Swisscom AG Annual Report 2024

FY2024 Annual Report · Swisscom AG

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2024
Annual Report

Annual reporting
The Annual Report and the Sustainability Impact Report make up Swisscom’s reporting for 2024. The two
publications are available online at: swisscom.ch/report2024.
Like last year, the Swisscom Annual Report includes the report on non-financial matters. This is Swisscom’s
way of meeting the requirements set out in the Swiss Code of Obligations, which establishes this sort of re-
porting as a mandatory requirement. The Sustainability Impact Report contains the sustainability reporting
for Swisscom in Switzerland.
Swisscom acquired Vodafone Italia on 31 December 2024. Vodafone Italia has been operationally integrated
into the Swisscom Group from the 2025 financial year onwards. For this reason, the 2024 Annual Report does
not take Vodafone Italia into account – except in the case of the initial consolidation in the consolidated finan-
cial statement.
Sustainability
Impact Report
Annual Report
for Swisscom in Switzerland
GRI, GHG Protocol, SASB, ISO 14064
2024
2024

1
Table of contents
Management Commentary
12 – 57
Introduction
1 – 11
Report on Non-financial Matters
58 – 89
Corporate Governance and Remuneration Report
90 – 139
Consolidated Financial Statements
140 – 215
Further Information
216 – 226

2024 in review
11.0
1.5
2.4
4.1
4.4
2.3
Revenue
billion CHF
Net income
billion CHF
Net debt to EBITDA ratio1
Total shareholder return
Swisscom share
%
EBITDA
billion CHF
Capital expenditure
billion CHF
q– 0.3%
– 5.8%
q
– 9.9%
q
0.9
p
– 0.1 PP
q
0.9%
p
1 Pro-forma

19,887
32.7
22
Employees (full-time equivalent)
Equity ratio

%
Dividend per share
CHF
u
– 14.3 PP
q
0.8%
p

4
Success in Italy
Fastweb is continuously growing in Italy
and is entering the energy market
by reselling electricity subscriptions.
The acquisition of Vodafone Italia and the merger
with Fastweb will create a convergent provider
in Italy in a market offering growth opportunities.
Course set
Number 1
Swisscom gives an impressive
performance and wins all
Switzerland’s relevant network
and service tests in 2024 as well.
Today, more than half of households and businesses
benefit from Fibre to the Home. Swisscom is continuously
modernising the fixed network and mobile communications
infrastructure. The entire population should have internet
access with bandwidths in the gigabit range by 2035.
Strong
Switzerland

5
blue TV
Swisscom combines Replay TV and
streaming services in a single interface.
Netflix and Disney+ are also available at a
special price as part of the combined subscription.
Swisscom not only uses AI itself but is also creating
high-performance infrastructure with market leader
NVIDIA in order to offer trustworthy services for business
customers. The advantage: AI with guaranteed data
storage in Switzerland.
AI made in
Switzerland
1,200 new electric vehicles are helping to halve
the direct CO2 emissions from the fleet by 2024
and fully eliminate them by 2030.
On the
path to
net zero

6
Introduction | KPIs
KPIs
In CHF million, except where indicated

2024
2023
Change

Revenue and results 1

Revenue

11,036
11,072
–0.3%
Operating income before depreciation and amortisation (EBITDA)

4,355
4,622
–5.8%
EBITDA as % of revenue
%
39.5
41.7

EBITDA after lease expense (EBITDAaL)

4,064
4,334
–6.2%
Operating income (EBIT)

1,951
2,205
–11.5%
Net income

1,541
1,711
–9.9%
Earnings per share
CHF
29.77
33.03
–9.9%

Balance sheet and cash flows 1

Equity

12,155
11,622
4.6%
Equity ratio
%
32.7
47.0

Capital expenditure

2,312
2,292
0.9%
Operating free cash flow

1,752
2,042
–14.2%
Free cash flow

1,437
1,480
–2.9%
Net debt

15,597
7,071
120.6%
Net debt/EBITDA

2.4 2
1.5

Operational data

Fixed telephony access lines in Switzerland
in thousand
1,137
1,226
–7.3%
Broadband access lines retail in Switzerland
in thousand
1,967
2,006
–1.9%
TV access lines in Switzerland
in thousand
1,493
1,537
–2.9%
Mobile access lines in Switzerland
in thousand
6,331
6,277
0.9%
Access lines wholesale Switzerland
in thousand
731
692
5.6%
Broadband access lines retail in Italy
in thousand
2,544
2,601
–2.2%
Broadband access lines wholesale in Italy
in thousand
905
648
39.7%
Mobile access lines in Italy
in thousand
3,930
3,509
12.0%

Swisscom share

Number of issued shares
in thousand
51,802
51,802
–
Market capitalisation

26,134
26,212
–0.3%
Closing price at end of period
CHF
504.50
506.00
–0.3%
Dividend per share
CHF
22.00 3
22.00
–

Employees

Full-time equivalent employees
number
19,887
19,729
0.8%
Average number of full-time equivalent employees
number
19,918
19,461
2.3%

1 Swisscom uses various alternative performance measures. The definition and
reconciliation of values in accordance with IFRS are set out in the chapter on
financial review.
2 Pro forma.
3 In accordance with the proposal of the Board of Directors to the Annual
General Meeting.

Business overview
Revenue
EUR 2.8 billion
EBITDA
EUR 0.7 billion
Revenue
CHF 1.1 billion
EBITDA
CHF 0.1 billion
Revenue
CHF 8.0 billion
EBITDA
CHF 3.6 billion
Swisscom
Switzerland
Residential Customers
The Residential Customers division
provides mobile and fixed line
services to residential customers in
Switzerland, such as fixed network
telephony, broadband, TV and mobile
communications.
Business Customers
Business Customers offers tele
communications services and overall
communications solutions for large
corporations and SME customers in
Switzerland. The offering in the area
of business ICT infrastructure covers
the entire range from individual
products to complete solutions.
Wholesale
The Wholesale segment enables
other telecommunications providers
to use the Swisscom fixed and
mobile network.
Infrastructure & Support Functions
The Infrastructure & Support
Functions area plans, operates and
maintains the network and IT infra-
structure in Switzerland.
Fastweb
Fastweb provides broadband and
mobile phone services to residential,
business and wholesale customers
in Italy. The offering includes tele
phony, broadband and mobile
offerings. Fastweb also offers com-
prehensive ICT solutions for business
customers.
Vodafone Italia
Swisscom acquired Vodafone Italia
at the end of 2024. Vodafone Italia is
to be merged with Fastweb at a later
date. The merger of Vodafone Italia
and Fastweb is intended to combine
complementary, high-quality mobile
communications and fixed tele-
phone network infrastructures with
expertise and practical knowledge,
and establish a leading convergent
provider on the Italian market with
Fastweb + Vodafone. Vodafone
Italia’s estimated revenue for 2024
was EUR 4.6 billion, and its EBITDA
was EUR 2.0 billion.
Other Operating
Segments
With subsidiaries in the area of net-
work construction and maintenance
(cablex Ltd) and broadcast services
(Swisscom Broadcast Ltd), Swisscom
is supplementing its core business
in related areas. Other Operating
Segments also includes the business
with online directories (localsearch),
as well as the Trust Services area,
which encompasses the business with
trust services such as the electronic
signature and digital certificates.

8
Shareholders’ letter
Strong today – even
stronger tomorrow
Dear shareholders
Swisscom is on track. And it has achieved this in a time that continues to be shaped by uncertainty, geo-
political tensions, global economic challenges and technological and environmental change. We’re going
strong thanks, not least, to Fastweb, which is performing very well. We’re now further strengthening
our position in Italy. The acquisition of Vodafone Italia is an important step for us and sets the course for
future success.
Digitalisation and artificial intelligence (AI) offer enormous opportunities for Switzerland. However, the
general public only use these if they can trust the new technologies and responsible handling of data is
ensured. This is where Swisscom comes in. We want to be ‘Innovators of Trust’ for our customers and
Switzerland. Innovation and trust – these are the keywords for Swisscom’s success. For example, during
the year under review we launched an AI platform for business customers with Swiss AI Platform. Our
customers can use it to develop their own KI solutions with guaranteed data storage in Switzerland.
The topic of digital trust is another focus of innovation. This includes, for example, Swisscom Sign: the
only qualified electronic signature considered equivalent to a handwritten signature. In spring 2024, we
expanded our range of services to companies so that they can electronically sign contracts and docu-
ments simply and with legal effect.
From left: Christoph Aeschlimann, CEO Swisscom Ltd, Michael Rechsteiner, Chairman of the Board of Directors

Innovation is a recipe for success not just for Swisscom but for Switzerland as a whole. So that our country
will remain the world champion in innovation, Swisscom established the Deep Tech Nation Switzerland
Foundation together with UBS. The foundation promotes highly innovative technologies and improves
access to venture capital for start-ups and scale-ups so that brilliant ideas become successful companies,
thus strengthening Switzerland’s competitiveness.
The best network – expansion continues
Our outstanding infrastructure is and remains the foundation of our success. In 2024, we reached a
milestone in optical fibre expansion. Today, more than half of Swiss households and businesses benefit
from Fibre to the Home. Mobile communication expansion remains challenging. Although the majority
of Swiss people use a smartphone or tablet when out and about, antennas continue to meet with resist-
ance. Various Swiss Federal Supreme Court decisions have resulted in significantly more modifications
to mobile communications systems needing to be assessed in regular building permit procedures, even
if radiation decreases. This is curbing network expansion. We will, of course, continue to do our utmost
to provide our customers with the best network. We succeeded in doing this in the year under review:
Swisscom has once again won all the network and service tests.
Fastweb is growing – acquisition of Vodafone Italia strengthens Swisscom
In Italy, Fastweb is again increasing its revenue and result. For years, we have been able to achieve our
goals together and deliver good financial results in a challenging market thanks to innovation. In the year
under review, Fastweb again systematically took advantage of opportunities and, for instance, entered
the energy market by selling electricity subscriptions.
We are now writing the next chapter of our Italian business’s success story. In March 2024, we announced
the acquisition of Vodafone Italia and its merger with Fastweb. On 31 December 2024, we successfully
completed the acquisition after receiving all the necessary regulatory approvals. The Italian mobile oper-
ator has been part of the Swisscom Group since the start of January. Vodafone Italia is an excellent fit
for Fastweb – and for Swisscom. Vodafone Italia brings a strong mobile network and Fastweb brings
access to a state-of-the-art fixed network. The merger means that the new company will be able to offer
customers the best convergent services. The Vodafone Italia acquisition strengthens our position and
contributes to our strategy. We want to inspire customers, drive innovation, grow and exploit cost and
innovation synergies. We believe that strengthening our Italian business is an important step for the
successful future of Swisscom as a group and creates added value for our investors.
‘ Our focus on the Swiss market
is unchanged. The acquisition of
Vodafone Italia strengthens Swisscom
as a whole and creates a
significant increase in value. ’

10
Solid figures
Our focus is on constant and long-term value creation. Swisscom achieved good financial results in
2024. With a slightly lower revenue of CHF 11,036 million (–0.3%) and operating income (EBITDA) of
CHF 4,355 million (–5.8%), it generated net income of CHF 1,541 million (–9.9%). On a like-for-like basis
and at constant exchange rates, revenue rose by 0.2%. As a result of the acquisition of Vodafone Italia on
31 December 2024, integration and transactions costs of CHF 227 million were recognised in the 2024
financial year. Without these costs and other non-recurring items and at constant exchange rates, the
decrease in EBITDA was 1.0%. Swisscom’s share price remained stable during the year under review at
CHF 504.50 (–0.3%). The total shareholder return (TSR) based on the increase in the share price and distri-
butions over the last five years was positive at 21%.
Looking ahead to 2025, Swisscom expects revenue of around CHF 15.0 billion to CHF 15.2 billion, EBITDA
after lease expense (EBITDAaL) of around CHF 5.0 billion and capital expenditure between CHF 3.1 bil-
lion and CHF 3.2 billion (around CHF 1.7 billion of which will be in Switzerland). Subject to achieving its
targets, Swisscom plans to now propose a dividend of CHF 26 per share for the 2025 financial year at the
2026 Annual General Meeting.
Many thanks
We can look back at a solid year. We were able to set the course in the right direction for an even
stronger future. We would like to express our heartfelt thanks to you, our employees and colleagues.
You work hard for our customers every day with a great deal of passion and expertise. Many thanks
also to you, our shareholders, for your trust in, loyalty to and support for our company. Together, we are
driving Swisscom forward.
Kind regards,
Michael Rechsteiner
Chairman of the Board of Directors
Swisscom Ltd
Christoph Aeschlimann
CEO Swisscom Ltd
‘ Success is no coincidence. That’s why
we at Swisscom are constantly
reinventing ourselves and so remain
one of the most innovative
companies in Switzerland. ’

Digital transformation
is key
Swisscom is driving the digital transformation
through its hybrid, public and private cloud portfolio,
including for SMEs – so that they can concentrate
on their core competences.

Strategy and environment________ Financial targets and achievement
of targets in 2024. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Market environment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Legal environment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Market for telecommunications and IT. . . . . . . . . . . . . . . 17
Group goals and strategy. . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Takeover of Vodafone Italia. . . . . . . . . . . . . . . . . . . . . . . . . . 21
Infrastructure__________________ Infrastructure in Switzerland. . . . . . . . . . . . . . . . . . . . . . . . 22
Infrastructure in Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Employees____________________ Employees in Switzerland. . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Employees in Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Brands, products and services_ ____ Swisscom brands. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Products and services in Switzerland . . . . . . . . . . . . . . . . 32
Products and services in Italy. . . . . . . . . . . . . . . . . . . . . . . . 34
Customer satisfaction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Innovation and development______ Innovation as a key driver of business performance. . 36
Innovation focus areas. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Financial review________________ Alternative performance measures. . . . . . . . . . . . . . . . . . 38
Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
Segment results. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
Depreciation and amortisation,
non-operating results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
Income tax expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
Cash flows. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
Capital expenditure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
Net asset position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
Statement of added value. . . . . . . . . . . . . . . . . . . . . . . . . . . 51
Financial outlook. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
Capital market_________________ Swisscom share. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
Dividend policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
Credit ratings and financing. . . . . . . . . . . . . . . . . . . . . . . . . 53
Value-oriented business management. . . . . . . . . . . . . . . 54
Risks_ _______________________ Risk situation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
Risk factors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55

14
Management Commentary | Strategy and environment
Strategy and
environment
Swiss business
Number 1
Swisscom is number one in the Swiss
market for telecommunications.
Revenue
CHF 11 billion
in revenue was generated by
Swisscom in 2024, 76% of which
in Switzerland and 24% in Italy.
Business in Italy
Leading
challenger
Fastweb is the leading challenger
in Italy.
Financial targets and achievement of targets in 2024

Achievement of
Targets 2024
targets in 2024

Financial targets

Revenue
around CHF 11. 0 billion
CHF 11,036 million
Operating income before depreciation and amortisation (EBITDA)
CHF 4. 3–4. 4 billion 1
CHF 4,355 million
Capital expenditure
around CHF 2. 3 billion
CHF 2,312 million
1 In connection with the acquisition of Vodafone Italia, integration costs of around
EUR 200 million were recognised in Swisscom’s 2024 financial statements. The
EBITDA outlook for 2024 has therefore been adjusted to CHF 4.3–4.4 billion (previ-
ously CHF 4.5–4.6 billion).
Market environment
Unit
2022
2023
2024
Change in GDP Switzerland
in %
2. 0
1. 3
0. 9 1
Change in GDP Italy
in %
3. 9
0. 7
0. 5 2
Inflation rate Switzerland
in %
2. 8
2. 1
1. 1
Inflation rate Italy
in %
8. 1
5. 7
1. 4
Yield on government bonds (10 years)
in %
1. 57
0. 66
0. 32
Closing rate CHF/EUR
in CHF
0. 99
0. 93
0. 94
Closing rate CHF/USD
in CHF
0. 92
0. 84
0. 91

1 Forecast SECO.
2 Forecast Istat.
Economy
Economic development in Switzerland slowed in
the reporting year, and the outlook is characterised
by considerable uncertainty caused in part by the
geopolitical situation and monetary policy aimed at
curbing inflation. The rate of inflation, as measured
by the national consumer price index, has continued
to drop in 2024.
Interest rates
The interest rate level has an impact on funding costs
and, in the context of the consolidated financial state-
ments, the balance sheet value of individual items such
as non-current provisions and pension liabilities, as well as
the impairment assessment of goodwill. Swisscom’s aver-
age interest expense (excluding leasing) amounts to 1.8%
at the end of 2024. Swisscom’s financing structure offers
considerable protection against any interest rate increases
thanks to an 86% share of fixed-interest financial debt.

15
Exchange rates
Currency effects impact the consolidated financial state-
ments both through transactions made in foreign cur-
rencies and the translation of the annual financial state-
ments of foreign subsidiaries. Transaction risks mainly
relate to the purchase of terminals, technical equipment,
licences and services. In the Swiss core business, the
amount of money paid out in foreign currencies is higher
than the income in those currencies. The largest net trans-
action risk is in the US dollar (USD). The transaction risks
are partly hedged by forward currency contracts. Hedge
accounting is applied in the consolidated financial state-
ment. Among the foreign subsidiaries, a currency transla-
tion risk primarily exists at Fastweb and Vodafone Italia,
whose net assets amounted to EUR 11 billion at the end
of 2024. Foreign currency translation differences of the
balance sheet are recognised directly in equity. A portion
of the financial liabilities in EUR is treated as a currency
hedge of Fastweb’s net assets for accounting purposes in
accordance with IFRS accounting standards.
Legal environment
Swisscom’s legal framework
Swisscom is a public limited company with special sta-
tus under Swiss law. In addition to company law, corpo-
rate governance is primarily governed by the Telecom-
munications Enterprise Act (TEA). As a listed company,
Swisscom is also subject to capital market law. The legal
framework for Swisscom’s business activities is formed
by the decrees listed below.
According to the TEA, the Swiss
Confederation must hold a majority
of the capital and voting rights
in Swisscom.
Telecommunications Enterprise Act and
relationship with the Swiss Confederation
The Telecommunications Enterprise Act requires the
Swiss Confederation to hold a majority of the capital
and voting rights in Swisscom. A decision to relinquish
the federal majority would have to be made through a
corresponding amendment to the law, which would be
subject to a facultative referendum. Every four years,
the Federal Council defines the goals which the Con-
federation as principal shareholder aims to achieve.
The current target period for the years 2022 to 2025
includes strategic, financial and human resources policy
objectives as well as targets relating to partnerships and
investments. The Federal Council also expects Swisscom
to pursue a corporate strategy that is, to the extent eco-
nomically possible, both sustainable and committed to
ethical principles while also attaching special importance
to the reduction of greenhouse gas emissions.

Y See www.swisscom.ch/ziele_2022-2025
Telecommunications Act (Fernmeldegesetz)
The Telecommunications Act and the associated ordi-
nances primarily regulate network access, international
roaming, the open internet, basic service provision, the
use of radio frequencies, and the security of installations
and operations.

Y See www.admin.ch
Network access
Cost-based and non-discriminatory network access reg-
ulation is limited to fixed network telephony and cop-
per-based connections with the associated services.
Access to fibre-optic lines is granted on the basis of com-
mercial agreements.
Basic service provision
Basic service provision means ensuring that fixed net-
work telephony and broadband internet are available
throughout Switzerland. Since January 2024, the basic ser-
vice provision has provided a transfer speed of 80 Mbit/s
(download) and 8 Mbit/s (upload). Swisscom has been
responsible for basic service provision for many years. In
the reporting year, the Federal Communications Commis-
sion (ComCom) once again awarded Swisscom the univer-
sal service licence for basic service provision for the period
from 2024 to 2031. Swisscom is committed to ensuring
reliable basic service provision within Switzerland and has
done so since 1999 without receiving any compensation
from the public sector.
Swisscom pursues an open
internet policy.
Open internet
Swisscom pursues an open internet policy. It respects
its customers’ desire to be able to freely choose con-
tent and offerings on the internet. Within the scope of
its network management activities, it provides all web
content and services in the same high quality wherever
possible. The blocking or removal of web content and
services occurs solely in compliance with official orders
or to ensure network security. Swisscom does not have
any zero-rated offers that exclude access to selected web
services from the data volume.

16
Management Commentary | Strategy and environment
Ordinance on Protection against
Non-Ionising Radiation
The Ordinance on Protection against Non-Ionising
Radiation (ONIR) regulates immissions and thus the
transmission power of mobile antennas. Swiss limit
values as defined by the Environmental Protection
Act (installation limit value) are much stricter than the
exposure limit values recommended by the WHO. The
Federal Supreme Court decided in April 2024 that a reg-
ular building permit procedure is required for the first-
time activation of the correction factor on adaptive
antennas. This decision is forcing Swisscom to submit
subsequent building permits. In this context, the num-
ber of pending building permit applications for mobile
communications systems has increased to over 3,000
across the industry.
Federal Act on Cartels and other
Restraints of Competition
Competition law (Federal Cartel Act, CartA) is highly rel-
evant, primarily due to Swisscom’s market position. It
allows for direct sanctions to be imposed for unlawful
conduct by market-dominant companies. Correspond-
ing measures and processes have been established to
prevent violations of the law. With regard to its compli-
ance-related measures, Swisscom pursues a zero-toler-
ance strategy. The Competition Commission (COMCO)
has classified Swisscom as being market-dominant in a
wide range of submarkets. There are currently two pro-
ceedings open within the context of which COMCO has
classified Swisscom as being market-dominant and the
conduct of Swisscom as being unlawful, and has thus
imposed or may impose direct financial sanctions. The
proceedings relate to the rolling out of the fibre-optic
network and the broadband connection of business cus-
tomers. The status of the proceedings and the potential
financial effects are set out in the notes to the consoli-
dated financial statements.

H See report pages 183–185
Federal Copyright Act
The Swiss Federal Act on Copyright and Related Rights
(Copyright Act, CopA) protects the rights of authors and,
at the same time, enables the fair use of copyright-pro-
tected works. Such works may generally be used only
with the copyright holder’s consent and in return for
compensation. An exception to this rule is made for pri-
vate use and for copying for private use. The compen-
sation payable to the copyright holder for certain types
of use protected by copyright law (collective manage-
ment of rights) is determined by reference to collectively
negotiated copyright tariffs. These apply to the distribu-
tion of television programmes and to the use of time-de-
layed television viewing (Replay TV).

Federal Act on Radio and Television
The Swiss Federal Act on Radio and Television (RTVA)
governs the production, presentation, transmission and
reception of radio and television programmes. It is pri-
marily on account of blue TV that Swisscom is affected
by the rules on the transmission and broadcasting of
media offerings. The various privileges (known as the
‘must carry’ provisions) applicable to certain broadcast-
ers are relevant to Swisscom.
Federal Act on Data Protection and the European
Union’s General Data Protection Regulation
The Swiss Federal Act on Data Protection (FADP) reg-
ulates the handling of personal data. The European
Union’s General Data Protection Regulation (GDPR)
regulates the processing of personal data. The GDPR is
relevant to Swisscom both as regards its service offer-
ing to residential customers in the EU as well as within
the European Economic Area (EEA) and its provision of
IT services to business customers directly subject to the
GDPR. To the extent that the GDPR affects Swisscom’s
activities, Swisscom has implemented measures to com-
ply with the relevant requirements.
Legal and regulatory environment in Italy
Fastweb’s business activities are governed by Italian
and EU telecommunications legislation. The Italian reg-
ulatory authority AGCOM generally sets the prices for
Telecom Italia’s (TIM) wholesale access on the basis of a
market analysis.
The EU Foreign Subsidies Regulation (FSR) is also rel-
evant for Swisscom. The FSR may have an impact on
Swiss companies that generate revenue in the EU, carry
out mergers and acquisitions transactions or partici-
pate in public tenders. The FSR introduces new report-
ing obligations and grants the European Commission
investigative powers with regard to subsidies granted
by non-EU countries.

17
Market for telecommunications and IT
Swiss market trends
Market for telecommunications
The Swiss telecommunications market is characterised by
a wide range of data and voice communication products
and services. In addition to the established regional and
national telecoms providers, internationally active com-
panies are also participating in the Swiss telecommuni-
cations market. These companies provide internet-based
free and paid services worldwide, including telephony,
messaging, TV and streaming. As in the previous year, the
estimated revenue volume for telecom services amounts
to around CHF 11 billion. In the year under review, Liberty
Global Ltd. completed the spin-off of Sunrise, a major
national competitor. The listing on the SIX Swiss Exchange
took place in November 2024.
The availability of services at all times is key. Cutting-edge,
high-performance network infrastructure forms the basis
for this. Swisscom continuously invests in the quality,
coverage and performance of its network infrastructure,
thereby consolidating its position at the cutting edge
of technology. In the year under review, the Swisscom
mobile and fixed networks once again came out on top in
all independent network tests.

The Swiss telecommunications market is broken down
into the mobile communications and fixed network sub-
markets. Saturation in all markets is intensifying the cut-
throat competition. The individual submarkets are char-
acterised by a high level of promotional activity on the
part of the individual market participants. At the heart
of the portfolio of offerings are convergence offerings
,which can contain one or more mobile lines, in addition
to a fixed broadband connection with internet, TV and
fixed network telephony. Swisscom – as well as some
competitors – offers products and services from the core
business using secondary and third-party brands.
Mobile communications market
Switzerland has three separate, wide-area mobile
networks on which the operators of those networks
market their own products and services. Other market
players also offer their own mobile services as MVNOs
(mobile virtual network operators) on these networks.
Swisscom makes its mobile communications network
available to selected third-party providers so that they
can offer proprietary products and services to their
customers via the Swisscom network. The number of
mobile lines (SIM cards) in Switzerland has increased
by 2% year-on-year and stands at around 12 million. As
in the previous year, the number of postpaid subscrip-
tions taken out increased, while the number of prepaid
customers fell. The proportion of mobile users with
postpaid subscriptions stands at 86% (prior year: 85%).
Swisscom’s postpaid market share remains unchanged
year-on-year at 53%.
38%
53%
38%
Market shares
Swiss telecommunications market
2023
2023
2023
2024
2024
2024
Mobile
Broadband retail
TV

53%
49% 48%

18
Management Commentary | Strategy and environment
Fixed-line market
Close to 100% of Switzerland is covered by fixed broad-
band networks. In addition to the fixed networks of tel-
ecoms companies, there are also networks provided by
cable network operators. Moreover, market players such
as utilities operating in particular cities and municipal-
ities are building and operating fibre-optic networks
on their own initiative at a regional level. For the most
part, their network infrastructures are available to
other market participants for product offerings and the
provision of services. Broadband connections lay the
basis for a comprehensive product offering from both
national and global competitors. The broadband market
grew by around 1% year over year. At the end of 2024,
the number of retail broadband connections in Switzer-
land was around 4 million. The Swisscom’s market share
decreased by one percentage point to 48% due to the
ongoing intense competition.
The Swiss TV market is characterised by a diverse range of
offerings provided by established national market partic-
ipants. Other national and international companies are
also present on the market. These include TV and stream-
ing services that can be used over an existing broadband
or mobile connection, regardless of the internet provider.
Competitive dynamics remain high. To consolidate the
attractiveness of its own TV offering, Swisscom secured
the broadcasting rights to the Swiss football leagues for
a further five years in the first half of 2024.
IT services market in Switzerland
In 2024, the IT services market (IT services and software)
generated revenue of around CHF 23 billion. This repre-
sented a continuation of the market’s prior-year growth
trend, albeit on a less steep trajectory. For the coming
years, Swisscom assumes that the market will continue
to exhibit moderate growth due to increasing digitali-
sation. The areas in which Swisscom expects the most
growth are the cloud, security, the Internet of Things
(IoT) and business applications. Business with legacy
systems is expected to decline. This growth is a result
of the increasing number of business-driven ICT projects
as well as the demand for digital business models and
new working models. Swisscom has noticed companies’
growing willingness to procure services externally in
order to cope with a high level of complexity as well as
the transformation into a hybrid cloud despite an envi-
ronment characterised by limited availability of quali-
fied specialists. Further growth drivers are the increasing
threats in the area of IT security as well as system solu-
tions dealing with IoT. Here, customers generally expect
services customised to their individual sector and busi-
ness processes with appropriate advice. Swisscom has
maintained its market position in a fiercely competi-
tive, changing market environment. This was mainly
due to positive trends in the growth areas of security,
cloud and business applications. Swisscom’s market
revenues increased in these areas, although certain
revenues had shifted to the major global cloud provid-
ers (hyperscalers).
Italian market trends
Italian broadband market
With an estimated revenue of around EUR 16 billion
(+5% year-on-year) including wholesale, the Italian
broadband market is the fourth-largest in Europe.
The fixed broadband market has stagnated in recent
years, whereas the number of mobile broadband
connections (Fixed Wireless Access, FWA) contin-
ues to increase (+8% year-on-year). The fixed market
comprises 17 million connections. These are spread
across four main competitors as well as other growing
network operators that have recently launched their
fixed-network services.
Ultra-fast
broadband
(bandwidth
greater
than
50 Mbit/s) in the fixed network was provided to around
59% of Italian homes and businesses in 2024, which is
below the EU average of 79%. This is due in part to a
lower level of digital literacy and less developed online
services and applications. In addition, customers in
Italy are increasingly using mobile internet for large
volumes of data due to the low prices and at times
better performance compared with the fixed network.
Fastweb is one of the largest providers of fixed broad-
band connections thanks to a market share of 15% in
the residential customers segment and 36% in the cor-
porate business segment.
Italian mobile communications market
The Italian mobile telephony market is one of the most
competitive in Europe. Over 78 million active SIM cards
correspond to a market penetration of 133% of the
population (AGCOM/Istat). Total revenue amounts to
around EUR 11.5 billion. The tough competition is due
to the existence of four mobile phone networks and
the aggressive price strategy following Iliad’s entry on
the market. This has led to price reductions and the
introduction of secondary brands throughout the mar-
ket. In 2024, Fastweb recorded a year-on-year increase
of 12% in its number of customers and thus increased
its market share among residential and business cus-
tomers to 5%.
Change in the market structure
On 1 July 2024, TIM completed the sale of NetCo to Kohl-
berg Kravis Roberts & Co. L.P. (KKR). NetCo is the business
division of TIM that comprises both the fixed telephone
network infrastructure and the wholesale business. The

19
sales agreement includes the transfer of the business
division NetCo to FiberCop (a company, 58% of which is
controlled by TIM) and the subsequent acquisition of all of
FiberCop’s capital by Optics Bidco, a company controlled
by KKR. The subsequent relationship between NetCo
and TIM will be governed by a master service agreement
(MSA). The services will be provided at market prices and
without minimum purchase obligations.
Group goals and strategy
General conditions
Swisscom operates in a dynamic environment. Recent
years have seen greater changes in the geopolitical
and economic situation than in the past. Political risks
have increased, exacerbated by the wars in Ukraine and
the Middle East, tensions on the Korean peninsula and
tense trade relations between the US and China. As a
result, further economic development is associated
with increased uncertainty, and bottlenecks could also
occur in supply chains. Swisscom constantly monitors
global changes in order to identify relevant develop-
ments in good time, act accordingly and thus increase
its resilience.
The digital transformation is making inroads into
more and more areas of our lives, leading to lasting
changes in customer behaviour. Swisscom offers its
customers the best possible support in every respect
thanks to a wide range of products and services and
its high-performance, reliable, nationally and inter-
nationally recognised and sustainable network. This
applies to both residential customers in their digital
life and business customers in their digital business
activities.
Customers’ expectations regarding customer-oriented
offerings, high-performance and stable networks, a
seamless and personalised customer experience and
transparent sustainability efforts will continue to
rise. Business customers are increasingly driving the
digital transformation through business-oriented IT
initiatives. Security and compliance are also becom-
ing more and more important as critical business ena-
blers for business customers. Hybrid ICT environments
are increasingly becoming the standard, and globally
standardised technologies with delivery as a service
(DaaS) models are becoming ever more dominant in
the IT market.
Fundamental changes such as increasing demographic
ageing, new forms of work and technological progress
will continue to shape the economy and society, and
therefore have an impact on the activities of Swisscom.
For example, as one of the leading ICT companies,
Swisscom uses the latest technologies to expand its
network. Swisscom is also a major player in the area of
The Swisscom Group customer proposition
T
r
us
t
a
n
d
In
n
o
v
at
i
o
n
Digital business
Digital life
BEST
NETWORK
• Effective digital transformations
• Leading IT solutions
• Reliable and secure services
• Unique entertainment offers
• Value-added digital services
• Best connectivity experience

20
Management Commentary | Strategy and environment
artificial intelligence in Switzerland and uses techno-
logical advances to further optimise its customer ser-
vice and thus improve the customer experience. Other
technologies, such as quantum computing, will only
reveal their full potential in the future.
The telecommunications market, and therefore a signifi-
cant part of Swisscom’s core business, is characterised by
intense competition and high price pressure. The overall
market for connectivity services in Switzerland is contin-
uing to decline slightly, while market revenues in Italy are
stabilising. The market for IT services in Switzerland con-
tinues to grow moderately.
Group goals and strategy
To ensure that Swisscom can continue to develop suc-
cessfully in a challenging market environment and open
up the opportunities of the digital transformation to its
customers, it pursues the purpose of ‘Empowering the
Digital Future’ and the vision of ‘Innovators of Trust:
The most trusted Swiss tech innovator creating unique
customer experiences with positive impact for soci-
ety’. Because innovation and trust are core values of
Swisscom and central to successful technological and
social development. Swisscom is already addressing rel-
evant and promising future topics. It has set the follow-
ing group goals and the following group strategy.
Group goals
As a ‘trusted leader in digital life & business’, Swisscom
wants to consolidate its position as market leader in
Switzerland and position itself as a ‘leading challenger’
in Italy. As a leading digital company, Swisscom brings
progressive products and services onto the market that
are based on resilient, secure networks and that meet
the claim of being ‘outstanding in innovation & relia-
bility’. It systematically develops new growth areas in
both its Digital Business and Trust Services divisions.
As Swisscom is characterised by enormous stability, it
lives up to its goal of having ‘rock-solid financials’. Safe-
guarding profitability and cash flow is essential to its
ability to continue distributing an attractive dividend.
As a ‘pioneer in sustainability’, Swisscom pursues ambi-
tious goals with regard to its responsibility towards the
environment and society. Its main goal is to reduce or
completely avoid CO2 emissions, to fulfil its responsibil-
ity as a corporate citizen with outstanding governance
and compliance, and to work towards a digital society in
which everyone in Switzerland can participate. Through
its goal of ‘high-performing teams’, Swisscom intends to
intensify its focus on the further development of its cor-
porate culture and the challenges posed by the shortage
of skilled labour. It wants employees to consciously
develop and experience a positive, motivating corporate
culture. An inspiring management culture is key to this.
In this way, Swisscom wants employees to perceive it as
a ‘great place to work’ and an attractive employer.
Group strategy
The group strategy is based on four pillars. Two of these pil-
lars focus on relationships with customers, and the other
two pillars on the company itself and its own operations.
Through ‘Delight customers’, Swisscom aims to inspire its
customers with unique experiences every day. Through
new, digital products and services, it also wants to help
its customers take advantage of the full potential of the
digital transformation via ‘Innovate for growth’. Through
targeted digitalisation, the use of artificial intelligence and
the simplification of processes, Swisscom aims to optimise
and automate its operations in order to ‘Achieve more with
less’. Swisscom is aware that its success depends to a large
extent on its employees and on providing optimal working
conditions. Under ‘Perform together’, it attaches particular
importance to the continuous development and optimal
cooperation of its employees. It focuses on topics such as
performance culture, further training and diversity.
The Swisscom Group strategy
Delight customers
Create unique customer
experiences every day
Innovate for growth
Deliver digital products
and services
of the future
Achieve more with less
Drive transformation at
pace with AI, digitalisa-
tion and simplification
Perform together
Develop ourselves
and our collaboration
relentlessly

21
Takeover of Vodafone Italia
In March 2024, Swisscom signed a sales agreement
with Vodafone Group Plc regarding the takeover of
100% of Vodafone Italia for a purchase price of EUR 8.0
billion (cash and debt-free). The transaction was com-
pleted after all the regulatory approvals were received
on 31 December 2024. Vodafone Italia will be merged
with the Swisscom subsidiary Fastweb at a later date.
100% of the purchase price was covered by cash and
financed using debt capital in full. The merger of Voda-
fone Italia and Fastweb is intended to combine com-
plementary, high-quality mobile communications and
fixed telephone network infrastructures with exper-
tise and practical knowledge, and establish a leading
convergent provider on the Italian market with Fast-
web + Vodafone. Thanks to economies of scale, a more
efficient cost structure and the anticipated high syn-
ergies of around EUR 600 million per year, the merged
company is expected to generate considerable added
value for all stakeholders through sustainable invest-
ments in the Italian telecommunications market, inno-
vative, convergent services at competitive prices, as
well as improved services and customer experiences
in all market segments. For Swisscom, the takeover of
Vodafone Italia is a significant step towards realising
its strategic goal of achieving profitable growth in Italy.
Swisscom intends to increase the dividend and expects
to maintain its excellent corporate rating.
In 2024, Vodafone Italia recorded estimated revenue of
EUR 4.6 billion and an EBITDA of EUR 2.0 billion. Capital
expenditure came to EUR 0.8 billion and headcount was
at around 4,000 employees at the end of 2024.

22
Management Commentary | Infrastructure
Infrastructure
Capital expenditure
CHF 2.3 billion
was invested by Swisscom in 2024,
CHF 1.7 billion of which in Switzerland
and CHF 0.6 billion in Italy.
Optical fibre expansion
Around 57%
of homes and businesses in Switzer-
land are to be connected directly
with Fibre to the Home (FTTH) by the
end of 2025.
Fastweb
2.3 million
customers are covered by Fastweb’s
ultra-fast broadband in Italy – and
the company aims to cover 90%
of homes and businesses by 2030.

Infrastructure in Switzerland
Network infrastructure
Swisscom aims to provide its customers with the best
network and the latest innovations for both the fixed and
mobile networks. To do this, it relies on a smart combina-
tion of different network technologies.
Leading international position thanks
to constant expansion
International studies regularly confirm that Switzerland
boasts one of the best IT and telecoms infrastructures
worldwide. Rural regions benefit in particular from
the high level of capital expenditure. According to the
‘Broadband Coverage in Europe 2023’ study by Omdia/
IHS Markit – commissioned by the EU Commission and
Glasfasernetz Schweiz – the availability of broadband
of at least 30 Mbit/s in rural regions of Switzerland is
98.8%, above the EU average of 78.7%.
The Broadband Network Test Switzerland 2024, con-
ducted by the trade magazine connect, awarded first
place with the distinction ‘outstanding’ to Swisscom’s
fixed network, with the company winning in the
nationwide provider category. Similarly, Swisscom’s
mobile network is one of the best networks in the
world, as confirmed by independent network tests
such as those conducted by the trade magazines con-
nect and CHIP.
Network expansion
Thanks to bandwidths in the gigabit range, the entire
Swiss population is to continue using state-of-the-art,
top-quality digital services in future. With this aim,
Swisscom invests CHF 1.7 billion every year in mod-
ernising and maintaining its existing fixed network
and mobile communications infrastructure in all Swiss
municipalities.
Swisscom plans to increase fibre-optic coverage (FTTH) to
around 57% by the end of 2025, and to 75 to 80% by 2030.
Almost the entire population should have access to the
fibre-optic network by 2035. Swisscom uses modern,
powerful mobile communications and satellite technol-
ogies to ensure network coverage of a small number of
customers outside residential areas. The ongoing optical
fibre expansion will also allow it to gradually decommis-
sion the copper access network in the coming years. In the
long term, Swisscom will decommission the copper access
network completely. On the one hand, decommissioning
the copper access network in the regional access network
will reduce complexity in the area of IT and networks,
and, on the other hand, lead to energy savings of around
100 GWh, corresponding to the average annual electrical
energy consumption of a town of 20,000 inhabitants.
Broadband coverage1
Coverage > 80 Mbit/s
93%
Coverage > 200 Mbit/s
85%
Coverage with 10 Gbit/s
52%
1 Built access lines.
Swisscom is continually increasing its number of antenna
sites. For this, it coordinates site expansions with other
mobile providers wherever feasible. It now shares nearly
a quarter of its approximately 10,500 antenna sites with
them. At the end of 2024, Swisscom had around 7,000 exte-
rior units and 4,000 mobile communication antennas in
buildings. With around 5,500 hotspots in Switzerland, it is
also the country’s leading provider of public wireless local
area networks (WLAN). The 5G and 5G+ mobile commu-
nication standards not only enable new functions, but
also bring a much-needed reduction in the load on the

Future of
network
The best and most secure network for a digital
Switzerland. Swisscom is constantly investing
in its network architecture and in the latest techno
logies for its infrastructure in order to achieve this.

24
Management Commentary | Infrastructure
network, increase capacity and maintain the accus-
tomed quality of the mobile network.
According to a decision of the Federal Court, the acti-
vation of the ‘correction factor’, which ensures the effi-
cient operation of an adaptive mobile antenna, requires
a building permit procedure to be carried out in each
case. As a result, the number of pending building appli-
cations for mobile communications systems across the
industry increased to over 3,000 applications by the end
of 2024. Rapid expansion is required to ensure the high
network quality and to continue to offer customers an
optimal mobile network. Because of this, and owing to
the stringent legal framework conditions that apply, the
mobile network has to be expanded by the addition of
new mobile telephony sites. Progress continues to be
made on expanding 5G and 5G+. Meanwhile, at the end
of 2025, Swisscom will decommission its 3G technology,
now more than twenty years old, in order to use the
freed-up capacity for modern and efficient technologies.

Y See www.swisscom.ch/networkcoverage
Swisscom currently covers 99% of the Swiss population
with a basic version of 5G and around 83% with 5G+.
According to the industry association asut, around 7.1
million 5G-enabled devices are already in operation in
Switzerland as of the end of 2024. The 5G expansion
will gradually provide the additional capacity that resi-
dential and business customers need. Even despite the
fact that a study commissioned by the FOEN indicates
that 5G radiation only has a moderate impact on the
population as a whole and is not harmful to people’s
health, network operators constantly find themselves
faced with objections. In order to improve the level of
information within the population, Swisscom provides
information on its channels and supports the joint infor-
mation platform Chance5G, established by the industry
association asut.

Y See www.chance5g.ch
Internet of Things
The Internet of Things (IoT) is considered to be a signifi-
cant initiator of progressive approaches and the digital
transformation. Thanks to strong partnerships, Swisscom
is already the leading provider of IoT system solutions
required for cloud and analytics implementations and
their operation. Data as a Service (DaaS) rounds off
Swisscom’s portfolio and, thanks to plug-and-play, makes
it even easier for many customers to enter the IoT.
Mobile frequencies
Transmission of mobile signals requires the availability
of suitable frequencies. In Switzerland, such frequencies
are allocated on a technology-neutral basis. Any mobile
communications technology can be transmitted on the
available frequencies. In 2012, the Federal Communica-
tions Commission (ComCom) allocated the frequencies
800 MHz, 900 MHz, 1,800 MHz, 2,100 MHz and 2,600
MHz. Swisscom currently uses these frequencies to pro-
vide services for its customers via the 4G and 3G technol-
ogies. In February 2019, further mobile radio frequencies
were allocated in Switzerland, primarily used for trans-
mission via 5G. These are the frequencies 700 MHz, 1,400
MHz, 2,600 MHz and 3,500 Mhz. Swisscom currently uses
these frequencies to offer its customers services via the
5G, 4G and 3G mobile communication technologies. It
always does this within the legal limits, which in Switzer-
land are ten times stricter than those recommended by
the World Health Organization (WHO) in sensitive areas
such as homes, schools, hospitals and permanent work-
places.
IT infrastructure and platforms
Swisscom operates six data centres in Switzerland. Its
IT infrastructure comprises around 6,100 servers. The
central telecoms functions for the operation of the fixed
and mobile networks converge in four of the six data
centres. Swisscom largely relies on virtualisation and
containerisation of network functions to enable effi-
cient and resilient operations.
Likewise, Swisscom uses four data centres (two of the six
data centres have a dual function) for running IT appli-
cations. These include all business applications in con-
nection with Swisscom services for residential and busi-
ness customers. The entire infrastructure is designed
for redundant operation and high availability. Swisscom
attaches the very highest priority to both stability and
resilience. It reviews and improves them on an ongo-
ing basis. Based on an established quality and security
culture, including the associated governance processes,
Swisscom takes every possible precaution to reduce the
likelihood that major disruptions will occur.
The Swisscom Clouds form a key basis for the opera-
tion of numerous customer applications as well as the
company’s own applications. Swisscom follows the
latest technical trends and is constantly developing
its state-of-the-art solutions such as Infrastructure as
a Service (IaaS), Platform as a Service (PaaS) and Con-
tainer as a Service (CaaS). As part of its cloud strategy,
Swisscom also draws on public cloud services, rely-
ing on close partnerships with Amazon Web Services
(AWS) or Microsoft Azure. In addition to its extensive
multi-cloud service offering for business customers,
Swisscom increasingly relies on the services of AWS to
operate its internal applications.
As well as IT applications, Swisscom uses its cloud
platforms to provide communication services. These

25
include an ever broader connectivity offering featur-
ing advanced services such as Software Defined Wide
Area Network (SD-WAN), Managed Security and Man-
aged LAN. Swisscom is also focussing increasingly on
state-of-the-art approaches such as Secure Access Ser-
vice Edge (SASE) and Zero Trust Network Access (ZTNA).
The constant state of change on the market backs up its
efforts to use the latest technologies both internally and
externally for the benefit of its customers. Instead of
developing its own infrastructure, Swisscom is making
use of the standardised systems created by its partners.
The focus on the development of market-specific, val-
ue-adding services based on established infrastructure
has proven sound.
Swisscom is ready for the future thanks to its cost-effi-
cient, automated and stable IT infrastructure. It gives
its customers the best possible support as they make
their way into the digital world, with state-of-the-
art services, extensive knowledge and long-standing
experience.
Infrastructure in Italy
Network infrastructure
Fastweb has consistently driven forward the develop-
ment of the ultra-fast broadband infrastructure and con-
tinues to invest in order to offer its customers top-notch
performance. By the end of 2024, 90% of Fastweb cus-
tomers had a connection with a speed of over 100 Mbit/s.
Furthermore, Fastweb – in cooperation with FiberCop
and Openfiber – covered 55% of homes and businesses
with FTTH (Fibre to the Home). Finally, its 5G mobile net-
work, provided in collaboration with WindTre, reached
75% of the Italian population.
In the coming years, Fastweb is aiming to make further
investments in fixed and mobile network infrastructure
in order to achieve ultra-fast broadband coverage of 90%
of homes and businesses by 2030 and exploit the advan-
tages of FTTx and 5G mobile communications.
IT infrastructure
Fastweb is positioning itself as a digital partner for large
corporations and offers a vast range of connectivity and
infrastructure services (cloud, cybersecurity and cus-
tomised 5G mobile communications solutions). It cur-
rently operates five large data centres that are used for
commercial purposes (housing and co-location, cloud-
based services and other managed ICT services) as well
as for internal purposes: two owned and three rented
centres with end-to-end governance, four of which are
located in the Milan region and one in Rome.
Fastweb is constantly looking for ways to expand the
capacity of its data centres. In July 2024, it opened the
NeXXt AI Factory near Milan, which houses an AI super-
computer from NVIDIA. The hub makes it possible to
offer AI services in the cloud that are based on Fastweb
MIIA, the first Italian AI language model, developed in
collaboration with the most important Italian publish-
ing houses and content providers.
In view of the growth of the cloud ICT market and the
business opportunities in the area of cloud-edge com-
puting, Fastweb is planning to expand the central and
local capacities of its data centres and to rely on third-
party providers or self-developed solutions. Fastweb
develops progressive services such as edge computing,
which is expected to comprise around 40 nodes by 2025
and is based on a widely distributed network of mini
data centres throughout Italy.
Capital expenditure
In CHF million
2020
2021
2022
2023
2024
Other countries
Switzerland
2,286
1,634
652
2,309
1,688
621
2,292
1,685
607
2,229
1,596
633
2,312
1,712
600

26
Management Commentary | Employees
Employees
Employees
19,887
employees (FTEs) work at Swisscom,
including 80% in Switzerland and
20% abroad.
Part-time
22%
of employees have part-time
workloads at Swisscom.
Women
23%
of the company’s workforce is
comprised of women; the figure
for management is 15%.

Employees in Switzerland
The digital transformation presents numerous oppor-
tunities as well as great challenges for employees and
companies. As a result, Swisscom helps employees
develop their skills and provides them with five training
and development days a year. Swisscom offers a wide
range of mostly digital learning content via its train-
ing and development platform, which employees use
to increase their employability regardless of time and
location. In the reporting year 2024, Swisscom employ-
ees spent an average of 3.9 days per person on learning,
training and development.
Overview of employees
Employees (FTEs)
15,905
Subordination to CEA
78%
Permanent work contracts
99%
Part-time employees
22%
Fluctuation rate
6%
Swisscom staff are employed under private law on the
basis of the Code of Obligations. The terms and condi-
tions of employment exceed the minimum standard
defined by the Code of Obligations. Swisscom manage-
ment employees in Switzerland are subject to the gen-
eral terms and conditions of employment for managers,
while the other employees are subject to Swisscom’s
Collective Employment Agreement (CEA).

Y See www.swisscom.ch/sir2024
Swisscom plays a pioneering role in flexible and hybrid
working throughout Switzerland and is expanding the
availability of this type of working model. Its employees
appreciate the flexibility, which saves them time spent
commuting, improves their work-life balance and ena-
bles regular face-to-face meetings in the office and
informal interaction.
Collective Employment Agreement (CEA)
Swisscom is committed to fostering constructive dia-
logue with its social partners – syndicom and transfair
– as well as the employee associations that are granted
rights of co-determination of varying degrees. The Col-
lective Employment Agreement (CEA) and the social plan
are negotiated by Swisscom Ltd and its social partners
and applicable to Swisscom Ltd’s employees. Group com-
panies, such as Swisscom (Switzerland) Ltd, adopt the CEA
by means of an affiliation agreement, possibly with busi-
ness or sector-specific adjustments. The renegotiated
agreement has been in force since 1 January 2024 and
has further improved working conditions. The subsidiar-
ies cablex Ltd and Swisscom Directories Ltd (localsearch)
negotiate their own CEA with the social partners. Under
the Telecommunications Enterprise Act (TEA), Swisscom
is obliged to draw up a collective employment agree-
ment in consultation with the employee associations. In
the event of any controversial issues, an arbitration com-
mission must be convened which will support the social
partners by providing suggestions for solutions.
Social plan
The objective of the social plan is to formulate socially
acceptable restructuring measures and avoid job cuts.
Responsibility for implementing the social plan lies with
the subsidiary firm Worklink AG. The services it offers
include skill assessments, career advice and coaching as
well as placement in temporary external and internal
work assignments. In 2024, 88% of those affected by per-
sonnel reduction measures had found a new job before
the social plan programme ended (prior year: 86%). For
employees with management contracts, there is also an
arrangement in place to support them in their profes-
sional reorientation in the event of restructuring.

Finding
the best
Gaming instead of writing your CV: in its search for
the right employees, Swisscom is inviting the digitally
savvy to take on game-based challenges in Fortnite.
The prize: an interview.

28
Management Commentary | Employees
Employee remuneration
Swisscom’s salary system comprises a basic salary, a var-
iable performance-related component and bonuses. The
basic salary is determined based on function, individual
performance and the job market. The variable perfor-
mance-related salary component is measured by the
achievement of overriding objectives such as financial
parameters as well as business transformation topics
that fall into the areas of operating performance, cus-
tomers, growth and sustainability. Details on remunera-
tion paid to members of the Group Executive Board are
provided in the Remuneration Report.

H See report pages 127–134
With effect from April 2024, Swisscom and its social
partners agreed to increase salaries for employees sub-
ject to the CEA by 1.9% of the total payroll. Some of the
salary increases were general in nature and some were
individual, taking the situation in the salary band into
account. An additional 1.5% of the total payroll was
available for individual salary adjustments at the man-
agement level.
Equal pay
The salary system is structured in such a way that equal
salaries are paid for equivalent tasks and services.
Employees’ salaries are adjusted within the scope of the
annual salary review. Swisscom also annually reviews
the salary structure for differences between men’s and
women’s wages using the federal government’s equal
pay tool (Logib). Past reviews have only revealed minor
pay discrepancies that are below the tolerance threshold
set by the Federal Office for Gender Equality.
Internal staff development
and external job market
Swisscom invests in targeted professional training for
its employees and managers in order to maintain and
improve their employability as well as the company’s
competitiveness in the long term. It is Swisscom’s
declared goal to fill as many positions as possible inter-
nally. Where this is not possible, external recruitment
is used. To recruit the best talent, Swisscom has to
compete with national and international companies
– especially in the IT professions. Swisscom operates
DevOps Centres with 582 employees (FTEs) in both
Riga and Rotterdam. It does this primarily to provide
access to international talent outside the Swiss labour
market, if needed.

Apprenticeships and internships
Swisscom trains 820 apprentices in a variety of profes-
sions in Switzerland. It is one of the largest providers of
ICT apprenticeships in the country. Following an evalua-
tion of the pilot phase, the recruitment process known
as ‘Putting people before paper’ was finally introduced.
This process enables Swisscom to find the right appren-
tices for its vocational training programme even more
efficiently and effectively.
In August 2024, Swisscom launched a pilot trial in
which apprentices are familiarised with the founda-
tions of application and software development at the
start of their training. In Bern and Zurich, a total of 35
apprentices are taking part in this nine-month trial,
which is intended to enable them to integrate quickly
into the labour market. The training programme is
closely aligned with the needs of employers and legal
requirements.
Employee satisfaction
The Pulse survey gives Swisscom employees an oppor-
tunity to submit their feedback on a wide variety of
issues relating to their personal work situation. Employ-
ees’ results and the comments are made available to all
employees in real time. A survey of this type fosters a cul-
ture of feedback and trust, which provides the basis for
Swisscom and its employees to grow and develop. The
response rate to the Pulse survey was 75% in 2024 (pre-
vious year: 76%). Around 90% of the employees who par-
ticipated in the survey said they recommend Swisscom as
an employer.
Diversity
Swisscom takes its social responsibility seriously and is
committed to strengthening equality and equal treat-
ment for all employees. It is convinced that the diversity
of its entire workforce is what makes Swisscom a suc-
cessful and innovative company. Relationships based on
trust and respect, where employees meet each other on
an equal footing, form the essential basis for this. Fur-
ther information on diversity can be found in the report
on non-financial matters.

H See report pages 77–78

29
Employees in Italy
The statutory working conditions in Italy are based on a
national collective employment agreement for the tele-
coms sector (CCNL). This agreement sets out the provi-
sions governing working conditions for employees, such
as weekly working hours, annual leave entitlement, and
maternity and paternity leave. The collective employ-
ment agreement also contains provisions governing
the relationship between Fastweb and trade unions.
Fastweb maintains dialogue with trade unions and
employee representatives and involves them in major
operational changes at an early stage.
General terms of employment

Weekly working time in hours
40
Weeks of holiday entitlement
5
Weeks of maternity leave
20
The terms and conditions of employment enable Fast-
web employees to strike a healthy balance between
their work demands and personal life. The Smart Work-
ing concept offers all employees of the company, includ-
ing customer advisors, full flexibility and autonomy
when it comes to choosing a working model. Fastweb
employees have the option of using the Smart Working
model on all working days or deciding on a day-to-day
basis, in consultation with their manager, whether they
want to work in the office or from home.
Fastweb offers competitive salaries to attract highly
qualified specialists and managerial staff and ensure
they remain with the company. Its salary system com-
prises a basic salary, a collective variable profit-sharing
component for non-managerial staff and a variable
performance component for managerial staff that is
contingent on meeting individual and company goals.
The basic salary is determined based on function, indi-
vidual performance and the situation on the job market.
The variable profit-sharing bonus is based on the model
agreed with the unions. Fastweb complies with the legal
minimum salary.
Fastweb is always interested in attracting new tal-
ent. With this goal in mind, the company offers young
people the opportunity to complete internships at the
company throughout the year and takes part in a pro-
gramme that introduces school pupils to the working
world through internships. Fastweb also participates in
career conferences and recruitment events organised
by universities and educational institutions in order to
meet young candidates.
Fastweb strives to create a safe workplace where
employees are proud to express their individuality and
value diversity within the organisation. As a result, it
views individual differences between employees as
something that enriches the company. For Fastweb,
inclusion is not only an ethical concern but should also
serve as a driving force for the performance of the com-
pany as a whole. Further information on diversity can be
found in the report on non-financial matters.

H See report pages 77–78
Headcount
In full-time equivalent
2020
2021
2022
2023
2024
Other countries
Switzerland
15,882
18,905
3,023
15,750
19,157
3,407
16,050
3,679
16,048
19,062
3,014
15,905
19,887
3,982

19,729

30
Management Commentary | Brands, products and services
Brands, products
and services
Swisscom brand
CHF 6 billion
is the value of the Swisscom brand.
Swisscom blue
2.1 million
customers use blue subscriptions.
Fastweb
36%
is Fastweb’s market share among
business customers.

Swisscom brands
The Swisscom brand is managed strategically as an
intangible asset and important element of the Group’s
reputation management.
In Switzerland, Swisscom offers products and services
from its core business under the blue brand, as well
as under the Wingo secondary brand and the third-
party brands Coop Mobile and M-Budget. Its portfolio
also includes other brands which are associated with
other themes and business areas. Outside Switzerland,
Swisscom’s main market is Italy, where it operates under
the Fastweb brand. The strategic management and
development of the entire brand portfolio is an integral
part of corporate communications.
The purpose, vision and values apply to all companies
in the Group. Swisscom expects all its employees to
align their behaviour with the three corporate values
of trustworthiness, commitment and curiosity. Indi-
vidual promises serve to differentiate the individual
brands and make them relevant to specific custom-
ers. No changes have been made to the Swisscom
brand in the reporting year. The ‘ready’ brand plat-
form expresses Swisscom’s positioning to the outside
world, which has an advantageous effect on the brand
perception.
In terms of employer branding, Swisscom relies on its
employees as ambassadors, primarily via social plat-
forms such as LinkedIn. The My Intranet App MIA is an
important tool for internal communications. It brings
topics from the intranet to the mobile phones of all
employees.
Trustworthiness, network quality, service and increas-
ingly also ESG commitment are important factors in con-
firming to existing customers that they made the right
decision in opting for Swisscom and in winning new cus-
tomers, while also helping to emphasise the importance
of Swisscom for Switzerland. The targeted sustainability
campaigns have had an impact and strengthened the
brand overall. This is one reason why the reputation val-
ues achieved by Swisscom are exceptionally high for a
company in the telecoms sector by global standards.
Other brands
(excerpt)
Main brand
Product family
Secondary brand
and tertiary brands
Swisscom brand portfolio

Entertainment
at its best
Linear TV belongs to the past. blue TV offers a choice
of films, serials, news and shows at any time – and
can also double as a fitness coach, DJ or game console
thanks to smart apps.

32
Management Commentary | Brands, products and services
The Brand Finance ‘Schweiz 50 2024’ study ranked
Swisscom as the second strongest brand in Switzer-
land in the year under review. Swisscom’s brand value
remained practically unchanged at CHF 6 billion, making
Swisscom one of the ten most valuable Swiss brands.
Products and services in Switzerland
Residential customers
Swisscom offers residential customers internet, TV,
telephony and mobile communications under its main
Swisscom blue brand. Through the brands Wingo, Coop
Mobile and M-Budget, Swisscom targets customers who
have lower requirements in terms of service and scope
of service. M-Budget and Wingo offer simple, attractive
mobile communications offerings in addition to internet
and fixed network telephony services. Coop Mobile is
exclusively a mobile subscription.
Swisscom has the best mobile network and the largest
fibre-optic network in Switzerland for providing its cus-
tomers with fast and secure internet, top-quality enter-
tainment and freedom while on the move. Those who
combine mobile communications and internet subscrip-
tions benefit from a monthly loyalty discount starting
from the very lowest subscription level.
Swisscom offers three different blue internet and mobile
communications subscriptions. Its mobile telephony
offering is rounded off by kids, basic and prepaid tar-
iffs. The subscriptions differ primarily in terms of speed
(internet and mobile communications) or the units
included in roaming (mobile communications). Each
offering includes free extras such as surf protection
(Internet Guard) or call blocking (call filter). Swisscom
blue offers a comprehensive entertainment experience
comprising TV, streaming and cinema. blue TV is availa-
ble via the Swisscom Box, a smartphone and tablet app,
a web player at blue.ch and smart TVs. The app is also
available with the complete blue+ offering on the TV
boxes of other providers such as UPC TV or Quickline. In
addition, Apple TV 4K is available as an alternative to the
Swisscom TV-Box. blue TV offers a recording capacity of
up to 2,000 hours. The blue Play media library offers up
to 28,000 films and series episodes depending on the
language region. The ‘blue Binge’ offer launched during
the year under review also allows Swisscom customers
to enjoy the basic subscriptions to Netflix and Disney+
at a special price.
In the year under review, Swisscom launched the ‘sure’
product family in cooperation with its insurance part-
ners. The switch-on insurance products on offer are
simple, transparent and flexible. If required, they can
be taken out quickly and easily online and convince
with their flexible term. In addition, customers always
have an overview of their policies in My Swisscom. The
products are initially only available to Swisscom cus-
tomers that have My Swisscom login details.
According to the ‘Telecoms 150 2024’
report, Swisscom is the strongest
telecoms brand in Europe.
The My Swisscom app is and remains the focal point for
customers: they can use it to customise their subscrip-
tions, manage their devices, order services or contact
customer support. The trade magazine connect rated
the My Swisscom App as the best telecommunications
app in Switzerland for the fourth time in succession in
the year under review, as well as rating the Swisscom
hotline as ‘outstanding’. In addition to the standard
communications channels such as hotlines, chats and
contact forms, customers get in touch with Swisscom
via WhatsApp, Facebook, X (formerly Twitter) and
Google Business Messenger. When it comes to service,
Swisscom continues to rely on regional, on-site pres-
ence. Employees address customers’ concerns in more
than one hundred Swisscom shops. Here, too, connect
awarded top marks to Swisscom in the shop test for the
fourth time in a row.
Business customers
Telecommunications and IT services
Swisscom makes use of its many years of experience
as an integrated telecoms and IT company to support
its business customers with their digital transforma-
tion efforts and works together with them to develop
forward-looking solutions. Its comprehensive ICT port-
folio comprises cloud, outsourcing, workplace and IoT
solutions, as well as mobile phone solutions for mobile
working and communication, networking solutions,
location networking, business process optimisation, SAP
solutions, security and authentication solutions, data
and AI consulting and offers, as well as services tailored
to the banking industry.
Swisscom also helps drive the digital transformation
of the healthcare sector. It helps makes hospitals more
efficient by providing them with support to digitise their
processes. It helps health insurance companies by taking
over the operation of their core IT systems and intercon-
nects service providers through digitised solutions. In
the world of industry, Swisscom is driving a smart man-
ufacturing vision, bringing people, systems, machinery,

33
products and companies together efficiently along the
entire value chain.
At the start of 2024, Swisscom announced its collabo-
ration with NVIDIA to build its own AI supercomput-
ers in Switzerland. Through the new Swiss AI Platform,
Swisscom offers a secure range of AI-supported services
that are operated in Switzerland and based on state-of-
the-art infrastructure. The modular Swiss AI Platform
guarantees that all data is kept in Switzerland. As a one-
stop shop for AI solutions, it offers everything from con-
sulting to operation from a single source.
By acquiring a majority shareholding in the open-
source company Camptocamp in the year under
review, Swisscom is tapping into a new growth mar-
ket. With a leading market position, Camptocamp has
been offering innovative open-source solutions for
over twenty years and has extensive expertise in geo-
graphic information systems (GIS), management soft-
ware systems (enterprise resource planning, ERP) and
IT infrastructure.
Offerings for SMEs
Swisscom offers standardised and customisable ICT
solutions for the various needs of its SME customers.
SME IT Solution is the new, cutting-edge, comprehensive
IT offering for SMEs that allows them to fully outsource
their IT infrastructure. SMEs thus receive a perfectly
coordinated full package of IT services, internet, net-
work and telephony. SME IT Solution meets the highest
security standards to provide maximum protection for
sensitive company data while keeping it available at all
times. Local, regionally based IT partners are on hand to
advise customers, offering them a tailored service dur-
ing installation and operation. IT security services, IoT
solutions and cloud-based software for mobile working
round off Swisscom’s SME portfolio.
Enterprise Mobile bundles the new mobile subscriptions
for SME customers. Numerous multi-device options ena-
ble flexible surfing and telephoning on several devices.
Thanks to prioritised data transmission, customers ben-
efit from an optimal surfing experience even in busy
locations. Domestic and international calls can be made
directly via Microsoft Teams using a single mobile phone
number, regardless of location and device.
The Swisscom Sign solution for electronic signatures
rounds off Swisscom’s SME portfolio. With it, SMEs can
sign contracts and documents quickly, securely and with
legal validity – even when travelling. Swisscom Sign is
based on the qualified electronic signature (QES), which,
under Swiss law, is the only electronic signature consid-
ered equivalent to a handwritten signature.
localsearch (Swisscom Directories Ltd)
Through the product portfolio of its subsidiary local-
search (Swisscom Directories Ltd), Swisscom helps Swiss
SMEs to gain visibility online, attract new customers and
retain them in the long term. localsearch advises SMEs
locally throughout Switzerland. Thanks to simple and
effective online marketing solutions, it contributes to
the success of Swiss SMEs in the digital world. In addi-
tion, it also operates the platforms local.ch and search.
ch – the directory and booking platforms with the wid-
est reach in Switzerland. localsearch’s brand portfolio
also includes renovero.ch, the largest Swiss platform for
tradespeople, localcities.ch, a platform for communities
and associations, and Vergleich CH, an industry compar-
ison service.
Swisscom Broadcast Ltd
The subsidiary Swisscom Broadcast Ltd builds radio
networks for broadcasting, security and professional
mobile radio networks and makes around 430 transmit-
ter sites available for co-use. It also supports its custom-
ers through temporary ICT, streaming media, content
delivery, event management and event broadcasting
services. The company’s safety and security solutions
range from video security, drones as a service and drone
detection to sensor-based customer insights.
cablex Ltd
As Switzerland’s leading network infrastructure and
service company, cablex stands for an outstanding cus-
tomer experience and offers comprehensive networking
solutions with state-of-the-art technology. These include
high-performance ICT and network infrastructure in
cable and wireless networks for the highest bandwidths.
The on-site service is organised throughout Switzerland
and ensures a first-class customer experience. cablex also
offers solutions in the areas of smart building, smart city,
smart construction and smart energy. In doing so, cablex
provides customers with solutions for future-proof and
sustainable infrastructure.
Wholesale
Swisscom Wholesale provides a variety of copper- and
fibre-based connectors as per customer requirements.
Its Carrier Ethernet and Carrier Line services and lines
leased under the TCA enable telecoms service provid-
ers to enjoy transparent connections on an as-needed
basis with a wide range of different bandwidths and
interfaces and/or a flexible Ethernet service allowing
tailored bandwidths and qualities of service. Swisscom
Wholesale also provides basic offerings for the connec-
tion (interconnection) of telecoms systems and ser-
vices, and supplies its customers with infrastructure
products such as the shared use of cable ducts and the
mobile network.

34
Management Commentary | Brands, products and services
Products and services in Italy
In the reporting year, Fastweb secured itself a premium
position in the residential customer segment thanks to
top-quality service and sustainability targets that set
the bar high.
In the fixed-line segment, Fastweb continued to focus
on innovation and added value, differentiating itself in
the market through the following measures:
• The cutting-edge, high-tech internet box NeXXt, the
Wi-Fi booster integrated with Alexa and the new
modem with Wi-Fi 6, which was introduced at the
beginning of 2024.
• Additional services such as home and pet insurance
offered through its partnership with Quixa (AXA
Group).
• The premium loyalty programme FastwebUP Plus,
which offers exclusive benefits every month.
• Courses offered by the Fastweb Digital Academy,
which improve digital literacy among customers.
In the mobile communications sector, Fastweb is pursu-
ing a go-to-market strategy aimed at winning new cus-
tomers by offering the best value for money on the mar-
ket. It has also expanded its 5G network. Awards received
in the reporting year are a testament to the high connec-
tion quality offered by the Fastweb network: in the first
half of 2024, the digital company Ookla confirmed that
Fastweb has the fastest mobile network in Italy, as was
also the case on the previous four occasions.
Fastweb has successfully implemented a ‘Beyond the
Core’ strategy and entered the energy market with
Fastweb Energia. Fastweb Energia is a service with fixed
monthly tariffs and 100% certified renewable energy.
Fastweb’s primary aim through this offering is to appeal
to its customer base and increase customer value. Energy
is procured via external suppliers who supply Fastweb
with white-label products. This eliminates trade risks,
since Fastweb purchases energy from the suppliers and
sells it on. Fastweb also introduced its energy offering
for small companies at the end of September in the
reporting year.
As part of its sustainability efforts, Fastweb once again
developed and managed environmental protection
projects in Italy in the reporting year – with the sup-
port of non-profit organisations. It also expanded its
product range in line with its objectives, offering its
customers the first zero-emission internet subscrip-
tion in Italy since 2024. Fastweb also added the eSIM
to its range in 2023, a virtual version of the traditional
SIM card.
Fastweb has confirmed its leading position in the cor-
porate business segment. It has continually strength-
ened its corporate business segment in both core and
ICT services, and achieved a market share of 36% at
the end of 2024. Fastweb has also further expanded
its positioning in the segment of 5G mobile phone ser-
vices for companies and acquired new corporate cus-
tomers. In the reporting year, Fastweb continued to
focus on bolstering its position in the ICT and security
market, expanding its professional services and enlarg-
ing its cloud and cybersecurity portfolio.
In addition, Fastweb made a significant investment by
acquiring 31 NVIDIA DGX H100 systems to offer cloud-
based AI services and to train a national LLM (large
language model) for the development of generative
AI applications. In the reporting year, Fastweb made
a version of its Fastweb MIIA (Italian Artificial Intelli-
gence Model) language model available to start-ups,
companies, universities and public administrations for
the development of generative AI services and appli-
cations. MIIA stores data in Italy, is connected with the
Fastweb cloud platform via fibre-optic cables and is
protected by four Swisscom Security Operation Cen-
tres (SOC).
In the wholesale customers division, Fastweb provided
almost over 900,000 ultra-fast broadband connec-
tions (residential and business customers) to custom-
ers of Sky, WindTre, Iliad, Enel and other small carriers
at the end of 2024. The results achieved strengthen
Fastweb’s role as a wholesale carrier and correspond
to a market share of around 15% in Italy (in terms of
data revenue).

35
Customer satisfaction
Swisscom measures the satisfaction of residential and
business customers twice a year, and that of wholesale
customers once a year. The metrics used are the extent to
which customers are willing to recommend Swisscom to
others and the related Net Promoter Score (NPS). The NPS
is calculated from the difference between ‘promoters’ (cus-
tomers who would strongly recommend Swisscom) and
‘critics’ (customers who would only recommend Swisscom
with reservations or would not recommend the company).
Swisscom conducts the following surveys among resi-
dential and business customers:
• The Residential Customers segment questions callers
to the Swisscom hotline and visitors to the Swisscom
shops regularly about waiting times and staff friend-
liness. Product studies also continuously survey buy-
ers and users to determine product satisfaction, ser-
vice and quality.
• The Business Customers segment conducts surveys
among customers to measure satisfaction along the
customer experience chain. Feedback tools are imple-
mented at relevant customer touchpoints to enable IT
users to submit feedback or enter their comments in
the order system after each interaction with the ser-
vice desk or after placing orders. The customers can
also assess the quality and success of their projects on
completion.
In view of the highly competitive market, the NPS in the
residential customer segment has remained stable at a
good level – particularly compared with the competi-
tion. The NPS for business customers remains at a very
high level. The results of these studies and surveys help
Swisscom formulate direct measures to further improve
its services and products. They also influence the vari-
able performance-related component of remuneration
for employees and management.
Revenue and EBITDA
In CHF million
Switzerland
Other countries

2024
Revenue
EBITDA
8,363
3,679
676
2,673
Revenue
EBITDA
2022
8,566
3,534
2,485
872

Revenue
EBITDA
2023
8,516
3,842
2,556
780

36
Management Commentary | Innovation and development
Innovation and
development
Trendscouting
Since 1998
Swisscom has had a branch office
in Silicon Valley since 1998.
Promoting innovation
Deep Tech
Nation Switzer-
land Foundation
By establishing the foundation,
Swisscom is promoting start-ups
together with UBS.
Swisscom Ventures
More than
80 investments
in technology companies made
by Swisscom to date.
Innovation as a key driver of
business performance
The digital transformation represents a huge oppor-
tunity for Swiss society. However, the population will
only accept it if trust in secure services and the correct
handling of sensitive data are assured. Trust in new
technologies is therefore becoming more important,
which is why Swisscom wants to serve as ‘Innovators
of Trust’ for its customers and for Switzerland as a
whole. Innovative strength and trust are core values
of Swisscom and central to successful technological
and social development. With this in mind, Swisscom
is already addressing relevant and promising future
topics intensively. It strives every day to delight its cus-
tomers with the best products and services (‘Delight
customers’). Swisscom is driving its growth by devel-
oping advanced products and services (‘Innovate for
growth’). It also supports forward-looking solutions to
make its own processes even more efficient, for exam-
ple through process digitalisation (‘Achieve more with
less’). Finally, innovation is key for Swisscom to position
itself as the best ICT employer, attract the best talent
and retain it (‘Perform together’). In order to achieve
this, it works closely with partners, universities, start-
ups and established technology companies.
Swisscom has been engaged in trend and technology
scouting in Silicon Valley since 1998. The Outpost pro-
vides Swisscom with insights into trends, technologies
and developments in strategic innovation fields around
the Silicon Valley ecosystem. This year, Swisscom paid
particular attention to areas of innovation that have a
highly dynamic market environment and are of growing
importance: these include AI, cybersecurity and trust.
The Swisscom Outpost also maintains local partnerships
with promising start-ups, investors and leading US tech-
nology companies whose products and business models
are then launched in Switzerland and Italy.
Swisscom Ventures has been investing in start-ups since
2007 and networking them with Swisscom as far as pos-
sible in order to stimulate innovation. In the year under
review, Swisscom made investments in five new companies
and eight follow-up investments in existing holdings. This
included xFarm, a Swiss precision agriculture company that
supports more than 425,000 farms worldwide. Additionally,
Swisscom uses the Swisscom StartUp platform to support
companies and start-ups in Switzerland with consulting,
discounts on IT and cloud services, expert know-how,
coaching programmes, financing and community events.
Swisscom Kickbox is an employee-driven intrapreneur-
ship and innovation programme with a clear process,
tools, methods and resources for realising innovation
projects. It promotes a culture of innovation within
the company and works at various strategic levels: for
example, in the development of sophisticated custom-
er-centric products and services and in employer brand-
ing to help Swisscom attract the best talent. Kickbox is
available to other companies via the spin-off rready AG.

Y See www.swisscom.ch/innovation

37
Innovation focus areas
Artificial intelligence and automation
Artificial intelligence (AI) is a cross-cutting technology,
just like electricity or the internet. These technologies
have revolutionised the economy and enabled innova-
tion to occur across all sectors. Swisscom embraced the
use of artificial intelligence early in the game in order to
offer its customers even better service and to optimise its
processes. For example, Swisscom co-founded the Idiap
Research Institute in Martigny 30 years ago, and has been
conducting research projects on AI together with the EPFL
in the Swisscom Digital Lab since 2016. Swisscom uses AI
in customer service, in business analytics, in new prod-
ucts and services, and to continuously improve network
service. Whether in AI-based speech recognition on the
Swisscom hotline, in the service chatbot or in product
suggestions, Swisscom uses AI primarily to offer its cus-
tomers an even better experience and as a convenient
way to fully resolve customer enquiries.
Swisscom launched the Swiss AI Platform for business
customers in June 2024, The platform enables the
development of trustworthy AI applications based on
high-performance infrastructure. It guarantees that
data will be stored in Switzerland and has a modular
structure. With the Swiss AI Platform, customers benefit
from flexible access to NVIDIA supercomputers, genera-
tive AI services and an AI work hub for developing their
own AI solutions.
Security
Threats from the internet are constantly growing in
number for private individuals and companies. A number
of processes and business models today are completely
IT-based, making them potential targets for attackers. In
addition, IT landscapes are becoming increasingly com-
plex and vulnerable due to multi-cloud and hybrid cloud
solutions. Artificial intelligence is being used more and
more frequently by attackers and as a defence against
attacks alike. In the reporting year, Swisscom once again
expanded its leading range of cybersecurity services in
the Swiss market, including services in the area of cloud
security that identify in real time any potential security
risks in cloud workloads and then initiate security meas-
ures. It also further increased its capacity in the Secu-
rity Operation Centre (SOC) to take effective defensive
measures on behalf of customers and contribute to even
better protection for digital Switzerland.

Digital trust
Through its digital trust portfolio, Swisscom focuses
on products and services that ensure the authentic-
ity of information and its binding nature in the digital
space. This includes Swisscom Sign, which is based on
the qualified electronic signature (QES). QES is con-
sidered equivalent to a handwritten signature under
Swiss law. Swisscom Sign is available to all smartphone
users – regardless of whether or not they are Swisscom
customers. Corresponding offers for companies have
rounded off the digital trust portfolio since spring 2024,
enabling organisations ranging from SMEs to large cor-
porations to sign watertight contracts and documents
electronically – quickly and easily at any time.
Together with its subsidiaries ajila AG and Innovative
Web Ltd, Swisscom is working on further solutions to
digitalise form-based business and government pro-
cesses. Swisscom is thus addressing the entire value
chain, from the creation of documentation and signa-
tures to processing and handling in the specialised sys-
tems. In this regard, one Swiss bank has used Swisscom
Sign to completely digitalise and streamline its process
for opening an account, including through an online
identity check and digital signing of the contract. The
subsidiary Swisscom Trust Services Ltd, one of three
trust service providers (TSP) in Switzerland, rounds off
Swisscom’s digital trust portfolio with infrastructure
and certificate services. Swisscom thus benefits from
broad-based expertise in the regulation and compli-
ance of trust services in Switzerland and the EU.
Other technologies of tomorrow
In addition to its areas of innovation, Swisscom is fol-
lowing developments in fields that could be relevant
in the long term. These include LEO satellites, quantum
computing, digital twins, Web 3.0, spatial computing
and digital health. Among other things, it is monitor-
ing advances in the quantum key distribution method,
which guarantees secure data communication and
could be used in quantum computers.

38
Management Commentary | Financial review
Financial review
Alternative performance measures
Swisscom uses key indicators defined in the Interna-
tional Financial Reporting Standards (IFRS) throughout its
entire financial reporting, as well as selected alternative
performance measures (APMs). These alternative meas-
ures provide useful information on the Group’s financial
situation and serve financial management and control
purposes. As these measures are not defined under IFRS,
the calculation may differ from the published APMs of
other companies. For this reason, comparability across
companies may be limited.

t The key alternative performance measures used by
Swisscom in its 2024 annual financial reporting are
defined as follows.
Key performance indicator
Swisscom definition
Adjustments
Significant items that, due to their exceptional nature, cannot be considered part of the
Swisscom Group’s ongoing performance, such as termination benefits and significant
positions in connection with legal cases or other non-recurring items. In addition, the
application of changes in the IFRS accounting principles and standards can have an impact
on comparability with the previous year if these principles are not applied retrospectively. The
same definitions and calculation bases are applied for the adjustments in the financial year
and in the previous year. In the financial reporting, the change in the adjusted operating result
before depreciation and amortisation (EBITDA adjusted) is commented on a comparable basis.
At constant exchange rates
Key performance measures considering currency effects (figures for 2024 are translated at the
2023 exchange rate to eliminate the currency effect).
Operating income before depreciation and amortisation (EBITDA) Operating income before depreciation, amortisation and impairment losses of property,
intangible assets and right-of-use assets, financial expense and financial income, result of
equity-accounted investees and income tax expense.
Operating income (EBIT)
Operating income before financial expense and financial income, result of equity-accounted
investees and income tax expense.
Capital expenditure
Purchase of property, plant and equipment and intangible assets and payments for
indefeasible rights of use (IRU) which are classified as leases under IFRS 16. In general, IRUs
are paid in full at the beginning of use.
Operating free cash flow
Operating income before depreciation and amortisation (EBITDA) less investments in property,
plant and equipment and intangible assets as well as payments for network access rights
(IRU) and leasing expenses. Leasing expenses include interest expenses on leasing liabilities
and depreciation of rights of use excluding depreciation of rights of use for network access
(IRU) as well as impairments of rights of use.
Free cash flow
Cash flows from operating and investing activities excl. cash flows from the acquisition and
sale of subsidiaries as well as income and expenses for equity-accounted investments and
other financial assets.
Net debt
Financial liabilities and lease liabilities less cash and cash equivalents, listed debt instruments
and derivative financial instruments.

Easy to use
Hello, how can I help you? Swisscom is making
the digital customer experience ever more personal
and intuitive. It is adding new digital services
such as the electronic signature to its portfolio.

40
Management Commentary | Financial review
Reconciliation of alternative performance measures

Change at

Change
constant
In CHF million
2024
2023
reported
currencies

Revenue

Revenue
11,036
11,072
–0.3%
0.2%

Operating income before depreciation and amortisation (EBITDA)

EBITDA
4,355
4,622
–5. 8%
–5. 4%
Termination benefits
14
7

Release of provisions for legal proceedings in Switzerland
(24)
(64)

Additions of provisions for legal proceedings in Italy
–
13

Costs of changing the fixed wireless access strategy in Italy
–
60

Transaction costs acquisition of Vodafone Italia
60
–

Integrations costs Vodafone Italia
167
–

EBITDA adjusted
4,572
4,638
–1.4%
–1.0%

Capital expenditure

Capital expenditure in property, plant and equipment

and intangible assets
2,288
2,272
0. 7%
1. 3%
Payments for indefeasible rights of use (IRU)
24
20
20. 0%

Capital expenditure
2,312
2,292
0.9%
1.5%
In CHF million
2024
2023
Change

Operating free cash flow

Cash inflow from operating activities
3,977
4,029
(52)
Capital expenditure
(2,312)
(2,292)
(20)
Depreciation of right-of-use assets
(261)
(291)
30
Depreciation of indefeasible rights of use (IRU)
18
18
–
Impairment losses on right-of-use assets
–
29
(29)
Proceeds from finance leases
(80)
(108)
28
Change in deferred gain from the sale and leaseback of real estate
4
4
–
Change in operating assets and liabilities
9
5
4
Change in provisions
(26)
124
(150)
Change in defined benefit obligations
5
31
(26)
Gain on sale of property, plant and equipment
26
6
20
Loss on disposal of property, plant and equipment
–
(1)
1
Expense for share-based payments
(1)
(1)
–
Revenue from finance leases
87
108
(21)
Interest received
(102)
(7)
(95)
Interest paid on financial liabilities
112
84
28
Dividends received
(1)
(9)
8
Income taxes paid
297
313
(16)
Operating free cash flow
1,752
2,042
(290)

Free cash flow

Cash inflow from operating activities
3,977
4,029
(52)
Cash flow used in investing activities
(9,279)
(2,322)
(6,957)
Repayment of lease liabilities
(267)
(270)
3
Acquisition of subsidiaries, net of cash and cash equivalents acquired
7,372
62
7,310
Proceeds from sale of subsidiaries, net of cash and cash equivalents sold
(2)
(2)
–
Purchase of equity-accounted investees
2
3
(1)
Purchase of other financial assets
2,020
13
2,007
Proceeds from other financial assets
(2,386)
(33)
(2,353)
Free cash flow
1,437
1,480
(43)

41
Summary
In CHF million, except where indicated
2024
2023
Change
in %
Revenue
11,036
11,072
(36)
–0. 3%
Operating income before depreciation and amortisation (EBITDA)
4,355
4,622
(267)
–5. 8%
EBITDA as % of revenue
39. 5
41. 7
(2. 2)

Operating income (EBIT)
1,951
2,205
(254)
–11. 5%
Net income
1,541
1,711
(170)
–9. 9%
Operating free cash flow
1,752
2,042
(290)
–14. 2%
Free cash flow
1,437
1,480
(43)
–2. 9%
Capital expenditure
2,312
2,292
20
0. 9%
Net debt
15,597
7,071
8,526
120. 6%
Net debt/EBITDA
2. 4 1
1. 5
0. 9

Equity
12,155
11,622
533
4. 6%
Equity ratio
32. 7
47. 0
(14. 3)

Full-time equivalent employees
19,887
19,729
158
0. 8%

1 Pro forma.
The main contributors to Group net revenue for 2024
of CHF 11.0 billion are the Swisscom Switzerland (72%)
and Fastweb (24%) segments. Swisscom Switzerland
accounts for 82% of the operating income before depre-
ciation and amortisation (EBITDA) of CHF 4.4 billion,
with Fastweb accounting for a share of 15%.
Compared with the previous year, group revenue fell
by 0.3% to CHF 11,036 million and operating income
before depreciation and amortisation (EBITDA) by 5.8%
to CHF 4,355 million. The reported revenue and EBITDA
development was influenced by the performance
of the euro (EUR) as a result of Fastweb’s substantial
share. The average EUR exchange rate decreased by
2.2% year on year in 2024. This resulted in negative
currency translation effects on Group revenue of CHF
60 million and on EBITDA of CHF 19 million. Based on
a constant EUR exchange rate, revenue in 2024 rose by
0.2% or CHF 24 million. Swisscom Switzerland’s reve-
nue fell by 1.7% and Fastweb achieved growth in rev-
enue of 6.7% (in EUR). In Other Operating Segments,
revenue increased by 4.5%.
EBITDA development is influenced negatively not only
by currency effects, but also primarily by non-recur-
ring items of CHF 217 million net (prior year: CHF –16
million). The non-recurring items in 2024 include inte-
gration costs of CHF 167 million and transaction costs
of CHF 60 million in connection with the acquisition of
Vodafone Italia. In addition, downsizing costs of CHF 14
million (prior year: CHF 7 million) were recorded. Fur-
thermore, costs of CHF 60 million were incurred at Fast-
web as a result of an adjustment of the FWA strategy.
By contrast, provisions for legal proceedings amount-
ing to net CHF 24 million (prior year: CHF 51 million).
Without these non-recurring items and at a constant
EUR exchange rate, EBITDA decreased by CHF 47 million
(–1.0%). Swisscom Switzerland accounted for CHF 41
million (–1.1%) of this; Fastweb, for its part, made a pos-
itive contribution of CHF 9 million (+1.1%). Net income
fell by CHF 170 million or 9.9% year on year to CHF 1,541
million. The decline can mainly be attributed to the costs
recorded in connection with the acquisition of Voda-
fone Italia. The Annual General Meeting will propose an
unchanged dividend of CHF 22 per share for the 2024
financial year.
Capital expenditure rose by 0.9% year on year to 2,312 mil-
lion. This primarily relates to network infrastructure in the
Swiss core business and at Fastweb. The generated free
cash flow of CHF 1,437 million finances the total dividend
of CHF 1,140 million. The acquisition of Vodafone Italia
increased net debt by CHF 9.1 billion (purchase price of
CHF 7.4 billion and acquired lease liabilities of CHF 1.7 bil-
lion) to CHF 15.6 billion, which corresponds to a pro forma
net debt/EBITDA ratio of 2.4. The single A credit rating con-
firmed by both rating agencies (Moody’s and S&P Global
Ratings) underlines Swisscom’s solid financial position.
Swisscom expects revenue of around CHF 15.0 billion to
CHF 15.2 billion, EBITDA after lease expense (EBITDAaL) of
around CHF 5.0 billion and capital expenditure of around
between CHF 3.1 billion and CHF 3.2 billion for 2025. Sub-
ject to achieving its targets, Swisscom plans to propose pay-
ment of an increased dividend of CHF 26 per share for the
2025 financial year at the 2026 Annual General Meeting.

42
Management Commentary | Financial review
Segment results
In CHF million, except where indicated
2024
2023
Change
in %

Revenue 1

Residential Customers
4,372
4,505
(133)
–3. 0%
Business Customers
3,096
3,083
13
0. 4%
Wholesale
524
541
(17)
–3. 1%
Infrastructure & Support Functions
75
73
2
2. 7%
Intersegment elimination
(61)
(55)
(6)
10. 9%
Swisscom Switzerland
8,006
8,147
(141)
–1.7%
Fastweb
2,672
2,561
111
4. 3%
Other Operating Segments
1,111
1,063
48
4. 5%
Intersegment elimination
(753)
(699)
(54)
7. 7%
Total revenue
11,036
11,072
(36)
–0.3%

Operating income before depreciation and amortisation (EBITDA) 1

Residential Customers
2,997
3,007
(10)
–0. 3%
Business Customers
1,276
1,345
(69)
–5. 1%
Wholesale
291
325
(34)
–10. 5%
Infrastructure & Support Functions
(1,002)
(969)
(33)
3. 4%
Intersegment elimination
(1)
1
(2)

Swisscom Switzerland
3,561
3,709
(148)
–4.0%
Fastweb
671
776
(105)
–13. 5%
Other Operating Segments
147
145
2
1. 4%
Reconciliation pension cost 2
25
37
(12)
–32. 4%
Intersegment elimination
(49)
(45)
(4)
8. 9%
Total (EBITDA)
4,355
4,622
(267)
–5.8%

1 As of 1 January 2024 Swisscom has made adjustments to the financial
management. The previous year’s figures have been adjusted accordingly.
For further information, see note 1.1 to the interim financial statements.
2 Operating income of segments includes ordinary employer contributions as
pension fund expense. The difference to the pension cost according to IAS 19 is
recognised as a reconciliation item.
Swisscom’s reporting focuses on the operating divi-
sions Swisscom Switzerland and Fastweb. The other
business divisions are grouped together under Other
Operating Segments.
Swisscom Switzerland comprises the customer seg-
ments Residential Customers, Business Customers and
Wholesale, along with the Infrastructure & Support
Functions business division. Infrastructure & Sup-
port Functions is managed as a cost centre and does
not charge network costs and management fees to
other segments. The remaining services between the
segments are charged at market prices. The segment
results for Residential Customers, Business Customers
and Wholesale correspond to a contribution margin
before network costs.
Fastweb operates in Italy and consists of the Residential
Customers, Business Customers and Wholesale segments.
Other
Operating
Segments
primarily
comprises
Swisscom Directories Ltd (localsearch), Swisscom Broad-
cast Ltd (radio transmitters) and cablex Ltd (network con-
struction and maintenance).

43
Swisscom Switzerland
In CHF million, except where indicated
2024
2023
Change
in %

Revenue and operating income before depreciation

and amortisation (EBITDA)

Telecom services
5,289
5,401
(112)
–2. 1%
IT services
1,191
1,154
37
3. 2%
Merchandise
801
835
(34)
–4. 1%
Wholesale
514
530
(16)
–3. 0%
Revenue other
148
169
(21)
–12. 4%
External revenue
7,943
8,089
(146)
–1.8%
Intersegment revenue
63
58
5
8. 6%
Revenue
8,006
8,147
(141)
–1.7%
Direct costs
(1,635)
(1,705)
70
–4. 1%
Indirect costs
(2,810)
(2,733)
(77)
2. 8%
Operating expense
(4,445)
(4,438)
(7)
0.2%
EBITDA
3,561
3,709
(148)
–4.0%
Margin as % of revenue
44. 5
45. 5

Operating free cash flow

EBITDA
3,561
3,709
(148)
–4. 0%
Lease expense
(232)
(225)
(7)
3. 1%
EBITDA after lease expense (EBITDAaL)
3,329
3,484
(155)
–4.4%
Capital expenditure
(1,725)
(1,690)
(35)
2. 1%
Operating free cash flow
1,604
1,794
(190)
–10.6%

Operational data in thousand and full-time equivalent employees

Fixed telephony access lines
1,137
1,226
(89)
–7. 3%
Broadband access lines retail
1,967
2,006
(39)
–1. 9%
TV access lines
1,493
1,537
(44)
–2. 9%
Mobile access lines
6,331
6,277
54
0. 9%
Access lines wholesale
731
692
39
5. 6%
Headcount
13,319
13,263
56
0. 4%
Swisscom Switzerland’s revenue fell by 1.7% in the year
under review. Telecoms services account for the largest
share of revenue (66%). The other main revenue items
are IT services (15%), merchandise (10%) and wholesale
business (6%).
Competitive pressure and price pressure have led to a
CHF 112 million or 2.1% drop in revenue from telecom
services. Of this decrease, CHF 61 million (–1.6%) was
accounted for by the Residential Customers segment and
CHF 51 million (–3.3%) by the Business Customers seg-
ment. Revenue from merchandise dipped by 4.1%. Com-
pared with the previous year, Swisscom sold fewer smart-
phones in the Residential Customers segment. In a market
environment that remains very intensive and in which
Swisscom’s market shares are on the decline in the areas
of mobile communications, broadband and the TV market,
the number of connections for broadband (–1.9%) and TV
(–2.9%) dropped, while the number of mobile connections
increased slightly (+0.9%). In mobile communications, the
customer structure changed in light of an increase in post-
paid lines (+110,000) and a comparable decrease in prepaid
lines (–56,000). In the Residential Customers segment, the
share of secondary and third-party brands rose from 31% to
34%. The number of connections for fixed network teleph-
ony dropped (–7.3%), which was due to the replacement of
fixed line telephony connections with mobile telephony.
Revenue from IT services rose by CHF 37 million (+3.2%). The
largest share of the increase is attributable to the acquisi-
tion of camptocamp SA (March 2024) and Axept Business
Software Ltd (June 2023). Swisscom once again had a
strong position as a full-service provider in the reporting
year, and customer satisfaction remained high. Demand
for cloud, security and IoT solutions, and business applica-
tions, continued to grow. The decline in wholesale revenue
by CHF 16 million (–3.0%) resulted from lower income for
foreign customers’ roaming in Switzerland.

44
Management Commentary | Financial review
Operating expense remained almost stable at CHF 4,445
million (+0.2%). The direct costs fell by CHF 70 million
(–4.1%), primarily due to the lower volume of smart-
phones sold and lower customer acquisition costs and
customer loyalty costs. The increase in indirect costs by
CHF 77 million (+2.8%) was influenced by non-recurring
items. In the year under review, non-recurring costs of
CHF 60 million were incurred in connection with the
preparations and completion of the acquisition of Voda-
fone Italia. Provisions for termination benefits of CHF 13
million were also set up (prior year: CHF 6 million). By
contrast, provisions for legal proceedings amounting to
CHF 24 million were reversed (prior year: CHF 64 million).
Excluding these non-recurring items, indirect costs fell by
CHF 30 million (–1.1%). In telecommunications, cost sav-
ings of CHF 72 million were realised through efficiency
improvement measures. By contrast, indirect costs in the
solutions business rose due to business growth. Head-
count in full-time equivalents increased by 56 full-time
equivalents (+0.4%). In the Business Customers segment,
the headcount increased due to business growth and the
acquisition of camptocamp SA, whereas in Infrastructure
& Support Functions, it rose due to additional resources
and insourcing efforts in IT. Operating income before
depreciation and amortisation (EBITDA) fell by 4.0%.
Adjusted for non-recurring items, the decrease was 1.1%.
Capital expenditure came to CHF 1,725 million in the
reporting year and was thus above the previous year’s
level (+2.1%). Around two fifths of this amount was
used for expanding the access network with opti-
cal fibre and neighbourhood connections, meaning
that investments in these areas were higher than in
the previous year. Capital expenditure on the mobile
phone network also increased. At the end of 2024, 52%
of homes were connected to the fibre-optic network.
A bandwidth of at least 80 Mbit/s was available to 90%
of the population. Swisscom’s mobile phone network
covers 99.9% of the population with 4G or 5G services
thanks to the expansion, whereby 86% of the popula-
tion are able to benefit from the more powerful 5G+
technology variant.
Fastweb
In EUR million, except where indicated
2024
2023
Change
in %

Revenue and operating income before depreciation

and amortisation (EBITDA)

Residential customers
1,170
1,163
7
0. 6%
Business customers
1,249
1,134
115
10. 1%
Wholesale
383
330
53
16. 1%
External revenue
2,802
2,627
175
6.7%
Intersegment revenue
7
6
1
16. 7%
Revenue
2,809
2,633
176
6.7%
Operating expense
(2,103)
(1,835)
(268)
14. 6%
EBITDA
706
798
(92)
–11.5%
Margin as % of revenue
25. 1
30. 3

Operating free cash flow

EBITDA
706
798
(92)
–11. 5%
Lease expense
(50)
(55)
5
–9. 1%
EBITDA after lease expense (EBITDAaL)
656
743
(87)
–11.7%
Capital expenditure
(628)
(623)
(5)
0. 8%
Operating free cash flow
28
120
(92)
–76.7%

Operational data in thousand and full-time equivalent employees

Broadband access lines retail
2,544
2,601
(57)
–2. 2%
Broadband access lines wholesale
905
648
257
39. 7%
Mobile access lines
3,930
3,509
421
12. 0%
Headcount
3,299
3,157
142
4. 5%
Fastweb’s revenue rose year on year by 6.7% or EUR 176
million to EUR 2,809 million. Competition remained
fierce. The customer base in the fixed-network business
(retail and wholesale) grew by 6.2% overall to 3.45 million.
While the customer base in the retail segment fell by
2.2% to 2.54 million due to the challenging market envi-
ronment, the number of ultra-fast broadband connec-
tions provided by Fastweb to other operators (wholesale

45
business) rose by 39.7% to 905,000. Among retail cus-
tomers, the share of ultra-fast broadband connections
increased by one percentage point to 91%. The number
of mobile access lines increased by 421,000 (+12.0%) to
3.93 million, with bundled offerings continuing to play an
important role here. 44% of broadband customers used a
bundled offering combining fixed network and mobile. At
EUR 1,170 million, residential customer revenue remained
at almost the same level year on year (+0.6%). The lower
revenue in the fixed-network business was compensated
for by an increase in the mobile communications segment
and as a result of its larger customer base. Revenue from
business customers increased by 10.1% or EUR 115 million
to EUR 1,249 million. This was due to higher revenue from
IT services. Revenue from wholesale business increased
by 16.1% or EUR 53 million to EUR 383 million due to
broadband access growth.
Operating expense increased year on year by EUR 268
million (+14.6%). Operating expense in the previous
year was impacted by the recognition of provisions
for legal proceedings in the amount of EUR 13 mil-
lion and costs of EUR 61 million due to a change in the
fixed wireless access (FWA) strategy. In the operating
expense for 2024, integration costs of EUR 176 million
in connection with the acquisition of Vodafone Ita-
lia were recorded. After adjustments to reflect these
effects, operating expense rose by EUR 166 million
(+9.4%), mainly due to growth in revenue. Adjusted
EBITDA increased by EUR 10 million (+1.1%). In the year
under review, capital expenditure was unchanged
year on year at EUR 628 million (+0.8%). Headcount
increased by 4.5% or 142 FTEs to 3,299 FTEs as the
company took on external staff and the growth cre-
ated a need for more personnel.
Other Operating Segments
In CHF million, except where indicated
2024
2023
Change
in %

Revenue and operating income before depreciation

and amortisation (EBITDA)

External revenue
427
427
–
0. 0%
Intersegment revenue
684
636
48
7. 5%
Revenue
1,111
1,063
48
4.5%
Operating expense
(964)
(918)
(46)
5. 0%
EBITDA
147
145
2
1.4%
Margin as % of revenue
13. 2
13. 6

Operating free cash flow

EBITDA
147
145
2
1. 4%
Lease expense
(11)
(11)
–
0. 0%
EBITDA after lease expense (EBITDAaL)
136
134
2
1.5%
Capital expenditure
(39)
(40)
1
–2. 5%
Operating free cash flow
97
94
3
3.2%

Full-time equivalent employees

Headcount
3,269
3,309
(40)
–1. 2%
Revenue in Other Operating Segments was up by 4.5%
or CHF 48 million year on year to CHF 1,111 million,
due primarily to higher revenue at cablex. Operating
income before depreciation and amortisation (EBITDA)
was above that of the previous year (+1.4%) at CHF 147
million. The profit margin fell slightly to 13.2% (prior
year: 13.6%). Headcount was at 3,269 full-time equiva-
lents, and was therefore almost on a par with the pre-
vious year (–1.2%).
Reconciliation of pension cost
and intersegment elimination
The reconciliation item for pension cost is the difference
between employer contributions and the pension cost
under IFRS. Intersegment elimination relates to intragroup
profits on capitalised services of other Group companies.
Because the interest rate relevant for IFRS measurement
has decreased, the reconciliation item for pension cost
produced a positive EBITDA contribution of CHF 25 million
in 2024 (prior year: CHF 37 million).

46
Management Commentary | Financial review
Depreciation and amortisation, non-operating results
In CHF million, except where indicated
2024
2023
Change
in %
Operating income before depreciation and amortisation (EBITDA)
4,355
4,622
(267)
–5.8%
Depreciation, amortisation and impairment of property,

plant and equipment, intangible assets and goodwill
(2,143)
(2,126)
(17)
0. 8%
Depreciation of right-of-use assets
(261)
(291)
30
–10. 3%
Operating income (EBIT)
1,951
2,205
(254)
–11.5%
Net interest expense for financial assets and liabilities
(34)
(67)
33
–49. 3%
Interest expense on lease liabilities
(48)
(44)
(4)
9. 1%
Other financial result
(6)
(19)
13
–68. 4%
Result of equity-accounted investees
(2)
–
(2)

Income before income taxes
1,861
2,075
(214)
–10.3%
Income tax expense
(320)
(364)
44
–12. 1%
Net income
1,541
1,711
(170)
–9.9%

Earnings per share (in CHF)
29. 77
33. 03
(3. 26)
–9. 9%
Net income fell by CHF 170 million or 9.9% to CHF 1,541
million. The decline can mainly be attributed to the
integration and transaction costs recognised in the
operating income in connection with the acquisition of
Vodafone Italia. Accordingly, earnings per share of CHF
33.03 fell to CHF 29.77.
Income tax expense
In CHF million, except where indicated
Switzerland
Italy
Other
Total

2024 financial year

Income before income taxes
1,862
(14)
13
1,861
Income tax expense
310
2
8
320
Effective income tax rate
16. 6%
–14. 3%
61. 5%
17. 2%

Income taxes paid
245
50
2
297

2023 financial year

Income before income taxes
2,040
30
5
2,075
Income tax expense
346
19
(1)
364
Effective income tax rate
17. 0%
63. 3%
–20. 0%
17. 5%

Income taxes paid
226
57
30
313
The effective income tax rate is 17.2% (prior year:
17.5%). Swisscom anticipates a future effective consol-
idated tax rate between of 18% and 19%. The CHF 16
million increase in income taxes paid to CHF 297 mil-
lion was attributable to back-payments incurred in the
previous year for previous financial years.

47
Cash flows
In CHF million
2024
2023
Change
Operating income before depreciation and amortisation (EBITDA)
4,355
4,622
(267)
Lease expense
(291)
(288)
(3)
EBITDA after lease expense (EBITDAaL)
4,064
4,334
(270)
Capital expenditure
(2,312)
(2,292)
(20)
Operating free cash flow
1,752
2,042
(290)
Change in net working capital
13
(133)
146
Change in defined benefit obligations
(5)
(31)
26
Net interest payments on financial assets and liabilities
(10)
(77)
67
Income taxes paid
(297)
(313)
16
Other operating cash flow
(16)
(8)
(8)
Free cash flow
1,437
1,480
(43)
Dividends paid to equity holders of Swisscom Ltd
(1,140)
(1,140)
–
Net expenditures for company acquisitions and disposals
(12)
(63)
51
Proceeds from sale of FiberCop
423
–
423
Other changes 1
(165)
26
(191)
Decrease in net debt before Vodafone Italia transaction
543
303
248
Purchase price
(7,420)
–
(7,420)
Lease liabilities
(1,697)
–
(1,697)
Other net debt
48
–
48
Vodafone Italia transaction
(9,069)
–
(9,069)
(Increase) decrease in net debt
(8,526)
303
(8,821)

1 Includes foreign currency effects, fair value adjustments and non-cash changes in
net debt positions.
Operating free cash flow fell by CHF 290 million to
CHF 1,752 (–14.2%) million due to lower EBITDA and
higher capital expenditure. Net working capital fell
by CHF 13 million compared with the end of 2023
(prior year: increase of CHF 133 million). This includes
the additions to provisions, which were recorded in
EBITDA in connection with the acquisition of Voda-
fone Italia. Various payment maturities for interest
income and expenses resulted in lower net interest
paid. As a result, free cash flow fell by CHF 43 million
to CHF 1,437 million. The free cash flow financed the
dividend totalling CHF 1,140 million. In 2024, Fastweb
sold its 4.5% share in FiberCop for a purchase price of
EUR 439 million (CHF 423 million). At the end of 2024,
the acquisition of Vodafone Italia was completed. The
purchase price was EUR 7.9 billion (CHF 7.4 billion).
Lease liabilities of CHF 1.7 billion were assumed with
the acquisition.

48
Management Commentary | Financial review
Capital expenditure
In CHF million, except where indicated
2024
2023
Change
in %
Backbone and infrastructure
118
133
(15)
–11. 3%
Fixed access network
714
657
57
8. 7%
Mobile network
268
245
23
9. 4%
IT
504
509
(5)
–1. 0%
Other
121
146
(25)
–17. 1%
Swisscom Switzerland
1,725
1,690
35
2.1%
Fastweb
597
606
(9)
–1. 5%
Other Operating Segments
39
40
(1)
–2. 5%
Elimination (interim gains)
(49)
(44)
(5)
11. 4%
Total capital expenditure
2,312
2,292
20
0.9%
Thereof Switzerland
1,712
1,685
27
1. 6%
Thereof other countries
600
607
(7)
–1. 2%

Capital expenditure as % of revenue
20. 9
20. 7
0. 2
The capital expenditure of CHF 2,312 million or 21%
of revenue once again reached a substantial amount
in the reporting year. The share of capital expenditure
in Switzerland came to 74% thanks to an amount of
CHF 1,712 million.
Swisscom Switzerland’s capital expenditure rose by
2.1% or CHF 35 million to CHF 1,725 million, with capital
expenditure on fibre-optic connection (fixed network
access network) as well as capital expenditure on the
mobile phone network increasing year on year.
Fastweb’s capital expenditure totalled EUR 628 mil-
lion in local currency in the reporting year. It was
therefore at almost the same level as the previous
year (+0.8%).

49
Net asset position
In CHF million
31.12.2024
31. 12. 2023
Change
Property, plant and equipment
13,501
11,059
2,442
Intangible assets
6,124
1,737
4,387
Goodwill
6,298
5,172
1,126
Right-of-use assets
3,994
1,972
2,022
Trade receivables
2,892
2,143
749
Receivables from finance leases
163
130
33
Trade payables
(2,685)
(1,611)
(1,074)
Provisions
(1,540)
(1,263)
(277)
Deferred gain on sale and leaseback of real estate
(77)
(81)
4
Other operating assets and liabilities, net
(247)
(141)
(106)
Net operating assets
28,423
19,117
9,306
Net debt
(15,597)
(7,071)
(8,526)
Defined benefit assets and obligations, net
(53)
(10)
(43)
Income tax assets and liabilities, net
(843)
(875)
32
Equity-accounted investees and other non-current financial assets
225
461
(236)
Equity
12,155
11,622
533

Equity ratio in %
32. 7
47. 0
(14. 3)
Operating assets
The acquisition of Vodafone Italia has a significant impact
on Swisscom’s balance sheet. The effect on net operating
assets amounts to CHF 9.3 billion. Without Vodafone
Italia, operating assets remained almost unchanged.
For Vodafone Italia, a goodwill totalling CHF 1.1 billion
is accounted for from the provisional purchase price allo-
cation. The lion’s share of the goodwill, totalling CHF 6.3
billion, is attributable to Swisscom Switzerland (CHF 4.3
billion). This goodwill arose primarily in 2007 in connec-
tion with the repurchase of the 25% stake in Swisscom
Mobile Ltd. This had been sold to the Vodafone Group in
2001. The valuation risk of this goodwill item is very low.
The carrying amount of goodwill for Fastweb is CHF 0.5
billion. In total, the carrying amount of the net assets of
Fastweb and Vodafone together amounts to around EUR
11 billion (CHF 10 billion).
Post-employment benefits
The net defined benefit obligations in accordance with
IFRS provisions amount to CHF 53 million (prior year: CHF
10 million). According to Swiss accounting standards (Swiss
GAAP ARR), the Swisscom pension fund has a surplus
amount of CHF 2.0 billion and a coverage ratio of 118.1%
as per the provisional financial statements for 2024 (prior
year: 114.5%). Due to different assumptions and methods,
the valuation according to IFRS results in a surplus of only
CHF 0.5 billion. Due to specific IFRS regulations, most of
the surplus was not capitalised.
The pension cost in accordance with IFRS in 2024 was
CHF 9 million lower than regulatory employer contribu-
tions. Because the interest rate relevant for IFRS measure-
ment has fallen, the IFRS provision expense in 2024 rose by
CHF 18 million compared with 2023.
Equity
Swisscom has equity of CHF 12.2 billion and an equity
ratio of 32.7%. Equity increased year-on-year by
CHF 0.5 billion, mainly due to retained earnings. Due
to the acquisition of Vodafone Italia, the balance sheet
total increased, causing the equity ratio to decrease.
The determination of distributable reserves is based
on the financial statements of Swisscom Ltd (sepa-
rate financial statements in accordance with the Swiss
Code of Obligations) and not on the consolidated finan-
cial statements in accordance with IFRS. The equity of
Swisscom Ltd in the 2024 annual financial statements
is CHF 8.9 billion. The difference as compared to the
equity reported in the consolidated balance sheet is
largely due to earnings retained by subsidiaries and
different accounting methods.

50
Management Commentary | Financial review
Net debt
In CHF million
31.12.2024
31. 12. 2023
Change
Debenture bonds
9,832
4,789
5,043
Bank loans
3,394
267
3,127
Private placements
322
322
–
Other financial liabilities
351
287
64
Lease liabilities
3,636
1,915
1,721
Total financial liabilities
17,535
7,580
9,955
Cash and cash equivalents
(1,523)
(148)
(1,375)
Listed debt instruments
(271)
(258)
(13)
Other financial assets
(144)
(103)
(41)
Net debt
15,597
7,071
8,526

Ratio net debt/EBITDA
2. 4 1
1. 5
0. 9

1 Pro forma.
In the year under review, Swisscom met its target of
maintaining a single-A credit rating. In connection with
the acquisition of Vodafone Italia, net debt rose by
CHF 8.5 billion to CHF 15.6 billion. The increase from the
takeover amounted to CHF 9.1 billion (purchase price of
CHF 7.4 billion and acquired leasing debt of CHF 1.7 bil-
lion). The pro forma net debt/EBITDA ratio amounted to
2.4 (prior year: 1.5), so that the net debt/EBITDA ratio at
the end of 2024 was within the limits on net debt set by
the Federal Council in the financial targets of 2.4.
At the end of 2024, the proportion of fixed-interest-bear-
ing financial liabilities was 86%, the average interest
cost of all financial liabilities was 1.79% and the average
remaining term to maturity was 5.4 years. Swisscom also
has two credit lines totalling CHF 2.9 billion, which have
not been used. In 2025, bonds totalling CHF 0.5 billion will
become due for repayment.

51
Statement of added value
2024
2023
Switzer-
Other

Switzer-
Other

In CHF million
land
countries
Total
land
countries
Total

Added value

Revenue
8,363
2,673
11,036
8,516
2,556
11,072
Capitalised self-constructed assets and other income
658
85
743
596
96
692
Direct costs
(1,652)
(1,320)
(2,972)
(1,730)
(1,176)
(2,906)
Other operating expense 1
(1,145)
(321)
(1,466)
(1,005)
(528)
(1,533)
Lease expense
(242)
(49)
(291)
(234)
(54)
(288)
Depreciation and amortisation 2
(1,558)
(575)
(2,133)
(1,486)
(585)
(2,071)
Intermediate inputs
(3,939)
(2,180)
(6,119)
(3,859)
(2,247)
(6,106)
Operating added value
4,424
493
4,917
4,657
309
4,966
Other non-operating result 3

(301)

(181)
Total added value

4,616

4,785

Allocation of added value

Employees 4
2,453
321
2,774
2,411
306
2,717
Public sector 5
363
25
388
287
43
330
Shareholders (dividends)

1,140

1,141
Third-party lenders (net interest expense)

67
Company (retained earnings) 6

280

530
Total added value

4,616

4,785

1 Other operating expense: excl. taxes on capital and other taxes not based on
income.
2 Depreciation and amortisation: excl. impairment losses and amortisation of
acquisition-related intangible assets such as customer relations.
3 Other non-operating result: financial result excl. net interest expense, result of
equity-accounted investees, impairment losses and amortisation of acquisition-re-
lated intangible assets.
4 Employees: employer contributions are reported as pension cost, rather than as
expenses according to IFRS.
5 Public sector: current income tax expense, capital taxes and other taxes not based
on income. Excl. payments for VAT and mobile communication frequencies.
6 Company: including changes in deferred income taxes and defined benefit obliga-
tions.
Thanks to a modern, high-performance network infra-
structure and a comprehensive, needs-driven offering,
Swisscom makes an important contribution to Switzer-
land’s competitiveness and economic success.
Of the consolidated operating added value of CHF 4.9
billion, Swisscom generated 90% or CHF 4.4 billion in
Switzerland. Compared to the previous year, operating
added value in Switzerland fell by CHF 0.2 billion or 5.0%.
The added value per FTE in Switzerland was CHF 278,000
(prior year: CHF 293,000). Including capital expenditure,
the purchasing volume in the Swiss business was around
CHF 4.2 billion in the reporting year (prior year: CHF 4.3
billion). In addition to direct added value, purchases from
suppliers created significant indirect added value for
Switzerland’s economy.

52
Management Commentary | Financial review
Financial outlook

2024
2005
2024
pro forma
outlook
Key figures or as noted
reported
preliminary 1
preliminary 2

Revenue

Swisscom Group
CHF 11.0 bn
CHF 15.3 bn
CHF 15.0–15.2 bn
Switzerland
CHF 8. 0 bn
CHF 8. 0 bn
CHF 7. 9–8. 0 bn
Italy
EUR 2. 8 bn
EUR 7. 3 bn
~ EUR 7. 3 bn

EBITDA after lease expense (EBITDAaL)

Swisscom Group
CHF 4.1 bn
CHF 5.2 bn
~ CHF 5.0 bn
Switzerland
CHF 3. 3 bn
CHF 3. 4 bn
CHF 3. 3–3. 4 bn
Italy
EUR 0. 7 bn
EUR 1. 8 bn
EUR 1. 6–1. 7 bn

Capital expenditure

Swisscom Group
CHF 2.3 bn
CHF 3.0 bn
CHF 3.1–3.2 bn
Switzerland
CHF 1. 7 bn
CHF 1. 7 bn
~ CHF 1. 7 bn
Italy
EUR 0. 6 bn
EUR 1. 4 bn
EUR 1. 5–1. 6 bn

Operating free cash flow

Swisscom Group
CHF 1.8 bn
CHF 2.2 bn
CHF 1.8–1.9 bn
Switzerland
CHF 1. 6 bn
CHF 1. 7 bn
~ CHF 1. 7 bn
Italy
EUR 0. 0 bn
EUR 0. 5 bn
EUR 0. 1–0. 2 bn

1 Pro forma adjusted figures as if Vodafone Italia were consolidated from 1 January
2024 and harmonised accounting policies were applied (on an unaudited basis).
Incl. adjustment for one-off items 2024.
2 Exchange rate CHF/EUR 0.93 (2024: CHF/EUR 0.951).
The Swisscom Group includes the segments Switzer-
land, Italy and Other (not shown in the list above).
From the 2025 financial year onwards, the EBITDA
after lease expense (EBITDAaL) metric will be used to
measure and report on the financial performance of
the Group and the operating segments. Following the
acquisition of Vodafone Italia and the adapted princi-
ples for lease accounting from the 2025 financial year
onwards, the importance of leases has seen a sharp
increase. Compared to the previous EBITDA metric,
the EBITDAaL metric is considered more reliable and
more relevant for financial management (allocation
of resources and measurement of financial perfor-
mance) and communication with investors. It will also
boost comparability with other telecommunications
providers.
Based on the provisional purchase price allocation and
the provisional implementation of Swisscom’s accounting
policies, the acquired Vodafone Italia has been taken into
account in the financial outlook for 2025.
In the first of 2025, the purchase price allocation will con-
tinue to progress and the implementation of Swisscom’s
accounting policies is expected to be finalised. Based on
this, the financial outlook will be updated on 8 May 2025
when the results for the first quarter of 2025 are pub-
lished.
Swisscom’s 2025 EBITDAaL contains a lease expense
of around CHF 1.6 billion. The 2025 EBITDAaL for Italy
includes integration costs of around EUR 50 million.
The 2025 capital expenditure in Italy takes into account
costs for the integration of the acquired Vodafone Ita-
lia, amounting to EUR 150 million, and adjustments of
around EUR 50 million for capital expenditure in con-
nection with the agreement made with INWIT regard-
ing the location optimisation of mobile phone masts.
This EUR 50 million will be reimbursed to Swisscom
by the Vodafone Group as part of the purchase price
adjustment.
The net debt/EBITDA ratio at the end of 2025 is expected
to be around 2.4.
Subject to achieving its targets, Swisscom plans to pro-
pose payment of an increased dividend of CHF 26 per
share for the 2025 financial year at the 2026 Annual
General Meeting.

53
Capital market
Market value
CHF 26.1 billion
Swisscom market capitalisation
at the end of 2024.
Total shareholder return
4.1%
Total shareholder returns achieved
by the Swisscom share in 2024.
Credit rating
Single-A rating
is confirmed by S&P Global Ratings
and Moody’s.

Swisscom share
In CHF million, except where indicated

31.12.2024
31. 12. 2023
Number of issued shares

51. 802
51. 802
Closing price at end of period
CHF
504. 50
506. 00
Closing price highest
CHF
571. 00
619. 40
Closing price lowest
CHF
486. 80
501. 20
Market capitalisation

26,134
26,212
Dividend per share
CHF
22. 00
22. 00
Dividend return
%
4. 3
4. 3
Change in Swisscom share price
%
(0. 3)
(0. 1)
Change in SMI
%
4. 2
3. 8
Change in STOXX Europe Telco 600 (in EUR)
%
15. 6
3. 8
Total shareholder return Swisscom share
%
4. 1
4. 2
Total shareholder return on Swisscom shares over the last five years
%
20. 8
32. 9
Total shareholder return SMI
%
7. 5
6. 1
Total shareholder return SMI over the last five years
%
27. 3
54. 1
Total shareholder return STOXX Europe Telco 600 (in EUR)
%
21. 8
8. 9
Total shareholder return STOXX Europe Telco 600 (in EUR) over the last five years
%
16. 9
1. 1
At the end of 2024, the Swisscom share price was vir-
tually unchanged against the closing price at the end
of the previous year. The benchmark indices showed
better performance in 2024. The SMI increased by 4.2%
and the STOXX Europe Telco 600 (EUR) rose by 15.6%.
The Swisscom share offers an attractive dividend yield
of 4.3%. The total shareholder return (TSR) based on the
increase in the share price and distributions over the last
five years was also positive at 21%.

Y See www.swisscom.ch/shareprice
Dividend policy
Swisscom pursues a dividend policy whereby a dividend
per share at least equal to the previous year is paid out
if financial targets are achieved. For the 2024 financial
year, the Board of Directors will propose an unchanged
dividend of CHF 22 to the Annual General Meeting,
which represents a total dividend payment of CHF 1,140
million. Swisscom intends to increase the annual divi-
dend for the 2025 financial year to CHF 26 per share, to
be paid out in 2026. This is with the intention of a fur-
ther dividend increase. Since the IPO in 1998, the total
amount distributed has been CHF 38.7 billion.
Credit ratings and financing
Swisscom has good credit ratings from international
rating agencies. In the 2023 reviews, S&P Global Rat-
ings left the rating unchanged at A (positive) and
Moody’s increased the rating to A2 (stable). The acqui-
sition of Vodafone Italia led to S&P Global Ratings low-
ering the rating to A- and Moody’s to A2. It continues to
have one of the highest ratings among European tele-
communications companies, supported by a clear debt
reduction plan.

54
Management Commentary | Capital market
Value-oriented business management
Key performance indicators for planning and manag-
ing business operations are revenue, operating income
before depreciation and amortisation (EBITDA) and cap-
ital expenditure. The enterprise value/EBITDA ratio per-
mits comparison with the value of comparable com-
panies (European telecommunications companies) and
with its own figure for the prior year. The members
of the Board of Directors and Group Executive Board
are paid a portion of their remuneration in the form
of Swisscom shares. They are also subject to a mini-
mum shareholding requirement. Variable remunera-
tion based on financial and non-financial targets, the
partial settlement of remuneration in shares and the
minimum shareholding requirement ensure that the
financial interests of management are aligned with the
interests of shareholders.
In CHF million, except where indicated
31.12.2024
31. 12. 2023
Change

Enterprise value

Market capitalisation
26,134
26,212
(78)
Net debt
15,597
7,071
8,526
Defined benefit assets and obligations, net
53
10
43
Income tax assets and liabilities, net
843
875
(32)
Equity-accounted investees and other non-current financial assets
(225)
(461)
236
Non-controlling interests
–
3
(3)
Enterprise value (EV)
42,402
33,710
8,692

Ratio enterprise value/EBITDA
6. 8 1
7. 3
(0. 5)

1 Pro forma.
In connection with the acquisition of Vodafone Italia,
Swisscom’s enterprise value rose by CHF 8.7 billion (+25.8%)
to CHF 42.4 billion. Market capitalisation remained
unchanged year on year and net debt increased by CHF
8.6 billion, mainly due to the acquisition of Vodafone
Italia. The enterprise value/EBITDA ratio of 6.8x is lower
than the prior-year figure of 7.3x. The reason for this
decline is the acquisition of Vodafone Italia. Measured
against this ratio, Swisscom’s relative valuation is well
above the average for comparable companies in Europe’s
telecoms sector. This high relative valuation is supported
by Swisscom’s solid market position and attractive divi-
dend. In addition, the lower interest rates and lower cor-
porate income tax rates in Switzerland compared with
other European countries have a positive effect on its
enterprise value.
STOXX Europe 600 Telcos (in CHF, indexed)
SMI (indexed)
Swisscom
12. 23
01. 24
02. 24
03. 24
04. 24
05. 24
06. 24
07.24
08. 24
09. 24
10. 24
11. 24
12. 24
Share performance 2024
in CHF
620
CHF 505
Closing price
Swisscom share
31. 12. 2024

570
520
470

55
Risks
Competitive dynamics
Core business
Swisscom is countering the risk of
disruptive megatrends through
comprehensive environment analyses,
fundamental transformation and
increasing its own efficiency.
Politics
Regulation
Swisscom’s wide range of business
activities, coupled with the complexity
of the applicable regulations, calls
for an effective compliance manage-
ment system.
Geopolitics
Currencies,
supply bottlenecks
and inflation
Swisscom takes steps on an ongoing
basis to enable it to respond ade-
quately to geopolitical developments.

Risk situation
Sales in the core business of Swisscom are under pres-
sure from intense competition. New offerings in the
areas of digitalisation and IT services, such as cloud
and IT security solutions, are intended to compensate
at least in part for sagging revenue from the core busi-
ness. Market developments result in changes to the
business model and demand both a profound trans-
formation of Swisscom’s own company and greater
efficiency. Some of the key risk factors are described
below. Further information on risks can be found in the
report on non-financial matters.

H See report pages 60–89

Risk factors
Competitive dynamics in the
telecommunications market
Infrastructure providers and service providers that
don’t have their own network infrastructure are driv-
ing the competitive dynamics. Swisscom is countering
this pressure and the development of revenue from
the traditional telecoms business by transforming the
company, as well as through constant innovation. Meg-
atrends such as increasing connectivity, customisation
of customer needs, and demographic change are shap-
ing and altering both society and the economy and
have a long-term impact on the activities of Swisscom.
Swisscom conducts a comprehensive external environ-
ment analysis at least once a year in order to identify
potential disruptions at an early stage. It uses the future
trends and developments identified by the analysis
in a targeted manner: for example, to categorise new,
potentially disruptive developments and to model pos-
sible scenarios in a timely manner. Swisscom also pro-
duces regular analyses of the economic and regulatory
environment. It also examines the activities of global
internet corporations in greater depth to identify rele-
vant changes and respond with appropriate measures.
To respond to changes in the market, Swisscom consist-
ently focuses on customer needs when transforming its
own company and optimises or adapts its processes and
its organisation.

56
Management Commentary | Risks
Policy, regulation and compliance
The manner in which regulations are implemented
entails risks for Swisscom, which could have an adverse
impact on the company’s financial position and results
of operations. Sanctions by the Competition Commis-
sion could also reduce Swisscom’s operating results
and cause reputational damage to the company. Finally,
excessively high political demands threaten to funda-
mentally undermine the current competitive system.
Swisscom’s wide range of business activities, coupled
with the complexity of the applicable regulations, calls
for an effective compliance management system (CMS).
Swisscom’s central CMS covers the entire Group. It was
audited by an independent auditor in accordance with
ISO 37301 (compliance management systems) during
the year under review.
Geopolitical development
Swisscom pursues a successful hedging strategy,
thereby minimising the risk of losses that can arise as
a result of fluctuating foreign exchange rates. Geo-
political developments also pose the risk of inflation,
shortages of goods or delays in deliveries, and reces-
sion in general. Changes in the geopolitical situation
have put the need to protect critical infrastructure
on the political agenda. A new parliamentary motion
calls for a legal basis for, if necessary, banning techni-
cal equipment components from countries where state
or state-related institutions exert control over indus-
try. To enable it to respond appropriately to geopolit-
ical developments, Swisscom reviews and implements
measures on an ongoing basis.

Increasing bandwidth in the access network
Customer demand for broadband access is growing in
proportion to the growing popularity of devices and
IP-based (Internet Protocol-based) services (smart-
phones, IPTV, OTTs, etc.). Swisscom faces tough compe-
tition from cable companies and other network oper-
ators as it strives to meet current and future customer
needs and defend its own market share. The network
expansion this necessitates calls for major investments.
To mitigate financial risks and ensure optimum network
coverage, network expansion is geared towards popu-
lation density and customer demand. Swisscom enters
into partnerships for network expansion. Substantial
risks would arise if Swisscom were forced to spend more
on network expansion than planned or if projected long-
term earnings were to fall. Swisscom minimises the risks
by adapting the broadband expansion of the access net-
work to changing conditions and technical opportunities
on an ongoing basis.
Competitive dynamics and regulation in Italy
The competitive dynamics in Italy carry risks that have
a detrimental impact on Fastweb’s strategy and could
jeopardise projected revenue growth as a result. Fast-
web is countering this pressure by constantly adapting
its services, organisation, processes and partnerships. In
the year under review, Swisscom acquired Vodafone Ita-
lia, which is to be merged with Fastweb as a result. This
will create a leading convergent provider in the Italian
market, which will be able to remain robust in the face
of external risks thanks to expected synergy effects.
Changes in the legal and regulatory environment can
have a negative impact on business activities and thus
on the value of the company.

57
Business interruption
Usage of Swisscom Switzerland’s and Fastweb’s ser-
vices is heavily dependent on technical infrastructure
such as communications networks and IT platforms.
Any major disruption to business operations poses a
financial risk as well as a substantial reputational risk.
Force majeure, natural disasters, human error, hard-
ware or software failure, criminal acts by third parties
(e.g. computer viruses, hacking activities), power out-
ages, power shortages and the ever-growing complex-
ity and interdependence of modern technologies can
cause damage or interruption to operations. Built-in
redundancy, contingency plans, deputising arrange-
ments, alternative locations, careful selection of sup-
pliers and other measures are designed to ensure that
Swisscom can deliver the level of service that custom-
ers expect at all times. As a systemically important
company, Swisscom also wants to do its part to mini-
mise the risk of a power shortage. Swisscom was certi-
fied in accordance with ISO 22301 (business continuity
management) in the reporting year.
Information and security technologies
Swisscom’s complex IT architecture entails risks during
both the implementation and operating phases. These
risks have the potential to delay the rollout of new ser-
vices, result in additional costs and impact Swisscom’s
competitiveness. The transformation is being closely
monitored by the Group Executive Board. Changes and
developments in technology, the economy and society
interact to shape the area of internet security because
continuous innovations and the opportunities they
bring lead not only to opportunities, but also to new
risks. Despite the fact that preventing cyberattacks is
becoming increasingly difficult due to the rise in the
number of potential threats, the objective is to iden-
tify these risks at an early stage, systematically docu-
ment them and take appropriate steps to permanently
reduce them.
Health and the environment
In the year under review, claims were again made that
electromagnetic radiation (e.g. from mobile antennas
or mobile handsets) is potentially harmful to health.
Under the terms of the Ordinance on Protection against
Non-Ionising Radiation (ONIR), Switzerland has adopted
a precautionary principle and introduced limits for base
stations in sensitive areas such as homes, schools, hos-
pitals and permanent workplaces that are ten times
stricter than those recommended by the World Health
Organization (WHO). The public’s wary attitude towards
5G, particularly if questions arise concerning loca-
tions for mobile communication antennas, is impeding
Swisscom’s network expansion. Even without stricter
legislation, public concerns about the effects of elec-
tromagnetic radiation on the environment and health
could further hamper the construction of wireless net-
works in the future and drive up costs.

Environmental matters __________
Climate protection. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64
Energy efficiency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66
Circular economy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
Climate risks and opportunities (Task Force
on Climate-related Financial Disclosures TCFD). . . . . . . 69
Employee matters_ _____________
Labour market skills and training. . . . . . . . . . . . . . . . . . . . . 76
Diversity and equal opportunities . . . . . . . . . . . . . . . . . . . 77
Social matters _________________
Data protection and data security. . . . . . . . . . . . . . . . . . . 79
Network access . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81
Youth media protection and media skills . . . . . . . . . . . . 82
Respect for human rights _ _______
Fair supply chain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84
Anti-corruption_ _______________
Ethical behaviour. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88
General information_ ___________ About this report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
Sustainability strategy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61
Governance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61
Business model. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63
Identification of material non-financial matters. . . . . . 63

60
Report on Non-financial Matters | General information
General information
About this report
Reporting on non-financial matters
In accordance with Article 964b of the Swiss Code of Obli-
gations, the report on non-financial matters contains
disclosures about environmental matters (especially the
CO2 targets) as well as social, employee, human rights and
anti-corruption matters. These disclosures are required to
understand business performance, operating results, the
company’s position and the impact that the company’s
activities have on these non-financial matters.
The Board of Directors of Swisscom Ltd approved this
report on 12 February 2025. The report is subject to
approval by the shareholders of Swisscom Ltd at its
Annual General Meeting to be held on 26 March 2025.
It is published electronically on the Swisscom website.

Y See www.swisscom.ch/report2024
The report on non-financial matters covers all controlled
domestic and foreign companies, with the exception of
Vodafone Italia, which was acquired on 31 December
2024. The reporting (excluding Vodafone Italia) includes
the same fully consolidated companies as the consoli-
dated financial statements in accordance with the IFRS
Accounting Standards. The list of Group companies
is shown in Note 5.5 of the notes to the consolidated
financial statements.

H See report pages 199–200
In addition to the report on non-financial matters,
Swisscom’s sustainability reporting also includes a
Sustainability Impact Report on Swisscom’s business
activities in Switzerland. The Italian subsidiary Fastweb
also prepares and publishes a sustainability report.
Both sustainability reports have been prepared in
accordance with the international GRI (Global Report-
ing Initiative) framework. The requirements set out by
the Sustainability Accounting Standards Board (SASB)
have also been applied to reporting in Switzerland. The
two sustainability reports are verified by independent
auditing companies.

Y See www.swisscom.ch/sir2024

Y See www.fastweb.it/corporate

Reporting on climate issues
The Swiss Ordinance on Climate Disclosures (Verordnung
über die Berichterstattung über Klimabelange) entered
into force on 1 January 2024. It stipulates the implemen-
tation of the internationally recognised recommendations
of the Task Force on Climate-related Financial Disclo-
sures (TCFD) by major Swiss companies. The reporting
covers the impact of climate change on the corporate
sector and the impact of companies’ activities on cli-
mate change.

H See report pages 64–75
Reporting on compliance with due diligence
requirements regarding conflict minerals
and child labour
In accordance with Article 964j of the Swiss Code of Obli-
gations, companies have to report on compliance with
due diligence requirements regarding conflict minerals
and child labour. The due diligence and reporting obli-
gations that companies are required to comply with are
laid out in the Ordinance on Due Diligence and Transpar-
ency in relation to Minerals and Metals from Conflict-Af-
fected Areas and Child Labour (DDTrO). Swisscom does
not import or process any conflict minerals or metals
defined by law or in the Ordinance, and is therefore
exempt from the reporting obligations regarding miner-
als and metals. Reporting on compliance with due dili-
gence requirements regarding child labour can be found
in the ‘Fair supply chain’ chapter.

H See report pages 84–87
Sustainability reporting according to
European Sustainability Reporting Standards
(ESRS) from 2025
Starting from the 2025 financial year, Swisscom intends
to prepare consolidated sustainability reporting in
accordance with the European Sustainability Report-
ing Standards (ESRS) and integrate this into the annual
report. The disclosures on non-financial matters (includ-
ing those on climate-related matters) that are required
by Article 964b of the Swiss Code of Obligations will be
incorporated into the consolidated sustainability report-
ing. Compliance with the ESRS is to be confirmed by an
auditing company.

61
Sustainability strategy
Swisscom has formulated its sustainability strategy for
the period up to 2025, which is entitled ‘Responsibility
means moving forward – now, not someday’. It wants
to play a leading role as a sustainable company and
decisively address the challenges, however large and
complex they may be. In addition to the expectations of
stakeholders and Swiss legislation, the United Nations
Agenda 2030 with its 17 Sustainable Development Goals
(SDGs) defines the framework of the Swisscom Sustaina-
bility Strategy. In the year under review, Swisscom started
revising its sustainability strategy with the aim of achiev-
ing these goals by 2030.
Governance
Swisscom relies on governance that is based on the speci-
fications of the Telecommunications Enterprises Act (TEA)
and on its own ESG (Environmental, Social and Govern-
ance) strategy.
Corporate responsibility governance
Strategic goals of the Federal Council
Based on the Telecommunications Enterprise Act (TEA),
the Federal Council defines the goals that the Confed-
eration, as majority shareholder of Swisscom, aims to
achieve in the next four years. During the current tar-
get period, which runs until 2025, the Confederation
expects Swisscom to pursue a corporate strategy that
is, to the extent economically possible, committed to
sustainable and ethical principles. In this context, the
reduction of greenhouse gas emissions is of particular
importance. In addition, the strategy should take into
account the concerns of the different parts of the coun-
try, where operationally appropriate.

Y See www.swisscom.ch/ziele_2022-2025
Incorporation in the Group strategy
The Articles of Incorporation set out the principle that
Swisscom Ltd aims for sustainable value creation in its
activities. As a result, the Board of Directors is com-
mitted to pursuing a Group strategy geared towards
sustainability.

Y See www.swisscom.ch/basicprinciples

Organisation and responsibility
Board of Directors of Swisscom Ltd
The Board of Directors of Swisscom Ltd approves the ESG
strategy (environmental, social and governance strategy)
in accordance with the Organisational Rules and defines
the material non-financial matters for the Group (which
includes defining the performance indicators). It moni-
tors the implementation of the measures and the risks. It
is also responsible for the supply chain policy. The Board
of Directors has delegated some reporting and monitor-
ing duties to the Audit & ESG Reporting Committee. This
committee formulates positions on business matters
that lie within the decision-making power of the Board
of Directors and has the final say on those business
matters for which it has the decision-making power. In
particular, it decides which ESG reporting regulations
are applicable to the Group and approves the separate
Sustainability Impact Report. Meetings of the commit-
tee are convened by the Chairman or at the request of
one of the members as often as business requires, but at
least once a quarter and in December.
Each December, the Board of Directors determines the
strategic priorities for implementing the Group target
and the key performance indicators (KPIs) of Swisscom
Switzerland. Fastweb’s targets are determined by the
Fastweb Board of Directors, and the Swisscom Board
of Directors takes note of the KPIs concerning CO2
emissions. The Board of Directors and the Audit & ESG
Reporting Committee are informed about the status
of the most important KPIs related to the key topics
of the sustainability strategy four times a year as part
of management reporting. In June and December, the
Audit & ESG Reporting Committee or the Board of
Directors also monitors the status of Swisscom Swit-
zerland’s implementation of the key topics and KPIs
for the current year.
Details on the other activities and responsibilities of
the Board of Directors and the Audit & ESG Reporting
Committee relating to ESG matters are provided in the
Organisational Rules and in Annex 1.2, the rules of pro-
cedure of the Audit & ESG Reporting Committee.

Y See www.swisscom.ch/basicprinciples

62
Report on Non-financial Matters | General information
CEO of Swisscom Ltd
The Board of Directors of Swisscom Ltd has delegated
responsibility for implementing the Group strategy
to the CEO. The CEO is responsible for the half-yearly
reports to the Board of Directors and can delegate
tasks and competences to subordinate bodies. He also
defines the targets and measures for implementing the
sustainability strategy, and is supported in this task by
the members of the Group Executive Board, primarily by
the Head of Group Communications & Responsibility. If
necessary, a working group consisting of members of
the Group Executive Board is convened for specific ESG
issues. In the ethics working group, the CEO – together
with the Head of Group Communications & Responsibil-
ity, as the individual responsible for ethics, and the Head
of Group Human Resources – deals with corporate ethics
issues as required.
Group Executive Board
Swisscom’s Group Executive Board has defined the main
goals for the company and sub-goals per division as part
of the sustainability strategy. It also convenes at least
twice a year to discuss the further development and
implementation of the defined measures. Each Novem-
ber, the Group Executive Board adopts the roadmap and
sub-goals (benchmarks) for the coming year. Members
of the Group Executive Board are sponsors for the stra-
tegic action areas for their divisions. Together with their
division management, they are responsible for imple-
menting the sustainability strategy in the line units and
for deciding on measures. This ensures that the action
areas of the sustainability strategy are binding and
embedded in the company.
Group Communications & Responsibility
The Group Communications & Responsibility (GCR) divi-
sion coordinates the ESG measures on an operational
level. It provides the relevant expertise to enable deci-
sions to be made and supports the CEO, Group Execu-
tive Board, Board of Directors and subsidiaries in mat-
ters relating to sustainable development. These include,
among other things, the development and implemen-
tation of the ESG strategy and coordination in the defi-
nition of material non-financial matters, including the
goals, measures and involvement of interest groups.
The GCR division is responsible for regular reporting to
the Group Executive Board and the Board of Directors.
Among other things, this includes implementation pro-
gress, planned activities and important developments
regarding sustainability (including relevant climate risks
and opportunities).

63
Business model
Swisscom is the market leader in the Swiss telecoms
sector. It employs a total of around 19,900 full-time
equivalent employees. In the reporting year, it gener-
ated revenue of CHF 11 billion and an operating income
before depreciation and amortisation (EBITDA) of CHF
4.4 billion. Swisscom achieves over 75% of revenue
through its business activities in Switzerland. Since
the acquisition of Fastweb in 2007, Swisscom has had
operations abroad, particularly in Italy. Swisscom also
acquired Vodafone Italia at the end of 2024. The Fast-
web + Vodafone Italia merger will create a leading con-
vergent provider of broadband and mobile phone ser-
vices for residential, business and wholesale customers
in Italy. In Switzerland, Swisscom provides its customers
with modern, convergent mobile communications and
fixed telephone network infrastructure. For residential
customers, Swisscom offers all products and services for
mobile communications, internet, TV and fixed network
telephony nationwide. On behalf of the Confederation,
it also ensures basic service provision and provides all
sections of the population across Switzerland with a
basic range of telecommunications services. Swisscom
offers its business customers a comprehensive range
of IT services. Its portfolio comprises cloud, outsourcing,
workplace and IoT solutions, as well as mobile phone
solutions for mobile working and communication, net-
work solutions, office networking, business process
optimisation, SAP solutions, security and authentication
solutions, data and AI consulting, and solutions tailored to
the banking, insurance and healthcare industries. Further
information on Swisscom’s business activities can be
found in the introduction.

H See report pages 1–11
Identification of material non-
financial matters
The report identifies material non-financial matters
based on the principle of dual materiality, which consid-
ers two perspectives. According to the outside-in per-
spective, matters considered to be material are those
that are necessary to arrive at an understanding of the
company’s business performance, operating results and
position (financial materiality). In accordance with the
inside-out perspective, the report presents the material
impact of business activities on the environment and
people (impact materiality). A large number of issues are
considered material from both perspectives. The mate-
riality analysis is carried out from a Group perspective.
Fastweb’s sustainability reporting for its business activ-
ities in Italy includes other non-financial matters iden-
tified as material that are not included in Swisscom’s
consolidated non-financial report.
When developing its sustainability strategy and sustain-
ability reporting in accordance with the GRI framework,
Swisscom conducts regular trend analyses, benchmark-
ing comparisons and materiality analyses. It involves the
relevant stakeholder groups in the process and engages
in structured dialogue with them. Further information
on the identification of material matters can be found
in the sustainability reports of Swisscom in Switzerland
and Fastweb.

Y See www.swisscom.ch/sir2024

Y See www.fastweb.it/corporate

t The material topics for Swisscom and their allocation
to the non-financial matters are as follows, divided
into business activities in Switzerland and Italy:
Matter
Material topics
Switzerland
Italy
Environmental matters
Climate protection
x
x
Energy efficiency
x
x
Circular economy
x
Employee matters
Labour market skills and training
x
Diversity and equal opportunities
x
x
Social matters
Data protection
x
x
Data security
x
x
Network access
x
Youth media protection and media skills
x
Respect for human rights
Fair supply chain
x
x
Combating corruption and bribery
Ethical behaviour
x
x

64
Report on Non-financial Matters | Environmental matters
Environmental matters
Climate protection
Concept applied (incl. due diligence)
Swisscom contributes to efforts to help limit the global
temperature increase to 1.5°C and to achieve the Paris
climate targets. It is aiming to achieve the net-zero tar-
get across the entire Group (including the Italian subsid-
iary Fastweb) by 2035 in accordance with the Science
Based Targets initiative (SBTi).
To this end, Swisscom has established an ambitious cli-
mate strategy and a comprehensive raft of measures
covering the entire value chain. Swisscom’s climate
strategy is based on the reports published by the Inter-
governmental Panel on Climate Change (IPCC), which
call for a tightening of the Paris climate target and
recommend adherence to a maximum temperature
increase of 1.5°C.
Swisscom’s top priority is to reduce its own emissions.
It pays attention not just to the quantity of energy
consumed, but also to the way it is produced and the
emissions it releases. Through the net-zero target in
accordance with the SBTi Corporate Net-Zero Standard,
Swisscom is committed to reducing its Scope 1, Scope
2 and Scope 3 emissions by 90% across the entire value
chain compared to the base year of 2018. This includes
the Italian subsidiary Fastweb. In addition to reducing
its own CO2 emissions, Swisscom makes an additional
climate contribution by investing in climate protection
projects for CO2 avoidance and CO2 removal outside of
its value chain. Swisscom bases its due diligence of the
greenhouse gas inventory in 2024 around the current
GHG standards (Greenhouse Gas Protocol standards)
and verifies this annually through an independent audit
in accordance with ISO 14064 (Greenhouse gas valida-
tion and verification).
Key performance measures
Start year
Target year
Target
2024
SBTi targets Swisscom Group

Reduction of greenhouse gas emissions Scopes 1+2
2018
2030 1
–80%
–37%
Reduction of greenhouse gas emissions Scope 3
2018
2030 1
–60%
–20%
Reduction of greenhouse gas emissions Scopes 1–3
2018
2035 1
–90% 2
–20%
1 Interim target 2030; final target 2035.
2 Residual emissions are offset through climate protection projects for CO2 avoid-
ance or removal.
2024
2023

2024
Emissions scopes 1–3 in CO2 eq. tonnes

Scopes 1+2
13,694
14,149

–3. 2%
Scope 3
505,541
515,790

–2. 0%
Total scopes 1–3
519,235
529,939

–2.0%
According to the GHG Protocol (Greenhouse Gas Pro-
tocol), Scope 1 comprises direct emissions resulting
from the consumption of fuel during operation, trans-
portation and fugitive emissions (e.g. fuel for heating
or vehicles). Scope 2 includes the indirect emissions
that result from the use of purchased electricity,
steam, heat or cooling (e.g. electrical energy con-
sumption for operations). Scope 3 includes all other
indirect emissions caused by a company’s activities in
its upstream and downstream value chain (e.g. emis-
sions from the supply chain).
Implementation of concept/
assessment of effectiveness
Swisscom in Switzerland
Swisscom plans to reduce its Scope 1, Scope 2 and Scope
3 emissions by 25% between 2020 and 2025 and by 50%
by 2030. This requires intensive and consistent reduction
measures to be carried out. Swisscom is also taking meas-
ures to boost its energy efficiency (see ‘Energy efficiency’).
Scope 1
Energy consumption is the most important inter-
nal lever when it comes to reducing CO2 emissions.
Swisscom primarily requires electricity to operate its
network infrastructure and, to a much lesser extent,

65
requires fuel for operational mobility and to heat its
buildings. The switch from fossil fuels to renewable
energy sources is the main factor contributing to the
reduction in Scope 1 emissions. Since 2016, Swisscom
has been systematically switching from fossil fuel
heating systems to heat pumps or using district heat-
ing and, where possible, heat recovery from its own
operations to heat its buildings. It has also set itself
the goal of electrifying its fleet by 2030. In doing so, it
wants to reduce the direct emissions of its vehicle fleet
by half between 2020 and 2025, and to zero by 2030.
To this end, Swisscom ordered more than 1,200 electric
vehicles at the start of 2024. The associated fuel sav-
ings led to a significant reduction in direct emissions.
This allowed Swisscom to further reduce its Scope 1
emissions by 12% compared to the previous year.
Scope 2
By using certified electricity and district heating,
Swisscom reduces its Scope 2 emissions from electricity
and transfers them to the indirect emissions and thus
the provision of electricity and district heating. Efficiency
measures mentioned in the ‘Energy efficiency’ chapter
reduce electrical energy consumption and help to mini-
mise Scope 2 emissions. Swisscom also uses an electric-
ity mix of 100% renewable energy sources, the majority
of which comes from wind power. It has been purchasing
renewable district heating since 2019 and looks into new
connections to the local district heating network wher-
ever possible. and is having photovoltaic plants installed
on its properties. The electricity produced is consumed
primarily by the company itself, with any surplus being
channelled into the grid. Swisscom installed 18 new
photovoltaic plants in the reporting year. The total solar
power plant output increased to 5,233 kWp as a result.
Swisscom is stepping up the expansion of photovoltaic
plants at its locations between now and 2026.
Scope 3
More than 95% of Swisscom’s emissions are attributable
to indirect emissions in the value chain (market-based).
The main measures aimed at reducing indirect emis-
sions can be split into three main areas: the supply chain,
the company’s own products and employee mobility.
Despite ongoing measures, Swisscom’s Scope 3 emis-
sions increased by 4.5% in the reporting year. This is due
in part to an increase in emissions from key suppliers. It is
also due to expenses having changed and Swisscom hav-
ing increasingly purchased goods and services from sup-
pliers with high emission intensities in the reporting year.
More than three quarters of Swisscom’s indirect emissions
arise in the upstream value chain and relate to purchased
network infrastructure and IT, or to purchased merchan-
dise and services. Swisscom is pursuing various approaches
to reduce these emissions. It is a member of the JAC (Joint
Alliance for CSR) – an association of telecoms providers that
monitors and promotes compliance with environmental
and social standards among IT suppliers. Swisscom also
requires its key strategic suppliers to document their car-
bon footprint via the Carbon Disclosure Project (CDP). It is
also seeking to significantly reduce CO2 emissions through
intensive cooperation with suppliers and subcontractors as
part of joint carbon reduction programmes.
Swisscom sells its own products such as boxes for TV,
WLAN and internet (routers). It applies targeted circu-
lar economy practices to these products (see chapter on
the circular economy). It reduces material consumption
during production and electrical energy consumption
during use. Swisscom is also reducing the need for new
devices by recycling its own products and using devices
that are no longer in use as replacements. Finally, it is low-
ering demand for smartphones by offering second-hand
options and through buyback and reselling solutions.
To keep emissions resulting from employee mobility as
low as possible, Swisscom endeavours to minimise its
employees’ commute to work. It offers its employees
the option of working from home and flexibility with
regard to where they work. It also promotes the use
of public transport and is reducing company parking
spaces to decrease the incentive to use cars.
Climate contribution
Reducing its own emissions is a top priority for
Swisscom. It nevertheless wants to take responsibility
for its residual emissions now rather than waiting until
the net-zero target year of 2035, and is currently taking
concrete climate action and thus already contributing
to global climate targets today.
Since 2020, Swisscom has used investments in climate
protection to make a climate contribution outside its
value chain in addition to reducing CO2 emissions. This
contribution has corresponded to the level of residual
emissions from all its customers’ products and sub-
scriptions since 2022. To achieve this, it invests in care-
fully selected climate protection projects that meet
high quality and integrity standards in accordance with
the Gold Standard, the Verified Carbon Standard (VCS)
and the Plan Vivo Standard. In collaboration with the
external partners myclimate, South Pole and First Cli-
mate, Swisscom invested in a total of five climate pro-
tection projects in the reporting year.
Avoided emissions
According to numerous studies, the ICT industry has the
greatest leverage when it comes to climate protection
thanks to its range of smart services. In the reporting

66
Report on Non-financial Matters | Environmental matters
year, digitalswitzerland published the study ‘Smart and
Green – Digital Pathways to Net Zero’ in cooperation
with Accenture. The study shows that intelligent solu-
tions for mobility, buildings, agriculture, industry and
energy systems in Switzerland can be used to achieve
up to 20% of the greenhouse gas reductions required
by 2030. Swisscom promotes such decarbonisation
solutions in its standard portfolio with offerings for
Work Smart, the Internet of Things (IoT), the cloud and
the circular economy, as well as solutions for paperless
working. It also develops solutions for the business cus-
tomers segment that help companies to successfully
and transparently reduce their carbon footprint and
implement their reduction path to net zero. Swisscom’s
data-driven sustainability offering has already helped
around twenty companies to select and implement
suitable decarbonisation solutions. Together with its
customers, Swisscom is aiming to save over one million
tonnes of CO2 per year by 2025 through such solutions,
and once again exceeded its targets in 2024 as this fig-
ure stood at 1.2 million tonnes.

Y See www.swisscom.ch/sir2024
Swisscom in Italy
Fastweb has also committed itself to the Group-wide
net-zero target by 2035 in accordance with the Science
Based Targets initiative (SBTi) and has taken efficient
measures to achieve this. These include reducing direct
and indirect emissions, improving the energy efficiency
of network infrastructure and offsetting all remaining
emissions. In addition, Fastweb is changing the compo-
sition of its vehicle fleet, replacing gas-driven heating
systems and reducing detrimental effects on the respec-
tive locations when installing optical fibre lines. With
the support of consulting company AzzeroCO2, Fastweb
is offsetting residual emissions by purchasing CO2 certif-
icates from environmental projects around the world.
Fastweb already achieved climate neutrality in 2022
with regard to direct emissions (Scope 1) and indirect
emissions (Scope 2), as well as upstream and down-
stream emissions (Scope 3). In September 2022, it began
offsetting emissions accrued by its customers through
the use of its services.
Direct emissions (Scope 1) at Fastweb amount to 1% of
total emissions. Fastweb is endeavouring to achieve the
targets for reducing Scope 1 emissions. To this end, it is
replacing gas-powered heating systems and switching
75% of its vehicle fleet to hybrid/electric vehicles and 25%
to diesel vehicles by 2025. By 2030, it aims to use 70% pure
electric vehicles and 30% hybrid vehicles. The Scope 2 emis-
sions recorded have amounted to zero since 2021, since
100% of energy purchased directly comes from renewable
sources. Finally, using specific measures, Fastweb reduced
its indirect emissions (Scope 3), which account for 99% of
total emissions, by 12% from 210 to 187 thousand tonnes
of CO2eq compared to the previous year.
Risks
The following risks related to environmental issues
could arise.
• Supply chains: Supply chains are not only the largest
source of emissions, but also one of the most complex.
Volatile CO2 reporting from key suppliers or changes
in procurement can have a negative impact on the
indicators.
• Climate change: Ongoing climate change is accelerat-
ing the intensity and frequency of extreme weather
events such as rising average temperatures and pro-
longed heatwaves. This can lead to natural disasters
that could damage Swisscom’s network infrastructure.
Energy efficiency
Concept applied (incl. due diligence)
As a major consumer of energy, Swisscom has been
working to increase its energy efficiency for years now.
The company maintains considerable network and IT
infrastructure in Switzerland and Italy. Swisscom is tak-
ing extensive measures throughout its operations to
increase energy efficiency. To this end, Swisscom imple-
ments comprehensive energy management systems in
both countries as part of its due diligence process.
Swisscom in Switzerland
Swisscom operates one of the largest fleets of company
and commercial vehicles in Switzerland. Added to this are
office and operations buildings, shops and data centres.
In order to boost its own energy efficiency, Swisscom has
introduced an energy management system based on the
ISO-50001 standard. This system serves as a key instru-
ment for ensuring the transition to becoming a CO2-free
company and achieving the net-zero target.
Swisscom in Italy
Energy accounts for a significant proportion of telecoms
companies’ operating expenditure and has an impact
on their carbon footprint. Procuring 100% renewable
energy and increasing the energy efficiency of the net-
work and IT infrastructure are top priorities for Fastweb. A
special energy management team decides which meas-
ures need to be taken to improve and increase this. Since
2015, the team has implemented measures both in the
data centres and at key operating sites. These include
continuous monitoring of energy efficiency, structural
measures, the generation of renewable energy on site,
operational optimisation and the decommissioning of
obsolete network elements.

67
Key performance measures
Energy targets of Swisscom in Switzerland
Reference
Targets and target agreements
Start year
Target year
Target
2024

Energy efficiency through savings measures over total energy consumption 1

Swisscom
Not weighted
2020
2025
+20%
+16%
Swisscom
Not weighted
2020
2030
+43%
+16%
EnAW 2
Weighted
2013
2024
+36% 3
+66%
1 The reference value and calculation of efficiency is based on guidelines from the
Swiss Federal Office of Energy (SFOE), namely the ‘Target agreement with the
federal government to boost energy efficiency’ dated 5 May 2022.
2 Energie-Agentur der Wirtschaft (EnAW); target path of 3% per year.
3 Values from previous year.
Energy targets of Swisscom in Italy
Target annual

Effective annual

In %
savings in KWh

savings in KWh

target
Measures energy savings

Production of renewable energy
–
193,880

–
Operational and building optimisation
–
26,649

–
Decommissioning and optimisation of network and IT infrastructure
–
2,721,098

–
Total energy savings
1,500,000
2,941,627

196%
Implementation of concept/
assessment of effectiveness
Swisscom in Switzerland
In the reporting year, Swisscom’s total energy con-
sumption in its Swiss business remained almost con-
stant. Nevertheless, it increased energy efficiency by
taking the measures outlined below. The electrification
of heating systems and vehicles is not included in this
context. While this plays a part in boosting efficiency, it
primarily serves to reduce CO2 emissions. As a result, it is
described in the chapter on climate protection.
Electricity
Optimising technology and replacing outdated net-
work components and platforms allowed Swisscom
to make further progress in the efficiency of its tele-
coms networks and IT platforms and improve network
service in the reporting year. The fixed and mobile
networks consume the most electricity in Swisscom’s
operations. These two networks account for around
two thirds of total electrical energy consumption.
Despite reduction measures, Swisscom’s electrical
energy consumption increased slightly in the report-
ing year due to the constant expansion of its network
infrastructure. The measures taken resulted in savings
of around 15.5 GWh of electricity in 2024.
Fuels
Swisscom laid the foundation for the electrification of
its vehicle fleet in the reporting year by ordering over
1,200 electric vehicles. All Swisscom passenger vehicles
will be electric by the first quarter of 2025. Thanks to the
ongoing switch to electric vehicles and the further opti-
misation of field and customer services, fuel consump-
tion was significantly reduced in the reporting year.
Heating fuel
In the year under review, Swisscom upgraded sev-
eral heating systems in its operation buildings and
installed modern heat pumps. Energy consumption
was reduced significantly by replacing outdated heat-
ing systems such as oil or gas systems. This enabled
Swisscom to further reduce its energy consumption
from heating in the reporting year.
Swisscom in Italy
Fastweb’s energy consumption is made up of electric-
ity (96%) and, to a lesser extent, natural gas, petrol and
diesel (4%). In 2024, Fastweb maintained its commit-
ment to procure energy from renewable sources. The
electricity purchased by Fastweb comes from 100%
renewable sources.
In recent years, Fastweb has concluded numerous longer-
term contracts for renewable energy. In 2022, it signed
a purchase agreement for the supply of electricity from
renewable energy sources. The twelve-year contract has
contributed to the construction of a new photovoltaic
plant in the Lazio region, which will cover a portion of
Fastweb’s energy requirements with renewable energies.
The plant generates 19 GWh of electricity each year, which

68
Report on Non-financial Matters | Environmental matters
is used exclusively by Fastweb. In 2023, Fastweb signed
two further ten-year energy purchase agreements, one of
which finances a photovoltaic plant through the annual
purchase of around 21 GWh in Piedmont, while the other
guarantees the purchase of 30 GWh per year from a wind
farm in Puglia. These three agreements cover around 50%
of Fastweb’s annual energy consumption. They are part of
the decarbonisation path that Fastweb has been on since
2015, whereby it purchases 100% renewable energy with
certification of origin.
The photovoltaic plants installed at Fastweb’s locations
since 2016 have produced a total of 378,000 KWh in
2024 for Fastweb’s own consumption. This is double the
amount produced in the previous year.
Risks
The implementation of energy efficiency measures gives
rise to the following risks:
• Measurability and monitoring: The measurement
and monitoring of energy efficiency is complex and
requires suitable systems and technology.
• Legal and regulatory risks: Changes in environmental
or energy regulations can have an impact on the prof-
itability of energy efficiency measures.

Circular economy
Concept applied (incl. due diligence)
The resources used by Swisscom and its suppliers are
finite and in some cases scarce. The following applies:
the longer a resource is used, the more ecological it is.
Where possible, Swisscom intends to reduce or stabilise
consumption of resources in its operations. Its aim is to
move gradually towards a circular economy that spans
the entire value chain. The selection and use of materials
play a central role in procurement and operation, as well
as in their use by customers.
Swisscom is not only a network operator, but also
a retailer and supplier of merchandise (e.g. mobile
phones) and self-developed devices (e.g. Internet- and
TV-Boxes). In this capacity, it plays a relevant role in
the circular economy on the Swiss market. Recycling
programmes for electronic terminal equipment sup-
port the implementation of its sustainability strategy.
Swisscom is continuously developing its operational
environmental compatibility and sustainable use of
resources in accordance with ISO 14001 (Environ-
mental management systems). Swisscom performs
due diligence in accordance with the ISO 14001 and
ISO 14064 standards (Greenhouse gas validation and
verification).
Key performance measures
KPI
2024
Target 2025
Number of devices collected
215,000
250,000
Implementation of concept/
assessment of effectiveness
A second life for smartphones
When it comes to smartphones, Swisscom, in its
capacity as a retailer, can have a direct impact on
the circular economy by extending the useful life of
these devices and by taking back and disposing of old
devices. Its efforts within this context focus on its
buyback, repair and second-hand offers. By 2025, it
aims to process a quarter of a million devices a year
through its own programmes and to continuously
increase the return rate from its customers. As part
of the Swisscom Mobile Aid programme, Swisscom
donates the proceeds from the resale and recycling of
donated mobile phones to the SOS Children’s Villages
organisation. It also offers the Buyback programme
and repair options for smartphones, with the work
being carried out by an external partner. Swisscom
also sells ‘refreshed smartphones’, allowing it to
extend the service life of existing devices.
Sustainable Swisscom products
Swisscom has enhanced potential to exert influence
and faces corresponding challenges when it comes to
designing its proprietary products, such as Internet-
and TV-Boxes, to suit the circular economy. Together
with its suppliers, it has set itself the goal of improving
the material consumption, energy consumption and
durability of the devices with each new product gen-
eration and of reducing their environmental impact. In
the reporting year, Swisscom increased the transpar-
ency of all of its proprietary products on the market by
preparing and publishing comparable information on
the carbon footprint for all devices – even older prod-
uct generations still on the market.

69
Dismantling of network infrastructure
Swisscom not only creates new networks, but also takes
down outdated networks. When dismantling networks,
it looks into the options available for selling recovera-
ble, fully functional components to other network oper-
ators as spare parts. What can neither be reused nor
sold is recycled. In 2024, Swisscom recovered a total of
1,159 tonnes of recyclable materials.
Risks
Having customers return devices they are no longer
using is fundamental to a functioning circular economy,
and ensuring that customers do their bit here is a chal-
lenge. To increase customer participation, Swisscom is
focusing on direct customer communication throughout
the year and on raising public awareness.

Y See www.swisscom.ch/rethink

Climate risks and opportunities
(Task Force on Climate-related
Financial Disclosures TCFD)
Swisscom recognises the increasing global impact of cli-
mate change on the respective national economies and
on the ICT industry in particular. It is aware that climate
change affects its infrastructure, products, services and
business activities. Swisscom therefore strives to contin-
uously improve its own resilience. To this end, it system-
atically identifies, records and manages climate-related
risks and opportunities. The following climate risk analysis
is based on the TCFD recommendations, scientific data
available from the International Panel on Climate Change
(IPCC) and climate projections from the Swiss Federal
Office for Meteorology and Climatology (MeteoSwiss).
The analysis takes into account the critical infrastructures
and business processes of Swisscom in Switzerland and
Fastweb in Italy, including all relevant subsidiaries. The
experts responsible for the critical elements have assessed
the potential impacts on the basis of their expertise and
the scientific information available.
Theme
Description
Source
Physical risks
Risks due to damage caused by heat, fire, storm, water, extreme weather conditions,
IPCC, CH2018 Climate Scenarios
avalanches, rockfall and mud
Transition risks
Legal risks, technological risks, market risks, reputational risks
International Energy Agency (IEA),
Network for Greening the Finan-
cial System (NGFS), Energy data
from Swiss producers/traders
Scenario 1
Far-reaching climate protection measures against global warming:
RCP2. 6, IPCC SSP 1
Global warming of 1. 5–2 °C
Scenario 2
Reduction path according to the current climate protection promises:
RCP 4. 5-6, IPCC SSP2-3
global warming of 2. 5–3. 3 °C.
Scenario 3
Reduction path taking into account the climate protection measures currently
RCP 8. 5, IPCC SSP5
implemented: global warming of 5. 1 °C

70
Report on Non-financial Matters | Environmental matters
Climate-related physical risks
Physical climate risks and increasing natural hazards
affect Swisscom primarily in relation to its own net-
work and antenna infrastructure and to its data cen-
tres and operation buildings. In order to classify the
risks disclosed in its climate reporting, Swisscom has
used the Group-wide risk acceptance level and made
a comparison with other overarching corporate risks.
The qualitative risk classification of Fastweb’s infra-
structure corresponds to the classification of the cor-
responding Swisscom infrastructure groups. Although
Swisscom considers the physical risks to be low due to
the measures already taken, it anticipates rising main-
tenance costs for its own network infrastructure. It
wants to largely replace the copper access network –
which is already exposed to climate risks – with opti-
cal fibre by 2050 to reduce its annual repair costs. Due
to rising global temperatures, Swisscom also expects
higher costs for cooling its data centres. It conducts
frequent geological surveys and cyclical inspections in
order to prevent climate risks to its infrastructure and
identify them at an early stage.
Switzerland

Scenario
1 year
3 years
2035
2050
2085
Italy (qualitative assessment)

Network and Antenna infrastructure

The increasing risk of (forest) fires increases the costs for fireproof cable ducts,

network redundancy and reliability. The fibre optic network would hardly be

affected by flooding. However, the copper network, which makes up a small

part of the network, could be damaged. If operations are interrupted, there is

a risk of contractual penalties, customer losses and reputational damage.

1
T
T
T
T
T

2
T
T
T
T
T

3
T
T
T
T
T

Data and operations centres

Power outages result in costs for diesel or mobile generators to maintain

the supply. Increasing global warming and extreme climate events can increase

the costs of operating and replacing affected facilities. This increases

the need for more efficient cooling systems, which in turn leads to higher

energy costs.

1
T
T
T
T
T

2
T
T
T
T
T

3
T
T
T
T
T

Offices, operating, transmission and production buildings

If a facility were to be affected by an extreme (hydrological) climate event,

replacement costs would be expected to rise. In addition, any

interruption to operations would lead to a loss of revenue. Fastweb has

therefore already taken structural measures and concluded insurance

solutions. For example, it has set up a reserve system to ensure business

continuity in the event of power outages.

1
T
T
T
T
T

2
T
T
T
T
T

3
T
T
T
T
T

Total

1
T
T
T
T
T

2
T
T
T
T
T

3
T
T
T
T
T

T Very low < CHF 10 million

T Low CHF 10–30 million

T Medium CHF 30–60 million

T High CHF 60–90 million

T Very high > CHF 90 million

Regulations and legal risks
Regulations in the EU (B | Group)
The rising number of ESG regulations and standards with-
in the EU will continue to impact the Swisscom Group’s
business activities and have an impact at a subnational
level. Developments at EU level that directly impact
Swisscom currently include increased reporting require-
ments (CSRD, EU Taxonomy, CSDDD), the consequences
of the Green Deal for business activities on the European
market and strategically important suppliers’ compliance
with environmental regulations.
Regulations in Italy (B | FW)
Fastweb, as a benefit corporation, could face sanctions
from the national competition authority if it does not
meet agreed key performance indicators. This could lead
to reputational damage.
Medium term T T T
CO2 regulations and taxation (B | SC)
Swisscom generally expects carbon prices to rise continu-
ously. In the long term, technological breakthroughs and
international cooperation could lead to carbon pricing
stabilising or even falling. Such a scenario will strongly
depend on determination at the political level and ad-
vances in green technologies.
Long term
T T T
Regulations in the Switzerland (B | SC)
The material developments include the counter proposal
to the corporate responsibility initiative, the Climate and
Innovation Act, the CO₂ Act, the Federal Act on a Secure
Electricity Supply from Renewable Energy Sources and
other reporting requirements, such as the NFRD and
TCFD.
Medium term T T T
Potential impacts
Medium term T T T
The increasing reporting re-
quirements and the associated
regulatory operating and capital
expenditures place high demands
on Swisscom. Swisscom could
suffer competitive disadvantages
in this context due to differences
between European and Swiss law.
Fastweb could be sanctioned
due to misleading advertising or
even violations of the Consumer
Protection Act and could be forced
to pay fines.
Given technological innovations,
energy self-sufficiency solutions
and efficiency improvement
measures, the annual added costs
for Swisscom are likely to be in
the low to mid range. Higher
hardware prices could push costs
up significantly, as the production
and transportation of hardware is
strongly dependent on fossil fuels
and energy-intensive processes.
Mitigation strategy
In order to react quickly and effec-
tively, Swisscom constantly mon-
itors regulatory developments.
It sets itself high sustainability
targets in order to prevent reg-
ulatory risks. Swisscom has also
included ESG risk parameters in
its supplier assessment system. Fi-
nally, it encourages the exchange
of experiences and knowledge
building within the sector in order
to develop scalable solutions at
an early stage in the event of new
supply chain regulations.
Fastweb has set up an Impact Com-
mittee, which continuously moni-
tors the relevant key performance
indicators and reports quarterly to
the Executive Board and every six
months to the Board of Directors.
In order to minimise the financial
risks associated with rising carbon
prices, Swisscom relies on a mix
of various measures: switching to
renewable energies, improving
energy efficiency, using sustain-
able hardware and optimising
logistics in the supply chain.
T T T Short term: 1 year
T T T Medium term: 3 years
T T T Long term: by 2035
Own business (B), value chain (VC), Swisscom (SC), Fastweb (FW)
Climate-related transition risks
Swisscom has set itself ambitious climate objectives
with its 2035 net-zero target and comprehensive
action plans. These goals are already contributing to
low-carbon operations. They also reduce the transi-
tion risks that could arise in all areas and at different
points in time. Swisscom therefore assumes that the
financially quantifiable transition risks are generally
low. However, rising energy prices dependent on polit-
ical developments and the taxation of carbon dioxide
could pose a medium risk in the long term. Despite the
considerable challenges, Swisscom is striving to exploit
the opportunities that are arising from the transition to
a green economy.

72
Report on Non-financial Matters | Environmental matters

Market and energy risks
Product carbon footprint (B | SC)
Business customers are demanding increasingly detailed
information on product carbon footprints, which is in-
creasing the precision of the current measurements.
Medium term T T T
Availability and prices of scarce resources (VC | SC)
Scarcity of the resources that are needed for the produc-
tion of consumer devices and networks could in future
lead to a situation where products for Swisscom’s core
business are not always reliably available.
Long term
T T T
Net-zero target (B | Group)
More than 90% of Swisscom’s emissions fall under Scope
3, with dependence on the market and third-party
providers making achieving net-zero and CO2 targets
particularly challenging. In addition, corporate acquisi-
tions such as the acquisition of Vodafone Italia make the
targets harder to achieve.
Long term
T T T
Energy prices (B | Group)
A high market price for non-renewable energies could
increase the incentive for investments in renewable
energy sources such as solar power, wind power and
hydroelectricity, and in turn accelerate energy reform.
Conversely, a low price could inhibit the expansion of
renewable energy sources such as solar and wind power
unless technological breakthroughs are achieved.
Long term
T T T
Artificial intelligence and rising
energy consumption (B | SC)
The increased use of digital technologies such as artificial
intelligence (AI) increases energy consumption and there-
fore emissions.
Long term
T T T
Potential impacts
As other suppliers face similar
challenges, Swisscom currently
considers the risks of reputational
damage and customer losses to be
rather low. However, the risks will
tend to rise in the future.
Supply bottlenecks in the upstream
supply chain could increase
procurement costs and restrict
product availability.
If the net-zero target is not
achieved in 2035, risks such as
damage to reputation and sanc-
tions could arise.
As current market data shows,
Swisscom would incur low to
medium added costs each year
until 2035 if it switched entirely to
renewable energies.
Energy costs could increase if new
technologies are used intensively.
Mitigation strategy
Swisscom aims to improve the
quality, availability and adminis-
tration of its emissions data and
to expand its pioneering role in
this area.
Swisscom invests in diversifying
its supplier portfolio, continuously
improves its strategies for supplier
risks and product groups and
keeps track of sector and market
trends in handling risk cases.
Swisscom drives decarbonisa-
tion in its own operations, takes
account of CO₂ aspects in its M&A
activities, involves strategically
important suppliers in its CO2
targets and participates in sector
initiatives such as JAC and CDP.
www.swisscom.ch/sir2024
www.fastweb.it/corporate
In order to reduce dependence
on market prices and increased
stability, Swisscom invests in pho-
tovoltaic installations and wind
farms. It also uses battery storage
systems, which increase reliability
and flexibility. Fastweb invests in
PV installations and has ensured
long-term fixed energy prices
through off-site energy purchase
agreements.
Swisscom continuously monitors
emissions and energy consump-
tion and takes such considerations
into account when assessing new
technologies.
T T T Short term: 1 year
T T T Medium term: 3 years
T T T Long term: by 2035
Own business (B), value chain (VC), Swisscom (SC), Fastweb (FW)
Technology risks

73
Opportunities
Impact investments (B | SC)
Swisscom Ventures invests in the development of new
products and services that have a positive impact on
society and the environment and thus make a significant
contribution to Swisscom’s innovation strategy.
Medium to long term
T T T
Circular economy (B | Group)
The principles of the circular economy and the reduction
of waste not only contribute to improving Swisscom’s im-
age, they also increase revenue and reduce procurement
costs, for example through Swisscom products being
refurbished or used as replacement devices.
Short to medium term T T T
Network dismantling (B | SC)
Swisscom is systematically driving optical fibre expansion
and at the same time gradually decommissioning its cop-
per access network. The sale of scarce materials such as
copper enabled by dismantling old infrastructure opens
up new financial earnings potential.
Short to long term
T T T
Green bonds (B | SC)
Thanks to the International Capital Market Association’s
Green Bond Framework, Swisscom is able to issue green
bonds or similar financial instruments for financing ESG
projects.
Short to long term
T T T
Potential impacts
The impact ventures not only
make a contribution to the ESG
topics but also create financial ad-
vantages for Swisscom (exit gains)
and strengthen its reputation.
Although the revenue-related
advantages cannot be broken
down individually, Swisscom
Switzerland saves around
CHF 4.5 million per year on its own
products thanks to second-life
programmes. If the circular econo-
my continues to grow, the savings
Swisscom currently generates
income of CHF 4–5 million per
year through reselling. The extent
to which further financial returns
will be generated in the future
depends largely on the trend in
prices for scarce materials.
Green bonds are expanding Swiss-
com’s investor base, which makes
the funding costs more attractive.
Strategic implementation
Swisscom continues to invest
in impact start-ups through the
Ventures initiative and the Digital
Transformation Fund.
www.swisscom.ch/sir2024
achieved will be even higher in the
future.
Continuous improvement of strat-
egies for the circular economy and
of the second-life programme.
www.swisscom.ch/sir2024
www.fastweb.it/corporate
Swisscom plans to increase
fibre-optic coverage to 57% by the
end of 2025, and to 75–80% by
the end of 2030. Copper is sold in
parallel with the rolling out of the
fibre-optic network.
This results from the Green Bond
Impact Report.
www.swisscom.ch/investor
T T T Short term: 1 year
T T T Medium term: 3 years
T T T Long term: by 2035
Own business (B), value chain (VC), Swisscom (SC), Fastweb (FW)

74
Report on Non-financial Matters | Environmental matters
USA
Infrastructure
Mexico
Infrastructure
Brazil
Hardware and infrastructure
Switzerland
Sales and marketing,
retail and services,
all product groups, hardware,
infrastructure
China
Hardware
China (Dongguan)
Hardware and infrastructure
Low to moderate > Low immediate climate risks,
increasing in the long term primarily if tempera-
tures exceed 2°C.
Moderate to high > Some immediate climate
risks that are highly likely to increase if tempera-
tures reach or exceed 2°C.
High to severe > Particularly susceptible to
immediate climate risks that are likely to worsen
significantly as global warming advances.
Italy
Sales and marketing, retail and
services, infrastructure
Vietnam
Hardware, production/
manufacturing and assembly
India
Hardware
Taiwan
Hardware, Group headquar-
ters
research and development
South Korea
Hardware and infrastructure
Estonia
Infrastructure
Swisscom products: Swisscom-branded products
(e. g. devices for home use and telecommunica-
tions equipment) that are sold to end users.
Products from suppliers: Finished components
that are purchased from third-party suppliers
and are a material part of Swisscom’s business
activities.
Coastal erosion
Sea-level rises
Flooding
Forest fires
Heatwaves
Period of drought
Deforestation
Tropical storms
Physical risks in the supply chain
Swisscom is faced with climate-related risks associated
with the production processes of suppliers in third coun-
tries and with logistics in Switzerland and Italy, Swisscom’s
main markets. Physical climate risks can increase transport
or production costs, delay customer deliveries or major
projects such as network expansions, or lead to higher
capital expenditure in redundant measures (e.g. alter-
native suppliers or additional inventory levels). Delays
and disruptions in the supply chain can affect the cost of
customer service, lead to loss of market share or damage
Swisscom’s reputation as a reliable provider.
In 2024, Swisscom’s total procurement expenditure
amounted to around CHF 6.5 billion. A significant por-
tion of this was used for the operation and expansion of
its network infrastructure. In addition, mobile phones,
routers and TV-Boxes accounted for around 35% of total
expenditure. The following chart categorises the criti-
cal supply chain into the most important geographical
areas of origin and indicates the corresponding material
risks according to IPCC data.

75
Swisscom pursues a risk-based approach. In doing so, it
focuses on procurement clusters that require physical sup-
ply chains and high expenditure, and therefore have the
greatest financial impact. Although Swisscom and Fastweb
have different supply chain clusters and corresponding
expenditure, critical components for the ICT industry gen-
erally come from identical geographic origins. Swisscom
and Fastweb are therefore exposed to similar industry risks.
Supply chain cluster
Expenditure
Hardware (HW): Mobile devices and Swisscom-branded devices, hardware for networks, work environments and data centres
38%
Infrastructure (IF): Network construction, maintenance components, energy procurement
15%
Software 1
9%
Services & General Goods 1
38%
1 Out of scope of reporting 2024.
Swisscom invested in energy efficiency measures and
renewable technologies again in the reporting year, to
help reduce risks in its own operations. Its purchasing
managers additionally work with key suppliers to ensure
the latter have taken the necessary measures to main-
tain their business operations and that they take into
account the risks that could arise in upstream areas (e.g.
in the procurement of raw materials or through the prac-
tices of subcontractors). By monitoring and visualising
critical supply chains through supply chain risk man-
agement (SCRM 360°), Swisscom is working to improve
risk predictions, which will enable timely and effective
corrective action to be taken. As an active member of
the JAC Alliance, it works with other companies from the
telecommunications industry to develop solutions that
increase transparency in the ICT supply chain.
Risk management
While the experts responsible for the critical elements at
Swisscom are responsible for managing low and medium
risks in their division, overarching high risks are reported
to Enterprise Risk Management. Fastweb frequently
reports to Swisscom and includes material climate risks
in the quarterly and annual risk reports to the Internal
Control Committee and the Board of Directors. At Group
level, risks can be proactively included in the annual
budget planning as part of the quarterly risk reports
to the Board of Directors. The corporate responsibility
teams are responsible for integrating climate consid-
erations into the ESG strategy process. Swisscom has a
business continuity management system and a resilience
management system in place to prevent the occurrence
of risks and minimise their corresponding impact.
Challenges and future prospects
At Group level, Swisscom strives to continuously
improve data-driven assessment of its infrastruc-
ture’s exposure to risk. It also aims to examine ways of
recording the scope of risks and opportunities through
sales figures. Collecting reliable information within
the supply chain remains a challenging task, since a
lack of transparency in the lower levels of the supply
chain, different methods of data collection and less
stringent reporting standards can lead to inconsistent
data and blind spots. The adoption of European report-
ing standards planned for 2025, namely the Corporate
Sustainability Reporting Directive (CSRD) and European
Sustainability Reporting Standards (ESRS), is intended
to improve the integration of financial climate consid-
erations into existing business processes.

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Report on Non-financial Matters | Employee matters
Employee matters
Labour market skills and training
Concept applied (incl. due diligence)
To take advantage of the opportunities presented by
the digital transformation and to master its challenges,
it is essential that employees continuously expand
their skills. With ‘Level Up’, Swisscom is shaping the
transformation process, promoting the digital skills of
its employees and fostering its culture of collaboration.
Swisscom is developing a skills management system
that covers skills that will be relevant in the future. The
system includes continuous professional development,
the adaptation of training programmes to reflect the
needs of the labour market and the promotion of lifelong
learning. Due diligence takes place via the skills manage-
ment system.
Key performance measures
KPI
2024
Target 2025
Number of training days per employee
3. 9
4. 5
Implementation of concept/
assessment of effectiveness
Career starters
Swisscom trains apprentices in seven vocational disci-
plines using a progressive, skills-based training model.
The apprentices arrange their apprenticeship as part of a
modular system where they can apply for different prac-
tical placements within the company using an online
marketplace. This enables them to quickly learn to take
on responsibility. In the year under review, 97 IT appren-
tices commenced their apprenticeship at Swisscom, set-
ting a new record. In this way, Swisscom is contributing
to the training of IT specialists. It also enables young pro-
fessionals to enter the world of work through its trainee
programme and internships.
Training and education
Employees can take advantage of the five training and
development days set out in the collective employ-
ment agreement (CEA) by choosing from a wide range
of in-house training courses, on-the-job development
opportunities and external training courses. The
internal digital learning platform SKILLup offers time-
and location-independent study and gives employ-
ees access to programmes based on their skills and
interests. Swisscom aims to have an inspiring learning
culture where employees have plenty of freedom and
assume personal responsibility for their professional
training. It continued the internal leadership training
programme that was launched last year as manda-
tory, and committed all managers to completing the
training by the end of the reporting year.
Talent development
Attracting, developing and retaining talent is one of
Swisscom’s key concerns in a highly competitive labour
market. Participants of the Talent Development Journey
are identified using clear criteria such as motivation and
potential every year. They can choose from a range of
further development modules tailored to suit their own
situation and take advantage of coaching sessions if
needed. As part of the Internals First initiative, Swisscom
offers development prospects to internal talent. It
wants to fill at least 75% of vacancies for management
positions internally by 2026.
Risks
Measures to boost employability and provide further
training to employees are associated with the following
risks:
• Lack of relevance: If the further training programmes
are not tailored to suit the needs of the labour mar-
ket or the company, participants who complete them
may find it difficult to gain a foothold in their occu-
pational field.
• Overqualification: Intensive further training can
result in employees being overqualified for their cur-
rent position, which could affect their job satisfaction.
• Technological change: Rapid technological change
can lead to certain skills becoming obsolete before
training is completed.

77
Diversity and equal opportunities
Concept applied (incl. due diligence)
Swisscom in Switzerland
Swisscom represents a culture that values differences
and has no room for discrimination and marginalisa-
tion. It promotes diversity with regard to gender, age,
origin, language, sexual orientation and the inclusion
of employees with a physical or intellectual disability,
or a refugee background. Diversity drives innovation
and makes Swisscom successful as a company, which
is why Swisscom makes sure its recruitment, devel-
opment, talent management and leadership culture
processes are designed in such a way that they coun-
teract stereotypes and enable equal opportunities.
Swisscom performs due diligence by regularly measur-
ing the Group-wide targets in the different dimensions
of diversity.

Swisscom in Italy
Fastweb’s principles for managing and remunerat-
ing employees emphasise equal conditions, non-dis-
crimination, performance orientation and transpar-
ency. Fastweb aims to be a safe, inclusive place where
employees proudly express their uniqueness. The inclu-
sion@Fastweb strategy promotes diversity, equality
and inclusion. It is monitored by the Corporate Culture
& Inclusion department and is available on the Fast-
web website and on the Agorà intranet, which is acces-
sible to all Fastweb employees. The strategy covers the
areas of gender diversity, disability, sexual orientation,
multiculturalism and age discrimination. The emphasis
is on intersectionality, promoting equal opportunities,
and mutual connections. It also strengthens internal
and external initiatives ranging from gender equality
to promoting women’s STEM skills, supporting employ-
ees with disabilities, and promoting inclusive language
at Fastweb.
Key performance measures
Swisscom in Switzerland
KPI
2024
Target 2025
Proportion of women in the workforce
23. 1%
25. 0%
Proportion of women in management
15. 1%
15. 7%
Proportion of employees under 40 years of age
43. 8%
45. 0%
Proportion of employees with health impairments (inclusion)
1. 2%
1. 0%
Swisscom in Italy
KPI
2024
Target 2025
Proportion of women in the workforce
41%
50%
Proportion of women in new hires
54%
50%
Proportion of employees trained in diversity and inclusion
55%
50%
Implementation of concept/
assessment of effectiveness
Swisscom in Switzerland
To promote diversity in its Swisscom business, Swisscom
focuses on the factors of gender, inclusion, generations
and language regions.
Gender
Swisscom relies on programmes and initiatives to
attract more women to IT professions and positions in
management. Flexible working models give employ-
ees the support they need in different life situations.
Swisscom therefore advertises the majority of its posi-
tions with workloads ranging from 60 to 100% and
also offers job sharing, holiday purchasing, part-time
work on a trial basis, contributions to extra-familial
childcare and programmes such as Work & Care.
Inclusion
Swisscom is committed to making jobs available to people
with physical or psychological impairments or a refugee
background in order to (re)integrate them into the work-
force. It tries to offer at least 1% of jobs for inclusion-re-
lated employment solutions. To achieve this, it is working
with organisations such as Compasso and Powercoders.
Generations
In order to counteract the loss of knowledge and short-
age of skilled workers that will come hand-in-hand with

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Report on Non-financial Matters | Employee matters
the upcoming, substantial wave of retirements, Swisscom
promotes the transfer and build-up of know-how through
measures such as mentoring and junior programmes.
Language regions
Swisscom attaches importance to ensuring that the
different languages are appropriately represented
throughout the company and therefore offers appren-
ticeships, internships and talent programmes in all
language regions. Language course offerings support
employees with learning national languages and English
or improving their language skills.
Swisscom in Italy
In September 2024, Fastweb received certification for
gender equality (Prassi UNI/PdR125:2022). It achieved
this thanks to its efforts to close the gender gap, by car-
rying out public campaigns and initiatives in schools and
universities, and as the co-founder of a new network of
companies and associations taking a stand against gen-
der-based violence (PARI) that was launched in 2024.
With this certification, Fastweb receives additional
points in public tenders and increases its competitive-
ness in the corporate business segment. It has drawn up
a medium- to long-term action plan for gender equality,
which is reviewed annually by the certification body.
As at 31 December 2024, the percentage of women in
the workforce is 41% and the percentage of women
in management is 26%. The gender ratio among man-
agers reporting directly to the CEO increased to 31% in
the reporting year. Two out of six members of Fastweb’s
Board of Directors were women as of 31 December
2024. In July 2023, Fastweb launched Your Evolution,
an internal programme to promote female talent. The
idea behind the programme is to identify female talent
and increase the proportion of women in management
positions faster. In the reporting year, 20% of partici-
pants moved to other positions, and 6% of them were
promoted to management positions. All Your Evolution
participants also took part in special training and coach-
ing programmes this year.
An analysis conducted in accordance with the require-
ments of the gender equality certification shows no
or little gender pay gap at Fastweb. The average per-
centage pay gap for the same job by gender and for
the same qualification level was no more than 10% in
September 2024. In 2024, Fastweb also educated its
employees on discrimination, harassment and gen-
der-specific violence.
The diversity, equality and inclusion strategy not only
serves to spread ethical values at Fastweb but also as a
driver for improving Fastweb’s own performance as a
company. In 2024, diversity & inclusion training reached
55% of employees. Fastweb managers took part in smart
leadership training, which focused on measures to pro-
mote, develop or integrate employees in an attentive
manner, as well as the question of how best practices
seen elsewhere can be put into practice.
A team of Inclusive Agents operates in all the regions
where Fastweb has branches. In 2024, the team made a
significant contribution to spreading an inclusive culture
within the company. In addition, Fastweb promotes the
use of inclusive language both in internal and external
communication. It joined the scientific committee of the
permanent observatory for conscious and inclusive lan-
guage in the reporting year.
Risks
Efforts to increase diversity and equal opportunities are
associated with the following risks:
• Resistance to change: Some employees may resist
diversity initiatives out of fear of change or uncer-
tainty.
• Discrimination and prejudice: Discrimination and
prejudice can persist in the workplace environment
in spite of diversity efforts.

79
Social matters
Data protection and data security
Concept applied (incl. due diligence)
Swisscom in Switzerland
As ‘Innovators of Trust’, Swisscom ensures that data
protection and data security are firmly established in
its organisation, strengthening the trust customers
place in it. As a result, data protection is a central com-
ponent of Swisscom’s digital strategy and its respon-
sibility towards society. The data protection and data
security concept aims to protect personal and busi-
ness data from unauthorised access, misuse and data
breaches.
Swisscom in Italy
Data protection
Fastweb has implemented an organisational model
for the protection of privacy and data protection: this
model defines the governance system and the roles
and responsibilities associated with the protection of
personal data, which includes the creation of a data
processing register, corresponding privacy-by-design
activities, the qualification of suppliers, and first- and
second-line controls.
Data security
In terms of cybersecurity, Fastweb pursues a risk-based
approach based on two pillars:
Strategy: Improvement of the organisation and the gov-
ernance structure in the areas of information security,
incident management and security risk management in
accordance with a three-lines of defence model in order
to effectively combat cybercrime.
Technology: Definition of technical security standards
and procedures.
Key performance measures
KPI
2024
Target 2025
Percentage of employees trained in cybersecurity
89%
85%
Implementation of concept/
assessment of effectiveness
Swisscom in Switzerland
Data protection
The new Federal Act on Data Protection (FADP) has been
in force since 1 September 2023. Swisscom has imple-
mented the necessary adjustments to protect personal
data. When the revised FADP came into force, it also
took the opportunity to introduce a new standard of
customer information and expand the options available
to customers. This means that Swisscom customers can
not only opt out of specific types of data processing via
My Swisscom – an option already available to them in
the past – but can now automatically request informa-
tion regarding how their data is used.
Swisscom attaches great importance to the legally com-
pliant and responsible processing of personal data and
protected information. As a result, Swisscom operates
a compliance management system for data protection
and confidentiality, to which it applies internationally
recognised standards and norms. It also maintains a
data ethics framework that is designed to clarify ethical
issues connected to the processing of data and the use
of new technologies.
Among other things, Swisscom processes personal
data in order to provide its customers with individual-
ised, targeted advertising or offers that are even better
suited to their needs. It creates customer segments or
customer profiles to that end. Customers’ personal data
is made available to advertising marketing companies
in aggregated form for target group-based advertising.
Customers may object to the receipt of advertising and
the processing of their personal data for marketing and
advertising purposes. Swisscom has taken technical and
organisational measures in order to comply with appli-
cable legal provisions.
In the year under review, Swisscom did not conduct
any legal or administrative proceedings in the area of
customer data protection or confidentiality. Swisscom
complies with its legal obligations with regard to the
surveillance of postal and telecommunications traffic.

Y See www.swisscom.ch/dataprotection

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Report on Non-financial Matters | Social matters
Data security
In addition to strict compliance with data protection
requirements, Swisscom places a particular focus on
guaranteeing data security. To ensure the best possible
protection for employees, customers, partners and its
own company, it relies on state-of-the-art, secure infra-
structure in addition to highly qualified security experts.
The three pillars of prevention, detection and response
form the basis of Swisscom’s security policy.
In view of the ever-increasing threats posed by cyber-
crime, Swisscom uses automation technologies and arti-
ficial intelligence to detect risks and attacks at an early
stage and initiate appropriate countermeasures. Cyber
specialists in the Swisscom Security Operation Center
monitor the entire IT infrastructure around the clock.
In addition to technical security measures, Swisscom
strives to promote a culture of security within the com-
pany. For example, targeted awareness measures are
used to raise awareness among employees about the
conscious and secure handling of data. The new security
awareness campaign #bethestrongestlink is being used
by Swisscom to motivate all employees to do their bit to
ensure the company’s security.
Swisscom offers effective security solutions for residen-
tial and business customers. These range from call filters
and virus protection to security assessments, managed
security services and immediate assistance in the event
of a hacker attack. Security is thus an integral part of
Swisscom’s values and culture.

Y See www.swisscom.ch/dataprotection
Swisscom in Italy
Data protection
In accordance with the provisions of the General Data
Protection Regulation (GDPR), Fastweb has appointed a
data protection officer (DPO) to independently monitor
the methods and GDPR compliance of the company’s
decisions concerning the management and protection
of personal data. The data protection model includes an
accountability system that defines specific roles: data
managers implement the GDPR requirements in the
operating units; competence centres serve to support
the data managers; compliance units advise and moni-
tor the data managers and competence centres.
In addition, Fastweb has set up an internal data protec-
tion committee, which monitors the contractual data
protection requirements within the sales channels and
can impose penalties and other measures in the event
of non-compliance.
During the reporting year, Fastweb received 5,467
enquiries from customers and third parties regard-
ing data protection. 22% of the enquiries were related
to the exercise of rights under the GDPR and the right
to object. The right to erasure accounted for 8% of the
enquiries and other reasons for 70%.
In July 2024, the Italian Data Protection Authority (Gar-
ante per la protezione dei dati personali, GDPD) con-
cluded two proceedings against Fastweb that had been
running since 2022. The proceedings were primarily
against illegal telemarketing activities and soft market-
ing. The authority imposed a fine of EUR 0.5 million.
Data security
In the reporting year, Fastweb continued to follow the
three-year plan it had adopted in 2023, involving a stra-
tegic and technological approach.
Fastweb has a competence centre that specialises in the
analysis of customer requirements and corresponding
solutions in the field of cybersecurity. It includes two
Security Operation Centres (SOCs) that are available to
business customers and public administrations for pro-
active monitoring and defence against cyberattacks.
Fastweb’s subsidiary 7Layers S.r.l offers comprehensive
services in the field of cybersecurity.
Fastweb is one of the most reliable and safest market
players in the field of data management for companies
and public administration. It was the first Italian pro-
vider to obtain the relevant certification to qualify as
a cloud service provider to the public administration in
Italy as part of the national cloud strategy.
Fastweb prepares a progress report each quarter on its
risk mitigation activities. The report is used to monitor
progress, define improvement measures and identify
new products and services.

81
Risks
Cyberattacks continue to pose a major threat. The
speed of digital transformation, machine learning
and computing power is rising at an exponential rate,
and attacks are becoming increasingly specific and
efficient. This inevitably increases the number of vul-
nerabilities within the company that are susceptible
to cyberattacks. The corresponding risks can have the
following effects:
• Swisscom may have weak points when it comes to
protecting its infrastructure and customer data from
cyberattacks.
• A lack of employee knowledge or overly complex
infrastructure can make it more difficult to prevent
cyberattacks, some of which are triggered by artifi-
cial intelligence.
• Compliance with increasingly complex statutory
requirements for data storage and data protection
can affect Swisscom’s strategy or business models.
• Blackmail attempts, which are becoming increasingly
common in connection with cyberattacks, can result
in financial losses.
Network access
Concept applied (incl. due diligence)
High-performance network infrastructure is becom-
ing more and more important. Mobile communica-
tions play a key role in new applications such as the
Internet of Things (IoT). What is more, an increasing
number of security-critical processes will be carried
out via mobile communications in the future. The
expansion and modernisation of networks is there-
fore a must in order to enable innovation. Swisscom
is constantly developing its network infrastructure to
keep pace with the increasing demand for broadband
in the fixed and mobile networks, investing around
CHF 1.7 billion per year in its infrastructure in Swit-
zerland. Through the provision of high-performance
networks and an optimal technology mix, it makes a
significant contribution to the attractiveness of the
Swiss business community. It also aims to provide its
customers with the best network at all times, regard-
less of their location. Swisscom has set itself ambi-
tious expansion targets. By the end of 2025, fibre-op-
tic coverage (FTTH) in Switzerland is to increase to
57%, and total between 75% and 80% by 2030. Almost
the entire population should have internet access
with bandwidths in the gigabit range by 2035.
Swisscom’s 5G+ mobile generation is to cover around
90% of the population in Switzerland in the medium
term. New mobile generations are more energy effi-
cient, reduce immissions and make better use of the
limited radio spectrum available than previous gener-
ations. This means that it is in the general interest to
focus on the latest mobile generation wherever pos-
sible and replace older generations. The Ordinance
on Protection against Non-Ionising Radiation (ONIR)
regulates immissions by mobile antennas. Swisscom
takes education and providing information on mobile
communications seriously. Its team of specialists
answers enquiries from the public, and Swisscom
also supports the Chance5G information platform
established by the industry association asut.
Key performance measures
KPI
2024
Target 2025
Coverage of homes and businesses with fibre optics 1
52%
57%
Coverage of the Swiss population with 5G+
86%
90%
1 Built access lines.
Implementation of concept/
assessment of effectiveness
Network expansion made further progress in the reporting
year. At the end of 2024, optical fibre coverage came to 52%
and 5G+ coverage to 86%. Total 5G coverage stood at 99%.
The Federal Court stated in a judgement from April 2024
that a regular building permit procedure is required
for the first-time activation of the correction factor on
adaptive antennas. The decision does not yet offer any
legal clarification regarding the correction factor. In the
reporting year, however, this resulted in Swisscom hav-
ing to submit more than 1,000 retrospective building
applications for the activation of the correction factor.
This increased the number of building permit applica-
tions for mobile communications systems pending with
the relevant authorities across the sector to over 3,000.
Accordingly, the 5G expansion in Switzerland is likely to
be further delayed. Pressure is therefore mounting for
politicians. A motion calls for the rapid expansion of the
5G network as well as measures to simplify and acceler-
ate the expansion. Implementation of this motion would
allow outdated regulations for calculating transmission
power to be adapted to reflect developments and find-
ings over the last 20 years and building permit proce-
dures to be simplified.

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Report on Non-financial Matters | Social matters
Risks
The following risks related to network access could arise.
• Authorisations and regulatory hurdles: Attaining
authorisations and complying with regulatory require-
ments can be time-consuming and complex, delaying
the expansion of the network.
• Technological advances: The rapid pace of techno-
logical advances may lead to investments that have
already been made becoming obsolete.
• Supply gaps: Despite every effort to expand the net-
work nationwide, some areas can still be difficult to
reach, which can lead to supply gaps.
Youth media protection
and media skills
Concept applied (incl. due diligence)
Swisscom is a driving force when it comes to shaping
and enabling a forward-looking information society.
However, high levels of internet availability alone are
not enough. Rather, use of the internet also has to add
value and be autonomous. With this in mind, Swisscom
takes targeted measures to promote youth media pro-
tection and is committed to responsible media usage. Its
services impart knowledge, classify the phenomena of
digital transformation and promote reflection processes
that lead to healthy media use. Swisscom performs due
diligence by measuring both the effectiveness of these
initiatives and the number of meaningful interactions
with the population at large. Swisscom has set itself
the goal of reaching around 2 million people a year with
information, tips and support by 2025.
Key performance measures
KPI
2024
Target 2025
Promotion of media skills
813,182
350,000
Media use training
1,137,267
1,273,000
Technical measures for the protection of minors
164,052
158,000
Digital shift
96,581
230,000
Total number of contacts
2,211,082
2,011,000
Implementation of concept/
assessment of effectiveness
Different user groups with specific requirements
The challenges associated with meaningful, low-risk
media usage change depending on age and form of use.
Swisscom has summarised the challenges it faces in
three areas of action.
Digital inclusion
Swisscom makes the opportunities associated with the
digital transformation accessible to everyone, supports
equal opportunities in the labour market (or in terms
of employability), provides education and promotes
social relationships in individuals’ leisure time. These
measures are primarily aimed at older people who are at
risk of losing touch with the rapid pace of technological
development.
Youth media protection
Swisscom is supporting children, young people, parents,
legal guardians and teachers in the safe and responsible
use of smartphones, the internet and television.
Data and internet security
Swisscom provides information about the dangers of
the internet, promotes responsible and reflective work,
and protects personal data. The focus is primarily on
adults in the private and business environment.
Swisscom Campus
Swisscom Campus brings together the opportunities of
Swisscom for all target groups under one umbrella. The
opportunities are divided into the areas of home, school,
work and leisure.

Y See www.swisscom.com/campus
In the year under review, Swisscom focused on artificial
intelligence, cybersecurity and sharenting, expanding its
offerings for all of these topics. This includes webinars,
columns in publications aimed at specific target groups,
the enter brochure and social media posts. Following the
success of the first online parents’ evening in collabora-
tion with blue TV, Swisscom organised another parents’
evening on sharenting in November 2024.

83
Youth media protection
Swisscom considers the promotion of media competency
to be the ideal way to enshrine the digital transformation
in society. In addition, technical protective measures are
designed to protect young people from inappropriate offer-
ings such as pornographic and violent content. When devel-
oping new products and services, Swisscom checks whether
the mechanisms for youth media protection are being used
effectively. The parental control function or age verifica-
tion makes certain content inaccessible to young people,
and blue TV has a blocking function that enables content
and commercial restrictions on video-on-demand content
(VoD content). Swisscom also blocks all value-added ser-
vices with erotic content (0906 numbers and value-added
services) for young people and gives parents the option of
setting surfing times for their children on the Internet-Box.
Child protection
With regard to the use of its products and services,
Swisscom goes beyond the law and protects children
from debt, unsuitable content and the risks associated
with the use of digital media (e.g. addiction, privacy,
hate speech and cyberbullying). Swisscom ensures
its products have parental control features and lim-
its access to offerings with content that is potentially
harmful to minors using suitable mechanisms. In order
to actively protect the physical and mental innocence of
children and young people, it is crucial that the meas-
ures are not restricted solely to the media interactions
of children and young people. Even before the entry
into force of the Telecommunications Act (TCA Article
46a) made it a legal obligation, Swisscom was already
committed to blocking on its networks child pornogra-
phy sites reported by the Swiss Federal Police as part of
the industry Initiative of the Swiss Association of Tele-
communications (asut) for improved Youth Media Pro-
tection and the Promotion of Media Skills in Society. An
electric interface between the Swiss Federal Police and
Swisscom automatically tracks all changes. Swisscom
also supports the anonymous reporting centre www.
clickandstop.ch and provides communication support.

Y See www.clickandstop.ch
Data and internet security
Swisscom offers information about the dangers of the
internet, promotes responsible and reflective work,
protects personal data. Its measures focus primarily
on adults in the private and business environment, for
whom the Swisscom Campus offers the ‘Cyber security’
campus guide and includes online courses such as ‘Stay-
ing safe on the internet’ and ‘Privacy on the internet’.
Risks
The following risks related to the protection of minors
and media protection could arise:
• Restrictions: Even though access to certain content
must rightly be restricted for children and young peo-
ple, overly strict measures to protect minors can have
a negative impact on the freedom of expression and
creative development of young people.
• Technological complexity: The rapid development of
digital media is making it more difficult for parents
and teachers to keep up with the latest technologies
and applications.
• Lack of supervision: In some cases, children and
young people can access unsuitable content despite
measures for the protection of minors if there is insuf-
ficient parental supervision.
• World views conveyed exclusively by the media:
Excessive media consumption can lead to a distorted
perception of reality, especially among young people.
• Mental health: Uncontrolled media use can lead to
mental health problems, such as addictive behaviour
and depression.

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Report on Non-financial Matters | Respect for human rights
Respect for
human rights
Fair supply chain
Concept applied (incl. due diligence)
With the entry into force of legal provisions on due dil-
igence and reporting obligations in relation to conflict
minerals and child labour (Article 964j of the Swiss Code
of Obligations) and the associated ordinance (DDTrO),
Swisscom has been obligated since 2023 to conduct due
diligence in relation to child labour, implement a com-
prehensive management system and issue an annual
report. This obligation covers the entire upstream sup-
ply chain and includes the company’s own business
activities and all players involved – from the extraction
of raw materials to the processing of the end product.
Swisscom does not introduce or process any conflict min-
erals in Switzerland. The reporting obligation on compli-
ance with due diligence requirements in relation to con-
flict minerals is therefore waived.
A large proportion of the goods and services Swisscom
purchases is used to operate and expand the network
infrastructure. In addition, end devices such as mobile
phones, routers and TV-Boxes account for a considerable
proportion of the purchasing volume. Swisscom’s pur-
chasing department handles all procurement transac-
tions and ensures compliance with governance require-
ments. The main basis for purchasing transactions is the
Code of Conduct for Procurement. It contains binding
rules for Swisscom suppliers and employees. When it
comes to purchasing goods and services, respecting and
protecting human rights are a key element of Swisscom’s
corporate responsibility. Swisscom focuses here on core
human rights risks with a high probability of occurrence
and a potentially significant impact on those affected and
local communities.
These core risks include:
• Child labour
• Forced labour, especially the exploitation and dis-
crimination of ethnic minorities
• Insufficient working conditions in the manufacture of
electronics devices, e.g. when handling hazardous sub-
stances
• Reasonable limits on working hours
• Fair remuneration
The aforementioned risks are often hidden in the lower
levels of the value chain, in which Swisscom only has
little insight and influence on the processes involved.
Swisscom therefore considers it essential for the per-
formance of its corporate due diligence to collaborate
in joint solutions within the ICT sector. When doing so,
it takes the relevant ILO, OECD and SA8000 standards
as a basis. It also relies on a holistic risk management
system, which it uses to systematically check its sup-
plier relationships for risks. Swisscom attaches great
importance here to maintaining a fair, effective part-
nership with suppliers who share its social and envi-
ronmental goals and its values. Where risk hotspots are
identified, Swisscom takes targeted development and
corrective measures with suppliers.
Key performance measures
KPI
2024
Target 2025
Number of employees at suppliers in the audited factories in the year in question in the JAC network
243,396
150,000

85
Implementation of concept/
assessment of effectiveness
Swisscom in Switzerland
Risk management system
Swisscom’s Supply Chain Risk Management follows a
holistic approach in carrying out due diligence checks.
The aim is to identify, assess, prioritise and reduce risks
in ethical, social and environmental terms, and with
regard to finances, logistics, quality and security of
supply. It also captures the overall purchasing volume
of human rights risks and their corresponding impact.
Swisscom’s measures have enabled it to achieve a fair
procurement score of 90/100 on EcoVadis. The following
overview describes the core pillars of due diligence on
human rights in Swisscom’s supply chains according to
the OECD guidelines.
Supply chain policy
As part of its due diligence, Swisscom takes a stand for
children’s rights. In doing so, Swisscom is guided by the
International Labour Organization’s (ILO) definition of
abusive child labour. The ESG Supplier Code of Conduct
attached to the purchasing contract sets out the ecolog-
ical, social and ethical conditions in the supply chains.
Swisscom commits to binding standards for child labour
and conflict minerals and obliges its supply partners to
report any suspected cases to it.
Risk and impact analysis
Swisscom conducted a risk analysis of its entire value
chain with regard to compliance with human rights. It
determined core risks according to their severity and
probability of occurrence and created a plan of action for
expanding the existing management system, which
assigns each supply partner to a category on the risk traf-
fic light (green to red). Suppliers are assigned in relation
to the commodity group risk of the service or product
provided (in accordance with the internationally rec-
ognised score system from the EcoVadis platform) and
contract volume. Swisscom pays particular attention to
those supply chains over which it has the most influence
and for which it bears the most responsibility. The focus
is therefore on suppliers who are involved in the supply
chain of Swisscom’s proprietary products. Since 2023,
the risk concept has been anchored in the procurement
process via the SAP Ariba digital platform.
Transparency is the key to fair supply chains. Swisscom
pays particular attention to monitoring purchasing
transactions with elevated risks (around 30%) and
procurements with its top 100 suppliers. As a result, it
receives ongoing information about events in the sup-
ply chains relating to over 83% of its spend. Swisscom’s
risk assessment is conducted using the EcoVadis and
sphera platforms, which specialise in sustainability
ratings. In addition, Swisscom uses the Prewave plat-
form to monitor the country risk for child labour using
the UNICEF Children’s Rights and Business Atlas Index.
Swisscom is working with suppliers of its proprietary
products on the gradual disclosure and presentation of
the relevant supply chains on Prewave. This helps it in
its efforts to specifically trace the origin of the materi-
als and metals used.
Measures to prevent, eliminate or minimise
negative impacts
Since 2023, Swisscom has been a member of the Global
Child Forum non-profit organisation, which campaigns
worldwide for the respect of children’s rights by the
private sector. Swisscom achieved a score of 7.4 in the
Children’s Rights Benchmark, putting it among the lead-
ers of the companies evaluated. The industry average is
5.2 points.
Audit programme in the Joint Alliance for CSR
Swisscom is a member of the Joint Alliance for CSR (JAC).
JAC is an association of telecoms providers with global
operations that join forces to monitor compliance with
applicable ESG standards and working conditions in the
production centres of major multinational ICT suppli-
ers. By conducting on-site audits, Swisscom can identify
poor corporate practices that pose a potential risk to
people and the environment. It then helps its suppliers
and sub-suppliers to implement prioritised and sched-
uled corrective measures. On-site audits examine the
following risk categories:
• Health and safety: e.g. emergency exits, emergency
lighting, and the handling and storage of hazardous
substances
• Working hours: working hours, overtime and rest
days
• Salaries and benefits: social security, minimum
wages, deductions
• Environmental protection: greenhouse gas emissions
(measurement, reduction targets, involvement of sup-
pliers/sub-suppliers), implementation of environmental
issues along the supply chain
• Child labour and young workers: overtime, night
shifts and no child labour
• Forced labour: lack of employment contracts
In the year under review, the JAC network carried out
139 (previous year: 149) audits. The audited suppliers
included mostly Asian producers from the areas of IT
hardware, IT software and services, and network infra-
structure. The audits uncovered a total of 622 (previous
year 883) vulnerabilities.

86
Report on Non-financial Matters | Respect for human rights
In the areas of its supply chain where Swisscom con-
siders there to be an increased risk to people and the
environment, it takes development measures with its
strategically important suppliers and their sub-suppli-
ers as part of the Supplier Development Programme
(SDP). Over the last few years, it has worked with sup-
pliers participating in the SDP to develop solutions in
relation to issues such as environmental protection,
working time regulations and safety at work. The sup-
pliers concerned continue developing their measures
independently after the first year. After they have suc-
cessfully completed the development programme over
three years, they use their experience independently in
their own supply chains.
Swisscom has been organising training sessions in the
form of workshops and webinars for its strategic pro-
curement department on the topic of ESG in supplier
management since 2023. It will be gradually expanding
the sessions further and specifically addressing the top-
ics of child labour and conflict minerals. Beyond knowl-
edge transfer and the development of internal capaci-
ties, the training and awareness-raising programme
aims to even better enshrine the long-term ESG govern-
ance principles in the procurement departments and, at
the same time, facilitate cross-divisional cooperation on
human rights issues.
In addition to its existing whistle-blowing channel for the
company’s stakeholders, in 2023 Swisscom established a
complaints mechanism covering the supply chain and a
remediation process. This gives those affected the oppor-
tunity to report human rights abuses and related com-
plaints affecting procurement processes relevant for
Swisscom directly to Swisscom, which should allow it to
identify and eliminate human rights abuses more directly
than previously. This whistle-blowing channel is based on
the UN Guiding Principles on Business and Human Rights
(UNGP No. 29). It is a space that guarantees anonymous,
transparent and legally compliant whistle-blowing in
accordance with the principles of non-discrimination
and non-retaliation. Swisscom categorises complaints
according to the extent, resolvability and severity of
the impact on those affected. Remediation and devel-
opment measures are then taken in exchange and dia-
logue with relevant suppliers and the whistle-blowers.
No reports have been submitted since the system was
activated in October 2023.
Swisscom in Italy
Fastweb is committed to pursuing its objectives with
transparency and integrity and to conducting itself in
an ethical and responsible manner. The protection of
human rights and labour rights is a guiding principle for
Fastweb, one that is, among other things, guaranteed
by its SA8000 certification for social responsibility.
Fastweb endeavours to ensure that its suppliers and
business partners work with it according to the same
principles. For this reason, Fastweb introduced a con-
cept to ensure compliance with human rights in the
supply chain long before the adoption of the European
Commission’s proposal for a directive on corporate due
diligence in the area of sustainability.
The supplier qualification process is an integral part of
Fastweb’s procurement model. In it, each supplier is
assigned a risk level based on the supplier’s product sec-
tor and on labour, safety, social and environmental cri-
teria. To successfully complete the accreditation process
and meet the requirements of Fastweb’s Code of Ethics,
all suppliers must sign specific clauses on environmental
and social responsibility issues. In it, they undertake to
comply with all applicable legal regulations, in particu-
lar Model 231, labour law regulations, health and safety
regulations, environmental regulations and the princi-
ples of social responsibility with regard to respect for
human rights. Together with the Code of Ethics, Model
231 sets out rules of conduct and is updated at periodic
intervals.
Fastweb worked with 1,541 suppliers in 2024 (includ-
ing 242 suppliers that were newly registered this year).
116 of these new suppliers were reviewed according
to social and environmental criteria. In 2024, Fastweb
introduced its Code of Conduct for Ethical and Sus-
tainable Purchasing, which serves as a binding refer-
ence point for its partners and Fastweb procurement
employees. The Code of Conduct is intended to pro-
mote the responsible management of environmental,
social and governance aspects in the supply chain and
is an integral part of Fastweb’s Code of Ethics.
In 2023, Fastweb launched its Sustainable Supply Chain
Programme. The programme aims to develop a struc-
tured supplier assessment system that is based on ESG
criteria, creates added value for the company and grad-
ually anchors the culture of sustainability throughout
the chain. In the year under review, it set itself the goal
of reviewing the ESG performance of at least 70 sup-
pliers categorised as strategic, taking into account the
volume of expenditure and their ESG risk levels. 248
suppliers were assessed by EcoVadis, a global provider
of ESG risk assessments. 100 of all suppliers assessed
in 2024 have been categorised as strategic. The results
of the assessment are gradually being integrated into
the procurement processes and will increasingly be a
decisive factor in partner selection.

87
Risks
Implementing a fair supply chain is essential to man-
ufacture products under proper ethical conditions. It
involves the following risks:
• Lack of transparency: The greatest risks to people
and the environment lies at lower levels of the supply
chain. Swisscom often has no insight into these areas
or the companies operating there or their production
methods due to a lack of contractual relationships.
Obtaining information and monitoring the relevant
supply partners is particularly challenging due to
legal obstacles, the large number of suppliers and
practices such as outsourcing and subcontracting.
• Reliance on suppliers: Swisscom may become reliant
on key suppliers, reducing its potential to influence
fair production processes in the supply chain.
• Complexity of the supply chain: Electronic devices
and other IT products, as well as Swisscom’s own prod-
ucts, consist of a number of different components,
each with their own supply and value chains. Moni-
toring and controlling ethical standards in complex
global supply chains and manufacturing processes can
prove difficult and require effective collaboration with
a large number of different suppliers and partners.

88
Report on Non-financial Matters | Anti-corruption
Anti-corruption
Ethical behaviour
Concept applied (incl. due diligence)
Swisscom conducts its business fairly, honestly and
transparently and is opposed to any form of corrup-
tion. In its Code of Conduct, it has set out clear rules
for legally compliant behaviour in the spirit of integ-
rity. The Group-wide anti-corruption directive specifies
what behaviour is permissible or prohibited in the con-
text of work-related activities. The directive includes a
strict ban on all forms of bribery and corruption, as well
as detailed regulations on conflicts of interest, lobby-
ing, donations and sponsorship. As a trustworthy part-
ner, Swisscom meets stakeholders’ high expectations
in terms of its integrity. It works in line with values and
ethical principles and trains its employees in lawful and
value-oriented conduct.
Code of Conduct
Swisscom’s principles and rules on corporate govern-
ance are set out primarily in the company’s Articles of
Incorporation, Organisational Rules and the Rules of
Procedure of the Board of Directors’ committees. Of
particular importance is the Code of Conduct approved
by the Board of Directors. It contains an explicit dec-
laration by Swisscom of its commitment to absolute
integrity as well as compliance with the law and all
other external and internal rules and regulations. A
zero-tolerance principle applies with regard to com-
pliance violations. Swisscom expects its employees
to behave responsibly, show consideration for people,
society and the environment, comply with applicable
rules and laws, demonstrate integrity and report any
violations of the Code of Conduct. The latest versions
of these documents as well as their earlier, unamended
and superseded versions can be viewed online on the
Swisscom website under ‘Basic principles’.

Y See www.swisscom.ch/basicprinciples
Anti-corruption directive
Swisscom rejects corruption in all its forms. Facilitation
payments are also prohibited. Swisscom’s business is
conducted fairly, honestly and transparently. In order to
avoid corruption, Swisscom has incorporated the legal
field of anti-corruption into the central Group-wide
compliance management system in accordance with the
ISO 37301 standard and has taken numerous precau-
tions to prevent violations. The Group Anti-Corruption
Directive and other specific directives define permissi-
ble and prohibited behaviour. All managers are trained
through e-learning units and exposed employees
receive additional special instruction. The central com-
pliance department (Group Compliance) monitors the
implementation of and compliance with the guidelines.
Anonymous reporting channel (whistle-blowing)
An anonymous reporting channel is available to all
employees of Swisscom and Fastweb to report question-
able events or practices, such as corruption, fraud, viola-
tions of laws and guidelines, or problematic accounting.
A certified reporting system features technical mech-
anisms to ensure that the reports remain confidential.
Reports are processed by Internal Audit in accordance
with a defined process. As a unit assigned to the Board of
Directors, Internal Audit guarantees the greatest possible
levels of objectivity and impartiality. To simplify process-
ing and receive a reply, the person submitting a report can
set up a mailbox while remaining anonymous.
Swisscom in Italy
Fastweb promotes an ethical corporate culture, which
is why it has introduced anti-corruption directives, a
Code of Ethics and Model 231. It has thus defined rules
of conduct that are regularly updated and ensure that
the company complies with the applicable regulations.
Model 231 defines a structured system of rules and
controls that employees and third parties acting on
behalf of Fastweb must follow. Fastweb supplemented
Model 231 in July 2024 with a control system defined
by the company. The system is designed to prevent
offences that are listed in Decreto Legislativo 8 giugno
2001 n. 231 (D.Lgs. n. 231/2001). The subsidiary 7Layers
S.r.l. has its own Model 231.
‘Zero tolerance of corruption’ is one of the principles
that guide the actions of Fastweb. Fastweb has imple-
mented the provisions of Swisscom’s anti-corruption
directive, established an anti-corruption system in
accordance with the requirements of the ISO 37001
standard (Anti-bribery management systems) and
received the corresponding certification. Compliance
with ISO 37001 is reviewed and confirmed annually by
an external auditor. Combating corruption is embedded
in Fastweb’s control system, risk management system
and compliance management system, which fulfils the
requirements of the ISO 37301 standard.
Key performance measures
Swisscom’s goal was to train all Swisscom Switzerland
employees in matters concerning corporate ethics in
2024. 91% of internal staff successfully completed this
training in 2024.

89
Implementation of concept/
assessment of effectiveness
Swisscom in Switzerland and Fastweb in Italy periodi-
cally organise specific training sessions for their employ-
ees on all kinds of compliance issues (anti-corruption/
bribery [2024 e-learning: 95% of managers across the
Group]), conflicts of interest, whistle-blowing, antitrust
law, money laundering and terrorist financing, data pro-
tection and data security, capital market compliance
and human rights). This is how the idea of integrity is to
be sustainably anchored in the company. It involves an
internal training cycle that starts with the trainer com-
mittee and reaches all employees via the management.

Risks
Unethical behaviour can give rise to the following risks.
• Damage to reputation: Unethical behaviour can lead
to significant damage to Swisscom’s reputation with
a negative impact on the trust placed in the com-
pany by customers, business partners and the gen-
eral public.
• Lack of understanding or training: A lack of training
on, and awareness of, ethical principles increases the
risk of violations.

Corporate Governance________ 1
General principles. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92
2
Group structure and shareholders. . . . . . . . . . . . . . . . . . . . 92
3
Capital structure. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95
4
Board of Directors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96
5
Group Executive Board. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110
6
Remuneration, shareholdings and loans. . . . . . . . . . . . . 116
7
Shareholders’ rights of co-determination. . . . . . . . . . . . 116
8
Change of control and defensive measures. . . . . . . . . . 117
9
Auditor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117
10 Information policy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118
11 Financial calendar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119
12 Trading blackout periods. . . . . . . . . . . . . . . . . . . . . . . . . . . . 119
Remuneration Report_ _______ 1
Governance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122
2
Remuneration of the Board of Directors. . . . . . . . . . . . . 124
3
Remuneration of the Group Executive Board . . . . . . . . 127
4
Other remuneration (audited). . . . . . . . . . . . . . . . . . . . . . . 135
5
Activities at other companies (audited). . . . . . . . . . . . . . 135
6
Gender representation (audited). . . . . . . . . . . . . . . . . . . . . 137
Report of the statutory auditor. . . . . . . . . . . . . . . . . . . . . . . . . . 138

92
Corporate Governance and Remuneration Report | Corporate Governance
Corporate Governance
Majority shareholder
51%
of the shares are held by the Swiss
Confederation (‘Confederation’).
Organisation
Christoph
Aeschlimann
has been Swisscom CEO since
June 2022.
Board of Directors,
Group Executive Board
33%
of the members of the governing
bodies were women at the end
of 2024.

1 General principles
In performing their activities, the Board of Directors and
Group Executive Board of Swisscom are guided by the
objective of sustainable business management. They
incorporate the interests of Swisscom shareholders,
customers, employees and other interest groups into
their decisions and strive to achieve economic, social and
environmental objectives as part of a holistic approach.
The Board of Directors practises effective, transparent
corporate governance, which is characterised by clearly
assigned responsibilities and based on recognised stand-
ards. In this endeavour, Swisscom takes into account the
recommendations of the 2024 Swiss Code of Best Practice
for Corporate Governance issued by economiesuisse, the
umbrella organisation representing Swiss business.
The dialogue between investors, proxy advisors and
other stakeholder groups with the respective specialist
divisions at Swisscom allows the Board of Directors to
identify emerging trends at an early stage and to adjust
its corporate governance to new requirements as and
when necessary.
Swisscom’s principles and rules on corporate govern-
ance are set out primarily in the company’s Articles of
Incorporation and Organisational Rules. Of particular
importance is the Code of Conduct approved by the
Board of Directors. It contains an explicit declaration
by Swisscom of its commitment to absolute integrity
and compliance with the law and all other external and
internal rules and regulations. Swisscom expects its
employees to take responsibility for their actions, show
consideration for people, society and the environment,
comply with applicable rules, demonstrate integrity and
report any violations of the Code of Conduct.
The latest versions of these documents as well as their
earlier, unamended and superseded versions can be
viewed online on the Swisscom website under ‘Basic
principles’.

Y See www.swisscom.ch/basicprinciples
2 Group structure and shareholders
2.1 Group structure
Operational Group structure
Swisscom Ltd is a holding company and responsible for
the overall management of the Swisscom Group. On
31 December 2024, the Group comprised the following
five Group Functions, which each have staff functions:
Group Business Steering, Group Human Resources,
Group Strategy & Business Development, Group Com-
munications & Responsibility and Group Security & Cor-
porate Affairs. In addition, the Group includes the busi-
ness divisions Residential Customers, Business Custom-
ers and IT, Network & Infrastructure and several Group
companies, including Fastweb S.p.A. in Italy.
The Board of Directors of Swisscom Ltd has dele-
gated day-to-day business management to the CEO of
Swisscom Ltd. The Group Executive Board is comprised
of the CEO of Swisscom Ltd together with the heads
of the Group divisions and the heads of the business
divisions.

Group Business
Steering
Group Strategy
& Business Development
Group Security
& Corporate Affairs
Group Communications
& Responsibility
Group Human
Resources
Group Executive Board
Board of Directors
CEO Swisscom AG
Internal Audit
Fastweb
IT, Network
& Infrastructure
Business
Customers
Residential
Customers
Our customers
93

t The operational Group structure as at 31 December 2024 is shown in the organisational chart below.
The business activities are carried out by Swisscom
Group companies. Strategic and financial management
is assured through the rules governing the assignment
of powers and responsibilities set by the Board of Direc-
tors of Swisscom Ltd. The Group companies are divided
into three categories: strategic, important and other.
Swisscom Ltd, Swisscom (Switzerland) Ltd and Fast-
web S.p.A. are classified as strategic companies. The
members of the Board of Directors and the managing
directors of the strategic companies are appointed by
the Board of Directors of Swisscom Ltd and elected via
the competent statutory bodies. The Board of Direc-
tors of Swisscom (Switzerland) Ltd comprises the CEO
of Swisscom Ltd as Chairman, the CFO of Swisscom
Ltd and the Head of Business Customers. The CEO of
Swisscom Ltd is responsible for the executive manage-
ment of Swisscom (Switzerland) Ltd. Seats on the Board
of Directors of Fastweb S.p.A. are held by the CEO of
Swisscom Ltd, who acts as Chair, together with the CFO
of Swisscom Ltd, the Head of Group Strategy & Business
Development at Swisscom Ltd and the Head of Account-
ing at Swisscom. The Board of Directors is supplemented
by an independent external member and the delegate of
the Board of Directors, who has been empowered with
the executive management of the company. Fastweb
controls two subsidiaries. All other Swisscom Group
companies are assigned to a Group division or business
division for management purposes. The members of the
Board of Directors of the other Group companies and
their managing directors are appointed by the CEO of
Swisscom Ltd. In some cases, external parties also serve
as members of the Board of Directors. A list of Group
companies, including company name, registered office,
percentage of shares held and share capital, is provided
in Note 5.5 to the consolidated financial statements.

H See report pages 199–200
For financial reporting purposes, Swisscom’s business divi-
sions and Group companies are allocated to individual seg-
ments. Further information on segment reporting can be
found in the Management Commentary.

H See report page 42–45
Changes in the operational Group structure
As of 31 December 2024, Swisscom completed the
acquisition of Vodafone Italia. The two strategic compa-
nies Fastweb S.p.A. and Vodafone Italia S.p.A. will from
now on operate under the name ‘Fastweb + Vodafone’.
Both companies are managed by the same management
board (Executive Committee) under the leadership of

94
Corporate Governance and Remuneration Report | Corporate Governance
the existing CEO of Fastweb, Walter Renna. The com-
position of the Board of Directors of Fastweb S.p.A. will
remain unchanged until its Annual General Meeting. The
Vodafone S.p.A Board of Directors was newly appointed
following completion. In the first quarter, both boards
of directors will be identical with the exception of one
person. This will ensure uniform management of the
companies until their merger. Fastweb S.p.A. has a total
of four direct or indirect subsidiaries.
Further structural changes will be made on 1 April 2025.
Leaner and more efficient Group Executive Commit-
tee (formerly the Group Executive Board), consisting of
Christoph Aeschlimann (Group CEO), Eugen Stermetz
(Group CFO), Isa Müller-Wegner (Head of Group Strategy
& Development) and Klementina Pejic (Head of Group
Human Resources) will manage the company Group-
wide, while the business in Switzerland and Italy will
each be managed by an Executive Committee. The Exec-
utive Committee for Swisscom Switzerland is made up
of the nine people who will form the Swisscom Group
Executive Board until the end of March 2024 and whose
work already primarily focuses on the Swiss business.
This will ensure stability and continuity in the Swiss
business in the future.
Listed company
Swisscom Ltd is a company governed by Swiss law and
has its registered office in Ittigen (Canton of Bern, Swit-
zerland). It is listed in the Standard for Equity Securities,
SubStandard International Reporting, of the SIX Swiss
Exchange (Securities No.: 874251; ISIN: CH0008742519;
ticker symbol SCMN).
Trading in the United States is conducted over the coun-
ter (OTC) as a Level 1 programme (ticker symbol: SCMWY;
ISIN: CH008742519; CUSIP for ADR: 871013108). Within
the framework of the programme, the Bank of New
York Mellon Corporation issues the American Depos-
itary Shares (ADS). ADS are American securities that
represent Swisscom shares. Ten ADS correspond to one
share. The ADS are evidenced by American Depositary
Receipts (ADR).
As at 31 December 2024, the stock market capitalisation
of Swisscom Ltd was CHF 26,134 million. There are no
other listed companies in the Swisscom Group.
2.2 Major shareholders
Pursuant to Article 120 of the Federal Act on Financial
Market Infrastructures and Market Conduct in Securities
and Derivatives Trading (Financial Market Infrastruc-
tures Act; FMIA), there is a duty to disclose a sharehold-
ing to Swisscom Ltd and SIX Swiss Exchange whenever
the share of a person or group subject to the disclosure
obligation reaches, exceeds or falls below 3, 5, 10, 15,
20, 25, 33 1/3, 50 or 66 2/3 per cent of the voting rights
of Swisscom Ltd, irrespective of whether or not the
voting rights can be exercised. The detailed disclosure
requirements are defined in the FINMA Financial Mar-
ket Infrastructure Ordinance (FinMIO-FINMA). Under
the FinMIO-FINMA, nominee companies unable to inde-
pendently decide how voting rights are exercised are not
subject to disclosure requirements. Since a notification
requirement only exists if a shareholding reaches, falls
below or exceeds one of the limits indicated above, the
current percentage of shares actually held by significant
shareholders may at any time differ from the percentage
most recently disclosed.
The shareholding notifications can be viewed on the SIX
Exchange Regulation website at: https://www.ser-ag.
com/en/resources/notifications- market-participants/
significant-shareholders.html#/. On 7 May 2024, UBS
Fund Management (Switzerland) AG reported a holding
of 3.46% in Swisscom Ltd. BlackRock Inc., New York,
reported a shareholding of 3.44% of the voting rights in
Swisscom Ltd in 2017. Neither of the companies has
provided any notification indicating that it has reached,
exceeded or fallen below the thresholds subject to
notification requirements (3% and 5%, respectively)
since that time.
As majority shareholder, the Swiss Confederation
(‘Confederation’) held 50.95% of the issued share cap-
ital of Swisscom Ltd on 31 December 2024, which was
unchanged from the previous year. The Telecommunica-
tions Enterprise Act (TEA) provides that the Swiss Con-
federation shall hold the majority of the share capital
and voting rights of Swisscom Ltd. The Federal Council
defines the goals which the Confederation as principal
shareholder of the company aims to achieve in the next
four years. As a rule, stakeholder talks with the Chairman
of the Board of Directors, the CEO and the representative
of the Confederation are conducted three times a year
by the responsible federal government departments –
the Federal Department of the Environment, Transport,
Energy and Communications (DETEC) and the Federal
Department of Finance (FDF) – led by the Head of DETEC.
Furthermore, the Head of Group Security & Corporate
Affairs also participates in their capacity as Secretary of
the Board. During these talks, the participants under-
take a benchmark analysis of target achievement. After
the close of the business year, target achievement is
assessed by the Federal Council.

Y See www.swisscom.ch/ziele_2022-2025 (in German)
2.3 Cross-shareholdings
No cross-shareholdings exist between Swisscom Ltd and
other public limited companies.

95
3 Capital structure
3.1 Capital
The share capital of Swisscom Ltd has remained
unchanged since 2009, totalling CHF 51,801,943. There
is no capital band and no authorised or conditional share
capital. Information concerning equity can be found in
the annual financial statements of Swisscom Ltd.

H See report page 218–219
3.2 Shares, participation certificates
and profit-sharing certificates
All of the shares issued by Swisscom Ltd are fully paid-up
registered shares with a par value of CHF 1. Each share
entitles the holder to one vote. Shareholders may only
exercise their voting rights, however, if their shares have
been entered with voting rights in the share register of
Swisscom Ltd. All registered shares with the exception of
treasury shares held by Swisscom are eligible for a divi-
dend. There are no preferential rights.
Registered shares of Swisscom Ltd are not issued in certif-
icate form but are held as book-entry securities in the
depositary holdings of SIX SIS AG, up to a maximum limit
determined by the Swiss Confederation. Shareholders
may at any time request confirmation of the registered
shares they hold. However, they have no right to request
the printing and delivery of certificates for their shares
(registered shares with no right to printed certificates).
The holder of an ADR possesses the rights listed in the
Deposit Agreement (e.g. the right to issue instructions
for the exercise of voting rights and the right to divi-
dends). The Bank of New York Mellon Corporation, which
acts as the ADR depositary, is listed as the shareholder in
the share register. ADR holders are therefore unable to
directly enforce or exercise shareholder rights. The Bank
of New York Mellon Corporation exercises the voting
rights in accordance with the instructions it receives
from the ADR holders. If it does not receive instructions,
it does not exercise the voting rights.
Swisscom Ltd has issued neither participation nor prof-
it-sharing certificates.
Further information on the shares is available in Section 7
‘Shareholders’ participation rights’ and in the Manage-
ment Report.

H See report pages 116–117

H See report pages 53–54
3.3 Limitations on transferability
and nominee registrations
Swisscom shares are freely transferable, and the voting
rights of the shares registered in the share register in
accordance with the Articles of Incorporation are not
subject to restrictions of any kind. In accordance with
Article 4.5.1 of the Articles of Incorporation, the Board of
Directors may refuse to recognise an acquirer of shares as
a shareholder if the total holding, when the new shares
are added to any voting shares already registered in its
name, exceeds the limit of 5% of all registered shares
entered in the commercial register. For the shares in excess
of the limit, the acquirer is entered in the share register as
a shareholder or beneficial holder without voting rights.
The other statutory provisions on transfer restrictions
are described in Section 7.1 of this Corporate Governance
Report, ‘Voting right restrictions and proxies’.

Y See www.swisscom.ch/basicprinciples

H See report page 116
Swisscom has issued special regulations governing the
registration of trustees and nominees in the share reg-
ister. To facilitate the trading of the shares on the stock
exchange, the Articles of Incorporation (Article 4.6)
allow the Board of Directors, by means of regulations or
agreements, to permit the fiduciary entry of registered
shares with voting rights for trustees and nominees
in excess of the 5% threshold, provided they disclose
their trustee capacity. In addition, they must be subject
to supervision by a banking or financial market super-
visory authority or otherwise provide the necessary
assurance that they are acting for the account of one or
more unrelated parties. They must also be able to pro-
vide evidence of the names, addresses and holdings of
the beneficial owners of the shares. This provision of the
Articles of Incorporation may be changed by resolution
of the Annual General Meeting, for which a majority of
the voting shares represented is required. In accordance
with this provision, the Board of Directors has issued
regulations governing the entry of trustees and nomi-
nees in the Swisscom Ltd share register.

Y See www.swisscom.ch/basicprinciples
The entry of trustees and nominees as shareholders with
voting rights is subject to application and the conclu-
sion of an agreement by which the trustee or nominee
acknowledges the applicable entry restrictions and dis-
closure obligations as binding. Trustees and nominees
related in terms of capital or voting rights either contrac-
tually or through common management or other means
are treated as a single shareholder (trustee or nominee).
3.4 Convertible bonds, debenture bonds
and options
Swisscom has no convertible bonds outstanding. Details
of the debenture bonds are given in Note 2.2 to the con-
solidated financial statements.

H See report pages 159–162
Swisscom does not issue options on registered shares of
Swisscom Ltd to its employees.

4 Board of Directors
4.1 Members of the Board of Directors
Alain Carrupt left the Board of Directors on 27 March 2024.
On the very same day, the Annual General Meeting
appointed Daniel Münger as a new member and re-
elected all other members to be elected by the Annual
General Meeting. The Federal Council also appointed
the representative of the Confederation to the Board
of Directors for another year. As of 31 December 2024,
the Board of Directors comprised the following non-
executive members.

Taking office at the
Name
Nationality
Year of birth
Function
Annual General Meeting
Michael Rechsteiner 1
Switzerland
1963
Chairman
2019
Roland Abt
Switzerland
1957
Member
2016
Monique Bourquin
Switzerland
1966
Member
2023
Guus Dekkers
Netherlands
1965
Member
2021
Frank Esser
Germany
1958
Deputy Chairman
2014
Sandra Lathion-Zweifel
Switzerland
1976
Member, representative of the employees
2019
Daniel Münger
Switzerland, Italy
1961
Member, representative of the employees
2024
Anna Mossberg
Sweden
1972
Member
2018
Fritz Zurbrügg 2
Switzerland
1960
Member, representative of the Confederation
2023

1 Chairman since 31 March 2021.
2 Designated by the Swiss Confederation.

97
4.2 Education, professional activities
and affiliations
Key details of the career and qualifications of each
member of the Board of Directors are provided in the
summary below. The external mandates of the mem-
bers of the Board of Directors are disclosed in the Remu-
neration Report. The Board members are obligated to
consult the Chairman of the Board of Directors prior to
accepting new mandates and to immediately advise
him of any changes in their professional lives. If the
Chairman is concerned, he shall consult or inform the
Deputy Chairman. The Chairman or Deputy Chairman,
as the case may be, then informs the Board of Directors
about these changes and about potential conflicts of
interest. Awareness of dealing with affiliations is raised
in the Board of Directors as part of the annual internal
training session that focuses on stock exchange regula-
tions, as well as in the annual further training sessions.
Details on the regulation of external mandates, in par-
ticular the number of permissible external mandates
and the definition of the term ‘mandate’, are set out in
Article 9.3 of the Articles of Incorporation. No member
exceeds the limits set for external mandates set out in
the Articles of Incorporation.

Y See www.swisscom.ch/basicprinciples

H See report pages 135–137
The members of the Board of Directors are required
to order their personal and business affairs to ensure
that conflicts of interest are avoided as far as possible.
They must take any action necessary for this. Should
a conflict of interest nevertheless arise, the member
concerned must inform the Chairman of the Board of
Directors and/or the Deputy Chairman immediately,
so that it can brought to the attention of the Board
of Directors. If the member of the Board of Directors
is subject to conflicting interests or has to safeguard
such interests, the Board of Directors makes a decision
that is commensurate with the intensity of the conflict
of interest in order to ensure that the interests of the
company are safeguarded independently. It looks, first
and foremost, at whether the member of the Board of
Directors concerned has to abstain or whether a double
resolution with and without the member affected by
the conflict is sufficient. In the event of an abstention,
the Board of Directors decides whether this abstention
– depending on the intensity of the conflict – applies
only to the resolution or also to the consultation ses-
sion before the resolution is passed.

Michael Rechsteiner
Master of Science in Mechanical Engineering,
ETH Zurich; Executive MBA,
University of St. Gallen (HSG)
Career history
1990–2000 various roles at ABB Kraftwerke AG, most
recently General Manager of ABB Power Generation
Asia, Kuala Lumpur, Malaysia; 2000–2002 Head of
Power Plants, Vice President Project Execution, Alstom
Power; 2003–2007 COO, Sultex; 2007–2015 various
roles at Alstom Power, most recently CEO and Senior Vice
President Power Services; 2015–2017 General Electric
(GE) Officer and Vice President of Global Product Lines
at GE Power Services; April 2017–March 2021 manage-
rial responsibility for GE Power Services Europe and CEO
of GE Gas Power Europe; April 2021–April 2022 exter-
nal advisor to General Electric (Switzerland) GmbH;
since March 2021 Chairman of the Board of Directors of
Swisscom Ltd
Key competencies
Michael Rechsteiner heads up the Board of Directors and
has broad international experience in business and man-
agement. In particular, he contributes his expertise and
experience in the areas of innovation and technology,
business customers, mergers & acquisitions, strategy,
transformation, human resources, and environment,
social & governance (ESG) to the Board of Directors.

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Corporate Governance and Remuneration Report | Corporate Governance
Roland Abt
PhD in Business Administration University
of St.Gallen (HSG)
Career history
1985–1987 CFO of a group of companies with oper-
ations in the areas of IT and real estate; 1987–1996
Eternit Group (later Nueva Group): 1987–1991 Head of
Controlling, 1991–1993 CEO, Industrias Plycem, Ven-
ezuela, 1993–1996 Division Manager, Fibre Cement
Activities; 1996–2016 Georg Fischer Group: 1996–
1997 CFO, GF Piping Systems, 1997–2004 CFO, Agie
Charmilles Group (currently GF Machining Solutions),
2004–2016 CFO, Georg Fischer AG, and member of the
Group Executive Board
Key competencies
Roland Abt is a financial expert with broad international
experience in business and management. In particular,
he contributes his expertise and experience in the areas
of business customers, finance, mergers & acquisitions,
strategy, transformation, law and human resources to
the Board of Directors.

Monique Bourquin
Degree in Business Administration (lic. oec.)
University of St.Gallen (HSG)
Career history
1990–1994 Strategy and Corporate Finance Consultant,
PricewaterhouseCoopers Switzerland; 1994–1997 Mar-
keting and Sales, Unilever AG (formerly Knorr Nährmit-
tel AG); 1997–1999 Head of Key Account Management
(Sales), Rivella AG; 1999–2002 Country Manager (Mar-
keting & Sales), Mövenpick Schweiz AG; 2002–2007 Head
of Sales, Executive Board Member, Unilever Schweiz
GmbH; 2008–2012 CEO, Executive Board Member, Uni-
lever Schweiz GmbH incl. Oswald GmbH; 2012–2016
CFO DACH Region, Executive Board Member, Unilever
Deutschland GmbH
Key competencies
Monique Bourquin has long-standing international expe-
rience in business and management in the private cus-
tomer segment. In particular, she contributes expertise in
matters relating to strategy, brand management, market-
ing, sales, finance and human resources to the Board of
Directors.

99
Guus Dekkers
Master’s degree in Computer Science,
Radboud University Nijmegen;
MBA, Rotterdam School of Management (RSM)
Career history
1990–2001 Volkswagen AG, Wolfsburg, various func-
tions, mainly in the area of business process optimi-
sations; 2002–2005 Head of Information Technology
Europe & International and Vice President, Johnson Con-
trols Automotive; 2005–2007 CIO and Vice President,
Siemens VDO Automotive AG, Germany; 2008–2016
CIO, Airbus Group, France; since April 2018 CTO and
member of the Executive Committee, Tesco PLC, London
Key competencies
Guus Dekkers has gained broad international experience
in business and management in various sectors. He espe-
cially contributes knowledge of the telecommunications
and IT sectors to the Board of Directors. Furthermore, he
complements the Board of Directors with his expertise
and experience in the areas of innovation, technology
and digitalisation as well as mergers & acquisitions,
strategy, transformation and human resources, in both
business and private customer segments.

Frank Esser
Graduate in Business Administration,
Doctorate in Economics (Dr. rer. pol.)
Career history
1988–2000 Mannesmann Deutschland, most recently
from 1996 member of the Executive Board of Mannes-
mann Eurokom; 2000–2012 Société française du radi-
otéléphone (SFR): 2000–2002 COO, 2002–2012 CEO,
in this function from 2005–2012 also a member of the
Group Executive Board of the Vivendi Group
Key competencies
Frank Esser has international business, leadership and
transformation experience in the telecommunications
industry. In particular, he brings to the Board of Direc-
tors his expertise in the business and private customer
segments and his experience in the areas of technology,
mergers & acquisitions, strategy and human resources.

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Corporate Governance and Remuneration Report | Corporate Governance
Sandra Lathion-Zweifel
Degree in Law (lic. iur.), attorney-at-law;
Master of Law from the University of Zurich and
Columbia University, New York; trader’s licence
from SIX Swiss Exchange
Career history
2005–2010 Mergers & acquisitions lawyer, Lenz &
Staehelin law firm, Zurich; 2010–2014 Head of Legal &
Compliance Financial Products, Credit Suisse AG, Zurich;
2014–2018 Head of department in the Asset Manage-
ment division of the Swiss Financial Market Supervisory
Authority (FINMA); 2018–2019 Counsel for Banking &
Finance, Lenz & Staehelin law firm, Geneva
Key competencies
Sandra Lathion-Zweifel brings her legal expertise to the
Board of Directors as well as experience in the areas of
mergers & acquisitions, banking and finance, asset man-
agement, strategy, human resources and ESG.

Anna Mossberg
Executive MBA for Growing Companies,
Stanford Business School, Palo Alto;
Executive MBA, IE University, Madrid;
Master of Science in Industrial Engineering and
Management, Luleå University of Technology
Career history
1996–2010 Telia: in various roles, including Vice Presi-
dent and Head of Business & Product Management, Head
of Internet, Consumer Segment, Director Data Services,
Product & Services; 2010 CEO, Bahnhof AB, Stockholm;
2012– 2014 Senior Vice President Strategy and Portfolio
Management, Deutsche Telekom; 2015–2018 member
of the Management Team, Google Ltd, Sweden; 2021–
2022 Managing Director, Silo AI, Sweden
Key competencies
Anna Mossberg has international business and leader-
ship experience in the telecommunications, media and
entertainment sectors. In particular, she brings to the
Board of Directors her expertise and experience in the
areas of telecommunications, innovation, digitalisation,
artificial intelligence (AI), finance, mergers & acquisitions,
human resources and strategy in the private and business
customer segments.

101
Daniel Münger
Certified NPO Manager
Career history
1983–1995 Various roles at PTT companies in cable instal-
lation and as a telecommunications specialist; 1996–2001
Various roles at the Swiss Metalworkers’ and Watchmak-
ers’ Union (SMUV) and the Union of Construction and
Industry (GBI); 2002–2023 syndicom: 2002–2009 Regional
Director of the Communications Union (now syndicom);
2010–2014 Central Secretary of the ICT Sector; 2015–2016
Head of the Logistics Sector and member of the Manage-
ment Board; 2016–2023 Chairman
Key competencies
Thanks to his professional experience and the many years
he spent in the leadership of a personnel association, Dan-
iel Münger brings his expertise particularly in the areas of
telecommunications, transformation, finance and human
resources to the Board of Directors.

Fritz Zurbrügg
Doctorate in Economics (Dr. rer. pol.)
Career history
1992–1994 Economist, International Monetary Fund
(IMF); 1994–1998 Head of IMF and International Financ-
ing Section, Swiss Federal Finance Administration (FFA);
1998–2006 Senior Advisor and Executive Director of the
Swiss Constituency, IMF Washington, D.C.; 2006–2012
FFA: 2006–2010 Head of the Fiscal Policy, Fiscal Equalisa-
tion and Financial Statistics Division, 2010–2012 Direc-
tor of the FFA; 2012–2022 Swiss National Bank (SNB):
2012–2015 member of the Governing Board, 2015-2022
Vice-Chair of the Governing Board
Key competencies
Fritz Zurbrügg contributes his broad international experi-
ence and expertise in the fields of finance and risk man-
agement, as well as his management experience, to the
Board of Directors.

Board of Directors by career, experience, skills
and knowledge
In % and (number of members) as of 31 December 2024
Telecommunications,
IT, media and/or
entertainment
44%
(4)
Innovation, technology
and/or digitalisation
44%
(4)
Residential customers
(B2C)
44%
(4)
Business customers (B2B)
56%
(5)
Finance, risk management
and/or M&A
100%
(9)
Strategy and/or transfor-
mation
89%
(8)
Human resources
89%
(8)
Environmental, social
& governance
22%
(2)
Leadership position in
top management
89%
(8)
Member of the Board
of Directors in stock ex-
change listed companies
67%
(6)
Legal
22%
(2)
International
business experience
67%
(6)
Sector
Specialization
Role

44%
(4)
44%
(4)
11%
(1)
Up to 4
years
5 to 8
years
9 to 12
years
Board of Directors by length of term of office
In % and (number of members) as of 31 December 2024
67%
(6)
Male
Board of Directors by gender
In % and (number of members) as of 31 December 2024
33%
(3)
Female

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Corporate Governance and Remuneration Report | Corporate Governance
4.3 Composition of the Board of Directors
The Board of Directors regularly examines its composi-
tion and plans the appointments to the committee posi-
tions on an annual basis. The members of the Board of
Directors possess comprehensive expertise in relevant
areas and broad experience.
The following diagrams show the Board of Directors in
terms of the members’ competencies, terms of office
and gender.
Swisscom Ltd’s Board of Directors thus already complies
with gender representation requirements for the boards
of directors of listed companies as set out in Swiss com-
pany law.
4.4 Independence
To establish the independence of its members, the Board
of Directors applies the criteria set out in the Swiss Code
of Best Practice for Corporate Governance published by
economiesuisse. Independent members are thus under-
stood to mean non-executive members of the Board of
Directors who were never a member of the executive
management or who have not been a member of the
executive management for at least three years, who
were never a member of the external audit team as
auditor-in-charge or who have not been a member of
the external audit team as auditor-in-charge for at least
two years, or who have no or only comparatively minor
business relations with the company. The term of office
of a member of the Board of Directors is not a criterion
that can be used to assess independence. All, i.e. 100%,
of the members of the Board of Directors are considered
to be independent based on these criteria. The Swiss
Confederation, represented on the Board of Directors
by Fritz Zurbrügg, holds the majority of the capital and
voting rights in Swisscom in accordance with the Telecom-
munications Enterprise Act (TEA). Customer and supplier
relationships exist between the Swiss Confederation and
Swisscom. Details of these are provided in Note 6.2 to the
consolidated financial statements.

H See report page 204

103
4.5 Election and term of office
Under the terms of the Articles of Incorporation, the
Board of Directors comprises between seven and
nine members and, if necessary, the number can be
increased temporarily. Under the Articles of Incorpora-
tion of Swisscom Ltd, the Swiss Confederation is entitled
to appoint two representatives to the Board of Direc-
tors of Swisscom Ltd. At present, one representative is
appointed. Under the terms of the TEA, employees must
be granted appropriate representation on the Board of
Directors of Swisscom Ltd. The Articles of Incorporation
also stipulate that the Board of Directors is to include
two employee representatives and that employees are
entitled to make proposals for their employee repre-
sentatives. Daniel Münger was nominated as employee
representative by the syndicom trade union and Sandra
Lathion-Zweifel was nominated as employee represent-
ative by the transfair staff association. The employee
representatives are elected by the shareholders at the
Annual General Meeting upon a motion proposed by
the Board of Directors, as are the other members of the
Board of Directors with the exception of the representa-
tive of the Swiss Confederation, who is appointed by the
Federal Council.
The Annual General Meeting elects the members and
the Chairman of the Board of Directors as well as the
members of the Compensation Committee individ-
ually for a term of one year. The term of office runs
until the conclusion of the following Annual General
Meeting. Re-election is permitted. If the office of the
Chairman is vacant or the number of members of the
Compensation Committee falls below the minimum
number of three members, the Board of Directors
nominates a chairman from among its members or
appoints the missing member(s) of the Compensation
Committee to serve until the conclusion of the next
Annual General Meeting. Otherwise, the Board of
Directors constitutes itself.
The maximum term of office
for members elected by the
Annual General Meeting, as a rule,
is a total of twelve years.
The flexible arrangement makes it possible for share-
holders to extend the maximum term of office in excep-
tional cases if special circumstances exist. Members
retire from the Board of Directors when they reach the
age of 70. The maximum term of office and age limit for
the representative of the Swiss Confederation are deter-
mined by the Federal Council.
4.6 Succession planning
The Board of Directors regularly examines whether its
members’ qualifications, abilities and experience are
still aligned with the Board’s needs and requirements.
The Board commences the search for potential new
members early on so as to ensure that it has access to
the expertise it requires, is well-diversified and can nom-
inate new members as needed in the future. As a guide
for the ad-hoc Nomination Committee, the Board of
Directors formulates a requirements profile specifying
the qualifications, skills and experience that are desired.
On the basis of this, the Nomination Committee evalu-
ates potential candidates and makes recommendations
to the Board of Directors for the election of new Board
members by the Annual General Meeting. The Board of
Directors submits a motion to the Annual General Meet-
ing regarding the approval of new Board members.
4.7 Ongoing development
and continuing education
The Board of Directors attaches great importance to the
ongoing development and continuing education of the
Board and its individual members. The members of the
Board of Directors assess the Board’s performance and
efficiency once a year in November based on a question-
naire available online. This self-evaluation asks them to
assess both the work of the Board and the performance
of the Chairman. The evaluation additionally covers
the composition, organisation and work processes of the
Board, responsibilities under the Organisational Rules and
the priorities and goals for the reporting year. The Board
of Directors meets to discuss the results of the survey
in January and sets goals and measures for the current
year. In 2022, the Board of Directors had a comprehen-
sive, externally led assessment carried out for the first
time in order to obtain an outside view of the Board and
compare it with its peers. The committees also conduct
an annual self-assessment as part of a discussion based
on a questionnaire received in advance and define meas-
ures. The Chairman also conducts a one-on-one annual
discussion with each member in which possibilities for
further individual development are addressed.
Once a year, a one-day mandatory training course is
held, most recently in January 2024. Occasional study
trips are conducted, during which members of the
Board of Directors familiarise themselves with com-
panies, up-and-coming technologies, innovations and
emerging business trends first hand. In October 2023,
the Board of Directors organised a one-week study trip
to South Korea and Japan. The members of the Board
of Directors also have the opportunity to explore in
depth the upcoming challenges facing the Group,
business divisions and subsidiaries as part of ‘com-
pany experience days’, which usually take place three

104
Corporate Governance and Remuneration Report | Corporate Governance
times a year. The majority of the Board members reg-
ularly take advantage of these opportunities. In addi-
tion, the members of the Board of Directors attend
the Swisscom Group’s annual management meeting
whenever possible. New Board members are given a
task-specific introduction to their duties. At a two-day
introduction, they are provided with an overview of
Group management, Group strategy, the business and
the current operational challenges. In addition, they
attend function-related induction and training courses.
4.8 Chairman of the Board of Directors
Michael Rechsteiner has held the office of Chairman
since 31 March 2021. The tasks and responsibilities of
this function are defined in the Organisational Rules. In
the event that the Chairman of the Board of Directors
is unavailable or there is a potential conflict of interest,
the Vice-Chairman, Frank Esser, takes over the Chair-
man’s tasks.

Y See www.swisscom.ch/basicprinciples
4.9 Internal organisation
and modus operandi
The Board of Directors is responsible for the strategic and
financial management of Swisscom and for monitoring
the company’s executive management. As the supreme
governing body of the company, it has decision-making
authority unless such authority is granted to the Annual
General Meeting by virtue of law.
The Board of Directors is usually convened once per month
by the Chairman (except in April, August, September
and November) for a one- to two-day meeting. Further
meetings are convened as business requires (ad-hoc meet-
ings). In the event that the Chairman is hindered, the
meeting is convened by the Vice-Chairman. The Chairman
or the committee chairperson sets the agenda for the
meetings of the Board of Directors. Any Board member
may request the inclusion of further items on the agenda.
The Board members receive the agenda and documenta-
tion approximately ten business days prior to the meet-
ings, so that they can prepare. The CEO, the CFO and the
Head of Group Security & Corporate Affairs always attend
the Board meetings as well. At every ordinary meeting, the
Chairman of the Board and the CEO report to the Board
of Directors on particular events, on the general course
of business and major business transactions and on any
measures that have been implemented. In addition, the
Board of Directors can invite members of the Group
Executive Board and senior employees of Swisscom as
well as auditors and other internal and external experts,
as necessary, to all its meetings as dictated by the specific
issues being addressed. This ensures appropriate report-
ing to the members of the Board of Directors. In the year
under review, the Board of Directors brought in external
advisors in a project to assess individual issues.
The duties, responsibilities and working method of the
Board of Directors and its conduct with respect to con-
flicts of interest are defined in the Organisational Rules
and in the rules governing the standing committees.

Y See www.swisscom.ch/basicprinciples

t The following table gives an overview of the Board of
Directors’ meetings and circular resolutions in 2024.
Individual meetings were held by video conference.
Meeting days
Ad-hoc meetings
Circular resolutions
Total
10
3
3
Average duration (in hours)
06:10
01:40
–
Participation:

Michael Rechsteiner, Chairman
10
3
3
Roland Abt
10
3
3
Monique Bourquin
10
3
3
Alain Carrupt 1
2
2
3
Guus Dekkers
10
3
3
Frank Esser, Deputy Chairman
10
3
3
Sandra Lathion-Zweifel
10
3
3
Anna Mossberg
10
3
3
Daniel Münger 2
8
1
3
Fritz Zurbrügg
10
3
3

1 Left the Board of Directors on 27 March 2024.
2 Elected to the Board of Directors on 27 March 2024.

Board of Directors
1 Chairman/chairwoman of the Board of Directors committee.
2 No voting rights.
Strategy & Investments
Committee
Frank Esser 1
Guus Dekkers
Anna Mossberg
Daniel Münger
Michael Rechsteiner
Audit & ESG
Reporting Committee
Roland Abt 1
Sandra Lathion-Zweifel
Fritz Zurbrügg
Michael Rechsteiner
Compensation Committee
Monique Bourquin 1
Roland Abt
Frank Esser
Fritz Zurbrügg
Michael Rechsteiner 2
Ad-hoc Nomination
Committee
Ad-hoc staffing
105
4.10 Committees of the Board of Directors
The Board of Directors has delegated individual tasks to
committees. The standing committees of the Board of
Directors of Swisscom Ltd were constituted as follows as
at 31 December 2024.
The Board of Directors has three standing committees
(Strategy & Innovation, Audit & ESG Reporting and
Compensation) and one ad-hoc committee (Nomina-
tion) tasked with carrying out detailed examinations of
material issues. It may appoint further ad hoc commit-
tees as required. In accordance with the rules govern-
ing the standing committees, they usually each consist
of three to six members. As a rule, each member of the
Board of Directors sits on at least one of the standing
committees. Subject to being appointed to the Compen-
sation Committee (without voting rights), the Chairman
of the Board of Directors is a member of all the stand-
ing committees. The standing committees are chaired by
other members, however. The chairs of the committees
report verbally on the latest committee meetings at the
next meeting of the Board of Directors. All members of
the Board of Directors also receive copies of all meeting
minutes from the Strategy & Investments Committee as
well as the Audit & ESG Reporting Committee. The min-
utes of the Compensation Committee and the Nomina-
tion Committees are sent to the other members of the
Board of Directors upon request.
In 2023 and 2024, an ad-hoc committee headed by
the Chairman Michael Rechsteiner looked at questions
regarding the acquisition of Vodafone Italia in a total
of nine meetings. Frank Esser, Roland Abt and Fritz Zur-
brügg also took part. The meetings lasted 1 hour and 15
minutes on average. All committee members attended
all meetings.

Strategy & Investments Committee
The Strategy & Investments Committee prepares infor-
mation relating to corporate policy, strategy, transac-
tions and investments for the Board of Directors. These
matters include, by way of example, the Group strategy
and the strategies pursued by key strategic Group com-
panies, setting up or dissolving significant Group compa-
nies, acquiring or disposing of significant shareholdings,
and entering into or terminating strategic alliances. The
Committee also acts in an advisory capacity on mat-
ters relating to major investments and divestments and
examines specific current issues in depth. The Strategy &
Investments Committee has the ultimate decision-mak-
ing authority when it comes to issuing rules of procedure
and directives in the areas of Mergers & Acquisitions and
Corporate Venturing. Details of the Committee’s activ-
ities and responsibilities are set out in the Strategy &
Investments Committee rules of procedure.

Y See www.swisscom.ch/basicprinciples
The Strategy & Investments Committee is convened by
the Chairman or at the request of a Committee mem-
ber as often as business requires, but as a rule once per
quarter within the framework of a half-day meeting.
The CEO, the CFO, the Head of Group Strategy & Business
Development and the Head of Group Security & Corpo-
rate Affairs always participate in the Strategy & Invest-
ments Committee meetings. In 2024, all the meetings
were also attended by other members of the Group
Executive Board, members of the Management Boards
of strategic Group companies or project managers,
depending on the agenda items. The Strategy & Invest-
ments Committee did not call on any external advisors
during the reporting year.

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Corporate Governance and Remuneration Report | Corporate Governance

t The following table gives an overview of the Strategy
& Investments Committee’s meetings and circular
resolutions in 2024.
Meetings
Ad-hoc meetings
Circular resolutions
Total
5
–
–
Average duration (in hours)
03:15
–
–
Participation:

Frank Esser, Chairman
5
–
–
Alain Carrupt 1
1
–
–
Guus Dekkers
5
–
–
Anna Mossberg
5
–
–
Daniel Münger 2
4
–
–
Michael Rechsteiner
5
–
–

1 Left the Board of Directors on 27 March 2024.
2 Elected to the Board of Directors on 27 March 2024.
Audit & ESG Reporting Committee
The Audit & ESG Reporting Committee handles all busi-
ness relating to financial management (for example,
accounting, financial controlling, financial planning,
tax strategy and financing), assurance (risk manage-
ment, the internal control system, compliance, internal
audits, data protection and security), external audit
and both financial and non-financial reporting. It also
handles matters dealt with by the Board of Directors
that call for specific financial expertise (dividend policy,
for example) and performs ESG (Environmental, Social
and Governance) monitoring tasks. The Committee
is the Board of Directors’ most important controlling
instrument and is responsible for monitoring Group-
wide assurance. It formulates positions on business
matters which lie within the decision-making authority
of the Board of Directors and has the final say on those
business matters for which it has the decision-making
authority. Details of the Committee’s activities and
responsibilities are set out in the rules of procedure of
the Audit & ESG Reporting Committee.

Y See www.swisscom.ch/basicprinciples

The Audit & ESG Reporting Committee is composed of
four independent members. The Chairman of the Com-
mittee is an expert in the financial field, and the majority
of the members are experienced in finance and account-
ing. The Audit & ESG Reporting Committee is convened
by the Chairman or at the request of a Committee mem-
ber as often as business requires, but at least once per
quarter and one additional time in December. The meet-
ings usually last between three and six hours. The CEO,
CFO, Head of Group Security & Corporate Affairs, Head
of Accounting, Head of Internal Audit and the external
auditors always attend the meetings. In 2024, the Board
of Directors called upon other members of the Group
Executive Board and Swisscom management to attend,
depending on the agenda. The Audit & ESG Reporting
Committee can also involve independent third parties
such as lawyers, public accountants and tax experts as
required. The Committee did not invite any external
consultants to meetings during the reporting year.
The Chairman of the Audit & ESG Reporting Committee
also liaises closely with the Heads of Internal Audit and
Accounting and the representatives of Swisscom’s external
auditors outside of the meetings. He and individual mem-
bers of the Committee also meet with the persons respon-
sible for Fastweb’s internal and external audits once a year
to discuss the current challenges facing Fastweb.

107

t The following table gives an overview of the Audit &
ESG Reporting Committee’s meetings and circular res-
olutions in 2024.
Meetings
Ad-hoc meetings
Circular resolutions
Total
5
–
2
Average duration (in hours)
03:30
–
–
Participation:

Roland Abt, Chairman 1
5
–
2
Sandra Lathion-Zweifel
5
–
2
Michael Rechsteiner
5
–
2
Fritz Zurbrügg
5
–
2

1 Financial expert.
Compensation Committee
For information on the Compensation Committee, refer to
the section ‘Remuneration Report’.

H See report page 122–137
Nomination Committee
The Nomination Committee is formed on an ad-hoc
basis for the purpose of preparing the groundwork for
electing new members to the Board of Directors and the
Group Executive Board when needed. The Committee
is presided over by the Chairman of the Board of Direc-
tors, and its composition is determined on a case-by-
case basis. The Committee carries out its work based
on a specific requirements profile defined by the Board
of Directors outlining the qualifications and experience
sought. It then presents suitable candidates to the Board
of Directors, but has no further decision-making author-
ity. The Board of Directors appoints the members of the
Group Executive Board and decides upon the motion to
be proposed to the Annual General Meeting for the elec-
tion and approval of members of the Board of Directors.
The Nomination Committee is convened by the Chair-
man or at the request of a Committee member as often
as business requires. In the 2024 financial year, the topic
of succession in the Board of Directors was addressed by
an ad-hoc Nomination Committee.
The following members of the ad-hoc Nomination Com-
mittee met once for 3 hours and 30 minutes:
• Michael Rechsteiner (Chair)
• Monique Bourquin
• Guus Dekkers
• Fritz Zurbrügg
All committee members attended the meeting.

4.11 Assignment of powers of authority
The Telecommunications Enterprise Act (TEA) refers to
the Swiss Code of Obligations regarding the non-trans-
ferable and irrevocable duties of the Board of Directors
of Swisscom Ltd. Pursuant to Article 716a of the Code
of Obligations, the Board of Directors is responsible for
the overall management and supervision of persons
entrusted with managing the company’s operations. It
decides on the appointment and removal of members of
the Group Executive Board. The Board of Directors also
determines the strategic, organisational, financial plan-
ning and accounting-related guidelines, including the
tax and ESG strategy. It takes into account the goals that
the Swiss Confederation, as majority shareholder, aims to
achieve. The Federal Council formulates these goals for a
four-year period in accordance with the provisions of the
TEA. The Federal Council defined the goals for the period
from 2022 to 2025 in 2021.

Y See www.swisscom.ch/ziele_2022-2025 (in German)
The Board of Directors has delegated day-to-day business
management to the CEO in accordance with the TEA and
the Articles of Incorporation. In addition to the duties
reserved for it under the law, the Board of Directors
decides on business transactions of major importance to
the Group, including, for example, the acquisition or dis-
posal of companies with a financial exposure in excess
of CHF 20 million and investments or divestments with
a financial exposure in excess of CHF 50 million. The
Board of Directors also has overall responsibility for ESG
(environmental, social, governance) issues, approves the
sustainability strategy as part of the corporate strategy
and monitors its implementation. The division of pow-
ers between the Board of Directors and the CEO is set
out in detail in the Organisational Rules and in Annex 2
to the Organisational Rules, ‘Organisational Regulations’
(function diagram). ESG governance is described in the
Section Report on non-financial matters.

Y See www.swisscom.ch/basicprinciples

H See report page 61–62

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Corporate Governance and Remuneration Report | Corporate Governance
4.12 Information and controlling
instruments of the Board of Directors
vis-à-vis the Group Executive Board
The Board of Directors is briefed comprehensively so it
can fulfil its tasks and responsibilities. The Chairman of
the Board of Directors and the CEO discuss fundamen-
tal issues concerning Swisscom Ltd and its Group com-
panies at least once a month. The Chairman also meets
in person with each member of the Group Executive
Board at least once a year for an in-depth discussion of
topical issues.
The CEO also provides the Board of Directors at every ordi-
nary meeting with detailed information on the course of
business, major projects and events, and any measures
adopted. Every month, the Board of Directors receives a
written report containing all key performance indicators
relating to the Group and the segments. In addition, the
Board of Directors receives a quarterly report on the course
of business, financial position, results of operations and risk
position of the Group and the segments. It also receives
projections for operational and financial developments for
the current financial year. The management reporting is
carried out in accordance with the same accounting princi-
ples and standards as for external financial reporting. It also
includes key non-financial information that is important
for controlling and steering purposes. The Board of Direc-
tors is informed in writing about other current or material
issues on an ongoing and timely basis. Every member of
the Board of Directors is entitled to request information on
all matters relating to the Group at any time, provided this
does not conflict with the provisions regarding the recusal
of a member from Board deliberations or confidentiality
obligations. The Board of Directors is also informed imme-
diately of any events of an exceptional nature.
The Board of Directors is responsible for establishing
and monitoring the Group-wide assurance functions.
These include risk management, the internal control sys-
tem, compliance and internal audits.
Risk management
The Board of Directors has set the objective of pro-
tecting the company’s enterprise value through the
implementation of Group-wide risk management. A
corporate culture that promotes the conscious handling
of risks facilitates the achievement of this objective.
Accordingly, Swisscom has implemented a Group-wide,
central risk management system that is based on ISO
Standard 31000 and takes account of both external and
internal events. Swisscom maintains level-appropriate,
comprehensive reporting and appropriate documen-
tation. Its objective is to identify, assess and address
significant risks and opportunities in good time. To this
end, the central Risk Management unit, which reports to
the Head of Group Security & Corporate Affairs, works
closely with the Controlling and Strategy departments,
other assurance functions and line functions. The risk
management system is examined periodically by an
external auditor. Swisscom assesses its risks in terms
of the probability that they will occur and their quanti-
tative and qualitative effects in the event that they do
occur. It manages risks on the basis of a risk strategy.
The risks are evaluated in terms of their impact on key
performance indicators. Swisscom reviews and updates
its risk profile on a quarterly basis. In April and Decem-
ber, the Head of Risk Management provides the Board
of Directors and the Audit & ESG Reporting Commit-
tee with information on significant risks, the potential
effects and the status of the corresponding measures. In
urgent cases, the Chairman of the Audit & ESG Report-
ing Committee is informed without delay about any
significant new risks. Once a year, the Head of Risk Man-
agement consults with the Audit & ESG Reporting Com-
mittee (without management involvement).
The risk factors are described in the Risks section of the
Management Commentary.

H See report pages 55–57
Internal control system for financial reporting
The internal control system (ICS) ensures the reliabil-
ity of financial reporting with an appropriate degree of
assurance. It acts to prevent, uncover and correct sub-
stantial errors in the consolidated financial statements,
the financial statements of the Group companies and
the Remuneration Report. The ICS encompasses the
following components: control environment, assess-
ment of accounting risks, control activities, moni-
toring controls, information and communication.
The Accounting unit, which reports to the CFO, man-
ages and monitors the ICS. Internal Audit periodically
reviews the functioning and effectiveness of the ICS.
Significant shortcomings in the ICS identified during
these monitoring and review activities, including the
corrective actions defined, are reported in the status
report to the Audit & ESG Reporting Committee twice
a year and to the Board of Directors on an annual basis.
Should the ICS risk assessment change significantly, the
Chairman of the Audit & ESG Reporting Committee is
informed without delay. Appropriate corrective meas-
ures to remedy the shortcomings are monitored by the
Accounting unit. The Audit & ESG Reporting Commit-
tee assesses the performance and effectiveness of the
ICS on the basis of the periodic reporting.
The internal control system for non-financial reporting
is currently being set up. The 2024 Sustainability Impact
Report was audited by SGS and compliance with the
Global Reporting Initiative (GRI) was confirmed.

109
Compliance management
The Group-wide central Compliance Management Sys-
tem (CMS) is designed to prevent compliance violations in
order to protect the Swisscom Group, its executive bodies
and employees from legal sanctions, financial losses and
reputational damage.
The CMS covers the following legal areas:
• Anti-corruption
• Money laundering and terrorism financing
• Data protection and confidentiality
• Antitrust law
• Telecommunications law
• Stock exchange law
Swisscom enhanced its CMS in line with the ISO 37301
standard in 2024. The Group’s dedicated compliance
functions as well as the compliance officers and com-
pliance managers of the business divisions and fully
consolidated subsidiaries provide support to the line
for the ongoing implementation of the CMS in specific
legal areas.
External auditors review the CMS for adequacy and effec-
tiveness every four years. Furthermore, external auditors
will continue to conduct a specific audit in the area of
money laundering law on an annual or biennial basis.
Once a year, Group Compliance reports directly to the
Audit & ESG Reporting Board of Director’s committee
and to the Board of Directors on its activities, compliance
risk assessment and target achievement. In the event of
significant changes in the assessment of compliance
risks and in the event of potentially serious compliance
violations, a timely report is sent to the Chairman of the
Audit & ESG Reporting Committee and to the Chairman
of the Board of Directors.
Further information on governance regarding the han-
dling of data can be found in the 2024 Sustainability
Impact Report.

Y See www.swisscom.ch/basicprinciples

Y See www.swisscom.ch/sir2024
Internal auditing
Internal auditing is carried out by the Internal Audit unit.
Internal Audit supports the Swisscom Ltd Board of Direc-
tors and its Audit & ESG Reporting Committee in fulfill-
ing their statutory and regulatory supervisory and con-
trolling obligations. Internal Audit also supports man-
agement by highlighting opportunities for improving
business processes and controls as well as the assurance
functions. It documents the audit findings and monitors
the implementation of measures.
Internal Audit is responsible for planning and performing
audits throughout the Group in compliance with profes-
sional auditing standards and possesses maximum inde-
pendence. It is under the direct control of the Chairman of
the Board of Directors and provides reports to the Audit
& ESG Reporting Committee. At an administrative level,
Internal Audit provides reports to the Head of Group
Security & Corporate Affairs. Once a year, the Head of
Internal Audit consults with the Audit & ESG Reporting
Committee (without management involvement).
Internal Audit liaises closely and exchanges information
with the external auditors. The external auditors have
unrestricted access to the audit reports and audit files of
Internal Audit. Based on a risk analysis and in close coor-
dination with the external auditors, Internal Audit pre-
pares an audit plan annually and presents it to the Audit
& ESG Reporting Committee for approval. Notwith-
standing the above, the Audit & ESG Reporting Commit-
tee can commission special audits – and do so based on
information received on the whistle-blowing platform
operated by Internal Audit. This reporting procedure,
which has been approved by the Audit & ESG Report-
ing Committee, allows complaints relating to external
reporting and financial reporting, among other things,
to be submitted anonymously to Internal Audit, which
ensures that these will be followed up. At the meet-
ings, which are held at least quarterly, the Audit & ESG
Reporting Committee is briefed on audit findings, the
reports submitted to the whistle-blowing platform and
the implementation status of the audit plan. The Head of
Internal Audit took part in all five meetings of the Audit
& ESG Reporting Committee in 2024.

[to be updated]
110

5 Group Executive Board
5.1 Members of the Group Executive Board
In accordance with the Articles of Incorporation, the Exec-
utive Board comprises one or more members, who must
not be members of the Board of Directors of Swisscom
Ltd at the same time. Temporary exceptions are only per-
mitted in exceptional cases. The Board of Directors has
delegated responsibility for the overall executive man-
agement of Swisscom Ltd to the CEO. The CEO is enti-
tled to delegate his powers to subordinates, mainly to
other members of the Group Executive Board. The mem-
bers of the Group Executive Board are appointed by the
Board of Directors. On 1 June 2024, Myriam Käser took
over the management of the Group Communications
& Responsibility business division from Stefan Nünlist,
who stepped down from the Group Executive Board on
this date. As of 1 September 2024, Mark Düsener was
appointed the Head of IT, Network & Infrastructure, tak-
ing over from Gerd Niehage, who left the Group Executive
Board at the end of August 2024. Changes to the Group
Executive Board as at 1 April 2025 are set out in Sec-
tion 2.1, ‘Group structure’.

H See report page 92–94

t An overview of the composition of the Group Executive
Board as at 31 December 2024 is given in the table below.

Appointed to the Group
Name
Nationality
Year of birth
Function
Executive Board as of
Christoph Aeschlimann 1
Switzerland
1977
CEO Swisscom Ltd
February 2019
Mark Düsener
Germany, USA
1974
Head of IT, Network & Infrastructure, CTIO
September 2024
Myriam Käser
Switzerland
1979
Head of Group Communications & Responsiblity
June 2024
Urs Lehner
Switzerland
1968
Head of Business Customers
June 2017
Isa Müller-Wegner
Switzerland, Germany
1977
Head of Group Strategy & Business Development
June 2023
Klementina Pejic
Germany
1974
Head of Group Human Resources, CPO
February 2021
Eugen Stermetz
Austria
1972
Head of Group Business Steering, CFO
March 2021
Martin Vögeli
Switzerland
1969
Head of Group Security & Corporate Affairs
April 2023
Dirk Wierzbitzki
Switzerland, Germany
1965
Head of Residential Customers
January 2016
1 Since June 2022 CEO.

111
5.2 Education, professional activities
and affiliations
Key details of the careers and qualifications of the
members of the Group Executive Board are provided
below. The external mandates of the members of the
Group Executive Board are disclosed in the Remunera-
tion Report. Prior to accepting new mandates and other
duties outside the Swisscom Group, the members of
the Group Executive Board are obligated to obtain the
approval of the Chairman of the Board of Directors.
Details on the regulation of external mandates, in par-
ticular the number of permissible external mandates
and the definition of the term ‘mandate’, are set out in
Article 9.3 of the Articles of Incorporation. None of the
members of the Group Executive Board exceeds the set
limits for mandates. The members of the Group Execu-
tive Board perform their other significant activities by
order of Swisscom.

Y See www.swisscom.ch/basicprinciples

H See report pages 135–137
The members of the Group Executive Board are required
to order their personal and business affairs to ensure
that conflicts of interest are avoided as far as possible.
They must take any action necessary for this. Should a
conflict of interest nevertheless arise, the member con-
cerned must inform the CEO and/or Chairman of the
Board of Directors immediately. If the member of the
Group Executive Board is subject to conflicting interests
or has to safeguard such interests (conflict of interest),
the CEO/Chairman of the Board makes a decision that is
commensurate with the intensity of the conflict of inter-
est in order to ensure that the interests of the company
are safeguarded independently.
5.3 Management agreements
Neither Swisscom Ltd nor any of the Group companies
included in the scope of consolidation have entered into
management agreements with third parties.

Christoph Aeschlimann
Degree in Computer Science (Dipl. Ing.),
École polytechnique fédérale de Lausanne (EPFL);
MBA, McGill University (Canada)
Career history
2001–2004 Software Development Manager, Odyssey
Asset Management Systems; 2006–2007 Business Unit
Manager, Zühlke Group; 2007–2011 Odyssey Financial
Technologies: 2007–2008 Area Services Manager, 2008–
2011 Senior Account Manager EMEA; 2011–2012 Head
of Switzerland and General Manager D-A-CH & CIS, BSB;
2012–2018 ERNI Group: 2012–2014 Business Area Man-
ager, 2014–2017 Managing Director Switzerland, 2017–
2018 CEO; since February 2019 Swisscom Ltd: 2019–June
2023 Head of IT, Network & Infrastructure and member
of the Swisscom Group Executive Board, since June 2022
CEO and Chairman of the Group Executive Board

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Corporate Governance and Remuneration Report | Corporate Governance
Mark Düsener
Degree in Communications Engineering,
Technical University of Munich (TU), degree in
Technology Management, Center for Digital
Technology & Management (CDTM), TU Munich
and Ludwig Maximilian University Munich
Career history
2000–2005 Technology Manager, Vodafone Group
Strategy, Germany; 2005–2017 Vodafone, Germany:
2005–2007 Manager New Business Development,
2008–2010 Head of Technology at Otello, 2009–2011
Senior Manager Technology Strategy; 2011–2012 Head
of Demand Management Consumer Applications, 2012–
2015 Head of Service Delivery and Project Management
Southern Germany, 2015–2017 Head of Strategic Plan-
ning, Partner & Carrier Management; 2017–2020 T-Sys-
tems International: 2017–2018 Senior Vice President
Strategy, Portfolio & Transformation, 2018–2020 Senior
Vice President Healthcare Solutions, 2019–2020 Manag-
ing Director Deutsche Telekom Healthcare and Security
Solutions GmbH; since 2020 Swisscom: 2020–2024 Head
of Mobile Network, Mobile Services & B2B Telco, since
September 2024 CTIO, Head of the IT, Network & Infra-
structure business division, Swisscom Ltd and member
of the Group Executive Board

Myriam Käser
Master of Arts lic. phil. I
Career history
2003–2009 editor, International Relations and Secu-
rity Network (ISN), ETH Zurich; 2009–2010 Chief Edi-
tor, International Relations and Security Network (ISN),
ETH Zurich; 2010–2011 PR Project Manager, Bonhage
PR, Bern; 2011–2014 Prime Communications, Zurich:
2011–2013 Communications Consultant, 2013–2014
Senior Consultant and member of the Management
Board, 2015–2018 Chief Communications Officer (CCO),
member of the Extended Management Board, NZZ
Media Group, Zurich; 2018–2024 Chief Communications
and Public Affairs Officer, member of the Management
Board, Skyguide, Geneva; since June 2024, Swisscom Ltd,
Head of Group Communications & Responsibility and
member of the Group Executive Board

113
Urs Lehner
Degree in IT Engineering (UAS, University of
Applied Sciences), Executive MBA in Business
Engineering, University of St. Gallen (HSG)
Career history
1997–2013 Trivadis Group: most recently 2004–2008
Solution Portfolio Manager, member of the Trivadis
Group Executive Board, 2008–2011 COO of Trivadis
Group, 2011–2013 member of the Board of Directors of
Trivadis Holding AG; 2011–2017 Swisscom (Switzerland)
Ltd: 2011–2013 Head of Marketing & Sales Corporate
Business, 2014–2015 Head of Marketing & Sales Enter-
prise Customers, 2016–2017 Head of Sales & Services
Enterprise Customers; since June 2017 Swisscom Ltd:
Head of Swisscom Enterprise Customers (called Enter-
prise Customers until 2019) and member of the Group
Executive Board

Isa Müller-Wegner
MBA, Harvard Business School
MA PPE, Oxford University
Career history
1999–2002 Consultant, Arthur D. Little, London; 2002–
2003 Business Strategist for Television, British Broad-
casting Corporation, London; 2005–2007 Consultant,
Bain & Company, London; 2007–2014 Principal, Bain &
Company, Zurich; 2014–2019 ebay International Inc.,
Zurich: 2014–2015 Head of EMEA Strategy, 2015–2017
COO Emerging European Countries, 2017–2019 General
Manager Emerging European Markets; 2019–2023 Exec-
utive Vice President, Bain Capital Private Equity, London;
since June 2023 Swisscom Ltd: Head of Group Strategy
& Business Development and member of the Group
Executive Board

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Corporate Governance and Remuneration Report | Corporate Governance
Klementina Pejic
MBA, Dortmund University of Applied Sciences;
École Supérieure des Sciences Économiques
et Commerciales ESSEC, Cergy-Pontoise,
International Business M.A.
Career history
2001–2002 Consultant, Watson Wyatt AG, Zurich; 2003–
2020 Clariant International AG: 2003–2004 Divisional HR
Manager, 2005–2007 Global HR Business Partner, 2008–
2009 Head Management Development Europe, 2010–
2011 Head Global Talent Management, 2012–2013 Head
Senior Management Development, 2014–2017 Head
SMD & People Excellence, 2018–January 2021 Head
Human Resources; since February 2021 Swisscom Ltd:
CPO and member of the Group Executive Board

Eugen Stermetz
Degree in Business Administration (lic. oec.),
University of St. Gallen; PhD in Social and
Economic Sciences (Dr. rer. soc. oec.), Vienna
University of Economics and Business
Career history
1996–2000 Boston Consulting Group, Munich and
Vienna; 2001–2005 CFO, Igeneon AG, Vienna; 2006–
2008 CFO and Managing Director, F-star GmbH, Vienna;
2009–2011 CFO and member of the Executive Board,
SVOX AG, Zurich; since 2012 Swisscom Ltd: until 2017
CFO Participations, 2017–2018 CFO Participations and
Head of Mergers & Acquisitions, 2018–February 2021
Group Treasurer (Treasury, Insurance and Mergers &
Acquisitions), since March 2021 CFO and member of the
Group Executive Board

115
Martin Vögeli
Licentiate in Economics from the University
of Bern/Master of Advanced Studies in Business
Psychology from the University of Applied
Sciences and Arts Northwestern Switzerland
Career history
Swisscom Ltd: 1998–2000 Head of Wholesale Regu-
latory, 2001–2005 Head of Risk Management, 2006
Head of the Related Business growth initiative project/
designated Secretary of the Board of Directors, since
2007, Secretary of the Board of Directors, November
2013–2022 Head of Group Strategy & Board Services,
since January 2023 Head of Group Security & Corpo-
rate Affairs, since April 2023 member of the Group
Executive Board

Dirk Wierzbitzki
Degree in Electrical Engineering (Dipl. Ing.)
Career history
1994–2001 various management roles in the area of
product management, Mannesmann (now Vodafone
Germany); 2001–2010 Vodafone Group: 2001–2003
Director for Innovation Management, Vodafone Global
Products and Services, 2003–2006 Director of Commer-
cial Terminals, 2006–2008 Director of Consumer Internet
Services and Platforms, 2008–2010 Director of Commu-
nications Services, 2010–2015 Swisscom (Switzerland)
Ltd: member of the Management Board, Residential
Customers, 2010–2012 Head of Customer Experience
Design for Residential Customers, 2013–2015 Head
of Fixed-network Business & TV; since January 2016
Swisscom Ltd: until 2019 Head of Products & Marketing
division, and since 2020 Head of Residential Customers;
since 2016 member of the Group Executive Board

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Corporate Governance and Remuneration Report | Corporate Governance
6 Remuneration,
shareholdings and loans
All information on the remuneration of the Board of
Directors and the Group Executive Board of Swisscom Ltd
is provided in the separate Remuneration Report.

H See report page 122–137
7 Shareholders’ rights
of co-determination
7.1 Voting right restrictions and proxies
Each registered share entitles the holder to one vote. Voting
rights can only be exercised if the shareholder is entered in
the share register of Swisscom Ltd with voting rights. The
Board of Directors may refuse to recognise an acquirer of
shares as a shareholder or beneficial holder with voting
rights if the latter’s total holding, when the new shares are
added to any voting shares already registered in its name,
exceeds the limit of 5% of all registered shares entered in
the commercial register. For the shares in excess of the limit,
the acquirer is entered in the share register as a shareholder
or beneficial holder without voting rights. This restriction
on voting rights also applies to registered shares acquired
through the exercise of subscription, option or conversion
rights. The calculation of the percentage restriction is sub-
ject to the Group clause in accordance with Article 4.5.1 of
the Articles of Incorporation.

Y See www.swisscom.ch/basicprinciples
The 5% voting right restriction does not apply to the
Swiss Confederation, which, under the terms of the Tele-
communications Enterprise Act (TEA), holds the majority
of the capital and voting rights in Swisscom Ltd. Further
information on voting right restrictions are set out in
Article 4.5 of the Articles of Incorporation.

Y See www.swisscom.ch/basicprinciples
The restrictions on voting rights provided for in the Arti-
cles of Incorporation may be lifted by resolution of the
Annual General Meeting, for which a majority of the
votes represented is required.
During the year under review, the Board of Directors did
not recognise any acquirers of shares with more than
5% of all registered shares as a shareholder or beneficial
holder with voting rights, did not reject any requests
for recognition or registration and did not remove any
shareholders with voting rights from the share register
due to the provision of false data.

7.2 Statutory quorum requirements
The Annual General Meeting of Shareholders of Swisscom
Ltd adopts its resolutions and decides its elections by the
absolute majority of votes represented. In addition to the
special quorum requirements under the Swiss Code of
Obligations, a two-thirds majority of the voting shares
represented is required in the following cases:
• introduction of restrictions on voting rights
• change in the Articles of Incorporation concerning spe-
cial decision quorums
7.3 Convocation of the Annual
General Meeting and agenda items
The Board of Directors can order that the Annual Gen-
eral Meeting be held either at a meeting venue or elec-
tronically without any physical venue (virtual event). The
Board of Directors can also allow shareholders who are
not present at the venue to exercise their rights elec-
tronically (hybrid event).
The Board of Directors convenes the Annual General
Meeting at least 20 calendar days prior to the date of
the meeting by means of an announcement in the Swiss
Commercial Gazette. The meeting can also be convened
by letter or by way of an electronic notice to the share-
holders registered in the share register. One or more share-
holders who together represent at least 5% of the share
capital can demand in writing that an extraordinary gen-
eral meeting be convened, stating the agenda item and
the proposal or, in the case of elections, by stating the
names of the proposed candidates.
The Board of Directors is responsible for defining the
agenda. Shareholders representing shares with a par
value of at least CHF 40,000 may request that an item
be placed on the agenda. This request must be sub-
mitted in writing to the Board of Directors at least 45
days prior to the Annual General Meeting, stating the
agenda item and the proposal (Article 6.4.3 of the Arti-
cles of Incorporation).

Y See www.swisscom.ch/basicprinciples
7.4 Representation at the
Annual General Meeting
Shareholders may be represented at the Annual General
Meeting by their legal representative, a representative
of their choosing or by the independent proxy elected
by the Annual General Meeting. The law firm Reber
Rechtsanwälte, Zurich, was appointed as independ-
ent proxy for the period up until the conclusion of the
Annual General Meeting in March 2025.

117
A power of attorney may be granted in writing or elec-
tronically via the shareholder portal operated by Com-
putershare Switzerland Ltd. Shareholders who are rep-
resented by the independent proxy may issue instruc-
tions for each agenda item and also for all unannounced
agenda items and motions using the forms prepared by
the Board of Directors and indicate whether they wish
to vote for or against a motion in line with the Board of
Directors, or to abstain. The independent proxy must
cast the votes entrusted to it by shareholders according
to the shareholders’ instructions. If it does not receive
instructions, it will abstain (Article 6.7.4 of the Articles
of Incorporation).

Y See www.swisscom.ch/basicprinciples
7.5 Entries in the share register
Shareholders entered in the share register with voting
rights are entitled to vote at the Annual General Meet-
ing. To ensure due procedure, the Board of Directors
defines a cut-off date at its own discretion for deter-
mining voting entitlements, which is normally three
business days before the respective Annual General
Meeting. Entries in and deletions from the share reg-
ister can be made at any time, regardless of the cut-off
date. The cut-off date is announced with the invitation
to the Annual General Meeting and also published in
the financial calendar on the Swisscom website. Share-
holders entered in the share register with voting rights
as of 5 p.m. on 21 March 2024 were entitled to vote at
the Annual General Meeting of 27 March 2024. Share-
holders entered in the share register with voting rights
as of 5 p.m. on 20 March 2025 will be entitled to vote at
the Annual General Meeting of 26 March 2025.
8 Change of control and
defensive measures
Under the terms of the Telecommunications Enterprise Act
(TEA), the Swiss Confederation must hold the majority
of the capital and voting rights in Swisscom Ltd. This
requirement is also set out in the Articles of Incorpora-
tion. There is thus no duty to submit a takeover bid as
defined in the Financial Market Infrastructures Act, since
this would contradict the TEA.
Details on change of control clauses are given in the section
‘Remuneration Report’.

H See report page 122–137
9 Auditor
9.1 Selection process, duration of mandate
and term of office of the auditor-in-charge
The statutory auditor is appointed annually by the Annual
General Meeting following a proposal submitted by the
Board of Directors. Re-election is permitted. The policies
for appointing the statutory auditor have been set forth
in a policy by the Audit & ESG Reporting Committee. A
new invitation to tender is issued for the statutory audi-
tor’s mandate at least every ten to 14 years. The statutory
auditor’s tenure is limited to 20 years. As stipulated by
the Swiss Code of Obligations, the auditor-in-charge may
only perform the mandate for a maximum of seven years.
PricewaterhouseCoopers (PwC), Zurich, has performed
the mandate since the 2019 financial year. The auditor-in-
charge has been Petra Schwick since 2023.
9.2 Audit fees and additional fees
In CHF thousand
2024
2023
Audit fees
3,860
3,281
Additional fees
919
1,895
Fees to auditors
4,779
5,176
Additional fees in % of audit fees
24%
58%
The additional fees for 2024 include services related
to transaction consultancy, consultancy related to the
remuneration system, reviews related to IT outsourcing
orders from business customers, reviews related to
issuing bonds, a review concerning the reporting on
financial information, a review of individual financial
information compilations and a review of reporting
requirements for the outstanding green bonds. The
audit fees for 2024 include services for planned sus-
tainability reporting under the European CSRD/ESRS
regulations in the amount of EUR 99,000.
9.3 Supervision and controlling instruments
vis-à-vis the auditors
The Audit & ESG Reporting Committee verifies the
qualifications and independence of the statutory audi-
tors as a state-supervised auditing firm on behalf of
the Board of Directors. It also assesses the performance
and remuneration of the auditors. Assessment criteria
are the competence and availability of the audit team,
the audit process, and reporting and communication.
The Audit & ESG Reporting Committee is also respon-
sible for observing the statutory rotation principle for
the auditor-in-charge and for reviewing and issuing

118
Corporate Governance and Remuneration Report | Corporate Governance
the new invitations to tender for the audit mandate.
It approves the integrated strategic audit plan, which
includes the annual audit plan of both the internal
and external auditors. It also approves the fee for the
auditing services provided to the Group and Group
companies each year. To help ensure independence,
the Audit & ESG Reporting Committee has laid down
principles for awarding additional services to the audi-
tors, including a list of prohibited services. In order to
ensure the independence of the auditors, additional
service mandates must be approved by the Audit &
ESG Reporting Committee where the fee exceeds CHF
300,000. It requires that the CFO reports to it quarterly
and the auditors annually on current mandates being
performed by the auditors, broken down according to
audit services, audit-related services and non-audit
services, and on their independence.
The statutory auditors, represented by the auditor-in-
charge and his deputy, usually attend all Audit & ESG
Reporting Committee meetings. They inform the Com-
mittee in detail about the performance and results of
their work, in particular regarding the annual financial
statement audit. They further submit a written report
annually to the Board of Directors and the Audit & ESG
Reporting Committee on the conduct and results of the
audit of the annual financial statements, as well as on
their findings with regard to accounting and the inter-
nal control system. Once a year, the auditor-in-charge
consults with the Audit & ESG Reporting Committee
(without management involvement). Finally, the Chair-
man of the Audit & ESG Reporting Committee liaises
closely with the auditor-in-charge beyond the meet-
ings of the Committee and regularly reports to the
Board of Directors. Representatives of PwC, the statu-
tory auditors, attended all meetings of the Audit & ESG
Reporting Committee in 2024. The Head of Internal
Audit was also present at all meetings. Neither the rep-
resentatives of the statutory auditor nor the Head of
Internal Audit attended the meetings of the full Board
of Directors in 2024.
10 Information policy
Swisscom pursues an open, active information policy
vis-à-vis shareholders, the general public and the capital
markets. It uses the following media for this purpose:
Information
Frequency
Source
Notifications to shareholders
If required
Swiss Official Gazette of Commerce www.shab. ch or by letter
or electronically (at the discretion of the Board of Directors)
Swisscom website
continuously
www.swisscom. ch
Interim reports and Annual Report (incl. Management Report,
quarterly
www.swisscom. ch/adhoc
Corporate Governance Report, Remuneration Report,
Report on non-financial Matters, Consolidated Financial Statements,
condensed Financial Statements of Swisscom Ltd)
Complete financial statements of Swisscom Ltd
yearly
www.swisscom. ch/adhoc
Sustainability Impact Report in accordance with the Global Reporting
yearly
www.swisscom. ch/sir2024
Initiative (GRI) and Sustainability Accounting Standards Board (SASB)
Analyst presentations on financial statements
quarterly
www.swisscom. ch/adhoc
Press releases
If required
www.swisscom. ch/adhoc
Ad-hoc press releases (push link)
If required
www.swisscom. ch/adhoc
Ad-hoc news subscription (pull link)
www.swisscom. com/adhoc-subscribe
Minutes of the General Meetings
yearly
www.swisscom. ch/generalmeeting
Those employees at Swisscom responsible for investor
relations can be contacted via the website or by e-mail,
telephone or post. Swisscom’s website, contact details
and the address of its headquarters are listed in the pub-
lishing details.

H See report page 227

119
11 Financial calendar
Event
Date
Annual General Meeting for the 2024 financial year in Zurich Oerlikon
26 March 2025
Publication of results and interim report 1st quarter 2025
08 May 2025
Publication of results and interim report 2nd quarter 2025
07 August 2025
Publication of results and interim report 3rd quarter 2025
06 November 2025
Publication of annual results and annual report 2025
12 February 2026
Annual results press conference 2025
12 February 2026
The detailed financial calendar is published on the
Swisscom website under ‘Investors’ and is updated on a
regular basis.

Y See www.swisscom.ch/financialcalendar
12 Trading blackout periods
Swisscom defines ordinary and, if need be, extraordi-
nary trading blackout periods for trading in Swisscom
securities by the Board of Directors, Group Executive
Board and employees (hereinafter collectively referred
to as ‘employees’). This is the responsibility of the inter-
nal clearing unit, which is made up of the CFO, the Head
of Investor Relations and a specialist from Group Legal
Services. The four ordinary trading blackout periods
prior to the announcement of the company’s figures
are aimed at all employees who become aware of the
unpublished company figures. The clearing unit main-
tains a corresponding insider list. Unless the clearing unit
issues instructions to the contrary, the ordinary blackout
periods last around four weeks and end 24 hours after
the company figures are made public. The clearing unit
informs the individuals affected of upcoming trading
blackout periods in an e-mail sent out every year before
the start of each trading blackout period. The details are
also available on the intranet.
Extraordinary trading blackout periods are imposed by
the clearing unit on an ad-hoc basis if other unpublished
price-sensitive information arises. These apply to indi-
viduals with the relevant insider knowledge. The clearing
unit maintains corresponding insider lists. The trading
blackout periods last for the period specified by the clear-
ing unit. They end 24 hours after the price-sensitive infor-
mation is made public or when specified by the clearing
unit. The clearing unit informs employees of any trading
blackout periods imposed by e-mail.
The clearing unit makes decisions on any exceptions
to the ordinary and extraordinary trading blackout
periods on a case-by-case basis in the event of special
circumstances. No exceptions were granted in the year
under review.

120
Corporate Governance and Remuneration Report | Letter from the Chair of the Compensation Committee
Letter from the Chair of the
Compensation Committee
Dear Shareholders
Swisscom is on track and achieved solid financial results
in the 2024 reporting year. And it has achieved this in a
time that continues to be shaped by uncertainty, geo
political tensions, global economic challenges and techno
logical and environmental change. With a relatively slight
increase in revenue and slightly lower operating income,
net income decreased. Fastweb, which is performing very
well, represents an important contribution to our success.
We are now further strengthening our position in Italy.
The acquisition of Vodafone Italia is an important step for
us and sets the course for future success.
Innovation and trust are the keywords for Swisscom’s
success. For example, during the year under review we
launched an AI platform for business customers with
Swiss AI Platform. Our customers can use it to develop
their own KI solutions with guaranteed data storage in
Switzerland. Another focus of innovation is the topic
of digital trust. This includes Swisscom Sign, the only
qualified electronic signature considered equivalent
to a handwritten signature. In spring 2024, Swisscom
expanded this range of services to companies so that
they can electronically sign contracts and documents
simply and with legal effect. Its outstanding infrastruc-
ture is and remains the foundation of Swisscom’s suc-
cess. We do everything we can to continue to offer our
customers the best network. We succeeded in doing this
in the year under review: Swisscom has once again won
all the network and service tests.
In the year under review, the Compensation Commit-
tee took note of the results of the advisory vote on the
2023 Remuneration Report and thoroughly addressed
the concerns raised by shareholders on disclosure of
the achievement of targets and the lack of long-term
incentive components in the remuneration system.
We have increased transparency on the assessment
of the achievement of targets in this Remuneration
Report. This will provide you as shareholders with
more detailed information to assess the appropriate-
ness of the remuneration in relation to performance.
The Compensation Committee reviewed the Group
Executive Board’s remuneration system and eval-
uated ways in which it can configured in line with
market standards and geared more strongly towards
long-term performance and value generation for
shareholders through a long-term incentive. Although
the market relevance of a long-term incentive compo-
nent has been clearly confirmed, the current remuner-
ation system framework does not offer the flexibility
to introduce such a component. However, the long-
term component in the remuneration is supported by
the stipulated minimum shareholding requirement.
As such, the Compensation Committee proposed to
the Board of Directors that the existing remuneration
model be retained for 2025. In addition to financial per-
formance, which is a key determinant of overall target
achievement, this model also takes performance on
issues related to business transformation into account.
The variable performance-related salary component
for members of the Group Executive Board will con-
tinue to be paid out in cash and blocked shares. This
approach gears remuneration of the Group Executive
Board towards strategy implementation and makes
it possible to reward performance both appropriately
and sustainably while taking into account Swisscom’s
responsibility to help promote society’s positive devel-
opment and to protect the environment.
Swisscom performed successfully in the year under
review. Not only did it achieve a good financial result,
it also achieved outstanding performance in business
transformation, which the Board of Directors evaluated
in its overall assessment. This results in overall target
achievement of 117% for the members of the Execu-
tive Committee. Overall, the total remuneration for the
members of the Board of Directors and the Group Execu-
tive Board for the 2024 reporting year is within the range
approved by the 2023 Annual General Meeting.
Like every year, you, dear shareholders, will have an
opportunity at the 2025 Annual General Meeting to cast
your vote on Swisscom’s remuneration principles and
the remuneration system as part of the consultative
vote on the Remuneration Report. In addition, you will
vote on the maximum total remuneration paid to the
Board of Directors and the Group Executive Board for
the 2026 financial year. In the course of the successful
acquisition of Vodafone Italia, the Swisscom Board of
Directors will temporarily expand to 10 members from
the 2025 Annual General Meeting onward. Laura Cioli,

121
an established expert in the Italian telecommunications
and services market, is nominated for election. A motion
will therefore be proposed to the Annual General Meet-
ing that the maximum remuneration already approved
for the Board of Directors be increased by CHF 0.2 mil-
lion to CHF 2.7 million for 2025. The maximum amount
of CHF 2.8 million is proposed for 2026.
For the remuneration of the Group Executive Board, a
reduction in the maximum amount already approved
for the year 2025 of CHF 3.7 million to CHF 7.2 million,
due to the reduction to four members as of 1 April 2025,
will be submitted for approval. A maximum amount of
CHF 5.9 million is proposed for the year 2026. To meet our
responsibilities, the Compensation Committee will con-
duct reviews of the remuneration strategy and system
again in the coming year to ensure that Swisscom’s prin-
ciples are aligned with the interests of shareholders and
other stakeholders and that performance is rewarded
both appropriately and sustainably. We look forward to
your support and thank you for your trust.
Kind regards,
Monique Bourquin, Chair of the Compensation Committee

122
Corporate Governance and Remuneration Report | Remuneration Report
Remuneration Report
Remuneration
Incentive
for sustainable corporate success.
Group Executive Board
CHF 10.5 million
in remuneration for 2024.
Board of Directors
CHF 2.4 million
in remuneration for 2024.
1 Governance
1.1 General principles
The Remuneration Report is based on sections 3.5 and 5 of
the Annex to the Corporate Governance Directive issued
by the SIX Swiss Exchange and Articles 734–734f of the
Federal Act on the Amendment of the Swiss Civil Code
(Swiss Code of Obligations). Swisscom is also guided by
the recommendations of the Swiss Code of Best Practice
for Corporate Governance issued by economiesuisse, the
umbrella organisation representing Swiss business.
Swisscom’s internal principles for determining the
level of remuneration are primarily set out in the Arti-
cles of Incorporation, the Organisational Rules and
the Regulations of the Compensation Committee. The
latest versions of these documents as well as their
earlier, unamended and superseded versions can be
viewed online on the Swisscom website under ‘Basic
principles’.

Y See www.swisscom.ch/basicprinciples

Y See www.swisscom.com/amendment_cc
As in previous years, the Remuneration Report will be
put to a consultative vote at the Annual General Meet-
ing on 26 March 2025.
1.2 Division of responsibilities between
the Annual General Meeting, the Board
of Directors and the Compensation
Committee
The Annual General Meeting approves the maximum
total remuneration amounts payable to the Board of
Directors and the Group Executive Board for the follow-
ing financial year upon the motion proposed by the Board
of Directors. Details of the relevant regulation and the
consequences of a negative decision by the Annual Gen-
eral Meeting are set out in Articles 6.7.13 and 6.7.14 of the
Articles of Incorporation. Article 8.2.2 of the Articles of
Incorporation also defines the requirements for and the
maximum level of the additional amount that can be paid
to a member of the Group Executive Board who is newly
appointed during a period for which the Annual General
Meeting has already approved the remuneration. In addi-
tion, the Articles of Incorporation contain the following
provisions relating to the remuneration policy:
• Remuneration of the Board of Directors (Articles 7.4
and 9.1)
• Compensation Committee (Article 7.5)
• Remuneration of the Group Executive Board (Articles 8.2
and 9.1)
• Contracts of the Board of Directors and the Group
Executive Board (Article 9.2)
• Number of external mandates for the Board of Directors
and Group Executive Board (Article 9.3)
The Board of Directors approves, inter alia, the personnel
and remuneration policy for the entire Group, as well as the
general terms and conditions of employment for members
of the Group Executive Board. It sets the remuneration of
the Board of Directors and decides on the remuneration of
the CEO and the total remuneration of the Group Executive
Board. In doing so, it takes into account the maximum total
amounts approved by the Annual General Meeting for the
remuneration to be paid to the Board of Directors and the
Group Executive Board for the financial year in question.
The Compensation Committee handles all business mat-
ters of the Board of Directors concerning remuneration,
submits proposals to the Board of Directors in this con-
text, and, within the framework of the approved total
remuneration, is empowered to decide upon the remu-
neration of the individual Group Executive Board mem-
bers (with the exception of the CEO). In addition, it has
addressed succession planning at the level of the Board
of Directors, Group Executive Board and upper manage-
ment, as well as talent management. Neither the CEO
nor the other members of the Group Executive Board
participate in meetings at which any change to their
remuneration is discussed or decided.
The decision-making powers are governed by the Arti-
cles of Incorporation, the Organisational Rules of the
Board of Directors and the Regulations of the Compen-
sation Committee.

Y See www.swisscom.ch/basicprinciples

123

t The table below shows the division of responsibilities
between the Annual General Meeting, the Board of
Directors and the Compensation Committee.
Remuneration
Board
Annual
Subject
Committee
of Directors
General Meeting
Maximum total amounts for remuneration of the Board of Directors and Group Executive Board
V 1
A 2
G 3
Additional amount for the remuneration of newly appointed members of the Group Executive Board

(Articles of Incorporation)
V
A
G
Personnel and remuneration policy
V
G 4
–
Principles of the performance and shareholding plans for the Board of Directors

and Group Executive Board (Articles of Incorporation)
V
A
G
Principles underlying retirement-benefit plans and social security payments
V
G
–
Equity-share and performance-based participation plans of the Group
V
G 4
–
General terms of employment of the Group Executive Board
V
G 4
–
Definition of performance targets for the variable performance-related salary component
V
G 4
–
Concept of remuneration to members of the Board of Directors
V
G 4
–
Remuneration of the Board of Directors
V
G 5
–
Remuneration of the CEO Swisscom Ltd
V
G 5
–
Total remuneration of the Group Executive Board
V
G 5
–
Remuneration of the members of the Group Executive Board (excl. CEO)
G 5, 6
–
–
Remuneration report
V
A
G 7

1 V stands for preparation and proposal to the Board of Directors.
2 A stands for proposal to the Annual General Meeting.
3 G stands for approval.
4 In the framework of the Articles of Incorporation.
5 In the framework of the maximum total remuneration defined by the Annual
General Meeting.
6 In the framework of the total remuneration defined by the Board of Directors.
7 Consultative vote.
1.3 Election, composition and modus
operandi of the Compensation Committee
The Compensation Committee consists of three to six
members. They are elected individually each year by
the Annual General Meeting. If the number of mem-
bers falls below three, the Board of Directors appoints
the missing member(s) from its midst until the conclu-
sion of the next Annual General Meeting. The Board of
Directors appoints the Chairman of the Compensation
Committee, which constitutes itself. If the Annual Gen-
eral Meeting elects the Chairman of the Board of Direc-
tors to the Compensation Committee, he has no voting
rights. The Chairman of the Board of Directors recuses
himself when discussions take place or decisions are
made with regard to changes in his own remunera-
tion. The CEO, CPO, Head of Rewards & Engagement
and Head of Group Security & Corporate Affairs in his
capacity as Secretary of the Board attend the meetings
in an advisory capacity. Agenda items that exclusively
concern the Board of Directors are discussed without
the CEO and CPO present. Agenda items that concern
changes in the remuneration of the CEO, the CPO or
the Head of Group Security & Corporate Affairs are dis-
cussed without the persons concerned present. Other
members of the Board of Directors, auditors or internal
and external experts may be called upon to attend the
meetings in an advisory capacity. Minutes are kept of
the meetings, which are provided to the members of
the Committee and to other members of the Board of
Directors on request. The Chairman of the Compensa-
tion Committee reports verbally on the activities of the
Committee at the next meeting of the Board of Direc-
tors. The meetings of the Compensation Committee
are generally held in February, June and December. Fur-
ther meetings can be convened as and when required.
In the reporting year, the Compensation Committee
called on PwC as external consultants to review the
remuneration system and highlight potential adjust-
ments for the purposes of configuring the remunera-
tion system in line with market standards with a long-
term incentive component.
The details are governed by Article 7.5 of the Articles
of Incorporation, the Organisational Rules of the Board
of Directors and the Regulations of the Compensation
Committee.

Y See www.swisscom.ch/basicprinciples
The members of the Compensation Committee neither
work nor have worked for Swisscom in an executive
capacity, nor do they maintain any significant commercial
links with Swisscom Ltd or the Swisscom Group. Customer
and supplier relationships exist between the Swiss Con-
federation and Swisscom. Details of these are provided in
Note 6.2 to the consolidated financial statements.

H See report page 204

124
Corporate Governance and Remuneration Report | Remuneration Report

t The following table gives an overview of the composi-
tion of the Committee, the Committee meetings and
circular resolutions in 2024.
Meetings
Ad-hoc meetings Circular resolutions
Total
3
1
–
Average duration (in hours)
02:25
01:15
–
Participation:

Monique Bourquin, Chairwoman
3
1
–
Roland Abt
3
1
–
Frank Esser
3
1
–
Michael Rechsteiner 1
3
1

Fritz Zurbrügg
3
1
–
1 Participation without voting rights.
2 Remuneration of the
Board of Directors
2.1 General principles
The remuneration system for the members of the Board
of Directors is designed to attract and retain experienced
and motivated individuals for the Board of Directors’
function. It also seeks to align the interests of the mem-
bers of the Board of Directors with those of the share-
holders. The remuneration is commensurate with the
activities and level of responsibility of each member. The
basic principles regarding the remuneration of the Board
of Directors and the allocation of equity shares are set
out in Articles 7.4 and 9.1 of the Articles of Incorporation.

Y See www.swisscom.ch/basicprinciples
The remuneration is made up of a fixed Director’s fee
that varies in relation to the member’s function (basic
emolument plus functional allowances), statutory
and regulatory employer contributions to social secu-
rity and to the occupational pension, as well as any
additional benefits. Additional remuneration is not
given for attendance at meetings. No variable perfor-
mance-related emoluments are paid. The members of
the Board of Directors are obligated to draw a portion
of their fee in the form of equity shares and to com-
ply with the requirements on minimum shareholdings,
thus ensuring they directly participate financially in the
performance of Swisscom’s shares.
The remuneration is normally reviewed every Decem-
ber for the following year for ongoing appropriate-
ness. The Board of Directors bases its comparison
on companies listed in the Swiss Market Index (SMI),
but excluding companies with revenue in excess of
CHF 20 billion and companies in the pharmaceuticals
and financial sector. The comparison for the 2024
reporting year was made in December 2023, and the
remuneration of Compagnie Financière Richemont,
Geberit, Givaudan, Logitech, Sonova and Sika were
used as the benchmark. The internal comparative
study revealed that the remuneration paid to the
Chairman and members of the Board of Directors
at Swisscom was in the lowest peer group quartile.
In spring 2024, the Board of Directors engaged PwC
to perform an external benchmark study. The peer
group in the benchmark study comprised companies
in the SMI and SMIM (excluding the pharmaceuticals
and financial sectors) that were comparable in size to
Swisscom in terms of market capitalisation, revenue
and headcount. It comprised the following compa-
nies: ABB, Adecco, BKW, Geberit, Givaudan, Holcim,
Kuehne+Nagel, Lonza, Richemont, Schindler, SGS, Sika
and Sonova. The comparable companies had a median
market capitalisation of CHF 26 billion, median rev-
enue of CHF 11 billion and a median headcount of
34,000 employees. The benchmark study confirmed
that the remuneration package for the Board of Direc-
tors was in the lowest quartile.

125
2.2 Remuneration components
Director’s fee
The Director’s fee is made up of a basic emolument and
allowances as compensation for the individual func-
tions. The following amounts are paid per year.
2024
2023
in CHF
gross
gross

Base salary per member
146,000
146,000

Functional allowances 1

Presidium
308,000
308,000
Vice presidium
25,000
25,000
Representative of the Confederation 2
–
–
Audit Committee & ESG Reporting, Chair
61,000
61,000
Audit Committee & ESG Reporting, Member
17,000
17,000
Audit Committee Strategy & Investments, Chair
25,000
25,000
Audit Committee Strategy & Investments, Member
17,000
17,000
Remuneration Committee, Chair
25,000
25,000
Remuneration Committee, Member
15,000
15,000
1 No functional allowance is paid for participation in ad-hoc committees
appointed on a case-by-case basis.
2 The function allowance of CHF 48 thousand was cancelled per 28 March 2023.
Under the Management Incentive Plan, the members
of the Board of Directors are obligated to draw one
third of their Director’s fee in the form of shares. For
members who resign from the Board of Directors at
the Annual General Meeting, the fee is paid fully in
cash on a pro rata basis. The shares are allocated on
the basis of their tax value, rounded up to whole num-
bers of shares. Shares are blocked from sale for three
years. This restriction on disposal also applies if mem-
bers leave the company during the blocking period.
The shares, which are allocated on a pro rata basis in
March or April and in December of the reporting year,
are recognised at market value on the date of alloca-
tion. The share-based remuneration is augmented by a
factor of 1.19 in order to take account of the difference
between the tax value and the market value. In March
and December 2024, a total of 1,513 shares were allo-
cated to the members of the Board of Directors (prior
year: 1,446 shares) with a tax value of CHF 446 (March)
and CHF 427 (December) (prior year: March CHF 495/
December CHF 428), respectively, per share. Their mar-
ket value was CHF 531 (March) and CHF 509 (Decem-
ber) (prior year: March CHF 590/December CHF 510),
respectively, per share.
Contributions to social security and occupational
pension as well as additional benefits
Swisscom pays the statutory and regulatory employer
contributions to social security (SI) and occupational pen-
sion plan (PP) on the fee. The contributions are disclosed
separately and are included in the total remuneration.
If required by law, the individual members of the Board
of Directors are insured against the economic conse-
quences of old age, death and disability; their basic
emolument is covered through the comPlan pension
plan (see www.pk-complan.ch for the regulations) and
their functional allowances are covered as part of a 1e
plan with VZ Sammelstiftung. The reported pension
benefits cover all savings, guarantee and risk contribu-
tions paid by the employer to the pension plan.
The disclosure of service-related and non-cash bene-
fits and expenses relies on a tax-based point of view.
Swisscom does not offer any significant service-related
or non-cash benefits. Out-of-pocket expenses are reim-
bursed on a lump-sum basis in accordance with expense
reimbursement rules approved by the tax authorities, and
other expenses are reimbursed on an actual cost basis.
They are not included in the reported remuneration.

126
Corporate Governance and Remuneration Report | Remuneration Report
2.3 Total remuneration (audited)
The total remuneration paid to the individual mem-
bers of the Board of Directors for the 2023 and 2024
financial years is presented in the tables below, broken
down into individual components. Total remuneration
paid is within the maximum total amount approved by
the 2023 Annual General Meeting for 2024 of CHF 2.5
million.
Base salary and functional allowances

Employer
Employer

Cash
Share-based
contributions to
contributions

2024, in CHF thousand
remuneration
payment
pension plan
to social security
Total 2024
Michael Rechsteiner, Chairman
335
200
64
28
627
Monique Bourquin
124
74
29
11
238
Roland Abt
159
95
–
12
266
Alain Carrupt 1
39
–
–
2
41
Guus Dekkers 2
109
65
–
21
195
Frank Esser 3
152
91
–
–
243
Sandra Lathion-Zweifel
109
65
22
10
206
Anna Mossberg 4
109
65
–
34
208
Daniel Münger 5
83
50
20
8
161
Fritz Zurbrügg
119
71
28
11
229
Total remuneration to members of the Board of Directors
1,338
776
163
137
2,414
1 Left the Board of Directors on 27 March 2024. In the year of departure,
the remuneration is paid out in full in cash.
2 Subject to social security contributions in Great Britain.
3 Subject to social security contributions in Germany. No employer contribu-
tions are paid.
4 Subject to social security contributions in Sweden.
5 Elected to the Board of Directors on 27 March 2024.

Base salary and functional allowances

Employer
Employer

Cash
Share-based
contributions to
contributions

2023, in CHF thousand
remuneration
payment
pension plan
to social security
Total 2023
Michael Rechsteiner, Chairman
335
200
64
28
627
Monique Bourquin 1
93
57
21
9
180
Roland Abt
159
96
–
12
267
Alain Carrupt
109
65
–
8
182
Guus Dekkers 2
109
65
–
21
195
Frank Esser 3
152
91
–
–
243
Barbara Frei 4
47
–
–
3
50
Sandra Lathion-Zweifel
109
65
22
10
206
Anna Mossberg 5
109
65
–
44
218
Renzo Simoni 4
57
–
8
3
68
Fritz Zurbrügg 1
89
54
21
8
172
Total remuneration to members of the Board of Directors
1,368
758
136
146
2,408

1 Elected to the Board of Directors on 28 March 2023.
2 Subject to social security contributions in Great Britain.
3 Subject to social security contributions in Germany. No employer contribu-
tions are paid.
4 Left the Board of Directors on 28 March 2023. In the year of departure, the
remuneration is paid out in full in cash.
5 Subject to social security contributions in Sweden. The employer contributions
to social security include an additional payment for the years 2018 to 2022.
2.4 Minimum shareholding requirement
The members of the Board of Directors are required to
maintain a minimum shareholding equivalent to one
annual emolument (basic emolument plus functional
allowances). As a rule, they have four years from the start
of their term of office or assumption of a new function
to acquire the prescribed shareholding in the form of
the blocked shares paid as part of remuneration and, if
necessary, through share purchases on the open market,
observing internal and legal trading restrictions. Com-
pliance with the shareholding requirement is reviewed
annually by the Compensation Committee. If a member’s
shareholding falls below the minimum requirement due
to a drop in the share price, the difference must be made
up by no later than the time of the next review. In justi-
fied cases, such as personal hardship or legal obligations,
the Chairman of the Board of Directors can approve indi-
vidual exceptions at his discretion.

127
2.5 Shareholdings of the members
of the Board of Directors (audited)
Blocked and non-blocked shares held by members
of the Board of Directors and/or related parties as at
31 December 2023 and 2024 are shown in the table
below. None of the persons subject to the disclosure
obligation hold voting shares exceeding 0.1% of the
share capital.
Number
31.12.2024
31. 12. 2023
Michael Rechsteiner
1,713
1,324
Roland Abt
1,462
1,277
Monique Bourquin
335
191
Alain Carrupt 1
n/a
940
Guus Dekkers
523
396
Frank Esser
1,675
1,498
Sandra Lathion-Zweifel
742
615
Anna Mossberg
850
723
Daniel Münger 2
98
n/a
Fritz Zurbrügg
245
106
Total shares held by the members of the Board of Directors
7,643
7,070

1 Left the Board of Directors on 27 March 2024.
2 Elected to the Board of Directors on 27 March 2024.
3 Remuneration of the
Group Executive Board
3.1 General principles
The remuneration policy of Swisscom applicable to the
Group Executive Board is designed to attract and retain
highly skilled and motivated specialists and executive
staff over the long term and provide an incentive to
achieve a lasting increase in the enterprise value. It is
systematic, transparent and long-term-oriented, and is
predicated on the following principles:
• Total remuneration is competitive and is in an appro-
priate relation to the market as well as the internal
salary structure.
• Remuneration is based on performance in line with
the results achieved by Swisscom.
• Through direct financial participation in the perfor-
mance of the Swisscom share, the interests of manage-
ment are aligned with the interests of shareholders.

The remuneration of the Group Executive Board is a bal-
anced combination of fixed and variable salary compo-
nents. The fixed component is made up of a base salary,
fringe benefits (mainly a car allowance) and retirement
benefits. The variable remuneration includes a perfor-
mance-related component settled partly in cash and
partly in shares.
The members of the Group Executive Board are required
to hold a minimum shareholding, which strengthens
their direct financial participation in the medium-term
performance of the Swisscom share and thus aligns
their interests with those of shareholders. To facilitate
compliance with the minimum shareholding requirement,
Group Executive Board members have the possibility of
drawing up to 50% of the variable performance-related
component of their salary in shares.
The basic principles regarding the performance-related
remuneration and the profit and equity participation plans
of the Group Executive Board are set out in Article 9.1 of
the Articles of Incorporation.

Y See www.swisscom.ch/basicprinciples

Employee recruitment,
employee retention
and protection
Focus on annual targets
and sustainable
corporate results
Alignment with
shareholders’ interests
Fixed remuneration
Base salary
Pension benefits
Fringe benefits
Function, experience
and qualifications,
market
Variable remuneration
Performance-related
component in cash
and shares
Achievement of
annual performance
targets
Minimum shareholding
requirement
Requirement to hold
a minimum amount
of Swisscom shares
Long-term growth
of enterprise value
Influencing factors
Purpose
Assets
Instruments
Remuneration
Remuneration system
Remuneration components and determining factors
128
Corporate Governance and Remuneration Report | Remuneration Report

The Compensation Committee decides at its discretion
on the level of remuneration, taking into consideration
the external market value of the function in question,
the internal salary structure and individual performance.
For the purpose of assessing the market value of indi-
vidual functions, Swisscom relies on cross-sector com-
parisons with Swiss companies as well as international
sector comparisons. These two comparative perspectives
allow Swisscom to form an optimal overview of the rele-
vant employment market for managerial positions. In the
reporting year, Swisscom consulted a comparative study
conducted by the consultancy firm Willis Towers Watson
WTW in 2022. It covered 13 major companies domiciled
in Switzerland from various sectors, with the exception
of the financial and pharmaceutical sectors. These com-
panies had median revenue of CHF 6 billion and a median
headcount of 25,000 employees. The evaluation of the
comparative study took into account the comparability of
the extent of responsibility in terms of revenue, number
of employees and international scope.
In spring 2024, the Board of Directors engaged PwC to
provide external support for the review of the remu-
neration system for the Group Executive Board. To this
end, the remuneration system and the remuneration of
individual Group Executive Board functions were sub-
jected to a comparison. The peer group in the bench-
mark study comprised companies in the SMI and SMIM
(excluding the pharmaceuticals and financial sectors)
that were comparable in size to Swisscom in terms of
market capitalisation, revenue and headcount. It con-
sisted of the following companies: ABB, Adecco, BKW,
Geberit, Givaudan, Holcim, Kuehne+Nagel, Lonza,
Richemont, Schindler, SGS, Sika and Sonova. The com-
parable companies had a median market capitalisation
of CHF 26 billion, median revenue of CHF 11 billion and
a median headcount of 34,000 employees. Both studies
showed that the remuneration package for the Group
Executive Board functions was in the lowest quartile of
the relevant peer groups.
As a rule, the Compensation Committee reviews the
individual remuneration paid to members of the Group
Executive Board every three years of employment. Tak-
ing the comparative studies into account, the Board of
Directors adjusted the salary paid to two members of
the Group Executive Board in the year under review to
reflect the experience and performance of these mem-
bers and bring remuneration closer to the market level.

Determination of target achievement
As the decisive basis for the payment of the performance-related component
1. Financial targets
Revenue
Operating performance
EBITDA margin
Customers
Operating free cash flow
Growth
Operating free cash flow Fastweb
Sustainability
2. Business transformation
3. Overall target achievement
+/-
=
(Depending on the achievement
of the ‘EBITDA threshold’)
between 0% and 130%
129
3.2 Remuneration components
Base salary
The base salary is the remuneration paid according to
the function, qualifications and performance of the
individual member of the Group Executive Board. It is
determined based on a discretionary decision taking
into account the external market value of the function
and the salary structure for the Group’s executive man-
agement. The base salary is paid in cash.
Variable performance-related salary component
The members of the Group Executive Board are entitled
to a variable performance-related salary component
which represents 70% of the base salary if objectives
are achieved in full (performance-related bonus). The
amount of the performance-related component paid out
depends on the extent to which the targets are achieved,
as determined by the Compensation Committee, taking
into account the performance evaluation by the CEO. If
targets are exceeded, the performance-related bonus
may amount to no more than 130% of the target bonus.
The maximum performance-related salary component is
thus limited to 91% of the base salary. This ensures that
the performance-related salary component does not
exceed the annual base salary, even taking account of the
market value of the component paid in shares.
Targets and achievement of targets for the
variable performance-related salary component
The targets for the members of the Group Executive
Board consist of financial targets as well as topics relat-
ing to the business transformation. The target structure
therefore anchors long-term, strategic considerations
such as strengthening the core business by offering the
best customer experiences and the best infrastructure,
realising new growth opportunities, and continuously
developing operational excellence.
Overall target achievement also depends on the
achievement of the minimum EBITDA requirement,
referred to as the ‘EBITDA threshold’. The EBITDA
threshold is set annually by the Board of Directors in
relation to the Group EBITDA target. Once the EBITDA
threshold is reached, overall target achievement is
measured based on financial target achievement and
the evaluation of performance in topics related to
business transformation (0% to 130%). If the EBITDA
threshold is not reached, overall target achievement
for the members of the Group Executive Board is 0%
and no variable performance-related salary compo-
nent is paid out.
Financial targets
The financial targets underlying the variable perfor-
mance-related salary component are adopted annually
in December for the following year by the Board of Direc-
tors following a proposal submitted by the Compensa-
tion Committee. The targets relevant to the reporting
year remain unchanged from the previous year, in line
with the Group’s continuing corporate strategy. The tar-
gets are based on the budget figures for the respective
year under review. The financial targets include reve-
nue, operating income before interest, taxes, depre-
ciation and amortisation as a percentage of revenue
(EBITDA margin), and an operating free cash flow proxy.
The Group Executive Board members delegated by
Swisscom to the Board of Directors of the Italian subsid-
iary Fastweb S.p.A. are also measured on the basis of the
Fastweb financial targets.
The Compensation Committee’s decision is based on an
assessment of the extent to which financial targets have
been met using a scale for the overachievement and/or
underachievement of each target. Deviations resulting
from non-recurring items such as exchange rate fluctua-
tions or transactions or mergers & acquisitions are neutral-
ised here. The achievement of an individual target can vary
from 0% to 200%. The achievement of the financial targets
is determined according to the weighting of the individual
targets and cannot exceed 200% overall.

Weighting of financial targets
Financial targets
Weighting of CEO and CFO
Weighting of other members
of Group Executive Board
Revenue
24%
30%
EBITDA margin
24%
30%
Operating free cash flow
32%
40%
Operating free cash flow Fastweb
20%
0%
Business transformation topics
Securing long-term success
Business transformation
Topics
Assessment based
among others on
Operating performance
+/– 0 to 20 per-
centage points
on financial target
achievement

• Quantitative
key figures
per topic
• Multi-year
average
• Previous year
• Current year
Customers
Growth
Sustainability
• Stability
• Reputation
• Customer satisfaction
or net promoter score
• Innovation or
strategic projects
• Employees
• Environment
130
Corporate Governance and Remuneration Report | Remuneration Report
Business transformation
The topics relevant to Swisscom’s long-term success are
summarised under the term ‘business transformation’.
These topics strengthen the degree to which compen-
sation is focused on shareholder interests, as they form
the basis for comprehensively assessing Swisscom’s
performance, which is geared towards the long term.
Operating performance is assessed based on indicators
related to network and service stability and reputation.
The topic of customers includes customer satisfaction
as measured by the Net Promoter Score for residential
and business customers; this is a recognised indicator
of customer loyalty. The topic of growth is measured
on the basis of innovation indicators and the imple-
mentation of strategic projects, while the new topic
of sustainability includes indicators on employee satis-
faction, diversity and Swisscom’s contribution toward
protecting the environment (CO2 reduction; ESG crite-
rion). This therefore incorporates Swisscom’s responsi-
bility to help promote society’s positive development
and to protect the environment into the remuneration
system. Further information on customer satisfaction
can be found in the Management Report. Further infor-
mation on Swisscom’s contribution to the environment
and society can be found in the Sustainability Impact
Report 2024.

H See report page 35

Y See www.swisscom.ch/sir2024
The Compensation Committee uses key figures and
deviations from the multi-year average or previous year
to deliberate on performance with respect to the busi-
ness transformation. It assesses the outcome at its own
discretion on a scale of +/– 0 to 20 percentage points.
Overall target achievement
Overall target achievement is calculated based on
achievement of financial targets including or less the
business transformation assessment. In order to ensure
that this definition of overall target achievement appro-
priately describes the Group’s performance and reflects
shareholders’ interests in terms of long-term value
creation, the Compensation Committee may, in excep-
tional situations, exercise its discretion in determining
the overall target achievement in order to appropriately
depict actual management performance. In doing so, it
may take into account certain special factors, e.g. cur-
rency fluctuations, extraordinary financial effects or
unforeseen industry and market developments. The

Thresholds for overall target achievement
Target achievement
200%
130%
0%
Lower threshold
(EBITDA minimum requirement)
Upper threshold
(cap at 130 % target achievement)
131
overall achievement of targets is limited to a maximum
of 130%. Based on the overall achievement of targets,
the Compensation Committee submits a proposal for
the approval of the Board of Directors for the amount of
the performance-related salary component to be paid to
the Group Executive Board and the CEO.
Payment of the variable performance-related
salary component
The variable performance-related salary component
for a given financial year is paid in March or April of
the following year, with 25% being paid in the form of
Swisscom shares, in accordance with the Management
Incentive Plan. Group Executive Board members may opt
to increase the share component up to a maximum of
50% of the total variable performance-related compen-
sation. The remaining portion of the performance-re-
lated component is settled in cash. In the event of a
departure from the Group Executive Board during the
course of the year, the payment of the performance-re-
lated component for the current year is generally made
in cash only. The decision as to what percentage of the
variable performance-related salary component is to
be drawn in the form of shares must be communicated
prior to the end of the reporting year, but no later than in
November following the publication of the third-quarter
results. The shares are allocated on the basis of their tax
value, rounded up to whole numbers of shares. Shares
are blocked from sale for three years. This restriction on
disposal likewise applies if the employment relationship
is terminated during the blocking period. The share-
based remuneration disclosed in the year under review
is augmented by a factor of 1.19 in order to take account
of the difference between the market value and the tax
value. The market value is determined as of the date of
allocation. The allocation of shares for the year under
review will be made in March 2025.
In March 2024, a total of 1,694 shares (prior year:
1,476 shares) with a tax value of CHF 446 (prior year:
CHF 495) per share and a market value of CHF 531 (prior
year: CHF 590) per share were allocated for the 2023
financial year to the members of the Group Executive
Board. As an extraordinary trading blackout period was
in effect at the time, the members of the Group Execu-
tive Board were not able to choose a higher share com-
ponent for their variable performance-related salary
component for the 2023 financial year. Only 25% of the
variable performance-related salary component was
paid in the form of Swisscom shares.
Pension fund and fringe benefits
The members of the Group Executive Board, like all eli-
gible employees in Switzerland, are insured against the
financial consequences of old age, death and disability
through the comPlan pension plan (for pension fund
regulations, see www.pk-complan.ch). The reported
pension benefits cover all savings, guarantee and risk
contributions paid by the employer to the pension plan.
They also include the pro-rata costs of the AHV bridging
pension paid by comPlan in the event of early retirement
and the premium for the term life insurance concluded
for Swisscom management staff in Switzerland. Further
information about this is provided in Note 4.3 to the con-
solidated financial statements.

H See report pages 188–194
Service-related benefits, non-cash benefits, and expenses
are reported from a tax perspective. The members of the
Group Executive Board are entitled to a car allowance.
Out-of-pocket expenses are reimbursed on a lump-sum
basis in accordance with expense reimbursement rules
approved by the tax authorities, and other expenses are
reimbursed on an actual cost basis. They are not included
in the reported remuneration.

Financial target achievement
Revenue
Operating free cash flow1
Operating free cash flow Fastweb1
0 %
0 %
0 %
0 %
200 %
200 %
200 %
200 %
100 %
100 %
100 %
100 %
97%
105%
104%
100%
EBITDA margin1
1 Adjusted for the effects of M&A transactions that were not included in the setting of the budget figures on which targets were based,
particularly transaction and integration costs connected with the acquisition of Vodafone Italia.

132
Corporate Governance and Remuneration Report | Remuneration Report
3.3 Total remuneration (audited)
The following table shows the total remuneration
paid to the members of the Group Executive Board for
the 2023 and 2024 financial years, broken down into
the different components and including the highest
amount paid to one member. In the reporting year,
the total remuneration for the Group Executive Board
was CHF 10.5 million (previous year CHF 8.7 million),
which is within the maximum total amount approved
by the Annual General Meeting of CHF 10.9 million
for 2024. The increase in the total remuneration paid
to the Group Executive Board is mainly attributable
to the expansion of the Group Executive Board from
six to nine members in the previous year, which
impacted the full reporting year for the first time.
The highest remuneration amount is attributable to
the CEO, Christoph Aeschlimann. This is 6% higher
than the previous year, which is primarily due to the
increased achievement of targets for the variable
performance-related salary component. The variable
performance-related salary component for members
of the Group Executive Board (CHF 3.8 million in total)
was around 88% of the base salary (CHF 4.3 million in
total).
Remuneration of the Group Executive Board

Thereof
Thereof
Total Group
Total Group
Christoph
Christoph
Executive Board
Executive Board
Aeschlimann
Aeschlimann
In CHF thousand
2024 5
2023 4
2024
2023
Fixed base salary paid in cash
4,330
3,865
882
882
Variable performance-related remuneration paid in cash
2,226
2,196
361
486
Variable performance-related remuneration paid in shares 1
1,570
871
430
193
Service-related and non-cash benefits
220
190
24
24
Employer contributions to social security 2
708
636
145
139
Retirement benefits
1,079
951
130
130
Total remuneration to members of the Group Executive Board
10,133
8,709
1,972
1,854
Benefits paid following retirement from Group Executive Board 3
331
–
–
–
Total remuneration paid to Group Executive Board,

incl. benefits paid following retirement from Board
10,464
8,709
1,972
1,854

1 The shares are reported at market value and are blocked from sale for three
years.
2 Employer contributions to social security (OASI, DI, EO and FZ, incl. administra-
tion costs, and daily sickness benefits and accident insurance) are included in
the total remuneration.
3 Remuneration paid to fulfil contractual obligations during the notice period to
members of Group Management who left during the reporting year.
4 6 Group Executive Board members until 31 March 2023; 9 Group Executive
Board members from 1 April 2023.
5 9 members of the Group Executive Board. The expansion of the Group Exec-
utive Board in the previous year had an impact on the entire year for the first
time.
Achievement of targets for the variable
performance-related salary component in 2024
(not audited)
All in all, the Swisscom Group achieved its financial
targets in the reporting year. The achievement of the
individual financial targets is shown in the table below.
In accordance with the weighting of the individual
targets, this results in financial target achievement of
102% for the CEO and the other members of the Group
Executive Board.

Dimension
Topic
KPIs
Board of Directors Compensation Committee assessment
Operating performance
Stability
• Customer perception of network stability Stability further increased with
• Number of incidents with customer
significant improvement in all
impact after change
incident KPIs. Major incidents
• Number of major incidents with
were avoided. B2C and B2B
customer impact
customers rated network and

service stability at an unchanged

high level.
Reputation
• Public perception according to
Reputation slightly improved
RepTrak survey
compared with the previous

year’s already high level and

was rated at the highest level

since measurements began.
Customers
Customer satisfaction
• Net Promoter Score for B2C and B2B
Swisscom significantly outperformed
(SMEs and large customers)
the NPS targets in both of the B2B

customer segments. In the B2C

division, the NPS was down in the

second half of the year due to price

increases. Swisscom also won all

the relevant sales & service tests.
Growth
Growth and innovation
• Growth areas for revenue growth
While the milestones in the strategic
• Achievement of milestones
growth initiatives were achieved,
Innovate for growth topics
revenue growth is below Swisscom’s
• Perception of innovation according to
ambitious objectives. Swisscom
RepTrak (external & internal)
continues to lead the field in terms

of reputation for innovation compared

to its competitors. In the overall

assessment of the growth dimension,

the Compensation Committee took

account of the performance and

the additional effort in the successful

completion of the Vodafone Italia

acquisition, which will create the basis

for transformative growth.
Sustainability
Employees
• eNPS employee survey
Swisscom was recommended
• Workplace perception RepTrak (internal)
as an employer (eNPS) by the
• Diversity KPIs (generation, gender,
same high proportion of
origin, inclusion)
employees as in the previous

year, and internal workplace

perception further improved.

Swisscom saw an increase in all

diversity KPIs, although it did

not fully achieve its ambitious

targets. All employee KPIs are

at their highest level of the last

five years.
Environment
• Scopes 1–3 CO2 reduction
CO2 emissions in Scopes 1–2 were
• Scope 4 CO2 reduction
further reduced and the targets
• Increase in energy efficiency
exceeded; the Scope 3 targets

were not achieved, but this was

mainly due to exogenous factors.

The indirect avoided emissions

were maintained despite the

downward trend in remote work

and energy efficiency was further

increased. With the order of

1,200 e-vehicles, the electrification

of the vehicle fleet by 2030

has been initiated.

133
The Compensation Committee used defined key figures
and deviations from the multi-year average or previous
year to assess performance in the individual business
transformation topics. As before, the focus was largely
on the Swiss business. The assessment of the individual
topics is summarised in the following overview.
Business transformation performance

Overall target achievement
+15%
Business transformation
performance
+/-
=
Financial target achievement
CEO: 102%
Members of the Group EB: 102%
Overall target achievement
CEO: 117%
Members of the Group EB: 117%
134
Corporate Governance and Remuneration Report | Remuneration Report
Based on the assessment of the individual topics, and
using a scale of +/– 0 to 20 percentage points, the Com-
pensation Committee assessed the business transfor-
mation performance at +15 percentage points, taking
account of the Group Executive Board’s performance
and additional effort in conjunction with the acquisition
of Vodafone Italia. The EBITDA threshold was reached.
The overall target achievement, which consists of finan-
cial target achievement and the evaluation of business
transformation performance as described, was 117% of
the target bonus for the CEO and the other members of
the Group Executive Board.
3.4 Minimum shareholding requirement
The members of the Group Executive Board are required
to hold a minimum number of Swisscom shares. The min-
imum shareholding to be held by the CEO is equivalent
to two years’ base salary and the other Group Executive
Board members are required to maintain a shareholding
equivalent to one year’s base salary. The members of the
Group Executive Board build up the prescribed share-
holding over four allocation periods The members of the
Group Executive Board build up the prescribed share-
holding in the form of the blocked shares paid as part of
remuneration and, if necessary, through share purchases
on the open market, observing internal trading restric-
tions. Compliance with the shareholding requirement
is reviewed annually by the Compensation Committee.
If a member’s shareholding falls below the minimum
requirement due to a drop in the share price or a salary
adjustment, the difference must be made up by no later
than the time of the next review. In justified cases, such
as personal hardship or legal obligations, the Chairman of
the Board of Directors can approve individual exceptions
at his discretion.
3.5 Shareholdings of the members
of the Group Executive Board (audited)
Blocked and non-blocked shares held by members of
the Group Executive Board and/or related parties as
at 31 December 2023 and 2024 are shown in the table
below. None of the persons subject to the disclosure
requirement held voting shares exceeding 0.1% of the
share capital.
Number
31.12.2024
31. 12. 2023
Christoph Aeschlimann (CEO)
1,682
1,318
Mark Düsener 1
195
n/a
Myriam Käser 2
–
n/a
Urs Lehner
1,642
1,431
Isa Müller-Wegner
120
–
Gerd Niehage 3
n/a
–
Stefan Nünlist 4
n/a
346
Klementina Pejic
655
487
Eugen Stermetz
569
375
Martin Vögeli
799
660
Dirk Wierzbitzki
1,986
1,775
Total shares held by the members of the Group Executive Board
7,648
6,392

1 Elected to the Group Executive Board on 1 September 2024.
2 Elected to the Group Executive Board on 1 June 2024.
3 Left the Group Executive Board on 31 August 2024.
4 Left the Group Executive Board on 31 May 2024.
3.6 Employment contracts
The employment contracts of the members of the
Group Executive Board are subject to a twelve-month
notice period. No termination benefits apply beyond
the salary payable for a maximum of twelve months.
The employment contracts include a claw-back
clause that stipulates that Swisscom may allow any
wrongfully awarded remuneration to lapse or may
reclaim any remuneration that is wrongfully paid. The
contracts do not contain either a non-competition
clause or a clause on change of control.

135
4 Other remuneration (audited)
4.1 Additional remuneration
Swisscom may pay remuneration to members of the
Board of Directors for assignments in Group companies
and assignments performed by order of Swisscom (Arti-
cle 8.2 of the Articles of Incorporation). No such remu-
neration was paid in the year under review.

Y See www.swisscom.ch/basicprinciples
The members of the Group Executive Board are not enti-
tled to separate remuneration for any directorships they
hold either within or outside the Swisscom Group.
4.2 Remuneration for former members
of the Board of Directors or Group
Executive Board and their related parties
In the year under review, no remuneration that was
not at arm’s length was paid to former members of the
Board of Directors in connection with earlier activities as
a member of a governing body of the company. Similarly,
no such remuneration was paid to former members of
the Group Executive Board. Further, there were no pay-
ments to individuals who are closely related to any for-
mer or current member of the Board of Directors or the
Group Executive Board which are not at arm’s length.
4.3 Loans and credits granted
Swisscom Ltd has no statutory basis for the granting of
loans, credit facilities or pension benefits apart from the
retirement benefits paid to the members of the Board of
Directors and Group Executive Board.
In the 2024 financial year, Swisscom did not grant any
collateral, loans, advances or credit facilities of any
kind either to former or current members of the Board
of Directors or related parties, or to former or current
members of the Group Executive Board or related par-
ties. There are therefore no corresponding receivables
outstanding.

5 Activities at other companies
(audited)
5.1 Board of Directors
As at 31 December 2024, the members of the Board of
Directors and the Group Executive Board performed the
following mandates and other significant activities at
other companies:
Michael Rechsteiner
Mandates in listed companies
Since April 2024, member of the Board of Directors, the
Audit, Risk & Compliance Committee and the Human
Capital & ESG Committee of Sandoz Group AG, Risch
Mandates in interest groups, associations,
institutions and foundations, and employee
retirement-benefit foundations
Member of the Board of Trustees of the ETH Foundation,
Zurich
Mandates by order of Swisscom
Member of the Board of Directors and the Board Com-
mittee of economiesuisse
Other significant activities
–
Roland Abt
Mandates in listed companies
Member of the Board of Directors and chairman of the
Audit Committee of Bystronic AG (formerly Conzzeta AG),
Zurich
Mandates in non-listed companies
Mandates in Aargau Verkehr (AVA): Chairman of the
Board of Directors of Aargau Verkehr AG, Aarau and
Chairman of the Board of Directors of Limmat Bus AG,
Dietikon; Chairman of the Board of Directors of Eisen-
bergwerk Gonzen AG, Sargans; until March 2024 member
of the Board of Directors of Raiffeisenbank Zufikon
Mandates in interest groups, associations,
institutions and foundations, and employee
retirement-benefit foundations
President of the Board of Trustees of Fürsorgestiftung
Conzzeta, Zurich; President of the Board of Trustees of
Pensionskasse Conzzeta, Zurich
Other significant activities
–

136
Corporate Governance and Remuneration Report | Remuneration Report
Monique Bourquin
Mandates in listed companies
Member of the Board of Directors, the Market Commit-
tee, the Compensation Committee and the Agricultural
Council at Emmi AG, Lucerne; member of the Board of
Directors and Chair of the Compensation Committee of
Chocoladefabriken Lindt & Sprüngli AG, Kilchberg
Mandates in non-listed companies
Member of the Board of Directors of Kambly Holding AG,
Trubschachen; member of the Board of Directors of W.
Kündig & Cie AG, Zurich; President of the Board of the
Swiss branded goods association Promarca, Bern; Rivella
mandates: member of the Board of Directors of Rivella AG,
Rothrist, member of the Board of Directors of Miroma AG,
Rothrist; Chair of the Management Board of Euqinom
GmbH, Rüdlingen; Managing Director of Estarog GmbH,
Rüdlingen
Other significant activities
Member of the Advisory Board of Fondation Swiss
Board Institute, Geneva; member of the Foundation
Board of Schweizerische Stiftung für technische Entwick-
lungszusammenarbeit (Swiss Foundation for Technical
Cooperation) Swisscontact, Zurich
Guus Dekkers
Mandates in listed companies
CTO and member of the Executive Committee, Tesco
PLC, London
Other significant activities
Member of the Advisory Board of the Fraunhofer Insti-
tute for Secure Information Technology SIT, Darmstadt;
member of the Advisory Board of the National Research
Center for Applied Cybersecurity ATHENE, Darmstadt
Frank Esser
Mandates in listed companies
Chairman of the Board of Directors of SES S.A., Luxem-
bourg
Other significant activities
–
Sandra Lathion-Zweifel
Mandates in non-listed companies
Member of the Board of Directors and the Audit Com-
mittee and Chair of the Nomination and Remuneration
Committee of the Raiffeisen Switzerland Cooperative,
St. Gallen
Other significant activities
Member of the Advisory Board of the CMTA – The Capital
Markets and Technology Association, Geneva; member
of the Executive Board of swissVR, Rotkreuz; member of
the Advisory Board of the association Lucerne Dialogue,
Lucerne
Anna Mossberg
Mandates in listed companies
Member of the Board of Directors, Remuneration & Sus-
tainability Committee and Audit Committee of Swedbank
AB, Stockholm; until April 2024 member of the Board of
Directors and Chair of the Audit Committee of Orkla ASA,
Oslo; member of the Board of Directors of Volvo Cars AB,
Gothenburg
Mandates in non-listed companies
Member of the Board of Directors, the Nomination and
Compensation Committee and the AI Advisory Board of
Ringier AG, Zofingen; since June 2024 member of the Board
of Directors of the Marshall Group, Stockholm
Other significant activities
Member of the Advisory Board of Axcel Management A/S,
Copenhagen; member of the Strategic Advisory Board of
the Boards Impact Forum
Daniel Münger
Mandates in non-listed companies
Member of the Northwestern Switzerland Regional
Committee of COOP Genossenschaft
Other significant activities
Member of the federal Tripartite Commission, accompa-
nying measures to the bilateral agreements with the EU
(TPK FlaM)
Fritz Zurbrügg
Mandates in companies
–
Other significant activities
–

137
5.2 Group Executive Board
As at 31 December 2024, the members of the Group
Executive Board performed the following mandates and
other significant activities at other companies:
Christoph Aeschlimann
Mandates by order of Swisscom
Member of the Executive Board, Association Suisse des
Télécommunications (asut), Bern; member of the Board
of Trustees of the Swiss Entrepreneurs Foundation, Bern;
until December 2024 member of the international Advi-
sory Committee of the ZHAW School of Management
and Law, Winterthur; member of the Board of IMD Foun-
dation, Lausanne; since May 2024 President of the Board
of Trustees of the Deeptech Nation Switzerland Founda-
tion, Zurich
Other significant activities
Until December 2024 member of the Executive Board,
Glasfasernetz Schweiz, Bern; member of the Steering
Committee of digitalswitzerland Zurich; member of the
Advisory Board of the Geneva School of Economics and
Management at the University of Geneva; member of
the Board of the Economic Society of the Canton of Bern
(VWG Bern); member of the Board of Swiss-American
Chamber of Commerce, Zurich
Mark Düsener
Mandates in companies
–
Other significant activities
–
Myriam Käser
Mandates in companies
–
Other significant activities
Since January 2025 member of the Executive Board of
Glasfasernetz Schweiz, Bern; member of the Executive
Board at HarbourClub Chief Communications Officers,
Zurich
Urs Lehner
Mandate in non-listed companies
Since August 2024 member of the Board of Directors of
Roth Gerüste AG, Gerlafingen
Other significant activities
Since March 2024 member of the Board of Directors of
the Swedish Swiss Chamber of Commerce, Zurich
Isa Müller-Wegner
Mandates in companies
–
Other significant activities
Member of the Advisory Board of the Swiss Diversity
Association, Zurich
Klementina Pejic
Mandate by order of Swisscom
Member of the Board of Trustees of the comPlan pension
fund, Bern
Other significant activities
Member of the Institute Council of the international insti-
tute of management in technology (iimt) at the University
of Fribourg, member of the Executive Board of the Swiss
Employers’ Association, Zurich
Eugen Stermetz
Mandate by order of Swisscom
Until December 2024 President of the Foundation Council
of the comPlan pension fund, Bern
Other significant activities
–
Martin Vögeli
Mandate by order of Swisscom
Member of the Board of Directors of Creaholic SA, Biel
Other significant activities
–
Dirk Wiertzbitzki
Mandate by order of Swisscom
Member of the Board of Directors of SoftAtHome, Paris
Other significant activities
–
6 Gender representation (audited)
Three women sit on the Board of Directors and three on
the Group Executive Board. The proportion of women is
33% in both boards. As at 31 December 2024, Swisscom
thus complied with the legal requirements regarding
the representation of both genders on the Board of
Directors and the Group Executive Board.

PricewaterhouseCoopers AG, Birchstrasse 160, 8050 Zürich
Telefon: +41 58 792 44 00, www.pwc.ch
PricewaterhouseCoopers AG is a member of the global PricewaterhouseCoopers network of firms, each of which is a separate and independent legal entity.
Report of the statutory auditor
to the General Meeting of Swisscom Ltd, Ittigen
Report on the audit of the remuneration report
Opinion
We have audited the remuneration report of Swisscom Ltd (the Company) for the year ended 31 December 2024. The
audit was limited to the information pursuant to article 734a-734f of the Swiss Code of Obligations (CO) in the sections
marked 'audited' on pages 122 to 137 of the remuneration report.
In our opinion, the information pursuant to article 734a-734f CO in the remuneration report (pages 122 to 137) complies
with Swiss law and the Company’s articles of incorporation.
Basis for opinion
We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities
under those provisions and standards are further described in the 'Auditor’s responsibilities for the audit of the
remuneration report' section of our report. We are independent of the Company in accordance with the provisions of
Swiss law and the requirements of the Swiss audit profession, and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other information
The Board of Directors is responsible for the other information. The other information comprises the information included
in the annual report, but does not include the tables marked 'audited' in the remuneration report, the consolidated
financial statements, the financial statements and our auditor’s reports thereon.
Our opinion on the remuneration report does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the remuneration report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the audited financial information in the
remuneration report or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we
are required to report that fact. We have nothing to report in this regard.
Board of Directors’ responsibilities for the remuneration report
The Board of Directors is responsible for the preparation of a remuneration report in accordance with the provisions of
Swiss law and the Company’s articles of incorporation, and for such internal control as the Board of Directors
determines is necessary to enable the preparation of a remuneration report that is free from material misstatement,
whether due to fraud or error. It is also charged with structuring the remuneration principles and specifying the individual
remuneration components.
Auditor’s responsibilities for the audit of the remuneration report
Our objectives are to obtain reasonable assurance about whether the information pursuant to article 734a-734f CO is
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
Swiss law and SA-CH will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of this remuneration report.

138
Corporate Governance and Remuneration Report | Remuneration Report

Swisscom Ltd | Report of the statutory auditor to the General Meeting
As part of an audit in accordance with Swiss law and SA-CH, we exercise professional judgement and maintain
professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement in the remuneration report, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made.
We communicate with the Board of Directors or its relevant committee regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that
we identify during our audit.
We also provide the Board of Directors or its relevant committee with a statement that we have complied with relevant
ethical requirements regarding independence, and communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or
safeguards applied.
PricewaterhouseCoopers AG
Petra Schwick
Arsim Arslani
Licensed audit expert
Licensed audit expert
Auditor in charge

Zürich, 12 February 2025

139

Consolidated
Financial Statements_ ________
Consolidated statement of comprehensive income. . . . . 142
Consolidated balance sheet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143
Consolidated statement of cash flows. . . . . . . . . . . . . . . . . . 144
Consolidated statement of changes in equity. . . . . . . . . . . 145
Notes to the consolidated
financial statements_ ________
1
Operating performance
1. 1 Segment information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148
1. 2 Operating expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155
2
Capital and financial risk management
2. 1 Capital management and equity. . . . . . . . . . . . . . . . . . . 157
2. 2 Financial liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159
2. 3 Leases. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162
2. 4 Financial result. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166
2. 5 Financial risk management. . . . . . . . . . . . . . . . . . . . . . . . . 166
3
Operating assets and liabilities
3. 1 Net current operating assets. . . . . . . . . . . . . . . . . . . . . . . 175
3. 2 Property, plant and equipment. . . . . . . . . . . . . . . . . . . . . 178
3. 3 Intangible assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180
3. 4 Goodwill. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181
3. 5 Provisions and contingent liabilities. . . . . . . . . . . . . . . . . 183
4
Employees
4. 1 Employee headcount and personnel expense. . . . . . . 186
4. 2 Key management compensation. . . . . . . . . . . . . . . . . . . 187
4. 3 Defined benefit plans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188
5
Scope of consolidation
5. 1 Group structure. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195
5. 2 Changes in the scope of consolidation. . . . . . . . . . . . . . 195
5. 3 Acquisition of Vodafone Italia . . . . . . . . . . . . . . . . . . . . . . 195
5. 4 Equity-accounted investees. . . . . . . . . . . . . . . . . . . . . . . . 198
5. 5 Group companies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199
6
Other disclosures
6. 1 Income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201
6. 2 Related parties. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204
6. 3 Sale of shares in FiberCop. . . . . . . . . . . . . . . . . . . . . . . . . . 204
6. 4 Other accounting policies. . . . . . . . . . . . . . . . . . . . . . . . . . 205
Report of the statutory auditor. . . . . . . . . . . . . . . . . . . . . . . . . 206

142
Consolidated Financial Statements | Consolidated statement of comprehensive income
Consolidated Financial Statements
Consolidated statement
of comprehensive income
In CHF million, except for per share amounts
Note
2024
2023

Income statement

Revenue
1. 1
11,036
11,072
Direct costs
1. 2
(2,972)
(2,906)
Personnel expense
1. 2, 4. 1
(2,749)
(2,680)
Other operating expense
1. 2
(1,727)
(1,630)
Capitalised self-constructed assets and other income
1. 2
767
766
Operating income before depreciation and amortisation

4,355
4,622
Depreciation, amortisation and impairment of property, plant and equipment,

intangible assets and goodwill
3. 2, 3. 3, 3. 4
(2,143)
(2,126)
Depreciation of right-of-use assets
2. 3
(261)
(291)
Operating income

1,951
2,205
Financial income
2. 4
167
30
Financial expense
2. 4
(255)
(160)
Result of equity-accounted investees
5. 4
(2)
–
Income before income taxes

1,861
2,075
Income tax expense
6. 1
(320)
(364)
Net income

1,541
1,711

Other comprehensive income

Actuarial gains and losses from defined benefit pension plans
2. 1
(17)
(28)
Change in fair value of equity instruments
2. 1, 6. 3
163
43
Items that will not be reclassified to income statement

146
15
Foreign currency translation adjustments of foreign subsidiaries
2. 1
5
(126)
Change in cash flow hedges
2. 1
(11)
(10)
Items that may be reclassified to income statement

(6)
(136)
Other comprehensive income

140
(121)

Comprehensive income

Net income

1,541
1,711
Other comprehensive income

140
(121)
Comprehensive income

1,681
1,590

Share of net income and comprehensive income

Equity holders of Swisscom Ltd

1,542
1,711
Non-controlling interests

(1)
–
Net income

1,541
1,711

Equity holders of Swisscom Ltd

1,682
1,590
Non-controlling interests

(1)
–
Comprehensive income

1,681
1,590

Earnings per share

Basic and diluted earnings per share (in CHF)
2. 1
29.77
33.03

143
Consolidated
balance sheet
In CHF million
Note
31.12.2024
31. 12. 2023

Assets

Cash and cash equivalents

1,523
148
Trade receivables
3. 1
2,892
2,143
Receivables from finance leases
2. 3
47
46
Other operating assets
3. 1
1,749
1,323
Other financial assets

68
50
Current income tax assets
6. 1
82
1
Non-current assets held for sale

–
7
Total current assets

6,361
3,718
Property, plant and equipment
3. 2
13,501
11,059
Intangible assets
3. 3
6,124
1,737
Goodwill
3. 4
6,298
5,172
Right-of-use assets
2. 3
3,994
1,972
Equity-accounted investees
5. 4
27
27
Receivables from finance leases
2. 3
116
84
Other financial assets
2. 5, 6. 3
545
745
Defined benefit assets
4. 3
–
11
Deferred tax assets
6. 1
245
225
Total non-current assets

30,850
21,032
Total assets

37,211
24,750

Liabilities and equity

Financial liabilities
2. 2
1,639
718
Lease liabilities
2. 3
622
227
Trade payables
3. 1
2,685
1,611
Other operating liabilities
3. 1
1,996
1,471
Provisions
3. 5
221
115
Current income tax liabilities
6. 1
286
203
Total current liabilities

7,449
4,345
Financial liabilities
2. 2
12,260
4,947
Lease liabilities
2. 3
3,014
1,688
Defined benefit obligations
4. 3
53
21
Provisions
3. 5
1,319
1,148
Deferred gain on sale and leaseback of real estate
2. 3
77
81
Deferred tax liabilities
6. 1
884
898
Total non-current liabilities

17,607
8,783
Total liabilities

25,056
13,128
Share capital

52
52
Capital reserves

136
136
Retained earnings
2. 1
14,071
13,529
Foreign currency translation adjustments
2. 1
(2,081)
(2,086)
Hedging reserves
2. 1
(23)
(12)
Equity attributable to equity-holders of Swisscom Ltd

12,155
11,619
Non-controlling interests

–
3
Total equity

12,155
11,622
Total liabilities and equity

37,211
24,750

144
Consolidated Financial Statements | Consolidated statement of cash flows
Consolidated statement
of cash flows
In CHF million
Note
2024
2023
Net income

1,541
1,711
Income tax expense
6. 1
320
364
Result of equity-accounted investees
5. 4
2
–
Financial income
2. 4
(167)
(30)
Financial expense
2. 4
255
160
Depreciation, amortisation and impairment of property, plant and equipment,

intangible assets and goodwill
3. 2, 3. 3
2,143
2,126
Depreciation of right-of-use assets
2. 3
261
291
Gain on sale of property, plant and equipment
1. 2
(26)
(6)
Loss on disposal of property, plant and equipment

–
1
Expense for share-based payments

1
1
Revenue from finance leases

(87)
(108)
Proceeds from finance leases

80
108
Change in deferred gain from the sale and leaseback of real estate
2. 3
(4)
(4)
Change in operating assets and liabilities
3. 1
(9)
(5)
Change in provisions
3. 5
26
(124)
Change in defined benefit obligations
4. 3
(5)
(31)
Interest received

102
7
Dividends received
5. 4
1
9
Interest payments on financial liabilities
2. 2
(112)
(84)
Interest payments on lease liabilities
2. 3
(48)
(44)
Income taxes paid
6. 1
(297)
(313)
Cash flow from operating activities

3,977
4,029
Purchase of property, plant and equipment and intangible assets
3. 2, 3. 3
(2,288)
(2,272)
Proceeds from sale of property, plant and equipment and intangible assets

44
10
Acquisition of subsidiaries, net of cash and cash equivalents acquired
5. 2
(7,372)
(62)
Proceeds from sale of subsidiaries, net of cash and cash equivalents sold
5. 2
2
2
Acquisition of equity-accounted investees
5. 2
(2)
(3)
Purchase of other financial assets
2. 2
(2,020)
(13)
Proceeds from other financial assets
2. 2, 6. 3
2,386
33
Other cash flows from investing activities

(29)
(17)
Cash flow used in investing activities

(9,279)
(2,322)
Issuance of financial liabilities
2. 2
8,881
223
Repayment of financial liabilities
2. 2
(641)
(471)
Repayment of lease liabilities
2. 3
(267)
(270)
Dividends paid to equity holders of Swisscom Ltd
2. 1
(1,140)
(1,140)
Dividends paid to non-controlling interests

–
(1)
Acquisition of non-controlling interests
5. 2
(15)
–
Other cash flows from financing activities

1
(12)
Cash inflow (used in) from financing activities

6,819
(1,671)
Net increase in cash and cash equivalents

1,517
36
Cash and cash equivalents at 1 January

148
121
Foreign currency translation adjustments in respect of cash and cash equivalents

(142)
(9)
Cash and cash equivalents at 31 December

1,523
148

145
Consolidated statement
of changes in equity

Equity

Foreign
attributable

currency

to equity
Non-

Share
Capital
Retained translation
Hedging
holders of controlling
Total
In CHF million

capital
reserves
earnings adjustments
reserves
Swisscom
interests
equity

Balance at 1 January 2023

52
136
12,942
(1,960)
(2)
11,168
3
11,171
Net income

–
–
1,711
–
–
1,711
–
1,711
Other comprehensive income

–
–
15
(126)
(10)
(121)
–
(121)
Comprehensive income

–
–
1,726
(126)
(10)
1,590
–
1,590
Dividends paid

–
–
(1,140)
–
–
(1,140)
(1)
(1,141)
Other changes

–
–
1
–
–
1
1
2
Balance at 31 December 2023

52
136
13,529
(2,086)
(12)
11,619
3
11,622
Net income

–
–
1,542
–
–
1,542
(1)
1,541
Other comprehensive income

–
–
146
5
(11)
140
–
140
Comprehensive income

–
–
1,688
5
(11)
1,682
(1)
1,681
Dividends paid

–
–
(1,140)
–
–
(1,140)
–
(1,140)
Other changes

–
–
(6)
–
–
(6)
(2)
(8)
Balance at 31 December 2024

52
136
14,071
(2,081)
(23)
12,155
–
12,155

146
Consolidated Financial Statements | Notes to the consolidated financial statements
Notes to the consolidated
financial statements
The financial report is a translation from the original German version. In case of any inconsistency the German
version shall prevail.
General information and changes in accounting policies
General disclosures
The Swisscom Group (hereinafter referred to as Swisscom) provides telecom services. It operates mainly in Swit-
zerland and Italy. The consolidated financial statements for the year ended 31 December 2024 comprise Swisscom
Ltd, as the holding company, and its subsidiaries. Swisscom Ltd is a public limited company with special status
under Swiss law and has its registered office in Ittigen (Bern). Its address is: Swisscom Ltd, Alte Tiefenaustrasse 6,
3048 Worb laufen. Swisscom is listed on the SIX Swiss Exchange. The number of issued shares is unchanged from
the prior year and totals 51,801,943. The shares have a nominal value of CHF 1 and are fully paid-up. Each share
entitles the holder to one vote. The majority shareholder of Swisscom Ltd remains, as in the prior year, the Swiss
Confederation (‘Confederation’). The Confederation is obligated by current law to hold the majority of the cap-
ital and voting rights. The Board of Directors of Swisscom approved the issuance of these consolidated financial
statements on 12 February 2025. No material events after the reporting date have occurred to date. The consol-
idated financial statements are subject to approval by the shareholders of Swisscom Ltd at its Annual General
Meeting to be held on 26 March 2025.
Takeover of Vodafone Italia
In March 2024, Swisscom signed a sales agreement with Vodafone Group Plc regarding the takeover of 100% of
Vodafone Italia for a purchase price of EUR 8.0 billion (cash and debt-free). The transaction was completed after all
the regulatory approvals were received on 31 December 2024. Further information on the transaction can be found
in Note 5.3. Until completion of the transaction, Swisscom only had restricted access to information on Vodafone
Italia. For this reason and due to the short period of time between transaction completion and preparation of the
consolidated financial statements for 2024, it was not possible for Swisscom to determine or, therefore, disclose
all the information for disclosure under IFRS Accounting Standards. Where disclosure was not practical, this was
noted accordingly.
Basis of preparation
The consolidated financial statements of Swisscom have been prepared in accordance with the IFRS Accounting
Standards (IFRS), and in compliance with the provisions of Swiss law. The reporting period covers twelve months.
The consolidated financial statement is presented in Swiss francs (CHF), which corresponds to the functional
currency of Swisscom Ltd. Unless otherwise noted, all amounts are stated in millions of Swiss francs. The con-
solidated financial statements are drawn up on the historical cost basis, unless a standard or interpretation
prescribes another measurement basis for a particular line item, in which case this is explicitly stated in the
accounting policies. Material accounting policies of relevance for an understanding of the consolidated financial
statements are set out in the specific notes to the financial statements.

147
Significant judgements, estimates and assumptions in applying the accounting policies
The preparation of consolidated financial statements is dependent upon assumptions and estimates being made
in applying the accounting policies, for which management can exercise a certain degree of judgement. In par-
ticular, this concerns the following positions.
Description
Further information
Leases
Note 2. 3
Property, plant and equipment
Note 3. 2
Intangible assets
Note 3. 3
Goodwill
Note 3. 4
Provisions for dismantlement and restoration costs
Note 3. 5
Provision for regulatory and competition law procedures
Note 3. 5
Defined benefit plans
Note 4. 3
Amendments to IFRS Accounting Standards and Interpretations which are to be applied
for the first time in the financial year
Standard
Name
Amendments to IFRS 16
Lease liability in a sale and leaseback transaction
Amendments to IAS 1
Classifying liabilities as current or non-current
Amendments to IAS 7
Supplier finance arrangements
As of 1 January 2024, Swisscom adopted amendments to existing IFRS Accounting Standards that have no mate-
rial impact on the results or financial position of the Group. Further information regarding the changes to the IFRS
Accounting Standards which must be applied in 2025 or later are set out in Note 6.4.
Voluntary changes in accounting policies
Swisscom reviewed the classification and presentation of direct and indirect costs. The review resulted in the
introduction of changes, primarily to the way purchased network services are classified and presented, from 2024
onwards. This improves the presentation of the operating expenses for the financial management of Swisscom’s
operating units and increases comparability with the peer group from the telecommunications sector. The previ-
ous year was adjusted accordingly. The change increases direct costs, and reduces indirect costs, by CHF 181 million
each for the financial year 2023.

148
Consolidated Financial Statements | Notes to the consolidated financial statements
1
Operating performance
This chapter sets out information on the operating performance of Swisscom
in the current financial year. The classification according to operating segments
corresponds to the reporting system used internally to evaluate performance
and allocate resources as well as to Swisscom’s management structure.
1.1 Segment information
Changes in segment reporting
With effect from 1 January 2024, Swisscom reallocated various divisions and central costs to the segments
within Swisscom Switzerland. In addition, the TV-related Swisscom Broadcast operating division (Other Operating
Segments) was shifted to the Residential Customers segment within Swisscom Switzerland.
The prior year’s figures have been restated as follows:
In CHF million
Reported
Adjustment
Restated

Revenue

2023 financial year

Residential Customers
4,502
3
4,505
Business Customers
3,098
(15)
3,083
Wholesale
542
(1)
541
Infrastructure & Support Functions
73
–
73
Elimination
(69)
14
(55)
Swisscom Switzerland
8,146
1
8,147
Fastweb
2,561
–
2,561
Other Operating Segments
1,075
(12)
1,063
Elimination
(710)
11
(699)
Total revenue
11,072
–
11,072

Operating income before depreciation and amortisation (EBITDA)

2023 financial year

Residential Customers
2,979
28
3,007
Business Customers
1,358
(13)
1,345
Wholesale
326
(1)
325
Infrastructure & Support Functions
(963)
(6)
(969)
Intersegment elimination
1
–
1
Swisscom Switzerland
3,701
8
3,709
Fastweb
776
–
776
Other Operating Segments
153
(8)
145
Elimination
(8)
–
(8)
Total EBITDA
4,622
–
4,622

149
General disclosures
Segment
Activity
Residential Customers
The Residential Customers segment provides mobile and fixed-network services to residential customers in Switzer-
land, such as telephony, broadband, TV and mobile offerings. The segment also includes the sale of terminal equip-
ment.
Business Customers
The Business Customers segment focuses on telecom services and overall communications solutions for business
customers in Switzerland. Its offering in the area of business ICT infrastructure covers the entire range from individual
products to complete solutions.
Wholesale
This segment incorporates the use of the Swisscom fixed-line and mobile network by other telecommunications ser-
vice providers and the use of external networks by Swisscom. In addition, Wholesale includes roaming by foreign
operators whose customers use the Swisscom mobile network, as well as broadband services and regulated access
services to the access network
Infrastructure & Support Functions The segment Infrastructure & Support Functions is responsible for the planning, operation and maintenance of
Swisscom’s network infrastructure and all IT systems. It is responsible for the development and production of IT and
network services in Switzerland. In addition, Infrastructure & Support Functions also includes Group-wide support
functions such as finance, human resources or strategy as well as the management of real estate and the vehicle fleet
in Switzerland.
Fastweb
Fastweb provides broadband and mobile services to residential, business and wholesale customers in Italy. The offer-
ing includes telephony, broadband and mobile offerings. For business customers, Fastweb offers comprehensive ICT
solutions.
Other Operating Segments
Other Operating Segments mainly comprises Swisscom Directories Ltd (localsearch), which operates in the field of
online directories, cablex Ltd, which provides services in the building, maintenance and operation of of high-perform-
ing ICT and network infrastructure solutions, and Swisscom Broadcast Ltd, which is the leading provider in Switzer-
land of broadcast services, of cross-platform retail media services, and of security communications.
Reporting is divided into the following segments: Residential Customers, Business Customers, Wholesale, and Infra-
structure & Support Functions, which are grouped under Swisscom Switzerland, as well as Fastweb and Other
Operating Segments. Vodafone Italia was not assigned to an operating segment as of 31 December 2024.
For its services, the Infrastructure & Support Functions segment does not charge any network costs or manage-
ment fees whatsoever to other segments. The remaining services between the segments are charged at market
prices. The results of the Residential Customers, Business Customers and Wholesale segments thus correspond
to a contribution margin before network costs.
Segment expense encompasses the direct costs, personnel expense and other indirect costs, which include
other operating costs less capitalised costs of self-constructed assets and other income. Pension cost includes
ordinary employer contributions. The difference between the ordinary employer contributions and the pension
cost as provided for under IAS 19 is reported in the elimination column. The Eliminations column in the segment
result, which totals CHF –24 million (prior year: CHF –8 million), includes income of CHF 25 million (prior year:
CHF 37 million) as a pension cost reconciliation item in accordance with IAS 19.
Leases between the segments are not recognised in the balance sheet in accordance with IFRS 16. The reported
lease expense of the segments comprises depreciation and interest on right-of-use assets excluding depreciation
of prepaid indefeasible rights of use (IRU) of CHF 18 million (prior year: CHF 18 million), no impairment losses on
right-of-use assets (prior year: CHF 29 million) and the accounting for the rental of buildings between segments.
The lease expense of low value assets is presented as direct costs.
Capital expenditure consists of the purchase of property, plant and equipment and intangible assets and pay-
ments for indefeasible rights of use (IRU). In general, IRU are paid in full at the beginning of the usage period. If
the criteria of IFRS 16 are met, they are classified as a lease. From an economic point of view, pre-paid IRU will be
Swisscom Switzerland
Fastweb
Other Operating
Segments
Swisscom Group
Residential
Customers
Business
Customers
Wholesale
Infrastructure
& Support
Functions

150
Consolidated Financial Statements | Notes to the consolidated financial statements
considered as capital expenditure in the segment information. IRU payments in 2024 amounted to CHF 24 million
(prior year: CHF 20 million).
Swisscom Switzerland sometimes sells mobile handsets at a subsidised rate as part of a bundled offering with a
mobile contract. As a result of the reallocation of revenue over the pre-delivered components (mobile handset),
revenue is recognised earlier than the date of invoicing. This results in contract assets deriving from this business
being recognised. In the segment reporting of Swisscom Switzerland, the recognition and derecognition of these
contract assets is reported as other revenue. The amounts invoiced are reported under revenue from telecoms
services or merchandise.
On 31 December 2024, Swisscom completed the acquisition of Vodafone Italia. With the completion of the
transaction, costs of EUR 176 million (CHF 167 million) were recorded in Swisscom’s 2024 consolidated financial
statements in operating income before depreciation and amortisation (EBITDA) as other operating expenses,
of which EUR 104 million (CHF 99 million) was recorded as recognition of other provisions and EUR 72 million
(CHF 68 million) as impairment losses relating to operating assets. These costs relate to the planned exit from
existing MVNO and mobile network sharing agreements in connection with the migration of Fastweb mobile
customers to the Vodafone Italia network. See Notes 3.1 and 3.5.
In the previous year, Fastweb reviewed its strategy for the establishment of a fixed wireless access (FWA) net-
work and decided to adjust this strategy at the end 2023. FWA expansion going forward will use the company’s
own 5G network infrastructure based on an agreement with WindTre. By contrast, the previous strategy of
establishing a dedicated FWA network outside of those areas with optical fibre access (FTTH) was abandoned.
The strategic adjustment resulted in expenses of EUR 61 million (CHF 60 million) being recognised in Fastweb’s
operating income before depreciation and amortisation (EBITDA) in 2023. Impairment losses were also recog-
nised on property, plant and equipment and on right-of-use assets. See Notes 2.3 and 3.2.

151
Segment information 2024

Other

Swisscom

Operating
Elimi-

2024, in CHF million
Switzerland
Fastweb
Segments
nation
Total
Residential customers
4,357
1,113
–
–
5,470
Business customers
3,072
1,188
427
–
4,687
Wholesale customers
514
365
–
–
879
External revenue
7,943
2,666
427
–
11,036
Intersegment revenue
63
6
684
(753)
–
Revenue
8,006
2,672
1,111
(753)
11,036
Direct costs
(1,635)
(1,325)
(79)
67
(2,972)
Personnel expense
(2,128)
(226)
(425)
30
(2,749)
Other indirect costs
(682)
(450)
(460)
632
(960)
Operating income before depreciation and amortisation (EBITDA)
3,561
671
147
(24)
4,355
Depreciation, amortisation and impairment of property,

plant and equipment, intangible assets and goodwill

(2,143)
Depreciation of right-of-use assets

(261)
Operating income (EBIT)

1,951
Financial income

167
Financial expense

(255)
Result of equity-accounted investees

(2)
Income before income taxes

1,861
Income tax expense

(320)
Net income

1,541

EBITDA
3,561
671
147
(24)
4,355
Lease expense
(232)
(48)
(11)
–
(291)
EBITDA after lease expense (EBITDAaL)
3,329
623
136
(24)
4,064
Capital expenditure
(1,725)
(597)
(39)
49
(2,312)
Operating free cash flow
1,604
26
97
25
1,752
Segment information Swisscom Switzerland 2024

Infrastructure

Total
Residential
Business
Whole-
& Support
Elimi-
Swisscom
2024, in CHF million
Customers
Customers
sale
Functions
nation
Switzerland
Fixed-line
1,968
791
–
–
–
2,759
Mobile
1,827
703
–
–
–
2,530
Telecom services
3,795
1,494
–
–
–
5,289
IT services
–
1,191
–
–
–
1,191
Merchandise
448
353
–
–
–
801
Wholesale
–
–
514
–
–
514
Revenue other
114
18
–
16
–
148
External revenue
4,357
3,056
514
16
–
7,943
Intersegment revenue
15
40
10
59
(61)
63
Revenue
4,372
3,096
524
75
(61)
8,006
Direct costs
(791)
(745)
(222)
(1)
124
(1,635)
Personnel expense
(304)
(896)
(14)
(914)
–
(2,128)
Other indirect costs
(280)
(179)
3
(162)
(64)
(682)
Operating income before depreciation

and amortisation (EBITDA)
2,997
1,276
291
(1,002)
(1)
3,561

Capital expenditure
(37)
(39)
–
(1,648)
(1)
(1,725)

152
Consolidated Financial Statements | Notes to the consolidated financial statements
Segment information 2023

Other

Swisscom

Operating
Elimi-

2023, in CHF million, restated
Switzerland
Fastweb
Segments
nation
Total
Residential customers
4,490
1,132
–
–
5,622
Business customers
3,069
1,103
427
–
4,599
Wholesale customers
530
321
–
–
851
External revenue
8,089
2,556
427
–
11,072
Intersegment revenue
58
5
636
(699)
–
Revenue
8,147
2,561
1,063
(699)
11,072
Direct costs
(1,705)
(1,183)
(82)
64
(2,906)
Personnel expense
(2,081)
(220)
(421)
42
(2,680)
Other indirect costs
(652)
(382)
(415)
585
(864)
Operating income before depreciation and amortisation (EBITDA)
3,709
776
145
(8)
4,622
Depreciation and amortisation of property, plant and equipment

and intangible assets

(2,126)
Depreciation of right-of-use assets

(291)
Operating income (EBIT)

2,205
Financial income

30
Financial expense

(160)
Result of equity-accounted investees

–
Income before income taxes

2,075
Income tax expense

(364)
Net income

1,711

EBITDA
3,709
776
145
(8)
4,622
Lease expense
(225)
(54)
(11)
2
(288)
EBITDA after lease expense (EBITDAaL)
3,484
722
134
(6)
4,334
Capital expenditure
(1,690)
(606)
(40)
44
(2,292)
Operating free cash flow
1,794
116
94
38
2,042
Segment information Swisscom Switzerland 2023

Infrastructure

Total
Residential
Business
Whole-
& Support
Elimi-
Swisscom
2023, in CHF million, restated
Customers
Customers
sale
Functions
nation
Switzerland
Fixed-line
2,004
819
–
–
–
2,823
Mobile
1,852
726
–
–
–
2,578
Telecom services
3,856
1,545
–
–
–
5,401
IT services
–
1,154
–
–
–
1,154
Merchandise
503
332
–
–
–
835
Wholesale
–
–
530
–
–
530
Revenue other
131
23
–
15
–
169
External revenue
4,490
3,054
530
15
–
8,089
Intersegment revenue
15
29
11
58
(55)
58
Revenue
4,505
3,083
541
73
(55)
8,147
Direct costs
(874)
(708)
(239)
–
116
(1,705)
Personnel expense
(305)
(868)
(14)
(894)
–
(2,081)
Other indirect costs
(319)
(162)
37
(148)
(60)
(652)
Operating income before depreciation

and amortisation (EBITDA)
3,007
1,345
325
(969)
1
3,709

Capital expenditure
(49)
(59)
–
(1,582)
–
(1,690)

153
Disclosure by geographical regions
2024
2023

Non-current

Non-current
In CHF million
Revenue
assets
Revenue
assets
Switzerland
8,363
16,843
8,516
16,576
Italy
2,666
13,091 1
2,556
3,382
Other countries
7
10
–
9
Not allocated
–
906
–
1,065
Total
11,036
30,850
11,072
21,032

1 Incl. Vodafone Italia. See Note 5.3.

Disclosure by products and services
In CHF million
2024
2023
Telecom services
7,445
7,500
IT services
1,191
1,184
Merchandise
801
930
Wholesale
879
851
Revenue other
720
607
Total revenue
11,036
11,072

154
Consolidated Financial Statements | Notes to the consolidated financial statements
Accounting policies
Telecoms services
Telecoms services encompass mobile and fixed-network services both in Switzerland and abroad. Mobile phone
services comprise the basic charges; in addition, they include domestic and international cellular traffic by
Swisscom customers within Switzerland and abroad. Swisscom offers subscriptions with a monthly flat-rate sub-
scription, the revenue for which is recognised on a straight-line basis over the minimum term of the contract.
Depending on the type of subscription, revenue is also recognised on the basis of the minutes used. The mini-
mum contract term is generally 12 or 24 months. If a mobile handset is sold as part of a bundled offering with a
subscription, it is considered a multi-element contract. Similar multi-element contracts are grouped into portfo-
lios for revenue accounting. The total transaction price for multi-element contracts is allocated to each identi-
fied performance obligation on the basis of relative stand-alone selling prices. The stand-alone selling prices of
mobile handsets and subscriptions correspond to Swisscom’s list price and the minimum contract term. Non-re-
fundable connection fees which do not constitute a separate performance obligation are considered as part of
the total transaction price and allocated to the separate performance obligations arising under the customer
contract on a pro rata basis. In the event that there is no minimum contract term, the revenue is recognised
at the time of connection. Fixed-network services principally comprise the basic charges for fixed telephony,
broadband and TV connections, as well as the domestic and international telephony traffic of individuals and
corporate customers. In addition, Swisscom makes bundled offerings comprising broadband and TV connections
with an optional fixed-line telephony connection. These subscription fees are flat rate. The minimum contract
term is twelve months. Revenues are recognised on a straight-line basis over the term of the contract. Revenue
for telephone calls is recognised at the time when the calls are made.
IT services
The service area of communications and IT solutions (IT service) principally comprises advisory services and the
implementation, maintenance and operation of communication infrastructures. Furthermore, the area includes
applications and services, as well as the integration, operation and maintenance of data networks and outsourc-
ing services. Revenue from customer-specific orders is recognised using a measure of progress method, which
is measured on the basis of the relationship of the costs incurred to total anticipated costs. Revenue arising on
long-term outsourcing contracts is recognised as a function of performance to date provided to the customer. The
duration of these contracts is generally between three and seven years. Transition projects in connection with an
outsourcing contract are not recorded as separate performance obligations. Maintenance revenues are recog-
nised on a straight-line basis over the term of the maintenance contracts. Variable consideration is only included
in the transaction price if it is highly probable that no significant revenue reversals will occur in the future.
Sales of merchandise
Mobile handsets, fixed-line devices and miscellaneous supplies are recognised as revenue at the time of delivery
or provision of the service. Swisscom sells routers and TV-Boxes to be used for services provided by Swisscom.
As these devices are only compatible with the Swisscom network and cannot be used for networks of other
telecommunications service providers, they are not recorded as separate performance obligations. Revenue is
deferred and recognised over the minimum contract term of the related broadband or TV subscription.
Wholesale
The services principally comprise leased lines and the use of the Swisscom fixed network by other telecom-
munications service providers (roaming). Leased-line charges are recognised as revenue on a straight-line basis
over the terms of the contract. Roaming services are recognised as revenue on the basis of the call minutes
or as contractually agreed charges as of the time of providing the service, taking market conditions and other
entity-specific factors into account. When determining the fair value for the recognition of revenue and costs for
individual roaming contracts that contain minimum guarantees, in addition to the contractually agreed prices,
Swisscom also takes into account company-specific factors and market conditions. Roaming services charged to
other telecommunications service providers are reported on a gross basis.

155
1.2 Operating expense
Direct costs
In CHF million
2024
2023
Customer premises equipment and merchandise
988
1,007
Services purchased
696
623
Costs to obtain a contract
219
225
Costs to fulfil a contract
73
86
Network access costs of Swiss subsidiaries
217
240
Network access costs of foreign subsidiaries
779
725
Total direct costs
2,972
2,906
Indirect costs
In CHF million
2024
2023
Salary and social security expenses
2,686
2,613
Other personnel expense
63
67
Total personnel expense 1
2,749
2,680

Information technology cost
291
289
Maintenance expense
268
286
Energy costs
175
158
Advertising and selling expenses
160
168
Consultancy expenses and freelance workforce
112
97
Rent network capacities
136
109
Call centre services purchased
109
117
Administration expense
34
33
Allowances for receivables and contract assets
53
70
Miscellaneous operating expenses
389
303
Total other operating expense
1,727
1,630

Capitalised self-constructed tangible and intangible assets
(600)
(541)
Own work for capitalised contract costs
(37)
(49)
Gain on sale of property, plant and equipment
(27)
(6)
Miscellaneous income
(103)
(170)
Total capitalised self-constructed assets and other income
(767)
(766)

Total indirect costs
3,709
3,544

1 See Note 4.1.
Capitalised self-constructed tangible and intangible assets include personnel costs accrued in the manufacturing of
technical installations, the construction of network infrastructure and the development of software for internal use.

156
Consolidated Financial Statements | Notes to the consolidated financial statements
Accounting policies
Costs to obtain a contract
Swisscom pays commissions to dealers for the acquisition and retention of mobile phone customers.
The commission payable is dependent on the type of subscription. Subscriber acquisition and retention costs are
deferred and amortised over the related revenue-recognition period. In addition, Swisscom will reimburse the
dealer for any handset subsidies they grant to customers when they take out a Swisscom mobile subscription at
the same time. The associated costs are deferred and recognised on a straight-line basis over the contract term
as the costs of obtaining a contract. The amortisation period corresponds to the related revenue-recognition
period. See Note 1.1.
Costs to fulfil a contract
In connection with a broadband or TV subscription, the customer must purchase a router or TV-Box in order to
use the services of Swisscom. Routers and TV -Boxes can only be used for services provided by Swisscom. The
cost of routers and TV-Boxes are reported as costs to fulfil a contract and amortised over the minimum term
of the contract. The set-up costs incurred to transfer and integrate outsourcing transactions with corporate
customers are deferred and amortised against income on a straight-line basis over the duration of the operating
contract. The amortisation period corresponds to the related revenue-recognition period. See Note 1.1.

157
2
Capital and financial risk management
The following chapter sets out the procedures and guidelines governing the
active management of the capital structure and the financial risks to which
Swisscom is exposed. Swisscom strives to achieve a robust equity basis, which
enables it to guarantee its ability to continue as a going concern and to offer
investors an appropriate return based on the risks assumed.
2.1 Capital management and equity
Debt
Swisscom’s debt situation is aligned with the limit on net debt in relation to the operating result before depre-
ciation and amortisation (EBITDA) as set by the Federal Council in its financial targets. The Federal Council has
set the limit for net debt at 2.4x EBITDA. It is possible that this ratio may be exceeded at times. Swisscom has an
A credit rating with rating agency S&P Global and an A1 credit rating with Moody’s. It aims to keep its ratings in
the single A range.
Net debt consists of financial liabilities and lease liabilities less cash and cash equivalents, listed debt instruments
and derivative financial instruments. The net debt to EBITDA ratio is as follows:
In CHF million
31.12.2024
31. 12. 2023
Net debt
15,597 1
7,071
Operating income before depreciation and amortisation (EBITDA)
4,355
4,622
1 Incl. Vodafone Italia (purchase price and acquired lease liabilities).
See Note 5.3.
Equity ratio
Swisscom strives to achieve an equity ratio of a minimum of 30%. The equity ratio is computed as follows:
In CHF million
31.12.2024
31. 12. 2023
Equity
12,155
11,622
Total assets
37,211
24,750
Equity ratio in %
32.7
47.0
Dividend policy
Swisscom pursues a policy of stable dividends whereby a dividend per share at least equal to the previous year is
paid out if financial targets are achieved. Distributable reserves are not determined on the basis of the equity as
reported in the consolidated financial statements but rather on the basis of equity as reported in the statutory
financial statements of the parent company, Swisscom Ltd. As at 31 December 2024, Swisscom Ltd’s distrib-
utable reserves amounted to CHF 8,841 million. The dividend is proposed by the Board of Directors and must
be approved by the Annual General Meeting of Shareholders. Treasury shares are not entitled to a dividend.
Swisscom Ltd paid the following dividends in 2023 and 2024.
In CHF million, except where indicated
2024
2023
Number of registered shares eligible for dividend (in millions of shares)
51. 802
51. 802
Ordinary dividend per share (in CHF)
22. 00
22. 00
Dividends paid
1,140
1,140
The Board of Directors will propose the payment of an unchanged dividend of CHF 22 per share for the 2024
financial year to the Annual General Meeting of Shareholders of Swisscom Ltd on 26 March 2025. This results in
a total dividend payment of CHF 1,140 million. The dividend payment is scheduled for 1 April 2025.

158
Consolidated Financial Statements | Notes to the consolidated financial statements
Earnings per share
In CHF million, except where indicated
2024
2023
Share of net income attributable to equity holders of Swisscom Ltd
1,542
1,711
Weighted average number of shares outstanding (number)
51,801,712
51,801,652
Basic and diluted earnings per share (in CHF)
29.77
33.03
Supplementary information on equity
Development of retained earnings and other reserves as well as comprehensive income in 2024

Foreign

currency

Equity
Non-

Retained
translation
Hedging
holders of
controlling

In CHF million
earnings adjustments
reserves
Swisscom
interests
Total
Balance at 1 January 2024
13,529
(2,086)
(12)
11,431
3
11,434
Net income
1,542
–
–
1,542
(1)
1,541
Actuarial gains and losses from defined benefit pension plans
(21)
–
–
(21)
–
(21)
Change in fair value of equity instruments
163
–
–
163
–
163
Income tax expense
4
–
–
4
–
4
Items that will not be reclassified to income statement
146
–
–
146
–
146
Foreign currency translation adjustments of foreign subsidiaries
–
2
–
2
–
2
Fair value losses of cash flow hedges transferred to income statement
–
–
(19)
(19)
–
(19)
Income tax expense
–
3
8
11
–
11
Items that may be reclassified to income statement
–
5
(11)
(6)
–
(6)
Other comprehensive income
146
5
(11)
140
–
140
Comprehensive income
1,688
5
(11)
1,682
(1)
1,681
Dividends paid
(1,140)
–
–
(1,140)
–
(1,140)
Other changes
(6)
–
–
(6)
(2)
(8)
Balance at 31 December 2024
14,071
(2,081)
(23)
11,967
–
11,967
Development of retained earnings and other reserves as well as comprehensive income in 2023

Foreign

currency

Equity
Non-

Retained
translation
Hedging
holders of
controlling

In CHF million
earnings adjustments
reserves
Swisscom
interests
Total
Balance at 1 January 2023
12,942
(1,960)
(2)
10,980
3
10,983
Net income
1,711
–
–
1,711
–
1,711
Actuarial gains and losses from defined benefit pension plans
(35)
–
–
(35)
–
(35)
Change in fair value of equity instruments
42
–
–
42
–
42
Income tax expense
8
–
–
8
–
8
Items that will not be reclassified to income statement
15
–
–
15
–
15
Foreign currency translation adjustments of foreign subsidiaries
–
(135)
–
(135)
–
(135)
Fair value losses of cash flow hedges transferred to income statement
–
–
(10)
(10)
–
(10)
Income tax expense
–
9
–
9
–
9
Items that may be reclassified to income statement
–
(126)
(10)
(136)
–
(136)
Other comprehensive income
15
(126)
(10)
(121)
–
(121)
Comprehensive income
1,726
(126)
(10)
1,590
–
1,590
Dividends paid
(1,140)
–
–
(1,140)
(1)
(1,141)
Other changes
1
–
–
1
1
2
Balance at 31 December 2023
13,529
(2,086)
(12)
11,431
3
11,434

159
2.2 Financial liabilities
In CHF million
2024
2023
Balance at 1 January
5,665
6,002
Issuance of bank loans
3,245
12
Issuance of debenture bonds
5,634
200
Issuance of other financial liabilities
2
11
Issuance of financial liabilities
8,881
223
Repayment of bank loans
(141)
(221)
Repayment of debenture bonds
(500)
(250)
Repayment of other financial liabilities
–
–
Repayment of financial liabilities
(641)
(471)
Interest expense
150
75
Interest payments
(112)
(84)
Foreign currency translation adjustments
(140)
(129)
Change in fair value
71
43
Accrual of deferred purchase price margins from business combinations
3
9
Payments for deferred consideration from business combinations 1
(2)
(13)
Business combinations
12
–
Other changes
12
10
Balance at 31 December
13,899
5,665

Bank loans
3,394
267
Debenture bonds
9,832
4,789
Private placements
322
322
Derivative financial instruments 2
177
136
Other financial liabilities
174
151
Total financial liabilities
13,899
5,665
Thereof current financial liabilities
1,639
718
Thereof non-current financial liabilities
12,260
4,947

1 Reported in the cash flow statement as cash flow used in investing activities.
See Note 5.2.
2 See Note 2.5.
Financing the acquisition of Vodafone Italia
In March 2024, Swisscom signed a contract to acquire Vodafone Italia for EUR 8.0 billion. The transaction was
completed on 31 December 2024. The transaction was financed by the issuance of domestic Swiss bonds total-
ling CHF 1.2 billion, Eurobonds of EUR 4.5 billion (CHF 4.2 billion) and syndicated bank loans in the amount of
CHF 2.3 billion. The funds raised from the bond issuance were invested in current financial assets until the com-
pletion of the transaction. Depending on the maturity, current financial assets are recognised as cash and cash
equivalents or as other current financial assets in Swisscom’s consolidated financial statements. Further informa-
tion on the acquisition of Vodafone Italia is provided in Note 5.3.
Credit lines
Swisscom has two confirmed lines of credit amounting to CHF 1,700 million and CHF 1,200 million, both maturing
in 2028. The line of credit amounting to CHF 1,700 million is a sustainability-linked loan. The amount of the credit
margin is linked to the achievement of defined sustainability targets by Swisscom. As of 31 December 2024,
neither of these lines of credit had been drawn down, as in the prior year.

160
Consolidated Financial Statements | Notes to the consolidated financial statements
Bank loans

Carrying amount

Par value
Nominal
Effective

In CHF million
Maturity years
in currency
interest rate
interest rate
31.12.2024
31. 12. 2023
Bank loans in EUR 2, 3
2017–2024
150
0. 67%
0. 67%
–
139
Bank loans in EUR 1
2023–2024
12
4. 27%
2. 23% 6
–
12
Bank loans in EUR 1
2024–2025
150
3. 29%
0. 22% 6
141
–
Bank loans in EUR 1
2024–2025
50
3. 33%
0. 36% 6
47
–
Bank loans in EUR 1
2024–2025
100
3. 27%
0. 30% 6
94
–
Bank loans in EUR 1
2024–2025
150
3. 40%
0. 31% 6
141
–
Bank loans in EUR 1
2024–2025
250
3. 46%
0. 47% 6
236
–
Bank loans in EUR 1
2024–2025
350
3. 25%
–0. 36% 6
330
–

Compounded

Bank loans in CHF 4
2024–2027
1,140
SARON +0. 55%
1. 70% 5
1,140
–
Bank loans in USD 2
2009–2028
58
8. 30%
4. 62%
67
62
Bank loans in USD 2
2009–2028
51
7. 65%
4. 63%
58
54

Compounded

Bank loans in CHF 4
2024–2029
1,140
SARON +0. 65%
1. 80% 5
1,140
–
Total bank loans

3,394
267

1 Variable interest-bearing.
2 Fixed interest-bearing.
3 Designated for hedge accounting of net investments in foreign operations.
4 Fixed interest-bearing through interest rate swaps.
5 After hedging with interest rate swap.
6 After hedging with currency swap.
As of 31 December 2024, Swisscom had taken out short-term bank loans on a weekly and monthly basis amount-
ing to EUR 1,050 million or CHF 989 million (prior year: EUR 13 million or CHF 12 million). In connection with the
financing of the acquisition of Vodafone Italia, Swisscom took out two bank loans totalling CHF 2,280 million at
the end of 2024. In the third quarter of 2024, Swisscom repaid a bank loan of EUR 150 million (CHF 139 million)
upon maturity.

161
Debenture bonds

Carrying amount

Par value
Nominal
Effective

In CHF million
Maturity years
in currency
interest rate
interest rate
31.12.2024
31. 12. 2023
Debenture bond in CHF

(ISIN: CH0188335365)
2012–2024
500
1. 75%
1. 77%
–
504
Debenture bond in EUR

(ISIN: XS1288894691)
2015–2025
500
1. 75%
1. 55% 4
468
450
Debenture bond in CHF

(ISIN: CH0247776138)
2014–2026
200
1. 50%
1. 47%
201
202
Debenture bond in EUR

(ISIN: XS1803247557) 2
2018–2026
500
1. 13%
–0. 71% 3
471
463
Debenture bond in EUR

(ISIN: XSXS2827693446) 1
2024–2026
500
3. 50%
3. 70%
479
–
Debenture bond in CHF

(ISIN: CH0344583783) 2
2016–2027
200
0. 38%
0. 79% 3
201
193
Debenture bond in CHF

(ISIN: CH0362748359)
2017–2027
350
0. 38%
0. 39%
351
350
Debenture bond in CHF

(ISIN: CH0317921663)
2016–2028
200
0. 38%
0. 30%
201
201
Debenture bond in CHF

(ISIN: CH0437180935)
2018–2028
150
0. 75%
0. 72%
150
150
Debenture bond in EUR

(ISIN: XS2169243479)
2020–2028
500
0. 38%
–1. 22% 3
468
460
Debenture bond in EUR

(ISIN: XS2827694170) 1
2024–2028
500
3. 50%
3. 57%
475
–
Debenture bond in CHF

(ISIN: CH0254147504)
2014–2029
160
1. 50%
1. 47%
160
161
Debenture bond in CHF

(ISIN: CH0419040982)
2019–2029
200
0. 50%
0. 45%
201
201
Debenture bond in CHF

(ISIN: CH1248666930 )
2023–2030
150
1. 88%
1. 91%
151
151
Debenture bond in CHF

(ISIN: CH1350727785)
2024–2030
315
1. 65%
1. 65%
317
–
Debenture bond in CHF

(ISIN: CH0515152467)
2020–2031
100
0. 13%
0. 15%
100
100
Debenture bond in EUR

(ISIN: XS2827696035) 1
2024–2031
1,250
3. 50%
3. 60%
1,173
–
Debenture bond in CHF

(ISIN: CH0336352775)
2016–2032
300
0. 13%
0. 14%
300
300
Debenture bond in CHF
2017/

(ISIN: CH0373476164)
2019–2033
230
0. 75%
0. 66%
232
232
Debenture bond in CHF

(ISIN: CH1112455766)
2021–2033
100
0. 25%
0. 27%
100
100
Debenture bond in CHF

(ISIN: CH0580291968)
2020–2034
100
0. 25%
0. 27%
100
100
Debenture bond in CHF

(ISIN: CH1350727793)
2024–2034
455
1. 80%
1. 83%
457
–
Debenture bond in EUR

(ISIN: XS2894869416) 1
2024–2034
500
3. 25%
3. 37%
471
–
Debenture bond in CHF
2015/

(ISIN: CH0268988182) 2
2018–2035
300
1. 00%
1. 03% 3
309
296
Debenture bond in CHF

(ISIN: CH1361401875)
2024–2035
100
1. 20%
1. 19%
100
–
Debenture bond in EUR

(ISIN: XS2827697272) 1
2024–2036
1,000
3. 63%
3. 76%
932
–
Debenture bond in CHF

(ISIN: CH1350727801)
2024-2039
375
2. 00%
1. 99%
376
–
Debenture bond in CHF

(ISIN: CH0494734335)
2019–2044
125
0. 00%
0. 00%
125
125
Debenture bond in EUR

(ISIN: XS2827708145) 1
2024–2044
750
3. 88%
3. 98%
712
–
Debenture bond in CHF

(ISIN: CH1254751907)
2023–2053
50
2. 19%
2. 21%
51
50
Total debenture bonds

9,832
4,789

1 Designated for hedge accounting of net investments in foreign operations.
2 Thereof CHF 350 million and EUR 500 million designated for fair value hedge
accounting.
3 After hedging with interest rate swap.
4 After hedging with currency swap and taking hedge accounting into consider-
ation.

162
Consolidated Financial Statements | Notes to the consolidated financial statements
In connection with the financing of the acquisition of Vodafone Italia, Swisscom took out loans of EUR 4,000
million (CHF 3,764 million) and CHF 1,145 million in the second quarter of 2024. In the third quarter of 2024,
Swisscom also issued a eurobond of EUR 500 million (CHF 471 million) and a green bond of CHF 100 million.
In the first quarter of 2023, Swisscom raised a green bond of CHF 150 million with a coupon of 1.875% and a
maturity of 7.5 years. The funds raised were used within the Green Bond Framework. In addition, Swisscom
raised a privately placed bond of CHF 50 million with a coupon of 2.19% and a maturity of 30 years in the first
quarter of 2023. This was used to repay existing debt. Swisscom repaid a CHF 250 million bond upon maturity in
the second quarter of 2023.
Private placements

Carrying amount

Par value
Nominal
Effective

In CHF million
Maturity years
in currency
interest rate
interest rate
31.12.2024
31. 12. 2023
Private placements in CHF
2022–2027
170
1. 71%
1. 71%
171
171
Private placements in CHF
2016–2031
150
0. 56%
0. 56%
151
151
Total private placements

322
322
The private placements may become due for immediate repayment if the shareholding of the Confederation
in the capital of Swisscom falls below one third, or if another shareholder can exercise control over Swisscom.
Other financial liabilities
As at 31 December 2024, the carrying amount of other financial liabilities was CHF 174 million (prior year:
CHF 151 million), consisting primarily of loans.
2.3 Leases
Lessee
Swisscom’s leases comprise in particular the rental of operation and office buildings, antenna sites, and network
infrastructure. In addition, indefeasible rights of use (IRU) are classified as leases under IFRS 16. In general, IRU are
paid in full at the beginning of use. The Italian subsidiary Fastweb procures various access services from other
fixed-network operators and uses their connection cables to the end customer. Swisscom applies the low value
asset exemption for these leases. Accordingly, no right-of-use assets and lease liabilities are recognised for these
access services. The costs are reported as direct costs. There are no material lease commitments arising from
leases that began after the balance sheet date.
Swisscom concluded two agreements in 2001 for the sale of real estate. At the same time, it entered into long-
term agreements to lease back part of the real estate sold which, in part, qualify as finance leases. The gain real-
ised on real estate classified as finance leases was deferred. As at 31 December 2024, the carrying amount of the
deferred gains was CHF 77 million (prior year: CHF 81 million). The deferred gains are released to other income
over the term of the individual leases.

163
Right-of-use assets
Land
Technical
Other
In CHF million
and buildings
installations right-of-use assets
Total

At cost

Balance at 1 January 2023
2,410
1,021
25
3,456
Additions
234
62
13
309
Disposals
(127)
(19)
(1)
(147)
Business combinations
4
–
–
4
Foreign currency translation adjustments
(12)
(58)
–
(70)
Balance at 31 December 2023
2,509
1,006
37
3,552
Additions
215
48
22
285
Disposals
(26)
(12)
(10)
(48)
Business combinations 1
172
1,777
41
1,990
Foreign currency translation adjustments
3
15
–
18
Balance at 31 December 2024
2,873
2,834
90
5,797

Accumulated depreciation and impairment losses

Balance at 1 January 2023
(930)
(523)
(11)
(1,464)
Depreciation
(204)
(50)
(8)
(262)
Impairment losses
(29)
–
–
(29)
Disposals
121
19
1
141
Foreign currency translation adjustments
4
30
–
34
Balance at 31 December 2023
(1,038)
(524)
(18)
(1,580)
Depreciation
(196)
(54)
(11)
(261)
Disposals
25
12
9
46
Foreign currency translation adjustments
(1)
(7)
–
(8)
Balance at 31 December 2024
(1,210)
(573)
(20)
(1,803)

Net carrying amount

Net carrying amount at 1 January 2023
1,480
498
14
1,992
Net carrying amount at 31 December 2023
1,471
482
19
1,972
Net carrying amount at 31 December 2024
1,663
2,261
70
3,994

1 Incl. Vodafone Italia. See Note 5.3.

Lease liabilities
In CHF million
2024
2023
Balance at 1 January
1,915
1,911
Additions
285
309
Interest expense
48
44
Payments
(315)
(314)
Disposals
(1)
(8)
Business combinations 1
1,697
4
Foreign currency translation adjustments
7
(31)
Balance at 31 December
3,636
1,915

Land and buildings
1,700
1,567
Technical installations
1,829
326
Other leases
107
22
Total lease liabilities 2
3,636
1,915
Thereof current lease liabilities
622
227
Thereof non-current lease liabilities
3,014
1,688

1 Incl. Vodafone Italia. See Note 5.3.
2 Note 2.5 shows the maturity analysis for lease liabilities.

164
Consolidated Financial Statements | Notes to the consolidated financial statements
Income and expenses arising from leases
In CHF million
2024
2023
Revenue

Income from leases excluding subleases
164
182
Income from subleases
3
3

Other income

Deferred gain on sale and leaseback of real estate
4
4

Financial income

Interest income on finance lease
–
1

Direct costs

Expense from leases of low value assets
(82)
(88)

Depreciation and impairment losses

Depreciation of right-of-use assets
(261)
(262)
Impairment losses on right-of-use assets
–
(29)

Financial expense

Interest expense on lease liabilities
(48)
(44)
Lessor
Swisscom supplies other providers of telecommunications services with access lines for use, which are classified
either as finance or operating leases. At the same time, Swisscom leases space in operations and offices buildings
and at antenna sites, which is classified as an operating lease. Future lease payments in respect of receivables
from finance leases as at 31 December 2023 and 2024 break down as follows:
In CHF million
31.12.2024
31. 12. 2023
Within 1 year
47
46
Between 1 and 2 years
23
28
Between 2 and 3 years
11
10
Between 3 and 4 years
9
7
Between 4 and 5 years
8
7
After 5 years
32
32
Total future payments from finance leases
130
130
Future interest income
–
–
Vodafone Italia
33
–
Total receivables from finance leases
163
130
Thereof current receivables from finance leases
47
46
Thereof non-current receivables from finance leases
116
84
Future lease payments in respect of operating leases are as follows as at 31 December 2023 and 2024:
In CHF million
31.12.2024
31. 12. 2023
Within 1 year
47
48
Between 1 and 2 years
44
45
Between 2 and 3 years
44
45
Between 3 and 4 years
43
44
Between 4 and 5 years
43
43
After 5 years
43
44
Total future payments from operating leases
264
269

165
Significant judgements or estimates
When determining the terms of leases, management considers all facts and circumstances that encompass an
economic incentive to exercise renewal options or not exercise termination options. Renewal and termination
options are only included in the contract term where there is sufficient certainty that they will be exercised. This
assessment is reviewed in the event of a material occurrence or change in circumstances that might affect the
previous assessment, where this is within the lessee’s control.
Accounting policies

Financial liabilities
Financial liabilities are initially recognised at fair value less direct transaction costs. In subsequent accounting
periods, they are re-measured at amortised cost using the effective interest method.
Leases
In particular, Swisscom leases comprise the rental of operation and office buildings, antenna sites, and network
infrastructure and indefeasible rights of use (IRU). As a lessee, for each lease Swisscom recognises a lease liabil-
ity for future lease payments and a right of use for the underlying asset as at the time when the leased asset
becomes available to Swisscom. The lease payments are divided into a repayment component and an interest
component. The interest component is recognised as an interest expense over the lease term computed on
the basis of the effective interest method. The right-of-use asset is depreciated on a straight-line basis over the
shorter of the useful life and the lease term. As a lessor, Swisscom has to distinguish between finance and oper-
ating leases. A lease is recorded as a finance lease whenever essentially all of the risks and rewards incidental to
ownership of the asset are transferred. Unless implicitly specified in the lease, the interest rate used to measure
the rights of use and lease liabilities is the incremental borrowing rate. In the area of network access services, for
selected leases Swisscom applies the exemptions regarding the separation of lease and non-lease components.
The non-lease components are accounted for in accordance with other standards. Swisscom procures various access
services from other network operators and uses their connection cables to the end customer. Under IFRS 16, part of
these access services is classified as a lease. The value of the individual connection cable fulfils the criteria as an
asset of low value. Swisscom applies the low value asset exemption for these leases. Accordingly, no right-of-use
assets and lease liabilities are recognised for these access services. The costs of access services continue to be
reported as an operating expense. The exemption for short-term leases is not applied. A number of leases for the
rental of operation and office buildings include renewal and termination options which are taken into account
in the initial measurement by category of building. Rental contracts of antenna sites have an initial lease term
of 10 to 15 years. In general, these rental contracts include renewal and mutual termination options. For these
leases, it is not reasonably certain that the renewal options will be exercised. Accordingly, no renewal options
are taken into account in the initial measurement of rental contracts of antenna sites. Given Swisscom’s planning
horizon of a maximum of five years and technological developments, it is not possible to estimate the amount of
additional undiscounted payments from renewal options which are currently not included in the lease liabilities.

166
Consolidated Financial Statements | Notes to the consolidated financial statements
2.4 Financial result
In CHF million
2024
2023
Interest income on financial assets
116
8
Interest income on defined benefit obligations 1
3
5
Foreign exchange gains
33
–
Other financial income
15
17
Total financial income
167
30
Interest expense on financial liabilities
(150)
(75)
Interest expense on lease liabilities
(48)
(44)
Foreign exchange losses
–
(8)
Change in fair value of interest rate swaps
(10)
(5)
Interest and present-value adjustments on provisions 2
10
(12)
Other financial expense
(57)
(16)
Total financial expense
(255)
(160)
Financial income and financial expense, net
(88)
(130)

Interest expense on lease liabilities
(48)
(44)
Net interest expense on financial assets and liabilities
(34)
(67)

1 See Note 4.3.
2 See Note 3.5.
2.5 Financial risk management
Swisscom is exposed to various financial risks arising from its operating and financing activities. Financial risk
management is conducted in accordance with established guidelines, with the objective of limiting the poten-
tially adverse effects thereof on the financial situation of Swisscom. The identified risks and measures to mini-
mise them are presented below.
Risk
Source
Risk mitigation
Currency risks
Swisscom is exposed to foreign exchange changes
● Reduction in cash flow volatility by use of forward
which can impact the Group’s cash flows,
currency contracts/swaps and currency swaps and
financial result and equity.
designation for hedge accounting (transaction risk)
● Reduction in translation risk by foreign currency
financing and designation for hedge accounting
● Hedging of currency risk of foreign currency financing
by use of currency swaps
Interest rate risk
Interest rate risks result from changes in interest rates
● Use of interest rate swaps to manage
which can negatively impact cash flows and the financial
fixed/variable share and duration
situation of Swisscom.
of financial debt
Credit risks
Through its operating business activities and derivative
● Guideline establishing minimum requirements
from operating
financial instruments and financial investments,
for counterparties
business activities
Swisscom is exposed to the risk of default
● Designated counterparty limits
and financial
of a counterparty.
● Employment of netting agreements foreseen under
transactions
ISDA (International Swaps and Derivatives Association)
● Use of collateral agreements
Liquidity risk
Prudent liquidity management involves the holding
● Procedures and principles
of adequate reserves of cash and cash equivalents,
to ensure adequate liquidity
negotiable securities as well as the possibility
● Two guaranteed bank credit lines
of obtaining confirmed lines of credit.
totalling CHF 2,900 million

167
Currency risks
As regards financial instruments, the following currency risks and hedging contracts existed for foreign curren-
cies as of 31 December 2023 and 2024.
31.12.2024
31. 12. 2023
In CHF million
EUR
USD
EUR
USD

Cash and cash equivalents
37
1
24
9
Trade receivables
12
7
10
6
Other financial assets
28
389
10
397
Financial liabilities
(6,755)
(224)
(1,621)
(216)
Trade payables
(61)
(35)
(27)
(38)
Net exposure at carrying amounts
(6,739)
138
(1,604)
158
Net exposure to forecasted cash flows in the next 12 months
(144)
(269)
(143)
(259)
Net exposure before hedges
(6,883)
(131)
(1,747)
(101)
Forward currency contracts
221
274
240
248
Foreign currency swaps
1,046
(30)
78
(35)
Currency swaps
1,412
–
463
–
Hedges
2,679
244
781
213
Net exposure
(4,204)
113
(966)
112
As at 31 December 2024, Swisscom had outstanding financial liabilities with a nominal value totalling EUR 4,500
million (CHF 4,235 million, prior year: EUR 1,150 million, CHF 1,061 million), which are designated for hedge
accounting of net investments in foreign operations. In 2024, a loss of CHF 46 million (prior year: gain of CHF 70
million) arising from the measurement of financial liabilities was recognised in other comprehensive income in
the foreign currency translation adjustments of foreign subsidiaries item. As at 31 December 2024, the cumulative
positive amount of foreign currency translation differences in equity resulting from financial liabilities which are
designated for hedge accounting of net investments in foreign operations totalled CHF 392 million.
Foreign currency sensitivity analysis
The following sensitivity analysis shows the impact on the income statement should the EUR/CHF and USD/CHF
exchange rates change in line with their implicit volatility over the next twelve months. The analysis assumes
that all other variables, in particular the interest rate level, remain constant.
Income impact
Hedges for

Hedges for
on balance sheet
balance sheet
Planned
planned
items
items 1
cash flows
cash flows
In CHF million

31.12.2024

EUR volatility 5. 86%
395
(144)
8
(13)
USD volatility 7. 70%
(11)
2
21
(21)

31.12.2023

EUR volatility 5. 90%
95
(46)
8
–
USD volatility 7. 39%
(12)
3
19
(18)

1 Without hedge accounting of net investments in foreign operations.
The volatility of balance sheet positions and scheduled cash flows is partially offset by the volatility of the related
hedging contracts.

168
Consolidated Financial Statements | Notes to the consolidated financial statements
Interest rate risks
The structure of interest-bearing financial instruments at nominal values is as follows:
In CHF million
31.12.2024
31. 12. 2023
Fixed interest-bearing financial liabilities
10,360
5,482
Variable interest-bearing financial liabilities
3,268
12
Total interest-bearing financial liabilities
13,628
5,494
Fixed interest-bearing financial assets
(256)
(243)
Variable interest-bearing financial assets
(1,835)
(422)
Total interest-bearing financial assets
(2,091)
(665)
Total interest-bearing financial assets and liabilities, net
11,537
4,829

Variable interest-bearing
1,433
(410)
Fixed through interest rate swaps.
(2,280)
–
Variable through interest rate swaps
821
813
Variable interest-bearing, net
(26)
403
Fixed interest-bearing
10,104
5,239
Fixed through interest rate swaps.
2,280
–
Variable through interest rate swaps
(821)
(813)
Fixed interest-bearing, net
11,563
4,426
Total interest-bearing financial assets and liabilities, net
11,537
4,829
Interest rate sensitivity analysis
A shift in interest rates by 100 basis points has no impact on the income statement (prior year: CHF 4 million).
It has an impact of CHF 58 million (+100 basis points) or CHF –61 million (–100 basis points) on equity as at
31 December 2024 (previous year: nil).
Credit risks
Credit risks from financial transactions
The carrying amounts of cash and cash equivalents and other financial assets exposed to credit risk (excluding trade
receivables, receivables from finance leases and contract assets) may be analysed as follows:
In CHF million
31.12.2024
31. 12. 2023
Cash and cash equivalents
1,523
148
Financial assets at amortised cost
408
375
Derivative financial instruments
29
2
Other assets valued at fair value
2
2
Total carrying amount of financial assets
1,962
527
The carrying amounts analysed by the S&P Global Ratings (formerly: Standard & Poor’s) rating of the counterparties
may be summarised as follows:
In CHF million
31.12.2024
31. 12. 2023
AAA
8
15
AA– to AA+
285
324
A– to A+
1,588
156
BBB– to BBB+
44
13
BB– to BB+
1
–
Without rating
36
19
Total
1,962
527

169
Financial risks from operating activities
Credit risks on trade receivables, contract assets and other receivables arise from the Group’s operating activ-
ities. Credit risks from other receivables are insignificant. As an initial step, Swisscom divides the credit risks
from operating activities between Swisscom Switzerland and Fastweb. Default risks are principally impacted by
the individual attributes of the customers. They are also influenced by the default risk of customer groups and
industry sectors. Swisscom has a receivables management system in place to minimise default losses. It reviews
new customers for their creditworthiness and sets maximum payment terms for customer groups. Swisscom
divides customers into groups according to their creditworthiness, for the purposes of monitoring default risk.
In the process it differentiates between individual and business customers, among other things. In addition,
it takes into account the ageing structure of the receivables as well as the industry segment in which a business
customer is active. The split of trade receivables and contract assets by operating segment is as follows:
In CHF million
31.12.2024
31. 12. 2023

Notional amount

Residential Customers
883
936
Business Customers
565
571
Wholesale
136
147
Infrastructure & Support Functions
7
5
Swisscom Switzerland
1,591
1,659
Fastweb
594
612
Vodafone Italia
1,049
–
Other Operating Segments
147
169
Total notional amount
3,381
2,440

Allowances

Residential Customers
(41)
(55)
Business Customers
(8)
(10)
Wholesale
(2)
(3)
Infrastructure & Support Functions
–
–
Swisscom Switzerland
(51)
(68)
Fastweb
(33)
(31)
Vodafone Italia
(210)
–
Other Operating Segments
(13)
(25)
Total allowances for doubtful debts
(307)
(124)

Total notional amount less allowances for doubtful debts
3,074
2,316
As at 31 December 2024, the maturities of trade receivables and contract assets as well as any related valuation
allowances may be analysed as follows:
31.12.2024 1
In CHF million
Rate
Par value
Allowances
Not overdue
1. 01%
1,788
(18)
Past due up to 3 months
2. 87%
314
(9)
Past due 4 to 6 months
39. 13%
46
(18)
Past due 7 to 12 months
23. 73%
59
(14)
Past due over 1 year
30. 40%
125
(38)
Total
4.16%
2,332
(97)

1 Excl. Vodafone Italia.

170
Consolidated Financial Statements | Notes to the consolidated financial statements
As at 31 December 2023, the maturities of trade receivables and contract assets as well as any related valuation
allowances may be analysed as follows:
31. 12. 2023
In CHF million
Rate
Par value
Allowances
Not overdue
0. 47%
1,691
(8)
Past due up to 3 months
4. 63%
561
(26)
Past due 4 to 6 months
22. 39%
67
(15)
Past due 7 to 12 months
44. 90%
49
(22)
Past due over 1 year
73. 61%
72
(53)
Total
5.08%
2,440
(124)
Movements in valuation allowances for trade receivables and contract assets may be analysed as follows:
In CHF million
2024
2023
Balance at 1 January
124
122
Additions to allowances
64
80
Write-off of irrecoverable receivables subject to allowance
(78)
(66)
Release of unused allowances
(11)
(10)
Business combinations
210
–
Foreign currency translation adjustments
(2)
(2)
Balance at 31 December
307
124
Liquidity risk
Contractual maturities including estimated interest payable
Carrying
Contractual
Due within
Due within
Due within
Due after
In CHF million
amount
payments
1 year
1 to 2 years
3 to 5 years
5 years

31.12.2024 1

Bank loans
3,394
3,517
1,025
42
2,450
–
Debenture bonds
9,832
11,713
679
1,341
2,704
6,989
Private placements
322
335
4
4
175
152
Derivative financial instruments
177
102
69
15
18
–
Other financial liabilities
174
163
20
32
18
93
Lease liabilities
1,991
2,487
171
369
588
1,359
Trade payables
1,547
1,547
1,444
7
96
–
Total
17,437
19,864
3,412
1,810
6,049
8,593

1 Excl. Vodafone Italia.
Carrying Contractual
Due within
Due within
Due within
Due after
In CHF million
amount
payments
1 year
1 to 2 years
3 to 5 years
5 years

31.12.2023

Bank loans
267
288
157
5
126
–
Debenture bonds
4,789
5,018
544
498
2,089
1,887
Private placements
322
338
4
4
178
152
Derivative financial instruments
136
126
27
83
10
6
Other financial liabilities
151
151
22
33
14
82
Lease liabilities
1,915
2,504
273
241
581
1,409
Trade payables
1,611
1,611
1,517
14
80
–
Total
9,191
10,036
2,544
878
3,078
3,536

171
Derivative financial instruments
Contract value
Positive fair value
Negative fair value
In CHF million
31.12.2024
31. 12. 2023
31.12.2024
31. 12. 2023
31.12.2024
31. 12. 2023
Interest rate swaps in CHF
350
350
7
–
–
(14)
Currency swaps in EUR
471
463
–
–
(80)
(98)
Total fair value hedges
821
813
7
–
(80)
(112)
Forward currency contracts in USD
207
180
9
–
–
(8)
Forward currency contracts in EUR
183
178
1
–
(2)
(7)
Currency swaps in USD
2
–
–
–
–
–
Interest rate swaps in CHF
2,280
–
–
–
(61)
–
DC Eurobond hedges (unwound but not settled)
–
–
3
–
–
–
Total cash flow hedges
2,672
358
13
–
(63)
(15)
Interest rate swaps in CHF
20
20
–
–
(4)
(2)
Currency swaps in EUR
941
–
–
2
(29)
–
Currency swaps in USD
57
51
–
–
(1)
–
Currency swaps in EUR
1,057
153
7
–
–
(2)
Forward currency contracts in USD
67
68
2
–
–
(3)
Forward currency contracts in EUR
38
62
–
–
–
(2)
Total other derivative financial instruments
2,180
354
9
2
(34)
(9)
Total derivative financial instruments
5,673
1,525
29
2
(177)
(136)
Thereof current derivative financial instruments

2
2
(25)
(25)
Thereof non-current derivative financial instruments

27
–
(152)
(111)
Swisscom has entered into interest rate and foreign currency swaps, designated as fair value hedges and cash
flow hedges, in order to hedge interest rate and foreign currency risks of fixed interest-bearing finance denom-
inated in CHF and EUR. Derivative financial instruments contain forward contracts, designated as cash flow
hedges, for hedging future purchases of goods and services in USD and EUR. Furthermore, derivative financial
instruments include interest rate swaps which are not designated for hedge accounting purposes. In addition,
derivative financial instruments exclusively comprise forward foreign currency transactions and foreign currency
swaps in EUR and USD which serve to hedge future transactions in connection with financing or the operating
business activities of Swisscom, and which are not designated for hedge accounting purposes. Swisscom does not
enter into derivative financial instruments for speculative purposes.
Supplier finance arrangements
Swisscom participates in a supplier finance arrangement. Under these arrangements, a bank declares itself willing
to make payments to the participating suppliers for invoices owed by Swisscom, and receives the payment from
Swisscom at a later point in time. The main purpose of this arrangement is to enable efficient payment processing
and to put suppliers in a position to receive payments from the bank before the due date of the invoice.
In CHF million
31.12.2024 1
Carrying amount of liabilities under a supply finance arrangement

Disclosed under trade payables
171
Therof suppliers have received payment from finance providers
166

Range of payment due dates

Liabilities that are part of the arrangement
30–180 days
Comparable trade payables that are not part of the arrangement 2
30–180 days
1 Comparative information is not required for the first applicable annual finan-
cial report.
2 Comparable trade payables are, for example, trade payables of the entity
within the same line of business or jurisdiction as the liabilities disclosed
under.

172
Consolidated Financial Statements | Notes to the consolidated financial statements
Accounting policies

Swisscom has not de-recognised the original liabilities to which the supplier finance arrangements relate, as
the conclusion of the arrangement doesn’t result in legal exemption nor in significant changes to the original
liability. From Swisscom’s perspective, the arrangements do not significantly extend the payment periods beyond
the conditions agreed with other, non-participating suppliers. Swisscom is not obligated to pay the bank additional
interest on the amounts owed to the suppliers. Swisscom therefore reports amounts financed by suppliers under
trade payables, as the type and function of the financial liability are the same as for trade payables. However,
Swisscom does report the amounts broken down in the notes. All liabilities from financial arrangements with
suppliers are classified as current items as at 31 December 2024. The payments to the bank are included in oper-
ating cash flow, as they are still within the normal course of Swisscom’s business and their main purpose remains
operative – i.e. payments for the purchase of goods and services.

173
Valuation category and fair value of financial instruments
The fair values of financial assets and the financial liabilities are summarised in the following table. Not included
therein are cash and cash equivalents, trade receivables and trade payables, as well as miscellaneous receivables
and liabilities whose carrying amount corresponds to a reasonable estimation of their fair value.
31.12.2024
In CHF million
Carrying amount
Fair value
Level

Other financial assets

Listed debt instruments
271
238
1
Other financial assets
137
137
2
At amortised cost
408
375

Equity instruments
7
7
1
Equity instruments
167
167
3
Fair value through other comprehensive income
174
174

Loans
2
2
2
Derivative financial instruments
29
29
2
Fair value through profit or loss
31
31

Total other financial assets
613
580

Financial liabilities

Bank loans
3,394
3,424
2
Debenture bonds
9,832
9,986
1
Private placements
322
326
2
Derivative financial instruments
177
177
2
Other financial liabilities
174
163
2
Total financial liabilities
13,899
14,076

31. 12. 2023
In CHF million
Carrying amount
Fair value
Level

Other financial assets

Quoted debt instruments
258
227
1
Other financial assets
117
117
2
At amortised cost
375
344

Equity instruments
8
8
1
Equity instruments
408
408
3
At fair value through other comprehensive income
416
416

Loans
2
2
2
Derivative financial instruments
2
2
2
Fair value through profit or loss
4
4

Total other financial assets
795
764

Financial liabilities

Bank loans
267
265
2
Debenture bonds
4,789
4,609
1
Private placements
322
317
2
Derivative financial instruments
136
136
2
Other financial liabilities
151
144
2
Total financial liabilities
5,665
5,471

Financial assets amounting to CHF 277 million (prior year: CHF 263 million) are not freely available to Swisscom,
as they serve as security for liabilities.

174
Consolidated Financial Statements | Notes to the consolidated financial statements
Accounting policies
Derivative financial instruments
Derivative financial instruments are initially recognised at fair value and are subsequently measured at fair
value. The method of recording the fluctuations in fair value depends on the underlying transaction and the
objective pursued by purchasing or entering into this underlying transaction. On the date a derivative contract
is concluded, management designates the purpose of the hedging relationship: hedge of the fair value of an
asset or liability (‘fair value hedge’) or a hedge of future cash flows in the case of future transactions (‘cash flow
hedge’). Changes in the fair value of derivative financial instruments that are designated as hedging instruments
for ‘fair value hedges’ are recognised in the income statement. Changes in the fair value of derivative financial
instruments that are designated as hedging instruments for cash flow hedges are dealt with in other comprehen-
sive income and are recognised in the hedging reserve as part of equity. If a hedge of an anticipated transaction
subsequently results in the recording of a financial asset or financial liability, the amount included in equity is
recognised in the income statement in the same period in which the financial asset or financial liability impacts the
results. Otherwise, the amounts recorded in equity are recognised in the income statement as income or expense
in the same period as the cash flows of the intended or agreed future transaction occur. Changes in the fair value
of derivative financial instruments that are not designated as hedging instruments are immediately recorded as
income.
Estimation of fair values
Fair values are allocated to one of the following three hierarchical levels.
• Level 1: exchange-quoted prices in active markets for identical assets or liabilities;
• Level 2: other factors which are observable on markets for assets and liabilities, either directly or indirectly;
• Level 3: factors that are not based on observable market data.
The fair value of publicly traded equity and debt instruments of Level 1 is based upon their stock exchange quo-
tations as of the balance sheet date. The fair value of Level 2 financial assets and liabilities which are not quoted
on exchanges are computed on the basis of future maturing payments discounted at market interest rates. Level
3 assets consist of investments in various investment funds and individual companies. The fair value is deter-
mined on the basis of a computational model. Interest rate and currency swaps are discounted at market rates.
Foreign currency forward transactions and foreign currency swaps are valued by reference to forward foreign
exchange rates as of the balance sheet date.

175
3
Operating assets and liabilities
The following chapter discloses information on the movement in net operating
assets and liabilities as well as in significant non-current tangible and intangible
assets. In addition, it outlines the allocation of goodwill to the individual
cash-generating units and the results of any applicable impairment tests. Changes
in provisions and contingent liabilities are also presented in this chapter.
3.1 Net current operating assets
Change in operating assets and liabilities

Operational
Other
In CHF million
01. 01. 2024
changes
changes 1
31.12.2024

2024 financial year

Trade receivables
2,143
(84)
833
2,892
Other operating assets
1,323
(5)
431
1,749
Trade payables
(1,611)
77
(1,151)
(2,685)
Other operating liabilities
(1,471)
21
(546)
(1,996)
Total operating assets and liabilities, net
384
9
(433)
(40)

1 Foreign currency translation and change in scope of consolidation incl. Voda-
fone Italia. See Note 5.3.

Operational
Other

In CHF million
01. 01. 2023
changes
changes 1
31. 12. 2023

2023 financial year

Trade receivables
2,255
(79)
(33)
2,143
Other operating assets
1,353
(7)
(23)
1,323
Trade payables
(1,674)
16
47
(1,611)
Other operating liabilities
(1,571)
75
25
(1,471)
Total operating assets and liabilities, net
363
5
16
384

1 Foreign currency translation and change in scope of consolidation.
Trade receivables
In CHF million
31.12.2024
31. 12. 2023
Billed revenue
2,756
2,173
Accrued revenue
443
93
Allowances
(307)
(123)
Total trade receivables 1
2,892
2,143

1 Credit risks. See Note 2.5.

176
Consolidated Financial Statements | Notes to the consolidated financial statements
Other operating assets and liabilities
In CHF million
31.12.2024
31. 12. 2023

Other operating assets

Contract assets
182
174
Contract costs
508
268
Other receivables
120
77
Inventories
270
161
Prepaid expenses
514
528
Advance payments made
46
13
Value-added taxes receivable
77
62
Other non-financial assets
32
40
Total other operating assets
1,749
1,323

Other operating liabilities

Contract liabilities
1,244
961
Accruals for variable performance-related bonus
192
146
Value-added taxes payable
109
81
Accruals for annual holiday, overtime
60
45
Liabilities from collection activities
15
16
Miscellaneous liabilities
376
222
Total other operating liabilities
1,996
1,471
Contract assets and liabilities
In CHF million
31.12.2024
31. 12. 2023

Contract assets

Swisscom Switzerland
143
132
Other
39
42
Total contract assets
182
174

Contract liabilities

Swisscom Switzerland
571
570
Fastweb
320
323
Vodafone Italia
294
–
Other
59
68
Total contract liabilities
1,244
961
Contract assets of Swisscom Switzerland primarily include deferrals arising in connection with the sale of bundled
offerings in the mobile-phone area. Some mobile handsets are sold on a subsidised basis together with a mobile
contract in a bundled offering. As a result of the allocation of revenue over the pre-delivered components (mobile
handset), revenues are recognised earlier than the invoicing thereof. This results in contract assets deriving from
this business being recognised. The contractual liabilities mainly cover deferrals from payments for prepaid cards
and prepaid Swisscom Switzerland subscription fees. In 2024, an amount of CHF 313 million was recorded as
revenue which had been recognised as a contract liability as at 31 December 2023. With the disclosure of the
performance obligations that are unsatisfied and the allocated transaction price, Swisscom avails itself of the
rules of IFRS 15.121. The exemption is not applied in the case of mobile-phone contracts with the sale of a sub-
sidised mobile handset and a minimum contract term. These contracts incorporate revenue of CHF 616 million
(2025: CHF 460 million; 2026: CHF 147 million; 2027: CHF 9 million).

177
Contract costs
Contract costs include deferred costs to obtain a contract as well as costs to fulfil a contract, which may be ana-
lysed as follows:
In CHF million
31.12.2024
31. 12. 2023

Costs to obtain a contract

Swisscom Switzerland
32
33
Fastweb
106
81
Vodafone Italia
200
–
Other
45
52
Total costs to obtain a contract
383
166

Costs to fulfil a contract

Router and TV boxes
22
22
Initial costs from outsourcing contracts
67
80
Vodafone Italia
36
–
Total costs to fulfil a contract
125
102

Total contract costs
508
268
Accounting policies
Operating assets and liabilities
Total operating assets and liabilities used in the normal course of business are disclosed as current items in the
balance sheet.
Trade receivables
Trade receivables are measured at amortised cost less impairment losses. Impairment losses on trade receivables
are recognised, depending on the nature of the underlying transaction, in the form of individual valuation allow-
ances or portfolio-based general valuation allowances which cover the anticipated default risk. As regards port-
folio-based general valuation allowances, financial assets are grouped together based on homogeneous credit
risk attributes, reviewed collectively for impairment and, whenever required, impairment losses are recognised.
In addition to the contractually foreseen payment conditions, historical default rates and current information
and expectations are taken into consideration in determining the expected future cash flows from the portfolio.
Impairment losses for trade receivables are recognised as other operating expenses.

178
Consolidated Financial Statements | Notes to the consolidated financial statements
3.2 Property, plant and equipment

Land, buildings

Advances made

Technical
and leasehold
Other
and assets

In CHF million
installations
improvements
installations under construction
Total

Cost of acquisition

Balance at 1 January 2023
27,851
1,673
4,657
903
35,084
Additions
1,067
8
196
338
1,609
Disposals
(285)
(2)
(281)
–
(568)
Adjustment to dismantlement and restoration costs
185
–
34
–
219
Reclassifications to non-current assets held for sale
–
(19)
–
–
(19)
Reclassifications
150
11
107
(267)
1
Business combinations
–
–
1
–
1
Foreign currency translation adjustments
(350)
(5)
(2)
(4)
(361)
Balance at 31 December 2023
28,618
1,666
4,712
970
35,966
Additions
950
18
188
476
1,632
Disposals
(103)
(14)
(105)
–
(222)
Adjustment to dismantlement and restoration costs
77
–
7
–
84
Reclassifications to non-current assets held for sale
–
5
–
–
5
Reclassifications
154
2
87
(243)
–
Business combinations 1
1,947
43
42
33
2,065
Foreign currency translation adjustments
85
1
–
1
87
Balance at 31 December 2024
31,728
1,721
4,931
1,237
39,617

Accumulated depreciation and impairment losses

Balance at 1 January 2023
(19,452)
(1,409)
(3,412)
–
(24,273)
Depreciation
(1,084)
(16)
(296)
–
(1,396)
Impairment losses
(49)
–
(1)
–
(50)
Disposals
285
2
275
–
562
Reclassifications to non-current assets held for sale
–
12
–
–
12
Reclassifications
4
(4)
–
–
–
Foreign currency translation adjustments
234
3
1
–
238
Balance at 31 December 2023
(20,062)
(1,412)
(3,433)
–
(24,907)
Depreciation
(1,051)
(16)
(299)
–
(1,366)
Impairment losses
(3)
–
(1)
–
(4)
Disposals
103
12
104
–
219
Reclassifications to non-current assets held for sale
–
(3)
–
–
(3)
Reclassifications
1
–
(1)
–
–
Foreign currency translation adjustments
(55)
–
–
–
(55)
Balance at 31 December 2024
(21,067)
(1,419)
(3,630)
–
(26,116)

Net carrying amount

Net carrying amount at 1 January 2023
8,399
264
1,245
903
10,811
Net carrying amount at 31 December 2023
8,556
254
1,279
970
11,059
Net carrying amount at 31 December 2024
10,661
302
1,301
1,237
13,501

1 Incl. Vodafone Italia. See Note 5.3.

179
Commitments for future capital expenditures
Firm contractual commitments for future capital investments in property, plant and equipment as at 31 December
2024 aggregated CHF 1,405 million (prior year: CHF 1,162 million). These figures do not include Vodafone Italia.
Non-cash investing and financing transactions
As a result of changes in the assumptions made in estimating dismantlement and restoration costs, an increase
in the corresponding provisions of CHF 84 million (prior year: increase of CHF 219 million) was recognised in
property, plant and equipment with no impact on the income statement. See Note 3.5.
Significant judgements or estimates
Management estimates the useful economic lives and residual values of technical facilities, real estate and other
installations and equipment on the basis of the anticipated period over which economic benefits will accrue to
the company from the use of the assets. Useful economic lives are reviewed annually on the basis of historical
and forecast expectations concerning future technological developments, economic and legal changes as well as
further external factors.
Accounting policies

Property, plant and equipment is recognised at historical cost less depreciation and impairment losses. In addition
to historical cost and the costs directly attributable to bringing the asset to the location and condition necessary
for it to be capable of operating in the manner intended by management, the purchase or manufacturing cost
also includes the estimated costs for dismantling and restoring the site. Borrowing costs are capitalised insofar
as they are directly attributable to the acquisition or production of a qualifying asset. Costs for the replacement,
renewal or renovation of property, plant and equipment are capitalised as replacement investments if a future
inflow of economic benefits is probable and the purchase or manufacturing cost can be measured reliably. The
carrying amount of the parts replaced is de-recognised. Depreciation is calculated using the straight-line method
except for land, which is not depreciated. The estimated useful lives for the main categories of property, plant
and equipment are as follows:
Category
Years
Ducts 1
40
Cables 1
11 to 30
Transmission and switching equipment 1
4 to 15
Other technical installations 1
3 to 15
Buildings and leasehold improvements
10 to 40
Other installations
3 to 15
1 Technical installations.
Whenever significant parts of an item of property, plant and equipment comprise individual components with
differing useful lives, each component is depreciated separately. The process for estimating useful lives takes
into account the expected use by the company, the expected wear and tear, technological developments, as well
as empirical values with comparable assets. Leasehold improvements and installations in leased premises are
depreciated on a straight-line basis over the shorter of their estimated useful lives and the expected lease term. The
impact from adjusting useful economic lives and residual values is recognised on a prospective basis. Whenever
indications exist that the value of an asset may be impaired, the recoverable amount of the asset is determined.
If the recoverable amount of the asset, which is the greater of the fair value less costs to sell and the value in use,
is less than its carrying amount, the carrying amount is written down to the recoverable amount. The carrying
amount of an item of property, plant and equipment is de-recognised upon disposal or whenever no future
economic benefits are expected from its use. Gains and losses arising on the disposal of property, plant and
equipment are recognised as other income or other operating expenses.

180
Consolidated Financial Statements | Notes to the consolidated financial statements
3.3 Intangible assets

Internally

Brands and
Other

Purchased
generated

customer
intangible

In CHF million
software
software
Licences
relations
assets
Total

Cost of acquisition

Balance at 1 January 2023
2,604
1,994
1,105
420
213
6,336
Additions
251
251
136
–
31
669
Disposals
(62)
(66)
(22)
(4)
–
(154)
Reclassifications
46
81
–
–
(128)
(1)
Business combinations
–
–
–
33
–
33
Sale of subsidiaries
–
(2)
–
–
–
(2)
Foreign currency translation adjustments
(113)
(11)
(15)
(14)
(1)
(154)
Balance at 31 December 2023
2,726
2,247
1,204
435
115
6,727
Additions
247
276
125
–
22
670
Disposals
(53)
(34)
(120)
(64)
(17)
(288)
Reclassifications
7
29
–
–
(36)
–
Business combinations 1
385
–
2,077
1,727
277
4,466
Foreign currency translation adjustments
28
3
4
4
–
39
Balance at 31 December 2024
3,340
2,521
3,290
2,102
361
11,614

Accumulated amortisation and impairment losses

Balance at 1 January 2023
(2,171)
(1,522)
(488)
(349)
(65)
(4,595)
Amortisation
(241)
(252)
(154)
(22)
(10)
(679)
Impairment losses
(1)
–
–
–
–
(1)
Disposals
61
65
22
4
–
152
Foreign currency translation adjustments
101
12
4
15
1
133
Balance at 31 December 2023
(2,251)
(1,697)
(616)
(352)
(74)
(4,990)
Amortisation
(261)
(285)
(170)
(20)
(6)
(742)
Impairment losses
(1)
–
–
–
–
(1)
Disposals
53
34
110
64
17
278
Foreign currency translation adjustments
(24)
(3)
(4)
(4)
–
(35)
Balance at 31 December 2024
(2,484)
(1,951)
(680)
(312)
(63)
(5,490)

Net carrying amount

Net carrying amount at 1 January 2023
433
472
617
71
148
1,741
Net carrying amount at 31 December 2023
475
550
588
83
41
1,737
Net carrying amount at 31 December 2024
856
570
2,610
1,790
298
6,124

1 Incl. Vodafone Italia. See Note 5.3.

As at 31 December 2024, other intangible assets included advance payments made and uncompleted develop-
ment projects of CHF 58 million (prior year: CHF 32 million).
Commitments for future capital expenditures
As at 31 December 2024, firm contractual commitments for future capital investments in intangible assets aggre-
gated CHF 57 million (prior year: CHF 55 million). These figures do not include Vodafone Italia.
Significant judgements or estimates
Management estimates the useful economic lives and residual values of intangible assets on the basis of the
anticipated period over which economic benefits will accrue to the company from the use of the assets. Useful
economic lives are reviewed annually on the basis of historical and forecast expectations concerning future tech-
nological developments, economic and legal changes as well as further external factors.

181
Accounting policies

Mobile-phone licences, self-developed software as well as other intangible assets are recorded at historical cost less
accumulated amortisation. Intangible assets resulting from business combinations, such as brands and customer
relationships, are recognised at cost less accumulated amortisation, which equates to fair market value as at the
date of acquisition. Mobile-phone licences are amortised based on the term of the licence. It begins as soon as the
related network is ready for operation, unless other information is at hand which would suggest the need to modify
the useful lives. The impact from adjusting useful economic lives and residual values is recognised on a prospec-
tive basis. Amortisation is computed on a straight-line basis over the following estimated useful economic lives.
Category
Years 1
Software internally generated and purchased
3 to 7
Brands and customer relationships
5 to 10
Licences
2 to 16
Other intangible assets
3 to 10
1 Excl. Vodafone Italia.
Whenever indications exist that the value of an asset may be impaired, the recoverable amount of the asset is
determined. If the recoverable amount of the asset, which is the greater of the fair value less costs to sell and the
value in use, is less than its carrying amount, the carrying amount is written down to the recoverable amount.
3.4 Goodwill
Swisscom allocates goodwill to the cash-generating units based upon their business activities. Goodwill arising
in a business combination is allocated to each cash-generating unit which can derive synergies from the business
combination. The goodwill allocated to the cash-generating units may be analysed as follows:
Residential
Business

Customers
Customers

Other cash-

Swisscom
Swisscom

generating

In CHF million
Switzerland
Switzerland
Fastweb
units
1
Total

At cost

Balance at 1 January 2023
2,767
1,501
1,749
412
6,429
Business combinations
–
29
1
1
31
Foreign currency translation adjustments
(2)
–
(106)
–
(108)
Balance at 31 December 2023
2,765
1,530
1,644
413
6,352
Business combinations 2
–
4
–
1,145
1,149
Foreign currency translation adjustments
–
–
26
–
26
Balance at 31 December 2024
2,765
1,534
1,670
1,558
7,527

Accumulated impairment losses

Balance at 1 January 2023
–
–
(1,257)
–
(1,257)
Foreign currency translation adjustments
–
–
77
–
77
Balance at 31 December 2023
–
–
(1,180)
–
(1,180)
Impairment losses
–
–
–
(30)
(30)
Foreign currency translation adjustments
–
–
(19)
–
(19)
Balance at 31 December 2024
–
–
(1,199)
(30)
(1,229)

Net carrying amount

Net carrying amount at 1 January 2023
2,767
1,501
492
412
5,172
Net carrying amount at 31 December 2023
2,765
1,530
464
413
5,172
Net carrying amount at 31 December 2024
2,765
1,534
471
1,528
6,298

1 Comprises the cash-generating units Wholesale Swisscom Switzerland, Swiss-
com Directories and Vodafone Italia.

2 Incl. Vodafone Italia. See Note 5.3.

182
Consolidated Financial Statements | Notes to the consolidated financial statements
Impairment testing
In the fourth quarter of 2024 and after the conclusion of business planning, individual goodwill amounts were
subjected to impairment tests. The recoverable amount of a cash-generating unit is determined based on its
value in use, applying the discounted cash flow (DCF) method. The projected free cash flows were estimated
on the basis of the business plans approved by management, which as a rule cover a three-year period. A plan-
ning horizon of five years was used for the Fastweb impairment test. For free cash flows extending beyond the
detailed planning period, a terminal value was computed by capitalising the normalised cash flows. A steady long-
term growth rate that corresponds to the growth rates customary in the country or market was assumed. The
projected cash flows and management assumptions are corroborated by external sources of information. The
discount rate is derived from the Capital Asset Pricing Model (CAPM). This latter comprises the weighted value
of own equity and external borrowing costs. For the risk-free interest rate which forms the basis of the discount
rate, the yield from Swiss government bonds is taken (abroad: Germany) with a maturity of ten years and a zero
interest rate, subject to minimum interest rates of 1.5% (Switzerland) and 2.0% (abroad). For cash-generating
units abroad, a risk premium for the country risk is then added.
Discount rates and long-term growth rates
2024
2023
WACC
WACC
Long-term
WACC
WACC
Long-term
Cash-generating unit
pre-tax
post-tax
growth rate
pre-tax
post-tax
growth rate
Residential Customers Swisscom Switzerland
4. 65%
3. 81%
0%
4. 95%
4. 06%
0%
Business Customers Swisscom Switzerland
4. 63%
3. 81%
0%
4. 94%
4. 06%
0%
Fastweb
7. 58%
6. 00%
2. 0%
7. 90%
6. 24%
2. 0%
Other cash-generating units
4. 65–9. 86%
3. 81–8. 63%
0–2. 4%
4. 95–9. 69%
4. 06–8. 53%
0–1. 0%
Results and sensitivity of impairment tests
Residential Customers and Business Customers Swisscom Switzerland
As at the measurement date, the recoverable amount at all cash-generating units, based on their value in use,
was higher than the carrying amount relevant for the impairment test. Swisscom believes none of the antici-
pated changes in key assumptions which can rationally be expected would cause the carrying amount of the
cash-generating units to exceed the recoverable amount.
Fastweb
As at the date of the impairment test, no impairment of goodwill resulted. The recoverable amount exceeded
the net carrying amount by EUR 773 million (CHF 727 million). In the prior year, the difference amounted to EUR
627 million (CHF 603 million). The following changes in material assumptions would lead to a situation where
the value in use would equate to the net carrying amount.
2024
2023
Assumptions
Sensitivity
Assumptions
Sensitivity
Average annual revenue growth until 2029 (2028)

with EBITDA margin unchanged compared to business plan
5. 4%
4. 3%
5. 4%
4. 5%
Normalised EBITDA margin
27%
25%
28%
27%
Normalised capital expenditure rate
18%
19%
19%
20%
WACC post-tax
6. 00%
6. 91%
6. 24%
7. 07%
Long-term growth rate
2. 0%
0. 9%
2. 0%
1. 0%
Vodafone Italia
For a number of reasons, the goodwill resulting from the acquisition of Vodafone Italia is not allocated to an
existing cash-generating unit. Swisscom assumed control of the company on 31 December 2024 and prior to
that point, access to the data was extremely limited. In addition, the reporting structure of Swisscom, and with
it management’s administration and monitoring of Vodafone Italia’s operations, will change during the course
of 2025. On a provisional basis, the non-allocated goodwill amounts to EUR 1,217 million. (CHF 1,145 million).

183
For the impairment test, the recoverable amount for Vodafone Italia (including the non-allocated goodwill) has
therefore been determined on an individual basis, using a discounted cash flow (DCF) method. The projected free
cash flows were estimated over a five-year period. For free cash flows extending beyond the five-year period, a
terminal value was computed by capitalising the normalised cash flows. A long-term growth rate of 2.4% was
assumed in line with long-term inflation in Italy. The discount rate was determined as 6.9% post-tax (WACC pre-
tax: 8.72%), based on the Capital Asset Pricing Model (CAPM).
The updated assessment shows that the purchase price and therefore the assets on which it is based, including
goodwill, are recoverable. Swisscom takes the view that none of the expected changes to the key assumptions
that could be reasonably expected will result in the carrying amount of Vodafone Italia exceeding the recoverable
amount.
Significant judgements or estimates
The allocation of goodwill to the cash-generating units and the computation of the recoverable amount are subject
to the judgement of management. This encompasses the estimation of future cash flows as well as the determina-
tion of the discounting rate and the growth rate on the basis of historical data and current forecasts.
Accounting policies

For the purposes of the impairment test, goodwill is allocated to the cash-generating units. The impairment test
is performed annually on a mandatory basis. Whenever there is any indication during the year that goodwill may
be impaired, the cash-generating unit is tested for impairment at that time. An impairment loss is recognised if
the recoverable amount of a cash-generating unit is lower than its carrying amount. The recoverable amount is
the greater of the fair value less costs to sell and the value in use.
3.5 Provisions and contingent liabilities
Provisions
Dismantlement
Regulatory and

and restoration
competition law

In CHF million
costs
proceedings
Other
Total
Balance at 1 January 2024
866
200
197
1,263
Additions to provisions
–
8
130
138
Adjustments recorded under property, plant and equipment
84
–
–
84
Interest and present-value adjustments
9
(21)
2
(10)
Release of unused provisions
–
(19)
(12)
(31)
Use of provisions
(23)
(16)
(45)
(84)
Business combinations 1
–
–
181
181
Foreign currency translation adjustments
–
–
(1)
(1)
Balance at 31 December 2024
936
152
452
1,540
Thereof current provisions
54
18
149
221
Thereof non-current provisions
882
134
303
1,319

1 Incl. Vodafone Italia. See Note 5.3.
Provisions for dismantlement and restoration costs
The provisions are computed by reference to estimates of future anticipated dismantling costs and are discounted
using an average interest rate of 0.86% (prior year: 1.08%). Adjustments as a result of reassessments in the amount
of CHF 62 million were recognised under property, plant and equipment with no impact on the income state-
ment in 2024. Of this amount, CHF 32 million resulted from the use of different interest rates and CHF 30 mil-
lion from the adjustment of the cost index and the other assumptions used to calculate dismantling costs. An
increase of estimated costs by 10% would result in an increase of CHF 88 million in the amount of the provision.
A delay of another ten years in the timing of the dismantling would lead to an increase of CHF 67 million in the
provisions.

184
Consolidated Financial Statements | Notes to the consolidated financial statements
Provisions for regulatory and competition law proceedings
In accordance with the Telecommunications Act, Swisscom provides access services (incl. interconnection) to other
telecommunications service providers in Switzerland. In previous years, several telecommunications service pro-
viders demanded ComCom reduce the prices charged to them by Swisscom for regulated network access services.
The Competition Commission (COMCO) has also launched various investigations against Swisscom in the past.
In its investigation of the invitation to tender for the corporate network of the Swiss Post in 2008, the Competi-
tion Commission (COMCO) reached the conclusion in November 2015 that Swisscom had a dominant position on
the market for broadband access for business clients. COMCO imposed a penalty of CHF 8 million on grounds of
conduct that was judged to be unlawful under competition law. In June 2021, the Federal Administrative Court
largely confirmed COMCO’s ruling and ordered Swisscom to pay a fine of CHF 7 million. Swisscom filed an appeal
against this decision with the Federal Court. In its ruling published on 18 April 2024, the Federal Court concluded,
in the final instance, that Swisscom had behaved correctly and repealed COMCO’s penalty decision.
On 17 December 2020, COMCO opened an investigation into Swisscom’s optical fibre network and ordered pre-
cautionary measures. Swisscom filed an appeal against these precautionary measures. In its ruling of 2 November
2022, the Federal Court found that the precautionary measures ordered by the Competition Commission (which
had previously been confirmed by the Federal Administrative Court) were not arbitrary and confirmed them as
well. On 25 April 2024, COMCO published a penalty notice in the amount of CHF 18 million on grounds of conduct
which was judged to be unlawful under competition law. Swisscom has appealed against the decision before the
Federal Administrative Court.
In April 2013, COMCO launched an investigation against Swisscom under the Federal Cartel Act concerning
the broadcasting of sporting events on pay TV. In May 2016, COMCO imposed a penalty of CHF 72 million on
Swisscom in these proceedings. Swisscom filed an appeal against this ruling with the Federal Administrative
Court. In June 2022, the Federal Administrative Court largely confirmed COMCO’s ruling and ordered Swisscom
to pay a fine of CHF 72 million. Swisscom paid the fine in the third quarter of 2022. Swisscom filed an appeal
against this decision with the Federal Court. The Federal Court confirmed the fine of CHF 72 million in the final
instance on 10 May 2024.
In the past, Swisscom recognised provisions for regulatory and antitrust proceedings on the basis of legal assess-
ments. As a result of the reassessment of these proceedings, provisions of CHF 8 million were recognised in 2024
and provisions of CHF 40 million (incl. interest) were reversed. Any payments to be made will depend upon the
date on which legally binding decrees and decisions are issued, and could probably occur within five years.
Other provisions
Other provisions primarily includes provisions for contractual risks and termination benefits as well as provisions
of Vodafone Italia. Any necessary payments of the non-current portion of the provisions could likely occur within
three years.
Contingent liabilities for regulatory and competition law proceedings
The Competition Commission (COMCO) is conducting several proceedings against Swisscom. In the event that
a legally enforceable finding of market abuse is reached, COMCO might impose a penalty on Swisscom. In addi-
tion, claims under civil law might be asserted against Swisscom. In view of the previous proceedings conducted by
COMCO, further proceedings against Swisscom might be initiated.

185
Significant judgements or estimates
The provisions for dismantling and restoration costs relate to the dismantling of telecommunications installations
and transmitter stations as well as the restoration to its original state of land held by third-party owners. The
level of the provisions is determined to a significant degree by the estimation of future dismantling and resto-
ration costs, as well as the timing of dismantlement. The provisions and contingent liabilities for regulatory and
antitrust proceedings relate to proceedings in connection with regulated access services provided by Swisscom and
proceedings initiated by COMCO. The legal and accounting assessment of these proceedings is associated with
significant uncertainties in estimation and scope for discretion with regard to the probability of occurrence and
the amount of a possible cash outflow. The provisions recognised in this way constitute the best estimate of the
liability. Possible liabilities whose occurrence as at the balance-sheet date cannot be assessed, or liabilities for
which the level cannot be reliably estimated, are disclosed as contingent liabilities.
Accounting policies

Provisions are recognised whenever a legal or constructive obligation arises from past events, the outflow of
resources to settle this liability is probable, and the amount of the liability can be estimated reliably. Provisions
are discounted if the effect is material.
Provisions for dismantlement and restoration costs
Swisscom is legally obligated to dismantle transmitter stations and telecommunications installations located
on land belonging to third parties following decommissioning, and to restore to its original state the property
owned by third parties in the locations where these installations are erected. The costs of dismantling are capi-
talised as part of the acquisition costs of the installations, and are amortised over their useful lives. The provisions
are measured at the present value of the aggregate future costs, and are reported under non-current provisions.
Whenever the provision is re-measured, the present value of the changes in the liability is either added to or
deducted from the cost of the related capitalised item of property, plant and equipment. The amount deducted
from the cost of the related asset must not exceed its net carrying amount. Any excess is taken directly to income.

186
Consolidated Financial Statements | Notes to the consolidated financial statements
4
Employees
This chapter contains information on employee headcount and personnel expense,
the compensation paid to key management personnel and retirement benefit
obligations.
4.1 Employee headcount and personnel expense
Employee headcount
In full-time equivalent
31.12.2024
31. 12. 2023
Change
Residential Customers
2,423
2,550
–5. 0%
Business Customers
5,544
5,446
1. 8%
Wholesale
80
83
–3. 6%
Infrastructure & Support Functions
5,272
5,184
1. 7%
Swisscom Switzerland
13,319
13,263
0.4%
Fastweb
3,299
3,157
4. 5%
Other Operating Segments
3,269
3,309
–1. 2%
Total headcount
19,887
19,729
0.8%
Thereof Switzerland
15,905
16,050
–0. 9%
Thereof other countries
3,982
3,679
8. 2%

Average number of employees
19,918
19,461
2. 3%
The headcount as at 31 December 2024 reported above excludes Vodafone Italia (with around 4,000 full-time
equivalents).
Personnel expense
In CHF million
2024
2023
Salary and wage costs
2,150
2,105
Social security expenses
272
260
Expense of defined benefit plans 1
252
236
Expense of defined contribution plans
11
11
Expense for share-based payments
1
1
Termination benefits
14
7
Other personnel expense
49
60
Total personnel expense
2,749
2,680
Thereof Switzerland
2,471
2,420
Thereof other countries
278
260

1 See Note 4.3.

187
4.2 Key management compensation
In CHF thousand
2024
2023
Current compensation
1,338
1,368
Share-based payments
776
758
Pension contributions
163
136
Social security contributions
137
146
Total compensation to members of the Board of Directors
2,414
2,408
Current compensation
6,776
6,251
Share-based payments
1,570
871
Benefits paid following retirement from Group Executive Board
331
–
Pension contributions
1,079
951
Social security contributions
708
636
Total compensation to members of the Group Executive Board
10,464
8,709
Total compensation to members of the Board of Directors and of the Group Executive Board
12,878
11,117
Swisscom’s key management personnel are the members of the Board of Directors and Group Executive Board of
Swisscom Ltd. Compensation paid to members of the Board of Directors consists of a base salary plus functional
allowances. One third of the entire compensation of the Board of Directors is settled in the form of equity shares.
Compensation paid to the members of the Group Executive Board consists of a fixed basic salary paid in cash, a
variable performance-related component settled in cash and shares, payments in kind and non-cash benefits, as
well as pension and social insurance contributions. 25% of the variable performance-related share of the mem-
bers of the Group Executive Board is settled in shares. The Group Executive Board members may elect to increase
this share to 50%. The disclosure pursuant to Articles 734–734f of the Swiss Code of Obligations is set out in the
Remuneration Report chapter. Shares in Swisscom Ltd held by the members of the Board of Directors and Group
Executive Board are set out in the notes to the separate financial statements of Swisscom Ltd.

188
Consolidated Financial Statements | Notes to the consolidated financial statements
4.3 Defined benefit plans
Pension plans
comPlan
The majority of employees in Switzerland are insured under the Swisscom pension plan against the risks of old
age, death and disability. The pension plan is implemented by the comPlan foundation. The supreme governing
body of the pension fund is the Foundation Council, which is made up of an equal number of representatives
from the employees and the employer. The pension fund rules, together with the legal provisions concerning
occupational pension plans, constitute the formal regulatory framework of the pension plan. Individual retire-
ment savings accounts are maintained for all insured persons. Amounts are credited to these individual savings
accounts on an annual basis and interest is accrued. The rate of interest to be applied to the retirement savings
accounts is set each year by the Foundation Council, having regard to the financial situation of the pension fund
as well as the statutory minimum interest rate. The amounts credited to the individual savings accounts are
funded by savings contributions from both the employer and employees that vary based on salary and age. In
addition, the employer pays risk contributions to fund death and disability benefits.
The standard retirement age is 65. Employees are entitled to early retirement with a reduced old-age pension. The
amount of the old-age pension is the result of multiplying the individual retirement savings account at the time
of retirement by a conversion rate set out in the pension fund rules. The retirement benefits can also be paid out
in the form of a capital payment either in full or in part. In case of early retirement, the employer also finances
an OASI bridging pension until the standard retirement age. The amount of disability pensions is determined as
a percentage of the insured salary and is independent of the number of years of service.
The formal regulatory framework contains various provisions concerning risk sharing between the employees and
the employer. In the event of a funding shortfall, computed in accordance with Swiss accounting standards for
pension funds (Swiss GAAP APR 26), the Foundation Council lays down measures which shall lead to the elimina-
tion of this funding deficit and the restoration of financial equilibrium within a timeframe of five to seven years.
Such measures may include a reduced or zero interest rate on retirement savings accounts, a reduction in future
benefits, the levying of restructuring contributions or a combination of these measures. Should a structural
funding shortfall exist as a result of interest-induced insufficient current funding, the top priority is to remedy
this situation by adapting future benefits. Employer’s restructuring contributions must, at a minimum, be equal
to the sum of employee restructuring contributions. Under the formal regulatory framework, the employer has
no legal obligation to pay additional contributions to eliminate more than 50% of a funding shortfall. From past
common business practice, Swisscom has a de facto obligation over and above the legal minimum to pay addi-
tional or restructuring contributions in the case of funding shortfalls and structural funding deficits. The upper
limit of the employer’s share of future benefit costs in accordance with IAS 19.87(c) is assumed to be at the level
of the de facto obligation.
As a result of the OASI 21 reform, the comPlan Foundation Council amended the pension fund rules in the fourth
quarter of 2023. The OASI reform standardised the retirement age at 65 for OASI and occupational pensions. comPlan
was already applying a standard retirement age of 65 for all genders. There was one exception for the OASI bridging
pension with regard to women. This was adjusted with the amendment to the pension fund rules. The plan amend-
ment resulted in recognition of CHF 7 million as past service cost in the income statement in 2023. This is based on a
remeasurement of the net defined benefit obligation using the current fair values of plan assets at the inception of
the plan amendment and current actuarial assumptions, taking into account the risk-sharing characteristics. The past
service cost is the difference between the valuation under the previous regulatory benefits and contributions and the
valuation under the amended regulatory benefits and contributions.
In accordance with the relevant Swiss accounting principles and standards (Swiss GAAP APR 26), comPlan’s esti-
mated funding ratio amounted to 118.1% as at 31 December 2024 (prior year: 114.5%). The main reasons for the
difference compared with IFRS are the use of a different discount rate as well as a different actuarial measure-
ment method with the deferred recognition of the costs of future retirement benefits.

189
Other plans
Other pension plans exist for individual Swiss subsidiary companies which are not affiliated to comPlan and for
Fastweb and Vodafone Italia. Employees of the Italian subsidiary Fastweb have acquired entitlements to future pen-
sion benefits up to the end of 2006, which are recorded in the balance sheet as defined benefit obligations. The
discount rate used was 3.38% (prior year: 3.17%).
Pension cost
In CHF million
comPlan
Other plans
2024
comPlan
Other plans
2023
Current service cost
241
7
248
219
6
225
Plan amendments
–
–
–
7
–
7
Administration expense
3
1
4
3
1
4
Total recognised in personnel expense
244
8
252
229
7
236
Interest expense on net defined benefit obligations
(3)
–
(3)
(5)
–
(5)
Total recognised in financial income
(3)
–
(3)
(5)
–
(5)
Total expense of defined benefit plans recognised

in income statement
241
8
249
224
7
231
In CHF million
comPlan
Other plans
2024
comPlan
Other plans
2023
Actuarial gains and losses from

Change of the demographical assumptions
(15)
–
(15)
3
–
3
Change of the financial assumptions
690
–
690
853
–
853
Experience adjustments to defined benefit obligations
249
1
250
21
(1)
20
Change in share of employee contribution (risk sharing)
(123)
–
(123)
(307)
–
(307)
Return on plan assets excluding the part

recognised in financial result
(658)
–
(658)
(228)
–
(228)
Asset ceiling
(123)
–
(123)
(306)
–
(306)
Total (income) expense of defined benefit plans recognised

in other comprehensive income
20
1
21
36
(1)
35

190
Consolidated Financial Statements | Notes to the consolidated financial statements
Status of pension plans
In CHF million
comPlan
Other plans
2024
comPlan
Other plans
2023

Defined benefit obligations

Balance at 1 January
11,788
52
11,840
11,136
48
11,184
Current service cost
241
7
248
219
6
225
Interest cost on defined benefit obligations
173
–
173
234
–
234
Employee contributions
184
–
184
181
–
181
Benefits paid
(590)
–
(590)
(559)
(1)
(560)
Actuarial losses (gains)
801
1
802
570
(1)
569
Change in scope of consolidation
–
31
31
–
–
–
Plan amendments
–
–
–
7
–
7
Foreign currency translation adjustments
–
–
–
–
–
–
Balance at 31 December
12,597
91
12,688
11,788
52
11,840

Plan assets

Balance at 1 January
12,165
31
12,196
11,805
26
11,831
Interest income on plan assets
182
–
182
253
–
253
Employer contributions
250
8
258
260
6
266
Employee contributions
184
–
184
181
–
181
Benefits paid
(590)
–
(590)
(559)
–
(559)
Return on plan assets excluding the part

recognised in financial result
658
–
658
228
–
228
Administration expense
(3)
(1)
(4)
(3)
(1)
(4)
Balance at 31 December
12,846
38
12,884
12,165
31
12,196

Net defined benefit obligations (assets)

Net defined benefit obligations (assets) before asset ceiling
(249)
53
(196)
(377)
21
(356)
Asset ceiling
249
–
249
366
–
366
Net defined benefit obligations (assets) recognised at 31 December
–
53
53
(11)
21
10
Thereof defined benefit asset
–
–
–
(11)
–
(11)
Thereof defined benefit obligations
–
53
53
–
21
21
Movements in recognised defined benefit obligations (assets) are to be analysed as follows:
In CHF million
comPlan
Other plans
2024
comPlan
Other plans
2023
Balance at 1 January
(11)
21
10
(11)
22
11
Pension cost, net
241
8
249
224
7
231
Employer contributions and benefits paid
(250)
(8)
(258)
(260)
(7)
(267)
Change in scope of consolidation
–
31
31
–
–
–
(Income) expense of defined benefit plans,

recognised in other comprehensive income
20
1
21
36
(1)
35
Foreign currency translation adjustments
–
–
–
–
–
–
Balance at 31 December
–
53
53
(11)
21
10
The weighted average duration of the present value of the defined benefit obligations for comPlan is 14 years
(prior year: 13 years).

191
Breakdown of comPlan pension plan assets

31.12.2024
31. 12. 2023
Investment

Not

Category
strategy
Quoted
quoted
Total
Quoted
quoted
Total
Government bonds Switzerland
5. 0%
1. 8%
3. 4%
5. 2%
1. 9%
3. 3%
5. 2%
Corporate bonds Switzerland
8. 0%
7. 6%
0. 0%
7. 6%
7. 1%
0. 0%
7. 1%
Government bonds developed markets, World
2. 5%
3. 2%
0. 0%
3. 2%
3. 8%
0. 0%
3. 8%
Corporate bonds developed markets, World
9. 0%
9. 0%
0. 0%
9. 0%
9. 0%
0. 0%
9. 0%
Government bonds emerging markets, World
4. 0%
6. 2%
0. 0%
6. 2%
7. 5%
0. 0%
7. 5%
Private debt
6. 0%
0. 0%
5. 2%
5. 2%
0. 0%
4. 5%
4. 5%
Third-party debt instruments
34.5%
27.8%
8.6%
36.4%
29.3%
7.8%
37.1%
Equity shares Switzerland
7. 0%
7. 2%
0. 0%
7. 2%
7. 1%
0. 0%
7. 1%
Equity shares World
19. 0%
20. 1%
0. 0%
20. 1%
18. 9%
0. 0%
18. 9%
Private markets
10. 0%
0. 0%
9. 4%
9. 4%
0. 0%
10. 1%
10. 1%
Equity instruments
36.0%
27.3%
9.4%
36.7%
26.0%
10.1%
36.1%
Real estate Switzerland
17. 0%
5. 4%
11. 9%
17. 3%
5. 2%
11. 3%
16. 5%
Real estate World
9. 0%
0. 0%
7. 2%
7. 2%
0. 0%
7. 8%
7. 8%
Gold
2. 0%
2. 1%
0. 0%
2. 1%
0. 0%
2. 1%
2. 1%
Real value investments
28.0%
7.5%
19.1%
26.6%
5.2%
21.2%
26.4%
Cash and cash equivalents
1. 5%
0. 0%
0. 3%
0. 3%
0. 0%
0. 4%
0. 4%
Total plan assets
100.0%
62.6%
37.4%
100.0%
60.5%
39.5%
100.0%
The Foundation Council determines the investment strategy with bandwidths within the framework of the legal
provisions. Within its guidelines, the Investment Commission decides on how the investment strategy is to be
implemented. As a competence centre, it coordinates all activities and implements the decisions. The investment
strategy pursues the goal of achieving the highest possible return on assets within the framework of its risk tol-
erance, and thus of generating income on a long-term basis to meet all financial obligations. This is achieved
through a broad diversification of risks over various investment categories, markets, currencies and industry seg-
ments in both developed and emerging markets. The interest rate duration of interest-bearing assets is 7.8 years
(prior year: 7.9 years), and the average rating of these assets is A- (prior year: A-). Within the overall portfolio, all
foreign currency positions are hedged against the Swiss franc following a currency strategy to the extent neces-
sary to meet a pre-determined ratio of 16% (unhedged foreign currencies). Following this investment strategy,
comPlan expects its results prepared in accordance with Swiss GAAP APR to show a target value for the value
fluctuation reserve of 19.0% of total assets.
Additional information on plan assets
As at 31 December 2024, plan assets included Swisscom Ltd shares and bonds with a fair value of CHF 12 mil-
lion (prior year: CHF 15 million). The effective income from plan assets was CHF 840 million in 2024 (prior year:
CHF 481 million). In 2025, Swisscom expects to make payments to the pension funds for statutory employer
contributions totalling CHF 270 million.

192
Consolidated Financial Statements | Notes to the consolidated financial statements
Assumptions underlying comPlan actuarial computations
Assumptions
2024
2023
Discount rate
0. 98%
1. 51%
Expected rate of salary increases
1. 18%
1. 83%
Expected rate of pension increases
–%
–%
Capital withdrawal ratio
34%
30%
Interest on old age savings accounts up to 5 years
3. 67%
2. 89%
Interest on old age savings accounts after 5 years
1. 07%
1. 51%
Share of employee contribution to funding shortfall
40%
40%
Share of employee contribution to surplus
50%
50%
Life expectancy at age of 65 – men (number of years)
22. 33
22. 24
Life expectancy at age of 65 – women (number of years)
24. 12
24. 02
The discount rate is based upon CHF-denominated corporate bonds with an AA rating of domestic and foreign
issuers and listed on the Swiss Exchange SIX. The assumption regarding the rate of salary increases is based
on past values from recent years and takes long-term inflation expectations into account. No future pension
increases are expected because comPlan does not have sufficient fluctuation reserves for this under pension law.
The interest rate on the individual savings balances has been determined taking into account the BVG minimum
interest rate for the mandatory BVG portion. Life-expectancy assumptions are arrived at through a projection of
future mortality improvements in accordance with the Continuous Mortality Investigation Model (CMI) and are
based on improvements in mortality actually observed in Switzerland in the past. The computations are made
with a future long-term rate of mortality improvement of 1.75%. The change in the financial estimates resulted
in an actuarial net loss of CHF 690 million in 2024. The drop in the discount rate resulted in a loss of CHF 749 mil-
lion, whereas adjustments to other financial assumptions, in particular to the rate of salary increases and the
rate of interest to be applied to the retirement savings accounts, resulted in a gain of CHF 59 million.
For the event of an interest-induced funding shortfall, the risk-sharing attributes contained in the formal regula-
tory framework relating to the handling of funding deficits are taken into account in the financial assumptions in
two steps. As a first step, it is assumed that a gradual lowering of future pensions over a period of ten years will
take place in order to close the funding gap. This is based upon a projection of the future conversion rate using a
mixed rate for the mandatory and non-mandatory portions. The current legal conversion rate is applied for the
mandatory portion. In the non-mandatory portion, the conversion rate is computed using the discount rate applied
for the valuation. As a second step, the present value of the remaining funding gap between the regulatory con-
tributions and the benefits adjusted in the first step is shared between the employer and the employees. The
legal and de facto obligation of the employer to pay additional contributions is unchanged and assumed to be
limited to 60% of the funding gap. This is based on the legal and regulatory provisions concerning the elimination
of funding shortfalls as well as the measures actually decided upon by the Foundation Council and the employer
in the past. If there is a surplus under IFRS, no limit is placed on the employer’s share of a funding shortfall in the
second step. Instead, the gross surplus is reduced by an employee contribution of 50%.
There was no interest-induced funding shortfall as at 31 December 2024, meaning that there is no assumption
that pensions will be reduced. Gross surpluses arose as at 31 December 2023 and 31 December 2024. These have
been reduced by the employee contribution of CHF 248 million (prior year: CHF 366 million). The change in the
share of the employee contribution to the surplus is recognised in other comprehensive income.

193
Sensitivity analysis comPlan
Sensitivity analysis 2024
Defined benefit obligations
Current service cost
Increase
Decrease
Increase
Decrease
In CHF million
assumption
assumption
assumption
assumption
Discount rate (change +/–0. 5%)
(710)
806
(26)
31
Expected rate of salary increases (change +/–0. 5%)
38
(36)
4
(4)
Pension changes (change +0. 5%/–0. 0%)
638
–
19
–
Capital withdrawal ratio (change +/–5. 0%)
(40)
40
(2)
2
Interest on old age savings accounts (change +/–0. 5%)
90
(85)
7
(7)
Share of employee contribution to funding shortfall

(change +/–10%)
–
–
–
–
Share of employee contribution to surplus (change +/–10%)
50
(50)
–
–
Life expectancy at age of 65 (change +/–0. 5 year)
174
(175)
3
(3)
Sensitivity analysis 2023
Defined benefit obligations
Current service cost
Increase
Decrease
Increase
Decrease
In CHF million
assumption
assumption
assumption
assumption
Discount rate (change +/–0. 5%)
(640)
725
(23)
27
Expected rate of salary increases (change +/–0. 5%)
35
(34)
4
(4)
Pension changes (change +0. 5%/–0. 0%)
578
–
16
–
Capital withdrawal ratio (change +/–5. 0%)
(18)
18
(1)
1
Interest on old age savings accounts (change +/–0. 5%)
77
(74)
6
(6)
Share of employee contribution to funding shortfall (change +/–10%)
–
–
–
–
Share of employee contribution to surplus (change +/–10%)
73
(73)
–
–
Life expectancy at age of 65 (change +/–0. 5 year)
153
(154)
3
(3)
The sensitivity analysis takes the movement in defined benefit obligations as well as current service costs into
consideration by adjusting the actuarial assumptions by half a percentage point and half a year, respectively. In
the process only one of the assumptions is adjusted each time, the other parameters remaining unchanged. In
the sensitivity analysis, no change was made in view of a negative movement in pension increases as it is not
possible to reduce current pensions. The assumed gradual reduction in conversion rates is left unchanged in the
sensitivities of the discount rate shown.
Significant judgements or estimates
The determination of post-employment retirement benefit obligations requires an estimation of the future
service periods, the development of future salaries and pensions, interest accruing on the employee savings
accounts, the timing of contractual pension benefit payments and the employees’ share of the funding shortfall.
This evaluation is made on the basis of prior experience and anticipated trends. Anticipated future payments
are discounted at a rate based on Swiss franc-denominated corporate bonds from domestic and foreign issuers
quoted on the Swiss Exchange with an AA rating. The discount rates match the anticipated payment maturities
of the liabilities.

194
Consolidated Financial Statements | Notes to the consolidated financial statements
Accounting policies

Actuarial computations of pension expenses and the related defined benefit obligations are carried out using the
projected unit credit method. Current service costs, past service costs arising from pension plan amendments and
plan settlements as well as administrative costs are reported in the income statement under personnel expense
and interest accruing on net obligations as a finance expense. Actuarial gains and losses and the return on plan
assets, excluding the amounts reflected in net interest income, are reported under other comprehensive income.
The assumptions regarding net future benefits are made in compliance with the formal set of regulations gov-
erning the pension plan. As regards the Swiss pension plans, the relevant formal regulations comprise the rules
of the pension fund as well as the relevant laws, ordinances and directives concerning occupational benefit plans,
in particular the provisions contained therein related to funding and measures to be taken to eliminate funding short-
falls. Risk-sharing features in the formal regulatory framework are taken into account when arriving at financial
assumptions; these limit the employer’s share of the costs of future benefits as well as involving employees in
any necessary payment of additional contributions in order to eliminate funding deficits. Should the level of
committed long-term disability benefits (disability pensions), irrespective of the number of years of service, be
the same for all insured employees, the costs for these benefits are recognised on the date on which the event
causing the disability occurs. Any net asset value from a defined benefit plan is recognised at the lower of the
surplus and the present value of any economic benefit in the form of refunds or reductions in future contribu-
tions, provided that the value fluctuation reserve set as a target by the Foundation Council is exceeded.

195
5
Scope of consolidation
The following chapter sets out details of the Group structure of Swisscom and
includes disclosures concerning subsidiaries, joint ventures and associates. In
addition, it outlines material changes in the Group structure and the corre-
sponding impact on the consolidated financial statements.
5.1 Group structure
Swisscom Ltd is the holding company of the Group. It essentially holds direct majority shareholdings in Swisscom
(Switzerland) Ltd, blue Entertainment Ltd, Swisscom Broadcast Ltd and Swisscom Directories Ltd. Fastweb S.p.A.
(Fastweb) is held indirectly via Swisscom (Switzerland) Ltd as well as an intermediate company in Italy. The Vodafone
Italia companies, which were acquired at the end of 2024, are held by Fastweb S.p.A. Swisscom Re Ltd is the
Group’s in-house reinsurance company. Swisscom raises finance in EUR through Swisscom Finance B.V. in the
Netherlands.
5.2 Changes in the scope of consolidation
Net cash flows from the acquisition and disposal of participations may be analysed as follows:
In CHF million
2024
2023
Acquisition of Vodafone Italia less cash and cash equivalents acquired
(7,360)
–
Acquisition of other business combinations less cash and cash equivalents acquired
(10)
(49)
Payments for deferred consideration from business combinations
(2)
(13)
Proceeds from sale of subsidiaries, net of cash and cash equivalents sold
2
2
Acquisition of equity-accounted investees
(2)
(3)
Acquisition of non-controlling interests
(15)
–
Total cash flow from the purchase and sale of shareholdings, net
(7,387)
(63)
With the exception of the acquisition of Vodafone Italia, the other acquisitions and disposals of subsidiaries in
2023 and 2024 are not individually material.
5.3 Acquisition of Vodafone Italia
In March 2024, Swisscom signed a sales agreement with Vodafone Group Plc regarding the takeover of 100% of
Vodafone Italia for a purchase price of EUR 8.0 billion (cash and debt-free). The transaction was completed on
31 December 2024. Vodafone Italia will be merged with the Swisscom subsidiary Fastweb at a later date. The
merger of Vodafone Italia and Fastweb is intended to combine complementary mobile communications and
fixed telephone network infrastructures with expertise and practical knowledge, as well as establish a leading
convergent provider on the Italian market. Thanks to economies of scale, an efficient cost structure and the
anticipated high synergies, the merged company is expected to create considerable added value for all stake-
holders through sustainable investments in the Italian telecommunications market, innovative, convergent
services at competitive prices, and improved services and customer experiences in all market segments. The
takeover of Vodafone Italia is a significant step towards implementing Swisscom’s strategic goal of achieving
profitable growth in Italy.
At this point in time, the preliminary total consideration for the acquisition of Vodafone Italia is EUR 7,821 million
(CHF 7,360 million). The purchase price is subject to an adjustment based on Vodafone Italia’s final net financial
position as at 31 December 2024. The purchase price adjustment is expected to be paid in March 2025. The pro-
visional purchase price and the net cash flow from the transaction are as follows:
In million
EUR
CHF
Provisional purchase price
7,885
7,420
Cash and cash equivalents acquired
(64)
(60)
Cash flow used in investing activities, net
7,821
7,360

196
Consolidated Financial Statements | Notes to the consolidated financial statements
Costs of CHF 60 million for legal counsel, due diligence, levies and charges were incurred in connection with the
transaction. These costs were recognised in other operating expense.
The business combination was provisionally recognised in the consolidated financial statements as at 31 Decem-
ber 2024, as not all the information required to determine the fair values of the acquired assets and liabilities
was available at the time Swisscom’s consolidated financial statements were prepared. The reasons for this are
the size and complexity of the transaction and the fact that the acquisition of Vodafone Italia took place on 31
December 2024. The provisional figures are as follows.
In million
EUR
CHF
Cash and cash equivalents
64
60
Trade receivables
893
839
Other operating assets
450
425
Current income tax assets
74
69
Property, plant and equipment
2,192
2,063
Intangible assets
4,730
4,451
Right-of-use assets
2,115
1,990
Other assets
35
34
Financial liabilities
(13)
(12)
Lease liabilities
(1,802)
(1,697)
Trade payables
(1,209)
(1,137)
Other operating liabilities
(556)
(523)
Provisions
(191)
(180)
Deferred tax liabilities
(25)
(23)
Other liabilities
(71)
(67)
Identified assets and liabilities
6,686
6,292
Goodwill
1,217
1,145
Cost of acquisition
7,903
7,437
Thereof cash payments
7,885
7,420
Therof cash flow hedge reserve reclassified
18
17
Within the framework of the purchase price allocation, the most important tasks are the valuation of intangible
assets (mobile-phone licences and customer relationships) and property, plant and equipment (network infra-
structure). In the provisional purchase price allocation as at 31 December 2024, customer relationships amount-
ing to EUR 1.6 billion (CHF 1.5 billion) were recognized at fair value. The mobile-phone licences of EUR 2.2 billion
(CHF 2.1 billion), property, plant and equipment and other assets and liabilities were recognised at their carrying
amount in the provisional purchase price allocation as at 31 December 2024. The carrying amount of the trade
receivables amounts to EUR 893 million (CHF 840 million) and is composed of the gross amount of EUR 1,116
million (CHF 1,049 million) less allowances of EUR 223 million (CHF 210 million).
The goodwill comprises the synergies expected as part of the merger of the activities of Vodafone Italia and
Fastweb, and intangible assets that do not qualify for separate recognition, such as employees.
Further adjustments to the fair value of the identifiable assets acquired and liabilities assumed are possible up
to twelve months from the date of acquisition. For this reason, the resulting goodwill and its allocation to the
cash-generating units is also provisional.
The acquisition of Vodafone Italia had no significant impact on Swisscom’s consolidated income statement for
the year ended 2024 due to the acquisition date (31 December 2024). Vodafone Italia’s revenue for the year was
estimated EUR 4.6 billion (CHF 4.3 billion). If the acquisition had taken place on 1 January 2024, Swisscom would
have achieved an estimated revenue of CHF 15.3 billion. The fact that the transaction took place on the balance
sheet date of 31 December 2024 means that Swisscom did not have all the information needed to determine
the impact the acquisition would have had on Swisscom’s net income if it had taken place on 1 January 2024.

197
Accounting policies

Consolidation
Subsidiaries are all companies in respect of which Swisscom Ltd has the effective ability to control the financial
and business policies. Control is generally assumed where Swisscom Ltd directly or indirectly holds the major-
ity of the voting rights or potential voting rights of the company. Companies acquired and sold are included in
consolidation from the date on which they are acquired and deconsolidated from the date they are disposed of,
respectively. Intragroup balances and transactions, income and expenses, shareholdings and dividends as well
as unrealised gains and losses are fully eliminated. Non-controlling interests in subsidiaries are reported within
equity in the consolidated balance sheet, but separately from equity attributable to the shareholders of Swisscom
Ltd. The non-controlling interests in net income or loss are shown in the consolidated income statement as a com-
ponent of the consolidated net income or loss. Changes in shareholdings of subsidiary companies are reported as
transactions within equity insofar as control existed previously and continues to exist. Put options granted to own-
ers of non-controlling interests are disclosed as financial liabilities. The balance sheet date for all consolidated
subsidiaries is 31 December. There are no material restrictions on the transfer of funds from the subsidiaries to
the parent company.
Shareholdings over which Swisscom exercises significant influence but does not have control are accounted for
using the equity method. A significant influence is generally assumed to exist whenever between 20% and 50%
of the voting rights are held.
Business combinations
Business combinations are accounted for using the acquisition method. Acquisition costs are recognised at fair
value as at the date of the business combination. The purchase price includes the amount of cash paid and
the fair value of the assets ceded, liabilities incurred or assumed, and own equity instruments ceded. Liabilities
depending on future events based on contractual agreements are recognised at fair value. All identifiable assets
and liabilities that satisfy the recognition criteria are recognised at their fair values at the time of acquisition. The
difference between the cost of acquisition and the fair value of the identifiable assets and liabilities acquired or
assumed is accounted for as goodwill, after taking into account any non-controlling interests.

198
Consolidated Financial Statements | Notes to the consolidated financial statements
5.4 Equity-accounted investees
In CHF million
2024
2023
Balance at 1 January
27
26
Additions
2
3
Dividends
(1)
(3)
Share of net results
(2)
–
Dilution gain
1
1
Balance at 31 December
27
27
Selected key performance indicators for equity-accounted investees
In CHF million
2024
2023

Income statement

Revenue
229
212
Operating expense
(224)
(200)
Operating income
5
12
Net income
1
10

Other comprehensive income
–
–

Balance sheet at 31 December

Current assets
148
146
Non-current assets
12
20
Current liabilities
(72)
(66)
Non-current liabilities
(29)
(26)
Equity
59
74

199
5.5 Group companies
Group companies in Switzerland
31.12.2024
31. 12. 2023
Capital and
Capital and
voting rights
voting rights
Share capital
Registered name
Registered office
share in %
share in %
in million Currency
Segment 4

Switzerland

adapt solutions Ltd 2
Lindau
100
100
0. 1 CHF
SCS
Ajila Ltd 2
Sursee
90
60
0. 1 CHF
OTH
Artificialy Ltd 2,3
Lugano
18
18
1. 1 CHF
OTH
Audio-Video G+M Ltd 1
Saint-Gall
100
100
0. 1 CHF
OTH
autoSense Ltd 2,3
Zurich
33
33
0. 3 CHF
OTH
Axept Business Software Ltd 1
Saint-Gall
100
100
0. 3 CHF
SCS
Axept Business Software Ltd (St. Gallen) 2
Saint-Gall
–
100
0. 3 CHF
SCS
Blue Entertainment Ltd 1
Zurich
100
100
0. 5 CHF
SCS
cablex Ltd 2
Muri near Berne
100
100
5. 0 CHF
OTH
camptocamp SA 1
Bussigny
53
100
0. 5 CHF
SCS
Credit Exchange Ltd 2,3
Zurich
15
15
0. 2 CHF
OTH
easypsim Ltd 1
Zurich
–
100
0. 1 CHF
OTH
ecmt Ltd 2,3
Embrach
20
20
0. 1 CHF
OTH
Entertainment Programm Ltd 2,3
Volketswil
33
33
0. 6 CHF
SCS
finnova ltd bankware 2,3
Lenzburg
10
9
0. 5 CHF
SCS
Global IP Action Ltd 2
Freienbach
–
33
0. 2 CHF
OTH
Innovative Government Ltd 1
Freienbach
90
90
0. 1 CHF
OTH
Innovative Web Ltd 1
Freienbach
90
90
0. 1 CHF
OTH
itnetX (Switzerland) Ltd 2
Rümlang
100
100
0. 1 CHF
SCS
JLS Digital Ltd 2
Lucerne
100
100
1. 3 CHF
SCS
MTF Solutions Ltd 1
Ittigen
100
100
0. 2 CHF
SCS
Parato Ltd 2
Ittigen
51
–
0. 1 CHF
SCS
Provis Ltd 2
Lindau
100
100
0. 4 CHF
SCS
SportPass (Switzerland) Ltd 2,3
Zurich
–
25
0. 1 CHF
OTH
Swisscom Broadcast Ltd 1
Ittigen
100
100
25. 0 CHF
OTH
Swisscom Digital Technology Ltd 1
Lausanne
100
100
0. 1 CHF
SCS
Swisscom Directories Ltd 1
Zurich
100
100
2. 2 CHF
OTH
Swisscom Real Estate Ltd 1
Ittigen
100
100
100. 0 CHF
SCS
Swisscom IT Services

Finance Custom Solutions Ltd 2
Olten
100
100
0. 1 CHF
SCS
Swisscom RE Ltd 1
Ittigen
100
100
10. 0 CHF
SCS
Swisscom (Switzerland) Ltd 1
Ittigen
100
100
1,000. 0 CHF
SCS
Swisscom Services Ltd 2
Ittigen
100
100
0. 1 CHF
SCS
Swisscom Trust Services Ltd 2
Zurich
100
100
1. 0 CHF
OTH
Swisscom Ventures Ltd 2
Ittigen
100
100
2. 0 CHF
OTH
United Security Provider Ltd 2
Bern
100
100
0. 5 CHF
SCS
Worklink Ltd 1
Bern
100
100
0. 5 CHF
SCS
1 Participation directly held by Swisscom Ltd.
2 Participation indirectly held by Swisscom Ltd.
3 Investment is accounted for using the equity method. Through its representa-
tion on the Board of Directors of the company, Swisscom can exercise a signifi-
cant influence.
4 SCS = Swisscom Switzerland, FWB = Fastweb, OTH = Other

200
Consolidated Financial Statements | Notes to the consolidated financial statements
Group companies in other countries
31.12.2024
31. 12. 2023
Capital and
Capital and
voting rights
voting rights
Share capital
Registered name
Registered office
share in %
share in %
in million Currency
Segment 4

Germany

cablex Germany GmbH 2
Stuttgart
100
–
– EUR
OTH
Camptocamp Germany GmbH 2
Munich
53
–
– EUR
SCS
Swisscom Telco LLC 2
Leipzig
100
100
– EUR
OTH

France

Camtocamp France SAS 2
Le Bourget du Lac
53
–
– EUR
SCS
SoftAtHome Ltd 2,3
Colombes
10
10
6. 5 EUR
SCS

Italy

7Layers S. r.l. 2
Florence
100
70
0. 2 EUR
FWB
Fastweb S. p. A. 2
Milan
100
100
41. 3 EUR
FWB
Fastweb Air S. r.l. 2
Milan
–
100
– EUR
FWB
Swisscom Italia S. r.l. 2
Milan
100
100
505. 8 EUR
OTH
VEI S. r.l. 2
Ivrea
100
–
– EUR
OTH
VND S. p. A. 2
Corregio
100
–
0. 1 EUR
OTH
Vodafone Gestioni S. p. A. 2
Milan
100
–
0. 6 EUR
OTH
Vodafone Italia S. p. A. 2
Ivrea
100
–
2,305. 1 EUR
OTH

Latvia

Swisscom DevOps Latvia SIA 2
Riga
100
100
– EUR
SCS

Luxembourg

DTF GP S. A. R. L 2
Luxembourg
100
100
– EUR
OTH
DTF GP II S. A. R. L. 2
Luxembourg
100
100
– EUR
OTH
Digital Transformation Fund

Carried Partner SCSp 2
Luxembourg
100
100
– EUR
OTH
Digital Transformation Fund

Initial Limited Partner SCSp 2
Luxembourg
100
100
– EUR
OTH

Netherlands

NGT International B.V. 2
Capelle a/d IJssel
100
100
– EUR
SCS
Swisscom Finance B.V. 1
Rotterdam
100
100
0. 1 EUR
OTH

Austria

Swisscom IT Services Finance SE 2
Vienna
100
100
3. 3 EUR
OTH

Spain

Webtiser Spain Ltd 2
Madrid
100
100
0. 1 EUR
SCS

USA

Swisscom Cloud Lab Ltd 2
Delaware
100
100
– USD
OTH

1 Participation directly held by Swisscom Ltd.
2 Participation indirectly held by Swisscom Ltd.
3 Investment is accounted for using the equity method. Through its representa-
tion on the Board of Directors of the company, Swisscom can exercise a signifi-
cant influence.
4 SCS = Swisscom Switzerland, FWB = Fastweb, OTH = Other

201
6
Other disclosures
This chapter details information which is not already disclosed in the other
parts of the report. For instance, it includes disclosures regarding income taxes
and related parties.
6.1 Income taxes
Income tax expense
In CHF million
2024
2023
Current income tax expense
380
346
Adjustments recognised for current tax of prior periods
(8)
(14)
Deferred income tax expense
(52)
32
Total income tax expense recognised in income statement
320
364
Thereof Switzerland
310
346
Thereof other countries
10
18
In addition, other comprehensive income includes current and deferred income taxes, which may be analysed
as follows:
In CHF million
2024
2023
Foreign currency translation adjustments of foreign subsidiaries
(3)
(9)
Actuarial gains and losses from defined benefit pension plans
(4)
(7)
Change in fair value of equity instruments
–
(1)
Change in cash flow hedges
(8)
–
Total income tax expense recognised in other comprehensive income
(15)
(17)
Analysis of income taxes
The applicable income tax rate used to prepare the following analysis of income tax expense is the weighted
average income tax rate calculated on the basis of the Group’s operating subsidiaries in Switzerland. The applica-
ble income tax rate is 17.5% (prior year: 17.8%). The decline in the applicable income tax rate can be attributed to
a reduction in the tax rates in various Swiss cantons.
In CHF million
2024
2023
Income before income taxes in Switzerland
1,862
2,040
Income before income taxes other countries
(1)
35
lncome before income taxes
1,861
2,075
Applicable income tax rate
17. 5%
17. 8%
Income tax expense at the applicable income tax rate
326
369

Reconciliation to reported income tax expense

Effect of changes in tax law in Switzerland
(15)
–
Effect of use of different income tax rates in Switzerland
15
8
Effect of use of different income tax rates in other countries
8
15
Effect of non-recognition of tax loss carry-forwards
1
1
Effect of subsequent recognition of tax loss carry-forwards
–
(2)
Effect of exclusively tax-deductible expenses and income
(12)
(15)
Effect of exclusively non-tax-deductible expenses and income
5
–
Effect of income tax of prior periods
(8)
(12)
Total income tax expense
320
364

Effective income tax rate
17. 2%
17. 5%

202
Consolidated Financial Statements | Notes to the consolidated financial statements
Current income tax assets and liabilities
In CHF million
2024
2023
Current income tax liabilities at 1 January, net
202
192
Recognised in income statement
372
332
Recognised in other comprehensive income
(4)
(9)
Business combinations
(69) 1
–
Income taxes paid in Switzerland
(245)
(226)
Income taxes paid in other countries
(52)
(87)
Current income tax liabilities at 31 December, net
204
202
Thereof current income tax assets
(82)
(1)
Thereof current income tax liabilities
286
203
Thereof Switzerland
283
189
Thereof other countries
(79)
13

1 Incl. Vodafone Italia. See Note 5.3.
Deferred income tax assets and liabilities
31.12.2024
31. 12. 2023

Net

Net
In CHF million
Assets
Liabilities
amount
Assets
Liabilities
amount
Property, plant and equipment
72
(644)
(572)
56
(620)
(564)
Intangible assets
1
(149)
(148)
1
(132)
(131)
Right-of-use assets
18
(87)
(69)
–
(98)
(98)
Lease liabilities
97
(20)
77
109
–
109
Provisions
130
(39)
91
106
(81)
25
Vodafone Italia
768
(791)
(23)
–
–
–
Other
145
(140)
5
50
(64)
(14)
Total tax assets (tax liabilities)
1,231
(1,870)
(639)
322
(995)
(673)
Thereof deferred tax assets

245

225
Thereof deferred tax liabilities

(884)

(898)
Thereof Switzerland

(697)

(738)
Thereof other countries

65
Tax loss carry-forwards for which no deferred tax assets were recognised expire as follows:
In CHF million
31.12.2024 1
31. 12. 2023
Expiring within 1 year
–
–
Expiring within 2 to 7 years
16
14
No expiration
–
–
Total unrecognised tax loss carry-forwards
16
14
Thereof Switzerland
16
14
Thereof other countries
–
–

1 Excl. Vodafone Italia.

203
Global minimum tax
Swisscom falls under the scope of application of the OECD minimum tax. The global minimum tax regulations
provide for payment of an additional tax to account for the difference between the effective GloBE (Global Anti
Base Erosion) tax rate per country and the minimum rate of 15%. In Switzerland and most other countries where
Swisscom operates, the laws introducing a global minimum tax entered into force on 1 January 2024. Swisscom
has made an assessment regarding the global minimum tax based on applicable tax laws, the effective tax rates
per country and information on the Group companies. Based on the assessment, Swisscom meets the condi-
tions for applying the transitional safe-harbour rules under the minimum tax rules in each country concerned.
Swisscom therefore does not expect to pay any additional income tax in connection with the global minimum
tax. Swisscom is keeping an eye on developments in the minimum tax regulations and is assessing their impact
on Swisscom on an ongoing basis. Swisscom applies the exception to recognising and disclosing information
about deferred income tax assets and liabilities in connection with income taxes related to minimum tax, as
provided in the amendments to IAS 12 published in May 2023.
Other disclosures
No deferred tax liabilities were recognised on the undistributed earnings of subsidiaries as at 31 December 2024
(prior year: CHF 6 million). Temporary differences of subsidiaries and equity-accounted investees for which
no deferred tax liabilities are recognised as at 31 December 2024 amounted to CHF 3,779 million (prior year:
CHF 3,556 million).
Accounting policies

Income taxes encompass all current and deferred taxes which are based on income. Taxes which are not based
on income, such as taxes on real estate and on capital, are recorded as other operating expenses. Deferred taxes
are computed using the balance sheet liability method, whereby as a general rule deferred taxes are recognised
on all temporary differences. Temporary differences arise from differences between the carrying amount of a
balance sheet position in the consolidated financial statements and its value as reported for tax purposes, which
will reverse in future periods. Deferred tax assets are only recognised as assets to the extent that it is probable
that they can be offset against future taxable income. Income tax liabilities on distributions of undistributed prof-
its of Group companies are only recognised if the distribution of profits is to be made in the foreseeable future.
If it is probable that the tax authority will accept the chosen tax treatment, the tax amount in the consolidated
financial statements is the same as that entered in the tax return submitted. However, if this is not probable, the
amounts will be different. The uncertainty is taken into account in the measurement, which requires a best-possi-
ble estimate of the expected cash outflow. If there are few possible outcomes of the tax treatment, the most
likely outcome is used to determine the tax liability. If there are a large number of possible tax consequences,
an expected value is determined on the basis of a probability calculation. Current and deferred tax assets and
liabilities are offset whenever they relate to the same taxing authority and taxable entity.

204
Consolidated Financial Statements | Notes to the consolidated financial statements
6.2 Related parties
Majority shareholder and equity-accounted investees
Majority shareholder
Pursuant to the Swiss Federal Telecommunications Enterprises Act (TEA), the Swiss Confederation (‘the Con-
federation’) is obligated to hold a majority of the share capital and voting rights of Swisscom. On 31 December
2024, the Confederation, as majority shareholder, continued to hold 51% of the issued shares. Any reduction of
the Confederation’s holding below a majority shareholding would require a change in law, which would need to
be voted upon by the Swiss Parliament and would also be subject to the right of optional referendum by Swiss
voters. As the majority shareholder, the Confederation has the power to control the decisions of the annual
general meetings of shareholders which are taken by the absolute majority of validly cast votes. This relates
primarily to resolutions concerning dividend distributions and the election of the members of the Board of Direc-
tors. Swisscom supplies telecommunications services to, and also procures services from, the Confederation. The
Confederation comprises the various ministries and administrative bodies of the Confederation and the other
companies controlled by the Confederation (primarily Swiss Post, Swiss Federal Railways, RUAG and Skyguide). All
transactions are conducted on the basis of normal customer/supplier relationships and on conditions applicable to
unrelated third parties. In addition, financing transactions are entered into with Swiss Post under market conditions.
Equity-accounted investees
Services provided to/by equity-accounted investees are based upon market prices. Such participations are listed
in Note 5.4.
Transactions and balances
In CHF million
Income
Expense
Receivables
Liabilities

2024 financial year

Confederation
225
63
38
329
Equity-accounted investees
1
51
6
2
Total 2024 / balance at 31 December 2024
226
114
44
331
In CHF million
Income
Expense
Receivables
Liabilities

2023 financial year

Confederation
198
64
41
328
Equity-accounted investees
2
43
7
2
Total 2023 / balance at 31 December 2023
200
107
48
330
Occupational pension schemes and compensation payable to individuals in key positions
Transactions between Swisscom and the various pension funds are detailed in Note 4.3. Compensation paid to
individuals in key positions is disclosed in Note 4.2.
6.3 Sale of shares in FiberCop
In June 2024, Fastweb signed a contract for the sale of its 4.5% stake in FiberCop to Optics Bidco S.A., a subsid-
iary of Kohlberg Kravis Roberts & Co. L.P. (KKR). KKR is thus acquiring all FiberCop shares held by Fastweb for
an amount of EUR 439 million (CHF 423 million). The transaction was completed in July 2024. In Swisscom’s con-
solidated financial statements, FiberCop was recognised at fair value through other comprehensive income and
reported under other financial assets. The difference of EUR 189 million (CHF 181 million) between the purchase
price and the previous carrying amount was recognised as income in other comprehensive income in the second
quarter of 2024.

205
6.4 Other accounting policies
Foreign currency translation
Foreign currency transactions which are not denominated in the functional currency are translated into the func-
tional currency using the exchange rate prevailing at the dates of the transactions. Monetary items as at the bal-
ance sheet date are translated into the functional currency at the exchange rate prevailing on the balance sheet
date, while non-monetary items are translated using the exchange rate on the date of the transaction. Translation
differences are recognised in the income statement. Translation differences are recognised in the income state-
ment. Assets and liabilities of subsidiaries and equity-accounted investees reporting in a different functional cur-
rency are translated at the exchange rates prevailing on the balance sheet date, whereas the income statement
and the cash flow statement are translated at the average exchange rate. Translation differences arising from the
translation of net assets and income statements are recorded in other comprehensive income.
Significant foreign currency translation rates
Closing rate in CHF
Average rate in CHF
Currency
31.12.2024
31. 12. 2023
31. 12. 2022
2024
2023
1 EUR
0. 941
0. 926
0. 985
0. 951
0. 973
1 USD
0. 906
0. 838
0. 923
0. 879
0. 900
Amendments to IFRS Accounting Standards and Interpretations whose application is not yet
mandatory
The following IFRS Accounting Standards and Interpretations published up to the end of 2024 are mandatory
from the 2025 financial year onwards.
Standard
Name
Effective from
Amendments to IFRS 9
Adjustments to the classification and measurement of financial instruments
1 January 2026
Amendments to IFRS 7 and 9
Contracts relating to nature-based electricity
1 January 2026
IFRS 18
Presentation and disclosure of the financial statements
2 January 2027
Amendments to IAS 21
Lack of exchangeability
1 January 2025
IFRS 18 ‘Presentation and Disclosure in Financial Statements’ will replace IAS 1 ‘Presentation of Financial State-
ments’ and is to be applied retrospectively. Swisscom expects to apply the new standard from the 2027 financial
year and is currently reviewing the impact in particular with regard to the structure of the consolidated financial
statements and the additional disclosure requirements for management-defined performance measures (MPMs).
In addition, Swisscom is reviewing the impact on the way in which information is grouped in the consolidated
financial statements.
The other new or amended standards are not expected to have any material impact on Swisscom’s consolidated
financial statements.

206
Consolidated Financial Statements | Report of the statutory auditor

207

Swisscom Ltd | Report of the statutory auditor to the General Meeting
Our audit approach

Overview
Overall group materiality: CHF 90 Mio.
We conducted full scope audit work at three Group companies in two countries.
These Group companies represent over 90% of the Group’s revenue. In addition, a
specific audit scope was defined for another Group company in Switzerland. In
addition, specific audit procedures were carried out at another reporting unit
(consisting of three Group companies in Italy).
As key audit matters the following areas of focus have been identified:
•
Recoverability of Fastweb goodwill
•
Revenue recognition – IT Services with Business Customers
•
Recoverability of technical installations and intangible assets
•
Assessment of litigation arising from regulatory and competition
lawproceedings
•
Assessment of the provisional purchase price allocation for Vodafone Italia
Materiality
The scope of our audit was influenced by our application of materiality. Our audit opinion aims to provide reasonable
assurance that the consolidated financial statements are free from material misstatement. Misstatements may arise due
to fraud or error. They are considered material if, individually or in aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of the consolidated financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the overall
group materiality for the consolidated financial statements as a whole as set out in the table below. These, together with
qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit
procedures and to evaluate the effect of misstatements, both individually and in aggregate, on the consolidated financial
statements as a whole.

Overall group materiality
CHF 90 Mio.

Benchmark applied
Profit before tax

Rationale for the materiality
benchmark applied
We chose profit before tax as the benchmark because, in our view, it is
the benchmark against which the performance of the Group is most
commonly measured, and it is a generally accepted benchmark.

We agreed with the Audit & ESG Reporting Committee that we would report to them misstatements with impacts on the
income statement above CHF 4,5 million identified during our audit as well as any misstatements below that amount
which, in our view, warranted reporting for qualitative reasons.

208
Consolidated Financial Statements | Report of the statutory auditor

Swisscom Ltd | Report of the statutory auditor to the General Meeting
Audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the
consolidated financial statements as a whole, taking into account the structure of the Group, the accounting processes
and controls, and the industry in which the Group operates.
The Group consists of three operating segments (Swisscom Switzerland, Fastweb and other Operating Segments) and
operates mainly in Switzerland and Italy. Swisscom (Schweiz) Ltd generates most of the revenue. Another company that
we identified as significant is Fastweb S.p.A. (Fastweb). In addition, due to the acquisition of Vodafone Italia as of 31
December 2024, the provisional acquisition balance sheet of a reporting unit (consisting of Vodafone Italia SpA,
Vodafone Gestioni SpA and VEI SRL) is defined as material. The audits of Swisscom (Schweiz) Ltd and Swisscom Ltd
were performed by the Group audit team. The audit procedures for Fastweb and Vodafone Italia were performed by the
PwC component auditor in Italy, to whom we provided instructions and with whom we are in regular contact to discuss
the treatment of transactions that are material to the consolidated financial statements as well as questions regarding
valuation and disclosure. In addition, we participate in important discussions with Fastweb and Vodafone Italia’s
management. The audit of these companies addresses a major part of the consolidated financial statements. Finally, we
identified an additional subsidiary with significant balance sheet and income statement items, which is audited by the
Group audit team. Group-wide topics, such as purchase price allocations, treasury, taxes, pension obligations,
investments including goodwill and the implementation of new accounting requirements are addressed by the Group
audit team.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
consolidated financial statements of the current period. These matters were addressed in the context of our audit of the
consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.

209

Swisscom Ltd | Report of the statutory auditor to the General Meeting

Recoverability of Fastweb goodwill

Key audit matter
How our audit addressed the key audit matter

The impairment testing of goodwill relating to Fastweb
was deemed a key audit matter for the following
reasons:
•
As at 31 December 2024, the goodwill relating to
the Fastweb operating segment amounted to CHF
471 million (2023: CHF 464 million), which is a
significant amount.
•
In performing the annual impairment test of the
Fastweb goodwill, management has considerable
scope for judgement regarding the expected future
cash flows, the discount rate (WACC) used and
the forecasted growth.
Please refer to note 3.4 ‘Goodwill’ (page 181) in the
notes to the consolidated financial statements.
During our audit, we assessed the design of the controls
implemented to assess the recoverability of the Fastweb
goodwill. We assessed with regard to the impairment test
whether a correct valuation method was used, the
calculation was coherent and the assumptions made
were appropriate.
In doing so, we challenged the input data and
assumptions relating to the underlying cash flows of the
impairment test. In addition, we compared the results of
the current year with the forecasts made in the previous
year in order to assess the appropriateness of the
previous year’s assumptions.
With regard to the discount rate used, we analyzed
together with our own valuation specialists how it was
derived and compared it with our own calculation.
We examined whether the information on impairment
testing in the notes to the consolidated financial
statements was disclosed correctly and whether the
sensitivity analyses presented indicate appropriately the
risks of impairment.
We consider the valuation method and the assumptions
used by management to test for the impairment of the
Fastweb goodwill to be appropriate.

210
Consolidated Financial Statements | Report of the statutory auditor

Swisscom Ltd | Report of the statutory auditor to the General Meeting
Revenue recognition – IT Services with Business Customers

Key audit matter
How our audit addressed the key audit matter

For the 2024 financial year, Swisscom reports revenue
of CHF 11,036 million (2023: CHF 11,072 million). Of
this amount, CHF 1,191 million (2023: CHF 1,154
million) is generated by the IT Services with Business
Customers. The IT Services with Business Customers
comprises integrated communications solutions (e.g. IT
outsourcing) for large enterprises in Switzerland.
We consider revenue recognition in the IT Services with
Business Customers to be a key audit matter for the
following reasons:
•
The specific projects within the IT Services are
based on complex individual contracts that may
include multiple performance obligations. The
accounting treatment of these contracts requires
management to estimate the expected transaction
price and the timing of revenue recognition of the
individual performance obligations.
•
The projects typically last between three and
seven years. To ensure a loss-free valuation of
ongoing projects, management has significant
scope for judgement in its assessment of the future
costs of each project.
Please refer to note 1.1 ‘Segment information’ (page
151) in the notes to the consolidated financial
statements.
During our audit, we assessed the design and
effectiveness of the controls implemented to ensure the
correct recognition of revenue in the IT Services with
Business Customers and evaluated whether
management’s estimates are reasonable.
We performed analytical audit procedures. On the basis
of internal and external reports, we defined our
expectations and critically assessed deviations from
them.
For a sample of contracts entered into in the 2024
financial year, we assessed the accounting treatment
applied by Swisscom. In doing so, we assessed whether
management’s estimate of the expected transaction price
and ofthe timing of revenue recognition relating to
individual performance obligations is appropriate.
To address the significant scope for judgement when
assessing future costs to ensure a loss-free valuation, we
performed the following audit procedures:
•
We gained an understanding of the process
implemented by management to assess future
developments in the IT Services and critically
assessed that process.
•
We discussed with Swisscom their expectations
regarding the future development of individual
projects and critically assessed those expectations
on the basis of current developments.
•
Using a sample of projects, we compared
Swisscom’s forecasts from the previous year with
actual developments in the current financial year
and analysed any variances.
Finally, on the basis of a sample, we assessed whether
the revenue in the IT Services with Business Customers
was recorded correctly. To do so, we checked cash
receipts for individual revenue transactions and obtained
external balance confirmations from Swisscom
customers.
We consider management’s estimates relating to the
recognition of revenue in the IT Services with Business
Customers to be appropriate.

211

Swisscom Ltd | Report of the statutory auditor to the General Meeting
Recoverability of technical installations and intangible assets

Key audit matter
How our audit addressed the key audit matter

We consider the recoverability of technical facilities and
intangible assets of Swisscom Switzerland to be a key
audit matter for the following reasons:
•
Swisscom recognises as of 31 December 2024 a
total amount of technical installations with a net
book value of CHF 10,661 million (2023: CHF
8,556 million) and intangible as-sets with a
netbook value of CHF 6,124 million (2023: CHF
1,737 million). Both represent significant amounts.
•
Management has significant scope for judgement
when assessing and determining the useful life of
technologies that are in use.
Please refer to note 3.2 ‘Property, plant and equipment’
(page 178) and note 3.3 ‘Intangible assets’ (page 180)
in the notes to the consolidated financial statements

We assessed the design and effectiveness of the
controls implemented to ensure the correct impairment
testing of technical installations and intangible assets.
We also discussed with management the estimates of
the future useful lives of existing technologies and
critically assessed these on the basis of current
developments at Swisscom and other
telecommunications companies.
We consider management's assessment of the expected
period over which Swisscom derives economic benefits
from the use of existing technologies to be appropriate.

212
Consolidated Financial Statements | Report of the statutory auditor

Swisscom Ltd | Report of the statutory auditor to the General Meeting

Assessment of litigation arising from regulatory and competition law proceedings

Key audit matter
How our audit addressed the key audit matter

Swisscom recorded as at 31 December 2024 provisions
amounting to CHF 1,540 million (2023: CHF 1,263
million). Of this amount, CHF 152 million (2023: CHF
200 million) relates to provisions for litigation arising
from regulatory and competition law proceedings.
Swisscom provides regulated access services to other
telecommunications service providers in accordance
with the Telecommunications Act. The prices charged
by Swisscom are subject to reviews by the Federal
Communications Commission (ComCom). If the
Commission issues a ruling against Swisscom, the
prices charged must be reduced with retroactive effect.
Swisscom is also a party to proceedings conducted by
the Federal Competition Commission (COMCO). In the
event of a final verdict establishing market abuse by
Swisscom, COMCO may impose sanctions. A final
verdict establishing market abuse issued by COMCO
could lead to civil claims against Swisscom.
We consider the assessment of the financial
implications of litigation arising from regulatory and
competition law proceedings to be a key audit matter
because management has significant scope for
judgement in estimating the probability, the timing and
the amount of a potential cash outflow due to litigation.
Please refer to note 3.5 ‘Provisions and contingent
liabilities’ (page 183) in the notes to the consolidated
financial statements.
To address the significant scope for judgement in
estimating the probability, the timing and the amount of a
potential cash outflow due to litigation, we performed
together with an internal legal expert the following audit
procedures:
•
We discussed pending litigation with management
and Swisscom’s internal legal counsel.
•
We obtained written statements from Swisscom’s
external and internal legal counsel.
•
We gained an understanding of the process and
controls implemented by management to identify,
assessand recognise pending litigation, and
critically assessed it.
To assess the amount of the provisions established, we
considered whether the underlying data were adequately
factored into the calculation of the provisions.
Finally, we assessed the recognition and disclosure in
the consolidated financial statements of litigation arising
from regulatory and competition law proceedings.
We consider management’s approach to the treatment in
the consolidated financial statements of litigation arising
from regulatory and competition law proceedings to be
appropriate.

213

Swisscom Ltd | Report of the statutory auditor to the General Meeting
Assessment of the provisional purchase price allocation for Vodafone Italia

Key audit matter
How our audit addressed the key audit matter

Swisscom acquired Vodafone Italia as of 31 December
2024. Since all the information necessary to determine
the fair value of the acquired assets and liabilities was
not yet available at the time of preparing Swisscom's
consolidated financial statements, Swisscom prepared
a provisional purchase price allocation for the
acquisition.
This resulted in provisional values for assets, liabilities
and goodwill. Please refer to Note 5.3 ‘Acquisition of
Vodafone Italia’ (page 195) in the notes to the
consolidated financial statements.
We consider the provisional purchase price allocation of
the Vodafone Italia acquisition to be a particularly key
audit matter for the following reasons:
•
The acquired assets and liabilities of Vodafone
Italia recognized as of 31 December 2024
represent significant amounts.
•
In preparing the provisional purchase price
allocation, management applies judgement
regarding the choice of valuation methods, input
data and assumptions.
Our audit procedures included assessing the
appropriateness of the accounting policies applied by
management and compliance with the applicable
accounting standards for business combinations.
For the assets and liabilities already recognised at the
carrying amount by Vodafone Italia, we assessed that
they were correctly included in the provisional purchase
price allocation.
For the newly recognised assets as part of the
acquisition, we carried out the following audit procedures
with the involvement of our valuation specialists:
•
We assessed whether a methodically appropriate
valuation procedure was used to determine the fair
values and whether the calculations are
comprehensible.
•
In particular, we critically reviewed the respective
input data and key assumptions, in particular the
discount rate used, analysed their derivation and
compared them with our own calculations.
Finally, we reviewed the disclosure in the consolidated
financial statements for the provisional purchase price
allocation for the acquisition of Vodafone Italia.
We consider management's approach to presenting
Vodafone Italia's provisional purchase price allocation in
the consolidated financial statements to be reasonable.

214
Consolidated Financial Statements | Report of the statutory auditor

Swisscom Ltd | Report of the statutory auditor to the General Meeting
Other information
The Board of Directors is responsible for the other information. The other information comprises the information included
in the annual report, but does not include the financial statements, the consolidated financial statements, the
remuneration report and our auditor’s reports thereon.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial
statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we
are required to report that fact. We have nothing to report in this regard.
Board of Directors’ responsibilities for the consolidated financial statements
The Board of Directors is responsible for the preparation of consolidated financial statements, that give a true and fair
view in accordance with IFRS Accounting Standards and the provisions of Swiss law, and for such internal control as the
Board of Directors determines is necessary to enable the preparation of consolidated financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the Board of Directors is responsible for assessing the Group’s ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless the Board of Directors either intends to liquidate the Group or to cease operations, or has no
realistic alternative but to do so.
Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
Swiss law, ISA and SA-CH will always detect a material misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these consolidated financial statements.
As part of an audit in accordance with Swiss law, ISA and SA-CH, we exercise professional judgement and maintain
professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s
internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made.
• Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial
statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group
to cease to continue as a going concern.

215

Swisscom Ltd | Report of the statutory auditor to the General Meeting
• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the
disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of
the entities or business units within the Group as a basis for forming an opinion on the consolidated financial
statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of
the group audit. We remain solely responsible for our audit opinion.
We communicate with the Board of Directors or its relevant committee regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that
we identify during our audit.
We also provide the Board of Directors or its relevant committee with a statement that we have complied with relevant
ethical requirements regarding independence, and communicate with them regarding all relationships and other matters
that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats
or safeguards applied.
From the matters communicated with the Board of Directors or its relevant committee, we determine those matters that
were of most significance in the audit of the consolidated financial statements of the current period and are therefore the
key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in
our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication.
Report on other legal and regulatory requirements
In accordance with article 728a para. 1 item 3 CO and PS-CH 890, we confirm the existence of an internal control
system that has been designed, pursuant to the instructions of the Board of Directors, for the preparation of the
consolidated financial statements.
We recommend that the consolidated financial statements submitted to you be approved.
PricewaterhouseCoopers AG
Petra Schwick
Arsim Arslani
Licensed audit expert
Licensed audit expert
Auditor in charge

Zürich, 12 February 2025

Further Information____________
Financial statements of Swisscom Ltd
General disclosures. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218
Income statement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218
Balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219
Further disclosures. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219
Proposed appropriation of retained earnings. . . . . . . . . 219
Glossary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220
Five-year review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225

218
Further Information | Financial statements of Swisscom Ltd
Financial statements
of Swisscom Ltd
General disclosures
This is a condensed version of the financial statements of Swisscom Ltd. The full version and the report of the stat-
utory auditor can be viewed on the Swisscom website.

Y See www.swisscom.ch/jahresrechnung2024
Swisscom Ltd is a holding company under Swiss law. As at 31 December 2024, the Swiss Confederation, as majority
shareholder, continued to hold 51.0% of the issued shares of Swisscom Ltd as in the prior year. The Telecommuni-
cations Enterprise Act (TEA) stipulates that the Swiss Confederation shall hold the majority of the share capital and
voting rights of Swisscom Ltd.
The financial statements of Swisscom Ltd have been prepared in accordance with statutory requirements and the
Articles of Incorporation. Distributable reserves are not determined on the basis of the equity as reported in the
consolidated financial statements, but rather on the basis of equity as reported in the separate financial state-
ments of Swisscom Ltd. Equity totalled CHF 8,903 million in the 2024 annual financial statements of Swisscom
Ltd. Under Swiss company law, share capital and that part of the general reserves representing 20% of the share
capital may not be distributed. On 31 December 2024, Swisscom Ltd held distributable reserves of CHF 8,841 mil-
lion. The dividend is proposed by the Board of Directors and must be approved by Swisscom Ltd’s Annual General
Meeting of Shareholders on 26 March 2025. Treasury shares are not entitled to a dividend.
Income statement
In CHF million
2024
2023
Other income
–
1
Total operating income
–
1
Personnel expense
(13)
(10)
Other operating expense
(5)
(6)
Total operating expenses
(18)
(16)
Operating income
(18)
(15)
Financial expense
(152)
(107)
Financial income
159
132
Income from participations
3,021
263
Income before taxes
3,010
273
Income tax expense
(7)
(2)
Annual profit
3,003
271

219
Balance sheet
In CHF million
31. 12. 2024
31. 12. 2023

Assets

Cash and cash equivalents
1,386
81
Financial assets
11,382
5,497
Participations
8,431
8,416
Accrued dividends receivable from subsidiaries
2,950
–
Other assets
94
39
Total assets
24,243
14,033

Liabilities and equity

Interest-bearing liabilities
15,068
6,820
Other liabilities
272
174
Total liabilities
15,340
6,994
Share capital
52
52
Legal capital reserves/capital surplus reserves
21
21
Profit carried forward
5,827
6,695
Annual profit
3,003
271
Total equity
8,903
7,039
Total liabilities and equity
24,243
14,033
Further disclosures
Information on the participation rights held by the members of the Board of Directors and the Group Executive
Board is disclosed in the Remuneration Report (sections 2.5 and 3.5).
As at 31 December 2024, guarantee obligations existed for Group companies in favour of third parties totalling
CHF 235 million (prior year: CHF 250 million). In addition, financial assets totalling CHF 140 million (prior year: CHF
134 million) were not freely available. These assets serve to secure commitments arising from bank loans.
Proposed appropriation of retained earnings
The Board of Directors proposes to the Annual General Meeting of Shareholders to be held on 26 March 2025
that the available retained earnings of CHF 8,829 million for the financial year ending on 31 December 2024 be
appropriated as follows:
In CHF million
31. 12. 2024

Appropriation of retained earnings

Retained earnings from previous year
6,966
Ordinary dividend
(1,140)
Balance carried forward from prior year
5,826
Annual profit
3,003
Retained earnings available to the Annual General Meeting
8,829
Ordinary dividend of CHF 22. 00 per share
(1,140)
Balance to be carried forward
7,689
If the proposal is approved, a dividend of CHF 22 per share will be paid to shareholders on 1 April 2025.

220
Further Information | Glossary
Glossary
3G: 3G is the third generation of mobile technology with
a transfer rate of up to 42 Mbit/s. Swisscom intends
to decommission 3G by the end of 2025 and use the
freed-up resources for more modern and efficient tech-
nologies.
4G: 4G is the fourth generation of mobile technology.
It enables theoretical broadband data speeds of up to
700 Mbit/s via the mobile network. To do so, it bundles
4G frequencies to achieve the required capacity.
5G: 5G (and 5G+) is the latest generation of mobile tech-
nology. Compared to 3G and 4G, it provides even more
capacity, very short response times, and higher band-
widths. 5G technology plays a major role in supporting
the digitalisation of the Swiss economy and industry.
Swisscom differentiates between 5G-fast (narrower
coverage up to 2 Gbit/s and more) and 5G-wide (Swit-
zerland-wide 5G coverage with up to 1 Gbit/s). 5G-fast is
also known as 5G+. Both variants are more efficient than
their predecessor technologies with respect to energy
consumption and use of electromagnetic fields.
asut: Swiss Telecommunications Association (asut).
asut represents the telecoms industry. The association
is committed to ensuring optimal general conditions for
users and providers of services and products.
OFCOM (Federal Office of Communications): OFCOM
deals with issues related to telecommunications and
broadcasting (radio and television) and performs offi-
cial and regulatory tasks in these areas. It also prepares
the decisions of the Swiss Federal Council, the Federal
Department of the Environment, Transport, Energy and
Communications (DETEC) and the Federal Communica-
tions Commission (ComCom).
Bandwidth: Bandwidth refers to the transmission capac-
ity of a medium, also known as the data transmission
rate. The higher the bandwidth, the more information
units (bits) can be transmitted per unit of time (second).
It is defined in bit/s, kbit/s, Mbit/s or Gbit/s.
CDP: The CDP (formerly Carbon Disclosure Project) is a
non-profit organisation whose goal is for companies,
communities and countries to disclose and publish their
environmental data, such as climate-damaging green-
house gas emissions. Swisscom joined the CDP’s Supply
Chain Programme in 2013 to create more transparency
about the greenhouse gas emissions of its suppliers.
Cloud: Cloud computing makes it possible for IT infra-
structures such as computing capacity, data storage,
ready-to-use software and platforms to be accessed
dynamically via the internet as needed. The data centres,
along with the resources and databases, are distributed
via the cloud. The term ‘cloud’ refers to such hardware
which is not precisely locatable.
ComCom (Federal Communications Commission): Com-
Com is the decision-making authority for telecommuni-
cations. Its primary responsibilities include issuing con-
cessions for use of the radio frequency spectrum as well
as basic service licences. It also provides access (unbun-
dling, interconnection, leased lines, etc.), approves
national numbering plans and regulates the conditions
governing number portability and freedom of choice of
service provider.
Container as a Service (CaaS): Container as a Service is a
cloud-based service with usage-based payment. It offers
companies a way to manage their virtualised applica-
tions, clusters and containers, thereby simplifying and
speeding up deployments.
Containerisation: Containerisation is the packaging of
software code into packages. These packages contain all
the necessary components such as libraries, frameworks
and other dependencies, and are isolated in their own
container.

221
CSR: Corporate social responsibility refers to corporate
responsibility for people, society and the environment.
Delivery as a Service (DaaS): Delivery as a Service is a
service-orientated logistics business model that gives
companies access to on-demand deliveries without hav-
ing to hire and manage their own fleet.
EcoVadis: The EcoVadis online platform supports the
enforcement of environmental and social standards
in global supply chains through uniform sustainability
rankings of suppliers. As part of its risk management
system, Swisscom bases its purchasing activities on the
declarations made with EcoVadis by its suppliers.
ESG: ESG refers to the consideration of environmental,
social and governance issues.
Footprint: The term ‘footprint’, also called carbon foot-
print or CO2 footprint, is the result of an emission calcu-
lation. It indicates the amount of greenhouse gas emis-
sions released by an activity or a product. In the case of
products, for example, the carbon footprint includes the
total emissions caused by production, use and disposal.
FTTH (Fibre to the Home): FTTH refers to the end-to-end
connection of homes and businesses using fibre-optic
cables instead of traditional copper cables.
FTTS (Fibre to the Street)/FTTB (Fibre to the Building)/
FTTC (Fibre to the Curb): FTTS, FTTB and FTTC refer to
hybrid broadband connection technologies (optical fibre
and copper). With these technologies, optical fibre is
brought as near as possible to buildings and in the case
of FTTB right to the building’s basement; the existing
copper cables are used for the remaining stretch.
FTTx: FTTx refers to ‘Fibre to the x’. The placeholder ‘x’
denotes the expansion depth, i.e. the end point of the
fibre-optic connection.
FWA (Fixed Wireless Access): FWA is a broadband tech-
nology based on 5G. With FWA, data is received via the
mobile network, which means that no fixed-line con-
nections are required. The user only needs a receiving
device, a mobile router and a WLAN access point.
Optical fibre: Optical fibre cables (or fibre-optic cables)
are a transport medium for optical data transmission –
in contrast to copper cables, which transmit data through
electrical signals.
Hyperscaler: A hyperscaler provides IT resources based
on cloud computing. Cloud computing resources can be
scaled largely horizontally, often with thousands of serv-
ers and storage systems interconnected via high-perfor-
mance networks. Currently, the most significant hyper-
scalers include Amazon Web Services (AWS), Microsoft
Azure, Google Cloud Platform (GCP) and IBM.
ICT (information and communication technology): The
terms ‘information technology’ and ‘communication
technology’ were first combined in the 1980s to denote
the convergence of information technology (informa-
tion and data processing and the related hardware) and
communication technology (technically aided commu-
nications).
Infrastructure as a Service (IaaS): Infrastructure as a
Service enables quick on-demand provision of centrally
managed cloud, computing, data storage and network
resources in a virtualised environment.
Interconnection: Interconnection means linking up the
systems and services of two TSPs so as to enable the log-
ical interaction of the connected telecommunications
components and services and to provide access to third-
party services. Interconnection allows the customer of
one provider to communicate with the subscribers of
another provider. Under the terms of the Federal Tele-
communications Act, market-dominant telecommunica-
tions service providers are required to allow their compet-
itors interconnection at cost-based prices.

222
Further Information | Glossary
IoT (Internet of Things): The IoT connects things, devices
and machines to enable recording of status and environ-
mental data. This data provides the basis for optimising
processes, such as early identification of failing machine
components. IoT facilitates new business models based
on this data or opens up new opportunities for interact-
ing with customers.
IPv6: The successor to IPv4, IPv6 is the sixth generation
of the Internet Protocol. An IPv6 address is a unique, log-
ical address assigned to a host within the network.
JAC: Joint Alliance for CSR. The elimination of any vul-
nerabilities identified is reviewed on a regular basis to
ensure compliance with the environmental and social
standards we expect. Within the framework of JAC, an
international alliance of telecoms companies plans and
conducts CSR audits of suppliers. Swisscom has been a
member of JAC since 2012.
Connectivity: Connectivity is the generic term used in
IP services to denote the connection to the internet and
the ability to exchange data with any partner on the net-
work.
Convergence (bonding technology): In the telecoms sec-
tor, the term convergence usually denotes an interplay
of mobile and fixed-network technologies or products
that include both mobile and fixed-network services.
Circular economy: The circular economy is characterised
by the fact that raw materials are used efficiently and
for as long as possible. If we succeed in closing material
and product cycles, raw materials can be used again and
again.
LAN (local area network): A LAN is a local network for
interconnecting computers, usually based on Ethernet.
MPLS (Multiprotocol Label Switching): MPLS is a tech-
nology that optimises the speed and efficiency of data
forwarding within large networks and/or at the network
edge.
MVNO (mobile virtual network operator): MVNO
denotes a business model for mobile communications.
In this case, the corresponding provider (the MVNO) has
either a limited network infrastructure or no network
infrastructure at all. It therefore uses the infrastructure
of other mobile communications providers.
myclimate:
The
myclimate
foundation
supports
Swisscom with the environmental assessment of its
smartphone range, comparisons of sustainable ICT solu-
tions and reviews of climate balances.
Net promoter score (NPS): The NPS is a key figure that
indirectly indicates customer satisfaction and directly
indicates the willingness of customers to make a recom-
mendation to others. It therefore serves as an analytical
tool to determine customer satisfaction.
Net zero: Net zero means that all greenhouse gas emis-
sions caused by humans must be removed from the
atmosphere again through reduction measures and thus
the climate balance is net, or zero.

223
NIRO: The Swiss Ordinance on Protection against
Non-Ionising Radiation (NIRO) defines the maximum
permissible electrical, magnetic and electromagnetic
radiation from fixed installations in the frequency range
from 0 Hz to 300 GHz. A two-stage protection concept
was applied. At all accessible places, the exposure limit
value, which corresponds to the recommendations of
the WHO, must be observed. In order to take account of
the precautionary principle required by the Environmen-
tal Protection Act, values which are ten times stricter
were set as a precautionary measure for places which
are heavily used where people stay for long periods of
time, based on technical feasibility and economic viabil-
ity.
OTT (Over the Top): OTT refers to content distributed by
service providers over an existing network infrastructure
that they do not themselves operate. OTT companies
offer proprietary services on the basis of the infrastruc-
tures of other companies in order to reach a broad range
of users quickly and cost-efficiently.
Platform as a Service (PaaS): Platform as a Service refers
to cloud-based solutions for the development of appli-
cations. It allows developers to work on apps and other
software solutions without having to provide their own
hardware or infrastructure.
Roaming: Roaming is when a mobile user makes calls,
uses other mobile services or participates in data traffic
outside their home network, i.e. usually abroad. This
requires that the mobile device in question is compati-
ble with the roaming network.
Router: Routers are devices for connecting or separat-
ing several computer networks. They analyse incoming
data packets according to their destination address and
either block them or forward them accordingly (rout-
ing). Routers come in different types, ranging from large
machines in a network to the small devices used by resi-
dential customers.
SBTi and SBT: The goal of the Science Based Target ini-
tiative (SBTi) is to encourage companies to increase
their efforts to combat climate change by setting sci-
ence-based targets. These targets focus on the quantity
of emissions that must be reduced to meet the goals of
the Paris Agreement – to limit global warming to 1.5°C.
Scope 1: Direct GHG emissions resulting from own activ-
ities (e.g. from the combustion of fossil fuels for heating
and mobility or from refrigerants).
Scope 2: Indirect GHG emissions resulting from purchased
energy.
Scope 3: All other GHG emissions resulting from
upstream and downstream activities (e.g. in the supply
chain).
Secure Access Service Edge (SASE): Secure Access Service
Edge is a technology that combines software-defined
network functions with network security.
Software-defined Wide Area Network (SD-WAN): Soft-
ware-defined wide area networking is an automated,
programmatic approach to managing enterprise net-
work connectivity and circuit costs. It extends soft-
ware-defined networking (SDN) into an application that
enables companies to quickly set up an intelligent hybrid
WAN.
Radiation: Radiation is a form of energy that propa-
gates as electromagnetic waves. A distinction is made
between ionising and non-ionising radiation. Ionising
radiation can change the building blocks of matter such
as molecules or atoms, non-ionising radiation has too
little energy for this. Therefore, non-ionising radiation
cannot change atoms or molecules. Mobile networks
use non-ionising radiation.

224
Further Information | Glossary
Streaming: Streaming is the transmission of audio and
video signals over a network or the internet without the
data having to be stored on a local device.
Ultra-fast broadband: Ultra-fast broadband denotes
broadband speeds of more than 50 Mbit/s – on both the
fixed-line and mobile networks.
FTEs: Throughout this report, FTEs is used to denote the
number of full-time equivalent positions.
Competition Commission (COMCO): The Competition
Commission (COMCO) applies the Federal Act on Cartels
and other Restraints of Competition (CartA). The aim of
the CartA is to protect against the harmful economic or
social impact of cartels and other constraints on compe-
tition and by so doing foster competition. COMCO com-
bats harmful cartels and monitors market-dominant
companies for signs of anti-competitive conduct. It is
responsible for overseeing mergers. It is also responsible
for examining mergers and issuing statements on offi-
cial decrees that affect competition.
Zero Trust Network Access (ZTNA): Zero Trust Network
Access is a product or service that creates an identity-
and context-based, logical access boundary around an
application or set of applications.

225
Five-year review
In CHF million, except where indicated

2020
2021
2022
2023
2024

Revenue and results

Revenue

11,100
11,183
11,051
11,072
11,036
Operating income before depreciation and amortisation (EBITDA)

4,382
4,478
4,406
4,622
4,355
EBITDA as % of revenue
%
39. 5
40. 0
39. 9
41. 7
39. 5
EBITDA after lease expense (EBITDAaL)

4,082
4,177
4,120
4,334
4,064
Operating income (EBIT)

1,947
2,066
2,040
2,205
1,951
Net income

1,528
1,833
1,603
1,711
1,541
Earnings per share
CHF
29. 54
35. 37
30. 93
33. 03
29. 77

Balance sheet and cash flows

Equity

9,491
10,813
11,171
11,622
12,155
Equity ratio
%
39. 1
43. 6
45. 4
47. 0
32. 7
Capital expenditure

2,229
2,286
2,309
2,292
2,312
Operating free cash flow

1,853
1,891
1,811
2,042
1,752
Free cash flow

1,706
1,513
1,349
1,480
1,437
Net debt

8,206
7,706
7,374
7,071
15,597

Employees

Full-time equivalent employees
number
19,062
18,905
19,157
19,729
19,887
Average number of full-time equivalent employees
number
19,095
19,099
19,046
19,461
19,918

Operational data

Fixed telephony access lines in Switzerland
in thousand
1,523
1,424
1,322
1,226
1,137
Broadband access lines retail in Switzerland
in thousand
2,043
2,037
2,027
2,006
1,967
TV access lines in Switzerland
in thousand
1,588
1,592
1,571
1,537
1,493
Mobile access lines in Switzerland
in thousand
6,224
6,177
6,173
6,277
6,331
Access lines wholesale Switzerland
in thousand
611
698
679
692
731
Broadband access lines retail in Italy
in thousand
2,747
2,750
2,683
2,601
2,544
Broadband access lines wholesale in Italy
in thousand
158
306
458
648
905
Mobile access lines in Italy
in thousand
1,961
2,472
3,087
3,509
3,930

Swisscom share

Number of issued shares
in million of shares
51. 802
51. 802
51. 802
51. 802
51. 802
Market capitalisation

24,715
26,657
26,243
26,212
26,134
Closing price at end of period
CHF
477. 10
514. 60
506. 60
506. 00
504. 50
Closing price highest
CHF
577. 80
562. 40
590. 40
619. 40
571. 00
Closing price lowest
CHF
446. 70
456. 30
443. 40
501. 20
486. 80
Dividend per share
CHF
22. 00
22. 00
22. 00
22. 00
22. 00 1
Ratio payout/earnings per share
%
74. 48
62. 20
71. 13
66. 61
73. 90

Information Switzerland

Revenue

8,614
8,579
8,566
8,516
8,363
Operating income before depreciation and amortisation (EBITDA)

3,522
3,569
3,534
3,842
3,679
Capital expenditure

1,596
1,634
1,688
1,685
1,712
Full-time equivalent employees
number
16,048
15,882
15,750
16,050
15,905

1 In accordance with the proposal of the Board of Directors to the Annual
General Meeting.

226
Further Information | Forward-looking statements
Forward-looking statements
This Annual Report contains forward-looking statements. In this Annual Report, such forward-looking
statements include, without limitation, statements relating to our financial condition, results of operations and
business and certain of our 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 fil-
ings 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 relate only to the date
of this communication.
Swisscom disclaims any intention or obligation to update and revise any forward-looking statements, whether
as a result of new information, future events or otherwise.

Publishing details
Key dates

●
13 February 2025
2024 Annual Results and Annual Report

●
26 March 2025
Annual General Meeting

●
28 March 2025
Ex dividend date

●
1 April 2025
Dividend payment date

●
8 May 2025
2025 First-Quarter Results

●
7 August 2025
2025 Second-Quarter Results

●
6 November 2025
2025 Third-Quarter Results

●
12 February 2026
2025 Annual Results and Annual Report
Published and produced by
Swisscom Ltd, Bern
Graphic Design
Nordjungs Ltd liab co., Zurich
Translation
Supertext Ltd, Zurich
Production
MDD Management Digital Data Ltd, Zurich
Printing
Ast & Fischer Ltd, Bern
Photography
Gerry Amstutz, Franz Rindlisbacher, Zurich
Printed on chlorine-free bleached paper
© Swisscom Ltd, Bern
The Annual Report is published in
English, French and German.
Online versions of the Annual Report
German:
www.swisscom.ch/bericht2024
English:
www.swisscom.ch/report2024
French:
www.swisscom.ch/rapport2024
The Sustainability Reports for Switzerland
and Italy are published online at
Switzerland: www.swisscom.ch/sir2024
Italy:
www.fastweb.it/corporate
General information
Swisscom Ltd
Headquarters
3050 Bern / Switzerland

Telephone: + 41 58 221 99 11
Financial information
Swisscom Ltd
Investor Relations
3050 Bern / Switzerland

Telephone: + 41 58 221 99 11
E-mail:
investor.relations@swisscom.com
Website:
www.swisscom.ch/investor
Social and environmental information
Swisscom Ltd
Group Communications & Responsibility
3050 Bern / Switzerland

E-mail:
corporate.responsibility@swisscom.com
Website:
www.swisscom.ch/responsibility
For the latest information,
visit our website
www.swisscom.ch

swisscom.ch/report2024