Depreciation and amortisation, non-operating results
| In CHF million, except where indicated | 2025 | 2024 | Change | in % | ||||
|---|---|---|---|---|---|---|---|---|
| EBITDA after lease expense (EBITDAaL), reported | 4,984 | 4,064 | 920 | 22.6% | ||||
| Lease expense | 1,633 | 703 | 930 | 132.3% | ||||
| EBITDA | 6,617 | 4,767 | 1,850 | 38.8% | ||||
| Depreciation, amortisation of property, plant and equipment and intangible assets | (3,114) | (2,143) | (971) | 45.3% | ||||
| Depreciation of right-of-use assets | (1,578) | (671) | (907) | 135.2% | ||||
| Operating income (EBIT) | 1,925 | 1,953 | (28) | –1.4% | ||||
| Net interest expense on financial assets and liabilities | (234) | (34) | (200) | 588.2% | ||||
| Interest expense on lease liabilities | (105) | (50) | (55) | 110.0% | ||||
| Other financial result | (19) | (6) | (13) | 216.7% | ||||
| Result of equity-accounted investees | – | (2) | 2 | –100.0% | ||||
| Income before income taxes | 1,567 | 1,861 | (294) | –15.8% | ||||
| Income tax expense | (297) | (320) | 23 | –7.2% | ||||
| Net income | 1,270 | 1,541 | (271) | –17.6% | ||||
| Earnings per share (in CHF) | 24.54 | 29.77 | (5.23) | –17.6% |
Net income fell by CHF 271 million compared to the previous year to CHF 1,270 million (–17.6%). This decrease in net income is mainly due to costs related to the acquisition of Vodafone Italia. Higher EBIT contributions from Switzerland (CHF +37 million, including CHF +60 million in one-off items) and from Italy (CHF +205 million, including CHF +57 million in one-off items) were offset by amortisation of intangible assets (CHF –236 million) recognised within the purchase price allocation of Vodafone Italia and the pension reconciliation (CHF –37 million).
In addition, net interest expense on debt (CHF –200 million) and on lease liabilities (CHF –55 million) was higher, mainly due to the acquisition of Vodafone Italia. Income tax expense amounted to CHF 297 million (previous year: CHF 320 million), which corresponds to an effective income tax rate of 19.0% (previous year: 17.2%).