Net asset position
| In CHF million, except where indicated | 30.9.2025 | 31.12.2024 | Change | |||
|---|---|---|---|---|---|---|
| Property, plant and equipment | 13,564 | 13,455 | 0.8% | |||
| Intangible assets | 5,733 | 6,054 | –5.3% | |||
| Goodwill | 6,433 | 6,443 | –0.2% | |||
| Right-of-use assets | 4,054 | 4,363 | –7.1% | |||
| Trade receivables | 2,680 | 2,866 | –6.5% | |||
| Receivables from finance leases | 189 | 182 | 3.8% | |||
| Trade payables | (2,458) | (2,647) | –7.1% | |||
| Provisions | (1,443) | (1,591) | –9.3% | |||
| Deferred gain on sale and leaseback of real estate | (75) | (77) | –2.6% | |||
| Other operating assets and liabilities, net | (174) | (241) | –27.8% | |||
| Net operating assets | 28,503 | 28,807 | –1.1% | |||
| Net debt | (15,919) | (16,046) | –0.8% | |||
| Defined benefit obligations | (53) | (55) | –3.6% | |||
| Income tax assets and liabilities, net | (773) | (776) | –0.4% | |||
| Equity-accounted investees and other financial assets | 213 | 224 | –4.9% | |||
| Equity | 11,971 | 12,154 | –1.5% | |||
| Equity ratio in % | 33.7 | 32.3 |
Net operating assets remain nearly unchanged at CHF 28.5 billion compared with year-end 2024. Equity increased by CHF 0.1 billion to CHF 12.3 billion. The dividend payment of CHF 1,140 million overcompensated the net income of CHF 988 million. The equity ratio increased to 33.7% 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, fixed deposits, listed debt instruments and derivative financial instruments.
| in CHF million | 30.9.2025 | 31.12.2024 | Change | |||
|---|---|---|---|---|---|---|
| Debenture bonds | 10,575 | 9,832 | 7.6% | |||
| Bank loans | 1,506 | 3,394 | –55.6% | |||
| Private placements | 321 | 322 | –0.3% | |||
| Other financial liabilities | 338 | 474 | –28.7% | |||
| Lease liabilities | 3,698 | 3,962 | –6.7% | |||
| Total financial liabilities and lease liabilities | 16,438 | 17,984 | –8.6% | |||
| Cash and cash equivalents | (193) | (1,523) | –87.3% | |||
| Other financial assets | (326) | (415) | –21.4% | |||
| Net debt | 15,919 | 16,046 | –0.8% |
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 September 2025, the average interest expense on financial liabilities was 1.91%, the average residual term to maturity was 5.51 years, and the share of fixed-interest-bearing financial assets/liabilities was 95%. Swisscom also has two lines of credit totalling CHF 2.9 billion, which have not been used.