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 3,615 3,715 10,936
Direct costs (1,188) (1,162) (1,179) (1,309) (4,838) (1,083) (1,080) (1,145) (3,308)
Indirect costs (1,294) (1,328) (1,247) (1,356) (5,226) (1,235) (1,265) (1,295) (3,795)
EBITDA after lease expense (EBITDAaL) 1,277 1,197 1,302 1,208 4,984 1,288 1,269 1,276 3,833
Lease expense 409 407 406 410 1,633 398 398 403 1,199
EBITDA 1,686 1,604 1,709 1,618 6,617 1,686 1,667 1,679 5,032
Depreciation and amortisation (773) (789) (768) (784) (3,114) (784) (799) (804) (2,388)
Depreciation of right-of-use assets (394) (387) (402) (394) (1,578) (385) (384) (388) (1,157)
Operating income (EBIT) 519 427 539 440 1,925 517 483 487 1,487
Financial income and financial expense, net (77) (104) (90) (89) (358) (113) (69) (72) (254)
Equity-accounted investees – – 1 (0) – – – – –
Income before income taxes (EBT) 442 324 450 351 1,567 404 414 415 1,234
Income tax expense (75) (65) (87) (69) (297) (72) (77) (73) (223)
Net income 367 258 363 282 1,270 332 337 342 1,011
Earnings per share (in CHF) 7.08 5.00 7.01 5.44 24.53 6.41 6.51 6.61 19.53
Capital expenditure 780 706 685 894 3,065 693 661 688 2,043
Operating free cash flow 498 491 617 314 1,920 594 608 588 1,790
Free cash flow 471 25 564 373 1,433 586 131 728 1,445
Net debt 15,634 16,529 15,919 15,633 15,633 16,176 15,935 14,805 14,805
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 1,933 1,956 5,826
Italy 1,717 1,663 1,673 1,778 6,831 1,596 1,594 1,674 4,864
Others 258 269 254 256 1,037 225 239 241 705
Elimination (178) (181) (162) (167) (688) (152) (152) (155) (459)
Total revenue 3,759 3,687 3,730 3,873 15,048 3,606 3,615 3,715 10,936
EBITDA after lease expense (EBITDAaL)
Switzerland 866 821 877 804 3,368 861 839 830 2,530
Italy 398 362 408 412 1,580 420 418 428 1,266
Others 29 31 33 2 95 19 26 32 77
Reconciliation pension cost (4) (4) (4) 0 (12) (2) (3) (4) (9)
Elimination (12) (13) (11) (11) (47) (10) (11) (11) (31)
Total EBITDAaL 1,277 1,197 1,302 1,208 4,984 1,288 1,269 1,276 3,833
Capital expenditure
Switzerland 422 409 397 459 1,687 382 379 387 1,149
Italy 360 301 288 435 1,384 312 286 302 900
Others 10 9 11 10 40 9 7 10 25
Elimination (12) (13) (10) (11) (47) (10) (11) (11) (31)
Total capital expenditure 780 706 685 894 3,065 693 661 688 2,043
Operating free cash flow
Switzerland 444 411 480 345 1,681 478 460 443 1,381
Italy 38 61 120 (23) 196 108 132 126 366
Others 20 22 22 (8) 55 10 19 23 52
Reconciliation pension cost (4) (4) (4) 0 (12) (2) (3) (4) (9)
Elimination 0 0 0 0 0 0 0 0 0
Total operating free cash flow 498 491 617 314 1,920 594 608 588 1,790
Operational data in thousand and headcount in FTEs
Operational data Switzerland
Postpaid value wireless connections 4,403 4,412 4,427 4,431 4,431 4,421 4,418 4,428 4,428
Broadband connections 1,953 1,947 1,942 1,938 1,938 1,918 1,907 1,896 1,896
TV connections 1,481 1,475 1,468 1,462 1,462 1,445 1,435 1,427 1,427
Fixed telephony connections 1,070 1,052 1,033 1,013 1,013 989 969 949 949
Wholesale wireline access lines 742 749 763 768 768 782 796 808 808
Operational data Italy
Wireless connections 20,214 20,207 20,168 20,054 20,054 19,907 19,803 19,651 19,651
Broadband connections 5,662 5,619 5,597 5,581 5,581 5,550 5,500 5,450 5,450
Wholesale wireless connections 6,787 7,336 8,060 8,082 8,082 8,190 5,856 4,773 4,773
Wholesale wireline access lines 968 1,018 1,063 1,126 1,126 1,194 1,243 1,283 1,283
Full-time equivalent employees
Switzerland 13,262 13,141 13,043 12,919 12,919 12,761 12,542 12,466 12,466
Italy 7,220 7,165 7,152 7,179 7,179 7,185 7,203 7,212 7,212
Others 3,234 3,192 3,179 3,168 3,168 3,128 3,016 2,968 2,968
Total FTEs 23,717 23,498 23,374 23,266 23,266 23,073 22,761 22,647 22,647