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Swisscom Meets FY23 Targets, Guides For Stable FY24

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• Q4 revenue in line with expectations though Q4 EPS came in 8% short of consensus with Fastweb beating on Revenue despite Fastweb EBITDA of CHF 171mn which was a miss of ~22%.

• Swisscom Switzerland was broadly in line on Revenue but EBITDA of CHF 934mn was a ~7% beat.

• FY23 Revenue and CapEx were in line with targets (Rev of CHF 11.07bn vs. the revised target of CHF 11.1bn) while EBITDA came in on target but at the lower end of the range (CHF 4.62bn vs. CHF 6.6-4.7bn).

• FY24 guidance implies stable Rev/EBITDA/CapEx/Div

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