Sunrise recorded solid but moderate net growth of 18,000 postpaid mobile subscriptions¹, while the number of internet subscriptions² remained stable in organic terms. Price increases, combined with the near-total cessation of aggressive promotions, were key factors in this context.
Compared to the previous quarter, revenue stabilized and declined only slightly year-on-year (-0.8%). The 2025 guidance is confirmed, including expected dividend growth for the 2025 financial year of 2.7% 6 year-on-year. Revenue growth is expected to be at the lower end of the guidance range (largely stable).
The UPC customer migration is now complete. Combined with the imminent launch of standalone 5G, new product lines for private and business customers, and a robust innovation pipeline, this momentum should support growth.
Continued customer growth despite price increases
Sunrise continued to grow its net customer base in Q2 2025 in the Mobile Postpaid segment 1 with 18,000 RGUs (Revenue Generating Units), despite price increases and the deliberate foregone of aggressive promotions aimed at short-term acquisition. In contrast, in the Broadband Internet segment, net growth was zero 2 . The migration of UPC customers to Sunrise products, completed in Q2 2025, also had an impact.
The proportion of broadband customers using a Sunrise Postpaid mobile offer continued to grow. The fixed-mobile convergence rate (FMC 7 ) increased by +1.4% compared to the same quarter last year, reaching 58.5%. As of June 30, 2025, Sunrise had approximately 3.15 million mobile RGUs, 1.30 million broadband RGUs, and approximately 0.98 million enhanced TV RGUs.
Strategic initiatives aimed at reviving commercial dynamics
In Q2 2025, Sunrise launched new initiatives to accelerate its growth, building on its multi-brand strategy. With the introduction of standalone 5G and preparation for its commercialization in the second half of the year, as well as its new mobile range ( Swiss Connect ), Sunrise is strengthening the positioning of its core brand in the premium segment. The focus is on sustainable customer loyalty and the quality of the offer, favoring the creation of added value rather than a simple price race. At the same time, Sunrise is strengthening its growth strategy among business customers with PME Ready , targeting small and medium-sized enterprises in particular. With the renewal of the yallo Mobile range , Sunrise is targeting price-sensitive segments. Finally, thanks to a pipeline rich in innovations, Sunrise expects net customer numbers to continue to increase in the second half, albeit moderately.
Q2 financial results confirm favorable trends
In Q2 2025, revenues stabilized compared to the previous quarter and decreased slightly compared to the previous year. They were supported by price increases, growth in the business and wholesale customer base, as well as the temporary recovery in device sales related, in part, to the 3G network shutdown. At the same time, fixed-line subscription revenues were influenced by the continued harmonization of prices within the customer base, the completion of the migration of UPC customers to Sunrise products in Q2 2025, as well as by multi-brand.
The decrease in net loss compared to last year is mainly due to changes in financial expenses and income related to foreign exchange derivatives (impacted by the depreciation of the US dollar against the Swiss franc) and lower financing costs due to the reduction in debt related to the spin-off.
André Krause, CEO
Due to price increases, we deliberately reduced our aggressive promotions in Q2 2025. As anticipated, this initiative led to a slowdown in customer growth. Revenue stabilized compared to the previous quarter, supported by price increases, growth in B2B services revenue, and a temporary recovery in device sales, partly related to the 3G phase-out. The increase in adjusted EBITDAaL largely reflects our continued cost efficiency efforts. Now, with the completion of the UPC customer migration, the arrival of standalone 5G, and our new product offerings, we are able to boost our sales momentum again. Based on the first-half results and the forecast for the second half, we are maintaining our 2025 outlook, with a dividend growth target of 2.7%