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Swisscom presents a solid 2023 result

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Swisscom presents a solid 2023 result

The 2023 balance sheet of the Swisscom Group

«Swisscom convinced in 2023 with an excellent financial result and good market performance», says satisfied CEO Christoph Aeschlimann. «We have thrilled our customers with attractive and sustainable products, excellent customer service and a well-developed infrastructure. Innovation continues to be at the forefront. To this end, Swisscom will invest more than CHF 100 million in the development of AI solutions in Switzerland and Italy in the coming years. Even in this case, we can rely on a powerful and reliable infrastructure at the base. On this basis, we develop reliable AI applications together with customers, which we also use internally. Furthermore, our 2030+ strategy includes further expansion of fiber optics and the gradual dismantling of copper lines. Our Italian subsidiary Fastweb is also achieving excellent results. It has been growing continuously for ten years.”

Solido core business Swiss, Fastweb continues to record good results

Compared to the previous year, the Group’s turnover increased slightly by 0.2% to CHF 11,072 million, while at constant currencies an increase of 0.9% was recorded. In the Swiss core business, turnover fell slightly by CHF 63 million to CHF 8,146 million (-0.8%). Revenue from telecommunications services fell by 1.3% overall to CHF 5,377 million, while revenue from IT services for business customers rose by CHF 32 million (+2.8%). The activity in Italy continues to record a positive trend. Compared to the previous year, Fastweb’s turnover growth was EUR 151 million (+6.1%).

Consolidated operating profit before depreciation and amortization (EBITDA) rose by 4.9% to CHF 4,622 million. Net of extraordinary factors and at constant currencies, an increase of 2.3% was recorded. In the Swiss core business, EBITDA remained more or less stable on a comparable basis (+0.2%), while for Fastweb it increased by 2.1% (in EUR).

Net profit increased by 6.7% to CHF 1711 million compared to the previous year. The increase in EBITDA was partly offset by higher depreciation and amortization and a lower financial result.

Network Infrastructure: Tops All Network Tests: Optical Fiber Replaces Copper

Swisscom constantly invests in the quality, coverage and efficiency of its network infrastructure, consolidating its technological leadership. In 2023, investments at Group level remained high and amounted to CHF 2292 million (-0.7%). In 2023, Swisscom once again won all major network tests: Swisscom achieved the highest score ever measured in the connect mobile network test and won in all categories.

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Mobile network: 81% coverage with 5G+

To ensure high network quality and be able to continue to offer customers an excellent mobile network, Swisscom is rapidly expanding the 5G network. At the end of June 2023, Swisscom was offering 5G+ connections to more than 81% of the Swiss population. According to the industry association asut, 5.5 million 5G devices were in operation in Switzerland at the end of the year. As data usage continues to grow; Around 3,000 mobile projects (new installations or modifications) are underway across the industry.

Network strategy adaptation: Optical fiber replaces copper

Swisscom is continuing to expand fiber optics by slightly increasing its targets: Fiber optic coverage should increase from the current 46% to 57% by the end of 2025 [1] and by the end of 2030 to 75-80%. By then, the latest network technologies, such as fiber optics and 5G mobile telephony, will be available in almost all municipalities. In parallel, Swisscom will gradually dismantle copper networks wherever fiber optics are available.

After 2030, Swisscom intends to complete the fiber optic network in all municipalities. This step will allow the complete dismantling of the copper networks, thus obtaining energy savings equal to the annual consumption of a city of approximately 20,000 inhabitants (100 GWh).

Private customers: Almost stable turnover thanks to telecommunications services – high customer satisfaction

At the end of 2023, 2.07 million customers in the private customer segment were using blue subscriptions. In this segment, blue represents 72% of the Swisscom brand’s mobile subscriptions and 88% of its fixed broadband connections. Compared to the previous year, the number of fixed broadband connections decreased by 1.0% to 2.01 million, as did the number of TV connections, which decreased by 2.2% to 1.54 million connections. In mobile telephony, the number of connections increased by 0.5%, reaching 6.20 million; the customer structure has changed due to the increase in postpaid connections (+129 thousand) and a similar decline in prepaid connections (-100 thousand).

Revenue from telecommunications services in the private customer segment fell slightly (-0.5%) to CHF 3,843 million. This allowed it to stabilize for the second consecutive year. Private customer satisfaction remains high. This is also reflected in the successful connect tests in all aspects of the service (shop, app, hotline).

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Business customers: Demand for IT services is increasing

The commercial customer market continues to be affected by pricing pressure and technological changes. In comparison with the previous year, the turnover of telecommunications services fell by 3.4% to CHF 1,534 million. Swisscom boasts a solid position as a Full Service Provider and the level of customer satisfaction is high. Demand for cloud, security, IoT and SAP solutions as well as business applications has seen a further increase. In the first half of 2023, turnover from IT services increased by 2.8% to CHF 1,184 million.

Fastweb customers and turnover growing

In 2023, Fastweb increased revenue by 6.1% in local currency. Compared to the previous year, the number of connections in the mobile telephony sector increased by 13.7% to 3.51 million. The customer base in the fixed network sector (end customers and wholesale) increased by 3.4% to 3.25 million. While in the end customer segment the base decreased by 3.1%, falling to 2.60 million, due to the difficult market context, the number of ultra-broadband connections that Fastweb makes available to other operators rose to 0 .65 million. Bundled offerings continue to play an important role.
42.5% of customers use a combined fixed and mobile network offer. Turnover from private customers increased by 1.6% to EUR 1163 million thanks to an increased customer base in the mobile sector. Revenue in the business customer segment also grew by 11.7 percent to EUR 1134 million, thanks to Fastweb’s strong position. Wholesale also recorded an increase in turnover of 4.8%, reaching EUR 330 million.

Overall, Fastweb’s turnover recorded an increase of +6.1%, reaching EUR 2,633 million. Operating profit before depreciation and amortization (EBITDA) decreased by 6.6 percent to EUR 798 million and, on an adjusted basis, increased by 2.1 percent. In 2023, EBITDA was negatively impacted by non-recurring costs of EUR 74 million, incurred as a result of a legal proceeding and an adjustment of the Fixed Wireless Access (FWA) strategy.

New target of net zero emissions in 2035 according to the SBTi

In 2023, Swisscom committed to achieving net-zero greenhouse gas emissions across the entire value chain in accordance with the SBTi by 2035, thus significantly contributing to a climate-friendly economy. The criteria for achieving net zero carbon emissions are ambitious and are defined by the Science Based Target Initiative (SBTi).

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Change in the Board of Directors

The one-year mandate of all members of the Board of Directors expires at the General Assembly on March 27, 2024. Alain Carrupt (1955), staff representative on the Board of Directors, renounces re-election on his own initiative. As a replacement, the Board of Directors proposes Daniel Münger (1961). The Chairman of the Board of Directors and the other members of the Board of Directors stand for re-election.

Daniel Münger is a Swiss and Italian citizen. He worked as a telecommunications specialist at PTT companies and has been active in workers’ organizations since 1996. From 2016 to 2023 he led the syndicom union as president.

Outlook for 2024: EBITDA of CHF 4.5-4.6 billion

Swisscom expects sales of around CHF 11.0 billion, EBITDA of CHF 4.5-4.6 billion and investments of around CHF 2.3 billion for the 2024 financial year. If the objectives are achieved, Swisscom intends to propose to the General Meeting in 2025 an attractive and unchanged dividend for the 2024 financial year of CHF 22 per share.

Overview of key figures



Turnover (in CHF million) 11’072 11’051 0.2%


Operating result before depreciation, EBITDA (in CHF million) 4622 4406 4.9%


Operating result EBIT (in CHF million) 2205 2040 8.1% Net profit (in CHF million) 1711 1603 6.7% Retail broadband connections in Switzerland (as of 31.12, in thousands) 2006 2027 -1.0 % Blue TV connections in Switzerland (as of 31.12, in thousands) 1537 1571 -2.2% Mobile network connections in Switzerland (as of 31.12, in thousands) 6202 6173 0.5% Fastweb broadband connections (as of 31.12, in thousands) ) 2601 2683 -3.1% Fastweb mobile network connections (as of 31.12, in thousands) 3509 3087 13.7% Investments (in millions of CHF) 2292 2309 -0.7% Of which investments in Switzerland (in millions of CHF ) 1685 1688 -0.2% Group collaborators (full-time positions as of 31.12) 19’729 19’157 3.0% Of which collaborators in Switzerland (full-time positions as of 31.12) 16’050 15’750 1, 9%

*On a comparable basis and at a constant currency exchange rate

Swisscom uses various alternative performance indicators. For definitions and reconciliation of values ​​according to IFRS, please refer to the annual report dated 31 December 2023.

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