Slides
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swisscom Q2 2026 results Investor and analyst presentation 06 August 2026
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Introduction Louis Schmid, Head Investor Relations Achievements Christoph Aeschlimann, Group CEO Business update Christoph Aeschlimann, Group CEO Financial results Eugen Stermetz, Group CFO Q&A Appendix Agenda 2
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Christoph Aeschlimann Group CEO 3 Achievements
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4 Successful Q2, Group and Switzerland leadership strengthened Highlights Solid performance Operationally and financially on track, A2 credit rating confirmed1 Guidance confirmed Revenue 14.7-14.9, EBITDAaL 5.0-5.1, CAPEX 3.0-3.1, OpFCF ~2.0 Best hotline and entertainment Winner of connect mobile hotline test, UEFA Champions League rights till 2031 2 1) Moody's (June 2026), 2) In CHF billion Integration on track Value journey progressing well, synergy realisation as planned Leading with innovation Successful launch of agentic AI app ROSS, energy portfolio further enhanced Swiss business strengthened Dedicated management team in Switzerland to drive performance and transformation
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§ 3'615 (-2.0%) 5 Q2 financials with consistent OpFCFincrease, reaffirming FY guidance Financial results OpFCF development 1) At constant currency, 2) Includes restructuring cost (Switzerland), provisions for legal proceedings (Italy), integration OPEX Vodafone Italia, pension cost (IAS 19 reconciliation), INWIT consolidation CAPEX and integration CAPEX Vodafone Italia, see detailed figures in appendix, 3) Includes currency effect, see detailed figures in appendix in CHF mn, YOY changesin CHF mn (YOY) 7'221 (-3.0%) 1'269 (+6.1%) 2'557 (+3.3%) -661 (-6.3%) -1'355 (-8.8%) 608 (+23.9%) 1'202 (+21.6%) Revenue EBITDAaL CAPEX OpFCF Q2 H1 989 +159 -13+80 -13 1'202 +214 (+21.6%) Switzerland Italy1 Others Adjustments2 and currency3 H1 25 H1 26 Growth in Italy Stability in Switzerland +93 +66 +8+34 +46 +96 +117 -10 -21-3Q1 Q2 Adjusted +226 (+21.6%) | Q1: +117, Q2: +110
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Christoph Aeschlimann Group CEO 6 Business update
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7 Focus 2026 Clear priorities to grow free cash flow 2 Continue Telco turn-around 3 Scale growth in energy and IT 1 Drive integration and capture synergy potential Stable free cash flows from Switzerland Growing free cash flows from Italy 2 Boost Telco efficiency 3 Achieve profitable IT growth 1 Manage Telco top line
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8 B2C: support top line with winning propositions and price increase Q2 operational development on track • Own brand price increase successfully implemented as per 1 April1 and with results as expected: net adds normalising, churn rates down and ARPU up Manage Telco top line Deliver best beyond core experience • blue TV confirming 'Home of Football' standing with exclusive broadcasting rights for UEFA Champions League until 2030/31 • myAI enhanced with Superchats and voice features • Strong momentum of My Security (with integrated cyber protection directly from the router) after its launch in Q1 ARPU in CHF (YOY) RGU and net adds in k (YOY) Q2 Q3 Q4 Q1 Q2 25 26 3'103 +14 +7 +10 1'654 -3 -16 -8 Churn in %, annualised 6.5 9.0 7.4 Q2 25 Q3 Q4 Q1 26 Q2 7.7 11.5 8.9 1) The price adjustments from April 2026 do not affect universal service offerings, prepaid products or data-only and kids’ mobile subscriptions, 2) Postpaid (PP) value, 3) Total B2C access + traffic + VAS revenues divided by B2C broadband RGUs (all brands) PP value BB W+ bundle3 PP value 48 47 48 90 89 90 PP value2 Q2 Q3 Q4 Q1 Q2 25 26 (+60, +2.0%) BB (-27, -1.6%) Drive value across all brands • Own brand with a new round of 'discover your possibilities' campaign • 4th consecutive win in connect mobile hotline test • Wingo brand refresh with a 'simply powerful' offering and new roaming-enhanced mobile portfolio, and customer migration to new portfolio using a more4more approach as from 1 Sept onwards • Migros Mobile with price adjustment as per 1 Sept (-1.0%) (+0.3%)
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9 Customer satisfaction NPS H1 2026 Corporate 43 SME 30 +3 vs FY 2025 stable vs FY 2025 IT EBITDAaL in CHF mn (YOY) 32 RGU and net adds in k (YOY) -5 -17 -13 -3 -4 -4 ARPU in CHF (YOY) 35 34 35 >1'200 Users Locations 103k B2B: delight customers with proximity, service quality and innovation Q2 Q3 Q4 Q1 Q2 25 26 PP value Q2 Q3 Q4 Q1 Q2 25 26 Q2 Q3 Q4 Q1 Q2 25 26 1'315 253 BB PP value (-54, -3.9%) (-13, -4.8%) as per Q2 26 Blocked attacks 19mn Manage Telco top line and achieve profitable IT growth 34 20 IT: focus on AI & sovereign IT growth and profitability • Softer top line mainly due to lower volumes for workplace and UCC solutions overcompensating higher demand for sovereign cloud and AI/copilot in public and financial sectors, and security in health sector. Increased EBITDAaL thanks to consistent cost discipline • Solid multi-year growth opportunities in the defence sector: new digital platform for Swiss Armed Forces successfully implemented • Swiss AI Assistant enhanced with new features (picture recognition, speech-to-text, single sign-on, etc.) and winning first major customers • Further strengthening #1 position in the B2B security market as the most recognized provider Telco: manage customer value and scale beem further • Operational trends comparable with previous quarters: W- and BB with declining subscriber base at SME (switches to B2C) and Corporate (challenging market and SIMs clean-up). ARPU slightly up QOQ driven by price adjustments for SMEs and pricing discipline & quality win-backs in Corporate segment • Increased retention, improved monetisation and value realisation with customer-centric, AI-enabled commercial approach and smart pricing • beem with increasing adoption thanks to focus on improving go-to-market for SME with limited cyber security resources • Strengthen mid-market partner strategy to scale beem and IT platform reselling +14 (+67%) (-0.7%)
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10 RGU and net adds in k Q2 Q3 Q4 Q1 Q2 25 26 +7 +14 +14 Access market share (YOY in pp) Network and Wholesale: deliver and monetise superiornetwork experience Manage Telco top line W+ access services revenue in CHF mn (YOY) Continuously invest in network leadership • 5G+ coverage up to 90% (+2.5pp YOY) and FTTH up to 58% (+4.0pp YOY) • First million of customers migrated on 5G SA1 Dual Mode Core − Shift to software-driven operations − Foundation for 5G SA and architectural basis for 6G − Key milestone in Swisscom’s evolution from Telco to Techco • Spectrum auction: regulator communication expected in Q3-Q4 this year, auction to be expected in Q2-Q3 next year 50 55 17.8 18.6 18.8 Q2 Q3 Q4 Q1 Q2 25 26 1) 5G Standalone, 2) Share of total 5.67mn HHs and companies in Switzerland, 3) Together with retail (B2C+B2B) share of 45% as per Q1 2026, Swisscom's BB share totals to 64%, Source: Swisscom estimates, 4) Incl. intersegment revenue 3 4 BB 796 (+47, +6.3%) Q2 Q3 Q4 Q1 Q2 25 26 Frequency allocation till 2028 HH coverage2 (YOY in pp) Pop coverage (YOY in pp) 90% (+2.5) ≤ 10 Gbps >200 Mbps >80 Mbps 85 60 60 30 20 50 20 40 30 20 40 40 50 10 20 2.1 GHz 2.6 GHz 1.8 GHz 800 MHz 900 MHz 99% (+0.0) 5G+ 5G 93% (+0.4) 88% (+1.6) 58% (+4.0) +5 (+10%) Drive Wholesale revenue growth in W+ access services through FTTH deployment • Consistent growth in RGU (+6.3% YOY), access market share (+1.0pp YOY) and top line (+10% YOY) • FTTH footprint extension key driver of growth: penetration up to 54.6% (+7.9pp YOY)
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11 Telco costs savings in CHF mn Contact centre workload hours YOY, indexed On track to achieve Telco cost savings of CHF >50mn in 2026 Execute on sustainable network strategy • Launch of new energy and enclosure platform for mobile network with AI-powered energy management, enabling smart, automated, and energy-efficient RAN sites and increasing network resilience Boost Telco efficiency -5% Phygital shops in % of all shops 25 42 >50 3M 6M 9M 12M ~50% AI retail analyticsTake shop experience to the next level • Scale digitalization and AI with approx. 50% of shops universe now equipped with digital helpers (e.g. customer service cabins, self-service screens) • Start rolling-out AI- and hardware-powered retail analytics in shops to deploy sensors, microphones and AI-driven analysis and better understand customer need and level-up sales and service consulting Drive efficiency further and strengthen long-term competitiveness • Building future software engineering and new finance back-office capabilities in Lisbon in line with business needs and AI evolution • Insourcing of know-how towards more efficiency and independency, leveraging international talent pool DevOps and delivery centers Rotterdam Riga Lisbon
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12 Synergies target FY 26 Integration of Vodafone Italia proceeding according to plan Drive integration and capture synergy potential Integration initiatives on track • People and culture integration progressing as planned • Collective agreement concluded with social partners (in April 26), incl. unified Profit Share Plan (PdR) and HR policies • Culture and change program proceeding according to plan • Unwanted attrition stable YOY • IT milestones on track: ~80% of ERP functionalities on one SAP S/4, rollout of integrated HR system on track for completion in H2 26 (live since April 26) Synergy realisation as planned • MVNO synergies at full quarterly run-rate of EUR c. 50mn since Q1 26 • Further synergies ramping up across all functions • Transition of Vodafone Group services progressing as planned • Integration cost under control, biggest investments in network and IT Synergy ramp-up 2 12 22 59 77 89 Q1 25 Q2 Q3 Q4 Q1 26 Q2 166 >300 in EUR mn EUR >300mn = c. 50% of run-rate ambition 2029 in EUR mn
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13 RGU and net adds in k (YOY) 1 ARPU3 in EUR B2C: keep value focus in Telco and foster growth in energy Continue Telco turn-around and scale growth in energy ARPU in EUR (YOY) 15'339 -113 -164 -98 4'399 (-479, -3.0%) (-91, -2.0%) -37 -26 -40 Churn in %, annualised 18.2 17.6 16.0 Q2 25 Q3 Q4 Q1 26 Q2 17.8 16.0 16.2 W- W- BB BB 24 24 24 BB W- Energy subs in k 8.2 8.3 8.3 2 3 1) BB net adds calculated on a restated RGU base (1P fixed voice lines excluded), 2) 2025 BB churn restated as from 2026 1P fixed voice lines excluded, 3) 2025 ARPU W- restated due to revenue shift of termination revenue from Telco services to Wholesale revenue, 4) Energy HHs with at least 1 BB subscription: 122k out of total B2C energy subscriptions (141k) Q2 Q3 Q4 Q1 Q2 25 26 Q2 Q3 Q4 Q1 Q2 25 26 Value shift driving Q2 operational improvement • Back- to front-book price alignment successfully completed in W- and well progressing in BB • W-: net adds improving vs Q1 (+66k) as repricing effects phasing out, churn down by 2.2pp YOY and ARPU improving +1% YOY • BB: Q2 affected by ongoing value focus and back- to front-book price alignment leading to softer net adds (-14k), higher churn (+0.2pp) and higher ARPU (+0.9%) vs Q1 Continuously sharpen multi-brand play • Main brands with value and transparency focus: portfolio opened to entire base, letting customer self-activate a current offer • ho.mobile positioned as attacker brand with attractive offerings for budget segment, without diluting main brands proposition Grow in energy with 'super-convergenza' bundles • Successful launch of enhanced converged proposition, reinforcing fixed-mobile-energy convergence and sustaining sales volumes (+23% vs Q1) without diluting value • Introduction of 'Power Control' for real-time home- energy monitoring and customer engagement (+1.0%) (-1.3%) 141 (+22 in Q2) 86% convergence4
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14 Energy subs in k RGU and net adds in k (YOY) 4'464 +106 +16 -6 1'101 (+75, +1.7%) (-28, -2.4%) -6 -5 -9 New contracts Continue Telco turn-around and scale growth in IT and energy Fastweb AI work licences in k IT portfolio enhancement and energy penetration increase • Scale up proprietary AI solutions and cloud services (e.g. Fastweb AI Suite managed inference and FASTCloud Open Source) to strengthen sovereign cloud architecture for enterprises and PA • Foster positioning in public sector with EUR 150mn multi-cloud AWS agreement for IaaS/PaaS • Fastweb AI work licences keep growing across all customer segments • Energy with double digit top line growth, driven by RGU and ARPU, thanks to attractive convergent offers and strong sales performance Q2 Q3 Q4 Q1 Q2 25 26 BB W- Commercial excellence supporting operational trend • W- net adds slightly negative due to TM9 framework agreement effects fading out, while RGU base growing YOY • BB net adds broadly in line with previous quarters affected by lower gross additions due to challenging market dynamics • SME/SOHO: further portfolio optimisation improving W- ARPU and consistent customer base management decreasing W- churn. BB churn affected by governmental voucher phase-out • Corporate: portfolio and sales channels optimization increasing orderbook; public administration: on track after successful framework renewals and strong position in critical national infrastructure B2B: maximise value in Telco, drive IT and energy growth 28 (+7 in Q2) 40 (+5 in Q2)
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15 Pop coverage Network and Wholesale: advance next-generation networks and secure UBB growth Key customers Continue Telco turn-around and scale growth in wholesale 52% 57% FTTH Q1 25 Q1 26 87% 90% 5G Q2 25 Q2 26 Ambition 2026: ~92%, 2030:~95% Ambition 2026: ~65%, 2030: ~90% HH coverage2 53% 61% FTTH Q2 25 Q2 26 Ambition 2026: ~65%, 2030: ~90% RGU and net adds in k (YOY) 5'856 +549 +108 -2'335 (-1’481, -20.2%) W- BB +50 +68 +491'243 (+225, +22.1%) 1) '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, 2) Share of total 29.2mn HHs and companies in Italy Q2 Q3 Q4 Q1 Q2 25 26 Wholesale with one-time effects in W- and sustained growth momentum in UBB • Poste MVNO migration completed with full RGU effect of approx. -2.6mn in Q2, partially offset by performance of CoopVoce and other MVNOs of +0.9mn over last 12 months • W- in H2 to be impacted by Lyca migration (c. -1mn RGUs), partially compensated by consistent MVNO’s growth and onboarding of new customers (e.g. Sky) • BB continued its strong growth in lines (+22% YOY) and top line (+12% YOY), driven by solid demand for high-speed connectivity Invest steadily to achieve coverage ambitions • 5G expansion on track: 90% pop coverage (+3pp YOY) confirmed as Italy's most awarded mobile network • FTTH rollout advancing steadily, with coverage up +8pp YOY and a balanced 50/50 passive/active fibre sharing1 • 2026 and 2030 rollout ambitions for 5G and FTTH confirmed, underpinned by sustained investments to foster digitalization of the country • Partnering with Starlink for the first Italian technical pilot to expand mobile coverage in rural areas
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16 Strengthen AI proposition through innovation • FastwebAI Suite: Managed Inference solution with solid track record: 10+ projects since launch in Q1 26, continuous enhancement of FastwebAI Work on user interface and models' development to optimise customers’ token usage • >ROSS_: launched for B2C customers in May, agentic AI app in autonomous executor mode with secure end-to-end orchestration hosted in Europe Different strategic AI and infrastructure initiatives underway Tap into new opportunities for upside Passive infra JV with TIM to add up to 6k new sites Others <35k Active infra habitants RAN sharing with TIM to accelerate 5G coverage Municipalities with Drive mobile infrastructure optimisation further • Termination of MSA with INWIT: • Milan Court has rejected INWIT’s interim measures aimed at blocking effects of MSA termination • Preparations fully on track for the migration from 2028 to a multi-vendor sourcing model (existing TowerCosand Tower JV with TIM) to maximize flexibility, efficiency, and quality and with no impact on 5G roll-out speed. • Tower JV with TIM: initiative to deploy ~6k new sites with an open-access commercial model, long-form agreement by YE, subject to regulatory approvals • RAN sharing TIM: agreement to accelerate 5G coverage in low- density areas through active sharing, avoiding infrastructure duplication; antitrust review ongoing
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Eugen Stermetz Group CFO 17 Financial results
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18 Q2 with improvedtop line evolution and strongEBITDAaL contribution In Q2 IT business and wholesale higher, Telco cost savings compensate Telco service revenue decline In Q2 with positive impact from synergy realisation and different in-year phasing of indirect costs In Q2 currency impact (CHF -9mn), adjustments (CHF +6mn) Group revenue and EBITDAaL Q2 with Telco service revenue decline (improving vs Q1) and lower IT service revenue offset by higher hard- and software sales in B2B Q2 with Telco service revenue decline (improving vs Q1), lower B2B hardware sales mostly compensated by growing energy business H1 25 21 Switzerland H1 26Italy1 Currency3Others2 7'446 -78 -111 -8 7'221 -147 (-2.0%) | Q1: -109, Q2: -38 2 1 -76 -35 -7 -44 -34 -153 -72 -27 -225 (-3.0%) Revenue in CHF mn -25 -2 -1 1) At constant currency, 2) Segment 'Others', including intersegment elimination group level, 3) Includes currency effect, see detailed figures in appendix, 4) Includes restructuring cost (Switzerland), provisions for legal proceedings (Italy), integration OPEX Vodafone Italia and pension cost (IAS 19 reconciliation), see detailed figures in appendix 5-9 Switzerland Italy1 Others2 H1 26 -10 43 Adjustments4 and currency3 2'557 5 2'474 H1 25 +10 4 3 +83Adjusted +92 (+3.7%) | Q1: +16, Q2: +76 EBITDAaL in CHF mn +30 +62 -8 -6 -3 +10 +72Q1 Q2 -5 +16 -2 +92 (+3.3%) Q1 Q2
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19 In Q2 lower construction volume FTTH, similar to Q1 (vs higher volumes in prior year) Q2 in line with prior year In Q2 positive impact from currency (CHF +6mn), adjustments (CHF +5mn) OpFCF increase thanks to strong synergy contribution as well as phasing effects Group CAPEX and OpFCF - 1'486 +67+70 -2 2 1 SwitzerlandH1 25 H1 26Italy1 Adjustments3 and currency4Others2 32 - 1'355 1CAPEX in CHF mn Adjusted +134 (-9.2%) | Q1: +101, Q2: +34 -4 +63 +4 +11+40 +30 3 (-8.8%) +131 +86 +45 1) At constant currency, 2) Segment 'Others', including intersegment elimination group level, 3) IncludesINWIT consolidation CAPEX and integration CAPEX Vodafone Italia, see detailed figures in appendix, 4) Includes currency effect, see detailed figures in appendix, 5) Includes restructuring cost (Switzerland), provisions for legal proceedings (Italy), integration OPEX Vodafone Italia, pension cost (IAS 19 reconciliation), INWIT consolidation CAPEX and integration CAPEX Vodafone Italia, see detailed figures in appendix, 6) Includes currency effect, see detailed figures in appendix -13+80 Switzerland Italy1 Others2 Adjustments5 and currency6 H1 26H1 25 989 1'202 Adjusted +226 (+21.6%) | Q1: +117, Q2: +110 OpFCF in CHF mn -2 -15-1Q1 Q2 +214 (+21.6%)+159 -13 +93 +66 +8+34 +46 +96 +117 -10 -21-3Q1 Q2
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20 1) Infrastructure & Support Functions, 2) Including intersegment revenue, 3) Includes restructuring cost in PY, see detailed figures in appendix Higher EBITDAaLin Q2 primarily driven by B2B IT and Wholesale In Q2 Telco service decline slowed down with price increase kicking-in (CHF -3mn YOY), Hard- and software revenue (CHF -2mn YOY) and other (CHF -6mn) Q2 with decline in Telco service revenue (CHF -16mn) and IT service revenue (CHF -8mn), compensated by hard- and software sales (CHF +26mn) Q2 with sustainable growth in access services, topline from inbound roaming flattish YOY (catch-up vs. Q1) Switzerland revenue and EBITDAaL 1 6 7 Q2 lower driven by decline in Telco service revenue and higher marketing expenses (different phasing compared to PY) Telco service revenue decline in Q2 (CHF -16mn) partially compensated by Telco cost savings and increased IT contribution (CHF +14mn) Higher Q2 contribution in line with topline growth Q2 with ongoing Telco cost savings 5 4 3 2 H1 26 +10 3'897 3'870-23 (-1.1%) -11 (-0.8%) H1 25 B2C B2B Wholesale ISF1, 2 1 2 3 -27 (-0.7%) -3 (-1.0%) Revenue in CHF mn Q1 Q2 -12 -11 -13 -8 +5 +8 +1 -25 -2 H1 25 H1 26 EBITDAaL in CHF mn Q1 Q2 +9 +13 +13 +18+20 1'700 -3 -7 -9 +1 -7 -5 -8-10 B2C 1'687 B2B Wholesale ISF1 4 5 7 +2 6 +13 +26 (+0.8%)+2 Adjusted +10 (+0.6%) | Q1: -5, Q2: +16 Adjustments3 +1
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21 Switzerland CAPEX and OpFCF Seasonally lower investments and stronger EBITDAaLdrive OpFCFin Q2 1 Q2 investments lower due to decreased construction volume FTTH, similar to Q1 (vs high volumes in H1 2025). ~60% FTTH coverage by YE 2026 confirmed CAPEX in CHF mn -761-831 -4 1 (-8.4%) +70 +60 +7 +8 -1 W- network W+ access network IT Backbone & infrastructure OtherH1 25 H1 26 1 0 -4 +28 +31 +3 +4 +4 +4 +4 -5 +40 +30 1) Includes restructuring cost in PY, see detailed figures in appendix Q1 Q2 CAPEXEBITDAaLH1 25 856 +10 H1 26 938 +83 (+9.7%) OpFCF in CHF mn +2 Q1 Q2 -5 +16 +40 +30 +20 +34 +48 Adjustments1 Adjusted +80 (+9.3%) | Q1: +34, Q2: +46 +70
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22 Switzerland Telco service revenue and EBITDAaL drivers Telco EBITDAaL adjusted in CHF mn and YOY changes EBITDAaLService revenue B2B Costs 598 771 174 66 margin 8.5% -706 Other revenue categories4 Revenue (-2.0%) (+2.6%) (+46.9%) IT EBITDAaL in CHF mn and YOY changes +1-12 +20+32 +21YOY 1'845 685 3'109 580 1'634 -946 -529 margin 52.6% 2'529 Other revenue categories 2 EBITDAaL adjusted3 B2C Direct costs Indirect costs Service revenue B2B Revenue YOY -11-18 -35 -6 +42+6 -47 (-1.5%) (-0.7%)(-4.3%) -53 (-2.1%) Q2 with own brand price increase supporting Telco top line as expected (-1.0%) (-4.8%) 1) Excluding postpaid volume, 2) Includes hard- and software, wholesale and other revenue, 3) Excludes restructuring cost in PY, see detailed figures in appendix , 4) Includes hard- and software and other revenue Q2 25 Q3 Q4 Q1 26 Telco service revenue YOY changes in CHF mn -31 -35 -30 -34 (-2.4%) (-2.6%) (-2.3%) (-2.6%) Total t/o Q2 +2-3 -16 +2 +17+2 -18 -2-8 +16+24 +14t/o Q2 Q2 -19 (-1.5%) t/o -6 BB -5 fixed voice +5 +6 -13 -13 -8 -13 -17 -12 -16 +7 -1 -3 +8 -5 +9 -10 -1 +3 -11 +5 -6 -7 -10 -11 -12 -14 -6 -10 -9 -6 -11 +5 B2C W- W+ RGU1 ARPU RGU ARPU t/o -9 brand mix B2B W- W+ -4 -4 -4 -2 -2 -2 RGU1 ARPU -6 -6 -7 -18 -18 -18 -5 -2 -8 -18 -6 -1 -7 -16 -11 -11 -10 -9RGU ARPU -12 -12 -11 -10 -8 -11 -6 -0 -1 -1 -2 -1
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23 Revenue in EUR mn Italy revenue and EBITDAaL EBITDAaLup, impacted by strongsynergy delivery and seasonally lower costs 1) Including intersegment revenue segment Italy, 2) Contribution margin = revenue minus direct costs, 3) Including intersegment elimination (CM), 4) Includes provisions for legal proceedings and integration OPEX Vodafone Italia, see detailed figures in appendix 54 7 913 6 808 8 -15 (-1.9%) Indirect costs H1 25 CM2 B2C CM2 B2B CM2 Wholesale Adjustments4 H1 26CM2,3 ISF +6+50+63 (+7.0%) EBITDAaL in EUR mn +104 (+12.9%) Adjusted +98 (+11.8%) | Q1: +32, Q2: +66 +1 (+0.4%) -1 Q1 Q2 +21 +43 -10 -5 +9 -8 -3 +1 +15 +36 +2+4 +36 +69 H1 25 H1 26B2C B2B Wholesale 1 2 3 -118 (-3.3%) -82 (-5.2%) -56 (-3.5%) +20 (+5.3%)3'593 -1 ISF1 3'474 Q1 Q2 -45 -11 -55 -27 +20 -1 0 -81 -370 1 2 4 3 Q2 with Telco service revenue decline (EUR -22mn), partially compensated by growing energy business (EUR +7mn) Q2 with lower Telco service revenue (EUR -13mn) and hard- and software sales (EUR -22mn), partially compensated by energy (EUR +8mn) Poste MVNO loss kicking-in, compensated by growing UBB business and strong other MVNO performance Telco service revenue decline in Q2 (improving vs Q1) overcompensated by synergy realisation Q2 driven by Telco service revenue decline Q2 impacted by revenue composition change (W- down, W+ up) Q2 mainly impacted by phasing (advertising and Vodafone Group services cost) and saving effects Q2 lower integration OPEX (EUR +12mn), partially compensated by provision for legal proceedings (EUR -10mn) 5 6 7 8
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24 Q2 with lower customer driven CAPEX Q2 with lower Integration CAPEX (EUR +3mn) and INWIT consolidation CAPEX (EUR +2mn YOY) Italy CAPEX and OpFCF 2 OpFCF in EUR mn Higher OpFCFdriven by synergies and phasing effects 1) Includes INWIT consolidation CAPEX and integration CAPEX Vodafone Italia, see detailed figures in appendix, 2) Includes integration cost (OPEX + CAPEX) Vodafone Italia and INWIT consolidation CAPEX, see detailed figures in appendix 1 H1 25 CAPEXEBITDAaL H1 26Adjustments2 105 +98 +156 (+148%) Adjusted +169 (+106%) | Q1: +98, Q2: +71 +71 261-13 Q1 Q2 +32 +66 +67 +4 +78 +50 1 +52 (-7.3%)2 CAPEX in EUR mn Adjusted +71 (-10.6 %) | Q1: +67, Q2: +4 -651+16-703 +17 +16+14 +7 -19 W- network IT W+ access network Other Backbone & infrastructure Adjustments1 H1 26H1 25 Q1 Q2 +24 -8 +15 -1 +9 -2 +17 0 +1 +15 +5 -25 -20 +7 +42 +10
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25 EBITDAaL adjusted Other revenue categoriesB2C B2B IT service revenue Total revenue Direct costs Indirect costs 1 3 3 +98+166-7YOY -57 -33 -21 -118 +50 3 2 Telco service revenue 4 5 1) Changes in Telco service revenue in 2025 as reported (include Termination revenue), 2) Includes hard- and software revenue, wholesale revenue and other revenue, 3) Excludes integration OPEX Vodafone Italia, see detailed figures in appendix Italy Telco service revenue and EBITDAaL drivers 2 Telco service revenue decline slowing down as value measures kick-in 1 2 3 5 4 3 Q2 25 Q3 Q4 Q1 26 Telco service revenue1 YOY changes in EUR mn -53 -66 -60 -55 (-4.0%) (-5.0%) (-4.5%) (-4.4%) Total -12 -42 -39 -4 -11 -27 -16 -20 -10 B2C W- W+ +66+680t/o Q2 -22 -13 -2 -37 +36 margin 26.7% 2'394 394 1'420 973 3'474686 -1'510 -1'038 926 -13 -1 -44 -22-35 Q2 -8 +4 -12 -11 -13B2B W- W+ EBITDAaL adjusted in EUR mn and YOY changes -35 (-2.9%) -17 -23 -24 -23 -14 -12 -25 -16 -20 -7-6 -9 -4 -6 -7 -5 -18 -12 -14 -6 RGU ARPU RGU ARPU (+11.8%)(-3.3%)(-3.9%) (-3.3%) -91 (-3.6%) Decline improving QOQ in line with ongoing back- to front-book price alignment Q2 improving QOQ due to higher one-time revenues from certain public framework agreements Q2 with lower hard- and software sales (EUR -20mn) mostly compensated by energy business (EUR +15mn) Q2 with lower costs thanks to MVNO synergies and due to lower hardware sales Q2 mainly impacted by phasing (advertising and Vodafone Group services cost) as well as efficiencies in customer operations
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26 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 26 Ramp-up plan Synergies and integration cost on track to achieve FY target ~+20095 (~15%) >300 (~50%) -104 (~15%) -321 (~45%) up to -250 ~-560 (~80%) -217 1) Excluding non-cash effects of EUR 72mn incurred in 2024 Q1 Q2 Q3 Q4 • Q2 with EUR 89mn run-rate, t/o majority from MVNO migration • On track to achieve FY target of EUR >300mn Synergy realisation 2026 in EUR mn 77 YOY +74 89 +151 +77 166 >300 Integration cost 2026 in EUR mn • Q2 with EUR -17mn, o/w EUR -2mn OPEX and EUR -15mn CAPEX, softer mainly due to phasing • FY expectation up to EUR c. -250mn (with backloaded ramp-up) Q1 Q2 Q3 Q4 OPEX CAPEX -34 -51 -17 YOY -25 -11 +14 up to -250
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27 Group free cash flow Strong cash flow generation in line with OpFCF development 1) Excluding interest payments for lease liabilities (already included in OpFCF) Higher tax payments for Switzerland in 2026 due to subsequent payment of taxes related to fiscal year 2024 Δ +85 +22 -15 -83 +2210+214 in CHF mn +4 -267 -83 +9 H1 26 1'202 717 -148 Change in NWC Change in defined benefit obligations Net interest paid1 Income taxes paid Other operating cash flows OpFCF -233 +9 -69 -184 H1 25 496 -17989 FCF 1 1
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28 Group net income Net income growth driven by EBITDAaLdevelopment 1) Tax rate H1 26: Tax expenses of CHF 150mn / EBT of CHF 818mn = 18.3%, tax rate H1 25: Tax expenses of CHF 141mn / EBT of CHF 766mn = 18.4% EBITDAaL Lease expense Net financial result Depreciation, amortisation PPE & intan- gible assets Income tax expense Depreciation of right-of-use assets Net income EBITEBITDA 946 -1'563 -781 -180 3'290816 H1 25 2'474 tax rate1 18.4% -141 668-769 -182 -1501'000 H1 26 +55 -2 -9 +43+63 -21 +12-20Δ +83 3'353 tax rate1 18.3%-1'584 796 2'557 625 in CHF mn
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29 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 confirmed 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, 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 the conclusion of new tower agreement(s) in Italy. For modelling purposes, assuming a notional new tower agreement for eight years (2028–2036) on the same terms as the current INWIT contract, leverage is estimated to increase by around +0.3x,7) Dividend paid in t+1 (for fiscal year 2025 on 31 March 2026, for fiscal year 2026 on 1 April 2027), 8) Upon meeting 2026 guidance, Swisscom plans to propose a dividend of CHF 27/share (payable in 2027), subject to shareholder approval 26 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 278 incl. up to EUR c. -50mn integration OPEX and EUR c. +75mn other adjustments incl. up to EUR c. -200mn integration CAPEX incl. up to 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 -40mn INWIT consolidation CAPEX incl. EUR -217mn integration cost, EUR - 40mn INWIT consolidation CAPEX
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30 Q&A
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31 Appendix
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32 Group - adjusted EBITDAaL Appendix 1) CHF/EUR exchange rate for Q1 26 of 0.9190 and 0.9183 for 6M 26(vs. 0.9445 for Q1 25, 0.9409 for 6M 25, 0.9388 for 9M 25 and 0.9369 for FY 25) in CHF mn 2025 2026 YOY Q1 Q2 H1 Q3 Q4 FY Q1 Q2 H1 Q3 Q4 Q1 Q2 H1 Q3 Q4 EBITDAaL 1'277 1'197 2'474 1'302 1'208 4'984 1'288 1'269 2'557 +10 +72 +83 Provisions for legal proceedings -90 -90 Provisions for contractual risks 52 52 Restructuring cost 2 2 9 15 27 Adjustments Switzerland 0 2 2 -29 15 -11 0 0 0 +0 -2 -2 Provisions for legal proceedings 9 9 +9 +9 Integration OPEX Vodafone Italia 6 13 19 18 65 102 2 2 3 -4 -12 -16 Provisions for contractual risks 8 8 Adjustments Italy 6 13 19 26 65 110 2 11 13 -4 -2 -6 Restructuring cost 15 15 Adjustments Others 0 0 0 0 15 15 0 0 0 +0 +0 +0 Pension cost (IAS 19 reconciliation) 4 4 8 4 0 12 2 3 5 -2 -1 -3 Adjustments Group 4 4 8 4 0 12 2 3 5 -2 -1 -3 Adjustments EBITDAaL 10 19 29 2 95 127 4 14 18 -6 -6 -12 EBITDAaL adjusted 1'287 1'216 2'504 1'305 1'303 5'111 1'292 1'283 2'575 +5 +67 +71 Currency effect 1 12 9 21 +12 +9 +21 At constant currency +16 +76 +92 Total adjustments and currency +6 +3 +9
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33 Group - adjusted CAPEX and OpFCF Appendix 1) CHF/EUR exchange rate for Q1 26 of 0.9190 and 0.9183 for 6M 26 (vs. 0.9445 for Q1 25, 0.9409 for 6M 25, 0.9388 for 9M 25 and 0.9369 for FY 25) in CHF mn 2025 2026 YOY Q1 Q2 H1 Q3 Q4 FY Q1 Q2 H1 Q3 Q4 Q1 Q2 H1 Q3 Q4 CAPEX -780 -706 -1’486 -685 -894 -3'065 -693 -661 -1'355 +86 +45 +131 INWIT consolidation CAPEX 7 6 13 8 16 37 3 3 6 -5 -2 -7 Integration CAPEX Vodafone Italia 3 16 19 31 51 101 30 14 43 +27 -3 +24 Adjustments Italy 10 22 32 38 68 138 32 17 49 +22 -5 +17 Adjustments CAPEX 10 22 32 38 68 138 32 17 49 +22 -5 +17 CAPEX adjusted -770 -684 -1’454 -647 -826 -2'927 -661 -645 -1'306 +108 +40 +148 Currency effect 1 -8 -6 -14 -8 -6 -14 At constant currency +101 +34 +134 Total adjustments and currency +15 -11 +4 OpFCF 498 491 989 617 314 1'920 594 608 1'202 +96 +117 +214 Adjustments EBITDAaL 10 19 29 2 95 127 4 14 18 -6 -6 -12 Adjustments CAPEX 10 22 32 38 68 138 32 17 49 +22 -5 +17 Adjustments OpFCF 20 41 61 41 163 265 36 30 67 +17 -11 +6 OpFCF adjusted 518 532 1’050 658 477 2'184 631 638 1'269 +113 +106 +219 Currency effect 1 4 3 7 +4 +3 +7 At constant currency +117 +110 +226 Total adjustments and currency +21 -8 +13
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34 Switzerland - adjusted EBITDAaL, CAPEX and OpFCF Appendix in CHF mn 2025 2026 YOY Q1 Q2 H1 Q3 Q4 FY Q1 Q2 H1 Q3 Q4 Q1 Q2 H1 Q3 Q4 EBITDAaL 866 821 1’687 877 804 3'368 861 839 1'700 -5 +18 +13 Provisions for legal proceedings -90 -90 Provisions for contractual risks 52 52 Restructuring cost 2 2 9 15 27 Adjustments EBITDAaL 0 2 2 -29 15 -11 0 0 0 +0 -2 -2 EBITDAaL adjusted 866 823 1’689 848 819 3'357 861 839 1'700 -5 +16 +10 CAPEX -422 -409 -831 -397 -459 -1'687 -382 -379 -761 +40 +30 +70 No adjustments OpFCF 444 411 856 480 345 1'681 478 460 938 +34 +48 +83 Adjustments EBITDAaL 0 2 2 -29 15 -11 0 0 0 +0 -2 -2 OpFCF adjusted 444 414 858 451 360 1'670 478 460 938 +34 +46 +80
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35 Appendix in EUR mn Italy - adjusted EBITDAaL, CAPEX and OpFCF 2025 2026 YOY Q1 Q2 H1 Q3 Q4 FY Q1 Q2 H1 Q3 Q4 Q1 Q2 H1 Q3 Q4 EBITDAaL 422 386 808 436 442 1'687 457 455 913 +36 +69 +104 Provisions for legal proceedings 10 10 +10 +10 Integration OPEX Vodafone Italia 6 14 20 19 69 109 2 2 4 -4 -12 -16 Provisions for contractual risks 9 9 Adjustments EBITDAaL 6 14 20 28 69 118 2 12 14 -4 -2 -6 EBITDAaL adjusted 428 400 828 465 511 1'804 460 467 926 +32 +66 +98 CAPEX -382 -321 -703 -308 -466 -1'478 -339 -312 -651 +42 +10 +52 INWIT consolidation CAPEX 8 6 14 8 18 40 3 3 6 -5 -2 -7 Integration CAPEX Vodafone Italia 3 18 20 33 55 108 32 15 47 +29 -3 +27 Adjustments CAPEX 11 23 34 41 72 147 35 18 53 +25 -5 +19 CAPEX adjusted -371 -298 -669 -268 -394 -1'330 -304 -293 -598 +67 +4 +71 OpFCF 40 65 105 128 -24 209 118 143 261 +78 +78 +156 Adjustments EBITDAaL 6 14 20 28 69 118 2 12 14 -4 -2 -6 Adjustments CAPEX 11 23 34 41 72 147 35 18 53 +25 -5 +19 Adjustments OpFCF 17 37 54 69 142 265 37 30 67 +20 -7 +13 OpFCF adjusted 57 103 159 197 117 474 155 173 329 +98 +71 +169
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36 Disclaimer No offer to sell or solicit The information provided in this communicationdoes not constitute, and should not be construed as,an offer or an invitation tosell or issue, or a solicitation of an offer to buy, subscribe for or otherwise acquire or dispose of, any securities or other financial instruments, nor does it constitute a recommendation, investment advice or the basis for any third-party evaluation of Swisscom AG securitiesin any jurisdiction. Forward-looking statements This communication contains statements that constitute "forward-looking statements". In this communication, such forward-looking statements include, without limitation, statements relating toSwisscom's financial condition, results of operations and business and certain ofSwisscom's 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, suchas 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,revise or correct any forward-looking statements or other information contained herein, except as required by applicable law, future events or otherwise. Alternative performance measures (non-IFRS financial measures) This communication may include selected alternative performance measures (APMs), i.e. financial measures not presentedin accordance with IFRS Accounting Standards (IFRS). For the definition of the APMs please refer to the section on 'Alternative performance measures' in Swisscom's financialreports. These alternative performance measures provide useful information on the Group’s financial position and servefinancial management and control purposes and should not be viewed as substitutes for IFRS measures of performance or liquidity as presented in Swisscom's IFRS financial statements. As these measures are not defined under the IFRS, calculations may differ from the published APMs of other companies, which may in term limit comparability across companies. Information, sources and no reliance This communication may contain estimates. Swisscom's internal estimates have not been verified by an external expert, and Swisscom cannot guarantee that a third party using different methods to assemble, analyse or compute data would obtain or generate the same results. To the extent available, the industry, market and competitive position data or prediction contained in this communication come from official or third-party sources believed to be reliable.Swisscom has not verified the accuracy and completeness of such information contained in thiscommunication. Swisscom's competitors may define the markets differently.
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37 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 37 Investor contact