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2nd Interim Report 2025
2nd Interim Report 2025
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2nd Interim Report 2025
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Table of contents for the 2nd Interim Report 2025 report

2nd 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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Net asset position

In CHF million, except where indicated   30.6.2025   31.12.2024   Change
Property, plant and equipment   13,582   13,519   63
Intangible assets   5,847   6,066   (219)
Goodwill   6,388   6,399   (11)
Right-of-use assets   4,116   4,363   (247)
Trade receivables   2,741   2,866   (125)
Receivables from finance leases   184   182   2
Trade payables   (2,614)   (2,647)   33
Provisions   (1,430)   (1,591)   161
Deferred gain on sale and leaseback of real estate   (75)   (77)   2
Other operating assets and liabilities, net   (10)   (224)   214
Net operating assets   28,729   28,856   (127)
Net debt   (16,529)   (16,046)   (483)
Defined benefit obligations   (53)   (55)   2
Income tax assets and liabilities, net   (777)   (825)   48
Equity-accounted investees and other financial assets   223   224   (1)
Equity   11,593   12,154   (561)
             
Equity ratio in %   32.3   32.3    

Net operating assets remains nearly unchanged at CHF 28.7 bil­lion compared with year-end 2024. Equity decreased by CHF 0.6 bil­lion to CHF 11.6 bil­lion. The dividend payment of CHF 1,140 million overcompensated the net income of CHF 625 million. The equity ratio remained stable at 32.3% compared with the end of 2024. On 26 March 2025, the Annual General Meeting of Swisscom Ltd approved the payment of an unchanged dividend of CHF 22 gross per share. A total dividend amount of CHF 1,140 million was paid out on 1 April 2025.

Net debt

Net debt consists of financial liabilities and lease liabilities less cash and cash equivalents, listed debt instruments and derivative financial instruments.

in CHF million   30.6.2025   31.12.2024   Change
Debenture bonds   10,690   9,832   858
Bank loans   1,906   3,394   (1,488)
Private placements   323   322   1
Other financial liabilities   441   474   (33)
Lease liabilities   3,734   3,962   (228)
Total financial liabilities and lease liabilities   17,094   17,984   (890)
Cash and cash equivalents   (154)   (1,523)   1,369
Other financial assets   (411)   (415)   4
Net debt   16,529   16,046   483

At the end of 2024, the pro forma ratio net debt/EBITDA amounted to 2.4x.

In recent years, Swisscom has taken advantage of favourable capital market conditions with a view to optimising the interest and maturity structure of the Group’s financial liabilities. As at 30 June 2025, the average interest expense on financial liabilities was 1.89%, the average residual term to maturity was 5.5 years, and the share of fixed-interest-bearing financial liabilities was 91%. Swisscom also has two lines of credit totalling CHF 2.9 bil­lion, which have not been used.