Operating Free Cash Flow Growth
Group operating free cash flow of CHF 494m in Q1, up CHF 96m year-over-year, driven by Italy synergy realization and lower CapEx phasing.
Italy Synergy Delivery and Profitability
Italy delivered CHF 77m of synergies in Q1 and EBIT/EBITDAaL improvement (Italy EBITDAaL up ~CHF 30m); on track to deliver CHF 300m synergies for the year (half of the multi-year target reached).
Wholesale and Network Commercial Momentum
Wholesale growth strong: Swiss access revenues +8% (CHF 49m to CHF 53m); Italy wholesale net adds of +108k mobile and +68k broadband in Q1. FTTH coverage: Switzerland up to 56% (+4 pp), Italy up to 58% (+6 pp). 5G coverage: Switzerland 89% (+3 pp), Italy 89% (+4 pp).
Energy and New Services Expansion
Italy energy business reached >119,000 customers with accelerated growth (growth doubled); Swiss myAI achieved 78,000 registered users by end Q1; security proposition has ~300,000 paying customers already in Switzerland.
Improved IT Profitability in Switzerland
Swiss IT EBITDAaL increased from CHF 25m to CHF 32m in Q1 (+CHF 7m) despite flat revenues, indicating improved profitability/governance.
Confirmed Full-Year Guidance and Dividend Intent
Management confirmed full-year guidance (including CHF ~120m Swiss service revenue decline and CHF 50m+ cost savings) and intends to increase the 2026 dividend to CHF 27, reflecting confidence in cash flow outlook.