Swisscom Ag · SIX:SCMN
Swisscom — Swisscom Ag Ittigen R/Shs — Q3 2025 Earnings Presentation
38 slides from Swisscom's earnings presentation, Nov 6, 2025
Slide 1: Q3 2025 results
Q3 2025 results Investor and analyst presentation 06 November 2025
Slide 2: Agenda
Agenda Introduction Louis Schmid, Head of Investor Relations Swisscom 1. Achievements Christoph Aeschlimann, CEO Swisscom 2. Business update – Switzerland and Italy Christoph Aeschlimann, CEO Swisscom 3. Financial results Eugen Stermetz, CFO Swisscom Questions & answers Appendix 2
Slide 3: Achievements
1 Achievements Christoph Aeschlimann CEO Swisscom 3
Slide 4: Q3 highlights
Q3 highlights Another successful quarter with remarkable achievements The best service and network Reinforced multi-brand play Ramped-up 'beem' services in Switzerland Migros Mobile repositioned Start of ATL campaign and introduction of Winner of all connect tests 2025 and with new offerings further
Slide 5: Q3 operational results
Q3 operational results Broadly consistent net adds trends in Switzerland and Italy 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 +63 +51 +45 +45 +50 +45 +11 +7 +14 Q1 Q2 Q3 Net
Slide 6: Q3 financial results
Q3 financial results Financial results in line with FY guidance Group key figures EBITDAaL development in CHF mn (YOY pro forma) in CHF mn (YOY) Q3 25 9M 25 Stability Transitional in year Switzerland in Italy Revenue 3’729 11’175 (-1.8%) (-2.1%) Q1 Q2 Q3 -3 -3 -5 -15 -30 -4 -5 -3 -9 -50 -33 -31 -54
Slide 7: Business update – Switzerland and Italy
2 Business update – Switzerland and Italy Christoph Aeschlimann CEO Swisscom 7
Slide 8: Strategic priorities 2025
Strategic priorities 2025 Roadmap 2025 to drive long-term value creation Cement Build #1 position #1 customer choice in Switzerland in Italy Manage Integrate Vodafone Italia Telco top line and capture synergy potential Execute Telco cost Stabilise B2C Telco top line transformation and grow beyond co
Slide 9: B2C: reinforced multi-brand play and new AI offering
Manage Telco top line B2C: reinforced multi-brand play and new AI offering Telco RGU & net adds in k (YOY) +24 +20 +27 Own brand: value delivery enhanced Winner of all service tests Net adds Q1 Q2 Q3 -11 -3 -3 • #1 in Switzerland with best services across all channels 2nd/3rd brand 2nd/3rd brand 36%
Slide 10: B2B: leading Swiss partner for secure, resilient and innovative solutions
Manage Telco top line & achieve profitable IT growth B2B: leading Swiss partner for secure, resilient and innovative solutions Telco IT IT service revenue2 Scale up customer value ARPU Strengthen position as in CHF mn Q3, in CHF (YOY) initiatives to address market solutions provider for critical sta
Slide 11: Network and Wholesale: enhance and monetise network leadership
Manage Telco top line Network and Wholesale: enhance and monetise network leadership Network Wholesale Telco Pop coverage Market share access lines2 (YOY in pp) in % of all Swiss access lines 5G+ coverage increasing Lever owner economics 18.1 • 5G+ footprint up (+3pp YOY), 5G+ 88% (+3) and monetise
Slide 12: On track to achieve Telco cost savings of CHF 50+ million
Execute Telco cost transformation On track to achieve Telco cost savings of CHF 50+ million Telco cost Power digital push in customer care Digital push - B2C indexed, Q3 YOY • Unified contact centre platform for all Telco cost savings 2025 +5% -2% divisions further enhanced with AI-driven in CHF mn,
Slide 13: Integration progressing as planned, synergies ramping up
Integrate Vodafone Italia and capture synergy potential Integration progressing as planned, synergies ramping up Fastweb+Vodafone Integrated organisation, aligned go2market • Integrated organisation fully operational now • New and aligned offer portfolio (including fixed, mobile and energy) launched
Slide 14: B2C: first joint mobile portfolio at higher price points
Stabilise B2C Telco top line and grow beyond core B2C: first joint mobile portfolio at higher price points, stabilising operations Telco mobile RGU & net adds Joint mobile portfolio in k (YOY pro forma) Operational metrics encouraging, Fastweb with same offerings Q1 Q2 Q3 Net driven by execution of
Slide 15: B2C: new fixed portfolio with super-convergence
Stabilise B2C Telco top line and grow beyond core B2C: new fixed portfolio with super-convergence, strengthening retention Telco broadband RGU & net adds in k (YOY pro forma) Continue strengthening operational Joint broadband portfolio +25 Q1 Q2 Q3 +13 +21 momentum Vodafone with same offerings Net -
Slide 16: B2B: keep managing Telco top line and growing IT
Scale up B2B IT B2B: keep managing Telco top line and growing IT with cloud, security and AI Telco IT RGU IT revenue Q3 in line with expectations base in k (YOY pro forma) Positive development in Q3 in EUR mn (YOY pro forma) • Mobile RGUs growing, driven by • Top line growth driven by security, TM9
Slide 17: Network and Wholesale: confirming double digit growth of UBB lines
Scale up Wholesale Network and Wholesale: confirming double digit growth of UBB lines Network Wholesale Telco Pop coverage UBB lines 5G rollout keeps going on in % in k (YOY) • 5G coverage at 87% (+11pp Ambition 2025: ~89%, UBB business growing YOY) continues to progress +28% 2030:~95% • Substantial
Slide 18: Financial results
3 Financial results Eugen Stermetz CFO Swisscom 18
Slide 19: EBITDAaL development as anticipated
Group revenue and EBITDAaL EBITDAaL development as anticipated Revenue in CHF mn Q1 Q2 Q3 +2 1 Q3 with lower Telco service revenue, -6 -5 -9 -8 -6 partially offset by higher hard- and -24 -8 -23 -53 -42 -47 -69 software sales -60 -126 -153 (-1.3%) | Q1: -41, Q2: -66, Q3: -46 2 Lower Telco service re
Slide 20: Group CAPEX and OpFCF
Group CAPEX and OpFCF OpFCF adjusted higher, Switzerland positive and Italy stable CAPEX in CHF mn 1 Q3 and 9M lower due to different 9M 24 Adjustments and phasing and one-time investments pro forma Switzerland Italy1 Others2 currency3 9M 25 in wireless and IT in prior year 1 2 3 2 Q3 and 9M lower d
Slide 21: Switzerland revenue and EBITDAaL
Switzerland revenue and EBITDAaL EBITDAaL stable thanks to Telco cost delivery Revenue in CHF mn Q1 Q2 Q3 +8 +7 +4 0 1 Q3 affected by Telco service revenue decrease (CHF -17mn), hard- and software -6 -12-11 -1 -2 -2 -6 -25 -43 -24 sales higher (CHF +8mn) -53 -83 2 Q3 with lower Telco service revenue
Slide 22: Telco service revenue and cost savings largely as expected
Switzerland EBITDAaL drivers Telco service revenue and cost savings largely as expected Telco EBITDAaL adjusted IT EBITDAaL in CHF mn and YOY changes in CHF mn and YOY changes 3’871 863 -810 margin 1 Q3 delivery with run-rate 1'075 4'734 -1’471 51.8% 238 margin 7.0% above average, FY ambition 2'796
Slide 23: Switzerland CAPEX and OpFCF
Switzerland CAPEX and OpFCF OpFCF adjusted higher due to lower CAPEX CAPEX in CHF mn 1 Non-recurring CAPEX impacted by Telco cloud activation in prior year Wireless Wireline Backbone & network access network infrastructure IT Other 9M 25 2 PY higher due to extra investments in AI-platforms and softw
Slide 24: Italy revenue and EBITDAaL
Italy revenue and EBITDAaL EBITDAaL development as expected Revenue in EUR mn +22 +1 +15 +10 1 Q3 Telco service revenue down by EUR -39mn Q1 Q2 Q3 and hardware sales flat, partially mitigated -23 -21 -29 -25 -7 -8 -5 by energy growth -44 -2 +18 -57 (-0.1%) (+3.5%) 0 (-1.0%) 2 Q3 with lower Telco ser
Slide 25: EBITDAaL adjusted primarily impacted by Telco service revenue decline
Italy EBITDAaL drivers EBITDAaL adjusted primarily impacted by Telco service revenue decline EBITDAaL adjusted in EUR mn and YOY changes 989 5'383 3’789 605 -2'494 1 Q3 with slightly stronger decline due to large one- 1'517 margin 24.0% time effects from projects in prior year (B2B) and -1'596 2'272
Slide 26: Italy CAPEX and OpFCF
Italy CAPEX and OpFCF OpFCF adjusted with stable evolution, on track to achieve FY guidance CAPEX in EUR mn 1 Fastweb's FWA strategy change (rollout Wireless Wireline Backbone & stop of dedicated network) in 2024 and network access network infrastructure IT Other Adjustments1 9M 25 different phasing
Slide 27: Italy synergies and integration cost
Italy synergies and integration cost Integration cost and synergy targets for full-year confirmed Ramp-up plan 2025-2029 Q3 update Synergies in EUR mn Synergy realisation Target FY 25 c. +60 100% Run-rate: EUR ~600mn Realised in 9M 25 +36 ~90% Direct cost: EUR ~240mn ~70% Indirect cost: EUR ~300mn ~
Slide 28: Group free cash flow
Group free cash flow Stable free cashflow in CHF mn +16 1'606 1'606 -215 9M 25 -132 1 -228 +13 3 1'060 OpFCF Δ -17 +133 +116 -20 +13 -127 +14 +27 +23 1'623 -133 1'490 -195 +3 -5 9M 24 -242 -14 1'037 2 OpFCF Vodafone OpFCF Change in Change in defined Net interest Income Other FCF Italia NWC benefit o
Slide 29: Group net income
Group net income Net income impacted by PPA amortisation and additional interest expense in CHF mn 4'999 1'222 9M 25 3'777 3'777 tax rate1 -2'330 18.8% -1'184 1'485 -269 -228 988 EBITDAaL Δ -191 +747 +556 +697 +1'253 -739 -683 -169 -191 +65 -295 1 1 1 2 3 3'968 3'746 tax rate1 -747 525 9M 24 3'221 1
Slide 30: Guidance 2025
Guidance 2025 Guidance for full-year 2025 confirmed Financials FY 2024 Guidance FY 2025 Group Group Switzerland2 Italy2 CHF mn CHF mn CHF mn EUR mn Group4 Switzerland Italy CHF bn CHF bn EUR bn restated pro forma1 pro forma Revenue 11'017 15'358 7'976 7'372 Revenue 15.0-15.2 7.9-8.0 ~7.3 Incl. EUR c
Slide 31: Q&A
Q&A 31
Slide 32: Appendix
Appendix 32
Slide 33: Group - adjusted EBITDAaL
Appendix Group - adjusted EBITDAaL in CHF mn 2024 pro forma 2025 YOY Q1 Q2 Q3 9M Q4 FY Q1 Q2 Q3 9M Q1 Q2 Q3 9M EBITDAaL 1’367 1’251 1’350 3’968 1’076 5’044 1’277 1’197 1’303 3’777 -90 -54 -47 -191 Provisions for legal proceedings -24 -24 -24 -90 -90 +24 -90 -66 Provisions for contractual risks 52 52
Slide 34: Group - adjusted CAPEX and OpFCF
Appendix Group - adjusted CAPEX and OpFCF in CHF mn 2024 pro forma 2025 YOY Q1 Q2 Q3 9M Q4 FY Q1 Q2 Q3 9M Q1 Q2 Q3 9M CAPEX -897 -715 -733 -2’345 -770 -3’115 -779 -706 -686 -2’171 +118 +9 +47 +174 INWIT consolidation CAPEX 43 7 8 58 10 68 7 6 8 21 -36 -1 +0 -37 Integration CAPEX Vodafone Italia 3 16
Slide 35: Switzerland - adjusted EBITDAaL, CAPEX and OpFCF
Appendix Switzerland - adjusted EBITDAaL, CAPEX and OpFCF in CHF mn 2024 2025 YOY Q1 Q2 Q3 9M Q4 FY Q1 Q2 Q3 9M Q1 Q2 Q3 9M EBITDAaL 886 817 847 2’550 779 3’329 865 819 875 2’559 -21 +2 +28 +9 Provisions for legal proceedings -24 -24 -90 -90 +24 -90 -90 Provisions for contractual risks 52 52 +52 +52
Slide 36: Italy - adjusted EBITDAaL, CAPEX and OpFCF
Appendix Italy - adjusted EBITDAaL, CAPEX and OpFCF in CHF mn 2024 pro forma 2025 YOY Q1 Q2 Q3 9M Q4 FY Q1 Q2 Q3 9M Q1 Q2 Q3 9M EBITDAaL 480 416 496 1’392 294 1’686 422 386 436 1’244 -58 -30 -60 -148 Integration OPEX Vodafone Italia 176 176 6 14 20 40 +6 +14 +20 +40 Provisions for contractual risks
Slide 37: 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 38: Investor contact
Investor contact Louis Schmid Anastasia Henkel Head Investor Relations Investor Relations Manager louis.schmid@swisscom.com anastasia.henkel@swisscom.com +41 58 221 62 79 +41 58 221 40 80 38
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