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

Consolidated statement of cash flows

In CHF million Note 2025 2024 restated 1
Net income 1,270 1,541
Income tax expense 6.1 297 320
Result of equity-accounted investees 5.4 – 2
Financial income 2.4 (38) (177)
Financial expense 2.4 396 267
Depreciation, amortisation of property, plant and equipment, intangible assets and goodwill 3.2, 3.3, 3.4 3,114 2,143
Depreciation of right-of-use assets 2.3 1,578 671
Gain on sale of property, plant and equipment 1.2 (23) (26)
Loss on sale of property, plant and equipment 3 –
Expense for share-based payments 1 1
Revenue from finance leases (84) (87)
Proceeds from finance leases 95 80
Change in deferred gain from the sale and leaseback of real estate 2.3 (3) (4)
Change in operating assets and liabilities 3.1 118 (9)
Change in provisions 3.5 (121) 26
Change in defined benefit obligations 4.3 17 (5)
Interest received 11 102
Interest payments on financial liabilities 2.2 (235) (112)
Interest payments on lease liabilities 2.3 (105) (50)
Dividends received 5.4 1 1
Income taxes paid 6.1 (280) (297)
Cash flow from operating activities 6,012 4,387
Purchase of property, plant and equipment and intangible assets 3.2, 3.3 (3,008) (2,288)
Proceeds from sale of property, plant and equipment and intangible assets 25 44
Acquisition of subsidiaries, net of cash and cash equivalents acquired 5.2 (34) (7,372)
Proceeds from sale of subsidiaries, net of cash and cash equivalents sold 5.2 2 2
Acquisition of equity-accounted investees 5.2 – (2)
Purchase of other financial assets 2.2 (500) (2,020)
Proceeds from other financial assets 2.2, 6.3 31 2,386
Other cash flows from investing activities (39) (29)
Cash flow used in investing activities (3,523) (9,279)
Issuance of financial liabilities 2.2 1,830 8,881
Repayment of financial liabilities 2.2 (2,870) (641)
Repayment of lease liabilities 2.3 (1,558) (677)
Dividends paid to equity holders of Swisscom Ltd 2.1 (1,140) (1,140)
Acquisition of non-controlling interests 5.2 – (15)
Other cash flows from financing activities (13) 1
(Cash used in) cash flow from financing activities (3,751) 6,409
(Net decrease) net increase in cash and cash equivalents (1,262) 1,517
Cash and cash equivalents at 1 January 1,523 148
Foreign currency translation adjustments in respect of cash and cash equivalents (3) (142)
Cash and cash equivalents at 31 December 258 1,523
1 See ’General information and changes in accounting policies’ in the notes to the financial statements.