# EDGAR Filing Document

**Accession Number:** 0002021938
**File Stem:** 0001193125-25-185400
**Filing Date:** 2025-8
**Character Count:** 164688
**Document Hash:** 38db758bc2562b8acccc018da39affe0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-185400.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001193125-25-185400

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20250821

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sunrise Communications AG
- **CENTRAL INDEX KEY:** 0002021938
- **STANDARD INDUSTRIAL CLASSIFICATION:** CABLE & OTHER PAY TELEVISION SERVICES [4841]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** V8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42394
- **FILM NUMBER:** 251241597

**BUSINESS ADDRESS:**
- **STREET 1:** THURGAUERSTRASSE 101B
- **STREET 2:** GLATTPARK
- **CITY:** OPFIKON, ZURICH
- **STATE:** V8
- **ZIP:** 8152
- **BUSINESS PHONE:** 0800 300 100

**MAIL ADDRESS:**
- **STREET 1:** THURGAUERSTRASSE 101B
- **STREET 2:** GLATTPARK
- **CITY:** OPFIKON, ZURICH
- **STATE:** V8
- **ZIP:** 8152

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LG HoldCo AG
- **DATE OF NAME CHANGE:** 20240501

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 6-K** 

**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO RULE 13a-16 OR 15d-16** 

**UNDER THE SECURITIES EXCHANGE ACT OF 1934** 

**For the month of August, 2025** 

**Commission File Number: 001-42394** 

## Sunrise Communications AG
**(Exact name of registrant as specified in its charter)** 

**Thurgauerstrasse 101b** 

**8152 Glattpark (Opfikon), Switzerland** 

**Tel: +41 58 777 76 66** 

**(Address of principal executive office)** 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

------

**Interim Financial Statements** 

Sunrise Communications AG (the "Company") is furnishing this Form 6-K to provide three-month and six-month interim financial statements and incorporate such financial statements into the Company's registration statements referenced below.

The information set forth in this Form 6-K (excluding Exhibit 99.1) is hereby incorporated by reference into the registration statements of the Company on Form S-8 (Registration No. 333-283098 and No. 333-283426), to the extent not superseded by documents or reports subsequently filed or furnished by the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

------

**SIGNATURE** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| **SUNRISE COMMUNICATIONS AG** | **SUNRISE COMMUNICATIONS AG** | **SUNRISE COMMUNICATIONS AG** |
| By: | /s/ Marcel Huber | /s/ Marcel Huber |
|  | Name: | Marcel Huber |
|  | Title: | General Counsel and Corporate Affairs Officer of Sunrise Communications AG |

---

Date: August 21, 2025

------

**EXHIBIT** 

---

| | |
|:---|:---|
| Exhibit | Description of Exhibit |
| 99.1 | News Release dated August 21, 2025 |
| 99.2 | Second Quarter 2025 Interim Financial Results |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g62862dsp005.jpg)

Ad hoc announcement pursuant to Article 53 LR

Opfikon, Switzerland, 21 August 2025 – 07:00 CEST

**Q2 2025: Stabilised revenue, Adj. EBITDAaL increased – entering the second half of the year with new product portfolios** 

**•** **Sunrise recorded a solid but softened net increase of +18,000 mobile postpaid subscriptions<sup>1</sup>, while the number of Internet subscriptions<sup>2</sup>remained unchanged on an organic basis. Price increases and the resulting deliberate broad reduction of aggressive price promotions were driving factors.** 

**•** **Compared to the previous quarter, revenue stabilised and declined only slightly (-0.8%) compared to the previous year (YoY). Adjusted EBITDAaL<sup>3</sup>grew (+1.9% YoY) and was supported by cost efficiencies; the net loss decreased (27.3% YoY). P&E Additions (CAPEX<sup>4</sup>) declined (-7.9% YoY) and amounted to 15.9% of revenue. Capital expenditures disclosed in the cash-flow statement<sup>5</sup>increased (+66.9% YoY). Positive Adjusted FCF<sup>3</sup>generation of CHF 153.3 million, with YoY decrease (-11.2% YoY) due to changes in customer collection cycle and standalone related costs; net cash from operating activities decreased (-4.8% YoY).** 

**•** **Guidance for 2025 is re-confirmed, including expected dividend growth for financial year 2025 of +2.7% YoY<sup>6</sup>. Revenue growth («broadly stable») is expected to be at the lower end of the range.** 

**•** **The delisting of Sunrise Class A American Depositary Shares (ADSs) from Nasdaq took place on 15 August 2025. Termination of the sponsored Class A and Class B ADS programs is planned for mid-November 2025.** 

**•** **Completed migration of UPC customers, upcoming commercialisation of 5G Standalone, and new portfolios for residential and business customers as well as a full innovation pipeline are expected to support growth.** 

**Consolidated results for Q2 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| (CHF million) | **Q2 2024** | **Q2 2025** | ***Changes*** | ***Changes*** |
|  **Revenue** | **737.5** | **731.6** | **** | ***(0.8*** ***%)*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential customers | 530.2 | 521.3 | | *(1.7 %)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business customers and wholesale | 205.6 | 208.0 | | *1.2 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infrastructure and support functions | 1.7 | 2.3 | | *35.3 %* |
|  **Adjusted EBITDAaL<sup>3</sup>**  | **249.4** | **254.1** | **** | ***1.9*** *%*** |
|  P&E Additions (CAPEX<sup>4</sup>) | (126.4) | (116.4) | | *(7.9 %)* |
|  Adjusted EBITDAaL<sup>3</sup> less P&E Additions (CAPEX<sup>4</sup>) | 123.0 | 137.7 | | *12.0 %* |
|  **Adjusted FCF<sup>3</sup>**  | **172.6** | **153.3** | **** | ***(11.2*** ***%)*** |
|  *As reported:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss | (73.7) | (53.6) | | *27.3 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by operating activities | 305.2 | 290.5 | | *(4.8 %)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital expenditures in the cash flow statement<sup>5</sup>  | (99.4) | (165.9) | | *66.9 %* |

---

*Note: The key financial figures are presented on a rebased IFRS basis. Alternative definitions of key performance indicators and reconciliations can be found in the appendix of this ad hoc announcement.* 

1/6

------

![LOGO](g62862dsp005.jpg)

«In light of the price increases implemented, we deliberately reduced price-aggressive promotions in Q2 2025. As expected, this led to softer net customer growth. However, revenue stabilised when compared to the previous quarter, supported by the price increases, service revenue growth in B2B and a temporary recovery in device sales that was partly driven by the 3G switch-off. Adjusted EBITDAaL increased, not least thanks to further cost efficiencies», noted André Krause, CEO of Sunrise and added: «With the completion of the UPC customer migration, our strategic initiatives around 5G Standalone and the launch of new product portfolios in the various segments, we are now re-accelerating our commercial momentum. Based on the results for the first half of the year and expectations for the second half, we re-confirm our 2025 guidance, including the targeted dividend growth of 2.7%».

**Continued customer growth despite price increases** 

Net customer growth continued in Q2 2025, with +18,000 mobile postpaid<sup>1</sup> RGUs (revenue generating units), despite price increases and a deliberate reduction in aggressive price promotions aimed at short-term customer acquisition. The broadband Internet segment recorded a net-zero growth<sup>2</sup>. This was also affected by the completion of the UPC customers migration to Sunrise products during Q<sup>2</sup> 2025.

The proportion of broadband customers who also use a Sunrise mobile postpaid offer continued to grow. This fixed-mobile convergence rate (FMC<sup>7</sup>) increased by +1.4 percentage points YoY to 58.5%. As of 30 June 2025, Sunrise had around 3.15 million mobile, 1.30 million broadband Internet, and 0.98 million enhanced TV RGUs.

**Strategic initiatives for re-accelerated commercial momentum** 

In Q2 2025, Sunrise launched several initiatives to further grow with its multibrand strategy. With the introduction of 5G Standalone and preparations for its commercialisation in the second half of the year, together with the new mobile portfolio (<u>Swiss Connect</u>), Sunrise is strengthening the positioning of its main brand in the premium segment. The focus is on sustainable customer loyalty and quality of offerings and thus on value creation instead of price-only orientation. At the same time, Sunrise is driving its growth strategy in the business customer segment with «<u>SME Ready</u>», placing increased emphasis on medium-sized enterprises. With the refreshed <u>yallo mobile portfolio</u>, Sunrise continues to follow the more price sensitive segments. In addition, Sunrise has a pipeline full of innovations and therefore expects continued, albeit moderate, net customer growth in the second half of the year.

**Financial results for Q2 show positive trends** 

**Revenue** development stabilised in Q2 2025 compared to the previous quarter, declining only slightly YoY. It was supported by the price increases, continued service revenue growth in the business and wholesale segment and a temporary recovery in device sales that was partly driven by the 3G switch-off. At the same time, fixed subscription revenue was influenced by continued right-pricing across the customer base, with both the migration of UPC customers to Sunrise products completed in Q2 2025 and the brand mix taking effect.

**Adjusted EBITDAaL<sup>3</sup>** increased and was supported by continued cost efficiencies in operating expenses (OPEX), driven by, among other things, cost synergies from the UPC mobile core switch-off as part of the integration and lower maintenance spend. In addition, it was supported by a decline in lease costs.

**P&E Additions (CAPEX<sup>4</sup>)** represented 15.9% of revenue and decreased primarily due to lower spending on Internet-access hardware (customer premises equipment, CPE) and the gradual phase-out of cost-to-capture expenses.

**Adjusted FCF<sup>3</sup>** generation was positive with CHF 153.3 million and in line with the in-year phasing variations, with the YoY decline mainly being attributable to variations in customer-billing cycles as well as additional standalone costs.

2/6

------

![LOGO](g62862dsp005.jpg)

The **reduction of the net loss** compared to the same quarter last year was driven mainly by changes in financial income and expenses related to foreign-currency derivative instruments (affected by the depreciation of the U.S. dollar against the Swiss franc) and a reduction in debt-servicing costs YoY due to the Spin-off related deleveraging.

**Consolidated results for H1 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| (CHF million) | **H1 2024** | **H1 2025** | ***Changes*** | ***Changes*** |
|  **Revenue** | **1484.3** | **1453.7** | **** | ***(2.1*** ***%)*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential customers | 1074.5 | 1041.6 | | *(3.1 %)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business customers and wholesale | 407.7 | 408.8 | | *0.3 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infrastructure and support functions | 2.1 | 3.3 | | *57.1 %* |
|  **Adjusted EBITDAaL<sup>3</sup>**  | **488.6** | **494.1** | **** | ***1.1*** *%*** |
|  P&E Additions (CAPEX<sup>4</sup>) | (257.2) | (259.5) | | *0.9 %* |
|  Adjusted EBITDAaL<sup>3</sup> less P&E Additions (CAPEX<sup>4</sup>) | 231.4 | 234.6 | | *1.4 %* |
|  **Adjusted FCF<sup>3</sup>**  | **112.7** | **36.8** | **** | ***(67.3*** ***%)*** |
|  *As reported:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss | (200.9) | (54.9) | | *72.7 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by operating activities | 551.2 | 461.6 | | *(16.3 %)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital expenditures in the cash flow statement<sup>5</sup>  | (245.7) | (273.9) | | *11.5 %* |

---

*Note: The key financial figures are presented on a rebased IFRS basis. Alternative definitions of key performance indicators and reconciliations can be found in the appendix of this ad hoc announcement.* 

**Re-confirmed guidance for the 2025 financial year:** 

• Revenue growth: broadly stable (expected to be at the lower end of the range)

• Adjusted EBITDAaL<sup>3</sup>: Stable to low-single-digit growth

• CAPEX<sup>4</sup>/revenue: 15–16%

• Adjusted FCF<sup>3</sup>: CHF 370–390 million<sup>8</sup>

• Expected dividend payout for financial year 2025 of CHF 3.42 per Class A Share and c. CHF 0.34 per
Class B Share in 2026 in line with targeted progressive dividend-per-share policy (+2.7% YoY).<sup>6</sup>

**Sunrise Class A ADSs delisted from Nasdaq since 15 August 2025** 

As previously <u>announced</u>, 15 August 2025 marked the last trading day for the Class A ADSs on Nasdaq. By 15 August 2025, c. 87% of Class A ADSs and c. 98% of Class B ADSs were exchanged for Sunrise Class A Shares and Sunrise Class B Shares on a net basis, respectively.

The Sunrise Class A Shares will continue to be listed on SIX Swiss Exchange under the ticker «SUNN».

The termination of the sponsored ADS programs for both the Sunrise Class A and Class B ADSs is expected to occur on or around 13 November 2025. Holders will be notified closer to the time.

Following the delisting of the Class A ADSs from Nasdaq, Sunrise intends to deregister its Class A and Class B ADSs under the U.S. Securities Exchange Act of 1934 and terminate its reporting obligations thereunder as soon as it is permitted to do so.

3/6

------

![LOGO](g62862dsp005.jpg)

<sup>1</sup> Net Additions incl. Residential and B2B.

<sup>2</sup> 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.

<sup>3</sup> 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, or (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. 

The 2024YTD accounting reclassification related to fibre lease resulted in an CHF8m decrease in Direct Costs and a corresponding increase in OPEX (CHF 4.5m in B2B, CHF 3.5m in I&S).

<sup>4</sup> Excluding additions from leases, ice-hockey rights and M&A activity.

<sup>5</sup> Capital expenditures as part of cash flows from investing activities.

<sup>6</sup> 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.

<sup>7</sup> 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. 

<sup>8</sup> 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. 

*The investor presentation and more information are available on the <u>Sunrise Investor Relations website</u>. The live conference call and webcast for analysts and investors starts at 10:00 CEST.* 

---

| | |
|:---|:---|
| **Sunrise Investor Relations** | **Sunrise Media Relations** |
| Alex Herrmann +41 58 777 61 00 | 0800 333 000 |
| <u>investor.relations@sunrise.net</u> | <u>media@sunrise.net</u> |

---

**ABOUT SUNRISE** 

Sunrise Communications AG («Sunrise»), with its strong number-two position, is the leading challenger in the Swiss telecom market and is listed on the SIX Swiss Exchange (SUNN).

With the most comprehensive landline network access and a world-class mobile network, Sunrise offers the highest gigabit coverage in Switzerland, stands out for premium quality and is optimally equipped for growth. With its world-class, future-proof networks, Sunrise offers private customers high-quality mobile, landline, broadband and TV services and supports business customers from a one-stop shop with 360° communication and integrated ICT solutions for connectivity, security and IoT to accelerate their digitalisation.

As of the end of June 2025, the Sunrise customer base included around 3.15 million mobile, 1.30 million broadband and 0.98 million TV customers (RGUs), as well as thousands of companies as business customers.

Sunrise boasts a dynamic and international environment where everyone has a voice, where perspectives are shared and where values are respected. Sunrise believes that providing equal opportunities to a diverse workforce is critical to the company's success. Roughly 2,850 employees (FTEs) from around 80 nations contribute to the success of Sunrise with their expertise, innovative thinking and exceptional commitment, reflecting the diversity of its customers.

<u>www.sunrise.ch</u>

**Forward-Looking Statements** 

This ad hoc announcement 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, its financial condition, results of operations, business, market share, network, subscription revenue and ARPU stabilisation, Sunrise's expected Adjusted Free Cash Flow generation, including the timing thereof, 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, 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.

4/6

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![LOGO](g62862dsp005.jpg)

Appendix to the ad hoc announcement pursuant to Article 53 LR

*Non-IFRS Financial Measures* 

*This ad hoc annoucement 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.* 

*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.* 

*Non-IFRS reconciliations* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net income - Adjusted EBITDAaL** (CHF million) | **Q2 2024** | **Q2 2025** | **H1 2024** | **H2 2025** |
|  Net income (loss) | (73.7) | (53.6) | (200.9) | (54.9) |
|  Income tax expense (benefit) | 19.8 | (15.8) | 8.0 | (12.0) |
|  Share of losses (gains) of affiliates | 0.1 | (3.0) | 0.3 | (4.1) |
|  Net financial expense (income) | 83.3 | 97.6 | 243.3 | 108.9 |
|  Operating income (loss) | 29.5 | 25.2 | 50.7 | 37.9 |
|  Depreciation and amortisation (non-lease related) | 232.1 | 222.8 | 465.1 | 456.2 |
|  Depreciation of right-of-use assets | 33.1 | 32.1 | 66.0 | 65.0 |
|  Share-based compensation expense | 5.2 | 16.2 | 10.0 | 23.5 |
|  Impairment, restructuring and other operating items | 7.9 | 5.1 | 13.9 | 7.1 |
|  Adjusted EBITDA (as reported) | 307.8 | 301.4 | 605.7 | 589.7 |
|  Lease-related expenses | (50.0) | (47.3) | (99.8) | (95.6) |
|  Adjusted EBITDAaL (as reported) | 257.8 | 254.1 | 505.9 | 494.1 |
|  Rebase adjustment: Pro forma transaction costs<sup>(1)</sup>  | 0.8 |  | 1.7 |  |
|  Rebase adjustment: Transaction related costs<sup>(2)</sup>  | (1.7) |  | (4.0) |  |
|  Rebase adjustment: Transitional services agreements<sup>(3)</sup>  | (7.5) |  | (15.0) |  |
|  Adjusted EBITDAaL (rebased) | 249.4 | 254.1 | 488.6 | 494.1 |

---

**Net cash provided by operating activities - Adjusted FCF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| (CHF million) | **Q2 2024** | **Q2 2025** | **H1 2024** | **H1 2025** |
|  Net cash provided by operating activities | 305.2 | 290.5 | 551.2 | 461.6 |
|  Interest paid | (85.8) | (32.9) | (217.6) | (135.9) |
|  Interest-related derivative receipts (payments) | 65.5 | 15.6 | 92.3 | 5.4 |
|  Vendor financing additions | 82.7 | 97.6 | 137.9 | 188.4 |
|  Capital expenditures | (99.4) | (165.9) | (245.7) | (273.9) |
|  Principal payments on vendor financing | (73.0) | (41.2) | (162.8) | (174.2) |
|  Payments of lease liabilities | (22.5) | (19.4) | (42.6) | (54.7) |
|  Adjusted Free Cash Flow (as reported) | 172.6 | 144.5 | 112.7 | 16.8 |
|  Rebase adjustment: Tax audit<sup>(4)</sup>  |  | 8.8 |  | 20.0 |
|  Adjusted Free Cash Flow (rebased) | 172.6 | 153.3 | 112.7 | 36.8 |

---

**Capital expenditures - P&E Additions (CAPEX)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| (CHF million) | **Q2 2024** | **Q2 2025** | **H1 2024** | **H1 2025** |
|  Capital expenditures | 99.4 | 165.9 | 245.7 | 273.9 |
|  Mergers and acquisitions (asset deals) |  | (3.0) |  | (3.0) |
|  Assets acquired under vendor financing | 13.4 | 16.5 | 22.2 | 31.9 |
|  Changes in current liabilities related to capital expenditures (including related-party amounts) | 13.6 | (63.0) | (10.7) | (43.3) |
|  P&E Additions (CAPEX) | 126.4 | 116.4 | 257.2 | 259.5 |

---

5/6

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![LOGO](g62862dsp005.jpg)

(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 so 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 affairs and 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 2024. The final settlement figure agreed covered fiscal years 2019 to 2024 and amounted to approximately CHF 60 million. As a result, Sunrise has recognised 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.

6/6

## Exhibit 99.2

**Exhibit 99.2**![LOGO](g62862dsp011.jpg)

Q2 2025 Financial Rwsults Sunrise

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**Table of Contents** 

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| | |
|:---|:---|
| **3** | **Financial Review** |
| **26** | **Consolidated Statements** |
| 27 | Consolidated Statements of Comprehensive Income (Loss) |
| 29 | Consolidated Statements of Financial Position |
| 31 | Consolidated Statements of Changes in Equity |
| 32 | Consolidated Statements of Cash Flows |
| **33** | **Notes to the Consolidated Statements** |
| 33 | (1) General Information |
| 33 | (2) Basis of Preparation |
| 34 | (3) Material Accounting Policies |
| 34 | (4) Segment Reporting |
| 37 | (5) Revenue from Customers |
| 39 | (6) Other Operating Income and Expenses |
| 40 | (7) Earnings per Share |
| 41 | (8) Other Operating Assets and Liabilities |
| 41 | (9) Commitments and Contingencies |
| 41 | (10) Borrowings |
| 45 | (11) Financial Income and Expenses |
| 46 | (12) Fair Value Estimation |
| 46 | (13) Events after the Balance Sheet Date |

---

Q2 2025 Financial Results 2

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**Financial Review** 

**Comparability of future results** 

The following financial review, which should be read in conjunction with the <u>Sunrise interim consolidated</u> <u>financial statement</u><u>s</u> included in this report, reflects the Sunrise results for the periods ended 30 June 2025 and 2024. During 2024 up until 8 November 2024, Sunrise was a wholly-owned subsidiary of Liberty Global. On 8 November 2024, Sunrise completed the spin-off into an independent publicly owned company. Sunrise entered into a number of agreements with Liberty Global that govern the relationship between Sunrise and Liberty Global after the spin-off, and incurred certain costs related to the spin-off. In addition, following the spin-off, Sunrise started to incur certain ongoing administrative expenses as a result of its status as a separate, publicly traded company. As a result, the historical results of Sunrise operations and the period-to-period comparisons of results presented herein and certain financial data included elsewhere in this report may not be indicative of future results. Refer to the rebased financial results of Sunrise included in the <u>Investor Relations Factshee</u><u>t</u> ("the factsheet") for more information about the effects of the spin-off and certain related transactions.

**Factors affecting Sunrise performance**

Sunrise believes that the key factors affecting its historical and future business and financial performance include:

**Sunrise-UPC transaction.** The combination of the Sunrise legacy mobile franchise with UPC Switzerland's broadband network, in the Sunrise-UPC transaction that closed in November 2020, created opportunities for both revenue growth and cost synergies. Capturing these opportunities required the combined company to invest in integrating operations, and also came with some expected execution challenges, primarily related to preserving ARPUs and elevated customer churn experienced while migrating legacy UPC customers from the higher-priced legacy UPC platform to the Sunrise brand.

**Competition.** The Swiss telecommunications market is served by three primary players, Swisscom, Sunrise and Salt, with Swisscom historically holding the largest market share across all services. Close competition among the three players has resulted in industry pricing pressure leading to decreased industry ARPUs, with each of the three competitors, including Sunrise, introducing flanker brands to provide services at lower prices and engaging in price-based promotions and price-matching offers to win customers.

**Subscriber base and ARPU in residential services.** Sunrise revenues in the residential segment are dependent on its ability to maintain and expand its subscriber base. In addition, Sunrise revenues in this segment are dependent on its ability to balance its

service prices with the size of its subscriber base to optimize ARPU, calculated as the average monthly revenue per fixed customer relationship or mobile subscriber, as applicable. Revenues for each of the periods presented were affected by decreases in the subscriber base resulting from expected integration challenges associated with migrating legacy UPC customers in the residential segment to the Sunrise brand following the Sunrise-UPC transaction, as well as lower ARPU resulting from migration of such UPC customers from the higher-priced UPC platform to the Sunrise brand. Sunrise believes that such challenges have now been substantially resolved, which it believes should enable Sunrise to stabilize and grow the Sunrise brand revenues in the residential segment in the near to medium term. Sunrise has been implementing strategies designed to reduce subscriber volume loss and price sensitivity, including premium positioning of the Sunrise brand, promotion of converged subscriptions and introduction of value-added services.

**Service portfolio and pricing in business services.** Compared to its market share in residential services, Sunrise believes that it is currently under-represented in business-customer services, where Swisscom is by far the dominant competitor. Growth in business- and wholesale-services segment revenues in the periods presented reflected, in part, the success of efforts by Sunrise to capture additional market share in Swiss business services, supported by its robust telecommunications-services offerings and its evolving portfolio of value-added services (such as security, ICT, consulting and engineering solutions) underpinned by an ecosystem of strategic partners. Such revenue growth also reflects growth in revenues from existing business customers, primarily as a result of the expansion of the businesses of Sunrise customers necessitating additional services, including, primarily, additional mobile-service subscriptions, but also as a result of efforts by Sunrise to cross-sell additional services to existing customers. In the business-services segment, the size of the Sunrise customer base is generally less impacted by its service prices than in the residential segment because Sunrise normally offers its portfolio of services to business customers in customised service packages at negotiated prices, benefiting from volume, usage and bundling discounts. Although certain of the Sunrise business customers may be sensitive to mobile-service price fluctuations, particularly in larger enterprises, the number of mobile-service subscriptions generally fluctuates based on the size of the business-customer's employee base, rather than changes to the Sunrise service prices. Accordingly, in business services, in addition to the ability to maintain and expand its customer base and cross-sell additional services, Sunrise revenues depend on its ability to price its services effectively. Going forward, Sunrise is further focused on leveraging synergies with residential subscribers to acquire small business customers (10 or fewer employees), growing market share among small-medium business customers (11 to 250 employees), including by leveraging residential sales channels, and further increasing its share of wallet of existing enterprise business customers (250 employees and up).

Q2 2025 Financial Results 3

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**Investments in network quality.** Sunrise revenues are dependent on its reputation among customers for high mobile and fixed network quality and reliability. While Sunrise does not develop its own network-infrastructure technologies or otherwise conduct meaningful research and development activities, Sunrise contracts with infrastructure- technology providers to purchase and install upgrades and additions to its network infrastructure in order to maintain and enhance the quality and reliability of its telecommunications services. Therefore, Sunrise undertook capital expenditures in the periods presented to increase capacity and upgrade the mobile infrastructure. During the periods presented, the capital-expenditure profile of Sunrise has benefited, and is expected to continue to benefit, from its hybrid network infrastructure, which utilises a mix of owned infrastructure, shared antenna sites and supplemental network-access agreements with subscriber-based charges to increase network coverage and enhance service offerings, thereby substantially reducing capital expenditures necessary to support growth.

**Cost management.** Sunrise supports its profitability by managing its cost profile. Capital expenditure in the period ended 30 June 2024 was increased due to costs-to-capture synergies following the Sunrise-UPC transaction, including a related IT transformation and roll-out of customer-premises equipment (CPE). These initiatives are mostly completed and therefore such expenditures are expected to taper in the near term.

**Interest and currency exchange rates.** In the periods presented, Sunrise after-tax losses and free cash flows benefited from relatively low interest expense after hedges, resulting from the low interest-rate environment prevailing at the time the debt was incurred. While substantially all of Sunrise debt is denominated in EUR or USD, substantially all debt has been swapped into CHF and interest rates were fixed through hedging arrangements at the time the debt was incurred. As of 30 June 2025, Sunrise had outstanding third-party indebtedness together with accrued interest of CHF 4.5 billion, at a weighted-average cost of capital of approximately 2.8% after interest-rate hedges. Sunrise indebtedness outstanding as of 30 June 2025 matures between 2028 and 2032. On 4 February 2025, Sunrise announced the issuance of a new USD 1,300 million Term Loan B by Sunrise Financing Partnership maturing in 2032. The new loan is structured as a sustainability-linked loan, directly linked to Sunrise sustainability-related company goals and strategy. Proceeds from the new loan were used to refinance the existing USD Term Loan B maturing in 2029 and partially refinance the existing EUR Term Loan B due in 2029 including associated fees. On 28 May 2025, Sunrise issued EUR 550 million of Senior Secured Notes maturing on 15 May 2032 through its subsidiary Sunrise FinCo I BV and applied the proceeds in full to refinance its existing Term Loans AU and AY. The debt stack is economically hedged against interest-rate and currency changes until 2032 with the weighted-average cost of debt reduced from 3.0% as of December 2024 to 2.8% as of June 2025. Sunrise will continue to access loan and bond markets opportunistically to term-out debt and optimize pricing.

Q2 2025 Financial Results 4

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**Financial Review** 

The following financial review, which should be read in conjunction with the <u>Sunrise interim consolidated financial statements</u> included in this report, is intended to assist in providing an understanding of the results of operations and financial condition and is organized as follows:

• Summary financial information and operating data: This section includes summary financial information and operating data of Sunrise for the periods ended 30 June 2025 and 2024.

• Results of operations: This section provides an analysis of actual results of operations for the periods ended 30 June 2025 and 2024.

• Liquidity and capital resources: This section provides an analysis of corporate and subsidiary liquidity and the interim consolidated statements of cash flows.

• Quantitative and qualitative disclosures about market risk: This section provides discussion and analysis of the market risks that Sunrise faces.

Certain uppercase terms used below have been defined in the <u>Notes</u><u> </u><u>to</u><u> </u><u>the</u><u> </u><u>interim</u><u> </u><u>consolidat</u><u>ed</u> <u>financial statements</u>.

**Summary financial information and operating data** 

The tables below set out summary financial information and operating data of Sunrise for the indicated periods.

Sunrise results have been prepared in accordance with IFRS. The following information should be read in conjunction with the <u>Sunrise interim consolidated financial statement</u><u>s</u> included in this report. Sunrise historical results are not necessarily indicative of expected future results.

**Sunrise Statements of Income or Loss Data:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended 30<br>June** | **Six months ended 30<br>June** | **Three months ended<br>30 June** | **Three months ended<br>30 June** |
| in CHF millions | **2025** | **2024** | **2025** | **2024** |
|  Revenue | 1453.7 | 1484.3 | 731.6 | 737.5 |
|  Direct costs | (376.0) | (396.9) | (191.7) | (195.2) |
|  Personnel expenses | (219.1) | (211.1) | (111.6) | (106.5) |
|  Other operating income and capitalized labor | 31.3 | 32.1 | 15.8 | 18.1 |
|  Other operating expenses | (330.8) | (326.6) | (164.0) | (159.2) |
|  **Operating income before depreciation and amortization** | **559.1** | **581.8** | **280.1** | **294.7** |
|  Depreciation of right-of-use assets | (65.0) | (66.0) | (32.1) | (33.1) |
|  Depreciation and amortization | (456.2) | (465.1) | (222.8) | (232.1) |
|  **Operating income** | **37.9** | **50.7** | **25.2** | **29.5** |
|  Financial income | 422.0 | 368.6 | 359.1 | 51.3 |
|  Financial expenses | (530.9) | (611.9) | (456.7) | (134.6) |
|  Share of gains (losses) of equity method investments | 4.1 | (0.3) | 3.0 | (0.1) |
|  **Income (loss) before taxes** | **(66.9)** | **(192.9)** | **(69.4)** | **(53.9)** |
|  Income tax (expense) benefit | 12.0 | (8.0) | 15.8 | (19.8) |
|  **Net income (loss)** | **(54.9)** | **(200.9)** | **(53.6)** | **(73.7)** |

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Q2 2025 Financial Results 5

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**Sunrise Cash Flow Data:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended 30<br>June** | **Six months ended 30<br>June** | **Three months ended<br>30 June** | **Three months ended<br>30 June** |
| in CHF millions | **2025** | **2024** | **2025** | **2024** |
|  Net cash provided by operating activities | 461.6 | 551.2 | 290.5 | 305.2 |
|  Net cash used in investing activities | (277.2) | (355.3) | (165.9) | (277.8) |
|  Net cash used in financing activities | (402.1) | (192.1) | (218.8) | (32.4) |
|  Effect of exchange rate changes on cash | (0.3) | 0.4 | (0.2) | 1.1 |
|  **Net increase (decrease) in cash and cash equivalents** | **(218.0)** | **4.2** | **(94.4)** | **(3.9)** |

---

**Sunrise Summary Financial Data:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended 30<br>June** | **Six months ended 30<br>June** | **Three months ended<br>30 June** | **Three months ended<br>30 June** |
| in CHF millions, except percentages | **2025** | **2024** | **2025** | **2024** |
|  Revenue | 1453.7 | 1484.3 | 731.6 | 737.5 |
|  **Net income (loss)** | **(54.9)** | **(200.9)** | **(53.6)** | **(73.7)** |
|  Net income (loss) margin | (3.8)% | (13.5)% | (7.3)% | (10.0)% |
|  **Adjusted EBITDAaL<sup>1</sup>** | **494.1** | **505.9** | **254.1** | **257.8** |
|  Adjusted EBITDAaL margin | 34.0% | 34.1% | 34.7% | 35.0% |
|  Net cash provided by operating activities | 461.6 | 551.2 | 290.5 | 305.2 |
|  **Adjusted Free Cash Flow<sup>2</sup>** | **16.8** | **112.7** | **144.5** | **172.6** |

---

**<sup>1</sup>** Adjusted EBITDAaL is the primary measure used by the Sunrise chief operating decision maker to evaluate operating performance and is also a key factor that is used by the internal decision makers within Sunrise to (i) determine how to allocate resources and (ii) evaluate the effectiveness of Sunrise management for the purposes of annual and other incentive-compensation plans. The Sunrise internal decision makers believe Adjusted EBITDAaL is a meaningful measure because it represents a transparent view of recurring operating performance that is unaffected by the Sunrise 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. Adjusted EBITDAaL is defined as Adjusted EBITDA after lease-related expenses. Adjusted EBITDA is defined as 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 but are not limited to (1) provisions and provision releases related to litigation, (2) certain related-party charges and (3) gains and losses on the disposal of long-lived assets. Consolidated Adjusted EBITDA and Adjusted EBITDAaL are non-IFRS measures, which readers should view as a supplement to, and not a substitute for, IFRS measures of profitability included in the <u>Sunrise interim consolidated financial state</u><u>ments</u> included in this report. Further, the Sunrise definition of Adjusted EBITDAaL and Adjusted EBITDA may differ from the way other companies define and apply their definitions of such terms. The following table provides a reconciliation of net income (loss) to Adjusted EBITDA and Adjusted EBITDAaL:

Q2 2025 Financial Results 6

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended 30<br>June** | **Six months ended 30<br>June** | **Three months ended<br>30 June** | **Three months ended<br>30 June** |
| in CHF millions | **2025** | **2024** | **2025** | **2024** |
|  Net income (loss) | (54.9) | (200.9) | (53.6) | (73.7) |
|  Income tax expense (benefit) | (12.0) | 8.0 | (15.8) | 19.8 |
|  Share of gains (losses) of equity method investments | (4.1) | 0.3 | (3.0) | 0.1 |
|  Financial income | (422.0) | (368.6) | (359.1) | (51.3) |
|  Financial expenses | 530.9 | 611.9 | 456.7 | 134.6 |
|  **Operating income (loss)** | **37.9** | **50.7** | **25.2** | **29.5** |
|  Depreciation and amortization | 456.2 | 465.1 | 222.8 | 232.1 |
|  Depreciation of right-of-use assets | 65.0 | 66.0 | 32.1 | 33.1 |
|  Share-based compensation expense | 23.5 | 10.0 | 16.2 | 5.2 |
|  Impairment, restructuring and other operating items | 7.1 | 13.9 | 5.1 | 7.9 |
|  **Adjusted EBITDA** | **589.7** | **605.7** | **301.4** | **307.8** |
|  Lease-related expenses | (95.6) | (99.8) | (47.3) | (50.0) |
|  **Adjusted EBITDAaL** | **494.1** | **505.9** | **254.1** | **257.8** |

---

<sup>2</sup> Adjusted Free Cash Flow is defined as net cash provided by operating activities plus (i) 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 (ii) cash receipts in the period from interest-related derivatives, less (a) cash payments in the period for interest, (b) cash payments in the period for capital expenditures, (c) 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 vendor payments were previously extended beyond the normal payment terms) and (d) principal payments on lease liabilities (which represents a decrease in the period to actual cash available), each as reported in the interim consolidated statements of cash flows. Sunrise believes its presentation of Adjusted Free Cash Flow, which is a non-IFRS measure, provides useful information to investors because this measure can be 

used to gauge its ability to (1) service debt, (2) distribute dividends to shareholders and (3) 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 Sunrise typically pays in less than 365 days). Adjusted Free Cash Flow should not be understood to represent the ability to fund discretionary amounts, as Sunrise has various mandatory and contractual obligations, including debt repayments, that are not deducted to arrive at these amounts. Investors should view Adjusted Free Cash Flow as a supplement to, and not a substitute for, IFRS measures of liquidity included in the Sunrise interim consolidated statements of cash flows. Further, the Sunrise definition of Adjusted Free Cash Flow may differ from the way other companies define and apply their definition of Adjusted Free Cash Flow. The following table provides a reconciliation of net cash provided by operating activities to Adjusted Free Cash Flow:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended 30<br>June** | **Six months ended 30<br>June** | **Three months ended<br>30 June** | **Three months ended<br>30 June** |
| in CHF millions | **2025** | **2024** | **2025** | **2024** |
|  Net cash provided by operating activities | 461.6 | 551.2 | 290.5 | 305.2 |
|  Interest paid | (135.9) | (217.6) | (32.9) | (85.8) |
|  Interest-related derivative receipts (payments) | 5.4 | 92.3 | 15.6 | 65.5 |
|  Vendor financing additions<sup>i</sup> | 188.4 | 137.9 | 97.6 | 82.7 |
|  Capital expenditures | (273.9) | (245.7) | (165.9) | (99.4) |
|  Principal payments on vendor financing | (174.2) | (162.8) | (41.2) | (73.0) |
|  Payment of lease liabilities | (54.7) | (42.6) | (19.4) | (22.5) |
|  **Adjusted Free Cash Flow** | **16.8** | **112.7** | **144.5** | **172.6** |

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Q2 2025 Financial Results 7

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<sup>i</sup> For the purposes of the Sunrise interim 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 interim consolidated statements of cash flows. For the 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.

**Sunrise Summary ARPU Data:** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended 30 June** | **Six months ended 30 June** | **Three months ended 30 June** | **Three months ended 30 June** |
| in CHF | **2025** | **2024** | **2025** | **2024** |
|  **Residential customers:** |  |  |  |  |
|  ***Fixed Services*** |  |  |  |  |
|  ARPU per fixed customer relationship<sup>1</sup> | 58.09 | 61.63 | 57.90 | 61.32 |
|  ***Mobile Services*** |  |  |  |  |
|  ARPU per mobile subscriber<sup>2</sup> | 28.96 | 29.73 | 29.28 | 29.78 |

---

<sup>1</sup> Average Revenue Per Unit (ARPU) is the average subscription revenue per average fixed customer relationship or mobile subscriber, as applicable. 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 balances of fixed customer relationships for the period. 

<sup>2</sup> 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 balances of mobile subscribers in service for the period.

Q2 2025 Financial Results 8

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**Sunrise Summary Operating Data:** 

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| | | |
|:---|:---|:---|
|  | **As of 30 June** | **As of 30 June** |
|  | **2025** | **2024** |
|  **Residential customers:** |  |  |
|  **Fixed Services** |  |  |
|  Fixed Customer Relationships<sup>1</sup> | 1360565 | 1375802 |
|  Select Fixed RGUs<sup>2</sup>: |  |  |
|  Broadband Internet<sup>3</sup> | 1152349 | 1145279 |
|  Enhanced TV<sup>4</sup> | 882635 | 899033 |
|  **Mobile Services** |  |  |
|  Mobile RGUs<sup>5</sup> | 2349000 | 2318696 |
|  Postpaid Mobile RGUs | 2081252 | 2006260 |
|  Prepaid Mobile RGUs | 267748 | 312436 |
|  **Fixed-mobile Convergence<sup>6</sup>** | 58.5% | 57.1% |
|  **Business customers and wholesale:** |  |  |
|  **Fixed Services<sup>7</sup>** |  |  |
|  Fixed Customer Relationships<sup>1</sup> | 130321 | 118065 |
|  Select Fixed RGUs<sup>2</sup>: |  |  |
|  Broadband Internet<sup>3</sup> | 143389 | 133245 |
|  Enhanced TV<sup>4</sup> | 93660 | 87052 |
|  **Mobile Services<sup>8</sup>** |  |  |
|  Mobile RGUs<sup>5</sup> | 797167 | 741268 |
|  Postpaid Mobile RGUs | 754703 | 693272 |
|  Prepaid Mobile RGUs | 42464 | 47996 |
|  Fixed-mobile Convergence<sup>6</sup> | 77.2% | 83.8% |

---

<sup>1</sup> Fixed customer relationships represent the number of customers who receive at least one of the Sunrise 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 services in two premises (e.g., a primary home and a vacation home), that individual generally will count as two fixed customer relationships. Sunrise 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 networks, or that Sunrise services through a partner network. 

<sup>2</sup> 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 subscribes to the Sunrise broadband Internet service or enhanced TV service, the customer will 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 the 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.

<sup>3</sup> Internet subscribers are homes, residential multiple- dwelling units or commercial units that receive fixed broadband Internet services over Sunrise fixed or mobile networks or that Sunrise services through a partner network.

<sup>4</sup> Enhanced TV subscribers are homes, residential multiple-dwelling units or commercial units that receive Sunrise enhanced TV services, which are TV services delivered through encryption-enabling, integrated or virtual technology over the Sunrise broadband network or through a partner network. Enhanced TV subscribers exclude subscribers that receive BCS, as described above. 

Q2 2025 Financial Results 9

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<sup>5</sup> 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. Sunrise has both prepaid and postpaid mobile subscribers. Prepaid subscribers are excluded from the mobile-subscriber count after a period of inactivity of 90 days, based on industry standards in Switzerland. 

<sup>6</sup> Fixed-mobile convergence penetration represents the number of customers who subscribe to both a fixed broadband Internet service and a pre- or postpaid mobile-telephony service, divided by the total number of customers who subscribe to a fixed broadband Internet service. 

<sup>7</sup> Business-customer and wholesale fixed relationships and fixed RGUs include customers who receive fixed services that are the same or similar to mass- marketed products offered to residential customers. This includes customers who receive discounted services pursuant to a programme Sunrise has in place with their employer, SOHO customers and SMEs (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. 

<sup>8</sup> 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 programme Sunrise has in place with their employer, SOHO, SME and enterprise customers, as well as to customers who subscribe for mobile services delivered over Sunrise networks through a branded reseller with whom Sunrise contracts, and excluding customers who subscribe for mobile services delivered over Sunrise networks through an MVNO with whom Sunrise contracts, as well as other wholesale customers. 

**Additional general notes to table** 

While Sunrise takes appropriate steps to ensure that subscriber statistics are presented on a consistent and accurate basis at any given balance-sheet date, the variability in (i) the nature and pricing of products and services, (ii) the distribution platform, (iii) billing systems, (iv) bad-debt collection efforts and (v) other factors add complexity to the subscriber-counting process. Sunrise periodically reviews the subscriber- counting policies and underlying systems to improve the accuracy and consistency of the data reported on a prospective basis.

Q2 2025 Financial Results 10

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**Results of operations** 

The discussion presented in this section provides an analysis of Sunrise revenue and expenses for the periods ended 30 June 2025 and 2024 as further described in Notes 4, 5 and 6 to the interim consolidated financial statements.

**Revenue** 

Sunrise derives revenue primarily from communications services provided to residential and business customers, including mobile, broadband Internet, TV and fixed-line telephony services, and from infrastructure and support functions.

**Residential customers revenue** 

Residential fixed subscription revenue includes amounts received from subscribers for ongoing services and the recognition of deferred installation revenue over the associated contract period. Residential fixed non-subscription and hardware revenue includes, among other items, channel carriage fees, late fees and revenue from the sale of equipment.

Residential subscription revenue from subscribers who purchase bundled services at a discounted rate is generally allocated proportionally to each service based on the standalone price for each individual service. As a result, changes in the standalone pricing of fixed and mobile products or the composition of bundles can contribute to changes in product revenue categories from period to period.

Residential mobile subscription revenue includes amounts received from subscribers for ongoing services. Residential mobile non-subscription and hardware revenue includes, among other items, revenue from sales of mobile handsets and other devices.

**Business customers and wholesale revenue** 

Business-customer and wholesale subscription revenue represents revenue from (i) services provided to SOHO subscribers and (ii) mobile, connectivity and information and communication technology (ICT) services provided to medium and large enterprises. Business-customer and wholesale non-subscription and hardware revenue includes revenue from business broadband Internet, TV, fixed- line telephony, data and ICT services, such as carrier and roaming services, offered to medium and large enterprises and fixed-line and mobile services on a wholesale basis, offered to other operators.

**Infrastructure and support functions revenue** 

Infrastructure and support functions revenue primarily includes built-to-suit (BTS) revenue related to mobile towers built by Sunrise and sold to Swiss Towers.

Q2 2025 Financial Results 11

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**Periods ended 30 June 2025 compared to periods ended 30 June 2024** 

Revenue by major category and reportable segment for the indicated periods is set out below:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended 30<br>June** | **Six months ended 30<br>June** | **Increase<br>(decrease)** | **Three months ended<br>30 June** | **Three months ended<br>30 June** | **Increase<br>(decrease)** |
| in CHF millions, except percentages | **2025** | **2024** | **%** | **2025** | **2024** | **%** |
|  **Residential customers:** |  |  |  |  |  |  |
|  **Fixed revenue:** | **496.8** | **532.7** | **(6.7)** | **245.9** | **262.5** | **(6.3)** |
|  Subscription | 476.9 | 510.0 | (6.5) | 237.5 | 253.5 | (6.3) |
|  Non-subscription and hardware | 19.9 | 22.7 | (12.3) | 8.4 | 9.0 | (6.7) |
|  **Mobile revenue:** | **494.9** | **501.5** | **(1.3)** | **249.8** | **247.3** | **1.0** |
|  Subscription | 408.1 | 411.5 | (0.8) | 206.3 | 206.4 | 0.0 |
|  Non-subscription and hardware | 86.8 | 90.0 | (3.6) | 43.5 | 40.9 | 6.4 |
|  **Other:** | **49.9** | **46.1** | **8.2** | **25.6** | **23.4** | **9.4** |
|  **Total residential customers revenue** | **1041.6** | **1080.3** | **(3.6)** | **521.3** | **533.2** | **(2.2)** |
|  **Business customers and wholesale:** |  |  |  |  |  |  |
|  **Fixed revenue:** | **238.2** | **233.2** | **2.1** | **120.8** | **117.8** | **2.5** |
|  Subscription | 153.4 | 143.5 | 6.9 | 77.0 | 72.8 | 5.8 |
|  Non-subscription and hardware | 84.8 | 89.7 | (5.5) | 43.8 | 45.0 | (2.7) |
|  **Mobile revenue:** | **169.0** | **167.5** | **0.9** | **86.3** | **84.2** | **2.5** |
|  Subscription | 133.2 | 130.0 | 2.5 | 67.4 | 65.9 | 2.3 |
|  Non-subscription and hardware | 35.8 | 37.5 | (4.5) | 18.9 | 18.3 | 3.3 |
|  **Other:** | **1.6** | **1.1** | **45.5** | **0.9** | **0.5** | **80.0** |
|  **Total business customers and wholesale revenue** | **408.8** | **401.8** | **1.7** | **208.0** | **202.5** | **2.7** |
|  **Infrastructure and support functions:** |  |  |  |  |  |  |
|  **Other:** | 3.3 | 2.2 | 50.0 | 2.3 | 1.8 | 27.8 |
|  **Total infrastructure and support functions revenue** | **3.3** | **2.2** | **50.0** | **2.3** | **1.8** | **27.8** |
|  **Total revenue** | **1453.7** | **1484.3** | **(2.1)** | **731.6** | **737.5** | **(0.8)** |

---

Q2 2025 Financial Results 12

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**Residential customers.** The details of the decrease in Sunrise residential customer revenue during the

periods ended 30 June 2025, compared to the corresponding periods in 2024, are set out below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended 30 June** | **Six months ended 30 June** | **Six months ended 30 June** | **Three months ended 30 June** | **Three months ended 30 June** | **Three months ended 30 June** |
| in CHF millions | **Subscription<br>revenue** | **Non-<br>subscription<br>and<br>hardware<br>revenue** | **Total** | **Subscription<br>revenue** | **Non-<br>subscription<br>and<br>hardware<br>revenue** | **Total** |
|  **Decrease in residential fixed revenue due to change in:** |  |  |  |  |  |  |
|  Average number of fixed customer relationships<sup>1</sup> | (3.8) |  | (3.8) | (1.9) |  | (1.9) |
|  ARPU | (29.3) |  | (29.3) | (14.1) |  | (14.1) |
|  Decrease in residential fixed non-subscription and hardware revenue |  | (2.8) | (2.8) |  | (0.6) | (0.6) |
|  **Total decrease in residential fixed revenue** | **(33.1)** | **(2.8)** | **(35.9)** | **(16.0)** | **(0.6)** | **(16.6)** |
|  **Increase (decrease) in residential mobile revenue due to change in:** |  |  |  |  |  |  |
|  Average number of mobile subscribers<sup>2</sup> | 7.3 |  | 7.3 | 3.4 |  | 3.4 |
|  ARPU | (10.7) |  | (10.7) | (3.5) |  | (3.5) |
|  Increase (decrease) in residential mobile non- subscription and hardware revenue |  | (3.2) | (3.2) |  | 2.6 | 2.6 |
|  **Total increase (decrease) in residential mobile revenue** | **(3.4)** | **(3.2)** | **(6.6)** | **(0.1)** | **2.6** | **2.5** |
|  **Increase in other residential revenue** | **—** | **3.8** | **3.8** | **—** | **2.2** | **2.2** |
|  **Total** | **(36.5)** | **(2.2)** | **(38.7)** | **(16.1)** | **4.2** | **(11.9)** |

---

<sup>1</sup> Average number of fixed customer relationships is calculated as the average of the opening and ending balances of fixed customer relationships in the period.

<sup>2</sup> Average number of mobile subscribers is calculated as the average of the opening and ending balances of mobile subscribers in the period.

Total residential customers revenue decreased CHF 38.7 million or 3.6% during the six-month period ended 30 June 2025, compared to the corresponding period in 2024, and CHF 11.9 million or 2.2% during the three-month period ended 30 June 2025, compared to the corresponding period in 2024. This includes a decrease of CHF 5.9 million and CHF 3.1 million attributable to the impact of legacy UPC customer shifts from residential products to business customers and wholesale products respectively (see details below).

The revenue decrease is primarily due to the net effect of (i) a decrease in fixed subscription revenue due to lower ARPU, mainly driven by higher discounts and migrating legacy UPC customers from the higher-priced legacy UPC platform to the Sunrise brand, which also led to a decrease in the average number of customers, partially offset by growth in flanker brands, (ii) a decrease in fixed non- subscription and hardware revenue attributable to lower equipment sales driven by lower hardware- bundling activity, partially offset by higher MySports revenue, (iii) a decrease in mobile subscription revenue in the six-month period attributable to lower variable usage (interconnect, roaming and options), as well as lower ARPU, mainly driven by higher discounts due to pricing pressure in the market, multi-SIM discounts and flanker brands' share in the base, partially offset by the price increase from March and April 2025 and an increase in the average number of RGUs mainly from growth in flanker brands, which led to stable mobile subscription revenue in the three-month period, (iv) a decrease in mobile non-subscription and hardware revenue,

Q2 2025 Financial Results 13

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mainly driven by lower handset sales in the six-month period partially offset by higher handset sales in the three-month period and (v) an increase in other revenue mainly due to higher fee-related revenue.

**Changes in product hierarchy.** As of 2025, there has been an adjustment in the product hierarchy within the residential customer segment. This change reflects a refinement of the product hierarchy based

on how management analyses and steers the business. For better comparability, the 2024 revenues shown <u>above</u> have been reclassified. These reclassifications within the residential customers segment for the periods ended 30 June 2024 as well as the legacy UPC customer shifts to business customers and wholesale segment are shown below. For a comprehensive view of the full rebased figures, please refer to the factsheet.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended 30 June**<br> **2024** | **Six months ended 30 June**<br> **2024** | **Six months ended 30 June**<br> **2024** | **Three months ended 30 June**<br> **2024** | **Three months ended 30 June**<br> **2024** | **Three months ended 30 June**<br> **2024** |
| in CHF millions | Product<br>hierarchy | Customer<br>shifts | Total<br>change | Product<br>hierarchy | Customer<br>shifts | Total<br>change |
|  **Residential customers:** |  |  |  |  |  |  |
|  **Fixed revenue:** | **22.6** | **(5.3)** | **17.3** | **9.4** | **(2.7)** | **6.7** |
|  Subscription | 7.7 | (5.3) | 2.4 | 3.9 | (2.7) | 1.2 |
|  Non-subscription and hardware | 14.9 |  | 14.9 | 5.5 |  | 5.5 |
|  **Mobile revenue:** | **(4.2)** | **(0.6)** | **(4.8)** | **(2.2)** | **(0.4)** | **(2.6)** |
|  Subscription | (4.6) | (0.6) | (5.2) | (2.4) | (0.4) | (2.8) |
|  Non-subscription and hardware | 0.4 |  | 0.4 | 0.2 |  | 0.2 |
|  **Other:** | **(18.4)** | **—** | **(18.4)** | **(7.2)** | **—** | **(7.2)** |
|  **Total residential customers revenue** | **—** | **(5.9)** | **(5.9)** | **—** | **(3.1)** | **(3.1)** |

---

**Business customers and wholesale.** Total business- customers and wholesale revenue increased CHF 7.0 million or 1.7% during the six-month period ended 30 June 2025, compared to the corresponding period in 2024, and CHF 5.5 million or 2.7% during the three-month period ended 30 June 2025, compared to the corresponding period in 2024. This includes an increase of CHF 5.9 million and CHF 3.1 million attributable to the impact of legacy UPC customer shifts from residential products to business customers and wholesale products respectively (see details below).

The revenue increase is primarily due to the net effect of (i) an increase in fixed subscription revenue due to a higher number of business customers, (ii) a decrease in fixed non-subscription and hardware revenue due to lower revenue from wholesale services driven by lower voice hubbing activity and lower installation revenue in the six-month period, partially offset by higher installation revenue in the three-month period and an increase in wholesale services driven by higher FVNO-related revenues, (iii) higher mobile subscription revenue due to an

increase in wholesale services driven by higher MVNO-related revenues, (iv) a decrease in mobile non-subscription and hardware revenue, mainly driven by lower handset sales and a decrease in wholesale services driven by lower roaming revenues in the six-month period partially offset by higher handset sales in the three-month period and (v) an increase in other revenue mainly due to higher fee- related revenue.

**Changes in product hierarchy.** As of 2025, there has been an adjustment in the product hierarchy within the business customers and wholesale segment. This change reflects a refinement of the product hierarchy based on how management analyses and steers the business. For better comparability, the 2024 revenues shown <u>above</u> have been reclassified. These reclassifications within the business customers and wholesale segment for the periods ended 30 June 2024 as well as the legacy UPC customer shifts to business customers and wholesale segment are shown below. For a comprehensive view of the full rebased figures, please refer to the factsheet.

Q2 2025 Financial Results 14

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended 30 June**<br> **2024** | **Six months ended 30 June**<br> **2024** | **Six months ended 30 June**<br> **2024** | **Three months ended 30 June<br>2024** | **Three months ended 30 June<br>2024** | **Three months ended 30 June<br>2024** |
| in CHF millions | Product<br>hierarchy | Customer<br>shifts | Total<br>change | Product<br>hierarchy | Customer<br>shifts | Total<br>change |
|  **Business customers and wholesale:** |  |  |  |  |  |  |
|  **Fixed revenue:** | **—** | **5.3** | **5.3** | **—** | **2.7** | **2.7** |
|  Subscription | 1.2 | 5.3 | 6.5 | 0.7 | 2.7 | 3.4 |
|  Non-subscription and hardware | (1.2) |  | (1.2) | (0.7) |  | (0.7) |
|  **Mobile revenue:** | **0.2** | **0.6** | **0.8** | **0.1** | **0.4** | **0.5** |
|  Subscription | (1.3) | 0.6 | (0.7) | (0.1) | 0.4 | 0.3 |
|  Non-subscription and hardware | 1.5 |  | 1.5 | 0.2 |  | 0.2 |
|  **Other:** | **(0.2)** | **—** | **(0.2)** | **(0.1)** | **—** | **(0.1)** |
|  **Total business customers and wholesale revenue** | **—** | **5.9** | **5.9** | **—** | **3.1** | **3.1** |

---

**Infrastructure and support functions.** Total infrastructure and support-functions revenue increased CHF 1.1 million or 50.0% and CHF 0.5 million or 27.8% during the six-month and three-month periods ended 30 June 2025, compared to the corresponding periods in 2024, primarily due to higher BTS revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Q2 2025 Financial Results 15

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**Profit Reconciliation** 

**Direct costs** 

Direct costs include programming and copyright costs, interconnect and access costs, costs of mobile handsets and other devices and other costs of sales related to Sunrise operations. Programming and copyright costs represent a significant portion of operating costs and are subject to rises in future periods due to various factors, including (i) higher costs associated with the expansion of digital video content, including rights associated with ancillary product offerings and rights that provide for the broadcast of live sporting events, and (ii) rate increases.

**Personnel expenses** 

Personnel expenses include salary and payroll costs, commissions, incentive-compensation costs, deferred labor and contingent labor.

**Other operating income and capitalized labor** 

This line item includes capitalized internal labor and other income primarily related to legal settlements.

**Other operating expenses** 

Other expenses include marketing and other sales costs, network operations, customer-service costs, business-service costs, impairment and restructuring, share-based compensation and other general expenses.

**Periods ended 30 June 2025 compared to periods ended 30 June 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended<br>30 June** | **Six months ended<br>30 June** | **Increase<br>(decrease)** | **Three months ended<br>30 June** | **Three months ended<br>30 June** | **Increase<br>(decrease)** |
| in CHF millions, except percentages | **2025** | **2024** | **%** | **2025** | **2024** | **%** |
|  Revenue | 1453.7 | 1484.3 | (2.1) | 731.6 | 737.5 | (0.8) |
|  Direct costs | (376.0) | (396.9) | (5.3) | (191.7) | (195.2) | (1.8) |
|  Personnel expenses | (219.1) | (211.1) | 3.8 | (111.6) | (106.5) | 4.8 |
|  Other operating income and capitalized labor | 31.3 | 32.1 | (2.5) | 15.8 | 18.1 | (12.7) |
|  Other operating expenses | (330.8) | (326.6) | 1.3 | (164.0) | (159.2) | 3.0 |
|  **Operating income before depreciation and amortization** | **559.1** | **581.8** | **(3.9)** | **280.1** | **294.7** | **(5.0)** |
|  Depreciation of right-of-use assets | (65.0) | (66.0) | (1.5) | (32.1) | (33.1) | (3.0) |
|  Depreciation and amortization | (456.2) | (465.1) | (1.9) | (222.8) | (232.1) | (4.0) |
|  **Operating income** | **37.9** | **50.7** | **(25.2)** | **25.2** | **29.5** | **(14.6)** |
|  Financial income | 422.0 | 368.6 | 14.5 | 359.1 | 51.3 | 600.0 |
|  Financial expenses | (530.9) | (611.9) | (13.2) | (456.7) | (134.6) | 239.3 |
|  Share of gains (losses) of equity method investments | 4.1 | (0.3) | 1466.7 | 3.0 | (0.1) | 3100.0 |
|  **Income (loss) before taxes** | **(66.9)** | **(192.9)** | **65.3** | **(69.4)** | **(53.9)** | **(28.8)** |
|  Income tax (expense) benefit | 12.0 | (8.0) | 250.0 | 15.8 | (19.8) | 179.8 |
|  **Net income (loss)** | **(54.9)** | **(200.9)** | **72.7** | **(53.6)** | **(73.7)** | **27.3** |

---

Q2 2025 Financial Results 16

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**Direct costs** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended<br>30 June** | **Six months ended<br>30 June** | **Increase<br>(decrease)** | **Three months ended<br>30 June** | **Three months ended<br>30 June** | **Increase<br>(decrease)** |
| in CHF millions, except percentages | **2025** | **2024** | **%** | **2025** | **2024** | **%** |
|  Residential customers | 234.3 | 241.0 | (2.8) | 117.1 | 117.1 |  |
|  Business customers and wholesale | 135.3 | 144.9 | (6.6) | 71.1 | 72.3 | (1.7) |
|  Infrastructure and support functions | 6.4 | 11.0 | (41.8) | 3.5 | 5.8 | (39.7) |
|  **Total** | **376.0** | **396.9** | **(5.3)** | **191.7** | **195.2** | **(1.8)** |

---

**Residential customers.** Total residential-customers direct costs decreased CHF 6.7 million or 2.8% during the six-month period ended 30 June 2025, compared to the corresponding period in 2024, primarily due to a (i) decrease in fixed equipment costs driven by lower hardware-bundling activity, (ii) a decrease in mobile handset costs driven by lower handset sales volumes and (iii) a decrease in termination costs following lower variable usage, partially offset by (iv) an increase in access costs from a different access mix and a growing base.

Total residential-customers direct costs were stable during the three-month period ended 30 June 2025, compared to the corresponding period in 2024, primarily due to the net effect of a (i) decrease in fixed equipment costs driven by lower hardware- bundling activity, (ii) a decrease in termination costs following lower variable usage, offset by (iii) an increase in mobile handset costs driven by higher handset sales volumes and (iv) an increase in access costs from a different access mix and a growing base.

**Business customers and wholesale.** Total business-customers and wholesale direct costs decreased CHF 9.6 million or 6.6% during the six-month period

ended 30 June 2025, compared to the corresponding period in 2024, primarily due to (i) lower installation costs in line with lower installation revenue, (ii) lower voice hubbing costs in line with lower voice hubbing revenue and (iii) lower mobile handset costs driven by lower handset sales volumes.

Total business-customers and wholesale direct costs decreased CHF 1.2 million or 1.7% during the three-month period ended 30 June 2025, compared to the corresponding period in 2024, primarily due to (i) lower voice hubbing costs in line with lower voice hubbing revenue, partially offset by (ii) higher mobile handset costs driven by higher handset sales volumes.

**Infrastructure and support functions.** Total infrastructure and support-functions direct costs decreased CHF 4.6 million or 41.8% and CHF 2.3 million or 39.7% during the six-month and three-month periods ended 30 June 2025, compared to the corresponding periods in 2024, primarily due to differences in quarterly phasing, partially offset by an increase of BTS-related costs.

**Personnel expenses** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended<br>30 June** | **Six months ended<br>30 June** | **Increase<br>(decrease)** | **Three months ended<br>30 June** | **Three months ended<br>30 June** | **Increase<br>(decrease)** |
| in CHF millions, except percentages | **2025** | **2024** | **%** | **2025** | **2024** | **%** |
|  Residential customers | 72.3 | 76.1 | (5.0) | 36.1 | 36.4 | (0.8) |
|  Business customers and wholesale | 42.1 | 42.2 | (0.2) | 21.2 | 21.2 |  |
|  Infrastructure and support functions | 104.7 | 92.8 | 12.8 | 54.3 | 48.9 | 11.0 |
|  **Total** | **219.1** | **211.1** | **3.8** | **111.6** | **106.5** | **4.8** |

---

**Residential customers.** Total residential-customers personnel expenses decreased CHF 3.8 million or 5.0% during the six-month period ended 30 June 2025, and CHF 0.3 million or 0.8% during the three- month period ended 30 June 2025 compared to the corresponding periods in 2024, primarily due to lower payroll expenses as a result of lower residential-customer staffing levels partially driven by shifts to the infrastructure and support functions segment in spring 2024.

**Business customers and wholesale.** Total business-customers and wholesale personnel expenses decreased CHF 0.1 million or 0.2% during the six-month period and was stable during the three-month period ended 30 June 2025, compared to the corresponding period in 2024.

**Infrastructure and support functions.** Total infrastructure and support-functions personnel expenses increased CHF 11.9 million or 12.8% during the six-month period ended 30 June 2025, and CHF

Q2 2025 Financial Results 17

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5.4 million or 11.0% during the three-month period ended 30 June 2025, compared to the corresponding periods in 2024, primarily due to (i) higher incentive-compensation costs driven by share- based compensation mainly due to an employee stock purchase plan in Q2 2025 and the spin-off

related initial awards from Q4 2024, (ii) higher pension expenses and (iii) higher cost from higher infrastructure & support staffing levels partially driven by shifts from the residential customers segment in spring 2024.

**Other operating income and capitalized labor** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended<br>30 June** | **Six months ended<br>30 June** | **Increase<br>(decrease)** | **Three months ended<br>30 June** | **Three months ended<br>30 June** | **Increase<br>(decrease)** |
| in CHF millions, except percentages | **2025** | **2024** | **%** | **2025** | **2024** | **%** |
|  Residential customers | 3.5 | 2.9 | 20.7 | 1.9 | 1.7 | 11.8 |
|  Business customers and wholesale | 3.0 | 2.8 | 7.1 | 1.4 | 1.4 |  |
|  Infrastructure and support functions | 24.8 | 26.4 | (6.1) | 12.5 | 15.0 | (16.7) |
|  **Total** | **31.3** | **32.1** | **(2.5)** | **15.8** | **18.1** | **(12.7)** |

---

**Residential customers.** Total residential-customers other operating income and capitalized labor increased CHF 0.6 million or 20.7% and CHF 0.2 million or 11.8% during the six-month and three-month periods ended 30 June 2025, compared to the corresponding periods in 2024, primarily due to an increase in capitalizable labor activities.

**Business customers and wholesale.** Total business-customers and wholesale other operating income and capitalized labor increased CHF 0.2 million or 7.1% during the six-month period ended 30 June 2025, compared to the corresponding period in 2024, primarily due to an increase in capitalizable labor activities and was stable during the three-

month period ended 30 June 2025, compared to the corresponding period in 2024.

**Infrastructure and support functions.** Total infrastructure and support-functions other operating income and capitalized labor decreased CHF 1.6 million or 6.1% during the six-month period ended 30 June 2025, and CHF 2.5 million or 16.7% million during the three-month period ended 30 June 2025, compared to the corresponding periods in 2024, primarily due to (i) a decrease in other operating income and (ii) a decrease in capitalizable labor activities in the three-month period, partially offset by (ii) an increase in capitalizable labor activities in the six-month period.

**Other operating expenses** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended<br>30 June** | **Six months ended<br>30 June** | **Increase<br>(decrease)** | **Three months ended<br>30 June** | **Three months ended<br>30 June** | **Increase<br>(decrease)** |
| in CHF millions, except percentages | **2025** | **2024** | **%** | **2025** | **2024** | **%** |
|  Residential customers | 137.4 | 131.4 | 4.6 | 61.1 | 60.5 | 1 |
|  Business customers and wholesale | 21.1 | 16.5 | 27.9 | 10.8 | 8.2 | 31.7 |
|  Infrastructure and support functions | 172.3 | 178.7 | (3.6) | 92.1 | 90.5 | 1.8 |
|  **Total** | **330.8** | **326.6** | **1.3** | **164.0** | **159.2** | **3.0** |

---

**Residential customers.** Total residential-customers other operating expenses increased CHF 6.0 million or 4.6% during the six-month period ended 30 June 2025, compared to the corresponding period in 2024, primarily due to (i) an increase in professional services mainly from higher consultancy spend, (ii) higher marketing spend due to different quarterly phasing and (iii) an increase in contact-centre costs due to higher call volumes, partially offset by (iv) lower external sales commissions.

Total residential-customers other operating expenses increased CHF 0.6 million or 1.0% during the three-month period ended 30 June 2025, compared to the

corresponding period in 2024, primarily due to (i) higher marketing spend due to different quarterly phasing, partially offset by (ii) lower external sales commissions.

**Business customers and wholesale.** Total business-customers and wholesale other operating expenses increased CHF 4.6 million or 27.9% and CHF 2.6 million or 31.7% during the six-month and three-month periods ended 30 June 2025, compared to the corresponding periods in 2024, primarily due to (i) different quarterly phasing of cloud-related projects and (ii) an increase in external sales commissions.

Q2 2025 Financial Results 18

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**Infrastructure and support functions.** Total infrastructure and support-functions other operating expenses decreased CHF 6.4 million or 3.6% during the six-month period ended 30 June 2025, compared to the corresponding period in 2024, primarily due to the net effect of (i) a decrease in bad-debt expense, (ii) a decrease in related-party charges and (iii) a decrease in network-related cost, partially offset by (v) an increase in expenses for cloud-related projects, (vi) higher restructuring cost and (vii) an increase in legal contingencies.

Total infrastructure and support-functions other operating expenses increased CHF 1.6 million or 1.8% during the three-month period ended 30 June 2025, compared to the corresponding period in 2024, primarily due to the net effect of (i) higher restructuring cost, (ii) an increase in legal contingencies and (iii) an increase in expenses for cloud-related projects, partially offset by (iv) a decrease in related-party charges and (v) a decrease in network-related cost.

**Depreciation and amortization.** Total depreciation and amortization, including depreciation and amortization of right-of-use assets, increased CHF 9.9 million or 1.9% during the six-month period ended 30 June 2025 and CHF 10.3 million or 3.9% during the three-month period ended 30 June 2025, compared to the corresponding periods in 2024.

**Operating income.** Operating income decreased CHF 12.8 million or 25.2% during the six-month period ended 30 June 2025 and CHF 4.3 million or 14.6% during the three-month period ended 30 June 2025, compared to the corresponding periods in 2024, driven by the aforementioned changes in revenue and expenses.

**Financial income.** Financial income increased CHF 53.4 million or 14.5% during the six-month period ended 30 June 2025, compared to the corresponding period in 2024, primarily due to an increase in foreign-currency transaction gains partially offset by a decrease in realised and unrealised gains on derivative instruments.

Financial income increased CHF 307.8 million or 600.0% during the three-month period ended 30 June 2025, compared to the corresponding period in 2024, primarily due to an increase in foreign-currency transaction gains.

**Financial expenses.** Financial expenses decreased CHF 81.0 million or 13.2% during the six-month period ended 30 June 2025, compared to the corresponding period in 2024, primarily due to a decrease in foreign-currency transaction losses and interest expense partially offset by an increase in realised and unrealised losses on derivative instruments.

Financial expenses increased CHF 322.1 million or 239.3% during the three-month period ended 30 June 2025, compared to the corresponding period in 2024, primarily due to an increase in realised and unrealised losses on derivative instruments partially offset by a decrease in interest expense.

**Income tax benefit (expense).** Sunrise recognized income tax benefits of CHF 12.0 million during the six-month period ended 30 June 2025 and CHF 15.8 million during the three-month period ended 30 June 2025 and income tax expenses of CHF 8.0 million during the six-month period ended 30 June 2024 and CHF 19.8 million during the three-month period ended 30 June 2024 respectively. The increase in income tax benefit is primarily due to a decrease in current tax expense.

**Net loss.** Net loss decreased CHF 146.0 million or 72.7% during the six-month period ended 30 June 2025 and CHF 20.1 million or 27.3% during the three-month period ended 30 June 2025, compared to the corresponding periods in 2024, due to the aforementioned changes in the above items.

**Adjusted EBITDAaL.** Adjusted EBITDAaL is the primary measure used by the Sunrise chief operating decision maker to evaluate segment operating performance. Consolidated Adjusted EBITDAaL is reconciled to net income (loss) (the most directly comparable IFRS financial measure) within the section <u>Summary financial information and operating</u> <u>data</u>. Consolidated Adjusted EBITDAaL is a non-IFRS measure, which readers should view as a supplement to, and not a substitute for, IFRS measures of performance included in the interim consolidated statements of income or loss. The following table sets out the Adjusted EBITDAaL of the reportable segments of Sunrise, as well as its Consolidated Adjusted EBITDAaL:

**Adjusted EBITDAaL** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended<br>30 June** | **Six months ended<br>30 June** | **Increase<br>(decrease)** | **Three months ended<br>30 June** | **Three months ended<br>30 June** | **Increase<br>(decrease)** |
| in CHF millions, except percentages | **2025** | **2024** | **%** | **2025** | **2024** | **%** |
|  Residential customers | 575.7 | 609.0 | (5.5) | 296.1 | 308.0 | (3.9) |
|  Business customers and wholesale | 207.4 | 195.3 | 6.2 | 103.1 | 99.3 | 3.8 |
|  Infrastructure and support functions | (289.0) | (298.4) | 3.2 | (145.1) | (149.5) | 2.9 |
|  **Total** | **494.1** | **505.9** | **(2.3)** | **254.1** | **257.8** | **(1.4)** |

---

Q2 2025 Financial Results 19

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**Adjusted EBITDAaL margin.** The following table sets out the Adjusted EBITDAaL margins (Adjusted EBITDAaL divided by revenue) of each of the reportable segments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br>30 June** | **Six months ended<br>30 June** | **Three months ended<br>30 June** | **Three months ended<br>30 June** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Residential customers | 55.3% | 56.4% | 56.8% | 57.8% |
|  Business customers and wholesale | 50.7% | 48.6% | 49.6% | 49.0% |
|  Infrastructure and support functions | N.M. | N.M. | N.M. | N.M. |

---

N.M. - not meaningful

**Residential customers.** Total residential-customers Adjusted EBITDAaL decreased CHF 33.3 million or 5.5% during the six-month period ended 30 June 2025, compared to the corresponding period in 2024, primarily due to the net effect of (i) the aforementioned decrease in revenue of CHF 38.7 million or 3.6%, (ii) the aforementioned decrease in direct costs of CHF 6.7 million or 2.8%, (iii) an increase in indirect costs of CHF 1.5 million or 0.7%, primarily driven by the aforementioned increase in other operating expenses partially offset by the aforementioned decrease in personnel expenses and the aforementioned increase in other operating income and capitalized labor (excluding, in each case, expenses for share-based compensation, restructuring and other) and (iv) a decrease in lease-related expenses of CHF 0.2 million or 0.8%. The Adjusted EBITDAaL margin decreased by 1.1% during the six-month period ended 30 June 2025, compared to the corresponding period in 2024, due to a higher relative decrease in Adjusted EBITDAaL compared to revenue.

Total residential-customers Adjusted EBITDAaL decreased CHF 11.9 million or 3.9% during the three-month period ended 30 June 2025, compared to the corresponding period in 2024, primarily due to the net effect of (i) the aforementioned decrease in revenue of CHF 11.9 million or 2.2%, (ii) the aforementioned stable direct costs, (iii) an increase in indirect costs of CHF 0.1 million or 0.1%, primarily driven by the aforementioned increase in other operating expenses partially offset by the aforementioned decrease in personnel expenses and the aforementioned increase in other operating income and capitalized labor (excluding, in each case, expenses for share-based compensation, restructuring and other) and (iv) a decrease in lease-related expenses of CHF 0.1 million or 0.8%. The Adjusted EBITDAaL margin decreased by 1.0% during the three-month period ended 30 June 2025, compared to the corresponding period in 2024, due to a higher relative decrease in Adjusted EBITDAaL compared to revenue.

**Business customers and wholesale.** Total business-customers and wholesale Adjusted EBITDAaL increased CHF 12.1 million or 6.2% during the six-month period ended 30 June 2025, compared to the corresponding period in 2024, primarily due to the net effect of (i) the aforementioned increase in

revenue of CHF 7.0 million or 1.7%, (ii) the aforementioned decrease in direct costs of CHF 9.6 million or 6.6%, (iii) an increase in indirect costs of CHF 4.2 million or 7.5%, primarily driven by the aforementioned increase in other operating expenses (excluding expenses for share-based compensation, restructuring and other) and (iv) an increase in lease-related expenses of CHF 0.3 million or 5.3%. The Adjusted EBITDAaL margin increased by 2.1% during the six-month period ended 30 June 2025, compared to the corresponding period in 2024, due to a higher relative increase in Adjusted EBITDAaL compared to revenue.

Total business-customers and wholesale Adjusted EBITDAaL increased CHF 3.8 million or 3.8% during the three-month period ended 30 June 2025, compared to the corresponding period in 2024, primarily due to the net effect of (i) the aforementioned increase in revenue of CHF 5.5 million or 2.7%, (ii) the aforementioned decrease in direct costs of CHF 1.2 million or 1.7%, (iii) an increase in indirect costs of CHF 2.6 million or 9.3%, primarily driven by the aforementioned increase in other operating expenses (excluding expenses for share-based compensation, restructuring and other) and (iv) an increase in lease-related expenses of CHF 0.3 million or 10.3%. The Adjusted EBITDAaL margin increased by 0.6% during the three-month period ended 30 June 2025, compared to the corresponding period in 2024, due to a higher relative increase in Adjusted EBITDAaL compared to revenue.

**Infrastructure and support functions.** Total infrastructure and support-functions Adjusted EBITDAaL increased CHF 9.4 million or 3.2% during the six-month period ended 30 June 2025, compared to the corresponding period in 2024, primarily due to the net effect of (i) the aforementioned increase in revenue of CHF 1.1 million or 50.0%, (ii) the aforementioned decrease in direct costs of CHF 4.6 million or 41.8%, (iii) an increase in indirect costs of CHF 0.6 million or 0.3%, primarily driven by the aforementioned increase in personnel expenses partially offset by the aforementioned decrease in other operating income and capitalized labor and the decrease in other operating expenses (excluding, in each case, expenses for share-based compensation, restructuring and other) and (iv) a decrease in lease-related expenses of CHF 4.3 million or 6.3%.

Q2 2025 Financial Results 20

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Total infrastructure and support-functions Adjusted EBITDAaL increased CHF 4.4 million or 2.9% during the three-month period ended 30 June 2025, compared to the corresponding period in 2024, primarily due to the net effect of (i) the aforementioned increase in revenue of CHF 0.5 million or 27.8%, (ii) the aforementioned decrease in direct costs of CHF 2.3 million or 39.7%, (iii) an increase in indirect costs of CHF 1.3 million or 1.2%,

primarily driven by the aforementioned increase in personnel expenses partially offset by the aforementioned decrease in other operating income and capitalized labor and the decrease in other operating expenses (excluding, in each case, expenses for share-based compensation, restructuring and other) and (iv) a decrease in lease-related expenses of CHF 2.9 million or 8.5%

Q2 2025 Financial Results 21

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**Liquidity and capital resources** 

**Sources and uses of cash** 

**Cash and cash equivalents** 

At 30 June 2025, Sunrise had cash and cash equivalents of CHF 133.8 million, most of which were held by its subsidiaries. The terms of the instruments governing the indebtedness of certain of these subsidiaries may restrict the ability of Sunrise to access the liquidity of these subsidiaries. In addition, its ability to access the liquidity of its subsidiaries may be limited by tax, legal considerations and other factors.

**Corporate liquidity of Sunrise** 

As Sunrise typically does not hold significant amounts of cash and cash equivalents at the corporate level, its primary source of corporate liquidity consists of, subject to the restrictions noted above, proceeds in the form of distributions or loans from its subsidiaries. From time to time, Sunrise may also supplement its sources of corporate liquidity with net proceeds received in connection with the issuance of debt instruments. No assurance can be given that any external funding will be available on favourable terms, or at all.

The corporate liquidity requirements of Sunrise include (i) corporate general and administrative expenses, (ii) interest payments on the Sunrise Holding Senior Notes and (iii) dividends and other returns of capital. From time to time, Sunrise may also require cash in connection with (i) the repayment of third-party debt (including the repurchase or exchange of outstanding debt securities in the open market or privately-negotiated transactions), (ii) the satisfaction of contingent liabilities, (iii) acquisitions, (iv) other investment opportunities or (v) income tax payments.

**Liquidity of consolidated operating entities** 

In addition to cash and cash equivalents, the primary source of liquidity of consolidated operating entities is cash provided by operations and any borrowing availability under the Sunrise Holding Bank Facility. The liquidity of the consolidated operating entities of Sunrise is generally used to fund (i) property and equipment additions, (ii) debt-service requirements, (iii) payments required by derivative instruments and (iv) payments associated with defined-benefit plans, and to settle certain commitments. In this regard, Sunrise has significant commitments related to certain operating costs associated with networks, purchase obligations associated with customer-premises equipment (CPE), certain service-related commitments, programming-studio output and sport-rights contracts. These obligations are expected to represent a significant liquidity requirement of Sunrise consolidated operating entities, a significant portion of which is due over the next 12 to 24 months.

From time to time, the consolidated operating entities of Sunrise may also require liquidity in connection with (i) acquisitions and other investment opportunities, (ii) loans and capital distributions to their intermediate holding companies or (iii) the satisfaction of contingent liabilities. No assurance can be given that any external funding will be available to its consolidated operating entities on favourable terms, or at all.

For additional information please refer to Sunrise's <u>Interim Consolidated Statements of Cash Flows</u>.

**Capitalization** 

At 30 June 2025, the outstanding principal amount of Sunrise consolidated third-party debt, together with accrued interest, totalled CHF 4.5 billion, including CHF 0.5 billion that is classified as current in the interim consolidated statement of financial condition. As a result of the refinancing on 28 May 2025, Sunrise has an extended maturity runway with no short-term maturities (c. 63% of debt becoming due after 2029 and c. 39% of debt now becoming due in 2032).

As of 30 June 2025, Sunrise was in compliance with its debt covenants. In addition, Sunrise does not anticipate any instances of non-compliance with respect to any debt covenants that would have a material adverse impact on its liquidity during the next 12 months.

Sunrise believes it has sufficient resources to repay or refinance the current portion of its debt and lease obligations and to fund foreseeable liquidity requirements during the next 12 months. However, as maturing debt grows in later years, Sunrise anticipates it will seek to refinance or otherwise extend its debt maturities. No assurance can be given that Sunrise will be able to complete these refinancing transactions or otherwise extend its debt maturities. In this regard, it is not possible to predict how political and economic conditions, sovereign-debt concerns or any adverse regulatory developments could impact the credit markets Sunrise accesses and, accordingly, its future liquidity and financial position. The ability of Sunrise to access debt financing on favourable terms, or at all, could be adversely impacted by (i) the financial failure of any of its counterparties, which could reduce amounts available under committed credit facilities and adversely impact its ability to access cash deposited with any failed financial institution and (ii) any tightening of the credit markets. In addition, sustained or increased competition, particularly in combination with adverse economic or regulatory developments, could have an unfavourable impact on Sunrise cash flows and liquidity.

Q2 2025 Financial Results 22

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**Interim Consolidated Statements of Cash Flows** 

**Periods ended 30 June 2025 compared to periods ended 30 June 2024** 

**Summary.** The interim consolidated statements of cash flows for the periods ended 30 June 2025 and 2024, are summarised as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended<br>30 June** | **Six months ended<br>30 June** | | **Three months ended<br>30 June** | **Three months ended<br>30 June** | |
| in CHF millions | **2025** | **2024** | **Increase<br>(decrease)** | **2025** | **2024** | **Increase<br>(decrease)** |
|  Net cash provided by operating activities | 461.6 | 551.2 | (89.6) | 290.5 | 305.2 | (14.7) |
|  Net cash used in investing activities | (277.2) | (355.3) | 78.1 | (165.9) | (277.8) | 111.9 |
|  Net cash used in financing activities | (402.1) | (192.1) | (210.0) | (218.8) | (32.4) | (186.4) |
|  Effect of exchange rate changes on cash | (0.3) | 0.4 | (0.7) | (0.2) | 1.1 | (1.3) |
|  **Net increase (decrease) in cash and cash equivalents** | **(218.0)** | 4.2 | **(222.2)** | **(94.4)** | **(3.9)** | **(90.5)** |

---

**Operating activities.** The decrease in net cash provided by operating activities is primarily attributable to a decrease in cash provided by working-capital items.

**Investing activities.** The decrease in net cash used by investing activities is primarily attributable to (i) a decrease in net advances to related parties of CHF 101.4 million in the six-month period and CHF 173.9 million in the three-month period partially offset by (ii) an increase due to higher capital expenditures of CHF 28.2 million in the six-month period and CHF 66.5 million in the three-month period, primarily due to the timing of payments for capital-related accrued liabilities and by higher property, plant and

equipment and intangible asset additions partially offset by an increased spend related to assets acquired under vendor financing.

The capital expenditures Sunrise reports in its interim consolidated statements of cash flows do not include amounts that are financed under capital-related vendor financing. Instead, these amounts are reflected as non-cash additions to property and equipment when the underlying assets are delivered and as repayments of debt when the principal is repaid. A reconciliation of Sunrise consolidated property and equipment additions to the capital expenditures reported in the interim consolidated statements of cash flows is set out below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended<br>30 June** | **Six months ended<br>30 June** | | **Three months ended<br>30 June** | **Three months ended<br>30 June** | |
| in CHF millions | **2025** | **2024** | **Increase<br>(decrease)** | **2025** | **2024** | **Increase<br>(decrease)** |
|  Property, plant and equipment and intangible asset additions | 259.5 | 257.2 | 2.3 | 116.4 | 126.4 | (10.0) |
|  Mergers and acquisitions (asset deals) | 3.0 |  | 3.0 | 3.0 |  | 3.0 |
|  Assets acquired under vendor financing | (31.9) | (22.2) | (9.7) | (16.5) | (13.4) | (3.1) |
|  Changes in current liabilities related to capital expenditures (including related-party amounts) | 43.3 | 10.7 | 32.6 | 63.0 | (13.6) | 76.6 |
|  **Capital expenditures** | **273.9** | **245.7** | **28.2** | **165.9** | **99.4** | **66.5** |

---

The increase in property, plant and equipment and intangible asset additions during the six-month period ended 30 June 2025, compared to the corresponding period in 2024, is primarily attributable to the net effect of an increase in expenditures for (i) product & enablers and (ii) coverage mainly from differences in quarterly phasing, (iii) an increase in expenditures for capacity upgrades and (iv) a decrease from the phase-out of costs-to-capture synergies related to the Sunrise-UPC

transaction. During the six-month periods ended 30 June 2025 and 2024, Sunrise property, plant and equipment and intangible asset additions represented 17.9% and 17.3% of revenue, respectively.

The decrease in property, plant and equipment and intangible asset additions during the three-month period ended 30 June 2025, compared to the corresponding period in 2024, is primarily

Q2 2025 Financial Results 23

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attributable to the net effect of a decrease in expenditures for (i) customer-premises equipment driven by differences in quarterly phasing and (ii) a decrease from the phase-out of costs-to-capture synergies related to the Sunrise-UPC transaction, partially offset by an increase in expenditures for (iii) product & enablers. During the three-month periods ended 30 June 2025 and 2024, Sunrise property, plant and equipment and intangible asset additions represented 15.9% and 17.1% of revenue, respectively.

**Financing activities.** The increase in net cash used by financing activities is primarily attributable to the net effect of (i) a repayment out of capital contribution reserves to shareholders of 240.4 million, (ii) cash received in the form of debt borrowings of CHF 896.0 million in the six-month period and CHF 668.0 million in the three-month period, (iii) an increase in cash used for repayments of debt of CHF 807.6 million in the six-month period and CHF 640.1 million in the three-month period and (iv) an increase in cash paid for principal-related derivative instruments of CHF 68.0 million in the six-month period and CHF 20.7 million in the three-month period.

Q2 2025 Financial Results 24

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**Quantitative and qualitative disclosures about market risk** 

Sunrise is exposed to market risk in the normal course of business operations due to its ongoing investing and financing activities. Market risk refers to the risk of loss arising from adverse changes in foreign-currency exchange rates and interest rates.

The risk of loss can be assessed from the perspective of adverse changes in fair values, cash flows and future profits. Sunrise has established policies, procedures and processes governing the management of market risks and the use of derivative instruments to manage exposure to such risks.

**Cash** 

Sunrise invests its cash in highly liquid instruments that meet high credit-quality standards. At 30 June 2025, substantially all of the consolidated cash balance of Sunrise was denominated in Swiss francs.

**Projected cash flows associated with derivative instruments** 

The following table provides information regarding the projected cash flows associated with derivative instruments. The Swiss-franc equivalents presented below are based on interest-rate projections and exchange rates as of 30 June 2025. These amounts are presented for illustrative purposes only and will likely differ from the actual cash payments or receipts required in future periods.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Payments (receipts) due during:** | **Payments (receipts) due during:** | **Payments (receipts) due during:** | **Payments (receipts) due during:** | **Payments (receipts) due during:** | **Payments (receipts) due during:** | **Payments (receipts) due during:** | **Payments (receipts) due during:** | **Payments (receipts) due during:** |
| in CHF millions | **Remainder<br>of 2025** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032** | **Total** |
|  **Projected derivative cash payments (receipts), net:** |  |  |  |  |  |  |  |  |  |
|  Interest-related<sup>1</sup> | (19.6) | (85.1) | (75.0) | (73.5) | (49.8) | (33.7) | (28.3) | (17.6) | (382.6) |
|  Principal-related<sup>2</sup> |  | 49.0 |  | 91.4 | 302.5 | 0.3 |  | 148.8 | 592.0 |
|  Other<sup>3</sup> | 1.2 | (0.1) |  |  |  |  |  |  | 1.1 |
|  **Total** | **(18.4)** | **(36.2)** | **(75.0)** | **17.9** | **252.7** | **(33.4)** | **(28.3)** | **131.2** | **210.5** |

---

<sup>1</sup> Includes (i) the cash flows of interest-rate cap, floor and swap contracts and (ii) the interest-related cash flows of cross-currency and interest-rate swap contracts.

<sup>2</sup> Includes the principal-related cash flows of cross-currency swap contracts.

<sup>3</sup> Includes amounts related to foreign-currency forward contracts. 

Q2 2025 Financial Results 25

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![LOGO](g62862dsp036.jpg)

Sunrise Communications AG Unaudited Interim Condensed Consolidated Financial Statements As of 30 June 2025 and 31 December 2024 and for the six months ended30 June 2025 and 2024

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**Consolidated Statements** 

**Interim Consolidated Statements of Income or Loss (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Six months ended<br>30 June** | **Six months ended<br>30 June** | **Three months ended<br>30 June** | **Three months ended<br>30 June** |
| **in CHF millions** | **Note** | **2025** | **2024** | **2025** | **2024** |
|  Revenue | 5 | 1453.7 | 1484.3 | 731.6 | 737.5 |
|  Direct costs |  | (376.0) | (396.9) | (191.7) | (195.2) |
|  Personnel expenses |  | (219.1) | (211.1) | (111.6) | (106.5) |
|  Other operating income and capitalized labor | 6 | 31.3 | 32.1 | 15.8 | 18.1 |
|  Other operating expenses | 6 | (330.8) | (326.6) | (164.0) | (159.2) |
|  Depreciation of right-of-use assets |  | (65.0) | (66.0) | (32.1) | (33.1) |
|  Depreciation and amortization |  | (456.2) | (465.1) | (222.8) | (232.1) |
|  **Operating income** |  | **37.9** | **50.7** | **25.2** | **29.5** |
|  Financial income | 11 | 422.0 | 368.6 | 359.1 | 51.3 |
|  Financial expenses | 11 | (530.9) | (611.9) | (456.7) | (134.6) |
|  Share of gains (losses) of equity method investments |  | 4.1 | (0.3) | 3.0 | (0.1) |
|  **Income (loss) before taxes** |  | **(66.9)** | **(192.9)** | **(69.4)** | **(53.9)** |
|  Income tax (expense) benefit |  | 12.0 | (8.0) | 15.8 | (19.8) |
|  **Net income (loss)** |  | **(54.9)** | **(200.9)** | **(53.6)** | **(73.7)** |
|  Attributable to: |  |  |  |  |  |
|  Sunrise Communications AG shareholders |  | (56.7) | (202.8) | (55.1) | (74.6) |
|  Non-controlling interest |  | 1.8 | 1.9 | 1.5 | 0.9 |
|  **Earnings (loss) per share** |  |  |  |  |  |
|  Basic and diluted earnings (loss) per share of class A |  | (0.8) | (2.8) | (0.7) | (1.0) |
|  Basic and diluted earnings (loss) per share of class B |  | (0.1) | (0.3) | (0.1) | (0.1) |

---

The accompanying notes are an integral part of these consolidated interim financial statements.

Q2 2025 Financial Results 27

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**Interim Consolidated Statements of Comprehensive Income or Loss (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br>30 June** | **Six months ended<br>30 June** | **Three months ended<br>30 June** | **Three months ended<br>30 June** |
| in CHF millions | **2025** | **2024** | **2025** | **2024** |
|  Net income (loss) | (54.9) | (200.9) | (53.6) | (73.7) |
|  **Items that are or may be reclassified to the statement of income or loss** |  |  |  |  |
|  Foreign currency translation adjustments |  | 46.8 |  | (16.2) |
|  **Items that will not be reclassified to the statement of income or loss** |  |  |  |  |
|  Pension-related adjustments | 3.8 | 1.4 | (1.2) | 5.5 |
|  **Other comprehensive income (loss), net of taxes** | **3.8** | **48.2** | **(1.2)** | **(10.7)** |
|  Attributable to: |  |  |  |  |
|  Sunrise Communications AG shareholders | 3.6 | 48.2 | (1.2) | (10.7) |
|  Non-controlling interest | 0.2 |  |  |  |
|  **Total comprehensive income (loss), net of taxes** | **(51.1)** | **(152.7)** | **(54.8)** | **(84.4)** |
|  Attributable to: |  |  |  |  |
|  Sunrise Communications AG shareholders | (53.1) | (154.6) | (56.3) | (85.3) |
|  Non-controlling interest | 2.0 | 1.9 | 1.5 | 0.9 |

---

The accompanying notes are an integral part of these consolidated interim financial statements.

Q2 2025 Financial Results 28

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**Interim Consolidated Statements of Financial Position (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| in CHF millions | **Note** | **30 June<br>2025** | **31 December<br>2024** |
|  **Assets** |  |  |  |
|  **Current assets:** |  |  |  |
|  Cash and cash equivalents |  | 133.8 | 351.8 |
|  Trade receivables |  | 374 | 353 |
|  Financial assets | 12 | 157.7 | 162.5 |
|  Tax receivables |  | 2.6 |  |
|  Other current assets | 8 | 285.8 | 259.9 |
|  **Total current assets** |  | **953.9** | **1127.2** |
|  **Non-current assets:** |  |  |  |
|  Property, plant and equipment | 8 | 2332.2 | 2338.5 |
|  Goodwill |  | 6012.7 | 6012.7 |
|  Intangible assets | 8 | 900.4 | 1084.4 |
|  Right-of-use assets |  | 1220.8 | 1262.5 |
|  Financial assets | 12 | 8.3 | 5.1 |
|  Investments |  | 52.3 | 48.4 |
|  Deferred tax assets |  | 24.3 | 23.6 |
|  Other non-current assets | 8 | 123.6 | 160.4 |
|  **Total non-current assets** |  | **10674.6** | **10935.6** |
|  **Total assets** |  | **11628.5** | **12062.8** |
|  **Liabilities and Equity** |  |  |  |
|  **Liabilities** |  |  |  |
|  **Current liabilities:** |  |  |  |
|  Accounts payable |  | 220.6 | 316 |
|  Lease liabilities |  | 161.5 | 164.1 |
|  Financial liabilities | 12 | 624.1 | 586.7 |
|  Provisions |  | 3.3 | 4.7 |
|  Tax liabilities |  |  | 17.9 |
|  Other current liabilities | 8 | 494.3 | 497 |
|  **Total current liabilities** |  | **1503.8** | **1586.4** |
|  **Non-current liabilities:** |  |  |  |
|  Lease liabilities |  | 1016.9 | 1055.2 |
|  Financial liabilities | 12 | 4740.9 | 4747.9 |
|  Provisions |  | 64.8 | 64 |
|  Defined benefit obligations |  | 1 | 8.4 |
|  Deferred tax liabilities |  | 154.4 | 165.8 |
|  Other non-current liabilities | 8 | 34 | 48.2 |
|  **Total non-current liabilities** |  | **6012.0** | **6089.5** |
|  **Total liabilities** |  | **7515.8** | **7675.9** |

---

Q2 2025 Financial Results 29

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| | | |
|:---|:---|:---|
|  **Equity:** | | |
|  Ordinary share capital | 7.2 | 7.2 |
|  Treasury shares |  | (0.1) |
|  Reserves | 4079.5 | 4353.7 |
|  **Equity attributable to the shareholders** | **4086.7** | **4360.8** |
|  Non-controlling interest | 26.0 | 26.1 |
|  **Total equity** | **4112.7** | **4386.9** |
|  **Total liabilities and equity** | **11628.5** | **12062.8** |

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The accompanying notes are an integral part of these consolidated interim financial statements.

Q2 2025 Financial Results 30

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**Interim Consolidated Statements of Changes in Equity (Unaudited)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| in CHF millions | Ordinary<br>share<br>capital | Treasury<br>stock | Other<br>reserves | Currency<br>translation<br>reserve | Actuarial<br>gains/<br>(losses)<br>from<br>defined<br>benefit<br>plans,<br>net of<br>taxes | Total equity<br>attributable<br>to<br>shareholders | Non-<br>controlling<br>interests | Total<br>equity |
|  **Balance at 1 January, 2024** | **—** | **—** | **3796.0** | **(250.3)** | **9.1** | **3554.8** | **22.2** | **3577.0** |
|  Net income (loss) |  |  | (202.8) |  |  | (202.8) | 1.9 | (200.9) |
|  Other comprehensive income (loss), net of taxes |  |  |  | 46.8 | 1.4 | 48.2 |  | 48.2 |
|  **Total comprehensive income** | **—** | **—** | **(202.8)** | **46.8** | **1.4** | **(154.6)** | **1.9** | **(152.7)** |
|  Share-based compensation |  |  | 9.6 |  |  | 9.6 |  | 9.6 |
|  Capital contributions (distributions) |  |  | (44.1) |  |  | (44.1) |  | (44.1) |
|  **Balance at 30 June, 2024** | **—** | **—** | **3558.7** | **(203.5)** | **10.5** | **3365.7** | **24.1** | **3389.8** |
|  **Balance at 1 January, 2025** | **7.2** | **(0.1)** | **4615.9** | **(263.6)** | **1.4** | **4360.8** | **26.1** | **4386.9** |
|  Net income (loss) |  |  | (56.7) |  |  | (56.7) | 1.8 | (54.9) |
|  Other comprehensive income (loss), net of taxes |  |  |  |  | 3.6 | 3.6 | 0.2 | 3.8 |
|  **Total comprehensive income (loss)** | **—** | **—** | **(56.7)** | **—** | **3.6** | **(53.1)** | **2.0** | **(51.1)** |
|  Share-based compensation |  | 0.1 | 20.2 |  |  | 20.3 |  | 20.3 |
|  Repayment out of capital contribution reserves |  |  | (240.4) |  |  | (240.4) |  | (240.4) |
|  Other capital contributions (distributions) |  |  | (0.9) |  |  | (0.9) | (2.1) | (3.0) |
|  **Balance at 30 June, 2025** | **7.2** | **0.0** | **4338.1** | **(263.6)** | **5.0** | **4086.7** | **26.0** | **4112.7** |

---

The accompanying notes are an integral part of these consolidated interim financial statements.

Q2 2025 Financial Results 31

------

**Interim Consolidated Statements of Cash Flows (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br>30 June** | **Six months ended<br>30 June** | **Three months ended<br>30 June** | **Three months ended<br>30 June** |
| in CHF millions | **2025** | **2024** | **2025** | **2024** |
|  **Cash flows from operating activities:** |  |  |  |  |
|  Net income (loss) | (54.9) | (200.9) | (53.6) | (73.7) |
|  Income tax expense (benefit) | (12.0) | 8 | (15.8) | 19.8 |
|  Share-based compensation expense | 23.5 | 10 | 16.2 | 5.2 |
|  Depreciation of RoU assets | 65 | 66 | 32.1 | 33.1 |
|  Depreciation of PP&E and amortization of intangibles | 456.2 | 465.1 | 222.8 | 232.1 |
|  Restructuring and other operating items | 7.1 | 14 | 5.3 | 8 |
|  Financial income | (422.0) | (368.6) | (359.1) | (51.3) |
|  Financial expenses | 530.9 | 611.9 | 456.7 | 134.6 |
|  Interest received | 1.5 | 0.7 | 0.5 | 0.3 |
|  Taxes paid | (21.2) | (1.2) | (9.8) |  |
|  Changes in operating assets and liabilities and other | (112.5) | (53.8) | (4.8) | (2.9) |
|  **Net cash provided by operating activities** | **461.6** | **551.2** | **290.5** | **305.2** |
|  **Cash flows from investing activities:** |  |  |  |  |
|  Capital expenditures | (273.9) | (245.7) | (165.9) | (99.4) |
|  Acquisition of equity-accounted investees |  | (0.6) |  | (0.6) |
|  Net advances to related parties |  | (101.4) |  | (173.9) |
|  Cash paid for other investing activities | (3.3) | (7.6) |  | (3.9) |
|  **Net cash used in investing activities** | **(277.2)** | **(355.3)** | **(165.9)** | **(277.8)** |
|  **Cash flows from financing activities:** |  |  |  |  |
|  Interest paid | (135.9) | (217.6) | (32.9) | (85.8) |
|  Repayment out of capital contribution reserves to Sunrise Communications AG shareholders | (240.4) |  | (240.4) |  |
|  Borrowing of debt | 896 |  | 668 |  |
|  Vendor financing additions | 188.4 | 137.9 | 97.6 | 82.7 |
|  Repayments of debt | (807.6) |  | (640.1) |  |
|  Principal payments on vendor financing | (174.2) | (162.8) | (41.2) | (73.0) |
|  Payment of lease liabilities | (54.7) | (42.6) | (19.4) | (22.5) |
|  Payment of financing costs and debt premiums | (9.2) |  | (3.4) |  |
|  Net cash received (paid) for interest related derivative instruments | 5.4 | 92.3 | 15.6 | 65.5 |
|  Net cash paid for principal related derivative instruments | (68.0) |  | (20.7) |  |
|  Related-party payments |  | 0.7 |  | 0.7 |
|  Cash received (paid) for other financing activities | (1.9) |  | (1.9) |  |
|  **Net cash used in financing activities** | **(402.1)** | **(192.1)** | **(218.8)** | **(32.4)** |
|  **Net increase (decrease) in cash and cash equivalents:** | (217.7) | 3.8 | (94.2) | (5.0) |
|  Cash and cash equivalents at the beginning of the period | 351.8 | 4.8 | 228.2 | 12.9 |
|  Effect of exchange rate changes on cash | (0.3) | 0.4 | (0.2) | 1.1 |
|  **Cash and cash equivalents at the end of the period** | **133.8** | **9.0** | **133.8** | **9.0** |

---

The accompanying notes are an integral part of these consolidated interim financial statements.

Q2 2025 Financial Results 32

------

**Notes to the unaudited interim condensed consolidated financial statements** 

**(1) General Information** 

Sunrise Communications AG is a public company incorporated, domiciled and registered in Switzerland. The registered office of Sunrise Communications AG is located at Glattpark (Opfikon), Thurgauerstrasse 101b, 8152, Switzerland. These interim condensed consolidated financial statements for the three months and six months ended 30 June 2025 and 30 June 2024 are in substance a continuation of the previously reported F-4 financials of Sunrise HoldCo V B.V. The reporting period of 2025 presented comprises the consolidated financial statements of Sunrise Communications AG and its subsidiaries (collectively referred to as 'Sunrise' or 'the Group'). The comparative period of 2024 presented reflects the carrying amounts from the consolidated financial statements of Sunrise HoldCo V B.V.

The Sunrise principal operating company, Sunrise GmbH, is a full-range telecommunications provider in Switzerland, offering mobile voice and data, landline services (retail and wholesale voice, business and integration services), video and landline Internet including Internet Protocol Television (IPTV) services to both residential and business customers as well as to other operators. Sunrise has its own national backbone landline and IP network and its own mobile network based on 4G and 5G technologies. In connection with the services it provides, Sunrise also resells handsets manufactured by third-party suppliers.

In connection with the spin-off from Liberty Global Ltd (hereinafter 'LG') dated 8 November 2024, a series of reorganization steps were completed. The

transaction resulted in separation from LG and the formation of Sunrise Communications AG, whose shares are listed on the SIX Swiss Exchange.

**(2) Basis of Preparation** 

These condensed consolidated interim financial statements for the three months and six months ended 30 June 2025 have been prepared in accordance with IAS 34 Interim Financial Reporting, and should be read in conjunction with the last annual consolidated financial statements of Sunrise as at and for the year ended 31 December 2024 ('last annual financial statements'). They do not include all of the information required for a complete set of financial statements prepared in accordance with IFRS Accounting Standards. However, selected explanatory notes are included to explain events and transactions that are significant for an understanding of the changes in the Sunrise financial position and performance since the last annual financial statements.

In preparing these consolidated interim financial statements, management has made judgements and estimates about the future that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates. The significant judgements made by management in applying Sunrise accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements.

The following table summarizes the principal exchange rates used by Sunrise (shown against CHF):

---

| | | |
|:---|:---|:---|
|  | **30 June**<br>2025 | **31 December**<br>2024 |
|  **Spot rates:** | | |
|  Euro | 1.0705 | 1.0645 |
|  US Dollar | 1.2591 | 1.1016 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended<br>30 June** | **Six months ended<br>30 June** | **Six months ended<br>30 June** | **Six months ended<br>30 June** | **Three months ended<br>30 June** | **Three months ended<br>30 June** | **Three months ended<br>30 June** | **Three months ended<br>30 June** |
|  | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 | 2024 | 2024 |
|  **Average rates:** |  |  |  |  |  |  |  |  |
|  Euro |  | 1.0628 |  | 1.0404 |  | 1.0680 |  | 1.0269 |
|  US Dollar |  | 1.1623 |  | 1.1249 |  | 1.2112 |  | 1.1056 |

---

Q2 2025 Financial Results 33

------

**(3) Material Accounting Policies** 

These consolidated interim financial statements were prepared in accordance with the accounting policies described in the last annual financial statements and the amendments effective as of 1 January 2025 which are described below. Sunrise has not adopted early

any standard, interpretation or amendment that has been issued but is not yet effective.

One new amendment exists for the first time in 2025, but is not applicable to these consolidated interim financial statements.

---

| | | |
|:---|:---|:---|
| **Standard** | **Name** | **Effective from** |
| Amendments to IAS 21 | Lack of Exchangeability - Amendments to IAS 21 | 1 January, 2025 |

---

**(4) Segment Reporting** 

For management purposes, Sunrise is organized into business units which reflect the different customer groups to which Sunrise provides its telecommunications products and services, and has the following three operating segments, which are its reportable segments:

• Residential customers

• Business customers & Wholesale

• Infrastructure & Support functions

The Board of Directors assumes the role of the Chief Operating Decision Maker ('CODM') and monitors the operating results of the segments Residential customers, Business customers & Wholesale and Infrastructure & Support functions separately for the purpose of making decisions about resource allocation and performance assessment.

Each of these segments engages in its particular business activity which is described below:

**•** **Residential customers:** 

Provides fixed-line and mobile services to residential end customers as well as sales of handsets. Sunrise focuses on selling its products in the Swiss telecommunications market by marketing bundled offers in fixed/ Internet, mobile and IPTV.

**•** **Business customers & Wholesale:** 

Provides a full range of products and services, from fixed-line and mobile communications to Internet and data

services as well as integration services to various business areas: small office and home office, small and medium-size managed enterprises and large corporate clients. The wholesale product portfolio covers voice, data, Internet and infrastructure services such as carrier and roaming services, which are marketed to business customers.

• **Infrastructure & Support functions:** Activities comprise support units such as network, IT and operations (customer care) as well as staff functions like finance, human resources and
strategy.

Performance is measured based on Adjusted EBITDAaL as included in the internal financial reports reviewed by the CODM. This is considered an adequate measure of the operating performance of the segments reported to the CODM for the purposes of resource allocation and performance assessment. Assets and liabilities are not allocated to operating segments in the management reports reviewed by the CODM, as the review focuses on adjusted EBITDAaL. Sunrise depreciation and amortization of property, plant and equipment and intangible assets, share-based compensation, restructuring and other, finance income, finance expenses and income-tax expenses are reviewed on a total level, and are therefore not allocated to operating segments. As Sunrise mainly operates in Switzerland, no geographical information is further presented.

Q2 2025 Financial Results 34

------

**Segment information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended 30 June, 2025** | **Six months ended 30 June, 2025** | **Six months ended 30 June, 2025** | **Six months ended 30 June, 2025** |
| CHF in millions | Residential<br>customers | Business<br>customers &<br>Wholesale | Infrastructure<br>& Support<br>functions | **Total** |
|  **Total revenue** | **1041.6** | **408.8** | **3.3** | **1453.7** |
|  Direct costs | (234.3) | (135.3) | (6.4) | (376.0) |
|  Indirect costs<sup>1</sup> | (206.1) | (60.1) | (221.8) | (488.0) |
|  Lease expense<sup>2</sup> | (25.5) | (6.0) | (64.1) | (95.6) |
|  **Adj. EBITDA after lease expense (EBITDAaL)** | **575.7** | **207.4** | **(289.0)** | **494.1** |
|  Depreciation and amortization of property, plant and equipment and intangible assets |  |  |  | (456.2) |
|  Share-based compensation, restructuring & other |  |  |  | (30.5) |
|  Finance income/(expense)<sup>3</sup> |  |  |  | (74.3) |
|  Income tax benefit |  |  |  | 12.0 |
|  **Net income (loss)** |  |  |  | **(54.9)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended 30 June, 2024** | **Six months ended 30 June, 2024** | **Six months ended 30 June, 2024** | **Six months ended 30 June, 2024** |
| CHF in millions | Residential<br>customers | Business<br>customers &<br>Wholesale | Infrastructure<br>& Support<br>functions | **Total** |
|  **Total revenue** | **1080.3** | **401.8** | **2.2** | **1484.3** |
|  Direct costs | (241.0) | (144.9) | (11.0) | (396.9) |
|  Indirect costs<sup>1</sup> | (204.6) | (55.9) | (221.2) | (481.7) |
|  Lease expense<sup>2</sup> | (25.7) | (5.7) | (68.4) | (99.8) |
|  **Adj. EBITDA after lease expense (EBITDAaL)** | **609.0** | **195.3** | **(298.4)** | **505.9** |
|  Depreciation and amortization of property, plant and equipment and intangible assets |  |  |  | (465.1) |
|  Share-based compensation, restructuring & other |  |  |  | (23.9) |
|  Finance income/(expense)<sup>3</sup> |  |  |  | (209.8) |
|  Income tax expense |  |  |  | (8.0) |
|  **Net income (loss)** |  |  |  | **(200.9)** |

---

<sup>1</sup> Excludes expenses for share-based compensation, restructuring and other.

<sup>2</sup> Contains depreciation and interest expenses for lease arrangements under IFRS 16. Excludes expenses for short-term leases, which are reported in line "Indirect costs".

<sup>3</sup> Includes share of gains (losses) of equity method investments and excludes interest expenses for leases, which are included in line "Lease expense".

Q2 2025 Financial Results 35

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended 30 June, 2025** | **Three months ended 30 June, 2025** | **Three months ended 30 June, 2025** | **Three months ended 30 June, 2025** |
| CHF in millions | Residential<br>customers | Business<br>customers &<br>Wholesale | Infrastructure<br>& Support<br>functions | **Total** |
|  **Total revenue** | **521.3** | **208.0** | **2.3** | **731.6** |
|  Direct costs | (117.1) | (71.1) | (3.5) | (191.7) |
|  Indirect costs<sup>4</sup> | (95.3) | (30.6) | (112.6) | (238.5) |
|  Lease expense<sup>5</sup> | (12.8) | (3.2) | (31.3) | (47.3) |
|  **Adj. EBITDA after lease expense (EBITDAaL)** | **296.1** | **103.1** | **(145.1)** | **254.1** |
|  Depreciation and amortization of property, plant and equipment and intangible assets |  |  |  | (222.8) |
|  Share-based compensation, restructuring & other |  |  |  | (21.4) |
|  Finance income/(expense)<sup>6</sup> |  |  |  | (79.3) |
|  Income tax expense |  |  |  | 15.8 |
|  **Net income (loss)** |  |  |  | **(53.6)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended 30 June, 2024** | **Three months ended 30 June, 2024** | **Three months ended 30 June, 2024** | **Three months ended 30 June, 2024** |
| CHF in millions | Residential<br>customers | Business<br>customers &<br>Wholesale | Infrastructure<br>& Support<br>functions | **Total** |
|  **Total revenue** | **533.2** | **202.5** | **1.8** | **737.5** |
|  Direct costs | (117.1) | (72.3) | (5.8) | (195.2) |
|  Indirect costs<sup>4</sup> | (95.2) | (28.0) | (111.3) | (234.5) |
|  Lease expense<sup>5</sup> | (12.9) | (2.9) | (34.2) | (50.0) |
|  **Adj. EBITDA after lease expense (EBITDAaL)** | **308.0** | **99.3** | **(149.5)** | **257.8** |
|  Depreciation and amortization of property, plant and equipment and intangible assets |  |  |  | (232.1) |
|  Share-based compensation, restructuring & other |  |  |  | (13.1) |
|  Finance income/(expense)<sup>6</sup> |  |  |  | (66.5) |
|  Income tax benefit |  |  |  | (19.8) |
|  **Net income (loss)** |  |  |  | **(73.7)** |

---

<sup>4</sup> Excludes expenses for share-based compensation, restructuring and other.

<sup>5</sup> Contains depreciation and interest expenses for lease arrangements under IFRS 16. Excludes expenses for short-term leases, which are reported in line "Indirect costs".

<sup>6</sup> Includes share of gains (losses) of equity method investments, and excludes interest expenses for leases, which are included in line "Lease expense".

Q2 2025 Financial Results 36

------

**(5) Revenue from Customers** 

Revenue by major category and reportable segment is set forth below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended 30 June, 2025** | **Six months ended 30 June, 2025** | **Six months ended 30 June, 2025** | **Six months ended 30 June, 2025** |
| CHF in millions | Residential<br>customers | Business<br>customers &<br>Wholesale | Infrastructure<br>& Support<br>functions | **Total** |
|  **Fixed:** | **496.8** | **238.2** | **—** | **735.0** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subscription | 476.9 | 153.4 |  | 630.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-subscription and hardware | 19.9 | 84.8 |  | 104.7 |
|  **Mobile:** | **494.9** | **169.0** | **—** | **663.9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subscription | 408.1 | 133.2 |  | 541.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-subscription and hardware | 86.8 | 35.8 |  | 122.6 |
|  **Other:** | **49.9** | **1.6** | **3.3** | **54.8** |
|  **Total** | **1041.6** | **408.8** | **3.3** | **1453.7** |
|  | **Six months ended 30 June, 2024<sup>7</sup>** | **Six months ended 30 June, 2024<sup>7</sup>** | **Six months ended 30 June, 2024<sup>7</sup>** | **Six months ended 30 June, 2024<sup>7</sup>** |
| CHF in millions | Residential<br>customers | Business<br>customers &<br>Wholesale | Infrastructure<br>& Support<br>functions | **Total** |
|  **Fixed:** | **532.7** | **233.2** | **—** | **765.9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subscription | 510.0 | 143.5 |  | 653.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-subscription and hardware | 22.7 | 89.7 |  | 112.4 |
|  **Mobile:** | **501.5** | **167.5** | **—** | **669.0** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subscription | 411.5 | 130.0 |  | 541.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-subscription and hardware | 90.0 | 37.5 |  | 127.5 |
|  **Other:** | **46.1** | **1.1** | **2.2** | **49.4** |
|  **Total** | **1080.3** | **401.8** | **2.2** | **1484.3** |
|  | **Three months ended 30 June, 2025** | **Three months ended 30 June, 2025** | **Three months ended 30 June, 2025** | **Three months ended 30 June, 2025** |
| CHF in millions | Residential<br>customers | Business<br>customers &<br>Wholesale | Infrastructure<br>& Support<br>functions | **Total** |
|  **Fixed:** | **245.9** | **120.8** | **—** | **366.7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subscription | 237.5 | 77.0 |  | 314.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-subscription and hardware | 8.4 | 43.8 |  | 52.2 |
|  **Mobile:** | **249.8** | **86.3** | **—** | **336.1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subscription | 206.3 | 67.4 |  | 273.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-subscription and hardware | 43.5 | 18.9 |  | 62.4 |
|  **Other:** | **25.6** | **0.9** | **2.3** | **28.8** |
|  **Total** | **521.3** | **208.0** | **2.3** | **731.6** |
|  | **Three months ended 30 June, 2024<sup>7</sup>** | **Three months ended 30 June, 2024<sup>7</sup>** | **Three months ended 30 June, 2024<sup>7</sup>** | **Three months ended 30 June, 2024<sup>7</sup>** |
| CHF in millions | Residential<br>customers | Business<br>customers &<br>Wholesale | Infrastructure<br>& Support<br>functions | **Total** |
|  **Fixed:** | **262.5** | **117.8** | **—** | **380.3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subscription | 253.5 | 72.8 |  | 326.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-subscription and hardware | 9.0 | 45.0 |  | 54.0 |
|  **Mobile:** | **247.3** | **84.2** | **—** | **331.5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subscription | 206.4 | 65.9 |  | 272.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-subscription and hardware | 40.9 | 18.3 |  | 59.2 |
|  **Other:** | **23.4** | **0.5** | **1.8** | **25.7** |
|  **Total** | **533.2** | **202.5** | **1.8** | **737.5** |

---

<sup>7</sup> Reclassified to conform with 2025 presentation of product hierarchies (see details on next page).

Q2 2025 Financial Results 37

------

**Subscription revenue** 

Sunrise recognizes service revenue from mobile and fixed services over the contractual period. Installation or activation fees related to the services provided are deferred as contract liabilities and recognized over the contractual period. Revenue from the sale of prepaid services is deferred and recognized at the time of use. Discounts that can be allocated to service revenues are evenly distributed over the minimum contract binding period.

Mobile subscriptions have no contract term beyond a 60-day notice period, whereas residential services require a minimum contract term of 12 months. For contracts combined with a promotion, the typical minimum contract term is 24 months. For B2B service contracts, the contract term is typically between one and five years.

**Non-subscription and hardware** 

Non-subscription revenues include mainly revenue from hardware sales, which are recognized at point-in-time upon delivery. Revenue from carrier and roaming services offered to medium-size and large

enterprises and from fixed-line and mobile services on a wholesale basis to other operators are recognized over the contractual period.

**Other** 

Revenue from sales of built-to-suit network sites is recognized at point-in-time when the sites are available for use and legal ownership is transferred. Net collectible fees earned from early termination of contracts are recognized when collected. Other revenue further includes revenue from subleases and is recognized over time.

**Changes in product hierarchy** 

As of Q1 2025, there have been adjustments in the product hierarchies within the residential customers segment and within the business customers and wholesale segment. This change reflects a refinement of the product hierarchies based on the ways in which management analyses and steers the business. Consequently, the 2024 amounts shown in the table above include the following reclassifications within the segments:

---

| | | |
|:---|:---|:---|
|  | **Six months ended 30 June, 2024** | **Six months ended 30 June, 2024** |
| CHF in millions | Residential customers<br>segment | Business customers and<br>wholesale segment |
|  **Fixed revenue:** | **22.6** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subscription | 7.7 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-subscription and hardware | 14.9 | (1.2) |
|  **Mobile revenue:** | **(4.2)** | **0.2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subscription | (4.6) | (1.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-subscription and hardware | 0.4 | 1.5 |
|  **Other:** | **(18.4)** | **(0.2)** |
|  **Total revenue** | **—** | **—** |

---

---

| | | |
|:---|:---|:---|
|  | **Three months ended 30 June, 2024** | **Three months ended 30 June, 2024** |
| CHF in millions | Residential customers<br>segment | Business customers and<br>wholesale segment |
|  **Fixed revenue:** | **9.4** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subscription | 3.9 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-subscription and hardware | 5.5 | (0.7) |
|  **Mobile revenue:** | **(2.2)** | **0.1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subscription | (2.4) | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-subscription and hardware | 0.2 | 0.2 |
|  **Other:** | **(7.2)** | **(0.1)** |
|  **Total revenue** | **—** | **—** |

---

Q2 2025 Financial Results 38

------

**(6) Other Operating Income and Expenses** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br>30 June** | **Six months ended<br>30 June** | **Three months ended<br>30 June** | **Three months ended<br>30 June** |
| CHF in millions | 2025 | 2024 | 2025 | 2024 |
|  Marketing & Commissions | (98.5) | (92.4) | (47.1) | (42.5) |
|  Network related costs | (69.6) | (75.7) | (33.4) | (34.9) |
|  Professional Services | (46.1) | (41.2) | (20.5) | (21.7) |
|  Facility & Energy | (32.8) | (35.3) | (16.4) | (17.2) |
|  IT expenses | (34.5) | (32.8) | (16.8) | (19.3) |
|  Administration | (17.7) | (18.0) | (8.4) | (8.8) |
|  Call centre services | (20.2) | (16.2) | (9.7) | (8.2) |
|  Allowance for receivables | (9.4) | (14.9) | (7.9) | (7.1) |
|  Other expenses | (2.0) | (0.1) | (3.8) | 0.5 |
|  **Total other operating expenses** | **(330.8)** | **(326.6)** | **(164.0)** | **(159.2)** |
|  Capitalized labor as non-current assets | 31.3 | 29.7 | 15.8 | 15.7 |
|  Other income |  | 2.4 |  | 2.4 |
|  **Total other operating income and capitalized labor** | **31.3** | **32.1** | **15.8** | **18.1** |

---

**Other operating expenses** 

During the six-month period ended 30 June 2025 expenditures for network related costs decreased by CHF 6.1 million compared to the same period in 2024, primarily due to cost synergies from the Sunrise-UPC transaction (legacy UPC mobile core switch-off after migrating all legacy UPC mobile customers to the Sunrise mobile network) and lower maintenance spend. Professional Services experienced an increase of CHF 4.9 million in the six-month period ended 30 June 2025 compared to the same period in 2024. The increase is primarily due to higher consultancy-related spend partially offset by lower related-party charges. Furthermore, expenditures for call-centre services have increased by CHF 4.0 million compared to the six-month period ended 30 June 2024, primarily due to higher call volumes.

The categories disclosed for other operating expenses do not include expenses that were included in other financial-statement line items (such as personnel expenses or depreciation).

Q2 2025 Financial Results 39

------

**(7) Earnings per Share** 

The earnings-per-share calculation uses the weighted average number of shares in issue during the period. For the weighted average number of shares outstanding in periods prior to spin-off, the share amount distributed at spin-off net of treasury shares

was used. The equity awards granted but not yet vested do not impact the diluted earnings per share, as the effect is anti-dilutive for 2024 and 2025 due to the net loss of Sunrise for the six months ended 30 June 2024 and 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended 30 June,<br>2025** | **Six months ended 30 June,<br>2025** | **Three months ended 30 June,<br>2025** | **Three months ended 30 June,<br>2025** |
|  | Class A | Class B | Class A | Class B |
|  Allocation of net income (loss) attributable to Sunrise share classes (in CHF million) | (54.7) | (2.0) | (53.1) | (2.0) |
|  Weighted average number of shares outstanding | 69147746 | 25901100 | 69415747 | 25865321 |
|  Adjusted weighted average of shares outstanding | 69147746 | 25901100 | 69415747 | 25865321 |
|  **Basic and diluted earnings (loss) per share (in CHF)** | **(0.8)** | **(0.1)** | **(0.8)** | **(0.1)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended 30 June,<br>2024** | **Six months ended 30 June,<br>2024** | **Three months ended 30 June,<br>2024** | **Three months ended 30 June,<br>2024** |
|  | Class A | Class B | Class A | Class B |
|  Allocation of net income (loss) attributable to Sunrise share classes (in CHF million) | (195.5) | (7.3) | (71.9) | (2.7) |
|  Weighted average number of shares outstanding | 69759702 | 25977316 | 69759702 | 25977316 |
|  Adjusted weighted average of shares outstanding | 69759702 | 25977316 | 69759702 | 25977316 |
|  **Basic and diluted earnings (loss) per share (in CHF)** | **(2.8)** | **(0.3)** | **(1.0)** | **(0.1)** |

---

**The number of shares outstanding is shown in absolute units below, rather than time-weighted units.** 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2025** |
|  | Class A | Class B |
|  Shares outstanding as of 31 December, 2024 | 68858888 | 25977316 |
|  Shares distributed from treasury shares | 768381 |  |
|  Shares transferred between share classes | 13852 | (138520) |
|  **Shares outstanding as of 30 June** | **69641121** | **25838796** |

---

Q2 2025 Financial Results 40

------

**(8) Other Operating Assets and Liabilities** 

The details of other current and non-current assets and other current and non-current liabilities of Sunrise are set forth below:

---

| | | |
|:---|:---|:---|
|  | **30 June** | **31 December** |
| CHF in millions | 2025 | 2024 |
|  **Other assets - current:** |  |  |
|  Third party receivables | 56.5 | 63.4 |
|  Prepayments | 94.8 | 60.8 |
|  Contract assets | 18.0 | 14.6 |
|  Contract costs | 59.9 | 61.1 |
|  Inventories | 56.4 | 58.5 |
|  Other | 0.2 | 1.5 |
|  **Total** | **285.8** | **259.9** |
|  **Other assets - non-current:** |  |  |
|  Trade receivables | 24.6 | 34.3 |
|  Prepayments | 66.9 | 82.1 |
|  Contract assets | 3.9 | 13.2 |
|  Contract costs | 17.9 | 19.2 |
|  Other | 10.3 | 11.6 |
|  **Total** | **123.6** | **160.4** |
|  **Other liabilities - current:** |  |  |
|  Accrued other liabilities | 239.5 | 261.0 |
|  Accrued capital expenditures | 70.7 | 63.5 |
|  Accrued payroll and employee benefits | 36.7 | 68.3 |
|  Deferred revenue | 109.5 | 71.3 |
|  Other | 37.9 | 32.9 |
|  **Total** | **494.3** | **497.0** |
|  **Other liabilities - non-current:** |  |  |
|  Other | 34.0 | 48.2 |
|  **Total** | **34.0** | **48.2** |

---

**Inventories** 

Write-downs of inventories to the net realizable value totalled CHF 1.0 million at 30 June 2025 (Q2 YTD 2024: CHF 0.8 million). The value of inventories recognized as an expense in direct costs and other operating expenses totalled CHF 91.6 million (Q2 YTD 2024: CHF 100.3 million). No inventories were expected to be sold after more than one year.

**Property, plant and equipment and intangible assets** 

During the six-month period ended 30 June 2025 Sunrise acquired assets of CHF 262.5 million (HY 2024: CHF 257.2 million).

**(9) Commitments and Contingencies** 

The total contractual and purchase commitments as of 30 June 2025, amounted to CHF 1,093.4 million (31 December 2024: CHF 886.7 million) for future investments in property, plant and equipment, right- of-use assets and intangible assets.

Sunrise also has commitments pursuant to agreements with, and obligations imposed by, authorities, which may include obligations in certain markets to move aerial cable to underground ducts or to upgrade, rebuild or extend portions of the Sunrise broadband communication systems. Such amounts are not fixed or determinable.

Sunrise is party to certain pending lawsuits and cases with public authorities and complaint boards. Based on a legal assessment of the possible outcome of each of these lawsuits and cases, management is of the opinion that these will not have a significant or adverse effect on the Sunrise statement of financial position.

**(10) Borrowings** 

The CHF equivalents of the components of third-party debt are as follows:

Q2 2025 Financial Results 41

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **30 June, 2025** | **30 June, 2025** | **Principal amount** | **Principal amount** |
|  | Weighted<br>average | Unused<br>borrowing | **30 June** | **31 December** |
|  | interest rate | capacity | 2025 | 2024 |
|  | (%)<sup>8</sup> | **CHF in millions** | **CHF in millions** | **CHF in millions** |
|  Sunrise Holding Bank facilities | 6.66% | 475.5 | 1588.4 | 2239.0 |
|  Sunrise Holding SPE notes | 4.57% |  | 1840.9 | 1468.8 |
|  Sunrise Holding Senior notes | 4.75% |  | 582.9 | 629.3 |
|  Vendor financing | 2.25% |  | 398.8 | 350.0 |
|  **Total third-party debt before deferred financing costs, discounts, premiums and accrued interest** | **5.14%** | **475.5** | **4411.0** | **4687.1** |

---

The following table provides a reconciliation of total third-party debt before deferred financing costs, discounts, premiums and accrued interest to total debt including interest:

---

| | | |
|:---|:---|:---|
|  | **30 June**<br>2025 | **31 December**<br>2024 |
|  **Total third-party debt before deferred financing costs, discounts, premiums and accrued interest:** | **4411.0** | **4687.1** |
|  Deferred financing costs, discounts and premiums, net | (13.3) | (10.3) |
|  **Total carrying amount of third-party debt** | **4397.7** | **4676.8** |
|  Accrued interest on third-party debt | 76.2 | 57.4 |
|  **Total debt including interest** | **4473.9** | **4734.2** |
|  Current portion of debt | 475.0 | 407.4 |
|  Non-current portion of debt | 3998.9 | 4326.8 |

---

**Sunrise Holding Bank facility** 

The Sunrise Holding Bank facility is the senior secured credit facility of certain consolidated entities

of Sunrise. The details of Sunrise borrowings under the Sunrise Holding Bank facility are summarized in the following tables:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Six months ended 30 June, 2025** | **Six months ended 30 June, 2025** | **Six months ended 30 June, 2025** | **Six months ended 30 June, 2025** | **Six months ended 30 June, 2025** | **Six months ended 30 June, 2025** | **Six months ended 30 June, 2025** |
| Sunrise Holding Bank facilities | Maturity | Interest rate | Facility<br> amount (in<br> borrowing<br> currency) | Outstanding<br> principal<br> amount | Unused<br> borrowing<br> capacity | Carrying<br> value |
|  |  |  | **in millions** |  | **CHF millions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAA | 15 February 2032 | Term SOFR + 2.5% | $1300.0 | 1032.5 |  | 1027.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AT | 30 April 2028 | Term SOFR + 2.4% | $700.0 | 555.9 |  | 554.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolving Facility B | 31 March 2031 | SARON + 2.0% | 500.0 |  | 475.5 |  |
|  **Total** |  |  |  | **1588.4** | **475.5** | **1582.5** |

---

<sup>8</sup> Represents the weighted average interest rate in effect at 30 June 2025 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin. The interest rates presented represent stated rates and do not include the impact of derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees. Including the effects of derivative instruments, but excluding the impact of original issue premiums, discounts, deferred financing costs, vendor financing and commitment fees, the weighted average interest rate on Sunrise aggregate third-party variable- and fixed-rate indebtedness was 2.8% at 30 June 2025. The weighted average interest rate calculation includes principal amounts outstanding associated with all Sunrise secured and unsecured borrowings. 

Q2 2025 Financial Results 42

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year ended 31 December, 2024** | **Year ended 31 December, 2024** | **Year ended 31 December, 2024** | **Year ended 31 December, 2024** | **Year ended 31 December, 2024** | **Year ended 31 December, 2024** | **Year ended 31 December, 2024** |
| Sunrise Holding Bank facilities | Maturity | Interest rate | Facility<br>amount (in<br>borrowing<br>currency) | Outstanding<br>principal<br>amount | Unused<br>borrowing<br>capacity | Carrying<br>value |
|  |  |  | **in millions** |  | **CHF millions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AT | 30 April 2028 | Term SOFR + 2.4% | $700.0 | 635.4 |  | 633.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AU | 30 April 2029 | EURIBOR + 2.5% | 400 | 375.8 |  | 374.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AX | 31 January 2029 | Term SOFR + 3.0% | $1044.7 | 948.3 |  | 944.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AY | 31 January 2029 | EURIBOR + 3.0% | 297.6 | 279.6 |  | 278.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolving Facility A | 31 May 2026 | EURIBOR + 2.5% | 10 |  | 9.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolving Facility B | 30 September 2029 | EURIBOR + 2.5% | 720 |  | 652.6 |  |
|  **Total** |  |  |  | **2239.0** | **662.0** | **2231.2** |

---

The Sunrise Holding Revolving Facility provides for maximum borrowing capacity of CHF 500.0 million, including CHF 37.5 million under the related ancillary facility. With the exception of CHF 24.5 million of borrowings under the ancillary facility (which are blocked as financial guarantees), the Sunrise Holding Revolving Facility was undrawn at 30 June 2025.

**Financing transactions** 

On 13 February 2025, the Group refinanced USD 1,045 million of Facility AX and partially repaid EUR 177.6 million of Facility AY through the drawdown of a new USD 1,300 million term loan ("Facility AAA"). Under the terms of the Additional Facility AAA Accession Agreement to Sunrise Financing Partnership, Facility AAA was issued at 99.75% of par and bears interest at a rate of 2.50% (the Original Margin) per annum and is due on 15 February 2032. The Original Margin depends on meeting the conditions and targets in the Sunrise Sustainability Report and ESG Certificate. These must be shared with the Facility Agent from the financial year ending 31 December 2026 to 31 December 2031.

The proceeds from Facility AAA were applied directly to settle the previous facilities and did not involve the movement of cash through the Group's bank

accounts. Consequently, the transaction's complete effect is not immediately apparent within the statement of cash flows.

On 6 May 2025 the Group cancelled the remaining EUR 10 million commitment under its former Facility A, and on 8 May 2025 it cancelled EUR 33.3 million of commitments under its former Facility B. On 30 June 2025 the Group amended Facility B, replacing the prior EUR 720.0 million revolving commitment (maturing September 2029) with a CHF 500 million facility (maturing March 2031), transitioning pricing from EURIBOR + 2.5% to SARON + 2.0%.

On 28 May 2025, the Group issued EUR 550.0 million of Senior Secured Notes maturing 15 May 2032 through its subsidiary Sunrise FinCo I BV and applied the proceeds in full to refinance its existing Term Loans AU and AY. Under the Notes Subscription Agreement, the Notes were issued at 100% of par, bear interest at a fixed rate of 4.625% per annum payable semi-annually in arrears on 15 January and 15 July, and are listed on The International Stock Exchange.

All outstanding borrowings are classified as non- current as of 30 June 2025.

Q2 2025 Financial Results 43

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Six months ended 30 June, 2025** | **Six months ended 30 June, 2025** | **Six months ended 30 June, 2025** | **Six months ended 30 June, 2025** | **Six months ended 30 June, 2025** | **Six months ended 30 June, 2025** | **Six months ended 30 June, 2025** |
|  |  | | | **Outstanding principal<br>amount** | **Outstanding principal<br>amount** | |
| Sunrise Holding SPE notes | Maturity | Interest rate | Original issue<br>amount | Borrowing<br>currency | CHF<br> equivalent | Carrying<br>value CHF |
|  |  |  |  | **in millions** | **in millions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2031 Sunrise holding senior secured notes | 15 July 2031 | 4.88% | $1250.0 | $1230.0 | 976.8 | 976.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UPCB finance VII euro notes | 15 June 2029 | 3.63% | 600.0 | 374.9 | 350.3 | 349.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunrise FinCo I B.V. 4.625% 2032 (€) | 15 May 2032 | 4.63% | 550.0 | 550.0 | 513.8 | 507.6 |
|  **Total** |  |  |  |  | **1840.9** | **1833.6** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year ended 31 December, 2024** | **Year ended 31 December, 2024** | **Year ended 31 December, 2024** | **Year ended 31 December, 2024** | **Year ended 31 December, 2024** | **Year ended 31 December, 2024** | **Year ended 31 December, 2024** |
|  |  | | | **Outstanding principal<br>amount** | **Outstanding principal<br>amount** | |
| Sunrise Holding SPE notes | Maturity | Interest rate | Original issue<br>amount | Borrowing<br>currency | CHF<br> equivalent | Carrying<br>value CHF |
|  |  |  |  | **in millions** | **in millions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2031 Sunrise holding senior secured notes | 15 July 2031 | 4.88% | $1250.0 | $1230.0 | 1116.6 | 1115.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UPCB finance VII euro notes | 15 June 2029 | 3.63% | 600.0 | 374.9 | 352.2 | 351.3 |
|  **Total** |  |  |  |  | **1468.8** | **1467.2** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Six months ended 30 June, 2025** | **Six months ended 30 June, 2025** | **Six months ended 30 June, 2025** | **Six months ended 30 June, 2025** | **Six months ended 30 June, 2025** | **Six months ended 30 June, 2025** | **Six months ended 30 June, 2025** |
|  |  | | | **Outstanding principal<br>amount** | **Outstanding principal<br>amount** | |
| Sunrise Holding Senior notes | Maturity | Interest rate | Original issue<br>amount | Borrowing<br>currency | CHF<br> equivalent | Carrying<br>value CHF |
|  |  |  |  | **in millions** | **in millions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% senior notes | 15 June 2029 | 3.88% | 635.0 | 287.9 | 268.9 | 268.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.5% senior notes | 14 January 2028 | 5.50% | $550.0 | $395.3 | 314.0 | 313.4 |
|  **Total** |  |  |  |  | **582.9** | **581.9** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year ended 31 December, 2024** | **Year ended 31 December, 2024** | **Year ended 31 December, 2024** | **Year ended 31 December, 2024** | **Year ended 31 December, 2024** | **Year ended 31 December, 2024** | **Year ended 31 December, 2024** |
|  |  | | | **Outstanding principal<br>amount** | **Outstanding principal<br>amount** | |
| Sunrise Holding Senior notes | Maturity | Interest rate | Original issue<br>amount | Borrowing<br> currency | CHF<br> equivalent | Carrying<br>value CHF |
|  |  |  |  | **in millions** | **in millions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% senior notes | 15 June 2029 | 3.88% | 635.0 | 287.9 | 270.4 | 269.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.5% senior notes | 14 January 2028 | 5.50% | $550.0 | $395.3 | 358.9 | 358.1 |
|  **Total** |  |  |  |  | **629.3** | **628.0** |

---

Q2 2025 Financial Results 44

------

**(11) Financial Income and Expenses** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br>30 June** | **Six months ended<br>30 June** | **Three months ended<br>30 June** | **Three months ended<br>30 June** |
| CHF in millions | 2025 | 2024 | 2025 | 2024 |
|  **Finance income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 1.5 | 4.3 | 0.5 | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized and unrealized gains on derivative instruments |  | 364.3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transaction gains | 418.5 |  | 356.6 | 48.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other gains, net | 2.0 |  | 2.0 |  |
|  **Total** | **422.0** | **368.6** | **359.1** | **51.3** |
|  **Finance expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (160.6) | (226.4) | (77.7) | (114.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized and unrealized losses on derivative instruments | (355.0) |  | (367.0) | (19.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transaction losses |  | (380.8) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on debt modification and extinguishment | (14.9) | (0.1) | (12.0) | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial expense | (0.4) | (4.6) |  | (0.5) |
|  **Total** | **(530.9)** | **(611.9)** | **(456.7)** | **(134.6)** |

---

Q2 2025 Financial Results 45

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**(12) Fair Value Estimation** 

The fair value of Sunrise debt instruments is generally determined using the average of applicable bid and ask prices. The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximize the use of observable market data if available and rely as little as possible on entity- specific estimates. If all significant inputs required to calculate the fair value of an instrument are observable, the instrument is included in Level 2.

For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, Sunrise determines whether transfers have occurred between levels in the hierarchy by re-assessing the categorization (based on the lowest-level input that is

significant to the fair-value measurement as a whole) at the end of each reporting period. There were no transfers between the different hierarchy levels in 2025 and 2024.

The fair values of financial assets and financial liabilities are summarized in the following table. Not included therein are certain financial assets and liabilities whose carrying amount corresponds to a reasonable estimation of their fair value, measured at amortized cost. These include cash and cash equivalents, trade receivables, accrued liabilities, lease liabilities and trade payables, as well as other receivables and liabilities whose carrying amount corresponds to a reasonable estimation of their fair value.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **30 June**<br>**2025** | **30 June**<br>**2025** | **30 June**<br>**2025** | **31 December**<br>**2024** | **31 December**<br>**2024** |
| in CHF millions | Fair value<br>level | Carrying<br>amount | Fair value | Carrying<br>amount | Fair value |
|  **Current assets carried at FVTPL:** |  |  |  |  |  |
|  Derivative financial instruments | II | 157.7 | 157.7 | 162.5 | 162.5 |
|  **Non-current assets carried at FVTPL:** |  |  |  |  |  |
|  Derivative financial instruments | II | 8.3 | 8.3 | 5.1 | 5.1 |
|  **Total financial assets** |  | **166.0** | **166.0** | **167.6** | **167.6** |
|  **Current liabilities carried at FVTPL:** |  |  |  |  |  |
|  Derivative financial instruments | II | 149.1 | 149.1 | 179.3 | 179.3 |
|  **Current liabilities carried at amortized cost:** |  |  |  |  |  |
|  Vendor financing | II | 398.8 | 398.8 | 350.0 | 350.0 |
|  Accrued interest | II | 76.2 | 76.2 | 57.4 | 57.4 |
|  **Non-current liabilities carried at FVTPL:** |  |  |  |  |  |
|  Derivative financial instruments | II | 742.0 | 742.0 | 421.1 | 421.1 |
|  **Non-current liabilities carried at amortized cost:** |  |  |  |  |  |
|  Third-party debt | I | 3998.9 | 3955.2 | 4326.8 | 4085.8 |
|  **Total financial liabilities** |  | **5365.0** | **5321.3** | **5334.6** | **5093.6** |

---

**(13) Events after the Balance Sheet Date** 

Subsequent to the reporting date, Sunrise successfully negotiated an extension to the Swiss National League hockey rights for an additional 8 years until 2035, which, while not requiring adjustment to the financial statements, is considered a material non-adjusting event requiring disclosure and materially in line with the current terms.

Q2 2025 Financial Results 46