Swisscom
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Swisscom (SCMN) investor relations material

Swisscom Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Achieved strong operational and financial results in Switzerland and Italy, with successful integration of Vodafone Italia and Fastweb, realization of synergies ahead of plan, and organizational streamlining.

  • Implemented a new group-wide sustainability strategy, confirmed an 18% dividend increase to CHF 26 per share, and maintained a sector-leading A2 credit rating.

  • Maintained #1 customer choice and reinforced brand positioning in Switzerland, with advanced IT growth and service leadership.

  • Annual profit for 2025 was CHF 180 million, a significant decrease from CHF 3,003 million in 2024.

  • The Swiss Confederation maintained its 51% majority shareholding as of year-end 2025.

Financial highlights

  • Group revenue was CHF 15,048 million, down CHF 310 million year-over-year, mainly due to currency effects and lower telco service revenues.

  • EBITDA/EBITDAAL reached CHF 4.9–4.984 billion, down slightly year-over-year.

  • Free Cash Flow remained stable at CHF 1.4–1.92 billion, with both Switzerland and Italy contributing.

  • Net income declined by CHF 271 million, mainly due to PPA depreciation and added interest expense from the Vodafone acquisition; annual profit dropped to CHF 180 million.

  • CapEx at group level was CHF 51 million below prior year, with CHF 500 million invested in Swiss fiber rollout.

Outlook and guidance

  • 2026 group revenue guidance: CHF 14.7–14.9 billion; EBITDA/EBITDAAL: CHF 5.0–5.15 billion; CapEx: CHF 3.0–3.1 billion; Free Cash Flow: CHF 2 billion.

  • Dividend guidance for 2026 is CHF 27 per share, up from CHF 26.

  • Switzerland: revenue expected to decline by CHF 100 million, EBITDA slightly down, CapEx and Free Cash Flow stable.

  • Italy: revenue expected to decline by CHF 150 million, offset by IT, wholesale, and energy growth; EBITDA up CHF 100–200 million due to synergies.

  • The Board of Directors approved the financial statements on 11 February 2026; the AGM for approval is scheduled for 25 March 2026.

Reason for 2025 income from participations drop
How is the CHF 1.3B dividend funded by profit?
Why no key audit matters despite profit drop?
Swiss telco revenue: Why no more improvement from price rises?
RAN sharing savings and tower partner renegotiation?
Swiss CapEx floor and medium-term reduction potential?
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Frequently asked questions

Swisscom AG is a telecommunications provider offering mobile, fixed-line, internet, and digital television services. The company serves residential, business, and wholesale customers with communication and IT solutions. It also operates data centers and cloud infrastructure within Switzerland. The company is headquartered in Worblaufen, Switzerland, and its shares are listed on the SIX.

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