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

5.1 Members of the Group Executive Committee

Under the Articles of Incorporation, the Group Executive Committee comprises one or more members, who are appointed by the Board of Directors but cannot sit on the Board at the same time, with temporary exemptions permitted only in exceptional cases. The Board of Directors has delegated responsibility for overall executive management of Swisscom Ltd to the Group CEO, who may in turn delegate powers to subordinates, primarily to other members of the Group Executive Committee and the executive boards of the subsidiaries. As of 1 April 2025, the Board of Directors reduced the Group Executive Committee to Christoph Aeschlimann (Group CEO), Eugen Stermetz (Group CFO), Isa Müller-Wegner (Group CSO) and Klementina Pejic (Group CPO), who manage the Swisscom Group as a whole, with specific business in Switzerland and Italy managed by their respective executive committees. The Executive Committee for Swisscom Switzerland consists of the nine members of the Swisscom Group Executive Committee prior to April 2025, ensuring stability and continuity for the Swiss business in the future.

See section 2.1 Group structure

An overview of the composition of the Group Executive Committee as of 31 December 2025 and key details of the careers and qualifications of the members are provided below.

Name Nationality Year of birth Function Appointed to the Group Executive Committee in
Christoph Aeschlimann¹ Switzerland 1977 Group CEO February 2019
Isa Müller-Wegner Switzerland, Germany 1977 Head of Group Strategy & Business Development, Group CSO June 2023
Klementina Pejic Germany 1974 Head of Group Human Resources, Group CPO February 2021
Eugen Stermetz Austria 1972 Head of Group Finance, Group CFO March 2021
1 Since June 2022 Group CEO.

The image shows Christoph Aeschlimann.

Christoph Aeschlimann

Degree in Computer Science (Dipl. Ing.),École polytechnique fédérale de Lausanne (EPFL); MBA, McGill University (Canada)

Career history

2001–2004 Software Development Manager, Odyssey Asset Management Systems; 2006–2007 Business Unit Manager, Zühlke Group; 2007–2011 Odyssey Financial Technologies: 2007–2008 Area Services Manager, 2008–2011 Senior Account Manager EMEA; 2011–2012 Head of Switzerland and General Manager D-A-CH & CIS, BSB; 2012–2018 ERNI Group: 2012–2014 Business Area Manager, 2014–2017 Managing Director Switzerland, 2017–2018 CEO; since February 2019 Swisscom Ltd: 2019–June 2023 Head of IT, Network & Infrastructure and member of the Swisscom Group Executive Committee, since June 2022 Group CEO and Chair of the Group Executive Committee

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

The image shows Isa Müller-Wegner.

Isa Müller-Wegner

MBA, Harvard Business School; MA PPE, Oxford University

Career history

1999–2002 Consultant, Arthur D. Little, London; 2002–2003 Business Strategist for Television, British Broadcasting Corporation, London; 2005–2007 Consultant, Bain & Company, London; 2007–2014 Principal, Bain & Company, Zurich; 2014–2019 eBay International Inc., Zurich: 2014–2015 Head of EMEA Strategy, 2015–2017 COO Emerging European Countries, 2017–2019 General Manager Emerging European Markets; 2019–2023 Executive Vice President, Bain Capital Private Equity, London; since June 2023 Swisscom Ltd: Group CSO and member of the Group Executive Committee

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

The image shows Klementina Pejic.

Klementina Pejic

MBA, Dortmund University of Applied Sciences and Arts; École Supérieure des Sciences Économiques et Commerciales ESSEC, Cergy-Pontoise, International Business MA

Career history

2001–2002 Consultant, Watson Wyatt AG, Zurich; 2003–2020 Clariant International AG: 2003–2004 Divisional HR Manager, 2005–2007 Global HR Business Partner, 2008–2009 Head Management Development Europe, 2010–2011 Head Global Talent Management, 2012–2013 Head Senior Management Development, 2014–2017 Head SMD & People Excellence, 2018–January 2021 Head Human Resources; since February 2021 Swisscom Ltd: Group CPO and member of the Group Executive Committee

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

The image shows Eugen Stermetz.

Eugen Stermetz

Degree in Business Administration (lic. oec.), University of St. Gallen; PhD in Social and Economic Sciences (Dr. rer. soc. oec.), Vienna University of Economics and Business

Career history

1996–2000 Boston Consulting Group, Munich and Vienna; 2001–2005 CFO, Igeneon AG, Vienna; 2006–2008 CFO and Managing Director, F-star GmbH, Vienna; 2009–2011 CFO and member of the Executive Board, SVOX AG, Zurich; since 2012 Swisscom Ltd: until 2017 CFO Participations, 2017–2018 CFO Participations and Head of Mergers & Acquisitions, 2018–February 2021 Group Treasurer (Treasury, Insurance and Mergers & Acquisitions), since March 2021 Group CFO and member of the Group Executive Committee

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