2.3 Cross-shareholdings

Table of contents for the Annual Report 2025 report

Key figures HighlightsWhat did ‘Innovators of Trust’ mean in 2025?

An AI that I can trust The backbone of the digital future A new leading player in Italy Together towards net zero

Letter to the shareholders

Swisscom share Dividend policy Financing strategy

Management Commentary

Business modelGroup overview

Acquisition of Vodafone Italia Organisation and structure Swisscom brands Operating segments

Business environment and strategy

Economic environment Legal environment Market for telecommunications and IT Group goals and strategy

Infrastructure in Switzerland Infrastructure in Italy

Financial management system

Key performance indicators for financial performance Key performance indicators for financial position Financial targets and achievement of targets in 2025

New human resources operating model Employees in Switzerland Employees in Italy

Products and services

Switzerland segment Italy segment Others segment

Innovation and development

Driving business with security, trust, AI and innovation Key innovation fields

Risk management

Assessment of the overall risk situation Enterprise Risk Management system Risk management process Progress and outlook Key risks

Financial review

Alternative performance measures KPIs Group KPIs segments Summary Depreciation and amortisation, non-operating results Income tax expense Cash flows Capital expenditure Net asset position Statement of added value

Financial outlook

Corporate Governance

1 General principles2 Group structure and shareholders

2.1 Group structure 2.2 Major shareholders 2.3 Cross-shareholdings

3 Capital structure

3.1 Capital 3.2 Shares, participation certificates  and profit-sharing certificates 3.3 Limitations on transferability and nominee registrations 3.4 Convertible bonds, debenture bonds and options

4 Board of Directors

4.1 Members of the Board of Directors 4.2 Education, professional activities and affiliations 4.3 Composition of the Board of Directors 4.4 Independence 4.5 Election and term of office 4.6 Succession planning 4.7 Ongoing development and continuing education 4.8 Chair of the Board of Directors 4.9 Internal organisation and working methods 4.10 Committees of the Board of Directors 4.11 Assignment of duties 4.12 Reporting and controlling instruments of the Board of Directors with relation to the Group Executive Committee

5 Group Executive Committee

5.1 Members of the Group Executive Committee 5.2 Affiliations 5.3 Management agreements

6 Remuneration, shareholdings and loans7 Shareholders’ participation rights

7.1 Voting right restrictions and proxies 7.2 Statutory quorum requirements 7.3 Convocation of the Annual General Meeting and agenda items 7.4 Representation at the Annual General Meeting 7.5 Entry in the share register

8 Change of control and defensive measures9 Auditor

9.1 Selection process, duration of mandate and term of office of the auditor-in-charge 9.2 Audit fees and additional fees 9.3 Supervision of auditors

10 Information policy 11 Financial calendar 12 Trading blackout periods

Remuneration Report

Letter from the Chair of the Compensation Committee1 Governance

1.1 General principles 1.2 Division of responsibilities between the Annual General Meeting, the Board of Directors and the Compensation Committee 1.3 Election, composition and working methods of the Compensation Committee

2 Remuneration of the Board of Directors

2.1 General principles 2.2 Remuneration components 2.3 Total remuneration (audited)2.4 Minimum shareholding requirement 2.5 Shareholdings of the members of the Board of Directors (audited)

3 Remuneration of the  Group Executive Committee

3.1 General principles 3.2 Remuneration components 3.3 Total remuneration 3.4 Minimum shareholding requirement 3.5 Shareholdings of the members of the Group Executive Committee (audited)3.6 Employment contracts 3.7 Clawback and malus

4 Other remuneration (audited)

4.1 Additional remuneration 4.2 Remuneration for former members  of the Board of Directors or Group  Executive Committee and their related parties 4.3 Loans and credits granted

5 Activities at other companies (audited)

5.1 Board of Directors 5.2 Group Executive Committee

6 Gender representation (audited)Report of the statutory auditor

Sustainability Statements

The big picture

ESG ratings and awards Swisscom Group’s contribution to the SDGs

Double materiality assessment

Business model and value chain

Stakeholders Corporate responsibility governanceEnvironment

Climate change (E1)

Transition plan for net zero 2035 Policies Reducing Scope 1 emissions Reducing Scope 2 emissions Reducing Scope 3 emissions Targets Energy consumption and mix GHG emissions Beyond value chain mitigation (BVCM)Avoided emissions Climate resilience analysis

Resource use and circular economy (E5)

Policies Actions on circular economy Targets Outflows of resources and waste

Own workforce (S1)

Working conditions and work-life balance Health and safety Diversity, equity and inclusion Training and skills development

Workers in the value chain (S2)Consumers and end users (S4)

Data protection, security and ethics Media literacy and protection of children Network access and expansion

Business conduct (G1)

Corporate culture Anti-corruption Supplier management

Annex and methodological note

Basis for preparation Policy overview Reporting standards and frameworks

Independent Assurance Report

Financial Statements

Consolidated financial statements Swisscom Group

Consolidated statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equityNotes to the consolidated financial statements

General information and changes in accounting policies 1 Operating performance 2 Capital and financial risk management 3 Operating assets and liabilities 4 Employees 5 Scope of consolidation 6 Other disclosures

Report of the statutory auditor

Financial statements of Swisscom Ltd

Income statement Balance sheet General disclosures Further disclosures Proposed appropriation of retained earnings

Five-year review

2.3 Cross-shareholdings

There are no cross-shareholdings between Swisscom Ltd and other public limited companies.