Swisscom Ag · SIX:SCMN
Swisscom — Swisscom Ag Ittigen R/Shs — Q2 2026 Earnings Presentation
37 slides from Swisscom's earnings presentation, Aug 6, 2026
Slide 1: Q2 2026 results
Q2 2026 results Investor and analyst presentation 06 August 2026
Slide 2: Agenda
Agenda Introduction Louis Schmid, Head Investor Relations Achievements Christoph Aeschlimann, Group CEO Business update Christoph Aeschlimann, Group CEO Financial results Eugen Stermetz, Group CFO Q&A Appendix 2
Slide 3: Achievements
Achievements Christoph Aeschlimann Group CEO 3
Slide 4: Successful Q2, Group and Switzerland leadership strengthened
Highlights Successful Q2, Group and Switzerland leadership strengthened Solid performance Best hotline and entertainment Integration on track Operationally and financially on track, Winner of connect mobile hotline test, Value journey progressing well, A2 credit rating confirmed1 UEFA Champions Leag
Slide 5: Q2 financials with consistent OpFCF increase, reaffirming FY guidance
Financial results Q2 financials with consistent OpFCF increase, reaffirming FY guidance in CHF mn (YOY) in CHF mn, YOY changes Q2 H1 OpFCF development Stability Growth Revenue 3'615 7'221 in Switzerland in Italy (-2.0%) (-3.0%) +93 +96 +117 +66 +34 +46 +8 EBITDAaL 1'269 2'557 Q1 Q2 -10 -3 (+6.1%) (+
Slide 6: Business update
Business update Christoph Aeschlimann Group CEO 6
Slide 7: Clear priorities to grow free cash flow
Focus 2026 Clear priorities to grow free cash flow 1 1 Manage Drive integration and capture Telco top line synergy potential 2 2 Boost Continue Telco efficiency Telco turn-around 3 3 Achieve Scale growth profitable IT growth in energy and IT Stable free cash flows Growing free cash flows from Switze
Slide 8: B2C: support top line with winning propositions and price increase
Manage Telco top line B2C: support top line with winning propositions and price increase Q2 operational development on track RGU and net adds in k (YOY) Churn in %, annualised • Own brand price increase successfully implemented as per 1 April1 Q2 Q3 Q4 Q1 Q2 and with results as expected: net adds no
Slide 9: B2B: delight customers with proximity, service quality and innovation
Manage Telco top line and achieve profitable IT growth B2B: delight customers with proximity, service quality and innovation Telco: manage customer value and scale beem further RGU and net adds in k (YOY) ARPU in CHF (YOY) Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 • Operational trends comparable with previous q
Slide 10: Network and Wholesale: deliver and monetise superior network experience
Manage Telco top line Network and Wholesale: deliver and monetise superior network experience Continuously invest in network leadership Pop coverage (YOY in pp) Frequency allocation till 2028 • 5G+ coverage up to 90% (+2.5pp YOY) and FTTH up to 58% 5G+ 90% (+2.5) (+4.0pp YOY) 5G 99% (+0.0) 2.6 GHz 8
Slide 11: On track to achieve Telco cost savings of CHF >50mn in 2026
Boost Telco efficiency On track to achieve Telco cost savings of CHF >50mn in 2026 Take shop experience to the next level AI retail analytics Contact centre • Scale digitalization and AI with approx. 50% of shops universe workload hours YOY, indexed now equipped with digital helpers (e.g. customer s
Slide 12: Integration of Vodafone Italia proceeding according to plan
Drive integration and capture synergy potential Integration of Vodafone Italia proceeding according to plan Integration initiatives on track • People and culture integration progressing as planned • Collective agreement concluded with social partners (in April 26), incl. unified Profit Share Plan (P
Slide 13: B2C: keep value focus in Telco and foster growth in energy
Continue Telco turn-around and scale growth in energy B2C: keep value focus in Telco and foster growth in energy Value shift driving Q2 operational improvement RGU and net adds in k (YOY) 1 Churn2in %, annualised • Back- to front-book price alignment successfully completed in W- Q2 Q3 Q4 Q1 Q2 and w
Slide 14: B2B: maximise value in Telco, drive IT and energy growth
Continue Telco turn-around and scale growth in IT and energy B2B: maximise value in Telco, drive IT and energy growth Commercial excellence supporting operational trend RGU and net adds in k (YOY) New contracts • W- net adds slightly negative due to TM9 framework agreement Q2 Q3 Q4 Q1 Q2 effects fad
Slide 15: Network and Wholesale: advance next-generation networks and secure UBB growth
Continue Telco turn-around and scale growth in wholesale Network and Wholesale: advance next-generation networks and secure UBB growth Invest steadily to achieve coverage ambitions Pop coverage HH coverage2 • 5G expansion on track: 90% pop coverage (+3pp YOY) confirmed Ambition 2026: ~92%, Ambition
Slide 16: Different strategic AI and infrastructure initiatives underway
Tap into new opportunities for upside Different strategic AI and infrastructure initiatives underway Strengthen AI proposition through innovation • FastwebAI Suite: Managed Inference solution with solid track record: 10+ projects since launch in Q1 26, continuous enhancement of FastwebAI Work on use
Slide 17: Financial results
Financial results Eugen Stermetz Group CFO 17
Slide 18: Q2 with improved top line evolution and strong EBITDAaL contribution
Group revenue and EBITDAaL Q2 with improved top line evolution and strong EBITDAaL contribution Revenue in CHF mn 1 Q2 with Telco service revenue decline Q1 Q2 (improving vs Q1) and lower IT service revenue -35 -7 -1 -44 -34 -25 -2 -76 -72 offset by higher hard- and software sales in B2B -153 -147 (
Slide 19: OpFCF increase thanks to strong synergy contribution as well as phasing effects
Group CAPEX and OpFCF OpFCF increase thanks to strong synergy contribution as well as phasing effects CAPEX in CHF mn 1 In Q2 lower construction volume FTTH, Adjustments3 similar to Q1 (vs higher volumes in prior year) H1 25 Switzerland Italy1 Others2 and currency4 H1 26 2 Q2 in line with prior year
Slide 20: Higher EBITDAaL in Q2 primarily driven by B2B IT and Wholesale
Switzerland revenue and EBITDAaL Higher EBITDAaL in Q2 primarily driven by B2B IT and Wholesale Revenue in CHF mn 1 In Q2 Telco service decline slowed down with Q1 Q2 +1 +5 +8 +1 -2 price increase kicking-in (CHF -3mn YOY), -25 Hard- and software revenue (CHF -2mn YOY) -12 -11 -13 -8 -27 and other (
Slide 21: Seasonally lower investments and stronger EBITDAaL drive OpFCF in Q2
Switzerland CAPEX and OpFCF Seasonally lower investments and stronger EBITDAaL drive OpFCF in Q2 CAPEX in CHF mn 1 Q2 investments lower due to decreased construction volume FTTH, similar to Q1 W- W+ access Backbone & (vs high volumes in H1 2025). H1 25 network network infrastructure IT Other H1 26 ~
Slide 22: Q2 with own brand price increase supporting Telco top line as expected
Switzerland Telco service revenue and EBITDAaL drivers Q2 with own brand price increase supporting Telco top line as expected Telco service revenue YOY changes in CHF mn Telco EBITDAaL adjusted in CHF mn and YOY changes Q2 25 Q3 Q4 Q1 26 Q2 2'529 580 -529 margin 685 3'109 -946 52.6% Total -31 -35 -3
Slide 23: EBITDAaL up, impacted by strong synergy delivery and seasonally lower costs
Italy revenue and EBITDAaL EBITDAaL up, impacted by strong synergy delivery and seasonally lower costs Revenue in EUR mn 1 Q2 with Telco service revenue decline Q1 Q2 +20 0 -37 (EUR -22mn), partially compensated by 0 -81 growing energy business (EUR +7mn) -11 -27 -1 -45 -55 +20 -118 2 Q2 with lower
Slide 24: Higher OpFCF driven by synergies and phasing effects
Italy CAPEX and OpFCF Higher OpFCF driven by synergies and phasing effects CAPEX in EUR mn 1 Q2 with lower customer driven CAPEX W- W+ access Backbone & 2 Q2 with lower Integration CAPEX H1 25 network network infrastructure IT Other Adjustments1 H1 26 (EUR +3mn) and INWIT consolidation CAPEX (EUR +2
Slide 25: Telco service revenue decline slowing down as value measures kick-in
Italy Telco service revenue and EBITDAaL drivers Telco service revenue decline slowing down as value measures kick-in Telco service revenue1 YOY changes in EUR mn EBITDAaL adjusted in EUR mn and YOY changes Q2 25 Q3 Q4 Q1 26 Q2 686 2'394 3'474 394 -1'510 Total -53 -66 -60 -55 -35 973 margin (-4.0%)
Slide 26: Synergies and integration cost on track to achieve FY target
Italy synergies and integration cost Synergies and integration cost on track to achieve FY target Ramp-up plan Synergy realisation 2026 in EUR mn >300 Synergy realisation in EUR mn and/or in % 166 • Q2 with EUR 89mn 77 89 run-rate, t/o majority 100% Run-rate: EUR ~600mn from MVNO migration ~90% Dire
Slide 27: Strong cash flow generation in line with OpFCF development
Group free cash flow Strong cash flow generation in line with OpFCF development in CHF mn +4 +9 -148 -83 1'202 H1 26 -267 717 Δ +214 +85 +22 0 -15 -83 +221 1 +9 989 H1 25 -233 -17 -69 -184 496 OpFCF Change in Other operating Change in defined Net interest Income FCF NWC cash flows benefit obligation
Slide 28: Group net income
Group net income Net income growth driven by EBITDAaL development in CHF mn 796 3'353 tax rate1 H1 26 2'557 -1'584 18.3% -769 1'000 -182 -150 668 Δ +83 -20 +63 -21 +12 +55 -2 -9 +43 816 3'290 tax rate1 H1 25 2'474 18.4% -1'563 -781 946 -180 -141 625 EBITDAaL Lease EBITDA Depreciation, Depreciation E
Slide 29: Guidance 2026 confirmed
Outlook Guidance 2026 confirmed Financials FY 2025 Guidance FY 2026 Group1,2 Switzerland Italy Group1,3 Switzerland Italy CHF mn CHF mn EUR mn CHF bn CHF bn EUR bn Revenue 15'048 7'868 7'291 14.7-14.9 7.7-7.8 ~7.2 incl. up to EUR c. -50mn integration OPEX incl. EUR -109mn and EUR c. +75mn EBITDAaL 4
Slide 30: Q&A
< oF Q 30
Slide 31: Appendix
Appendix 31
Slide 32: Group - adjusted EBITDAaL
Appendix Group - adjusted EBITDAaL in CHF mn 2025 2026 YOY Q1 Q2 H1 Q3 Q4 FY Q1 Q2 H1 Q3 Q4 Q1 Q2 H1 Q3 Q4 EBITDAaL 1'277 1'197 2'474 1'302 1'208 4'984 1'288 1'269 2'557 +10 +72 +83 Provisions for legal proceedings -90 -90 Provisions for contractual risks 52 52 Restructuring cost 2 2 9 15 27 Adjustm
Slide 33: Group - adjusted CAPEX and OpFCF
Appendix Group - adjusted CAPEX and OpFCF in CHF mn 2025 2026 YOY Q1 Q2 H1 Q3 Q4 FY Q1 Q2 H1 Q3 Q4 Q1 Q2 H1 Q3 Q4 CAPEX -780 -706 -1’486 -685 -894 -3'065 -693 -661 -1'355 +86 +45 +131 INWIT consolidation CAPEX 7 6 13 8 16 37 3 3 6 -5 -2 -7 Integration CAPEX Vodafone Italia 3 16 19 31 51 101 30 14 43
Slide 34: Switzerland - adjusted EBITDAaL, CAPEX and OpFCF
Appendix Switzerland - adjusted EBITDAaL, CAPEX and OpFCF in CHF mn 2025 2026 YOY Q1 Q2 H1 Q3 Q4 FY Q1 Q2 H1 Q3 Q4 Q1 Q2 H1 Q3 Q4 EBITDAaL 866 821 1’687 877 804 3'368 861 839 1'700 -5 +18 +13 Provisions for legal proceedings -90 -90 Provisions for contractual risks 52 52 Restructuring cost 2 2 9 15
Slide 35: Italy - adjusted EBITDAaL, CAPEX and OpFCF
Appendix Italy - adjusted EBITDAaL, CAPEX and OpFCF in EUR mn 2025 2026 YOY Q1 Q2 H1 Q3 Q4 FY Q1 Q2 H1 Q3 Q4 Q1 Q2 H1 Q3 Q4 EBITDAaL 422 386 808 436 442 1'687 457 455 913 +36 +69 +104 Provisions for legal proceedings 10 10 +10 +10 Integration OPEX Vodafone Italia 6 14 20 19 69 109 2 2 4 -4 -12 -16 P
Slide 36: Disclaimer
Disclaimer No offer to sell or solicit The information provided in this communication does not constitute, and should not be construed as, an offer or an invitation to sell or issue, or a solicitation of an offer to buy, subscribe for or otherwise acquire or dispose of, any securities or other finan
Slide 37: Investor contact
Investor contact Louis Schmid Anastasia Henkel Head of Investor Relations Investor Relations Manager louis.schmid@swisscom.com anastasia.henkel@swisscom.com +41 58 221 62 79 +41 58 221 40 80 37
Swisscom Ag Ittigen R/Shs — Q2 2026 Earnings Presentation on 6ix