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1st Interim Report 2025
1st Interim Report 2025
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1st Interim Report 2025
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Table of contents for the 1st Interim Report 2025 report

1st Interim Report 2025
KPIs GroupKPIs SegmentsFinancial review
SummaryDepreciation and amortisation, non operating resultsCash flowsNet asset positionOutlook
Consolidated interim financial statements
Consolidated statement of comprehensive income (unaudited)Consolidated balance sheet (unaudited)Consolidated statement of cash flows (unaudited)Consolidated statement of changes in equity (unaudited)
Notes to the interim financial statements
About this report1 Changes in accounting principles2 Segment information3 Operating costs4 Dividend5 Financial liabilities6 Financial result7 Net current operating assets8 Goodwill9 Provisions and contingent liabilities10 Acquisition of Vodafone Italia
Alternative performance measures
Reconciliation of alternative performance measures
Further Information
Share informationQuarterly review 2024 and 2025Forward looking statements
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Reconciliation of alternative performance measures

In CHF million   1.1.–31.3.2025   1.1.–31.3.2024   Change
             
EBITDA after lease expense (EBITDAaL)            
Operating income before depreciation and amortisation   1,686   1,255   431
Depreciation of right-of-use assets   (394)   (165)   (229)
Depreciation of indefeasible rights of use (IRU)   11   5   6
Interest expense on lease liabilities   (26)   (12)   (14)
EBITDA after lease expense (EBITDAaL)   1,277   1,083   194
             
Capital expenditure            
Purchase of property, plant and equipment and intangible assets   761   590   171
Payments for indefeasible rights of use (IRU)   18   4   14
Capital expenditure   779   594   185
             
             
Operating free cash flow            
Cash flow from operating activities   1,663   981   682
Purchase of property, plant and equipment and intangible assets   (761)   (590)   (171)
Payments for indefeasible rights of use (IRU)   (18)   (4)   (14)
Depreciation of right-of-use assets   (394)   (165)   (229)
Depreciation of indefeasible rights of use (IRU)   11   5   6
Proceeds from finance lease receivables   (13)   (23)   10
Change in deferred gain from the sale and leaseback of real estate   1   1   –
Change in operating assets and liabilities   (95)   198   (293)
Change in provisions   40   27   13
Change in defined benefit obligations   (5)   2   (7)
Gain on sale of property, plant and equipment   9   2   7
Loss on sale of property, plant and equipment   (2)   –   (2)
Revenue from finance leases   11   15   (4)
Interest received   (8)   (2)   (6)
Interest payments for financial liabilities   13   12   1
Income taxes paid   46   30   16
Operating free cash flow   498   489   9
             
Free cash flow            
Cash flow from operating activities   1,663   981   682
Cash flow used in investing activities   (773)   (585)   (188)
Repayment of lease liabilities   (442)   (196)   (246)
Acquisition of subsidiaries, net of cash and cash equivalents acquired   8   9   (1)
Purchase of other financial assets   21   1   20
Proceeds from other financial assets   (7)   (12)   5
Other cash flows from financing activities   1   –   1
Free cash flow   471   198   273

In CHF million
 

1.1.–31.3.2025
 

1.1.–31.3.2024
 

Change
  Change
at constant
exchange rates
                 
Revenue, reported   3,759   2,699   39.3%   39.5%
Pro forma revenue Vodafone Italia   –   1,107        
Revenue, pro forma   3,759   3,806   –1.2%   –1.1%
                 
EBITDA after lease expense (EBITDAaL), reported   1,277   1,083   17.9%   18.0%
Pro forma EBITDAaL Vodafone Italia   –   284        
EBITDAaL, pro forma   1,277   1,367   –6.6%   –6.5%
Integration cost of Vodafone Italia   6   –        
Transaction cost for the acquisition of Vodafone Italia   –   6        
Release of provisions for legal proceedings in Switzerland   –   (24)        
Pension cost (IAS 19 reconciliation)   4   (4)        
EBITDAaL, adjusted   1,287   1,345   –4.3%   –4.2%
                 
Capital expenditure, reported   779   594   31.1%   31.3%
Pro forma capital expenditure Vodafone Italia   –   303        
Capital expenditure, pro forma   779   897   –13.2%   –13.0%
Integration capital expenditure of Vodafone Italia   (10)   (43)        
Capital expenditure, adjusted   769   854   –10.0%   –9.8%
                 
Operarting free cash flow, reported   498   489   1.8%   1.8%
Pro forma revenue Vodafone Italia   –   (19)        
Operating free cash flow, pro forma   498   470   6.0%   6.0%
EBITDAaL adjustments   10   (22)        
Capital expenditure adjustments   10   43        
Operating free cash flow, adjusted   518   491   5.5%   5.5%