Press release
Renens, 25.08.2023

Q2 2023 Financial Results
Strong Financial Performance and Continued Momentum in Subscriber Growth Across AllSegments: Mobile B–to-C, B-to-B and Home - Best Universal Provider for Residential andCorporate Customers According to Latest BILANZ Telecom Rating - Credit Rating Upgradeand Successful Placement of a CHF 100 Million Issue•
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Continued subscriber growth momentum in in Q2 with 27,600 postpaid mobile netadds, another strong quarter in Salt Home and the best first half in B-to-B in 10 years
Salt now serves more than 1.5 million postpaid mobile and more than 200,000
broadband subscribers
Strong Q2 financial performance with Operating Revenue up 3.4% year-on-year toCHF 228.4 million and EBITDA up 5.4% year-on-year to CHF 142.7 million; 11
consecutive quarters of growth in postpaid service revenue
New exclusive partnerships in B-to-C with Lycamobile, live since May 2023, and Swiss
Post, live in early 2024
Salt named as best universal telecom provider for residential and corporate
customers in the latest BILANZ telecom rating and as best broadband provider in thelatest Connect customer survey
Credit rating upgrade to 'BB-' and successful placement of senior secured notes

Q2’23 Key Financials

Note: Figures are presented at Salt level, incl. IFRS 15 and IFRS 161

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Strong continued momentum in subscriber growth and financial performance
In Q2 2023, Salt continued its strong performance in terms of customer growth and financial
results. Salt increased postpaid mobile subscribers by 27,600, which resulted in an increase of40% in net adds for the first half year. It added another strong quarter in Home and registered
the best six months in B-to-B for 10 years. Salt now serves more than 1.5 million postpaid
mobile subscribers and more than 200,000 broadband subscribers (Salt Home).
Operating Revenue increased by 3.4% YoY to CHF 228.4 million, supported by continued
growth in all three segments. This led to an increase in EBITDA of 5.4% to CHF 142.7 million
despite cost inflation and increased expenditure to support growth. With total investments ofCHF 47.7 million (Q2 22: CHF 51.0 million), Free Cash Flow amounted to CHF 78.4 million (Q222: CHF 58.1 million).
Max Nunziata, the new CEO, commented: “The steadily increasing number of subscribers andthe resulting growth in revenues are testimony of Salt consistently offering great value atattractive prices. We will continue to invest in our network, our product offering and servicing
to strengthen our market positioning across all segments.”
Exclusive partnerships with Lycamobile and Swiss Post
Since May, Lycamobile customers have been using the Salt network. Also, in May, it wasannounced that Salt had been chosen by Swiss Post to become the exclusive partner to provide
telecommunication services to Post customers as of 2024. Both partnerships are proof of Salt’s
network and service quality. They will strengthen Salt’s multi-brand strategy and provide
further growth potential. Furthermore, in B-to-B, Salt is growing continuously and has beenable to win further notable customers. The range of services for SMEs and corporate customers
is being expanded continuously.
Top ratings in BILANZ telecom rating and Connect customer survey
In the newly published BILANZ Telecom Rating 2023, Salt was named the best universalprovider for residential and corporate customers. The top ranking is, in particular, a result of
the unrivalled combination of high quality and attractive price. Already in May, Salt wasconfirmed to have the best broadband offer by the Connect survey among customers inGermany, Austria and Switzerland. Salt ranked #1 in the four categories: Hardware andSoftware, Customer Service, Brand/Provider, Network and has the most satisfied customers.

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Rating upgrade and successful placement of senior secured noted in the amount of CHF 100
millionThe consistently solid business performance in recent years has led to credit rating upgrades.
S&P Global Ratings has upgraded the long-term issuer credit and issue ratings on Matterhorn
Telecom, the parent company of Salt, to 'BB-' from 'B+'. Fitch Ratings has assigned Matterhorn
Telecom a first-time Long-Term Issue Default Rating of 'BB-' and a 'BB+' issue rating to its
secured notes. In July, Matterhorn Telecom successfully placed senior secured notes in theamount of CHF 100 million. The CHF note marked the return of Salt to the Swiss institutionalinvestors market. The proceeds will be used for refinancing purposes. Salt wishes to thankGoldman Sachs as sole underwriter and Swiss investors who have put their trust in thecompany.

About Salt
Salt stands for innovation offering attractive prices for premium products in the Swiss telecommunications
market. An excellent mobile network, the country’s best performing internet connection (nPerf, 2022), attractive
prices and customer-focused service ensure an outstanding experience for its business and residential customers.
The company’s services as well as its fixed and mobile networks are repeatedly awarded: best universal provider
for large companies and residential customers (Bilanz, 2023), best broadband offer (connect, 2023) very good
mobile network (connect, 2023), best performing internet connection (nPerf, 2022), best broadband tariff (SIQT,2022) and number one B-to-B mobile provider (SIQT, 2022). Based in Renens (VD), Salt has two additional offices
in Biel and Zurich. The company employs more than 1,000 employees and serves 1,543,200 postpaid mobile andmore than 200,000 broadband customers across Switzerland. Salt currently offers 99.9% population mobile
coverage.

Salt Press Relations Team+41 78 787 44 81 | media@salt.ch | Salt.ch3