Swisscom (SCMN) Q3 2026 earnings summary

Executive summary

• Q3 revenue was CHF 3,715mn, down 0.4% YoY; 9M revenue fell 2.1% to CHF 10,936mn, while EBITDAAL rose 1.5% to CHF 3,833mn.

• Adjusted 9M EBITDAAL grew 3.0% to CHF 3,946mn and adjusted OpFCF increased 14.5%; FY 2026 guidance was confirmed.

• Service-revenue declines eased in Switzerland and Italy; strategic priorities, cost savings and Italy integration synergies progressed.

Financial highlights

• Q3 revenue declined CHF 14mn YoY; Switzerland fell CHF 9mn while Italy was stable. Adjusted Q3 EBITDAAL rose CHF 21mn, led by Switzerland.

• 9M OpFCF rose 11.5% to CHF 1,790mn; adjusted OpFCF increased CHF 248mn, or 14.5%.

• 9M net income increased 2.4% to CHF 1,011mn and EPS rose 2.4% to CHF 19.53.

• 9M capital expenditure was CHF 2,043mn, down 5.9%; reported free cash flow was CHF 1,445mn, with working-capital timing affecting the comparison.

Outlook and guidance

• FY 2026 guidance confirmed: revenue CHF 14.7–14.9bn, EBITDAAL CHF 5.0–5.15bn, CapEx CHF 3.0–3.1bn and OpFCF above CHF 2.0bn.

• Leverage guidance is below 2.3x; OpFCF and leverage expectations were described as slightly better.

• If 2026 guidance is met, a CHF 27/share dividend is planned for proposal at the 2027 AGM, subject to shareholder approval.

• Italy service-revenue decline is expected to improve substantially again in 2027, though revenue is still expected to decline.