Net asset position
| In CHF million | 31.3.2026 | 31.12.2025 | Change | |||
|---|---|---|---|---|---|---|
| Trade receivables | 2,442 | 2,494 | (52) | |||
| Trade payables | (2,478) | (2,386) | (92) | |||
| Provisions | (1,557) | (1,586) | 29 | |||
| Deferred gain on sale and leaseback of real estate | (73) | (74) | 1 | |||
| Other operating assets and liabilities, net | (3) | (113) | 110 | |||
| Net working capital | (1,669) | (1,666) | (3) | |||
| Property, plant and equipment | 13,604 | 13,663 | (59) | |||
| Intangible assets | 5,524 | 5,682 | (158) | |||
| Goodwill | 6,551 | 6,575 | (24) | |||
| Right-of-use assets | 3,803 | 3,949 | (145) | |||
| Receivables from finance leases | 147 | 170 | (23) | |||
| Net operating assets | 27,960 | 28,373 | (413) | |||
| Net debt | (16,176) | (15,633) | (543) | |||
| Defined benefit obligations | (50) | (50) | 1 | |||
| Income tax assets and liabilities, net | (792) | (759) | (33) | |||
| Equity-accounted investees and other financial assets | 215 | 307 | (92) | |||
| Equity | 11,157 | 12,238 | (1,081) | |||
| Equity ratio in % | 31.0 | 34.0 |
Net operating assets at CHF 28.0 billion were CHF 0.4 billion lower compared with the end of 2025. In the first quarter of 2026, the depreciation and amortisation of non-current operating assets was higher than investments. The CHF 1.1 billion decrease in equity to CHF 11.2 billion was attributable to the net income for the first quarter of 2026 less the dividend of Swisscom Ltd for the financial year 2025. The equity ratio fell from 34.0% to 31.0% compared with the end of 2025. On 25 March 2026, the Annual General Meeting of Swisscom Ltd approved the payment of a dividend of CHF 26 gross per share, which corresponds to a total dividend amount of CHF 1,347million.
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 | 31.3.2026 | 31.12.2025 | Change | |||
|---|---|---|---|---|---|---|
| Debenture bonds | 11,241 | 11,139 | 101 | |||
| Bank loans | 1,102 | 1,103 | (1) | |||
| Private placements | 322 | 322 | – | |||
| Other financial liabilities | 1,358 | 426 | 932 | |||
| Lease liabilities | 3,583 | 3,729 | (146) | |||
| Total financial liabilities and lease liabilities | 17,605 | 16,719 | 886 | |||
| Cash and cash equivalents | (661) | (258) | (404) | |||
| Other financial assets | (767) | (828) | 61 | |||
| Net debt | 16,176 | 15,633 | 543 |
As at 31 March 2026, the average interest expense on financial liabilities was 1.85%, the average residual term to maturity was 5.4 years and the share of fixed-interest-bearing financial liabilities was 97%. Swisscom also has two confirmed credit lines totalling CHF 2.9 billion, which have not been used.