Sunrise Communications AG
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About the company
Sunrise Communications AG stands as Switzerland's premier private telecommunications provider, supplying a complete range of services including mobile, fixed-line, internet, and television to both household and corporate customers.
- CEO
- André Krause
- IPO
- 2024
- HQ
- Zurich, CH
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- Market Cap
- $3.46B
- P/E
- -24.67
- PEG
- -0.90
- P/S
- 0.99
- P/B
- 0.79
- EV/EBITDA
- 7.43
- Div Yield
- 8.48%
- Gross Margin
- 34.56%
- Op Margin
- 2.91%
- Net Margin
- -4.02%
- ROE
- -3.00%
- ROIC
- 0.69%
- 52W High
- $50.28
- 52W Low
- $50.28
- 50D MA
- $0.00
- 200D MA
- $0.00
- Beta
- 0.00
- RSI (14)
- 52
- Avg Volume
- 0
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Sunrise said Q2 revenue fell 2.6%, but improving commercial momentum, better churn, and strong cash generation support a reaffirmed 2026 outlook.· August 19, 2026
- Revenue declined 2.6% as the quarter lapped prior price increases, faced softer customer dynamics, and tougher hardware comparisons.
- Commercial momentum improved, with 21,000 postpaid net additions and 3,000 Internet net additions, plus lower churn across segments.
- Sunrise Rewards is early but encouraging: 60% customer awareness after three months, 60,000 redemptions, and signs of NPS uplift, lower churn, and incremental sales.
- Adjusted free cash flow was CHF 204 million in Q2, contributing to management’s confidence in the full-year CHF 380 million to CHF 400 million target.
- Management fully reiterated 2026 guidance, including dividend per share growth of 2% to CHF 3.49, and said H2 should improve sequentially, with Q4 stronger than Q3.
Q2 revenue declined 2.6% year over year. EBITDAaL was down 3.8%, while CapEx was CHF 102 million, or around 14.3% of revenue. Adjusted free cash flow reached CHF 204 million in Q2, and management reiterated full-year guidance for broadly stable revenue, around CHF 1 billion of EBITDAaL, CapEx below 15% of revenue, and CHF 380 million to CHF 400 million of free cash flow. They also reiterated dividend guidance of CHF 3.49 per Class A share and CHF 0.35 per Class B share, implying 2% year over year growth.
André Krause framed the quarter as one of softer reported revenue but improving underlying commercial execution. He emphasized better net adds, lower churn, the rollout of Sunrise Rewards, expansion of yallo retail, and new B2B products including the upcoming Phoenix sovereign AI offering. His tone was constructive and cautious: he repeatedly said the second half should improve gradually, but he wants to see the landing of the August price increase before drawing longer-term conclusions.
Jany Fruytier said revenue pressure came mainly from residential fixed, some mobile subscription pressure, and the absence of prior price-increase benefits in Q2. He pointed to EBITDAaL down 3.8%, CapEx of CHF 102 million, and CHF 204 million of adjusted free cash flow in the quarter, with working capital contributing CHF 45 million. He also noted the CHF 500 million senior secured euro note issuance, the move to a fully secured capital structure, a total weighted cost of 2.8%, and reiterated the leverage target of 3.5x to 4.5x EBITDAaL.
Analysts focused on the timing of revenue and EBITDAaL recovery, and management said Q3 should improve only gradually while Q4 should show a more pronounced step-up. Questions also centered on pricing, competitive dynamics, and whether ARPU can stabilize; management said the market looks rational so far, but fixed ARPU stabilization seems more realistic than renewed growth. Other topics included flanker-brand inflow, yallo’s role, the sustainability of B2B growth, satellite services in Switzerland, and the upcoming spectrum renewal, with management saying satellite is likely complementary and spectrum costs should be below the prior CHF 482 million auction.
The call suggested Sunrise is seeing better commercial traction just as the absence of prior pricing benefits starts to roll off and the new August price increase begins to land. Management highlighted lower churn, improving postpaid and Internet net adds, stronger free cash flow, and early positive signs from Sunrise Rewards and B2B initiatives. They also sounded constructive on H2, especially Q4.
Reported revenue and EBITDAaL were down in Q2, and management acknowledged continued pressure in residential fixed, mobile usage, and ARPU as front-book and back-book pricing converge. Q3 may still look muted because the new price increase only started in August and there can be vacation-season noise, while fixed ARPU stabilization is expected more than growth. Spectrum renewal and competitive pricing remain uncertainties, and management said future price increases may still be needed to offset rising cost inputs.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 0.0%
- Shares Outstanding
- 68.83M
- Float Shares
- 0
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