Slides
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1 21 August 2025
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2 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 Act, the Prospectus Regulation (EU) 2017/1129 or the UK version of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended) or under any other applicable laws. This document may constitute advertising in accordance with article 68 of the Swiss Financial Services Act. Such advertisements are communications to investors aiming to draw their attention to financial instruments. Any investment decisions with respect to any securities should not be made based on such advertisement. Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding certain forecasted financial information, including Sunrise’s 2025 guidance and dividend growth expectations, its financial condition, results of operations, business, market share, network, subscription Revenue, Sunrise’s expected Adjusted Free Cash Flow generation, including the timing thereof, expectations with respect to customer trading volumes, Sunrise’s growth and other strategies, future growth prospects and anticipated methods of achieving growth, expectations, plans and opportunities of Sunrise, including its new connectivity offerings and the products and services to be launched, as well as the timing and benefits to be derived therefrom, the extension of Sunrise’s hockey rights until 2035, including the benefits to be derived therefrom, including with respect to MySports, Sunrise’s intentions with respect to its 5G Standalone offerings and the timing thereof, the anticipated shutdown of 3G on its network and future use of that new capacity, ongoing operational efficiencies, expectations with respect to Sunrise’s tax settlement charges, the expected phase-out of UPC customers, including the timing thereof, the macroeconomic environment, its future dividends and growth thereof, Sunrise’s plan to terminate its ADS programs, including the expected timing and consequences of such termination, Sunrise’s intention to terminate its U.S. Securities and Exchange Act reporting obligations, including the timing thereof, the amount, cost and tenor of Sunrise’s third-party debt and other information and statements that are not historical fact. These forward-looking statements are based on current expectations, estimates and projections about the factors that may affect Sunrise’s future performance and are subject to a wide variety of significant risks and uncertainties, some of which are beyond the control of Sunrise, that could cause actual results to differ materially from those expressed or implied by these statements. Such risks and uncertainties include, among others, Sunrise’s ability to successfully execute on its plans and strategies, Sunrise’s ability to realize the expected benefits from the series of transactions that closed on 8 November 2024 that resulted in the spin-off of Liberty Global Ltd.'s Swiss telecommunications operations to Sunrise (the Transaction), unanticipated difficulties or costs in connection with the Transaction, Sunrise’s ability to successfully operate as an independent public company and maintain its relationships with material counterparties after the Transaction, and other factors, including those detailed from time to time in Sunrise’s filings with the U.S. Securities and Exchange Commission (the SEC), including Sunrise´s most recently filed Form 20-F and in subsequent reports filed with the SEC. These forward-looking statements speak only as of the date hereof. Although Sunrise believes that its expectations reflected in any such forward-looking statement are based upon reasonable assumptions, no assurance can be given that these expectations will be achieved. Sunrise expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in their expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. You are cautioned not to place undue reliance on any forward-looking statement. Non-IFRS Financial Measures This presentation includes financial measures not presented in accordance with International Financial Reporting Standards (IFRS), including Adjusted EBITDA, Adjusted EBITDAaL, Adjusted EBITDAaL less P&E Additions, and Adjusted FCF. Adjusted EBITDA: Adjusted EBITDA is defined as net income (loss) before income tax benefit (expense), share of losses (gains) of affiliates, financial income, financial expenses, depreciation and amortization, share-based compensation expense, and impairment, restructuring and other operating items. Other operating items include (a) provisions and provision releases related to significant litigation, (b) certain related-party charges and (c) gains and losses on the disposition of long-lived assets. Adjusted EBITDAaL: Adjusted EBITDAaL is defined as Adjusted EBITDA after lease-related expenses. Sunrise believes Adjusted EBITDA and Adjusted EBITDAaL are meaningful measures because they represent a transparent view of Sunrise’s recurring operating performance that is unaffected by its capital structure and allows management to (a) readily view operating trends, (b) perform analytical comparisons and benchmarking between segments and (c) identify strategies to improve operating performance. Sunrise believes Adjusted EBITDA and Adjusted EBITDAaL are useful to investors because they provide a basis for comparing Sunrise performance with the performance of other companies in the same or similar industries. Adjusted EBITDAaL less P&E Additions: Adjusted EBITDAaL less P&E Additions is defined as Adjusted EBITDAaL less property and equipment additions on an accrual basis (excluding those P&E additions under finance lease). Adjusted EBITDAaL less P&E Additions is a meaningful measure because it provides (i) a transparent view of Adjusted EBITDAaL that remains after capital spend, which Sunrise believes is important to take into account when evaluating overall performance and (ii) a comparable view of Sunrise performance relative to other telecommunications companies. Adjusted Free Cash Flow: Adjusted FCF is defined as net cash provided by operating activities, plus (a) operating-related vendor financed additions (which represents an increase in the period to actual cash available as a result of extending vendor payment terms beyond normal payment terms, which are typically 90 days or less, through non-cash financing activities), and (b) cash receipts in the period from interest-related derivatives, less (i) cash payments in the period for interest, (ii) cash payments in the period for capital expenditures, (iii) principal payments on amounts financed by vendors and intermediaries (which represents a decrease in the period to actual cash available as a result of paying amounts to vendors and intermediaries where Sunrise previously had extended vendor payments beyond the normal payment terms), and (iv) principal payments on lease liabilities (which represents a decrease in the period to actual cash available). Sunrise believes its presentation of Adjusted FCF provides useful information to investors because this measure can be used to gauge its ability to (i) service debt and (ii) fund new investment opportunities after consideration of all actual cash payments related to its working capital activities and expenses that are capital in nature, whether paid inside normal vendor payment terms or paid later outside normal vendor payment terms (in which case payment is typically made in less than 365 days). Adjusted FCF should not be understood to represent Sunrise’s ability to fund discretionary amounts, as they have various mandatory and contractual obligations, including debt repayments, that are not deducted to arrive at these amounts. These non-IFRS financial measures should be viewed as supplements to, and not substitutes for, IFRS measures of performance or liquidity as presented in Sunrise’s IFRS financial statements. These non-IFRS financial measures have no standardized meaning under IFRS and may not be comparable to similarly titled measures reported by other companies. They should not be considered in isolation or as an alternative for or superior to IFRS measures. These measures are presented and described in order to provide additional means of understanding Sunrise’s results in the same manner as its management team. Not for release, publication or distribution, in whole or in part, directly or indirectly, in any jurisdiction in which the release, publication or distribution would be unlawful. Disclaimer
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1 3G Switch-off completed and launch of New Product Offerings • 3G Switch-off completed: First operator in Europe with a modern 4G / 5G Standalone only network • Launch of New Product Offerings, refresh of the Yallo Portfolio and completion of the UPC Customer base migration • Net Adds softer in Q2 due to reduced commercial activity in the beginning of Q2, while ARPU trends are improving 2 Q2 Revenue trend and Adj. EBITDAaL improving • Q2 Revenue (0.8%) YoY with sequential improvement as a result of the impact of the price increase, continued B2B Service Revenue growth and a recovery of hardware sales compared to prior quarter (partly driven by 3G Switch-off) • Q2 Adj. EBITDAaL +1.9% YoY as a result of continued cost optimizations • FY 2025 Guidance re-confirmed, including an expected DPS growth of +2.7% YoY 3 Additional refinancing and ADS delisting • New EUR 550m Senior Secured Notes priced due 2032 to refinance existing Term Loans. Transaction extends Sunrise’s debt maturity profile and further optimizes the weighted average cost of debt • Sunrise Class A American Depositary Shares have been delisted from Nasdaq on 15 August 2025, termination of the sponsored ADS programs planned for around mid November 2025 Key takeaways 3
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Q2 2025 Results | 21 August 2025 Commercial Performance
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Q2 2025 Results | 21 August 2025 5 Mobile Market | Established 3-Tier market structure with different liquidity dynamics Premium segment Smart Shopper segment Budget segment Mobile Market 1 Market sizes based on Sunrise research & estimates, Primary Postpaid Residential only (Volumes) • Largest and most relevant market segment (~50%)1 with fully integrated, high quality, individualized services • Competitors behaving rationally, with price becoming less of an attractor • Small, highly competitive market segment (~10%)1 characterized by plain vanilla offerings at low prices • Liquidity increasing, recent new market entries in the MVNO / FVNO segments • Promo-driven, established market segment (~40%)1 with no-frills services & products focusing on core customer needs • Liquidity slightly moderating due to evolvement of the Budget segment • Attraction of price diminishing especially in the Premium segment, hence we see liquidity reducing and Net Adds slowing down • In this lower liquidity environment the market has evolved into a 3-Tier structure, with the Premium segment remaining the largest and most relevant market segment • The Smart Shopper segment remains promotional whilst seeking new ways to differentiate from Budget segment to keep volume momentum high • The Budget segment with aggressive pricing and new competitors is increasing in liquidity, overall market size however remains small • Sunrise is well positioned with its multi-brand strategy suited to address the customer needs in all market segments Market Dynamics Low High (moderating) High (increasing) Liquidity Market Segment & Description Sunrise Brands
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Q2 2025 Results | 21 August 2025 6 Commercial Developments | Launch of Insurance offers, Yallo Portfolio Refresh and new SME Ready Portfolio Travel and Cyber Insurance Yallo Portfolio Refresh SME Ready Portfolio • Exclusive travel and cyber insurance products available to Sunrise’s existing customers now • Offers include individually tailored coverage, flexible duration, innovative add-on options and a solution-oriented approach • Products launched in collaboration with expert insurance partners Launch of two new “Plug & Work” offers to address the SME market: • “SME Ready Office” includes cloud calling, call flat rates, cybersecurity solutions and high-speed Internet • “SME Ready Mobile Office” offers companies a solution for mobile working from any location • All-inclusive, carefree solutions that require no own ICT infrastructure • Broader customer reach with additional customized roaming plans • Customer experience focus by increasing speed to 2Gbit/s on our multi-award winning 5G network • New smartwatch option to extend product offering, enhance ARPU and reduce churn B2C B2B
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Q2 2025 Results | 21 August 2025 MySports | Sunrise extends hockey rights until 2035 2006 - 2016 – Sports rights monopoly • Live sports largely owned by Swisscom and distributed via Teleclub • Sports rights market defined by exclusivity 2016 / 2017 – Launch of MySports • UPC & Suissedigital members break up Sports rights monopoly • Acquisition of exclusive Swiss hockey rights & Bundesliga sublicense 2020 / 2021 – COMCO Intervention Today – Market Stability Pay-TV Sports rights history • COMCO rules against rights exclusivity • Reciprocal distribution deal between UPC and Swisscom allows customers access to all sports • Sports rights allocated, with Swisscom focusing on football and Sunrise on hockey • Sunrise prolongs Swiss National League hockey rights until 2035 Improved financial conditions1 as rights costs continue to decline since COMCO ruled against exclusivity Sunrise extends Swiss National League hockey rights for an additional 8 years until 2035 MySports reaches final stage of strategic intention, now able to grow into a profitable business 1 New conditions to come into effect with the beginning of the new rights cycle and the season 2027/28 7
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Q2 2025 Results | 21 August 2025 8 Sunrise 5G Standalone coverage 3G Switch-off marks the next step in Sunrise’s 5G Standalone journey, following the 2G Switch-off in 2023 ~200 3G-only sites upgraded, Switch-off completed in August 2025 Switch-off increases 4G and 5G capacity with faster mobile network speeds and higher energy efficiency • Full network 5G Standalone ready since Q1 2025 • Devices certified, incl. iPhone and Samsung Galaxy • 3G Switch-off completed in August 2025 • → Impact: Temporary hardware sales increase and heightened churn • >300k customers actively using 5G Standalone already Full commercial roll-out in H2 2025, including enhanced B2B offering 3G Switch-off | Sunrise is the first operator in Europe with a modern 4G / 5G Standalone only network
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Mobile ARPU trend improving as the subscription revenue is stabilizing due to the full impact of this year’s price increases; this is partly offset by the continued variable revenue decline due to reduced roaming usage Fixed ARPU declining YoY however with an upward trend as the full impact of the price increases (Main Brand only) and the sequentially declining impact from the right-pricing take effect. Continuous growth of the relative Flanker Brand share counteracts this trend Fixed Mobile Convergence continued to increase, up by +1.4% YoY Net adds growth in Q2 2025 softer due to reduced commercial activity in the beginning of the quarter and implementation of the price increases: • Mobile Postpaid sequentially improved compared to Q1 2025 supported by the introduction of the new mobile portfolio • Internet +0k organically impacted by lower market liquidity, price increase related churn and the final phase-out of the UPC Customer base migration UPC Customer base migration completed in Q2 2025 Net Adds expected to remain moderate going forward due to lower liquidity in the market ARPU3 in CHF Net Additions1 in k FMC2 as % of base Postpaid Internet Commercial Results | ARPU stabilizing on the back of reduced commercial activity; UPC migration completed 7 4 10 5 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 29 48 33 12 1826 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 59 57.1% 57.5% 58.0% 58.3% 58.5% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 4 Mobile Fixed 29.7 29.8 29.0 28.6 29.3 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 60.6 59.8 58.4 58.0 57.9 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 (1.3%) (6.8%) (5.9%) (3.6%) (1.6%) (1.3%) (4.6%) (5.9%) (5.3%) (4.5%) 6 6 YoY % YoY % 7 Q2 2025 Results | 21 August 2025 0 5 1 Net Additions incl. Residential and B2B 2 Defined as number of customers who subscribed to both a fixed broadband internet service and post-paid mobile telephony service, divided by the total number of customers who subscribe to at least one fixed broadband internet service 3 ARPU based on residential customers only; mobile ARPU based on mobile subscription Revenue divided by mobile RGUs, and fixed ARPU based on fixed subscription Revenue divided by fixed customer relationships 4 26k net additions were generated by a one-off effect in B2B Large Enterprise in connection with a commercial renewal agreement 5 Organic net adds of 0k in Q2 2025, removal of ~2k non-organic, non-revenue generating customers as part of the interbrand migrations not included; Broadband Internet Base RGU development in Q2 2025 includes the removal resulting in (2k) as per factsheet disclosure 6 Q2-Q4 24 YoY growth rates from Q4 2024 disclosure, excluding rebasings (product hierarchy changes and Legacy UPC customer shift) 7 Q1 2025 ARPU supported by one-off correction of ~CHF 0.30 9
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Q2 2025 Results | 21 August 2025 Financial Results
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Q2 2025 Results | 21 August 2025 11 in CHFm, YoY Revenue Adj. EBITDAaL1 % of Revenue CAPEX2 % of Revenue Adj. EBITDAaL less P&E Additions % of Revenue Adj. FCF3 Financial Summary | Revenue sequentially improving and cost savings leading to growing Adj. EBITDAaL in Q2 2025 • Revenue trend stabilizing (0.8%) YoY as Residential Fixed and Mobile sequentially improving due to the full effect of the price increases and recovery of hardware sales compared to prior quarter (partly driven by 3G Switch-off), while B2B service revenues continue to grow on Fixed and Mobile. Overall Revenue decline largely driven by Residential Fixed due to the continued impact of the right-pricing as well as brand mix • Gross Profit (0.4%) YoY compensating in part the Revenue decline due to different prior year phasing of network related costs • Adj. EBITDAaL growing +1.9% YoY as a result of Opex efficiencies in addition to a decline in lease costs • Capex reduction of CHF 10m driven by lower YoY CPE spend and phase out of Cost-to-Capture, leading to strong growth of the Adj. EBITDAaL less P&E additions of +12% YoY • Adj. FCF of CHF 153m reflecting typical in-year phasing Commentary on Q2 2025 Financials 738 732 (0.8%) 1,484 1,454 (2.1%) 249 33.8% 254 34.7% +1.9% 489 32.9% 494 34.0% +1.1% 126 17.1% 116 15.9% (7.9%) 257 17.3% 260 17.9% +0.9% 123 16.7% 138 18.8% +12.0% 231 15.6% 235 16.1% +1.4% 173 153 (11.2%) 113 37 (67.3%) Q2 2024 Q2 2025 Δ H1 2024 H1 2025 Δ Note: All financial metrics are presented on a rebased IFRS basis (RB); refer to the appendix for definitions and reconciliations of alternative performance measures. 1 The 2024YTD accounting reclassification related to fibre lease resulted in an CHF 8m decrease in Direct Costs and a corresponding increase in Opex (CHF 4.5m in B2B, CHF 3.5m in I&S). 2 This excludes additions from leases, ice-hockey rights and M&A activity. 3 In Q4 2024, Sunrise reached a pre-final tax settlement with the Canton Zurich tax authority, covering fiscal years 2019 – 2024 and amounting to ~CHF 60m. Adj. FCF excludes the tax settlement related charge (expected to be ~CHF 40m for FY 2025 of which CHF 11.2m recorded in Q1 2025 and CHF 8.8m recorded in Q2 2025) and is not included in the FY 2025 guidance due to pre-funding of the tax settlement by Liberty Global.
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Q2 2025 Results | 21 August 2025 12 4 2 1 Q2 2024 0 (13) Subscription Other Subscription 0 Other 1 Infra & Support Q2 2025 738 732 (6) (0.8%) Mobile Fixed Residential B2B & WHS Revenue | Trend improving due to price increases, B2B Service Revenues and hardware sales recovery in CHFm, YoY Revenue 3 2 3 1 Residential: Subscription • Fixed Subscription Revenue sequentially improving as price increases take effect, however impacted by the right-pricing impact as well as the brand mix • Mobile Subscription Revenue flat YoY as a result of the price increases and a higher subscriber base, offset by lower variable roaming usage and prepaid mobile B2B & WHS: Subscription • Service revenues growing YoY driven by customer growth in Fixed, while Mobile supported by WHS MVNO. YoY growth however softening due to the lapping of a large customer deal from 2024 as well as slower ramp-up of the SME portfolio Other / Non-Subscription • Non-subscription / Hardware Mobile growing YoY due to a recovery in hardware sales vs Q1 (partly driven by 3G Switch-off), while Fixed declined due to continued lower TV gifting (Residential) and lower non-subscription / hardware revenues • Other revenues increased YoY as a result of higher fees collected due to price adjustments 1 2 3
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Q2 2025 Results | 21 August 2025 13 Adj. EBITDAaL 4 3 4 3 Q2 2024 (10) Residential B2B & WHS Infra & Support OPEX Leasing Q2 2025 249 254 +5 +1.9% Gross Profit Adj. EBITDAaL | Revenue decline only partially impacting Gross Profit, growth driven by Opex efficiencies and leases 1 2 3 in CHFm, YoY Gross Profit • Residential decline driven largely by the lower fixed subscription revenue due to the right-pricing impact with direct costs largely stable • B2B & WHS growth driven by increased B2B subscription Revenues mainly in Fixed as well as lower direct costs (WHS Voice); slower growth YoY driven by the lapping of a large customer deal from 2024 • Infra & Support growth due to different prior year phasing of Direct Costs (network) OPEX • Opex with continued improvements driven by cost synergies from the UPC mobile core switch-off as part of the integration and lower maintenance spend, as well as the impact of the employee share purchase plan1on staff costs Leasing • Net decrease in Leasing spend related to different quarterly access cost 1 2 3 Note: All financial metrics are presented on a rebased IFRS basis (RB); refer to the appendix for definitions and reconciliations of alternative performance measures. 1 see slide 18 for details
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Q2 2025 Results | 21 August 2025 14 Adj. EBITDAaL less P&E Additions Adj. FCF Adj. EBITDAaL less P&E Additions & Adj. FCF | Lower Capex spend in Q2 while Adj. FCF driven by seasonality in CHFm, YoY in CHFm, YoY 5 Q2 2024 Adj. EBITDAaL (5) Baseline Q2 2025Product & Enablers 2 Capacity (1) Coverage (0) CPE 123 138 (6) +15 +12.0% Q2 2024 5 Adj. EBITDAaL 10 Capex 3 Interest (1) Tax (36) WC / Other Q2 2025 173 153 (19) (11.2%) Adj. EBITDAaL less P&E Add.: 15m o/w leases +0.5m 1 2 Total Q2 Capex: CHF 116m, (10m) YoY 3 Note: All financial metrics are presented on a rebased IFRS basis (RB); refer to the appendix for definitions and reconciliations of alternative performance measures. 1 expected to be ~CHF 40m for FY2025 of which CHF 11.2m recorded in Q1 2025 and CHF 8.8m recorded in Q2 2025 Adj. EBITDAaL less P&E Additions with strong growth in Q2, driven by Adj. EBITDAaL growth and CHF 10m lower Capex spend due to: CPE (Customer Premise Equipment) Different CPE delivery schedule in Residential across brands Baseline Further phase out of IT related Cost-to-Capture as well as different network baseline phasing YoY Adj. FCF reflecting typical in-year phasing, with the majority of the targeted 2025 Adj. FCF expected to be generated in Q4 2025 Interest decline in Q2 driven by lower Vendor Finance repayments YoY in Q2 and the related interest paid Tax spend largely unchanged YoY; cash tax amount excludes the tax settlement related charge1 Working Capital / Other payments decreased YoY driven by a different customer collection cycle vs PY and the additional standalone costs incurred 1 2 1 2 1 3 2
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Q2 2025 Results | 21 August 2025 15 1 Quantitative reconciliations to net earnings/loss (including net earnings/loss growth rates) & cash flow from operating activities for Adj. EBITDA, Adj. EBITDAaL, and Adj. FCF Guidance cannot be provided without unreasonable efforts as we do not forecast (i) certain non-cash charges including: the components of nonoperating income/expense, depreciation and amortization, and impairment, restructuring and other operating items included in net earnings/loss from continuing operations, nor (ii) specific changes in working capital that impact cash flows from operating activities. The items we do not forecast may vary significantly from period to period; barring unforeseen events 2 In Q4 2024 Sunrise reached a pre-final tax settlement with the Canton Zurich tax authority, covering fiscal years 2019 – 2024 and amounting to ~CHF 60m. Adj. FCF excludes the tax settlement related charge (expected to be ~CHF 40m for FY 2025 of which CHF 11.2m recorded in Q1 2025 and CHF 8.8m recorded in Q2 2025) and is not included in the FY 2025 guidance due to pre-funding of the tax settlement by Liberty Global 3 To be proposed by the Sunrise Board of Directors upon achieving the FY 2025 financial guidance and subject to the approval by the Annual General Meeting Outlook | 2025 Guidance re-confirmed Rebasing of 2024 Adj. EBITDAaL • FY 2024 Adj. EBITDAaL of CHF 1’030m to be rebased by incremental recurring standalone costs in the amount of c. CHF 30m+ for FY 2024 (of which CHF 9.8m has been rebased in Q1 2024 and CHF 9.2m in Q2 2024) • Rebased FY 2024 Adj. EBITDAaL serves as the starting point for the 2025 Guidance in order to compare 2025 results on a like-for-like basis Revenue Adj. EBITDAaL1 Capex / Revenue Adj. FCF1 Dividend3 15 - 16% Stable to low-single digit growth Broadly stable (expected at the lower end of range) CHF 370 - 390m2 2025 Guidance (IFRS, rebased) DPS of CHF 3.42 per Class A / ~CHF 0.34 per Class B (2026 Dividend for FY 2025)
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Q2 2025 Results | 21 August 2025 16 ADS | Voluntary de-listing of Class A ADS from Nasdaq and upcoming termination of sponsored ADS programs • Expected termination of Class A and Class B ADS programs on or around 13 November 2025 • Class A and Class B holders to be informed of the exact date by the Depositary Bank • Class A ADS trade in the U.S. over-the-counter (OTC) market until termination of the Class A ADS program • Sunrise intends to cease its SEC1 reporting as soon as it is permitted to do so Next steps • Share trading volumes continued to progressively transition to SIX Swiss Exchange, with Switzerland accounting for the majority of trading in Sunrise shares since March 2025 • Last day of trading for Class A ADS on Nasdaq was 15 August 2025 • ~87% of the Class A ADS and ~98% of the Class B ADS exchanged for Sunrise shares on a net basis as of 15 August 2025 • Sunrise Class A Shares continue to be listed on SIX Swiss Exchange under the ticker «SUNN» Class A ADS de-listing from Nasdaq 1 U.S Securities and Exchange Commission
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Q2 2025 Results | 21 August 2025 Final remarks
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Q2 2025 Results | 21 August 2025 18 Invest 5 to 20% of base salary over3 or 6 months (May to October 2025) 33% discount to share price with a one-year blocking period Majority of employees eligible ~50% participation rate (out of ~2’400 eligible employees) Strong Engagement 2/3 of employees chose “All-in” (6 months investment period with 20% of monthly base salary) High Commitment → Ownership Culture @ Sunrise Employee Share Purchase Plan | Strong engagement and high commitment from our employees
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Final remarks 3G Switch-off completed, marking the next step in our 5G Standalone journey Step up of our commercial activities since end of Q2, however market liquidity expected to remain moderate Q2 Revenue trend and Adj. EBITDAaL improving; FY 2025 Financial Guidance re-confirmed 1 2 3 19
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Q2 2025 Results | 21 August 2025 20 Q&A
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Q2 2025 Results | 21 August 2025 21 Appendix
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Q2 2025 Results | 21 August 2025 22 Legacy UPC customer shift from Residential to B2B & WHS due to Customer base migrations leading to total Revenue transfer of CHF 3.1m from Residential to B2B & WHS Adjustment in product hierarchy within Residential Customers and B2B & WHS reporting segments, resulting in reclassified but unchanged overall Revenues 2 1 Revenue split Reclassification Walkthrough Q2 20241 (in CHFm) Residential customers B2B & Wholesale Q224 Actuals/ Factsheet FY24 Product hierarchy change Legacy UPC customer shift from Residential Q224 Rebased/ Factsheet Q225 Q224 Actuals/ Factsheet FY24 Product hierarchy change Legacy UPC customer shift to B2B Q224 Actuals/ Factsheet Q225 Fixed revenue: Subscription 249.6 3.9 (2.7) 250.7 72.0 0.7 2.7 75.5 Non-subscription and hardware 3.5 5.5 9.0 45.8 (0.7) 45.0 Mobile Revenue: Subscription 208.9 (2.4) (0.4) 206.1 66.0 (0.1) 0.4 66.2 Non-subscription and hardware 40.8 0.2 41.0 18.0 0.2 18.3 Other 30.3 (7.2) 23.4 0.8 (0.1) 0.6 Total Revenue: 533.1 0.0 (3.1) 530.2 202.6 0.0 3.1 205.6 Q2 Revenue split: Changes in product hierarchy and Legacy UPC customer shifts to B2B 1 2 1 2 1 H2 2024 Revenue rebasings based on current estimates and subject to change, as the product hierarchy changes are complete however the Customer base migration shifts to B2B are still subject to change depending on 2025
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Q2 2025 Results | 21 August 2025 23 Legacy UPC customer shift from Residential to B2B & WHS due to Customer base migrations leading to total Revenue transfer of CHF 5.9m from Residential to B2B & WHS Adjustment in product hierarchy within Residential Customers and B2B & WHS reporting segments, resulting in reclassified but unchanged overall Revenues 2 1 Revenue split Reclassification Walkthrough H1 20241 (in CHFm) Residential customers B2B & Wholesale H124 Actuals/ Factsheet FY24 Product hierarchy change Legacy UPC customer shift from Residential H124 Rebased/ Factsheet Q225 H124 Actuals/ Factsheet FY24 Product hierarchy change Legacy UPC customer shift to B2B H124 Actuals/ Factsheet Q225 Fixed revenue: Subscription 502.3 7.7 (5.3) 504.6 142.2 1.2 5.3 148.8 Non-subscription and hardware 7.8 14.9 22.7 91.0 (1.2) 89.7 Mobile Revenue: Subscription 416.2 (4.6) (0.6) 411.0 131.3 (1.3) 0.6 130.5 Non-subscription and hardware 89.7 0.4 90.1 35.9 1.5 37.5 Other 64.2 (18.4) 46.1 1.5 (0.2) 1.2 Total Revenue: 1’080.2 0.0 (5.9) 1’074.5 401.9 0.0 5.9 407.7 H1 Revenue split: Changes in product hierarchy and Legacy UPC customer shifts to B2B 1 2 1 2 1 H2 2024 Revenue rebasings based on current estimates and subject to change, as the product hierarchy changes are complete however the Customer base migration shifts to B2B are still subject to change depending on 2025
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Q2 2025 Results | 21 August 2025 1 Converted at the following exchange rates: CHF/EUR exchange rate of 1.0645, CHF/USD exchange rate of 1.1016 2 Converted at the following exchange rates: CHF/EUR exchange rate of 1.0705, CHF/USD exchange rate of 1.2591 3 Excludes finance lease obligations 4 Includes pre-funding for tax settlement of ~CHF 50m by Liberty Global 5 Relating to third-party debt obligations excluding Vendor Financing and before the impact of derivatives 6 Excluding Vendor Financing and commitment fees Overview of debt structure and net debt (in CHFm) 31 Dec 20241 30 June 20252 Senior Credit Facilities 2’239 1’588 Senior Secured Notes 1’469 1’841 Senior Notes 629 583 Vendor Financing 350 399 Third-party Debt Obligations3 4’687 4’411 Cross-Currency Principal 240 592 Gross Debt 4’927 5’003 Cash & Cash equivalents 3524 134 Net Debt 4’575 4,869 24 • May 2025: Issued new 4.625% EUR 550 million Senior Secured Notes due 2032 to refinance existing EUR Term Loans B due 2029 in full (incl. associated derivative terminations and transaction-related costs) • May/June 2025: Amended, extended and optimised pricing of its revolving credit facilities (“RCF”) with relationship banks to a CHF 500 million facility maturing in March 2031 • Weighted Average Cost of Debt of 2.8%6 as of 30 June 2025 • Debt stack fully hedged against interest rate and currency changes until 2029 and fully swapped into CHF Debt maturity profile5 2025 2026 2027 2028 2029 2030 2031 2032 22% 24% 39% 15% Debt Structure
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Q2 2025 Results | 21 August 2025 25 Quarterly P&L and Cash Flow 1 RB = Rebased 2 Q2 2024 reported EBITDAaL CHF 1.7m higher as compared to published Q4 2024 report following opex phasing correction of CHF 1.7m versus Q4 2024, neutral on a FY basis 3 Excluding additions from leases, ice-hockey rights and M&A activity 4 In Q4 2024, Sunrise reached a pre-final tax settlement with the Canton Zurich tax authority, covering fiscal years 2019 – 2024 and amounting to ~CHF 60m. Adj. FCF excludes the tax settlement related charge (expected to be ~CHF 40m for FY 2025 of which CHF 11.2m recorded in Q1 2025 and CHF 8.8m recorded in Q2 2025) and is not included in the FY 2025 guidance due to pre-funding of the tax settlement by Liberty Global Financials - P&L CHF millions Q124 RB1 Q224 RB 2024RB (H1) Q125 Q225 2025 (H1) Revenue 746.8 737.5 1,484.3 722.1 731.6 1,453.7 Growth % (3.3)% (0.8)% (2.1)% CoS 201.7 195.2 396.9 184.3 191.7 376.0 Gross Profit 545.1 542.3 1,087.4 537.8 539.9 1,077.7 Growth % (1.3)% (0.4)% (0.9)% Margin % 73.0 % 73.5 % 73.3 % 74.5 % 73.8 % 74.1 % OPEX 256.1 242.9 499.0 249.5 238.5 488.0 SBC 4.8 5.2 10.0 7.3 16.2 23.5 Adjustments (4.8) (5.2) (10.0) (7.3) (16.2) (23.5) Adj. EBITDA 289.0 299.4 588.4 288.3 301.4 589.7 Leases 49.8 50.0 99.8 48.3 47.3 95.6 Adj. EBITDAaL2 239.2 249.4 488.6 240.0 254.1 494.1 Growth % 0.4 % 1.9 % 1.1 % Margin % 32.0 % 33.8 % 32.9 % 33.2 % 34.7 % 34.0 % P&E Additions (CAPEX) 3 130.8 126.4 257.2 143.1 116.4 259.5 % of Revenue 17.5 % 17.1 % 17.3 % 19.8 % 15.9 % 17.9 % CPE 23.5 28.1 51.6 26.6 22.8 49.4 Coverage 16.2 19.3 35.5 20.8 18.9 39.7 Capacity 11.9 16.9 28.8 14.4 16.0 30.4 Product & Enablers 19.1 26.7 45.8 21.2 28.8 50.0 Baseline 60.1 35.4 95.5 60.1 29.9 90.0 Adj. EBITDA less P&E add. 158.2 173.0 331.2 145.2 185.0 330.2 Adj. EBITDAaL less P&E add. 108.4 123.0 231.4 96.9 137.7 234.6 Growth % (10.6)% 12.0 % 1.4 % % revenue 14.5 % 16.7 % 15.6 % 13.4 % 18.8 % 16.1 % Interest (90.2) (5.5) (95.7) (97.3) (2.6) (99.9) Tax4 (1.1) (0.1) (1.2) (0.2) (1.0) (1.2) Working Capital & Other (77.1) 55.3 (21.8) (115.9) 19.2 (96.7) o/w Leasing 14.9 12.7 27.6 (2.9) 13.2 10.3 Adj. FCF (59.9) 172.6 112.7 (116.5) 153.3 36.8
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Q2 2025 Results | 21 August 2025 26 Quarterly segment split Note: H2 2024 Revenue rebasings based on current estimates and subject to change, as the product hierarchy changes are complete however the Customer base migration shifts to B2B are still subject to change depending on 2025 1 RB = Rebased Financials - Revenue split CHF millions Q124RB1 Q224RB 2024RB (H1) Q324RB Q424RB 2024RB Q125 Q225 2025 RB (H1) Revenue 746.8 737.5 1,484.3 749.0 784.7 3,018.0 722.1 731.6 1,453.7 Growth % (3.3)% (0.8)% (2.1)% Residential Customers 544.3 530.2 1,074.5 535.2 551.5 2,161.2 520.3 521.3 1,041.6 Fixed Revenue 267.6 259.7 527.3 256.4 252.7 1,036.4 250.9 245.9 496.8 o/w Subscription 253.9 250.7 504.6 246.6 241.0 992.2 239.4 237.5 476.9 o/w Non-Subscription & Hardware 13.7 9.0 22.7 9.8 11.7 44.2 11.5 8.4 19.9 Mobile Revenue 254.0 247.1 501.1 255.0 275.9 1,032.0 245.1 249.8 494.9 o/w Subscription 204.9 206.1 411.0 208.3 204.2 823.5 201.8 206.3 408.1 o/w Non-Subscription & Hardware 49.1 41.0 90.1 46.7 71.7 208.5 43.3 43.5 86.8 Other 22.7 23.4 46.1 23.8 22.9 92.8 24.3 25.6 49.9 Business Customers & Wholesale 202.1 205.6 407.7 210.7 223.9 842.3 200.8 208.0 408.8 Fixed Revenue 118.0 120.5 238.5 120.8 134.9 494.2 117.4 120.8 238.2 o/w Subscription 73.3 75.5 148.8 79.9 78.1 306.8 76.4 77.0 153.4 o/w Non-Subscription & Hardware 44.7 45.0 89.7 40.9 56.8 187.4 41.0 43.8 84.8 Mobile Revenue 83.5 84.5 168.0 89.2 88.3 345.5 82.7 86.3 169.0 o/w Subscription 64.3 66.2 130.5 68.1 66.8 265.4 65.8 67.4 133.2 o/w Non-Subscription & Hardware 19.2 18.3 37.5 21.1 21.5 80.1 16.9 18.9 35.8 Other 0.6 0.6 1.2 0.7 0.7 2.6 0.7 0.9 1.6 Infrastructure & Support Functions 0.4 1.7 2.1 3.1 9.3 14.5 1.0 2.3 3.3 Other 0.4 1.7 2.1 3.1 9.3 14.5 1.0 2.3 3.3
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Q2 2025 Results | 21 August 2025 27 Quarterly segment split (cont’d) 1 RB = Rebased Financials - P&L CHF millions Q124 RB1 Q224 RB 2024RB (H1) Q125 Q225 2025 (H1) Revenue 746.8 737.5 1,484.3 722.1 731.6 1,453.7 Growth % (3.3)% (0.8)% (2.1)% Residential Customers 544.3 530.2 1,074.5 520.3 521.3 1,041.6 Business Customers & Wholesale 202.1 205.6 407.7 200.8 208.0 408.8 Infrastructure & Support Functions 0.4 1.7 2.1 1.0 2.3 3.3 CoS 201.7 195.2 396.9 184.3 191.7 376.0 Gross Profit 545.1 542.3 1,087.4 537.8 539.9 1,077.7 Growth % (1.3)% (0.4)% (0.9)% Margin % 73.0 % 73.5 % 73.3 % 74.5 % 73.8 % 74.1 % Residential Customers 421.0 413.7 834.7 403.1 404.2 807.3 Business Customers & Wholesale 128.9 132.6 261.5 136.6 136.9 273.5 Infrastructure & Support Functions (4.8) (4.0) (8.8) (1.9) (1.2) (3.1) OPEX 256.1 242.9 499.0 249.5 238.5 488.0 SBC 4.8 5.2 10.0 7.3 16.2 23.5 Adjustments (4.8) (5.2) (10.0) (7.3) (16.2) (23.5) Adj. EBITDA 289.0 299.4 588.4 288.3 301.4 589.7 Leases 49.8 50.0 99.8 48.3 47.3 95.6 Adj. EBITDAaL 239.2 249.4 488.6 240.0 254.1 494.1 Growth % 0.4 % 1.9 % 1.1 % Margin % 32.0 % 33.8 % 32.9 % 33.2 % 34.7 % 34.0 % Residential Customers 298.2 306.6 604.8 279.6 296.1 575.7 Business Customers & Wholesale 98.8 101.0 199.8 104.3 103.1 207.4 Infrastructure & Support Functions (157.8) (158.2) (316.0) (143.9) (145.1) (289.0)
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Q2 2025 Results | 21 August 2025 28 Operational KPIs – Customer relationships Customer Relationships Q124 RB4 Q224 RB 2024 H1 RB Q324 RB Q424 RB 2024 H2 RB 2024 RB Q125 Q225 2025 H1 o/w Fixed1 Fixed Customer Relationships represent the number of customers who receive at least one of Sunrise’s broadband internet, TV or fixed-line telephony services, without regard to which or to how many services they subscribe. Fixed Customer Relationships generally are counted on a unique premises basis. Accordingly, if an individual receives Sunrise’s services in two premises (e.g., a primary home and a vacation home), that individual generally will count as two Fixed Customer Relationships. Sunrise’s fixed customer relationships include customers who receive Basic Cable Services (“BCS”) which are services delivered without the use of encryption-enabling, integrated or virtual technology as well as customers who receive fixed telephony services over Sunrise’s networks, or that Sunrise services through a partner network. Residential 1,380,333 1,375,802 1,375,802 1,376,455 1,375,785 1,375,785 1,375,785 1,374,041 1,360,565 1,360,565 Business2 115,167 118,065 118,065 120,975 121,523 121,523 121,523 123,009 130,321 130,321 Convergence (FMC Penetration) Fixed-mobile convergence penetration represents the number of customers who subscribe to both a fixed broadband internet service and pre- or postpaid mobile telephony service, divided by the total number of customers who subscribe to fixed broadband internet service. Residential 56.8% 57.1% 57.1% 57.5% 58.0% 58.0% 58.0% 58.3% 58.5% 58.5% Business3 84.4% 83.8% 83.8% 82.0% 78.9% 78.9% 78.9% 77.9% 77.2% 77.2% (1) 2024 was rebased to reflect a H1 non -organic cleanup related to legacy products without revenue impact, as well as to reflec t the legacy customer shifts between residential and B2B related to our interbrand migrations (2) Business customer and wholesale fixed relationships and Fixed RGUs include customers who receive fixed services that are the same or similar to mass marketed product offered to residential customers. This includes customers who receive discounted services pursuant to a program Sunrise has in place with their employer, small or home office (“SOHO”) customers a nd small or medium enterprise (“SME”) customers (generally defined as businesses with 99 or fewer employees) and does not include services provided to large enterprises (generally defined as businesses with 100 or more employees) or wholesale serv ices. (3) Business customer and wholesale Mobile RGUs represent the number of active SIM cards in service that are provided to busi ness and wholesale customers, including customers who receive discounted services pursuant to a program Sunrise has in place with their employer, SOHO, SME and large enterprise customers, as well as to customers who subscribed for mobile servic es delivered over Sunrise’s networks through a branded reseller with whom Sunrise contracts, and excluding customers who subscribe for mobile services delivered over Sunrise’s networks through a MVNO with whom Sunrise contracts, as well as other wholesale customers. (4) RB = Rebased
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Q2 2025 Results | 21 August 2025 29 Operational KPIs – Base RGUs Base RGUs1 Q124 RB5 Q224 RB 2024 H1 RB Q324 RB Q424 RB 2024 H2 RB 2024 RB Q125 Q225 2025 H1 Broadband Internet 2 Internet Subscribers are homes, residential multiple dwelling units or commercial units that receive fixed broadband internet services over Sunrise’s fixed or mobile networks or that Sunrise services through a partner network. Residential 1,141,693 1,145,279 1,145,279 1,146,309 1,154,453 1,154,453 1,154,453 1,157,973 1,152,349 1,152,349 Business3 129,980 133,245 133,245 136,587 138,435 138,435 138,435 140,049 143,389 143,389 Enhanced TV 2 Enhanced TV Subscribers are homes, residential multiple dwelling units or commercial units that receive Sunrise’s enhanced TV services, which are TV services delivered through encryption-enabling, integrated or virtual technology over Sunrise’s broadband network or through a partner network. Enhanced TV Subscribers exclude subscribers that receive BCS. Residential 905,041 899,033 899,033 894,498 898,294 898,294 898,294 892,585 882,635 882,635 Business3 84,331 87,052 87,052 85,050 90,917 90,917 90,917 91,226 93,660 93,660 Mobile RGUs A Mobile RGU is a Mobile Subscriber, which represents an active SIM card in service. A subscriber who has a data and voice plan for a mobile handset and a data plan for a laptop would be counted as two Mobile Subscribers. Residential 2,301,780 2,318,696 2,318,696 2,343,537 2,347,669 2,347,669 2,347,669 2,348,854 2,349,000 2,349,000 Business4 733,370 741,268 741,268 753,247 784,702 784,702 784,702 784,158 797,167 797,167 Mobile Postpaid RGUs Numbers of Mobile products (Postpaid) Residential 1,985,971 2,006,260 2,006,260 2,041,125 2,065,416 2,065,416 2,065,416 2,076,312 2,081,252 2,081,252 Business4 684,125 693,272 693,272 706,206 740,461 740,461 740,461 741,262 754,703 754,703 (1) A Fixed RGU is, separately, an Internet Subscriber or an Enhanced TV Subscriber. A home, residential multiple dwelling unit or commercial unit may contain one or more RGUs. For example, if a residential customer subscribed to Sunrise’s broadband internet service or enhanced TV service, the customer would constitute two RGUs. RGUs generally are counted on a unique premises basis such that a given premise does not count as more than one RGU for any given service. However, if an individual receives one of Sunrise’s services in two premises (e.g., a primary home and a vacation home), that individual will count as two RGUs for that service. Each bundled internet or enhanced TV service is counted as a separate RGU regardless of the nature of any bundling discount or promotion. Non-paying subscribers are counted as subscribers during their free promotional service period. Some of these subscribers may choose to disconnect after their free service period. Services offered without charge on a long-term basis (e.g., certain preferred subscribers) generally are not counted as RGUs. Free services provided to Sunrise employees generally are counted as RGUs. (2) 2024 was rebased to reflect a H1 non-organic cleanup related to legacy products without revenue impact, as well as to reflect the legacy customer shifts between residential and B2B related to our interbrand migrations (3) Business customer and wholesale fixed relationships and Fixed RGUs include customers who receive fixed services that are the same or similar to mass marketed product offered to residential customers. This includes customers who receive discounted services pursuant to a program Sunrise has in place with their employer, small or home office (“SOHO”) customers and small or medium enterprise (“SME”) customers (generally defined as businesses with 99 or fewer employees) and does not include services provided to large enterprises (generally defined as businesses with 100 or more employees) or wholesale services. (4) Business customer and wholesale Mobile RGUs represent the number of active SIM cards in service that are provided to business and wholesale customers, including customers who receive discounted services pursuant to a program Sunrise has in place with their employer, SOHO, SME and large enterprise customers, as well as to customers who subscribed for mobile services delivered over Sunrise’s networks through a branded reseller with whom Sunrise contracts, and excluding customers who subscribed for mobile services delivered over Sunrise’s networks through a MVNO with whom Sunrise contracts, as well as other wholesale customers. (5) RB = Rebased
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Q2 2025 Results | 21 August 2025 30 Operational KPIs – ARPU Residential 1 RB = Rebased ARPU (Residential) Q124 RB1 Q224 RB 2024 H1 RB Q324 RB Q424 RB 2024 H2 RB 2024RB Q125 Q225 2025 H1 Subscription Revenue CHFm 459 457 915 455 445 900 1,816 441 444 885 Fixed CHFm 254 251 505 247 241 488 992 239 238 477 Mobile CHFm 205 206 411 208 204 413 824 202 206 408 Endbase Fixed - Customer Relationships # 1,380,333 1,375,802 1,375,802 1,376,455 1,375,785 1,375,785 1,375,785 1,374,041 1,360,565 1,360,565 Mobile - RGUs # 2,301,780 2,318,696 2,318,696 2,343,537 2,347,669 2,347,669 2,347,669 2,348,854 2,349,000 2,349,000 Average Base Fixed - Customer Relationships # 1,381,434 1,378,068 1,379,168 1,376,129 1,376,120 1,375,794 1,374,913 1,367,303 1,368,175 Mobile - RGUs # 2,298,042 2,310,238 2,306,500 2,331,117 2,345,603 2,333,183 2,348,262 2,348,927 2,348,335 ARPU Average Revenue Per Unit (“ARPU”) is the average subscription revenue per average fixed customer relationship or mobile subscriber, as applicable. Fixed CHF ARPU per fixed customer relationship is calculated by dividing the average subscription revenue from residential fixed services by the average of the opening and ending balance of fixed customer relationships for the period. 61.3 60.6 60.9 59.8 58.4 59.0 58.0 57.9 58.1 Mobile CHF ARPU per mobile subscriber is calculated by dividing the average mobile subscription revenue (including interconnect revenue but excluding handset sales and late fees) by the average of the opening and ending balance of mobile subscribers in service for the period. 29.7 29.7 29.7 29.8 29.0 29.5 28.6 29.3 29.0
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Q2 2025 Results | 21 August 2025 31 Rebase information 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, or certain other amounts that are not organic in nature to the results of the business. As such, rebase results below do not include future transaction specific adjustments, for example, any future incremental costs of Sunrise being a separately listed company or the impact of any future service agreement between Liberty Global and Sunrise, etc. Investors should view rebased results as a supplement to, and not a substitute for, IFRS measures of performance included in Sunrise’s consolidated statements of operations. Three months ended March 31, 2025 Three months ended June 30, 2025 Three months ended March 31, 2024 Three months ended June 30, 2024 Revenue Adjusted EBITDA Adjusted EBITDAaL Adjusted EBITDAaL less P&E Additions Adjusted FCF Revenue Adjusted EBITDA Adjusted EBITDAaL Adjusted EBITDAaL less P&E Additions Adjusted FCF Revenue Adjusted EBITDA Adjusted EBITDAaL Adjusted EBITDAaL less P&E Additions Adjusted FCF Revenue Adjusted EBITDA Adjusted EBITDAaL Adjusted EBITDAaL less P&E Additions Adjusted FCF CHF in millions As Reported 722.1 288.3 240.0 96.9 (127.7) 731.6 301.4 254.1 137.7 144.5 746.8 297.9 248.1 117.3 (59.9) 737.5 307.8 257.8 5 131.4 172.6 Pro forma Transaction costs (1) — — — — — — — — — — — 0.9 0.9 0.9 — — 0.8 0.8 0.8 — As Reported Pro Forma Rebased 722.1 288.3 240.0 96.9 (127.7) 731.6 301.4 254.1 137.7 144.5 746.8 298.8 249.0 118.2 (59.9) 737.5 308.6 258.6 132.2 172.6 Transaction Related Costs (2) — — — — — — — — — — — (2.3) (2.3) (2.3) — — (1.7) (1.7) (1.7) — Transitional Services Agreements (3) — — — — — — — — — — — (7.5) (7.5) (7.5) — — (7.5) (7.5) (7.5) — Tax audit (4) — — — — 11.2 — — — — 8.8 — — — — — — — — — — Rebased Results 722.1 288.3 240.0 96.9 (116.5) 731.6 301.4 254.1 137.7 153.3 746.8 289.0 239.2 108.4 (59.9) 737.5 299.4 249.4 123.0 172.6 (1) Represents certain one-time Sunrise Spin-Off related costs during 2024. The above adjustment reverses the effect of these one-time costs and normalises the effect of the incremental costs as to not impact the underlying growth rates of the business for this non-organic impact. (2) Represents certain recurring Spin-Off related standalone costs (adjusted in the prior year comparison) (3) Represents one or more transitional services agreements pursuant to which Liberty Global will provide Sunrise various administrative services to ensure an orderly transition following the spin-off. The services to be provided by Liberty Global will include, among others, internal audit, compliance, internal controls, external reporting, accounting, treasury, emerging business, corporate affairsand regulatory, human resources, legal, content and brand access services. The expected terms of the services are up to five years following the spin- off, depending on the individual service elements. In addition, the transitional service agreements with a five-year term are subject to an early termination right on the fourth anniversary thereof; The aggregate charges expected to be payable by Sunrise under the transitional services agreements will decrease during the term and are approximately CHF 30.0 million for the first year. (4) In Q4-2024, Sunrise reached a settlement with the Canton Zurich tax authority regarding a tax audit for years 2019 to 2021 performed during the 2024. The final settlement figure agreed covered fiscal years 2019 to 2024 and amounted to approximately CHF 60m. As a result, Sunrise has recognized significant prior year taxes in the current period, which will be cash settled via amended returns on a cantonal basis largely during 2025, with diminishing phasing over the years 2026 and 2027. (5) Q2 2024 reported EBITDAaL CHF 1.7m higher as compared to published Q4 2024 report following opex phasing correction of CHF 1.7m versus Q4 2024, neutral on a FY basis
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Q2 2025 Results | 21 August 2025 32 Non-IFRS Reconciliations Three months ended Three months ended 31-Mar-25 30-Jun-25 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 CHF in millions CHF in millions Adjusted EBITDA and Adjusted EBITDAaL: Net income (loss) (1.3) (53.6) (127.2) (73.7) (18.4) (142.6) Income tax expense (benefit) 3.8 (15.8) (11.8) 19.8 6.1 (30.8) Share of losses (gains) of affiliates (1.1) (3.0) 0.2 0.1 2.3 (3.9) Net financial expense (income) 11.3 97.6 160.0 83.3 51.7 189.9 Operating income (loss) 12.7 25.2 21.2 29.5 41.7 12.6 Depreciation and amortization (non-lease related) 233.4 222.8 233.0 232.1 230.2 222.6 Depreciation of right-of-use assets 32.9 32.1 32.9 33.1 33.0 30.7 Share-based compensation expense 7.3 16.2 4.8 5.2 4.9 4.2 Impairment, restructuring and other operating items 2.0 5.1 6.0 7.9 13.3 22.5 Adjusted EBITDA 288.3 301.4 297.9 307.8 323.1 292.6 Lease-related expenses (48.3) (47.3) (49.8) (50.0) (49.8) (49.8) Adjusted EBITDAaL 240.0 254.1 248.1 257.8 (ii) 273.3 242.8 Three months ended Three months ended 31-Mar-25 30-Jun-25 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 CHF in millions CHF in millions Adjusted EBITDAaL less P&E Additions: Adjusted EBITDAaL 240.0 254.1 248.1 257.8 273.3 242.8 Property and Equipment Additions 143.1 116.4 130.8 126.4 111.3 141.4 Recognition of sports broadcasting rights — — — — — — P&E excluding the recognition of sports broadcasting rights 143.1 116.4 130.8 126.4 111.3 141.4 Adjusted EBITDAaL less P&E Additions 96.9 137.7 117.3 131.4 162.0 101.4 Three months ended Three months ended 31-Mar-25 30-Jun-25 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 CHF in millions CHF in millions Adjusted Free Cash Flow: Net cash provided by operating activities 171.1 290.5 246.0 305.2 268.9 459.0 Interest paid (103.0) (32.9) (131.8) (85.8) (132.0) (70.6) Interest-related derivative receipts (payments) (10.2) 15.6 26.8 65.5 28.4 52.0 Vendor financing additions (i) 90.8 97.6 55.2 82.7 117.4 108.1 Capital expenditures (108.0) (165.9) (146.3) (99.4) (119.9) (175.5) Principal payments on vendor financing (133.0) (41.2) (89.8) (73.0) (105.6) (108.6) Payments of lease liabilities (35.3) (19.4) (20.1) (22.5) (51.1) (20.7) Adjusted Free Cash Flow (127.7) 144.5 (59.9) 172.6 6.1 243.7 Three months ended Three months ended 31-Mar-25 30-Jun-25 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 CHF in millions CHF in millions P&E Additions (CAPEX): Capital expenditures 108.0 165.9 146.3 99.4 119.9 175.5 Mergers and acquisitions (asset deals) — (3.0) — — — — Assets acquired under vendor financing 15.4 16.5 8.8 13.4 13.8 16.1 Changes in current liabilities related to capital expenditures (including related-party amounts) 19.7 (63.0) (24.3) 13.6 (22.4) (50.2) P&E Additions (CAPEX) 143.1 116.4 130.8 126.4 111.3 141.4 (i) For purposes of Sunrise’s consolidated statements of cash flows, vendor financing additions represent operating related expenses financed by an intermediary that are treated as constructive operating cash outflows and constructive financing cash inflows when the intermediary settles the liability with the vendor. When Sunrise pays the financing intermediary, it records financing cash outflows in its consolidated statements of cash flows. For purposes of its Adjusted Free Cash Flow definition, Sunrise (A) adds in the constructive financing cash inflow when the intermediary settles the liability with the vendor as its actual net cash available at that time is not affected and (B) subsequently deducts the related financing cash outflow when Sunrise actually pays the financing intermediary, reflecting the actual reduction to its cash available to service debt or fund new investment opportunities. (ii) Q2 2024 reported EBITDAaL CHF 1.7m higher as compared to published Q4 2024 factsheet following opex phasing correction of CHF 1.7m versus Q4 2024, neutral on a FY basis
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Q2 2025 Results | 21 August 2025 Contact Information Sunrise Thurgauerstrasse 101B 8152 Glattpark (Opfikon) Switzerland Investor Relations investor.relations@sunrise.net +41 58 777 61 00