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1st Interim Report 2025
1st Interim Report 2025
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1st Interim Report 2025
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Table of contents for the 1st Interim Report 2025 report

1st Interim Report 2025
KPIs GroupKPIs SegmentsFinancial review
SummaryDepreciation and amortisation, non operating resultsCash flowsNet asset positionOutlook
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 Goodwill9 Provisions and contingent liabilities10 Acquisition of Vodafone Italia
Alternative performance measures
Reconciliation of alternative performance measures
Further Information
Share informationQuarterly review 2024 and 2025Forward looking statements
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2 Segment information

General disclosures

As a result of the acquisition of Vodafone Italia at the end of 2024, Swisscom has amended its governance and organisational structure. A Group Executive Committee, which is headed by the CEO, was created for Group-wide management. The business in Switzerland and Italy is now managed by a dedicated Executive Committee for each country. Segment reporting has been adapted to the organisational structure accordingly. From the financial year 2025, reporting is divided into the segments Switzerland, Italy and Others. As a result of the organisational changes, the previous year’s information has been restated.

From the 2025 financial year onwards, the EBITDA after lease expense (EBITDAaL) metric will be used to measure and report on the financial performance of the Group and the operating segments. Following the acquisition of Vodafone Italia and the adapted principles for lease accounting from the 2025 financial year onwards, the importance of leases has seen a sharp increase. The EBITDAaL metric is considered more reliable and more relevant for financial management (allocation of resources and measurement of financial performance) and communication with investors than the previous EBITDA metric. It will also boost comparability with other telecommunications providers.

Segment expense encompasses the direct costs, personnel expense and other indirect costs. In the segment reporting, lease expenses of CHF 409 million (prior year: CHF 172 million) are allocated to direct costs (current year: CHF 220 million; prior year CHF 99 million) and other indirect costs (current year: CHF 189 million; prior year: CHF 73 million). Pension cost includes ordinary employer contributions. The difference between the ordinary employer contributions and the pension cost as provided for under IAS 19 is reported in the elimination column. The elimination column in the segment result, which totals CHF –17 million (prior year: CHF –3 million), includes expense of CHF 4 million (prior year: income CHF 4 million) as a pension cost reconciliation item in accordance with IAS 19.

Capital expenditure consists of the purchase of property, plant and equipment and intangible assets and payments for indefeasible rights of use (IRU). In general, IRUs are paid in full at the beginning of their use and are classified as leases under IFRS 16. From an economic point of view, IRU payments will be considered as capital expenditure in the segment information. Capital expenditure in the first three months of 2025 includes IRU payments of CHF 18 million (prior year: CHF 4 million).

Segment information 2025

1.1.–31.3.2025, in CHF million   Switzerland   Italy   Others   Elimination   Total
Residential customers   1,064   806   –   –   1,870
Business customers   740   755   94   –   1,589
Wholesale customers   141   155   –   –   296
Other   4   –   –   –   4
External revenue   1,949   1,716   94   –   3,759
Intersegment revenue   13   1   165   (179)   –
Revenue   1,962   1,717   259   (179)   3,759
Direct costs   (369)   (813)   (22)   16   (1,188)
Personnel expense   (546)   (127)   (103)   (4)   (780)
Other indirect costs   (182)   (379)   (103)   150   (514)
EBITDA after lease expense (EBITDAaL)   865   398   31   (17)   1,277
Lease expense                   409
Operating income before depreciation and amortisation (EBITDA)                   1,686
Depreciation and amortisation of property, plant and equipment and intangible assets                   (773)
Depreciation of right-of-use assets                   (394)
Operating income (EBIT)                   519
Financial income                   18
Financial expense                   (95)
Result of equity-accounted investees                   –
Income before income taxes                   442
Income tax expense                   (75)
Net income                   367
                     
EBITDA after lease expense (EBITDAaL)   865   398   31   (17)   1,277
Capital expenditure   (423)   (360)   (9)   13   (779)
Operating free cash flow   442   38   22   (4)   498

Segment information 2024

1.1.–31.3.2024, in CHF million, restated   Switzerland   Italy   Others   Elimination   Total
Residential customers   1,070   273   –   –   1,343
Business customers   765   269   104   –   1,138
Wholesale customers   134   80   –   –   214
Other   4   –   –   –   4
External revenue   1,973   622   104   –   2,699
Intersegment revenue   13   1   148   (162)   –
Revenue   1,986   623   252   (162)   2,699
Direct costs   (382)   (308)   (20)   16   (694)
Personnel expense   (545)   (55)   (107)   4   (703)
Other indirect costs   (173)   (90)   (95)   139   (219)
EBITDA after lease expense (EBITDAaL)   886   170   30   (3)   1,083
Lease expense                   172
Operating income before depreciation and amortisation (EBITDA)                   1,255
Depreciation and amortisation of property, plant and equipment and intangible assets                   (522)
Depreciation of right-of-use assets                   (165)
Operating income (EBIT)                   568
Financial income                   23
Financial expense                   (37)
Result of equity-accounted investees                   –
Income before income taxes                   554
Income tax expense                   (99)
Net income                   455
                     
EBITDA after lease expense (EBITDAaL)   886   170   30   (3)   1,083
Capital expenditure   (445)   (149)   (8)   8   (594)
Operating free cash flow   441   21   22   5   489