Summary
Group revenue decreased by 2.1% to CHF 10,936 million. Based on a constant CHF/EUR exchange rate, revenue in the first nine months of 2026 decreased by 1.5% or CHF 164 million. Switzerland’s revenue fell by 0.6% and Italy’s by 2.2% (in EUR), mainly due to lower revenue from telecommunications services.
Operating income before depreciation and amortisation after lease expense (EBITDAaL) increased by 1.5% to CHF 3,833 million. EBITDAaL development was influenced not only by currency effects but also 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. On an adjusted basis and at constant currency exchange rates, EBITDAaL increased by CHF 113 million (+3.0%), mainly driven by the Italy segment. The adjusted EBITDAaL of the Italy segment was up by EUR 100 million (+7.7%); the adjusted EBITDAaL of Switzerland increased by CHF 31 million (+1.2%).
The Group’s capital expenditure decreased by 5.9% to CHF 2,043 million. Capital expenditure for Italy included expenditure for the consolidation of mobile sites on the INWIT network and the integration of Vodafone Italia. On an adjusted basis and at constant currency exchange rates, the Group’s capital expenditure declined by 6.4%. Switzerland’s capital expenditure fell by 6.5% and Italy’s by 6.3% (in EUR).
Operating free cash flow rose by 11.5% to CHF 1,790 million. On an adjusted basis and at constant currency exchange rates, the increase in the operating free cash flow amounted to CHF 248 million or 14.5%. About two-fifths of the rise resulted from Switzerland (CHF +110 million) and three-fifths from Italy (CHF +149 million). Free cash flow of CHF 1,445 million was up year-on-year by CHF 385 million, mainly driven by the increase in the operating free cash flow as well as a better development of the net working capital.
Net income rose by CHF 23 million (+2.4%) to CHF 1,011 million, mainly due to a higher EBITDAaL.
The number of Swisscom employees decreased year-on-year by 727 FTEs or 3.1% to 22,647 FTEs. In the Switzerland and Others segments, FTEs fell by 577 or 4.4% to 12,466 FTEs and by 211 or 6.6% to 2,968 FTEs, respectively. In the Italy segment, FTEs slightly increased by 61 FTEs or 0.8% to 7,212 FTEs. The decline in the Switzerland segment is due to a decrease in FTEs in the areas of customer care, IT business and network & infrastructure.
The financial outlook for the 2026 financial year is confirmed, with operating free cash flow and leverage slightly better. Swisscom expects revenue between CHF 14.7 billion and CHF 14.9 billion, EBITDA after lease expense (EBITDAaL) between CHF 5.0 billion and CHF 5.1 billion, capital expenditure between CHF 3.0 billion and CHF 3.1 billion, operating free cash flow higher than CHF 2.0 billion (so far: around CHF 2.0 billion), and leverage below 2.3x (so far: around 2.3x) as of the end of 2026. 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 financial year 2026 at the 2027 Annual General Meeting.
Switzerland
| In CHF million, except where indicated | 1.1.–30.9.2026 | 1.1.–30.9.2025 | Change | in % | ||||
|---|---|---|---|---|---|---|---|---|
| Financial data | ||||||||
| Residential customers | 3,174 | 3,193 | (19) | –0.6% | ||||
| Business customers | 2,190 | 2,225 | (35) | –1.6% | ||||
| Wholesale customers | 403 | 398 | 5 | 1.2% | ||||
| Other | 11 | 11 | (0) | –0.1% | ||||
| External revenue | 5,779 | 5,828 | (49) | –0.8% | ||||
| Intersegment revenue | 47 | 34 | 13 | 37.7% | ||||
| Revenue | 5,826 | 5,862 | (36) | –0.6% | ||||
| Direct costs | (1,164) | (1,165) | 1 | –0.1% | ||||
| Indirect costs | (2,131) | (2,133) | 2 | –0.1% | ||||
| Operating expense | (3,295) | (3,298) | 3 | –0.1% | ||||
| EBITDA after lease expense (EBITDAaL) | 2,530 | 2,564 | (34) | –1.3% | ||||
| Capital expenditure | (1,149) | (1,228) | 79 | –6.5% | ||||
| Operating free cash flow | 1,381 | 1,336 | 46 | 3.4% | ||||
| Operational data in thousand and headcount in FTEs | ||||||||
| Postpaid value wireless connections | 4,428 | 4,427 | 1 | 0.0% | ||||
| Broadband connections | 1,896 | 1,942 | (46) | –2.4% | ||||
| TV connections | 1,427 | 1,468 | (40) | –2.7% | ||||
| Fixed telephony connections | 949 | 1,033 | (84) | –8.2% | ||||
| Wholesale wireline access lines | 808 | 763 | 45 | 5.9% | ||||
| Full-time equivalent employees | 12,466 | 13,043 | (577) | –4.4% | ||||
The revenue of the Switzerland segment decreased year-on-year by 0.6% or CHF 36 million to CHF 5,826 million. Revenue from residential customers dropped by CHF 19 million to CHF 3,174 million (–0.6%). The decrease is mainly due to a decline in telecommunications services (CHF –25 million or –0.9%). In the business customer area, revenue dropped by CHF 35 million to CHF 2,190 million (–1.6%), the telecommunication services declined by CHF 47 million (–4.3%) and the revenue from IT services by CHF 4 million (–0.5%). In contrast, the hard- and software revenue increased by CHF 18 million (+7.6%). In a challenging market environment, there was a reduction in the number of connections for broadband (–2.4%) and TV (–2.7%). In contrast, the number of postpaid value wireless connections remained stable. The number of connections for fixed network telephony dropped (–8.2%) as a result of its substitution with wireless telephony.
The operating expense remained fairly unchanged (–0.1%). Direct costs also remained stable (–0.1%) as higher costs for goods and services purchased were compensated by lower costs for network access and subscriber acquisition and retention. Indirect costs remained stable (–0.1%) but decreased on an adjusted basis by CHF 66 million (–3.1%). The non-recurring items included restructuring costs as well as legal and other provisions. In telecommunications, indirect cost savings of CHF 61 million were realised through efficiency improvement measures. Operating income before depreciation and amortisation after lease expense (EBITDAaL) decreased by 1.3% to CHF 2,530 million but increased by 1.2% (CHF +31 million) on an adjusted basis. Cost efficiency measures mostly compensated the decline in revenue from telecommunications services. In addition, the contribution of the IT business has increased. Capital expenditure decreased by 6.5% or CHF 79 million to CHF 1,149 million due to lower investments in the access network and seasonal effects. As at the end of September 2026, Swisscom covered around 59% of households and businesses in Switzerland with optical fibre and 90% of the population with 5G+.
Italy
| In EUR million, except where indicated | 1.1.–30.9.2026 | 1.1.–30.9.2025 | Change | in % | ||||
|---|---|---|---|---|---|---|---|---|
| Financial data | ||||||||
| Residential customers | 2,383 | 2,428 | (45) | –1.8% | ||||
| Business customers | 2,257 | 2,344 | (87) | –3.7% | ||||
| Wholesale customers | 605 | 595 | 10 | 1.7% | ||||
| Other | 14 | 12 | 2 | 14.2% | ||||
| External revenue | 5,259 | 5,379 | (120) | –2.2% | ||||
| Intersegment revenue | 2 | 3 | (0) | –28.7% | ||||
| Revenue | 5,262 | 5,383 | (121) | –2.2% | ||||
| Direct costs | (2,295) | (2,473) | 178 | –7.2% | ||||
| Indirect costs | (1,597) | (1,665) | 68 | –4.1% | ||||
| Operating expense | (3,892) | (4,138) | 246 | –5.9% | ||||
| EBITDA after lease expense (EBITDAaL) | 1,370 | 1,244 | 125 | 10.1% | ||||
| Capital expenditure | (974) | (1,011) | 37 | –3.7% | ||||
| Operating free cash flow | 396 | 233 | 162 | 69.6% | ||||
| Operational data in thousand and headcount in FTEs | ||||||||
| Wireless connections | 19,651 | 20,168 | (517) | –2.6% | ||||
| Broadband connections | 5,450 | 5,597 | (148) | –2.6% | – | |||
| Wholesale wireless connections | 4,773 | 8,060 | (3,287) | –40.8% | – | |||
| Wholesale wireline access lines | 1,283 | 1,063 | 220 | 20.6% | – | |||
| Full-time equivalent employees | 7,212 | 7,152 | 61 | 0.8% | ||||
The revenue of the Italy segment decreased year-on-year by 2.2% or EUR 121 million to EUR 5,262 million. Revenue from residential customers fell by 1.8% or EUR 45 million to EUR 2,383 million. The lower revenue from telecommunication services of EUR 78 million (–3.5%), driven by the declining customer base. Revenue from business customers decreased by 3.7% or EUR 87 million to EUR 2,257 million, mainly driven by the lower revenue from telecommunication services and lower hard- and software revenue. Revenue from wholesale business increased by 1.7% or EUR 10 million to EUR 605 million. The higher wholesale revenue is mainly caused by the growing wholesale wireline business. Competition in the Italian markets remained fierce. The number of retail wireless connections dropped year-on-year by 517 thousand to 19.7 million (–2.6%). The decreasing wireless residential customer base (–565 thousand) could not be compensated by the increasing wireless business customer base (+48 thousand). The broadband customer base dropped by 2.6% or 148 thousand to 5.5 million. The challenging market environment led to a decrease in the residential customer base of 125 thousand and a decline in the business customer base of 23 thousand. The wholesale wireless customer base from mobile virtual network operators (MVNO) hosted on the Fastweb + Vodafone network dropped by 40.8% or 3.3 million to 4.8 million mainly due to the loss of major MVNO customers (Poste Mobile and Lyca Mobile). The number of wholesale wireline access lines provided to other operators rose by 20.6% or 220 thousand to 1.3 million.
Operating expenses decreased by EUR 246 million (–5.9%), mainly driven by cost savings from synergy realisation, which amounted to EUR 265 million. In the first nine months of 2026, operating expenses included integration costs for Vodafone Italia in the amount of EUR 13 million (prior year: EUR 39 million) and a provision for legal proceedings in the amount of EUR 10 million. In the previous year, operating expenses included a provision for contractual risks in the amount of EUR 9 million. On an adjusted basis, operating result before depreciation and amortisation after lease expense (EBITDAaL) increased by EUR 100 million (+7.7%) due to the lower cost base. Capital expenditure decreased by EUR 37 million or 3.7% to EUR 974 million. In the first nine months of 2026, capital expenditure included EUR 10 million for the consolidation of mobile sites on the INWIT network (prior year: EUR 22 million) and EUR 87 million integration capital expenditure (prior year: EUR 53 million). Adjusted by those items, capital expenditure dropped by EUR 59 million or 6.3%, mainly because of lower investments in the wireless and wireline access networks as well as lower customer-driven capital expenditure. As at the end of September 2026, Fastweb + Vodafone covered 63% of households and businesses in Italy with optical fibre. The mobile network reached 91% of the population with 5G.
Others
| In CHF million, except where indicated | 1.1.–30.9.2026 | 1.1.–30.9.2025 | Change | in % | ||||
|---|---|---|---|---|---|---|---|---|
| Financial data | ||||||||
| External revenue | 295 | 297 | (2) | –0.7% | ||||
| Intersegment revenue | 410 | 484 | (74) | –15.3% | ||||
| Revenue | 705 | 781 | (76) | –9.7% | ||||
| Direct costs | (68) | (66) | (2) | 3.4% | ||||
| Indirect costs | (560) | (623) | 63 | –10.1% | ||||
| Operating expense | (628) | (688) | 60 | –8.8% | ||||
| EBITDA after lease expense (EBITDAaL) | 77 | 93 | (16) | –17.0% | ||||
| Capital expenditure | (25) | (29) | 4 | –14.2% | ||||
| Operating free cash flow | 52 | 63 | (12) | –18.4% | ||||
| Headcount in FTEs | ||||||||
| Full-time equivalent employees | 2,968 | 3,179 | (211) | –6.6% | ||||
The revenue in the Others segment dropped by 9.7% or CHF 76 million year-on-year to CHF 705 million, primarily due to lower intersegment revenue from cablex construction services. The operating result before depreciation and amortisation after lease expense (EBITDAaL) decreased by 17.0% or CHF 16 million to CHF 77 million, driven by the revenue decline.