Cash flows
| In CHF million | H1 2026 | H1 2025 | Change | |||
|---|---|---|---|---|---|---|
| Operating free cash flow | 1,202 | 989 | 214 | |||
| Change in net working capital | (148) | (233) | 85 | |||
| Other operating cash flows | 4 | (17) | 22 | |||
| Change in defined benefit obligations | 9 | 9 | (0) | |||
| Net interest paid1 | (83) | (69) | (15) | |||
| Income taxes paid | (267) | (184) | (83) | |||
| Free cash flow | 717 | 496 | 221 | |||
| Net expenditure for company acquisitions and disposals | (8) | – | (8) | |||
| Dividend Swisscom Ltd | (1,347) | (1,140) | (207) | |||
| Other changes2 | 337 | 161 | 176 | |||
| Increase in net debt | (301) | (483) | 181 | |||
| 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 214 million to CHF 1,202 million (+21.6%). Of the operating free cash flow, CHF 938 million was attributable to the Switzerland segment and CHF 240 million (EUR 261 million) to the Italy segment. Free cash flow grew by CHF 221 million to CHF 717 million (+44.6%), mainly due to an increase in the operating free cash flow. Tax payments increased by CHF 83 million to CHF 267 million due to additional tax payments relating to prior years.