Cash flows
| In CHF million | 2025 | 2024 | Change | |||
|---|---|---|---|---|---|---|
| Operating free cash flow, reported | 1,920 | 1,752 | 168 | |||
| Change in net working capital | 10 | 13 | (3) | |||
| Change in defined benefit obligations | 17 | (5) | 22 | |||
| Net interest payments on financial assets and liabilities | (224) | (10) | (214) | |||
| Income taxes paid | (280) | (297) | 17 | |||
| Other operating cash flows | (10) | (16) | 6 | |||
| Free cash flow | 1,433 | 1,437 | (4) | |||
| Dividends paid to equity holders of Swisscom Ltd | (1,140) | (1,140) | – | – | ||
| Acquisition of Vodafone Italia | – | (9,309) | 9,309 | 9,309 | ||
| Acquisition and disposal of other Group companies | 2 | (12) | 14 | 14 | ||
| Proceeds from sale of FiberCop | – | 423 | (423) | (423) | ||
| Change in accounting policies | – | (232) | 232 | |||
| Other changes¹ | 259 | (170) | 429 | |||
| Decrease (increase) in net debt | 554 | (9,003) | 9,580 | |||
| 1 Includes foreign currency effects, fair value adjustments and non-cash changes in net debt positions. | ||||||
Operating free cash flow rose by CHF 168 million to CHF 1,920 million (+9.6%). Of the operating free cash flow, CHF 1,670 million (CHF +66 million) was attributable to the Switzerland segment and CHF 196 million (CHF +170 million) to the Italy segment. Higher net interest payments due to the acquisition of Vodafone Italia at the end of 2024 offset the higher operating free cash flow. As a result, free cash flow remained almost stable at CHF 1,433 million (–0.3%). The free cash flow financed the dividend totalling CHF 1,140 million. Net debt decreased by CHF 554 millon (– 3.4%) to CHF 15,633 million. In the net debt reconciliation, other changes of CHF 259 million includes non-cash changes in the lease liabilites of CHF 236 million.
In 2024, Fastweb sold its 4.5% share in FiberCop for a purchase price of EUR 439 million (CHF 423 million). The acquisiton of Vodafone Italia increased net debt by CHF 9,309 million. This includes the purchase price of EUR 8.0 billion (CHF 7.5 billion), lease liabilties of EUR 1.8 billion (CHF 1.7 billion) and other net debt positions of net EUR 0.1 billion (CHF 0.1 billion).