Table of contents for the 1st Interim Report 2026 report

Interim Report 2026KPIs GroupKPIs segmentsFinancial review
SummaryDepreciation and amortisation, non-operating resultsCash flowsNet asset positionFinancial outlook
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 Provisions and contingent liabilities
Alternative performance measures
Reconciliation of alternative performance measures
Further information
Share informationQuarterly review 2025 and 2026Disclaimer

Cash flows

In CHF million Q1 2026 Q1 2025 Change
Operating free cash flow 594 498 96
Change in net working capital 33 54 (21)
Other operating cash flows 11 (35) 46
Change in defined benefit obligations 4 5 (0)
Net interest paid1 (13) (5) (8)
Income taxes paid (44) (46) 2
Free cash flow 586 471 115
Net expenditures for company acquisitions and disposals (3) (8) 5
Dividend Swisscom Ltd (1,347) – (1,347)
Other changes2 222 (16) 238
(Increase) decrease in net debt (543) 447 (990)
1 Excluding interest payments for lease liabilities (already included in operating free cash flow).
2 Includes foreign currency effects, fair value adjustments and non-cash changes in net debt positions.

Operating free cash flow rose by CHF 96 million to CHF 594 million (+19.3%). Of the operating free cash flow, CHF 478 million was attributable to the Switzerland segment and CHF 108 million (EUR 118 million) to the Italy segment. Free cash flow grew by CHF 115 million to CHF 586 million (+24.3%), mainly due to an increase in the operating free cash flow.