Cash flows
| In CHF million, except where indicated | H1 2025 | H1 2024 | Change | |||
|---|---|---|---|---|---|---|
| Operating free cash flow, reported | 989 | 977 | 12 | |||
| Change in net working capital | (233) | (386) | 153 | |||
| Change in defined benefit obligations | 9 | (6) | 15 | |||
| Net interest payments on financial assets and liabilities | (69) | (9) | (60) | |||
| Income taxes paid | (184) | (189) | 5 | |||
| Other operating cash flows | (16) | (34) | 18 | |||
| Free cash flow | 496 | 353 | 143 | |||
| Net expenditures for company acquisitions and disposals | (8) | (10) | 2 | |||
| Dividends paid to equity holders of Swisscom Ltd | (1,140) | (1,140) | – | |||
| Other changes 1 | 169 | (51) | 220 | |||
| Decrease in net debt | (483) | (848) | 365 | |||
|
1 Includes foreign currency effects, fair value adjustments and non-cash
changes in net debt positions. |
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Operating free cash flow rose by CHF 12 million to CHF 989 million (+1.2%). Free cash flow grew by CHF 143 million to CHF 496 million due to an improved development in net working capital. Net working capital grew by CHF 233 million compared with the end of 2024 (prior year: CHF 386 million). The increase in net working capital is due to lower trade payables, use of provisions and bonus payments.