Summary

The main contributors to Group net revenue for 2024 of CHF 11.0 bil­lion are the Swisscom Switzer­land (72%) and Fastweb (24%) segments. Swisscom Switzer­land accounts for 82% of the operating income before de­pre­ci­a­tion and amor­ti­sa­tion (EBITDA) of CHF 4.4 bil­lion, with Fastweb accounting for a share of 15%.

Compared with the previous year, group revenue fell by 0.3% to CHF 11,036 million and operating income before de­pre­ci­a­tion and amor­ti­sa­tion (EBITDA) by 5.8% to CHF 4,355 million. The reported revenue and EBITDA de­vel­op­ment was influenced by the performance of the euro (EUR) as a result of Fastweb’s substantial share. The average EUR exchange rate decreased by 2.2% year on year in 2024. This resulted in negative currency translation effects on Group revenue of CHF 60 million and on EBITDA of CHF 19 million. Based on a constant EUR exchange rate, revenue in 2024 rose by 0.2% or CHF 24 million. Swisscom Switzer­land’s revenue fell by 1.7% and Fastweb achieved growth in revenue of 6.7% (in EUR). In Other Operating Segments, revenue increased by 4.5%.

EBITDA de­vel­op­ment is influenced negatively not only by currency effects, but also primarily by non-recurring items of CHF 217 million net (prior year: CHF –16 million). The non-recurring items in 2024 include integration costs of CHF 167 million and transaction costs of CHF 60 million in connection with the acquisition of Vodafone Italia. In addition, downsizing costs of CHF 14 million (prior year: CHF 7 million) were recorded. Furthermore, costs of CHF 60 million were incurred at Fastweb as a result of an adjustment of the FWA strategy. By contrast, provisions for legal proceedings amounting to net CHF 24 million (prior year: CHF 51 million). Without these non-recurring items and at a constant EUR exchange rate, EBITDA decreased by CHF 47 million (–1.0%). Swisscom Switzer­land accounted for CHF 41 million (–1.1%) of this; Fastweb, for its part, made a positive contribution of CHF 9 million (+1.1%). Net income fell by CHF 170 million or 9.9% year on year to CHF 1,541 million. The decline can mainly be attributed to the costs recorded in connection with the acquisition of Vodafone Italia. The Annual General Meeting will propose an unchanged dividend of CHF 22 per share for the 2024 financial year.

Capital ex­pen­di­ture rose by 0.9% year on year to 2,312 million. This primarily relates to network in­fra­struc­ture in the Swiss core business and at Fastweb. The generated free cash flow of CHF 1,437 million finances the total dividend of CHF 1,140 million. The acquisition of Vodafone Italia increased net debt by CHF 9.1 bil­lion (purchase price of CHF 7.4 bil­lion and acquired lease liabilities of CHF 1.7 bil­lion) to CHF 15.6 bil­lion, which cor­re­sponds to a pro forma net debt/EBITDA ratio of 2.4. The single­A credit rating confirmed by both rating agencies (Moody’s and S&P Global Ratings) underlines Swisscom’s solid financial position.

Swisscom expects revenue of around CHF 15.0 bil­lion to CHF 15.2 bil­lion, EBITDA after lease expense (EBITDAaL) of around CHF 5.0 bil­lion and capital ex­pen­di­ture of around between CHF 3.1 bil­lion and CHF 3.2 bil­lion for 2025. 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.