Table of contents for the Annual Report 2025 report

Introduction
Key figuresHighlightsWhat did ‘Innovators of Trust’ mean in 2025?
An AI that I can trustThe backbone of the digital futureA new leading player in ItalyTogether towards net zero
Letter to the shareholders
Capital Market
Swisscom shareDividend policyFinancing strategy
Management Commentary
Business modelGroup overview
Acquisition of Vodafone ItaliaOrganisation and structureSwisscom brandsOperating segments
Business environment and strategy
Economic environmentLegal environmentMarket for telecommunications and ITGroup goals and strategy
Infrastructure
Infrastructure in SwitzerlandInfrastructure in Italy
Financial management system
Key performance indicators for financial performanceKey performance indicators for financial positionFinancial targets and achievement of targets in 2025
Employees
New human resources operating modelEmployees in SwitzerlandEmployees in Italy
Products and services
Switzerland segmentItaly segmentOthers segment
Innovation and development
Driving business with security, trust, AI and innovationKey innovation fields
Risk management
Assessment of the overall risk situationEnterprise Risk Management systemRisk management processProgress and outlookKey risks
Financial review
Alternative performance measuresKPIs GroupKPIs segmentsSummaryDepreciation and amortisation, non-operating resultsIncome tax expenseCash flowsCapital expenditureNet asset positionStatement of added value
Financial outlook
Corporate Governance
1 General principles2 Group structure and shareholders
2.1 Group structure2.2 Major shareholders2.3 Cross-shareholdings
3 Capital structure
3.1 Capital3.2 Shares, participation certificates 
and profit-sharing certificates3.3 Limitations on transferability and nominee registrations3.4 Convertible bonds, debenture bonds and options
4 Board of Directors
4.1 Members of the Board of Directors4.2 Education, professional activities and affiliations4.3 Composition of the Board of Directors4.4 Independence4.5 Election and term of office4.6 Succession planning4.7 Ongoing development and continuing education4.8 Chair of the Board of Directors4.9 Internal organisation and working methods4.10 Committees of the Board of Directors4.11 Assignment of duties4.12 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 Committee5.2 Affiliations5.3 Management agreements
6 Remuneration, shareholdings and loans7 Shareholders’ participation rights
7.1 Voting right restrictions and proxies7.2 Statutory quorum requirements7.3 Convocation of the Annual General Meeting and agenda items7.4 Representation at the Annual General Meeting7.5 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-charge9.2 Audit fees and additional fees9.3 Supervision of auditors
10 Information policy11 Financial calendar12 Trading blackout periods
Remuneration Report
Letter from the Chair of the Compensation Committee1 Governance
1.1 General principles1.2 Division of responsibilities between the Annual General Meeting, the Board of Directors and the Compensation Committee1.3 Election, composition and working methods of the Compensation Committee
2 Remuneration of the Board of Directors
2.1 General principles2.2 Remuneration components2.3 Total remuneration (audited)2.4 Minimum shareholding requirement2.5 Shareholdings of the members of the Board of Directors (audited)
3 Remuneration of the 
Group Executive Committee
3.1 General principles3.2 Remuneration components3.3 Total remuneration3.4 Minimum shareholding requirement3.5 Shareholdings of the members of the Group Executive Committee (audited)3.6 Employment contracts3.7 Clawback and malus
4 Other remuneration (audited)
4.1 Additional remuneration4.2 Remuneration for former members 
of the Board of Directors or Group 
Executive Committee and their related parties4.3 Loans and credits granted
5 Activities at other companies (audited)
5.1 Board of Directors5.2 Group Executive Committee
6 Gender representation (audited)Report of the statutory auditor
Sustainability Statements
The big picture
ESG ratings and awardsSwisscom Group’s contribution to the SDGs
Double materiality assessment
Business model and value chain
StakeholdersCorporate responsibility governanceEnvironment
Climate change (E1)
Transition plan for net zero 2035PoliciesReducing Scope 1 emissionsReducing Scope 2 emissionsReducing Scope 3 emissionsTargetsEnergy consumption and mixGHG emissionsBeyond value chain mitigation (BVCM)Avoided emissionsClimate resilience analysis
Resource use and circular economy (E5)
PoliciesActions on circular economyTargetsOutflows of resources and waste
Social
Own workforce (S1)
Working conditions and work-life balanceHealth and safetyDiversity, equity and inclusionTraining and skills development
Workers in the value chain (S2)Consumers and end users (S4)
Data protection, security and ethicsMedia literacy and protection of childrenNetwork access and expansion
Governance
Business conduct (G1)
Corporate cultureAnti-corruptionSupplier management
Annex and methodological note
Basis for preparationPolicy overviewReporting standards and frameworks
Independent Assurance Report
Financial Statements
Consolidated financial statements Swisscom Group
Consolidated statement of comprehensive incomeConsolidated balance sheetConsolidated statement of cash flowsConsolidated statement of changes in equityNotes to the consolidated financial statements
General information and changes in accounting policies1 Operating performance2 Capital and financial risk management3 Operating assets and liabilities4 Employees5 Scope of consolidation6 Other disclosures
Report of the statutory auditor
Financial statements of Swisscom Ltd
Income statementBalance sheetGeneral disclosuresFurther disclosuresProposed appropriation of retained earnings
Five-year review

4.2 Education, professional activities and affiliations

The summary below includes key details of the careers and qualifications of each member of the Board of Directors, while their external mandates are disclosed in the Remuneration Report. The Board members are obligated to consult the Chair of the Board of Directors prior to accepting new mandates or upon changes in their professional career. The Chair consults the Vice Chair then informs the Board of Directors about these changes and any potential conflicts of interest. Members of the Board attend an annual internal training session on stock exchange regulations and dealing with affiliations. Details on the regulation of external mandates, in particular how mandates are defined and the number of mandates permitted, are set out in Article 9.3 of the Articles of Incorporation. At present, no member exceeds the limits for external mandates defined by the Articles of Incorporation.

See Guiding Principles

See Remuneration Report

The members of the Board of Directors are required to arrange their personal and business affairs in a way that minimises conflicts of interest, and to take all necessary actions to achieve this. Members must report any conflicts of interest that arise to the Chair and/or Vice Chair immediately, for the attention of the Board of Directors. To safeguard the interests of the company, the Board of Directors responds to conflicting interests among its members with measures commensurate with the severity of the conflict. It considers whether to exclude members subject to conflict of interest from resolutions and/or prior discussion, or whether a double resolution with and without the member in question is sufficient.

The image shows Michael Rechsteiner.

Michael Rechsteiner

Master of Science in Mechanical Engineering, ETH Zurich; Executive MBA, University of St.Gallen (HSG)

Career history

1990–2000 various roles at ABB Kraftwerke AG, most recently General Manager of ABB Power Generation Asia, Kuala Lumpur, Malaysia; 2000–2002 Head of Power Plants, Vice President Project Execution, Alstom Power; 2003–2007 COO, Sultex; 2007–2015 various roles at Alstom Power, most recently CEO and Senior Vice President Power Services; 2015–2017 General Electric (GE) Officer and Vice President of Global Product Lines at GE Power Services; April 2017–March 2021 managerial responsibility for GE Power Services Europe and CEO of GE Gas Power Europe; April 2021–April 2022 external advisor to General Electric (Switzerland) GmbH; since March 2021 Chair of the Board of Directors of Swisscom Ltd

For information on his external mandates, see mandates in the Remuneration Report.

The image shows Roland Abt.

Roland Abt

PhD in Business Administration, University of St.Gallen (HSG)

Career history

1985–1987 CFO of a group of companies with operations in the areas of IT and real estate; 1987–1996 Eternit Group (later Nueva Group): 1987–1991 Head of Controlling, 1991–1993 CEO, Industrias Plycem, Venezuela, 1993–1996 Division Manager, Fibre Cement Activities; 1996–2016 Georg Fischer Group: 1996–1997 CFO, GF Piping Systems, 1997–2004 CFO, Agie Charmilles Group (currently GF Machining Solutions), 2004–2016 CFO, Georg Fischer AG, and member of the Group Executive Board

For information on his external mandates, see mandates in the Remuneration Report.

The image shows Monique Bourquin.

Monique Bourquin

Degree in Business Administration (lic. oec.), University of St.Gallen (HSG)

Career history

1990–1994 Strategy and Corporate Finance Consultant, PricewaterhouseCoopers Switzerland; 1994–1997 Marketing and Sales, Unilever AG (formerly Knorr Nährmittel AG); 1997–1999 Head of Key Account Management (Sales), Rivella AG; 1999–2002 Country Manager (Marketing & Sales), Mövenpick Schweiz AG; 2002–2007 Head of Sales, Executive Board Member, Unilever Schweiz GmbH; 2008–2012 CEO, Executive Board Member, Unilever Schweiz GmbH incl. Oswald GmbH; 2012–2016 CFO DACH Region, Executive Board Member, Unilever Deutschland GmbH

For information on her external mandates, see mandates in the Remuneration Report.

The image shows Laura Cioli.

Laura Cioli

Degree in Electrical Engineering, University of Bologna, MBA, SDA Bocconi School of Management, Milan

Career history

1991–1998 Partner, Bain & Company, Italy; 1999–2006 Executive Director, Vodafone Italia, Milan; 2006–2008 Senior Vice President, ENI Gas & Power, Milan; 2008–2012 Chief Operating Officer, Sky Italia, Milan; 2013–2015 CEO, CartaSi (now Nexi), Milan; 2015–2016 CEO, RCS Media Group, Milan; 2018–2020 CEO, GEDI Gruppo Editoriale, Rome; 2022–January 2025 CEO, Sirti Group, Milan

For information on her external mandates, see mandates in the Remuneration Report.

The image shows Guus Dekkers.

Guus Dekkers

Master’s in Computer Science, Radboud University Nijmegen; MBA, Rotterdam School of Management (RSM)

Career history

1990–2001 Volkswagen AG, Wolfsburg, various roles, primarily in the area of business process optimisations; 2002–2005 Head of Information Technology Europe & International and Vice President, Johnson Controls Automotive; 2005–2007 CIO and Vice President, Siemens VDO Automotive AG, Germany; 2008–2016 CIO, Airbus Group, France; since April 2018 CTO and member of the Executive Committee, Tesco PLC, London

For information on his external mandates, see mandates in the Remuneration Report.

The image shows Frank Esser.

Frank Esser

Degree in Business Administration, Doctorate in Economics (Dr. rer. pol.)

Career history

1988–2000 Mannesmann Deutschland, most recently from 1996 member of the Executive Board of Mannesmann Eurokom; 2000–2012 Société française du radiotéléphone (SFR): 2000–2002 COO, 2002–2012 CEO, in this role from 2005–2012 also a member of the Group Executive Board of the Vivendi Group

For information on his external mandates, see mandates in the Remuneration Report.

The image shows Sandra Lathion-Zweifel.

Sandra Lathion-Zweifel

Degree in Law (lic. iur.), attorney-at-law; Master of Law, University of Zurich; Master of Laws (LL.M., Columbia University, New York; trader’s licence from SIX Swiss Exchange

Career history

2005–2010 Mergers & acquisitions lawyer, Lenz & Staehelin law firm, Zurich; 2010–2014 Head of Legal & Compliance Financial Products, Credit Suisse AG, Zurich; 2014–2018 Head of department in the Asset Management division of the Swiss Financial Market Supervisory Authority (FINMA); 2018–2019 Counsel for Banking & Finance, Lenz & Staehelin law firm, Geneva

For information on her external mandates, see mandates in the Remuneration Report.

The image shows Anna Mossberg.

Anna Mossberg

Executive MBA for Growing Companies, Stanford Business School, Palo Alto; Executive MBA, IE University, Madrid; Master of Science in Industrial Engineering and Management, Luleå University of Technology

Career history

1996–2010 Telia: various roles, including Vice President and Head of Business & Product Management, Head of Internet, Consumer Segment, Director Data Services, Product & Services; 2010 CEO, Bahnhof AB, Stockholm; 2012–2014 Senior Vice President Strategy and Portfolio Management, Deutsche Telekom; 2015–2018 member of the Management Team, Google Ltd, Sweden; 2021–2022 Managing Director, Silo AI, Sweden

For information on her external mandates, see mandates in the Remuneration Report.

The image shows Daniel Münger.

Daniel Münger

Certified NPO Manager

Career history

1983–1995 Various roles at PTT companies in cable installation and as a telecommunications specialist; 1996–2001 Various roles at the Swiss Metalworkers’ and Watchmakers’ Union (SMUV) and the Union of Construction and Industry (GBI); 2002–2023 syndicom: 2002–2009 Regional Director of the Communications Union (now syndicom); 2010–2014 Central Secretary of the ICT Sector; 2015–2016 Head of the Logistics Sector and member of the Management Board; 2016–2023 Chair

For information on his external mandates, see mandates in the Remuneration Report.

The image shows Fritz Zurbrügg.

Fritz Zurbrügg

Doctorate in Economics (Dr. rer. pol.)

Career history

1992–1994 Economist, International Monetary Fund (IMF); 1994–1998 Head of IMF and International Financing Section, Swiss Federal Finance Administration (FFA); 1998–2006 Senior Advisor and Executive Director of the Swiss Constituency, IMF Washington, DC; 2006–2012 FFA: 2006–2010 Head of the Fiscal Policy, Fiscal Equalisation and Financial Statistics Division, 2010–2012 Director of the FFA; 2012–2022 Swiss National Bank (SNB): 2012–2015 member of the Governing Board, 2015-2022 Vice Chair of the Governing Board

For information on his external mandates, see mandates in the Remuneration Report.