Form 20-F Sunrise Communications For: Dec 31

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Sunrise's CISO and cybersecurity teams actively monitor Sunrise's systems, regularly review and adapt its policies, compliance, regulations and best practices, perform penetration testing, conduct incident response exercises and internal ethical phishing campaigns and provide periodic training and communication across the organization to strengthen security focused behavior and foster a culture of digital safety. Sunrise's cybersecurity team also routinely participates in industry-wide programs to further information sharing, intelligence gathering and unity of effort in responding to potential or actual attacks. The Sunrise ISO-certified BCMS operates and is externally audited on a yearly cycle and includes comprehensive business continuity plans for all critical systems and activities to develop an effective recovery strategy that seeks to decrease incident response times, limit financial impacts and maintain customer confidence during any business interruption. As part of the ISO-certified ISMS, Sunrise also administers a third-party risk governance program that identifies potential risks introduced through third-party relationships, such as vendors, software and hardware manufacturers or professional service providers. Sunrise seeks to obtain certain contractual security guarantees and assurances with these third-party relationships to help ensure the security and safety of its information. The cybersecurity teams work closely with a broad range of departments, including legal, regulatory, corporate communications, audit services, information technology and operational technology functions critical to Sunrise's operations, as well as engaging external vendors to help ensure the company’s cybersecurity program operates effectively.

Sunrise's current CISO, Antti Partanen, has significant experience leading cybersecurity efforts at large enterprises, having worked immediately prior to joining Sunrise at Vodafone Global Cyber Security where he was instrumental in shaping the Cyber Security function at Vodafone Germany, the biggest Vodafone OpCo, where he held the roles of Head of Cyber Prevent and Deputy Chief Information Security Officer during a period of eight years. The Sunrise CISO also holds a Masters degree in Communications Engineering, Telecommunications Systems and Network Security from Helsinki University of Technology (Aalto University). Furthermore, he is a ISACA-Certified Information Security Manager. Sunrise's CISO has been with the company or its subsidiaries for over three years.

Cybersecurity incidents detected by Sunrise's cybersecurity team are evaluated internally based on their severity. Management of cyber incidents is aligned with the Sunrise Corporate Crisis Management4, with major incidents being escalated to, and managed by, the Corporate Crisis Management, and according to the thresholds defined in the Corporate Crisis Management, escalated to the highest levels of management, including the company’s Chief Technology Officer (“CTO”), its CAO, and, ultimately, its CEO. These members of the Executive Committee are provided with details of the type and severity of the attack, the company’s planned response to the

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incident and are briefed on what information was accessed and the impact such incident has had or is expected to have on the company’s operations, as well as any financial or regulatory implications resulting from the incident.

Sunrise's Audit Committee is responsible for the oversight of our cybersecurity measures, incident response management and risks related to cybersecurity and technology as well as the steps taken by management to mitigate such risks. Sunrise's CISO provides periodic updates to the Audit Committee on the state of Sunrise's cybersecurity posture, new threats or threat actors that the company is monitoring or developing defenses against, and any potential areas of improvement. Sunrise's CEO, CTO, CISO and CAO also have to provide ad-hoc updates to the Audit Committee and full board of directors, as appropriate, in the case of a material cybersecurity incident, providing them a full briefing of the type and scope of the incident as well as the company’s current and planned mitigation efforts. All the members of the Audit Committee have significant direct or indirect cybersecurity experience. Cybersecurity and the effectiveness of our cybersecurity strategy are regular topics of discussion at meetings of our Audit Committee and board of directors.

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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 consolidated financial statements for the year ended 31 December 2025 and 31 December 2024 are in substance a continuation of the previously reported F-4 financials of Sunrise HoldCo V B.V. The reporting periods 2025 and 2024 presented comprise the consolidated financial statements of Sunrise Communications AG and its subsidiaries (collectively referred to as 'Sunrise'). The comparative period 2023 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 reorganisation 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. These consolidated financial statements have been approved and authorised by the Board of Directors for issuance on 17 February 2026 in accordance with a resolution of the Sunrise Board of Directors.

These Consolidated Financial Statements have been prepared in accordance with IFRS Accounting Standards ('IFRS') as issued by the International Accounting Standards Board ('IASB') and are referred to hereinafter as consolidated financial statements. They present the activities, assets and liabilities of Sunrise, as included in the scope of consolidation, and contain the financial information of the legal entities of Sunrise. Sunrise forms a separate group of legal entities in all years presented. All intercompany transactions and balances within Sunrise have been eliminated. Any respective material events occurring after 31 December 2025 are disclosed in Note 28.

These consolidated financial statements present the assets, liabilities, revenues, expenses and cash flows attributable to Sunrise. The consolidated financial statements have been prepared under the historical cost convention, unless otherwise indicated. The fair value of financial assets and liabilities is presented in Note 24. The consolidated financial statements have been prepared under the assumption of going concern. The presentation currency of these consolidated financial statements is the Swiss franc ('CHF'). Due to rounding, numbers presented throughout this report may not add up precisely to the totals provided. All ratios and variances are calculated using the precise underlying amount rather than the presented rounded amount. The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance-sheet date and the reported amounts of revenue and expenses during the fiscal period. These estimates are based on management’s best knowledge of current events and actions that Sunrise may undertake in the future. Please refer to Note 4 for further details. See Note 26 for additional disclosures regarding transactions with related parties. Following the spin-off from LG, Sunrise has revised its financial reporting and management structure to reflect its new status as an independent, publicly listed company. As part of this transition, Sunrise has redefined mappings and classifications within revenues, operating expenses and property, plant and equipment to better align with its strategic focus and operations. The modifications resulted exclusively in adjustments within the related line items, without altering the overall presentation of the Consolidated Statements of Income or Loss, Consolidated Statements of Financial Position, or Consolidated Statements of Cash Flows. To ensure comparability and consistency, all comparative figures for prior periods have been reclassified accordingly. Detailed explanations and reconciliations of these changes can be found in Notes 6, 7 and 14 to the consolidated financial statements.

These consolidated 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 financial statements.

Amendments to IAS 21

Lack of Exchangeability - Amendments to IAS 21

1 January, 2025

Foreign currency translation

These consolidated financial statements are presented in Swiss francs ('CHF'), which is the reporting currency of Sunrise. The functional currency is the currency applied in the primary economic environment. Transactions in currencies other than the functional currency are translated at the transaction-date exchange rates or the average rate. Foreign exchange gains and losses arising from differences between transaction date and settlement date rates are recognised as financial income or expenses in the Consolidated Statements of Income or Loss.

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

						31 December
						2025						2024						2023
Spot rates:
Euro						1.0739						1.0645						1.077
US Dollar						1.2603						1.1016						1.1916

						Year ended 31 December
						2025						2024						2023
Average rates:
Euro						1.0677						1.0502						1.0295
US Dollar						1.2070						1.1362						1.1135

Revenue from contracts with customers

Revenue is recognised to depict the transfer of goods or services to customers in an amount that reflects the consideration (net of VAT) to which the entity expects to be entitled in exchange for those goods or services. Revenue is recognised when the customer obtains control of the promised goods or services. Significant sources of revenue are explained in Note 6.

Sunrise groups multi-component contracts (e.g., mobile subscription with subsidised mobile hardware) into portfolios and allocates the total transaction price to each separate performance obligation (including undelivered elements) in proportion to the stand-alone selling prices. Revenue is recognised when the customer obtains control of the separate components. In the Consolidated Statements of Financial Position, timing differences in the recognition of revenue between separate performance obligations lead to the recognition of a contract asset, i.e., a legally not yet entitled right to consideration from a contract with a customer. Incremental costs to obtain a contract with a customer, such as incremental sales commissions, are generally recognised as assets and amortised over the applicable period benefited, which generally is the contract life. If, however, the amortisation period is less than one year, Sunrise expenses such costs in the period incurred. In contrast, activation fees lead to the recognition of a contract liability, i.e., the obligation to transfer goods or services to a customer for which the entity has received consideration from the customer. Contract assets and liabilities are determined at the contract level and not at the performance obligation level. Accrued income and deferred discounts are classified as part of contract assets.

Revenue is recognised gross when Sunrise acts as a principal in a transaction. For content-based services and handsets sold via third-party retailers, where Sunrise acts as an agent, revenue is recognised net of direct costs.

Direct costs

Direct costs are related to acquiring, producing or gaining access to the product, content or service that is sold to the customer. These include, but are not limited to, costs for hardware, access, copyrights, programming, roaming, interconnection, new build and built-to-suit.

Property, plant and equipment

Property, plant and equipment ('PP&E') are measured at cost less accumulated depreciation and write-downs for impairment. Costs comprise purchase price and costs directly attributable to the acquisition until the date on which the asset is ready for use, as well as the estimated costs of dismantling and restoring the site. The costs of self-constructed assets include directly attributable payroll costs, materials, parts purchased, and services rendered by sub-suppliers during the construction period. Costs also include estimated asset retirement costs on a discounted basis if the related obligation meets the conditions for recognition as a provision. The depreciation base is measured at cost less residual value and any write-downs. Depreciation is provided on a straight-line basis over the estimated useful life of the assets as follows:

Asset Category						Useful Lives
Buildings						15 to 33 years
Support capital and leasehold improvement						3 to 15 years
Network						2 to 33 years
Customer premises equipment ('CPE')						4 to 5 years

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The depreciation expense of property, plant and equipment is included in depreciation and amortisation expenses in the Consolidated Statements of Income or Loss.

Property, plant and equipment that has been disposed of or scrapped is eliminated from accumulated costs and accumulated depreciation. Gains and losses arising from the sale of property, plant and equipment are measured as the difference between the sales price less selling expenses and the carrying value at the time of sale. The resulting gain or loss is recognised in the Consolidated Statements of Income or Loss in other Operating Income or Other Operating Expenses, respectively.

Software that is an integral part of a tangible asset (e.g., telephone-exchange installations) is presented together with the related tangible assets.

If indications exist that the value of an asset may be impaired, the recoverable amount of the asset is determined. If the recoverable amount of the asset, which is the higher of the fair value less costs to sell and the value in use, is less than its carrying amount, the carrying amount is reduced to the recoverable amount.

Intangible assets

Intangible assets comprise software, licenses and rights, brands and other intangible assets required to operate the business, and software developed or customised by Sunrise. Intangible assets are measured at cost less accumulated amortisation and impairment losses and are amortised on a straight-line basis over their estimated useful lives. Broadcasting rights and spectrum licenses are generally multi-year contracts, for which an asset is recognised in the amount of the contract consideration with a corresponding liability for any unpaid portion of the total contract costs at contract inception. The rights are amortised on a straight-line basis over the contract term.

Asset Category						Useful Lives
Software						3 to 5 years
Licenses and rights						5 to 26 years
Brands and customer relationships						6 to 10 years
Other intangible assets						2 to 25 years

The amortisation expense of intangible assets is included in depreciation and amortisation expenses in the Consolidated Statements of Income or Loss.

Development projects, including costs of computer software purchased or developed for internal use, are recognised as intangible assets if the costs can be calculated reliably and if they are expected to generate future economic benefits. Costs of development projects include wages and external charges. Development projects that do not meet the criteria for recognition in the Consolidated Statements of Financial Position are expensed as incurred.

Non-derivative financial instruments

Cash and cash equivalents, current trade and other receivables, current related-party receivables and payables, certain other current assets, accounts payable and certain accrued liabilities represent financial instruments that are initially recognised at fair value and subsequently carried at amortised cost. Due to their relatively short maturities, the carrying values of these financial instruments approximate their respective fair values. Loans and other receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such loans and other receivables are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, loans and receivables are measured at amortised cost using the effective interest method, less any impairment losses.

Leases

Sunrise leases mainly consist of rental of distribution systems, support equipment, buildings and land. Sunrise recognises a right-of-use ('RoU') asset and a lease liability at the lease commencement date. The RoU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred. Furthermore, the RoU asset is adjusted for an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located.

The RoU assets are subsequently depreciated using the straight-line method from the commencement date to the earlier of the useful life of the RoU asset or the end of the lease term. The useful lives per asset class are as follows:

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Asset Category						Useful Lives
Land, Buildings and Other						3 to 33 years
Network						3 to 30 years

In addition, RoU assets are periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The RoU assets and the lease liabilities are presented separately in the consolidated financial statements. Lease liabilities are initially

measured at the present value of the future lease payments, discounted using the interest rate implicitly specified in the lease or the Sunrise incremental borrowing rate as the discount rate.

Sunrise applies the short-term lease recognition exemption to leases of less than 12 months. Lease payments associated with these leases are recognised as an expense on a straight-line basis over the lease term.

Inventories

Inventories are measured at the lower of cost and net realisable value. The costs of merchandise include purchase price and delivery costs. The costs of work in progress comprise direct costs of merchandise, direct labour, other direct costs and related production overheads. Related costs for items sold are presented within direct costs in the Consolidated Statements of Income or Loss.

Trade receivables and other receivables

Receivables are measured at amortised cost net of an allowance for uncollectible amounts. The allowance for trade receivables and contract assets is always measured at an amount equal to lifetime expected credit loss ('ECL'). When determining whether the credit risk of a financial asset has increased significantly, Sunrise considers both quantitative and qualitative information and analysis based on its historical experience, internal credit assessment and forward-looking information. Allowances for anticipated uncollectible amounts are based on individual assessments of major receivables and historically experienced losses on uniform groups of other receivables. This allowance is equal to the difference between the carrying amount and the present value of the amounts expected to be recovered. Significant financial difficulties of the debtor, the probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments are considered indicators that the receivable is impaired. The loss is recognised in the Consolidated Statements of Income or Loss within Other Operating Expenses.

When a trade receivable is uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against other operating expenses in the Consolidated Statements of Income or Loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash at banks and in hand and deposits held at call with banks with a maturity of less than three months at inception. Bank overdrafts are included in current liabilities.

Provisions

An Asset Retirement Obligation ('ARO') is recognised when Sunrise has a legal or constructive obligation to remove the asset and restore the site where the asset was used at the end of the lease term (e.g., in connection with the future dismantling of mobile stations and restoration of property owned by third parties). Sunrise has estimated and capitalised the net present value of the obligations and increased the carrying amount of the asset by the respective amount. The estimated cash flows are discounted using a risk-adjusted interest rate, which is derived from Swiss government bonds along with a company-specific risk spread based on issued corporate bonds, and recognised as a provision. Subsequently, the unwinding of the discount is expensed in financial expenses. The capitalised amount is amortised over the expected lease period, including the potential extension option if it is expected to be exercised. Provisions are measured at management’s best estimate of the amount at which the liability is expected to be settled. If the timing of the settlement has a significant impact on the measurement of the liability, such liability is discounted.

Pensions

Sunrise pension plans comprise defined benefit plans established under Swiss pension legislation. Obligations are determined by independent qualified actuaries using the projected unit credit method assuming that each year of service gives rise to an additional unit of benefit entitlement and each unit is measured separately to build up the final obligations. Sunrise recognises a gain or loss on curtailment when a commitment is made to significantly reduce the number of employees, generally as a result of a restructuring or disposal/discontinuation of part of the business or the outsourcing of business activities. Gains or losses on curtailment or settlement of pension benefits are recognised in the Consolidated Statements of Income or Loss when the curtailment or settlement occurs.

Differences between projected and realised changes in pension assets and pension obligations are referred to as actuarial gains and losses and are recognised in the Consolidated Statements of Other Comprehensive Income when such gains and losses occur.

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In the case of changes in benefits relating to employees’ previous service periods, a change in the estimated present value of the pension obligations will be immediately recognised.

The present value of the pension obligation is measured using a discount rate based on the interest rate on high-quality corporate bonds where the currency and terms of the corporate bonds are consistent with the currency and estimated terms of the defined benefit obligation.

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Amendments to IFRS Accounting Standards and Interpretations, whose application is not yet mandatory

The following IFRS Accounting Standards and Interpretations published up to the end of 2025 are mandatory from the 2026 financial year onwards.

Standard

Name

Effective From

Amendments to IFRS 9 and IFRS 7

Classification and Measurement of Financial Instruments

1 January 2026

Amendments to IFRS 1, 7, 9, 10 and IAS 7

Annual Improvements to IFRS Accounting Standards

1 January 2026

Amendments to IFRS 9

Contracts Referencing Nature-Dependent Electricity

1 January 2026

IFRS 18

Presentation and Disclosure in Financial Statements

1 January 2027

IFRS 19

Subsidiaries Without Public Accountability: Disclosures

1 January 2027

Amendments to IFRS 10

Sale or Contribution of Assets between an Investor and its Associate or Joint Venture

To be determined

Amendments to IAS 21

Translation to a Hyperinflationary Presentation Currency

1 January 2027

Sunrise will review its financial reporting for the impact of those new and amended standards which take effect on or after 1 January 2026 and which Sunrise did not choose to adopt earlier than required. At present, Sunrise anticipates no material impact on the consolidated financial statements, except for IFRS 18 issued by the IASB on 9 April 2024. IFRS 18 will replace IAS 1, although many existing principles in IAS 1 are retained. The key concepts introduced in IFRS 18 relate to the structure of the statement of profit or loss, required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity’s financial statements (that is, management-defined performance measures) and enhanced principles on aggregation and disaggregation which apply to both the primary financial statements and notes. IFRS 18 will not impact the recognition or measurement of items in the financial statements, but may change what an entity reports as its "operating profit or loss".

IFRS 18 Presentation and Disclosure in Financial Statements (effective 1 January 2027) is expected to affect the Group’s presentation and disclosures, while not impacting recognition or measurement; based on the Group’s initial assessment, the overall effects are expected to be limited. In particular, the main areas of change relate to presentation of foreign exchange effects on accounts receivable and accounts payable (and related derivatives) within the statement of profit or loss, and to the statement of cash flows (including the indirect method starting from operating profit and classifying interest and dividends received within investing activities), as well as enhanced note disclosures for management-defined performance measures. The Group is continuing to evaluate the detailed implications.

The following specific estimates and judgments are considered important when portraying the Sunrise financial position:

•Useful life of intangible assets and property, plant and equipment, as shown in Note 3, is assigned based on periodic studies of the actual useful life and intended use of those assets. Such studies are completed or updated whenever new events occur with the potential to impact the way the useful life of the asset is determined, such as events or circumstances that indicate that the carrying value of the asset may not be recoverable and should therefore be tested for impairment. Any change in the estimated useful life of these assets is recognised in the financial statements as soon as any such change is determined. For details, see Note 14 and Note 15.

•Goodwill and intangible assets comprise a significant portion of the total assets of Sunrise. The impairment test for intangible assets is a complex process that requires significant management judgment in determining various assumptions, such as cash flow projections, discount rate and terminal growth rates. The sensitivity of the estimated measurement to these assumptions, consolidated or individually, can be significant. Furthermore, the use of different estimates or assumptions when determining the fair value of such assets may result in different values and could result in impairment charges. For details, see Note 15 and Note 16.

•Right-of-use assets and lease liabilities amount to a significant portion of the Sunrise Consolidated Statements of Financial Position (see Note 13). The valuation is based on several judgments, starting with the assessment of whether a contract contains a lease. Other material judgments made by Sunrise include

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assumptions concerning the lease terms and the probability that an extension option will be exercised.

•Net periodic pension cost for defined benefit plans is estimated based on certain actuarial assumptions, the most significant of which relate to discount rate and future salary increases. As shown in Note 10, the assumed discount rate reflects changes in market conditions. Sunrise believes these assumptions illustrate current market conditions.

•Estimates of deferred taxes and significant items giving rise to deferred assets and liabilities are shown in Note 19. These reflect the assessment of future taxes to be paid on items in the financial statements, giving consideration to both the timing and probability of these estimates. In addition, such estimates reflect expectations about the amount of

future taxable income and, where applicable, tax planning strategies. Actual income taxes and income for the period may vary from these estimates as a result of changes in expectations about future taxable income, future changes in income tax law or the final review of tax returns by tax authorities.

•Provisions for asset retirement obligations are made for costs incurred in connection with the future dismantling of mobile stations and restoration of property owned by third parties. These provisions are primarily based on estimates of future costs for dismantling and restoration, long-term inflation and discount rate expectations, as well as the timing of the dismantling. See Note 17.

•Estimates of expected credit losses on trade receivables are based on judgements relating to customer credit risk and recovery patterns. In determining the allowance, Sunrise considers historical credit loss experience, customer‑specific characteristics, prevailing practices in the Swiss market and, where relevant, forward‑looking information. A key judgment in this area relates to the determination of the expected loss horizon and the point at which trade receivables are regarded as uncollectable and written off, which requires Sunrise to assess observed payment and recovery patterns over time and to determine when it is no longer reasonable to expect collection. Actual credit losses may differ from these estimates as a result of changes in customer payment behaviour, recovery experience or macroeconomic conditions. For further details, see Note 24

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For management purposes, Sunrise is organised 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 Residential Customers, Business Customers & Wholesale and Infrastructure & Support Functions segments 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 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.

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Segment information:

						Year ended 31 December 2025
CHF in millions						Residential Customers						Business Customers & Wholesale						Infrastructure & Support Functions						Total
Total revenue						2,107.2						859.0						17.2						2,983.4
Direct costs						(508.2)						(305.9)						(17.1)						(831.2)
Indirect costs1						(392.1)						(114.2)						(447.9)						(954.2)
Lease expense2						(50.7)						(12.7)						(127.7)						(191.1)
Adj. EBITDA after lease expense (EBITDAaL)						1,156.2						426.2						(575.5)						1,006.9
Depreciation and amortisation of property, plant and equipment and intangible assets																								(936.4)
Share-based compensation																								(49.0)
Restructuring & other																								13.5
Finance income/(expense)3																								(163.4)
Income tax benefit																								19.9
Net (loss)																								(108.5)

						Year ended 31 December 2024
CHF in millions						Residential Customers						Business Customers & Wholesale						Infrastructure & Support Functions						Total
Total revenue						2,173.1						830.3						14.6						3,018.0
Direct costs						(515.2)						(299.5)						(15.4)						(830.1)
Indirect costs4						(401.5)						(115.8)						(449.1)						(966.4)
Lease expense5						(52.0)						(13.5)						(133.9)						(199.4)
Adj. EBITDA after lease expense (EBITDAaL)						1,204.4						401.5						(583.8)						1,022.1
Depreciation and amortisation of property, plant and equipment and intangible assets																								(917.9)
Share-based compensation																								(19.1)
Restructuring & other																								(49.9)
Finance income/(expense)6																								(413.8)
Income tax benefit																								16.7
Net (loss)																								(361.9)

1 Excludes expenses for share-based compensation, restructuring and other.

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

3 Excludes interest expenses for leases, which are included in line "Lease expense".

4 Excludes expenses for share-based compensation, restructuring and other.

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

6 Excludes interest expenses for leases, which are included in line "Lease expense".

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						Year ended 31 December 2023
CHF in millions						Residential Customers						Business Customers & Wholesale						Infrastructure & Support Functions						Total
Total revenue						2,247.1						776.6						11.5						3,035.2
Direct costs						(537.6)						(271.0)						(26.0)						(834.6)
Indirect costs1						(417.5)						(115.4)						(428.2)						(961.1)
Lease expense2						(51.0)						(11.2)						(133.7)						(195.9)
Adj. EBITDA after lease expense (EBITDAaL)						1,241.0						379.0						(576.4)						1,043.6
Depreciation and amortisation of property, plant and equipment and intangible assets																								(992.1)
Share-based compensation																								(22.5)
Restructuring & other																								(86.1)
Finance income/(expense)3																								(315.0)
Income tax benefit																								59.9
Net (loss)																								(312.2)

1 Excludes expenses for share-based compensation, restructuring and other.

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

3 Excludes interest expenses for leases, which are included in line "Lease expense".

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

						Year ended 31 December 2025
CHF in millions						Residential Customers						Business Customers & Wholesale						Infrastructure & Support Functions						Total
Fixed:						974.0						505.9						—						1,479.9
Subscription						933.6						307.0						—						1,240.6
Non-subscription and hardware						40.4						198.9						—						239.3
Mobile:						1,027.9						347.1						—						1,375.0
Subscription						821.9						267.9						—						1,089.8
Non-subscription and hardware						206.0						79.2						—						285.2
Other:						105.3						6.0						17.2						128.5
Total						2,107.2						859.0						17.2						2,983.4

						Year ended 31 December 20244
						Residential Customers						Business Customers & Wholesale						Infrastructure & Support Functions						Total
Fixed:						1,047.4						483.1						—						1,530.5
Subscription						1,003.3						295.8						—						1,299.1
Non-subscription and hardware						44.1						187.3						—						231.4
Mobile:						1,033.0						344.5						—						1,377.5
Subscription						824.6						264.4						—						1,089.0
Non-subscription and hardware						208.4						80.1						—						288.5
Other:						92.7						2.7						14.6						110.0
Total						2,173.1						830.3						14.6						3,018.0

						Year ended 31 December 20235
CHF in millions						Residential Customers						Business Customers & Wholesale						Infrastructure & Support Functions						Total
Fixed:						1,107.4						437.9						—						1,545.3
Subscription						1,059.2						276.2						—						1,335.4
Non-subscription and hardware						48.2						161.7						—						209.9
Mobile:						1,045.2						336.5						—						1,381.7
Subscription						843.0						254.3						—						1,097.3
Non-subscription and hardware						202.2						82.2						—						284.4
Other:						94.5						2.2						11.5						108.2
Total						2,247.1						776.6						11.5						3,035.2

4 Reclassified to conform with 2025 presentation of product hierarchies (see details below).

5 Reclassified to conform with 2025 presentation of product hierarchies (see details below).

Subscription revenue

Sunrise recognises 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 recognised over the contractual period. Revenue from the sale of prepaid services is deferred and recognised at the time of use. Discounts that can be allocated to service revenues are evenly distributed over the minimum contract binding period.

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Mobile subscriptions have no contract term beyond a 60-day notice period, whereas residential services require a minimum contract duration 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 recognised 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 recognised over the contractual period.

Other

Revenue from sales of build-to-suit network sites is recognised 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 recognised when collected. Other revenue further includes revenue from subleases and is recognised over time.

Contract assets

Contract assets primarily relate to Sunrise rights to consideration for hardware sold within a bundle arrangement but not yet billed.

The following table provides information about contract assets and contract liabilities from contracts with customers.

						31 December
CHF in millions						2025						2024						2023
Contract assets						9.9						27.8						31.7

The following table includes revenue from contracts with an original duration of more than one year which is expected to be recognised in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the reporting date.

						Year ended 31 December
CHF in millions						2026						2027						2028
Telecommunications services (mobile and fixed)						47.7						34.2						19.9

Sunrise makes use of the practical expedients in IFRS 15, according to which unsatisfied performance obligations under contracts with an expected original term of no more than one year and revenues recognised in accordance with the billed amounts are exempt from the disclosure requirement.

Contract liabilities

Contract liabilities primarily relate to deferred revenue including broadband cable services and subscription fees, as well as activation fees for which revenue is recognised over the term of the service contract.

						31 December
CHF in millions						2025						2024						2023
Contract liabilities to residential customers						38.8						46.1						43.1
Contract liabilities to business customers						30.6						28.0						36.3
Contract liabilities to other telecommunications services						0.1						0.8						0.5
Total						69.5						74.9						79.8
Thereof current portion of contract liabilities						66.2						71.3						66.7
Thereof non-current portion of contract liabilities						3.3						3.5						13.1

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Contract costs

According to IFRS 15, commission fees directly attributable to a contract are capitalised and recognised as expenses over the estimated contract duration. This means that capitalised commission fees are amortised when the related revenues are recognised. The capitalised costs are amortised in other operating expenses or personnel expenses, depending on whether the costs are paid to external retailers or own employees.

CHF in millions						2025						2024						2023
Balance as of 1 January						80.4						69.3						62.5
Additional capitalised contract cost						81.5						88.1						71.6
Amortised contract cost						(79.5)						(77.0)						(64.8)
Balance as of 31 December						82.4						80.4						69.3

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Changes in product hierarchy

As of Q1 2025, there have been adjustments in the product hierarchies within the residential customer segment and within the business and wholesale customer 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 and 2023 amounts shown in the tables above include the following reclassifications within the segments:

						Year ended 31 December
						2024
CHF in millions						Residential Customers Segment						Business Customers and Wholesale Segment
Fixed revenue:						45.6						0.1
Subscription						15.5						2.4
Non-subscription and hardware						30.1						(2.3)
Mobile revenue:						(8.1)						0.6
Subscription						(8.9)						(1.8)
Non-subscription and hardware						0.8						2.4
Other						(37.5)						(0.7)
Total revenue						—						—

						Year ended 31 December
						2023
CHF in millions						Residential Customers Segment						Business Customers and Wholesale Segment
Fixed revenue:						45.7						0.5
Subscription						16.1						2.8
Non-subscription and hardware						29.6						(2.3)
Mobile revenue:						(7.1)						0.3
Subscription						(9.9)						(0.4)
Non-subscription and hardware						2.8						0.7
Other						(38.6)						(0.8)
Total revenue						—						—

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						Year ended 31 December
CHF in millions						2025						20246						2023⁶
Marketing & commissions						(185.7)						(188.7)						(195.4)
Network related costs						(117.2)						(146.1)						(150.5)
Professional services						(69.5)						(84.0)						(111.6)
Facility & energy						(64.2)						(64.6)						(54.4)
IT expenses						(80.2)						(99.2)						(78.8)
Administration						(39.8)						(39.7)						(39.5)
Call centre services						(42.0)						(40.8)						(47.0)
Allowance for receivables						(19.9)						(30.8)						(15.6)
Other expenses						(4.6)						(2.5)						(66.1)
Total other operating expenses						(623.1)						(696.4)						(758.8)
Capitalised labour as non-current assets						63.3						63.0						68.3
Other income						—						5.1						37.4
Total other operating income and capitalised labour						63.3						68.1						105.7

6 Reclassified to conform with 2025 presentation of OPEX hierarchy (details on next page).

Other operating expenses

Year ended 31 December 2025 compared to year ended 31 December 2024

In 2025, expenditures for network- related costs decreased by CHF 28.9 million and IT expenses decreased CHF 19.0 million compared to 2024, primarily due to a transfer pricing agreement with the relevant tax authorities covering shared technology platform charges. The agreement establishes a mutually accepted cost amortisation for the covered period. Expenditures for professional services decreased by CHF 14.5 million in 2025 compared to 2024, primarily due to lower cost from updated agreements post spin-off.

Year ended 31 December 2024 compared to year ended 31 December 2023

In 2024, expenditures for professional services experienced a reduction amounting to CHF 27.6 million in comparison to the preceding year. This decline was primarily due to lower cost from updated agreements post spin-off. Furthermore, IT expenses increased by CHF 20.4 million primarily due to higher project spend related to a large customer onboarding in 2024 and higher overall project spend. In 2023, the category "Other" included a CHF 29.1 million ice-hockey distribution-rights penalty issued by the Competition Commission as well as CHF 28.5 million expenses related to restructuring.

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).

Changes in other operating expenses hierarchy

As of Q4 2025, there have been adjustments in the other operating expenses hierarchy. This change reflects a refinement of the other operating expenses hierarchy based on the ways in which management analyses and steers the business. Consequently, the 2024 and 2023 amounts shown in the table above include the following reclassifications:

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						Year ended 31 December
CHF in millions						2024						2023
Marketing & commissions						0.1						(0.2)
Network related costs						24.5						16.9
Professional services						21.7						18.6
Facility & energy						1.9						0.7
IT expenses						(41.6)						(29.4)
Administration						(5.0)						(0.1)
Call centre services						(6.1)						(7.8)
Allowance for receivables						4.5						1.3
Other expenses						—						—
Total other operating expenses						—						—

						Year ended 31 December
CHF in millions						2025						2024						2023
Wages, salaries and social security charges						354.8						363.9						384.2
Pension costs						26.1						24.0						10.0
Share-based compensation						49.0						19.1						22.5
Total						429.9						407.0						416.7

Key management personnel comprise the members of the Executive Committee and the members of the Board of Directors. Their compensation is as follows:

Remuneration of the Executive Leadership Team and Board of Directors

						Year ended 31 December
CHF in millions						2025						2024						2023
Wages, salaries and social security charges						10.7						8.4						6.2
Pension costs						1.0						0.8						0.8
Share-based compensation						18.3						6.6						6.9
Termination benefits						—						0.7						2.5
Total						30.0						16.5						16.4

Sunrise provides retirement benefits to its employees as required by Swiss law by means of a pension fund that is a separate legal entity. The Sunrise Pension Fund is a separate, semi-autonomous foundation governed by the Occupational Pensions and Foundations Office of the Canton of Zurich. Disability and death risks are reinsured by Zurich Insurance. The fixed assets of the Sunrise Pension Fund are managed by UBS Asset Management in Zurich in accordance with organisational guidelines and investment regulations. The Board of Trustees consists of an equal number of employer and employee representatives and is responsible for managing the Foundation in accordance with Swiss law. Per the Occupational Pensions Act, a temporary funding shortfall is permitted. The Board of Trustees must take appropriate measures to resolve the shortfall within a reasonable timeframe. If those measures do not lead to the desired results, the Pension Fund may temporarily charge remedial contributions to employers, insured persons and pensioners. The employer contribution must at least equal the aggregate contributions levied from the insured persons.

The pension fund operates a pension plan for all staff, which qualifies as a defined benefit plan under IAS 19. Future pension benefits are based primarily on years of credited service and on contributions made by the employee and employer over the service period, which vary according to age as a percentage of insured salary. The rate of annual interest credited to employee accounts on the balance representing the minimum amount required under pension law is defined by the Swiss government. In addition, the conversion factor used to convert the accumulated capital upon retirement into an annual pension is also defined by the Swiss government. In the case of overfunding, it may be possible to a limited extent to reduce the level of contributions from both employer and employee. Distribution of excess funds from the pension fund to Sunrise is not possible. These defined benefit plans expose Sunrise to actuarial risks, such as currency risk, interest rate risk and market (investment) risk.

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Pension (income) costs resulting from defined benefit plans

						31 December
CHF in millions						2025						2024						2023
Current service costs excluding interest costs						21.0						19.5						16.9
Net interest costs on defined benefit obligation and service costs						0.2						0.4						0.3
Past service costs/(income)						0.1						(2.1)						(13.5)
Administration costs						0.9						1.7						0.6
Termination benefits						0.8						0.2						0.2
Total						23.0						19.7						4.5

Assets and obligations

						31 December
CHF in millions						2025						2024
Fair value of plan assets						876.0						851.4
Defined benefit obligation						(832.2)						(859.8)
Asset ceiling						(45.6)						—
Total						(1.8)						(8.4)

Movement in other comprehensive income

						31 December
CHF in millions						2025						2024						2023
Actuarial (gain)/loss due to
Demographic assumptions						—						—						(0.1)
Financial assumptions						(21.1)						15.5						81.0
Experience adjustments						9.1						39.9						5.6
Actuarial (gain)/loss during period						(12.0)						55.4						86.5
Return on defined benefit plan assets (greater)/less than net interest recognised						(36.5)						(48.4)						(18.8)
Impact of changes in asset ceiling						45.6						—						(37.3)
Remeasurement effects recognised in OCI						(2.8)						7.0						30.4

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Movement in defined benefit obligations

CHF in millions						2025						2024
Balance as of 1 January						859.9						802.1
Included in the consolidated statements of income or loss
Current service costs						21.0						19.5
Past service costs/(income)						0.1						(2.1)
Interest costs on defined benefit obligation						8.0						10.5
Administration costs and termination benefits						1.8						1.9
Settlements						—						—
Included in consolidated statements of other comprehensive income
Actuarial (gain)/loss arising from:
Demographic assumptions						—						—
Financial assumptions						(21.1)						15.5
Experience adjustment						9.1						39.9
Other
Employee contributions						19.8						20.1
Benefits paid/transferred						(66.3)						(47.5)
Total defined benefit obligations as of 31 December						832.3						859.9

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Movement in fair value of plan assets

CHF in millions						2025						2024
Balance as of 1 January						851.4						793.7
Included in the consolidated statements of income or loss
Interest income						7.8						10.1
Settlements						—						—
Included in consolidated statements of other comprehensive income
Return on plan assets excluding interest income						36.5						48.4
Other
Employer contributions						26.9						26.6
Employee contributions						19.8						20.1
Benefits paid						(66.3)						(47.5)
Total fair value of plan assets as of 31 December						876.0						851.4

Asset allocation of plan assets

						31 December
						2025																					2024
						CHF in millions									Quoted									Unquoted									CHF in millions									Quoted									Unquoted
Cash and cash equivalents						5.3									—%									0.6%									12.1									—%									1.4%
Equity securities						323.1									36.9%									—%									301.6									35.4%									—%
Debt securities						305.2									34.8%									—%									305.8									35.9%									—%
Real estate						165.2									—%									18.9%									168.5									1.5%									18.3%
Other						77.2									—%									8.8%									63.4									—%									7.4%
Total						876.0									71.7%									28.3%									851.4									72.8%									27.2%

Plan assets do not include any property used by Sunrise companies. Furthermore, the defined benefit plans do not hold any shares of Sunrise or its subsidiaries. Periodically, an asset-liability matching study is performed by the pension fund’s asset manager, in which the consequences of the strategic investment policies are analysed (the latest study was conducted in 2025). The strategic investment policy of the pension fund can be summarised as follows: a strategic asset mix comprising 21% to 47% equity securities, 20% to 56% bonds, 12% to 38% real estate, 0% to 4% cash in banks and 0% to 7% other investments.

Principal actuarial assumptions

						31 December
						2025									2024
Discount rate						1.20%									0.95%
Interest crediting rate						1.60%									1.25%
Future salary increases						1.50%									1.60%
Mortality rates						BVG/LPP 2020									BVG/LPP 2020

As of 31 December 2025, the weighted average duration of the defined benefit obligation was 12.8 years (2024: 12.6 years). For 2026, the Sunrise projected contributions to its pension funds total CHF 23.3 million. Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts shown below. As of the census date, 30 September 2025, 2,734 (30 September 2024: 2,799) active participants and 409 (30 September 2024: 411) participants receiving benefits were enrolled in the pension scheme.

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Sensitivity analysis

						2025
CHF in millions						Increase to									Decrease to
Discount rate (0.5% movement)						781.9									887.1
Future salary increases (1.0% movement)						842.9									822.2
Interest crediting rate (0.5% movement)						842.3									820.5

Although the analysis does not take account of the full distribution of cash flows expected under the plan, it does provide an approximation of the sensitivity of the assumptions shown.

In connection with the spin-off, the Liberty Global Compensation Committee adjusted the outstanding equity awards granted under the Liberty Global Long-Term Incentive Plan 2024 (Performance Incentive Plan) and converted the majority of the awards into Sunrise equity instruments, thereby ensuring alignment with the strategic priorities of Sunrise and its shareholders. For awards granted before 2024, no conversion to Sunrise equity instruments was made. For the latter awards, Sunrise needs to compensate LG. The amounts are disclosed in the table below in the line "Other". Furthermore, Sunrise delivers Sunrise RSU to holders of LG RSU awards to compensate them for the diluting effect of the spin-off (see Note 21). In addition, the members of the Executive Committee and certain other employees have received an Initial Award in the form of equity-based instruments to align their interests with those of the shareholders and to support long-term value creation. Upon vesting of the awards, the respective shares are either created out of the conditional share capital or distributed from treasury shares. The Initial Award contains RSUs, PSUs, and Shares. The awards related to this plan were granted on either 6 December 2024 or 30 December 2024.

The Long-Term Incentive Plan ('LTIP') 2024 contains Restricted Share Units ('RSUs'), Performance Share Units ('PSUs') and Share Appreciation Rights ('SARs'). The awards related to this plan were granted on either 25 March 2024 or 2 August 2024. The LTIP 2025 contains Restricted Share Units ('RSUs') and Performance Share Units ('PSUs'). The awards related to this plan were granted on either 1 April 2025 or 1 September 2025.

The following share-based compensation related expenses have been recognised in the statements of income or loss:

CHF in millions						December 31, 2025						December 31, 2024
Non-performance based incentive awards						13.0						4.9
Performance-based incentive awards						7.7						1.2
Shares						4.9						0.8
Shareholding Incentive Plan (SHIP)1						4.3						2.3
Employee Share Purchase Plan (ESPP)2						16.5						—
Other						2.6						9.9
Total share-based payments costs						49.0						19.1

1 Certain employees can elect to receive up to 100% of the earned bonus in shares with a 12.5% premium in Restricted Share Units, subject to a one-year vesting period if the shares are held for that duration

2 Sunrise rolled out an Employee Share Purchase Plan (ESPP) in 2025 for all Sunrise employees (excluding the senior leaders and the Executive Committee).

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General award information

The award types granted are RSUs, PSUs, SARs and Shares. RSUs grant the right to receive shares on specified future vesting dates, subject to continued employment with Sunrise. The RSUs vest in equal yearly instalements over the course of the total vesting period. PSUs grant the right to receive shares on specified future vesting dates, subject to both a service condition and a performance condition. The vesting of the award depends on the service condition, while the number of shares being awarded per PSU depends on the achievement of the performance condition. For the PSUs of the LTIP 2024 and 2025, the performance condition depends on the Relative Total Shareholder Return (rTSR) and the Cumulative Absolute Adjusted Free Cash Flow (FCF). The performance condition entitles the holder to between 0 and 1.85 shares per PSU. For the Initial Award PSUs, the performance criterion is the Implied Total Shareholder Return (TSR) based on achieved Internal Rate of Return (IRR) Performance %. The performance condition entitles the holder to between 0 and 1.5 shares per PSU. The PSUs vest in one instalment after the total vesting period. SARs give the participant the right to receive the value3 of any increase in the share price over the base price of the grant date less withholding tax on the day the SAR is exercised. The SARs can be exercised at any time after vesting, until the expiration date. The SARs expire at the close of business on the tenth anniversary of the applicable grant date and vest in equal yearly instalments over the course of the total vesting period. Shares are awards in the form of shares that are transferred to the participant at grant date.

The following table provides an overview of Sunrise’s LTI awards:

Grant date

FV at grant date

Non-performance based incentive awards

LTI 2024 RSU

25/3/2024

34.07

LTI 2024 SAR

25/3/2024

9.66

LTI 2024 RSU

2/8/2024

36.59

LTI 2024 SAR

2/8/2024

10.45

Initial Award RSU

6/12/2024

41.55

Initial Award RSU

30/12/2024

39.32

LTI 2025 RSU

1/4/2025

42.70

LTI 2025 RSU

1/9/2025

50.20

Performance-based incentive awards

LTI 2024 PSU

25/3/2024

50.01

LTI 2024 PSU

2/8/2024

44.65

Initial Award PSU

6/12/2024

42.09

Initial Award PSU

30/12/2024

42.09

LTI 2025 PSU

1/4/2025

51.27

LTI 2025 PSU

1/9/2025

62.47

3 Sunrise has the intent to settle these awards in shares.

Fair value

The LTIP 2024 was converted into a plan with underlying Sunrise shares using an adjustment factor. This was applied with the aim of ensuring that the fair value ('FV') of this plan as a whole did not significantly change. For the PSUs, the performance condition was modified to reflect the performance of Sunrise rather than LG. The modifications were made with the aim of leaving the total FV unchanged.

The FV of the RSUs and Shares of the Initial Award is equal to the closing price of Sunrise Communications AG on the SIX Swiss Exchange on the respective grant date. The FV of the PSUs was based on a Monte Carlo model with one million simulations.

For the LTIP 2024, the FV of the PSUs was based on an assumed share price volatility of 24.70%, an entry price of CHF 40.61 and a risk-free rate of 1.01%.

For the LTIP 2025 granted in April, the FV of the PSUs was based on an assumed share price volatility of 23.97%, an entry price of CHF 42.70, and a risk-free rate of 1.07%.

For the LTIP 2025 granted in September, the FV of the PSUs was based on an assumed share price volatility of 24.28%, an entry price of CHF 49.14 and a risk-free rate of (0.11)%.

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						2025																														2024
Number of units						PSUs						RSUs						SARs						Shares						Total						PSUs						RSUs						SARs						Shares						Total
Balance 1 January						421,608						399,399						461,244						—						1,282,251						—						—						—						—						—
Granted						278,930						136,589						—						—						415,519						421,608						408,262						471,729						99,186						1,400,785
Settled						(1,018)						(126,251)						(79,474)						—						(206,743)						—						—						—						(99,186)						(99,186)
Forfeited						(8,984)						(20,174)						(21,238)						—						(50,396)						—						(8,863)						(10,485)						—						(19,348)
Balance 31 December						690,536						389,563						360,532						—						1,440,631						421,608						399,399						461,244						—						1,282,251

									2025												2024
									Number of SARs Units						Weighted Average Strike Price (CHF)						Number of SARs Units						Weighted Average Strike Price (CHF)
Balance 1 January									461,244						33.88						—						—
Granted									—						—						471,729						33.88
Settled									(79,474)						33.74						—						—
Forfeited									(21,238)						33.57						(10,485)						33.57
Balance 31 December									360,532						33.93						461,244						33.88

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

						31 December						31 December
CHF in millions						2025						2024
Other assets - current:
Third party receivables						37.9						63.4
Prepayments						83.9						60.8
Contract assets						5.0						14.6
Contract costs						64.5						61.1
Inventories						51.9						58.5
Other						27.4						1.5
Total						270.6						259.9
Other assets - non-current:
Trade receivables						35.5						34.3
Prepayments						43.2						82.1
Contract assets						4.9						13.2
Contract costs						18.0						19.2
Other						0.6						11.6
Total						102.2						160.4
Other liabilities - current:
Accrued other liabilities						252.7						261.0
Accrued capital expenditures						59.2						63.5
Accrued payroll and employee benefits						44.4						68.3
Deferred revenue						66.2						71.3
Other						34.4						32.9
Total						456.9						497.0
Other liabilities - non-current:
Other						230.6						48.2
Total						230.6						48.2

Inventories

Write-downs of inventories to the net realisable value totalled CHF 2.1 million at 31 December 2025 (2024: CHF 0.7 million). The value of inventories recognised as an expense in direct costs and other operating expenses totalled CHF 226.5 million (2024: CHF 226.1 million). No inventories were expected to be sold after more than one year.

Other liabilities – non-current and current

The broadcasting rights agreement with National League AG executed in August 2025 resulted in a corresponding increase in other liabilities of CHF 216.0 million, reflecting the deferred payment structure of the contract. For more details please see Note 15 Intangible Assets. As of 31 December 2025, non-current liabilities increased by CHF 182.4 million and current liabilities decreased by CHF 40.1 million.

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Sunrise leased assets include telecommunications installations like mobile sites and transmission equipment such as leased lines, shops and offices as well as vehicles. Information about leases for which Sunrise is a lessee is presented below.

Right-of-use assets

						Year ended 31 December
CHF in millions						2025						2024
Network						1,199.0						1,091.4
Land, buildings and other						168.9						171.1
Total RoU assets						1,367.9						1,262.5

At 31 December 2025 the weighted average discount rate was 5.0% (2024: 5.5%). During 2025, Sunrise recorded additions in RoU assets associated with leases of CHF 151.7 million (2024: CHF 126.30 million). Additionally, balance-sheet adjustments of CHF 63.8 million were recorded, mainly driven by revised assumptions regarding the exercise of lease extension options during the budget forecast period for evergreen network leases. Sunrise makes extensive use of evergreen contracts, as they provide flexibility in network planning in response to the rapidly evolving telecommunications technology landscape.

Lease expenses

						Year ended 31 December
CHF in millions						2025						2024						2023
Depreciation and amortisation
Network						94.0						101.4						99.3
Land, buildings and other						35.9						28.3						28.7
Total depreciation and amortisation						129.9						129.7						128.0
Interest expense						61.3						69.8						67.9
Short-term lease expense						3.1						2.4						3.2
Total lease expense						194.3						201.9						199.1

Lease liabilities

Maturities of Sunrise lease liabilities are presented below:

						Year ended 31 December
CHF in millions						2025						2024
Within 1 year						181.4						164.1
Between 1 and 2 years						178.3						152.0
Between 2 and 3 years						151.6						148.8
Between 3 and 4 years						144.9						141.3
Between 4 and 5 years						139.3						135.2
After 5 years						863.9						925.7
Total payments						1,659.4						1,667.1
Less: present value discount						(382.2)						(447.8)
Present value of lease payments						1,277.2						1,219.3
Current portion						181.4						164.1
Non-current portion						1,095.8						1,055.2

Cash flows from leases

						Year ended 31 December
CHF in millions						2025						2024
Principal payments						121.0						114.4
Interest payments						61.3						61.0
Payments for short-term leases						3.1						2.4
Total payments						185.4						177.8

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CHF in millions4						Network						Customer Premises Equipment						Support Capital and Leasehold Improvement						Land and Buildings						Assets Under Construction						Total
Cost:
Balance at 31 December 2023						4,722.6						328.7						167.5						30.1						347.5						5,596.4
Additions						291.3						88.9						27.8						—						—						408.0
Retirements and disposals						(211.9)						(101.3)						(20.9)						(5.3)						—						(339.4)
Reclassifications						(274.6)						(0.9)						25.8						0.1						173.2						(76.4)
Other						—						—						—						—						(1.0)						(1.0)
Balance at 31 December 2024						4,527.4						315.4						200.2						25.0						519.7						5,587.6
Additions						289.9						87.4						15.4						2.9						—						395.6
Retirements and disposals						(78.5)						(13.9)						(25.6)						(0.7)						—						(118.7)
Reclassifications						124.9						3.5						(0.3)						—						(184.8)						(56.7)
Other						0.1						—						(0.1)						—						(0.7)						(0.7)
Balance at 31 December 2025						4,863.8						392.4						189.6						27.1						334.2						5,807.1

4 Reclassified to conform with redefinition of asset categories as described in footnote.

CHF in millions5						Network						Customer Premises Equipment						Support Capital and Leasehold Improvement						Land and Buildings						Assets Under Construction						Total
Accumulated depreciation and impairment:
Balance at 31 December 2023						(3,037.9)						(159.9)						(83.3)						(19.5)						—						(3,300.6)
Depreciation						(269.2)						(65.1)						(29.8)						(3.9)						—						(368.0)
Retirements and disposals						211.4						101.3						21.0						5.3						—						339.0
Reclassifications						68.2						(2.9)						0.2						—						—						65.5
Other						15.0						—						—						—						—						15.0
Balance at 31 December 2024						(3,012.5)						(126.6)						(91.9)						(18.2)						—						(3,249.1)
Depreciation						(297.6)						(58.4)						(58.0)						(3.6)						—						(417.6)
Retirements and disposals						78.1						12.8						25.6						0.6						—						117.1
Reclassifications						(26.8)						4.5						(3.5)						—						—						(25.8)
Other						—						—						—						—						—						—
Balance at 31 December 2025						(3,258.8)						(167.7)						(127.8)						(21.2)						—						(3,575.5)

5 Reclassified to conform with redefinition of asset categories as described in footnote.

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CHF in millions									Network									Customer Premises Equipment									Support Capital and Leasehold Improvement						Land and Buildings									Assets Under Construction									Total
Property and equipment, net:
Net carrying amount at 31 December 2024									1,514.9									188.8									108.3						6.8									519.7									2,338.5
Net carrying amount at 31 December 2025									1,605.0									224.7									61.8						5.9									334.2									2,231.6

The capitalisation process recognises all additions to PP&E as "Additions" to Assets Under Depreciation (Network, Customer Premises Equipment, and Land Buildings, and other), which are then reclassified simultaneously into Assets Under Construction within "Reclassifications", as long as construction or implementation of the underlying projects is ongoing. When projects are completed, the related assets are transferred from Assets Under Construction to Assets Under Depreciation as part of the reclassification process. This also results in recurring transfers of software assets from Assets Under Construction within PP&E to Intangible Assets. As a result of this process, the table above reflects negative reclassifications within the asset categories under depreciation. Following the spin-off, Sunrise has redefined its PP&E asset categories to reflect the nature and internal management of assets rather than the legacy structure of its former parent. Comparative information has been reclassified accordingly. These changes enhance transparency and relevance of the information presented. Consequently, the 2024 and 2023 net carrying amounts shown in the tables above include the following reclassifications between the newly defined (stated in the columns) and previously reported (stated in the rows) asset categories:

CHF in millions						Network						Customer Premises Equipment						Leasehold Improvement and Support Capital						Land and Buildings						Assets Under Construction						Total
Balance at 31 December 2023
Distribution systems						681.7						—						—						—						—						681.7
Customer premises equipment						39.5						168.8						—						—						—						208.3
Support equipment and buildings						963.4						—						84.2						10.6						—						1,058.2
Assets under construction						—						—						—						—						347.5						347.5
Total						1,684.6						168.8						84.2						10.6						347.5						2,295.7

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CHF in millions						Network						Customer Premises Equipment						Leasehold Improvement and Support Capital						Land and Buildings						Assets Under Construction						Total
Balance at 31 December 2024
Distribution systems						427.8						—						—						—						—						427.8
Customer premises equipment						44.0						188.8						—						—						—						232.8
Support equipment and buildings						1,043.1						—						108.3						6.8						—						1,158.2
Assets under construction						—						—						—						—						519.7						519.7
Total						1,514.9						188.8						108.3						6.8						519.7						2,338.5

Changes in the carrying amounts of the intangible assets are as follows:

CHF in millions									Brands and Customers Relationships									Licenses and Rights									Software									Other Intangible Assets									Total
Cost:
1 January 2024									1,955.8									652.1									635.2									17.2									3,260.3
Additions									—									2.0									99.9									—									101.9
Retirements and disposals									—									(153.5)									(32.6)									(8.0)									(194.1)
Reclassifications									—									—									76.4									—									76.4
Other									1.9									—									—									3.6									5.5
31 December 2024									1,957.7									500.6									778.9									12.8									3,250.0
Additions									3.1									218.7									82.4									7.8									312.0
Retirements and disposals									—									—									(22.2)									(0.1)									(22.3)
Reclassifications									—									—									60.2									—									60.2
Other									0.2									(1.6)									0.6									12.4									11.6
31 December 2025									1,961.0									717.7									899.9									32.9									3,611.5

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CHF in millions									Brands and Customers Relationships									Licenses and Rights									Software									Other Intangible Assets									Total
Accumulated amortisation:
1 January 2024									(1,026.9)									(319.5)									(375.3)									(8.7)									(1,730.4)
Amortisation									(321.7)									(69.0)									(155.0)									(4.2)									(549.9)
Retirements and disposals									—									153.5									32.6									8.0									194.1
Reclassifications									—									—									(65.5)									—									(65.5)
Other									—									—									(13.9)									—									(13.9)
31 December 2024									(1,348.6)									(235.0)									(577.1)									(4.9)									(2,165.6)
Amortisation									(320.2)									(71.6)									(122.3)									(4.7)									(518.8)
Retirements and disposals									—									—									22.2									0.1									22.3
Reclassifications									—									—									—									—									—
Other									0.1									(0.2)									(3.5)									(11.3)									(14.9)
31 December 2025									(1,668.7)									(306.8)									(680.7)									(20.8)									(2,677.0)

CHF in millions									Brands and Customers Relationships									Licenses and Rights									Software									Other Intangible Assets									Total
Intangible assets subject to amortisation, net:
Net carrying amount at 31 December 2024									609.1									265.6									201.8									7.9									1,084.4
Net carrying amount at 31 December 2025									292.3									410.9									219.2									12.1									934.5

Brands and customer relationships
As of 31 December 2025, the most significant intangible assets are the customer base of former Sunrise Communications Group AG with a carrying amount of CHF 261.7 million as well as the Sunrise brand with a carrying amount of CHF 17.0 million. Both assets originated from the acquisition by former UPC GmbH in 2020 (renamed to Sunrise GmbH in 2022). The remaining useful lives are 1 year and 5 years, respectively.

Licenses and rights
As of 31 December 2025, licenses and rights consist primarily of two spectrum licenses and the broadcasting rights for the Swiss Ice Hockey National League. The frequency usage rights acquired in January 2013 are mostly used for 4G. The carrying amount is CHF 90.4 million with a remaining useful life of 3 years.

The frequency usage rights acquired in July 2019 are used for 5G. The carrying amount is CHF 50.7 million with a remaining useful life of 9 years.

Sunrise originally acquired the national and international broadcasting rights to National League ice-hockey matches in 2022 under a multi-season licence agreement. In August 2025, Sunrise agreed with National League AG to extend this rights framework through to the 2034/35 season. The extension covers an additional eight-season period and resulted in additions to intangible assets of CHF 216 million during the year, reflecting the consideration for the prolonged licensing rights. Following the extension, Sunrise updated the remaining useful life of the broadcasting-rights asset to a combined ten-year period, accounted for as a prospective change in accounting estimate in accordance with IAS 8. The asset is amortised on a straight-line basis over the revised term. The carrying amount of CHF 264.4 million of the broadcasting-rights intangible asset as at 31 December 2025 reflects both the original 2022 rights and the incremental cost recognised in 2025.

Software
Software mainly includes licenses and developments for Customer Relationship Management ('CRM') and accounting applications with varying remaining useful lives of less than 5 years.

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Goodwill allocation

For business combinations, goodwill is allocated as of the transaction date to Sunrise cash-generating units ('CGUs'). Sunrise CGUs with allocated goodwill consist of Residential, Business and Wholesale.

CHF in millions									Residential									Business									Wholesale									Total
Cost:
1 January 2024									4,587.1									1,098.3									327.3									6,012.7
Additions from business combinations									—									—									—									—
31 December 2024									4,587.1									1,098.3									327.3									6,012.7
Additions from business combinations									—									—									—									—
31 December 2025									4,587.1									1,098.3									327.3									6,012.7

CHF in millions									Residential									Business									Wholesale									Total
Goodwill, net:
Net carrying amount at 31 December 2024									4,587.1									1,098.3									327.3									6,012.7
Net carrying amount at 31 December 2025									4,587.1									1,098.3									327.3									6,012.7

Impairment tests for goodwill

Goodwill is subject to an annual impairment test conducted as of 30 September of each year. In 2025, there were no other recorded intangible assets with indefinite useful lives (2024: CHF 0). The recoverable amount of all CGUs has been determined based on their value-in-use using a discounted cash flow (DCF) method. The annual impairment test performed as of 30 September 2025 did not result in the recognition of any impairment losses for any of the Group’s CGUs. The key assumptions used are listed below:

Key assumptions used in value in use calculations

									2025									2024
Long-term growth rate									—%									—%
WACC (pre-tax)									5.1%									5.3%

The calculation basis for the DCF model is the Sunrise business plan as approved by the Executive Committee. The detailed planning horizon of the business plan covers five years. The free cash flows beyond the five-year planning period were extrapolated using a long-term growth rate. The discount rate is the weighted average cost of capital ('WACC') before tax of Sunrise. Budgeted gross margin and growth rates are based on past performance and management's expectations of market development. Revenue, as a further key assumption, is estimated using detailed revenue models including market dynamics, expectations for pricing and customer churn rates, amongst others. As of the impairment-test date, the recoverable amount for all CGUs was higher than the carrying amount. The annual impairment test for the reporting period did not result in any impairment of recognised goodwill. In accordance with IAS 36.134–136, Sunrise has disclosed the key assumptions and valuation approach used to determine the recoverable amount of the relevant CGUs. IAS 36.134(f) requires a sensitivity analysis only if a reasonably possible change in a key assumption would cause the carrying amount to exceed the recoverable amount. Management reviewed the key assumptions and performed targeted analyses, concluding that no reasonably possible change in any key assumption would result in an impairment. Therefore, the requirement to provide a sensitivity analysis under IAS 36.134(f) does not apply.

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CHF in millions						Asset Retirement Obligations									Restructuring Obligations									Other Provisions									Total
Provisions as of 1 January 2024						64.1									22.9									29.9									116.9
Provisions made during the period						2.1									1.9									—									4.0
Change in present value						2.4									—									—									2.4
Provisions used during the period						(4.6)									(20.1)									(29.9)									(54.6)
Provisions as of 31 December 2024						64.0									4.7									—									68.7
Thereof current						—									4.7									—									4.7
Thereof non-current						64.0									—									—									64.0
Provisions as of 1 January 2025						64.0									4.7									—									68.7
Provisions made during the period						2.4									8.6									—									11.0
Change in present value						1.3									—									—									1.3
Provisions used during the period						(0.4)									(10.4)									—									(10.8)
Provisions as of 31 December 2025						67.3									2.9									—									70.2
Thereof current						—									2.9									—									2.9
Thereof non-current						67.3									—									—									67.3

Provisions for asset retirement obligations relate to the future dismantling of mobile stations and restoration of property owned by third parties. Those leases generally contain provisions that require Sunrise to remove the asset and restore the sites to their original condition at the end of the lease term. The uncertainties relate primarily to the timing of the related cash outflows. The majority of these obligations are not expected to result in cash outflows within a year.

Restructuring obligations primarily include the full cost of planned business restructuring programmes. These programmes are expected to be completed within the next 12 months.

Other provisions are related to litigation and legal claims. Refer to Note 18 for further details on legal contingencies for Sunrise.

The total contractual and purchase commitments as of 31 December 2025 , amounted to CHF 725.5 million (31 December 2024: CHF 886.7 million) for future investments in property, plant and equipment, right-of-use assets and intangible assets.

On 8 December 2017, Sunrise GmbH, formerly known as UPC Schweiz GmbH, entered into a mobile virtual network operator ('MVNO') agreement with Swisscom (Schweiz) AG ('Swisscom'), as subsequently amended (the 'Swisscom MVNO'), for the provision of mobile network services to certain of Sunrise GmbH’s end customers. In January 2023, Swisscom filed a formal lawsuit against Sunrise GmbH, asserting that it is in breach of the Swisscom MVNO and claiming approximately CHF 90 million in damages. In April 2024, Sunrise agreed with Swisscom to resolve the matter, the terms of which are not material to us and, as a result, the lawsuit against Sunrise GmbH has been withdrawn.

On 5 March 2012, Sunrise GmbH was party to a dispute with Swisscom related to rates for interconnection, unbundled local loop ('ULL'), colocation, rebilling, leased lines and access to duct. On 25 August 2023, Swisscom made a non-prejudicial down payment for the unopposed portion in the amount of CHF 18.8 million (including VAT) of the total recovery. For this part, where the cash payment was received, the gain contingency was concluded as realised and undisputed, respectively. In Q3 2023, a gain contingency in the amount of CHF 17.2 million was recorded in other income.

In November 2023, Sunrise recorded a provision of CHF 29.1 million due to an ice-hockey broadcasting rights penalty issued by the Competition Commission. During the 12-month period ended 31 December 2024 Sunrise settled CHF 29.3 million related to this penalty.

In addition, Sunrise has significant commitments under (i) derivative instruments and (ii) defined benefit plans and similar agreements, pursuant to which we expect to make payments in future periods. For information regarding derivative instruments, including the net cash paid or received in connection with these instruments, see Note 24. For information regarding the Sunrise defined benefit plan, see Note 10.

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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 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 have no significant adverse effect on the Sunrise statement of financial position.

Income tax expense

						Year ended 31 December
CHF in millions						2025									2024									2023
Current income tax expense						(18.3)									(20.6)									(17.3)
Current income tax benefit (expense) of prior periods						(4.5)									(19.2)									1.0
Deferred income tax benefit						42.7									56.5									76.2
Total income tax benefit						19.9									16.7									59.9

Current and deferred income taxes are recognised by each consolidated entity of Sunrise, regardless of who has the legal liability for settlement or recovery of the tax.

Analysis of income taxes

The Sunrise tax rate reconciliation is based on the domestic tax rate of the main operating company domiciled in Switzerland, with a reconciling item in respect of the tax rates applied by Sunrise companies in other jurisdictions. This tax rate is used because Sunrise operational activities are mainly carried out in Switzerland and therefore provides the most meaningful information for the user of the consolidated financial statements.

The use of the Sunrise weighted average tax rate based on the aggregation of the separate reconciliations of each individual jurisdiction/entity would result in a highly biased and therefore less meaningful expected tax rate due to the volatile results of the Dutch companies.

						Year ended 31 December
CHF in millions						2025									2024									2023
Income (loss) before income taxes						(128.4)									(378.5)									(372.1)
Domestic income tax rate						18.3%									18.3%									18.4%
Expected income tax benefit /(expense)						23.5									69.4									68.4
Effect of income taxed at differing tax rates						(4.2)									5.0									(3.7)
Non-deductible items						(0.6)									(18.4)									(9.9)
Non-taxable income						—									—									0.1
Effect of changes in recognition of deferred tax assets						(0.6)									(0.6)									3.2
Adjustments to deferred tax balances arising from tax rate changes						0.7									—									0.5
Adjustments recognised for current and deferred tax of prior periods						0.8									(40.3)									1.0
Other effects						0.3									1.6									0.3
Total income tax benefit						19.9									16.7									59.9

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Deferred tax assets and liabilities

Deferred tax assets and liabilities by origin of the temporary difference:

						31 December 2025
CHF in millions						Assets									Liabilities
Intangible assets						—									74.2
Property, plant and equipment						—									23.5
Unrealised foreign exchange results						5.8									77.0
Derivatives						86.4									0.1
Receivables						—									2.2
Right-of-use assets						—									—
Deferred revenue						0.1									16.8
Employee benefit obligations						0.2									—
Provisions						1.9									0.3
Lease liabilities						—									—
Other						0.1									0.4
Total						94.5									194.5
Netting of deferred tax assets and liabilities						79.2									(79.2)
Reflected in the Consolidated Statements of Financial Position as follows:
Deferred tax assets						15.3									—
Deferred tax liabilities						—									115.4

						31 December 2024
CHF in millions						Assets									Liabilities
Intangible assets						—									135.2
Property, plant and equipment						—									34.2
Unrealised foreign exchange results						26.5									—
Derivatives						—									4.8
Receivables						—									3.9
Right-of-use assets						20.4									—
Deferred revenue						0.1									20.1
Employee benefit obligations						1.4									—
Provisions						8.9									0.3
Lease liabilities						—									1.0
Other						0.1									0.4
Tax net operating loss carry forward						0.4									—
Total						57.8									199.9
Netting of deferred tax assets and liabilities						34.2									(34.1)
Reflected in the Consolidated Statements of Financial Position as follows:
Deferred tax assets						23.6									—
Deferred tax liabilities						—									165.8

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Net change in deferred tax assets and liabilities

CHF in millions						2025									2024									2023
Opening balance at the beginning of the period 1 January						142.2									206.7									294.7
Changes recognised in the consolidated statements of income or loss						(42.7)									(56.6)									(76.2)
Changes recognised in the consolidated statements of comprehensive income or loss						0.6									(1.2)									(5.4)
Changes recognised in the consolidated statements of changes in equity						—									(7.9)									(8.9)
Change in scope of consolidation/goodwill adjustment						—									—									3.7
Foreign currency effects						—									1.2									(1.2)
Closing balance at the end of the period 31 December						100.1									142.2									206.7

The change in the deferred tax position is mainly recognised in the Consolidated Statements of Income or Loss. The changes made via the Consolidated Statements of Comprehensive Income or Loss mainly relate to deferred taxes in connection with IAS 19. The changes directly recorded in equity are based on capital contributions with different accounting recognition under IFRS and tax base; see Note 20.

Temporary differences associated with investments

Deferred tax liabilities are recognised in respect of investments in subsidiaries, branches and associates, and interest in joint arrangements, except to the extent that Sunrise can control the timing of the reversal of the associated taxable temporary difference, and it is probable that such will not reverse in the foreseeable future. Due to the existing double taxation agreement between Switzerland and the Netherlands, any distributions have no direct tax consequences. Furthermore, dividend income is exempt from direct income taxes in the Netherlands. Therefore, as of 31 December 2025 and 31 December 2024, this exception was not considered to apply to any taxable differences.

Unrecognised deferred tax assets on tax loss carryforwards

As of 31 December 2025 and 31 December 2024 Sunrise has the following unused tax loss carryforwards for which no deferred tax assets are recognised:

						31 December
CHF in millions						2025									2024
Due to expire within 1 year						—									—
Due to expire within 2 to 7 years						—									16.5
Amount not due to expire						—									—
Total						—									16.5

Unrecognised deferred tax assets on deductible temporary differences

In the current and past period there were no deductible temporary differences for which no deferred tax asset has been recognised.

Other disclosures

OECD Pillar Two Model Rules (Global minimum tax)

Sunrise falls under the scope of application of the OECD minimum tax. The global minimum tax regulations provide for payment of an additional tax to account for the difference between the effective Global Anti Base Erosion ('GloBE') tax rate per country and the minimum rate of 15%. Switzerland adopted new legislation introducing the global minimum tax in December 2023 that entered into force on 1 January 2024. Sunrise does not expect the minimum tax to have any impact on its activities in Switzerland, as the effective tax rate is more than 15%. The same applies to the other countries in which Sunrise operates. Sunrise is monitoring developments in the minimum tax regulations and is assessing their impact on Sunrise on an ongoing basis.

Sunrise applies the exception to recognising and disclosing information about deferred income tax assets and liabilities in connection with income taxes related to minimum tax, as provided in the amendments to IAS 12 published in May 2023.

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Ordinary share capital

Authorised ordinary share capital consists of 71,276,895 (2024: 69,759,702) authorised Class A Shares with a par value of CHF 0.10, of which 70,108,614 are outstanding as at 31 December 2025 (2024: 68,858,888), and 25,805,386 (2024: 25,977,316) authorised Class B Shares with a par value of CHF 0.01.

Treasury shares

After the spin-off, Sunrise acquired 1,000,000 Class A common shares for CHF 100,000 from LGl Ltd., with 99,186 of these shares being used to fulfil share-based compensation obligations.

In July 2025, Sunrise Communications AG issued 1,500,000 Class A Shares at a nominal value of CHF 0.10 from conditional capital to Sunrise GmbH and they were repurchased by Sunrise Communications AG at nominal value, resulting in no change to total equity other than a reclassification between share capital and treasury shares.

Other reserves

This caption includes capital contributions from/distributions to related parties, share-based compensation related charges and distributions as well as Sunrise accumulated losses.

The capital charges in 2023 include distributions of CHF 50.9 million from a change in a service agreement related to technology and innovation services and a capital contribution of CHF 6.1 million related to the Dutch Sunrise Finco's current tax liability (see Note 19). The residual amount is mainly related to distributions recognised in connection with the exercise or vesting of stock-based compensation incentive awards.

The capital charges in 2024 are mainly related to the reorganisation transactions due to the spin-off execution. Sunrise received capital contributions from LG Europe Holding BV of CHF 1,106.2 million. The capital contributions were used for partial repayment of the Sunrise external debt. Further contributions from LG of 25.1 million related to the Dutch Sunrise Finco's current tax liability (see Note 19). The residual amount is mainly related to distributions recognised in connection with the exercise or vesting of stock-based compensation incentive awards.

In May 2025 Sunrise distributed a dividend of CHF 3.33 per Class A Share and CHF 0.33 per Class B Share, totalling CHF 240.4 million, that was paid exclusively from reserves from foreign capital contributions.

The Board of Directors has proposed a dividend of 3.42 per Class A Share and CHF 0.34 per Class B Share for the year ended 31 December 2025, to be distributed exclusively out of reserves from foreign capital contributions. The proposed dividend and the related amount per share are disclosed in these notes but have not been recognised as a liability at the end of the reporting period, as no present obligation existed at that date.

Currency translation reserve

The currency translation reserve is used to record cumulative translation differences on the net assets of foreign operations. The cumulative translation differences will be recycled to the Consolidated Statements of Comprehensive Income or Loss upon disposal of the foreign operations.

Actuarial gains or losses from defined benefit plans

Actuarial gains or losses from defined benefit plans include the pension reserve.

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The earnings-per-share calculation uses the weighted average number of shares in issue during the year. 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 year ended 31 December 2024 and 2025.

						Year ended 31 December 2025
						Class A						Class B
Allocation of net income (loss) attributable to Sunrise share classes (in CHF million)						(108.2)						(4.0)
Weighted average number of shares outstanding						69,486,095						25,862,650
Adjusted weighted average of shares outstanding						69,486,095						25,862,650
Basic and diluted earnings (loss) per share (in CHF)						(1.6)						(0.2)
						Year ended 31 December 2024
						Class A						Class B
Allocation of net income (loss) attributable to Sunrise share classes (in CHF million)						(352.7)						(13.1)
Weighted average number of shares outstanding						69,619,207						25,977,316
Adjusted weighted average of shares outstanding						69,619,207						25,977,316
Basic and diluted earnings (loss) per share (in CHF)						(5.1)						(0.5)

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

						2025												2024
						Class A						Class B						Class A						Class B
Shares Outstanding as of 1 January						68,858,888						25,977,316						69,759,702						25,977,316
Acquisition of treasury shares						—						—						(1,000,000)						—
Distribution from treasury shares						1,232,533						—						99,186						—
Shares transferred between share classes						17,193						(171,930)						—						—
Shares Outstanding as of 31 December						70,108,614						25,805,386						68,858,888						25,977,316

The table below shows all potential ordinary shares, including those equity awards which are excluded from the calculation of the diluted earnings per share due to their anti-dilutive impact. The PSU plans shown below would not be included due to the performance condition not yet being achieved; however, they are displayed below to give a holistic overview of potential dilution in the future. The table below shows absolute units, rather than the 2025 time-weighted units.

						2025						2024
PSU plans						690,536						421,608
RSU plans						389,563						399,399
SAR plans6						73,772						63,814
Legacy LG RSU plans						655,081						1,402,510
Potential ordinary shares of Class A						1,808,952						2,287,331

5 Dilutive impact calculated based on closing share price of CHF 42.42 (2024: 39.32 ) as at 31 December. Comparative figure has been adjusted to reflect potential dilutive impact rather than the amount of outstanding SARs.

For LG RSU awards granted before the spin-off, holders of Legacy LG RSU plans will receive Sunrise RSUs at the same ratio per RSU as the distribution of Sunrise Class A common shares to LG Class A common shareholders during the spin-off. These are referred to as "True-Up Sunrise RSUs" in the F-4 filing.

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						Year ended 31 December
CHF in millions						2025						2024						2023
Finance income:
Interest income						3.5						8.1						3.0
Dividend income						—						—						—
Realised and unrealised gains on derivative instruments						—						249.6						—
Foreign currency transaction gains						420.2						—						568.6
Gains due to changes in fair values of certain investments and debt, net						—						—						3.1
Other financial income						2.1						—						—
Total						425.8						257.7						574.7
Finance expenses:
Interest expense						(313.3)						(432.9)						(431.1)
Realised and unrealised losses on derivative instruments						(290.1)						—						(524.5)
Foreign currency transaction losses						—						(295.2)						—
Losses on debt modification and extinguishment						(29.2)						(4.0)						(0.1)
Losses due to changes in fair values of certain investments and debt, net						(21.0)						(6.1)						—
Other financial expense						(2.7)						(4.4)						(1.5)
Total						(656.3)						(742.6)						(957.2)

Losses due to changes in fair values of certain investments and debt, net includes an impairment loss of CHF 20.2 million on its equity-accounted investment in CH Media TV AG. For details please refer to Note 25 Investments.

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

						31 December 2025												Principal Amount
						Weighted Average Interest Rate (%)7						Unused Borrowing Capacity						31 December
CHF in millions																		2025						2024
Sunrise holding bank facility						6.07%						485.7						1,547.2						2,239.0
Sunrise holding SPE notes						4.60%						—						2,143.3						1,468.8
Sunrise holding senior note						3.88%						—						268.0						629.3
Vendor financing						1.96%						—						387.2						350.0
Total third-party debt before deferred financing costs, discounts, premiums and accrued interest						4.85%						485.7						4,345.7						4,687.1

6 Represents the weighted average interest rate in effect at 31 December 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 of Sunrise aggregate third-party variable- and fixed-rate indebtedness was 2.8% (2024: 3.0%) at 31 December 2025. The weighted average interest rate calculation includes principal amounts outstanding associated with all Sunrise secured and unsecured borrowings.

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:

												31 December						31 December
CHF in millions												2025						2024
Total third-party debt before deferred financing costs, discounts, premiums and accrued interest:												4,345.7						4,687.1
Deferred financing costs, discounts and premiums, net												(8.5)						(10.3)
Total carrying amount of third-party debt												4,337.2						4,676.8
Accrued interest on third-party debt												98.5						57.4
Total debt including interest												4,435.7						4,734.2
Current portion of debt												485.7						407.4
Non-current portion of debt												3,950.0						4,326.8

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 summarised in the following tables:

Year ended 31 December 2025

Sunrise Holding Bank Facilities

Maturity

Interest Rate

Facility Amount (in Borrowing Currency)

Outstanding Principal Amount

Unused Borrowing Capacity

Carrying Value

in millions

CHF millions

AAA

15 February 2032

Term SOFR + 2.5%

$1,950.0

1,547.2

—

1,540.5

Revolving Facility B

31 March 2031

SARON + 2.0%

CHF500.0

—

485.7

—

Total

1,547.2

485.7

1,540.5

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Year ended 31 December 2024
Sunrise Holding Bank Facilities						Maturity						Interest Rate						Facility Amount (in Borrowing Currency)						Outstanding Principal Amount						Unused Borrowing Capacity						Carrying Value
																		in millions						CHF millions
AT						30 April 2028						Term SOFR + 2.4%						$700.0						635.4						—						633.8
AU						30 April 2029						EURIBOR + 2.5%						€400						375.8						—						374.7
AX						31 January 2029						Term SOFR + 3.0%						$1,044.7						948.3						—						944.0
AY						31 January 2029						EURIBOR + 3.0%						€297.6						279.6						—						278.8
Revolving Facility A						31 May 2026						EURIBOR + 2.5%						€10						—						9.4						—
Revolving Facility B						30 September 2029						EURIBOR + 2.5%						€720						—						652.6						—
Total																								2,239.0						662.0						2,231.2

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 14.3 million of borrowings under the ancillary facility (which are blocked as financial guarantees), the Sunrise Holding Revolving Facility was undrawn at 31 December 2025.

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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 Term SOFR + 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 Revolving Facility A, and on 8 May 2025 it cancelled EUR 33.3 million of commitments under its former Revolving Facility B. On 30 June 2025, the Group amended Revolving 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.

On 9 October 2025, the Group issued EUR 385.0 million of additional 4.625% Senior Secured Notes maturing 15 May 2032 through its subsidiary Sunrise FinCo I BV and applied the proceeds to refinance existing debt, including Term Loan AT and a portion of the USD 5.5% Senior Notes due 2028. Under the Notes Subscription Agreement, the Notes were issued at 100.125% 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.

Concurrently, on 9 October 2025, the Group entered into an additional USD 650.0 million term loan under its Term Loan Facility AAA, maturing 15 February 2032, and applied the proceeds to refinance the remaining balance of Term Loan AT.

On 13 November 2025, the Group fully redeemed USD 75.0 million of 5.5% Senior Notes due 2028 issued by its subsidiary Sunrise HoldCo IV BV. The redemption was made at par, and the outstanding principal balance of the notes was reduced to zero. Interest accrued at a fixed rate of 5.5% per annum was paid in connection with the redemption.

On 10 December 2025, the Group partially repaid EUR 56.8 million of Senior Secured Notes due 2029 issued by its subsidiary UPCB Finance VII Limited. Following the repayment, the outstanding principal balance of the notes was reduced from EUR 374.9 million to EUR 318.1 million. Interest accrued at a fixed rate of 3.625% per annum was paid in connection with the repayment. All outstanding borrowings are classified as non-current as of 31 December 2025.

Year ended 31 December 2025
																								Outstanding principal amount
Sunrise holding SPE notes						Maturity						Interest Rate						Original Issue Amount						Borrowing Currency						CHF Equivalent						Carrying Value CHF
																		in millions
2031 Sunrise holding senior secured notes						15 July 2031						4.88%						$1,250.0						$1,230.0						975.9						975.5
UPCB finance VII euro notes						15 June 2029						3.63%						€600.0						€318.1						296.3						295.8
Sunrise FinCo I B.V. 4.625% 2032 (€)						15 May 2032						4.63%						€935.0						€935.0						871.1						870.0
Total																														2,143.3						2,141.3

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Year ended 31 December 2024
																								Outstanding principal amount
Sunrise holding SPE notes						Maturity						Interest Rate						Original Issue Amount						Borrowing Currency						CHF Equivalent						Carrying Value CHF
																		in millions
2031 Sunrise holding senior secured notes						15 July 2031						4.88%						$1,250.0						$1,230.0						1,116.6						1,115.9
UPCB finance VII euro notes						15 June 2029						3.63%						€600.0						€374.9						352.2						351.3
Total																														1,468.8						1,467.2

The Sunrise holding SPE notes are non-callable prior to their respective call date (as specified under the applicable indenture). If, however, at any time prior to the applicable call date, all or a portion of the loans under the related Funded Facility are voluntarily prepaid (an 'SPE Early Redemption Event'), then the Sunrise Holding SPE will be required to redeem an aggregate principal amount of its respective Sunrise holding SPE notes equal to the aggregate principal amount of the loans prepaid under the relevant Funded Facility. In general, the redemption price payable will equal 100% of the principal amount of the applicable Sunrise holding SPE notes to be redeemed and a "make-whole" premium, which is the present value of all

remaining scheduled interest payments to the applicable call date using the discount rate as of the redemption date plus a premium (as specified in the applicable indenture). Upon the occurrence of an SPE Early Redemption Event on or after the applicable call date, the Sunrise Holding SPE will redeem an aggregate principal amount of its respective Sunrise holding SPE notes equal to the principal amount prepaid under the related Funded Facility at a redemption price (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the applicable indenture), if any, to the applicable redemption date.

Sunrise holding senior notes

Sunrise has issued certain senior notes that rank equally with all of the existing senior debt of such issuer and are senior to all existing subordinated debt of such issuer and which are secured by a pledge over the shares of Sunrise HoldCo IV. In addition, the indentures governing Sunrise senior notes contain customary incurrence-based covenants such as compliance with certain consolidated net leverage ratios, as well as restrictions with regard to the ability to sell certain assets. Also, in the case of a change of control, Sunrise must repurchase the relevant notes at a redemption price of 101%. Covenants are tested on a quarterly basis.

The details of the Sunrise holding senior notes are summarised in the following tables:

Year ended 31 December 2025

Outstanding principal amount

Sunrise holding senior notes

Maturity

Interest rate

Original Issue Amount

Borrowing Currency

CHF Equivalent

Carrying Value CHF

in millions

3.875% senior notes

15 June 2029

3.88%

€635.0

€287.9

268.0

267.8

Total

268.0

267.8

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Year ended 31 December 2024
																								Outstanding principal amount
Sunrise holding senior notes						Maturity						Interest Rate						Original Issue Amount						Borrowing Currency						CHF Equivalent						Carrying Value CHF
																		in millions
3.875% senior notes						15 June 2029						3.88%						€635.0						€287.9						270.4						269.9
5.5% senior notes						14 January 2028						5.50%						$550.0						$395.3						358.9						358.1
Total																														629.3						628.0

Transfers of financial assets – Airtime-receivable securitisation

On 30 December 2025, the Group sold trade receivables related to mobile services with a gross carrying amount of CHF 52.8 million (2024: CHF nil) to a third-party financial institution. The receivables were sold at par and derecognised because the Group transferred substantially all credit risk and surrendered control. The Group has no continuing involvement in the transferred receivables as defined in IFRS 7. Cash proceeds of CHF 51.5 million are presented in the statement of cash flows under “Proceeds from sale of trade receivables” within cash flows from operating activities.

Financial risk management

Sunrise operates a centralised risk management system that distinguishes between strategic and operating risks. The overall risk management programme of Sunrise focuses on the unpredictability of financial market risks and seeks to minimise potential adverse effects on the financial condition or performance of Sunrise. All identified risks are quantified (according to their realisation probability and impact) and noted on a risk schedule. Sunrise is exposed to a variety of financial risks, namely market risk, credit risk and liquidity risk. Financial risk management is governed by policies approved by key management personnel. These policies provide guidelines for overall risk management as well as specific areas such as interest rate risk.

Area						Risk management approach
Liquidity risk						Liquidity risk is managed by maintaining adequate cash balances, access to committed borrowing facilities and diversified sources of funding. Liquidity requirements are monitored on an ongoing basis through budgeting, rolling cash‑flow forecasts and stress‑testing, taking into account restrictions on the transfer of cash within the Group.
Capital management						The Group’s objective in managing capital is to secure its ongoing financial needs, maintain its ability to continue as a going concern and preserve financial flexibility, while providing returns to shareholders. Capital is monitored through leverage metrics, debt maturity profiles and covenant compliance.
Credit risk						Credit risk is managed through established credit policies, customer credit assessments and ongoing monitoring of payment behaviour. Exposure is diversified across a broad customer base and financial counterparties, limiting concentrations of credit risk.

Foreign currency exposures

Substantially all of Sunrise debt is in currencies other than the Swiss franc (see Note 23 for additional information). Therefore, the Sunrise policy is to provide for an economic hedge against foreign currency exchange rate movements by using derivative instruments to synthetically convert unmatched debt into the applicable underlying currency.

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						31 December 2025																		31 December 2024
CHF in millions						EUR						USD						Other						EUR						USD						Other
Trade receivables						4.0						1.1						8.2						8.6						1.8						7.5
Trade payables						(19.7)						(7.8)						(12.1)						(21.5)						(19.2)						(10.3)
Sunrise Holding Bank facilities						—						(1,540.5)						—						(653.5)						(1,577.8)						—
Sunrise holding SPE notes						(1,165.8)						(975.5)						—						(351.3)						(1,115.9)						—
Sunrise holding senior notes						(267.8)						—						—						(269.9)						(358.1)						—
Cross currency swaps						(117.4)						(382.4)						—						(232.5)						(30.5)						—
FX Forwards						0.1						(0.1)						(0.3)						(0.3)						0.9						0.2
Interest Rate Options						—						—						—						—						—						—
Interest Rate Swaps						(7.6)						(41.4)						—						(86.0)						(93.5)						—
Net statement of financial position exposure						(1,574.2)						(2,946.6)						(4.2)						(1,606.4)						(3,192.3)						(2.6)

The following table shows the impact of a possible change in the Euro and the US dollar against the Swiss franc, all other variables held constant before the impact of economic hedging against foreign currency exchange rate movements. The impact on Sunrise profit before tax is mainly driven by foreign exchange gains/losses of Euro- and US dollar- denominated cash and cash equivalents, trade and other receivables as well as trade, borrowing and other payables. As of 31 December 2025 and 31 December 2024, Sunrise has no other material exposure to foreign currencies.

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Foreign currency sensitivity

															31 December
															Effect on profit before tax
						Changes in %									2025									2024
EUR/CHF						10									160.1									177.4
USD/CHF						10									278.6									380.4

Interest rate risk

Sunrise is exposed to changes in interest rates primarily as a result of its borrowing activities, which include fixed-rate and variable-rate borrowings by its subsidiaries. The Sunrise interest rate risk mainly arises from borrowings primarily under the Sunrise Holding Bank Facility, which are indexed to EURIBOR, Secured Overnight Financing Rate ('SOFR'), Term Secured Overnight Financing Rate ('Term SOFR'), Swiss Average Rate Overnight ('SARON') or other base rates. In general, Sunrise enters into derivative instruments to protect against increases in the interest rates on variable-rate debt. An instantaneous increase/decrease in the relevant base rate of 10 basis points would have increased/decreased the aggregate fair value of the Sunrise interest rate derivatives by approximately CHF 13.0 million (2024: CHF 13.0 million). Such a movement would be predominantly offset by gains or losses on interest expense.

Capital management

The Sunrise objectives in managing capital are to secure its ongoing financial needs, to continue as a going concern, to meet its financial targets, to provide returns to its shareholders and to maintain a cost-efficient and risk-optimised capital structure. Its managed capital structure consists of equity (as disclosed in Note 20), current and non-current borrowings (see Note 23) less cash and cash equivalents.

						31 December
CHF in millions						2025						2024
Equity attributable to shareholders						4,049.5						4,360.8
Non‑controlling interests (Note 20)						26.2						26.1
Total equity						4,075.7						4,386.9
Current borrowings (Note 23)						485.7						407.4
Non‑current borrowings (Note 23)						3,950.0						4,326.8
Total borrowings						4,435.7						4,734.2
Less: Cash and cash equivalents						(273.2)						(351.8)
Managed capital						8,238.2						8,769.3

Liquidity risk

In order to maintain this capital structure, Sunrise manages its liquidity to ensure its ability to service its borrowings. Liquidity risk arises when there is difficulty in Sunrise meeting its financial obligations. In addition to cash and cash equivalents, the primary sources of liquidity are cash provided by operations and access to the available borrowing capacity of various debt facilities. Sunrise uses budgeting and cash flow forecasting tools to ensure that there are sufficient resources to meet its liquidity requirements on a timely basis. Further, Sunrise also maintains a liquidity reserve to provide for unanticipated cash outflows. Cash flow forecasting is performed by the Sunrise treasury function. Rolling forecasts of Sunrise liquidity requirements are established on a regular basis to ensure sufficient cash is available to meet operational needs and to honour its obligations under its financing arrangements, including the maintenance of borrowing limits and covenant compliance. The table below summarises the maturity profile of Sunrise's financial liabilities based on contractual undiscounted cash outflows (inflows). All interest payments and repayments of financial liabilities are based on contractual agreements. Interest payments are determined using zero-coupon rates. For floating rate instruments, the calculation is computed using the base rate and applicable margin prevailing as of 31 December 2025.

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									31 December 2025
CHF in millions									<1 year									Between 1 and 2 years									Between 2 and 5 years									Over 5 years									Total
Trade payables and other payables									719.2									60.5									79.1									87.6									946.4
Accrued interest									98.5									—									—									—									98.5
Vendor financing									387.2									—									—									—									387.2
Borrowings – notional									—									—									564.3									3,393.8									3,958.1
Borrowings – interest									199.4									201.8									592.0									280.6									1,273.8
Lease liabilities (undiscounted)									181.4									178.3									435.8									863.9									1,659.4
Derivatives									72.3									76.2									(168.3)									(100.0)									(119.8)

Vendor Financing

Represents amounts owed to various creditors pursuant to interest-bearing vendor financing arrangements that are used to finance certain of Sunrise's property and equipment additions and operating expenses. These arrangements extend Sunrise's repayment terms beyond a vendor’s original due dates (e.g., extension beyond a vendor’s customary payment terms, which are generally 90 days or less) and as such are classified outside of accounts payable as third-party debt (Note 23) in the Sunrise Consolidated Statements of Financial Position. These obligations are generally due within one year and include VAT that was also financed under these arrangements. For the purposes of the Sunrise Consolidated Statements of Cash Flows, vendor financing additions represent operating-related expenses financed by an intermediary that are treated as constructive operating cash outflows and constructive financing cash inflows when the intermediary settles the liability with the vendor. When Sunrise pays the financing intermediary, it records financing cash outflows in its Consolidated Statements of Cash Flows.

Supplier finance arrangements

Sunrise participates in supplier finance arrangements for short-term liquidity management. The principal purpose of these arrangements is to facilitate efficient payment processing of supplier invoices and, where applicable, to put suppliers in a position to receive payments from the bank before the due date of the invoice. Sunrise does not extend payment terms beyond its normal operating cycle and supplier payment policies.

Sunrise does not derecognise the original trade payables relating to supplier finance arrangements because neither a legal release was obtained nor was the original liability substantially modified on entering into the arrangement.

All supplier finance arrangements are classified as current as at 31 December 2025 and 2024:

CHF in millions

31 December 2025

31 December 2024

Carrying amount of liabilities under a supply finance arrangement

Disclosed under trade payables

101.1

71.7

Thereof suppliers have received payment from finance providers

101.1

71.7

Range of payment due dates

Liabilities that are part of the arrangement

1 - 60 Days

1 - 60 Days

Comparable trade payables that are not part of the arrangement 1

30 - 90 Days

30 - 90 Days

1 Comparable trade payables are, for example, trade payables of the entity within the same line of business or jurisdiction.

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Undrawn borrowing facilities

As part of the senior facilities agreement Sunrise benefits from a multi-currency revolving credit facility with a total commitment equal to CHF 500.0 million (2024: CHF 685.8 million). Of this amount CHF 37.5 million (2024: CHF 56.4 million) is available as an ancillary facility. With the exception of CHF 14.3 million (2024: CHF 23.8 million) of borrowings under the ancillary facility (which are blocked as financial guarantees), the Sunrise Holding Revolving Facility was undrawn at each financial year end.

Credit risk

Credit risk arising from supplying telecommunications services is managed by assessing the credit quality of the customer, considering its financial position, past experience, payment history and other factors. Sunrise periodically assesses the financial reliability of its customers and their credit limits. Sunrise is exposed to the risk that the counterparties to their derivative instruments and cash holdings will default on their obligations. In this regard, credit risk associated with derivative instruments is spread across a relatively broad counterparty base of banks and financial institutions. Collateral is generally not posted by either party under the derivative instruments.

Concentrations of credit risk with respect to trade receivables and contract assets are limited due to the nature of the Sunrise business with very low customer concentration. At 31 December 2025, Sunrise exposure to counterparty credit risk included (i) derivative assets with an aggregate fair value of CHF 0.10 million (netted on counter party level), (ii) trade receivables of CHF 366.2 million and (iii) cash and cash equivalents and restricted cash of CHF 273.7 million.

Allowance for expected credit losses

The development of the allowance for expected credit losses of trade receivables for the indicated periods is set forth below:

CHF in millions						2025									2024
Allowance at 1 January						(31.9)									(30.6)
Provisions for impairment of trade receivables						(19.9)									(30.8)
Write-off of receivables						12.5									29.5
Impact from change in estimate (ECL)						(57.8)									—
Allowance at 31 December						(97.1)									(31.9)

The detailed ageing of Sunrise trade receivables and the related allowance for expected credit losses is set forth below:

31 December 2025						Current (not due)									1-30 days (overdue)									31-60 days (overdue)									61-90 days (overdue)									91-120 days (overdue)									121-365 days (overdue)									Over 365 days (overdue)									Total
Trade receivables gross						145.7									75.6									15.7									8.1									4.3									30.4									95.5									375.3
Trade receivable gross - Ageing %						38.8%									20.1%									4.2%									2.2%									1.1%									8.1%									25.4%									100.0%
Allowance for doubtful accounts						(0.7)									(0.4)									(2.9)									(2.5)									(2.5)									(15.3)									(72.8)									(97.1)
Allowance for doubtful accounts - Ageing %						0.7%									0.4%									3.0%									2.6%									2.6%									15.8%									75.0%									100.0%
Trade receivables - Provision %						0.5%									0.5%									18.5%									30.9%									58.1%									50.3%									76.2%									25.9%
Unbilled revenue																																																																					52.5
Current trade receivables, net																																																																					330.7
Non-current trade receivables gross						35.5									—									—									—									—									—									—									35.5
Non-current trade receivables gross - Ageing %						100.0%									—%									—%									—%									—%									—%									—%									100.0%
Non-current trade receivables, net																																																																					35.5

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31 December 2024						Current (not due)									1-30 days (overdue)									31-60 days (overdue)									61-90 days (overdue)									91-120 days (overdue)									121-365 days (overdue)									Over 365 days (overdue)									Total
Trade receivables gross						153.8									100.9									15.7									12.7									6.2									38.2									—									327.5
Trade receivable gross - Ageing %						47.0%									30.8%									4.8%									3.9%									1.9%									11.7%									—%									100.0%
Trade receivables - affiliates																																																																					0.2
Allowance for doubtful accounts						(1.0)									(0.9)									(2.4)									(1.8)									(1.7)									(24.1)									—									(31.9)
Allowance for doubtful accounts - Ageing %						3.1%									2.8%									7.6%									5.6%									5.3%									75.6%									—%									100.0%
Trade receivables - Provision %						0.6%									0.9%									15.4%									14.2%									27.3%									63.1%									—%									(9.7)%
Unbilled revenue																																																																					57.2
Current trade receivables, net																																																																					353.0
Non-current trade receivables gross						34.3									—									—									—									—									—									—									34.3
Non-current trade receivables gross - Ageing %						100.0%									—%									—%									—%									—%									—%									—%									100.0%
Non-current trade receivables, net																																																																					34.3

Trade receivables are non-interest bearing and are generally collected within one year.

When a trade receivable is determined to be uncollectible, it is written off against the allowance account. The allowance for expected credit losses of trade receivables is included within other operating items in the Consolidated Statements of Income or Loss. Following the completion of the spin-off and the related internal alignment of credit-related policies, Sunrise has revised its approach to determining the expected loss horizon for trade receivables. Sunrise now bases this assessment primarily on prevailing practices in the Swiss market, supported by a detailed analysis of customer characteristics and historical payment behaviour. The determination of when a receivable is considered uncollectible is therefore informed by both market standards and data-driven insights into the actual payment patterns and risk profiles of the Sunrise customer base. Receivables that remain outstanding beyond the market-based and data-driven loss horizon are written off accordingly, ensuring that the company’s credit risk management reflects both local market realities and empirical evidence.

The five-year loss horizon reflects historical evidence that effective collections, including through external collection agencies, continue to occur for certain receivables for up to five years past their due date. In practice, a trade receivable is considered uncollectible and written off when it is outstanding for more than five years past due, unless there is objective evidence that recovery remains probable such as an agreed payment plan or an unresolved billing dispute.

Fair value estimation

The fair value of Sunrise's 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 maximise the use of observable market data where 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 II.

For assets and liabilities that are recognised 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 categorisation (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 summarised 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 amortised 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.

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												31 December
												2025												2024
						Fair value level						Carrying Amount						Fair Value						Carrying Amount						Fair Value
Current assets carried at FVTPL:
Derivative financial instruments						II						140.9						140.9						162.5						162.5
Non-current assets carried at FVTPL:
Derivative financial instruments						II						9.6						9.6						5.1						5.1
Total												150.5						150.5						167.6						167.6
Current liabilities carried at FVTPL:
Derivative financial instruments						II						73.1						73.1						179.3						179.3
Non-current liabilities carried at FVTPL:
Derivative financial instruments						II						648.0						648.0						421.1						421.1
Non-current liabilities carried at amortised cost:
Third-party debt						I						3,950.0						3,982.3						4,326.8						4,085.8
Total												4,671.1						4,703.4						4,927.2						4,686.2

The financial liabilities presented in the Statements of Financial Position comprise the Group’s borrowings and accrued interest (Note 23) and derivative financial instruments (Note 24). The carrying amounts of these financial liabilities reconcile to the amounts disclosed in Notes 23 and 24.

						31 December
						2025																		2024
CHF in millions						Current						Non-Current						Total						Current						Non-Current						Total
Financial Liabilities
Third-party debt incl. vendor financing (Note 23)						387.2						3,950.0						4,337.2						350.0						4,326.8						4,676.8
Accrued interest on third-party debt						98.5						—						98.5						57.4						—						57.4
Derivative financial instruments						73.1						648.0						721.1						179.3						421.1						600.4
Total financial liabilities						558.8						4,598.0						5,156.8						586.7						4,747.9						5,334.6

Reconciliation of movements in liabilities to cash flows from financing activities

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CHF in millions																					Debt and Accrued Interest						Derivative (Assets)/Liabilities						Lease Liabilities						Other (Assets)/ Liabilities						Total
Balance as of 1 January 2025																					4,734.2						432.9						1,219.3						63.9						6,450.3
Cash flows from financing activities:
Interest paid																					(198.5)						—						(61.3)						(1.5)						(261.3)
Borrowings of debt																					1,260.8						—						—						—						1,260.8
Vendor financing additions																					405.7						—						—						—						405.7
Repayments of debt and lease liabilities																					(1,223.4)						—						(121.0)						—						(1,344.4)
Principal payments on operating-related vendor financing																					(360.1)						—						—						—						(360.1)
Principal payments on capital-related vendor financing																					(70.6)						—						—						—						(70.6)
Payment of financing costs and debt premiums																					(16.6)						—						—						(2.7)						(19.3)
Net cash received related to derivative instruments																					—						(151.3)						—						—						(151.3)
Total cash flows from financing activities																					(202.7)						(151.3)						(182.3)						(4.2)						(540.5)
Losses on debt extinguishment																					21.7						—						—						7.5						29.2
Realised and unrealised (gains) losses on derivative instruments, net																					—						290.1						—						—						290.1
Interest accruals																					246.9						—						61.3						5.1						313.3
Assets acquired under leases																					—						—						173.4						—						173.4
Assets acquired under capital-related vendor financing arrangements, including VAT																					62.1						—						—						—						62.1
Effect of changes in foreign exchange rates																					(423.5)						—						—						—						(423.5)
Other changes																					(3.0)						(1.2)						5.5						222.0						223.3
Balance as of 31 December 2025																					4,435.7						570.5						1,277.2						294.3						6,577.7

1 The amount of CHF 222 million primarily relates to the measurement and recognition of financial liabilities arising from the ice-hockey broadcasting rights agreement entered into in 2025

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CHF in millions																					Debt and Accrued Interest						Derivative (Assets)/Liabilities						Lease Liabilities						Total
Balance as of 1 January 2024																					5,537.3						607.3						1,257.6						7,402.2
Cash flows from financing activities:
Interest paid																					(359.2)						—						(61.0)						(420.2)
Vendor financing additions																					363.4						—						—						363.4
Repayments of debt and lease liabilities																					(1,064.7)						—						(114.4)						(1,179.1)
Principal payments on operating-related vendor financing																					(327.9)						—						—						(327.9)
Principal payments on capital-related vendor financing																					(49.1)						—						—						(49.1)
Net cash received related to derivative instruments																					—						52.3						—						52.3
Total cash flows from financing activities																					(1,437.5)						52.3						(175.4)						(1,560.6)
Losses on debt extinguishment																					3.9						—						—						3.9
Realised and unrealised (gains) losses on derivative instruments, net																					—						(249.6)						—						(249.6)
Interest accruals																					358.2						—						69.8						428.0
Assets acquired under leases																					—						—						126.3						126.3
Assets acquired under capital-related vendor financing arrangements, including VAT																					52.1						—						—						52.1
Effect of changes in foreign exchange rates																					271.8						15.6						—						287.4
Other related party charges																					(51.8)						—						—						(51.8)
Other changes																					0.2						7.3						(59.0)						(51.5)
Balance as of 31 December 2024																					4,734.2						432.9						1,219.3						6,386.4

    

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CHF in millions						Debt and Accrued Interest						Derivative (Assets)/Liabilities						Lease Liabilities						Total
Balance as of 1 January 2023						5,942.1						(15.5)						1,347.9						7,274.5
Cash flows from financing activities:
Interest paid						(364.1)						—						(58.4)						(422.5)
Vendor financing additions						271.2						—						—						271.2
Repayments of debt and lease liabilities						—						—						(107.6)						(107.6)
Principal payments on operating-related vendor financing						(171.8)						—						—						(171.8)
Principal payments on capital-related vendor financing						(124.8)						—						—						(124.8)
Payments on financing costs and debt premiums						0.1						—						—						0.1
Net cash received related to derivative instruments						—						117.1						—						117.1
Total cash flows from financing activities						(389.4)						117.1						(166.0)						(438.3)
Realised and unrealised (gains) losses on derivative instruments, net						—						524.4						—						524.4
Interest accruals						358.7						—						67.9						426.6
Assets acquired under leases						—						—						56.2						56.2
Assets acquired under capital-related vendor financing arrangements, including VAT						77.6						—						—						77.6
Effect of changes in foreign exchange rates						(453.4)						(13.3)						—						(466.7)
Other related party charges						1.7						—						—						1.7
Other changes						0.1						(5.4)						(48.4)						(53.7)
Balance as of 31 December 2023						5,537.3						607.3						1,257.6						7,402.2

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The details of investments accounted for using the equity method are set forth below:

									December 31
CHF in millions									2025									2024
Balance at 1 January									48.4									52.5
Additions									—									0.6
Share of net results									5.9									1.3
Dividends									(3.3)									(3.0)
Other									(21.0)									(3.0)
Balance at 31 December									30.0									48.4

Impairment of equity-accounted investment (CH Media TV AG)

As part of its regular monitoring of equity‑accounted investments, Sunrise identified indicators of a reduced recoverable amount of its investment in CH Media TV AG. These indicators primarily related to recent market developments in the Swiss advertising and TV landscape, as well as updated expectations for the growth and cost profile of digital media services, leading to an impairment loss of CHF 20.2 million included in “Other”.

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The following table provides details of transactions with associates:

						31 December
CHF in millions						2025									2024									2023
Credits (charges) included in:
Revenue						0.3									0.3									0.3
Direct costs						(1.6)									(2.4)									(1.1)
Personnel expenses						—									—									—
Included in operating (loss)						(1.3)									(2.1)									(0.8)
Finance expense						—									—									—
Finance income						—									—									—
Included in net (loss)						(1.3)									(2.1)									(0.8)
Property and equipment transfers in, net						—									—									—

The following table provides details of transactions with LG related entities prior to 2025:

						December 31
CHF in millions						2025									2024									2023
Credits (charges) included in:
Revenue						—									2.8									4.3
Direct costs						—									(1.3)									(1.2)
Personnel expenses						—									(15.9)									(18.6)
Other operating expenses						—									(116.9)									(118.1)
Included in operating (loss)						—									(131.3)									(133.6)
Finance expense						—									(1.5)									(1.7)
Finance income						—									3.0									2.1
Included in net (loss)						—									(129.8)									(133.2)
Property and equipment transfers in, net						—									11.3									23.7

Prior to the spin-off, the Sunrise business was a segment of LG such that transactions with LG were considered related-party transactions. Sunrise will remain a strategic partnership and entered into a separation and distribution agreement as well as various other agreements governing relationships with LG going forward, including technology and IT services, financial services, shared services, and a variety of transitional management services to drive operational efficiency and value maximisation. Information included in this Note with respect to LG is strictly limited to related-party transactions with Liberty Global prior to the spin-off on 8 November 2024.

As of the 2025 financial year, all transactions and balances with LG and its subsidiaries are classified as transactions with non‑related parties.

The following table provides details of Sunrise’s balances with associates:

						31 December
CHF in millions						2025									2024
Current receivables (a)						0.1									—
Long-term note receivables						—									—
Other non-current assets						0.2									—
Total assets						0.3									—
Accounts payable						—									—
Accrued other liabilities						—									—
Non-current related party loan						—									—
Other non-current liabilities						—									0.1
Total liabilities						—									0.1

(a) These receivables are non-interest bearing, may be cash or loan settled and are included within trade receivables, net and other current assets.

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The following table provides details of Sunrise’s balances with LG related-party entities prior to 2025:

						December 31
CHF in millions						2025									2024
Current receivables (a)						—									1.8
Long-term note receivables						—									—
Other non-current assets						—									—
Total assets						—									1.8
Accounts payable						—									0.3
Accrued other liabilities						—									20.4
Non-current related party loan						—									—
Other non-current liabilities						—									—
Total liabilities						—									20.7

In 2024, the settlement of the long-term note receivables and the non-current related-party loan, together with other spin-off related transactions and cash-flows led to a net cash flow in the amount of CHF 112.7 million as disclosed in the Consolidated Statements of Cash Flows.

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The following table lists the principal legal entities which are included in the consolidated financial statements:

Company Name

Operating Purpose

Registered Office

Currency

31 December 2025 Capital and Voting Rights Share in %

31 December 2024 Capital and Voting Rights Share in %

CH Media TV AG 1

Media

Switzerland

CHF

20.00

20.00

ello communications S.A.

Telecommunications

Switzerland

CHF

60.00

60.00

ITV Betriebsgesellschaft GmbH 1

Telecommunications

Switzerland

CHF

50.00

50.00

Naxoo S.A 1

Telecommunications

Switzerland

CHF

48.80

48.80

REGIONALE GEMEINSCHAFTS-ANTENNEN-ANLAGE SPIEZ AG REGAS 1

Telecommunications

Switzerland

CHF

30.00

30.00

Sitel S.A.

Telecommunications

Switzerland

CHF

66.70

66.70

Sunrise Financing Partnership

Holding

United States

CHF

100.00

100.00

Sunrise FinCo I B.V.

Holding

Netherlands

CHF

100.00

100.00

Sunrise FinCo II B.V.

Holding

Netherlands

CHF

100.00

100.00

Sunrise GmbH

Telecommunications

Switzerland

CHF

100.00

100.00

Sunrise HoldCo I B.V.

Holding

Netherlands

CHF

100.00

100.00

Sunrise HoldCo II B.V.

Holding

Netherlands

CHF

100.00

100.00

Sunrise HoldCo III B.V.

Holding

Netherlands

CHF

100.00

100.00

Sunrise HoldCo IV B.V.2

Holding

Netherlands

CHF

100.00

100.00

Sunrise HoldCo V B.V.

Holding

Netherlands

CHF

100.00

100.00

Sunrise HoldCo VI B.V.3

Holding

Netherlands

CHF

100.00

100.00

Sunrise Portugal S.A.

Telecommunications

Portugal

CHF

100.00

100.00

Swiss Open Fiber AG

Telecommunications

Switzerland

CHF

100.00

100.00

Swiss-Ski Store GmbH 1

Other

Switzerland

CHF

50.00

50.00

TELDAS GmbH 1

Telecommunications

Switzerland

CHF

23.00

23.00

Télédistal S.A.4

Telecommunications

Switzerland

CHF

38.90

38.90

Télévaux S.A.

Telecommunications

Switzerland

CHF

80.00

80.00

UPCB Finance VII Limited 5

Holding

Cayman Islands

CHF

—

—

1 Investment is accounted for using the equity method.    

2 In 2023, Sunrise HoldCo IV B.V. was directly held by Sunrise HoldCo V B.V. (former Liberty Global Europe Financing B.V.). All other entities were indirect subsidiaries of Sunrise HoldCo V B.V. (former Liberty Global Europe Financing B.V).

3 Since 2024, following the spin-off, Sunrise HoldCo VI B.V. is directly held. All other entities are indirect subsidiaries of Sunrise Communications AG.

4 Télédistal S.A. is controlled by Sitel S.A. (58.3%) and Sitel S.A. is controlled by Sunrise GmbH (66.7%).

5 As of 31 December 2024, no shares are held, but the entity is controlled by Sunrise.

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Subsequent event – non‑adjusting: After 31 December 2025, Sunrise announced a restructuring programme. As the affected employees were informed in February 2026, no provision was recognised at year‑end. The estimated restructuring provision to be recognised in 2026 is approximately CHF 26 million.

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ATTACHMENTS / EXHIBITS

EX-2.1

EX-4.4

EX-4.5

EX-4.6

EX-4.7

EX-4.8

EX-8.1

EX-11.1

EX-12.1

EX-12.2

EX-13.1

EX-13.2

EX-15.1

EX-15.2

EX-97.1

XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT

XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT

XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT

XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT

XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT

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