Ad hoc announcement pursuant to Art. 53 LR / Q3 results 2026
+++ Group: Operationally and financially in line with expectations +++ Switzerland: Top-ranked in connect tests for hotline, shops and app +++ Italy: Value strategy continues to pay off – Integration process on track +++ 2026 guidance confirmed, operating free cash flow and leverage slightly better +++
"We delivered strong financial results in the first nine months of 2026 with higher EBITDAaL, operating free cash flow and net income," comments Christoph Aeschlimann, Swisscom Group CEO. "The latest connect test wins in Switzerland confirm that we continue to deliver an excellent customer experience across our shops, hotline and digital channels. In Italy, our value strategy is also paying off, with improvements across key financial and operational indicators."
Group revenue decreased by 2.1% year-on-year in the first nine months of 2026 to CHF 10,936 million. EBITDA after lease expense (EBITDAaL) rose by 1.5% to CHF 3,833 million. On an adjusted basis and at constant exchange rates, revenue declined by 1.5% and EBITDAaL increased by 3.0%. Operating free cash flow of CHF 1,790 million increased by 14.5% on an adjusted basis. Net income increased year-on-year by 2.4% to CHF 1,011 million.
In the first nine months of 2026, revenue in Switzerland fell year-on-year by 0.6% to CHF 5,826 million. Revenue from telecommunications services decreased by 1.8% to CHF 3,800 million. Revenue from IT services for business customers fell by 0.5% to CHF 902 million. EBITDAaL increased by 1.2% on an adjusted basis to CHF 2,569 million. This was driven by cost-efficiency measures and a higher contribution from the IT business. Operating free cash flow increased on an adjusted basis by 8.4% to CHF 1,420 million thanks to a stronger EBITDAaL contribution and lower capital expenditure.
Swisscom reinforced its leadership in service quality, with its hotline, shops and service app all ranking first in the latest connect tests. Swisscom also successfully launched 'Young Benefit' and introduced 'Kids Security', a new app that helps families promote safe and responsible digital media use.
Swisscom continues to modernise its network infrastructure across all municipalities. As at the end of September 2026, Swisscom covered 59% of households and businesses with FTTH and 90% of the population with 5G+. Recently, the Federal Administrative Court ruled in favour of Swisscom in the fibre-optic case, overturning the Competition Commission decision. The proceedings concerned the P2MP topology originally adopted by Swisscom. Swisscom is reviewing the ruling and its implications and will decide on potential adjustments once the analysis has been completed. The decision may still be appealed to the Federal Supreme Court.
Swisscom is continuing to develop its B2B business and will focus on two complementary business units to unlock growth and create the conditions for each business to thrive. To strengthen the digital transformation and professional services business, consulting, development, software, data and AI will be brought together within the existing subsidiary Swisscom Digital Technology Ltd. by 1 April 2027. The new setup is designed to increase innovation speed, simplify collaboration and support sustainable growth with the ambition of becoming Switzerland’s leading digital transformation partner. Swisscom's remaining B2B unit continues to build on its core strengths to provide Switzerland’s sovereign digital backbone: secure connectivity, security, cloud, AI Computing, IT outsourcing, Financial Services, Public Sector & Defence expertise, and IT infrastructure services.
On 1 February 2027, Martin Resel will take over as Head of Business Customers and join the Executive Committee of Swisscom Switzerland. Currently Deputy CEO and CCO Enterprise at A1 Telekom Austria, he brings more than 20 years of B2B experience in telecommunications, ICT and digital transformation.
In the first nine months of 2026, revenue in the Italy segment decreased by 2.2% to EUR 5,262 million. Revenue from telecommunications services decreased by 3.1% to EUR 3,593 million and revenue from IT services for business customers fell by 2.0% to EUR 593 million. On an adjusted basis, EBITDAaL rose by 7.7% to EUR 1,393 million, mainly reflecting lower costs due to synergies. Operating free cash flow, on an adjusted basis, increased by almost 50% to EUR 515 million.
The execution of the value strategy is delivering positive results, reflected in the stabilisation of key indicators: the decline in telco services revenue continued to moderate, mobile ARPU as well as underlying churn remained stable year on year following the completion of price alignment. In the wireline segment, the strategy is focused on acquiring mid- to high-value customers, supported by the launch of the new 10 Gbps fibre offer and the Fastweb SevenX modem. Fastweb + Vodafone continued to diversify beyond its core business, with its energy offering reaching 214,000 subscriptions (+44,000 in the quarter), helping to partially offset the decline in telecommunications services revenue.
The integration process continues to progress as planned with synergies totalling EUR 265 million in the first nine months of 2026. Fastweb + Vodafone is fully on track to achieve the synergy target for 2026 of more than EUR 300 million.
As at the end of September 2026, Fastweb + Vodafone covered 63% of households and businesses in Italy with optical fibre. The mobile network reached 91% of the population with 5G.
For the financial year 2026, Swisscom expects revenue of CHF 14.7-14.9 billion, EBITDAaL of CHF 5.0-5.1 billion and capital expenditure of CHF 3.0-3.1 billion, operating free cash flow above CHF 2.0 billion (so far: around CHF 2.0 billion) and leverage (net debt including lease liabilities/EBITDA) below 2.3x1 (so far: around 2.3x) as of the end of 2026. If targets are achieved, Swisscom plans to propose to its shareholders an increase of the dividend from CHF 26 to CHF 27 per share, payable in 2027 for the 2026 financial year.
| Financial key figures (in CHF million) | Revenue |
|---|---|
| 1.1.-
30.9.2026 |
10,936 |
| 1.1.-
30.9.2025 |
11,175 |
| Change | -2.1%
-1.5%* |
| Financial key figures (in CHF million) | EBITDAaL |
|---|---|
| 1.1.-
30.9.2026 |
3,833 |
| 1.1.-
30.9.2025 |
3,777 |
| Change | 1.5%
3.0%* |
| Financial key figures (in CHF million) | Capital expenditure |
|---|---|
| 1.1.-
30.9.2026 |
2,043 |
| 1.1.-
30.9.2025 |
2,171 |
| Change | -5.9%
-6.4%* |
| Financial key figures (in CHF million) | Operating free cash flow |
|---|---|
| 1.1.-
30.9.2026 |
1,790 |
| 1.1.-
30.9.2025 |
1,606 |
| Change | 11.5%
14.5%* |
| Financial key figures (in CHF million) | Net income |
|---|---|
| 1.1.-
30.9.2026 |
1,011 |
| 1.1.-
30.9.2025 |
988 |
| Change | 2.4% |
| Operational performance (thousands) | Postpaid value connections in Switzerland (wireless) |
|---|---|
| 30.09.2026 | 4,428 |
| 30.09.2025 | 4,427 |
| Change | 0.0% |
| Operational performance (thousands) | Broadband connections in Switzerland |
|---|---|
| 30.09.2026 | 1,896 |
| 30.09.2025 | 1,942 |
| Change | -2.4% |
| Operational performance (thousands) | Wholesale wireline access lines in Switzerland |
|---|---|
| 30.09.2026 | 808 |
| 30.09.2025 | 763 |
| Change | 5.9% |
| Operational performance (thousands) | Wireless connections in Italy |
|---|---|
| 30.09.2026 | 19,651 |
| 30.09.2025 | 20,168 |
| Change | -2.6% |
| Operational performance (thousands) | Broadband connections in Italy |
|---|---|
| 30.09.2026 | 5,450 |
| 30.09.2025 | 5,597 |
| Change | -2.6% |
| Operational performance (thousands) | Wholesale wireless connections in Italy |
|---|---|
| 30.09.2026 | 4,773 |
| 30.09.2025 | 8,060 |
| Change | -40.8% |
| Operational performance (thousands) | Wholesale wireline access lines in Italy |
|---|---|
| 30.09.2026 | 1,283 |
| 30.09.2025 | 1,063 |
| Change | 20.6% |
| Operational performance (thousands) | Group employees (FTE) |
|---|---|
| 30.09.2026 | 22,647 |
| 30.09.2025 | 23,374 |
| Change | -3.1% |
| Operational performance (thousands) | Of which employees in Switzerland (FTE) |
|---|---|
| 30.09.2026 | 14,616 |
| 30.09.2025 | 15,477 |
| Change | -5.6% |
Swisscom uses various alternative performance measures. The definition and reconciliation to the values in accordance with IFRS Accounting Standards are set out in the Interim Report as at 30 September 2026.
Swisscom AG
SCMN / Valor 874251 / ISIN CH0008742519
Group Media Relations
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Phone +41 58 221 98 04
E-Mail media@swisscom.com
www.swisscom.ch
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