Swiss Telecoms: Pricing - promotional, but further price rises

Research evidence excerpt

Swiss Telecoms: Pricing - promotional, but further price rises

Global Research

27 July 2026ab

Swiss Telecoms Equities

Europe Ex. UKPricing - promotional, but further price rises

Telecommunications

Polo Tang

Promotions continue but market may be in the early stages of an inflection Analyst

Ahead of Q2 results, we undertake our quarterly review of mobile and broadband polo.tang@ubs.com

pricing in the Swiss market - see Figure 1SwisMobile'mid-tier'efectivepriceovertime / Figure 2SwisBroadband'mid-tier'efectivepriceovertimeSwisBroadband'mid-tier'efectivepriceovertime for the trends over time. Overall, the +44-20-7568 1286

promotional 'Black Summer' period sees more promotions vs prior months, but Dhruva Kusa Shah

operators note the level of competition is broadly in-line with that seen last Summer. Analyst

Swisscom, in particular, appears promotional in both mobile and broadband, which may dhruva-kusa.shah@ubs.com

be to mitigate churn following its +3-4% price rise in April; but the company reiterates +44-20-7568 3395

the price rise is landing as planned. As other operators put through price rises (Salt +2%

on mobile only from July and Sunrise +2-3% from August on most plans except Yallo

broadband) promotions may ease as operators focus on landing price rises. In a new

development, Swisscom is undertaking a 'more for more' increase on its Wingo brand

and raising prices by CHF1pm (+1-2%) in return for new security features/additional

data roaming - subscribers will be migrated to new tariffs by September. Switzerland has

an attractive market structure (three players, no EC regulation, healthy population

growth of +1% pa, a wealthy demographic) but the underlying growth potential has

been offset by promotional activity as operators compete for market share. However,