Ad hoc announcement pursuant to Art. 53 LR / Half-year results 2026

Successful performance and best customer experience

+++ Group: Operationally and financially in line with expectations +++ Switzerland: Fourth consecutive win of the connect mobile hotline test +++ Italy: Integration of Vodafone Italia on track with strong synergy delivery +++ Changes to the Executive Committee Swisscom Switzerland +++ 2026 guidance confirmed +++

By Sepp Huber
Portrait: Christoph Aeschlimann, CEO Swisscom Group

Key figures at a glance

"The Swisscom Group's financial results and operational performance are in line with our expectations. We are on track and confirm the outlook for 2026," comments Christoph Aeschlimann, Swisscom Group CEO, on Swisscom's successful performance in the first half of 2026.

Swisscom Group: Net income increased

Group revenue decreased by 3.0% year-on-year in the first half of 2026 to CHF 7,221 million. EBITDA after lease expense (EBITDAaL) rose by 3.3 % to CHF 2,557 million. On an adjusted basis and at constant exchange rates, revenue declined by 2.0% and EBITDAaL increased by 3.7%. Operating free cash flow of CHF 1,202 million increased by 21.6% on an adjusted basis. Net income increased year-on-year by 6.9% to CHF 668 million.

Switzerland: Fourth consecutive win of the connect mobile hotline test

The Switzerland segment performed as expected. In the first half of 2026, revenue fell year-on-year by CHF 27 million to CHF 3,870 million (-0.7 %). Revenue from telecommunications services decreased by 2.1% to CHF 2,529 million. Revenue from IT services for business customers fell by 2.0% in the first six months to CHF 598 million. Thanks to strong cost-saving contributions, more than half of the impact of the decline in telecommunications services revenue was offset at EBITDAaL level. The EBITDAaL of CHF 1,700 million increased on an adjusted basis slightly by 0.6%. This was driven by cost-efficiency measures and a higher contribution from the IT business. The operating free cash flow increased on an adjusted basis by 9.3% to CHF 938 million thanks to stronger EBITDAaL contribution and lower capital expenditure mainly impacted by seasonal effects.

Swisscom continued to set the benchmark for customer experience. Winning the connect mobile hotline test for the fourth consecutive year, the company once again demonstrates its unwavering commitment to outstanding service quality. At the same time, blue Sport confirmed its position as Switzerland's 'Home of Football' by securing the exclusive UEFA Champions League broadcasting rights until 2031.

Swisscom continues to consistently modernise its fixed-network and mobile communications infrastructure across all municipalities in Switzerland. As at the end of June 2026, Swisscom covered around 58% of households and businesses with FTTH and 90% of the population with 5G+.

New site in Lisbon for Swisscom Switzerland

As part of its efforts to strengthen long-term competitiveness, Swisscom Switzerland will open a new site in Lisbon alongside its existing locations in Riga and Rotterdam. The site will deliver selected technology and business services, including IT, software development and finance. Swisscom intends to start operations in 2027 with around 40 employees and gradually expand the workforce to around 200 employees over the medium term.

Italy: Integration of Vodafone Italia and synergy realisation on track 

In the first six months of 2026, revenue in the Italy segment decreased by 3.3% to EUR 3,474 million. Revenue from telecommunications services decreased by 3.6% to EUR 2,394 million and revenue from IT services for business customers fell by 1.6% to EUR 394 million. Telco services revenue decline continued to slow down, reflecting the positive impact of the value strategy, and it was partly offset by a revenue increase in wholesale and the energy business. On an adjusted basis, EBITDAaL rose by 11.8% to EUR 926 million, mainly reflecting lower costs from synergies. Operating free cash flow, on an adjusted basis, more than doubled to EUR 329 million.

The integration process continues to progress as planned with synergies totalling EUR 166 million in the first half of 2026. Fastweb + Vodafone is fully on track to achieve the synergy target for 2026 of more than EUR 300 million.

With the launch of 'ROSS', a sovereign AI-powered personal assistant developed and operated in Italy, Fastweb + Vodafone reinforces its leading role in Italy's digital transformation. 'FastwebAI Suite', the generative AI platform for businesses and the public sector, has continued to expand its services. Fastweb + Vodafone also broadened its portfolio of digital home services with 'Fastweb Power Control', a new AI-enabled solution that helps customers better understand and manage their household energy consumption.

As at the end of June 2026, Fastweb + Vodafone covered 61% of households and businesses in Italy with optical fibre. The mobile network reached 90% of the population with 5G.

Changes to the Executive Committee Swisscom Switzerland

Swisscom is completing the organisational set-up introduced in 2025 following the acquisition of Vodafone Italia. In line with the governance already in place for the Italian business, Swisscom has appointed a dedicated CEO and CFO for the Swiss business, with Dirk Wierzbitzki and Rolf Stettler taking up these roles on 1 January 2027.

As Group CEO, Christoph Aeschlimann will continue to provide strategic leadership across Swisscom's two core markets, Switzerland and Italy. He will be able to focus even more strongly on strategy, transformation, innovation, key stakeholder relationships and the long-term development of Swisscom as a whole.

Dirk Wierzbitzki, the designated CEO of Swisscom Switzerland, joined Swisscom in 2010. Since 2016, he has headed the Residential Customers division and has been a member of the Executive Committee of Swisscom Switzerland. A dual German-Swiss national, he previously worked in various management positions at Vodafone. Michel Siegenthaler, currently Head of Shops & Retail, will succeed Dirk Wierzbitzki as Head of Residential Customers.

The Finance organisation is being adjusted accordingly: as Group CFO, Eugen Stermetz will hold overall financial responsibility for the Group, Switzerland and Italy, while Rolf Stettler, currently Head of Finance Switzerland, will take on full operational responsibility for the financial leadership of Swisscom Switzerland as CFO. In their new roles, both Michel Siegenthaler and Rolf Stettler will become members of the Executive Committee Swisscom Switzerland.

After almost a decade at the helm of the Business Customers division, Urs Lehner and Swisscom have jointly concluded that the time is right for a leadership transition. Effective 1 September, Thomas Wettstein, Head of Business & IT Solutions and currently Deputy Head of B2B, will assume interim leadership of Swisscom B2B and join the Executive Committee Swisscom Switzerland. The permanent appointment of the Head of B2B will be announced in due course.

Christoph Aeschlimann, CEO Swisscom Group: "I am delighted that Dirk Wierzbitzki will take on the role of CEO of Swisscom Switzerland. With his extensive leadership experience and deep understanding of our customers, the market and our company, I am convinced that he is the right person to lead the Swiss business. At the same time, I would like to thank Urs Lehner for his outstanding contribution to Swisscom. Over the past 15 years, he has played a pivotal role in driving our B2B business forward through major growth, innovation and transformation initiatives, including beem and the Swiss AI Platform. I wish him all the very best for the future."

Michael Rechsteiner, Chairman of the Board of Directors of Swisscom: "With this step, we are strengthening our Swiss home market. Dirk Wierzbitzki, Michel Siegenthaler and Rolf Stettler are strong and experienced Swisscom leaders ensuring stability and continuity in the Swiss market. At the same time, this allows us as a Group to drive our strategic priorities forward with the necessary focus and consistency."

Guidance for 2026 confirmed

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, an operating free cash flow of around CHF 2.0 billion and leverage (net debt including lease liabilities/EBITDA) of around 2,3x1 as of the end of 2026. If targets are achieved, Swisscom plans to propose an increase of the dividend from CHF 26 to CHF 27 per share, payable in 2027 for the 2026 financial year.

1Without conclusion of new tower agreement(s) in Italy.

The key figures at a glance

Financial key figures (in CHF million) 1.1.-
30.6.2026		 1.1.-
30.6.2025		 Change
Revenue 7,221 7,446 -3.0%
-2.0%*
EBITDAaL 2,557 2,474 3.3%
3.7%*
Capital expenditure 1,355 1,486 -8.8%
-9.2%*
Operating free cash flow 1,202 989 21.6%
21.6%*
Net income 668 625 6.9%
Financial key figures (in CHF million) Revenue
1.1.-
30.6.2026		 7,221
1.1.-
30.6.2025		 7,446
Change -3.0%
-2.0%*
Financial key figures (in CHF million) EBITDAaL
1.1.-
30.6.2026		 2,557
1.1.-
30.6.2025		 2,474
Change 3.3%
3.7%*
Financial key figures (in CHF million) Capital expenditure
1.1.-
30.6.2026		 1,355
1.1.-
30.6.2025		 1,486
Change -8.8%
-9.2%*
Financial key figures (in CHF million) Operating free cash flow
1.1.-
30.6.2026		 1,202
1.1.-
30.6.2025		 989
Change 21.6%
21.6%*
Financial key figures (in CHF million) Net income
1.1.-
30.6.2026		 668
1.1.-
30.6.2025		 625
Change 6.9%
Operational performance (thousands)  30.06.2026 30.06.2025 Change
Postpaid value connections in Switzerland (wireless) 4,418 4,412 0.1%
Broadband connections in Switzerland 1,907 1,947 -2.1%
Wholesale wireline access lines in Switzerland 796 749 6.3%
Wireless connections in Italy 19,803 20,207 -2.0%
Broadband connections in Italy 5,500 5,619 -2.1%
Wholesale wireless connections in Italy 5,856 7,336 -20.2%
Wholesale wireline access lines in Italy  1,243 1,018 22.1%
Group employees (FTE) 22,761 23,498 -3.1%
Of which employees in Switzerland (FTE) 14,764 15,612 -5.4%
Operational performance (thousands)  Postpaid value connections in Switzerland (wireless)
30.06.2026 4,418
30.06.2025 4,412
Change 0.1%
Operational performance (thousands)  Broadband connections in Switzerland
30.06.2026 1,907
30.06.2025 1,947
Change -2.1%
Operational performance (thousands)  Wholesale wireline access lines in Switzerland
30.06.2026 796
30.06.2025 749
Change 6.3%
Operational performance (thousands)  Wireless connections in Italy
30.06.2026 19,803
30.06.2025 20,207
Change -2.0%
Operational performance (thousands)  Broadband connections in Italy
30.06.2026 5,500
30.06.2025 5,619
Change -2.1%
Operational performance (thousands)  Wholesale wireless connections in Italy
30.06.2026 5,856
30.06.2025 7,336
Change -20.2%
Operational performance (thousands)  Wholesale wireline access lines in Italy
30.06.2026 1,243
30.06.2025 1,018
Change 22.1%
Operational performance (thousands)  Group employees (FTE)
30.06.2026 22,761
30.06.2025 23,498
Change -3.1%
Operational performance (thousands)  Of which employees in Switzerland (FTE)
30.06.2026 14,764
30.06.2025 15,612
Change -5.4%

* On an adjusted basis and at constant exchange rates.

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 June 2026.

Swisscom AG
SCMN / Valor 874251 / ISIN CH0008742519
Group Media Relations
CH-3050 Bern
Phone +41 58 221 98 04
E-Mail media@swisscom.com
www.swisscom.ch

Disclaimer

No offer to sell or solicit
The information provided in this communication does not constitute, and should not be construed as, an offer or an invitation to sell or issue, or a solicitation of an offer to buy, subscribe for or otherwise acquire or dispose of, any securities or other financial instruments, nor does it constitute a recommendation, investment advice or the basis for any third-party evaluation of Swisscom AG securities in any jurisdiction.

Forward-looking statements
This communication contains statements that constitute "forward-looking statements". In this communication, such forward-looking statements include, without limitation, statements relating to Swisscom's financial condition, results of operations and business and certain of Swisscom's strategic plans and objectives. Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors which are beyond Swisscom's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of governmental regulators and other risk factors detailed in Swisscom's, Fastweb's and Vodafone Italia's (Fastweb + Vodafone) past and future filings and reports, including those filed with the U.S. Securities and Exchange Commission and in past and future filings, press releases, reports and other information posted on Swisscom Group Companies' websites. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only of the date of this communication. Swisscom disclaims any intention or obligation to update, revise or correct any forward-looking statements or other information contained herein, except as required by applicable law, future events or otherwise.

Alternative performance measures
This communication may include selected alternative performance measures (APMs), i.e. financial measures not presented in accordance with IFRS Accounting Standards (IFRS). For the definition of the APMs please refer to the section on "Alternative performance measures" in Swisscom's financial reports. These alternative performance measures provide useful information on the Group's financial position and serve financial management and control purposes and should not be viewed as substitutes for IFRS measures of performance or liquidity as presented in Swisscom's IFRS financial statements. As these measures are not defined under the IFRS, calculations may differ from the published APMs of other companies, which may in term limit comparability across companies.

Information, sources and no reliance
This communication may contain estimates. Swisscom's internal estimates have not been verified by an external expert, and Swisscom cannot guarantee that a third party using different methods to assemble, analyse or compute data would obtain or generate the same results. To the extent available, the industry, market and competitive position data or prediction contained in this communication come from official or third-party sources believed to be reliable. Swisscom has not verified the accuracy and completeness of such information contained in this communication. Swisscom's competitors may define the markets differently.

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