Sunrise Communications Ag Class A · SIX:SUNN
Sunrise Communications Ag Class A — Sunrise Communications A — Q4 2025 Earnings Presentation
44 slides from Sunrise Communications Ag Class A's earnings presentation, Feb 18, 2026
Slide 1: Q4 / FY 2025 Financial Results
Q4 / FY 2025 FINANCIAL RESULTS 18 February 2026 1
Slide 2: Disclaimer
Disclaimer No Offer to Sell or Solicit This presentation is not an offer to sell or a solicitation of offers to purchase or subscribe for any securities of Sunrise Communications AG (Sunrise) in any jurisdiction. This document is not a prospectus within the meaning of the Swiss Financial Services Ac
Slide 3: Agenda
Agenda 1 2025 Key Achievements André Krause – CEO Commercial Update & Recent 2 Trading Insights André Krause – CEO 3 2025 Financial Results Jany Fruytier – CFO 4 2026 Outlook André Krause / Jany Fruytier – CEO / CFO 5 Final Remarks André Krause – CEO Questions & Answers Appendix Q4 / FY 2025 Results
Slide 4: 2025 Key Achievements
2025 KKey Achievements
Slide 5: 2025 Key Achievements | Innovation and Execution Driving Performance
2025 Key Achievements | Innovation and Execution Driving Performance Launches Commercial Trading Financial Results Main Brand ✓ Continued growth of Mobile RGUs ✓ Financial guidance metrics achieved ✓ Swiss Connect Portfolio including Roaming (Postpaid +82k) • Broadly stable Revenue (1.1%) ✓ Adjacent
Slide 6: Mobile Network | Sunrise awarded Outstanding rating for the 10th time in a row
Mobile Network | Sunrise awarded “Outstanding” rating for the 10th time in a row as the only operator in Switzerland 2026 Global Connect network test results (points on a scale of 1,000 ) 1 Sunrise ranked in top 5 mobile networks in the world; Switzerland with 3 #1 networks in the top 10 #2 #3 #4 #5
Slide 7: Fixed Network | HFC customer base and inflow remain strong
Fixed Network | HFC customer base and inflow remain strong, confirming Hybrid Network Strategy Share of Own Networks1 Sunrise with the highest Gigabit coverage in all of HFC & FWA2 in % of total Fixed Subscriptions Switzerland 56% HFC captures stable share of inflow, while FttH not driving higher NP
Slide 8: Sustainability | Substantial progress on Sustainability KPIs
Sustainability | Substantial progress on Sustainability KPIs – confirmed by certifications and ratings PEOPLE PLANET CERTIFICATIONS & RATINGS Share of women in Reduction of Scope 1 and 2 Externally validated net-zero leadership accelerated: GHG emissions by 49% GHG reduction targets (SBTi) 18.9% - t
Slide 9: Commercial Update & Recent Trading Insights
Commercial Update & Recent Trading Insights
Slide 10: Black Friday / CHmobile | Successful CHmobile launch with limited cannibalisation
Black Friday / CHmobile | Black Friday with lower market liquidity; Successful CHmobile launch with limited cannibalisation Black Friday • Black Friday period with lower market Pricing of CHmobile in line with existing price Limited cannibalisation impact, majority of liquidity than prior year, as a
Slide 11: Recent Trading Insights | Positive pricing trends at the start of the year
Recent Trading Insights | Positive pricing trends at the start of the year, while market liquidity remains low Strong Flex Upgrade (DaaS) Positive pricing developments Market liquidity remains low results following iPhone launch and promotional easing in Q1 ‘26 also post Black Friday Flex Upgrade FY
Slide 12: Commercial Results | Driving sequential momentum across Mobile and Fixed
Commercial Results | Driving sequential momentum across Mobile and Fixed 59 Net Adds showing stronger momentum vs. Q3, driven by seasonal 2644 31 liquidity and supported by launch of CHmobile 12 18 20 33 • Mobile Postpaid with best ’25 result, aided by the CHmobile proposition, Net Postpaid Q4 2024
Slide 13: 2025 Financial Results
2025 Financial Results Q4 / FY 2025 Results | 18 February 2026
Slide 14: Financial Results 2025 | FY 2025 Guidance achieved
Financial Results 2025 | FY 2025 Guidance achieved in CHFm, YoY Q4 2025 FY 2025 FY 2025 Guidance FY 2025 Commentary Revenue at the lower end of the guidance range as continued growth in Revenue 789 2’983 Flanker Brands and B2B & WHS did not fully outweigh the slower than YoY Growth +0.5% (1.1%) Broa
Slide 15: Revenue | Fixed Subscription Revenue declines partially offset
Revenue | Fixed Subscription Revenue declines partially offset by stable Mobile and Other Revenue growth Q4 2025 Revenue FY 2025 Revenue in CHFm, YoY Mobile Fixed in CHFm, YoY Mobile Fixed +4 (35) +0.5% (1.1%) 789 3’018 (1) (2) 785 1 11 2’983 (1) 0 (59) 3 (15) 3 9 (1) 14 0 3 6 (14) (60) Residential
Slide 16: Adj. EBITDAaL | Strong Opex evolution offsetting Gross Profit decline
Adj. EBITDAaL | Strong Opex spend evolution offsetting Gross Profit decline in 2025 Q4 2025 Adj. EBITDAaL FY 2025 Adj. EBITDAaL in CHFm, YoY in CHFm, YoY +9 (3) +0.9% (1.4%) 246 1’007 998 8 243 (7) 36 2 (47) 0 0 1 1 10 Gross Profit 1 Gross Profit 1 2 3 2 3 Q4 2024 Residential B2B & WHS Infra & Suppo
Slide 17: Adj. EBITDAaL less P&E Additions
Adj. EBITDAaL less P&E Additions | FY increase driven by Adj. EBITDAaL growth and reduction in P&E Additions Q4 2025 Adj. EBITDAaL less P&E Additions FY 2025 Adj. EBITDAaL less P&E Additions in CHFm, YoY in CHFm, YoY +25 +40 +23.8% +8.1% 3 130 3 528 1 2 2 3 2 2 1 9 11 1 10 6 105 6 6 2 (3) 3 489 9 To
Slide 18: Adj. FCF | Strong Q4 Performance supporting FY 2025 Adj. FCF
Adj. FCF | Strong Q4 Performance supporting FY 2025 Adj. FCF generation Q4 2025 Adj. FCF FY 2025 Adj. FCF in CHFm, YoY in CHFm, YoY +63 +17 +25.6% +4.7% 45 306 Adj. EBITDAaL less o/w leases P&E Add.: CHF 40m (7) Adj. EBITDAaL less CHF (1.2m) 28 (13) P&E Add.: CHF 25m o/w leases 47 CHF(15.2m) (32) (6
Slide 19: Debt Structure | Gross debt reduction alongside refinancings
Debt Structure | Gross debt reduction alongside refinancings to extend maturity profile & optimise cost Overview of debt structure and net debt (in CHFm) • Refinancing of a substantial part of the capital structure in 31 Dec 20241 31 Dec 20252 2025, leading to an extended debt maturity profile (c. 8
Slide 20: Dividend FY 2025 | Proposed Dividend of CHF 3.42 per Class A share
Dividend FY 2025 | Proposed Dividend of CHF 3.42 per Class A share, growing by 2.7% YoY Proposed Dividend for FY 20251 (subject to AGM approval) Key Dividend Dates Dividend per Class A Share CHF 3.42 7 May 2026 Annual General Meeting of Shareholders Dividend per Class B Share CHF 0.34 8 May 2026 Las
Slide 21: ADS | Sponsored ADS programs terminated
ADS | Sponsored ADS programs terminated Class A ADS Class B ADS • Program terminated on 13 November 2025 • Program terminated on 30 January 2026 • ~ 93% of the Class A ADSs were exchanged for Sunrise • ~ 99% of the Class B ADSs were exchanged for Sunrise Class A Shares on a net basis as of the termi
Slide 22: 2026 Outlook
2026 Outlook Q4 / FY 2025 Results | 18 February 2026
Slide 23: Outlook | Strategic direction unchanged, focus on growth engines
Outlook | Strategic direction unchanged, focus on 3 growth engines and incremental efficiencies Sunrise Strategy 2026 Main Brand Flanker Brands B2B & WHS ⚫ Premium positioning in A- ⚫ Participate in volume ⚫ Win market share in all core Segment based on Innovation, growth in lower-value B- segments
Slide 24: Outlook | Key financial drivers supporting 2026 Guidance
Outlook | Key financial drivers supporting 2026 Guidance Revenue Opex Capex Improved Revenue development vs 2025 • Sustained run-rate reductions with • Saving on lower necessity of capacity s incremental reductions through investments, less CPE reorganisation and external spend replacements and more
Slide 25: Outlook | 2026 Guidance
Outlook | 2026 Guidance 2026 Guidance (IFRS, rebased) Drivers Adj. FCF growth driven by higher Adj. EBITDAaL less P&E Additions, combined with the following Revenue Broadly stable dynamics: • Reduced debt interest payments reflecting ongoing de-leveraging Adj. EBITDAaL1 CHF ~1bn • Organic cash taxes
Slide 26: Final remarks
Final remarks Q4 / FY 2025 Results | 18 February 2026
Slide 27: Key Takeaways
Key Takeaways 1 FY 2025 Guidance achieved, supporting dividend proposal of CHF 3.421 (+2.7% YoY ) Delay in Main Brand Fixed stabilisation, balanced by continued 2 growth across Flanker Brands and B2B & WHS, alongside improved Opex and Capex trajectories 3 Financial Guidance for 2026 underpinning Adj
Slide 28: Q&A
Q&A Q4 / FY 2025 Results | 18 February 2026 28
Slide 29: Appendix
Appendix Q4 / FY 2025 Results | 18 February 2026
Slide 30: 2025 Revenue shift from FMC discount allocation
2025 Revenue shift from FMC discount allocation Technical shift of discount allocation included in Actuals 2025 (in CHFm) Technical shift of discount Residential customers allocation from Mobile to Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Fixed: • Adoption of the new Main Fixed Revenue: Brand Mobile
Slide 31: Q4 2024 Revenue split: Changes in product hierarchy and Legacy UPC customer shifts to B2B
Q4 2024 Revenue split: Changes in product hierarchy and Legacy UPC customer shifts to B2B 1 Adjustment in product Revenue split Reclassification Walkthrough Q4 20241 (in CHFm) hierarchy within Residential customers B2B & Wholesale Residential Customers Legacy and B2B & WHS reporting Q424 Product Leg
Slide 32: FY 2024 Revenue split: Changes in product hierarchy and Legacy UPC customer shifts to B2B
FY 2024 Revenue split: Changes in product hierarchy and Legacy UPC customer shifts to B2B 1 Adjustment in product Revenue split Reclassification Walkthrough FY 20241 (in CHFm) hierarchy within Residential customers B2B & Wholesale Residential Customers Legacy and B2B & WHS reporting FY24 Product Leg
Slide 33: Quarterly P&L and Cash Flow
Quarterly P&L and Cash Flow Financials - P&L CHF millions Q124 RB1 Q224 RB 2024RB (H1) Q324 RB Q424 RB 2024RB Q125 RB Q225 RB 2025RB (H1) Q325 RB Q425 RB 2025RB Revenue 746.8 737.5 1’484.3 749.0 784.7 3’018.0 722.1 731.6 1’453.7 740.9 788.8 2’983.4 Growth % (3.3)% (0.8)% (2.1)% (1.1)% 0.5 % (1.1)% C
Slide 34: Quarterly segment split
Quarterly segment split Financials - Revenue split CHF millions Q124 RB1 Q224 RB 2024RB (H1) Q324 RB Q424 RB 2024RB Q125 Q225 2025 (H1) Q325 Q425 2025 Revenue 746.8 737.5 1’484.3 749.0 784.7 3’018.0 722.1 731.6 1’453.7 740.9 788.8 2’983.4 Growth % (3.3)% (0.8)% (2.1)% (1.1)% 0.5 % (1.1)% Residential
Slide 35: Quarterly segment split (cont'd)
Quarterly segment split (cont’d) Financials - P&L CHF millions Q124 RB1 Q224 RB 2024RB (H1) Q324 RB Q424 RB 2024RB Q125 Q225 2025 (H1) Q325 Q425 2025 Revenue 746.8 737.5 1’484.3 749.0 784.7 3’018.0 722.1 731.6 1’453.7 740.9 788.8 2’983.4 Growth % (3.3)% (0.8)% (2.1)% (1.1)% 0.5 % (1.1)% Residential
Slide 36: Operational KPI's – Customer relationships
Operational KPI’s – Customer relationships Customer Relationships Q124 RB1 Q224 RB 2024RB H1 Q324 RB Q424 RB 2024RB Q125 Q225 2025 H1 Q325 Q425 2025 Fixed Customer Relationships represent the number of customers who receive at least one of Sunrise’s broadband internet, TV or fixed-line telephony ser
Slide 37: Operational KPI's – Base RGUs
Operational KPI’s – Base RGUs Base RGUs1 Q124 RB2 Q224 RB 2024RB H1 Q324 RB Q424 RB 2024RB Q125 Q225 2025 H1 Q325 Q425 2025 Internet Subscribers are homes, residential multiple dwelling units or Broadband Internet 3 commercial units that receive fixed broadband internet services over Sunrise’s fixed
Slide 38: Operational KPI's – ARPU Residential
Operational KPI’s – ARPU Residential ARPU (Residential) Q124 RB1 Q224RB 2024RB H1 Q324 RB Q424RB 2024RB H2 2024RB Q125 Q225 2025 H1 Q325 Q425 2025 H2 2025 Subscription Revenue CHFm 459 457 915 455 445 900 1’816 441 444 885 440 431 871 1’756 Fixed CHFm 254 251 505 247 241 488 992 239 238 477 231 226
Slide 39: Rebase information (1)
Rebase information (1) Rebase Information Rebase results, which are non-IFRS measures, are presented as a basis for assessing growth rates on a comparable basis. Rebase information is provided to show the results of the business without the impact of certain acquisition-related, transaction-related,
Slide 40: Rebase information (2)
Rebase information (2) Rebase Information Rebase results, which are non-IFRS measures, are presented as a basis for assessing growth rates on a comparable basis. Rebase information is provided to show the results of the business without the impact of certain acquisition-related, transaction-related,
Slide 41: Rebase information (3)
Rebase information (3) Rebase Information Rebase results, which are non-IFRS measures, are presented as a basis for assessing growth rates on a comparable basis. Rebase information is provided to show the results of the business without the impact of certain acquisition-related, transaction-related,
Slide 42: Non-IFRS Reconciliations (1)
Non-IFRS Reconciliations (1) Three months ended Three months ended 31-Mar-25 30-Jun-25 30-Sept-25 31-Dec-25 31-Mar-24 30-Jun-24 30-Sept-24 31-Dec-24 CHF in millions CHF in millions Adjusted EBITDA and Adjusted EBITDAaL: Net income (loss) (1.3) (53.6) (4.4) (49.2) (127.2) (73.7) (18.3) (142.7) Income
Slide 43: Non-IFRS Reconciliations (2)
Non-IFRS Reconciliations (2) Year ended December 31, 2025 2024 CHF in millions Adjusted EBITDA and Adjusted EBITDAaL: Net income (loss) (108.5) (361.9) Income tax expense (benefit) (19.9) (16.7) Share of losses (gains) of affiliates (5.9) (1.3) Net financial expense (income) 230.5 484.9 Operating in
Slide 44: Contact Information
Contact Information Sunrise Investor Relations Thurgauerstrasse 101B investor.relations@sunrise.net 8152 Glattpark (Opfikon) +41 58 777 61 00 Switzerland Q4 / FY 2025 Results | 18 February 2026
Sunrise Communications A — Q4 2025 Earnings Presentation on 6ix