Reconciliation of alternative performance measures

In CHF million 1.1.–30.9.2026 1.1.–30.9.2025 Change
EBITDA after lease expense (EBITDAaL)
Operating income before depreciation and amortisation 5,032 4,999 33
Depreciation of right-of-use assets (1,157) (1,184) 27
Depreciation of indefeasible rights of use (IRU) 30 41 (11)
Interest expense on lease liabilities (72) (79) 7
EBITDA after lease expense (EBITDAaL) 3,833 3,777 56
Capital expenditure
Purchase of property, plant and equipment and intangible assets 2,022 2,138 (116)
Acquisition of indefeasible rights of use (IRU) 21 33 (12)
Capital expenditure 2,043 2,171 (128)
Operating free cash flow
Cash flow from operating activities 4,636 4,339 297
Purchase of property, plant and equipment and intangible assets (2,022) (2,138) 116
Acquisition of indefeasible rights of use (IRU) (20) (33) 13
Depreciation of right-of-use assets (1,157) (1,184) 27
Depreciation of indefeasible rights of use (IRU) 30 41 (11)
Proceeds from finance lease receivables (88) (66) (22)
Change in deferred gain from the sale and leaseback of real estate 3 2 1
Change in operating assets and liabilities (135) 53 (188)
Change in provisions 63 160 (97)
Change in defined benefit obligations (16) (16) –
Gain on sale of property, plant and equipment 6 19 (13)
Loss on sale of property, plant and equipment – (2) 2
Expense for share-based payments (1) (1) –
Revenue from finance leases 49 73 (24)
Interest received 3 (10) 13
Interest paid on financial liabilities 129 142 (13)
Dividends received (1) (1) –
Income taxes paid 312 228 84
Operating free cash flow 1,790 1,606 184
Free cash flow
Cash flow from operating activities 4,636 4,338 298
Cash flow used in investing activities (1,935) (2,124) 189
Repayment of lease liabilities (1,159) (1,144) (15)
Proceeds from equity-accounted investees – (1) 1
Acquisition of subsidiaries, net of cash and cash equivalents acquired 20 16 4
Purchase of other financial assets 8 15 (7)
Proceeds from other financial assets (124) (43) (81)
Other cash flows from investing activities (1) 3 (4)
Free cash flow 1,445 1,060 385
In CHF million 1.1.–30.9.2026 1.1.–30.9.2025 Change Change at constant exchange rates
Revenue 10,936 11,175 –2.1% –1.5%
EBITDA after lease expense (EBITDAaL) 3,833 3,777 1.5% 2.0%
Provisions for legal proceedings Switzerland – (90)
Provisions for contractual risks Switzerland – 52
Restructuring costs Switzerland 39 12
Provisions for legal proceedings Italy 9 –
Provisions for contractual risks Italy – 8
Integration cost Vodafone Italia 12 37
Pension cost (IAS 19 reconciliation) 9 12
EBITDAaL, adjusted 3,902 3,808 2.5% 3.0%
Capital expenditure 2,043 2,171 –5.9% –5.3%
INWIT mobile site consolidation (9) (21)
Integration capital expenditure Vodafone Italia (80) (50)
Capital expenditure, adjusted 1,954 2,100 –7.0% –6.4%
Operating free cash flow 1,790 1,606 11.5% 12.0%
EBITDAaL adjustments 69 32
Capital expenditure adjustments 89 70
Operating free cash flow, adjusted 1,948 1,708 14.1% 14.5%