Annual Report
2025Ascom is a global provider of ICT and mobile workflow solutions in the healthcare and enterprise sectors. Ascom's vision is
a world where the right information moves people forward. Our mission is to put the right information in the right hands at the right time so that people can make the best possible decisions.
With our unique product and solution portfolio as well as our software architecture for the integration of devices and mobilization solutions, we close digital information gaps in critical situations. In this way, we ensure smooth, complete, and efficient workflows.
Shareholder return
20251 | 2024 | 2023 | 2022 | 2021 | |
Dividend (CHF per share) | 0.20 | 0.10 | 0.30 | 0.20 | 0.20 |
Average annual share price (CHF) | 3.68 | 6.50 | 9.61 | 8.22 | 14.46 |
Dividend yield (%) | 5.4% | 1.5% | 3.1% | 2.4% | 1.4% |
1 Proposal to the Annual General Meeting.
Share information
2025 | 2024 | |
Share price at 31.12. in CHF | 3.82 | 4.16 |
Market capitalization at 31.12. in CHFm | 137.5 | 149.8 |
Nominal value per share in CHF | 0.50 | 0.50 |
Share price performance in 2025
292.1mNet revenue in CHF
40
30
20
10
0
-10
-20
-30
Change in %
-40
Jan
Feb
Mar
Apr
May
Jun Jul
Aug Sep
Oct
Nov
Dec
311.1mAscom SPI
Incoming orders in CHF
A technology company
operating worldwide
1,358
employees around the globe
20
operating businesses worldwide
Revenue by region Revenue by segment
Enterprise 28%
OEM 6%
Region
USA & Canada 18%
Region South 44%
Healthcare 66%
Region North 38%
Annual Report 2025
Business Year 2025 | Remuneration Report | ||
2 | Letter to Shareholders | 94 | Ascom Remuneration Policy |
4 | Performance Report | 102 | Remuneration in fiscal year 2025 |
6 | Strategy | 107 | Vested and Outstanding long-term |
14 | Customer Cases | incentive plans | |
109 | Share ownership | ||
Sustainability Report | 110 | Mandates outside the Ascom group | |
18 | Statement from the Chairman and the CEO | (audited information) | |
20 | Focus topics and key ambitions | 112 | Gender representation in the Board of |
21 | Key achievements in 2025 | Directors and Executive Board | |
22 | Sustainability as a strategic driver | 112 | Outlook on compensation in fiscal year |
25 | Planet | 2026 and beyond | |
34 | Product | ||
37 | Methodology | Financial Statements 2025 | |
38 | People | 115 | Table of contents |
44 | Governance | 116 | Ascom Group |
50 | GRI Content Index | 149 | Ascom Holding AG |
55 | TCFD | ||
64 | General Note | 160 | Dates and contacts |
Corporate Governance | Declaration of forward-looking statements | ||
65 | Corporate structure and shareholders | Publishing details | |
68 | Capital structure | ||
71 | Board of Directors | ||
83 | Executive Board | ||
86 | Shareholders' participation rights | ||
88 | Change of control and defensive measures | ||
89 | Auditors | ||
90 | Information policy | ||
91 | Quiet periods | ||
91 | Corporate governance rating |
1
ASCOM Annual Report 2025
Letter to Shareholders
Letter to Shareholders
STATEMENT FROM THE CHAIRMAN AND THE CEO
Dear Shareholders
The 2025 financial year was an important step forward for Ascom. We strengthened our operational performance, sharpened our customer focus, and advanced the strategic realignment that is laying the groundwork for sustainable and profitable growth. While challenges remain, our progress shows that we are moving in the right direction. Ascom generated net revenue of CHF 292.1 million, representing growth of 3.8% at constant currencies (2024: CHF 286.7 million) and of 1.9% at actual currencies. This positive development was supported by continued demand for digital healthcare solutions. Operational excellence was also
reflected in improved profitability:
Profitability increased and was driven by cost discipline, process improvements, organizational alignments, and consistent execution.
EBITDA rose to CHF 34.3 million (achieving an EBITDA margin of 11.7%)
Group profit reached CHF 15.1 million
Net cash position of CHF 29.6 million (2024: CHF 18.6 million), and an equity ratio of 40.0% (2024: 39.2%).
Based on its 2025 performance, Ascom remains on a solid financial footing. The strong balance sheet enables continued investment in the technological advancement of our portfolio and market development.
The Board of Directors is proposing a dividend of CHF 0.20 per share to the Annual General Meeting 2026. In addition, the Company is continuing the share buyback program as initiated in May 2025. Ascom bought back 2,158,199 shares as of 27 February 2026 for a total amount of CHF
8.7 million. The share buyback program will be continued in 2026.
Leaner, synergistic, and customer-focused organization
In early 2025, Ascom completed a substantial organizational redesign. The previous six regions were organized into three: North, South, and USA & Canada. Global functions were aligned to be
more synergistic and closer to the regions. These changes enhanced cooperation, improved the speed and quality of our project execution, and strengthened our ability to respond to customer needs with greater clarity and efficiency.
Innovation focus across all segments
Ascom also advanced its innovation agenda. We continued to made progress in integrating our various software product lines into a single platform and software stack. Platform convergence will simplify our offering in all three segments, acute care, long-term care, and enterprise, and improve our operational efficiency. Additionally, it creates significant customer value by improving the user experience, simplifying processes, and reducing costs.
David Hale appointed as new CEO
In September 2025, the Board of Directors delegated Michael Reitermann, a Member of the Board since 2020, as CEO ad interim. He assumed operational leadership from departing CEO Nicolas Vanden Abeele. In December 2025, the Board of Directors appointed David Hale as the new CEO of the Ascom Group as of 4 February 2026.
David Hale has more than 25 years of international leadership experience in the medical device and pharmaceutical industries, including five years as CEO of the Guerbet Group, headquar-tered in France. Previously, David Hale held senior positions at General Electric (GE), including at GE Healthcare Digital in the US and GE Healthcare Diagnostic Imaging in France, where he managed global product portfolios, drove digital transformation initiatives, and delivered consistent growth in challenging markets. David Hale holds American and French citizenship.
Laurent Dubois nominated as new Chairman of the Board
The Board of Directors has nominated Laurent Dubois, Member of the Board since 2020, as new Chairman to be elected at the Annual General Meeting 2026.
Dr. Valentin Chapero Rueda, Chairman of the Board of Directors, and Michael Reitermann, Delegate of the Board of Directors and Ascom CEO ad interim.
Outlook 2026
With our improved operational performance, Ascom is well-positioned to capture opportunities arising from the digital transformation across healthcare and enterprise markets. Our strategy remains to become the key enabling platform for critical communication and collaboration in healthcare and enterprise, while achieving sustainable performance and profitable growth through customer-focused innovations and operational efficiency. For 2026, Ascom targets low to mid-sin-gle-digit revenue growth at constant currencies and an EBITDA margin of 10 to 12 percent.
A word of thanks
The Board of Directors would like to extend its sincere gratitude to all Ascom employees. The past year brought considerable change, and their commitment and adaptability were essential to our
success. We also thank our customers, partners, and shareholders for their continued trust and collaboration. Together, we will keep building solutions that enable better communication, more efficient workflows, and stronger outcomes for the people who rely on them every day.
Sincerely,
Dr. Valentin Chapero Rueda
Chairman of the Board
Michael Reitermann
Delegate of the Board and CEO ad interim
A word of thanks to Dr. Valentin Chapero Rueda
The Board of Directors expresses its gratitude to Dr. Valentin Chapero Rueda for his many valuable contributions to Ascom. Valentin has served as Chairman of Ascom since November 2019 and has guided the Company through times of geopolitical instability, the pandemic, reorganizations, and other market challenges. He shaped Ascom with his expertise and strong strategic guidance.
Performance Report 2025
IMPROVED PROFITABILITY
In 2025, Ascom delivered a solid operational performance marked by renewed revenue growth, improved profitability, and continued progress in the transformation of its solutions and services portfolio.
Revenue development shows broad-based growth across all regions
Ascom's business developments in 2025 demonstrated solid strategic execution and continued investment in its healthcare communication and workflow-optimization portfolio. Ascom generated net revenue of CHF 292.1 million for fiscal year 2025, an increase from CHF 286.7 million in 2024, reflecting growth of 3.8% at constant currencies and 1.9% at actual currencies. Revenue growth was supported by stronger regional execution, stabilizing demand in mature markets, and ongoing traction in healthcare digitalization projects.
Regionally, performance varied but showed a positive development in all three of Ascom's regions. Region USA & Canada delivered the strongest performance with revenue growth of 7.3% at constant currencies, supported by one exceptionally large order delivered in December. Region South grew by 4.5% at constant currencies, driven by strong performance in Germany, Italy, and Central and Eastern Europe. Region North increased net revenue by 1.5% at constant currencies, supported by the key markets Norway and Sweden, showing steady market demand and long-term customer engagements. These results highlight robust market conditions and Ascom's ability to execute digitalization projects across diverse healthcare environments.
By market segment, the Healthcare sector continued to dominate Ascom's revenue base, accounting for 66% of total revenue (2024: 67%). The Enterprise segment represented 28% (2024: 28%), while the OEM business accounted for 6% (2024: 5%) of total revenue. The strong healthcare contribution underscores the Group's strategic focus on mission-critical clinical communication and workflow enhancement solutions. The Service business accounted for 34% (2024: 36%) while the software business increased to 14% (2024: 13%). Revenue from recurring business remained unchanged at about 27% (2024: 27%). Overall, revenue by regions and segments remained well balanced.
Incoming orders and backlog support continued momentum
Ascom recorded incoming orders of CHF 311.1 million in 2025, compared to CHF 307.4 million in the previous year. Growth of 3.2% at constant currencies and 1.2% at actual currencies confirms healthy market demand and reflects Ascom's strengthened customer relationships, particularly in regions showing stable tender activity. Region North emerged as the top performer in order intake, bolstered by double-digit growth at constant currencies in Norway and Sweden.
At year's end, the order backlog stood at CHF 310.7 million (31.12.2024: CHF 301.5 million), representing more than one year of revenue coverage and providing a good basis for continued growth into 2026.
Profitability significantly improved, driven by operational progress
Ascom's profitability improved significantly, with gross profit reaching CHF 140.8 million (2024: 133.3 million) and the gross margin rising to 48.2% (2024: 46.5%). EBITDA increased to CHF 34.3 million (2024: CHF 21.3 million), resulting in an EBITDA margin of 11.7% (2024: 7.4%). The improvement was driven by higher revenue, diligent cost discipline, organizational alignments, and further efficiency gains in project execution.
The impact of these drivers was predominantly concentrated in the second half of the year, resulting in a substantial increase in profitability compared to the first half-year of 2025.
With stable costs for depreciation and amortization, EBIT increased accordingly and reached CHF
20.3 million (2024: CHF 7.6 million). As a result, group profit rose significantly to CHF 15.1 million (2024: CHF 3.7 million), also benefiting from the absence of negative tax effects compared to the previous year. Earnings per share increased to CHF 0.43 (2024: CHF 0.10).
Solid financial position supports continued investment
Operating cash flow increased to CHF 32.6 million (2024: CHF 20.0 million), reflecting improved profitability and more efficient working capital management. Cash flow from investing activities was CHF -10.8 million (2024: CHF -15.5 million), following lower capital expenditure after completion of the office building refurbishment in Sweden, but continued focus on investments in product innovation, digital platforms, and solutions. Cash flow from financing activities was CHF -10.4 million (2024: CHF -10.8 million), reflecting the dividend distribution in April 2025 and the ongoing share buyback program launched in May 2025.
Ascom maintained a strong balance sheet, enabling the Group to continue investing in its technology roadmap and market development initiatives. At 31 December 2025, total assets amounted to CHF
199.6 million (31.12.2024: CHF 189.9 million), while cash and cash equivalents increased to CHF 29.6 million (31.12.2024: CHF 18.6 million). Ascom had no outstanding borrowings as of 31 December 2025, resulting in a net cash position of CHF 29.6 million (31.12.2024: CHF 18.6 million) at 31 December 2025, underlining Ascom's strong financial flexibility.
Shareholders' equity rose to CHF 79.9 million (31.12.2024: CHF 74.4 million), representing an improved equity ratio of 40.0% (31.12.2024: 39.2%).
Continued strategic momentum and strengthened foundations for 2026
Throughout 2025, Ascom continued advancing its long-term strategy to become a leading provider of end-to-end critical communication and workflow orchestration solutions. The Group further expanded its software capabilities, enhanced interoperability across its portfolio, and strengthened customer support and service offerings.
The improved financial performance demonstrates that Ascom is executing its strategy effectively and is better positioned to capture the growing demand for digital transformation in healthcare. With a strong order backlog, enhanced profitability, and disciplined financial management, Ascom enters 2026 with confidence and a solid operational foundation.
Revenue by region Revenue by segment
Enterprise 28%
OEM 6%
Region
USA & Canada 18%
Region South 44%
Healthcare 66%
Region North 38%
Strategy
DELIVERING TANGIBLE VALUE TO CUSTOMERS
2025 was another turbulent year, economically and politically. Ascom continued its focus on executing its strategy, driving innovation, and delivering tangible value to its customers.
Ascom's strategic roadmap started in 2022 containing three chapters:
Shape - Focus to perform
Expand - Accelerating growth
Exceed - Sustained performance
In "Shape," we focused on strengthening our foundation for efficient processes, state-of-the-art innovation, and overall performance. In "Expand," we worked on accelerating growth through innovation and operational efficiency.
Our strategy continues to be the key enabling platform for critical communication and collaboration in healthcare and enterprise. The key drivers remain
sustainable performance and profitable growth through innovation and operational efficiency and
providing solutions that offer differentiated customer value.
1 Growth
Sustainable growth in key regions
by leveraging solution synergies
Customer Focus
2 Strategy
Execution & Innovation
Scalable solutions driving better revenue mix & gross
margin improvements
3 Operational
Efficiency
Continued operational excellence and efficiency improvements
4 People,
Culture
& Sustainability
Attract, develop, and retain great talent
Improved Customer Satisfaction
GROWTH
In 2025, Ascom reported a net revenue of CHF 292.1 million, which is an increase of around 3.8% at constant currencies compared to 2024. The EBITDA margin was of 11.7% (2024: 7.4%).
Revenue development in constant currencies showed an increase in all three regions. The best performance was achieved in the Region USA & Canada, with a revenue growth of 7.3%. The performance of this region was supported by one very large order, delivered in December, which contributed to growth and profitability. Region South grew by 4.5%, especially in Germany, Italy, and Central and Eastern Europe. Region North increased the net revenue by 1.5%, compared to 2024, driven by the key markets Norway and Sweden.
The market segments we operate in remain compelling and benefit from strong secular growth trends.
In the Healthcare Market, we continue to focus on strengthening our position across the different care pathways in a hospital (such as intensive care units, general wards, operating rooms, emergency departments, rehabilitation centers), as well as in long-term care homes and home care. Given the ageing population, the increase in chronic diseases, and the continued shortage of care personnel, Ascom's solutions are a good fit to enable better delivery of care, bridging the last mile through critical communication and collaboration solutions, automation of workflows, and digitalization of care. Here, we improve operational efficiency in hospitals and care homes and create value for our customers, providing better outcomes for both patients and care personnel at lower cost.
Ascom's differentiated solutions range from software solutions for MDI (Medical Device Integration), alarm management and alarm orchestration, clinical surveillance, and PDMS (Patient Data Management System) to mobility devices and nurse call systems, which provide alarming, monitoring, and sensoring capabilities in addition to communication.
In the Enterprise Market, Ascom brings significant value to its customers with mobility solutions and software propositions designed to improve workflow efficiency and workplace safety, alarm management, and communication and collaboration between workers. As such, we enable better and more efficient working conditions and keep workers safe in their respective environments.
In 2025, we continued our portfolio transformation including integrated solutions, which can be deployed on-site and via the cloud. Cloud-based solutions see fast-increasing adoption in enterprise, and long-term care. They open new market opportunities for Ascom as they allow us to address more successfully new or more price-sensitive market segments not addressed before.
STRATEGY EXECUTION & INNOVATION
Platform integration and simplification
In 2025, Ascom continued to make progress in integrating our various software product lines into a single platform and software stack. Platform convergence will simplify our offering in all three segments, Acute Care, Long-Term Care and Enterprise, and improve our operational efficiency. More importantly, it creates significant value for customers by improving the user experience, simplifying processes, reducing costs, and enabling better measurement of the improvements our solutions deliver to customers. The solutions are centered around eight core capabilities integrated into an easy-to-deploy and easy-to-configure platform, providing tangible customer value and further building on Ascom's significant market share globally.
Alarm management, a core capability for any healthcare setting, where innovation around silent alarming and alarm filtering helps fight alarm fatigue for staff and overall better recovery conditions for patients
Workflow management, driving action by care and support staff, where clinical and operational workflows can continuously be improved and enriched by information obtained from an increasing set of sensor networks
Surveillance, where near-real-time patient information obtained from medtech equipment and (wearable) sensors is provided in the hands of the (mobile) care staff
Decision systems, where usage of Artificial Intelligence (AI), heuristics, and Machine Learning techniques augment and support the detection of patient deterioration and proactive alarming or reactive alarm filtering
Communication & collaboration, helping staff to communicate in real time and work in teams around patients while providing continuity over shift changes
Analytics and reporting, providing actionable insights on process KPIs and providing detailed reports for operational and compliance purposes
Patient Data Management (PDMS), where digitization of capturing information around patients reduces human error, frees up time from caregivers, and allows for richer information in Electronic Medical Records (EMR)
Asset tracking of patients and workers, devices and care staff, assisting in automated workflows and providing insights that allow for better utilization of assets in healthcare institutions and enterprises.
Ascom's solutions address key customer needs, such as
addressing the shortage of staff
moving from reactive to proactive care and workflows, driving better patient outcomes while reducing burden on care staff
scaling up hospital and enterprise systems to leverage economies of skill and scale
increasing efficiency and effectiveness of workflows, leveraging a growing set of sensors (IOT) & real-time locating systems (RTLS)
Customer value of the Ascom Core Platform:
Highly scalable
Increased availability through self-healing and rolling upgrade properties
Optimized Total Cost of Ownership
Edge and cloud deployable
Standard available as SaaS (Software as a Service) with fast activation of capabilities
Data driven platform (Artificial Intelligence/ Machine Learning)
Integrates with the widest industry
ecosystem
Ascom Platform for Healthcare and Enterprise
Nurse Call
Asset management
Alarm management
Real-Time Location Services (RTLS)
(Patient) Data Management
Workflow
management
Interactive displays with Ascom Software
Ascom Core Platform
Third party (cloud)
Analytics & Reporting
(Clinical) Surveillance
Mobility/ Mobility Apps
Communication & Collaboration
(Clinical) Decision Systems
Third party sensors & (Medical) Devices & IoT
Application Programming Interface (API)
While all three segments, Acute Care, Long-Term Care and Enterprise, rely on mission-critical communication, real-time information flows, and increasingly sensor-based insights, each market follows a different pace of digitalization and requires specialized capabilities to maximize customer value.
In Acute Care, healthcare systems worldwide continue to evolve toward a seamless combination of alarm tracking and clinical surveillance, enriched by AI-driven decision support and actionable workflow insights. Hospitals increasingly operate at scale and require efficient, secure toolchains that can introduce new functionality rapidly and share configurations across multiple sites.
The Long-Term Care market is rapidly adopting sensor-based surveillance, resident activity monitoring, and AI-supported decision systems, delivered in a pay-as-you-use SaaS model that requires minimal on-site IT expertise.
Care provision is increasingly shifting to resident homes, where family members and professional caregivers rely on easy-to-deploy digital tools. Ascom continued advancing a cloud-native Long-Term Care platform that integrates Ofelia and Smart Sense, ensuring stronger differentiation from major competitors in this expanding segment.
Combined with Ascom's nurse call systems and mobility solutions, Ascom becomes a referencepro-vider of healthcare systems of insights and actions.
The Enterprise market is undergoing a clear shift toward sensor-based surveillance, IoT (Internet of Things)-, Artificial Intelligence (AI)-, Machine Learning (ML)-enabled decision systems, and automated workflows, allowing organizations to improve staff efficiency, operational uptime, and asset utilization. Critical communication and personal safety remain core needs-particularly in industries such as manufacturing floors, secure establishments, blue light services, and lone worker environments.
Ascom's Enterprise portfolio combines mobility solutions (Paging, DECT, WiFi, Cellular/5G), RTLS, third-party sensor integration and cloud-delivered SaaS capabilities, all built on the same highly scalable and reliable platform used in healthcare.
To remain the partner of choice for enterprises transitioning to private 5G environments and modern communication architectures, Ascom continues to expand its offer with industry-specific features and cross-technology transmission capabilities. Upselling SaaS services-ranging from alarm management to location-based worker protection-plays an increasingly important role across small, medium, and large enterprises.
Starting in 2024, Ascom witnessed further growth, particularly in Long-Term Care and Enterprise customers buying its platform solutions under a SaaS (Software as a Service) subscription model.
The SaaS Staff Safety (Software as a Service) provides a comprehensive, reliable, and secure solution for employees to raise alarms quickly-manually or automatically- while ensuring swift and accurate responses, also detecting potential safety issues that could occur with employees in lone worker situations. The transition from traditional on-premises installation to a cloud-based model delivers significant operational and economic value to customers. It offers better flexibility, scalability, and cost-efficiency, lowering upfront investment while allowing customers to more easily respond to the organization's needs as they change.
In 2025, this journey continued by enabling increased functionality as SaaS and extending the offer to large customers.
Driving further Innovation with AI
Since 2023, Ascom has been working on the next-generation alarming and alarm orchestration platform, leveraging contextual patient data and Artificial Intelligence (AI) for more informed decision-making, reduction of alarm overload, and better patient care.
Ascom is a partner of the "Smart and Silent ICU" research project awarded by the EU Innovative Health Initiative (IHI) to investigate the clinical benefits of networked medical technology and the connection of AI modules. The focus of the research project is to reduce the burden of alarm overloads and improve data evaluation in healthcare with AI applications.
In 2025, Ascom, B. Braun, and Dräger launched the silent ICU (Intensive Care Unit) solution out of this project, demonstrating the future for ICU care areas to hospitals worldwide.
Ascom continued its participation in this project, installing its cloud-native healthcare platform at the University Medical Center (UMC) Utrecht to develop and clinically validate algorithms for the detection and prediction of adverse health outcomes and specific syndromes based on individualized and contextual patient data.
We are very proud to be at the forefront of this state-of-the-art project and breakthrough innovation.
AI will provide significant potential to increase our own and our customers' operational efficiency.
OPERATIONAL EFFICIENCY
In April 2025, Ascom realigned and restructured its organization to achieve continued progress on productivity and efficiency. A comprehensive implementation plan was pursued in the second half of the year, delivering tangible benefits to our operations and to our customers. Efforts to automate and simplify installation processes further contributed to operational efficiency, time savings, and reduced complexity across our projects.
Cost efficiency will remain a key focus for Ascom in the years to come, as we further benefit from the streamlined organization. For example, the introduction of the Global Operations unit allows us to consistently implement best-practice processes in project implementation and customer care across the regions, thereby reducing complexity, enhancing customer experience, and lowering cost.
PEOPLE, CULTURE & SUSTAINABILITY
Our people are the cornerstone of our success. In 2025, we continued fostering a culture of performance, empowerment, accountability, and collaboration, and focused on employee engagement. We also invested further in talent development to prepare future-ready leaders and to ensure effective succession planning, with new learning tools for all employees and leadership development programs.
Our employee engagement initiatives aligned personal growth with organizational goals, reinforcing our "One Ascom" culture.
Ascom's culture and values
Mutual Respect
focused
Connected Customer-
Open Communi-
cation
Shared Growth Ambition
One Ascom
Dedicated Innovative
Commitment to Employee Development
Ascom's culture and values
Customer-focused: Focusing on our customers is always our highest priority.
Innovative: Believing that innovation and improvement always start with understanding our customers' needs.
Dedicated: Walking the extra mile to ensure that people using our solutions can make the best decisions possible.
Connected: Bridging information gaps to always enable customers and employees to collaborate and perform at their best.
Sustainability as a Strategic Enabler
At Ascom, sustainability is integral to our business strategy and our value proposition to customers, employees, and investors. We are committed to environmental stewardship and to social and ethical responsibility across our operations, with the explicit goal of creating added value for our customers while helping them meet their own sustainability objectives. Additionally, we strive to assist our customers and partners in achieving their own sustainability objectives.
Our sustainability program is overseen at the highest management level, ensuring ESG (Environment, Social, Governance) priorities are embedded in strategic decision-making and execution.
In 2025, we registered with the Science-Based Targets initiative (SBTi). A milestone that anchors our decarbonization journey to globally recognized climate science and sets a clear path toward validation and reduction targets. With this, we are initiating the process that will lead to target validation by the end of 2027.
In 2025, we introduced new repair standards for all DECT/VoWiFi handsets and pagers. This change reduced overall cover exchanges by 25%, delivering significant material savings in high-volume markets. Further, we implemented the EU energy label for Myco 4, aligning with newly introduced eco-design regulations. We will continue focusing on the development of the eco-design roadmap, preparing for the Digital Product Passport for batteries expected in 2027.
Talent management and DEIB (Diversity, Equity, Inclusion, and Belonging) are key materiality topics of Ascom, with strategic focus. In 2025, we made significant progress in our retention of talent and our leadership program. The Executive Committee launched the Ascom Leadership Exchange (ALE) program, including forty employees of different management levels, strengthening exchange and collaboration. In 2026, we will define clear career paths for critical roles, strengthen our employee value proposition, and implement a transparent talent management to attract and retain top talent. We will continue enhancing leadership competencies and revitalize our New Joiners Program (as referenced in 2025 actions), maintaining focus on diversity, equity, inclusion, and belonging (DEIB) to progress toward 30% female leaders by 2030 and sustaining high retention.
To reinforce stakeholder trust, we are proud that our efforts on ESG have been recognized by different external rating agencies. EcoVadis, but also Inrate and Ethifinance, valuated our efforts with improved ratings.
Our ESG agenda is designed to create customer value and strengthen competitiveness. Product eco-design improve success in tenders, repairability reduces material use and lifecycle cost, and transparent reporting builds investor confidence. By aligning ESG with enterprise priorities, we ensure sustainability is a key enabling platform for growth and resilience. In 2025, Ascom made significant progress toward becoming a more sustainable and responsible company.
More information can be found in the Sustainability Report (page 17 ff).
Strategic Ambitions regarding Sustainability
Our materiality driven framework focuses on five ambitions:
Climate neutral operations based on SBT (Science-Based Targets) reduction plan -achieving full carbon neutrality by 2040 and net zero by 2050.
Circular economy: Designing solutions that are durable, repairable, and recyclable.
Regulatory excellence: Ensuring our sustainability reporting fulfills all legal requirements.
DEIB: Strengthening engagement and workplace well-being.
Talent management: Elaborating clear development paths and leadership excellence.
OUTLOOK
Fueling growth through customer focus
Ascom continues to advance its strategic goals, striving to become the key enabling platform for critical communication and collaboration in the healthcare and enterprise sectors. Our strategy is sound and valid. The continued execution is improving the basis for future successes. By staying true to our strategic priorities, investing in our people, and navigating the changing economic environments, we are confident in our ability to deliver sustainable and profitable growth.
In 2026 and beyond, we are committed to fostering a customer-centric focus in everything we do to drive sustainable growth.
Customer Cases
SHAPING THE FUTURE OF HEALTHCARE
In 2025, Ascom successfully implemented its solutions in various projects around the world, shaping the future of healthcare.
Region North
Connecting digital care
workflows with
real-time insight with Nourish Care
Ascom is expanding its long-term care ecosystem in the United Kingdom through its collaboration with Nourish Care, a leading provider of digital social care record solutions. Together, the two companies are connecting real-time alerts, monitoring, and care planning workflows, delivering a fully integrated solution that transforms care home operations.
The solution combines Ascom's activity monitoring, alarm management, and workflow orchestration platform with Nourish Care's award-winning digital care planning solution. By integrating realtime care technology with a single, digital source of truth, care providers unlock a continuous view of everyone - transforming data into insight, and insight into action, and action into better outcomes. Built around interoperability, this Ascom and Nourish integration reduces administrative burden, strengthens clinical and operational confidence, while laying the foundation for continued innovation in long-term care. Most importantly, it ensures that technology fades into the background, allowing human care to come to the forefront - supported by intelligence, not replaced by it.
Nourish Care is the UK's leading digital social care record provider, supporting care organizations with modern, data-driven care planning solutions. Its platform is used daily by more than 425,000 care workers to support over 400,000 people across a wide range of care settings, helping providers improve quality, compliance, and outcomes through connected digital workflows. The company is listed on the NHS England Assured Solutions List for Digital Social Care Records and collaborates widely across the care technology ecosystem through its Nourish Partnership Program.
Region South
Customized solution for Baden Cantonal Hospital
In its advanced new building, Baden Cantonal Hospital (KSB) in Switzerland uses Ascom solutions to modernize clinical workflows and patient call systems. KSB leads in digital care through innovations like integrating Ascom Myco 4 smartphones, which send medical alerts directly to nurses' mobile devices for continuous patient monitoring, using Innovative technology for the "hospital of the future."
The customized patient call system is built into the Trifact's bed terminal, keeping medical calls separate from hotel services and delivering them straight to staff. The installation emphasized smooth integration and real user benefit, resulting in fewer unqualified calls, improved processes, and greater patient satisfaction.
Ascom's custom platform upgrades have boosted efficiency and quality, supporting the hos-pital's vision for the future.
This solution earned nominations for the Digital Economy Awards 2025, and KSB won the European Healthcare Design Award 2025 for its new facility.
© Ochsner Health
The Kantonsspital Baden (KSB) is one of Swit-zerland's leading regional hospitals, offering first-class medical care, competent patient services, and a broad range of clinical specialties. KSB employs around 3,600 staff and operates multiple sites across the region, providing comprehensive inpatient and outpatient services supported by modern, patient-centric infrastructure.
Region USA & Canada
Enabling Smarter Care with Ochsner Health
Ascom and Ochsner Health began their collaboration with a shared goal: modernizing nurse call to support clinicians and elevate patient care.
© KSB
What started as a technology partnership quickly evolved into a strategic alliance focused on shaping the future of healthcare. Together, the teams aligned people, processes, and vision-blending Ochsner Health's clinical insight with As-com's communication and workflow expertise. Strategic projects soon followed, from enhancing clinical communication infrastructure to co-devel-oping innovative solutions that streamline care delivery.
Today, Ascom's integrated platforms of Telli-gence and Unite bring measurable value to Ochsner, improving responsiveness, reducing friction for nurses, and enabling smarter, more connected care. Their partnership continues to grow, grounded in trust, collaboration, and a shared commitment to innovation.
Ochsner Health is the largest integrated delivery network (IDN) in the U.S. Gulf Coast, operating a broad healthcare system that includes 40+ hospitals and clinics across the region, and delivers care to over half a million patients. It offers comprehensive clinical services, including advanced hospital care, specialty medicine, digital health programs, clinical research, and coordinated care through the Ochsner Health Network.
Sustainability Report
18 Statement from the Chairman and the CEO
20 Focus topics and key ambitions
21 Key achievements in 2025
22 Sustainability as a strategic driver
25 Planet
34 Product
37 Methodology
38 People
44 Governance
50 GRI Content Index
55 TCFD
64 General Note
17
ASCOM Annual Report 2025
Sustainability Report
Sustainability Report 2025
STATEMENT FROM THE CHAIRMAN AND THE CEO
Dear shareholders, customers, employees, and partners,
Ascom's solutions support patients, caregivers, and professionals in critical environments. This responsibility shapes how we operate. We view environmental stewardship, social responsibility, and strong governance as important parts of our longterm resilience and competitiveness. ESG remains a strategic priority: it strengthens customer trust, improves product durability, supports operational efficiency, and prepares us for evolving regulatory requirements.
The Board of Directors confirms the materiality topic assessment of our ESG priorities and ambitions. Our ambition is steady, our commitment firm, and our approach grounded in realism and transparency. The 2025 Sustainability Report, including the TCFD Report (Task Force on Ci-mate-related Financial Disclosures), was prepared in line with Swiss regulations and the GRI standard (Global Reporting Initiative).
Progress in 2025
In 2025, we enhanced the accuracy and maturity of our sustainability work. A more structured data collection tool helped us improve the quality and reliability of our environmental data. Independent ratings from EcoVadis, Inrate, and Ethifinance reflect our improvement and offer guidance for further progress.
We also completed our registration with the Science-Based Targets initiative (SBTi) and are now preparing for the validation phase.
We continued to optimize the environmental performance of our products. Updated repair standards for DECT and VoWiFi devices reduced material use and extended product lifecycles. We also implemented new European energy labeling requirements to align our portfolio with upcoming regulations. Product-related emissions remain our largest footprint contributor.
Despite these measures, our preliminary Scope 1-3 emissions increased due to higher production volumes and a rise in inbound air freight driven by volatile demand and supply chain disruptions. These developments highlight the need to strengthen supply chain planning and collaborate closely with partners to reduce emissions.
We also advanced our social and governance initiatives, including improvements to onboarding, training, and leadership development-key elements of a strong, engaged organizational culture.
Journey ahead
Our priorities for 2026 remain clear: deliver customer value, strengthen operational excellence, and deepen our sustainability efforts. We will continue developing cloud-based and energy-efficient solutions, integrating circular design principles and working closely with suppliers to improve joint environmental performance.
Preparing for SBTi-validation in 2027 will be a key focus in 2026.
As regulatory expectations rise, comprehensive product-related environmental data will become increasingly important. We are preparing for new frameworks such as the European ecodesign regulation and the Digital Product Passport, which will influence procurement, design, and customer requirements.
We will further strengthen leadership competencies and expand development opportunities to support a collaborative and inclusive culture. In parallel, we will monitor regulatory developments in the EU and Switzerland. Although Ascom currently falls outside the European Corporate Sustainability Reporting Directive (CSRD), adjustments of the Swiss framework are to be expected.
Carbon neutral by
2040Net zero by
2050Ascom registered to SBTi.
Michael Reitermann, Delegate of the Board of Directors and CEO ad interim of Ascom, and Dr. Valentin Chapero Rueda, Chairman of Ascom
Sustainability remains firmly embedded in Ascom's long-term strategy. Our approach is grounded in transparency, purpose and pragmatism. We are committed to contributing to a more resilient and sustainable future while continuing to innovate for customers and create lasting value for stakeholders.
Thank you for your trust and partnership. Sincerely,
Dr. Valentin Chapero Rueda
Chairman of the Board of Directors
Michael Reitermann
Delegate of the Board of Directors and CEO ad interim
FOCUS TOPICS AND KEY AMBITIONS
Materiality Topics
Ambitions
Sustainable Development Goals (SDG)
Carbon neutrality strategy
Mobility
resilient supply chain
Energy efficiency
Responsible &
We achieve full carbon neutrality by 2040 and net zero by 2050 (Basis 2023) with a Science-Based Target decarbonization plan.
5 Circular design
6 State-of-the-art
solutions
7 Data protection
& information security
We build a Circular Economy Model with products and solutions based on a sustainable value chain, that are durable, repairable, recyclable, and secure.
8 Value-driven
company culture
9 Training & people
development
10 Diverse & inclusive
culture
11 Health & safety
We achieve high employee satisfaction and workplace diversity across all company levels, where DEIB and Talent development are anchored
in our Company culture.
12 Business ethics
& compliance
Long-term corporate
13 success as added value for society
Our Sustainability Reporting is compliant with all regulatory requirements, supporting our principles in business ethics &
compliance. Ascom's Sustainability activities add value for all our stakeholders.
Governance
People
Product
Planet
20
ASCOM Annual Report 2025
Sustainability Report
KEY ACHIEVEMENTS IN 2025
Implementation of Energy Labels for Myco 4
%
85.7Employee retention rate increased (2024: 80.8%)
-25%Handset cover exchanges due to new repair standard (waste reduction)
43%
Share of Ascom class 1 suppliers registered to SBTi
-16% -10.8Emission by Business Flights
%
+9Reduction of electricity and heating consumption
%
Renewable energy consumption
Ascom registered to SBTi.
Improved rating in 2025
Improved rating in 2025
Improved rating in 2025
Adoption of the RoHS Directive to restrict hazardous substances in products.
Introduction of ISO-14001-certified environmental management.
First employee survey.
Launch of talent development program.
Ascom joined the UN Global Compact.
Publication of Ascom's first Sustainability Report.
Publication of Ascom's Sustainability Directive.
Achieved EcoVadis Gold Rating for our largest European distribution center.
Ascom US was named in Newsweek's Top 100 Most Loved Workplaces.
Ascom publishes its first TCFD Report.
Ascom introduced energy labels to Myco 4.
Ascom registered to Science-Based Target Initiative (SBTi)
ASCOM'S SUSTAINABILITY JOURNEY
2005
2009
2010
2011
2015
2023
2024
2025
21
ASCOM Annual Report 2025
Sustainability Report
SUSTAINABILITY AS A STRATEGIC DRIVER
Ascom understands sustainability as an opportunity for growth, innovation, and long-term value creation. The Company acts on the conviction that sustainable practices deliver real benefits for customers, employees, and shareholders. The Board of Directors oversees the Corporate Sustainability Strategy, sets goals, and reviews progress. The Audit Committee nominated Dr. Monika Krüsi as main contact on the board for ESG-related activities.
The Materiality Matrix: Thirteen material topics
The Materiality Matrix evaluates both our impact on sustainable development and the relevance of these factors to Ascom's corporate success. The Matrix shapes our strategic focus on four key pillars: Planet, Product, People, and Governance. Each priority within these pillars is evaluated for its dual sig-nificance-to both shareholders and the broader world-ensuring that Ascom's initiatives deliver meaningful results. The matrix identifies thirteen material topics highlighting the areas where Ascom believes the Company can achieve the greatest impact on environmental, social, and economic aspects through our business activities. Ascom's Materiality Matrix is approved by the Board of Directors.
Ascom recognizes that materiality analysis and the resulting matrix are not static. Changes in legislation, evolving market dynamics, and shifting requirements of employees, customers, and other stakeholders can influence the dimensions of our focus.
GRI 3
Planet
Carbon neutrality strategy
Mobility
Responsible & resilient supply chain
Energy efficiency
Product
Circular product design
State-of-the-art solutions
very strong
Data protection & information security
People
Value-driven company culture
Training & people development
Diverse & inclusive culture
Health & safety
Governance
Business ethics and compliance
Long-term corporate success as added value for society
12 7 13 6
8 1 5
4
3
Impact on Shareholders
10
9 2
11
Impact on environment, society, and economy very strong
ASCOM'S KEY AMBITIONS
CO2
PLANET - Climate-neutral operations based on Science-Based Targets (SBTs): Ascom aims to achieve full carbon neutrality by 2040 and net zero by 2050, based on a 2024 baseline. Ascom registered to SBTi in 2025 and aims for validation by SBTi in 2027.
PRODUCT - Build a circular economy model: Ascom aims to build a circular economy model by designing durable, repairable, and recyclable products, targeting an 80% reduction in emissions from sold products and 90% use of recycled or bio-based materials by 2040, and 90% of transportation using alternative fuels by 2035.
PEOPLE - Talent management, learning & development: Through talent management, learning, and development, Ascom aims to enhance employee retention and qualification with clear development paths, targeting a yearly retention rate above 90% by 2030.
PEOPLE - Diversity, Inclusion, Equity, and Belonging (DEIB): Ascom is committed to diversity, equity, inclusion, and belonging (DEIB) by ensuring fair representation across all company levels and achieving 30% female leadership by 2030. The Company also focuses on improving employee satisfaction, engagement, and establishing a "pre-ferred workplace profile."
GOVERNANCE - Fulfill regulatory requirements: Ascom ensures that its business activities comply with all regulatory requirements, upholding strong business ethics and compliance principles while creating value for all stakeholders.
UN SUSTAINABILITY DEVELOPMENT GOALS
Ascom's Commitment to the United Nations Sustainable Development Goals
Ascom is dedicated to contributing to the achievement of the Sustainable Development Goals (SDGs) outlined in the United Nations 2030 Agenda for Sustainable Development. The company's strategic ambitions and targeted measures are aligned to make a significant positive difference in these global goals.
Through careful evaluation, Ascom has determined that its actions and initiatives exert a high-impact influence on five of the SDGs. In addition, the company's efforts have a medium impact on two additional goals. This alignment reflects Ascom's ongoing commitment to sustainability, responsible business practices, and long-term value creation for society, the environment, and the economy.
sdgs.un.org/goals
Low
Medium
High
Our Materiality topics support 7 SDG Goals
SDG 3
11 Health & safety
SDG 4
8 Value-driven company culture
9 Training & people development
SDG 5
8 Value-driven company culture
10 Diverse & inclusive culture
12 Business ethics & compliance
SDG 8
6 State-of-the-art solutions
8 Value-driven company culture
12 Business ethics & compliance
13 Long-term corporate success as added value for society
SDG 9
4 Energy efficiency
6 State-of-the-art solutions
7 Data protection & information security
SDG 12
3 Responsible & resilient supply chain
4 Energy efficiency
5 Circular product design
SDG 13
Carbon neutrality strategy
Mobility
Responsible & resilient supply chain
Energy efficiency
CO2
PLANET
Materiality topic: Carbon neutrality strategy
Measures & Ambitions
Ascom views sustainability not as an obligation but as a catalyst for innovation, resilience, and long-term value creation. The Company has set clear climate ambitions: achieving carbon neutrality by 2040 and reaching net zero emissions by 2050, using 2024 as the base year. This ambition and commitment has been defined by the Ascom Board of Directors.
Progress 2025
In 2025, Ascom continued to focus on improving data quality, enhancing transparency, and establishing a robust methodology. Key efforts included refining environmental data collection. The reporting period spanned from 1 August 2024 to 31 July 2025. End of July 2025, Ascom employed 1,423 FTEs.
In 2025, total CO₂e emissions rose by 8%, from 18,441 tCO₂e in 2024 to 19,922 tCO₂e in 2025, resulting in an emissions intensity of 14.00 tCO₂e per employee. All emissions relevant sites were included, and at least 95% of Scope 1 and 2 emissions were captured. Overall, the three largest emission sourc-es-Purchased Goods & Services, Business Travel, and Transport-accounted for 88% of all emissions. The increase was mainly driven by higher volumes of purchased goods, especially smartphones, which affected the GHG Balance Sheet in different categories: Scope 3.1 due to the higher volume of purchased good, Scope 3.4 upstream transportation between the manufacturer's site in Asia and the warehouse in Sweden, due to a higher volume of purchased goods. Since the categories "use phase of sold products" and "end-of-life treatment of sold products" are modeled based on the quantity of purchased goods, the corresponding emissions also increased. Emissions from the "end-of-life treatment of sold products" rose by 20%, while the "use phase of sold products" saw a more modest increase of 7%. The smaller increase in the latter category can be attributed to the fact that the electricity used for
these products is now less emission intensive compared to the base year.
The second main reason for the increase of emissions is improved data quality. The Company launched in 2025 a new data collection tool, in which all collected regional data on energy consumption for buildings, heating, downstream transportation, fleet, and business travel were collected and analyzed. The tool enabled better validation of data sources and in some cases, let to more detailed data compared to 2024. This was for instance the case for heating emissions.
Other categories showed normal fluctuations, such as business travel and refrigerants. Commuting emissions shifted in line with fluctuations of the number of employees, and electricity emissions decreased due to reduced surface area and due to the sourcing of more renewable energy compared to the base year. Heating emissions, however, increased because the improved data quality revealed that a particular region used more emission-intensive heating than was recorded in the base year. However, this change was not substantial enough to warrant a recalculation of the base year. Capital goods emissions remained lower than in the 2024 base year, which had included a major office renovation in Gothenburg.
Outlook
Ascom's three hotspots, responsible for 88% of all emissions, are purchased goods & services, business travel and transports. Looking ahead, Ascom will mainly focus on efficient measures in circular product design and sustainable supply chain. The Company will continue improving environmental data quality and begin implementing concrete regional reduction measures. The Company has registered with the Science-Based Targets initiative (SBTi) and will focus in 2026 on preparing for the validation process planned for 2027 and aligning the Company's decarbonization roadmap with its SBTi commitments.
GRI 3-3, 305
Ascom registered to SBTi.
Ascom Group GHG Balance Sheet 20251 | ||
Emission Category | Total tCO₂e 2025 | Total tCO₂e 2024 |
Scope 1 | 1,928 | 1,879 |
Fuels (buildings) | 87 | 37 |
Fuels (vehicles) | 1,768 | 1,698 |
Fugitive emissions | 73 | 144 |
Scope 2 | 667 | 607 |
Electricity | 639 | 573 |
District heating | 28 | 34 |
Scope 3 | 17,327 | 15,955 |
1 Purchased goods and services | 11,374 | 10,175 |
4 Upstream transportations | 2,252 | 1,826 |
6 Business travel | 1,339 | 1,356 |
7 Employee commuting | 1,105 | 1,144 |
3 Fuel- and energy-related activities | 741 | 716 |
11 Use of sold products | 356 | 332 |
2 Capital goods | 35 | 302 |
12 End-of-life treatment of sold products | 123 | 102 |
9 Downstream transportations | 3 | 3 |
All Scope | 19,922 | 18,441 |
Data collection period: 01.08.2024 to 31.07.2025. Offices not included: Dubai, Meylan, Madrid. Numbers and percentages are rounded.
Biogenic emissions are reported separately, as recommended by the GHG Protocol.
Overview of all Scopes
Scope 2
667 t CO2e 3%
Scope 1
1,928 t CO2e 10%
Scope 3
17,327 t CO2e 87%
Total: 19,922 t CO2e
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Ascom Holding AG published this content on March 08, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on March 08, 2026 at 18:48 UTC.
