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

Depreciation and amortisation, non-operating results

In CHF million, except where indicated Q1 2026 Q1 2025 Change in %
EBITDA after lease expense (EBITDAaL) 1,288 1,277 10 0.8%
Lease expense 398 409 (10) –2.5%
EBITDA 1,686 1,686 (0) –0.0%
Depreciation and amortisation of property, plant and equipment and intangible assets (784) (773) (11) 1.4%
Depreciation of right-of-use assets (385) (394) 10 –2.4%
Operating income (EBIT) 517 519 (2) –0.3%
Net interest expense on financial assets and liabilities (57) (54) (3) 5.3%
Interest expense on lease liabilities (24) (26) 2 –6.3%
Other financial result (32) 3 (35)
Income before income taxes 404 442 (38) –8.6%
Income tax expense (72) (75) 3 –3.5%
Net income 332 367 (35) –9.6%
Earnings per share (in CHF) 6.41 7.09 (0.68) –9.6%

Net income decreased by CHF 35 million or 9.6% to CHF 332 million due to a deterioration (CHF –36 million) of the financial result. The deterioration is a result of non-cash adjustments of the fair value of derivative instruments in the other financial result (CHF –28 million) due to widening of the interest rate differential CHF/EUR. The adjustment has no impact on future interest payments. Income tax expense amounted to CHF 72 million (prior year: CHF 75 million), which corresponds to an effective income tax rate of 17.9% (prior year: 17.0%).