Reconciliation of alternative performance measures

In CHF million 1.1.–31.3.2026 1.1.–31.3.2025 Change
EBITDA after lease expense (EBITDAaL)
Operating income before depreciation and amortisation 1,686 1,686 0
Depreciation of right-of-use assets (385) (394) 10
Depreciation of indefeasible rights of use (IRU) 11 11 –
Interest expense on lease liabilities (24) (26) 2
EBITDA after lease expense (EBITDAaL) 1,288 1,277 10
Capital expenditure
Purchase of property, plant and equipment and intangible assets 687 761 (74)
Acquisition of indefeasible rights of use (IRU) 6 19 (12)
Capital expenditure 693 780 (86)
Operating free cash flow
Cash flow from operating activities 1,669 1,663 6
Purchase of property, plant and equipment and intangible assets (687) (761) 74
Acquisition of indefeasible rights of use (IRU) (6) (19) 12
Depreciation of right-of-use assets (385) (394) 10
Depreciation of indefeasible rights of use (IRU) 11 11 –
Proceeds from finance lease receivables (48) (13) (35)
Change in deferred gain from the sale and leaseback of real estate 1 1 0
Change in operating assets and liabilities (46) (95) 49
Change in provisions 12 40 (28)
Change in defined benefit obligations (4) (5) 1
Gain on sale of property, plant and equipment 3 9 (6)
Loss on sale of property, plant and equipment – (2) 2
Revenue from finance leases 18 11 7
Interest received (2) (8) 6
Interest paid on financial liabilities 15 13 2
Income taxes paid 44 46 (2)
Operating free cash flow 594 498 96
Free cash flow
Cash flow from operating activities 1,669 1,663 6
Cash flow used in investing activities (550) (773) 223
Repayment of lease liabilities (397) (442) 46
Acquisition of subsidiaries, net of cash and cash equivalents acquired 3 8 (5)
Purchase of other financial assets 5 21 (16)
Proceeds from other financial assets (145) (7) (138)
Other cash flows from investing activities 6 1 5
Free cash flow 586 471 115
In CHF million 1.1.–31.3.2026 1.1.–31.3.2025 Change Change at constant exchange rates
Revenue 3,606 3,759 –4.1% –2.9%
EBITDA after lease expense (EBITDAaL) 1,288 1,277 0.8% 1.7%
Integration cost Vodafone Italia 2 6
Pension cost (IAS 19 reconciliation) 2 4
EBITDAaL, adjusted 1,292 1,287 0.4% 1.3%
Capital expenditure 693 780 –11.0% –10.0%
INWIT mobile site consolidation (3) (7)
Integration capital expenditure Vodafone Italia (30) (3)
Capital expenditure, adjusted 661 770 –14.1% –13.1%
Operating free cash flow 594 498 19.3% 20.1%
EBITDAaL adjustments 4 10
Capital expenditure adjustments 32 10
Operating free cash flow, adjusted 631 518 21.8% 22.6%