Sunrise Communications AG: 1Q26 - Revenues/EBITDAaL ahead; FY26 guidance reiterated. Residential trends remain under pressure

研报英文原文证据摘录

Sunrise Communications AG: 1Q26 - Revenues/EBITDAaL ahead; FY26 guidance reiterated. Residential trends remain under pressure

Equity Research

European Telecom Services

13 May 2026

Sunrise Communications AG

1Q26 - Revenues/EBITDAaL ahead;

FY26 guidance reiterated. First Look

SUNN.S/SUNN SW UNDERWEIGHTResidential trends remain under

European Telecom Services NEUTRAL

Price Target CHF 38.00pressure

Price (12-May-26) CHF 43.10

Sunrise reported revenues and EBITDAaL ahead of Potential Upside/Downside -11.8%

expectations. Fixed ARPU growth still firmly negative while Source: Bloomberg, Barclays Research

mobile recovered a bit. Outlook for FY26 reiterated. We European Telecom Services

expect a muted reaction. Maurice Patrick

+44 (0)20 3134 3622

maurice.patrick@barclays.com

Sunrise revenues of CHF723m are +0.1% yoy and came c+1.2%/c+1.4% ahead of our Barclays, UK

expectations and company consensus. Within divisions while B2C segment revenue decline of

Mathieu Robilliard-1.4% y/y offset by B2B and wholesale (+4.3%). Adj. EBITDAaL is CHF246m, c+2.5% ahead cons

+44 (0)20 3134 3288

(+3.6% vs BARC). Adj. FCF is CHF-111m (we had CHF98m). Compared to our estimates, the miss mathieu.robilliard@barclays.com

came mostly from higher financial charges and more negative change in Working Capital & BBI, Paris

Others. Looking at the drivers of the revenues, we note beat mainly driven by others. ARPU

Ganesha Nageshatrends remain stubbornly weak with -5% yoy fixed while mobile improved at +1% yoy (4Q25:

+91 (0)22 6175 1712

+0.7%). Residential/B2B post-paid adds are +3.6k/+6.9k. In broadband, residential segment ganesha.nagesha@barclays.com

remained soft at -2.4k while B2B +1k. 2026 guidance was reiterated. Barclays, UK

Maxime Delaugerre

+44 (0)20 3555 5672

maxime.delaugerre@barclays.com