Operating free cash flow ahead
Group operating free cash flow of CHF 494 million in Q1, up CHF 96 million year-on-year, driven by Italy synergy realization, phasing-related lower CapEx and a CHF 34 million contribution from Switzerland.
EBITDAaL roughly stable
Group EBITDAaL roughly flat at ~CHF 1.28 billion in Q1; Switzerland nearly stable (minor decline), Italy EBITDAaL up CHF 30 million driven by realized synergies and lower costs.
Italy integration and synergy progress
Delivered CHF 77 million of synergies in Q1 and on track to deliver the full-year target of CHF 300 million; integration costs slightly below plan and One legal entity and SAP merge completed.
Network rollout and coverage gains
Switzerland: FTTH coverage up to 56% (+4 percentage points) and 5G coverage up to 89% (+3 pp). Italy: 5G coverage reached 89% (+4 pp) and FTTH coverage reached 58% (+6 pp). 5G Standalone dual-mode core finalized.
Wholesale growth
Wholesale access revenues in Switzerland grew 8% from CHF 49 million to CHF 53 million; wholesale market share at 18.6%; Italy wholesale added +108,000 mobile and +68,000 broadband connections in Q1.
Energy and security business momentum
Energy business growth: over 119,000 customers in Italy (boosted by Vodafone base sales). Security proposition expansion and Swiss 'beem' reached ~60,000 users across >1,000 locations; Swiss myAI registered users reached 78,000.
IT profitability improvement
Swiss IT EBITDAaL increased from CHF 25 million to CHF 32 million in Q1 despite flat revenues, and a multiyear contract with the Swiss Armed Forces signed to support sovereign ICT growth.
Capital discipline and confirmed guidance
Group CapEx down CHF 86 million in Q1 (phasing effects); management confirmed full-year guidance and intends to increase dividend to CHF 27 for 2026.