Sunrise Communications (SUNN) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue declined 2.6% year-over-year to CHF 712.9 million, mainly due to the lapse of prior price increases and weaker fixed subscriber growth, but commercial momentum improved with net adds of +21,000 mobile postpaid and +3,000 internet subscriptions, and lower churn.

• Adjusted EBITDAAL fell 3.8% year-over-year to CHF 244.4 million, reflecting revenue pressure, but cost and lease optimization partly offset the decline.

• Adjusted Free Cash Flow grew 33.3% year-over-year to CHF 204.4 million, supported by lower capex and favorable working capital seasonality.

• Net loss for Q2 2026 was CHF 22.4 million, a 58.2% improvement from Q2 2025.

• Management transition: new CFO Andreas Tolpeit to succeed Jany Fruytier in September, with additional executive appointments to accelerate strategic execution.

Financial highlights

• Q2 2026 revenue: CHF 712.9 million (down 2.6% YoY); H1 2026 revenue: CHF 1,435.7 million (down 1.2% YoY).

• Q2 2026 Adjusted EBITDAAL: CHF 244.4 million (down 3.8% YoY); H1 2026 Adjusted EBITDAAL: CHF 490.3 million (down 0.8% YoY).

• Q2 2026 CapEx: CHF 102 million (14.3% of revenue, down 12.7% YoY); H1 2026 CapEx: CHF 235 million (down 9.4% YoY).

• Q2 2026 Adjusted Free Cash Flow: CHF 204.4 million (up 33.3% YoY); H1 2026 Adjusted FCF: CHF 93 million (up 153.8% YoY).

• Net cash from operating activities was CHF 467.1 million for H1 2026, up CHF 5.5 million YoY.

Outlook and guidance

• Full-year 2026 guidance reiterated: broadly stable revenue, Adjusted EBITDAAL around CHF 1 billion, CapEx/revenue below 15%, and Adjusted FCF CHF 380–400 million.

• Dividend per share expected to grow over 2% to CHF 3.49, subject to AGM approval.

• H2 2026 expected to benefit from August price increases, improving subscriber trends, and ongoing cost discipline.