Depreciation and amortisation, non-operating results
| In CHF million, except where indicated | Q1 2026 | Q1 2025 | Change | in % | ||||
|---|---|---|---|---|---|---|---|---|
| EBITDA after lease expense (EBITDAaL) | 1,288 | 1,277 | 10 | 0.8% | ||||
| Lease expense | 398 | 409 | (10) | –2.5% | ||||
| EBITDA | 1,686 | 1,686 | (0) | –0.0% | ||||
| Depreciation and amortisation of property, plant and equipment and intangible assets | (784) | (773) | (11) | 1.4% | ||||
| Depreciation of right-of-use assets | (385) | (394) | 10 | –2.4% | ||||
| Operating income (EBIT) | 517 | 519 | (2) | –0.3% | ||||
| Net interest expense on financial assets and liabilities | (57) | (54) | (3) | 5.3% | ||||
| Interest expense on lease liabilities | (24) | (26) | 2 | –6.3% | ||||
| Other financial result | (32) | 3 | (35) | |||||
| Income before income taxes | 404 | 442 | (38) | –8.6% | ||||
| Income tax expense | (72) | (75) | 3 | –3.5% | ||||
| Net income | 332 | 367 | (35) | –9.6% | ||||
| Earnings per share (in CHF) | 6.41 | 7.09 | (0.68) | –9.6% |
Net income decreased by CHF 35 million or 9.6% to CHF 332 million due to a deterioration (CHF –36 million) of the financial result. The deterioration is a result of non-cash adjustments of the fair value of derivative instruments in the other financial result (CHF –28 million) due to widening of the interest rate differential CHF/EUR. The adjustment has no impact on future interest payments. Income tax expense amounted to CHF 72 million (prior year: CHF 75 million), which corresponds to an effective income tax rate of 17.9% (prior year: 17.0%).