Cash flows
| In CHF million | 1.1.–30.9.2026 | 1.1.–30.9.2025 | Change | |||
|---|---|---|---|---|---|---|
| Operating free cash flow | 1,790 | 1,606 | 184 | |||
| Change in net working capital | 69 | (215) | 284 | |||
| Other operating cash flows | 14 | 13 | 1 | |||
| Change in defined benefit obligations | 16 | 16 | (0) | |||
| Net interest paid1 | (132) | (132) | 0 | |||
| Income taxes paid | (312) | (228) | (84) | |||
| Free cash flow | 1,445 | 1,060 | 385 | |||
| Net expenditure for company acquisitions and disposals | (11) | (15) | 4 | |||
| Dividend Swisscom Ltd | (1,347) | (1,140) | (207) | |||
| Other changes2 | 741 | 222 | 519 | |||
| Decrease in net debt | 828 | 127 | 701 | |||
| 1 Excluding interest payments for lease liabilities (already included in operating free cash flow). | ||||||
| 2 Including foreign currency effects, fair value adjustments, issuance of hybrid capital and non-cash changes in net debt positions. | ||||||
Operating free cash flow rose by CHF 184 million to CHF 1,790 million (+11.5%). Of the operating free cash flow, CHF 1,381 million was attributable to the Switzerland segment and CHF 366 million (EUR 396 million) to the Italy segment. Free cash flow grew by CHF 385 million to CHF 1,445 million (+36.3%), mainly due to an increase in the operating free cash flow and a better development of net working capital. Net working capital decreased by CHF 69 million compared with the end of 2025 (prior year: increase of CHF 215 million). Tax payments rose by CHF 84 million to CHF 312 million mainly due to additional tax payments relating to prior years.