Swisscom‘s acquisition of Vodafone Italia ensures strong boost in revenue, financial results as expected. Switzerland: stable financial and operational development Cybersecurity now directly integrated into the network for business customers Italy: integration of Vodafone Italia progressing as planned Financial outlook for 2025 confirmed.
CEO Christoph Aeschlimann is satisfied with the first half of 2025. “The Swisscom Group’s financial results and market performance are in line with our expectations. We are heading in the right direction and the outlook for the year remains unchanged. We have launched further innovations for our business customers: in Italy, we are offering additional AI services, and in Switzerland, we have even ushered in a new era in cybersecurity – with protection directly in the network instead of on your device. Finally, we have once again increased customer satisfaction and celebrated success with a record result in the connect Hotline Test and a strong Net Promoter Score. I am especially pleased that the integration of Vodafone Italia is advancing as planned.”
Revenue increases: Swisscom Group increases by around 37%
Following the acquisition of Vodafone Italia, the first joint half-year figures show a pleasing development: the Swisscom Group increased its revenue by 36.7% to CHF 7,446 million. EBITDA after lease expense (EBITDAaL) rose by 15.9% to CHF 2,474 million, while operating free cash flow rose by 1.2% to CHF 989 million.
In addition, Swisscom reports pro forma figures for revenue, EBITDAaL, capital expenditure and operating free cash flow as if Vodafone Italia had been consolidated since 1 January 2024. In this comparison, group revenue in the first half of the year fell by 2.3% year-on-year to CHF 7,446 million. EBITDAaL fell by 5.5% to CHF 2,474 million. On a like-for-like basis and at constant exchange rates, the decline was 3.1%. Operating free cash flow of CHF 989 million increased by 1.6% on a like-for-like basis. Net income fell by 25.2% year-on-year to CHF 625 million. Expenses associated with the acquisition of Vodafone Italia were the main contributors to this decline.
Switzerland: stable development – cybersecurity directly in the network
A strong brand that people can identify with is crucial to keeping up with competitors. This is why Swisscom has strengthened its brand positioning in Switzerland. The claim ‘Discover your possibilities’ encourages people to experience for themselves what new technology makes possible. In cyberspace, dangers are just as much a part of reality as possibilities. In order to provide companies with even better protection against cyberthreats, Swisscom has launched a new cybersecurity initiative with beem. Protection is directly integrated into the network and fends off cyberattacks and other digital threats. For SME customers, this makes it much easier to successfully protect themselves against cyberattacks.
The Switzerland segment performed as expected. Revenue in the first half of 2025 fell by CHF 77 million to CHF 3,897 million (-1.9%). Revenue from telecom services fell by 2.2% to CHF 2,582 million. Thanks to improved efficiency and consistent cost savings, this decline in revenue was almost half offset. At the same time, revenue from IT services for business customers increased by 1.5% to CHF 610 million in the first half. EBITDAaL remained almost stable at CHF 1,684 million on a like-for-like basis (-0.4%), while operating free cash flow increased by 1.6% to CHF 851 million.
As at the end of June 2025, Swisscom covered roughly 54% of Swiss households and businesses with optical fibre and 87% of the population with 5G+, and is continuing to systematically modernise its fixed-network and mobile communications infrastructure in all Swiss municipalities.
Italy: business performance as expected in a year of transition – migration of mobile customers has started
Compared with the pro forma figures* for the first half of the year 2024, revenue in the Italy segment remained almost stable at EUR 3,593 million (-0.4%). Revenue from residential customers decreased by 2.6% to EUR 1.672 million, while revenue from business customers increased by 1.5% to EUR 1,581 million, driven by growth in IT services and merchandise. EBITDAaL fell by 7.6% to EUR 828 million on an adjusted basis. Operating free cash flow fell by 4.8% to EUR 159 million on an adjusted basis.
The integration of Vodafone Italia is progressing. For example, the gradual migration of Fastweb‘s mobile customers to the Vodafone Italia mobile network is proceeding as planned and should be completed by the end of the year. As planned, the synergy effects expected for 2025 should manifest in the second half of the year.
As of the end of June 2025, Fastweb + Vodafone covers 53% of households and businesses in Italy with FTTH (+14% year-on-year). The mobile network reaches 87% of the population with 5G (+14% year-on-year).
Financial outlook for 2025 confirmed
For the 2025 financial year, Swisscom expects revenue of around CHF 15.0 to CHF 15.2 billion, EBITDAaL of around CHF 5.0 billion, capital expenditure of between CHF 3.1 billion and CHF 3.2 billion (around CHF 1.7 billion of which will be in Switzerland) and a debt ratio (net debt/EBITDA) of 2.4x as at the end of 2025. If its targets are achieved, Swisscom will propose increasing the dividend from the previous CHF 22 per share to CHF 26 per share for the 2025 financial year at the 2026 Annual General Meeting.
