Mobilezone (MOZN) H1 2025 earnings summary

Executive summary

• Net sales reached CHF 430 million, down from CHF 476 million year-over-year, with currency-adjusted sales at CHF 436 million, mainly due to lower bundle sales in Germany.

• EBITDA was CHF 31.7 million, a decrease from CHF 33.7 million, while EBIT stood at CHF 23.8 million, down from CHF 26.4 million.

• Net income totaled CHF 17.6 million, compared to CHF 19.0 million in the prior year; EPS CHF 0.41.

• MVNO postpaid subscriptions grew 17.6% to 439,600, with MVNO sales up 26.3% to CHF 41.8 million.

• Switzerland achieved its best-ever first half, driven by strong contract and MVNO growth.

Financial highlights

• Gross profit was CHF 92.8 million (margin 21.6%, up from 19.6%).

• Free cash flow before acquisitions and customer acquisition costs was CHF 36.1 million.

• Net cash flow from operating activities reached CHF 38.2 million, more than doubling year-over-year.

• Shareholders' equity decreased to CHF 106 million from CHF 132 million at year-end 2024.

• Dividend per share maintained at CHF 0.90.

Outlook and guidance

• EBIT guidance for 2025 confirmed at CHF 53–60 million.

• EBIT margin guidance for Switzerland raised to 12.5–13.0%, Germany adjusted to 2.8–3.3%.

• Net debt/EBITDA expected to remain below 2.

• Capex (excluding customer acquisition costs) projected at CHF 6.0 million for 2025.

• MVNO postpaid customer base expected to exceed 480,000 by year-end.