Financial outlook
| Financial year 2025 | Outlook 2026 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Key figures | Group in CHF million | Switzerland in CHF million | Italy in EUR million | Group in CHF billion | Switzerland in CHF billion | Italy in EUR billion | ||||||
| Revenue | 15,048 | 7,868 | 7,291 | 14.7–14.9 | 7.7–7.8 | ~7.2 | ||||||
| EBITDAaL | 4,984 | 3,362 | 1,687 | 5.0–5.1 | ~3.3 | 1.8–1.9 | ||||||
| Capital expenditure | 3,064 | 1,692 | 1,478 | 3.0–3.1 | 1.6–1.7 | ~1.5 | ||||||
| Operating free cash flow | 1,920 | 1,670 | 209 | >2.0 | 1 | 1.6–1.7 | 0.3–0.4 | |||||
| Net debt/EBITDA ratio | 2.4x | <2.3x | 2 | |||||||||
| Dividend per share (in CHF) | 26 | 27 | ||||||||||
| 1 So far, CHF ~2.0 billion. | ||||||||||||
| 2 So far, ~2.3x. | ||||||||||||
The previously communicated financial outlook for the financial year 2026 is confirmed, with operating free cash flow and leverage slightly better.
The Swisscom Group includes the segments Switzerland, Italy and Others (not shown in the list above). In 2026, EBITDAaL for the Italy segment includes integration costs of up to EUR 50 million and other positive non-recurring items of around EUR 75 million. Capital expenditure for Italy in 2026 takes into account capital expenditure for the integration of the acquired Vodafone Italia of around EUR 150 million. The guidance for operating free cash flow of EUR 0.3 to EUR 0.4 billion for Italy includes the effects mentioned above.
For the financial year 2026, the Swisscom Group’s EBITDAaL contains a lease expense of around CHF 1.6 billion. The net debt/EBITDA ratio at the end of 2026 is expected to be below 2.3x. Leverage guidance does not consider the conclusion of new tower agreement(s) in Italy. For modelling purposes, assuming a notional new tower agreement for eight years (2028–2036) on the same terms as the current INWIT contract, leverage is estimated to increase by around 0.3x.
Subject to achieving its targets, Swisscom confirms the plan to propose an increase in dividend per share from CHF 26 to CHF 27 for the 2026 financial year at the 2027 Annual General Meeting.