Q2 2026 Swisscom AG Earnings Call

August 6, 2026

Speaker #1: Gebt ihm Zeit. Soll ich noch ein bisschen weiterreden? Wir haben es jetzt 9 Uhr, momentan haben wir... ups, wo ist die 3? 14 Einwahlen, das ist nicht so viel.

Speaker #1: Ich würde sagen, wir können noch eine Minute warten. Das sind... Gut. Ich lese: "Thomas, kannst du mich hören?"

Louis Schmid: Sandy?

Speaker #2: Sandy?

Speaker #1: Ja? Wollen wir starten? Jetzt? Ich bin dabei, könnt ihr mich hören? Hallo? Okay. Wir starten.

Operator: Ja. Wollen Sie starten? Ich bin dabei. Könnt ihr mich hören? Hallo? Okay. Wir starten.

Operator 2: All participants lines listen only.

Speaker #3: All participants' lines listen only.

Speaker #1: Good morning, ladies and gentlemen. Thank you for joining the Swisscom Q2 2026 results call, hosted by Christoph Aeschlimann, Eugen Stermetz, and Louis Schmid. Louis, the floor is yours.

Operator: Good morning, ladies and gentlemen. Thank you for joining the Swisscom Q2 2026 Results, hosted by Christoph Aeschlimann, Eugen Stermetz, and Louis Schmid. Louis, the floor is yours.

Louis Schmid: B2C Fiber Take-up Ratio 86%, das stimmt sicher. Fiber Take-up ist ja anhand von Fiber Connections. Sandy?

Speaker #2: Sandy?

Operator: Ja, can you hear?

Speaker #1: Yeah, I can hear you. Okay. Sorry, ladies and gentlemen, there were technical issues.

Louis Schmid: Das ist zu wenig.

Operator: Okay. Sorry, ladies and gentlemen, technical issues.

Louis Schmid: Sandy? Hallo.

Speaker #2: Sandy? Hallo?

Operator: Hallo, I can hear you. Hallo, könnt ihr mich nicht hören? Ich gehe noch einmal raus und versuche mich noch einmal zu verbinden. Hallo, könnt ihr mich hören? Bin wieder da. Hallo? Wer hört mich jetzt nicht? Ich habe das Gefühl, Louis kann mich nicht hören.

Speaker #1: Hallo? Ich kann euch hören. Hallo? Könnt ihr mich nicht hören? Okay, ich gehe nochmal raus und versuche, mich neu zu verbinden. Hallo? Könnt ihr mich hören?

Speaker #1: Ich bin wieder da. Hallo? Wer hat mich jetzt nicht? Also, ich habe das Gefühl, Louis kann mich nicht hören.

Louis Schmid: Sandy?

Speaker #2: Sandy?

Operator: Ja, Gerold. Hallo? Bin ich stumm, ja. Wer kann den Operator hören?

Speaker #1: Ja, ich höre euch. Hallo? Ich bin nicht stumm. Wer kann denn noch so weiterhören?

Speaker #2: Kannst du mich hören?

Louis Schmid: Kannst du mich hören?

Speaker #1: Ja.

Operator: Ja.

Speaker #2: Hallo? Hören.

Louis Schmid: Hallo?

Operator: Hören wir dich nicht.

Speaker #1: Hören versteht nicht.

Louis Schmid: Sandy? Hallo?

Speaker #2: Sandy? Hallo?

Speaker #1: Ja, ja, ja.

Operator: Ja.

Speaker #2: Können wir loslegen?

Louis Schmid: Können wir loslegen?

Speaker #1: Okay. Ja.

Operator: Ja.

Speaker #2: Was macht das? Keine Ahnung. Sandy?

Louis Schmid: Was macht er? Keine Ahnung. Sandy?

Speaker #1: Can you hear me now? Can you hear me? Yes.

Operator: Can you hear me now? Can you hear me?

Speaker #2: Yes, yes. Yes, we can hear you.

Louis Schmid: Yes, we can hear you.

Speaker #1: Now it's fine. Okay, then we start.

Operator: Now it's fine. Okay, we start.

Speaker #2: All right.

Louis Schmid: All right.

Operator 2: All participants lines listen only.

Speaker #3: All participants' lines listen only.

Operator: Good morning, ladies and gentlemen. Thank you for joining the Swisscom Q2 2026 Results, hosted by Christoph Aeschlimann, Eugen Stermetz, and Louis Schmid. Louis, the floor is yours.

Speaker #2: Good morning, ladies and gentlemen, and also a warm welcome from our side to Swisscom's Q2 2026 results presentation. My name is Louis Schmid, Head of Investor Relations, and with me are our CEO, Christoph Aeschlimann, and Eugen Stermetz, our Chief Financial Officer.

Louis Schmid: Good morning, ladies and gentlemen, and also a warm welcome from our side to Swisscom's Q2 2026 Results presentation. My name is Louis Schmid, Head of Investor Relations, and with me are our CEO, Christoph Aeschlimann, and Eugen Stermetz, our Chief Financial Officer. Let's now move to page number two with the agenda of today. As you can see, our CEO starts the presentation with chapter one, achievements, a quick overview on the Q2 highlights, the operational and financial performances of the Q2. Then in chapter two, Christoph presents the business update for Switzerland and Italy. In the second part of today's presentation, our CFO, Eugen, runs you through chapter three with our Q2 financials, including the confirmation of our full year guidance. With that, I would like to hand over to Christoph to start his presentation. Christoph?

Speaker #2: Let's now move to page number 2 with the agenda of today. As you can see, our CEO starts the presentation with chapter 1, Achievements, a critical review of the Q2 highlights, and the operational and financial performances of the second quarter.

Speaker #2: Then, in chapter 2, Christoph presents the business update for Switzerland and Italy. In the second part of today's presentation, our CFO, Eugen, runs you through chapter 3 with our Q2 financials, including the confirmation of our full-year guidance.

Speaker #2: With that, I would like to hand over to Christoph to start his presentation. Christoph? Thank you. Louis, welcome to the Q2 call, also from my side.

Christoph Aeschlimann: Thank you, Louis. Welcome to the Q2 call also from my side. I'll start directly on page number four with the quarter highlights. You have seen from the numbers that we delivered a solid performance. We are operationally and financially on track. I'm very pleased with the H1 results. Based on these results, we have also confirmed the full year guidance. In Switzerland, we were able to again win the Mobile Connect top line test, and we managed to secure the Champions League right until 2030, which further strengthens our entertainment offering in Switzerland. We also announced a couple of management changes in Switzerland. We decided to put in place a dedicated Swiss CEO and CFO. All positions have been nominated by internal successors, ensuring continuity and allowing more focus on the Swiss market and the ongoing AI-based transformation in Switzerland.

Speaker #2: I'll start directly on page number 4 with the quarter highlights. You have seen from the numbers that we delivered a solid performance, and we are operationally and financially on track.

Speaker #2: I'm very pleased with the first half-year results, and based on these results, we have also confirmed the full-year guidance. In Switzerland, we were able to again win the Mobile Connect hotline test, and we managed to secure the Champions League rights until 2030, which further strengthens our entertainment offering in Switzerland.

Speaker #2: We also announced a couple of management changes in Switzerland. We decided to put in place a dedicated Swiss CEO and CFO. All positions have been nominated by internal successors, ensuring continuity and allowing more focus on the Swiss market and the ongoing AI-based transformation in Switzerland.

Speaker #2: We also nominated a successor for the B2C business with Michel Siegenthaler, who is a longstanding member of the B2C management team. Also, on that side, we have ensured continuity and full focus on executing our current strategy.

Christoph Aeschlimann: We also nominated a successor of the B2C business with Michel Siegenthaler, who is a longstanding member of the B2C management team. Also on that side, we have ensured continuity and full focus on executing our current strategy. As the Group CEO, I will continue to provide strategic leadership across Switzerland and Italy, and Eugen will hold overall financial responsibility for the group as Group CFO. Our strategy remains exactly the same and is unchanged both for Switzerland and for the whole group of Swisscom. Moving to Italy. We are fully on track on the integration, integrating Vodafone Italia into Fastweb, and synergy realization is going on faster as planned, and we are ahead of budget and plan on the integration side. We're also leading with innovation in Italy. We launched numerous products.

Speaker #2: As Group CEO, I will continue to provide strategic leadership across Switzerland and Italy, and Eugen will hold overall financial responsibility for the Group as Group CFO.

Speaker #2: Our strategy remains exactly the same, and it's unchanged both for Switzerland and for the whole group of Swisscom. Now, moving to Italy, we are fully on track with the integration.

Speaker #2: Integrating Vodafone Italia into Fastweb and synergy realization is going faster than planned, and we are ahead of budget and plan on the integration side.

Speaker #2: We're also leading with innovation in Italy. We launched numerous products; one which is noteworthy is ROS, our AI app for consumers, and we also enhanced the energy portfolio.

Christoph Aeschlimann: One which is noteworthy is ROSS, our AI app for consumers, and we also enhanced the energy portfolio. I will talk a bit more about energy later on during the call. Moving on to slide number five. You can see the Q2 financials have a consistent operating free cash flow increase, reaffirming our full year guidance. Revenue is still slightly down by 2%, posting CHF 3.6 billion in revenue, driven by lower service revenue both in Italy and Switzerland, and lower hardware in Italy. Eugen will give a bit more color on the revenue development later on in the presentation. EBITDA is up 6.1% to CHF 1.269 billion, driven by synergies in Italy and strong cost savings in Switzerland.

Speaker #2: And I will talk a bit more about energy later on during the call. Now, moving on to slide number 5, you can see the Q2 financials have a consistent operating free cash flow increase, reaffirming our full-year guidance.

Speaker #2: Revenue is still slightly down by 2%, posting 3.6 billion Swiss francs in revenue, driven by lower service revenue both in Italy and Switzerland, and lower hardware in Italy.

Speaker #2: And Eugen will give a bit more color on the revenue development later on in the presentation. EBITDA is up 6.1% to CHF 2,126.9 million, driven by synergies in Italy and strong cost savings in Switzerland.

Speaker #2: We had seasonally lower capex, down 6.3%, leading to strong growth in operating free cash flow, at €608 million, which is up 23.9% compared to the previous year-on-year comparison.

Christoph Aeschlimann: We had seasonally lower CapEx, down -6.3%, leading to a high growth on operating free cash flow with CHF 608 million, which is up 23.9% compared to previous year-on-year comparison. On the right-hand side, you can see the operating free cash flow bridge, which I will not comment as Eugen will go into detail through these numbers later on in the finance section. Overall, I think we can say that we are very pleased with the Q2 and H1 results, and we have posted a solid and good performance in the first six months of 2026. I will now provide an update on our business in Switzerland and Italy. As you know, we have a clear priority to grow the free cash flow by ensuring stable free cash flows from Switzerland. I'm now on page number seven.

Speaker #2: On the right-hand side, you can see the operating free cash flow bridge, which I will not comment on, as Eugen will go into detail through these numbers later on in the finance section.

Speaker #2: But overall, I think we can say that we are very pleased with the Q2 and H1 results, and we have posted a solid and good performance in the first six months of 2026.

Speaker #2: I will now provide an update on our business in Switzerland and Italy. As you know, we have a clear priority to grow free cash flow by ensuring stable free cash flows from Switzerland.

Speaker #2: So, I'm now on page number 7. Ensuring the free cash flows are stable—free cash flows, sorry—in Switzerland, we do this by managing three things.

Christoph Aeschlimann: Ensuring the free cash flows or stable free cash flow, sorry, in Switzerland, we do this by managing three things. First, managing the telco top line. We are working on boosting efficiency and delivering cost savings and achieving profitable IT growth in B2B space. Second, we are ensuring growing free cash flows from Italy. This is achieved by three actions, driving the integration and delivering the synergies, delivering the telco turnaround, specifically on the B2C side, and also growing IT business, but also the energy business in Italy. I will now go into a bit more details how we are doing according to these three objectives, both in Switzerland and in Italy. Diving into Switzerland, we start with B2C on page number eight. You can see that we are operationally on track, and we have successfully implemented the price increase.

Speaker #2: First, managing the telco top line. We are working on boosting efficiency and delivering cost savings, as well as achieving profitable IT growth in the B2B space. Second, we are ensuring growing free cash flows from Italy.

Speaker #2: This is achieved by three actions: driving the integration and delivering the synergies, delivering the telco turnaround—specifically on the B2C side—and also growing the IT business, but also the energy business in Italy.

Speaker #2: And I will now go into a bit more detail about how we are doing according to these three objectives, both in Switzerland and in Italy.

Speaker #2: Now, diving into Switzerland, we start with B2C on page 8. You can see that we are operationally on track, and we have successfully implemented the price increase.

Speaker #2: As you can see on the right-hand side, this has led to a temporary increase in churn numbers in Q1, and this churn is now coming down again to, let's say, the seasonally normal churn figures.

Christoph Aeschlimann: As you can see on the right-hand side, this has led to a temporary increase in churn numbers in Q1. This churn is now coming down again to, let's say, the seasonally normal churn figures. You can see that in Q2, churn has come down substantially. It is still slightly elevated to the historical churn levels, but we are confident that churn will now normalize over the coming quarters in 2026. We still had some negative impact on the RGU side, especially on broadband, while the mobile side is working quite nicely with +10,000 RGUs in Q2. Broadband was also better than Q1, but still slightly negative. It was -8,000. This will be one of our main priorities going forward, working on making sure that also on the broadband side, we can achieve stability.

Speaker #2: You can see that in Q2, churn has come down substantially. It is still slightly elevated compared to historical churn levels, but we are confident that churn will now normalize over the coming quarters in 2026.

Speaker #2: We still had some negative impact on the RGU side, especially on broadband, while the mobile side is working quite nicely, with plus 10,000 RGUs in Q2.

Speaker #2: Broadband was also better than Q1, but still slightly negative, with minus 8,000. And this will be one of our main priorities going forward—working on making sure that, also on the broadband side, we can achieve stability on the RGU side.

Christoph Aeschlimann: On the RGU side, this will require additional measures on the Wingo side, as we want to strengthen Wingo also as a broadband provider. This is one of the reasons why we launched the Wingo brand refresh to position Wingo more strongly in the market. We also executed a price increase on the Wingo side with a more for more approach with CHF +1 from 1 September going on, and we did the same on the Migros Mobile side on our third brand. You can see that we are working on various levers to improve the service revenue evolution and make sure that we deliver the most value out of the B2C business. Another important pillar next to service revenue is working on all the value-added services.

Speaker #2: This will require additional measures on the window side, as we want to strengthen Window also as a broadband provider. This is one of the reasons why we launched the Window brand refresh—to position Window more strongly in the market.

Speaker #2: And we also executed a price increase on the window side with a more-for-more approach, with plus 1 Swiss franc from September 1st going on.

Speaker #2: And we did the same on the micro-mobile side on our third brand. So you can see that we are working on various levers to improve the service revenue evolution and make sure that we deliver the most value out of the B2C business.

Speaker #2: Another important pillar, next to service revenue, is working on all the value-added services. So we are very pleased that we were able to confirm, or continue to work together with UEFA Champions League until the end of the decade, which strengthens our blue TV proposition. But also, we see very good momentum on the security side.

Christoph Aeschlimann: We are very pleased that we were able to confirm or continue to work together with UEFA Champions League until the end of the decade, which strengthens our Blue TV proposition. Also, we see very good momentum on the security side with strong net adds, and also the AI proposition for consumers is developing a very positive traction overall. We will continue to invest both on the AI and security side, as this is important positively impact ARPU over time and counteract the brand switchers and deliver new revenues overall for our B2C business. Maybe one last comment before we move on. On the ARPU side, you can see that ARPU is slightly up, impacted positively on the one side by the price increase of own brands, and then some negative effects due to continued brand switching from own brands to Wingo.

Speaker #2: With strong net adds and also the AI proposition for consumers developing very positive traction overall, we will continue to invest both on the AI and security side, as this is important to positively impact ARPU over time, counteract brand switches, and deliver new revenues overall for our B2C business.

Speaker #2: Maybe one last comment before we move on. On the ARPU side, you can see that ARPU is slightly up, impacted positively on the one side by the price increase of own brands, and then some negative effect due to continued brand switching from own brands to Wingo.

Speaker #2: But overall, you can see that for this quarter we had a positive impact, roughly driving up ARPU by one Swiss franc, both on mobile and on wireline.

Christoph Aeschlimann: Overall, you can see that for this quarter, we had a positive impact, roughly driving up ARPU CHF 1, both on mobile and on wireline. Now I am moving on to B2B, where we are starting with the telco business. The operational trends are roughly in line with what we have seen in previous quarters. Losing RGUs both on mobile and on broadband, while ARPU is also slightly up, also due to selected pricing measures that we took in the past quarters. It is sort of stable, slightly improving on the ARPU side, but still negative on the net add side. One of our main focus in B2B is also working on the RGU side, making sure that we stop the continued loss of connections. We do this by working on several aspects.

Speaker #2: Now I'm moving on to B2B, where we're starting with the telco business. The operational trends are roughly in line with what we've seen in previous quarters.

Speaker #2: So, losing RGUs both on mobile and on broadband, while ARPU is also slightly up—also due to selected pricing measures that we took in the past quarters.

Speaker #2: So it's a sort of stable, slightly improving on the ARPU side, but still negative on the net add side. So one of our main focuses in B2B is also working on the RGU side, making sure that we stop the continued loss of connections.

Speaker #2: We do this by working on several aspects. First, we take a lot of actions on customer value management, increasing retention and value realization, especially on the SME side.

Christoph Aeschlimann: First, we do a lot of actions on the customer value management, increasing retention and value realization, especially on the SME side. We are executing numerous activities. We are scaling up further the sales of beem. Basically delivering more value and different products to our customers on the security side to make sure that our offers are more sticky, combining security with connectivity. We are also working on strengthening our partner strategy, especially in the mid-market, to further scale beem and the IT platform reselling. Maybe one note on beem. We see quite positive numbers on the growth side of beem. The mobile business is delivering very well. We already have over 100,000 users. On the broadband side, pickup is also picking up slightly lower numbers with 1,200 locations being secured.

Speaker #2: We are executing numerous activities. We are further scaling up the sales of BEAM—so basically delivering more value and different products to our customers on the security side, to make sure that our offers are more sticky by combining security with connectivity. We are also working on strengthening our partner strategy, especially in the mid-market, to further scale BEAM and the IT platform reselling.

Speaker #2: Maybe one note on Beam. We see quite positive numbers on the growth side of Beam. The mobile business is delivering very well. We already have over 100,000 users.

Speaker #2: And on the broadband side, pickup is also picking up, with slightly lower numbers, with 1,200 locations being secured. And we will continue to focus on the beam scale-up in the ongoing quarters this year and especially also next year, as we believe that delivering secure connectivity will be one of the key topics going forward in the B2B space.

Christoph Aeschlimann: We will continue to focus on the beem scale-up in the ongoing quarters this year and especially also next year, as we believe that delivering secure connectivity will be one of the key topics going forward in the B2B space. On the IT side, there is a bit light and shadow. On the one side, we have a softer revenue top line, mainly driven by lower volumes for Workplace and UCC, which we were not able to compensate with the higher demand that we see for Sovereign Cloud and AI. Overall, slightly lower revenues, and we expect this to continue for the full year. Probably IT service revenue will come in slightly lower on a full year basis than last year as also the market is quite demanding at the moment.

Speaker #2: On the IT side, there is a bit of light and shadow. On the one hand, we have a softer revenue top line, mainly driven by lower volumes for workplace and UCC.

Speaker #2: Which we were not able to compensate with the higher demand that we see for Sovereign Cloud and AI. So, overall, slightly lower revenues.

Speaker #2: And we expect this to continue for the full year. Probably, IT service revenue will come in slightly lower on a full-year basis than last year.

Speaker #2: As the market is also quite demanding at the moment, we decided to focus on profitability improvements and making sure that we can deliver more EBITDA despite softer revenues.

Christoph Aeschlimann: We decided to focus on the profitability improvement and making sure that we can deliver more EBITDA despite softer revenues. You can see that already in Q1 and Q2, we were able to deliver an increased profitability with strict cost discipline and better project execution. We expect this to continue also on a full year basis, bringing up profitability of the IT business to a much better and more profitable level. At the same time, we are also working on new growth avenues for B2B. We are further investing in the Swiss AI Assistant as we see increased demand on the AI front, especially in the SME, but also the corporate side.

Speaker #2: And UFC, you can see that already in Q1 and Q2, we were able to deliver increased profitability with strict cost discipline and better project execution.

Speaker #2: And we expect this to continue also on a full-year basis, bringing up the profitability of the IT business to a much better and more profitable level.

Speaker #2: At the same time, we are also working on new growth avenues for B2B. So, we are further investing in the Swiss AI Assist assistant, as we see increased demand on the AI front, especially in the SME, but also the corporate side.

Speaker #2: And we are working on many opportunities in the defense sector, where we have a lot of multi-year contracts in place now, which should allow us to deliver new growth coming in the coming years.

Christoph Aeschlimann: We are working on many opportunities in the defense sector where we have a lot of multi-year contracts in place now, which should allow us to deliver new growth going on, coming in the coming years. Now moving on to network and wholesale on page 10. You can see that we continue to invest in our network. 5G+ coverage is up 2.5%, now covering 90% of Switzerland. FTTH coverage is up 4%, now covering 58% of Switzerland with FTTH connection. We're also making good progress on migrating our mobile customers to the new 5G standalone core. We have over 1 million customers now on the new core infrastructure, which is important for our tech renovation and moving to a fully cloud-enabled technology basis. On the spectrum side, we expect the final communication by the regulator until the year-end, in the coming month.

Speaker #2: Now, moving on to Network and Wholesale on page number 10. You can see that we continue to invest in our network. 5G Plus coverage is up 2.5%.

Speaker #2: We're now covering 90% of Switzerland, and FTTH coverage is up 4%. We are now covering 58% of Switzerland with FTTH connections. We're also making good progress on migrating our mobile customers to the new standard 5G standalone core.

Speaker #2: We've now got over 1 million customers on the new core infrastructure, which is important for our tech renovation and moving to a fully cloud-enabled technology basis.

Speaker #2: On the spectrum side, we expect the final communication by the regulator by year-end, in the coming months. And we expect the auction to happen sometime in summer or autumn 2027.

Christoph Aeschlimann: We expect the auction to happen somewhere in the summer, autumn 2027. Still roughly one year to go until the auction will finally happen or should happen. We will know the exact timing once the regulatory communication has happened. Hopefully we can update you more on this topic in the Q3 call early November. I think positive news we have on the wholesale front. You can see that we have consistent RGU growth on the broadband side. Again, +14,000 net adds, exactly the same as in Q1. We have substantially better and higher run rate now than in 2025 when you compare this on a yearly basis. We expect this to continue for the full year. This is continuously delivering service revenue growth.

Speaker #2: So, still roughly one year to go until the auction will finally happen, or should happen. We will know the exact timing once the regulatory communication has happened.

Speaker #2: So, hopefully, we can update you more on this topic in the Q3 call in early November. Positively, I think we have positive news on the wholesale front.

Speaker #2: So you can see that we have consistent RGU growth on the broadband side. Again, plus 14,000 net adds, exactly the same as in Q1.

Speaker #2: So, we have a substantially better and higher run rate now than in 2025, when you compare this on a yearly basis. We expect this to continue for the full year.

Speaker #2: And this is continuously delivering service revenue growth on the wireline side. You can see that we delivered 5 million more, or plus 10% service revenue growth.

Christoph Aeschlimann: On the wireline side, you can see that we deliver CHF 5 million more or +10% service revenue growth. We expect it to continue in the next quarters as we continue to gauge market share and drive up penetration in the FTTH footprint that we are building out. Page number 11 is the last slide on Switzerland. Some words on our cost savings. You have seen in the results, we have delivered CHF 42 million of cost savings. A lot of the savings this year are front-loaded, we also have some seasonality in telco savings. We are fully confident that we will deliver more than CHF 50 million of cost savings. Please do not extrapolate the Q2 number to the full year. We will not deliver CHF 84 million of cost savings this year.

Speaker #2: And we also expect this to continue in the next quarters, as we continue to gauge market share and drive up penetration in the FTTH footprint that we are building out.

Speaker #2: Now, on page number 11, this is the last slide on Switzerland. Some words on our cost savings: As you have seen in the results, we have delivered 42 million Swiss francs of cost savings.

Speaker #2: A lot of the savings this year are front-loaded, and we also have some seasonality in telco savings. So we are fully confident that we will deliver more than $50 million of cost savings.

Speaker #2: But please do not extrapolate the Q2 number to the full year. We will not deliver 84 million of cost savings this year. I mean, it would be very nice.

Christoph Aeschlimann: It would be very nice, our guidance is to stick to the at least CHF 50 million for the full year. We also announced the opening of a new nearshoring center. As you know, we have nearshoring centers in Riga and Rotterdam, we are opening a new center in Lisbon next year to better balance the workflow between these areas and also make sure that we have more options in the light of the geopolitical development. It gives us more flexibility with a new lower cost center in Portugal versus the situation we have today. I will now move on to page number 12 in Italy. The integration of Vodafone Italia is proceeding very positively and according to plan, actually slightly ahead of plan. You see that we have delivered EUR 89 million savings in Q2, bringing synergy realization to EUR 166 million for the H1.

Speaker #2: But our guidance is to stick to at least $50 million for the full year. We also announced the opening of a new nearshoring center.

Speaker #2: So, as you know, we have nearshoring centers in Riga and Rotterdam, and we are opening a new center in Lisbon next year to better balance the workflow between these areas.

Speaker #2: And also, making sure that we have more options in light of the geopolitical developments gives us more flexibility with a new, lower-cost center in Portugal, compared to the situation we have today.

Speaker #2: I will now move on to page number 12, in Italy. So, the integration of Vodafone Italia is proceeding very positively and according to plan.

Speaker #2: Actually, we're slightly ahead of plan. You see that we have delivered €89 million in savings in Q2, bringing synergy realization to €166 million for the first half.

Speaker #2: So we are fully on track to deliver the €300 million on a full-year basis. The integration or synergy realization is driven this year very much by the transitioning of the Vodafone Group services, which we are insourcing back into Italy, and this is going as planned.

Christoph Aeschlimann: We are fully on track to deliver the EUR 300 million on a full year basis. The integration or synergy realization is driven this year very much by the transitioning of the Vodafone Group services, which we are insourcing back into Italy, this is going as planned. At the same time, we can say that the integration costs are under control, even slightly lower than we expected them in the H1. We will significantly ramp up integration costs in the H2 as we have some larger IT and network investments coming up in the H2. On page number 13, you can see B2C. We are continuing to execute our value focus on the telco side and delivering growth in the energy business.

Speaker #2: And at the same time, I think we can say that the integration costs are under control, even slightly lower than we expected them in the first half of the year.

Speaker #2: But we will significantly ramp up integration costs in the second half of the year, as we have some larger IT and network investments coming up in the second half of the year.

Speaker #2: Now, on page number 13, you can see B2C. We are continuing to execute our value focus on the telco side and delivering growth in the energy business.

Speaker #2: Now, the back-to-front book alignment has been successfully completed on the mobile side, and it's still ongoing in broadband. You can see the different effects this has on churn, RGUs, and ARPU.

Christoph Aeschlimann: The back-to-front book alignment has been successfully completed on the mobile side and is still ongoing in broadband. You can see the different effects this has on churn, RGU, and ARPU. On the wireline side, the net adds are improving versus Q1. We are 66,000 better, still negatively impacted by the value strategy, but much better in Q2 over Q1 as the repricing effects are phasing out. Also, churn is coming down. You see that we are now standing at 16% churn, which is materially better than where we were one year ago. For the first time since the merger, we also have a slightly increasing ARPU on the mobile, with ARPU now standing at EUR 8.30 overall. The broadband side Q2 is still affected by the ongoing value focus and the back-to-front book price alignment that we are currently executing.

Speaker #2: So, on the wireline side, the net adds are improving versus Q1. We are 66,000 better—still negatively impacted by the value strategy, but much better in Q2 over Q1, as the repricing effects are phasing out.

Speaker #2: Also, churn is coming down. You see that we are now standing at 16% churn, which is materially better than where we were one year ago.

Speaker #2: And, for the first time since the merger, we also have a slightly increasing ARPU on mobile, with ARPU now standing at €8.3 overall.

Speaker #2: The broadband side in Q2 is still affected by the ongoing value focus and the back-to-front book price alignment that we are currently executing.

Christoph Aeschlimann: Churn is only slightly up, this is, I would say, the good news. Roughly stable churn. On the inflow or sales side, I think the continuous value focus makes it harder to generate more gross adds. Overall, we see a slightly softer net adds. Also slightly increased ARPU versus Q1. Now we are sharpening also our brand positioning while we are clearly positioning Fastweb and Vodafone as a premium brand. We position ho. Mobile much more clear as an attacker brand so that we can serve the market with our dual strategy branding. On the one side, the premium approach under the Fastweb and Vodafone umbrella, and a more smart shopper approach, attacker approach on the ho. Mobile side. Last but not least, we are continuing to invest in our energy business.

Speaker #2: Churn is only slightly up, so this is, I would say, the good news. Roughly stable churn, but on the inflow or sales side, I think a continued value focus makes it harder to generate more gross adds.

Speaker #2: So overall, we see slightly softer net adds, but also a slightly increased ARPU versus Q1. Now, we are sharpening our brand positioning while we are clearly positioning Fastweb and Vodafone as premium brands.

Speaker #2: We position home mobile much more clearly as an attacker brand, so that we can serve the market with our dual-strategy branding.

Speaker #2: On the one side, the premium approach under the Fastweb and Vodafone umbrella, and a more smart shopper, attacker approach on the home mobile side.

Speaker #2: And last but not least, we are continuing to invest in our energy business. We have successfully launched a new, enhanced converged proposition, which is delivering very encouraging results.

Christoph Aeschlimann: We have successfully launched a new enhanced converged proposition, which is delivering very encouraging results. We now have 141,000 RGUs, and this will deliver slightly over CHF 100 million in top line in 2026. Very nice growth compared to the previous year. Now moving on to B2B on slide number 14. We continue to maximize value in telco and drive IT and energy growth. You can see that the RGU developments are slightly negative, both in wireline and in wireless. Wireless is impacted by the fading out of the TM9 framework agreements. The RGU base is growing on a year-by-year comparison by +75,000 net adds. Broadband net adds are broadly in line with previous quarters, but are affected by lower gross additions due to challenging market environments, especially in the SME space, where the market is quite challenging at the moment.

Speaker #2: We now have 141,000 RGUs, and this will deliver slightly over CHF 100 million in top line in 2026. So, a very nice growth compared to the previous year.

Speaker #2: Now, moving on to B2B on slide number 14. We continue to maximize value in telco and drive IT and energy growth. You can see that the RGU developments are slightly negative, both in wireline and in wireless.

Speaker #2: But wire, sorry, but wireless is impacted by the fading out of the TM9 framework agreements. But the RGU base is growing on a year-by-year comparison by plus 75,000 net adds.

Speaker #2: Broadband net adds are broadly in line with previous quarters, but are affected by lower gross additions due to challenging market environments, especially in the SME space, where the market is quite challenging at the moment.

Speaker #2: But we are working on further portfolio optimization, working on new portfolio elements, so that we can make our portfolio more attractive and hopefully improve these trends in the coming quarters.

Christoph Aeschlimann: We are working on further portfolio optimization, working on new portfolio elements so that we can make our portfolio more attractive and hopefully improve these trends in the coming quarters. Now we are, I think on the IT front, we have good news. We are scaling up our proprietary AI solutions and cloud services where we see very good demand to strengthen our Sovereign Cloud offering for enterprises and public administration. Also, the energy business is scaling up. Double-digit top-line growth expected also on the B2B side, driven by both RGU and ARPU improvements, thanks to the convergent offers and strong sales performance. On the network and wholesale side, on page number 15, you can see that also in Italy, we are continuously expanding and investing in our network. 5G+ coverage is up 3%, standing exactly at 90%, the same as in Switzerland.

Speaker #2: Now, we are—I think on the IT front—we have good news. We are scaling up our proprietary AI solutions and cloud services, where we see very good demand to strengthen our sovereign cloud offering for enterprises and public administrations.

Speaker #2: Also, the energy business is scaling up. Double-digit top-line growth is expected also on the B2B side, driven by both RGU and ARPU improvements, thanks to the convergent offers and a strong sales performance.

Speaker #2: On the network and wholesale side, on page number 15, you can see that also in Italy we are continuously expanding and investing in our network.

Speaker #2: So 5G Plus coverage is up 3%, now standing exactly at 90%, which is the same as in Switzerland. And we have again been awarded numerous network awards, being the best network in Italy.

Christoph Aeschlimann: We have again been awarded numerous network awards, being the best network in Italy. FTTH rollout is advancing steadily. It's up 8%, bringing us to 61% FTTH coverage in Italy with a balanced 50/50 passive active fiber sharing that we are using from Open Fiber and FiberCop. We have maybe seen also that we have launched a pilot with Starlink to test how we could improve mobile coverage in rural areas. This is a technical pilot. It's delivering encouraging results, still a lot of work required, also regulatory approval is required to be able to launch this as a full commercial offering. Some words on the development of the wholesale side.

Speaker #2: Also, FTTH rollout is advancing steadily. It's up 8%, bringing us to 61% FTTH coverage in Italy, with a balanced 50-50 passive-active fiber sharing that we are using from Open Fiber and FiberCop.

Speaker #2: So, we have maybe also seen that we have launched a pilot with Starlink to test how we could improve mobile coverage in rural areas.

Speaker #2: So this is a technical pilot. It's delivering encouraging results, but still a lot of work is required, and regulatory approvals are also needed in order to launch this as a full commercial offering.

Speaker #2: Now some words on the development of the wholesale side. So you can see that as we announced previously, the Poste Mobile migration is now completed.

Christoph Aeschlimann: You can see that, as we announced previously, the PosteMobile migration is now completed, and you can see the full RGU effect of roughly 2.6 million drops in the Q2 figures. Some of it is partially offset by the performance of CoopVoce and other MVNOs. Still, we have a net reduction of RGUs by -2.3 million. This net reduction will continue in the H2 as TIM announced the winning of the Lyca MVNO, and the migration is now fully ongoing. This represents another roughly 1 million of RGUs that will be migrated away from our network over the next H2.

Speaker #2: And you can see the full RGU effect of roughly 2.6 million gross in the Q2 figures. Some of it is partially offset by the performance of Coop Mobile and other MVNOs.

Speaker #2: But still, we have a net reduction of RGUs by minus 2.3 million. This net reduction will continue in the second half of the year, as Tim announced the winning of the Leica MVNO.

Speaker #2: And the migration is now fully ongoing, and this represents another roughly 1 million RGUs that will be migrated away from our network over the next half year.

Speaker #2: This will, of course, generate some losses on the, like, wholesale MVNO revenues, but it also alleviates quite a lot of traffic on our network.

Christoph Aeschlimann: This will, of course, generate some losses on the wholesale MVNO revenues, it also alleviates quite a lot of traffic on our network, we can counterbalance some of these effects by delaying some network or not required capacity investment on the mobile network side due to less SIMs on the network. On the other side, broadband is developing very positively. You see +49,000 net adds, +22% on a year-on-year basis, driven by solid demand and expanded partners in this space. We are continuously working on acquiring new partners to continue to drive our broadband wholesale business. Sorry, please. Final slide from my part, from me on page number 16. One word around AI and strategic infrastructure initiatives. We are continuously bolstering our AI footprint in Italy.

Speaker #2: And we can counterbalance some of these effects by delaying certain network or not required capacity investments on the mobile network side, due to fewer SIMs on the network.

Speaker #2: On the other side, broadband is developing very positively. You see plus 49,000 net adds, up 22% on a year-on-year basis, driven by solid demand and expanded partners in this space.

Speaker #2: And we are continuously working on acquiring new partners to continue to drive our broadband—on the broadband wholesale business. Sorry. Okay. So, final slide from my part, from me, on page number 16.

Speaker #2: One word around AI and strategic infrastructure initiatives. So we are continuously bolstering our AI footprint in Italy. We have launched a new Fastweb AI suite and managed, which is basically a managed inference solution, and we're able to win over 10 projects since the launch early this year.

Christoph Aeschlimann: We have launched a new phase of AI Suite and managed, which is basically a managed inference solution. We are able to win over 10 projects since the launch early this year. We will continuously invest into this offering as we believe that AI inferencing will be a major growth driver in the years to come. We also launched the ROSS proposition for consumers, which is basically an AI agentic app for consumers, we will see how this delivers in the coming quarters and years. I think more importantly on this slide are the strategic infrastructure initiatives, which are progressing very well. You have seen that the Court of Milan has rejected Inwit's interim measures basically confirmed that our termination is fully lawful and in line, we can proceed.

Speaker #2: And we will continuously invest in this offering, as we believe that AI inferencing will be a major growth driver in the years to come.

Speaker #2: We also launched the ROS proposition for consumers, which is basically an AI agentic app for consumers. And we will see how this delivers in the coming quarters and years.

Speaker #2: I think more importantly on these slides are the strategic infrastructure initiatives, which are progressing very well. So you have seen that the Court of Milan has rejected the interim measures and basically confirmed that our termination is fully lawful and in line.

Speaker #2: And we can proceed. Our preparations are fully on track for the migration starting on April 1, 2028, to maximize flexibility. We will provide you with a more detailed update, probably in the Q3 results, on how we intend to migrate off the Invit grid.

Christoph Aeschlimann: Our preparations are fully on track for the migration starting on 1 April 2028 to maximize flexibility. We will provide you with more detailed updates, probably in the Q3 results, how we intend to migrate off the Inwit grid. We are also progressing on the tower JV with Telecom Italia, which is the initiative to deploy roughly 6,000 sites. We are currently working on the long-form agreement, which we expect to be completed by year-end. We are also working on the roam sharing agreement with Telecom Italia to accelerate the 5G deployment or 5G coverage in low-density areas. This is currently in the regulatory process where we are making progress. The antitrust review is ongoing, and we expect this to be completed also next year. We will update you as soon as we have more news on this topic.

Speaker #2: We're also progressing on the tower JV with Telecom Italia, which is the initiative to deploy roughly 6,000 sites. We are currently working on the long-form agreement, which we expect to be completed by year-end.

Speaker #2: And we are also working on the RAN sharing agreement with Telecom Italia to accelerate the 5G deployment, or 5G coverage, in low-density areas.

Speaker #2: This is currently in the regulatory process, where we are making progress. So the antitrust review is ongoing, and we expect this to be completed also next year.

Speaker #2: And we will update you as soon as we have more news on this topic. So, overall, very pleasing progress on the infrastructure side, which is important.

Christoph Aeschlimann: Overall, very pleasing progress on the infrastructure side, which is important for us to make sure that we can, on the one side, accelerate investment in network, make sure that the networks become better in Italy, at the same time, reduce our cost base in the years to come. I will now hand over to Eugen for the financial results.

Speaker #2: For us to make sure that we can on the one side accelerate investments in network, make sure that the networks become better in Italy and at the same time reduce our cost base in the years to come.

Speaker #2: And I will now hand over to Eugen for the financial results.

Speaker #1: Thank you, Christoph, and good morning, everybody, from my side. Let's dive directly into the group numbers on page 18. Revenue was down 225 million year over year.

Eugen Stermetz: Thank you, Christoph, and good morning, everybody, from my side. Let's dive directly into the group numbers on page 18. Revenue was down CHF 225 million year-over-year. Net of currency, that's CHF 147 million. In Switzerland, revenue was down just CHF 27 million, most of which was in the Q1. The overall equation is telco service revenue down. Also, IT service revenue slightly down, but higher hardware and software revenues in B2B, in particular in the Q2. Also, the service revenue decline was lower in the Q2, so this is why Q2 is better than Q1. Italy down CHF 111 million. Basic equation here, telco service revenue down. Also, hardware and software down but energy up. Q2 also here was much better than Q1. The year-over-year development was driven by lower telco service revenue decline in the Q2, among other factors.

Speaker #1: Net of currency, that's 147 in Switzerland. Revenue was down just 27 million, most of which was in the first quarter. The overall equation is telco service revenue down, also IT service revenue slightly down, but higher hardware and software revenues in B2B.

Speaker #1: In particular, in the second quarter. And also, the service revenue decline was lower in the second quarter. So this is why Q2 is better than Q1.

Speaker #1: Italy down €111 million, basic equation here. Telco service revenue down, also hardware and software down, but energy up. Q2 also here was much better than Q1.

Speaker #1: The year-over-year development was driven by a lower telco service revenue decline in the second quarter, among other factors. On the APDR side, in the group, we're up 83 million, adjusted 92.

Eugen Stermetz: On the EBITDA side in the group, we are up CHF 83 million, adjusted CHF 92 million. Switzerland is slightly up, plus CHF 10 million, with strong cost savings in the H1 with a bit of phase increase. Christoph already did my job here of managing expectations for the full year. I'm not going to add much on that topic. There was another factor in play in the Q2, which was a better IT result despite lower revenues. Also here, Christoph already commented very much to the point. Italy, EBITDA was up CHF 92 million, obviously driven by synergy, but also here some in-year phasing in indirect costs helped. All in all, we are clearly on track to meet the EBITDA guidance for the full year. Page 19, CapEx was down CHF 131 million in the group. In Switzerland, down CHF 70 million.

Speaker #1: Switzerland is slightly up, plus 10, with strong cost savings in the first half of the year, with a bit of phase increase. I have already done my job here of managing expectations for the full year.

Speaker #1: I'm not going to add much on that topic. There was another factor in play in the second quarter, which was a better IT result despite lower revenues. Also here, Christoph already commented very much to the point.

Speaker #1: Italy APDR was up 92 million obviously driven by synergy but also here some in year phasing in indirect costs help. So all in all we are clearly on track to meet the APDR guidance for the full year.

Speaker #1: Page 19: CAPEX was down CHF 131 million in the group. In Switzerland, down CHF 70 million, the main reason here is different phasing of FTTH between the years.

Eugen Stermetz: The main reason here is different phasing of SDDH between the years. In H1 2025, we had very high SDDH volumes, so there will be some CapEx catch-up to be expected in H2 of the year. For the full year, we confirm the guidance of CapEx slightly down in Switzerland. In Italy, CapEx was down CHF 67 million, so that's CapEx adjusted. Integration CapEx was actually up. You don't see it here on this chart. We'll see it on the Italian pages. For the full year, we confirm the guidance of reported CapEx in Italy roughly stable, with adjusted CapEx down, which you already see here on this chart in H1 of the year, and integration CapEx up in the full year. Operating free cash flow up CHF 214 million, obviously driven by higher EBITDA and lower CapEx both in Switzerland and in Italy.

Speaker #1: In the first half of 2025, we had very high FTDH volumes, so there will be some CAPEX catch-up to be expected in the second half of the year.

Speaker #1: For the full year, we confirm the guidance of CAPEX slightly down in Switzerland. In Italy, CAPEX was down €67 million, so that's CAPEX adjusted.

Speaker #1: Integration CAPEX was actually up—you don't see it here on this chart; we'll see it on the Italian pages. For the full year, we confirm the guidance of reported CAPEX in Italy as roughly stable, with adjusted CAPEX down, which you already see here on this chart in the first half of the year.

Speaker #1: And integration CAPEX was up for the full year. Then, operating free cash flow was up by 214 million, obviously driven by higher APDR and lower CAPEX, both in Switzerland and in Italy.

Speaker #1: Also, here for the full year, we are fully on track to deliver as guided: stable free cash flows from Switzerland, and growing free cash flows from Italy.

Eugen Stermetz: Also here for the full year, we are fully on track to deliver as guided. Stable free cash flows from Switzerland and growing free cash flows from Italy. I move on to Switzerland, page 20. Revenue first, down CHF 27 million. B2C, CHF -23 million, pretty equal in Q1 and Q2. The service revenue development was better in Q2 than Q1. You don't see it here in the total revenue numbers because there was a change in hardware revenues quarter-over-quarter, but we'll see the service revenue on the next page. B2B down CHF 11 million with telco service revenue down, also IT, but hardware up, as I mentioned already. On the wholesale, you see quite nicely in Q2, CHF +5 million wholesale. For once, we have a quarter where roaming is not bouncing around much year-over-year.

Speaker #1: I'll move on to Switzerland, page 20. Revenue first: down 27 million. B2C minus 23, pretty equal in the first two quarters. The service revenue development was better in Q2 than Q1.

Speaker #1: You don't see it here in the total revenue numbers because there was a change in hardware revenues quarter over quarter. But we'll see the service revenue on the next page.

Speaker #1: B2B down 11 million, with telco service revenue down. Also IT, but hardware up, as I mentioned already. On the wholesale, you see quite nicely in the second quarter, plus 5 million wholesale.

Speaker #1: For once, we have a quarter where roaming is not bouncing around much year over year. So, what emerges is the steady slope but steady growth from the Viatel Access business that will continue to go on for a very, very long time due to the fiber roll-up.

Eugen Stermetz: What emerges is the steady slope but steady growth from the wireline access business that will continue to go on for a very long time due to the fiber roll-up. EBITDA in Switzerland slightly up CHF 13 million, adjusted CHF 10 million, as you saw on the first pages. B2C down CHF 10 million, telco service revenue partly compensated by cost savings. We had some shifts of advertising from Q1 to Q2 compared to prior years. This is why the improvement in telco service revenue doesn't show up in the EBITDA number this quarter. B2B, CHF -8 million. Here, also, telco service revenue partly compensates the cost savings and in particular, the improvement in IT business, EBITDA, due to the effect of the already mentioned, shows up here also in the sequential evolution of year-over-year numbers. Infrastructure and support functions, cost savings flowing in as expected. I move on to page 21.

Speaker #1: APDR in Switzerland slightly up 13 million adjusted 10 as we saw on the first pages. B2C down 10 million so telco service revenue partly compensated by cost savings.

Speaker #1: We had some shifts of advertising from Q1 to Q2 compared to prior years. So this is why the improvement in telco service revenue doesn't show up in the APDR number this quarter.

Speaker #1: B2B minus 8 here. Also, telco service revenue was partly compensated by cost savings, and in particular, the improvement in IT business APDR due to the effect that Christoph already mentioned shows up here also in the sequential evolution of year-over-year numbers.

Eugen Stermetz: Here, also, telco service revenue partly compensates the cost savings and in particular, the improvement in IT business, EBITDA, due to the effect of the already mentioned, shows up here also in the sequential evolution of year-over-year numbers. Infrastructure and support functions, cost savings flowing in as expected. I move on to page 21.

Speaker #1: Infrastructure and support functions cost savings are flowing in as expected. I'll move on to page 21. You see here on the top part of the chart, CAPEX was down by 70 million.

Eugen Stermetz: You see it here on the top part of the chart. CapEx was down CHF 70 million. It's almost entirely due to lower CapEx in the wireline access network, meaning in the FTTH rollout, which is mostly phasing, as mentioned. Just to be clear, we confirm the 60% FTTH coverage target for the end of the year. With EBITDA slightly up and CapEx down, obviously, operating free cash flow is up CHF 83 million. Page 22. Deep dive on the Swiss numbers. On top right, the telco P&L. You see here the CHF +42 million that we delivered in H1 of the year. I'm not going to comment any further on the phasing. We already did that. Top left, you see the telco service revenue development, very nicely. B2C in Q1, CHF -16 million, year-over-year, and in Q2, only CHF -3 million.

Speaker #1: It's almost entirely due to lower CAPEX in the Wireline Access network. Meaning, in the FTTH rollout, this is mostly phasing as mentioned. Just to be clear, we confirm the 60% FTTH coverage target for the end of the year.

Speaker #1: And with APDR slightly up and CapEx down, obviously operating free cash flow is up €83 million. Page 22, steep dive on the Swiss numbers: on the top right, the telco P&L, you see here the plus €42 million that we delivered in the first half of the year.

Speaker #1: I'm not going to comment any further on the phasing. We already did that. At the top left, you see the telco service revenue development very nicely: B2C in Q1, minus 16 million year over year, and in Q2, only minus 3.

Speaker #1: So this is the price increase that works as planned up with effects are improving both in wireless and in and in via line. Now there are a couple of more moving pieces than just the price increase.

Eugen Stermetz: This is the price increase that works as planned. Upwave effects are improving both in wireless and in wireline. There are a couple of more moving pieces than just the price increase. Also going ahead into Q3 and Q4, particularly roaming in Q3. We do not expect this CHF -3 million of Q2 to be the run rate for the coming quarters. Rather, for H2, we expect the B2C service revenue decline roughly in the range as in H1. Total service revenue decline, B2B and B2C for the full year, we still expect between a similar range as 2025, which was around CHF -120 million, maybe slightly better given the recent development here on B2C. On to Italy, page 23. Revenue down EUR 118 million.

Speaker #1: Also going ahead into the third and the fourth quarter particular roaming in in the third in the third quarter so we don't expect this minus 3 million of Q2 to be the run rate for the coming quarters.

Speaker #1: Rather, for the second half of the year, we expect the B2C service revenue decline to be roughly in the range as in the first half of the year.

Speaker #1: So total service revenue decline B2B and B2C for the full year, we still expect to be in a similar range as 2025 was, which was around minus 120 million, maybe slightly better given the recent development here on B2C.

Speaker #1: On to Italy, page 23. Revenue is down €118 million. B2C is minus €56 million, which is essentially the service revenue decline. You see in the quarterly evolution that the service revenue decline improved significantly in Q2.

Eugen Stermetz: B2C, EUR -56 million, which is essentially the service revenue decline. You see in the quarterly evolution that service revenue decline improved significantly in Q2. We will see it on the next page. B2B, down EUR 82 million, mostly driven by lower hardware revenue with low margins, but also lower telco service revenue. Q2 a bit better across all revenue categories. In wholesale, you see in Q2, the flat year-over-year number, zero compared to prior years. This is the Poste loss kicking in. Also in the financial numbers in Q2, it was possible still to compensate the Poste loss by other MVNOs ramping up over the last 12 months, and also the year-over-year positive development of our wireline business. This flat development will not be the case in the coming quarters as the Poste loss fully kicks in and also the Lyca loss that Christoph mentioned will play a role.

Speaker #1: We'll see it on the next page. B2B down CHF 82 million, mostly driven by lower hardware revenue with low margins, but also lower telco service revenue.

Speaker #1: Q2 is a bit better across all revenue categories, and in wholesale you see in Q2 the flat year-over-year number—zero compared to the prior year.

Speaker #1: So this is the post the loss kicking in also in the financial numbers in Q2 it was possible still to compensate the post the loss by other MVNOs ramping up over the last 12 months and also the year over year positive development of our via line business.

Speaker #1: This flat development will not will not be the case in in in the coming quarters as the post the loss fully kicks in and also the Leica loss that list of mentioned will play play a role.

Speaker #1: APDR, lower part of the page—APDR up 104 million, adjusted 98. It's mostly driven by the contribution margin in B2C, which is obviously in turn driven by the MVNO synergy ramp-up.

Eugen Stermetz: EBITDA, lower part of the page. EBITDA up EUR 104 million, adjusted EUR 98 million. It is mostly driven by the contribution margin in B2C, which is obviously in turn driven by the MVNO synergy ramp-up. Contribution margin in B2B, EUR -15 million, reflects the lower revenues, given also the revenue mix of the revenue decline. Contribution margin wholesale is flat. There is also a different mix of revenues as wireless revenues drop out with Poste and wireline revenues come in with a lower margin. Indirect costs were lower by EUR 50 million. In particular, Q2 was impacted by in-year phasing. That is not a number, to use our favorite phrase, to be extrapolated into H2. On to page 24. CapEx, lower EUR 52 million overall. Adjusted CapEx lower by EUR 71 million across all categories. As you can see, mostly from Q1.

Speaker #1: Contribution margin in B2B minus 15 reflects the lower decline. Contribution margin in wholesale is flat. There's also a different mix of revenues, as wireless revenues drop out, and wireless via line revenues come in with a lower margin.

Speaker #1: And then indirect costs were lower by 15 million five zero. In particular, Q2 was impacted by in-year phasing, so that's not the number to use—our favorite phrase—not to be extrapolated into the second half of the year.

Speaker #1: On to page 24. CAPEX lower 52 million overall adjusted CAPEX lower by 71 million across all categories as you can see mostly from Q1 Q2 was much more in line with prior year.

Eugen Stermetz: Q2 was much more in line with prior year. Under adjustments, you see the higher CapEx from the integration. It is a bit masked by two or three other factors, but integration CapEx was higher than prior year, but EUR 27 million. It is still ramping up. For the full year, we expect up to EUR 200 million CapEx integration costs or up to EUR 100 million higher than in the prior year. Operating free cash flow is up by CHF 156 million in H1, but with a part of the integration CapEx yet to come. Page 25, service revenue evolution. In Italy, similar picture to Switzerland. Finally, on B2C, we see the value strategy at work also in year-over-year service revenue numbers. We have been talking for a while about the impact on operationals and on quarter-over-quarter figures.

Speaker #1: Under adjustments, you see the higher CAPEX from the integration. It's a bit masked by two or three other factors, but integration CAPEX was higher than the prior year, but sits at 27 million.

Speaker #1: It's still ramping up for the full year. We expect up to CHF 200 million in CAPEX integration costs, or up to CHF 100 million higher than in the prior year.

Speaker #1: So, operating free cash flow is up by $156 million in the first half of the year, but with the bulk of the integration CAPEX yet to come.

Speaker #1: Page 25. Service revenue evolution in Italy—a similar picture to Switzerland. So finally, on B2C, we see the value strategy at work also in year-over-year service revenue numbers.

Speaker #1: We have been talking for a while about the impact on operational metrics and on quarter-on-quarter figures. Now, with mathematics at work, it also shows up in the full.

Eugen Stermetz: Now with mathematics at work, it also shows up in the year-over-year numbers. Q1 B2C service revenue was down CHF -35 million. In Q2, it is just CHF -22 million with a positive impact from the Upwave effect. Both in Bialess and in Bioline, where in Bialess we have completed the back book to front book alignment, and in Bioline, as Christoph explained, it is still going on. B2B also Q2 better than Q1, but obviously B2B is always a bit more volatile with some one-time revenues that we had through Q2. Page 26, synergies are on track. We reached a quarterly run rate of CHF 80 million. We are on track to deliver CHF 300 million plus for the full year. Integration costs, CHF 51 million so far. We still expect up to CHF 250 million in total, out of which up to CHF 200 in CapEx.

Speaker #1: In the year over year. Numbers Q1 B2C service revenue was down 35 million. Now in Q2 it's just minus 22 million with with a positive impact from the upward effect both in wireless and in via line where in wireless we have completed the back book to front book alignment and in via line as Christoph explained it's it's still it's still going going on.

Speaker #1: On B2B, also, Q2 was better than Q1, but obviously B2B is always a bit more volatile with some one-time revenues that we had in Q2.

Speaker #1: On to page 26. Synergies are on track. We reached the quarterly run rate of $80 million, so we are on track to deliver $300 million plus for the full year.

Speaker #1: Integration costs are 51 million. So far, we still expect up to 250 million in total, out of which up to 200 million in CAPEX. As I mentioned already, the bulk is yet to come.

Eugen Stermetz: As I mentioned already, the bulk is yet to come. Also, prior year 2025 was quite back-loaded when it came to integration CapEx, and we expect the same for this year. I will now move back up to the group, page 27, free cash flow bridge. Free cash flow was up by CHF 221 million in the H1 of the year, fully in line with operating free cash flow. Just two moving pieces in between. On the one hand, Delta Networking capital is always negative in the H1 of the year. This year with a positive deviation compared to prior year of CHF +85 million. On the other hand, we had a second moving piece, which is higher tax payments in Q2 of almost equivalent size. All in all, free cash flow increase is simply in line with operating free cash flow increase.

Speaker #1: Also prior year 2025 was quite backloaded when it came to integration CAPEX and we expect the same for this year. I'll now move back up to the group.

Speaker #1: Page 27. Free cash flow bridge. Free cash flow was up by CHF 221 million in the first half of the year. Fully in line with operating free cash flow.

Speaker #1: Just two moving pieces in between. On the one hand, delta networking capital is always negative in the first half of the year. This year, we see a positive deviation compared to the prior year of plus 85 million.

Speaker #1: On the other hand we had a second moving piece which is higher tax payments in in Q2 of almost equivalent size. So all in all free cash flow increase is simply in line with operating free cash flow increase.

Speaker #1: Also, page 28—net income quite uneventful. Net income is up by 43 million, simply driven by the higher EBITDA. And page 29, given the results we just reported, we obviously confirm the full-year guidance.

Eugen Stermetz: Page 28, net income, quite uneventful. Net income is up by CHF 43 million, simply driven by the higher EBITDA. Page 29, given the results we just reported, we obviously confirm the full year guidance. With that, I hand back to the operator.

Speaker #1: With that, I hand back to the operator.

Speaker #2: We are now starting the Q&A session. To ask a question, please press star one four. I'll repeat: please press star one four to ask a question.

Operator: We are now starting the Q&A session. To ask a question, please press star one four. I repeat, please press star one four to ask a question. If you wish to withdraw your question to speak, please press star one five. I will now open the lines one by one. As soon as your line is open, you will hear a corresponding text on your own line. Please introduce yourself by name and company before asking the question. First line is open.

Speaker #2: If you wish to withdraw your question to speak, please press star one five. I will now open the lines one by one. As soon as your line is open, you will hear a corresponding text on your own line.

Speaker #2: Please introduce yourself by name and company before asking your question. First line is open.

Polo Tang: Hi, it's Polo Tang from UBS. Thanks for the presentation. I have three questions. The first one is really just about Swiss price rises. You raised pricing on the Swisscom brand by, I think, 3% to 4% in April and by 1% to 2% on the Wingo brand that will take full effect by September. I'm just curious, what's been the reaction from your customers? Given your competitors are also trying to land price rises, have you seen any changes in terms of behavior or promotional activity in terms of the market? That's the first question. Second question is really just coming back to the soft guidance on Swiss telco revenues. You mentioned that you're still expecting CHF 120 million of decline for Swiss telco revenues for the full year. Given that Q1 was CHF 25 million, Q2 was, I think, CHF 19 million.

Speaker #1: Hi it's Polo Tang from UBS. Thanks for the presentation. I have three questions. The first one is really just about Swiss price rises. So you raise pricing on the Swisscom brand by I think three four percent in April and by one to two percent on the Wingo brand.

Speaker #1: That will take full effect by September. So I'm just curious: what's been the reaction from your customers? And given your competitors are also trying to land price rises, have you seen any changes in terms of behavior or promotional activity in the market?

Speaker #1: That's the first question. The second question is really just coming back to the soft guidance on Swiss telco revenues. You mentioned that you're still expecting a CHF 120 million decline for Swiss telco revenues for the full year.

Speaker #1: But given that Q1 was $25 million, Q2 was, I think, $19 million. That means it's—I'm just trying to understand why you've left it unchanged.

Polo Tang: I'm just trying to understand why you've left it unchanged. Can you maybe talk about some of the headwinds and tailwinds to consider over Q3 and Q4? I know you flagged the roaming drag in Q3, but is there anything else? My third question is really just a bigger picture question in terms of satellites. How should we think about satellites in terms of impact or not in terms of the Swiss and Italian markets? Is there a difference in terms of how you think about the impact on broadband versus mobile? Thank you.

Speaker #1: So, can you maybe talk about some of the headwinds and tailwinds to consider over Q3 and Q4? I know you flagged the roaming drag in Q3, but is there anything else?

Speaker #1: And my third question is really just a bigger picture question in terms of satellites. So how should we think about satellites in terms of impact or or not in terms of the Swiss and and Italian markets and is there a difference in terms of how you think about the impact on broadband versus mobile?

Speaker #1: Thank you.

Speaker #3: Thank you, Polo. So, on the price increase—so overall, I would say reactions from customers were as expected. You've seen that we had slightly elevated churn figures in Q1, and now churn is sort of normalizing again.

Eugen Stermetz: Thank you, Polo. On the price increase. Overall, I would say reactions from customers was as expected. You've seen that we had slightly elevated churn figures in Q1, and now churn is sort of normalizing again. The price increase did generate incremental churn from our customers, both on mobile and on broadband. We also saw some increased downtrading from the main brand to Wingo, which I think also highlights that the room for further price increases on the main brand is somehow limited. Although our competitors also reacted with price increases, the market remains very promotional, especially on the MVNO front, but also the main MNOs are still out there with very aggressive promotions. On the one side, you have increases on the back foot and front foot, but at the same time executing very aggressive promotions.

Christoph Aeschlimann: Thank you, Polo. On the price increase. Overall, I would say reactions from customers was as expected. You've seen that we had slightly elevated churn figures in Q1, and now churn is sort of normalizing again. The price increase did generate incremental churn from our customers, both on mobile and on broadband. We also saw some increased downtrading from the main brand to Wingo, which I think also highlights that the room for further price increases on the main brand is somehow limited. Although our competitors also reacted with price increases, the market remains very promotional, especially on the MVNO front, but also the main MNOs are still out there with very aggressive promotions. On the one side, you have increases on the back foot and front foot, but at the same time executing very aggressive promotions.

Speaker #3: But the price increase did generate incremental churn from our customers, both on mobile and on broadband. We also saw some increased down-trading from the main brand to Wingo.

Speaker #3: Which, I think, also highlights that the room for further price increases on the main brand is somehow limited. Although our competitors also reacted with price increases, the market remains very promotional, especially on the MVNO front. But also, the main MNOs are still out there with very aggressive promotions.

Speaker #3: So, on the one side, you have increases on the back foot and front foot, but at the same time, executing very aggressive promotions. And we see this sort of counterbalances or affects some of the price increase.

Christoph Aeschlimann: This sort of counterbalances or affects some of the price increase, and we expect this to continue also in the coming quarters. Okay, I'll take the second question on the service revenue guidance. As you mentioned, our initial full year guidance was in a similar range to prior year, about CHF -120 million. I think the split last year was roughly CHF -70 million on B2B and CHF -50 million on B2C. Now, if I B2B, we are in H1 of the year, we are at CHF -35 million. This is very much in line with what we gave as a full year guidance. Yes, B2C is better. The current figure of CHF -18 million would not be in line with CHF -50 million.

Christoph Aeschlimann: This sort of counterbalances or affects some of the price increase, and we expect this to continue also in the coming quarters.

Speaker #3: And we expect this to continue also in the coming quarter.

Speaker #1: Okay, I'll take the second question on the service revenue guidance. So, as you mentioned, our initial full-year guidance was in a similar range to the prior year, about minus 120.

Eugen Stermetz: Okay, I'll take the second question on the service revenue guidance. As you mentioned, our initial full year guidance was in a similar range to prior year, about CHF -120 million. I think the split last year was roughly CHF -70 million on B2B and CHF -50 million on B2C. Now, if I B2B, we are in H1 of the year, we are at CHF -35 million. This is very much in line with what we gave as a full year guidance. Yes, B2C is better. The current figure of CHF -18 million would not be in line with CHF -50 million.

Speaker #1: And I think the split last year was roughly minus 70 on B2B and minus 50 on B2C. Now, if I to be...

Speaker #1: We are in the first half of the year . We are at minus 35 . So this is very much in line with what we gave as a full year guidance Yes B2C is is better .

Speaker #1: So that the current figure of minus 18 would not be in line with minus 50. This is also why I said, you know, we expect something similar in the first half of the year and the second half of the year—maybe slightly better than the 50 million we gave at the beginning of the year.

Eugen Stermetz: This is also why I said, we expect something similar to H1, H2 may be slightly better than the CHF 50 million we gave at the beginning of the year, also may be slightly better than the -CHF 120 for B2C and B2B taken together. What prevents pay-for service for the full year to be something like, on B2C, -CHF 16 Q1, -CHF 3 Q2, and then -CHF 3 in Q3 or Q4? There are a couple of pieces. One I mentioned, it's the roaming dynamics in Q3. There's also packages for international calls, which goes a bit in line with roaming and the geopolitical situation, which impacts travel patterns. Finally, there is the cross-sell dynamics, as we still recover from the price increase that Christoph mentioned with cross-sell quite weak.

Speaker #1: And so also maybe slightly better than the minus 120 for B2C and B2B, taken together. So what, what prevents service?

Speaker #1: All of you for the full year to be something like , you know , minus on B2C , -16 , first quarter minus three , second quarter , and then another two minus three in Q3 or Q4 .

Speaker #1: There are a couple of pieces. One I mentioned is the roaming dynamics in the third quarter. There are also packages for international calls, which go a bit in line with roaming.

Speaker #1: And the geopolitical situation , which impacts , travel patterns . And then finally , there is the cross edge dynamics as we still recover from the price increase that Christophe mentioned with cross had quite weak churn is coming back nicely , not just in the past , but cross set still has to discover .

Eugen Stermetz: Journey is coming up nicely in the past, cross-sell still has to discover, this will also have an impact. These are the three things that we see. Obviously, there might be things that we don't see. We came to the conclusion, the most plausible forecast, if you like, for the moment is the -CHF 120, but maybe a bit better on the B2C side. Coming to your question on satellite. Probably the impact is, one, very hard to predict because technology is developing very quickly. The human perception is changing quickly. At the same time, we have the ongoing fiber rollout and very different dynamics, both in Switzerland for mobile and broadband. I think it's not so easy to give a single answer to your question. Probably requires some more nuanced look.

Speaker #1: And this will also have an impact. So these are the three things that we see. Obviously, there might be things that we don't see.

Speaker #1: So we came to the conclusion the , you know , most plausible forecast , if you like , for the moment is , is the -120 .

Speaker #1: But maybe a bit better on the B2C side. So, coming to your

Christoph Aeschlimann: Coming to your question on satellite. Probably the impact is, one, very hard to predict because technology is developing very quickly. The human perception is changing quickly. At the same time, we have the ongoing fiber rollout and very different dynamics, both in Switzerland for mobile and broadband. I think it's not so easy to give a single answer to your question. Probably requires some more nuanced look.

Speaker #2: Question on satellite , , I would say in , , I mean , probably the impact is one very hard to predict because technology is developing very quickly .

Speaker #2: Consumer perception is changing quickly, and at the same time, we have the ongoing fiber rollout and very different dynamics, both in Switzerland for mobile and broadband.

Speaker #2: So I think it's not so easy to give like a , single answer to your question . Probably requires some more . , you know , a new , , , nuance , , look , I think on the Swiss side , I the impact will be quite , , moderate because the broadband infrastructure we already have today is very performant .

Christoph Aeschlimann: I think on the Swiss side, I believe the satellite impact will be quite moderate because the broadband infrastructure we already have today is very performant, and we are progressing well with the FTTH modernization and then the migration to the FTTH network. Satellite we see mostly as a complement on the broadband side for sort of extreme rural areas where we will most likely not build out fiber infrastructure. On the mobile side at the moment, the networks in Switzerland are so good that we don't really see meaningful competition on the mobile side from satellite. We also rather see it as a complement, delivering more resilience, especially for emergency communication or should a mobile tower break down for a couple of hours. I think in Italy, broadband, the situation is slightly different. There you can also see already quite a big pickup from satellite services.

Speaker #2: And we are progressing well. The FTTH modernization and then the migration to the F network. So, the satellite we see mostly as a complement on the broadband side for sort of extreme rural areas, where we will most likely not build out fiber infrastructure.

Speaker #2: And on the mobile side, at the moment, the networks in Switzerland are so good that we don't really see meaningful competition.

Speaker #2: , on the , on the mobile side from , from satellite . We also rather see it as a compliment , delivering more resilience , especially for emergency communication or , , should a mobile tower sort of break down for a couple of hours ?

Speaker #2: I think in Italy , a broadband , , situation is slightly different there . You can also see already quite a big , , you know , pick up from satellite services .

Speaker #2: , I think Starlink is quite successful in Italy , especially in the rural areas where there is no fiber . And also the copper infrastructure is not that strong .

Eugen Stermetz: I think Starlink is quite successful in Italy, especially in the rural areas where there is no fiber and also the copper infrastructure is not that strong. That's why it's very important in Italy that the ongoing fiber rollout is really completed and that we reach 90% fiber coverage by end of the decade. Also not only building out the coverage, but also starting to focus more on migration of copper to fiber infrastructure. Because we do believe that once a customer is on fiber, this product is far superior to what satellite can deliver and delivers a much better customer experience. It is the best way to ensure that there is not too much erosion on the broadband side or a loss of market share to the satellite services. On mobile, as we said, we are testing mobile services to complement our mobile coverage with satellite.

Christoph Aeschlimann: I think Starlink is quite successful in Italy, especially in the rural areas where there is no fiber and also the copper infrastructure is not that strong. That's why it's very important in Italy that the ongoing fiber rollout is really completed and that we reach 90% fiber coverage by end of the decade. Also not only building out the coverage, but also starting to focus more on migration of copper to fiber infrastructure. Because we do believe that once a customer is on fiber, this product is far superior to what satellite can deliver and delivers a much better customer experience. It is the best way to ensure that there is not too much erosion on the broadband side or a loss of market share to the satellite services. On mobile, as we said, we are testing mobile services to complement our mobile coverage with satellite.

Speaker #2: So that's why it's in very important in Italy that the ongoing fiber rollout is really completed and that we reach 90% fiber coverage by the end of the decade , but also not only building out the coverage , but also starting to focus more on migration of copper to fiber structure , because we do believe that once the customer is on fiber , , this product is far superior to what satellite can deliver .

Speaker #2: And delivers a much better customer experience . So it is the best way to ensure that there is not too much erosion on the broadband side or a loss of market share to the satellite services like on mobile , as we said , we are testing mobile services to complement the our mobile coverage with satellite .

Speaker #2: So this could be an interesting but also , , the mobile development on satellite will be very heavily impacted by the European regulation , which is still under discussion .

Eugen Stermetz: This could be an interesting avenue. Also, the mobile development on satellite will be very heavily impacted by the European regulation, which is still under discussion. Depending on what the EU regulates ultimately on the division of the MSS spectrum, it will have either a higher impact on mobile or a negligible impact, depending on how much spectrum is really available to deliver services over satellite in the coming years.

Christoph Aeschlimann: This could be an interesting avenue. Also, the mobile development on satellite will be very heavily impacted by the European regulation, which is still under discussion. Depending on what the EU regulates ultimately on the division of the MSS spectrum, it will have either a higher impact on mobile or a negligible impact, depending on how much spectrum is really available to deliver services over satellite in the coming years.

Speaker #2: So depending on what the you regulates , ultimately on the division of the mass spectrum , it will have either a higher impact or mobile or a negligible impact , depending on how much spectrum is really available to deliver .

Speaker #2: Services over satellite in the coming years.

Speaker #3: Clear . Thank you

Polo Tang: Clear. Thank you.

Speaker #4: Okay, I will open the next line for questions.

Operator: Okay. I'm going to open the next line for question now.

Speaker #5: Yeah . Hi there . It's Maurice Patrick from Barclays . Thank you for taking the questions . , just a couple from my side .

Operator 2: Yeah. Hi there. It's Maurice Patrick from Barclays. Thank you for taking the questions. Just a couple from my side. The first question, you alluded to it in your prepared remarks around the spin down from main brands to discount brands in the Swiss market. I think historically you have given some specific data points, very helpful on this spin down from main brand to discount brand. You highlight, I think in this presentation, that continues, but I'd love to get a sense in terms of if that sort of 2 to 3 percentage points annual swing is still at the same pace and maybe if that's going to continue through the rest of 2026 and 2027. The second question, just on AGCOM and Inwit in Italy. AGCOM, the regulators come out proposing license extensions or spectrum extensions, in exchange for higher quality delivery of mobile services.

Maurice Patrick: Yeah. Hi there. It's Maurice Patrick from Barclays. Thank you for taking the questions. Just a couple from my side. The first question, you alluded to it in your prepared remarks around the spin down from main brands to discount brands in the Swiss market. I think historically you have given some specific data points, very helpful on this spin down from main brand to discount brand. You highlight, I think in this presentation, that continues, but I'd love to get a sense in terms of if that sort of 2 to 3 percentage points annual swing is still at the same pace and maybe if that's going to continue through the rest of 2026 and 2027. The second question, just on AGCOM and Inwit in Italy. AGCOM, the regulators come out proposing license extensions or spectrum extensions, in exchange for higher quality delivery of mobile services.

Speaker #5: , the first question and you alluded to alluded to it in your prepared remarks around the spin down from main brands to discount brands in the Swiss market .

Speaker #5: I think historically you have given some specific data points , very helpful on this spin down from main brand to discount brand . You , you highlight , I think in this presentation that continues , but I'd love to get a sense in terms of if that sort of 2 to 3 percentage point annual swing is still still the same pace , and maybe if that's going to continue through the rest of 26 and 27 , and the second question , just on Adcom and Inwit in Italy , , so Adcom , the regulator has come out proposing license extensions or spectrum extensions .

Speaker #5: In exchange for higher-quality delivery of mobile services, it is clearly very helpful to get a cost tailwind if that comes through for you, but you remain in deadlock with Inwit.

Operator 2: Clearly very helpful to get a cost tailwind if that comes through for you. You remain in deadlock with Inwit, if I'm not wrong, having won the latest court case, which they're going to appeal. I'm just curious to understand if those two processes can go in parallel, i.e., the extent to which you can agree or negotiate with AGCOM guaranteed improvements in mobile service whilst planning to remove your entire infrastructure from Inwit. Thank you.

Maurice Patrick: Clearly very helpful to get a cost tailwind if that comes through for you. You remain in deadlock with Inwit, if I'm not wrong, having won the latest court case, which they're going to appeal. I'm just curious to understand if those two processes can go in parallel, i.e., the extent to which you can agree or negotiate with AGCOM guaranteed improvements in mobile service whilst planning to remove your entire infrastructure from Inwit. Thank you.

Speaker #5: If I'm not wrong , having won the latest court case , which they're going to appeal , I'm just curious to understand if those two processes can go in parallel , i.e. the extent to which you can agree or negotiate with Adcom guaranteed improvements in mobile service whilst planning to remove your entire infrastructure from Inwit .

Speaker #5: Thank you

Speaker #1: Maybe on the first one, I'm not sure whether you were referring to the impact of the shift to the second brand on service revenue, or whether you were referring to cannibalization.

Eugen Stermetz: Maybe on the first one, I'm not sure whether you were referring to the impact of the shift to the second brand on service revenue, or whether you were referring to cannibalization rates or the penetration. I'll try to cover whatever you have. On mobile, the second and third brand penetration is at the moment at 38%. On broadband it's much lower, 15%. That's one data point you might have had in mind.

Speaker #1: , rates or the penetration . So I'll try to cover whatever we have , , on mobile . , the second and third brand penetration is at the moment that , , 38% on , on broadband , it's much lower , 15% .

Speaker #1: So that's one data point you might have had in mind on the actual , on the service revenue . You see it on , you see it on page 22 , where we highlight in the app .

Operator 2: Thank you.

Maurice Patrick: Thank you.

Eugen Stermetz: On the actual impact on the service revenue, you see it on page 22, where we highlight in the ARPU effect how much of this ARPU effect was driven by the change in brand mix. You can see that there. I don't think that we ever publish anything else on the topic. Did that help?

Speaker #1: We effect how much of this app we effect was driven by the , change in brand mix . So you can see that I don't think that we ever other , you know , published anything else on the topic .

Speaker #1: Did that help ?

Speaker #5: Yeah. I mean, just to add on, so 38% of your mobile is coming in as second and third brand on a fixed line.

Operator 2: Yeah. 38% of your mobile is coming in second and third brand. On fixed line, it was how much?

Maurice Patrick: Yeah. 38% of your mobile is coming in second and third brand. On fixed line, it was how much?

Speaker #5: It was how much, 15th?

Eugen Stermetz: 15. Not coming in, but already in the base. That's the share.

Speaker #1: So I'm not coming in, but already in the base. So that's a—

Operator 2: Oh, that's on the base.

Maurice Patrick: Oh, that's on the base.

Speaker #5: Share of the base . Yeah . I think it was , I think it was sorry to jump in there . So I think historically you showed like a market share shift or rather a market .

Eugen Stermetz: Yeah.

Operator 2: Yeah. Sorry to jump in. I think historically you showed a market share shift, or rather It was like a circular diagram showing the extent to which your customer base is shifting from main brand to second brand.

Maurice Patrick: Yeah. Sorry to jump in. I think historically you showed a market share shift, or rather It was like a circular diagram showing the extent to which your customer base is shifting from main brand to second brand.

Speaker #5: It was like a circular diagram showing the extent to which your customer base is shifting from main to second brand.

Speaker #1: Well , what we , what we do have , obviously , we show on a regular basis the penetration rate in the base .

Eugen Stermetz: Well, what we do have, obviously, we show on a regular basis the penetration rate in the base. You can deduct the change in this penetration rate. Year-over-year, the penetration rate went up by 3 percentage points on the mobile side. The 38% was respectively 35% or whatever last year. Also in broadband it went up.

Speaker #1: And so you can deduce the change in this penetration rate year over year. The penetration rate went up by three percentage points on the mobile side.

Speaker #1: So, the 38% was, respectively, 35% or whatever last year. And also, in broadband, it went up.

Speaker #2: Now on your second question , Italy and invite so the published the the the new rules a couple of days ago , actually , the details came out only , this week , so we are still analyzing the impact of exactly what this would potentially mean in terms of service coverage .

Christoph Aeschlimann: Now, on your second question, Italy, AGCOM and Inwit. The AGCOM published the new rules a couple of days ago. Actually, the details came out only this week. We are still analyzing the impact of exactly what this would potentially mean in terms of service coverage, service quality of service obligations, and what kind of investments are required to fulfill these obligations. I would say we can update you in more detail on the impact at the next quarter. We can also estimate if actually what AGCOM has proposed is net positive or net negative compared to the cost of spectrum or an auction. I think this analysis is still ongoing. It looks encouraging, but it really depends a bit on the details of what is expected in terms of coverage and quality of service investments.

Speaker #2: , service quality of service obligations and we or what kind of investments are required to fulfill these obligations . So I would say , , we can update you in more detail on , on the impact , in the next quarter , , and then we can also estimate if actually what Archie has proposed is net positive or net negative , , compared to , , the cost of spectrum or an auction .

Speaker #2: So I think this analysis is still ongoing . It looks encouraging , but it really depends a bit on the details of what is respected is expected in terms of coverage and quality of service .

Speaker #2: , investment . Now irrespective of what Archie would like us to do on coverage and quality of service , we have , in any case , planned to , , continue to invest in our mobile network , both to densify the network demand is increasing and to increase coverage .

Christoph Aeschlimann: Now, irrespective of what AGCOM would like us to do on coverage and quality of service, we have in any case planned to continue to invest in our mobile network, both to densify the network as demand is increasing and to increase coverage. Ongoing investments in mobile are fully compatible with what we are doing on the Inwit side. That's also one of the reasons why we launched the tower JV, because it will be one of the means to actually build out new towers. We are also in discussion with other tower operators to use existing towers for the densification. I would say both activities progress in parallel, the Inwit situation and at the same time, continuing to densify our mobile network.

Speaker #2: So ongoing investments in mobile are fully compatible with what we are doing on the Init side. So that's also one of the reasons why we launched our JV, because it will be one of the means to actually build out new towers.

Speaker #2: , and , , we are also in , in discussion with other tower operators to use existing towers for the densification . So I would say both , , activities progress in parallel .

Speaker #2: The inverse situation. And at the same time, continuing to densify our mobile network.

Speaker #5: It's very helpful. Thank you.

Operator 2: That's very helpful. Thank you.

Maurice Patrick: That's very helpful. Thank you.

Speaker #4: I will open the next line.

Operator: I will open the next line.

Speaker #6: Hi guys . It's , , Josh Mills here from BNP Paribas . A couple of questions from my side . , firstly on the Swiss price increases .

Josh Mills: Hi, guys. It's Josh Mills here from BNP Paribas. A couple of questions from my side. Firstly, on the Swiss price increases. It does look like alongside the service revenue tailwinds, the impact on churn in the past hasn't been as negative as you might have feared. Do you think that this could become more of a structural annual price increase? Or is there a specific reason why for you this is more of a 2026 one-off that wouldn't be repeated? I think you mentioned on the call that you don't want to test the limits of customer willingness to pay too much, but it does look like it could become a bit more structural. Some of your thoughts around that would be helpful. Secondly, on Italy.

Speaker #6: It does look like, alongside the service revenue tailwind, the impact on churn in iPads hasn't been as negative as you might have feared.

Speaker #6: So do you think that this could become more of a structural annual price increase, or is there a specific reason why, for you, this is more of a 2026 one-off?

Speaker #6: That wouldn't be repeated. I think you mentioned on the call that you don't want to test the limits of customer willingness to pay too much, but it does look like it could become a bit more structural.

Speaker #6: So some , some of your thoughts around that would be helpful . And then secondly , on , , Italy , T is challenging some of the NSA terms , or at least having a discussion with Cybercop about them , , going forwards .

Josh Mills: TIM is challenging some of the MSA terms or at least having a discussion with FiberCop about them going forwards. Is that something that you're looking at doing? What does your current guidance roughly assume in terms of MSA costs? Can you just explain whether there's any potential upside benefit if you were to secure better prices on the fixed line MSA? Thanks.

Speaker #6: Is that something that you're looking at doing? What does your current guidance really assume in terms of MSA costs? And can you just explain whether there's any potential upside benefit if you were to secure better prices on the fixed-line MSA?

Speaker #6: Thanks

Speaker #2: Okay . So on the Swiss price increase , , so I would say yes , churn is coming down . It was not that high , but I think every incremental churn is , is , , is not something we want to see .

Christoph Aeschlimann: Okay. On the Swiss price increase. I would say yes, churn is coming down. It was not that high, but I think every incremental churn is not something we want to see. Churn is only one aspect. I think also what we saw on the NPS side, the NPS took quite a hit from the price increase. Customers do notice the price increase and are not really happy about it. Looking at the market overall being still very promotional with very aggressive offers, we believe that the room to make this a structural and having repetitive price increases is quite small. I wouldn't bet on the fact that the Swiss market moves into a, let's say, a market structure where you see repeated price increases. It doesn't mean that we can't work on pricing going forward.

Speaker #2: And churn is only one aspect. I think also what we saw on the NPS side, the NPS took quite a hit from the price increase.

Speaker #2: So customers do notice the price increase and are not really happy about it . , so , , and looking at the market overall being still very promotional and with very aggressive offers , we believe that , , the room to make this like a structural and having repetitive price increases is quite small .

Speaker #2: So I wouldn't bet on the fact that the Swiss market moves into a, let's say, a market structure where you will see repeated price increases, but it doesn't mean that we can't work on pricing going forward.

Speaker #2: So I think , , one of the levers , which is more and more for more approach is always available . This is what we are executing now with Wingo , , changing the product structure , including more service and hence increasing prices or the Swiss Parliament is , discussing , , several , , VAT , increases .

Christoph Aeschlimann: I think one of the levers, which is more and more for more approach, is always available. This is what we are executing now with Wingo. Changing the product structure, including more service and hence increasing prices. The Swiss parliament is discussing several VAT increases. This obviously is also something that we need to take into account and could lead to potentially next price increase in the years to come. I wouldn't exclude them, but we will be very careful about further price increases as the customer reaction we see is also we shouldn't push the customers too much, especially on the main brand. Now in Italy, I'm not sure if I fully got the question about the MSA. Obviously the Inwit discussion we have is about M&A and structurally improving our cost of the towers.

Speaker #2: So, this obviously is also something that we need to take into account, and could potentially lead to next price increases in the years to come.

Speaker #2: So I wouldn't exclude them . But we will be very careful about further price increases as , , the customer reaction we see is also we , you know , we are , we shouldn't push the customers too , too much , especially on the main brands .

Speaker #2: I think now in , in Italy , , I'm not sure if I fully got the question about the , the MSA . So obviously the , the , the Invit .

Speaker #2: , discussion we have is about M&A and structurally improving our cost of , , of the tower . , of the towers . And , , so we , I mean , you have seen that we have one , , the first legal proceeding , we have the right to terminate the MSA migration is technically feasible .

Christoph Aeschlimann: You have seen that we have won the first legal proceeding. We have the right to terminate the MSA. Migration is technically feasible, and we are preparing the migration now. We are obviously also open to continue working with Inwit if the economic conditions meet our expectations.

Speaker #2: And we are preparing the migration now . And , , but we are obviously also open , , to continue working with , Ingrid .

Speaker #2: If the economic conditions meet our expectations.

Speaker #1: And maybe I think you referred to . Josh , if I understood correctly , also to fiber Corp , which is complex regulatory situation , which we rather will not give an update today

Eugen Stermetz: Maybe I think you referred to, Josh, if I understood correctly, also to FiberCop.

Christoph Aeschlimann: Yeah.

Josh Mills: Yeah.

Eugen Stermetz: Which is a complex regulatory situation, which we rather will not give an update today.

Speaker #6: I said , can I speak one extra one in this because in relation to Morris's question . I know you've stopped disclosing , on a quarterly basis , the penetration of subbrands , but it looked like at the end of last year , the subbrand penetration increased by about 2% .

Josh Mills: Can I sneak one extra one in? Just because in relation to Maurice's question, I know you've stopped disclosing, on a quarterly basis, the penetration of sub-brands, but it looked like at the end of last year, the sub-brand penetration increased by about 2%. It's now increasing by about 3%. Then also the spin down or the brand mix on wireless ARPU has increased a bit quarter on quarter. Does that fit with the message you're giving today? That there has been a bit more of a spin down versus Q1? Just to sense check those numbers.

Speaker #6: It's now increasing by about 3% . And then also the spin down or the , the brand mix on wireless IP has increased a bit quarter on quarter .

Speaker #6: Is that does that fit with the message you're giving today that there has been a bit more of a spin down versus Q1 just to check those numbers .

Speaker #1: I can't confirm the exact numbers . And there might also be some rounding in there , but yes , Christophe already mentioned that the price increase led to an increase in spin downs of customers from the main brand to the second and third brand .

Eugen Stermetz: I can't confirm the exact numbers, and there might also be some rounding in there. Yes, Christoph already mentioned that the price increase led to an increase in spin downs of customers from the main brand to the second and third brand. That's consistent with what you see.

Speaker #1: So that's consistent with what you see .

Speaker #6: Got it . Thank you

Josh Mills: Got it. Thank you.

Speaker #4: I hope in the next morning.

Operator: I open the next one.

Speaker #7: Good morning . Thank you for the question . It's Paul Sidney from Berenberg . , just a couple for me , please . , this spectrum auction in 2027 seems to be going against the trend of extending licence terms that we see in Germany , in Italy .

Paul Sidney: Hi, good morning. Thank you for the question. It's Paul Sidney from Berenberg. Just a couple from me, please. The Swiss spectrum auction in 2027 seems to be going against the trend of extending license terms that we've seen in Germany and Italy. I was just wondering, is there any reason that Switzerland is going down this route? Could the auction raise the risk that Swisscom's spectrum advantage in Switzerland is eroded, spectrum potentially reserved for new entrant or even SpaceX looks to bid, which is obviously a sort of fairly nightmare scenario. Just in Italy, I was intrigued to hear your CHF 100 million of revenue from the B2C energy customers, 141,000. I just wondered, is there an opportunity to upsell further services to your customer base?

Speaker #7: I was just— is there any reason that Switzerland is going down this route? And could the auction raise the risk that Swisscom's spectrum advantage in Switzerland is eroded? Spectrum potentially reserved for a new entrant or even Space, and looks to bid, which is obviously a fairly nightmare scenario.

Speaker #7: And then just in Italy , I was intrigued to hear your 100 million of revenue from , , the BC energy customers , 141 000 .

Speaker #7: I just wondered, is there an opportunity to upsell further services to your customer base, or, post-sale, selling insurance or wealth management services?

Paul Sidney: Obviously, your Poste Italiane, selling insurance, wealth management services, and I think planning to sell those services across the TIM base post the transaction completion. Great to get your comments there.

Speaker #7: And I think planning to , to sell those services across the sea base post the transaction completion . But great to get your comments there

Speaker #2: Great . Thank you . , so spectrum auction . Yes , it's a fact that the Swiss are slightly going against what the trend you see in Europe , but the regulator made it clear that they will not , , extend licences , but , will go for an auction .

Christoph Aeschlimann: Great. Thank you. Spectrum auction, yes, it's a fact that the Swiss are slightly going against the trend you see in Europe. The regulator made it clear that they will not extend licenses, but will go for an auction. I think that's quite clear going forward. We will obviously make sure that we can repurchase the frequencies we have today as we believe that this is an important asset that we need to have also in the future to guarantee the quality of service of our network and looking at the number of customers we have on our network. How the auction will proceed exactly, we will see once the regulator has published the final rules, which should happen until the year end. I think we can also comment a bit more on how we see the auction playing out.

Speaker #2: So I think that's , , that's quite clear going forward . And we will obviously make sure that we can , , repurchase , , frequencies we have today as we , , believe that this is an important asset that we , we need to , , to have also in the future to guarantee the quality of service of our network and looking at the number of customers we have on our network .

Speaker #2: , how the auction will proceed exactly . We will see once the regulator has published the final rules , , which should happen until , until the year end .

Speaker #2: And then I think we can also comment a bit more on how we see the , the auction playing out now in Italy , the 100 million energy is not only B2C , it's , , it's including B2B .

Christoph Aeschlimann: Now in Italy, the CHF 100 million energy is not only B2C, it's including B2B, it's the full energy business. It's indeed encouraging to see that we can sell other products to our B2C customer base. We are also looking into other avenues like security or insurance also in Italy to basically increase the share of wallet in our customer base. That's something we are looking into and could be new growth drivers for Italy going forward.

Speaker #2: So it's the full energy, but it's indeed encouraging to see that we can sell other products to our B2C customer base.

Speaker #2: And we are also looking into other avenues like security or , , insurance . Also in Italy to , , to , , basically , , increase the share of wallet in , in our customer base .

Speaker #2: So that's something we are looking into. And it could be new growth drivers for Italy going forward.

Speaker #7: Great . Thank you very much . Appreciate it

Paul Sidney: Great. Thank you very much. Appreciate it.

Speaker #4: Next line is open .

Operator: Next line is open.

Speaker #8: Yes , Mark from finance and Witchcraft . Thank you for for the time to ask questions . I have three short questions concerning the the mobile .

Marc Bürgi: Yes. Marc Bürgi from Finanz und Wirtschaft. Thank you for the time to ask questions. I have three short questions concerning the mobile spectrum. Is it a given that it will be an auction in Switzerland? Because that's news for me. I thought it's still in play. The second question is about service revenue decline in Italy. Will we have to get used to it in the coming years? Will there always be a decline? Did you give a concrete number for Italy for this year, as you did for Switzerland, this slightly less than CHF 120 million? Is there an equivalent figure for Italy? The third and last question is about the competitive situation in Italy. Do you still think that there's the chance that there will be a merger among one of your competitors and that you will have one less?

Speaker #8: , , mobile spectrum . So is it a given that it will be an auction in Switzerland ? Because that's news for me .

Speaker #8: I thought it's still in play. The second question is about service revenue decline in Italy. Will we have to get used to it in the coming years?

Speaker #8: Will that be , , will also will always be a decline . And did you give a concrete number for Italy for this year , as you did for Switzerland this slightly less than 120 million .

Speaker #8: Is there equivalent is there an equivalent figure for Italy And the third and last question is about the competitive situation in Italy . Do you still think that there's the chance that there will be a merger , , one of your competitors and that you will have one less ?

Speaker #8: , I mean , there still is , , I think a rumor going on about , , Iliad and , , yes , he is gonna merge with a competitor .

Marc Bürgi: There still is a, I think, rumor going on about Iliad and if Iliad is going to merge with a competitor. Thank you.

Speaker #8: Thank you .

Speaker #2: Okay . Thank you for the question . So on mobile spectrum , , so . Yes , it's not finally decided . You're completely right that there will be an auction , but this is our expectation .

Christoph Aeschlimann: Okay. Thank you for the question. On mobile spectrum, yes, it's not finally decided. You're completely right that there will be an auction, but this is our expectation that there will be an auction and no prolongation of spectrum. The final decision is still pending and will be communicated by the regulator. I think it's safe to assume that there will be an auction. Do you want to take question number two? Yes, there is a number out there that we mentioned in the full year results conference. We expect the service revenue decline in Italy of roughly EUR 150 million, which is much improved over the previous year. We expect for the future a gradual stabilization of that number without any specific guidance at the moment for 2027 onwards.

Speaker #2: , that there will be an auction and no , , prolongation of spectrum , but , , the final decision is still pending .

Speaker #2: And , , will be communicated by the regulator , but I think it's safe to assume that , , there will be , there will be an auction .

Speaker #2: Do you want to take some?

Speaker #1: Yeah . Question . Question number two . So , yes , there is a number out there that we mentioned in the full year results conference .

Speaker #1: So we expect the service revenue decline in Italy of roughly 150 million , which is much improved over the previous year . And we expect for the future a gradual stabilization of that number without any specific guidance at the moment for 2027 onwards .

Speaker #2: And , , on sorry , on your last question , merger in Italy , I mean , there are always lots of rumors going on .

Marc Bürgi: Okay.

Christoph Aeschlimann: Sorry, on your last question, merger in Italy. There are always lots of rumors going on, and of course, we don't comment on these rumors. I don't know what other parties are talking about.

Speaker #2: And of course , we don't comment on these rumors . And I don't know if there I mean , you know , we don't know what other parties are talking about or

Speaker #8: Okay . And just maybe , , to , to for clarification . So you say €150 million was the , with the outlook .

Marc Bürgi: Okay. Just maybe for clarification, you say EUR 150 million with the outlook. Did I understand correctly that you're saying the service revenue decline, that this trend is going to continue in the coming years in Italy?

Speaker #8: , did understand correctly that you're saying the service revenue decline is going to this trend is going to continue in the coming years in Italy .

Speaker #8: Correct

Christoph Aeschlimann: It's going to gradually ease over time, but we don't give any specific timelines or numbers beyond the 2026 guidance.

Speaker #1: Over time, this will gradually ease. But we don't provide any specific timelines or numbers beyond the 2026 guidance.

Speaker #8: Okay . Gradually , gradually easing . Okay . Thank you .

Marc Bürgi: Okay. Gradually easing. Okay. Thank you.

Speaker #1: Thank you very .

Christoph Aeschlimann: Thank you very much.

Speaker #4: Much

Louis Schmid: Next question.

Operator: Next question.

Speaker #9: , yes . Good morning . It's , . Cristian from Ted KB . Actually , my my question has just been answered . It's regarding telco service revenues in Italy .

Christian Bader: Yes, good morning. It's Christian Bader from ZKB. Actually, my question has just been answered. It's regarding telco service revenues in Italy at the Q1 conference call. You said you expect EUR 150 million loss this year. I just wondered if you confirm that number.

Speaker #9: At the first quarter conference call, you said you expect a loss of $150 million this year. I just wondered if you can confirm that number.

Speaker #1: Confirmed .

Christoph Aeschlimann: Confirmed.

Speaker #9: Okay . All right . Thank you . That's it for me .

Christian Bader: Okay. All right. Thank you. That's it for me.

Speaker #4: Next one is, next line is open.

Louis Schmid: Next line is Louis.

Operator: Next line is Louis.

Speaker #2: , yeah .

Robert Grindle: Yeah. Hi, it's Robert Grindle from Deutsche Bank here. I'd just like a reminder, please, about the accounting and cash treatment of the Vodafone compensation for the loss of the POSTE MVNO. Did that come through at all in Q2, and what's the phasing from here? Is there any compensation from Vodafone for the loss of the Wind MVNO? Thank you.

Speaker #10: Hi . It's Robert Grindle from Deutsche Bank here . , I'd just like a reminder , please , about the accounting and cash treatment of the Vodafone .

Speaker #10: Compensation for the loss of the Posti MVNO—did that come through at all in Q2? And what's the phasing from here?

Speaker #10: Is there any compensation , , from Vodafone for the loss of the Leica MVNO ? Thank you

Speaker #1: Yes . Thanks for the question . So on like no , there is no compensation . Yes , there is a compensation on water on on the post .

Christoph Aeschlimann: Yes. Thanks, Robert, for the question. On Wind, no, there is no compensation. Yes, there is a compensation on the POSTE deal. We're going to book it in either Q3 or Q4 in one go at CHF 75 million, and we will treat it as an adjustment.

Speaker #1: The deal—we're going to book it in either Q3 or Q4, in one go, as 75 million. And we will treat it as an adjustment.

Speaker #10: Thank you

Robert Grindle: Thank you.

Louis Schmid: Next line.

Operator: Next line.

Speaker #11: Hi , guys . It's , , it's AJ Soni from JP Morgan . , two quick questions on the price rises . I think it's clear the main brand situation is not clear .

Ajay Soni: Hi, guys. It's Ajay Soni from J.P. Morgan. Two quick questions. On the price rises, I think it's clear the main brand situation is not clear, and there's caution here going ahead. On the second and third brands, do you feel more comfortable pushing through consistent price rises here, as I think you have done in the last couple of years? Obviously, this section of the market remains very competitive. Just bigger picture on the Italian synergy. You've owned the Vodafone asset for a couple of years now. Have you seen any further synergy opportunities? Where would these be, and could you quantify any of them? Thank you.

Speaker #11: And there's caution here going ahead On the second and third brands . Do you feel more comfortable pushing through consistent price rises here as I think you have done in the last couple of years ?

Speaker #11: , obviously this section of the market remains very competitive . And then just bigger picture on the Italian synergy you've owned , , the Vodafone asset for a couple of years now Have you seen any further synergy opportunities ?

Speaker #11: Where? Where would these be? And could you quantify any of them? Thank you.

Speaker #2: Thank you . , so . On the second and third brand , , there might be more room to work consistently on price .

Christoph Aeschlimann: Thank you. On the second and third brand, there might be more room to work consistently on price. Now we are executing the second price increase in Wingo. We will see how this goes. We will gather more experience, and we can then decide the next steps going forward. On the IT synergies, I think, we still have to realize the other 50% of synergy. We deliver CHF 300 million out of the CHF 600 million. There is still a lot of work to be done. We are confident that we can deliver the full CHF 600 million based on what we see today. We will not announce additional synergies as we first need to already deliver what we promised two years ago.

Speaker #2: I mean , now we are executing the second price increase in Wingo . So we will see how this , , this goes .

Speaker #2: We will gather more experience and we can then , you decide next steps . , going forward on the it synergies , I think , you know , it's , , we still have to realize , , the other 50% of synergies .

Speaker #2: So we , we deliver 300 million out of the 600 . So there is still a lot of work to be done . And we are confident that we can deliver the full 600 based on what we see today .

Speaker #2: , but we , , we will not announce additional synergies , , as we first need to already deliver what we promised two years ago .

Speaker #1: Okay . Thank you very much . And with that , I would like to conclude today's conference call . If you have any additional questions , please feel free to reach out to the IR team .

Louis Schmid: Okay. Thank you very much. With that, I would like to conclude today's conference call. If you should have any additional questions, please feel free to reach out to the IR team. Look forward to speaking to you, and have a pleasant day. Thank you.

Speaker #1: Look forward to speaking to you and have a pleasant day . Thank you

Operator 2: Dear participant, the conference call has come to an end. Thank you for your participation. Goodbye.

Operator: Dear participant, the conference call has come to an end. Thank you for your participation. Goodbye.

Christoph Aeschlimann: Goodbye.

Browse all earnings call transcripts

Q2 2026 Swisscom AG Earnings Call

Request TrialDemo

Swisscom

Earnings