Quarterly review 2025 and 2026

In CHF million, except where indicated 1st quarter 2nd quarter 3rd quarter 4th quarter 2025 1st quarter 2nd quarter 3rd quarter 4th quarter 2026
Financial data
Revenue 3,759 3,687 3,730 3,873 15,048 3,606 3,606
Direct costs (1,182) (1,153) (1,175) (1,297) (4,806) (1,083) (1,083)
Indirect costs (1,300) (1,337) (1,253) (1,368) (5,257) (1,235) (1,235)
EBITDA after lease expense (EBITDAaL) 1,277 1,197 1,302 1,208 4,984 1,288 1,288
Lease expense 409 407 407 410 1,633 398 398
EBITDA 1,686 1,604 1,709 1,618 6,617 1,686 1,686
Depreciation and amortisation (773) (790) (767) (784) (3,114) (784) (784)
Depreciation of right-of-use assets (394) (387) (403) (394) (1,578) (385) (385)
Operating income (EBIT) 519 427 539 440 1,925 517 517
Financial income and financial expense, net (77) (104) (90) (89) (358) (113) (113)
Equity-accounted investees 0 0 0 0 0 0 0
Income before income taxes (EBT) 442 324 450 351 1,567 404 404
Income tax expense (75) (65) (88) (69) (297) (72) (72)
Net income 367 258 362 282 1,270 332 332
Earnings per share (in CHF) 7.09 5.00 7.00 5.45 24.54 6.41 6.41
Capital expenditure 780 706 685 894 3,065 693 693
Operating free cash flow 498 491 617 314 1,920 594 594
Free cash flow 471 25 564 373 1,433 586 586
Net debt 15,634 16,529 15,919 15,633 15,633 16,176 16,176
In CHF million, except where indicated 1st quarter 2nd quarter 3rd quarter 4th quarter 2025 1st quarter 2nd quarter 3rd quarter 4th quarter 2026
Financial data
Revenue
Switzerland 1,962 1,936 1,965 2,006 7,868 1,937 1,937
Italy 1,717 1,663 1,673 1,778 6,831 1,596 1,596
Others 258 269 254 256 1,037 225 225
Elimination (178) (181) (162) (167) (688) (152) (152)
Total revenue 3,759 3,687 3,730 3,873 15,048 3,606 3,606
EBITDA after lease expense (EBITDAaL)
Switzerland 866 821 877 804 3,368 861 861
Italy 398 362 408 412 1,580 420 420
Others 29 31 33 2 95 19 19
Reconciliation pension cost (4) (4) (4) 0 (12) (2) (2)
Elimination (12) (13) (10) (11) (47) (10) (10)
Total EBITDAaL 1,277 1,197 1,302 1,208 4,984 1,288 1,288
Capital expenditure
Switzerland 422 409 397 459 1,687 382 382
Italy 360 301 288 435 1,384 312 312
Others 10 9 11 10 40 9 9
Elimination (12) (13) (10) (11) (47) (10) (10)
Total capital expenditure 780 706 685 894 3,065 693 693
Operating free cash flow
Switzerland 444 411 480 345 1,681 478 478
Italy 38 61 120 (23) 196 108 108
Others 20 22 22 (8) 55 10 10
Reconciliation pension cost (4) (4) (4) 0 (12) (2) (2)
Elimination 0 0 0 0 0 0 0
Total operating free cash flow 498 491 617 314 1,920 594 594
Operational data in thousand and headcount in FTEs
Operational data Switzerland
Postpaid value connections 4,403 4,412 4,427 4,431 4,431 4,421 4,421
Broadband connections 1,953 1,947 1,942 1,938 1,938 1,918 1,918
TV connections 1,481 1,475 1,468 1,462 1,462 1,445 1,445
Fixed telephony connections 1,070 1,052 1,033 1,013 1,013 989 989
Wholesale wireline access lines 742 749 763 768 768 782 782
Operational data Italy
Wireless connections 20,214 20,207 20,168 20,054 20,054 19,907 19,907
Broadband connections 5,662 5,619 5,597 5,581 5,581 5,550 5,550
Wholesale wireless connections 6,787 7,336 8,060 8,082 8,082 8,190 8,190
Wholesale wireline access lines 968 1,018 1,063 1,126 1,126 1,194 1,194
Full-time equivalent employees
Switzerland 13,262 13,141 13,043 12,919 12,919 12,761 12,761
Italy 7,220 7,165 7,152 7,179 7,179 7,185 7,185
Others 3,234 3,192 3,179 3,168 3,168 3,128 3,128
Total FTEs 23,717 23,498 23,374 23,266 23,266 23,073 23,073