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

GHG emissions

The Swisscom Group’s greenhouse gas inventory is based on current GHG standards and is verified annually in Switzerland and Italy by an independent audit in accordance with ISO 14064-3.

2025
In tCO2 eq Baseline year 2018 2023 2024 Italy Switzerland Group Change in % from previous year Change in % from baseline year
Scope 1 GHG emissions
Gross Scope 1 GHG emissions 34,618 23,529 20,652 8,563 8,124 16,688 –19.2% –51.8%
In % from regulated emission trading schemes – – – – – – – –
Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions 552,985 182,038 139,246 95,070 32,401 127,470 –8.5% –76.9%
Gross market-based Scope 2 GHG emissions 22,344 5,877 2,690 1,400 901 2,302 –14.4% –89.7%
Scope 3 GHG emissions
Total Gross Scope 3 GHG emissions 1,309,542 938,483 878,260 466,979 332,761 799,740 –8.9% –38.9%
1 Purchased goods and services 809,156 564,696 518,204 204,960 273,208 478,168 –7.7% –40.9%
2 Capital goods 64,859 68,835 69,614 77,592 2,056 79,648 14.4%1 22.8%
3 Fuel and energy-related activities 40,727 33,090 31,390 23,682 8,707 32,388 3.2% –20.5%
4 Upstream transportation and distribution 9,232 8,512 8,398 5,552 868 6,420 –23.5% –30.5%
5 Waste generated in operations 2,662 1,970 2,042 130 2,242 2,372 16.2% –10.9%
6 Business traveling 5,973 1,869 4,937 1,358 3,421 4,778 –3.2% –20.0%
7 Employee commuting 23,292 10,866 10,500 8,923 4,399 13,322 26.9%2 –42.8%
8 Upstream leased assets 9,674 6,741 6,212 – 6,016 6,016 –3.2% –37.8%
9 Downstream transportation 1,799 – – – – – – –100.0%
10 Processing of sold products – – – – – – – –
11 Use of sold products 326,327 227,307 212,697 139,108 30,477 169,585 –20.3% –48.0%
12 End-of-life treatment of sold products 10,108 8,814 8,576 1,227 166 1,394 -83.7%3 –86.2%
13 Downstream leased assets – – – – – – – –
14 Franchises 5,668 4,686 4,489 4,447 – 4,447 –0.9% –21.5%
15 Investments 64 1,097 1,202 – 1,202 1,202 – 1,784.6%
Total GHG emissions
Total GHG emissions (location-based) 1,897,146 1,144,050 1,038,158 570,612 373,286 943,898 –9.1% –50.2%
Total GHG emissions (market-based) 1,366,504 967,889 901,602 476,942 341,787 818,730 –9.2% –40.1%
1 Due to an increase of CapEx in Italy, especially in network infrastructure.
2 Increase due to harmonisation of methodologies between Fastweb and Vodafone Italia.
3 Decrease as the majority of Vodafone Italia's waste was sent to recovery/recycling and not to incineration as the years before.