Contents | |||
KPIs Group | 3 | Notes to the interim financial statements | 15 |
About this report | 15 | ||
KPIs segments | 4 | 1 Changes in accounting principles | 15 |
2 Segment information | 15 | ||
Financial review | 5 | 3 Operating costs | 18 |
Summary | 5 | 4 Dividend | 18 |
Depreciation and amortisation, non-operating results | 8 | 5 Financial liabilities | 19 |
Cash flows | 9 | 6 Financial result | 19 |
Net asset position | 9 | 7 Net current operating assets | 20 |
Financial outlook | 10 | 8 Provisions and contingent liabilities | 21 |
Consolidated interim financial statements | 11 | Alternative performance measures | 22 |
Consolidated statement of | Reconciliation of alternative performance measures | 23 | |
comprehensive income (unaudited) | 11 | ||
Consolidated balance sheet (unaudited) | 12 | Further information | 25 |
Consolidated statement of cash flows (unaudited) | 13 | Share information | 25 |
Consolidated statement of changes in equity (unaudited) 14
Quarterly review 2025 and 2026 26
Disclaimer 28
Q1 2026
Revenue | 3,606 | 3,759 | (153) | -4.1% |
EBITDA after lease expense (EBITDAaL) | 1,288 | 1,277 | 10 | 0.8% |
Capital expenditure | 693 | 780 | (86) | -11.0% |
Operating free cash flow | 594 | 498 | 96 | 19.3% |
Free cash flow | 586 | 471 | 115 | 24.3% |
Net income | 332 | 367 | (35) | -9.6% |
Equity | 11,157 | 12,598 | (1,441) | -11.4% |
Net debt | 16,176 | 15,634 | 542 | 3.5% |
Postpaid value connections | thousand | 4,421 | 4,403 | 19 | 0.4% |
Broadband connections | thousand | 1,918 | 1,953 | (34) | -1.8% |
TV connections | thousand | 1,445 | 1,481 | (36) | -2.4% |
Fixed telephony connections | thousand | 989 | 1,070 | (81) | -7.5% |
Wholesale wireline access lines | thousand | 782 | 742 | 40 | 5.4% |
Wireless connections | thousand | 19,907 | 20,214 | (308) | -1.5% |
Broadband connections | thousand | 5,550 | 5,662 | (112) | -2.0% |
Wholesale wireless connections | thousand | 8,190 | 6,787 | 1,403 | 20.7% |
Wholesale wireline access lines | thousand | 1,194 | 968 | 226 | 23.3% |
Number of issued shares | thousand | 51,802 | 51,802 | - | - |
Market capitalisation | 34,552 | 26,393 | 8,159 | 30.9% | |
Closing price | CHF | 667.00 | 509.50 | 157.50 | 30.9% |
Full-time equivalent employees number | 23,073 | 23,717 (643) -2.7% |
1 Swisscom uses various alternative performance measures. The definitions and the reconciliation to the values in accordance with IFRS Accounting Standards are set out on pages 22-24 of the Interim Report .
Totals in the tables included in this report may not add up due to rounding. Percentages and variances are calculated based on unrounded figures. The figures 0 and (0) indicate positive or negative amounts rounded to zero, while a dash (-) indicates zero.
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Q1 2026
Interim Report 2026 January-March | KPIs segments
KPIs segmentsSwitzerland | 1,937 | 1,962 | (25) | -1.3% |
Italy | 1,596 | 1,717 | (121) | -7.0% |
Others | 225 | 258 | (33) | -12.8% |
Elimination | (152) | (178) | 26 | -14.4% |
Revenue | 3,606 | 3,759 | (153) | -4.1% |
Switzerland | 861 | 866 | (5) | -0.6% |
Italy | 420 | 398 | 22 | 5.6% |
Others | 19 | 29 | (11) | -37.0% |
Elimination | (12) | (16) | 4 | -26.2% |
EBITDAaL | 1,288 | 1,277 | 10 | 0.8% |
Switzerland | 382 | 422 | (40) | -9.4% |
Italy | 312 | 360 | (48) | -13.4% |
Others | 9 | 10 | (1) | -9.8% |
Elimination | (10) | (12) | 3 | -22.3% |
Capital expenditure | 693 | 780 | (86) | -11.0% |
Switzerland | 478 | 444 | 34 | 7.7% |
Italy | 108 | 38 | 71 | 186.2% |
Others | 10 | 20 | (10) | -50.2% |
Elimination | (2) | (4) | 2 | -39.3% |
Operating free cash flow | 594 | 498 | 96 | 19.3% |
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Financial review SummaryGroup revenue decreased by 4.1% to CHF 3,606 million. Operating income before depreciation and amortisation after lease expense (EBITDAaL) increased by 0.8% to CHF 1,288 million. The revenue and EBITDAaL development were influenced by the performance of the EUR exchange rate as a result of the substantial share attributable to the Italy segment. The EUR average exchange rate fell by 2.7% in the first quarter of 2026 compared to the same period of the previous year. This resulted in negative exchange differences on
revenue of CHF 44 million and on EBITDAaL of CHF 12 million. Based on a constant EUR exchange rate, revenue in the first quarter of 2026 decreased by 2.9% or CHF 109 million. Switzerland's revenue fell by 1.3% and Italy's by 4.5% (in EUR).
EBITDAaL development was influenced not only by currency effects, but also by non-recurring items in connection with the integration of Vodafone Italia and the reconciliation of pension cost (IAS 19).
Without these non-recurring items and with a constant EUR exchange rate, EBITDAaL increased by CHF 16 million (+1.3%). CHF 30 million (+7.4%) of this increase is attributable to the Italy segment. The EBITDAaL of Switzerland, on the other hand, remained fairly stable (-0.6%). Net income fell by CHF 35 million (-9.6%) to CHF 332 million. The decrease in net income is mainly due to non-cash effects within the financial result.
The Group's capital expenditure decreased by 11.0% to CHF 693 million. Capital expenditure for Switzerland fell by 9.4%, and by 11.0% in Italy (in EUR). In the first quarter of 2026, capital expenditure in Italy included EUR 32 million integration cost capital expenditure (prior year: EUR 3 million). Without non-recurring items and with a constant EUR exchange rate, the Group's capital expenditure decreased by 13.1% and in Italy by 17.9%. Operating free cash flow increased by CHF 96 million or 19.3% to CHF 594 million. Without the non-recurring items as mentioned and with a constant EUR exchange rate, operating free cash flow rose by 22.6%, mostly driven by the lower capital expenditure. Free cash flow of CHF 586 million was up year-on-year by CHF 115 million driven by the increase in the operating free cash flow.
The number of Swisscom employees decreased year-on-year by 643 FTEs or 2.7% to 23,073 FTEs. In the Switzerland segment, FTEs fell by 502 or 3.8% to 12,761 FTEs, and in the Italy segment by 35 FTEs or 0.5% to 7,185 FTEs. In the first quarter of 2026, the reduction of the number of Swisscom employees amounted to 0.8% or 192 FTEs (compared
to year-end 2025), of which 158 FTEs (-1.2%) resulted from the Switzerland segment. In the Italy segment, the number of employees remained stable (+0.1%) during that period. The decline in the Switzerland segment ist due to a decrease in FTEs in the areas of customer care, IT business and support functions.
The financial outlook for the 2026 financial year remains unchanged. 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 expenditures between CHF 3.0 billion and CHF 3.1 billion and an operating free cash flow of around CHF 2.0 billion. Subject to achieving its targets, Swisscom plans to propose an increase in dividend from CHF 26 to CHF 27 per share for the financial year 2026 at the 2027 Annual General Meeting.
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