Quarterly review 2024 and 2025
| In CHF million, except where indicated | Q1 | Q2 | Q3 | Q4 | 2024 | Q1 | Q2 | Q3 | Q4 | 2025 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Financial data, reported | ||||||||||||||||||||
| Revenue | 2,699 | 2,747 | 2,714 | 2,857 | 11,017 | 3,759 | 3,687 | 3,729 | 11,175 | |||||||||||
| Direct costs | (694) | (735) | (737) | (841) | (3,007) | (1,188) | (1,162) | (1,179) | (3,529) | |||||||||||
| Indirect costs | (922) | (961) | (890) | (1,173) | (3,946) | (1,294) | (1,328) | (1,247) | (3,869) | |||||||||||
| EBITDA after lease expense (EBITDAaL) | 1,083 | 1,051 | 1,087 | 843 | 4,064 | 1,277 | 1,197 | 1,303 | 3,777 | |||||||||||
| Lease expense | 172 | 177 | 176 | 178 | 703 | 409 | 407 | 406 | 1,222 | |||||||||||
| EBITDA | 1,255 | 1,228 | 1,263 | 1,021 | 4,767 | 1,686 | 1,604 | 1,709 | 4,999 | |||||||||||
| Depreciation and amortisation | (522) | (539) | (530) | (553) | (2,144) | (773) | (789) | (768) | (2,330) | |||||||||||
| Depreciation of right-of-use assets | (165) | (168) | (168) | (169) | (670) | (394) | (388) | (402) | (1,184) | |||||||||||
| Operating income (EBIT) | 568 | 521 | 565 | 299 | 1,953 | 519 | 427 | 539 | 1,485 | |||||||||||
| Financial income and financial expense, net | (14) | (50) | (13) | (13) | (90) | (77) | (103) | (90) | (270) | |||||||||||
| Equity-accounted investees | – | (1) | – | (1) | (2) | – | – | 1 | 1 | |||||||||||
| Income before income taxes (EBT) | 554 | 470 | 552 | 285 | 1,861 | 442 | 324 | 450 | 1,216 | |||||||||||
| Income tax expense | (99) | (89) | (105) | (27) | (320) | (75) | (66) | (87) | (228) | |||||||||||
| Net income | 455 | 381 | 447 | 258 | 1,541 | 367 | 258 | 363 | 988 | |||||||||||
| Earnings per share (in CHF) | 8.78 | 7.35 | 8.63 | 5.00 | 29.77 | 7.08 | 5.00 | 7.01 | 19.09 | |||||||||||
| Capital expenditure | 594 | 563 | 574 | 581 | 2,312 | 779 | 706 | 686 | 2,171 | |||||||||||
| Operating free cash flow | 489 | 488 | 513 | 262 | 1,752 | 498 | 491 | 617 | 1,606 | |||||||||||
| Free cash flow | 198 | 155 | 684 | 400 | 1,437 | 471 | 25 | 564 | 1,060 | |||||||||||
| Net debt | 7,171 | 8,108 | 7,507 | 16,046 | 16,046 | 15,634 | 16,529 | 15,919 | 15,919 | |||||||||||
| Financial data, pro forma | ||||||||||||||||||||
| Revenue | 3,806 | 3,813 | 3,798 | 3,941 | 15,358 | 3,759 | 3,687 | 3,729 | 11,175 | |||||||||||
| Direct costs | (1,171) | (1,191) | (1,188) | (1,341) | (4,891) | (1,188) | (1,162) | (1,179) | (3,529) | |||||||||||
| Indirect costs | (1,268) | (1,371) | (1,260) | (1,524) | (5,423) | (1,294) | (1,328) | (1,247) | (3,869) | |||||||||||
| EBITDA after lease expense (EBITDAaL) | 1,367 | 1,251 | 1,350 | 1,076 | 5,044 | 1,277 | 1,197 | 1,303 | 3,777 | |||||||||||
| Lease expense | 399 | 410 | 404 | 402 | 1,615 | 409 | 407 | 406 | 1,222 | |||||||||||
| EBITDA | 1,766 | 1,661 | 1,754 | 1,478 | 6,659 | 1,686 | 1,604 | 1,709 | 4,999 | |||||||||||
| Capital expenditure | 897 | 715 | 733 | 770 | 3,115 | 779 | 706 | 686 | 2,171 | |||||||||||
| Operating free cash flow | 470 | 536 | 617 | 306 | 1,929 | 498 | 491 | 617 | 1,606 | |||||||||||
| Financial data, pro forma adjusted | ||||||||||||||||||||
| EBITDAaL, pro forma | 1,367 | 1,251 | 1,350 | 1,076 | 5,044 | 1,277 | 1,197 | 1,303 | 3,777 | |||||||||||
| Provisions for legal proceedings | (24) | – | – | – | (24) | – | – | (90) | (90) | |||||||||||
| Provisions for contractual risks | – | – | – | – | – | – | – | 52 | 52 | |||||||||||
| Restructuring cost | – | – | – | 13 | 13 | – | 2 | 10 | 12 | |||||||||||
| Transaction cost acquisition Vodafone Italia | 6 | 7 | 5 | 42 | 60 | – | – | – | – | |||||||||||
| Adjustments Switzerland | (18) | 7 | 5 | 55 | 49 | – | 2 | (28) | (26) | |||||||||||
| Integration cost Vodafone Italia | – | – | – | 167 | 167 | 6 | 13 | 19 | 38 | |||||||||||
| Provisions for contractual risks | – | – | – | – | – | – | – | 8 | 8 | |||||||||||
| Adjustments Italy | – | – | – | 167 | 167 | 6 | 13 | 27 | 46 | |||||||||||
| Restructuring cost segment Others | – | – | – | 1 | 1 | – | – | – | – | |||||||||||
| Pension cost (IAS 19 reconciliation) | (4) | (5) | (5) | (11) | (25) | 4 | 4 | 4 | 12 | |||||||||||
| Total adjustments | (22) | 2 | – | 212 | 192 | 10 | 19 | 3 | 32 | |||||||||||
| EBITDAaL, pro forma adjusted | 1,345 | 1,253 | 1,350 | 1,288 | 5,236 | 1,287 | 1,216 | 1,306 | 3,809 | |||||||||||
| In CHF million, except where indicated | Q1 | Q2 | Q3 | Q4 | 2024 | Q1 | Q2 | Q3 | Q4 | 2025 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Financial data | ||||||||||||||||||||
| Revenue | ||||||||||||||||||||
| Switzerland | 1,986 | 1,988 | 1,971 | 2,031 | 7,976 | 1,962 | 1,935 | 1,965 | 5,862 | |||||||||||
| Italy | 1,731 | 1,728 | 1,738 | 1,816 | 7,013 | 1,717 | 1,663 | 1,673 | 5,053 | |||||||||||
| Others | 252 | 285 | 283 | 291 | 1,111 | 259 | 270 | 255 | 784 | |||||||||||
| Elimination | (163) | (188) | (194) | (197) | (742) | (179) | (181) | (164) | (524) | |||||||||||
| Total revenue, pro forma | 3,806 | 3,813 | 3,798 | 3,941 | 15,358 | 3,759 | 3,687 | 3,729 | 11,175 | |||||||||||
| Vodafone Italia | (1,107) | (1,066) | (1,084) | (1,084) | (4,341) | – | – | – | – | |||||||||||
| Total revenue, reported | 2,699 | 2,747 | 2,714 | 2,857 | 11,017 | 3,759 | 3,687 | 3,729 | 11,175 | |||||||||||
| EBITDA after lease expense (EBITDAaL) | ||||||||||||||||||||
| Switzerland | 886 | 817 | 847 | 779 | 3,329 | 865 | 819 | 875 | 2,559 | |||||||||||
| Italy | 455 | 405 | 470 | 273 | 1,603 | 398 | 362 | 408 | 1,168 | |||||||||||
| Others | 30 | 36 | 38 | 32 | 136 | 31 | 32 | 34 | 97 | |||||||||||
| Reconciliation pension cost | 4 | 5 | 5 | 11 | 25 | (4) | (4) | (4) | (12) | |||||||||||
| Elimination | (8) | (12) | (10) | (19) | (49) | (13) | (12) | (10) | (35) | |||||||||||
| Total EBITDAaL, pro forma | 1,367 | 1,251 | 1,350 | 1,076 | 5,044 | 1,277 | 1,197 | 1,303 | 3,777 | |||||||||||
| Vodafone Italia | (284) | (200) | (263) | (233) | (980) | – | – | – | – | |||||||||||
| Total EBITDAaL, reported | 1,083 | 1,051 | 1,087 | 843 | 4,064 | 1,277 | 1,197 | 1,303 | 3,777 | |||||||||||
| Capital expenditure | ||||||||||||||||||||
| Switzerland | 445 | 420 | 437 | 423 | 1,725 | 423 | 410 | 398 | 1,231 | |||||||||||
| Italy | 452 | 298 | 295 | 355 | 1,400 | 360 | 301 | 288 | 949 | |||||||||||
| Others | 8 | 10 | 11 | 10 | 39 | 9 | 7 | 10 | 26 | |||||||||||
| Elimination | (8) | (13) | (10) | (18) | (49) | (13) | (12) | (10) | (35) | |||||||||||
| Total capital expenditure, pro forma | 897 | 715 | 733 | 770 | 3,115 | 779 | 706 | 686 | 2,171 | |||||||||||
| Vodafone Italia | (303) | (152) | (159) | (189) | (803) | – | – | – | – | |||||||||||
| Total capital expenditure, reported | 594 | 563 | 574 | 581 | 2,312 | 779 | 706 | 686 | 2,171 | |||||||||||
| Operating free cash flow | ||||||||||||||||||||
| Switzerland | 441 | 397 | 410 | 356 | 1,604 | 442 | 409 | 477 | 1,328 | |||||||||||
| Italy | 3 | 107 | 175 | (82) | 203 | 38 | 61 | 120 | 219 | |||||||||||
| Others | 22 | 26 | 27 | 22 | 97 | 22 | 25 | 24 | 71 | |||||||||||
| Reconciliation pension cost | 4 | 5 | 5 | 11 | 25 | (4) | (4) | (4) | (12) | |||||||||||
| Elimination | – | 1 | – | (1) | – | – | – | – | – | |||||||||||
| Total operating free cash flow, pro forma | 470 | 536 | 617 | 306 | 1,929 | 498 | 491 | 617 | 1,606 | |||||||||||
| Vodafone Italia | 19 | (48) | (104) | (44) | (177) | – | – | – | – | |||||||||||
| Total operating free cash flow, reported | 489 | 488 | 513 | 262 | 1,752 | 498 | 491 | 617 | 1,606 | |||||||||||
| Operational data in thousand and headcount in FTEs | ||||||||||||||||||||
| Operational data Switzerland | ||||||||||||||||||||
| Mobile postpaid access line | 5,360 | 5,382 | 5,417 | 5,460 | 5,460 | 5,511 | 5,556 | 5,601 | 5,601 | |||||||||||
| Broadband access lines retail | 1,991 | 1,982 | 1,973 | 1,967 | 1,967 | 1,953 | 1,947 | 1,942 | 1,942 | |||||||||||
| TV access lines | 1,526 | 1,511 | 1,499 | 1,493 | 1,493 | 1,481 | 1,475 | 1,468 | 1,468 | |||||||||||
| Fixed telephony access lines | 1,203 | 1,181 | 1,159 | 1,137 | 1,137 | 1,108 | 1,087 | 1,065 | 1,065 | |||||||||||
| Broadband access lines wholesale | 704 | 712 | 722 | 731 | 731 | 742 | 749 | 763 | 763 | |||||||||||
| Operational data Italy | ||||||||||||||||||||
| Broadband access lines | 6,058 | 5,992 | 5,946 | 5,916 | 5,916 | 5,849 | 5,792 | 5,759 | 5,759 | |||||||||||
| Broadband access lines wholesale | 720 | 778 | 832 | 905 | 905 | 968 | 1,018 | 1,063 | 1,063 | |||||||||||
| Mobile access lines | 20,174 | 20,116 | 20,110 | 20,216 | 20,216 | 20,215 | 20,207 | 20,168 | 20,168 | |||||||||||
| Full-time equivalent employees | ||||||||||||||||||||
| Switzerland | 13,389 | 13,361 | 13,400 | 13,319 | 13,319 | 13,280 | 13,158 | 13,059 | 13,059 | |||||||||||
| Italy | 7,637 | 7,650 | 7,266 | 7,251 | 7,251 | 7,220 | 7,165 | 7,152 | 7,152 | |||||||||||
| Others | 3,334 | 3,325 | 3,314 | 3,269 | 3,269 | 3,217 | 3,175 | 3,163 | 3,163 | |||||||||||
| Total FTEs | 24,360 | 24,336 | 23,980 | 23,839 | 23,839 | 23,717 | 23,498 | 23,374 | 23,374 | |||||||||||