments in AI-platforms and software licenses
YOY
(-5.5%)
-194
t/o fibre 382
-87
-80
2
-548
-1'231
-322
1
+21 -11 +3 +57 +1 +71
OpFCF
in CHF mn
Q1 Q2 Q3
+22
+39
+10
+5 +33
+67
-3 -3 -5
Adjusted +60 (+4.8%) | Q1: +19, Q2: +7, Q3: +34
+71
-11
-18
+1 +12
+20
+80
(+6.4%)
1'248
1'328
9M 24
EBITDAaL
CAPEX
Adjustments1
9M 25
23 1) Includes provisions for legal proceedings (Q1 24 CHF +24mn, Q3 25 CHF +90mn), provisions for contractual risks (Q3 25 CHF -52mn), restructuring cost (Q2 25 CHF -2mn, Q3 25 CHF -10mn), transaction cost Vodafone Italia (Q1 24 CHF -6mn, Q2 24 CHF -7mn, Q3 24 CHF -5mn)
Italy revenue and EBITDAaL
EBITDAaL development as expectedin EUR mn | Q1 Q2 Q3 -23 -21 -29 | +22 +1 -25 | +15 +10 -7 | -8 -5 -44 | 1 | Q3 Telco service revenue down by EUR -39mn and hardware sales flat, partially mitigated by energy growth | ||||
5'440 | -73 (-2.8%) 1 | -2 (-0.1%) 2 | +18 (+3.5%) 3 | 0 | -57 (-1.0%) 5'383 | 2 | Q3 with lower Telco service revenue (EUR -27mn, impacted by one-time contributions from large PA projects in prior year) and lower hard- and software sales, partially compensated by energy revenue growth | |||
9M 24 pro forma EBITDAaL | B2C | B2B | Wholesale | Intersegment | 9M 25 | 3 | Growth of UBB and MVNO business over-compensate declining non-core business with low marginality |
in EUR mn
Q1 Q2 Q3
-90
Adjusted -99 (-7.1%) | Q1: -52, Q2: -16, Q3: -31
+19
-23
-5
-35 -35 -20
-5 -7
-11
+6 +14
-1
-11
+20
-14
4
-6 -14 -29 -30
-58 -60
5
6
7
Q3 improvement thanks to lower MVNO cost for Fastweb SIMs (being migrated to own network)
Q3 lower, mainly due to one-time revenues from large PA projects in prior year
Ongoing growth in core business
Q3 lower mainly due to different phasing of network expenses
1'392
-49
-148
(-10.6%)
1'244
4
5
6
7
9M 24
pro forma
CM1 B2C
CM1 B2B
CM1,2
Wholesale
Indirect cost
Adjustments3
9M 25
24 1) Contribution margin = revenue minus direct costs, 2) Including elimination, 3) Includes integration OPEX Vodafone Italia (Q1 25 EUR -6mn, Q2 25 EUR -14mn, Q3 25 EUR -20mn), provisions for contractual risks (Q3 25 EUR -9mn)
Italy EBITDAaL drivers
EBITDAaL adjusted primarily impacted by Telco service revenue declineEBITDAaL adjusted
3'789
5'383
margin
24.0%
1'293
2'272
-1'596
1'517
-2'494
989
-166 (-4.2%) | (-1.0%) (-7.1%) | |||||||||||||||||
YOY | -116 | -50 | +31 | +78 | -57 | -37 | -5 | -99 | ||||||||||
t/o Q3 | -39 | -27 | +3 | +19 | -44 | +27 | -14 | -31 | ||||||||||
Telco service revenue B2C B2B | IT Other service revenue Total Direct Indirect EBITDAaL revenue categories 1 revenue costs costs 2 adjusted | |||||||||||||||||
in EUR mn and YOY changes
605
1
2
Telco service revenue
in EUR mn and YOY changes
3
B2C -39
4
(-4.9%)
Q3 with slightly stronger decline due to large one-time effects from projects in prior year (B2B) and ongoing ARPU dilution (B2C)
1
2
Q3 with growth in wholesale and energy, overcompensating lower hard- and software sales
3
Q3 with first positive impact from migration of Fastweb SIMs to own network and lower hard-and software costs
4
2 Q3 with different phasing mainly related to lower network expenses in prior year
5
B2B -27 (-5.1%)
Q1 25
Q2
Q3
417
5
6
333
305
195
-47
-53
-66
(-5.0%)
Wireless
-16 (-3.7%)
Wireline
-23 (-6.5%)
Wireless
-9 (-4.4%)
Wireline
-18 (-5.6%)
-11
-27
-12
-39
-42
-35
B2C B2B
25 1) Includes hard- and software revenue, wholesale revenue and other revenue, 2) Excludes integration OPEX Vodafone Italia (Q1 25 EUR -6mn, Q2 25 EUR -14mn, Q3 25 EUR -20mn), provisions for contractual risks (Q3 25 EUR -9mn)
Wireless: RGU decline (slowing down), ARPU erosion (slowing down)
Wireline: RGU decline (slowing down), ARPU decline (due to repricing in 2024)
6
Wireless: ARPU dilution mainly due to TM9 growth
Wireline: decline primarily impacted by large one-time project effects in Q3/2024
Italy CAPEX and OpFCF
OpFCF adjusted with stable evolution, on track to achieve FY guidanceCAPEX
in EUR mn
-179
-78
-96
-142
-75
-1'011
-441
Wireless network
1
+31
Adjusted +97 (-9.4%) | Q1: +60, Q2: +0, Q3: +37
2
+3
+5
+49
+9
YOY
OpFCF
in EUR mn
Wireline access network
Q1 Q2 Q3
-52 -16 -31
1
Backbone & infrastructure
IT
+29
Other
Adjustments1
t/o -53 integration
CAPEX
3
-14
+37
9M 25
+60
0
+37
+83
Fastweb's FWA strategy change (rollout stop of dedicated network) in 2024 and different phasing of major mobile network software contract
2
Completion of major IT projects at Vodafone in 2024 (new B2C stack, capabilities for large B2B customers)
3
Integration CAPEX of EUR -53mn partly compensated by lower INWIT consolidation CAPEX of EUR +39mn
4
Q3 integration cost of EUR -53mn (o/w EUR -20mn OPEX and EUR -33mn CAPEX), INWIT consolidation CAPEX (EUR +1mn) and other provisions
(EUR -9mn)
Adjusted -2 (-0.6%) | Q1: +8, Q2: -16, Q3: +6
-31 -61
298
-99
+97
-63
-47 -55
-65
(-21.8%)
233
9M 24
pro forma
EBITDAaL
CAPEX
Adjustments2
9M 25
4
26 1) Includes INWIT consolidation CAPEX (Q1 24 EUR -46mn, Q2 24 EUR -6mn, Q3 24 EUR -9mn , Q1 25 EUR -8mn, Q2 25 EUR -6mn , Q3 25 EUR -8mn), integration CAPEX Vodafone Italia (Q1 25 EUR -3mn, Q2 25 EUR -17mn, Q3 25 EUR -33mn),
2) Includes integration cost (OPEX + CAPEX) Vodafone Italia (Q1 25 EUR -9mn, Q2 25 EUR -31mn , Q3 25 EUR -53mn), INWIT consolidation CAPEX (Q1 24 EUR -46mn, Q2 24 EUR -6mn, Q3 24 EUR -9mn , Q1 25 EUR -8mn, Q2 25 EUR -6mn, Q3 25 EUR -8mn), provisions for contractual risks (Q3 25 EUR -9mn)
Italy synergies and integration cost
Integration cost and synergy targets for full-year confirmed Ramp-up plan 2025-2029 Q3 updateSynergy realisation
~90%
~70%
100%
Run-rate: EUR ~600mn
Directcost: EUR ~240mn
Target FY 25 Realised in 9M 25
Synergies in EUR mn
c. +60
~10%
~40%
Indirectcost: EUR ~300mn CAPEX: EUR ~60mn
Q3 with EUR +22mn synergies. FY target confirmed
First impacts from migration of Fastweb SIMs to own network
Initial savings from Vodafone Group disentanglement secured
2024
15%
2025 2026 2027 2028 2029
40-45%
~80%
100%
One-off: EUR ~700mn1 OPEX: EUR ~250mn CAPEX: EUR ~450mn
Target FY 25 Realised in 9M 25
Integration cost in EUR mn
-53
-40
-93
OPEX CAPEX
c. -200
Integration cost
Q3 integration cost of EUR 53mn, o/w EUR 20mn OPEX and EUR 33mn CAPEX. FY target confirmed
Network capacity investments ramping up to support mobile migrations
27 1) Excluding non-cash effects, of which EUR 72mn have already been incurred in 24 (part of originally expected up to EUR 150mn in 25)
Group free cash flow
Stable free cashflow1'606
1'606
1'060
in CHF mn
1
-215
+16
3
-132
-228 +13
9M 25
OpFCF
+23
+27
+14
-127
+13
-20
+116
+133
-17
1'623
1'490
1'037
9M 24
-133
-195 +3
-5 -242 -14
2
OpFCF
pro forma
Vodafone Italia
OpFCF
Change in
NWC
Change in defined benefit obligations
Net interest paid1
Income taxes paid
Other cash flows
FCF
1
2
YTD change mainly related to lower trade payables and use of provisions
3
Exceptional effects (driven by prepayments related to maintenance contracts and licenses) and decrease in trade payables Increase in interest payments related to Vodafone Italia acquisition
28 1) Excluding interest payments for lease liabilities (already included in OpFCF)
Group net income
Net income impacted by PPA amortisation and additional interest expense4'999
3'777
3'777
1'485
988
9M 25
in CHF mn
Δ+1'253
EBITDAaL
-191
+747
1'222
+556
+697
-2'330
-739
tax rate1
18.8%
-1'184 -269 -228
-683
-169
-191
+65
-295
1
1
1
2
3
9M 24
-747
525
-1'591
tax rate1
3'968
3'746
3'221
1'654
1'283
18.6%
-501 -78 -293
EBITDAaL
pro forma
Vodafone Italia
EBITDAaL
Lease expense
EBITDA
Depreciation, amortisation PPE & intangible assets
Depreciation of right of use assets
EBIT
Net financial result
Income tax expense
Net
income
1
2
Changes driven by consolidation of Vodafone Italia as from 1 January 2025
Higher contribution from Switzerland (CHF +10mn, o/w CHF +20mn adjustments) and Italy (CHF +32mn, o/w CHF -46mn adjustments), amortisation of intangible assets recognized as part of the provisional purchase price allocation (CHF -177mn) and pension cost reconciliation (CHF -26mn)
3
Higher net interest expense on debt (CHF -135mn) and on lease liabilities (CHF -42mn) mainly due to Vodafone Italia acquisition
29 1) Tax rate 9M 25: Tax expenses of CHF 228mn / EBT of CHF 1'216mn = 18.8%, tax rate 9M 24: Tax expenses of CHF 293mn / EBT of CHF 1'576mn = 18.6%
Guidance 2025
Guidance for full-year 2025 confirmedGroup
CHF mn
pro forma1
15'358
5'236
adjusted
3'047
adjusted
2'189
adjusted
2.4x
Group
CHF mn
restated
11'017
4'064
2'312
1'752
22
Italy2
EUR mn
pro forma
7'372
1'862
adjusted
1'401
adjusted
461
adjusted
Switzerland2
CHF mn
7'976
3'378
adjusted
1'725
1'653
adjusted
Financials FY 2024
Revenue EBITDAaL
Guidance FY 2025
Group4
CHF bn
15.0-15.2
~5.0
3.1-3.2
1.8-1.9
~2.4x
26
Switzerland
CHF bn
7.9-8.0
3.3-3.4
~1.7
~1.7
stable
Italy
EUR bn
Incl. EUR c. 50mn integration OPEX
Incl. EUR c. 150mn integration CAPEX and EUR c. 50mn adjustments 6
Incl. EUR c. 200mn integration cost and EUR c. 50mn CAPEX adjustments
Revenue EBITDAaL5
CAPEX OpFCF
Leverage3
Dividend
in CHF/share7
CAPEX OpFCF
Leverage
Dividend
in CHF/share7,8
'Pro forma': LTM (Jan-Dec 24) figures as if Vodafone Italia consolidated from 1 Jan 2024, restated (harmonisation of accounting policies and reporting) and unaudited.
30
1) For consolidation purposes CHF/EUR of 0.9513 has been used for FY 2024, 2) Switzerland = new segment naming for Swisscom Switzerland, Italy = new segment naming for Fastweb and Vodafone Italia, 3) Leverage = net debt (incl. lease liabilities) / EBITDA, 4) Group consists of segments Switzerland, Italy and Others (not shown). For consolidation purposes, CHF/EUR of 0.9300 has been used (vs. 0.9513 for FY 2024), 5) Group EBITDAaL guidance 2025 includes expected lease expense of CHF ~1.6bn, 6) CAPEX adjustments for tower consolidation on INWIT network, in connection with INWIT agreement to be reimbursed by Vodafone group as part of the purchase price adjustment, 7) Dividend paid in t+1 (for fiscal year 2024 on 1 April 2025, for fiscal year 2025 on 31 March 2026), 8) Upon meeting 2025 guidance, Swisscom plans to propose a dividend of CHF 26/share (payable in 2026)
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Swisscom AG published this content on November 06, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 06, 2025 at 06:20 UTC.
