Swisscom published its results for the first half of 2026, covering the period from 1 January to 30 June 2026, on 6 August 2026. The figures below are taken from the company's press release; unless otherwise stated, comparisons are with the same period in 2025. Changes "on a like-for-like basis" are alternative performance measures, not IFRS measures, as defined in the interim report as at 30 June 2026.

Group: revenue down, net income up

In the first half of 2026, group revenue came to CHF 7,221 million, compared with CHF 7,446 million in the first half of 2025, a decrease of 3.0% (-2.0% on a like-for-like basis and at constant exchange rates). Other indicators for the half-year:

  • EBITDA after lease expenses (EBITDAaL): CHF 2,557 million (first half of 2025: CHF 2,474 million), +3.3%; +3.7% on a like-for-like basis.
  • Capital expenditure: CHF 1,355 million (CHF 1,486 million), -8.8%; -9.2% on a like-for-like basis.
  • Operating free cash flow: CHF 1,202 million (CHF 989 million), +21.6%.
  • Net income: CHF 668 million (CHF 625 million), +6.9%.

As at 30 June 2026, the group employed 22,761 full-time equivalent staff, compared with 23,498 as at 30 June 2025 (-3.1%), of whom 14,764 were in Switzerland (15,612 a year earlier, -5.4%).

Switzerland: telecoms decline, partly offset by cost savings

In the Switzerland segment, revenue for the first half of 2026 reached CHF 3,870 million, down CHF 27 million (-0.7%). Telecommunications services generated CHF 2,529 million (-2.1%) and IT services for business customers CHF 598 million (-2.0%).

On a like-for-like basis, EBITDAaL rose by 0.6% to CHF 1,700 million and operating free cash flow by 9.3% to CHF 938 million. According to Swisscom, "significant cost savings" offset more than half of the impact of the decline in telecommunications on EBITDAaL. The company attributes the increase in free cash flow to the rise in EBITDAaL and to lower capital expenditure, mainly due to seasonal effects.

As at 30 June 2026 (compared with 30 June 2025), Swisscom had 4,418,000 "postpaid value" mobile connections (+0.1%), 1,907,000 broadband connections (-2.1%) and 796,000 wholesale connections on the fixed network (+6.3%). At the end of June 2026, fibre optics covered around 58% of homes and businesses, and 90% of the population had access to 5G+, according to the operator.

Swisscom Switzerland is also planning a site in Lisbon, in addition to Riga and Rotterdam: around 40 employees at the start of 2027, and some 200 "in the medium term".

Italy: the integration of Vodafone Italia and synergies

The Italy segment, referred to in the press release as Fastweb + Vodafone, reports its figures in euros. In the first half of 2026, its revenue fell by 3.3% to EUR 3,474 million. Telecommunications services reached EUR 2,394 million (-3.6%) and IT services for business customers EUR 394 million (-1.6%). Swisscom states that the decline in telecommunications revenue "continued to slow", which it attributes to its so-called "Value" strategy, and that it was partly offset by increases in wholesale and energy revenue.

On a like-for-like basis, Italian EBITDAaL increased by 11.8% to EUR 926 million, "thanks in particular to the synergies achieved", and operating free cash flow "more than doubled" to EUR 329 million. The press release does not give the corresponding 2025 figures.

On the integration, Swisscom says the process "is proceeding as planned". Synergies realised in the first half of 2026 amounted to EUR 166 million. The stated target for the full year 2026 is more than EUR 300 million, and the company considers itself "on track" to reach it. This is a management assessment, not a recorded result.

As at 30 June 2026 (compared with 30 June 2025), the segment had 19,803,000 mobile network connections (-2.0%), 5,500,000 broadband connections (-2.1%), 5,856,000 mobile wholesale connections (-20.2%) and 1,243,000 broadband wholesale connections (+22.1%). At the end of June 2026, 61% of homes and businesses were connected to fibre optics and 5G covered 90% of the population.

Governance: a dedicated CEO and CFO for Switzerland

Swisscom says it is completing the implementation of the organisational structure introduced in 2025 in connection with the acquisition of Vodafone Italia. Dirk Wierzbitzki, head of Residential Customers since 2016, will become CEO of Swisscom Switzerland, and Rolf Stettler, currently Head of Finance Switzerland, will be its CFO, both from 1 January 2027. Christoph Aeschlimann remains Group CEO and Eugen Stermetz Group CFO. Urs Lehner is stepping down as head of business customers; Thomas Wettstein is taking over Swisscom B2B on an interim basis from 1 September, with the permanent successor to be announced at a later date.

2026 outlook confirmed

For the 2026 financial year, Swisscom is maintaining its guidance: revenue of CHF 14.7 to 14.9 billion, EBITDAaL of CHF 5.0 to 5.1 billion, capital expenditure of CHF 3.0 to 3.1 billion, operating free cash flow of around CHF 2.0 billion and a leverage ratio (net debt/EBITDA) of around 2.3x at the end of 2026, the latter figure assuming no new agreements for mobile communication sites in Italy. If these targets are met, the company intends to propose to the 2027 Annual General Meeting an increase in the dividend from CHF 26 to CHF 27 per share for the 2026 financial year.

This outlook consists of forward-looking statements: Swisscom points out that actual results may differ. This article does not constitute investment advice.

Sources