Quarterly review 2023 and 2024

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

Income statement
Revenue	2,747	2,703	2,752	2,870	11,072	2,703	2,751	2,719	8,173
Direct costs	(710)	(674)	(739)	(783)	(2,906)	(685)	(727)	(729)	(2,141)
Personnel expense	(679)	(671)	(634)	(696)	(2,680)	(703)	(701)	(644)	(2,048)
Other operating expense	(358)	(413)	(382)	(477)	(1,630)	(362)	(379)	(374)	(1,115)
Capitalised self-constructed assets and other income	164	194	177	231	766	202	180	187	569
Operating income (EBITDA)	1,164	1,139	1,174	1,145	4,622	1,155	1,124	1,159	3,438
Depreciation and amortisation	(525)	(531)	(510)	(560)	(2,126)	(522)	(539)	(529)	(1,590)
Depreciation of right-of-use assets	(66)	(66)	(65)	(94)	(291)	(65)	(65)	(66)	(196)
Operating income (EBIT)	573	542	599	491	2,205	568	520	564	1,652
Net interest expense on financial assets and liabilities	(14)	(19)	(18)	(16)	(67)	(15)	(21)	(4)	(40)
Interest expense on lease liabilities	(12)	(9)	(13)	(10)	(44)	(12)	(12)	(11)	(35)
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	552	1,576
Income tax expense	(101)	(102)	(108)	(53)	(364)	(99)	(89)	(105)	(293)
Net income	442	406	462	401	1,711	455	381	447	1,283
Attributable to equity holders of Swisscom Ltd	442	406	463	400	1,711	455	381	447	1,283
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	8.63	24.77


Revenue
Swisscom Switzerland	2,045	1,999	2,023	2,080	8,147	1,993	1,995	1,978	5,966
Fastweb	619	617	637	688	2,561	623	663	654	1,940
Other Operating Segments	240	255	266	302	1,063	252	285	283	820
Intersegment elimination	(157)	(168)	(174)	(200)	(699)	(165)	(192)	(196)	(553)
Total revenue	2,747	2,703	2,752	2,870	11,072	2,703	2,751	2,719	8,173


Operating income before depreciation and amortisation (EBITDA)
Swisscom Switzerland	945	915	913	936	3,709	944	874	906	2,724
Fastweb	187	206	221	162	776	182	218	219	619
Other Operating Segments	32	19	42	52	145	33	38	41	112
Reconciliation pension cost	9	10	9	9	37	4	5	5	14
Elimination	(9)	(11)	(11)	(14)	(45)	(8)	(11)	(12)	(31)
Total EBITDA	1,164	1,139	1,174	1,145	4,622	1,155	1,124	1,159	3,438


Capital expenditure
Swisscom Switzerland	394	427	376	493	1,690	445	420	437	1,302
Fastweb	152	141	143	170	606	149	145	137	431
Other Operating Segments	8	10	10	12	40	8	9	11	28
Intersegment elimination	(9)	(10)	(12)	(13)	(44)	(8)	(11)	(11)	(30)
Total capital expenditure	545	568	517	662	2,292	594	563	574	1,731

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

Operating free cash flow
Operating income (EBITDA)	1,164	1,139	1,174	1,145	4,622	1,155	1,124	1,159	3,438
Lease expense	(73)	(70)	(74)	(71)	(288)	(72)	(73)	(72)	(217)
EBITDA after lease expense (EBITDAaL)	1,091	1,069	1,100	1,074	4,334	1,083	1,051	1,087	3,221
Capital expenditure	(545)	(568)	(517)	(662)	(2,292)	(594)	(563)	(574)	(1,731)
Operating free cash flow	546	501	583	412	2,042	489	488	513	1,490

Free cash flow
Free cash flow	209	253	575	443	1,480	198	155	684	1,037

Net debt
Net debt	7,171	8,108	7,507	7,071	7,071	6,941	7,919	6,893	6,893

Full-time equivalent employees
Swisscom Switzerland	12,848	13,061	13,218	13,263	13,263	13,389	13,361	13,400	13,400
Fastweb	3,087	3,117	3,146	3,157	3,157	3,225	3,251	3,266	3,266
Other Operating Segments	3,317	3,319	3,322	3,309	3,309	3,333	3,324	3,314	3,314
Total personnel expense	19,252	19,497	19,686	19,729	19,729	19,947	19,936	19,980	19,980

Information by geographical regions
Revenue in Switzerland	2,129	2,088	2,116	2,183	8,516	2,079	2,088	2,065	6,232
Revenue in other countries	618	615	636	687	2,556	624	663	654	1,941
Total revenue	2,747	2,703	2,752	2,870	11,072	2,703	2,751	2,719	8,173

Operating income (EBITDA) in Switzerland	975	933	951	983	3,842	972	905	939	2,816
Operating income (EBITDA) in other countries	189	206	223	162	780	183	219	220	622
Total EBITDA	1,164	1,139	1,174	1,145	4,622	1,155	1,124	1,159	3,438

Capital expenditure in Switzerland	392	427	374	492	1,685	444	418	436	1,298
Capital expenditure in other countries	153	141	143	170	607	150	145	138	433
Total capital expenditure	545	568	517	662	2,292	594	563	574	1,731

Headcount in Switzerland	15,755	15,929	16,048	16,051	16,051	16,105	16,044	16,043	16,043
Headcount in other countries	3,497	3,568	3,638	3,678	3,678	3,842	3,892	3,937	3,937
Total headcount (full-time equivalent)	19,252	19,497	19,686	19,729	19,729	19,947	19,936	19,980	19,980

Fastweb, in EUR million
Residential customers	289	291	289	294	1,163	288	290	292	870
Corporate customers	261	266	287	320	1,134	284	295	304	883
Wholesale	71	70	83	106	330	84	97	92	273
External revenue	621	627	659	720	2,627	656	682	688	2,026
Intersegment revenue	2	1	1	2	6	2	–	3	5
Revenue	623	628	660	722	2,633	658	682	691	2,031

Operating income (EBITDA)	188	210	229	171	798	192	225	231	648
Margin as % of revenue	30.2	33.4	34.7	23.7	30.3	29.2	33.0	33.4	31.9
Lease expense	(13)	(14)	(14)	(14)	(55)	(13)	(12)	(13)	(38)
EBITDA after lease expense (EBITDAaL)	175	196	215	157	743	179	213	218	610
Capital expenditure	(153)	(144)	(148)	(178)	(623)	(157)	(150)	(144)	(451)
Operating free cash flow	22	52	67	(21)	120	22	63	74	159

Broadband access lines in thousand	2,662	2,631	2,613	2,601	2,601	2,582	2,557	2,548	2,548
Broadband access lines wholesale in thousand	498	532	579	648	648	720	778	832	832
Mobile access lines in thousand	3,231	3,343	3,428	3,509	3,509	3,611	3,724	3,816	3,816

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

Swisscom Switzerland Revenue and results
Residential Customers	963	963	967	963	3,856	946	949	954	2,849
Business Customers	391	385	385	384	1,545	378	375	374	1,127
Revenue telecom services	1,354	1,348	1,352	1,347	5,401	1,324	1,324	1,328	3,976
IT services	283	284	287	300	1,154	297	304	296	897
Merchandise	217	175	191	252	835	187	195	169	551
Wholesale	131	132	139	128	530	134	123	131	388
Revenue other	45	45	40	39	169	35	35	39	109
External revenue	2,030	1,984	2,009	2,066	8,089	1,977	1,981	1,963	5,921
Intersegment revenue	15	15	14	14	58	16	14	15	45
Revenue	2,045	1,999	2,023	2,080	8,147	1,993	1,995	1,978	5,966


Residential Customers	1,137	1,099	1,111	1,158	4,505	1,078	1,079	1,090	3,247
Business Customers	768	760	765	790	3,083	773	785	752	2,310
Wholesale	134	135	142	130	541	136	126	133	395
Infrastructure & Support Functions	19	19	19	16	73	19	19	19	57
Intersegment elimination	(13)	(14)	(14)	(14)	(55)	(13)	(14)	(16)	(43)
Revenue	2,045	1,999	2,023	2,080	8,147	1,993	1,995	1,978	5,966


Residential Customers	754	748	760	745	3,007	748	744	757	2,249
Business Customers	342	330	338	335	1,345	325	320	331	976
Wholesale	80	86	53	106	325	93	65	57	215
Infrastructure & Support Functions	(232)	(248)	(239)	(250)	(969)	(221)	(256)	(239)	(716)
Intersegment elimination	1	(1)	1	–	1	(1)	1	–	–
EBITDA	945	915	913	936	3,709	944	874	906	2,724
Margin as % of revenue	46.2	45.8	45.1	45.0	45.5	47.4	43.8	45.8	45.7
Lease expense	(56)	(55)	(58)	(56)	(225)	(58)	(57)	(59)	(174)
EBITDA after lease expense (EBITDAaL)	889	860	855	880	3,484	886	817	847	2,550
Capital expenditure	(394)	(427)	(376)	(493)	(1,690)	(445)	(420)	(437)	(1,302)
Operating free cash flow	495	433	479	387	1,794	441	397	410	1,248

Operational data in thousand
Residential Customers	1,058	1,041	1,024	1,008	1,008	988	969	951	951
Business Customers	234	230	225	218	218	215	212	208	208
Fixed telephony access lines	1,292	1,271	1,249	1,226	1,226	1,203	1,181	1,159	1,159

Residential Customers	1,727	1,724	1,722	1,721	1,721	1,709	1,703	1,697	1,697
Business Customers	290	288	287	285	285	282	279	276	276
Broadband access lines retail	2,017	2,012	2,009	2,006	2,006	1,991	1,982	1,973	1,973

Residential Customers	1,491	1,483	1,475	1,472	1,472	1,462	1,448	1,436	1,436
Business Customers	67	66	66	65	65	64	63	63	63
TV access lines	1,558	1,549	1,541	1,537	1,537	1,526	1,511	1,499	1,499

Residential Customers	3,295	3,322	3,354	3,380	3,380	3,379	3,396	3,416	3,416
Business Customers	1,939	1,958	1,961	1,970	1,970	1,981	1,986	2,001	2,001
Mobile access lines Postpaid	5,234	5,280	5,315	5,350	5,350	5,360	5,382	5,417	5,417
Prepaid Residential Customers	1,001	979	949	927	927	909	888	862	862
Mobile access lines	6,235	6,259	6,264	6,277	6,277	6,269	6,270	6,279	6,279

Access lines wholesale	688	682	683	692	692	704	712	722	722