1.0Market Snapshot
- 402
- Telecommunications businesses in 2024 (BFS STATENT, NOGA 61.10–61.90: wired, wireless, satellite and other telecommunications).
- 25,423
- Employees in telecommunications in 2024 (BFS STATENT), 23,462 full-time equivalents; two-thirds work in Bern and Solothurn, where Swisscom is registered.
- -1.1%
- Employment change in 2024 (BFS STATENT); employment is 12.5% below its 2015 peak of 29,065. Swisscom's Swiss revenue fell 1.4% in 2025 and Sunrise's 1.1%, while Salt grew 4.4%.
According to Val Index analysis of Swiss commercial-register and federal data (2026), Switzerland counts 402 telecom & connectivity companies — Telecommunications businesses in 2024 (BFS STATENT, NOGA 61.10–61.90: wired, wireless, satellite and other telecommunications)..
2.0Industry Overview
Swiss telecommunications is a mature market dominated by three network operators. Swisscom earned CHF 7.87 billion in Switzerland in 2025, 1.4% less than in 2024: telecom revenue fell 2.3% to CHF 5.15 billion while IT services for business clients grew 2% to about CHF 1.22 billion. Sunrise, listed on SIX since its spin-off from Liberty Global in November 2024, reported revenue of CHF 2.98 billion (-1.1%) and adjusted EBITDAaL of CHF 1.01 billion. Salt grew revenue 4.4% to CHF 1.185 billion, helped by 110,000 new mobile customers and price increases, with EBITDAaL of CHF 514 million.
3.0Industry Health Check (SWOT)
- High-quality fixed and mobile networks
- Saturated market with falling broadband and TV lines at Swisscom
- Fibre lines replacing copper and cable
- Price competition in mobile and broadband
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Telecom & Connectivity business valuation in Switzerland
- Statutory Multiple (EBITDA)
- 5.0 - 7.0×
- Deal Multiple (EBITDA)
- 6.5 - 9.5×
- Market Trend
- Stable
Indicative ranges based on market research. Actual multiples vary by company size, growth, and market conditions.
8.0Regional Clusters
Bern and Solothurn
47 businesses with 16,944 employees in 2024 (BFS STATENT), 66.6% of national telecom employment; Swisscom is registered in Ittigen, Quickline in Nidau and Swiss Fibre Net in Bern.
Zurich
102 businesses with 4,351 employees; Sunrise is registered in Opfikon, Init7 in Winterthur and iWay in Zurich.
Western Switzerland
74 businesses with 2,270 employees; Salt is registered in Prilly and VTX in Pully.
Central Switzerland
52 businesses with 499 employees.
Northwestern Switzerland
34 businesses with 814 employees.
Eastern Switzerland
24 businesses with 442 employees.
Ticino
17 businesses with 82 employees.
Sources
9.0Frequently Asked Questions
▶How much is a telecom company worth in Switzerland?
ValIndex's multiples table puts Swiss telecom services at 6.5–9.5× EBITDA in transactions and 5.0–7.0× EBITDA on statutory valuations. Providers with their own fibre networks, low churn and business customers sit at the upper end; resellers dependent on wholesale access at the lower end.
▶What drives the value of a Swiss telecom or internet provider?
Buyers price: (1) ownership of fibre or cable infrastructure; (2) subscriber numbers and churn; (3) the share of business customers on long contracts; (4) wholesale agreements; (5) capital needs for network upgrades; (6) exposure to shrinking TV and fixed-line revenue.
▶How big is the Swiss telecom market?
The three operators earned about CHF 12 billion in Switzerland in 2025: Swisscom CHF 7.87 billion, Sunrise CHF 2.98 billion and Salt CHF 1.185 billion. BFS counts 402 telecommunications businesses with 25,423 employees (2024).
▶Who are the main Swiss telecom operators?
The network operators are Swisscom in Ittigen, Sunrise in Opfikon and Salt in Prilly. Smaller providers include Init7 in Winterthur, Quickline in Nidau, Swiss Fibre Net in Bern, iWay in Zurich and VTX in Pully.
▶What are the key trends in Swiss telecommunications?
Five trends: (1) the court ruling overturning the fibre fine against Swisscom; (2) falling Swiss revenue at Swisscom and Sunrise; (3) growth at the challenger Salt; (4) more mobile lines but fewer broadband and TV lines; (5) Sunrise as an independent listed company.
▶What are the main risks when buying a Swiss telecom business?
The main risks are: (1) price competition in mobile and broadband; (2) regulatory and legal changes, especially around fibre; (3) ageing networks requiring investment; (4) dependence on wholesale access prices; (5) declining TV and fixed-line revenue. Due diligence should check network condition, churn, contract terms, capital plans and wholesale agreements.
▶What is the fibre dispute between Swisscom and the competition commission?
In December 2023 the competition commission ruled that Swisscom had abused a dominant position with its point-to-multipoint fibre design and fined it CHF 18 million. In October 2026 the Federal Administrative Court annulled the ruling and the fine, finding Swisscom not dominant in the market the commission had defined. The ruling can be appealed to the Federal Supreme Court; about 170,000 lines remain blocked.
▶Where are Swiss telecom companies located?
Using BFS figures for 2024: Bern and Solothurn have 66.6% of telecom employment (47 businesses, 16,944 employees), followed by Zurich (102; 4,351), Western Switzerland (74; 2,270), Northwestern Switzerland (34; 814), Central Switzerland (52; 499), Eastern Switzerland (24; 442) and Ticino (17; 82).