Q2 Financial Performance
Swisscom reported second‑quarter revenue of CHF3.62 billion, topping the consensus estimate of CHF3.59 billion compiled from 13 analysts. EBITDA after lease expense (EBITDAaL) reached CHF1.27 billion, beating the average forecast of CHF1.22 billion. Net income was CHF337 million, ahead of the CHF301 million consensus, while operating income (EBIT) amounted to CHF483 million, surpassing the CHF455 million estimate. Earnings per share were CHF6.50 for the quarter.
Segment Highlights
In Switzerland, Q2 revenue was CHF1.93 billion, marginally above the CHF1.91 billion consensus, and EBITDAaL stood at CHF839 million versus the CHF809 million estimate. Swiss capital expenditure was CHF379 million, below the CHF409 million forecast, and operating free cash flow was CHF460 million, beating the CHF400 million expectation. For the Italy segment, EBITDAaL grew 10.2% to CHF838 million, while operating expenses fell by €223 million, driven primarily by cost savings from synergy realisation amounting to €166 million.
Cash Flow and Capital Expenditure
Group‑wide capital expenditure for the quarter was CHF661 million, under the consensus of CHF719 million. Operating free cash flow reached CHF608 million, exceeding the CHF496 million estimate. However, free cash flow was CHF131 million, falling short of the CHF185 million forecast. Income taxes paid increased by CHF83 million to a total of CHF267 million, reflecting additional tax payments relating to prior years.
Guidance and Dividend Proposal
Swisscom reaffirmed its full‑year 2026 outlook, projecting revenue of CHF14.7‑14.9 billion, EBITDAaL of CHF5‑5.1 billion, capital expenditure of CHF3‑3.1 billion, and operating free cash flow of around CHF2.0 billion. Subject to achieving its targets, the company intends to propose raising its dividend to CHF27 per share for the 2026 financial year, up from CHF26, at the 2027 Annual General Meeting.
Workforce
Full‑time equivalent employees totaled 22,761 at the end of the first half of the year.