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    Polo Tang • UBS

    Polo Tang's questions to Sunrise Communications AG (SNRE) leadership

    Polo Tang's questions to Sunrise Communications AG (SNRE) leadership • Q2 2025

    Question

    Polo Tang from UBS Group asked for details on competitive dynamics, specifically which players are most aggressive in the budget segment, and questioned the expected trajectory for quarterly revenue and EBITDA given the full-year guidance. He also asked for clarification on the Q2 step-up in share-based compensation.

    Answer

    CEO André Krause described the budget segment as volatile, with players like Spuzu and GOMO (Salt's brand) active but struggling for sustained volume. CFO Jany Fruytier detailed the revenue outlook, expecting subscription revenue to improve while noting a temporary handset sales boost in Q3 from the 3G switch-off. She clarified the higher share-based compensation was due to a new employee share program, which elevated the quarterly figure.

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    Polo Tang's questions to Sunrise Communications AG (SNRE) leadership • Q2 2025

    Question

    Polo Tang of UBS Group AG asked for clarification on the players driving aggression in the budget mobile segment, the expected trajectory for quarterly revenue and EBITDA, and the mechanics behind the increased share-based compensation.

    Answer

    CEO André Krause identified players like Spusu and Salt's GOMO as active in the volatile CHF 10-20 budget segment. CFO Jany Fruytier explained that revenue should improve from Q1's low point, aided by price rises and temporary hardware sales. She also clarified that the CHF 16 million Q2 share-based compensation was elevated due to a one-off employee share program and that dividend growth guidance already accounts for dilution.

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    Polo Tang's questions to Sunrise Communications AG (SNRE) leadership • Q1 2025

    Question

    Polo Tang from UBS sought clarification on the Q2 trading outlook, the trajectory of non-subscription hardware revenue, and the timing of cost savings from the planned ADS delisting.

    Answer

    CEO André Krause clarified that the 'softer trading' outlook for Q2 refers to net add volumes, not revenue, as revenue will benefit from recent price increases. CFO Jany Fruytier added that the sharp Q1 decline in non-subscription revenue is expected to normalize and that cost savings from the ADS delisting will only begin to materialize in 2026 due to the multi-step SEC deregistration process.

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    Polo Tang's questions to Liberty Global Ltd (LBTYA) leadership

    Polo Tang's questions to Liberty Global Ltd (LBTYA) leadership • Q1 2025

    Question

    Polo Tang from UBS Group AG asked about VodafoneZiggo, seeking details on new CEO Stephen van Rooyen's strategy, the customer response to recent price cuts, and the rationale for continuing dividends given high leverage.

    Answer

    Executive Chairman Michael Fries stated that while the current dividend guidance remains, it will be evaluated, and proceeds from asset sales will aid deleveraging. CEO Stephen van Rooyen outlined his four-part plan: fixing the organization, realigning pricing to be competitive, committing to DOCSIS 4 to remove network uncertainty, and investing in brand differentiators. He affirmed the price cut was a necessary step to arrest customer decline.

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    Polo Tang's questions to Liberty Global Ltd (LBTYA) leadership • Q2 2024

    Question

    Polo Tang asked about the competitive environment in Switzerland, focusing on promotional activity, any remaining financial drag from the UPC brand retirement, and the outlook for H2 growth as the company laps a 2023 price rise.

    Answer

    Executive André Krause described Swiss promotional intensity as high but noted a 'wearing off' effect among consumers. He highlighted Sunrise's differentiating factors, such as hardware upgrade programs and increased HFC speeds to 2.5 Gbps, which have helped inflow and churn. Executive Michael Fries added that the UPC brand migration is expected to be complete by year-end. Regarding the U.K., Fries confirmed giffgaff serves as their successful flanker brand.

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