Swisscom Ag · SIX:SCMN
Swisscom — Swisscom Ag Ittigen R/Shs — FY 2025 Earnings Presentation
65 slides from Swisscom's earnings presentation, Feb 12, 2026
Slide 1: Lead. Innovate. Perform. FY 2025 results presentation
Lead. Innovate. Perform. FY 2025 results presentation for investors and analysts 12 February 2026
Slide 2: Agenda
Agenda Achievements Christoph Aeschlimann, CEO Swisscom Strategy update Christoph Aeschlimann, CEO Swisscom Business update – Switzerland Christoph Aeschlimann, CEO Swisscom Business update – Italy Walter Renna, CEO Fastweb + Vodafone Financials and guidance Eugen Stermetz, CFO Swisscom Wrap-up Chri
Slide 3: Achievements
Achievements Christoph Aeschlimann CEO Swisscom 3
Slide 4: Highlights: Successful start into Swisscom's new chapter
Highlights Successful start into Swisscom's new chapter Group Switzerland Italy Integration and New and lean Strongest synergy realisation organisation Telco brand3 in full swing Dividend increase by +18%1 26 Winner of all connect tests4 RAN sharing agreement with TIM A2 Sector-leading credit rating
Slide 5: Switzerland with solid trend and Italy with mixed development
Operational results Switzerland with solid trend and Italy with mixed development Switzerland Italy Postpaid Broadband TV1 Fixed voice W+ access lines Mobile Broadband W+ access lines B2C+B2B B2C+B2B B2C+B2B B2C+B2B Wholesale B2C+B2B B2C+B2B Wholesale +51 +45 +45+44 +63 +63 +50+45 +11 +7+14 +5 Net a
Slide 6: Guidance achieved, OpFCF stable in Switzerland and in Italy despite transition year
Financial results Guidance achieved, OpFCF stable in Switzerland and in Italy despite transition year in CHF bn (YOY vs 2024 pro forma) in CHF mn, YOY changes Net revenue EBITDAaL OpFCFdevelopment 15.048 (-2.0%) 4.984 (-1.2%) Stability Transition in Switzerland year in Italy Guidance Guidance 15.0-1
Slide 7: Strategy update
Strategy update Christoph Aeschlimann CEO Swisscom 7
Slide 8: Swisscom framework
Swisscom framework Ready to grow free cashflow Lead. Innovate. Perform. • Proven strategy and ambition • Driving force in security and cloud • #1 customer choice • Leading with scale • Prominent in AI adoption • Impactful transformation • Best networks and services • Pioneering in sustainability • G
Slide 9: Proven strategy
Lead Proven strategy … Delight Innovate Achieve more Perform customers for growth with less together Create unique customer Deliver digital products Drive transformation at Develop organisation and experiences every day and services of the future pace with AI, digitalisation collaboration relentless
Slide 10: Trusted leader in digital life and business
Lead … to deliver on group ambition Trusted leader in Rock-solid digital life and business financials • Best networks • Long-term value creation • B2C with premium positioning in Telco • Stable free cashflows and selected on-top household offers from Swiss business • B2B with comprehensive Telco and
Slide 11: Powerful scale to compete effectively
Lead Powerful scale to compete effectively RGU share1 RGU share1 26% 30% 51% 46% Postpaid Broadband Broadband Mobile Scale #1 #1 #1 #2 in all products and segments Revenue mix2 Revenue mix2 IT B2B IT B2C 18% 14% B2B B2C 44% 46% 38% 54% 82% 8% 86% 10% Telco Wholesale Telco Wholesale 11 1) Swisscom es
Slide 12: Best networks thanks to continuous investments and technology innovation
Lead Best networks thanks to continuous investments and technology innovation FTTH 5G+ ~90% ~95% 75-80% 89% ~91% 56% ~60% #1 2025 2026 2030 2035 2025 2026 2030 target ambitions target ambition FTTH 5G Confirmed in network coverage extension 1 popcoverage increase networkleadership experience FTTH 5G
Slide 13: Service excellence to drive customer value
Lead Service excellence to drive customer value Best Customerproximity Omni-channel Multi-brand service withvaluefocus salesandcare portfolio experience 13
Slide 14: At the forefront of innovation in security and cloud solutions
Innovate At the forefront of innovation in security and cloud solutions Futureofnetwork (Cyber-)security State-of the-art network architecture and infrastructure, E2E security solutions e.g. new optical transport for everyone, and dual-core IP networks everywhere, always Innovation AI,data& Entertai
Slide 15: Ahead with AI adoption across the whole value chain
Innovate Ahead with AI adoption across the whole value chain Consulting Professional Services Compliant by design Swiss AI Assistant Solutions GenAI Studio AI ecosystem AI Work Hub Dataprotection guarantee for business LLM Inference Endpoints Powerful Infrastructure infrastructure& Swiss AI Platform
Slide 16: Proud to be a sustainability pioneer
Innovate Proud to be a sustainability pioneer Environmental Social Governance Performing SBTi-validated Net-Zero 2035 TOP 4 ICT Employer in 1st reporting aligned with CDP Climate change A Rating on all sustainability target Switzerland CSRD/ESRS1 fronts MSCI ESG ESG risk AA Leader Reach net-zero Cul
Slide 17: Clear priorities to grow free cashflow
Perform Clear priorities to grow free cashflow 2026 focus 1 1 Manage Drive integration and Telco top line capture 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 cashflows Growing free cashflows from S
Slide 18: Business update Switzerland
Business update Switzerland Christoph Aeschlimann CEO Swisscom 18
Slide 19: Position as #1 customer choice in Switzerland successfully reinforced
2025 achievements Position as #1 customer choice in Switzerland successfully reinforced Delighted customers Optimised cost base Increased FTTH coverage Confirmed IT growth • Reinforced brand • Another year of • CHF 503 million invested • Cloud and security awareness Telco cost delivery in FTTH rollo
Slide 20: B2C Telco: defend and attack with value orientation across all brands
Manage Telco top line B2C Telco: defend and attack with value orientation across all brands Key objectives 2025 achievements 2026 focus Blended ARPU Pricing in CHF/month FTTH • Stimulate value with personalised in CHF (YOY) penetration4 wingo +1.00 up- and cross-selling, fibre-speed, Lead the market
Slide 21: B2C Telco: upgrade and monetise beyond core services
Manage Telco top line B2C Telco: upgrade and monetise beyond core services Key objectives 2025 achievements 2026 focus Cinema Cinema Geneva blue sports subs Geneva YOY, indexed • Multitainment one-stop-shop for Grow in entertainment: premium content sport , cinema , streaming • Bring sports offering
Slide 22: B2B Telco: sustain market position with premium quality differentiation
Manage Telco top line B2B Telco: sustain market position with premium quality differentiation Key objectives 2025 achievements 2026 focus ARPUs in CHF (YOY) RGU base in k (YOY) • Shape differentiation with best network, Remain primary 45 2'594 (+45) highest security and superior quality connectivity
Slide 23: Wholesale Telco: strengthen leading position and drive revenue growth
Manage Telco top line Wholesale Telco: strengthen leading position and drive revenue growth Key objectives 2025 achievements 2026 focus Service portfolio Customer • Evolve portfolio to meet emerging W+ / W- satisfaction customer needs Cement leading FY 2025 • Provide superior products, top quality m
Slide 24: Telco cost: push digitalisation and simplification to realise further savings
Boost Telco efficiency Telco cost: push digitalisation and simplification to realise further savings Key objectives 2025 achievements 2026 focus B2C nearshoring share B2C chatbot • Voice bot at scale, co-pilots assist agents, of outsourced workload automation rate1 new customer care platform in plac
Slide 25: Telco cost: operational excellence crucial to deliver stable FCFs
Boost Telco efficiency Telco cost: operational excellence crucial to deliver stable FCFs Key objectives 2025 achievements 2026 focus Copper phase-out Escalated 2'000k major incidents • Drive migration to FTTH and copper -20% 5 phase-out 1.7k Drive structural network 3 • Expand AI-enabled monitoring
Slide 26: B2B IT: lever position as a leading Swiss IT provider to unlock growth
Achieve profitable IT growth B2B IT: lever position as a leading Swiss IT provider to unlock growth Key objectives 2025 achievements 2026 focus B2B IT service revenue EBITDAaL margin • Leverage steady growth in core units, Drive profitable growth in CHF mn strong performance in subsidiaries and cros
Slide 27: Summary
Wrap-up Summary Manage Boost Achieve Generate Telcotopline Telcoefficiency profitableIT growth stablefreecashflows • Reinforce core with best • Drive Telco cost discipline • Boost cloud and cyber products, care excellence and to explore full savings security proposition to lever effective multi-bran
Slide 28: Business update Italy
Business update Italy Walter Renna CEO Fastweb + Vodafone 28
Slide 29: Successful transition year towards #1 customer choice in Italy
2025 achievements Successful transition year towards #1 customer choice in Italy Advanced integration RAN sharing agreement1 Strategic shift to value Sustained growth areas • Integrated organisation • Accelerate 5G rollout, expanding • Telco value journey • UBB business growing fully operational cov
Slide 30: Integration initiatives running as planned
Drive integration and capture synergy potential Integration initiatives running as planned Key objectives 2025 achievements 2026 focus • Further organizational integration and optimization after merger of Achieve a fully integrated legal entities and powerful organisation • Build joint winner cultur
Slide 31: Synergy delivery progressing well
Drive integration and capture synergy potential Synergy delivery progressing well Key objectives 2025 achievements 2026 focus • Mobile: EUR ~200mn run-rate synergies • Fixed: start optimising fixed access Migrate traffic to own costs by leveraging best-of-breed infrastructure and drive footprint net
Slide 32: B2C Telco: value-led strategy successfully implemented, stabilising operations
Continue Telco turn-around B2C Telco: value-led strategy successfully implemented, stabilising operations Key objectives 2025 achievements 2026 focus • Strengthen value-driven pricing, Net adds and RGUs ARPU in-/outflow gap1 in k (YOY pro forma) leveraging offer architecture • Further focus on quali
Slide 33: B2B Telco: manage top line through differentiation and execution excellence
Continue Telco turn-around B2B Telco: manage top line through differentiation and execution excellence Key objectives 2025 achievements 2026 focus Product news Positive order intake • Stimulate value: in mobile with device Drive value differentiation rental, in fixed with convergence and add-ons wit
Slide 34: Wholesale Telco: grow UBB business, consolidate MVNO customer base
Continue Telo turn-around Wholesale Telco: grow UBB business, consolidate MVNO customer base Key objectives 2025 achievements 2026 focus Key customers Δ RGU YOY, in k • Grow UBB volume driven by strong Expand UBB business +221 customer base • Drive FTTH penetration and stimulate leveraging strong pa
Slide 35: Energy: foster growth and elevate converged home experience
Scale growth in energy Energy: foster growth and elevate converged home experience Key objectives 2025 achievements 2026 focus Fastweb Energia • Scale up energy to develop a strong multi- Scale energy business via performance in k service bundled proposition and increase new channels, enhancing cust
Slide 36: B2B IT: drive growth with cloud, cyber security and accelerating AI adoption
Scale growth in IT B2B IT: drive growth with cloud, cyber security and accelerating AI adoption Key objectives 2025 achievements 2026 focus Multi-cloud offers B2B IT service revenue in EUR mn • Expand sovereign cloud and data centre Push sovereign cloud via Sovereignty infrastructure leveraging on s
Slide 37: Summary
Wrap-up Summary Driveintegration Continue Scale growth Generate andtransformation Telcoturn-around inenergy andIT growingfreecashflows • Build a powerful organization • Execute value strategy to • Boost energy revenue across based on culture of success gradually stabilize Telco top joint channels an
Slide 38: Financials and guidance
Financials and guidance Eugen Stermetz CFO Swisscom 38
Slide 39: Revenue and EBITDAaL development in line with guidance
Group revenue and EBITDAaL Revenue and EBITDAaL development in line with guidance Revenue in CHF mn Q1 Q2 Q3 Q4 +2 1 Q4 down mainly due to lower Telco service -24 -6 -25 -8 -5 -9 -8 -5 -6 -23 -16 revenue partially compensated by higher IT -53 -42 -22 -60 -47 -69 -68 service revenue -126 -205 (-1.3%)
Slide 40: OpFCF stable in Switzerland and in Italy despite transition year
Group CAPEX and OpFCF OpFCF stable in Switzerland and in Italy despite transition year CAPEX in CHF mn FY 24 Adjustments and 1 Q4 with higher CAPEX due to phasing effects, pro forma Switzerland Italy1 Others2 currency3 FY 25 FY slightly lower due to one-time IT 1 2 3 investments in prior year 2 Q4 h
Slide 41: Switzerland: Revenue and EBITDAaL as expected
Switzerland revenue and EBITDAaL Revenue and EBITDAaL as expected Revenue in CHF mn Q1 Q2 Q3 Q4 1 Q4 affected by Telco service revenue decrease +8 +7 +4 0 (CHF -12mn) and higher hard- and software +5 -1 -6 -2 -2 -4 -24 -6 revenue (CHF +16mn), mostly smartphones -6 -12 -11 -25 -43 -20 -25 -53 -108 2
Slide 42: Q4 as anticipated with softer Telco and stronger IT contributions
Switzerland EBITDAaL drivers Q4 as anticipated with softer Telco and stronger IT contributions Telco EBITDAaL adjusted in CHF mn and YOY changes IT EBITDAaL in CHF mn and YOY changes 1 Q4 and FY with a higher 5’148 1'204 -1'135 margin number of smartphones sold 1'425 6'352 -1'966 51.2% 323 margin 2
Slide 43: Switzerland: OpFCF adjusted stable
Switzerland CAPEX and OpFCF OpFCF adjusted stable CAPEX in CHF mn 1 PY higher due to one-time investments Wireless Wireline Backbone & in AI-platforms and software licenses network access network infrastructure IT Other FY 25 -259 -723 -1'692 t/o fibre -121 -470 -119 -503 1 (-1.9%) YOY +9 -10 -3 +34
Slide 44: Italy: Top line and EBITDAaL spot on
Italy revenue and EBITDAaL Top line and EBITDAaL spot on Revenue in EUR mn Q1 Q2 Q3 Q4 +22 +1 +15 +19 +10 1 Q4 Telco service revenue decline (EUR -44mn), -8 -5 -24 partially compensated by higher energy and -23 -21-29 -27 -25 -14 -7 -44 hardware revenues +37 -81 2 Q4 with lower Telco service revenue
Slide 45: Most of Telco service revenue decline offset by IT, wholesale and synergies
Italy EBITDAaL drivers Most of Telco service revenue decline offset by IT, wholesale and synergies EBITDAaL adjusted in EUR mn and YOY changes 1 Q4 as expected, with incremental churn in wireless and 1'394 7'291 ARPU dilution in wireline impacted by repricing in 24 5’053 844 -3'371 2'038 margin 2 Q4
Slide 46: Italy: OpFCF adjusted stable despite transition year
Italy CAPEX and OpFCF OpFCF adjusted stable despite transition year, slightly ahead of guidance CAPEX in EUR mn 1 Fastweb's FWA strategy change (rollout Wireless Wireline Backbone & stop of dedicated network) in 2024 network access network infrastructure IT Other Adjustments1 FY 25 and different pha
Slide 47: Synergy realisation and integration cost slightly ahead, run-rate confirmed
Italy synergies and integration cost Synergy realisation and integration cost slightly ahead, run-rate confirmed Accelerated ramp-up plan 2025-2029 Synergies 2025 in EUR mn 2/3 from MVNO migration +59 Synergy realisation in EUR mn and/or in % 95 +22 • Q4 with EUR +59mn mainly from MVNO +5pp +10pp vs
Slide 48: Free cashflow stable
Group free cashflow Free cashflow stable in CHF mn +10 +17 1'920 1'920 -224 -280 -10 1'433 FY 25 OpFCF Δ -9 +177 +168 -3 +22 -214 +17 +6 -4 1 1'929 -177 1'752 +13 -5 -10 -297 1'437 FY 24 -16 OpFCF Vodafone OpFCF Change in Change in defined Net interest Income Other FCF Italia NWC benefit obligations
Slide 49: Net income impacted by PPA amortisation and additional interest expense
Group net income Net income impacted by PPA amortisation and additional interest expense in CHF mn 6'617 1'633 4'984 4'984 tax rate1 FY 25 -3'114 19.0% -1'578 1'925 -358 -297 1'270 EBITDAaL Δ -60 +980 +920 +930 +1'850 -971 -907 -28 -266 +23 -271 1 1 1 2 3 5'044 -980 703 4'767 tax rate1 4'064 FY 24 1
Slide 50: Net debt lowered and maturity profile further diversified
Net debt and leverage Net debt lowered and maturity profile further diversified Net debt and leverage1 development in CHF bn Ratings A- (outlook stable) confirmed Leverage pro forma2 (July 2025) A2 (outlook stable) CHF 15.6bn / 2.4x 2.4x CHF 6.6bn 1.1 Financial debt: Rate mix Currency mix -1.4 -0.3
Slide 51: Guidance 2026
Outlook Guidance 2026 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. EUR c. -50mn integration OPEX incl. EUR -109mn and EUR c. +75mn integration OPEX other adj
Slide 52: Rock-solid financials
Wrap-up Rock-solid financials Long-term • Stable FCFs from Swiss business value creation • Growing FCFs from synergies in Italy • High pay-out ratio Attractive • Dividend covered by FCFs Strong • Target leverage <2.4x dividend • Dividend growth balance • Target rating A in line with FCF evolution sh
Slide 53: Wrap-up
Wrap-up Christoph Aeschlimann CEO Swisscom 53
Slide 54: Final remarks: Ready to grow free cashflow
Final remarks Ready to grow free cashflow Lead. Stable FCFs from Swiss business Growing FCFs from synergies in Italy #1 customerchoicein SwitzerlandandItaly Innovate. Efficiencies and new growth Attractive dividend in CHF/share 2 26 1 27 22 Perform. Clearpriorities2026 Financial year 2024 2025 2026
Slide 55: Q&A
Q&A 55
Slide 56: Appendix
Appendix 56
Slide 57: Group - adjusted EBITDAaL
Appendix Group - adjusted EBITDAaL in CHF mn 2024 pro forma 2025 YOY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY EBITDAaL 1'367 1'251 1'350 1'076 5'044 1'277 1'197 1'303 1'207 4'984 -90 -54 -47 +131 -60 Provisions for legal proceedings -24 -24 -90 -90 +24 -90 -66 Provisions for contractual risks 52
Slide 58: Group - adjusted CAPEX and OpFCF
Appendix Group - adjusted CAPEX and OpFCF in CHF mn 2024 pro forma 2025 YOY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY CAPEX -897 -715 -733 -770 -3'115 -779 -706 -686 -893 -3'064 +118 +9 +47 -123 +51 INWIT consolidation CAPEX 43 7 8 10 68 7 6 8 16 37 -36 -1 +0 +6 -31 Integration CAPEX Vodafone Ita
Slide 59: Switzerland - adjusted EBITDAaL, CAPEX and OpFCF
Appendix Switzerland - adjusted EBITDAaL, CAPEX and OpFCF in CHF mn 2024 2025 YOY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY EBITDAaL 886 817 847 779 3'329 865 819 875 803 3'362 -21 +2 +28 +24 +33 Provisions for legal proceedings -24 -24 -90 -90 +24 -90 -66 Provisions for contractual risks 52 52 +
Slide 60: Italy - adjusted EBITDAaL, CAPEX and OpFCF
Appendix Italy - adjusted EBITDAaL, CAPEX and OpFCF in EUR mn 2024 pro forma 2025 YOY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY EBITDAaL 480 416 496 294 1'686 422 386 436 443 1'687 -58 -30 -60 +149 +1 Integration OPEX Vodafone Italia 176 176 6 14 20 69 109 +6 +14 +20 -107 -67 Provisions for contr
Slide 61: Wholesale – overview of offerings
Appendix Wholesale – overview of offerings Monthly prices / access line Carrier Line Service Basic and Premium • Dedicated high-quality Point-to-Point Data Transmission, CLS 2 Mbps to 100 Gbps symmetric Broadband Connectivity Service BBCS, Carrier lines CHF 19 Layer-3, 100 Mbps Carrier Ethernet Serv
Slide 62: Swisscom Switzerland - overview of mobile spectrum licences and use
Appendix Swisscom Switzerland - overview of mobile spectrum licences and use Spectrum licenses until 2028* or 2034** (in MHz) Spectrum use by Swisscom 3G 4G 5G ** 3,5 GHz 5G+ 3,5 GHz 120 100 80 2,6 GHz * 2,6 GHz 4G 85 50 40 5G only from Q2-2026 DSS1 * 2,1 GHz 4G 5G 2,1 GHz 60 20 40 * 1,8 GHz 4G 1,8
Slide 63: CAPEX breakdown
Appendix CAPEX breakdown Switzerland Italy CAPEX 2025 CAPEX 2025 adjusted in CHF mn in EUR mn Wireless • Access network: upgrade and modernisation of network 259 existing sites, building of new antenna sites • Core network incl. capacity increase 258 • Core network Wireline • Access network, most of
Slide 64: Cautionary statement regarding forward looking statements
Cautionary statement regarding forward looking statements • "This communication contains statements that constitute "forward-looking statements". In this communication, such forward-looking statements include, without limitation, statements relating to our financial condition, results of operations
Slide 65: 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 65
Swisscom Ag Ittigen R/Shs — FY 2025 Earnings Presentation on 6ix