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2nd Interim Report 2025
2nd Interim Report 2025
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2nd Interim Report 2025
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Table of contents for the 2nd Interim Report 2025 report

2nd 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.–30.6.2025   1.1.–30.6.2024   Change reported
             
EBITDA after lease expense (EBITDAaL)            
Operating income before depreciation and amortisation   3,290   2,483   807
Depreciation of right-of-use assets   (782)   (333)   (449)
Depreciation of indefeasible rights of use (IRU)   22   9   13
Interest expense on lease liabilities   (56)   (25)   (31)
EBITDA after lease expense (EBITDAaL)   2,474   2,134   340
             
Capital expenditure            
Purchase of property, plant and equipment and intangible assets   1,461   1,150   27.0%
Payments for indefeasible rights of use (IRU)   24   7   242.9%
Capital expenditure   1,485   1,157   28.3%
             
Operating free cash flow            
Cash flow from operating activities   2,745   1,862   883
Purchase of property, plant and equipment and intangible assets   (1,461)   (1,150)   (311)
Payments for indefeasible rights of use (IRU)   (24)   (7)   (17)
Depreciation of right-of-use assets   (782)   (333)   (449)
Depreciation of indefeasible rights of use (IRU)   22   9   13
Proceeds from finance leases   (42)   (38)   (4)
Change in deferred gain from the sale and leaseback of real estate   2   2   –
Change in operating assets and liabilities   104   348   (244)
Change in provisions   127   36   91
Change in defined benefit obligations   (9)   6   (15)
Gain on sale of property, plant and equipment   14   4   10
Loss on sale of property, plant and equipment   (2)   –   (2)
Expense for share-based payments   (1)   (1)   –
Revenue from finance leases   44   42   2
Interest received   (9)   (13)   4
Interest payments on financial liabilities   78   22   56
Dividends received   (1)   (1)   –
Income taxes paid   184   189   (5)
Operating free cash flow   989   977   12
     
             
Free cash flow            
Cash flow from operating activities   2,745   1,862   883
Cash flow used in investing activities   (1,542)   (1,155)   (387)
Repayment of lease liabilities   (785)   (356)   (429)
Acquisition of subsidiaries, net of cash and cash equivalents acquired   8   10   (2)
Purchase of other financial assets   68   4   64
Proceeds from other financial assets   –   (12)   12
Other cash flows from financing activities   2   –   2
Free cash flow   496   353   143

in CHF million
 
1.1.–30.6.2025
 
1.1.–30.6.2024
  Change
reported
  Change at constant
exchange rates
                 
Revenue, reported   7,446   5,446   36.7%   37.9%
Pro forma revenue Vodafone Italia            
Revenue, pro forma   7,446   7,619   –2.3%   –1.4%
                 
EBITDA after lease expense (EBITDAaL), reported   2,474   2,134   15.9%   16.6%
Pro forma EBITDAaL Vodafone Italia   –   484        
EBITDAaL, pro forma   2,474   2,618   –5.5%   –4.9%
Restructuring cost   2   –        
Integration cost of Vodafone Italia   19   –        
Transaction cost for the acquisition of Vodafone Italia   –   13        
Release of provisions for legal proceedings in Switzerland   –   (24)        
Pension cost (IAS 19 reconciliation)   8   (9)        
EBITDAaL, adjusted   2,503   2,598   –3.7%   –3.1%
                 
Capital expenditure, reported   1,485   1,157   28.3%   29.4%
Pro forma capital expenditure Vodafone Italia   –   455        
Capital expenditure, pro forma   1,485   1,612   –7.9%   –7.1%
Integration capital expenditure of Vodafone Italia   (32)   (50)        
Capital expenditure, adjusted   1,453   1,562   –7.0%   –6.2%
                 
Operarting free cash flow, reported   989   977   1.2%   1.2%
Pro forma operating free cash flow Vodafone Italia   –   29        
Operating free cash flow, pro forma   989   1,006   –1.7%   –1.4%
EBITDAaL adjustments   29   (20)        
Capital expenditure adjustments   32   50        
Operating free cash flow, adjusted   1,050   1,036   1.4%   1.6%