Swisscom reported a 36.9 percent increase in revenue to CHF 11.175 billion for the first nine months of 2025, boosted by the acquisition of Vodafone Italia.
EBITDA after lease expense (EBITDAaL) rose 17.3 percent to CHF 3,777 million, while operating free cash flow grew 7.8 percent to CHF 1,606 million. However, on a pro forma basis assuming full consolidation of Vodafone Italia since January 2024, group revenue declined by 2.1 percent and EBITDAaL by 4.8 percent due to integration-related costs and market pressure.
ARPU, Revenue and Subscribers
In Switzerland, telecom service revenue fell 2.3 percent to CHF 3,871 million, reflecting competitive and pricing pressures that impacted average revenue per user (ARPU). Business IT services revenue rose 1.0 percent to CHF 906 million, partially offsetting the decline.
In Italy, revenue fell 1.0 percent to EUR 5,383 million, with a 2.8 percent drop in residential revenue balanced by stable performance in the business segment. The combined customer base of Swisscom, Fastweb and Vodafone Italia now exceeds several million mobile and broadband subscribers across Switzerland and Italy.
5G and Fiber Expansion
Swisscom continues to lead network modernization across its markets. In Switzerland, the company now covers 88 percent of the population with 5G+ and 55 percent of households and businesses with optical fiber. In Italy, the combined Fastweb and Vodafone operations cover 87 percent of the population with 5G (up 11 percentage points) and 54 percent of households and businesses with fiber (up 13 percentage points). A recent 5G network test achieved record peak speeds of 2.5 Gbps, preparing the ground for 5G Advanced deployment.
Network and Technology Leadership
Swisscom maintained its position as Switzerland’s top network provider, winning broadband and fixed network tests for the fifth consecutive year. The company is also strengthening cybersecurity services through its new “beem” platform, offering scalable protection for enterprises. Integration work in Italy is advancing, including the migration of Fastweb’s SIM base to Vodafone Italia’s network and the launch of a unified product portfolio across both brands.
Strategy and Outlook
Swisscom’s strategy centers on network leadership, digital innovation, and synergy realization from the Vodafone Italia acquisition. The company aims to leverage its expanded footprint to drive 5G, fiber and cybersecurity growth while maintaining operational efficiency. For 2025, Swisscom expects revenue between CHF 15.0 billion and CHF 15.2 billion, EBITDAaL of about CHF 5.0 billion, capital expenditure of CHF 3.1–3.2 billion, and a net debt-to-EBITDA ratio of around 2.4x.
Shafana Fazal
