Depreciation and amortisation, non-operating results
| In CHF million, except where indicated | Q1 2025 | Q1 2024 | Change | In % | ||||
|---|---|---|---|---|---|---|---|---|
| EBITDA after lease expense (EBITDAaL), reported | 1,277 | 1,083 | 194 | 17.9% | ||||
| Lease expense | 409 | 172 | 237 | 137.8% | ||||
| EBITDA | 1,686 | 1,255 | 431 | 34.3% | ||||
| Depreciation and amortisation of property, plant and equipment and intangible assets | (773) | (522) | (251) | 48.1% | ||||
| Depreciation of right-of-use assets | (394) | (165) | (229) | 138.8% | ||||
| Operating income (EBIT) | 519 | 568 | (49) | –8.6% | ||||
| Net interest expense on financial assets and liabilities | (54) | (15) | (39) | 260.0% | ||||
| Interest expense on lease liabilities | (26) | (12) | (14) | 116.7% | ||||
| Other financial result | 3 | 13 | (10) | –76.9% | ||||
| Result of equity-accounted investees | – | – | – | –% | ||||
| Income before income taxes | 442 | 554 | (112) | –20.2% | ||||
| Income tax expense | (75) | (99) | 24 | –24.2% | ||||
| Net income | 367 | 455 | (88) | –19.3% | ||||
| Earnings per share (in CHF) | 7.08 | 8.78 | (1.70) | –19.4% |
Net income fell by CHF 88 million compared to the prior year to CHF 367 million (–19.3%). The decrease is due, among other things, to a lower contribution from Switzerland (CHF –30 million) as a result of a decline in revenue and one-off items in the previous year (CHF –22 million). In addition, higher net interest expense on debt (CHF –39 million) and on lease liabilities (CHF –14 million) as a result of the acquisition of Vodafone Italia reduced net income. The contribution from Italy (CHF +52 million) was compensated by the amortisation of intangible assets recognised as part of the provisional purchase price allocation (CHF –63 million). Income tax expense amounted to CHF 75 million (prior year: CHF 99 million), which corresponds to an effective income tax rate of 17.0% (previous year: 17.9%).