Slides
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Q3 2025 results Investor and analyst presentation 06 November 2025
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2 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 Agenda
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3 Achievements Christoph Aeschlimann CEO Swisscom 1
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4 Group guidance confirmed1 Revenue 15.0-15.2, EBITDAaL ~5.0, CAPEX 3.1-3.2, OpFCF 1.8-1.9 Another successful quarter with remarkable achievements Reinforced multi-brand play Migros Mobile repositioned and with new offerings The best service and network in Switzerland Winner of all connect tests 2025 Ramped-up 'beem' services Start of ATL campaign and introduction of further higher tier editions in September 1) All figures in CHF billion Q3 highlights In line with plan Integration execution and synergy capture progressing as expected Aligned go2market in Italy New joint portfolio with 1st combined product offering
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5 1) RGUs without OTT subs, 2) Swisscom estimates as per 30 June 2025 Broadly consistent net adds trends in Switzerland and Italy 1'4681'9425'601 1'065 +11 Switzerland Q1 763 52% (-1.1pp) +51 -14 -12 -29 +45 -6 -21 +7 RGU market share2 (YOY) Net adds 2025, in k RGUs 30 Sept 2025, in k 46% (-1.4pp) 41% (-0.4pp) TV1 B2C+B2B Fixed voice B2C+B2B Postpaid B2C+B2B Broadband B2C+B2B W+ access lines Wholesale Q3 operational results +45 Q2 Q3 -6 -5 -7 -22 +14 Mobile B2C+B2B Italy -1 -39 -67 -57 +63 +50 Broadband B2C+B2B W+ access lines Wholesale 30% (-0.6pp) 20’168 5’759 1’063 26% (stable) Q1 Q2 Q3 -8 -33 +45
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6 EBITDAaL development in CHF mn (YOY) Financial results in line with FY guidance Revenue 3’729 (-1.8%) 9M 25Q3 25 11’175 (-2.1%) Q3 financial results Group key figures in CHF mn (YOY pro forma) EBITDAaL 1’303 (-3.5%) 3’777 (-4.8%) CAPEX -686 (-6.4%) -2’171 (-7.4%) OpFCF 617 (0.0%) 1’606 (-1.0%) Stability in Switzerland Transitional year in Italy 1) At constant currency, 2) Segment 'Others', including intersegment elimination group level, 3) CHF/EUR exchange rate for 9M 25 0.9388 (vs. 9M 24 0.9554), 4) Includes provisions for legal proceedings (Q1 24 CHF +24mn, Q3 25 CHF +90mn), provisions for contractual risks (Switzerland Q3 25 CHF -52mn, Italy Q3 25 CHF -8mn), restructuring cost (Q2 25 CHF -2mn, Q3 25 CHF -10mn), transaction cost Vodafone Italia (Q1 24 CHF -6mn, Q2 24 CHF -7mn, Q3 24 CHF -5mn), integration OPEX Vodafone Italia (Q1 25 CHF -6mn, Q2 25 -13mn, Q3 25 -19mn), pension cost (IAS 19 reconciliation, Q1 24 CHF +4mn, Q2 24 CHF +5mn, Q3 24 CHF +5mn, Q1 25 CHF -4mn, Q2 25 CHF -4mn, Q3 25 CHF -4mn) and currency (Q1 25 CHF -1mn, Q2 25 CHF -14mn, Q3 25 CHF -6mn) 9M 24 pro forma Switzerland Italy1 Others2 Adjustments and currency3, 4 9M 25 Adjusted -118 (-3.0%) | Q1: -57, Q2: -23, Q3: -38 3’968 Q1 Q2 Q3 -3 -5 -50-15 -4 -5 -33 -31 -90 -12-95 -11 -73 3’777 (-4.8%) -191 -3-3 -30 -9 -54 -47
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7 Business update – Switzerland and Italy 2 Christoph Aeschlimann CEO Swisscom
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8 Roadmap 2025 to drive long-term value creation Cement #1 position in Switzerland Manage Telco top line Execute Telco cost transformation Achieve profitable IT growth Integrate Vodafone Italia and capture synergy potential Stabilise B2C Telco top line and grow beyond core Scale up B2B IT and Wholesale Build #1 customer choice in Italy Strategic priorities 2025
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9 Own brand: value delivery enhanced • #1 in Switzerland with best services across all channels • Swisscom's loyalty programme further extended, improving price/value-perception • 'We are family' continuously driving convergence and main brand standing • More roaming included from 1 Oct Telco Manage Telco top line B2C: reinforced multi-brand play and new AI offering 2nd/3rd brands: positioning sharpened • Wingo with value focus: price increase1 CHF +1 and successful summer campaign FlaWingo • Migros Mobile repositioned: new name, new image and new customer-centric offering with more value (5G and family discount) • Coop Mobile with special offerings per week Winner of all service tests RGU & net adds in k (YOY) 36% (+3pp) (-18) 1'679 12% (+2pp) 2nd/3rd brand 2nd/3rd brand Postpaid Broadband Net adds -11 -3 +24 +20 Q2Q1 3'520 (+104) Q3 +27 -3 Churn in % p.a. 8.0 6.8 8.8 7.7 Q1 23 Q2 Q3 Q4 Q1 24 Q2 Q3 Q4 Q1 25 Q2 Q3 ARPU Q3, in CHF (YOY) W- blended Postpaid value 35 48 W+ blended W+ bundle2 40 89 (-1)(-1) (+0) (-0) 1) As from 1 July 2025, 2) Own brand bundle (BB + TV + fixed voice) Enriched customer experience beyond core • Launch of Swisscom myAI: user-friendly AI assistant made in & for Switzerland, meeting highest local standards of user data protection. 'Pro' version for CHF 14.90/m, free trial till YE 25
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10 B2B: leading Swiss partner for secure, resilient and innovative solutions Strengthen position as solutions provider for critical infrastructure and services • Launch of new digitalisation platform for Swiss Armed Forces building secure and resilient and high-performing ICT infrastructure AI portfolio enhanced with Swiss AI Assistant • Chatbot for SME, highly secure for confidential data thanks to legally compliant data storage • Easy self-service onboarding and attractive flat-rate pricing Telco IT 1) Average revenue per underlying product (blended wireless and wireline), YOY evolution driven by RGU mix change, 2) All organic Chatbot for SME Scale up customer value initiatives to address market pressure • Gradual integration of 'beem' in existing Telco portfolio • Drive cross- and up-selling and prevent cancellations with AI- powered offerings customised for individual SME needs IT service revenue2 in CHF mn IT EBITDAaL in CHF mn Q3 24 Q3 25 296 296 stable Q3 24 Q3 25 32 35 'beem' in a nutshell ARPU Q3, in CHF (YOY) Postpaid value ARPUP1 35 44 (-1) (-3) Manage Telco top line & achieve profitable IT growth Ramp up 'beem' services • New secure connectivity solution stimulating top line in the mid-term • Start of ATL marketing campaign in September • Subscriptions for entry-tier edition ramping up swiftly • Introduction of further higher tier editions in September • Partner sales channel is now enabled for entry-tier +3 Transform operating model to improve IT profitability • Drive efficiencies from re- configuring IT delivery value chain and operational synergies to the next level beemNet
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11 Network and Wholesale: enhance and monetise network leadership 1) Share of total 5.45mn HHs in Switzerland, 2) Together with the retail (B2C+B2B) share of 46%, Swisscom's broadband share totals to 64%, Source: Swisscom estimates, 3) Incl. intersegment revenue HH coverage1 (YOY in pp) Pop coverage (YOY in pp) Wholesale Telco 5G+ coverage increasing • 5G+ footprint up (+3pp YOY), and on track to achieve ~90% by YE 2025 Lever owner economics and monetise FTTH investments • Access market share in wholesale increased, driven by progressing FTTH rollout The best internet in Switzerland FTTH rollout advancing • Ongoing progress in building the next-Gen fixed network • ≤10 Gbps coverage up by +5pp YOY 5G+ 5G 4G 88% (+3) 99% 99% Grow Telco revenue with access services • Access service revenue up thanks to extended FTTH reach and increasing fibre utilisation • Sustain top line growth thanks to customer proximity and technology advantage Network Access service revenue3 in CHF mn (YOY in %) Market share access lines2 in % of all Swiss access lines 17.3 17.4 17.7 17.8 18.1 FTTH penetration FTTH share of access lines +7pp 42% Q3 24 49% Q3 25 Q4 24 Q1 25 ≤ 10 Gbps >200 Mbps >80 Mbps 55% (+5) 87% (+3) 93% (+1) Q3 24 Q2 25 +4% 48 Q3 24 50 Q3 25 Manage Telco top line Best network proposition confirmed • Winner of connect fixed network test for the 5th time in a row and 991 points of 1000 Q3 25e
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12 On track to achieve Telco cost savings of CHF 50+ million Telco cost Execute Telco cost transformation 9 Q1 25 H1 25 9M 25 FY 2025 ambition 50+ Telco cost savings 2025 in CHF mn, indicative 31Deploy innovative shop formats and features • Lauch of new formats: Swisscom peakpoint locations in malls and first joint pop-up stores for Swisscom and wingo brands • Pilot for AI host to optimize waiting time • Scale up innovative shop-in-shop formats and digital-integrated retail concepts Self-service cabin Power digital push in customer care • Unified contact centre platform for all divisions further enhanced with AI-driven features for more efficient dialogue and post- processing: predictive routing, agent co-pilot and summarization • New call-me-back solutions reduce waiting times and make workload easier to plan eCare Contact centre workload Digital push - B2C indexed, Q3 YOY +5% -2% 50 3rd party nearshoring in Kosovo further extended • Telesales nearshoring successfully piloted for own brand and extended to wingo Peakpoint AI host wingo shop-in-shop Dual brand pop-up store
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Fastweb+Vodafone Integrate Vodafone Italia and capture synergy potential 13 Integration progressing as planned, synergies ramping up Integrated organisation, aligned go2market • Integrated organisation fully operational now • New and aligned offer portfolio (including fixed, mobile and energy) launched – in B2C and B2B • Additional integration measures across branding, sales and service channels implemented to enhance customer experience SIM migration progressing in line with plan • Migration of SIM cards to own network as scheduled • On track to deliver recurring mobile COGS synergies as guided Other integration projects proceeding as planned • Optimisation of services provided by Vodafone Group: 1st services transitioned and terminated • Further network integration steps (beyond SIM migration) started, e.g., ‘best-of-breed’ fixed footprint for new customers • IT consolidation and modernization projects on track and ramping up
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14 B2C: first joint mobile portfolio at higher price points, stabilising operations 9 (-2.7%) Mobile Mobile (-2.2%) 15’739 t/o 2nd brand 21.2% (+2pp) 15 20 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Telco mobile Joint mobile portfolio Fastweb with same offerings 56%1 (+2pp) FMC penetration RGU Stabilise B2C Telco top line and grow beyond core 2nd brand ho. ARPU in EUR (YOY in %, pro forma) NPS change (vs FY 24) RGU & net adds in k (YOY pro forma) Churn Mobile, in % p.a., 2024 pro forma 22.7 18.3 Operational metrics encouraging, driven by execution of value strategy • Launch of joint portfolio in Q3 improving inflow ARPU and RGU trend • Better sales quality and increased transparency in customer base management reducing churn (-4.4pp YOY) and further improving NPS of main brands Outlook: keep pushing value strategy • Fastweb+Vodafone: progressive front-/back- book alignment to grant flexibility to all our customers and at the same time endorse our new price positioning • ho.: clear positioning as attacker-brand, 5G option available at EUR 9.95/month, aligned to Fastweb+Vodafone entry level Net adds Q2Q1 -107-114 Q3 -79 Successful launch of joint portfolio in Q3 • 3-tiered portfolio with entry, medium and premium packages at higher front-book prices and with increased content, stimulating customer lifetime value 1) Share of BB HHs (2’578k converged RGUs, out of total BB connections (4’637k, all brands) with at least 1 mobile subscription
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15 B2C: new fixed portfolio with super-convergence, strengthening retention Stabilise B2C Telco top line and grow beyond core RGU & net adds in k (YOY pro forma) ARPU in EUR (YOY in %, pro forma) Broadband (-3.5%) 4’637 t/o UBB 97% (+1pp) 95 Energy (+35% in Q3) ~112k acquired1 82% convergence2 15 20 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 24 (-2.8%) Churn Broadband, in % p.a., 2024 pro forma RGU Net adds +13 +21 -64 -52 Q2Q1 Q2Q1 NPS change (vs FY 24) 18.3 15.8 Telco broadband -26 Q3 +25 Q3 Continue strengthening operational momentum • Net adds further improving, driven by increased product transparency and NPS-centred operations • Churn keeps decreasing -2.5pp YOY, while inflow ARPU remains stable • Energy with positive results, benefitting from convergence focus Q3 with new joint portfolio and products • New 3-tiered portfolio with entry, medium and premium packages at higher front-book prices delivering more value and hardware incentives • Launch of integrated Telco/energy offering 'Super-convergenza' • Internally developed Wi-Fi 7 modems launched for both brands, enhancing customer experience and capturing operational synergies Outlook: keep pushing new portfolio • Strengthen positive net adds momentum and reinforce ARPU trajectory through front-/back- book alignment sustained by joint offerings and convergence A partire da 27,95€/m A partire da 29,95€/m A partire da 36,95€/m Fastweb Casa START Fastweb Casa PRO Fastweb Casa ULTRA Joint broadband portfolio Vodafone with same offerings Joint Telco/Energy offerings Product news Fastweb Seven Vodafone Seven 1) Including ~15k B2B, 2) Share of HHs with an energy subscription within BB HHs
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16 Outlook: accelerate growth • Drive top line further through cloud, security and AI innovative services IT RGU base in k (YOY pro forma) 4’429 5G W+ Product news Telco New contracts Scale up B2B IT Q3 in line with expectations • Mobile RGUs growing, driven by TM9 contract • Fixed softer, both RGU- and revenue-wise (due to phasing effects from projects in prior year) Build on AI momentum • >10k FastwebAI Work sold • Extended AI Nexxt factory platform for AI governance, compliance and adoption IT revenue in EUR mn (YOY pro forma) ITAI Q3 24 pro forma Q3 25 201 204 +1.5% Leveraging joint commercial excellence • New offerings with best of two portfolios • Increasing focus on high-value, innovative and tailored projects • Cross-selling of energy and VAS to customers of both brands Outlook: grant best customer experience • Extend 2.5Gbps FTTH footprint to large accounts and PA • Boost connection stability, through Wi-Fi 7 and FWA 5G outdoor enhancement Product news New contracts Positive development in Q3 • Top line growth driven by security, cloud and AI B2B: keep managing Telco top line and growing IT with cloud, security and AI Cloud & cyber portfolio enhanced • Strengthening multicloud strategy through new Oracle contract and synergies with hyperscalers • Cloud IaaS and PaaS framework agreement for the supply to PA • Adding professional services tailored to GenAI and cloud tech • DefenderAI awarded as best CyberSec product by ASSOCISO1 (+10.0%) (-1.5%) 1’122 1) Italian Association of Chief Information Security Officers
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17 Wholesale Telco Scale up Wholesale Network and Wholesale: confirming double digit growth of UBB lines 1) Share of total 29.2mn HHs and companies in Italy, 2) “Passive” FTTH consists of primary network and/or GPON equipment (in central office) of Fastweb + Vodafone being connected to backbone network of Fastweb + Vodafone. “Active” FTTH consists of secondary and/or primary network incl. GPON equipment of FiberCop or Open Fiber being connected to backbone network of Fastweb + Vodafone, 3) Wireline revenues includes P2P services, IRU and UBB (+24% YOY), 4) Other Wholesale services include mostly activities as supplier to INWIT, with low marginality Wholesale external revenue Q3, in EUR mn (YOY pro forma) UBB lines in k (YOY) Ambition 2025: ~89%, 2030:~95% Pop coverage in % Ambition 2025: ~55%, 2030: ~90% HH coverage1 in % 5G rollout keeps going on • 5G coverage at 87% (+11pp YOY) continues to progress Keep focus on high-margin core services • Increased share of core services (W-/W+) by +5pp YOY UBB business growing • Substantial growth in UBB lines driven by increased FTTH utilization stimulating top line growth (+4.9% YOY) Key partnerships ongoing • UBB: strengthening relation- ships with key customers through commercial and operational excellence • Mobile: CoopVoce customer base substantially migrated on Fastweb+Vodafone network FTTH expansion progressing • Combined Fastweb+Vodafone FTTH coverage up +13pp YOY, with a 50/50 passive/active3 fibre share 41% 54% FTTH Q3 24 Q3 25 832 1'063 Wireless (+8) Core services 189 (+5.6%) Non-core4 (-9) Wireline3 (+11) low-margin business Q3 24 pro forma Q3 25 99% 76%99% 87% 4G 5G Q3 24 Q3 25 +28% Network Best mobile network in Italy • Record peak speed achieved of 2.5Gbps on a commercial 5G network marks key milestone toward 5G advanced and AI- enabled network evolution • Vodafone wins OOKLA test for mobile network speed Q1-Q2 25
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18 Financial results 3 Eugen Stermetz CFO Swisscom
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19 EBITDAaL development as anticipated Revenue in CHF mn 1) At constant currency, 2) Segment 'Others', including intersegment elimination group level, 3) CHF/EUR exchange rate for 9M 25 0.9388 (vs. 9M 24 0.9554), 4) Includes provisions for legal proceedings (Q1 24 CHF +24mn, Q3 25 CHF +90mn), provisions for contractual risks (Switzerland Q3 25 CHF -52mn, Italy Q3 25 CHF -8mn), restructuring cost (Q2 25 CHF -2mn, Q3 25 CHF -10mn), transaction cost Vodafone Italia (Q1 24 CHF -6mn, Q2 24 CHF -7mn, Q3 24 CHF -5mn), integration OPEX Vodafone Italia (Q1 25 CHF -6mn, Q2 25 CHF -13mn, Q3 25 CHF -19mn), pension cost (IAS 19 reconciliation, Q1 24 CHF +4mn, Q2 24 CHF +5mn, Q3 24 CHF +5mn, Q1 25 CHF -4mn, Q2 25 CHF -4mn, Q3 25 -4mn) and currency (Q1 25 CHF -1mn, Q2 25 CHF -14mn, Q3 25 CHF -6mn) Q3 with lower Telco service revenue, partially offset by higher hard- and software sales Lower Telco service revenue and hardware and software sales in Q3, partially compensated by growth in wholesale and energy Telco service revenue decline of Q3 primarily compensated by Telco cost savings Lower Telco service revenue in Q3 as well as higher indirect cost, partially compensated by synergy realization Q3 mainly affected by provisions (CHF +20mn, net), integration OPEX Vodafone Italia (CHF -19mn), pension cost reconciliation (CHF -9mn) and currency (CHF -6mn) 1 2 5 Group revenue and EBITDAaL EBITDAaL in CHF mn 9M 24 pro forma 11'175 21 Switzerland 9M 25Italy1 Currency3Others2 11'417 -83 -89 (-2.1%) -55 -15 -242 -153 (-1.3%) | Q1: -41, Q2: -66, Q3: -46 -8 -5 Q1 Q2 Q3 -24 -53 -6 -9 -8 +2 -6 -60 -23 -47 -126 -69-42 -73 9M 24 pro forma Switzerland Italy1 Others2 9M 25 -12 43 Adjustments and currency3,4 -953'968 3'777 (-4.8%) 5 4 -191 Adjusted -118 (-3.0%) | Q1: -57, Q2: -23, Q3: -38 3 -50 -15 -4 -5 -33 -31 -90 -54 Q1 Q2 Q3 -3 -3 -5 -30 -9-3 -47 -11
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20 OpFCF adjusted higher, Switzerland positive and Italy stable OpFCF in CHF mn Group CAPEX and OpFCF 1) At constant currency, 2) Segment 'Others', including intersegment elimination group level, 3) Includes INWIT consolidation CAPEX (Q1 24 CHF -43mn, Q2 24 CHF -7mn, Q3 24 CHF -8mn, Q1 25 CHF -7mn, Q2 25 CHF -6mn, Q3 25 -8mn), integration CAPEX Vodafone Italia (Q1 25 CHF -3mn, Q2 25 CHF -16mn, Q3 25 CHF -31mn), currency (Q1 25 CHF +1mn, Q2 25 CHF +11mn, Q3 25 CHF +4mn), 4) Includes adjustments EBITDAaL (Q1 24 CHF +22mn, Q2 24 CHF -2mn, Q1 25 CHF -10mn, Q2 25 CHF -19mn, Q3 25 CHF -3mn), adjustments CAPEX (Q1 24 CHF -43mn, Q2 24 CHF -7mn, Q3 24 CHF -8mn, Q1 25 CHF -10mn, Q2 25 CHF -22mn, Q3 25 CHF -39mn), currency (Q2 25 CHF -3mn, Q3 25 CHF -2mn) +174 Adjusted +171 (-7.5%) | Q1: +84, Q2: +13, Q3: +74 Q1 Q2 Q3 +22 +10 +58 +35 +4 +3 +34 -4 +118 +9 +3 +39 0 0 Q3 and 9M lower due to different phasing and one-time investments in wireless and IT in prior year Q3 and 9M lower due to different phasing mainly in wireless and completion of major IT projects in 2024 Q3 with increased integration CAPEX: CHF -31mn (vs CHF -16mn in Q2), as anticipated CAPEX in CHF mn 1 2 3 - 2'171 1 Switzerland 9M 24 pro forma 9M 25Italy1 Adjustments and currency3Others2 32 - 2'345 +93+71 +7 (-7.4%) +47 -17 (-1.0%) -2 Adjusted +53 (+3.2%) | Q1: +27, Q2: -10, Q3: +36 -5 +60 -70 1'606 Switzerland Italy1 Others2 Adjustments and currency4 9M 25 1'623 9M 24 pro forma Q1 Q2 Q3 +19 +7 +8 +5 0 -3 +1 -36 +28 -45 -27 +34 -15 -2 -35 0
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21 1) Infrastructure & Support Functions, including intersegment elimination, 2) Includes provisions for legal proceedings (Q1 24 CHF +24mn, Q3 25 CHF +90mn), provisions for contractual risks (Q3 25 CHF -52mn), restructuring cost (Q2 25 CHF -2mn, Q3 25 CHF -10mn), transaction cost Vodafone Italia (Q1 24 CHF -6mn, Q2 24 CHF -7mn, Q3 24 CHF -5mn) EBITDAaL stable thanks to Telco cost delivery Q3 affected by Telco service revenue decrease (CHF -17mn), hard- and software sales higher (CHF +8mn) Q3 with lower Telco service revenue (CHF -18mn), higher hard- and software sales (CHF +27mn, with low marginality) Q3: ongoing growth in access services compensated by lower termination and leased lines revenues (mobile backhauling) 3 Revenue in CHF mn Switzerland revenue and EBITDAaL 1 2 9M 25 -45'945 5'862 -29 (-0.9%) -60 (-2.6%) 9M 24 B2C B2B Wholesale ISF1 1 2 3 -83 (-1.4%) Q1 Q2 Q3 -6 -12 -25 -43 +7 +4 0 -2 -24 -53 +10 -11 +8 -1 -2 -6 6 -45-10 9M 24 B2C 2'550 Adjustments2 +20 B2B Wholesale ISF1 4 5 6 9M 25 2'559 +11 +33 (+0.4%) +9Adjusted -11 (-0.4%) | Q1: -3, Q2: -3, Q3: -5 EBITDAaL in CHF mn 5 4Q1 Q2 Q3 -6 0 -13 -18 +5 +4 +11+11 -21 +28 -18 +33 -14 +2 +11 +5 +2 -4 7 7 Q3 Telco service revenue decline partly compensated by lower SAC and lower Telco costs Decrease in Telco service revenue, slightly higher contribution from IT (CHF +3mn in Q3) Cost savings in workforce, IT and other Q3 with positive adjustment (CHF +33mn) due to release of provisions for legal proceedings partially compensated by restructuring cost and provisions for contractual risks
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22 Telco service revenue and cost savings largely as expected Telco EBITDAaL adjusted in CHF mn and YOY changes Telco service revenue in CHF mn and YOY changes EBITDAaLService revenue B2B CostsOther revenue categories 1 Q3 delivery with run-rate above average, FY ambition of CHF 50+mn unchanged Q3 flat, affected by geopolitical uncertainty 9M on prior year level due to under-utilisation of capacity in consulting business limiting EBITDAaL growth 1 IT EBITDAaL in CHF mn and YOY changes 906 1'144 238 80 margin 7.0% -1'041 EBITDAaL adjustedB2C Direct costs Indirect costs Service revenue B2B 2'796 1'075 Revenue 4'734 863 2'453 -1’471 -810 YOY -11-40 -52 +18 +50+13 -79 margin 51.8% (-1.6%) (-0.4%) 3’871 (-3.3%) 1 2 2 Other revenue categories3 Revenue (+1.0%) (-0.4%) 2 (+0.0%) +4+9 -4-13 0 t/o Q3 -8-17 -18 +5 +19+3 -32 -220 +25+25 +3 -92 (-2.3%) Switzerland EBITDAaL drivers 3 3 1) Includes hard- and software, wholesale and other revenue, 2) Thereof CHF +4mn inorganic in Q1, 3) Includes hard- and software and other revenue, 4) Includes postpaid value only B2C -17 B2B -18 (-4.8%)(-1.8%) +7 RGU ARPU RGU RGU4 ARPU4 RGU ARPU -1 ARPU Wireless Wireline t/o -5 BB -5 fixed voice -11 (-2.2%) Wireless -6 (-3.4%)-6 (-1.3%) t/o -7 brand mix Wireline -12 (-6.1%) -10-13-17 -14 -13 -17 -10 -13 -17 -13 -10 -11 -17 -16 -18 -18 Q1 24 Q2 Q3 Q4 Q1 25 Q2 Q3 B2C B2B -30 -24 -24 -34 -26 -35 (-2.6%) -31 t/o -4 brand mix -4 -2 -1 -11
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23 OpFCF adjusted higher due to lower CAPEX CAPEX in CHF mn CAPEX in CHF mn Wireless network Wireline access network IT Backbone & infrastructure Other -194 -548 -87 -322 -80 YOY -1'231 +21 -11 +3 +57 +1 +71 1 9M 25 Non-recurring CAPEX impacted by Telco cloud activation in prior year PY higher due to extra investments in AI-platforms and software licenses 2 t/o fibre 382 (-5.5%) 1 2 Switzerland CAPEX and OpFCF OpFCF in CHF mn 1) Includes provisions for legal proceedings (Q1 24 CHF +24mn, Q3 25 CHF +90mn), provisions for contractual risks (Q3 25 CHF -52mn), restructuring cost (Q2 25 CHF -2mn, Q3 25 CHF -10mn), transaction cost Vodafone Italia (Q1 24 CHF -6mn, Q2 24 CHF -7mn, Q3 24 CHF -5mn) CAPEX 9M 25Adjustments1EBITDAaL9M 24 +20 1'3281'248 -11 Adjusted +60 (+4.8%) | Q1: +19, Q2: +7, Q3: +34 +80 -3 -3 +22 +10 +1 +12 -18 +33 -5 +39 +5 (+6.4%)+71 +67Q1 Q2 Q3
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EBITDAaL development as expected EBITDAaL in EUR mn 24 Italy revenue and EBITDAaL Q3 Telco service revenue down by EUR -39mn and hardware sales flat, partially mitigated by energy growth Q3 with lower Telco service revenue (EUR -27mn, impacted by one-time contributions from large PA projects in prior year) and lower hard- and software sales, partially compensated by energy revenue growth Growth of UBB and MVNO business over- compensate declining non-core business with low marginality 1 2 Q3 improvement thanks to lower MVNO cost for Fastweb SIMs (being migrated to own network) Q3 lower, mainly due to one-time revenues from large PA projects in prior year Ongoing growth in core business Q3 lower mainly due to different phasing of network expenses 6 7 4 5 3 1) Contribution margin = revenue minus direct costs, 2) Including elimination, 3) Includes integration OPEX Vodafone Italia (Q1 25 EUR -6mn, Q2 25 EUR -14mn, Q3 25 EUR -20mn), provisions for contractual risks (Q3 25 EUR -9mn) Revenue in EUR mn 9M 24 pro forma Q1 Q2 Q3 -23 -29 9M 25B2C B2B Wholesale 1 2 3 -57 (-1.0%)-2 (-0.1%) -73 (-2.8%) +18 (+3.5%) 5'440 5'383 +22 +1 -7 +10 -8 -5 Intersegment 0 -21 -25 +15 -44 Indirect cost 9M 24 pro forma CM1 B2C CM1 B2B CM1,2 Wholesale -90 54 7 Adjustments3 -49-23 +19 -5 9M 25 1'244 6 1'392 -148 (-10.6%) -35 -35 -5 -7 -1 +14 -11 +20 -6 -14 -58 -60 Q1 Q2 Q3 -20 -11 +6 -14 -29 -30 Adjusted -99 (-7.1%) | Q1: -52, Q2: -16, Q3: -31
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25 EBITDAaL adjusted primarily impacted by Telco service revenue decline EBITDAaL adjusted in EUR mn and YOY changes Italy EBITDAaL drivers B2C -39 B2B -27 (-5.1%)(-4.9%) Wireless Wireline -23 (-6.5%) Wireless -9 (-4.4%)-16 (-3.7%) Wireline -18 (-5.6%) Telco service revenue in EUR mn and YOY changes 417 333 195 305 margin 24.0% 1'293 1'517 605 989 -2'4945'383 2'272 EBITDAaL adjusted Other revenue categories 1B2C Telco service revenue B2B IT service revenue Total revenue Direct costs -31+27+3t/o Q3 -39 -27 +19 -44 -14 Indirect costs (-1.0%) (-7.1%) 3’789 2 1 5 6 2 3 2 5 6 -99-37+31YOY -116 -50 +78 -57 -5 -166 (-4.2%) -1'596 4 1 2 3 Q3 with slightly stronger decline due to large one- time effects from projects in prior year (B2B) and ongoing ARPU dilution (B2C) Q3 with growth in wholesale and energy, overcompensating lower hard- and software sales Q3 with first positive impact from migration of Fastweb SIMs to own network and lower hard- and software costs Q3 with different phasing mainly related to lower network expenses in prior year 4 1) Includes hard- and software revenue, wholesale revenue and other revenue, 2) Excludes integration OPEX Vodafone Italia (Q1 25 EUR -6mn, Q2 25 EUR -14mn, Q3 25 EUR -20mn), provisions for contractual risks (Q3 25 EUR -9mn) B2C B2B -53 Q2 -42 -11 -47 Q1 25 -35 -12 -66 (-5.0%) -39 -27 Q3 Wireless: RGU decline (slowing down), ARPU erosion (slowing down) Wireline: RGU decline (slowing down), ARPU decline (due to repricing in 2024) Wireless: ARPU dilution mainly due to TM9 growth Wireline: decline primarily impacted by large one-time project effects in Q3/2024
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26 CAPEX in EUR mn t/o -53 integration CAPEX OpFCF in EUR mn Wireless network IT Wireline access network Other YOY 1 +31 +3 +5 +9 +83 9M 25 Backbone & infrastructure +49 Adjustments1 -14 Adjusted +97 (-9.4%) | Q1: +60, Q2: +0, Q3: +37 3 -179 -78 -96 -142 -75 -1'011-441 2 1 Fastweb's FWA strategy change (rollout stop of dedicated network) in 2024 and different phasing of major mobile network software contract Completion of major IT projects at Vodafone in 2024 (new B2C stack, capabilities for large B2B customers) Integration CAPEX of EUR -53mn partly compensated by lower INWIT consolidation CAPEX of EUR +39mn 2 3 Q3 integration cost of EUR -53mn (o/w EUR -20mn OPEX and EUR -33mn CAPEX), INWIT consolidation CAPEX (EUR +1mn) and other provisions (EUR -9mn) 4 Italy CAPEX and OpFCF OpFCF adjusted with stable evolution, on track to achieve FY guidance 9M 24 pro forma CAPEXEBITDAaL -99 9M 25Adjustments2 4 -63298 +97 233 -65 (-21.8%) -52 -31 +29 -61 +60 +37 +37 -47 -16 0 -31 -55 1) Includes INWIT consolidation CAPEX (Q1 24 EUR -46mn, Q2 24 EUR -6mn, Q3 24 EUR -9mn , Q1 25 EUR -8mn, Q2 25 EUR -6mn , Q3 25 EUR -8mn), integration CAPEX Vodafone Italia (Q1 25 EUR -3mn, Q2 25 EUR -17mn, Q3 25 EUR -33mn), 2) Includes integration cost (OPEX + CAPEX) Vodafone Italia (Q1 25 EUR -9mn, Q2 25 EUR -31mn , Q3 25 EUR -53mn), INWIT consolidation CAPEX (Q1 24 EUR -46mn, Q2 24 EUR -6mn, Q3 24 EUR -9mn , Q1 25 EUR -8mn, Q2 25 EUR -6mn, Q3 25 EUR -8mn), provisions for contractual risks (Q3 25 EUR -9mn) Adjusted -2 (-0.6%) | Q1: +8, Q2: -16, Q3: +6 Q1 Q2 Q3
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c. -200 Realised in 9M 25 Target FY 25 1) Excluding non-cash effects, of which EUR 72mn have already been incurred in 24 (part of originally expected up to EUR 150mn in 25) Italy synergies and integration cost Q3 update 2025 2026 2027 2028 2029 100% ~70% ~10% ~40% ~90% Integration cost 40-45% ~80% 100% Synergy realisation Run-rate: EUR ~600mn Direct cost: EUR ~240mn Indirect cost: EUR ~300mn CAPEX: EUR ~60mn One-off: EUR ~700mn1 OPEX: EUR ~250mn CAPEX: EUR ~450mn Ramp-up plan 2025-2029 Integration cost in EUR mn • Q3 integration cost of EUR 53mn, o/w EUR 20mn OPEX and EUR 33mn CAPEX. FY target confirmed • Network capacity investments ramping up to support mobile migrations 2024 15% OPEX CAPEX 27 Integration cost and synergy targets for full-year confirmed 40 +36 c. +60 Realised in 9M 25 Target FY 25 • Q3 with EUR +22mn synergies. FY target confirmed • First impacts from migration of Fastweb SIMs to own network • Initial savings from Vodafone Group disentanglement secured Synergies in EUR mn -40 -53 -93
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28 Group free cash flow Stable free cashflow YTD change mainly related to lower trade payables and use of provisions Exceptional effects (driven by prepayments related to maintenance contracts and licenses) and decrease in trade payables Increase in interest payments related to Vodafone Italia acquisition 1 3 2 -215 OpFCF FCFChange in NWC Net interest paid1 Income taxes paid Other cash flows Change in defined benefit obligations -195 -5 -242 -14 -133 9M 24 31 1'037 Vodafone Italia OpFCF pro forma 1'490 +3 -228 +13 -132 +16 Δ in CHF mn 9M 25 1'060 -20 +13 +14 +27 +23-127+116+133 1'606 2 1'623 1'606 -17 OpFCF 1) Excluding interest payments for lease liabilities (already included in OpFCF)
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29 Net income impacted by PPA amortisation and additional interest expense Group net income Changes driven by consolidation of Vodafone Italia as from 1 January 2025 Higher contribution from Switzerland (CHF +10mn, o/w CHF +20mn adjustments) and Italy (CHF +32mn, o/w CHF -46mn adjustments), amortisation of intangible assets recognized as part of the provisional purchase price allocation (CHF -177mn) and pension cost reconciliation (CHF -26mn) Higher net interest expense on debt (CHF -135mn) and on lease liabilities (CHF -42mn) mainly due to Vodafone Italia acquisition tax rate1 18.8% 988-1'184 -269 -2281'485 -2'330 3'777 4'999 1'222 EBITDAaL pro forma Lease expense -747 Net financial result Depreciation, amortisation PPE & intan- gible assets Income tax expense Depreciation of right of use assets Net income EBITEBITDA 1'2831'654 -1'591 -501 -78 -293 3'7463'221 525 EBITDAaLVodafone Italia -169 -191 +65 -295+1'253 -739 -683+556 +697+747 1 9M 24 Δ 9M 25 1 31 2 EBITDAaL 3'968 -191 3'777 tax rate1 18.6% 1 3 2 in CHF mn 1) Tax rate 9M 25: Tax expenses of CHF 228mn / EBT of CHF 1'216mn = 18.8%, tax rate 9M 24: Tax expenses of CHF 293mn / EBT of CHF 1'576mn = 18.6%
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30 'Pro forma': LTM (Jan-Dec 24) figures as if Vodafone Italia consolidated from 1 Jan 2024, restated (harmonisation of accounting policies and reporting) and unaudited. 1) For consolidation purposes CHF/EUR of 0.9513 has been used for FY 2024, 2) Switzerland = new segment naming for Swisscom Switzerland, Italy = new segment naming for Fastweb and Vodafone Italia, 3) Leverage = net debt (incl. lease liabilities) / EBITDA, 4) Group consists of segments Switzerland, Italy and Others (not shown). For consolidation purposes, CHF/EUR of 0.9300 has been used (vs. 0.9513 for FY 2024), 5) Group EBITDAaL guidance 2025 includes expected lease expense of CHF ~1.6bn, 6) CAPEX adjustments for tower consolidation on INWIT network, in connection with INWIT agreement to be reimbursed by Vodafone group as part of the purchase price adjustment, 7) Dividend paid in t+1 (for fiscal year 2024 on 1 April 2025, for fiscal year 2025 on 31 March 2026), 8) Upon meeting 2025 guidance, Swisscom plans to propose a dividend of CHF 26/share (payable in 2026) 11'017 4'064 2'312 1'752 7'372 1'862 461 1'401 15'358 5'236 2'189 3'047 7'976 3'378 1'653 1'725 Financials FY 2024 Group CHF mn restated Group CHF mn pro forma1 Italy2 EUR mn pro forma Switzerland2 CHF mn Revenue EBITDAaL OpFCF CAPEX 2.4xLeverage3 ~7.3 1.6-1.7 0.1-0.2 1.5-1.6 15.0-15.2 ~5.0 1.8-1.9 3.1-3.2 7.9-8.0 3.3-3.4 ~1.7 ~1.7 Guidance FY 2025 Group4 CHF bn Italy EUR bn Switzerland CHF bn Revenue EBITDAaL5 OpFCF CAPEX ~2.4xLeverage stable adjusted adjusted adjusted adjusted adjusted adjusted adjusted adjusted 22Dividend in CHF/share7 26Dividend in CHF/share7,8 ~0.4 adjusted Incl. EUR c. 50mn integration OPEX Incl. EUR c. 150mn integration CAPEX and EUR c. 50mn adjustments Incl. EUR c. 200mn integration cost and EUR c. 50mn CAPEX adjustments 6 Guidance for full-year 2025 confirmed Guidance 2025
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31 Q&A
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32 Appendix
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33 Group - adjusted EBITDAaL Appendix 1) CHF/EUR exchange rate for Q1 25 of 0.9445, for 6M 25 of 0.9409 and for 9M 25 of 0.9388 (vs. 0.9478 for Q1 24, 0.9593 for 6M 24 and 0.9554 for 9M 24 and 0.9513 for 12M 24) 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 +52 +52 Restructuring cost 13 13 2 10 12 +2 +10 +12 Transaction cost Vodafone Italia 6 7 5 18 42 60 -6 -7 -5 -18 Adjustments Switzerland -18 7 5 -6 55 49 2 -28 -26 +18 -5 -33 -20 Integration OPEX Vodafone Italia 167 167 6 13 19 38 +6 +13 +19 +38 Provisions for contract risks 8 8 +8 +8 Adjustments Italy 167 167 6 13 27 46 +6 +13 +27 +46 Restructuring cost 1 1 Adjustments Others 1 1 Pension cost (IAS 19 reconciliation) -4 -5 -5 -14 -11 -25 4 4 4 12 +8 +9 +9 +26 Adjustments Group -4 -5 -5 -14 -11 -25 4 4 4 12 +8 +9 +9 +26 Adjustments EBITDAaL -22 2 0 -20 212 192 10 19 3 32 +32 +17 +3 +52 EBITDAaL adjusted 1’345 1’253 1’350 3’948 1’288 5’236 1’287 1’216 1’306 3’809 -58 -37 -44 -139 Currency effect 1 1 14 6 21 +1 +14 +6 +21 At constant currency -57 -23 -38 -118 Total adjustments and currency +33 +31 +9 +73
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34 Group - adjusted CAPEX and OpFCF Appendix 1) CHF/EUR exchange rate for Q1 25 of 0.9445, for 6M 25 of 0.9409 and for 9M 25 of 0.9388 (vs. 0.9478 for Q1 24, 0.9593 for 6M 24 and 0.9554 for 9M 24 and 0.9513 for 12M 24) 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 31 50 +3 +16 +31 +50 Adjustments Italy 43 7 8 58 10 68 10 22 39 71 -33 +15 +31 +13 Adjustments CAPEX 43 7 8 58 10 68 10 22 39 71 -33 +15 +31 +13 CAPEX adjusted -854 -708 -725 -2’287 -760 -3’047 -769 -684 -647 -2’100 +85 +24 +78 +187 Currency effect 1 -1 -11 -4 -16 -1 -11 -4 -16 At constant currency +84 +13 +74 +171 Total adjustments and currency -34 +4 +27 -3 OpFCF 470 536 617 1’623 306 1’929 498 491 617 1’606 +28 -45 +0 -17 Adjustments EBITDAaL -22 2 0 -20 212 192 10 19 3 32 +32 +17 +3 +52 Adjustments CAPEX 43 7 8 58 10 68 10 22 39 71 -33 +15 +31 +13 Adjustments OpFCF 21 9 8 38 222 260 20 41 42 103 -1 +32 +34 +65 OpFCF adjusted 491 545 625 1’661 528 2’189 518 532 659 1’709 +27 -13 +34 +48 Currency effect 1 0 3 2 5 +0 +3 +2 +5 At constant currency +27 -10 +36 +53 Total adjustments and currency -1 +35 +36 +70 in CHF mn
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35 Switzerland - adjusted EBITDAaL, CAPEX and OpFCF Appendix 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 Restructuring cost 13 13 2 10 12 +2 +10 +12 Transaction cost Vodafone Italia 6 7 5 18 42 60 -6 -7 -5 -18 Adjustments EBITDAaL -18 7 5 -6 55 49 2 -28 -26 +18 -5 -33 -20 EBITDAaL adjusted 868 824 852 2’544 834 3’378 865 821 847 2’533 -3 -3 -5 -11 CAPEX -445 -420 -437 -1’302 -423 -1’725 -423 -410 -398 -1’231 +22 +10 +39 +71 No adjustements OpFCF 441 397 410 1’248 356 1’604 442 409 477 1’328 +1 +12 +67 +80 Adjustments EBITDAaL -18 7 5 -6 55 49 2 -28 -26 +18 -5 -33 -20 OpFCF adjusted 423 404 415 1’242 411 1’653 442 411 449 1’302 +19 +7 +34 +60 in CHF mn
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36 Italy - adjusted EBITDAaL, CAPEX and OpFCF Appendix 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 9 9 +9 +9 Adjustments EBITDAaL 176 176 6 14 29 49 +6 +14 +29 +49 EBITDAaL adjusted 480 416 496 1’392 470 1’862 428 400 465 1’293 -52 -16 -31 -99 CAPEX -477 -304 -313 -1’094 -378 -1’472 -382 -321 -308 -1’011 +95 -17 +5 +83 INWIT consolidation CAPEX 46 6 9 61 10 71 8 6 8 22 -38 +0 -1 -39 Integration CAPEX Vodafone Italia 3 17 33 53 +3 +17 +33 +53 Adjustments CAPEX 46 6 9 61 10 71 11 23 41 75 -35 +17 +32 +14 CAPEX adjusted -431 -298 -304 -1’033 -368 -1’401 -371 -298 -267 -936 +60 +0 +37 +97 OpFCF 3 112 183 298 -84 214 40 65 128 233 +37 -47 -55 -65 Adjustments EBITDAaL 176 176 6 14 29 49 +6 +14 +29 +49 Adjustments CAPEX 46 6 9 61 10 71 11 23 41 75 -35 +17 +32 +14 Adjustments OpFCF 46 6 9 61 186 247 17 37 70 124 -29 +31 +61 +63 OpFCF adjusted 49 118 192 359 102 461 57 102 198 357 +8 -16 +6 -2 in CHF mn
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37 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 and business and certain of our strategic plans and objectives. • Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors which are beyond Swisscom’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of governmental regulators and other risk factors detailed in Swisscom’s, Fastweb’s and Vodafone Italia's (Fastweb+Vodafone) past and future filings and reports, including those filed with the U.S. Securities and Exchange Commission and in past and future filings, press releases, reports and other information posted on Swisscom Group Companies’ websites. • Readers are cautioned not to put undue reliance on forward-looking statements, which speak only of the date of this communication. • Swisscom disclaims any intention or obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise."
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Investor contact Louis Schmid Head Investor Relations louis.schmid@swisscom.com +41 58 221 62 79 Anastasia Henkel Investor Relations Manager anastasia.henkel@swisscom.com +41 58 221 40 80 3838