Cash flows
| In CHF million | Q1 2026 | Q1 2025 | Change | |||
|---|---|---|---|---|---|---|
| Operating free cash flow | 594 | 498 | 96 | |||
| Change in net working capital | 33 | 54 | (21) | |||
| Other operating cash flows | 11 | (35) | 46 | |||
| Change in defined benefit obligations | 4 | 5 | (0) | |||
| Net interest paid1 | (13) | (5) | (8) | |||
| Income taxes paid | (44) | (46) | 2 | |||
| Free cash flow | 586 | 471 | 115 | |||
| Net expenditures for company acquisitions and disposals | (3) | (8) | 5 | |||
| Dividend Swisscom Ltd | (1,347) | – | (1,347) | |||
| Other changes2 | 222 | (16) | 238 | |||
| (Increase) decrease in net debt | (543) | 447 | (990) | |||
| 1 Excluding interest payments for lease liabilities (already included in operating free cash flow). | ||||||
| 2 Includes foreign currency effects, fair value adjustments and non-cash changes in net debt positions. | ||||||
Operating free cash flow rose by CHF 96 million to CHF 594 million (+19.3%). Of the operating free cash flow, CHF 478 million was attributable to the Switzerland segment and CHF 108 million (EUR 118 million) to the Italy segment. Free cash flow grew by CHF 115 million to CHF 586 million (+24.3%), mainly due to an increase in the operating free cash flow.