Swisscom AG (SCMWY) March 25, 2026 Annual General Meeting Transcript

KI Jetzt, AI Now. This is today's motto. At this annual general meeting, we want to bring AI to life. For you, a warm welcome to the Hallenstadion, ladies and gentlemen, dear shareholders and friends of Swisscom. I am more than happy to welcome you on behalf of the members of the Board of Directors, the Group Executive Board and all our employees to welcome you to this 28th Annual General Meeting. I would also like to extend a warm welcome to the independent proxy Reba Rechtsanwälte, represented today by Ms. Gschwendt and Mr. Heyer, as well as the representatives of the auditors, Mr. Schwick and Mr. Aslany. I am now pleased to introduce the representatives of Swisscom AG present on the podium. They are Eugen Stermetz, our CFO, Christoph Eschliemann, our CEO, Martin Vögelie, Head of Group Security and Corporate Affairs and Member of the Executive Board at Swisscom Switzerland. He also serves as Secretary to the Board of Directors. The other members of the Board of Directors in the Group Executives Committee are also present. They've taken the seats in the hall. The General Assembly will be held in German and simultaneously interpreted into French and English. Anyone wishing to use headphones for the interpretation or to better understand the German language may collect a pair at the very back of the hall. Dear shareholders, shaping the future together with innovation and trust, this message is the epitome of Swisscom in 2025. After a year full of changes for Swisscom and important milestones we can now look back together on the company that is stronger, more international and more sustainable than ever before. Last year Swisscom once again demonstrated that we view change as an opportunity. With the successful acquisition and integration of Vodafone Italia we have managed to consolidate our position as the leading ICT provider in Switzerland, whilst simultaneously rising to become the number two player in the Italian market. Since the start of 2026, FastWeb and Vodafone have also been operating as a legally merged company – a strong, convergent provider with the best conditions for sustainable growth and innovation. The 2025 financial year was characterized by strategic foresight and operational excellence. Despite challenging geopolitical and economic conditions, we achieved a solid financial result. The integration of Vodafone Italia is proceeding according to plan and And the first synergy facts have already been realized. Against this backdrop, we are proposing to the AGM an 18% increase in the dividend from 22 Swiss franc to 26 Swiss franc per share. Our innovative strength is evident in many areas. With the launch of BEAM, we are setting new global standards in the field of cyber security for business customers in Switzerland. In the area of artificial intelligence, we have launched MyAI, a trustworthy solution developed in Switzerland, and it meets the highest data protection and transparency requirements. Sovereign cloud solutions and AI infrastructures are crucial in times of geopolitical tension. With Swiss AI Platform by Swisscom, businesses benefit from a high-performance infrastructure for trustworthy AI applications. In Italy, FastWeb and Vodafone is underlining its leading role in digital transformation with a sovereign AI platform for businesses and public authorities. We are also leading the way in sustainability. Our first group-wide sustainability strategy aims to achieve a climate-neutral footprint known as net zero by 2035. We are committed to decarbonizing our supply chains, promoting the circular economy and investing in renewable energy. In doing so, we are making an active contribution to climate protection and sustainable development in Switzerland and Italy. Our investment in digital infrastructure remains at a high level. In Switzerland, we are systematically expanding the fiber optic network. By 2030, 75 to 80% of households and businesses are set to be connected via FTTH, fiber to the house, and by 2035 we aim to provide gigabit bandwidth for everyone, whether via fiber optic, mobile or satellite technology. In mobile communications, we already cover 99% of the population with 5G and the rollout of 5G plus is continuing to progress. In Italy too, we are making targeted investments in the expansion of fixed line and mobile networks to strengthen digitization across all networks and regions. A company is only as strong as its culture and its employees. In 2025 we defined our first group-wide values, spark passion, aim high and stand true, serve as guiding principles that shape Swisscom's identity, culture and behavior. They demonstrate what we all stand for and what makes us and our culture strong. Our employees in Switzerland, Italy and our international locations demonstrate passion and expertise in serving our customers every single day. My special thanks goes to them. I would also like to thank the Board of Directors, the management teams in Switzerland and Italy and our CEO Christoph Eschliemann for their tireless efforts. And last but not least, I would like to thank you, our shareholders, for your trust, your loyalty and your support. Together, we are shaping the future of Swisscom. Swisscom stands today on a solid foundation financially, technologically and culturally. We are convinced that innovation and trust are the keys to our long-term success. Despite our increased presence in Italy, our commitment to Switzerland remains unchanged. We continue to invest in the best infrastructure and are dedicated to a digital and sustainable future for our society. I look forward to continue this path together with you. I shall now move on to the formal part of General Meeting. To lighten the mood between agenda items, we have put together some short presentations on the topic of artificial intelligence. Entertaining, funny, and at the same time a little bit educational. Roll the first clip featuring our trainer, Marcel.

KI is viewed everywhere and in all our minds. But for what can we specifically use? Where does it bring us really something? And where does it take risks? Exactly for this I'm here today. I'll show you in the process of a general conversation a concrete approach from the All-Tag. With the UKI, you can set them up. So that they really bring you something. So, we'll see you soon.

Dear shareholders, I shall open the annual general meeting with a few formal remarks.

Statutengemäss übernehme ich den Vorsitz.

In accordance with the articles of the association, I shall share the meeting. The annual general meeting has been duly convened The invitation was published in the Swiss Official Gazette of Commerce on 17 February 2026 together with the 2025 annual report in the financial statements of Swisscom AG. The shareholders listed in the share register were invited in writing and upon request electronically. No requests to add items to the agenda have been received. The annual report has also been available on the Swisscom website since 12 February 2026. The auditors, PwC, who audited the annual and consolidated financial statements as well as the new remuneration report are present to today's AGM. I hereby appoint Martin Vögelie as a minute-taker. Please note that the meeting, including the speakers, will be broadcast live on the Internet, both in audio and video. The meeting will also be recorded and made available online after the AGM. Voting will take place electronically today. During the general meeting, two vote counters will be present here in the hall and two others will be in the accounting office. Among other things, the vote counter will ensure that the electronic system is used correctly. The names of the vote counters are projected onto the screen. I would like to thank Mrs. Langenegger and Mrs. Sudavrich, as well as Mr. Thuring and Mr. Böhler for volunteering for this work. To ensure that a general meeting runs smoothly, we will, as always, be keeping a list of speakers. If you would like to speak, please approach the staff at the speaker's desk with your admission ticket. The desk is located here at the front, to your left, as you face the stage. You may add your name to the list of speakers from now on and for as long as the discussion on the relevant agenda item is ongoing. I will call on those who have signed up during the relevant agenda item. Please keep your comments brief. In view of the numerous items on the agenda, I am limiting speaking time to five minutes. If a speaker does not wish their name or speech to be published online, they must expressly state this to the staff at the registration desk or, at the latest, at the lectern at the start of the speech. The NRL and the AGM has a quorum regardless of the number of shareholders present and the shares represented. Resolutions will be passed today by a majority of the votes represented. As mentioned, voting will take place electronically. During the first vote, Mr. Voegli will explain how to use the Televoter. If you have any questions about the device, please contact the Televoter helpdesk on the left-hand side of the hall. Our guests are not entitled to vote and have not been issued with a voting device. I note that the independent proxy service is present today. The agenda items for today's general meeting are projected onto the screen. You will also find them in the written invitation. In the meantime, the number of represented shares has been determined Mr. Voegli will announce the figure. The roll call has yielded the following result. Present are 1,105 shareholders and the independent proxy. Each share entered in the share register with voting rights entitles the holder to one vote. The shareholders, therefore, represent 26,471,508 votes. The independent proxy represents 12,621,585 votes. In total, 39,193,093 registered shares or voting rights with a total nominal value of 39,093 Swiss francs are represented. This corresponds to 75.4% of these shares carrying voting rights. Proxery shares are not represented. Attendance figures are being updated continuously at the entrance to the meeting hall. I would ask anyone leaving the Hallenstadion early to present their admission ticket and hand in their voting devices at the entrance control point. On behalf of the independent proxy voting service Reber Rechtsanwälte, I hereby make the following statement. In response to our inquiry yesterday, on Tuesday morning, the independent proxy provided us with a general interim update on shareholders' voting patterns regarding the agenda items for today's annual general meeting. The table, as at 24 March 2026, shows the number of votes cast, the number of yes and no votes and abstentions, and the corresponding percentages for each agenda item. The data has been provided in anonymized form and does not allow any conclusions to be drawn regarding the voting behavior of individual shareholders. Ladies and gentlemen, this brings us to agenda item number one. The approval of the management report, the consolidated financial statements and the annual financial statement of Swisscom for the 2025 financial year. The comprehensive reports from the Board of Directors and Group Executive Management can be found in the 2025 annual report. The report and the annual financial statements of Swisscom AG are published on the Swisscom website. The reports from the auditors are included in the annual report. In the next item on the agenda, we will take a closer look back at 2025 and show you what we aim to achieve next with Swisscom.

Als Folge der Akquisition von Vodafone Italia ist im Geschäftsjahr 2025 der Umsatz von Swisscom deutlich gestiegen. Er erhöhte sich um 36,6 Prozent auf 15 Milliarden Franken. The price in Switzerland sank light on 7,9 Mrd. Fr. In Italy stieg er von 4,5 Mrd. EUR to 7,3 Mrd. EUR. The result of the price of the Leasing price of 5 Mrd. Fr. is 22,6% over the result of the year. Swisscom weist for the Ebitdaal to the Proforma-Zahlen as it would be Vodafone Italia since 1. Januar 2024 consolidated. In this comparison sank the Gruppensumsatz 2025 against the previous year of 2% and the EBITDA was reduced to 1,2%. On comparable basis and to the constant Währing was the increase in 1,3% and the EBITDA was 1,9%. The Rheingewinn sank over the past year at 17,6% on 1,3 Mrd. The Rheingewinn was brought up with the acquisition of Vodafone Italia. 2025 has Swisscom in the development and the development of IT and the infrastructure 3,1 Mrd. Franken investiert, davon 1,7 Milliarden Franken in der Schweiz und 1,5 Milliarden Euro in Italien. 2025 hat Swisscom in der Schweiz erneut alle relevanten Netz- und Servicetests gewonnen. Der Börsenkurs der Swisscom-Aktie ist 2025 um 14,1 Prozent auf 575,50 Franken gestiegen.

Mit der beantragten Dividende von 26 Franken pro Aktie dürfen die Aktionärinnen und A warm welcome to all our shareholders here at our Swisscom AGM in the Hallenstadion in Zurich and also a warm welcome to those watching live via our online broadcast. My name is Claudia Lessa, I am from Blue, so I am part of the Swisscom family and I am more than happy to be hosting this discussion again. This year we decided actually to wave long speeches. I rather try to draw some fascinating insights into the world of Swisscom from our three guests today. Of course, the main topics such as the group's business performance, the numerous innovations and the integration of Vodafone Italia are part of today. Before we dive into To the fascinating topics, I would like to introduce our newest team member, which is MyAI, our AI assistant, who is joining us today as a co-host. So for me as well, a premiere today, and she will actually give us some additional information that will be just on point. So MyAI, would you like to say a quick hello? Gladly, Claudia. Hello to everyone here at the Hallenstadion and at home on the computers. I am delighted to be part of the discussion today and to help with any questions and information. So, if an interesting fact is needed anywhere, I'm here to help. I am really looking forward to seeing that. So, a big premiere. And I'm also more than happy to welcome you here in this talk round, Michael Rechsteiner, Chairman of the Board of Directors at Swisscom, and our CEO, and just newly, Walter Renner, our CEO of our Italian Subsidio Fastweb. And Vodafone, a warm welcome here. Yes, so we have got to know MyAI. You work here, so how do you use MyAI in your private life? Are there any things that you do with MyAI, Michael? Well, first of all, I've downloaded the MyAI app on my mobile devices and my computer. Then I started to just integrate MyAI app in my everyday life. I ask simple questions such as, how can I get from Zürich Erliken to Davos after the AGM? What are the connections? Or, for example, when I read the newspaper and I don't understand anything, I ask things, why is the heaven blue? So I started to use the app to, for example, generate, well, Christmas cards, New Year cards, birthday wishes, things like that and then if it becomes a bit more complex and if I want to have a table by AI, for example, if I want to get a new car, I ask AI, well, look for 10 vehicles, electric vehicles with the biggest battery capacities, sort them by price, sort them by battery capacity, probably also aerodynamics, etc. So those things, I use my AI in order to be more efficient, faster, and a bit smarter.

Is it similar with you, Christoph?

How do you use it? Do you use them for things like that? Well, I think you can use them in different ways. I use it for translations. For example, well, AI can translate different languages or if we have holiday plannings. If we're in a city, we ask AI, what are we supposed to look at? Give me a route where I can see most of the sites. You can try that in Zurich as well. So have a tour through the city and you get the results within 10 seconds. And then you can actually just adapt it and adjust it, but of course you can get results way faster. You get good response quite quickly, which you can build on. Well, very interesting tip with the city of Zurich, I'll try that the next time. Now, at the beginning of the talk, I would like to ask you here to kick off the discussion. So we asked you two things when you came in. Our first question to you was, what are you particularly proud of today as you attend the Swiss Comanial General Meeting? And you gave us the results. You can see them here. Buzzwords is what you can read here. The buzzwords that are big, the terms, they were mentioned quite fast. So let's have a look at them. The right, former employee, this was actually mentioned. quality, interest, premier, have a say, good company, results, and community. Christoph, you're laughing. What are you laughing at?

Yeah, me too. Premier, yeah.

So I'm looking forward to the apéro, actually. Yeah, but it's also fun, isn't it? Yeah, I think it's great that we have many former employees here in the hall. And I think it's also a statement about Swisscom, so the feeling of connection, being together, so the connection that former employees have as well, and this makes me proud. Michael, are you surprised? No, I think it's great. You see, you meet previous and former employees, and I think Swisscom is coined by the fact that you meet people. So, what is missed actually, what I miss here is the yield or dividend because we all work for the shareholders in this room and I think the yield is actually what we can give back to the shareholders. Absolutely. I think we will definitely talk about something in the past later on. Christoph, if we look back to 2025, Swisscom opened up a totally new chapter with the integration of Fasbub and Vodafone. I think it was a crazy year for you. Has it been the craziest year for you, 2025? Well, probably not the craziest one, because it depends on what you define as crazy. But then at the mentions, what we did, it was just unique. And it was one of the most intense years in my career. So there was a lot to do in Switzerland, but also a lot to do in Italy. Many tasks to solve. We worked a lot with Walter. And I think it was a special year. So was there anything very emotional last year? Well, what is very important for me is the exchange with the employees, and in Italy, you feel the energy that this merger, this acquisition actually released. The employees are highly motivated. They see a new future in this bigger company, and the energy is actually coming across, and it's contagious, and it's great to experience that. Oh, I can imagine that. So we hear that. Michael, how happy is the board of directors with the performance of this business? Well, we're just in the middle of the integration. Of course, we are generating costs on one hand, but we also generate synergies, so sustainable added value. And I think we can be proud of that. At the same time, in Italy with Fastweb and Vodafone, we have built up a great number two and this is important for our Italian customers. They benefit from great networks, good products and services. So, how do customers in Switzerland shareholders benefit from this Italian business? Well, a successful business in Italy is incredibly important for Swisscom as a group. It strengthens the innovation force and the investment by the cash flow that we actually generate by the Italian colleagues. And in particular, for shareholders and the successful 2025 financial year, where we had stable cash flows in Switzerland and growing cash flows in Italy, this actually gives us the opportunity to increase the dividend from 22 Swiss francs to 26 Swiss francs per share. Oh, hang on, my AI just popped up. So, my AI, what's going on? The dividend of 20 Swiss francs per share is the highest payout in Swisscom's history. Yes, that's correct. That is correct. And I can tell you our ambition is to increase the dividend further in the future with growing cash flows. Oh, I think all shareholders are happy on that. Well, Walter, let's have a look at Italy. You are the CEO of the new company in Italy, and therefore you're responsible for the operational implementation. I imagine you had a crazy year, and I imagine this is a mammoth task you have. How has this year been for you personally?

First of all, good afternoon, everybody. Buongiorno a tutti. It's an honor to be here. 25 has been a very intense year, probably the most intense in my career. year, but at the same time it's a very rewarding year, because we took two companies that were fighting each other, very competitive in the market, and from January 25, we said to 7,000 employees, now we need to work together with the same goal and ambition. And we did it. There is a lot of energy in Italy, there is a lot of commitment to achieve our vision and goals. So this is incredible and it's giving me a lot of energy.

So the energy can be felt and just as when you say it, how does it feel to be leading this new company and how satisfied are you with this integration process that you're just in the middle of?

Well, it's a big responsibility to manage this new company, to manage these new historical brands in Italy but also to be part of this very important group. But I can tell you that the integration is going well, according to plan. We have a single organization now managing the new company. We have a defined plan that we are executing and we are delivering on synergies. So the first year we delivered 100 million of synergies, which was even better than plan. So we are very happy.

So what is the situation from a market perspective? because we want to bring innovation to our customer.

So that's the route. And we really believe it's paying off today and will pay off also in the future.

Thank you very much, Walter. We are currently still operating under the FastWeb and Vodafone brand. What will our future brand be? Do you want to say something on that?

I cannot say much, to be honest. I can only say that the Vodafone brand in the medium term will be phased out. But I cannot yet announce the new brand because it's still under discussion. But probably next year we will hear more on that.

Oh, I heard that.

Next year we will talk about that. So let's talk about network expansion in Switzerland, in Italy. I'm sure that my co-host has interesting information. My AI, how is the network expansion progressing in Switzerland? As of the end of December 2025, Swisscom covered 89% of the population with 5G+, and around 56% of Swiss households and businesses with fiber-optic broadband. In 2025, we made over 400,000 new fiber-optic connections available to our customers. Christophe, impressive figures. Can you confirm those? Well, yeah, they are, right? We are continuing to invest heavily. Well, 400,000, that's four per calendar day. It's Saturday, Sunday. Well, we just give full throttle because the expansion of the networks is important because it's the basis for our positioning in Switzerland. On the one hand, we invest in the broadband, so fixed line, and mobile networks, on the other hand, that are used more and more. And we will continue to do that, to expand it. We plan to achieve 60% of fiber optic coverage. 5G networks will be expanded as well so that the people can continue to benefit from the best network. We started to decommission the copper networks and they have been actually for older than 100 years and we started to decommission 20% already of the copper networks and we will continue in the next coming years to do that and then we will have a top modern network. That sounds like an amazing plan and Michael, it's a huge investment, right? is this investment worthwhile?

Absolutely.

And this is our promise to Switzerland. A good, well-expanded infrastructure is a foundation for prosperity and social cohesion in our country. And by phasing out the copper network, we are saving 20% of our overall electricity in Switzerland. This is good for both the environment and it's good for the economy and good for Swisscom. Walter, what is the status of network expansion in Italy?

As for Swisscom, we really believe that fiber and 5G are key to develop our strategy to ensure quality of service to our customers. So today we cover over 50% of population through fiber and almost 90% with 5G. And our goal and ambition is to grow also in 2030 over 95% of coverage. This is key and we will continue to invest along this line.

I am excited whether my AI can provide figures on that. By the end of 2025, FastWeb and Vodafone cover 56% of households and businesses with fiber optic. That's plus 13 percentage points compared to the previous year. The mobile network will reach 89% of the population with 5G, which is 11 percentage points compared to the previous year. Oh, great figures. Well, Walter, two months ago you announced that Fastphone and Vodafone will have a partnership with TIM in the network sector. What's the story behind that?

The story is very simple. We want to bring the best service in the nationwide. So we are joining forces with TIM, which is the incumbent in Italy, to develop our mobile network also in Rural Alias. In Rural Alias, we want to join forces, share the network. And this way, we will, from one side, improve the network quality, but from the other side, also save costs because we will share the investment. So this is a win-win move, which goes in the direction of providing a better service to our customers.

Thank you very much, Walter. So we actually want to talk about AI strategy and innovation, and we asked you a second question. We asked you what comes to mind when you think of AI, ladies and gentlemen, And those are your answers that we can see behind the big buzzwords. The bigger the words, the more often the terms were mentioned. Here we can see future, new tools, fake, skeptical, challenging, mixed feelings. Christoph, what does that do to you when you read that? I think it gives you a good overview of how people think about this technology. And I think what you can say, well, useless, I think you can't say it's useless because we do a lot of things for our customers. But of course, there's also shadows and negative sides to it or challenges, we may say, because it's just the same for every technology. There are positive parts and negative parts. But I think for the future of Swisscom, it's a fundamental and important technology. We will talk about the risks and chances, definitely. Michael, what comes to your mind when you see the terms? I think it's a quite balanced statement between positive and negative aspects of new technologies. So I can resonate with that quite a lot. What is important at Swisscom is, because of this reason, trust and security are important to Swisscom. Those are values that are important to us and that we want to apply in order to master new technologies. Before we step into this, I would like to talk about the brand appearance. Christoph, we changed the brand appearance last year. And, well, just see what you can. This is what you can see here. What are the backgrounds? Well, we are moving in a very high competitive market in an environment where there is a lot of competition. And in an environment like this, the brand and the emotional connection between customers and the brand is of utmost importance to be successful. And therefore, it was important to strengthen, to sharpen the brand. So what does Swisscom stand for? And on the other hand, technology is something cold, and you see it when looking at the word cloud. Not only positive things are associated with technology, and therefore we said, hey, it's our task to help people experience technology and achieve more in life. and this is what this claim is about, discover what you can do. On the one hand, what can I do, what can I achieve as a human being and what can I do with technology that I was not able to do yesterday? But putting it down to Swisscom, what can I do with technology, networks, IT cloud, AI, what can I achieve with this in my life that was not possible in the past? and to make it experienceable, make it more emotional for people so that we can have a connection between chances in life and technology and be able to tell stories. And this was actually our moving factor to launch that. I think it's a great claim because there's no strength in the orientation that is in there, technology that can help us. What have you discovered yourself that you didn't know that you can do, Michael? Well, last summer I had the opportunity to attend a course within Swisscom about AI and I discovered how deep the entrance barriers are in order to deal with this technology and how easy you can actually achieve good data and results. Christoph, what about you? What did you discover? Well, my life is coined by technology very strongly already. But of course, I always experience and discover new things. And in particular, in the AI environment, you have to say the pace of development is so, so fast that every month or almost every week, you discover things that were not possible before that are now possible because of this fast development. And this is one of the biggest challenges at Swisscom internally, that we can keep up with the pace of the development of technology and to use it where you can use it. And in some areas, you have to wait, I don't know, another six months. And I think this requires curiosity and always questioning yourself. and discover what you can do is very important because everybody can improve, no matter whether it's Roger Federer playing tennis. He always tried to improve, and this is true to everyone. For every employee, we always have to learn continuously and become better every day. Now I would like to ask this question to you, dear shareholders. Who of you in the last 12 months discovered something that he or she was not able to do? Well, those that discovered anything in the last 12 months that they were not able to do before? I see a few hands, yes. For all those that have not raised their hands, I would like to actually prompt you to be curious to try out new things. you can do that in the back of the hall as well. So we talked about very important innovation, but there is more to that, more innovation, and more important than 2025 and 2026, Christoph. One of the most important fields where we did something, where we did some work was cybersecurity, because the more connected a world becomes, the more threats lure in this digital being, so to say. And what is important to us as a company is that we provide services and products that our customers can protect themselves in this digital space. And for business customers, we have launched many products, in particular it was Beam, and that actually helps SMEs to protect themselves without just having a cyber security specialist. And for a barber or for a carpenter, this is not possible, right? So they need simple products that contain protection and security. We worked a lot on that and it was a special moment when we launched that last year and we are actually convinced that it's important for the company. Today, we announced that we will also have cyber security products for private customers because it's not only companies that need to protect themselves but also private people. and I hope that everybody here is not only a shareholder but also a private customer and you can read it in the newspapers scamming, virus attacks so people calling you using fake names so this will not actually become better it will become worse because you can actually copy voices with AI and you can actually have fraudulent calls And for us, it's the opportunity to build up new business areas. Very important point. I would like to ask my AI how endangered is my home computer or my network or yours at home. Anyone can fall victim to cyber attack these days. This can happen through phishing, for example. For example, that means when fraudsters try to obtain confidential data using fake messages such as emails, texts, messages or phone calls, so you really need to be on guard. I think this is actually a takeaway for us, right? So be aware, Christoph, right? Well, of course, those fake calls, this is a huge, huge negative point that we have to fight. And we are trying to think internally what we can do in order to protect our customers better. I think today you have to be cautious if you get phone calls, in particular if it sounds quite strange. For example, that the daughter is part of an accident and all of a sudden a policeman calls. Well, because usually it's not the police that calls you, so you can actually just call your daughter and ask what happened. And this is true to everybody. It's not a question of age. Everybody needs to be cautious because there are many people out there that try to, well, make use of that situation. Protection is important, but the right behavior is also important. So what solutions do we offer our customers? Well, we did a lot in AI. We actually launched MyAI in May. It's an app that you can download on your phone so that you have a Swiss GPT solution so that the data is not sent to the US or evaluated, used for advertising whatsoever. So the data stays within Switzerland. The same is what we did in the business sector. For AMEs, we have AI solutions. solutions for big companies, we built and launched AI infrastructures so that we can help them to integrate and use AI in the companies. Michael, how important are innovations for Swisscom? Innovation is a strategy pillar for Swisscom. In other words, very important. In a market that has very high competition, where technologies develop further very quickly, I can say that innovation is important for us. Through innovation, we can build and expand our leadership position. Innovation, in particular automation, helps us be more efficient, but we can also generate more market spaces, so very important to us. But also, what I said before, and I want to mention it again, trust, security, a responsible usage of those new technologies is very important for Swisscom. Walter, let's have a look at Italy. How important is AI in Italy?

It's extremely important for our company because we are implementing AI within our processes to gain efficiency, but it's also important in the market because we provide, as WISCOM, a secure, trustworthy, privacy-proof AI platform for our B2B customers. And for the B2B customers taking their own data secure, it's key, especially in the future. So we are providing this offer. However, we see the market that is starting to grow. We are still at a very early stage, but in the future will become more and more important.

That is clear.

That is clear. Well, the pressure, competitive pressure in our industry remains high. Does artificial intelligence exacerbate this trend or does it present an opportunity for any businesses? AI offers huge opportunities on one hand, so a new turnover, this is a big, big chance. On the other hand, technology changes the expectations and the needs of the customers. So that means we need to provide better products, better usage, faster operation. Nobody wants to wait five days until the person is able to have a phone call. So you do it and one minute later you want to have a phone call. On the other hand, it is also harboring risks. We don't know whether there will be a competitor that takes the technology the next day and actually uses the technology that gives us a hard time or substitutes our services. And therefore, we always have to be attentive in order to protect ourselves or prepare ourselves for such scenarios, so to use technology for our benefit. Okay, I can hear AI offers many opportunities, but also some risks. Let's talk about the employees for a second, because there is always the question, are we still needed in the future? So, how can you actually give optimism to those employees against the backdrop of AI? Indeed, there's a great deal of uncertainty in the company, but the employees ask themselves, what does it mean for me as an employee? We are trying to break down this to what AI means in 2026 or by 2030 because there will be some jobs that will be deleted. And, of course, there will be also new jobs that can be taken so we can give our employees a positive development. We can actually also, they can find out what skills do I have to learn so that I can move to a different area in the company. But this transformation is a huge challenge for the company and for many employees. And I think for a specific time we have to live with this uncertainty because at many places it is not clear what this technology can achieve and do in a few years' time. And this is a challenge as well, but we have to accept it to a certain degree that it is what it is. And we have to live in uncertain times, which is different than five years ago. So what makes you positive, optimistic? Well, when I think, look back to history, all technologies, electricity, phones, So whatever technology you look at, steam engines, etc., this was doomed and was said to be the devil's work, but it made life and the world better. People have a higher lifestyle today. We still have full employment in Switzerland, although we have had those cycles of the industry. The question is not, will it stay like that? The question will be, how fast will this change happen? But I'm an optimistic person and there will be positive developments for us at Swisscom. Great, just a very quick round. What is your personal goal for 2026? Walter, do you want to start?

Yes, of course. First of all, full integration of faster Vodafone. We need to integrate the two cultures. We need to create a winning culture and we need to keep the motivation very high. The second one is delivery of synergies, which are crucial for this transaction. to deliver value to our shareholders.

Michael.

Well, first of all, motivated employees that develop cool new products, which generate satisfied customers. And if we achieve our goals this financial year, we would like to propose another increased dividend of 27 Swiss francs in the next AGM. Oh, that is quite something. Christoph, anything you want to add? Well, we heard the goals. My goal is, of course, to achieve that. At the end of the day, we need satisfied customers because they are the best salespeople. So if one customer convinces other customers, well, this is actually great and this is our main focus. We need to stabilize the turnovers in Switzerland. We have decreasing telecommunication turnovers. We need to offer new services, new products that fulfill the customer's needs and that will make us successful in the future. I'm convinced of that. Thank you very much for the great insights. I think this is worth a big round to Christophe, Michael and Walter. Thank you very, very much. And also thank you very much for your openness and the answers that you've provided with us. And now, in a sense of discover what you can do, I want to show you what you can discover if your customers in Italy... So a lot of jours de vivre.

Explore the world from home and generate energy.

Hi Yannick, I'm here with the guys.

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I want to state that the PwC has issued an unqualified audit opinion on the consolidated and annual financial statements of Swisscom NG and recommend their approval, I would like to thank the auditors for their trust and excellent cooperation. We now move on to the discussion. I would like to ask Mr. Linus Fischer to come to the podium and at the same time I would like to ask Teresa Santos to get ready as the following speaker. Swisscom is more than 50% state-owned. So, in other words, it's a state-run enterprise. According to the public newspaper, the Swisscom made during the referendum on EID, donated 30,000 Swiss francs. This is actually not possible as inadmissible because a company should not interfere in in the referendum, so I would like to have an internal obligation that forbids to interfere in referendums and I would like to know who had the idea for this 30,000 Swiss franc donation. Second, who initiated this payment and third, who authorised this payment? For those reasons, I recommend you everything except for the yield and to deny that. Okay, thank you very much for your question and your remarks. First of all, the first remark I want to state is Swisscom is not state-owned. Swisscom has a main shareholder, 51% is actually the country and 48% actually is that. We are actually following the state law. And now coming to your question, the financial contribution was a company decision and was also announced in the transparent jurisdiction system. EID and digitization are topics that Swisscom is affected directly and strategically and therefore we thought that the contribution was admissible. I would like to hand over the microphone to Ms. Teresa de Santos and would like to ask Jean-Marie Fierta to get ready to speak after. Mr. Chairman of the Managing Board of Directors, members of the directors, board of directors, shareholders, ladies and gentlemen. Today I speak as the head of the biggest trade union of Diddlicom and the biggest social partner of Swisscom. I'm here on behalf of all employees that work for Swisscom on a daily basis and whose voice cannot be heard today. And believe you me, some of them would love to say something today. I am the voice for the employees that work with a high share of responsibility, heart and blood and make the success of Swisscom possible. For many years, Swisscom and Santicom have had a very positive social partnership. It is based on the approach that working on our cooperation on our level is not only a promise but it's lived. This cooperation has proved its right and contributed to the fact to find common solutions also in very hard times and to secure fair and great basis for work. Great and reliable partners are needed for a good cooperation, and a good trade union is also necessary, a trade union that is close to the employees and also represents those demands, et cetera, in front of Swisscom. We expect that the employees are part, actually, of the success of the company and we heard that you plan to have an increased dividend in 2027. The success that is actually provided by the employees should not be taken for granted. It's a result of the effort of employees in IT, network and other areas just like the former employees that are here today can confirm. Swisscom is stable, profitable and very strong economically and therefore it's justified that the employees are remunerated with good work conditions, safe workplaces and increased wages because only satisfied employees are motivated and can deliver great performance. The trade union will also continue to stand up for the employees in particular as well in the course of technological So perspective should be maintained for the employees and therefore the working conditions should be developed further together and should also be created and designed future-proof. So we expect that Swisscom takes over the responsibility towards their employees, companies, not only towards their shareholders, because the success of Swisscom is bade, at the end of the day, on human beings that work every day and contribute to the success of the company with heart, blood and sweat. Thank you. Well, Mrs. Dos Santos, I deeply thank you for your contribution. I want to confirm that we have incredible employees. They indeed work with a lot of hard blood and intensity in order to achieve the goals that we have. So I think we are of the same opinion. I also believe that Swisscom is a very popular employer. We know it from questionnaires. We also know We know it directly from our employee surveys that they like to work for Swisscom. Of course, there are also some points and issues sometimes and we really appreciate the cooperation between you and us. I think you actually spoke from my heart, good employees, fair employees that are remunerated according to the performance and the market. and that they are also placed quite well in within Swisscom. Thank you very much, Mrs Dos Santos. So I would like to hand over to Mr Jean-Marie Fichter and would like to ask Willy Chop to get ready. Guten Tag. Good afternoon. I understand that Swisscom does not hand out the annual report to every shareholder by a post, but I personally, I have a problem to have 200 pages and have a PDF and read it on a small device. and I'd welcome the fact if there was the opportunity to receive the annual report on paper. I don't have a printer that can print out 200 pages and it would be very bad from an ecological point of view. Everybody would print it themselves. it's always better if there is a huge printing house that could do that. So therefore, I would like to ask you to just, I don't know, provide several hundred copies of the annual report for people that want to have it on paper. Thank you very much, Mr. Fichter, for your words. reports. We do not print the animal report for reasons that you just mentioned.

So, we actually do not do that.

According to shareholders' law, the animal report should only be provided it in paper if it's not available online. But it is available online on the website of Swisscon and with the invitation, you receive the QR code. I would like you not to do it on your phone, but probably read it on your computer. And nevertheless, in the future, we will not print out the annual report. That's a pity. Then I would like to hand over the microphone to Mr. Willi Czop and I would like to ask Linus Fischer to get ready again for his votum. Dear Chairman, ladies and gentlemen, well, about you Mr. Reichsteiner, today, well, we've We've known each other, so I actually missed this personal welcoming by you. I came to the Hallenstadion today just to, you know, have a relaxed day and just to listen to the information you have, you say, and relax listening to small talk. But, you know, as it is, it turns out to be different than expected. I have a big eye, and on those AGMs, when we talk about floral decorations, and I have to tell you, Mr. Reichstein, Swisscom really disappointed me after my, whatever, I think you actually just put a bouquet somehow on the table. But you know, that is not enough. So such a big company, well, this is not enough. I have to tell you, Mr. Reichsteiner, I expect 2027, I expect a different floral decoration. So you really, really have to, you know, accelerate at this point. You know what? I went to Novartis, to Roche. I went to CPH. So, yesterday with CETA. So, you can actually just copy from those companies, I can tell you. Now, during During the speech of this lady, I actually was not here 200% and, well, I had – I understood that it was a trade union representative and I can tell you I'm also a trade unionist and this lady spoke from my heart. And in the item of the agenda number six, I want to have a say and talk about this topic briefly. And she actually did not talk about those that actually used to work with them. And I would like to know, how did you actually remunerate those that used to work for Swisscom? So, what do you do for the retired? Thank you, Mr. Chopp. I can remember very well your words of last year. And believe me or not, we talked about that yesterday, about the floral decoration. And the floral decoration were not just, you know, taken from somewhere. They are from the back area where you will find many, many flowers. So we actually got your votes. Probably it's not enough flowers, probably. Nevertheless, I hope that the supply of Swisscom or the AGM actually does not only fascinate you because of the floral decoration, but the AGM is also similar to the one AGMs that you just mentioned. I would like to hand over the mic to Mr. Fischer. Again, please come to the microphone. Yes, my name is Fischer. Mr. Rechsteiner, Don't try to evade my words. Obviously, Swisscom is a state-run company and you have not answered my three questions and that actually gives us a deep insight into you. So who had the idea for this donation? Was it this committee that approached Swisscom itself? Which department, which person had the idea? Because it must have been some person that had this idea. that it was a company decision is not enough of an explanation for me. Then, which department initiated this payment? Obviously, it was not you personally, I think, so it must have It has been somebody. And then, last but not least, who approved this payment, meaning, in eFinance, who actually approved it? Yes. And I would like you to answer those questions and not only tell me it was a company decision. Thank you, Mr. Fischer. I will answer those three questions. First of all, it was a company decision. Second, we do not name anybody. The payment actually was triggered and initiated by the normal payment path. You will not receive any further information on that. Does anybody else want to have a word? Take the mic. The discussion is now closed. I would like to thank those who spoke for their comments. Just in keeping with this year's AGM theme on artificial intelligence, Martin Voegeli explains how to use the voting device in the form of an avatar. Ladies and Gentlemen. and see how many of them you will be able to see how many of them are today.

A few seconds before a meeting, the screen is automatically turned on and the jeweiligen Traktandum is turned on. There are three square squares. Through the attention of the square squares, green is for Yes, red is for Nein and green is for Enthaltung. Wenn Sie eine Wahl getroffen haben, vibriert der Televoter und das gewählte Quadrat wird gekennzeichnet. Sollten Sie versehentlich Faust gedrückt haben, können Sie Ihre Stimmabgabe während der laufenden Abstimmungszeit durch Berühren des richtigen Quadrats korrigieren. Mit dem Televoter können mehrere Abstimmungen in einem Durchgang durchgeführt werden. Dieses Vorgehen werden wir bei den Wahlen in den Verwaltungsrat und in den Vergütungsausschuss anwenden. Sollten Sie noch Fragen haben zum Abstimmungsgerät, stehen Ihnen die Mitarbeitenden beim Televoter Help-Test links im Saal gerne zur Verfügung. Ich möchte abschliessen darauf hinweisen, dass das Stimmverhalten elektronisch aufgezeichnet Meine Damen und Herren, wir kommen nun zur Abstimmung.

Ladies and Gentlemen, we shall now proceed to the vote. The Board of Directors proposes that the management report, the consolidated financial statements and the annual financial statements of Swisscom for the financial year be approved, 2025 be approved. Please cast your vote now.

We dienen Marcel nach jeder Abstimmung Tipps und Tricks...

There is promised after each vote, Coach Marcel will show some tips and tricks from everyday life with AI. Enjoy the first tip.

KI ist heute ganz einfach zu bedienen. Seid das über einen Laptop, ein Tablet oder ein Handy. KI-Applikationen wie Gemini, ChatGPT oder MyAI haben meistens ein Eingabefenster, welches du dir wünschst, den sogenannten Prompt, eingeben kannst. Je besser die Prompt, desto besser ist auch das, was dir KI liefert. KI kann dir Informationen, Bilder, Musik bis sogar zu Videos liefern.

I note that the General Meeting has approved the motion with 99.87% of the votes in favour. We now get to the consultative vote on the Remuneration Report, Agenda Point 1.2. Although the result of the vote on the Remuneration Report is not legally binding, the outcome serves as an indicator of whether you approve the remuneration for the 2025 financial year and the remuneration system. The CEO's remuneration was determined, taking into account the recommendations of the Remuneration Committee chaired by Monique Bourquin by the Board of Directors. The remuneration of the other members of Group Executive Management was determined by the In a video presentation we provide information on the Remuneration of the Board of Directors and Group Executive Board in 2025. person zählen darf.

Die Vergütung an unsere Verwaltungsratsmitglieder besteht aus dem Basishonorar und Zulagen zur Abgeltung der einzelnen Funktionen, wie dem Präsidium oder Vizepräsidium, dem Vorsitz und der Mitarbeit in einem Ausschuss. Zusätzlich leistet Swisscom die Arbeitgeberbeiträge an die Sozialversicherungen und die berufliche Vorsorge, sofern die gesetzlichen Vorgaben dies für einzelne Mitglieder verlangen, sowie allfällige Zusatzleistungen. Die Verwaltungsratsmitglieder sind verpflichtet, einen Teil ihres Honorars in Aktien zu beziehen und nach vier Jahren einen Mindestaktienbesitz in der Höhe eines Jahreshonorars zu halten. Damit sind sie direkt an der finanziellen Wertentwicklung der Swisscom-Aktie beteiligt. 2025 haben wir insgesamt 2,584 Millionen Franken an die Mitglieder des Verwaltungsrats ausbezahlt. Die Gesamtsumme teilt sich wie folgt auf die einzelnen Mitglieder des Verwaltungsrats auf. Die Gesamtvergütung 2025 liegt damit unter dem von Ihnen für 2025 genehmigten Gesamtbetrag von 2,7 Millionen Franken. Der Anstieg der Gesamtsumme im Vergleich zum Vorjahr ist auf die Erweiterung des Verwaltungsrats von 9 auf 10 Mitglieder per Ende März 2025 zurückzuführen. Für den Erfolg von Swisscom ist wichtig, dass wir hochqualifizierte und motivierte Fach- und Führungskräfte in unsere Gruppenleitung berufen und halten können und dass diese den Wert unseres Unternehmens nachhaltig steigern. Wir orientieren uns an einer marktkonformen Vergütungshöhe. Für die Berechnung der variablen Vergütung wird nicht nur das Erreichen von finanziellen Zielen gemessen, sondern auch die Leistung in der nachhaltigen Unternehmensentwicklung bewertet. Dazu werden zukunftsorientierte Faktoren wie die Kundenloyalität, das Erreichen von Zielen zu Wachstum und Nachhaltigkeit, sowie der Integration von FastWeb und Vodafone Italia beurteilt. Um die langfristige Entwicklung des Unternehmenswerts und die Ausrichtung auf die Aktionärsinteressen weiter zu fördern, wird ein Teil der variablen Vergütung in Aktien ausbezahlt. Zudem ist die Gruppenleitung verpflichtet, nach vier Jahren einen Mindestaktienbestand in der Höhe eines Jahresbasislohns zu halten. Beim CEO sind es zwei Jahresbasislöhne. Im 2025 betrug die Zielerreichung für alle Gruppenleitungsmitglieder 112 Prozent. Der Verwaltungsrat hat den Mitgliedern der Gruppenleitung zudem sogenannte Restricted Share Units im Wert von insgesamt 541.000 Franken zugeteilt. Die entsprechenden Aktien erhalten sie im Jahr 2028, sofern sie dann zumal noch für Swisscom tätig sind. Der Verwaltungsrat würdigt den außerordentlichen Mehraufwand, den die Gruppenleitung bei der Integration von Vodafone Italia geleistet hat. Mit dieser Anerkennung fördert er die langfristige Bindung an das Unternehmen und schafft einen zusätzlichen Anreiz, den erwarteten Mehrwert für unsere Aktionärinnen und Aktionäre zu erzielen. Der Gruppenleitung wurden insgesamt 7,151 Millionen Franken vergütet. Zusätzlich wurden Verpflichtungen nach Ausscheiden aus der Gruppenleitung von 243.000 Franken ausgerichtet. Davon gingen 2,232 Millionen Franken an den CEO Christoph Eschliemann. Seine Vergütung ist im Vergleich zum Vorjahr um 260.000 Franken gestiegen. Dies ist hauptsächlich auf die Restricted Share Units zurückzuführen. Die Gesamtvergütung der Gruppenleitung 2025 liegt innerhalb des von Ihnen for 2025 the maximum total total of 7,2 Mio. Fr. The return in comparison to the previous year is on the personal increase from 9 to 4 members of the 1.04.2025. The Revisionsstelle PricewaterhouseCoopers has the report about the regulations in the last year's business and has determined that it corresponds to the legal conditions.

I will now open the discussion on the remuneration report. Unfortunately, I cannot say, I cannot translate it as we have no mic. I don't have to wait until agenda point 6.2 because now remuneration, this is also what we talk about, So, the management remuneration, you broke them down to the… So, at the beginning of the year, the topic of wages was a topic that came to my mind and I asked myself, why do we only talk about the remuneration of the management and the board of directors. And why do we never ever talk about the employees? What do they receive during the financial year? So what changes happen do happen. And I would really like to know, but of course you cannot actually just give it spontaneously, but it just came I'm going spontaneously to my mind. I'm actually retired since 2006. I would like to know, what is it? So, 18 years is now since my retirement. What do the employees receive year by year? Is it more remuneration or less remuneration? Let me just be brief. Mr. Reichsteiner, without the employees, There wouldn't be any Swisscom, there wouldn't be a yield or dividend, there wouldn't be a NAPRO. This is something that needs to be said. And what I would like to know as a retired employee, what do the retired people receive between 2000 and 2006 or 2006 and now? Have they ever received, for example, a one-time remuneration? So I used to work for SBB. Two or three years ago, we received a one-off payment of 1,000 Swiss francs. And this topic actually, I don't know, was quite present this year. So my sister used to work in pharma her entire life, Geigis, our Novartis, and the pension funds of Novartis, the retired people, with the February payout, they received a one-off payment between 3,000 and 6,000 Swiss francs. Astonishing. Astonishing. I would like to know how does it work with Swisscom? What was it like at Swisscom? Thank you very much, Mr. Czob. Let me start with the second question regarding the retired people. This is not within our area of responsibility. You have to ask this, the Pensions Fund, which is a, it's Komplan. They have their own board of directors of the foundation, so I cannot answer that. Regarding the employees, I cannot actually tell you just spontaneously what the amount was, but every year there is a negotiation round that we actually carry out with our social partners, and every year the wage of our employees is adapted to market conditions and increased accordingly. The detailed figures is something I cannot tell you. I feel like we can actually send them out to you afterwards. We will do that. Are there any further speakers? No, then I note that we finish the discussion and we shall now proceed to the vote. The Board of Directors proposes that the 2025 Remuneration Report be noted and approved in a consultative vote. I would ask you to cast your vote now.

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I note that you have approved the board of directors proposal with 96.44% of votes in favour. Thank you for taking note of the Remuneration Report. We now turn to the approval of the Sustainability Report or the Sustainability Statement, as it is referred to in the Annual Report. The report contains the information required under Article 964b of the Swiss Code of Obligations regarding non-financial matters necessary for an understanding of the company's business performance, financial results, company's position and the impact of the company's activities on these non-financial matters. I open the discussion on the sustainability report. I note that no speakers have added their names to the list of speakers.

We come somit to the Abstimmung.

We move now proceed to the vote. The Board of Directors proposes that the 2025 Sustainability Report be approved. I ask you to cast your vote now.

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The retaining earnings of 7.870.000 Swiss francs comprises the retained earnings from the previous year of 7.69 billion Swiss francs and the net profit for 2025 of 180 million Swiss francs. Of the retained earnings, 1.347.000.000 Swiss francs will be distributed as a dividend and 6.523.000.000 Swiss francs will be carried forward to the new financial year. No dividend will be paid on shares held by Swisscom AG. The integration of Vodafone in Italia is proceeding according to plan, enabling Swisscom to realize the first expected synergy effects. As a result of this development, the Board of Directors proposes a dividend of 26 Swiss francs gross per share or 60.90 Swiss francs after deduction of withholding tax. We move on to the discussion. I note that no speakers have added their names to the list of speakers. We shall now proceed to the vote. The Board of Directors motion regarding the appropriation of the retained earnings in the setting of the dividend has been projected. Please cast your vote now.

Deine Tochter hat morgen Geburtstag. Und du möchtest ihr neben dem Geschenk noch eine ganz persönliche Karte schenken. Wir geben jetzt der KI folgenden Auftrag. Gestalte mir eine Geburtstagskarte für meine Tochter zum 17. Geburtstag. She likes cats and dogs. And now I have a super card, which I can write and write her something personal. shareholders to receive the dividend is 26th March.

From 27th March the shares will be traded ex-dividend. We now turn to the discharge of the members of the Board of Directors and Group Management for the activities in the 2025 financial year. The discharge applies only to disclosed facts. I shall open the discussion straight away. I note that no one has registered to speak on this agenda item. We shall now proceed to the vote. I would like to note that members of the Board of Directors and all persons who were involved in the management of the company during the 2025 financial year are not entitled to vote on the discharge of liability, either for their own shares or for shares they represent. I would ask these persons not to cast a vote. This also applies to any representatives of these persons. The Board of Directors proposes that the members of the Board of Directors and the Group Executive Board be granted discharge for their activities during the 2025 financial year. I ask you to cast your vote now.

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I note that you have discharged the board of directors in the group executive board with 99.52% of votes in favor, and thank you for the trust you've placed in us. Let's move on to the elections to the board of directors. Frank Esser has reached the maximum term of office of 12 years as stipulated in the Articles of Association and is therefore not standing for re-election. The Board of Directors proposes Philippe Deke as his successor. The remaining members are standing for re-election. The Federal Representative is not elected by the General Assembly, but is appointed by the Federal Council. The Federal Council has announced that it has appointed Fritz Zurbrück for a further one-year term as Federal Representative. Fritz Zubrück has been a member of the Board of Directors since 2023 and a member of the Audit Committee and Remuneration Committee. The Board of Directors and I personally, I would like to thank Frank Esser for his valued contribution to the Swisscom Board of Directors. Dear Frank, you've been a member of our Board of Directors since 2014, part of the Finance Committee and subsequently the current Strategy and Investment Committee. Two years later, you took over as Chair of the Strategy and Investment Committee and were elected to the Remuneration Committee. In April 2018, you were also appointed Vice Chair. Not least, because of your many years of service as Managing Director of the Société Française du Radiotélephon and as a member of the Executive Board of the Vivendi Group, you have demonstrated international leadership experience and extensive expertise in the telecommunications sector. You have thus made a lasting contribution to the work of the Board of Directors. During your tenure, during your board term of office, you have applied your operational and strategic experience with great clarity and foresight and have been a key pillar in the management, leadership and further development of Swisscom. During your time on the Board of Directors, we have come to know you as someone who combines analytical acumen with entrepreneurial pragmatism. You asked the right questions, encouraged open dialogue, often with a touch of humour, and played a key role in ensuring that strategic decisions were well-founded, balanced and forward-looking. You are stepping down from the Board of Directors today. On behalf of the entire Board, I would like to thank you warmly for your many years of commitment, your great dedication and the consistently trusting corporation. Dear Frank, we wish you continued success and all the best in your future roles and personal projects. And as a token of friendship and appreciation, I would like to present you with a gift, Frank.

We now come to the elections.

I will keep my introduction of Macaulay standing for re-election very brief. You will find detailed information in the annual report. You will then have the opportunity to speak during the discussion before casting your vote individually for each candidate in a multiple-vote ballot. Well, Frank, may I hand over to you for your final, probably final act in office as Vice-Chair. Michael the microphone unfortunately is very very bad and I want to thank for cooperation that was incredible and amazing. I'm pleased to propose Michael Rechsteiner for re-election. Michael Rechsteiner has been a member of the board director since 2019 and he's a member of the audit strategy and investments and remuneration committees. He also chairs the Ad Hoc Nomination Committee. Michael Rechsteiner brings a wealth of experience to the Board of Directors. From his long-standing management role in the global energy market, he is standing for re-election as a member and as chair member. Thank you, Frank. We will now move on to the other members of the Board of Directors. Roland Abt is a financial expert He has been a member of the Board of Directors since 2016. He chairs the Audit Committee and is a member of the Remuneration Committee. Monique Burka has been a member of the Board of Directors since 2016. He chairs the Remuneration Committee and will take on the role of the Vice Chair in future. She has extensive experience in the consumer goods sector with a particular focus on brand management, sales and finance. Laura Gioli has been a member of the board of directors for one year. She has extensive expertise in the Italian market. Philippe Deke is being proposed as a new member of the board of directors. I would like to ask Philippe Decker, despite his crutches, to briefly introduce himself to the audience. Ladies and gentlemen, I would like to have a lasting first impression today. And probably, well, I have a specific experience in 20 years, and I also have an international management experience in companies like Novartis, etc. This is something you could read in the invitation. And my Basel, Swiss German, probably was not a great first impression, so that's why I used crutches. Probably not many members of the board of directors introduced themselves with crutches. Well, several weeks ago, I received those in Unterwallis during skiing, and that was actually quite unspectacular when I actually tore my tensors in the knee. I'm actually here standing in front of you and promise to commit myself for the Board of Directors. I'm full of energy to contribute to an icon, just like the Swisscom. I look forward to the opportunity to become part of this with all my commitment on behalf of and in the sense of you, the shareholders. Thank you very much. Thank you very much. Philip Deike will be part of the Audit Committee. He has also planned that he will take over as chair of the Audit Committee at the next AGM. The current chair, Roland Abt, is reaching the statutory age limit and will therefore not stand for re-election in 2027. With his broad financial and management expertise, his experience in complex regulated environments and a strategic vision, Philippe Dicke is a valuable addition to our Board of Directors. We now turn to the other members of Board of Directors. He is Chris Dicke. Since 2021, he has been part of the Board of Directors and brings its extensive expertise in IT and technology to the board in the Strategy and Investment Committee. Sandra Lathion-Zweifel is a lawyer specializing in financial and capital markets law. Since 2019, she has been the employee representative on the board of directors and a member of the audit committee. Anna Mosberg has been a valuable member of the board of directors in the Strategy and Investment Committee since 2018. contributing our expertise in digitization, amongst other things in telecommunication. Daniel Münger has been a staff representative on the board of directors since 2024. With his many years of experience as a leader in a staff association, he's ideally suited to this role. We move on to the discussion. I see that Mr. Willy Job added his name to the speaker's list. Please excuse Mr. Rechsteiner, but I think it's the last time to step up to this podium. I would like to thank my, how should I say it, my fans for this hand of applause. And I also like those sounds. No, Mr. Rechsteiner, seriously, I also said it in other areas and spaces. The election of the member of the Board of Directors is just like a blind flight. You don't know the people, most of the people, and you haven't received a handshake, nothing. The only Board of Directors I know is Mr. Abt, the only member of the Board of Directors. For many, many years, I've been shareholder with Georg Fischer, and Mr. Abt, back then, several, several years ago, he was CFO at Georg Fischer. And I'm quite surprised that there is a limit of terms of office, that Mr. Abt will leave the board of directors, and I'm quite excited in which company he will appear. here. I'm quite excited to see that. What I want to throw in here, there is no agenda which is called miscellaneous. I really appreciate that the AGM is broadcast on the Internet. During the revisions of the statutory articles, I actually – well, I was somebody that didn't speak up for this digital AGM. So there are two or three, and I'm actively participating there. So I promote them as well.

I want to highlight ADB, for example.

So Mr. Vosel, as chair, he, as a person, he made a great impression. And at ADB, the AGM has been broadcast for years on the Internet. And what I think is great, and this is something that is not the case with Swisscom or Novartis, etc., so after one week, the broadcast is not online anymore, but with ADB, you can actually just go back five or more years, and they actually just keep it up five years or more. And this is something that I'd appreciate with Swisscom. But Novartis, my wife, I actually showed her my contribution, and I was quite excited, and she was positively impressed. And I could actually also show her my speeches, you know, if you kept them up for several years. We will double check whether we can do that as well. We will take on this, of course, and in the next AGM we can tell you what could be done. Well, that it was the last time to be at the speaker's desk today, I want to actually give you the answer of your previous question. The average wage sum since 2010 has been increased by 1.3% every year. The average inflation in those years was 0.4%, so we had a real increase of wages per year of 0.9%. I note that there are no further persons that want to take the floor and we move on to the votes on the agenda items 4.1 to 4.9. The Board of Directors proposes the election of the following people for a term ending at the close of the next annual general meeting. Michael Reichstein as a member and chairman, Roland Abt, Monique Burka, Laura Cioli, Philipp Dicke, Jus Deques, Sandra Lacion-Zweifel, Anna Mossberg and Daniel Münger. As we are holding a multiple vote, you have 20 seconds instead of 10 to cast your vote. Please cast your votes now.

Was? Du bist krank? Oh nein. Hey, ganz gute Besserung. Tschüss. Yeah, the Kinoabend with colleagues falls in the water. MyAAI has the whole BLUE-TV program in peto. So I ask you to ask, what I can do at the end of the day. Please make me film proposals on BLUE-TV for tonight. I like action and sport. And we deliver myAAI what I need.

We are still waiting for the results. In the meantime, all results have been evaluated. I actually tell them just in line as they were proposed. I note that all candidates standing for election have been elected as proposed. Mai with 99.2.6%. Roland Abt with 99.56% of the yes votes. Monique Burka with 99.32% of the yes votes. Laura Gioli with 99.63% of the yes votes. Philippe Dekke with 97.61% of the yes votes. Rüß Dekkers with 99.56% of the yes votes. Sandra Lazionzweifel with 98.26% of the yes votes. Anna Monsberg with 99.76% of the yes votes. Daniel Münger with 99.8% of the yes votes. On my own behalf and also on behalf of my colleagues, I would like to thank you for the trust you have placed in us. Thank you very much. We now turn to the elections to the Remuneration Committee. The Board of Directors will propose that Monique Bourquin be re-elected as Chair of the Remuneration Committee by the General Meeting. We now turn to the discussion of the Board of Directors' proposals under Agenda Item 5. We will then vote on all proposals in a single vote. I note that no one has signed up to speak. I would like that we shall now proceed to the vote. The Board of Directors proposes that the following people be elected to the Remuneration Committee or re-elected for the period until the conclusion of the next annual general meeting. Following people, Roland Abt, Monique Burka, Jus Deckers, Michael Rechsteiner, Without Voting Rights, and Fritz Zulbrück. As we are conducting a multiple vote here as well, you have 20 seconds to cast your vote. Please cast your vote now.

It's a picture that you've already liked. But you're not sure if it really fits in your home. I have a proposal to solve this problem. Make a photo of the place where you want to go. And a picture of your artwork you want. Now I'm just saying, place this picture on the wall of my living room. And you'll see if it fits or not.

In the meantime, all results have been transmitted, and I actually tell them one by one. Roland Abt with 99.41%. Monique Burka with 99.19%. Rüßdeckers with 99.46% and myself with 99.24% with Zurbrück with 97.95%. I would like to thank you also on behalf of my colleagues for the trust you have placed We now turn to the remuneration of the Board of Directors for 2027. At the next annual general meeting, the Board of Directors will be reduced from ten to nine The Board of Directors proposes that the remuneration of the members of the Board of Directors for the 2027 financial year, the projected breakdown of the proposed amount of 6.2 million C. francs you can see how it is broken down remuneration paid to the board of directors amounted to 2.4 million swiss francs in 2024 due to the expansion of the board of directors to 10 members there was an increase for 2025 to 2.6 million and 2.8 million for 2026 for For 2027, an amount of 2.6 million Swiss franc is proposed due to the reduction to nine members. I hereby open the discussion. Mr. Rechstein, you see how attentive I listen to your information, information and it reminds me of the unfortunately passed away Hermann Struche, a very known shareholder and he was asked in a TV show with Giacomo Müller, he was asked, Mr. Struche, how do you prepare yourself for all the AGMs?

And he said, quite relaxed, always on site. So this is actually how he did it.

You mentioned, and I'm glad about that, you mentioned that you reduce the board of directors, the number of the members. And I'm absolutely in favor of that. Next month I will, you know, go to Georg Fischer and, you know, they may increase the number of board of directors. I think it's positive what you do. This is what I appreciate, that you decrease the number of members of the board of directors. Well, thank you, Mr. Job. I'm glad that you support our approach. There are no further speakers. We shall now move to the vote. The Board of Directors proposes that the maximum total amount of 2.6 million Swiss francs be approved for the remuneration of the members of the Board of Directors for the 2027 financial year. I ask you to cast your votes now.

You would like to make your uncle or your uncle a trip to Genfersee. But you don't know exactly how well you know. Yes, you know it. I can help you. Give the following prompt one. I want to go to the Genfersee and eat fish. What do you say? Of course, I need to continue working with the answer and find the perfect flight.

I note that the General Meeting has approved the maximum total amount for the remuneration of the Board of Directors for the year 2027, with 98.73% of yes votes. Votes in favor, thank you very much. We now turn to the remuneration of the Group Executive Board for 2027. The Board of Directors is proposing a total amount of up to 5.9 million Swiss francs. This is intended to cover the remuneration of four members of the Group Executive Board. The amount is expected to break down as follows. 2.4 million Swiss francs for base remuneration, 2.4 million Swiss francs for variable performance related remuneration and 1.1 million Swiss francs for pension and supplementary benefits as well as employer contributions to social insurance. The maximum variable remuneration is included in the total amounts proposed. You are therefore voting on the amounts that would be payable if all members of group executive management were to exceed their targets by the maximum amount. The Board of Directors will set the targets for the 2027 financial year at the end of 2026. It will determine the extent to which the targets have been met in February 2028 once the annual results are available. This may amount to a maximum of 130%. If the targets are met at 100%, the total remuneration is expected to be 5.2 million Swiss francs. The chart shown here compares the total remuneration actually paid in 2024 and 2025 with the maximum possible remuneration for each year as well as the maximum possible remuneration for 2026 and 2027 with the expected remuneration. I hereby open the discussion. I note that nobody added their names to the speakers list. I would like to move on to the vote on Agenda Item 6.2. The Board of Directors proposes that the maximum total amount of 5.9 million Swiss francs be approved for the remuneration of group management for the 2027 financial year. I ask you to cast your vote now.

All I talk about Phishing-Mails, and it will always be difficult to see them. Yes, and this can help Kai. If you are not sure again, make a print screen or a copy of the Mail and give it to Kai with the following prompt. Is this trustworthy or phishing? Aha, I already thought. Thank you Kai.

I note again.

I also note that the General Meeting has approved the maximum total amount for the numeration of the Group Executive Board in 2027, with 98.82% of votes in favour. Thank you very much. We now turn to number 7, agenda item 7, re-election of the independent proxy. The Board of Directors proposes the appointment of Reba Rechtsanwälte, Zurich. Reba Rechtsanwälte meets the legal requirements and is available for re-election. I hereby open the discussion on this agenda item. And I note that no one has asked to speak. We might move on to the vote. The Board of Directors proposes that the law firm Reba Rechtsanwälte Zurich be re-elected as a year independent proxy for the period until the conclusion of the next annual general meeting. You can now cast your vote.

If I'm working, or if I don't have my Lesebrow, yes, that started with me, is a prompt type sometimes too much. You can alternatively in the MyAI App just click on the microphone and give them prompt per language. Please explain the difference between 4G and 5G technology. So simple.

I know that the proposal The proposal has been approved with 99.92% of yes votes. I congratulate Reberrechtsverte on their election and thank them for taking on the mandate. This brings us to the final item on the agenda of this general meeting, the election of the auditors. The audit firm, PwC, is registered with the Swiss Audit Oversight Authority as a state-regulated audit firm firm and meets the legal requirements regarding independence pwc standing for re-election i hereby open the discussion on this agenda item and i know that no one has asked to speak so let's move on to the vote the board of directors proposes that price waterhouse Cooper Zurich be re-elected as the auditors for the 2026 financial year. You can now cast your vote.

So, I hope, die Beispiele helfen dir, dein Alltag zu verbessern. Falls du Fragen hast, wie du das Ganze auf deinem Gerät installieren kannst, komm doch zu uns anstand. Meine Kolleginnen und ich freuen uns auf dich. Wir beantworten gerne deine Fragen. Bis dann.

And I note that PricewaterhouseCoopers AG has been elected as the auditor for the 2026 financial year with 99.75% of the votes in favor. I congratulate PwC on its election and thank it for accepting the mandate. I have the declaration of acceptance in my position. And with that, dear shareholders, this brings us to the end of the 2026 annual general meeting. I would like to thank you for your loyalty to Swisscom and for the trust you have shown in the Board of Directors by approving the proposals. Finally, I would like to thank Martin Voegli and all the staff whose hard work has ensured that this annual general meeting here at the Hallenstadion has run smoothly. The 2027 Annual General Meeting will take place on Wednesday, 24th of March, 2027, for the first time in Bern. I would now like to cordially invite you to an apero, to a reception. The members of the Board of Directors, the Group Executive Board and the Swisscom Switzerland management team is happy to meet with you for personal discussion. As mentioned, not only the refreshments will be waiting for you in the hall, but also Marcel Curien and other specialists who look forward to answering your questions. Make the most of this opportunity. I hope you all have a pleasant end of the day. Enjoy many lovely encounters and have a safe journey home. Please leave the voting devices and headphones at your seat or hand them to a member of staff if you are seated in the stands. The 2026 Annual General Meeting is adjourned. Thank you very much.