Annual Report 2025
12 February 2026, 07:15
Strong result: Stable performance in Switzerland, transition year in Italy
- Boost in revenue due to acquisition of Vodafone Italia, financial result in line with expectations, targets met
- Switzerland: Stable financial and operational development
- Italy: integration of Vodafone Italia progressing as planned
- Change in the Board of Directors
- Proposal: Dividend increase of 18% to CHF 26 per share for the 2025 financial year
- Guidance for 2026: Growing Operating Free Cash Flow and dividend of CHF 27 per share for the financial year 2026
Key figures
Christoph Aeschlimann, Group CEO
One year after its acquisition of Vodafone Italia, Swisscom has posted strong results. Revenue jumped by around 37% to CHF 15 billion due to the acquisition. The financial targets were met and the integration of Vodafone Italia is progressing as planned.
In Switzerland, revenue in core business declined as expected. Almost half of this decline was offset by efficiency gains and cost savings. There was further growth in IT solutions for business customers. We set new standards with innovations such as the cybersecurity solution beem and a sovereign and trustworthy AI platform for Switzerland.
The year of transition in Italy also went according to plan. Consolidation led to a slight decline in revenue. However, the first synergies have already been realised. Fastweb + Vodafone launched their first joint product portfolio and expanded their wholesale and energy offerings.
The modernisation of the network infrastructure in Switzerland and Italy is being steadily continued. At the end of December, coverage in both markets was 56% of households and businesses with optical fibre and 89% of the population with 5G. In addition, Swisscom further consolidated its leading role in sustainability and is aiming to achieve net zero as a group by 2035.
The outlook for 2026 is positive, with EBITDAaL of CHF 5.0-5.1 billion, operating free cash flow of around CHF 2.0 billion and a planned dividend increase to CHF 27 per share if targets are achieved.
‘A clear strategy, a strong team and an ability to innovate are key to success. We’re confidently moving forward.’
Dear Shareholders
The Swisscom Group can look back on an exciting year that has set the course for the future. It started with the successful acquisition of Vodafone Italia, which not only makes Swisscom larger as a Group, but stronger as well. The transaction was an important step towards achieving the strategic goal of further profitable growth in Italy. Fastweb + Vodafone is now the second-largest telecommunications provider in Italy with excellent market opportunities based on a state-of-the-art fixed and mobile network. Effective 1 January 2026, the merger of the two entities was also completed legally.
From left: Christoph Aeschlimann, Group CEO; Michael Rechsteiner, Chairman of the Board of Directors
Key dates
| 12 February 2026 | Publication of FY 2025 results and annual report |
| 25 March 2026 | Shareholders’ meeting in Zurich |
| 26 March 2026 | Last trading date with entitlement to dividend |
| 27 March 2026 | First trading date without entitlement to dividend (Ex-dividend date) |
| 30 March 2026 | Record Date SIX SIS |
| 31 March 2026 | Dividend payment date |
| 10 April 2026 - 7 May 2026 | Quiet Period Q1 2026 results |
| 7 May 2026 | Publication of Q1 2026 results and interim report |
Team & Contacts
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