Table of contents for the 2nd Interim Report 2026 report

Interim Report 2026KPIs GroupKPIs segmentsFinancial review
SummaryDepreciation and amortisation, non-operating resultsCash flowsNet asset positionFinancial outlook
Consolidated interim financial statements
Consolidated statement of comprehensive income (unaudited)Consolidated balance sheet (unaudited)Consolidated statement of cash flows (unaudited)Consolidated statement of changes in equity (unaudited)
Notes to the interim financial statements
About this report1 Changes in accounting principles2 Segment information3 Operating costs4 Dividend5 Financial liabilities6 Financial result7 Net current operating assets8 Provisions and contingent liabilities
Alternative performance measures
Reconciliation of alternative performance measures
Further information
Share informationQuarterly review 2025 and 2026Disclaimer

Reconciliation of alternative performance measures

In CHF million 1.1.–30.6.2026 1.1.–30.6.2025 Change
EBITDA after lease expense (EBITDAaL)
Operating income before depreciation and amortisation 3,353 3,290 63
Depreciation of right-of-use assets (769) (782) 13
Depreciation of indefeasible rights of use (IRU) 22 22 –
Interest expense on lease liabilities (49) (56) 7
EBITDA after lease expense (EBITDAaL) 2,557 2,474 83
Capital expenditure
Purchase of property, plant and equipment and intangible assets 1,343 1,461 (118)
Acquisition of indefeasible rights of use (IRU) 12 25 (13)
Capital expenditure 1,355 1,486 (131)
Operating free cash flow
Cash flow from operating activities 2,847 2,745 102
Purchase of property, plant and equipment and intangible assets (1,343) (1,461) 118
Acquisition of indefeasible rights of use (IRU) (12) (25) 13
Depreciation of right-of-use assets (769) (782) 13
Depreciation of indefeasible rights of use (IRU) 22 22 –
Proceeds from finance lease receivables (69) (42) (27)
Change in deferred gain from the sale and leaseback of real estate 2 2 –
Change in operating assets and liabilities 122 104 18
Change in provisions 25 127 (102)
Change in defined benefit obligations (9) (9) –
Gain on sale of property, plant and equipment 3 14 (11)
Loss on sale of property, plant and equipment – (2) 2
Expense for share-based payments (1) (1) –
Revenue from finance leases 34 44 (10)
Interest received 8 (9) 17
Interest paid on financial liabilities 76 78 (2)
Dividends received (1) (1) –
Income taxes paid 267 184 83
Operating free cash flow 1,202 989 214
Free cash flow
Cash flow from operating activities 2,847 2,745 102
Cash flow used in investing activities (797) (1,542) 745
Repayment of lease liabilities (780) (785) 5
Acquisition of subsidiaries, net of cash and cash equivalents acquired 12 8 4
Purchase of other financial assets 6 68 (62)
Proceeds from other financial assets (573) – (573)
Other cash flows from investing activities – 1 (1)
Free cash flow 717 496 221
In CHF million 1.1.–30.6.2026 1.1.–30.6.2025 Change Change at constant exchange rates
Revenue 7,221 7,446 –3.0% –2.0%
EBITDA after lease expense (EBITDAaL) 2,557 2,474 3.3% 4.2%
Restructuring costs Switzerland – 2
Provisions for legal proceedings Italy 9 –
Integration cost Vodafone Italia 3 19
Pension cost (IAS 19 reconciliation) 5 8
EBITDAaL, adjusted 2,575 2,504 2.8% 3.7%
Capital expenditure 1,355 1,486 –8.8% –7.9%
INWIT mobile site consolidation (6) –
Integration capital expenditure Vodafone Italia (43) (32)
Capital expenditure, adjusted 1,306 1,454 –10.2% –9.2%
Operating free cash flow 1,202 989 21.6% 22.3%
EBITDAaL adjustments 18 29
Capital expenditure adjustments 49 32
Operating free cash flow, adjusted 1,269 1,050 20.8% 21.6%