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1st Interim Report 2025
1st Interim Report 2025
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2025 Interim Report

January – March

KPIs Group

In CHF million, except where indicated       Q1 2025   Q1 2024   Change   in %
In CHF million, except where indicated           Q1 2025     Q1 2024     Change     in % 
In CHF million, except where indicatedFinancial data, pro forma 1
In CHF million, except where indicatedRevenue          Q1 20253,759    Q1 20243,806    Change(47)    in %–1.2%
In CHF million, except where indicatedEBITDA after lease expense (EBITDAaL)     %    Q1 20251,277    Q1 20241,367    Change(90)    in %–6.6%
In CHF million, except where indicatedCapital expenditure          Q1 2025779    Q1 2024897    Change(118)    in %–13.2%
In CHF million, except where indicatedOperating free cash flow          Q1 2025498    Q1 2024470    Change28    in %6.0%
In CHF million, except where indicated        Q1 2025    Q1 2024    Change    in %
In CHF million, except where indicatedFinancial data, reported 2
In CHF million, except where indicatedRevenue          Q1 20253,759    Q1 20242,699    Change1,060    in %39.3%
In CHF million, except where indicatedEBITDA after lease expense (EBITDAaL)          Q1 20251,277    Q1 20241,083    Change194    in %17.9%
In CHF million, except where indicatedCapital expenditure          Q1 2025779    Q1 2024594    Change185    in %31.1%
In CHF million, except where indicatedOperating free cash flow          Q1 2025498    Q1 2024489    Change9    in %1.8%
In CHF million, except where indicatedFree cash flow          Q1 2025471    Q1 2024198    Change273    in %137.9%
In CHF million, except where indicatedNet income          Q1 2025367    Q1 2024455    Change(88)    in %–19.3%
In CHF million, except where indicatedEquity          Q1 202512,598    Q1 202412,154 3    Change444    in %3.7%
In CHF million, except where indicatedNet debt          Q1 202515,634    Q1 202416,081 3    Change(447)    in %–2.8%
In CHF million, except where indicated        Q1 2025    Q1 2024    Change    in %
In CHF million, except where indicatedOperational data
In CHF million, except where indicatedMobile postpaid access lines in Switzerland     in thousand    Q1 20255,511    Q1 20245,360    Change151    in %2.8%
In CHF million, except where indicatedBroadband access lines retail in Switzerland     in thousand    Q1 20251,953    Q1 20241,991    Change(38)    in %–1.9%
In CHF million, except where indicatedTV access lines in Switzerland     in thousand    Q1 20251,481    Q1 20241,526    Change(45)    in %–2.9%
In CHF million, except where indicatedFixed telephony access lines in Switzerland     in thousand    Q1 20251,108    Q1 20241,203    Change(95)    in %–7.9%
In CHF million, except where indicatedAccess lines wholesale in Switzerland     in thousand    Q1 2025742    Q1 2024704    Change38    in %5.4%
In CHF million, except where indicatedMobile access lines in Italy     in thousand    Q1 202520,215    Q1 202420,174 4    Change41    in %0.2%
In CHF million, except where indicatedBroadband access lines retail in Italy     in thousand    Q1 20255,849    Q1 20246,058 4    Change(209)    in %–3.4%
In CHF million, except where indicatedBroadband access lines wholesale in Italy     in thousand    Q1 2025968    Q1 2024720 4    Change248    in %34.4%
In CHF million, except where indicated           Q1 2025     Q1 2024     Change     in % 
In CHF million, except where indicatedEmployees
In CHF million, except where indicatedFull-time equivalent employees     number    Q1 202523,717    Q1 202424,360 4    Change(643)    in %–2.6%
In CHF million, except where indicated        Q1 2025     Q1 2024    Change    in %
In CHF million, except where indicatedSwisscom share
In CHF million, except where indicatedMarket capitalisation          Q1 202526,393    Q1 202427,351    Change(958)    in %–3.5%
In CHF million, except where indicatedClosing price     CHF    Q1 2025509.50    Q1 2024528.00    Change(18.50)    in %–3.5%
In CHF million, except where indicated       Q1 2025   Q1 2024   Change    in %
In CHF million, except where indicated
1 2024 figures: Pro forma figures as if Vodafone Italia were consolidated from 1 January 2024 and harmonised accounting policies were applied (on an unaudited basis).
In CHF million, except where indicated
2 Swisscom uses various alternative performance measures. The definitions
and the reconciliation to the values in accordance with IFRS are set on pages 24–26 of the Interim Report .
In CHF million, except where indicated
3 As at 31 December 2024.
In CHF million, except where indicated
4 Incl. Vodafone Italia.

KPIs Segments

In CHF million   Q1 2025   Q1 2024   Change   In %
In CHF million     Q1 2025     Q1 2024     Change     In % 
In CHF millionRevenue
In CHF millionSwitzerland    Q1 20251,962    Q1 20241,986    Change(24)    In %–1.2%
In CHF millionItaly    Q1 20251,717    Q1 20241,731 1    Change(14)    In %–0.8%
In CHF millionOthers    Q1 2025259    Q1 2024252    Change7    In %2.8%
In CHF millionElimination    Q1 2025(179)    Q1 2024(163)    Change(16)    In %9.8%
In CHF millionTotal revenue, pro forma    Q1 20253,759    Q1 20243,806    Change(47)    In %–1.2%
In CHF millionVodafone Italia    Q1 2025–    Q1 2024(1,107)    Change1,107    In %–100.0%
In CHF millionTotal revenue, reported    Q1 20253,759    Q1 20242,699    Change1,060    In %39.3%
In CHF million     Q1 2025     Q1 2024     Change     In % 
In CHF millionEBITDA after lease expense (EBITDAaL)
In CHF millionSwitzerland    Q1 2025865    Q1 2024886    Change(21)    In %–2.4%
In CHF millionItaly    Q1 2025398    Q1 2024455 1    Change(57)    In %–12.5%
In CHF millionOthers    Q1 202531    Q1 202430    Change1    In %3.3%
In CHF millionElimination    Q1 2025(17)    Q1 2024(4)    Change(13)    In %325.0%
In CHF millionTotal EBITDAaL, pro forma    Q1 20251,277    Q1 20241,367    Change(90)    In %–6.6%
In CHF millionVodafone Italia    Q1 2025–    Q1 2024(284)    Change284    In %–100.0%
In CHF millionTotal EBITDAaL, reported    Q1 20251,277    Q1 20241,083    Change194    In %17.9%
In CHF million     Q1 2025     Q1 2024     Change     In % 
In CHF millionCapital expenditure
In CHF millionSwitzerland    Q1 2025423    Q1 2024445    Change(22)    In %–4.9%
In CHF millionItaly    Q1 2025360    Q1 2024452 1    Change(92)    In %–20.4%
In CHF millionOthers    Q1 20259    Q1 20248    Change1    In %12.5%
In CHF millionElimination    Q1 2025(13)    Q1 2024(8)    Change(5)    In %62.5%
In CHF millionTotal capital expenditure, pro forma    Q1 2025779    Q1 2024897    Change(118)    In %–13.2%
In CHF millionVodafone Italia    Q1 2025–    Q1 2024(303)    Change303    In %–100.0%
In CHF millionTotal capital expenditure, reported    Q1 2025779    Q1 2024594    Change185    In %31.1%
In CHF million     Q1 2025     Q1 2024     Change     In % 
In CHF millionOperating free cash flow
In CHF millionSwitzerland    Q1 2025442    Q1 2024441    Change1    In %0.2%
In CHF millionItaly    Q1 202538    Q1 20243 1    Change35    In %1,166.7%
In CHF millionOthers    Q1 202522    Q1 202422    Change–    In %–%
In CHF millionElimination    Q1 2025(4)    Q1 20244    Change(8)    In % 
In CHF millionTotal operating free cash flow, pro forma    Q1 2025498    Q1 2024470    Change28    In %6.0%
In CHF millionVodafone Italia    Q1 2025–    Q1 202419    Change(19)    In %–100.0%
In CHF millionTotal operating free cash flow, reported    Q1 2025498    Q1 2024489    Change9    In %1.8%
In CHF million
1 Pro forma.