Summary

Group revenue decreased by 0.4% year-on-year to CHF 8,173 million. Operating income before depreciation and amortisation (EBITDA) rose by 1.1% to CHF 3,438 million. The reported revenue and EBITDA development was influenced by the performance of the euro (EUR) as a result of the substantial share attributable to the Italian subsidiary Fastweb. The EUR average exchange rate fell by 2.5% in the first nine months of 2024 compared to the same period of the previous year. This resulted in negative exchange differences on Group revenue of CHF 50 million and on EBITDA of CHF 16 million. Based on a constant EUR exchange rate, revenue in the first nine months of 2024 rose by 0.3% or CHF 21 million. Swisscom Switzerland’s revenue fell by 1.7%. Fastweb achieved an increase in revenue of 6.3% (in EUR).

EBITDA development was positively influenced not only by currency effects, but also by non-recurring items relating to litigation of CHF 24 million (prior year: CHF –3 million). On the other hand, non-recurring costs of CHF 18 million, which had an impact on EBITDA, were incurred in connection with preparations for the takeover of Vodafone Italia. Without these non-recurring items and with a constant EUR exchange rate, this resulted in an decline in EBITDA of CHF 32 million (–0.9%). CHF 45 million (–1.6%) of this drop is attributable to Swisscom Switzerland. Fastweb, on the other hand, reported an increase of CHF 8 million (+1.3%). Consolidated net income decreased by 2.1% year-on-year to total CHF 1,283 million. The lower operating income figure was offset by an improved financial result and a lower tax expense.

The Group’s capital expenditure rose by 6.2% in a year-on-year comparison to CHF 1,731 million. Capital expenditure in the Swiss core business rose by 8.8%, and by 1.3% at Fastweb (in EUR). Operating free cash flow fell by CHF 140 million or 8.6% year-on-year to CHF 1,490 million due to lower EBITDA and increased capital expenditure. By contrast, free cash flow remained stable at CHF 1,037 million. The decline in operating free cash flow was offset by better performance in net working capital and lower interest and income taxes paid. Net debt decreased by 8.2% to CHF 6,893 million year-on-year. The number of Swisscom employees increased by 1.5% to 19,980 FTEs. The headcount across Switzerland remained stable at 16,043 FTEs.

The financial outlook for the 2024 financial year remains unchanged. Swisscom expects revenue of around CHF 11.0 bil­lion, EBITDA of CHF 4.5–4.6 bil­lion and capital expenditure of around CHF 2.3 bil­lion. Subject to achieving its targets, Swisscom plans to propose payment of an unchanged attractive dividend of CHF 22 per share for the 2024 financial year at the 2025 Annual General Meeting.