Financial outlook

In CHF million, except where indicated	2019 reported	Change Swisscom without Fastweb	Change Fastweb	2020 outlook¹

Net revenue
Swisscom Group	11,453	< 0	> 0	~ CHF 11.1 bn
Swisscom w/o Fastweb				~ CHF 8.7 bn
Fastweb				~ EUR 2.3 bn

Operating income before depreciation and amortisation (EBITDA)
Swisscom Group	4,358	< 0	> 0	~ CHF 4.3 bn²
Swisscom w/o Fastweb				~ CHF 3.5 bn
Fastweb				~ EUR 0.8 bn

Capital expenditure
Swisscom Group	2,438³	–	–	~ CHF 2.3 bn
Swisscom w/o Fastweb				~ CHF 1.6 bn
Fastweb				~ EUR 0.6 bn
¹ Exchange rate CHF/EUR 1.07 (2019: CHF/EUR 1.11).
² 2020 outlook for EBITDA after lease expense ~ CHF 4.0 bn.
³ Incl. expenditure of CHF 196 mn for mobile radio frequencies in Switzerland.

For 2020, Swisscom expects net revenue of around CHF 11.1 billion, EBITDA of around CHF 4.3 billion and capital expenditure of around CHF 2.3 billion. Due to strong competition and price pressure and the ongoing decline in the number of fixed-line telephone connections, Swisscom expects revenue to be lower without Fastweb. Fastweb’s revenue is expected to increase slightly from 2019. For Swisscom, excluding Fastweb, the decline in revenue cannot be fully compensated by cost savings. In contrast, an increase in EBITDA is anticipated for Fastweb on a like-for-like basis. Capital expenditure in Switzerland, excluding costs for acquiring additional mobile radio frequencies at auction, will be slightly less than in the previous year. Capital expenditure at Fastweb is expected to be lower. Subject to achieving its targets, Swisscom will propose payment of an unchanged, attractive dividend of CHF 22 per share for the 2020 financial year at the 2021 Annual General Meeting.

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Financial outlook