Quarterly review 2023 and 2024

In CHF million, except where indicated	1st quarter	2nd quarter	3rd quarter	4th quarter	2023	1st quarter	2nd quarter	2024

Income statement
Revenue	2,747	2,703	2,752	2,870	11,072	2,703	2,751	5,454
Direct costs	(710)	(674)	(739)	(783)	(2,906)	(685)	(727)	(1,412)
Personnel expense	(680)	(670)	(634)	(696)	(2,680)	(703)	(701)	(1,404)
Other operating expense	(357)	(414)	(382)	(477)	(1,630)	(362)	(379)	(741)
Capitalised self-constructed assets and other income	164	194	177	231	766	202	180	382
Operating income (EBITDA)	1,164	1,139	1,174	1,145	4,622	1,155	1,124	2,279
Depreciation and amortisation	(525)	(531)	(510)	(560)	(2,126)	(522)	(539)	(1,061)
Depreciation of right-of-use assets	(66)	(66)	(65)	(94)	(291)	(65)	(65)	(130)
Operating income (EBIT)	573	542	599	491	2,205	568	520	1,088
Net interest expense on financial assets and liabilities	(14)	(19)	(18)	(16)	(67)	(15)	(21)	(36)
Interest expense on lease liabilities	(12)	(9)	(13)	(10)	(44)	(12)	(12)	(24)
Other financial result	(4)	(6)	2	(11)	(19)	13	(16)	(3)
Equity-accounted investees	–	–	–	–	–	–	(1)	(1)
Income before income taxes	543	508	570	454	2,075	554	470	1,024
Income tax expense	(101)	(102)	(108)	(53)	(364)	(99)	(89)	(188)
Net income	442	406	462	401	1,711	455	381	836
Attributable to equity holders of Swisscom Ltd	442	406	463	400	1,711	455	381	836
Attributable to non-controlling interests	–	–	(1)	1	–	–	–	–

Earnings per share (in CHF)	8.53	7.84	8.94	7.72	33.03	8.78	7.35	16.14


Revenue
Swisscom Switzerland	2,045	1,999	2,023	2,080	8,147	1,993	1,995	3,988
Fastweb	619	617	637	688	2,561	623	663	1,286
Other Operating Segments	240	255	266	302	1,063	252	285	537
Intersegment elimination	(157)	(168)	(174)	(200)	(699)	(165)	(192)	(357)
Total revenue	2,747	2,703	2,752	2,870	11,072	2,703	2,751	5,454


Operating income before depreciation and amortisation (EBITDA)
Swisscom Switzerland	945	915	913	936	3,709	944	874	1,818
Fastweb	187	206	221	162	776	182	218	400
Other Operating Segments	32	19	42	52	145	33	38	71
Reconciliation pension cost	9	10	9	9	37	4	5	9
Elimination	(9)	(11)	(11)	(14)	(45)	(8)	(11)	(19)
Total EBITDA	1,164	1,139	1,174	1,145	4,622	1,155	1,124	2,279


Capital expenditure
Swisscom Switzerland	394	427	376	493	1,690	445	420	865
Fastweb	152	141	143	170	606	149	145	294
Other Operating Segments	8	10	10	12	40	8	9	17
Intersegment elimination	(9)	(10)	(12)	(13)	(44)	(8)	(11)	(19)
Total capital expenditure	545	568	517	662	2,292	594	563	1,157

In CHF million, except where indicated	1st quarter	2nd quarter	3rd quarter	4th quarter	2023	1st quarter	2nd quarter	2024

Operating free cash flow
Operating income (EBITDA)	1,164	1,139	1,174	1,145	4,622	1,155	1,124	2,279
Lease expense	(73)	(70)	(74)	(71)	(288)	(72)	(73)	(145)
EBITDA after lease expense (EBITDAaL)	1,091	1,069	1,100	1,074	4,334	1,083	1,051	2,134
Capital expenditure	(545)	(568)	(517)	(662)	(2,292)	(594)	(563)	(1,157)
Operating free cash flow	546	501	583	412	2,042	489	488	977

Free cash flow
Free cash flow	209	253	575	443	1,480	198	155	353

Net debt
Net debt	7,171	8,108	7,507	7,071	7,071	6,941	7,919	7,919

Full-time equivalent employees
Swisscom Switzerland	12,848	13,061	13,218	13,263	13,263	13,389	13,361	13,361
Fastweb	3,087	3,117	3,146	3,157	3,157	3,225	3,251	3,251
Other Operating Segments	3,317	3,319	3,322	3,309	3,309	3,333	3,324	3,324
Total personnel expense	19,252	19,497	19,686	19,729	19,729	19,947	19,936	19,936

Information by geographical regions
Revenue in Switzerland	2,129	2,088	2,116	2,183	8,516	2,079	2,088	4,167
Revenue in other countries	618	615	636	687	2,556	624	663	1,287
Total revenue	2,747	2,703	2,752	2,870	11,072	2,703	2,751	5,454

Operating income (EBITDA) in Switzerland	975	933	951	983	3,842	972	905	1,877
Operating income (EBITDA) in other countries	189	206	223	162	780	183	219	402
Total EBITDA	1,164	1,139	1,174	1,145	4,622	1,155	1,124	2,279

Capital expenditure in Switzerland	392	427	374	492	1,685	444	418	862
Capital expenditure in other countries	153	141	143	170	607	150	145	295
Total capital expenditure	545	568	517	662	2,292	594	563	1,157

Headcount in Switzerland	15,755	15,929	16,048	16,051	16,051	16,105	16,044	16,044
Headcount in other countries	3,497	3,568	3,638	3,678	3,678	3,842	3,892	3,892
Total headcount (full-time equivalent)	19,252	19,497	19,686	19,729	19,729	19,947	19,936	19,936

Fastweb, in EUR million
Residential customers	289	291	289	294	1,163	288	290	578
Corporate customers	261	266	287	320	1,134	284	295	579
Wholesale	71	70	83	106	330	84	97	181
External revenue	621	627	659	720	2,627	656	682	1,338
Intersegment revenue	2	1	1	2	6	2	–	2
Revenue	623	628	660	722	2,633	658	682	1,340

Operating income (EBITDA)	188	210	229	171	798	192	225	417
Margin as % of revenue	30.2	33.4	34.7	23.7	30.3	29.2	33.0	31.1
Lease expense	(13)	(14)	(14)	(14)	(55)	(13)	(12)	(25)
EBITDA after lease expense (EBITDAaL)	175	196	215	157	743	179	213	392
Capital expenditure	(153)	(144)	(148)	(178)	(623)	(157)	(150)	(307)
Operating free cash flow	22	52	67	(21)	120	22	63	85

Broadband access lines in thousand	2,662	2,631	2,613	2,601	2,601	2,582	2,557	2,557
Broadband access lines wholesale in thousand	498	532	579	648	648	720	778	778
Mobile access lines in thousand	3,231	3,343	3,428	3,509	3,509	3,611	3,724	3,724

In CHF million, except where indicated	1st quarter	2nd quarter	3rd quarter	4th quarter	2023	1st quarter	2nd quarter	2024

Swisscom Switzerland Revenue and results
Residential Customers	963	963	967	963	3,856	946	949	1,895
Business Customers	391	385	385	384	1,545	378	375	753
Revenue telecom services	1,354	1,348	1,352	1,347	5,401	1,324	1,324	2,648
IT services	283	284	287	300	1,154	297	304	601
Merchandise	217	175	191	252	835	187	195	382
Wholesale	131	132	139	128	530	134	123	257
Revenue other	45	45	40	39	169	35	35	70
External revenue	2,030	1,984	2,009	2,066	8,089	1,977	1,981	3,958
Intersegment revenue	15	15	14	14	58	16	14	30
Revenue	2,045	1,999	2,023	2,080	8,147	1,993	1,995	3,988


Residential Customers	1,137	1,099	1,111	1,158	4,505	1,078	1,079	2,157
Business Customers	768	760	765	790	3,083	773	785	1,558
Wholesale	134	135	142	130	541	136	126	262
Infrastructure & Support Functions	19	19	19	16	73	19	19	38
Intersegment elimination	(13)	(14)	(14)	(14)	(55)	(13)	(14)	(27)
Revenue	2,045	1,999	2,023	2,080	8,147	1,993	1,995	3,988


Residential Customers	754	748	760	745	3,007	748	744	1,492
Business Customers	342	330	338	335	1,345	325	320	645
Wholesale	80	86	53	106	325	93	65	158
Infrastructure & Support Functions	(232)	(248)	(239)	(250)	(969)	(221)	(256)	(477)
Intersegment elimination	1	(1)	1	–	1	(1)	1	–
EBITDA	945	915	913	936	3,709	944	874	1,818
Margin as % of revenue	46.2	45.8	45.1	45.0	45.5	47.4	43.8	45.6
Lease expense	(56)	(55)	(58)	(56)	(225)	(58)	(57)	(115)
EBITDA after lease expense (EBITDAaL)	889	860	855	880	3,484	886	817	1,703
Capital expenditure	(394)	(427)	(376)	(493)	(1,690)	(445)	(420)	(865)
Operating free cash flow	495	433	479	387	1,794	441	397	838

Operational data in thousand
Residential Customers	1,058	1,041	1,024	1,008	1,008	988	969	969
Business Customers	234	230	225	218	218	215	212	212
Fixed telephony access lines	1,292	1,271	1,249	1,226	1,226	1,203	1,181	1,181

Residential Customers	1,727	1,724	1,722	1,721	1,721	1,709	1,703	1,703
Business Customers	290	288	287	285	285	282	279	279
Broadband access lines retail	2,017	2,012	2,009	2,006	2,006	1,991	1,982	1,982

Residential Customers	1,491	1,483	1,475	1,472	1,472	1,462	1,448	1,448
Business Customers	67	66	66	65	65	64	63	63
TV access lines	1,558	1,549	1,541	1,537	1,537	1,526	1,511	1,511

Residential Customers	3,295	3,322	3,354	3,380	3,380	3,379	3,396	3,396
Business Customers	1,939	1,958	1,961	1,970	1,970	1,981	1,986	1,986
Mobile access lines Postpaid	5,234	5,280	5,315	5,350	5,350	5,360	5,382	5,382
Prepaid Residential Customers	1,001	979	949	927	927	909	888	888
Mobile access lines	6,235	6,259	6,264	6,277	6,277	6,269	6,270	6,270

Access lines wholesale	688	682	683	692	692	704	712	712