Summary

Swisscom achieved its financial targets for the 2025 financial year and will propose an increase in the dividend from CHF 22 to CHF 26 per share at the Annual General Meeting on 25 March 2026. For the financial year 2025, the Switzerland segment (52%) and the Italy segment (45%) contributing the most to the Group’s revenue of CHF 15.0 billion. Of the operating income after lease expense (EBITDAaL) of CHF 5.0 billion, Switzerland accounting for 67% and Italy had a share of 32%.

Group revenue decreased by 2.0% year-on-year to CHF 15,048 million. Operating income before depreciation and amortisation after lease expense (EBITDAaL) fell by 1.2% to CHF 4,984 million. With a substantial share of this attributable to the Italy segment, revenue and EBITDAaL development were influenced by the performance of the EUR exchange rate. In 2025, the EUR average exchange rate fell by 1.5% year-on-year. This resulted in negative exchange differences on revenue of CHF 105 million and on EBITDAaL of CHF 26 million. Based on a constant EUR exchange rate, revenue in 2025 decreased by 1.3% or CHF 205 million. Revenue fell by 1.4% for Switzerland and by 1.1% (in EUR) for Italy.

EBITDAaL development was also affected by non-recurring items. These items were connected with the integration of Vodafone Italia, restructuring costs, legal and other provisions and the reconciliation of pension cost. Without these non-recurring items and with a constant EUR exchange rate, this resulted in a drop in EBITDAaL of CHF 100 million (–1.9%). Of this drop, CHF 27 million (–0.8%) is attributable to the Switzerland segment and CHF 54 million (–3.1%) to the Italy segment. Net income fell by CHF 271 million (–17.6%) compared to the previous year to CHF 1,270 million. The decrease in net income is mainly due to costs related to the acquisition of Vodafone Italia.

Capital expenditure for the Swisscom Group decreased by 1.6% to CHF 3,064 million. Capital expenditure for Switzerland decreased by 1.9% and remained relatively stable for Italy (in EUR +0.4%). In 2025, capital expenditure for Italy included EUR 39 million for the consolidation of mobile sites on the INWIT network (prior year: EUR 71 million) and EUR 108 million in integration capital expenditure. Without these non-recurring items and with a constant EUR exchange rate, capital expenditure for the Group decreased by 3.3% and for Italy by 5.0%.

Operating free cash flow decreased by CHF 9 million or 0.5% year-on-year to CHF 1,920 million. Without the non-recurring items set out above and with a constant EUR exchange rate, operating free cash flow remained stable (+0.1%). The decrease in capital expenditure offset the decrease in EBITDAaL. Free cash flow of CHF 1,433 million remained relatively stable year-on-year (–0.3%). The proposed dividend of CHF 26 per share for the 2025 financial year is fully financed by the free cash flow generated in 2025.

The number of Swisscom employees decreased year-on-year by 573 FTEs or 2.4% to 23,266 FTEs. The decrease in the Italy segment amounts to 72 FTEs (–1.0%), caused by reductions at Vodafone Italia. In the Switzerland segment, headcount decreased by 384 FTEs or 2.9% to 12,935 FTEs following personnel reductions in the areas of customer care and IT business.

For 2026, Swisscom expects revenue of CHF 14.7–14.9 billion, EBITDAaL of CHF 5.0–5.1 billion, capital expenditures of CHF 3.0–3.1 billion and an operating free cash flow of around CHF 2.0 billion. Subject to achieving its targets, Swisscom plans to propose the payment of an increased dividend of CHF 27 per share for the 2026 financial year at the 2027 Annual General Meeting.