Swisscom Ag · SIX:SCMN
Swisscom — Swisscom Ag Ittigen R/Shs — Q1 2026 Earnings Presentation
38 slides from Swisscom's earnings presentation, May 7, 2026
Slide 1: Q1 2026 results
Q1 2026 results Investor and analyst presentation 07 May 2026
Slide 2: Agenda
Agenda Introduction Louis Schmid, Head Investor Relations Swisscom Achievements Christoph Aeschlimann, CEO Swisscom Business update Christoph Aeschlimann, CEO Swisscom Financial results Eugen Stermetz, CFO Swisscom Questions & answers Appendix 2
Slide 3: Achievements
Achievements Christoph Aeschlimann CEO Swisscom 3
Slide 4: Consistent Q1 delivery reinforces position as customers’ preferred choice
Highlights Consistent Q1 delivery reinforces position as customers’ preferred choice Group Switzerland Italy • Operational results as • Value proposition further • Integration of Vodafone Italia expected reinforced on track • Sound financials with OpFCF • B2C with successful price • Next phase of va
Slide 5: Stable base in Switzerland, diverging momentum in Italy
Operational results Stable base in Switzerland, diverging momentum in Italy Switzerland Italy Postpaid value Broadband Wireline access Wireless Broadband1 Wireless Wireline access B2C+B2B B2C+B2B Wholesale B2C+B2B B2C+B2B Wholesale Wholesale RGUs 4'421 1'918 782 19'907 5'550 8'190 1'194 31 March 202
Slide 6: Q1 financials confirm FY guidance
Financial results Q1 financials confirm FY guidance in CHF (YOY) in CHF mn, YOY changes Net revenue EBITDAaL OpFCF development 3'606mn (-4.1%) 1'288mn (+0.8%) Stability Growth in Switzerland in Italy FY guidance Guidance 14.7-14.9bn 5.0-5.1bn +93 +96 (+19.3%) +34 -10 -21 594 CAPEX OpFCF 498 Adjusted
Slide 7: Business update
Business update Christoph Aeschlimann CEO Swisscom 7
Slide 8: 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 9: B2C: drive top-line success with value excellence, multi-brand play and new growth
Manage Telco top line B2C: drive top-line success with value excellence, multi-brand play and new growth Boost value focus RGU and net adds in k Churn in %, annualised • Price adjustments for own brand offerings to sustain best network Q1 Q2 Q3 Q4 Q1 quality and service excellence from 1 April (CHF
Slide 10: B2B: defend core Telco revenues while scaling high-margin IT growth
Manage Telco top line and achieve profitable IT growth B2B: defend core Telco revenues while scaling high-margin IT growth Maintain and strengthen Telco revenue stability RGU and net adds in k ARPU in CHF Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 • On track with migration from legacy portfolios to Enterprise 25
Slide 11: Network and Wholesale: lever best networks to boost topline
Manage Telco top line Network and Wholesale: lever best networks to boost topline Ongoing network enhancement and expansion Pop coverage (YOY in pp) Mobile access network 11th time • 5G coverage up by +3pp YOY; FTTH rollout well in a row 5G+ 89% (+3) progressing, coverage increased to 56% (+4pp YOY)
Slide 12: Q1 with extraordinary cost-saving contribution, FY ambition unchanged
Boost Telco efficiency Q1 with extraordinary cost-saving contribution, FY ambition unchanged Deploy innovative cost-efficient shop formats Telco costs savings AI Retail Assistant Foto Peakpoint in CHF mn • New own brand peak point shops (Regensdorf, Charmilles) and wingo pop-up stores (Lucerne and B
Slide 13: 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 • One legal entity since 1 January 26: key enabler for people/culture integration, process/IT synergies and cross-selling on combined base • Culture and change
Slide 14: B2C: Telco value approach and Energy growth remain at core of operations
Continue Telco turn-around and scale growth in energy B2C: Telco value approach and Energy growth remain at core of operations Consistent value strategy execution reduces churn RGU and net adds2 in k Churn3in %, annualised and supports core business sustainability Q1 Q2 Q3 Q4 Q1 • Drive ARPU stabili
Slide 15: B2B: drive value management in Telco and accelerate AI momentum in IT
Continue Telco turn-around and scale growth in IT B2B: drive value management in Telco and accelerate AI momentum in IT Broadly stable RGU base thanks to value focus RGU and net adds in k Main customers • SME/SOHO: inflow ARPU wireless improved (+5% YOY) thanks to Q1 Q2 25 Q3 Q4 Q1 26 pricing discip
Slide 16: Network and Wholesale: expand reach and unlock infrastructure value
Continue Telco turn-around and scale growth in wholesale Network and Wholesale: expand reach and unlock infrastructure value Continuous investments in best networks Pop coverage HH coverage3 and technology innovation Ambition 2026: ~92%, 2030:~95% Ambition 2026: Ambition ~65%, 2026: • Most awarded m
Slide 17: Strategic actions launched to unlock value through infrastructure optimisation
Tap into new opportunities for upside Strategic actions launched to unlock value through infrastructure optimisation RAN sharing with TIM • Agreement to accelerate 5G coverage in low-density and underserved areas, targeting municipalities with <35k habitants and reducing unnecessary infrastructure d
Slide 18: Financial results
Financial results Eugen Stermetz CFO Swisscom 18
Slide 19: Stable EBITDAaL from cost savings in Switzerland and synergies in Italy
Group revenue and EBITDAaL Stable EBITDAaL from cost savings in Switzerland and synergies in Italy Decline in Telco service revenue partially Revenue in CHF mn 1 compensated by higher hard- and software revenue -109 (-2.9%) 2 Lower Telco service revenue and -25 -153 (-4.1%) hard- and software sales
Slide 20: OpFCF ahead of consensus
Group CAPEX and OpFCF OpFCF ahead of consensus1, driven by phasing effects Lower construction volume FTTH CAPEX in CHF mn 1 (high volume in PY) and in-year phasing effects Adjustments4 Q1 25 Switzerland Italy2 Others3 and currency5 Q1 26 2 Slower rollout mobile sites, lower investment in wireline ac
Slide 21: Stable EBITDAaL thanks to strong cost delivery in Q1
Switzerland revenue and EBITDAaL Stable EBITDAaL thanks to strong cost delivery in Q1 Telco service revenue with decrease (CHF -16mn), Revenue in CHF mn 1 price increases impacting as from Q2. Higher hard- and software revenue partly compensate. -25 +8 (-1.3%) 2 Lower Telco service revenue (CHF -18m
Slide 22: Seasonally lower investments drive OpFCF in Q1
Switzerland CAPEX and OpFCF Seasonally lower investments drive OpFCF in Q1 Investments lower mainly due to decreased CAPEX in CHF mn 1 construction volume FTTH (high volume in PY) W- W+ access Backbone & Q1 25 Q1 26 network network infrastructure IT Other 2 In-year phasing effects across all categor
Slide 23: Q1 as expected - Telco marginally down, IT modestly up
Switzerland Telco service revenue and EBITDAaL drivers Q1 as expected - Telco marginally down, IT modestly up Telco service revenue YOY changes in CHF mn Telco EBITDAaL in CHF mn and YOY changes 1'260 Q1 25 Q2 Q3 Q4 Q1 26 300 -267 margin 343 1'559 -464 53.2% Total -26 -31 -35 -30 -34 (-2.0%) (-2.4%)
Slide 24: EBITDAaL up despite lower revenue, driven by solid synergy execution
Italy revenue and EBITDAaL EBITDAaL up despite lower revenue, driven by solid synergy execution 1 Telco service revenue decline (EUR -35mn) Revenue in EUR mn and lower hardware sales (EUR -13mn) partially compensated by growing energy business (EUR +20 -81 +12mn) (+10.9%) (-4.5%) -45 2 Lower Telco s
Slide 25: Higher OpFCF contribution driven by phasing effects in Q1
Italy CAPEX and OpFCF Higher OpFCF contribution driven by phasing effects in Q1 1 Slower rollout of mobile sites CAPEX in EUR mn W- W+ access Backbone & 2 Lower fibre (passive) infrastructure Q1 25 network network infrastructure IT Other Adjustments1 Q1 26 investments 3 Phasing of IT projects Adjust
Slide 26: Telco service revenue development as expected
Italy EBITDAaL and Telco service revenue drivers Telco service revenue development as expected Telco service revenue1 YOY changes in EUR mn EBITDAaL adjusted in EUR mn and YOY changes Q1 25 Q2 Q3 Q4 Q1 26 1'198 343 1'737 Total -47 -53 -66 -60 -55 196 -756 (-3.5%) (-4.0%) (-5.0%) (-4.5%) (-4.4%) 485
Slide 27: 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 % • Q1 with EUR +77mn run-rate, t/o 2/3 from 77 MVNO migration 100% Run-rate: EUR ~600mn • On track to achiev
Slide 28: Higher free cashflow driven by higher OpFCF
Group free cash flow Higher free cashflow driven by higher OpFCF in CHF mn +33 +11 +4 -13 -44 594 586 Q1 26 Δ +96 -21 +46 0 -8 +2 +115 1 +54 +5 -35 -5 -46 498 Q1 25 471 OpFCF Change in Other operating Change in defined Net interest Income FCF NWC cash flows benefit obligations paid1 taxes paid 1 Bet
Slide 29: Net income stable excluding non-cash fair value adjustment in other financial result
Group net income Net income stable excluding non-cash fair value adjustment in other financial result in CHF mn 398 1'686 tax rate1 Q1 26 1'288 -784 17.9% -385 517 -113 -72 332 Δ +10 -10 0 -11 +10 -2 -36 +3 -35 1 409 1'686 tax rate1 Q1 25 17.0% 1'277 -773 -394 519 -77 -75 367 EBITDAaL Lease EBITDA D
Slide 30: 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. EUR c. -50mn integration OPEX incl. EUR -109mn and EUR c. +75mn integration OPEX
Slide 31: Q&A
Q&A 31
Slide 32: Appendix
Appendix 32
Slide 33: Group - adjusted EBITDAaL
Appendix Group - adjusted EBITDAaL in CHF mn 2025 2026 YOY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 EBITDAaL 1'277 1'197 1'302 1'208 4'984 1'288 +10 Provisions for legal proceedings -90 -90 Provisions for contractual risks 52 52 Restructuring cost 2 9 15 27 Adjustments Switzerland 0 2 -29 15 -11 0 +0
Slide 34: Group - adjusted CAPEX and OpFCF
Appendix Group - adjusted CAPEX and OpFCF in CHF mn 2025 2026 YOY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 CAPEX -780 -706 -685 -894 -3'065 -693 +86 INWIT consolidation CAPEX 7 6 8 16 37 3 -5 Integration CAPEX Vodafone Italia 3 16 31 51 101 30 +27 Adjustments Italy 10 22 38 68 138 32 +22 Adjustments C
Slide 35: Switzerland - adjusted EBITDAaL, CAPEX and OpFCF
Appendix Switzerland - adjusted EBITDAaL, CAPEX and OpFCF in CHF mn 2025 2026 YOY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 EBITDAaL 866 821 877 804 3'368 861 -5 Provisions for legal proceedings -90 -90 Provisions for contractual risks 52 52 Restructuring cost 2 9 15 27 Adjustments EBITDAaL 0 2 -29 15
Slide 36: Italy - adjusted EBITDAaL, CAPEX and OpFCF
Appendix Italy - adjusted EBITDAaL, CAPEX and OpFCF in EUR mn 2025 2026 YOY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 EBITDAaL 422 386 436 442 1'687 457 +36 Integration OPEX Vodafone Italia 6 14 19 69 109 2 -4 Provisions for contractual risks 9 9 Adjustments EBITDAaL 6 14 28 69 118 2 -4 EBITDAaL adjust
Slide 37: 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 38: 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 38
Swisscom Ag Ittigen R/Shs — Q1 2026 Earnings Presentation on 6ix