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

Policy overview

The Swisscom Group has adopted several policies that target material impacts, risks and opportunities. The corresponding minimum disclosure requirements (MDR-P) are set out below. Following the acquisition of Vodafone Italia by Swisscom through its subsidiary Fastweb, the two companies are working on aligning and harmonising their respective corporate policies.

Name Key contents and consideration given to stakeholders Scope of policy Accountability Third-party standards respected Availability
Environmental policy The Group’s environmental policy embeds sustainability considerations and ambitions across the Group’s decisions, operations and the entire value chain. It explicitly states the commitment to climate protection, covering biodiversity, soil, air and water, while promoting goods and services that conserve the environment. It highlights commitments towards energy efficiency and renewable energy, responsible supply chain management, international climate action and targeted training, as well as the assessments of environmental risks and opportunities. Swisscom Ltd (Group) Group CEO; Group Communication and Responsibility ISO14001, Sustainable Development Goals, SBTi Website, internally
Supplier code of conduct (ESG contract addendum) The supplier code of conduct defines the economic, environmental and social principles to be adhered to by direct suppliers and subcontractors. Swisscom aims to expose any corporate risks in order to take action where necessary. Swisscom (Switzerland) Ltd Group Finance Ten principles of the UN Global Compact, GHG Protocoll, Paris Agreement, ILO Conventions, OECD Guidance for Responsible Business Website, internally
Human rights policy The Group’s human rights policy sets out the human rights due diligence (HRDD) system and the commitment to respect and promote internationally recognised human rights towards all stakeholders, including employees, customers, workers in the value chain and members of local communities, including children. It explicitly addresses human trafficking, forced or compulsory and child labour. Swisscom Ltd (Group) Group CEO; Group Communication and Responsibility Universal Declaration of Human Rights, Fundamental Conventions of the International Labour Organization (ILO), United Nations Guiding Principles on Business and Human Rights (UNGPs), OECD Guidelines for Multinational Enterprises on Responsible Business Conduct and more (see Annex 1 of policy) Website, internally
Code of conduct This code of conduct contains the minimum expectations of the Board of Directors and the CEO in regard to managers and employees of Swisscom Group. It contains an explicit commitment to integrity and compliance with the law, external and internal rules and regulations. The Group expects its employees to behave responsibly, show consideration for people, society and the environment, and report any violations of the code of conduct. Swisscom Ltd (Group) Board of Directors n/a Website, internally
Personal integrity The directive aims to protect Swisscom employees from any form of violation to personal integrity, for example, discrimination, sexual harassment, bullying and violence in the workplace. It describes problematic and unacceptable behaviour, the responsibility of employers, line managers and employees, action to be taken if problems occur, the procedure in the event of violations and sets out any legal basis. Swisscom (Switzerland) Ltd, Swisscom Broadcast Ltd, Swisscom Services Ltd, Swisscom Trust Services Ltd, Worklink Ltd, cablex Ltd, Swisscom RE Ltd Group Human Resources n/a Website, internally
Compliance policy The compliance policy sets out the Group-wide Compliance Management System (CMS) regarding strategic, operational, monitoring and supporting elements and procedures. It is designed with regard to all internal and external stakeholders, including customers, partners and society. Requirements for specific groups of addressees are detailed in specialised guidelines. Swisscom Ltd (Group) Group Security & Corporate Affairs ISO 37301 standard Internally
Anti-corruption directive This directive sets out permissible or forbidden conduct in the course of professional activities. It is intended to protect employees, third parties involved and the entire Swisscom Group from criminal prosecution. Swisscom Ltd (Group) Group Security & Corporate Affairs Swiss law, UK Bribery Act, U.S. Foreign Corrupt Practices Act applicable to business activities Website, internally
Security policy The security policy outlines the framework for maintaining security across the organisation on a tactical level, focusing on information security, workplace safety and physical security. It includes objectives, roles, procedures, standards and guidelines, ensuring compliance and continous improvement through regular updates and audits. For subsidiaries domiciled abroad, the policy refers to the mandatory legal system and practice applicable. Swisscom Ltd (Group) Group Security & Corporate Affairs ISO/IEC 27001 Internally
Security directive The security directive sets out a comprehensive framework for managing security and detailing objectives, roles, and responsibilities at a strategic level. Its goal is to ensure the protection, detection, response and recovery of assets, aiming for effective security management and continuous improvement across all subsidiaries. Swisscom Ltd (Group) Group Security & Corporate Affairs ISO/IEC 27001, NIST Cybersecurity Framework Internally
Policy action plan whistleblowing This policy provides guidelines for the submission, intake, audit and evaluation of notifications of misconduct submitted through the whistleblowing channel. It ensures that all concerns are addressed fairly, promptly and anonymously in compliance with relevant whistleblowing and data protection legislation. Swisscom Ltd (Group) Board of Directors EU Directive 2019/1937 Internally
Privacy and personal data protection policy This policy defines the governance framework for safeguarding data in compliance with the GDPR and European regulations. It defines roles, responsibilities and procedures to ensure the security of confidential information, prevent unauthorised access and protect customer privacy. Fastweb + Vodafone Legal & Regulatory Fastweb + Vodafone EU General Data Protection Regulation (GDPR 2016/679), Internally
Code of ethics The code of ethics requires suppliers to commit to the protection of human rights, comply with labour regulations, and observe legal provisions on health and safety and environmental protection. It defines clear principles of integrity and transparency in data management and customer privacy. It establishes rules for handling information and provides control mechanisms and sanctions in case of violations. Fastweb + Vodafone Board of Directors Fastweb + Vodafone Universal Declaration of Human Rights, Fundamental Conventions of the International Labour Organization (ILO), OECD Guidelines for Multinational Enterprises on Responsible Business Conduct Website, internally
Code of conduct for ethical and sustainable procurement This code of conduct defines stringent standards of sustainability, social responsibility and transparency for Fastweb + Vodafone suppliers, ensuring alignment with national and international regulations. Fastweb + Vodafone Finance Fastweb + Vodafone Principles of SA8000 standard Website, internally
Social responsibility policy This policy prohibits child and forced labour, safeguards health and safety, promotes freedom of association, pay equity and non-discrimination, and is monitored by a dedicated Social Performance Team composed of both employee and management representatives. It defines a strong commitment to sustainable development and ethical management of the social impacts. Fastweb, Vodafone Italia Human Resources Fastweb + Vodafone SA8000:2014 standard, Universal Declaration of Human Rights, Conventions of the International Labour Organization (ILO) Internally
Cultural and inclusion policy This policy is designed to foster an inclusive and safe working environment, valuing diversity in all its forms, such as gender, disability, age, sexual orientation and cultural background. It is committed to equal opportunities, pay equity, work-life balance and the prevention of discrimination. Vodafone Italia Human Resources Fastweb + Vodafone n/a Internally
Diversity and inclusion policy This policy focuses on various dimensions of diversity, including gender, disability, generational differences, sexual orientation and gender identity, multiculturalism and intersectionality. Fastweb is committed to a safe and inclusive workplace without discrimination or harassment. Fastweb Human Resources Fastweb + Vodafone n/a Internally
Domestic violence and abuse policy This policy provides support tools for all employees, regardless of gender, nationality, culture or social background. It establishes a principle of zero tolerance towards any form of violence or harassment, with disciplinary or legal measures applied to those responsible.  Vodafone Italia Human Resources Fastweb + Vodafone n/a Internally
Health and safety management policy This policy defines the commitment to health and safety in the workplace as a fundamental element of its technical and economic development.  Fastweb, Vodafone Italia Human Resources Fastweb + Vodafone ISO 45001 Internally
Linee guida anticorruzione/ Anti-corruption Guidelines This document defines common principles and rules of conduct adopted by Fastweb and Vodafone Italia for the prevention of corruption. Fastweb + Vodafone Board of Directors Fastweb + Vodafone n/a Internally
Modello 231 The Modello 231 establishes behavioral rules for employees to prevent crimes under Legislative Decree 231, implementing a system of procedures and controls to minimise risks. Through activity mapping, ’sensitive processes’ exposed to crime risks have been identified. Fastweb, Vodafone Italia Legal and Regulatory Fastweb + Vodafone n/a Website, internally
Direttiva anticorruzione / Anti-corruption directive This directive establishes guidelines for managing gifts and event invitations, preventing corruption risks in compliance with internal regulations and the Group policy. It is part of the Anti-corruption Guidelines. Fastweb + Vodafone Board of Directors Fastweb + Vodafone n/a Internally