Slides
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Lead. Innovate. Perform. FY 2025 results presentation for investors and analysts 12 February 2026
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2 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 Christoph Aeschlimann, CEO Swisscom Questions & answers Appendix Agenda
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3 Achievements Christoph Aeschlimann CEO Swisscom
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4 Successful start into Swisscom's new chapter Group Groupwide sustainability strategy Sector-leading credit rating2 Dividend increase by +18%1 New and lean organisation A2 26 Strongest Telco brand3 Next convergence level Winner of all connect tests4 Successful beem launch Switzerland 1) CHF 26/share, subject to shareholder approval at the AGM of 25 March 2026, 2) Swisscom with A2 credit rating, strongest among European Telecoms, Source: Moody’s Ratings (July 2025), 3) Source: Brand Finance "Switzerland 50" 2025, the annual report on the most valuable and strongest Swiss brands, 4) Source:connect Highlights Italy Integration and synergy realisation in full swing RAN sharing agreement with TIM Aligned go2market and joint portfolio AI momentum further leveraged
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1) RGUs without OTT subs, 2) W+ access lines total = Broadband B2C+B2B and W+ access lines Wholesale 5 Switzerland with solid trend and Italy with mixed development Operational results 1'4621'9385’645 1'045 768 Net adds Q1-Q4 2025, in k RGUs 31 Dec 2025, in k TV1 B2C+B2B Fixed voice B2C+B2B Postpaid B2C+B2B Broadband B2C+B2B W+ access lines Wholesale Switzerland +51 -14 -12 -29 +11 +45 -6 -6 -21 +7 +45 -5 -7 -22 +14 +44 -4 -6 -20 +5 Q1 Q2 Q3 Q4 Net adds FY 2025, in k -31-29+185 -92 +37 +8 2 Mobile B2C+B2B Broadband B2C+B2B W+ access lines Wholesale 20’054 5’732 1’126 -1 -67 +63 -8 -57 +50 -39 -33 +45 -114 -27 +63 -162 -184 +221 +37 Italy Q1 Q2 Q3 Q4 2
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6 Guidance achieved, OpFCFstable in Switzerland and in Italy despite transition year Financial results Net revenue 15.048 (-2.0%) Guidance 15.0-15.2 in CHF bn (YOY vs 2024 pro forma) Transition year in Italy Stability in Switzerland OpFCFdevelopmentEBITDAaL 4.984 (-1.2%) Guidance ~5.0 CAPEX 3.064 (-1.6%) Guidance 3.1-3.2 OpFCF 1.920 (-0.5%) Guidance 1.8-1.9 1) At constant currency, 2) Segment 'Others', including intersegment elimination group level, 3) CHF/EUR exchange rate for FY25 0.9369 (vs. FY 24 0.9513), 4) Includes adjustments EBITDAaL (Q1 24 CHF +22mn, Q2 24 CHF -2mn, Q4 24 CHF -212mn, Q1 25 CHF -10mn, Q2 25 CHF -19mn, Q3 25 CHF -3mn, Q4 25 CHF -94mn), adjustments CAPEX (Q1 24 CHF -43mn, Q2 24 CHF -7mn, Q3 24 CHF -8mn, Q4 24 CHF -10mn, Q1 25 CHF -10mn, Q2 25 CHF -22mn, Q3 25 CHF -39mn, Q4 25 CHF -67mn) and currency (Q2 25 CHF -3mn, Q3 25 CHF -2mn, Q4 25 CHF -2mn) in CHF mn, YOY changes Adjusted +2 (+0.1%) Q1: +27, Q2: -10, Q3: +36, Q4: -51 -17 +13 -11 1’920 +6 1'929 (-0.5%) -9 FY 24 pro forma Switzerland Italy1 Others2 Adjustments and currency3, 4 FY 25
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7 Strategy update Christoph Aeschlimann CEO Swisscom
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88 Lead. • Proven strategy and ambition • Leading with scale • Best networks and services Innovate. • Driving force in security and cloud • Prominent in AI adoption • Pioneering in sustainability Perform. • #1 customer choice • Impactful transformation • Growing FCF 2026 Ready to grow free cashflow Swisscom framework
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9 Delight customers Create unique customer experiences every day Innovate for growth Deliver digital products and services of the future Achieve more with less Drive transformation at pace with AI, digitalisation and simplification Perform together Develop organisation and collaboration relentlessly Proven strategy … Lead
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10 Trusted leader in digital life and business … to deliver on group ambition Lead • Best networks • B2C with premium positioning in Telco and selected on-top household offers • B2B with comprehensive Telco and IT offering focused on security, cloud and AI • Wholesale with increasing utilisation of infrastructure assets • IT with profitable growth in solutions business, professional services and software-related business • Long-term value creation • Stable free cashflows from Swiss business • Growing free cashflows from synergies in Italy • Attractive dividend: growing, in line with FCF evolution • Strong balance sheet Rock-solid financials
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11 Powerful scale to compete effectively Revenue mix2 82% 18% 54% 8% 38% IT Telco B2B B2C Wholesale 46%51% RGU share1 Lead #1 #1 1) Swisscom estimates as per 30 Sept 2025, 2) Excluding hardware & software and other revenue Postpaid Broadband Scale in all products and segments 86% 14% 46% 10% 44% IT B2B B2C Revenue mix2 RGU share1 30%26% #1 #2 Mobile Broadband Telco Wholesale
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12 Best networks thanks to continuous investments and technology innovation Lead C o n f i r m e d n e t w o r k l e a d e r s h i p F T T H c o v e r a g e e x t e n s i o n 1 5G p o p c o v e r a g e i n c r e a s e 2025 2030 2035 56% 75-80% ~90% 2025 2030 89% ~95% 2025 2030 ambition 89% ~95% 1) Share of total 5.45mn HHs in Switzerland and share of total 29.2mn HHs and companies in Italy, 2) with a 50/50 passive/activefibre share. 'Passive' consists of primary network and/or GPON equipment (in central office) of Fastweb + Vodafone being connected to backbone network of Fastweb + Vodafone. 'Active' consists of secondary and/or primary network incl. GPON equipment of FiberCop or Open Fiber being connected to backbone network of Fastweb + Vodafone 20252 2030 ambition 56% ~90% 5 G +F T T H ambitions 2026 ~60% 2026 ~91% 2026 target ~65% 2026 target ~92% target target ambition #1 in network experience 5GF T T H
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13 Service excellence to drive customer value Lead M u l t i-b r a n d p o r t f o l i o C u s t o m e r p r o x i m i t y w i t h v a l u e f o c u s O m n i-c h a n n e l s a l e s a n d c a r e Best service experience
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14 State-of the-art network architecture and infrastructure, e.g. new optical transport and dual-core IP networks C l o u d & a p p l i ca ti o n s F u t u r e o f n e t w o r k Innovate ( C y b e r-) s e c u r i t y T r u s t E2E security solutions for everyone, everywhere, always AI offerings along whole value chain and AI tools for internal efficiency gains Cloud and modular workplace solutions to drive the digital transformation of the customers A I , d a t a & a u t o m a t i o n E n t e r t a i n m e n t #1 premium content, innovative streaming & multitainment centres D i g i t a l s e r v i c e s Cutting-edge digital customer experience Digital trust portfolio (e.g. Swisscom Sign, Identity Monitor) At the forefront of innovation in security and cloud solutions Innovation powerhouse for NextGen solutions and future-ready Swisscom
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15 Ahead with AI adoption across the whole value chain Innovate Professional Services Consulting Network / operations excellence Up-/cross- selling Customer care Employee productivity AI ecosystem for business AI first organisation Compliant by design Data protection guarantee Powerful infrastructure & know-how Quality and cost excellence Inference Endpoints Swiss AI Assistant GenAI Studio AI Work Hub Swiss AI Platform Solutions LLM Infrastructure
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16 Proud to be a sustainability pioneer Innovate Environmental Social Governance SBTi-validated Net-Zero 2035 target TOP 4 ICT Employer in Switzerland Committed to sustainability with 1st groupwide strategy Performing on all sustainability fronts CDP Climate change A Rating MSCI ESG ESG risk AA Leader EcoVadis Supply chain Platinum (Top 1%) Sustainalytics ESG risk Industry TopEnsure robust reporting and governance Live our values through integrity and ethics 1) Corporate Sustainability Reporting Directive (CSRD) and European Sustainability Reporting Standards (ESRS) Drive innovation with responsible AI Ensure fair supply chains Promote media literacy Cultivate a diverse workplace Develop, retain and attract talents Foster well-being and social impact Preserve natural resources with circularity Reach net-zero emissions by 2035 Empower customers to achieve net-zero Lead in energy efficiency with 100% renewable 1st reporting aligned with CSRD/ESRS1
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17 Perform 2026 focus Clear priorities to grow free cashflow 2 Continue Telco turn-around 3 Scale growth in energy and IT 1 Drive integration and capture synergy potential Stable free cashflows from Switzerland Growing free cashflows from Italy 2 Boost Telco efficiency 3 Achieve profitable IT growth 1 Manage Telco top line
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18 Business update Switzerland Christoph Aeschlimann CEO Swisscom
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Confirmed IT growth • Cloud and security offerings commercialised • New IT portfolio for SMEs successfully ramped-up • IT profitability improved Increased FTTH coverage • CHF 503 million invested in FTTH rollout • FTTH extension on track to reach 75-80% by 2030 • Progressing fibre monetisation Optimised cost base • Another year of Telco cost delivery • OPEX savings driven by simplification and digitalisation • CAPEX efficiency further improved Delighted customers 19 Position as #1 customer choice in Switzerland successfully reinforced • Reinforced brand awareness • Market innovation with several product launches • Confirmed service leadership across all channels 2025 achievements
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20 +0.90 from 1.4.26 B2C Telco: defendand attack with value orientation across all brands Lead the market with value focus and quality Maintain #1 customer choice with best services and proximity Defend market shares with multi-brand play and reach RGUs in k (YOY) • Stimulate value with personalised up- and cross-selling, fibre-speed, FMC and new products • Counter ARPU pressure with best service, products, network and brand • Strengthen HH penetration and attractiveness with family/kids' offerings • Play with value in all segments, strengthening wingo as full-service brand and maintaining quality premium on Migros Mobile and Coop Mobile vs budget brands • Extend reach with selected new shops, more outbound and regional campaigns Blended ARPU in CHF (YOY) NPS H2 2025 48 84 Postpaid value1 W+ bundle2 (-1) +18 +4 -4 Competitor 1 Competitor 2 Value Price FTTH penetration4 Market segmentation +7pp +1.00 from 1.7.25 Manage Telco top line Premium Smart- shopper Budget (-17) 1'678 13% BroadbandPostpaid 2nd/3rd brand 3'549 (+100) (+2pp)36% (+2pp) 7.8 8.2 7.3 8.8 8.8 8.5 2023 2024 2025 • Lead customer satisfaction across all service channels • Extend Swisscom Benefits to support industry low churn rates • New Migros Mobile and Coop Mobile portfolios to increase customer stickiness 1) Own brand postpaid value: CHF 59 (CHF -1 YOY), 2) Own brand W+ bundle (BB + TV + fixed voice): CHF 89 (stable YOY)), 3) Priceadjustment applies to both new and existing customers and does not affect universal service offerings, prepaid products or data-only and kids’ mobile subscriptions, 4) Share of B2C broadband subs being on FTTH technology Postpaid value Churn in %, annualised BB 2026 focusKey objectives 2025 achievements wingo Mobile +1.90 from 1.4.26 Pricing in CHF/month Swisscom3 Mobile + Broadband Swisscom3 TV + Fixed voice (-1)
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21 Manage Telco top line Grow in entertainment: sport , cinema , streaming Position as #1 for AI solutions 'made in Switzerland' Establish security as a core differentiator • Multitainment one-stop-shop for premium content • Bring sports offerings to the next level through value play and top experiences • Scale and monetize myAI after free period • Extend with new AI capabilities in TV, myCloud and bluewin Mail • Increase security awareness in market and extend innovative product pipeline • Differentiate with free security features for all customers (e.g., Identity Monitor) and drive upselling through freemium approach • Deliver best-in-class experience with launched Security dashboard Security dashboard Cinema Geneva B2C Telco: upgrade and monetise beyond core services myAI registered users since launch (H2 2025) blue sports subs Security revenues YOY, indexed +3% YOY, indexed +67k +4% 2026 focusKey objectives 2025 achievements Cinema Geneva
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22 B2B Telco: sustain market position with premium quality differentiation Manage Telco top line Confirm outstanding customer satisfaction Remain primary connectivity partner for SMEs and Corporates Scale the new secure connectivity solution to drive convergence and win-backs ARPUs in CHF (YOY) NPS FY 2025 • Shape differentiation with best network, highest security and superior quality care to sustain price premium • Increase customer value through leveraging data & analytics for tailored base, retention and win-back campaigns • Drive customer reach and win-backs with ATL and tailored campaigns • Boost monetisation by gradual conversion of existing telco base • Expand footprint of beem-enabled locations and users • Launch new modules & features • Complete migration to SD-WAN to enable future beem upselling and increase NPS • Finalize migration from legacy mobile portfolio to new ‘protect and connect’ • Capitalize on new partner program for SME customers 24 45 Wireless1 ARPUP2 (-2) (-2) RGU base in k (YOY) 2'594 (+45) Corporate 43 SME 27 Technical SD-WAN migration in % of W+ contracts stable vs ø 21-24 +1pp vs ø 21-24 +770 Users (May-Dec 2025) Locations (May-Dec 2025) 2023 2024 50% 53% 2025 67% +85 -40 W- W+ 1) Blended: includes postpaid value and postpaid volume, 2) Average revenue per underlying product (blended wireless and wireline) 2026 focusKey objectives 2025 achievements +38k
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23 Wholesale Telco: strengthen leading position and drive revenue growth Manage Telco top line Grow topline revenues across all revenue streams Cement leading market position in Switzerland 18% 19% Access services W+ revenue1 in CHF mn Customer satisfaction FY 2025 8.5 of 10 Access market share2 • Grow access services revenues in line with increasing FTTH footprint, penetration and market share • Optimize leased line revenues with attractive portfolio • Expanding customer base and grow market share in mobile 186 203 2024 2025 • Evolve portfolio to meet emerging customer needs • Provide superior products, top quality and nationwide coverage • Be the preferred partner thanks to customer proximity and trust, and keep customer satisfaction high Service portfolio W+ / W- Infrastructure Broadband Leased Lines IP Peering Interconnect International Voice Roaming MVNO Strong customer base 18% 19%18% t/o 51% FTTH (+7pp) +9% 2026 focusKey objectives 2025 achievements 1) Incl. intersegment revenue, 2) Together with the retail (B2C+B2B) share of 46%, Swisscom's broadband share totals to 64%, Source: Swisscom estimates
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24 Drive efficiency in call centre with AI and sourcing strategies Scale AI and digital to operate more shops with fewer FTEs • Voice bot at scale, co-pilots assist agents, new customer care platform in place, with ambition to reach zero-touch 1st level • Drive digital self-service (with updated My Swisscom app) • For remaining workload, scale up nearshoring across brands • Address diverse customer needs: digital and assisted, e.g., scale AI enabled sales/ service, self-service in shops (AI hosts) and invest in best agents and experience • Rollout new shop formats: flexible and often with minimum staffings Telco cost: push digitalisation and simplification to realise further savings Boost Telco efficiency Increase operational efficiencies across all B2B functions • Execute initiatives to reduce customer service workload • Increase online share of B2B customer service interactions • Further standardise Telco portfolio to generate operational cost savings 1) Share of cases, where a chatbot serves customers without intervention of a physical agent, 2) Examples: screens, AI, cabins 2026 focusKey objectives 2025 achievements B2C nearshoring share of outsourced workload 11% 39% 20252024 Share of shops with digital features2 10% 30% 20252024 B2B customer service workload hours YOY, indexed B2B Telco cost development YOY, indexed B2C chatbot automation rate1 Lean shop formats 30% 53% 20252024 -13% -4%
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25 • Drive migration to FTTH and copper phase-out • Expand AI-enabled monitoring and E2E FTTH construction process • Strengthen automated operations and incident management • Push AWS migration to benefit from lower unit costs and avoid incremental costs despite increasing workload • Accelerate phase-out of legacy platforms • Continue standardization and data harmonization Drive structural network cost savings Modernise and simplify architecture with AWS migration and SDA1 adoption Boost Telco efficiency Phased-out network platforms 32% Internal AWS migration # active copper lines # production locations Copper phase-out 2025 2035e 1.7k Escalated major incidents Telco cost: operational excellence crucial to deliver stable FCFs 5 3 1 2021 2022 2023 2024 2025 0 0 Boost Telco efficiency with Telco cost savings and CAPEX optimisations Cost saving levers Network & IT simplification Digital customer interaction Lean & agile organisation Data & AI 1) Swisscom Digital Architecture; 2) Annual reduction in indirect Telco costs and incremental CAPEX efficiency • Explore the full potential of OPEX savings across all levers, mainly through automation, AI and nearshoring • Benefit from learning curve and accelerate CAPEX efficiency in FTTH rollout and IT • Mid-term trend towards SaaS leading to a cost shift from CAPEX to OPEX Telco efficiency Telco efficiency2 in CHF mn 72 53 50+ 0 50 2024 2025 2026 OPEX CAPEX mid- term 2019 2020-25 2027e 57 35 18 -70% -20% # migrated IT apps 0 50 100 150 2022 2023 2024 2025 +64% 2023 2026 focusKey objectives 2025 achievements 2'000k
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26 Achieve profitable IT growth • Leverage steady growth in core units, strong performance in subsidiaries and cross-segment synergies to deliver robust, diversified profit streams • Improve product and customer level profitability through price/value and capacity management • Expand Data & AI Consulting as a core growth driver, accelerating adoption and monetization of advanced analytics and AI solutions • Scale the Swiss AI Platform, targeting rapid revenue growth and establish Swisscom as a leader in AI solutions Scale and monetise data and AI-related services Drive profitable growth through sustainable revenue and margin expansion 1'191 1'215 2024 2025 +2% B2B IT service revenue in CHF mn 5.6% 6.5% 2024 2025 +0.9pp EBITDAaL margin • Leverage accelerated public cloud adoption and commercialize private cloud • Boost security capabilities and increase share of NewGen services while remaining a full-service provider • Lead as Swiss solutions provider for system-critical infrastructure and services Push IT service portfolio across professional services, cloud and cyber security B2B IT: lever position as a leading Swiss IT provider to unlock growth Strategic partnerships AI partnershipsAI stack Cloud portfolio 2026 focusKey objectives 2025 achievements
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27 Generate stable free cashflows Boost Telco efficiency • Drive Telco cost discipline to explore full savings potential across all levers • Increase CAPEX efficiency through learning curve and improving capital allocation Manage Telco top line Summary Wrap-up Achieve profitable IT growth • Boost cloud and cyber security proposition to lever increasing demand • Monetise AI stack • Improve profitability with cost and price management, and higher share of NextGen services • Reinforce core with best products, care excellence and effective multi-brand play • Grow Wholesale access with superior service proposition and FTTH rollout • Upgrade beyond core to enhance customer experience 2025 mid- term ambition
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28 Business update Italy Walter Renna CEO Fastweb + V odafone
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29 RAN sharing agreement1 • Accelerate 5G rollout, expanding coverage in low-density areas • Balanced industrial model with full commercial and technical autonomy • Efficiency gains, leading to cost savings in the medium term Sustained growth areas • UBB business growing • CoopVoce customer base substantially migrated on Fastweb + Vodafone network • Energy business scaled • IT up, driven by cloud, cyber security and AI momentum Strategic shift to valueAdvanced integration Successful transition year towards #1 customer choice in Italy • Integrated organisation fully operational • Aligned go2market with new joint portfolio • Synergy initiatives contributing as expected 2025 achievements • Telco value journey successfully initialised • Increased sales quality and transparency in customer base management • Operational trends steadily improving 1) Subject to approval by the Ministry of Enterprises and Made in Italy (MIMIT), the Italian Competition Authority (AGCM), and the Authority for Communications Guarantees (AGCom)
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30 Achieve a fully integrated and powerful organisation Develop a future-proof operating model Integration initiatives running as planned Drive integration and capture synergy potential • Further organizational integration and optimization after merger of legal entities • Build joint winner culture and foster entrepreneurial spirit • Further simplify ways of working • Optimise business processes leveraging best practices of both companies • Consolidate locations, align HR policies Lead in commercial excellence in Italian market • Continue to execute value strategy • Further optimize the best sales and service network in Italy • Deliver convergent propositions in all segments to drive loyalty & share-of- wallet 2026 focusKey objectives 2025 achievements
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31 Migrate traffic to own infrastructure and drive network synergies Disentangle and optimise services provided by Vodafone Group Step up synergy delivery across all functions Drive integration and capture synergy potential Synergy delivery progressing well • Mobile: EUR ~200mn run-rate synergies • Fixed: start optimising fixed access costs by leveraging best-of-breed footprint • Further upgrade network capacity • Review tower strategy • Migrate to own delivery, if economically attractive • Continue collaborating with Vodafone Group on service transition • Shape further partnership opportunity • Sales and distribution optimisation • Continue to reduce overlapping functions • Consolidate and modernize IT landscape • Further external spend optimization 2026 focusKey objectives Ramp-up plan 25-29 on track (in EUR mn) 25 26 27 28 29 600 95 Synergy delivery FY 2025 target achieved (in EUR mn) 3M 6M 9M 12M 95 36 142 FY 25 target Own product delivery Wi-Fi 7 2025 achievements Disentanglement Robust transition plans Initial migrations on track
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32 Keep strong value focus to gradually stabilise revenue in the mid-term Drive loyalty by transparent and consistent customer base management • Advance transparency with alignment of front-/back-book prices to reduce in/out spread and improve churn • Bring convergence benefits to a wider customer base • Consolidate and optimise sales channel footprint • Elevate customer experience and NPS through superior service and network quality • Boost lifetime loyalty with AI-driven churn mitigation and targeted up/cross-selling B2C Telco: value-led strategy successfully implemented, stabilising operations Continue Telco turn-around ARPU in-/outflow gap1 Deploy aligned go2market approach and enhanced E2E customer care Δ Churn FY blended, YOY Mobile BB -1.4pp-3.4pp 2026 focusKey objectives 2025 achievements Mobile -60% -60% BB -107-114 -79 Net adds and RGUs in k (YOY pro forma) Mobile BB NPS improvement BB +3.5 +3.0 ho. +7.4 +3.4 +0.9 pp Δ YOY Mobile -138 -64 -52 -26 -20 Q2Q1 Q3 Q4 (-2.7%) 15'601 (-3.4%) 4'617 Q2Q1 Q3 Q4 1) Δ ARPU inflow vs outflow in mobile: EUR -5 (2024) to EUR -2 (2025), in broadband: EUR -2.5 (2024) to EUR-1 (2025), 2) Mobile number portability • Strengthen value-driven pricing, leveraging offer architecture • Further focus on quality in customer base management to reduce MNP2 exchanges • Ensure premium customer experience through continuous product innovation • Consolidate a high-impact dual-brand strategy
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33 Drive value differentiation with best-in-class products and tailored-made solutions • Stimulate value: in mobile with device rental, in fixed with convergence and add-ons • Leverage order intake momentum • Drive product simplification and migrations from legacy B2B Telco: manage top line through differentiation and execution excellence Continue Telco turn-around Defend market position with attractive renewals and E2E project management • Deliver attractive renewal offers based on more for the same • Maximise value from complementary public sector tenders Lead in NPS through front- running in innovation • Boost service experience and value management through leveraging AI • Scale and monetise further innovation projects • Enhance customer experience through AI-backed operations and E2E governance NPS Ranking: Co-leadership #1 #1 MPN1 – 5G project 1) MPN, mobile private network Easy rent Product news Best of two Positive order intake Q1 Q2 Q3 Q4 Churn direct channels QOQ Mobile & BB stable 2026 focusKey objectives 2025 achievements 4'453 (+6.6%) (-1.9%) 1'115 Mobile BB RGUs in k (YOY pro forma)
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34 Continue Telo turn-around Expand UBB business leveraging strong partner demand Lead MVNO market with best network and product propositions Boost customer experience through operational excellence • Grow UBB volume driven by strong customer base • Drive FTTH penetration and stimulate value per connection • Lever wholesale white-label platform for all markets • Complete CoopVoce migration on unified network • Defend current positioning through cross-selling and product innovation • Improve customer loyalty with fully exploited connectivity offerings • Drive automation and digitalisation, as distinctive positioning • Leverage automation and AI to drive a new paradigm of customer experience Wholesale Telco: grow UBB business, consolidate MVNO customer base Δ RGU YOY, in k UBB lines +221 Δ RGU YOY, in mn MVNO lines +1.9 Activation process effectiveness One-day resolution1 indexed in % Key customers Key customers 2026 focusKey objectives 2025 achievements 1) % of incidents that are solved within 24 hours Market benchmark 2025 +2pp 2024 2025
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35 Energy: foster growth and elevate converged home experience Scale growth in energy Accelerate energy for B2B through tailored propositions Drive 'Super convergenza' proposition to reinforce loyalty and widen service adoption 1) Share of BB HHs (2'580k converged RGUs, out of total BB connections (4'617k, all brands)) with at least 1 mobile subscription, 2) Share of energy HHs (82k converged RGUs, out of total energy subscriptions (98k)) with at least 1 BB subscription Scale energy business via new channels, enhancing value and penetration Fastweb Energia performance in k RGUs Acquired contracts 141 114 • Exploit Vodafone customer base for upsell potential and wide reach of retail shops • Develop a strong multi-service bundled proposition B2B B2B +78 net adds Convergence performance 56% 84% FMC1 Energy2 • Scale up energy to develop a strong multi- service bundled proposition and increase customer loyalty, leveraging convergence- led and transparent pricing • Strengthen energy penetration in SOHO/ SME segment • Adopt direct customer base management and develop E2E multi-skill capabilities to improve NPS and loyalty • Increase value-add in energy business: evolve from pure reseller towards 'market operator’ 2026 focusKey objectives 2025 achievements +81 net adds
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36 Accelerate AI momentum with an E2E suite and a growing partner ecosystem • Broaden security offerings • Reinforce positioning as a cyber security provider for critical infrastructure in public administration • Lever offensive security1 to increase SME penetration rate B2B IT: drive growth with cloud, cyber security and accelerating AI adoption Scale growth in IT Fastweb AI work licences Strengthen cyber security proposition through enhanced protection capabilities • Accelerate monetisation of AI Suite across all customer segments • Lever strategic partnerships to further enhance AI Suite • Boost profitability monetising proprietary and open-source LLMs Cyber security • Expand sovereign cloud and data centre infrastructure leveraging on strategic partnerships and AI potential • Steer salesforce focus on tailor-made projects and sovereign cloud to improve margin Push sovereign cloud via broader multi-cloud adoption and platform consolidation >25k Main customers 801 844 2024 2025 B2B IT service revenue in EUR mn +5.4% 2026 focusKey objectives 2025 achievements 1) For example: vulnerability assessment, penetration test, phishing simulation service Multi-cloud offers Public Sovereignty
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37 Continue Telco turn-around • Execute value strategy to gradually stabilize Telco top line in the mid-term • Grow Wholesale revenue with increasing UBB volumes and sustainable MVNO customer base Drive integration and transformation Summary Wrap-up Generate growing free cashflows Scale growth in energy and IT • Boost energy revenue across joint channels and customer base, accelerating B2B adoption • Lever sovereign cloud and cyber security momentum, and monetise AI adoption • Build a powerful organization based on culture of success and future-proof operating model • Accelerate synergies ramp-up to EUR ~300mn in 2026, run-rate synergy target 2029 of EUR ~600mn confirmed 2025 mid- term ambition
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38 Financials and guidance Eugen Stermetz CFO Swisscom
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39 Revenue in CHF mn Revenue and EBITDAaLdevelopment in line with guidance 1) At constant currency, 2) Segment 'Others', including intersegment elimination group level, 3) CHF/EUR exchange rate for FY25 0.9369 (vs. FY 24 0.9513), 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 (Switzerland Q4 24 CHF -13mn ,Q2 25 CHF -2mn, Q3 25 CHF -10mn, Q4 25 CHF -15mn and Others Q4 24 CHF -1mn, Q4 25 CHF -15mn), transaction cost Vodafone Italia (Q1 24 CHF -6mn, Q2 24 CHF -7mn, Q3 24 CHF -5mn, Q4 24 CHF -42mn), integration OPEX Vodafone Italia (Q4 24 CHF -167mn, Q1 25 CHF -6mn, Q2 25 CHF -13mn, Q3 25 CHF -19mn, Q4 25 CHF -64mn), pension cost (IAS 19 reconciliation, Q1 24 CHF +4mn, Q2 24 CHF +5mn, Q3 24 CHF +5mn, Q4 24 CHF +11mn, Q1 25 CHF -4mn, Q2 25 CHF -4mn, Q3 25 -4mn, Q4 25 CHF 0mn) and currency (Q1 25 CHF -1mn, Q2 25 CHF -14mn, Q3 25 CHF -6mn; Q4 25 CHF -5mn) Q4 with seasonally lower Telco contribution (cost savings), partially compensated by better IT result Q4 primarily impacted by MVNO synergies (B2C), highly subsidized hardware sales at Vodafone in prior year (B2B) and different phasing of Vodafone Group services cost, overcompensating Telco service revenue decline Q4 mainly affected by lower integration OPEX Vodafone Italia (Q4 25 CHF -64mn, Q4 24 CHF -167mn) 5 Group revenue and EBITDAaL 4 3 Q4 down mainly due to lower Telco service revenue partially compensated by higher IT service revenue Lower Telco service revenue and hardware and software sales in Q4, partially compensated by growth in Wholesale, IT service revenue and energy 1 2-205 (-1.3%) | Q1: -41, Q2: -66, Q3: -46, Q4: -52 -8 -5 -6 -60 -23 -47 -126 -69-42 Q1 Q2 Q3 Q4 -53 -9 -8-24 -6 +2 -25 -5-22 -16 -68 FY 24 pro forma 21 Switzerland FY 25Italy1 Currency3Others2 15'358 -108 -105-77 -20 -50 -15 -33 -31 -9 -90 -54 -47 -30 Q1 Q2 Q3 Q4 -3 -4 -5-3 -5 -3-16 -7 +41 +113 +131 +40 (-1.2%) Switzerland Italy1 Others2 FY 25 -19 43 Adjustments and currency3,4 -54 4'984 5 -60Adjusted -100 (-1.9%) | Q1: -57, Q2: -23, Q3: -38; Q4: +18 -27 5'044 FY 24 pro forma EBITDAaL in CHF mn -310 15'048 (-2.0%)
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40 Stability in Switzerland OpFCF in CHF mn OpFCFstable in Switzerland and in Italy despite transition year 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,Q4 24 CHF -10mn, Q1 25 CHF -7mn, Q2 25 CHF -6mn, Q3 25 CHF -8mn, Q4 CHF -16mn), integration CAPEX Vodafone Italia (Q1 25 CHF -3mn, Q2 25 CHF -16mn, Q3 25 CHF -31mn, Q4 25 CHF -51mn), currency (Q1 25 CHF +1mn, Q2 25 CHF +11mn, Q3 25 CHF +4mn, Q4 25 CHF +3mn), 4) Includes adjustments EBITDAaL (Q1 24 CHF +22mn, Q2 24 CHF -2mn, Q4 24 CHF -212mn, Q1 25 CHF -10mn, Q2 25 CHF -19mn, Q3 25 CHF -3mn, Q4 25 CHF -94mn), adjustments CAPEX (Q1 24 CHF -43mn, Q2 24 CHF -7mn, Q3 24 CHF -8mn, Q4 24 CHF -10mn, Q1 25 CHF -10mn, Q2 25 CHF -22mn, Q3 25 CHF -39mn, Q4 25 CHF -67mn), currency (Q2 25 CHF -3mn, Q3 25 CHF -2mn, Q4 25 CHF -2mn) 2 Adjusted +102 (-3.3%) | Q1: +84, Q2: +13, Q3: +74, Q4: -69 3 +58 0 +34 -4 -27 +35 Q1 Q2 Q3 Q4 +10 +4 +3+22 +39 0 -38 -5-26 -54 +118 +9 +47 -123 -3'064 1 Switzerland FY 24 pro forma FY 25Italy1 Adjustments and currency3Others2 32 -3'115 +67+33 +2 (-1.6%)+51-51 (-0.5%)+13 -17 -11 1'920 Switzerland Italy1 Others2 Adjustments and currency4 FY 25 1'929 FY 24 pro forma -9Adjusted +2 (+0.1%) | Q1: +27, Q2: -10, Q3: +36; Q4: -51 +8 -15 +1 -35 -36 +28 -45 0+5 Q1 Q2 Q3 Q4 +7 0 -2 +19 +34 -3-54 -12 +15 +59 +8 +6 Group CAPEX and OpFCF CAPEX in CHF mn Transition year in Italy Q4 with higher CAPEX due to phasing effects, FY slightly lower due to one-time IT investments in prior year Q4 higher due to phasing of investments in wireline access network and backbone & infrastructure, FY lower due to FWA strategy change at Fastweb and completion of major IT projects at Vodafone in prior year Q4 mainly integration CAPEX Vodafone Italia (CHF -51mn), FY: integration CAPEX Vodafone Italia (CHF -101mn), lower INWIT consolidation CAPEX (CHF +31mn) and currency effect (CHF +19mn) 1
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41 Revenue in CHF mn EBITDAaL in CHF mn 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 (Q4 24 CHF -13mn, Q2 25 CHF -2mn, Q3 25 CHF -10mn, Q4 25 CHF -15mn), transaction cost Vodafone Italia (Q1 24 CHF -6mn, Q2 24 CHF -7mn, Q3 24 CHF -5mn, Q4 24 CHF -42mn) Revenue and EBITDAaLas expected Q4 affected by Telco service revenue decrease (CHF -12mn) and higher hard- and software revenue (CHF +16mn), mostly smartphones Q4 with lower Telco service revenue (CHF -18mn), lower hard- and software sales (CHF -22mn, with low marginality), partly compensated by IT service revenue (CHF +15mn) Q4 with revenue growth in access services, offset by lower termination and leased lines revenues (mobile backhauling) 3 Switzerland revenue and EBITDAaL 1 2 FY 25 -87'976 7'868 -24 (-0.6%) -80 (-2.6%) FY 24 B2C B2B Wholesale ISF1 1 2 3 -108 (-1.4%) Q1 Q2 Q3 Q4 -6 -12 -25-43 +7 +4 0 -2 -24-53 +4 -11 +8 -1 -2 -6+5 -20 -6 -4 -25 6-44-19 FY 24 B2C 3'329 Adjustments2B2B Wholesale ISF1 4 5 7 FY 25 3'362 8 7 +60 +33Adjusted -27 (-0.8%) | Q1: -3, Q2: -3, Q3: -5; Q4: -16 5 4 -6 0 -13-18 +5 +4 +11+11 -21 +28 -18 +33 -14 +2 +11 +5 +2 -4 +4 +32 (+1.0%) Q1 Q2 Q3 Q4 -9 +1 -7 -1 +40 +24 Q4 primarily impacted by lower Telco service revenue and slightly higher SAC/SRC in Q4, partially compensated by cost savings Increased IT margin (CHF +13mn in Q4, prior year impacted by project reviews), compensating Telco contribution Q4 in line with softer top line Q4 lower due to cost savings phasing Q4 change primarily due to transaction cost Vodafone Italia (CHF -42mn) in prior year 6 8
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42 Q4 as anticipated with softer Telco and stronger IT contributions Switzerland EBITDAaL drivers Telco EBITDAaL adjusted in CHF mn and YOY changes EBITDAaLService revenue B2B CostsOther revenue categories 1 2 1'215 1'538 323 100 margin 6.5% -1'438 EBITDAaL adjustedB2C Direct costs Indirect costs Service revenue B2B 3'723 1'425 Revenue 6'352 1'204 3'251 -1'966 -1'135 FY -40-52 -70 +3 +53+26 -96 margin 51.2% (-1.5%) (-1.2%) 5’148 (-2.6%) 3 Other revenue categories3 Revenue (+2.0%) (-0.9%) 2 (+14.7%) +27+24 -14-38 +13 Q4 -29-12 -18 -15 +3+13 -17 +23+15 -10-25 +13 -122 (-2.3%) 4 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 -17 -14 -13 -17 -10 -13 -17 -12 -13 -10 -11 -17 -16 -18 -18 -18 Q1 24 Q2 Q3 Q4 Q1 25 Q2 Q3 Q4 B2C B2B -30 -24 -24 -34 -26 -30 (-2.6%) -31 -35 -122 (-2.3%)-112 (-2.1%) IT EBITDAaL in CHF mn and YOY changes Telco service revenue in CHF mn and YOY changes Wireless Wireline -27 (-1.4%) Wireless -26 (-3.7%)-25 (-1.4%) Wireline -44 (-5.6%) B2C -52 B2B -70 (-4.7%)(-1.4%) +24 RGU ARPU RGU RGU4 ARPU4 RGU ARPU +16 ARPU -49 t/o -21 BB -22 fixed voice t/o -30 brand mix -2-43 t/o +33 value -17 brand mix -17 -9 -42 1 Q4 and FY with a higher number of smartphones sold Q4 as expected with lower contribution due to phasing, FY target of CHF 50+mn achieved Q4 affected by project reviews in prior year Q4 affected by project reviews in prior year 2 3 4 1
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43 CAPEX in CHF mn OpFCF in CHF mn OpFCFadjusted stable Wireless network Wireline access network IT Backbone & infrastructure Other -259 -723 -121 -470 -119 YOY -1'692 +9 -10 -3 +34 +3 +33 FY 25 PY higher due to one-time investments in AI-platforms and software licenses 1 t/o fibre -503 (-1.9%) 1 Switzerland CAPEX and OpFCF 1) Includes provisions for legal proceedings (Q1 24 CHF +24mn, Q3 25 CHF +90mn), provisions for contractual risks (Q3 25 CHF -52mn), restructuring cost (Q4 24 CHF -13mn, Q2 25 CHF -2mn, Q3 25 CHF -10mn, Q4 CHF -15mn), transaction cost Vodafone Italia (Q1 24 CHF -6mn, Q2 24 CHF -7mn, Q3 24 CHF -5mn, Q3 24 CHF -42mn) CAPEX Adjustments1EBITDAaLFY 24 +60 1'604 -27 Adjusted +6 (+0.4%) | Q1:+19, Q2:+7, Q3:+34, Q4: -54 +33 -3 -3 +22+10 +1 +12 -18 +33 -5 +39 +5 +67 Q1 Q2 Q3 Q4 -16 -38 +40 Stable free cashflows from Swiss business +66 FY 25 1'670 (+4.1%) -14
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44 Top line and EBITDAaLspot on Italy revenue and EBITDAaL 1 2 6 7 4 5 3 1) Contribution margin = revenue minus direct costs, 2) Including elimination, 3) Includes integration OPEX (Q4 24 EUR -176mn, Q1 25 EUR -6mn, Q2 25 EUR -14mn, Q3 25 EUR -20mn, Q4 25 EUR -69mn), provisions for contractual risks (Q3 25 EUR -9mn) Revenue in EUR mn EBITDAaL in EUR mn Q1 Q2 Q3 Q4 FY 24 pro forma -23 -29 FY 25B2C B2B Wholesale 1 2 3 -81 (-1.1%) -16 (-0.5%) -100 (-2.9%) +37 (+5.4%) 7'372 7'291 +22+1 -7 +10 -8 -5 Intersegment -2 -21 -25 +15 -44-14-27 +19 -24 Indirect cost FY 24 pro forma CM1 B2C CM1 B2B CM1,2 Wholesale -93 54 7 Adjustments3 +58-1 +34 FY 25 1'687 6 1'686 +1 (+0.1%) -35-35 -5 -7 -1 +14 -11 +20 -6 -14 -58 -60-20 -11 +6 -14 -29 -30 Q1 Q2 Q3 Q4 -3 +22 +15 +8 +107 +149 +3 Adjusted -57 (-3.1%) | Q1: -52, Q2: -16, Q3: -31, Q4: +42 Q4 Telco service revenue decline (EUR -44mn), partially compensated by higher energy and hardware revenues Q4 with lower Telco service revenue (EUR -16mn, improved vs Q3) and lower hard- and software sales (EUR -18mn), partially compensated by IT service revenue and energy growth Q4 up thanks to growing UBB and MVNO business Q4 almost stable thanks to MVNO synergies Q4 affected by revenue mix changes (in line with previous quarters), overcompensated by highly subsidized hardware sales at Vodafone in prior year Growth in core business Q4 mainly impacted by different phasing of Vodafone Group services cost Q4 higher due to integration OPEX Vodafone Italia in prior year (EUR 176mn) 8 8
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45 Most of Telco service revenue decline offset by IT, wholesale and synergies Italy EBITDAaL drivers 6 1) Includes hard- and software revenue, wholesale revenue and other revenue, 2) Excludes integration OPEX Vodafone Italia (Q4 24EUR -176mn, Q1 25 EUR -6mn, Q2 25 EUR -14mn, Q3 25 EUR -20mn, Q4 25 EUR -69mn), provisions for contractual risks (Q3 25 EUR -9mn) Wireless: ongoing ARPU dilution (despite improved in-/outflow gap) and RGU decline primarily due to lower acquisitions Wireline: RGU decline (slowing down), ARPU erosion (impacted by repricing in 24) Wireless: ARPU dilution affected by TM9 growth on Vodafone brand Wireline: slightly lower customer base and ARPU decline due to phase-out of Government connectivity vouchers and large one-time project effects in 24 EBITDAaL adjusted in EUR mn and YOY changes Telco service revenue in EUR mn and YOY changes margin 24.8% 1'805 2'038 844 1'394 -3'3717'291 3'015 EBITDAaL adjusted Other revenue categories 1B2C Telco service revenue B2B IT service revenue Total revenue Direct costs +42+58+12Q4 -44 -16 +24 -24 +8 Indirect costs (-1.1%) (-3.1%) 5’053 2 1 3 4 2 -57+21+43FY -160 -66 +102 -81 +3 -226 (-4.3%) -2'115 5 B2C B2B -53 Q2 -47 Q1 25 -60 (-4.5%) Q4 2 Q3 -42 -11 -35 -12 -39 -27 -44 -16 -66 -226 (-4.3%) Q4 as expected, with incremental churn in wireless and ARPU dilution in wireline impacted by repricing in 24 Q4 decline driven by wireline (EUR -12mn), impacted by phase-out of Government connectivity vouchers and lack of large one-time project effects Q4 growth thanks to wholesale and energy business Q4 improved thanks to MVNO synergies (B2C) and highly subsidized hardware sales at Vodafone in prior year (B2B) Q4 mainly impacted by different phasing of Vodafone Group services cost 7 2 B2C -160 B2B -66 (-3.1%)(-5.0%) 6 7 FY FY FY FY Wireless Wireline -25 (-3.1%) -41 (-3.2%)-75 (-5.2%)-85 (-4.9%) Wireless Wireline 1 2 3 5 4
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46 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 -108mn, compensated by lower INWIT consolidation CAPEX of EUR +32mn 2 3 Italy CAPEX and OpFCF OpFCFadjusted stable despite transition year, slightly ahead of guidance 1) Includes INWIT consolidation CAPEX (Q1 24 EUR -46mn, Q2 24 EUR -6mn, Q3 24 EUR -9mn, Q4 24 EUR -10mn, Q1 25 EUR -8mn, Q2 25 EUR -6mn , Q3 25 EUR -8mn, Q4 25 EUR -17mn), integration CAPEX Vodafone Italia (Q1 25 EUR -3mn, Q2 25 EUR -17mn, Q3 25 EUR -33mn, Q4 25 EUR -55mn), 2) Includes integration cost (OPEX + CAPEX) Vodafone Italia (Q4 24 EUR -176mn, Q1 25 EUR -9mn, Q2 25 EUR -31mn , Q3 25 EUR -53mn, Q4 25 EUR -124mn), INWIT consolidation CAPEX (Q1 24 EUR -46mn, Q2 24 EUR -6mn, Q3 24 EUR -9mn , Q4 24 EUR -10mn, Q1 25 EUR -8mn, Q2 25 EUR -6mn, Q3 25 EUR -8mn, Q4 25 EUR -17mn), provisions for contractual risks (Q3 25 EUR -9mn) CAPEX in EUR mn OpFCF in EUR mn t/o -108 integration CAPEX Wireless network IT Wireline access network Other YOY 1 +33 -17 -13 +1 -6 FY 25 Backbone & infrastructure +66 Adjustments1 -76 Adjusted +70 (-5.0%) | Q1: +60, Q2: +0, Q3: +37; Q4: -27 3 -258 -126 -151 -189 -147 -1'478-607 2 FY 24 pro forma CAPEXEBITDAaL -57 FY 25Adjustments2 -18214 +70 209 -5 (-2.3%) Adjusted +13 (+2.8%) | Q1: +8, Q2: -16, Q3: +6, Q4: +15 -52 -31 +29 -61 +60 +37 +37 -47 -16 0 -31 -55 +42 Q1 Q2 Q3 Q4 -27 +45 +60 Transition year in Italy
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1) Excluding non-cash effects of EUR 72mn incurred in 2024 Italy synergies and integration cost 2025 2026 2027 2028 2029 100% ~70% ~90% Integration costin EUR mnand/or in % 100% Synergy realisationin EUR mnand/or in % 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 2024 47 Accelerated ramp-up plan 2025-2029 +10pp vs initial plan +5pp vs initial plan Synergy realisation and integration cost slightly ahead, run-rate confirmed +5pp vs initial plan +5pp vs initial plan 3M 6M 9M 12M Integration cost 2025 in EUR mn • Q4 integration cost of EUR -124mn, o/w EUR -69mn OPEX and EUR -55mn CAPEX • In line with FY target of EUR c. -200mn • Cumulative ~45% of total integration cost incurred • Q4 with EUR +59mn mainly from MVNO migration • FY target of EUR c. 60mn overachieved thanks to faster migration of Fastweb SIMs to own network -20 -40 -109 -20 -53 -108 3M 6M 9M 12M OPEX CAPEX -217 -93 -9 -40 95 36 14 2 Synergies 2025 in EUR mn 2/3 from MVNO migration +12 +22 +59 -31 -53 -124 ~+200 95 (~15%) ~300 (~50%) -104 (~15%) -321 (~45%) ~-250 ~-560 (~80%) -217
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48 Incremental interest in 2025 due to Vodafone Italia acquisition of approximatively CHF 180mn. Net interest 2024 exceptionallylow due to interest proceeds from short-term investments of fundings for Vodafone Italia acquisition Group free cashflow Free cashflow stable 1) Excluding interest payments for lease liabilities (already included in OpFCF) in CHF mn OpFCF +10 -280 -10 -224 +17 FY 25 1'433 1'9201'920 OpFCF FCFChange in NWC Net interest paid1 Income taxes paid Other cash flows Change in defined benefit obligations +13 -10 -297 -16 -177 FY 24 1'437 Vodafone Italia OpFCF pro forma 1'752 -51'929 1 Δ -3 +22 +17 +6 -4-214+168+177-9 1
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49 Net income impacted by PPA amortisation and additional interest expense Group net income 1) Tax rate FY 25: Tax expenses of CHF 297mn / EBT of CHF 1'567mn = 19.0%, tax rate FY 24: Tax expenses of CHF 320mn / EBT ofCHF 1'861mn = 17.2% Changes driven by consolidation of Vodafone Italia as from 1 January 2025 Mainly higher contribution from Switzerland (CHF +37mn, o/w CHF +60mn adjustments) and Italy (CHF +205mn, o/w CHF +57mn adjustments), amortisation of intangible assets recognized as part of the purchase price allocation (CHF -236mn) and pension cost reconciliation (CHF -37mn) Primarily higher net interest expense on debt (CHF -200mn) and on lease liabilities (CHF -55mn) driven by the Vodafone Italia acquisition 1 3 2 in CHF mn EBITDAaL pro forma Lease expense -980 Net financial result Depreciation, amortisation PPE & intan- gible assets Income tax expense Depreciation of right of use assets Net income EBITEBITDA 1'5411'953 -2’143 -671 -92 -320 4'7674'064 703 EBITDAaLVodafone Italia FY 24 5'044 tax rate1 17.2% tax rate1 19.0% 1'270 -1'578 -358 -2971'925 -3'114 4'984 6'617 1'633 FY 25 4'984 -28 -266 +23 -271+1'850 -971 -907+920 +930+980Δ EBITDAaL -60 11 31 2
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50 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2039 2044 2053 Bonds & Private placements Bank loans 94% 6% 59% 41% Maturity profile in CHF mn Net debt and leverage1 development in CHF bn Net debt lowered and maturity profile further diversified 1 Mainly related to lower lease liabilities Italy and FX effects 16.2 -1.4 1.1 -0.3 15.6 Net debt YE 24 restated FCF Dividend payment Other Net debt YE 25 2.4x 2.4x 'Pro forma': LTM (Jan-Dec 24) figures as if Vodafone Italia consolidated from 1 Jan 2024, restated (harmonisation of accounting policies and including final purchase price allocation) and unaudited. 1) Net debt (incl. lease liabilities) / EBITDA, 2) Calculated as restated net debt YE 2024 of CHF 16.2bn divided by pro forma EBITDA of CHF 6.7bn (including pro forma EBITDA for Vodafone Italia of EUR 2.0bn), 3) CHF 1.4bn related to lease of wireless infrastructure Debt mix (YE 2025) Credit lines • CHF 2.9bn (unused) committed credit lines Debt portfolio facts Ratings confirmed (July 2025) A- (outlook stable) A2 (outlook stable) fixed floating CHF EUR Financial liabilities Financial debt and lease liabilities Currency mixRate mix 1'149 1'480 1'394 970 465 1'414 769 480 400 1'021 931 852 375 823 50 Leverage pro forma2 Net debt and leverage CHF 15.6bn / CHF 6.6bn Financial debt: CHF 11.9bn Lease liabilities: CHF 3.7bn3 • Ø interest rate of 1.86% • Ø duration of 5.23 years 1
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51 Financials FY 2025 7'291 1'687 209 1'478 15'048 4'984 1'920 3'064 7'868 3'362 1'670 1'692 Group1,2 CHF mn Italy EUR mn Switzerland CHF mn Revenue 2.4xLeverage4 Dividend in CHF/share7 Guidance 2026 Outlook 1) Group consists of segments Switzerland, Italy and Others (not shown), 2) For consolidation purposes CHF/EUR of 0.9369 has been used for FY 2025, 3) For consolidation purposes, CHF/EUR of 0.92has been used (vs. 0.9369 for FY 2025), 4) Leverage = net debt (incl. lease liabilities) / EBITDA, 5) Group EBITDAaL guidance 2026 includes expected lease expense of CHF ~1.6bn, 6) Leverage guidance does not consider prolongation of existing or conclusion of new tower agreement(s) in Italy. Assuming that the INWIT tower contract is extended for a further 8 years (2028-2036) on the same terms as the current contract, the leverage would increase by c. +0.3x,7) Dividend paid in t+1 (for fiscal year 2025 on 31 March 2026, for fiscal year 2026 in March/April 2027), 8) Subject to shareholder approval at the AGM of 25 March 2026, 9) Upon meeting 2026 guidance, Swisscom plans to propose a dividend of CHF 27/share (payable in 2027), subject to shareholder approval 268 EBITDAaL CAPEX OpFCF Guidance FY 2026 ~7.2 1.8-1.9 0.3-0.4 ~1.5 14.7-14.9 5.0-5.15 ~2.0 3.0-3.1 7.7-7.8 ~3.3 1.6-1.7 1.6-1.7 Group1,3 CHF bn Italy EUR bn Switzerland CHF bn ~2.3x 279 incl. EUR c. -50mn integration OPEX and EUR c. +75mn other adjustments incl. EUR c. -200mn integration CAPEX incl. EUR c. -250mn integration cost and EUR c. +75mn other adjustments growingstable upon meeting guidance w/o new tower agreement(s)6 incl. EUR -109mn integration OPEX incl. EUR -108mn integration CAPEX, EUR -39mn INWIT consolidation CAPEX incl. EUR -217mn integration cost, EUR -39mn INWIT consolidation CAPEX
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52 Rock-solid financials Long-term value creation • Stable FCFs from Swiss business • Growing FCFs from synergies in Italy Attractive dividend • High pay-out ratio • Dividend covered by FCFs • Dividend growth in line with FCF evolution Strong balance sheet • Target leverage <2.4x • Target rating A Wrap-up Ambition to decrease leverage further Ambition to increase dividend further
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53 Wrap-up Christoph Aeschlimann CEO Swisscom
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54 Ready to grow free cashflow Final remarks Innovate. E f ficiencies and new growth Lead. #1 customer choice in S witz erland and Italy Perform. Clear priorities 2026 Growing FCFs from synergies in Italy Attractive dividend in CHF/share 1) Subject to shareholder approval at the AGM of 25 March 2026, 2) Upon meeting 2026 guidance, Swisscom plans to propose a dividend of CHF 27/share (payable in 2027), subject to shareholder approval 2 22 26 27 2024 2025 2026 Stable FCFs from Swiss business 1 Financial year
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55 Q&A
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56 Appendix
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57 Group - adjusted EBITDAaL Appendix 1) CHF/EUR exchange rate for Q1 25 of 0.9445, for 6M 25 of 0.9409, for 9M 25 of 0.9388 and for FY 25 of 0.9369 (vs. 0.9478 for Q1 24, 0.9593 for 6M 24, 0.9554 for 9M 24 and 0.9513 for FY 24) 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 52 +52 +52 Restructuring cost 13 13 2 10 15 27 +2 +10 +2 +14 Transaction cost Vodafone Italia 6 7 5 42 60 -6 -7 -5 -42 -60 Adjustments Switzerland -18 7 5 55 49 2 -28 15 -11 +18 -5 -33 -40 -60 Integration OPEX Vodafone Italia 167 167 6 13 19 64 102 +6 +13 +19 -103 -65 Provisions for contract risks 8 8 +8 +8 Adjustments Italy 167 167 6 13 27 64 110 +6 +13 +27 -103 -57 Restructuring cost 1 1 15 15 +14 +14 Adjustments Others 1 1 15 15 +14 +14 Pension cost (IAS 19 reconciliation) -4 -5 -5 -11 -25 4 4 4 0 12 +8 +9 +9 +11 +37 Adjustments Group -4 -5 -5 -11 -25 4 4 4 0 12 +8 +9 +9 +11 +37 Adjustments EBITDAaL -22 2 0 212 192 10 19 3 94 126 +32 +17 +3 -118 -66 EBITDAaL adjusted 1'345 1'253 1'350 1'288 5'236 1'287 1'216 1'306 1'301 5'110 -58 -37 -44 +13 -126 Currency effect 1 1 14 6 5 26 +1 +14 +6 +5 +26 At constant currency -57 -23 -38 +18 -100 Total adjustments and currency +33 +31 +9 -113 -40
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58 Group - adjusted CAPEX and OpFCF Appendix 1) CHF/EUR exchange rate for Q1 25 of 0.9445, for 6M 25 of 0.9409, for 9M 25 of 0.9388 and for FY 25 of 0.9369 (vs. 0.9478 for Q1 24, 0.9593 for 6M 24, 0.9554 for 9M and 0.9513 for FY 24) 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 Italia 3 16 31 51 101 +3 +16 +31 +51 +101 Adjustments Italy 43 7 8 10 68 10 22 39 67 138 -33 +15 +31 +57 +70 Adjustments CAPEX 43 7 8 10 68 10 22 39 67 138 -33 +15 +31 +57 +70 CAPEX adjusted -854 -708 -725 -760 -3'047 -769 -684 -647 -826 -2'926 +85 +24 +78 -66 +121 Currency effect 1 -1 -11 -4 -3 -19 -1 -11 -4 -3 -19 At constant currency +84 +13 +74 -69 +102 Total adjustments and currency -34 +4 +27 +54 +51 OpFCF 470 536 617 306 1'929 498 491 617 314 1'920 +28 -45 +0 +8 -9 Adjustments EBITDAaL -22 2 0 212 192 10 19 3 94 126 +32 +17 +3 -118 -66 Adjustments CAPEX 43 7 8 10 68 10 22 39 67 138 -33 +15 +31 +57 +70 Adjustments OpFCF 21 9 8 222 260 20 41 42 161 264 -1 +32 +34 -61 +4 OpFCF adjusted 491 545 625 528 2'189 518 532 659 475 2'184 +27 -13 +34 -53 -5 Currency effect 1 0 3 2 2 7 +0 +3 +2 +2 +7 At constant currency +27 -10 +36 -51 +2 Total adjustments and currency -1 +35 +36 -59 +11
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59 Switzerland - adjusted EBITDAaL, CAPEX and OpFCF Appendix 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 +52 +52 Restructuring cost 13 13 2 10 15 27 +2 +10 +2 +14 Transaction cost Vodafone Italia 6 7 5 42 60 -6 -7 -5 -42 -60 Adjustments EBITDAaL -18 7 5 55 49 2 -28 15 -11 +18 -5 -33 -40 -60 EBITDAaL adjusted 868 824 852 834 3’378 865 821 847 818 3’351 -3 -3 -5 -16 -27 CAPEX -445 -420 -437 -423 -1'725 -423 -410 -398 -461 -1'692 +22 +10 +39 -38 +33 No adjustements OpFCF 441 397 410 356 1'604 442 409 477 342 1'670 +1 +12 +67 -14 +66 Adjustments EBITDAaL -18 7 5 55 49 2 -28 15 -11 +18 -5 -33 -40 -60 OpFCF adjusted 423 404 415 411 1'653 442 411 449 357 1'659 +19 +7 +34 -54 +6
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60 Italy - adjusted EBITDAaL, CAPEX and OpFCF Appendix 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 contractual risks 9 9 +9 +0 +9 Adjustments EBITDAaL 176 176 6 14 29 69 118 +6 +14 +29 -107 -58 EBITDAaL adjusted 480 416 496 470 1'862 428 400 465 512 1'805 -52 -16 -31 +42 -57 CAPEX -477 -304 -313 -378 -1'472 -382 -321 -308 -467 -1'478 +95 -17 +5 -89 -6 INWIT consolidation CAPEX 46 6 9 10 71 8 6 8 17 39 -38 +0 -1 +7 -32 Integration CAPEX Vodafone Italia 3 17 33 55 108 +3 +17 +33 +55 +108 Adjustments CAPEX 46 6 9 10 71 11 23 41 72 147 -35 +17 +32 +62 +76 CAPEX adjusted -431 -298 -304 -368 -1'401 -371 -298 -267 -395 -1'331 +60 +0 +37 -27 +70 OpFCF 3 112 183 -84 214 40 65 128 -24 209 +37 -47 -55 +60 -5 Adjustments EBITDAaL 176 176 6 14 29 69 118 +6 +14 +29 -107 -58 Adjustments CAPEX 46 6 9 10 71 11 23 41 72 147 -35 +17 +32 +62 +76 Adjustments OpFCF 46 6 9 186 247 17 37 70 141 265 -29 +31 +61 -45 +18 OpFCF adjusted 49 118 192 102 461 57 102 198 117 474 +8 -16 +6 +15 +13
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61 Wholesale – overview of offerings Appendix Broadband Connectivity Service • Swiss-wide broadband access, 2 Mbps to 10 Gbps, asymmetric and symmetric Direct Internet Access • Fully managed layer-3 service, 10 Mbps to 1 Gbps asymmetric and symmetric Carrier Ethernet Service Basic and Premium • Layer-2 service for low-cost and flexible Ethernet connections, 2 Mbps to 10 Gbps symmetric Carrier Line Service Basic and Premium • Dedicated high-quality Point-to-Point Data Transmission, 2 Mbps to 100 Gbps symmetric Unbundled Line (TAL) Access Line Optical (ALO) • Layer-1 line rental DIA (copper & fibre) CLS CES Access lines Carrier lines TAL (copper) ALO (fibre) BBCS (copper & fibre) Broadband Connectivity Service BBCS, Layer-3, 100 Mbps Monthly prices / access line CHF 19 CHF 26 Broadband Connectivity Service BBCS, Layer-3, 500 Mbps Broadband Connectivity Service BBCS, Layer-3, 1 Gbps Broadband Connectivity Service BBCS, Layer-3, 10 Gbps CHF 32 CHF 33 Unbundled Access Line TAL, layer-1, copper Access Line Optical ALO, layer-1, fibre CHF 24 CHF 14.50
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62 Swisscom Switzerland - overview of mobile spectrum licences and use Appendix 120 85 60 60 50 30 20 30 100 50 20 40 15 30 20 20 80 40 40 50 10 20 20 2,1 GHz 2,6 GHz 3,5 GHz 1,8 GHz 800 MHz 10 1,4 GHz 900 MHz 700 MHz Spectrum licenses until 2028* or 2034** (in MHz) Spectrum use by Swisscom 5G 5G+ 5G 5G 4G 4G 4G 4G 4G 4G 4G 4G DSS1 DSS1 900 MHz 2,1 GHz 3,5 GHz 2,6 GHz 1,8 GHz 1,4 GHz 800 MHz 700 MHz ** ** * ** * * * * 1) DSS: dynamic spectrum sharing 5G only from Q4-2026 3G phased out 5G only from Q2-2026
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63 259 258 CAPEX breakdown Appendix • Core network incl. capacity increase Switzerland Italy Wireless network Wireline access network Backbone & infrastructure1 IT Other • Access network, most of it realised with fibre • Capacity increase (e.g. expansion feeder, replacement ducts) as well as new access (e.g. to new buildings) • Wireline core and transport network • Central offices and data centres • Hardware and licences • Software development • Customer- and project-driven • Others (e.g. shops, real estate) • Customer- and project-driven (e.g. modem & routers, dedicated fibre link, customer activations cost2) CAPEX 2025 in CHF mn 1) Without IT components, 2) Activation costs of systems integrator and other licenced operators • Access network: upgrade and modernisation of existing sites, building of new antenna sites • Core network 126 151 189 607 723 121 470 119 CAPEX 2025 adjusted in EUR mn
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6464 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’sand 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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Louis Schmid Head of 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 6565 Investor contact