Swisscom (SCMN) Q4 2025 earnings summary

Executive summary

• Achieved strong operational and financial results in Switzerland and Italy, with successful integration of Vodafone Italia and realization of synergies ahead of plan, and an 18% dividend increase to CHF 26 per share.

• Maintained sector-leading A2 credit rating and #1 customer choice in Switzerland, reinforced brand awareness, and confirmed IT growth and service leadership.

• Integration and synergy realization in Italy progressed, with advanced RAN-sharing agreement with Telecom Italia and Fastweb merger completed.

• Annual profit for 2025 was CHF 180 million, a significant decrease from CHF 3,003 million in 2024.

• The Swiss Confederation maintained its 51% majority shareholding as of year-end 2025.

Financial highlights

• Group revenue was CHF 15,048 million, down CHF 310 million year-over-year, mainly due to currency effects and lower telco service revenues.

• Group EBITDA/EBITDAAL reached CHF 4.9–4.984 billion, down slightly year-over-year.

• Free Cash Flow/OpFCF remained stable at CHF 1.4–1.92 billion, with both Switzerland and Italy contributing positively.

• Net income declined by CHF 271 million year-over-year, mainly due to PPA depreciation and added interest expense from the Vodafone acquisition.

• Annual profit dropped sharply to CHF 180 million from CHF 3,003 million year-over-year.

Outlook and guidance

• 2026 group revenue guidance: CHF 14.7–14.9 billion; EBITDA/EBITDAAL: CHF 5.0–5.15 billion; CapEx: CHF 3.0–3.1 billion; Free Cash Flow/OpFCF: CHF 2 billion.

• Dividend guidance for 2026 is CHF 27 per share, up from CHF 26, subject to shareholder approval.

• The Board of Directors approved the financial statements on 11 February 2026; the AGM for approval is scheduled for 25 March 2026.