Quarterly review 2023 and 2024

In CHF million, except where indicated	1. quarter	2. quarter	3. quarter	4. quarter	2023	1. quarter	2024

Income statement
Revenue	2,747	2,703	2,752	2,870	11,072	2,703	2,703
Direct costs	(710)	(674)	(739)	(783)	(2,906)	(685)	(685)
Personnel expense	(680)	(670)	(634)	(696)	(2,680)	(703)	(703)
Other operating expense	(357)	(414)	(382)	(477)	(1,630)	(362)	(362)
Capitalised self-constructed assets and other income	164	194	177	231	766	202	202
Operating income (EBITDA)	1,164	1,139	1,174	1,145	4,622	1,155	1,155
Depreciation and amortisation	(525)	(531)	(510)	(560)	(2,126)	(522)	(522)
Depreciation of right-of-use assets	(66)	(66)	(65)	(94)	(291)	(65)	(65)
Operating income (EBIT)	573	542	599	491	2,205	568	568
Net interest expenses on financial assets and liabilities	(14)	(19)	(18)	(16)	(67)	(15)	(15)
Interest expense on lease liabilities	(12)	(9)	(13)	(10)	(44)	(12)	(12)
Other financial result	(4)	(6)	2	(11)	(19)	13	13
Equity-accounted investees	–	–	–	–	–	–	–
Income before income taxes	543	508	570	454	2,075	554	554
Income tax expense	(101)	(102)	(108)	(53)	(364)	(99)	(99)
Net income	442	406	462	401	1,711	455	455
Attributable to equity holders of Swisscom Ltd	442	406	463	400	1,711	455	455
Attributable to non-controlling interests	–	–	(1)	1	–	–	–

Earnings per share (in CHF)	8.53	7.84	8.94	7.72	33.03	8.78	8.78


Revenue
Swisscom Switzerland	2,045	1,999	2,023	2,080	8,147	1,993	1,993
Fastweb	619	617	637	688	2,561	623	623
Other Operating Segments	240	255	266	302	1,063	252	252
Intersegment elimination	(157)	(168)	(174)	(200)	(699)	(165)	(165)
Total revenue	2,747	2,703	2,752	2,870	11,072	2,703	2,703


Operating income before depreciation and amortisation (EBITDA)
Swisscom Switzerland	945	915	913	936	3,709	944	944
Fastweb	187	206	221	162	776	182	182
Other Operating Segments	32	19	42	52	145	33	33
Reconciliation pension cost	9	10	9	9	37	4	4
Elimination	(9)	(11)	(11)	(14)	(45)	(8)	(8)
Total EBITDA	1,164	1,139	1,174	1,145	4,622	1,155	1,155


Capital expenditure
Swisscom Switzerland	394	427	376	493	1,690	445	445
Fastweb	152	141	143	170	606	149	149
Other Operating Segments	8	10	10	12	40	8	8
Intersegment elimination	(9)	(10)	(12)	(13)	(44)	(8)	(8)
Total capital expenditure	545	568	517	662	2,292	594	594

In CHF million, except where indicated	1. quarter	2. quarter	3. quarter	4. quarter	2023	1. quarter	2024

Operating free cash flow
Operating income (EBITDA)	1,164	1,139	1,174	1,145	4,622	1,155	1,155
Lease expense	(73)	(70)	(74)	(71)	(288)	(72)	(72)
EBITDA after lease expense (EBITDAaL)	1,091	1,069	1,100	1,074	4,334	1,083	1,083
Capital expenditure	(545)	(568)	(517)	(662)	(2,292)	(594)	(594)
Operating free cash flow	546	501	583	412	2,042	489	489

Free cash flow
Free cash flow	209	253	575	443	1,480	198	198

Net debt
Net debt	7,171	8,108	7,507	7,071	7,071	6,941	6,941

Full-time equivalent employees
Swisscom Switzerland	12,848	13,061	13,218	13,263	13,263	13,389	13,389
Fastweb	3,087	3,117	3,146	3,157	3,157	3,225	3,225
Other Operating Segments	3,317	3,319	3,322	3,309	3,309	3,333	3,333
Total FTEs	19,252	19,497	19,686	19,729	19,729	19,947	19,947

Information by geographical regions
Revenue in Switzerland	2,129	2,088	2,116	2,183	8,516	2,079	2,079
Revenue in other countries	618	615	636	687	2,556	624	624
Total revenue	2,747	2,703	2,752	2,870	11,072	2,703	2,703

Operating income (EBITDA) Switzerland	975	933	951	983	3,842	972	972
Operating income (EBITDA) other countries	189	206	223	162	780	183	183
Total EBITDA	1,164	1,139	1,174	1,145	4,622	1,155	1,155

Capital expenditure in Switzerland	392	427	374	492	1,685	444	444
Capital expenditure in other countries	153	141	143	170	607	150	150
Total capital expenditure	545	568	517	662	2,292	594	594

Headcount in Switzerland	15,755	15,929	16,048	16,051	16,051	16,105	16,105
Headcount in other countries	3,497	3,568	3,638	3,678	3,678	3,842	3,842
Total headcount (full-time equivalent)	19,252	19,497	19,686	19,729	19,729	19,947	19,947

Fastweb, in EUR million
Residential Customers	289	291	289	294	1,163	288	288
Corporate Business	261	266	287	320	1,134	284	284
Wholesale	71	70	83	106	330	84	84
External revenue	621	627	659	720	2,627	656	656
Intersegment revenue	2	1	1	2	6	2	2
Revenue	623	628	660	722	2,633	658	658

Operating income (EBITDA)	188	210	229	171	798	192	192
Margin as % of revenue	30.2	33.4	34.7	23.7	30.3	29.2	29.2
Lease expense	(13)	(14)	(14)	(14)	(55)	(13)	(13)
EBITDA after lease expense (EBITDAaL)	175	196	215	157	743	179	179
Capital expenditure	(153)	(144)	(148)	(178)	(623)	(153)	(153)
Operating free cash flow	22	52	67	(21)	120	26	26

Broadband access lines in thousand	2,662	2,631	2,613	2,601	2,601	2,582	2,582
Broadband access lines wholesale in thousand	498	532	579	648	648	720	720
Mobile access lines in thousand	3,231	3,343	3,428	3,509	3,509	3,611	3,611

In CHF million, except where indicated	1. quarter	2. quarter	3. quarter	4. quarter	2023	1. quarter	2024

Swisscom Switzerland Revenue and results
Residential Customers	963	963	967	963	3,856	946	946
Business Customers	391	385	385	384	1,545	378	378
Revenue telecoms services	1,354	1,348	1,352	1,347	5,401	1,324	1,324
IT services	283	284	287	300	1,154	297	297
Merchandise	217	175	191	252	835	187	187
Wholesale	131	132	139	128	530	134	134
Revenue other	45	45	40	39	169	35	35
External revenue	2,030	1,984	2,009	2,066	8,089	1,977	1,977
Intersegment revenue	15	15	14	14	58	16	16
Revenue	2,045	1,999	2,023	2,080	8,147	1,993	1,993


Residential Customers	1,137	1,099	1,111	1,158	4,505	1,078	1,078
Business Customers	768	760	765	790	3,083	773	773
Wholesale	134	135	142	130	541	136	136
Infrastructure & Support Functions	19	19	19	16	73	19	19
Intersegment elimination	(13)	(14)	(14)	(14)	(55)	(13)	(13)
Revenue	2,045	1,999	2,023	2,080	8,147	1,993	1,993


Residential Customers	754	748	760	745	3,007	748	748
Business Customers	342	330	338	335	1,345	325	325
Wholesale	80	86	53	106	325	93	93
Infrastructure & Support Functions	(232)	(248)	(239)	(250)	(969)	(221)	(221)
Intersegment elimination	1	(1)	1	–	1	(1)	(1)
EBITDA	945	915	913	936	3,709	944	944
Margin as % of revenue	46.2	45.8	45.1	45.0	45.5	47.4	47.4
Lease expense	(56)	(55)	(58)	(56)	(225)	(58)	(58)
EBITDA after lease expense (EBITDAaL)	889	860	855	880	3,484	886	886
Capital expenditure	(394)	(427)	(376)	(493)	(1,690)	(445)	(445)
Operating free cash flow	495	433	479	387	1,794	441	441

Operational data in thousand
Residential Customers	1,058	1,041	1,024	1,008	1,008	988	988
Business Customers	234	230	225	218	218	215	215
Fixed telephony access lines	1,292	1,271	1,249	1,226	1,226	1,203	1,203

Residential Customers	1,727	1,724	1,722	1,721	1,721	1,709	1,709
Business Customers	290	288	287	285	285	282	282
Broadband access lines retail	2,017	2,012	2,009	2,006	2,006	1,991	1,991

Residential Customers	1,491	1,483	1,475	1,472	1,472	1,462	1,462
Business Customers	67	66	66	65	65	64	64
TV access lines	1,558	1,549	1,541	1,537	1,537	1,526	1,526

Residential Customers	3,295	3,322	3,354	3,380	3,380	3,379	3,379
Business Customers	1,939	1,958	1,961	1,970	1,970	1,981	1,981
Mobile access lines Postpaid	5,234	5,280	5,315	5,350	5,350	5,360	5,360
Prepaid Residential Customers	1,001	979	949	927	927	909	909
Mobile access lines	6,235	6,259	6,264	6,277	6,277	6,269	6,269

Broadband access lines wholesale	688	682	683	692	692	704	704