Financial outlook
Key figures or as noted |
2024 reported |
2024 pro forma preliminary 1 |
2005 outlook preliminary 2 |
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| Revenue | ||||||
| Swisscom Group | CHF 11.0 bn | CHF 15.3 bn | CHF 15.0–15.2 bn | |||
| Switzerland | CHF 8.0 bn | CHF 8.0 bn | CHF 7.9–8.0 bn | |||
| Italy | EUR 2.8 bn | EUR 7.3 bn | ~ EUR 7.3 bn | |||
| EBITDA after lease expense (EBITDAaL) | ||||||
| Swisscom Group | CHF 4.1 bn | CHF 5.2 bn | ~ CHF 5.0 bn | |||
| Switzerland | CHF 3.3 bn | CHF 3.4 bn | CHF 3.3–3.4 bn | |||
| Italy | EUR 0.7 bn | EUR 1.8 bn | EUR 1.6–1.7 bn | |||
| Capital expenditure | ||||||
| Swisscom Group | CHF 2.3 bn | CHF 3.0 bn | CHF 3.1–3.2 bn | |||
| Switzerland | CHF 1.7 bn | CHF 1.7 bn | ~ CHF 1.7 bn | |||
| Italy | EUR 0.6 bn | EUR 1.4 bn | EUR 1.5–1.6 bn | |||
| Operating free cash flow | ||||||
| Swisscom Group | CHF 1.8 bn | CHF 2.2 bn | CHF 1.8–1.9 bn | |||
| Switzerland | CHF 1.6 bn | CHF 1.7 bn | ~ CHF 1.7 bn | |||
| Italy | EUR 0.0 bn | EUR 0.5 bn | EUR 0.1–0.2 bn | |||
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1 Pro forma adjusted figures as if Vodafone Italia were consolidated from 1 January 2024 and harmonised accounting policies were applied (on an unaudited basis). Incl. adjustment for one-off items 2024.
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2 Exchange rate CHF/EUR 0.93 (2024: CHF/EUR 0.951).
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The Swisscom Group includes the segments Switzerland, Italy and Other (not shown in the list above).
From the 2025 financial year onwards, the EBITDA after lease expense (EBITDAaL) metric will be used to measure and report on the financial performance of the Group and the operating segments. Following the acquisition of Vodafone Italia and the adapted principles for lease accounting from the 2025 financial year onwards, the importance of leases has seen a sharp increase. Compared to the previous EBITDA metric, the EBITDAaL metric is considered more reliable and more relevant for financial management (allocation of resources and measurement of financial performance) and communication with investors. It will also boost comparability with other telecommunications providers.
Based on the provisional purchase price allocation and the provisional implementation of Swisscom’s accounting policies, the acquired Vodafone Italia has been taken into account in the financial outlook for 2025.
In the first of 2025, the purchase price allocation will continue to progress and the implementation of Swisscom’s accounting policies is expected to be finalised. Based on this, the financial outlook will be updated on 8 May 2025 when the results for the first quarter of 2025 are published.
Swisscom’s 2025 EBITDAaL contains a lease expense of around CHF 1.6 billion. The 2025 EBITDAaL for Italy includes integration costs of around EUR 50 million.
The 2025 capital expenditure in Italy takes into account costs for the integration of the acquired Vodafone Italia, amounting to EUR 150 million, and adjustments of around EUR 50 million for capital expenditure in connection with the agreement made with INWIT regarding the location optimisation of mobile phone masts. This EUR 50 million will be reimbursed to Swisscom by the Vodafone Group as part of the purchase price adjustment.
The net debt/EBITDA ratio at the end of 2025 is expected to be around 2.4.
Subject to achieving its targets, Swisscom plans to propose payment of an increased dividend of CHF 26 per share for the 2025 financial year at the 2026 Annual General Meeting.