Depreciation and amortisation, non-operating results
| In CHF million, except where indicated | H1 2025 | H1 2024 | Change | in % | ||||
|---|---|---|---|---|---|---|---|---|
| EBITDA after lease expense (EBITDAaL), reported | 2,474 | 2,134 | 340 | 15.9% | ||||
| Lease expense | 816 | 349 | 467 | 133.8% | ||||
| EBITDA | 3,290 | 2,483 | 807 | 32.5% | ||||
| Depreciation and amortisation of property, plant and equipment and intangible assets | (1,562) | (1,061) | (501) | 47.2% | ||||
| Depreciation of right-of-use assets | (782) | (333) | (449) | 134.8% | ||||
| Operating income (EBIT) | 946 | 1,089 | (143) | –13.1% | ||||
| Net interest expense on financial assets and liabilities | (115) | (36) | (79) | 219.4% | ||||
| Interest expense on lease liabilities | (56) | (25) | (31) | 124.0% | ||||
| Other financial result | (9) | (3) | (6) | 200.0% | ||||
| Result of equity-accounted investees | – | (1) | 1 | –100.0% | ||||
| Income before income taxes | 766 | 1,024 | (258) | –25.2% | ||||
| Income tax expense | (141) | (188) | 47 | –25.0% | ||||
| Net income | 625 | 836 | (211) | –25.2% | ||||
| Earnings per share (in CHF) | 12.08 | 16.14 | (4.06) | –25.2% |
Net income fell by CHF 211 million compared to the prior year to CHF 625 million (–25.2%). The decrease in net income is mainly due to costs related to the acquisition of Vodafone Italia. Lower contribution from Switzerland (CHF –27 million) and higher contribution from Italy (CHF +28 million) were offset by amortisation of intangible assets (CHF –123 million) recognised as part of the purchase price allocation of Vodafone Italia and the pension reconciliation (CHF –17 million). In addition, net interest expense on debt (CHF –79 million) and on lease liabilities (CHF –31 million) were higher, mainly due to the Vodafone Italia acquisition. Income tax expense amounted to CHF 141 million (previous year: CHF 188 million), which corresponds to an effective income tax rate of 18.4% (previous year: 18.4%).