Swisscom (SCMN) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered solid operational and financial performance, with leadership in Switzerland and Italy strengthened and full-year guidance confirmed.

• Integration of Vodafone Italia into Fastweb is ahead of plan, with synergy realization progressing faster than expected.

• Innovation highlighted by the launch of the agentic AI app ROSS and FastwebAI Suite, with over 10 projects won since launch.

• Net income increased by 6.9% to CHF 816 million, supported by higher EBITDAAL and stable tax rates.

• Employee count fell 3.1% year-over-year, mainly in Switzerland due to efficiency measures.

Financial highlights

• Q2 revenue: CHF 3,615 million (-2.0% YOY); H1 revenue: CHF 7,221 million (-3.0% YOY).

• Q2 EBITDAAL: CHF 1,269 million (+6.1% YOY); H1 EBITDAAL: CHF 2,557 million (+3.3% YOY).

• Q2 OpFCF: CHF 608 million (+23.9% YOY); H1 OpFCF: CHF 1,202 million (+21.6% YOY).

• Q2 CAPEX: CHF 661 million (-6.3% YOY); H1 CAPEX: CHF 1,355 million (-8.8% YOY).

• Net income margin H1 2026: 11.3%; earnings per share CHF 12.92 (+6.9%).

Outlook and guidance

• Full-year 2026 guidance confirmed: revenue CHF 14.7–14.9 billion, EBITDAAL CHF 5.0–5.1 billion, CAPEX CHF 3.0–3.1 billion, OpFCF ~CHF 2.0 billion.

• Dividend proposal for 2026 to increase to CHF 27 per share, subject to targets.

• Net debt/EBITDA ratio expected at ~2.3x by year-end 2026.

• Switzerland: revenue CHF 7.7–7.8 billion, EBITDAAL ~CHF 3.3 billion, CAPEX CHF 1.6–1.7 billion.

• Italy: revenue ~EUR 7.2 billion, EBITDAAL ~EUR 1.8–1.9 billion, CAPEX ~EUR 1.5 billion.