2024-05-05 08:02:06 ET
Swisscom AG (SCMWY)
Q1 2024 Earnings Conference Call
May 2, 2024 03:00 ET
Company Participants
Louis Schmid - Head of Investor Relations
Christoph Aeschlimann - Chief Executive Officer
Eugen Stermetz - Chief Financial Officer
Conference Call Participants
Polo Tang - UBS
Steve Malcolm - Redburn
Andrew Lee - Goldman Sachs
Georgios Ierodiaconou - Citi
Titus Krahn - Bank of America
Luigi Minerva - HSBC
Joshua Mills - BNP Paribas Exane
Usman Ghazi - Berenberg
Presentation
Operator
Conference call is now being recorded. Good morning. Welcome to the Swisscom 2024 First Quarter Results. We will begin with a presentation followed by a Q&A session. [Operator Instructions]
With that, I would like to hand over to Louis Schmid. Louis, the floor is yours.
Louis Schmid
Good morning, ladies and gentlemen and welcome to Swisscom's Q1 '24 results presentation. My name is Louis Schmid, Head of Investor Relations. And with me are our CEO, Christoph Aeschlimann; and Eugen Stermetz, our Chief Financial Officer.
Our CEO starts the presentation with Chapter 1 and a quick overview on the highlights of operational and financial performances of the first quarter. Then in Chapter 2, Christoph presents a business update for Switzerland and Italy before he, in Chapter 3, gives a short update on the Vodafone Italia transaction. In the second part of today's results presentation, Eugen runs you through Chapter 4 with the first quarter financials, including the confirmation of our full year guidance.
With that, I would like to hand over to Christoph to start his presentation. Christoph?
Christoph Aeschlimann
Thank you, Louis and welcome, everybody, to our Q1 2024 call.
I will go directly to Slide number 4 with the highlights of Q1. So financially, we are satisfied with the Q1 results. They are as expected. Top line is slightly lower as Q1 last year. And with an EBITDA of CHF1.16 billion, ahead of consensus, I think it's a solid result in challenging market conditions. And we have also reiterated our full year guidance for 2024.
If you look at the telecommunications business in Switzerland, it's operationally mixed. The revenues are -- continue to go down and we are compensating part of the revenue decline on the telco side by the IT or the growing IT business. We also managed to launch the new insurance tech offering for our B2C market segment in Switzerland and continue to build out FTTH footprint in Switzerland....
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Swisscom AG (SCMWY) Q1 2024 Earnings Call Transcript