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

Stakeholders

The Swisscom Group maintains ongoing dialogue with external stakeholders in Switzerland and Italy to keep up to date with their perspectives, concerns and expectations with respect to sustainability issues. This dialogue uses different formats and channels throughout the year, typically maintained by specialist departments. Insights inform day-to-day work streams, the double materiality assessment and the Group Sustainability Strategy, which are discussed and validated by management.

Grafik Share Performance

Customers

Purpose of engagement

Swisscom engages with customers to identify expectations that influence its business, including their perception of its sustainability practices. Fastweb + Vodafone focuses on strengthening digital channels, ensuring high quality standards, enhancing the clarity and transparency of services, and empowering consumers to better understand their rights.

Form of engagement (examples)

Recurring customer surveys, customer associations, reputation tracking, various communication channels e.g. website, hotline, newsletter, social media, MySwisscom and MyFastweb apps

Topics with greatest materiality
  • Climate change (E1)
  • Circular economy (E5)
  • Data protection, security and ethics (S4)
  • Media literacy and protection of children (S4)
  • Network access and expansion (S4)

Employees and their representatives

Purpose of engagement

Swisscom Group interacts with its employees through a variety of formats to understand interests and concerns and to improve the quality of working life, foster active engagement and promote the corporate culture.

Form of engagement (examples)

CEO coffee talk, management roadshows, intranet, surveys, employee associations and representatives, community events

Most material topics
  • Own workforce (S1)

Investors, analysts, rating agencies, proxy advisors

Purpose of engagement

Swisscom engages with capital market players to understand expectations around sustainability performance and strategy and how they influence investment decisions and ratings. Fastweb + Vodafone focuses on transparency in corporate governance and strategic management in dialogue with the financial community.

Form of engagement (examples)

Annual general meetings, investor conferences, bilateral exchanges, roadshows, official communications, systematic ESG rating feedback

Most material topics
  • Climate change (E1)
  • Circular economy (E5)
  • Own workforce (S1)
  • Data protection, security and ethics (S4)
  • Corporate responsibility governance (ESRS 2)

Suppliers

Purpose of engagement

The procurement functions of Swisscom and Fastweb + Vodafone are responsible for supplier management, which includes collaboration on sustainability issues and ethical values. The Swisscom Group conducts annual supplier audits as part of the Joint Alliance for CSR (JAC).

Form of engagement (examples)

Supplier qualification process and management platforms, carbon reduction programme, JAC conferences and supplier audits, Save the Children remediation project

Topics with greatest materiality
  • Climate change (E1)
  • Circular economy (E5)
  • Workers in the value chain (S2)

Authorities and legislators

Purpose of engagement

Swisscom plays a constructive part in legislative and regulatory processes through intensive dialogue with authorities, political parties and public associations. Fastweb + Vodafone uses its technical expertise to actively contribute to the development of regulatory proposals.

Format of engagement (examples)

Specialist industry workshops and working groups, public consultation procedures, projects and exchanges; VEK, Swisscleantech, Swico, BFE, BAFU, Federal Office for Cyber Security, Computer Security Incident Response Team, Swiss Security Association, European Telecommunications Industry Association (ETIS), Forum of Incident Response and Security Teams (FIRST) and Global Security Management Association (GSMA)

Topics with greatest materiality
  • Data protection, security and ethics (S4)
  • Network access and expansion (S4)
  • Climate change (E1)
  • Circular economy (E5)

Media and the public

Purpose of engagement

Swisscom and Fastweb + Vodafone monitor and engage with the media and the public to understand the discourse on material issues and how it may shape reputational and regulatory risks. They ensure transparent communication regarding strategies, initiatives and results.

Format of engagement (examples)

News subscriptions, press releases, press conferences, website, events e.g. Sustainable Switzerland

Topics with greatest materiality
  • All topical standards

Research and academics

Purpose of engagement

Swisscom and Fastweb + Vodafone collaborate with researchers and academic institutions to gather science-based insights on long-term environmental and social impacts and to facilitate knowledge-sharing.

Format of engagement (examples)

Topical discussions, joint projects (studies) and events with institutions such as Bern University of Applied Sciences, ETH Zurich, École polytechnique fédérale de Lausanne (EPFL), University of Zurich, University of Palermo, Luiss Guido Carli University

Topics with greatest materiality
  • Climate change (E1)

Industry peers

Purpose of engagement

Swisscom and Fastweb + Vodafone are in dialogue with industry peers for benchmarking and capturing of systemic risks and opportunities relevant to the sector.

Format of engagement (examples)

Regular working groups with JAC and asut, bilateral exchanges, ASSTEL, Clusit, BIF, ECTA, ITU, Confindustria, Assolombarda

Topics with greatest materiality
  • Climate change (E1)
  • Circular economy (E5)
  • Workers in the value chain (S2)
  • Customers and end users (S4)

Partners and NGOs

Purpose of engagement

Swisscom collaborates with NGOs and civil society partners to assess its societal and environmental impacts and gather insights on emerging issues. Fastweb + Vodafone aims to support civil society through numerous initiatives in the environmental, social and economic fields.

Format of engagement (examples)

Recurring exchanges, collaboration and membership or organisations such as myclimate, WWF, CEO4Climate, Kinderschutz Schweiz, Association of Swiss Teachers, Swiss Association of the Deaf, SOS Children’s Villages Switzerland, Save the Children, Allianz digitale Inklusion Schweiz, Verband für nachhaltiges Wirtschaften (OEBU), Syndicom, Transfair, Réalise

Topics with greatest materiality
  • Climate change (E1)
  • Circular economy (E5)
  • Data protection, security and ethics (S4)
  • Media literacy and protection of children (S4)