1 Switzerland’s premium and scaled challenger – primed for growth & cash returns Capital Markets Day 9 September 2024 Exhibit 99.2 2 Disclaimer No Offer or Solicitation This presentation is not an offer to sell or a solicitation of offers to purchase or subscribe for shares or a solicitation of any vote or approval. This document is not a prospectus within the meaning of the Swiss Financial Services Act and not a prospectus under any other applicable laws. Copies of this document may not be sent to, distributed in or sent from jurisdictions in which this is barred or prohibited by law. The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy, in any jurisdiction in which such offer or solicitation would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any jurisdiction and there shall be no sale of securities in any such jurisdiction. This announcement is only addressed to and directed at specific addressees who: (A) if in member states of the European Economic Area (the EEA) are people who are “qualified investors” within the meaning of Article 2(e) of Regulation (EU) 2017/1129 (as amended) (the Prospectus Regulation) (Qualified Investors); and (B) if in the U.K., are “qualified investors” within the meaning of Article 2(e) of the UK version of the Prospectus Regulation as it forms part of domestic law in the U.K. by virtue of the European Union (Withdrawal) Act 2018 (the UK Prospectus Regulation) who are: (i) persons having professional experience in matters relating to investments who fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the Order); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order; or (C) are other persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000 (as amended)) in connection with the sale of any securities of the Company or any member of its group may otherwise lawfully be communicated or caused to be communicated (all such persons referred to in (B) and (C) being Relevant Persons). This announcement must not be acted on or relied on (i) in the U.K., by persons who are not Relevant Persons and (ii) in any member state of the EEA by persons who are not Qualified Investors. Any investment activity to which this announcement relates (i) in the U.K. is available only to, any may be engaged in only with, Relevant Persons; and (ii) in any member state of the EEA is available only to, and may be engaged only with, Qualified Investors. This presentation is an advertisement for the purposes of the Prospectus Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended) and underlying legislation. It is not a prospectus. A copy of any prospectus published by the Company will, if approved and published, be made available for inspection on Liberty Global’s website at www.libertyglobal.com subject to certain access restrictions. This document constitutes advertising in accordance with article 68 of the Swiss Financial Services Act. Such advertisements are communications to investors aiming to draw their attention to financial instruments. Any investment decisions with respect to any securities should not be made based on this advertisement. Forward-Looking Statements This presenation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the planned Transaction and its expected benefits, synergies to be achieved by Sunrise, Sunrise’s market share, network, strategy and other information and statements that are not historical fact. These forward-looking statements are based on current expectations, estimates and projections about the factors that may affect Sunrise’s future performance and are subject to certain risks and uncertainties, some of which are beyond the control of Sunrise or Liberty Global, that could cause actual results to differ materially from those expressed or implied by these statements. Such risks and uncertainties include the risk that Liberty Global does not receive shareholder approval for the Transaction and/or related matters, Liberty Global’s ability to satisfy the other conditions to the Transaction on the expected timeframe or at all, the approval of the shares of Sunrise for listing on the SIX Swiss Exchange and the development of a trading market for them, the Liberty Global Board of Directors’ discretion to decide not to complete the Transaction for any reason, Sunrise’s ability to realize the expected benefits from the Transaction, unanticipated difficulties or costs in connection with the Transaction, Sunrise’s ability to successfully operate as an independent public company and maintain its relationships with material counterparties after the Transaction, Sunrise’s ability to successfully execute on its plans and strategies and other factors, including those detailed from time to time in Liberty Global’s filings with the Securities and Exchange Commission (the “SEC”), including its most recently filed annual report on Form 10-K, as it may be supplemented from time to time by its quarterly reports and other subsequent filings. These forward-looking statements speak only as of the date hereof. Although Sunrise and Liberty Global believe that their expectations reflected in any such forward-looking statement are based upon reasonable assumptions, no assurance can be given that these expectations will be achieved. Liberty Global and Sunrise expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in their expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. You are cautioned not to place undue reliance on any forward-looking statement. Non-IFRS Financial Measures This presentation includes financial measures not presented in accordance with IFRS including Adjusted EBITDA, Adjusted EBITDAaL, Adjusted EBITDAaL less P&E Additions, and Adjusted FCF. Adjusted EBITDA: Adjusted EBITDA is defined as net income (loss) before income tax benefit (expense), share of losses (gains) of affiliates, financial income, financial expenses, depreciation and amortization, share-based compensation expense, and impairment, restructuring and other operating items. Other operating items include (a) provisions and provision releases related to significant litigation, (b) certain related-party charges and (c) gains and losses on the disposition of long-lived assets. Adjusted EBITDAaL: Adjusted EBITDAaL is defined as Adjusted EBITDA after lease-related expenses. Sunrise believes Adjusted EBITDA and Adjusted EBITDAaL are meaningful measures because they represent a transparent view of Sunrise’s recurring operating performance that is unaffected by its capital structure and allows management to (a) readily view operating trends, (b) perform analytical comparisons and benchmarking between segments and (c) identify strategies to improve operating performance. Sunrise believes Adjusted EBITDA and Adjusted EBITDAaL are useful to investors because they provide a basis for comparing Sunrise performance with the performance of other companies in the same or similar industries. Adjusted EBITDAaL less P&E Additions: Adjusted EBITDAaL less P&E Additions is defined as Adjusted EBITDAaL less property and equipment additions on an accrual basis (excluding those P&E additions under finance lease). Adjusted EBITDAaL less P&E Additions is a meaningful measure because it provides (i) a transparent view of Adjusted EBITDAaL that remains after capital spend, which Sunrise believes is important to take into account when evaluating overall performance and (ii) a comparable view of Sunrise performance relative to other telecommunications companies. Adjusted Free Cash Flow: Adjusted FCF is defined as net cash provided by operating activities, plus operating-related vendor financed expenses (which represents an increase in the period to actual cash available as a result of extending vendor payment terms beyond normal payment terms, which are typically 90 days or less, through non-cash financing activities), less (i) cash payments in the period for capital expenditures, (ii) principal payments on operating- and capital-related amounts financed by vendors and intermediaries (which represents a decrease in the period to actual cash available as a result of paying amounts to vendors and intermediaries where we previously had extended vendor payments beyond the normal payment terms), and (iii) principal payments on finance leases (which represents a decrease in the period to actual cash available). Sunrise believes their presentation of Adjusted FCF provides useful information to investors because this measure can be used to gauge their ability to (i) service debt and (ii) fund new investment opportunities after consideration of all actual cash payments related to working capital activities and expenses that are capital in nature, whether paid inside normal vendor payment terms or paid later outside normal vendor payment terms (in which case payment is typically made in less than 365 days). Adjusted FCF should not be understood to represent Sunrise’s ability to fund discretionary amounts, as they have various mandatory and contractual obligations, including debt repayments, that are not deducted to arrive at these amounts. These non-IFRS financial measures should be viewed as supplements to, and not substitutes for, IFRS measures of performance or liquidity as presented in Sunrise’s IFRS financial statements. These non-IFRS financial measures have no standardized meaning under IFRS and may not be comparable to similarly titled measures reported by other companies. They should not be considered in isolation or as an alternative for or superior to IFRS measures. These measures are presented and described in order to provide additional means of understanding Sunrise’s results in the same manner as its management team. Use of Projections This presentation contains certain forecasted financial information. The assumptions and estimates underlying such information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. The assumptions underlying such information include, among others, successful implementation of revenue stabilization and growth strategies, progress towards realizing the remainder of synergies of the UPC merger and various ongoing operational efficiencies, deleveraging in connection with the spin-off, improved macroeconomic environment, gradual tapering of capital expenditures driven by progress towards completion of key capital initiatives. Accordingly, there can be no assurance that the prospective results are indicative of actual future performance. Inclusion of the prospective financial information in this presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved. Industry and Market Data This presentation also contains estimates and other statistical data made by third parties and by Sunrise relating to data about Sunrise’s industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Data generated by third parties has not been verified by Liberty Global or Sunrise. In addition, projections, assumptions, and estimates of the future performance of the markets in which Sunrise operates are necessarily subject to a high degree of uncertainty and risk. Additional Information and Where to Find It In connection with the proposed Transaction, a registration statement on Form F-4 that will include a preliminary proxy statement (the “Proxy Statement/Prospectus”) will be filed and mailed to the Liberty Global shareholders. LIBERTY GLOBAL SHAREHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS THERETO AND ANY DOCUMENTS INCORPORATED BY REFERENCE THEREIN AND OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE PROPOSED TRANSACTION THAT WILL BE FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION. This presentation does not contain all the information that should be considered concerning the proposed Transaction and is not intended to form the basis of any investment decision or any other decision in respect of the Transaction. This presentation should not be construed as a prospectus or offering document. Liberty Global shareholders and investors may obtain free copies of the Proxy Statement/Prospectus and other relevant materials (when they become available) and other documents filed by Liberty Global at the SEC’s website at www.sec.gov. Copies of the Proxy Statement/Prospectus (and other relevant materials when they become available) and the filings that will be incorporated by reference therein may also be obtained, without charge, by contacting Liberty Global’s Investor Relations at ir@libertyglobal.com or +1 (303) 220-6600. Participants in the Solicitation Liberty Global and its directors, executive officers and certain employees, may be deemed, under rules of the SEC, to be participants in the solicitation of proxies in respect of the proposed Transaction. Information regarding Liberty Global’s directors and executive officers is set forth in Liberty Global’s filings with the SEC. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Proxy Statement/Prospectus and other relevant materials to be filed with the SEC (when they become available). These documents can be obtained free of charge from the sources indicated above. Sunrise, Liberty Global and their respective directors, officers, employees, affiliates, agents, advisors or representatives are under no obligation to accept any offer or proposal by any person or entity regarding the Transaction. None of Sunrise, Liberty Global or any of their respective directors, officers, employees, affiliates, agents, advisors or representatives has any legal, fiduciary or other duty to any recipient with respect to the manner in which the proposed process is conducted. Confidentiality The recipient acknowledges that it is (a) aware that the United States securities laws prohibit any person who has material, non-public information concerning a company from purchasing or selling securities of such company or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities, and (b) familiar with the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (collectively, the "Exchange Act"), and that the recipient will neither use, nor cause any third party to use, this presentation or any information contained herein in contravention of the Exchange Act, including, without limitation, Rule 10b-5 thereunder. This presentation and information contained herein constitutes confidential information and is provided to you on the condition that you agree that you will hold it in strict confidence and not reproduce, disclose, forward or distribute it in whole or in part without the prior written consent of Sunrise and Liberty Global. This presentation is intended for the recipient hereof only. This presentation is for informational purposes only in connection with assessing interest in the potential private placement of securities in connection with the spin-off (the “Transaction”) by Liberty Global Ltd. (“Liberty Global”) of the businesses of its Swiss telecommunications provider into a separate publicly traded company Sunrise Communications AG (“Sunrise”). 3 Opening remarks André Krause – CEO 4 Highly experienced management team leading Sunrise’s next growth chapter x Years at Liberty Global / Sunrise x Industry experience ANDRÉ KRAUSE Chief Executive Officer JANY FRUYTIER Chief Financial Officer CHRISTOPH RICHARTZ Chief Consumer Officer Main Brand STEFAN FUCHS Chief Consumer Officer Flanker Brands THORSTEN HAESER Chief Business Officer ELMAR GRASSER Chief Technology Officer ANNA MARIA BLENGINO Chief Information Officer MARCEL HUBER General Counsel & Chief Corporate Affairs Officer TOBIAS FOSTER Chief People Officer 13 11 12 15 <1 11 52413 26 11 22 25 26 31 25 28 22
5 Agenda OPENING REMARKS André Krause – CEO Mike Fries – CEO Liberty Global RE-INTRODUCING SUNRISE André Krause – CEO BUSINESS OVERVIEW Christoph Richartz – CCO Main Brand Stefan Fuchs – CCO Flanker Brand Thorsten Haeser – CBO NETWORK & IT Elmar Grasser – CTO Anna Maria Blengino – CIO Q&A FINANCIAL OVERVIEW Jany Fruytier – CFO Q&A SUSTAINABILITY AND GOVERNANCE André Krause – CEO 1 2 4 5 TRANSACTION OVERVIEW Alex Herrmann – VP IR Q&A CLOSING REMARKS André Krause – CEO BREAK 3 6 7 Introduction by the Chairman Mike Fries – CEO Liberty Global, Sunrise Chair 7 Introducing the Board ENRIQUE RODRIGUEZ INGRID DELTENRE THOMAS MEYER ADAM BIRD CATHERINE MÜHLEMANN MIKE FRIES (CHAIRMAN) LUTZ SCHÜLER Re-Introducing Sunrise André Krause – CEO 1
9 Spin-off: The next step in Sunrise’s growth story Spin-off of Sunrise expected in Q4 2024 with listing on the SIX Swiss Exchange 2023+ Liberty Global acquires Sunrise1 ✓ Full fixed-mobile convergence ✓ Enhanced B2B scale ✓ Significant cost and capex synergies Well-positioned for growth post successful merger integration Sunrise-UPC rebranded to Sunrise Sunrise-UPC begins integration of its two brands 2022 2021 2020 Spin-off rationaleSunrise’s evolution post 2020 acquisition by Liberty Global Note: 1 Before acquisition in 2020, Liberty Global’s UPC Switzerland was predominantly focusing on providing fixed broadband and telephony services, while Sunrise was mainly focusing on mobile services Establish fully-distributed valuation for Liberty Global & Sunrise investors Direct exposure to Switzerland’s premium and scaled challenger Enhanced and global shareholder base Strong track record as a previously listed company with standalone capital markets profile 100% Swiss 10 99.9% Population coverage3 26% Mobile 28% Broadband 31% TV Mobile 35% Fixed 35% B2B 26% Other 5% Sunrise is the premium and scaled challenger in Switzerland with strong positions in mobile, broadband and TV Revenue split1 Source: Ampere Analysis Note: KPIs as of 2023A; financial metrics shown in IFRS; financials rounded to one decimal; 1 Numbers may not add up to 100% due to rounding; 2 Based on Ampere Analysis; 3 4G outdoor population coverage; 4 Defined as number of customers who subscribed to both a fixed broadband internet service and post-paid mobile telephony service, divided by the total number of customers who subscribe to at least one fixed broadband internet service Clear #1 challenger in Switzerland Future-proof mobile and fixed networks and benefitting from a highly converged customer base ~3.0bn Revenue ~1.0bn Adj. EBITDAaL 34% margin ~0.5bn Adj. EBITDAaL less P&E Additions ~16% revenue ~0.4bn Adj. FCF ~12% revenue #2 #2 #2 Strong financial profile (2023A CHFbn) % market shares2 2.7m HFC homes passed (with 2.5 Gbps speed) ~56% FMC penetration4 11 Switzerland’s premium and scaled challenger – primed for growth and cash returns it rl ’ r i l ll r ri f r r t r t r A B C D E F Favourable Swiss macro environment Attractive & progressive shareholder returns Attractive telecom market Premium and scaled challenger High quality and future-fit networks Stable business and compelling cash flow generation Clear growth plan 12 1.0% 3.2% 0.5% 2.9% 3.9% Switzerland benefits from strong macro fundamentals and a stable political environment 10yr government bond yields (%)1 Corporate tax rate GDP CAGR 2017-2023A Compounded annual CPI 2017-2023A (%) CPI 2023A 2023A nominal GDP per capita (CHF ‘000) 85 46 1.8% 1.6% 2.1% 5.1% EU-15 EU-15 EU-15 A 16%² 24% Highly affluent and growing economy Low cost of capital and low tax Consistently low inflation Source: Bloomberg, FactSet, PwC, Swiss Federal Statistical Office, IMF Note: 1 As of 2-Sep-2024; 2 Midpoint of effective tax range of 11.9%-21.0% depending on canton and municipality
13 Attractive ~CHF8.1bn1 telecom market providing fertile ground for Sunrise’s continued success story One of the most technologically advanced telecom markets in Europe Focus on quality Attractive ARPU Healthy, rational 3-player market Benign, ex-post regulatory environment Multiple growth levers B Source: Ampere Analysis Note: 1 2023A market value of mobile, fixed broadband, and TV market segments combined 14 48% 28% 5% 18% 56% 26% 18% 40% 31% 5% 24% Source: Ampere Analysis Note: Market shares % (based on RGUs); values as of 2023A; mobile market shares of MNOs; 1 Market values based on revenue Premium and scaled challenger across mobile, broadband and TV CHF4.3bn1 CHF2.2bn1 CHF1.6bn1 Others C Clear #2 in mobile Clear #2 in broadband Clear #2 in TV 2 2 2 Regional utilities / providers 15 Source: Connect Note: 1 Connect evaluates companies in the categories of voice telephony, mobile data transmission and crowdsourcing, assigning a maximum of 270, 480 and 250 points respectively (maximum 1,000 points); results presented for top 20 networks; results for Belgian MNOs based on the latest available scores from 2023; 2 Outdoor FWA coverage Best-in-class, future-fit networks enabling forward growth One of the best mobile networks in Europe Most comprehensive fixed network access delivering the highest gigabit coverage in Switzerland D Fully-owned network with economies of scale and high margins 968 #1 #2 #3 #4 #5 #6 #7 #8 #9 #10 #15 #16 #17 #18 #19 #20 Less than 2 pp. to #1 Gigabit speeds anywhere, anytime IRU-based with ample capacity on lines already procured Fully-owned network 2.5 Gbps 10 Gbps 1 Gbps HFC Fibre FWA ~60% ~75%~40% Dwellings coverage (%) and max speeds (Gbps) by technology2024 Connect network test results, points on a scale of 1,0001 Rated as outstanding by Connect 8 times in a row 2 16 3’042 3’042 3’035 1’484 2021RB 2022RB 2023RB H1 2024RB Delivering stable top-line throughout the Sunrise UPC integration while increasing cash flows Note: Financial metrics are shown on a rebased IFRS basis (RB). Please see appendix for rebase definitions and reconciliations; 1 Refers to costs arising in capturing the synergies % revenue 1’064 1’025 1’030 508 2021RB 2022RB 2023RB H1 2024RB 35.0% 33.7% 33.9% % revenue 297 300 353 113 2021A 2022A 2023A H1 2024A 9.7% 9.8% 11.6% E 34.2% 7.6% Revenue (CHFm) Stable topline on the back of volume related growth partially offset by customer churn related to brand integration and price increases Margin impacted by customer migration while cost-to-capture1 declined Future-proof and well-invested mobile and fixed gigabit networks Strong cash conversion driven by decreasing capital expenditure requirements over time Limited working capital requirement and low tax environment allow for attractive Adj. FCF profile Adj. EBITDAaL (CHFm) Adj. FCF (CHFm)
17 Multiple levers of growth across our 3 strategic verticals…F GROW MARKET SHARE IN UNDERPENETRATED B2B MARKET BUSINESS STABILISATION AND RETURN TO GROWTH IN MAIN BRAND CONTINUED GROWTH IN DIGITAL FIRST BRAND 18 …further fuelled by unlocking digitalisation and AI capabilitiesF Note: 1 Powerstar is an energy management software that uses AI algorithms to analyse radio access network (RAN) traffic to make real-time adjustments with a focus on power-saving opportunities and help clients transform energy management infrastructure; 2 Ongoing annual savings, equating to the annual electricity consumption of a small Swiss community with ~1,100 households NETWORKB2BB2C ML/AI-powered Customer Care as a Service replacing legacy telephony approach GenAI-supported managed services, cloudification of SMEs and workplace solutions Energy-efficient network leveraging AI Powerstar1 without compromising on network reliability Step change in Omnichannel Care Strengthening B2B portfolio offering 5.5 GWh/year reduction in mobile network electricity usage2 19 A robust FCF growth and an attractive progressive dividend policy going forward Note: Please see appendix for reconciliations; 1 After deduction of ~CHF10m spin-off related one-off costs; 2 On a fully taxed basis; 3 Subject to approval by Sunrise’s Annual General Meeting; 4 As long as net leverage ratio between 3.5x - 4.5x, afterwards the company will re-evaluate its capital allocation strategy ≥CHF240m Dividend to be paid in 20253 May 2025 1st yearly dividend distribution Up to 70% Adj. FCF pay-out4 353 360-3701 >4102 2023A 2024E Mid-term target Clear growth plan Opex optimisation Capex efficient De- leveraging ~16% Adj. FCF guidance (CHFm) Targeted progressive dividend per share policy Tax impact 5+ years Dividends not subject to Swiss withholding tax Business overview Christoph Richartz – Main Brand Chief Consumer Officer Stefan Fuchs – Flanker Brands Chief Consumer Officer Thorsten Haeser – Chief Business Officer 2
21 Our strategy is underpinned by well-defined targets to deliver Sunrise’s long-term vision GAIN MARKET SHARE IN CORE SEGMENT DEVELOP MORE RGU’S & EXTRA OPTIONS PER CUSTOMER DEVELOP NEW ADJACENT SERVICES FOR FURTHER GROWTH Leading fully-converged challenger Gross adds, FMC, multi-mobile Value-added services 22 Strong portfolio of brands support leading challenger position, strategically addressing each market segment High Low HighPerceived value Premium segment Smart shopper segment Budget segmentLow P e rc e iv e d p ri c e 55-65% 30-40% <5% Note: 1 Based on Sunrise estimates Estimated % of market1% • Main brand - strong challenger of Swisscom • Well-established premium position • High quality network • No-frills and digital first • Dynamic pricing • Attractive economics MVNOs / branded resellers Flanker brands Our multi-brand strategy targets different segments of the market Brand proposition Note: 1 Segment contribution to 2023A revenue in percent, “Other” representing 1% of 2023A revenue is excluded, B2B including WHS Continuation of growth ⚫ Smart shopper positioning offering attractive price / value proposition underpinned by simple but innovative solutions ⚫ Yallo established as full telco, continuing to grow market share ⚫ Digital-first leading to attractive margins despite lower price point Digital consumer brand Three strategic pillars define our differentiated growth engine Stabilisation and return to growth ⚫ Premium product based on state-of- the-art networks, innovative offering, and high-quality customer service – underlined by an exciting brand ⚫ Continue top-line momentum underpinned by strong customer inflows and churn reduction towards historical levels ⚫ Increase share of wallet and hence stabilize customer ARPU via FMC, multi-mobile, and new service offerings Main consumer brand Acceleration of market share growth ⚫ Win market share in core segments with a strong FMC product offering ⚫ Exploit fast-growing value-added ICT services – growing through new revenue opportunities ⚫ Focus on high value SME segment via tailored approach, with dedicated offerings and complementary solutions Business 74% 26% Revenue contribution in 2023A1 23 Business overview – Main Brand Christoph Richartz – Main Brand Chief Consumer Officer 2a
Note: 1 Segment contribution to 2023A revenue in percent, “Other” representing 1% of 2023A revenue is excluded, B2B including WHS Continuation of growth ⚫ Smart shopper positioning offering attractive price / value proposition underpinned by simple but innovative solutions ⚫ Yallo established as full telco, continuing to grow market share ⚫ Digital-first leading to attractive margins despite lower price point Digital consumer brand Three strategic pillars define our differentiated growth engine Stabilisation and return to growth ⚫ Premium product based on state-of- the-art networks, innovative offering, and high-quality customer service – underlined by an exciting brand ⚫ Continue top-line momentum underpinned by strong customer inflows and churn reduction towards historical levels ⚫ Increase share of wallet and hence stabilize customer ARPU via FMC, multi-mobile, and new service offerings Main consumer brand Acceleration of market share growth ⚫ Win market share in core segments with a strong FMC product offering ⚫ Exploit fast-growing value-added ICT services – growing through new revenue opportunities ⚫ Focus on high value SME segment via tailored approach, with dedicated offerings and complementary solutions Business 74% 26% Revenue contribution in 2023A1 25 Sunrise has multiple levers to continue gaining market share and improving customer preference ⚫ Expand portfolio of new service offerings ⚫ Leverage up-selling and cross- selling potential ⚫ Increase share of wallet through: o FMC and multi-mobile benefit o Value-added services and adjacent services ⚫ Innovative product portfolio based on state-of-the art networks ⚫ Reinforced Sunrise brand with high-profile sponsorships & prominent brand ambassadors ⚫ Sunrise moments – first comprehensive Swiss telco loyalty program ⚫ Completion of UPC base migration to Sunrise mostly done ⚫ FMC push and multi-RGU offers improving churn ⚫ Increase customer satisfaction by focus on service quality and launch of new systems F o c u s o n cu stom er re te n tion Expan d sh a re of w a ll e t Premium product positioniong 26 Strong core product portfolio complemented by innovative adjacencies with a clearly defined growth outlook Premium offering New value propositions to increase penetration of near core adjacencies 1 Improved inflow value through smart promotions Increased engagement through new touchpoint management across all channels Full 5G enabled mobile portfolio Access agnostic internet portfolio, up to 10 Gbps State-of-the-art TV product, enhanced by over-the-top services In n o va ti ve D aaS pr op os iti on Cutting-edge cybersecurity proposition Unique in-hom e W iFi Strong and diversified product portfolio… …with a well-defined outlook for future growth Core portfolio Innovative adjacencies 2 3 27 Device as a Service: Tangible opportunity for growth Offering tailored to customer needs… …with clearly proven benefits Increased customer loyalty Reduced reliance on SIM only Expanded adjacent services Monthly iPhone sell-through DaaS Device variety Flexibility Sustainability Scalability DaaS overview Developed an exceptional DaaS framework in less than two years… …already delivering outstanding results and creating growth momentum Premium offering 2023 2024 28
We have invested in unparalleled partnerships and sponsorships to reinforce our premium positioning Premium offering 29 We continue to engage with our customers through exclusive experiences, rewarding their loyalty Concerts, events & festivals Sports SkiingHockeyFootball Exclusive platform bringing relevant content and unique offers enhancing unparalleled customer experiences Premium offering 30 ⚫ Innovative product portfolio based on state-of-the art networks ⚫ Reinforced Sunrise brand with high-profile sponsorships & prominent brand ambassadors ⚫ Sunrise moments – first comprehensive Swiss telco loyalty program Sunrise has multiple levers to continue gaining market share and improving customer preference ⚫ Completion of UPC base migration to Sunrise mostly done ⚫ FMC push and multi-RGU offers improving churn ⚫ Increase customer satisfaction by focus on service quality and launch of new systems ⚫ Expand portfolio of new service offerings ⚫ Leverage up-selling and cross- selling potential ⚫ Increase share of wallet through: o FMC and multi-mobile benefit o Value-added services and adjacent services F o c u s o n cu stom er re te n tion Expan d sh a re of w a ll e t Premium product positioniong 31 Note: 1 Yallo customer wins include Swype & Lebara; Inflow includes rotational activation/deactivation Full telco launch Price rise Mobile Fixed Key developments Phase out UPC brand Our multi-brand strategy delivers strong customer inflows despite temporarily higher churn related to UPC integration and price increase RGU Gross adds 1 2021 High churn levels generated by several headwinds: • Migration of UPC customer base • Integration and ICT transformation activities • Inflationary price increases Strong progress with visible evidence in operational KPIs translating to improvement of revenue trajectory Present Past Delivered robust customer inflows over time, clearly proving past challenges have been overcome Customer retention 2022 2023 2024 32
Note: 1 Average across mobile and fixed churn; 2 Excluding rotational activation / deactivation Historical 2023 Initiative 1 Initiative 2 Initiative 3 Long-term ambition Blended churn1,2 Further FMC / multi-RGU expansion UPC customer migration to Sunrise Operational improvements across UPC and Sunrise base Q2-23 Q2-24 We have taken clear actions to strengthen our customer base, significantly improving from the temporarily elevated 2023 churn Customer retention 33 UPC customer base has been mostly de-risked – integrated customer base on stable Sunrise products 0% 20% 40% 60% 80% 100% Dez 22 Mär 23 Jun 23 Sep 23 Dez 23 Mär 24 Jun 24 Sep 24 Dez 24 Successful merger integration – heavy lifting of UPC customer migrations behind us Note: 1 Dec 2024 projection based on target ambition Today At UPC (out of contract customers) Customer retentionAccounts by category evolution (former UPC customer base)1 34 We have focused on improving customer satisfaction, and we continue investing in customer experience rNPS evolution Key initiatives TodayJan-23 Long-term New technology (CCaaS1) Improve processes & perceived quality Strengthen reward for customer loyalty Clear service promise towards customers Customer problem resolution and quality of answer New organisational structure New customer journey excellence team Operational efficiency and customer experience improvements Implemented • Sunrise and UPC post-merger integration • Price increases in 2023 NPS ambition to become industry benchmark Customer retention Relational net promoter score development Note: 1 Customer Care as a Service 35 ⚫ Innovative product portfolio based on state-of-the art networks ⚫ Reinforced Sunrise brand with high-profile sponsorships & prominent brand ambassadors ⚫ Sunrise moments – first comprehensive Swiss telco loyalty program Sunrise has multiple levers to continue gaining market share and improving customer preference ⚫ Expand portfolio of new service offerings ⚫ Leverage up-selling and cross- selling potential ⚫ Increase share of wallet through: o FMC and multi-mobile benefit o Value-added services and adjacent services ⚫ Completion of UPC base migration to Sunrise mostly done ⚫ FMC push and multi-RGU offers improving churn ⚫ Increase customer satisfaction by focus on service quality and launch of new systems F o c u s o n cu stom er re te n tion Expan d sh a re of w a ll e t Premium product positioniong 36
⚫ Innovative, high-quality product and service additions ⚫ Recent developments: o DaaS o Cybersecurity o iPhone bundle proposition ⚫ FMC catch-up potential FMC Adjacent services ⚫ “Multi-mobile benefit”: Increase mobile subscriptions per customer ⚫ Extend device connectivity ⚫ Complementary value-added-services portfolio to multi-mobile offering Multi-mobile/ Value-added-services Increased share of customer wallet expected via FMC and multi-mobile cross/up-selling, enhanced by adjacent services 2023 2027 Expected share of wallet (ARPU) growth through integrated offering ~56% Existing FMC overlap on broadband base <1/31 of all customer relationships converged SoW expansion Revenue development Note: 1 Calculated as FMC accounts / total B2C customer relationships as of Jun-24 37 38 Switzerland’s premium and scaled challenger – primed for growth and cash returns unrise B2C key takeaways Strong position in the premium segment underpinned by long-term brand investments Successful merger integration with heavy lifting behind, strengthened customer base Improved retention through loyalty programs and comprehensive product offering Innovative product offering (value-added, adjacent services) supporting wallet share growth 1 2 3 4 Business overview – Flanker Brands Stefan Fuchs – Flanker Brands Chief Consumer Officer 2b Acceleration of market share growth ⚫ Win market share in core segments with a strong FMC product offering ⚫ Exploit fast-growing value-added ICT services – growing through new revenue opportunities ⚫ Focus on high value SME segment via tailored approach, with dedicated offerings and complementary solutions Business Note: 1 Segment contribution to 2023A revenue in percent, “Other” representing 1% of 2023A revenue is excluded, B2B including WHS Continuation of growth ⚫ Smart shopper positioning offering attractive price / value proposition underpinned by simple but innovative solutions ⚫ Yallo established as full telco, continuing to grow market share ⚫ Digital-first leading to attractive margins despite lower price point Digital consumer brand Three strategic pillars define our differentiated growth engine Stabilisation and return to growth ⚫ Premium product based on state-of- the-art networks, innovative offering, and high-quality customer service – underlined by an exciting brand ⚫ Continue top-line momentum underpinned by strong customer inflows and churn reduction towards historical levels ⚫ Increase share of wallet and hence stabilize customer ARPU via FMC, multi-mobile, and new service offerings Main consumer brand 74% 26% Revenue contribution in 2023A1 40
Yallo is on a clear growth pathway underpinned by full telco proposition and a digital-first, price-competitive offering ⚫ Digital-first set-up continuing to digitize operations, channels & way-of-working ⚫ State-of-the-art cloud-based architecture ⚫ Fast and intuitive consumer journeys ⚫ Lean cost structure ⚫ Highly attractive price / value proposition ⚫ Simple, innovative solutions focussing on digital experience & performance ⚫ Well-positioned offering and capabilities vs. direct competitors Smart shopper positioning ⚫ Price-competitive converged offerings ⚫ Outperforming peers leveraging a best-in- class mobile, fibre & HFC infrastructure ⚫ Award winning networks: all mobile products on 5G, Gigabit internet speeds widely available Full telco proposition Digital-first 41 Yallo brings highly attractive price / value offering compared with competing brands in smart shopper and budget segment Supporting brands Brand Network Price Product Competitive edge: advantage on par vs. Smart shopper vs. Budget segment • Life-time, smart promotions • Limited back-book exposure • Higher awareness & consideration • Trailing vs. 3rd nationwide MNO • Outstanding 5G + Gbps in non-FTTH • No budget competitors in fixed yet • Focus on digital experience • Core services allowing FMC strategy Medium Low Medium Perceived value Smart shopper segment Budget segmentLow P e rc e iv e d p ri c e Strong Flanker brand with superior position to MVNOs 42 Full telco operator • No-frills product portfolio focusing on core customer needs • High performance with 5G on mobile and up to 10 Gbps on Internet • Portfolio structure optimized for promotional planning • Differentiated segments & go-to-market without cannibalizing main brand Full telco proposition and no-frills strategy enable Yallo to win in the smart shopper segment Note: 1 Soon up to 2.5 Gbps Mobile Internet TV • Post- / Prepaid • MBB • Devices for base • Smart watches • Fixed broadband - Fibre: 10 Gbps - HFC: 1 Gbps1 • Paid • Free 20212020 Full telco launch in 2022 to continue growth trajectory 43 Mobile+ Full telco Beyond full telco Doubling down on fixed boosted the internet base in 2023 – showcasing more growth potential ahead via FMC proposition Note: 1 Churn reduction of converged mobile customer base Further increase market share & cross-sell to mobile base1 Defend & attack in growing fibre footprint 2 Leverage HFC speed advantage outside fibre3 Accelerate x-sell • New channels • Exclusive offers New FMC proposition 2024 2025 Approach Speed tiering & dual- promo sets Brand awareness push for fixed Segment expansion with TV Today FMC Mobile churn reduction1 Past Future Customer base evolution Insights from Fixed launch Tangible future opportunities in the Fixed market… …addressed with a clear plan 44
Digital-first telco provider driving effective and efficient operations Note: 1 Business, Development, Security and Operations ⚫ ~70% of sales delivered through integrated digital sales ecosystem ⚫ Most traffic via targeted online advertising, supported by hotline & chat tools Digitally driven go-to-market ⚫ Product & process design for online first (e.g. conversion-friendly checkout) ⚫ Fast adaptation and time to market Relentless focus on simplicity ⚫ Fast 2-weeks development cycles, with own Tech team (BizDevSecOps1) ⚫ Lean organization: ~70 internal FTEs, revenue/FTE up by +10% y-o-y Productive ways of working ⚫ Future-proof architecture for scalability & cost consciousness ⚫ Integrated data lake for real-time business intelligence ⚫ GenAI & ML for digital customer journeys and highly personalized offers Modern stack in cloud, AI-ready ~70% Physical Digital ~30% Today 45 46 Sunrise B2B key takeaways Yallo k y takeaways Strong position in Smart shopper segment with continued inflow momentum through compelling price / value offering Full telco converged proposition with FMC growth ahead, supported by best-in- class mobile, fibre & HFC infrastructure Attractive margins generated by digital-first, no-frills offering and lean operations 1 2 3 Business overview – B2B Thorsten Haeser – Chief Business Officer 2c Note: 1 Segment contribution to 2023A revenue in percent, “Other” representing 1% of 2023A revenue is excluded, B2B including WHS Continuation of growth ⚫ Smart shopper positioning offering attractive price / value proposition underpinned by simple but innovative solutions ⚫ Yallo established as full telco, continuing to grow market share ⚫ Digital-first leading to attractive margins despite lower price point Digital consumer brand Three strategic pillars define our differentiated growth engine Stabilisation and return to growth ⚫ Premium product based on state-of- the-art networks, innovative offering, and high-quality customer service – underlined by an exciting brand ⚫ Continue top-line momentum underpinned by strong customer inflows and churn reduction towards historical levels ⚫ Increase share of wallet and hence stabilize customer ARPU via FMC, multi-mobile, and new service offerings Main consumer brand Acceleration of market share growth ⚫ Win market share in core segments with a strong FMC product offering ⚫ Exploit fast-growing value-added ICT services – growing through new revenue opportunities ⚫ Focus on high value SME segment via tailored approach, with dedicated offerings and complementary solutions Business 74% 26% Revenue contribution in 2023A1 48
Headroom to expand B2B through our competitive offering ⚫ Grow underrepresented B2B presence vs. Sunrise B2C market share ⚫ Strong portfolio of products and services strengthened by Sunrise & UPC merger Gain Core market share ⚫ New revenue opportunities – advanced managed ICT service offerings to drive revenue & customer wins ⚫ Strategically grow B2B offering through prime partner ecosystem Exploit fast-growing value-added ICT services ⚫ Segment tailored approach – acceleration program designed to target medium segment customers to drive new wins ⚫ Focus on complementary solutions and bundling of FMC telecommunications and ICT services Focus on high value SME market 49 New and renewed customers – recent accomplishments Sources: Analysys Mason Note: 1 B2B (fixed & mobile) excl. WHS, internal revenue definition 2022 2023 2024 18.9% 19.3% 21.1% 15% 17% 19% 21% 23% 25% 27% 29% 2’000.00 2’200.00 2’400.00 2’600.00 2’800.00 3’000.00 2022A 2023A 2024E +2.2pp Sunrise core B2B market share growth ’22A-’24E B2B Core telco market share1 Large opportunity to continue gaining market share in our core segment Sunrise B2B market share (%) 50 3.2 3.3 16.0 22.4 9.1 14.5 1.7 2.5 1.0 1.2 2023A 2027E Fixed + Mobile Services Software Data Center Systems Devices Sources: Gartner Note: 1 Gartner market databook 2Q24 update - ICT includes software, services, data center systems, devices spend B2B Telco market including ICT market1 CHFbn Large opportunity to access value-added ICT services market +9x At the same time, we are entering the growing ICT market representing an opportunity of ~9x of the core market CAGR ’23A-’27E ~10% 51 Cybersecurity solutions Cloud enabled solutions Industrial & automation Value-added ICT services Comprehensive ICT service portfolio digitizing organisations MDR NEW, SCiON, SASE, DDOS SaaS, IaaS NEW WaaS 5G SA MPN NEW IoT Broad offering of integrated IT and communications solutions enabled by a strong partner ecosystem Sunrise Telco High Quality Infrastructure & B2B Services Outstanding 5G Mobile Network Fastest fixed network nationally Supported by prime partner ecosystem 52
Note: 1 Including Y-Redundancy, Broadband and Mobile Backup; 2 1.2k require physical build Case study – Migros: we have won the largest retailer in Switzerland with our competitive offering ✓ >2.2k sites & >2.5k stores ✓ Structured in regional “cooperatives” ✓ Product offering tailored by brand requirements and price point 40-60 sites will be deployed every week Dedicated project team & service management Fully managed SD WAN solution Streamlined connectivity portfolio1 1.4k+ fibre connections2 350+ km new fibre being put into the ground 800+ broadband connections (280 HFC) Ubiquitous presence across Switzerland Basel St. Gallen Baden Zürich Lugano Genève Bern Chur Bellinzoa Interlaken Migros presence Serving the biggest retailer and largest private employer in Switzerland… …providing a holistic set of solutions tailored around its telco needs 53 Source: Swiss Federal Statistical Office Note: 1 Penetration is calculated as # of customer relationships as % of total # of companies registered in CH; companies tend to maintain relationships with one or more telco operators. SMEs defined as companies with 10-249 employees (excluding Small office / Home office companies), Enterprise defined as companies with +250 employees 1 Building a plan for growth Enabling sales & digital business Scaling through selling more Expanding share of wallet Increasing scope Indirect / Partner channel Go-to-market Digitalization Customer value management Ecosystem Partners 2 3 4 5 Medium segment acceleration program focuses on 5 key pillars B2B companies' relationship penetration1 Sunrise customer relationships as % of # of companies in CH SMEs Headroom to grow SME penetration vs. Enterprise segment Enterprise SMEs to drive market share growth in coming years – Sunrise is targeting the high value medium segment Well-defined strategy focused largely on the underpenetrated SME segment ~2k ~94k ~1.5m ~2m Employees Companies B2B Swiss market 54 55 Sunrise B2B key takeaways key takeaways Tangible opportunity to grow underrepresented B2B market share (vs. Sunrise B2C) Highly competitive FMC product portfolio strengthened by Sunrise-UPC merger Expansion to fast growth value-added ICT services strengthened by prime partner ecosystem 1 2 3 Well-defined strategy tackling the large and attractive SME segment to drive customer wins leveraging a proven track record4 56 Switzerland’s premium and scaled challenger – primed for growth and cash returns Busin ss overvi w key takeaways 1 2 3 Main brand stabilisation and return to growth via a premium product positioning, focus on customer retention and share of wallet expansion Yallo continues growth momentum thanks to full telco and no-frills offering at an attractive price/value proposition B2B acceleration of growth via a competitive product portfolio and best-in-class partners
57 Q&A 58 Break Network & IT Elmar Grasser – Chief Technology Officer Anna Maria Blengino – Chief Information Officer 3 Network Elmar Grasser – Chief Technology Officer 3a
61Note: 1 Based on a total of 5.5m households and businesses in Switzerland; 2 First HFC to fibre upgrade pilots completed; 3 Layer 1 (IRU ALO) and Layer 3 (BBCS-F) deal with Swisscom; Layer 1 (20y Customer IRU) deal with all relevant local players; 4 Layer 3 (BBCS-C) deal with Swisscom; 5 Subject to GFast setup ~60% 55% 6% 27% 13% Sunrise is strongly positioned with the most comprehensive fixed network access and highest Gigabit coverage in Switzerland 2.5 Gbps 10 Gbps Up to 500 Mbps5 Owned Leased Owned2 Leased3 Owned Leased4 ~40% ~95% & utilities Partners Pilot Exclusive HFC network 1 Full access to FTTH & DSL through wholesale Speed advantage in large parts of the country 2 3 Key takeawaysHFC Fibre DSL Sunrise network approach Max speeds Dwellings coverage1 62 Buy (wholesale) Build? (network ownership) Sunrise’s hybrid strategy ensures cost optimization and provides continued strategic optionality Strong inflows despite ~53% of HFC network overbuilt with fibre Cost-efficient fibre access to protect/increase market share (both on/off-footprint) Optimization of overall access costs with smooth cash profile 2021 2022 2023 F T T H p e n e tr a ti o n ( % ) Time ~57% ~54% Base Inflow (11)% Maximize usage of own HFC & FWA networks Secure & optimize fibre wholesale access Retain optionality for own FTTH build Owned HFC & FWA in total share of base / inflow (FY 2023)1 Average wholesale cost per access line Note: 1 For Sunrise’s broadband residential subscribers (across both Sunrise and yallo); base referring to % of Sunrise’s broadband residential subscribers connected through HFC/FWA technology as of December 31, 2023; inflow referring to % of Sunrise’s new broadband residential subscribers signed up for broadband services through HFC/FWA technology in 2023 63 HFC Fibre 0.5 1.0 2.5 5.0 10.0 Before 2019 Since 2019 In 2024 Docsis 3.1 potential Docsis 4.0 potential HFC Fibre Future-proof 2.5 Gbps enabled HFC network, providing excellent customer experience Note: 1 As of date of the CMD, Sunrise has no firm plans to upgrade its network beyond 2.5 Gbps; 2 6-months average till Jun-24; NPS on a scale (100) to 100; 3 Sunrise Residential, 6-months average till Jun-24; NPS on a scale (100) to 100 Activation NPS3 – HFC even with advantage vs fibre Excellent customer experience Immediate activation and plug & play experience Fibre rich HFC network Technical optionality for further upgrades with limited incremental investment Current progress Future potential1 Comparable Continuous modernization over years extending network life Delivering tangible customer satisfaction with strong NPS Max download speed (Gbps) Total NPS2 – on similar level ~4pts 64 State of the art, fully ducted fibre rich HFC network Complementary hybrid HFC/fibre strategy ensures cost optimisation and provides continued strategic optionality 3 Future-proof fibre XGS-PON IT platform implemented 2 Complete fibre-based backbone and transport network with significant investments already secured 1 Own fibre roll-out pilot regions Samedan Pontresina Dielsdorf Sunrise’s backbone comprises ~25k km fibre cables and ~40k km coaxial cables Zürich Wintherthur St.Gallen Wil St.Margrethen Sargans Buchs Chur Horgen Zug Luzern Airolo Chiasso Locarno Bellinzona Lugano Niederurnen Rapperswil Arth-Goldau Basel Delemont Biel Neuchâtel Bern Thun Brig Sion Martigny Vevey Lausanne Genève Solothurn Olten Aarau Baden Koblenz Fribourg Interlaken
65 Off HFC/fibre footprint, Sunrise leverages its outstanding mobile network to offer Gigabit speeds through FWA ~1.6 ~1.0 2023 2030 0.51 1.0 DSL FWA 2x Gigabit speed also in remote areas ✓ Commercialization of mobile network investments FWA fully integrated in offerings and prioritized access (vs. DSL) if no HFC/fibre available ✓ ✓ ~75% Outdoor FWA coverage2 Note: 1 Subject to GFast setup; 2 As of 2023A Significant market opportunity Compelling alternative to DSL Coverage continuously improving Number of dwellings without fibre/HFC (mm) Maximum speed (Gbps) 66 Preparation ongoing for next generation WiFi7 enabled Mercury V3.7 CPEs Cloud steered in-home WiFi optimisation based on mesh-network and self-configuration Latest innovative in-home technologies providing great customer experience Note: 1 6-months average till Dec’23 / Jun’24; NPS on a scale (100) to 100 Dec-23 Jun-24 Internet TV Dec-23 Jun-24 +4pp+2pp State-of-the-art in-home gateways in all access footprints Top speed in every corner with WiFi6 Connect Pods Customer satisfaction and continuous improvement of reliability Reliability NPS1 67 Robust mobile infrastructure 99.9% 4G outdoor population coverage 98.8% ~75% ~73 Mbps 5G basic coverage 5G highspeed coverage Average download speed Sunrise 5G network outdoor coverage 68 968 #1 #2 #3 #4 #5 #6 #7 #8 #9 #10 #15 #16 #17 #18 #19 #20 Future traffic growth largely on 5G, which will be further strengthened through 5G SA2 Future re-farming of 4G to 5G seamless and based on existing equipment A highly rated mobile network with further improvements to come Source: Connect Note: 1 Connect evaluates companies in the categories of voice telephony, mobile data transmission and crowdsourcing, assigning a maximum of 270, 480 and 250 points respectively (maximum 1,000 points); results presented for top 20 networks; results for Belgian MNOs based on the latest available scores from 2023; 2 5G Standalone Rated as outstanding by Connect 8x in a row 2024 Connect network test results, points on a scale of 1,0001 2G switch-off done, 3G switch off in 2025 to enable re-farming for 5G Less than 2 pp. to #1 One of the best mobile networks in Europe … …constantly striving to improve 1 2 3
69 2020 2021 2022 2023 2024 Well invested 5G network with growth investments already completed 4G data growth has slowed down limiting incremental 4G network capex 5G underutilised carrying only ~30% data traffic Note: 1 CAGR 20’-23’and 23’-24YTD change based on average downlink in respective years; 2 For the 2018-2023 period 5G roll-out nearly complete with ~CHF500m cumulative 5G investment2 60% 37% 26% 21% 40% 63% 74% 79% ~3.0k ~3.1k ~3.1k ~3.2k 2020A 2021A 2022A 2023A Other sites 5G sites ~1.2k ~2.5k 2020A 2023A +104% ~18% (CAGR 20’-23’) ~3% (23’-24YTD) 4G 5G Number of macro sites (5G/other) 4G/5G data traffic downlink (TB)1 70 Suitability 5G 4G 3G ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 100Mhz 50Mhz 20Mhz 40Mhz 15Mhz 30Mhz 20Mhz 10Mhz 10Mhz 3500 TDD 2600 FDD 2100 FDD 1800 FDD 1400 SDL 900 FDD 800 FDD 700 FDD 700 SDL Sunrise with sufficient share of spectrum for future growth Note: 1 For Frequency Division Duplex (FDD) bands the value of the spectrum holding was multiplied by a factor of two to account for uplink and downlink; 2 Defined as respective Sunrise’s high/mid/low band holdings to total Sunrise spectrum holding (in Mhz); adjusted for FDD/TDD holdings difference; 3 Band currently not used and not forming part of Sunrise’s spectrum ecosystem; in the future it will most probably be utilised for 5G; 4 Including 100Mhz high band % band share2 ~34% ~42% ~24% High band Mid band Low band Expiry 2034 2028 2028 2028 2034 2028 2028 2034 2034 Strategically well positioned for ongoing migration to 5G Well-placed across all spectrum bands Long term spectrum availability with ~46% until 20344 Sunrise holdings in Mhz and spectrum usage1 Key takeaways 3 Rational regulatory framework and approach towards spectrum access 1 2 3 4 71 • Fully utilised tower deal with 56% of total antenna sites accessed through a long term MSA • Initial term of 20 years until 2037 • Optionality to extend for two additional terms of 10 years each, at Sunrise’s option • CPI indexation with a floor at 0% • Long-term supplier partnership for Sunrise’s mobile network and a part of its fixed network • Sunrise has built a leading 5G network in Europe benefitting from its partnership with Huawei • No imminent geopolitical and business need to replace Huawei Benefitting from strong partnerships in Network and IT delivery • Network sharing agreements for certain Sunrise and Salt antennas • Support on wider core network and IT • Access to latest pan European entertainment and connectivity platforms Wide network of specialised third-party service providers Key partners IT Anna Maria Blengino – Chief Information Officer 3b
73 Sunrise-UPC IT business roadmaps were successfully merged and consolidated, while maintaining operational stability Note: 1 Business roadmap included among others rebranding, new FMC proposition, Youth portfolio, new TV experience, Home Security offering Business roadmap delivery1 Merger 2021 Transformation to open architecture Built in modular services, allowing standard interoperability Consolidation 2023 Synergies Business harmonization Delivery efficiency Enabling customer migration Employees Digital workplace, collaboration tools, internal processes Company goals New commercial propositions, new services enablement Digitalization Front-ends and apps, customer interactions Innovation Enterprise data platforms enabling seamless integration with AI models, generative AI use cases, 5G capabilities Cloudification to leverage on scalability and cloud-native functions 74 Our sophisticated and well-designed IT strategy supports a seamless execution of our business strategy INTEGRATION AND CONSOLIDATION OF IT LANDSCAPES SUCCESSFULY COMPLETED FUTURE-PROOF, FIT FOR PURPOSE IT ARCHITECTURE HIGHLY STABLE AND RESILIENT IT ENVIRONMENT WITH A SHORT TIME TO MARKET 75 Switzerland’s premium and scaled challenger – primed for growth and cash returns Netwo k and IT key takeaways Most comprehensive fixed network access and largest Gigabit coverage in Switzerland Future-proof 2.5 Gbps enabled HFC network providing excellent customer experience Complementary hybrid HFC/fibre strategy ensures cost optimisation and provides continued strategic optionality One of the best mobile networks in Europe with an unrelenting focus on quality and innovation 1 2 3 4 Open architecture to align the business strategy with the newest technological solutions5 Sustainability and Governance André Krause – CEO 4
77 Sunrise’s strong sustainability achievements… Note: 1 International Organization for Standardization (ISO) certification confirming the highest standards for Information Security Management System (ISO 27001) and Environmental Management Systems (ISO 14001); 2 CDP – Carbon Disclosure Project is an initiative launched by institutional investors that aims to promote dialogue between investors and businesses on climate change issues; businesses provide information on their greenhouse gas emissions and climate action strategies; 3 Rates/coupons of selected Sunrise financing lines are subject to adjustments based on the achievement of certain ESG metrics INAUGURAL SUSTAINABILITY REPORT PUBLISHED IN 2024 RECOGNISED GLOBALLY FOR OUR COMMITMENT CDP2 Improved rating from D to B ISO 27001 ISO 14001 certified1 Sustainability- linked financing3 78 …and clearly defined sustainability targets as part of its strategy Share of women in leadership roles ≥25% by 20301 Reduction of Scope 1 and 2 GHG emissions by 51%, Scope 3 by 30% by 20322 Maintaining a very high network availability of >99.9%3 ISO 27001 certification every year4 PEOPLE PLANET PROGRESS GOVERNANCE Management and overall company incentives are linked to sustainability targets Engagement score ≥8.2 points (out of 10) by 2025 (top 25% of peers) Company car fleet all-electric by end of 2024 Digital to Call Rate of ≤ 8% in 2024 100% participation rate in mandatory e-learning courses every year Note: 1 Base year 2023: 16.9%; 2 Base year 2022; targets aligned with SBTi requirements; 3 In each mobile and fixed network; 4 Information Security Management System (ISMS) 79 Sunrise Board of Directors represents a strong mix of Swiss nationals and strategic leaders from telecom and media sectors x Industry experience ADAM BIRD DIRECTOR Senior Partner and Global Lead of McKinsey & Co.’s Consumer Tech & Media practice 30 MIKE FRIES SUNRISE CHAIR CEO and Co-founder Liberty Global CATHERINE MÜHLEMANN DIRECTOR Formerly partner at Andmann Media Holding and former Board member of Swisscom and Kabel Deutschland ENRIQUE RODRIGUEZ DIRECTOR Chief Technology Officer Liberty Global 35 LUTZ SCHÜLER DIRECTOR CEO Virgin Media O2 25 INGRID DELTENRE DIRECTOR Formerly CEO of Swiss Television THOMAS D. MEYER DIRECTOR Formerly CEO of Accenture AG Switzerland and Chairman of Sunrise from 2020 to 2021 Swiss citizen 25 Previous member of Sunrise’s Board of Directors 25 3440 80 Q&A
Financial overview Jany Fruytier – Chief Financial Officer 5 82 Premium and scaled Swiss national challenger – ready to unleash full value-creation potential Past Successful merger integration • Managing brand integration and higher churn • Upfront spendings and cost- to-capture Present Setting up for successful spin-off and growth • Improved brand positioning and organizational design • Stable topline and margins despite headwinds Outlook Clear growth plan and cash flow generation • Growth re-acceleration • Efficient cost structure • Improved Capex intensity • Strong cash conversion and attractive shareholder returns 83 Successful merger integration with heavy lifting completed and only few milestones left Note: 1 Referring to incremental, third-party operating and capital related costs that are directly associated with integration activities, restructuring activities and certain other costs associated with aligning an acquiree to our business processes to derive synergies spent; 2 Figures shown relate to the period from 2020 to and including 2023 Clean foundation for future growth after historical financials were impacted by exceptional events since merger CHF87.5m Opex and CHF210.5m Capex already incurred (93% of CtC already spent) ~70%2 realized, only marginal CtC left Well set-up with most commercial investments made Majority done resulting in an attractive and stable base Implemented in 2023 Successful billing, IT and HR integration Large upfront spending (CtC1,2) Synergies realized New organiza- tional design Brand strategy Customer migration Price increase 84 Sunrise delivered stable performance throughout the UPC base integration HighlightsKey P&L metrics and overview on integration-related costs CHFm 2021RB 2022RB 2023RB Revenue 3,042 3,042 3,035 Growth (%) - (0.2%) Opex 968 1,004 975 o/w Cost-to-capture2 27 36 12 % of Revenue 31.8% 33.0% 32.1% Adj. EBITDAaL 1,064 1,025 1,030 Margin (%) 35.0% 33.7% 33.9% P&E Additions (“Capex”)1 580 576 538 o/w Cost-to-capture2 69 96 41 % of Revenue 19.1% 18.9% 17.7% Adj. EBITDAaL less P&E Additions 484 449 492 % of Revenue 15.9% 14.8% 16.2% % of Adj. EBITDAaL 45.5% 43.8% 47.8% Note: Financial metrics are shown on a rebased IFRS basis (RB); See appendix for alternate performance measure definitions and reconciliations; 1 Excluding finance lease additions and hockey rights; 2 Referring to costs arising in capturing the synergies 2022 • Stable full year revenue while executing on key integration milestones • Opex slightly increased due to integration efforts which peaked in 2022 • Well-invested fixed and mobile networks with success-based future investments 2023 • Stable topline on the back of volume related growth partially offset by customer churn related to brand integration and price increases • Slightly lower Opex due to lower cost-to-capture
85 Leveraging progress on non-financial KPIs in recent quarters to unlock further potential Note: 1 Includes residential customers only; 2 ARPU based on residential customers only; mobile ARPU based on mobile subscription revenue divided by mobile RGUs, and fixed ARPU based on fixed subscription revenue divided by fixed customer relationships Mobile (postpaid) (#k) Internet (#k) Net additions Continued traction from Flanker Brands growth and Main Brand improvement Return to growth driven by churn reduction23 29 Q1'23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 (1) 7 Q1'23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Fixed customer relationships1 (#k) FMC (% of base) Customer overview Broadly stable customers base despite UPC migrations and legacy product phase-out Continued cross & upselling of converged bundles and additional services leads to steady growth 1’426 1’395 Q1'23 Q2'23 Q3’23 Q4’23 Q1’24 Q2’24 55.5% 56.2% Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Mobile2 (CHF) Fixed2 (CHF) ARPU development Strong volume growth partially offset by pricing pressure, higher Flanker Brand share and in-bundle trends (e.g. roaming) Competitive market environment and ongoing right-pricing of existing customer base, partially offset by Q2’23 price increase 30.4 31.9 30.0 H1'23 H2'23 H1'24 61.3 61.4 59.9 H1'23 H2'23 H1'24 86 (6.4%) 1.0% (1.5%) 10.3% 1.9% 1.9% Q1'23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Stronger quarterly results on the back of operating tailwinds and with integration efforts largely complete All metrics as growth year-over-year in % on rebased basis Note: Financial metrics are shown on a rebased IFRS basis (RB); See appendix for alternate performance measure definitions and reconciliations (1.7%) (1.0%) (0.8%) 2.5% (0.1%) 0.6% Q1'23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Revenue Revenue profile peaking in fourth quarter with strong promotional activity, with latest quarter showcasing positive trajectory Adj. EBITDAaL Balanced EBITDA growth profile on the back of integration efforts benefitting from previously achieved milestones (13.2%) 5.2% 4.2% 87.1% 11.0% (8.1%) Q1'23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Adj. EBITDAaL less P&E additions Strong Adj. EBITDAaL less P&E additions growth with slowdown in Q2’24, demonstrating achieved improvements in cash conversion 87 353 Expected 2024 Adj. FCF to improve driven by various factors Note: Barring unforeseen events 2023A 2024E Operational improvements 360-370 Capital spend Capital managementCOGS savingsTop-line stabilization Adj. FCF effectAdj. EBITDAaL effect ✓ Sunrise brand churn reduction ✓ Ongoing momentum for Yallo and B2B ✓ Reduced interest burden ✓ Positive one-off NWC impact ✓ Phase-out of restructuring and cost-to- capture ✓ Migration milestones ✓ Program- ming costs offset ✓ Lowered spending on handsets ✓ Migration- related customer premise equipment spend largely completed Revenue effect 2024 Guidance: Broadly stable 2024 Guidance: Stable to low-single digit growth One-off effect of CHF10m incl. incremental transaction related costs Spin-off related costs Adj. FCF (CHFm) 88 Previously communicated FY2024 financial guidance under US GAAP reconfirmed but adjusted for one-off costs US GAAP Significant adjustments IFRS (Rebased) Change in FY 2024 guidance? Revenues Broadly stable No changes Broadly stable Adj. EBITDAaL1 Stable to low-single digit growth (EBITDA) Operating lease expenses deducted from Adj. EBITDA2 + rebasing Stable to low-single digit growth Capex/revenue 16-18% of revenue No changes 16-18% of revenue Adj. FCF1 CHF360-400m ~CHF10m spin-off related one-off costs CHF360-370m Note: Barring unforeseen events; Financial metrics are shown on a rebased IFRS basis (RB); See appendix for alternate performance measure definitions and reconciliations; 1 Quantitative reconciliations to net earnings/loss (including net earnings/loss growth rates) and cash flow from operating activities for Adj. EBITDA, Adj. EBITDAaL, and Adj. FCF guidance cannot be provided without unreasonable efforts as we do not forecast (i) certain non-cash charges including: the components of nonoperating income/expense, depreciation and amortization, and impairment, restructuring and other operating items included in net earnings/loss from continuing operations, nor (ii) specific changes in working capital that impact cash flows from operating activities. The items we do not forecast may vary significantly from period to period; 2 Compared to US GAAP where it is recorded in direct costs and Opex (none) (none) (none) (tightened)
89 Sunrise and Liberty Global will remain strategic partners on arm’s length terms Service agreements Technology1 Financial1 Transitionary management Support on wider core network and IT related elements as well as access to latest pan European entertainment and connectivity platforms Shared service center and procurement offerings next to general financial services, leveraging Liberty Global’s international vendor relationships and scale Advice and support on a variety of corporate services to drive operational efficiency and value maximization Recurring ~CHF76m with CHF55m in Opex and CHF20m in Capex (reflected in historical financials) Recurring ~CHF5m Opex item (reflected in historical financials) ~CHF30m transitional Opex item from 2025 (5-year gradual phaseout) Note: Barring unforeseen events; 1 These service agreements have a five-year term and an early termination right with a three-year term 90 No near-term maturities and weighted average life of 5 years2 Fully-swapped into CHF Fully-hedged debt stack until 2029 with weighted average cost of debt of 3.0%2 Note: Barring unforeseen events; Financial metrics are shown on a rebased IFRS basis (RB); See appendix for alternate performance measure definitions and reconciliations; 1 Calculated based on Net Debt / Adj. EBITDAaL; 2 As of Q2’24 Target leverage ratios Expected leverage mid-term1 Leverage H1’24 4.5x Impact going forward Liberty Global capital injection Solid capital structure pre-spin with clear deleveraging path post spin-off A B C Reduced interest payments from lower external debt Positive net impact from the delevered capital structure Lower tax shield from reduced interest expense Incremental FinCo tax expense based on new perimeter Impact of effect on capital structure 19% 60% 21% 2025 2026 2027 2028 2029 2030 2031 Capital structure maturity profile 5.9x Expected leverage at FY241 3.5-4.5x 91 1 Growth acceleration Stabilization of Main Brand, momentum in Yallo and B2B market share gains 2 Stable Opex base Stable and efficient cost management to drive EBITDAaL margin under growing top-line 3 Capex efficient Improved Capex profile post integration and 5G investment completion 4 Deleveraging Positive net impact from the delevered capital structure FCF growth Solid FCF growth expected to drive attractive shareholder distributions Path to accelerated cash flow post spin-off and deliver attractive returns to Sunrise shareholders 5 Tax impact Full tax paying expected from 2028 onwards 92 1 2024E Mid-term Stable to low- single digit growth ✓ Churn reduction through premium positioning, loyalty programs, and pushing FMC ✓ Multi-mobile & enhanced services supporting share of wallet growth ✓ Continue market share momentum based on full telco offering ✓ Attractive “value for money” proposition B2B ✓ Market share gains on the back of new offering ✓ Recent customer wins and B2B underpenetration vs. consumer Growth acceleration expected from each of the three growth engines Revenue and customer growth on the back of multi-brand strategy and strong value propositions Guidance 2025: Broadly stable Revenue A B C A B C Note: Barring unforeseen events
93 ✓ Modest gross profit margin decline driven by slightly increased leased fibre usage and new lower margin services ✓ Positive in absolute terms driven by volume ✓ Operational improvement driven by stable Opex base ✓ Efficient cost management with acceleration of top-line Adj. EBITDAaL growth benefiting from scale and stable Opex base Gross profit development Low-single digit growth Operational improvement 2 Adj. EBITDAaL margin improvement from leaner organizational design, digitalization and automation efforts 2024RB1 Mid-term Guidance 2025: Stable to low-single digit growth Note: Barring unforeseen events; 1 For like-for-like comparability reasons, the 2024E EBITDAaL figure will be rebased when comparing to 2025A to reflect a full year as a standalone company A B Adj. EBITDAaL1 A B 94Note: Barring unforeseen events; Financial metrics are shown on a rebased IFRS basis (RB); See appendix for alternate performance measure definitions and reconciliations; 1 Referring to costs arising in capturing the synergies 16-18% ~15% Lower CPE migration Lower product & enablers Lower P&E additions as % of revenue due to well invested fixed and 5G mobile networks as well as growing top-line 2024E ✓ Product & enablers investments declining post successful integration ✓ Customer premise equipment (CPE) migrations largely completed ✓ Supported by higher refurbishment share in the future Mid-term target Guidance 2025: 15-16% of revenue Improved Capex profile post integration and 5G investment completion 3 P&E additions A B A B Baseline CtC1 95 Impacts from deleveraging, tax and working capital4 ⚫ Deleverage to expected 4.5x during FY24 via Liberty Global cash injection ⚫ Weighted average CoD: 3.0% ⚫ Additional interest savings due to further deleveraging by using FCF after dividends to pay down debt Deleveraging ⚫ Full tax paying expected from 2028 onwards ⚫ ~17% effective tax rate (based on distribution of assets by canton, with majority of Sunrise assets currently in Zurich) ⚫ Some non-tax-deductible items, especially in D&A and financial interests Tax ⚫ Positive working capital effect in 2024 ⚫ 2025 expected to benefit from positive one-off NWC impact ⚫ Net zero impact of working capital assumed thereafter Working Capital Note: Barring unforeseen events 5 96 360-370 >410Growth acceleration Stable Opex base DeleveragingCapex efficient Attractive Adj. FCF profile underpinned by 4 key drivers Strong Adj. FCF generation with a robust growth profile over time 2024E Mid-term target ✓ Stabilized Main Brand ✓ Growth acceleration on the back of full telco proposition of Yallo ✓ B2B market share gains ✓ Efficient cost management with a stable Opex base to drive Adj. EBITDAaL growth ✓ Improved Capex profile ✓ 5G investments, CPE migrations and M&A integration largely completed ✓ Efficient operational and financial management supporting attractive Adj. FCF profile Guidance 2025: CHF370-390m 1 2 2 3 4 3 Tax impact5 4 Full tax paying expected from 2028 onwards 5 Adj. FCF (CHFm) 1 Note: Barring unforeseen events; Financial metrics are shown on a rebased IFRS basis (RB); See appendix for alternate performance measure definitions and reconciliations
97 Outlook summary Note: Quantitative reconciliations to net earnings/loss (including net earnings/loss growth rates) and cash flow from operating activities for Adj. EBITDA, Adj EBITDAaL, and Adj. FCF guidance cannot be provided without unreasonable efforts as we do not forecast (i) certain non-cash charges including: the components of nonoperating income/expense, depreciation and amortization, and impairment, restructuring and other operating items included in net earnings/loss from continuing operations, nor (ii) specific changes in working capital that impact cash flows from operating activities. The items we do not forecast may vary significantly from period to period; barring unforeseen events; 1 After deduction of ~CHF10m spin-off related one-off costs; 2 Subject to approval by Sunrise’s Annual General Meeting; 3 As long as net leverage ratio between 3.5x - 4.5x, afterwards the company will re-evaluate its capital allocation strategy 16-18% of revenue Stable to low-single digit growth Broadly stable CHF360-370m1 2024 Mid-term targets Revenue Adj. EBITDAaL Capex / revenue Adj. FCF1 Dividend • 2025 dividend2 (for FY2024): ≥CHF240m • Targeting progressive DPS policy and pay out of up to 70% of Adj. FCF3 • Dividends not subject to Swiss withholding tax for 5+ years 15-16% of revenue Stable to low-single digit growth Broadly stable CHF370-390m 2025 ~15% of revenue Low-single digit growth Stable to low-single digit growth >CHF410m on a fully taxed basis 98 Switzerland’s premium and scaled challenger – primed for growth and cash returns Financial overvi w key takeaways Successful merger integration with strong performance throughout and heavy lifting completed Solid operational set-up in place evidenced by recent quarterly results Clear levers to accelerate growth and cash flow generation Attractive and progressive distribution policy 1 2 3 4 Transaction overview Alex Herrmann – Vice President Investor Relations 6 100 Sunrise incorporated and headquartered in Switzerland 100% spin-off to existing Liberty Global shareholders Special meeting ("EGM") of Liberty Global shareholders to approve spin-off Execution of spin-off expected in Q4 20244 Two Sunrise share Classes1 • Class A: nominal value of CHF0.10 per share listed on SIX Swiss Exchange • Class B: nominal value of CHF0.01 per share not listed on any exchange1 • One vote per share regardless of class but different economic value2 • Illustrative voting power3: Class A: 73%; Class B: 27% Transaction overview and timing Note: 1 Class B shares can be exchanged in Class A shares with a ratio of 10:1; 2 Class B only has 1/10th of the economic value and entitlement compared to Class A; 3 Based on the number of Liberty Global Common Shares outstanding as of 28 August 2024 and the distribution ratios described in the F-4; 4 Subject to EGM approval and other conditions Listing on SIX Swiss Exchange Transaction timeline
101Note: 1 Transitional period will extend from the closing of the spin-off to a date which will be approximately nine months following the closing of the spin-off, with the specific date to be determined; 2 Holders of Sunrise ADSs will be responsible for paying any taxes or other expenses in connection with such exchange Summary of envisaged distribution Shareholders will initially receive American Depositary Shares (ADSs) in Sunrise to facilitate efficient settlement mechanics Shareholders can either hold US- securities in form of ADSs or exchange into underlying Sunrise common shares Sunrise Class A ADSs will be listed on Nasdaq for transitional period of ~9 months post spin-off1 Smooth transition of trading liquidity for Sunrise to SIX Swiss Exchange as natural home listing market Sunrise ADSs holders can immediately exchange these to receive underlying Sunrise shares Sunrise ADS holders who exchange ADSs for underlying shares within the first 3 months following the spin- off will not have to pay depositary fees of up to $0.05 per Sunrise ADS for such cancellation2 (See appendix and F-4 for further details) All Liberty Global shareholders on the spin-off record date are entitled to receive shares of Sunrise on the effective date Detailed timeline will be communicated in due course 102 Q&A Closing Remarks André Krause – CEO 7 104 Switzerland’s premium and scaled challenger – primed for growth and cash returns it rl ’ r i l ll r ri f r r t r t r A B C D E F Favourable Swiss macro environment Attractive & progressive shareholder returns Attractive telecom market Premium and scaled challenger High quality and future-fit networks Stable business and compelling cash flow generation Clear growth plan
105 Appendix 106 Summary of the envisaged distribution Shareholder friendly distribution via ADSs to facilitate efficient settlement mechanics Note: X:Y indicates ratio of shares X required to receive Y shares in a distribution or exchange; 1 The Nasdaq listing of the Sunrise Class A ADS will be for a transitional period only, to facilitate trading and holding of the Sunrise Class A ADSs after the spin-off; this transitional period will extend from the listing date of the Sunrise Class A ADSs on Nasdaq to a date which will be approximately nine months thereafter, with the specific date to be determined; Sunrise could elect to extend the transitional period based upon facts and circumstances at the time; Sunrise ADS holders who exchange ADSs for underlying shares within the first 3 months following the spin-off will not have to pay depositary fees of up to $0.05 per Sunrise ADS for such cancellation. Holders of Sunrise ADSs will be responsible for paying any taxes or other expenses in connection with such exchange; 2 If there is a market All Liberty Global shareholders on the spin-off Record Date are entitled to participate in the spin-off Sunrise will have a two-tier share structure composed of A and B shares Entitled Liberty Global shareholders will receive ADSs as part of the transaction To trade the Sunrise A shares on SIX, recipients of Sunrise ADSs can immediately exchange these to receive the underlying Sunrise shares Alternatively, holders of Sunrise A ADSs can trade these on NASDAQ for a transitional period of ~9 months1. Holders of Sunrise B ADSs or Sunrise B shares can trade these OTC2 Current Liberty Global share structure Liberty Global A shares Listed on NASDAQ Liberty Global C shares Listed on NASDAQ Liberty Global B shares Listed on NASDAQ Spin-off distribution Sunrise A ADSs Listed on NASDAQ1 Sunrise B ADSs Unlisted Sunrise share structure Sunrise A shares Listed on SIX Sunrise B shares Unlisted Distribution on a 5:1 basis Distribution on a 1:2 basis B shares are exchangeable into A shares on a 10:1 basis Exchangeable on a 1:1 basis Exchangeable on a 1:1 basis Envisaged distribution structure Transaction overview Financial Operational Glossary 107 Rebase Information Rebase results, which are non-IFRS measures, are presented as a basis for assessing growth rates on a comparable basis. Rebase information is provided to show the results of the business without the impact of certain acquisition-related, transaction-related, or certain other amounts that are not organic in nature to the results of the business. As such, rebase results below do not include future transaction specific adjustments, for example, any future incremental costs of Sunrise being a separately listed company or the impact of any future service agreement between Liberty Global and Sunrise, etc. Investors should view rebased results as a supplement to, and not a substitute for, IFRS measures of performance included in Sunrise’s consolidated statements of operations. Transaction overview Financial Operational Glossary 108 Rebase Information – continued Transaction overview Financial Operational Glossary
109 Rebase Information – continued (1) Represents the pre-acquisition revenue, Adjusted EBITDAaL and Adjusted EBITDAaL less P&E additions of Elektra Baselland Telecom (EBLT), which was acquired by Sunrise during 2023, to the same extent that the revenue, Adjusted EBITDAaL and Adjusted EBITDAaL less P&E additions of EBLT is included in Sunrise results for the year ended December 31, 2023. The revenue, Adjusted EBITDAaL and Adjusted EBITDAaL less P&E additions of EBLT has been reflected in the 2022 and 2021 rebased amounts based on what Sunrise believes to be the most reliable information that is currently available (generally pre-acquisition financial statements), as adjusted for the estimated effects of (a) any significant differences between IFRS and local generally accepted accounting principles, (b) any significant effects of acquisition accounting adjustments, (c) any significant differences between Sunrise accounting policies and those of the EBLT and (d) other items deemed appropriate. Pre-acquisition periods have not been adjusted to eliminate nonrecurring items or to give retroactive effect to any changes in estimates that might be implemented during post-acquisition periods. As Sunrise did not own or operate EBLT during the pre-acquisition periods, no assurance can be given that all necessary adjustments have been identified to present the revenue, Adjusted EBITDAaL and Adjusted EBITDAaL less P&E Additions of EBLT on a basis that is comparable to the corresponding post-acquisition amounts or that the pre-acquisition financial statements relied upon do not contain undetected errors. In addition, the rebased results are not necessarily indicative of the revenue, Adjusted EBITDAaL and Adjusted EBITDAaL less P&E Additions that would have occurred if this transaction had occurred on the date assumed for purposes of calculating rebased amounts or the revenue, Adjusted EBITDAaL and Adjusted EBITDAaL less P&E Additions that will occur in the future. (2) In connection with the completion of UPC Switzerland’s acquisition of Sunrise Communications Group AG on November 11, 2020, the opening balance sheet of the combined business was reported at its estimated fair value. As such, certain amounts were adjusted to reflect the impact of acquisition accounting as required under IFRS, including the write-off of deferred commissions and installation costs (Acquisition Accounting Adjustments). The above adjustments therefore reverse the effect these Acquisition Accounting Adjustments and reflect the amortization of deferred commissions and installation costs to Adjusted EBITDAaL as if these amounts had not been written off in purchase accounting so as to not impact the underlying growth rates of the business for this non-organic impact, until such point these deferred commissions and installation costs returned to pre-acquisition run-rate levels. (3) During the first quarter of 2023, Liberty Global changed the terms of certain agreements related to charges for certain products and services that they provide to their reportable segments, including Sunrise. These products and services include CPE hardware and related essential software, maintenance, hosting and other services. As a result, Sunrise now capitalizes the combined cost of the CPE hardware and essential software as property and equipment additions. The other services, including maintenance and hosting, continue to be reported as operating costs in the period incurred (included in Adjusted EBITDAaL). The above adjustments reflect the impact of this change in contract terms in the years ended December 31, 2022 and 2021 to the same extent this change impacted the 2023 results. (4) During the fourth quarter of 2023, Sunrise recognized a gain related to a pension curtailment as a result of certain one-time restructuring activities. The above adjustment reverses the effect of this one-time gain so as to not impact the underlying growth rates of the business for this non-organic impact. (5) Represents certain one-time Sunrise Spin-off related costs. The above adjustment reverses the effect of these one-time costs so as to not impact the underlying growth rates of the business for this non-organic impact. Transaction overview Financial Operational Glossary 110 U.S. GAAP to IFRS Reconciliations Transaction overview Financial Operational Glossary 111 U.S. GAAP to IFRS Reconciliations – continued Transaction overview Financial Operational Glossary 112 U.S. GAAP to IFRS Reconciliations – continued Transaction overview Financial Operational Glossary
113 U.S. GAAP to IFRS Reconciliations – continued Transaction overview Financial Operational Glossary 114 U.S. GAAP to IFRS Reconciliations – continued U.S. GAAP to IFRS Adjustments: Leases: Finance leases are presented as part of right-of-use assets under IFRS whereas finance leases are presented as part of property and equipment, net under U.S. GAAP. The amortization of all right of use assets is presented as part of depreciation expense under IFRS whereas the amortization of operating leases is presented as part of operating expenses under U.S. GAAP. Interest expense related to the accretion of all lease liabilities is presented as part of interest expense under IFRS whereas the periodic accretion of lease liabilities related to operating leases is recognized as a reduction to amortization expense presented as part of operating expenses under U.S. GAAP. Asset Retirement Obligations: Asset retirement obligation provisions are remeasured at each reporting period and accretion expense on asset retirement obligation provisions is presented as interest expense under IFRS, whereas asset retirement obligation provisions are only remeasured upon a revision of the estimated cash flows and accretion expense is presented within operating expenses under U.S. GAAP. Pension: Curtailment gains are recognized at the same time as the related restructuring or termination benefits under IFRS whereas curtailment gains are recognized when they occur under U.S. GAAP. Cloud Computing: Certain cloud computing costs related to application development that are provided directly by the cloud computing provider and would not be incurred again if the provider were replaced with another provider are allowed to be deferred as a prepayment and expensed over the service period under IFRS. Under U.S. GAAP, eligible costs incurred during application development are allowed to be deferred as a prepayment and expensed over the service period regardless of whether they are provided directly by the cloud computing provider or another party. Sports Rights Agreements: Sports rights agreements are capitalized as an intangible asset and recognized as a liability at the start of the first sports season and subsequently amortized on a straight-line basis over the contract term under IFRS, whereas payments for sports rights in advance of the respective season are recorded as a prepaid expense and amortized on a straight-line basis over the respective sports season within operating expenses under U.S. GAAP. Transaction overview Financial Operational Glossary 115 Non-IFRS Reconciliations Transaction overview Financial Operational Glossary 116 Non-IFRS Reconciliations – continued Transaction overview Financial Operational Glossary
117 Non-IFRS Reconciliations – continued Transaction overview Financial Operational Glossary 118 Quarterly P&L Quarterly P&L CHF millions 2021RB Q122 Q222 Q322 Q422 2022RB Q123 Q232 2023A (H1) Q323 Q423 2023RB Q124 Q224 2024A (H1) Revenue 3,042.4 760.1 740.4 765.7 775.7 3,041.9 747.4 733.3 1,480.7 759.1 795.4 3,035.2 746.8 737.5 1,484.3 Growth % (0.0%) (1.7%) (1.0%) (0.8%) 2.5% (0.2%) (0.1%) 0.6% CoS 818.4 195.7 179.2 199.3 228.0 802.4 201.7 192.3 394.0 204.2 236.4 834.6 201.7 195.1 396.9 Gross Profit 2,224.0 564.4 561.2 566.4 547.7 2,239.5 545.7 541.0 1,086.7 554.9 559.0 2,200.6 545.0 542.4 1,087.4 Growth % 0.7% (3.3%) (3.6%) (2.0%) 2.1% (1.7%) (0.1%) 0.3% Margin % 73.1% 74.3% 75.8% 74.0% 70.6% 73.6% 73.0% 73.8% 73.4% 73.1% 70.3% 72.5% 73.0% 73.5% 73.3% OPEX 968.3 250.4 257.1 236.2 260.6 1,004.4 252.5 237.7 490.4 232.7 251.6 974.6 246.2 233.8 480.0 SBC 24.8 8.9 4.9 9.9 7.0 30.7 5.3 6.9 12.2 5.1 5.2 22.5 4.8 5.2 10.0 Adjustments (24.8) (8.9) (4.9) (9.9) (7.0) (30.7) (5.3) (6.9) (12.2) (5.1) (5.2) (22.5) (4.8) (5.2) (10.0) Adj. EBITDA 1,255.7 313.9 304.1 330.1 287.1 1,235.2 293.2 303.3 596.3 322.2 307.4 1,226.0 298.8 308.6 607.4 Leases 191.7 52.7 52.7 52.7 52.6 210.7 48.8 49.4 98.2 48.9 48.8 195.9 49.8 50.0 99.8 Adj. EBITDAaL 1,064.0 261.2 251.4 277.4 234.5 1,024.5 244.4 253.9 498.1 273.3 258.6 1,030.1 249.0 258.6 507.6 Growth % (3.7%) (6.4%) 1.0% (1.5%) 10.3% 0.5% 1.9% 1.9% Margin % 35.0% 34.4% 34.0% 36.2% 30.2% 33.7% 32.7% 34.6% 33.6% 36.0% 32.5% 33.9% 33.3% 35.1% 34.2% P&E Additions excl. Hockey rights 579.7 138.4 114.7 142.4 180.3 575.8 137.8 110.1 253.1 132.6 157.2 537.7 130.7 126.5 257.2 % of Revenue 19.1% 18.2% 15.5% 18.6% 23.2% 18.9% 18.4% 15.0% 17.1% 17.5% 19.8% 17.7% 17.5% 17.2% 17.3% Adj. EBITDA less P&E Add. 676.0 175.5 189.4 187.7 106.8 659.4 155.4 193.2 343.2 189.6 150.2 688.3 168.1 182.1 350.2 Adj. EBITDAaL less P&E Add. 484.3 122.8 136.7 135.0 54.2 448.7 106.6 143.8 245.0 140.7 101.4 492.4 118.3 132.1 250.4 Growth % (7.4%) (13.2%) 5.2% 4.2% 87.1% 9.7% 11.0% (8.1%) % revenue Interest (284.2) (287.1) (125.4) (248.0) (125.3) Tax (18.1) (9.3) (0.6) 4.0 (1.2) Working Capital & Other 114.5 147.2 132.7 104.0 (11.2) Adj. FCF 296.5 299.5 251.7 352.5 112.7 Transaction overview Financial Operational Glossary 119 Quarterly Revenue split Quarterly Revenue split CHF millions 2021RB 2022RB Q123 Q232 2023A (H1) Q323 Q423 2023RB Q124 Q234 2024A (H1) Revenue 3,042.4 3,041.9 747.4 733.3 1,480.7 759.1 795.4 3,035.2 746.8 737.5 1,484.3 Growth % (0.0%) (1.7%) (1.0%) (0.8%) 2.5% (0.2%) (0.1%) 0.6% Residential Customers 2,314.6 2,275.5 559.7 544.4 1,104.1 563.6 579.6 2,247.2 547.1 533.3 1,080.3 Fixed Revenue 1,136.5 1,088.3 265.5 263.9 529.4 269.0 263.4 1,061.7 257.0 253.1 510.1 o/w Subscription 1,124.5 1,079.6 262.5 259.5 522.0 262.7 258.4 1,043.1 252.7 249.6 502.3 o/w Non-Subscription & Hardware 12.0 8.7 3.0 4.4 7.4 6.3 5.0 18.6 4.3 3.5 7.8 Mobile Revenue 1,028.5 1,053.5 258.8 250.2 509.0 265.1 278.2 1,052.3 256.2 249.7 505.8 o/w Subscription 831.7 854.8 206.0 208.9 414.8 222.9 215.1 852.9 207.3 208.9 416.2 o/w Non-Subscription & Hardware 196.8 198.7 52.8 41.3 94.2 42.2 63.1 199.4 48.9 40.8 89.6 Other 149.6 133.7 35.4 30.3 65.7 29.5 38.0 133.2 33.9 30.5 64.4 Business Customers & Wholesale 713.3 752.3 187.6 187.5 375.1 194.1 207.3 776.5 199.3 202.6 401.8 Fixed Revenue 412.6 430.6 104.8 106.3 211.1 109.9 116.4 437.4 115.4 117.8 233.1 o/w Subscription 273.8 270.0 66.9 68.1 135.0 68.5 69.9 273.4 70.2 72.0 142.2 o/w Non-Subscription & Hardware 138.8 160.6 37.9 38.2 76.1 41.4 46.5 164.0 45.2 45.8 90.9 Mobile Revenue 299.6 320.8 80.8 81.0 161.8 83.9 90.5 336.2 83.2 84.0 167.2 o/w Subscription 226.0 240.6 61.7 62.6 124.3 64.3 66.1 254.7 65.3 66.0 131.3 o/w Non-Subscription & Hardware 73.6 80.2 19.1 18.4 37.5 19.6 24.4 81.5 17.9 18.0 35.9 Other 1.1 0.9 2.0 0.2 2.2 0.3 0.4 2.9 0.7 0.8 1.5 Infrastructure & Support Functions 7.8 7.4 0.1 1.4 1.5 1.4 8.5 11.5 0.4 1.8 2.2 Fixed Revenue (Subscription) 2.6 0.7 - - - - - - - - - Other 5.2 6.7 0.1 1.4 1.5 1.4 8.5 11.5 0.4 1.8 2.2 Transaction overview Financial Operational Glossary 120 Operational KPIs – Customer relationships Transaction overview Financial Operational Customer Relationships 2021 2022 Q123 Q232 2023H1 Q323 Q423 2023H2 2023 Q124 Q224 2024 H1 o/w Fixed Fixed Customer Relationships represent the number of customers who receive at least one of Sunrise’s broadband internet, TV or fixed-line telephony services, without regard to which or to how many services they subscribe. Fixed Customer Relationships generally are counted on a unique premises basis. Accordingly, if an individual receives Sunrise’s services in two premises (e.g., a primary home and a vacation home), that individual generally will count as two Fixed Customer Relationships. Sunrise’s fixed customer relationships include customers who receive Basic Cable Services (“BCS”) which are services delivered without the use of encryption-enabling, integrated or virtual technology as well as customers who receive fixed telephony services over Sunrise’s networks, or that Sunrise services through a partner network. Residential 1,429,995 1,412,276 1,436,027 1,426,348 1,426,348 1,416,509 1,401,508 1,401,508 1,401,508 1,399,307 1,394,952 1,394,952 Business1 87,914 99,745 102,579 105,337 105,337 107,789 110,275 110,275 110,275 112,476 115,198 115,198 Convergence (FMC Penetration) Fixed-mobile convergence penetration represents the number of customers who subscribe to both a fixed broadband internet service and pre- or postpaid mobile telephony service, divided by the total number of customers who subscribe to fixed broadband internet service. Residential 54.3% 55.1% 55.3% 55.5% 55.5% 55.5% 55.7% 55.7% 55.7% 55.9% 56.2% 56.2% Business2 85.5% 85.7% 85.4% 85.4% 85.4% 85.3% 85.0% 85.0% 85.0% 84.4% 83.8% 83.8% (1) Business customer and wholesale fixed relationships and Fixed RGUs include customers who receive fixed services that are the same or similar to mass marketed product offered to residential customers. This includes customers who receive discounted services pursuant to a program Sunrise has in place with their employer, small or home office (“SOHO”) customers and small or medium enterprise (“SME”) customers (generally defined as businesses with 99 or fewer employees) and does not include services provided to large enterprises (generally defined as businesses with 100 or more employees) or wholesale services. (2) Business customer and wholesale Mobile RGUs represent the number of active SIM cards in service that are provided to business and wholesale customers, including customers who receive discounted services pursuant to a program Sunrise has in place with their employer, SOHO, SME and large enterprise customers, as well as to customers who subscribed for mobile services delivered over Sunrise’s networks through a branded reseller with whom Sunrise contracts, and excluding customers who subscribed for mobile services delivered over Sunrise’s networks through a MVNO with whom Sunrise contracts, as well as other wholesale customers. Glossary
121 Operational KPIs – Base RGUs Transaction overview Financial Operational Glossary Base RGUs1 2021 2022 Q123 Q232 2023H1 Q323 Q423 2023H2 2023 Q124 Q224 2024 H1 Broadband Internet Internet Subscribers are homes, residential multiple dwelling units or commercial units that receive fixed broadband internet services over Sunrise’s fixed or mobile networks or that Sunrise services through a partner network. Residential 1,171,166 1,178,628 1,180,640 1,176,745 1,176,745 1,170,354 1,169,539 1,169,539 1,169,539 1,176,516 1,180,335 1,180,335 Business2 95,475 108,966 112,351 115,372 115,372 118,138 120,998 120,998 120,998 123,584 126,665 126,665 Enhanced TV Enhanced TV Subscribers are homes, residential multiple dwelling units or commercial units that receive Sunrise’s enhanced TV services, which are TV services delivered through encryption-enabling, integrated or virtual technology over Sunrise’s broadband network or through a partner network. Enhanced TV Subscribers exclude subscribers that receive BCS. Residential 936,620 940,549 935,733 929,749 929,749 920,409 914,664 914,664 914,664 913,987 908,212 908,212 Business2 57,212 68,739 71,714 74,583 74,583 76,989 79,606 79,606 79,606 81,758 84,279 84,279 Mobile RGUs A Mobile RGU is a Mobile Subscriber, which represents an active SIM card in service. A subscriber who has a data and voice plan for a mobile handset and a data plan for a laptop would be counted as two Mobile Subscribers. Residential 2,157,105 2,256,483 2,271,034 2,285,477 2,285,477 2,306,325 2,298,181 2,298,181 2,298,181 2,305,657 2,322,469 2,322,469 Business3 608,448 691,187 705,748 704,015 704,015 714,829 722,618 722,618 722,618 729,493 737,495 737,495 Mobile Postpaid RGUs Numbers of Mobile products (Postpaid) Residential 1,751,173 1,866,952 1,894,342 1,914,507 1,914,507 1,957,948 1,974,009 1,974,009 1,974,009 1,989,848 2,010,033 2,010,033 Business3 550,506 635,299 648,813 651,176 651,176 661,988 673,206 673,206 673,206 680,248 689,499 689,499 (1) A Fixed RGU is, separately, an Internet Subscriber or an Enhanced TV Subscriber. A home, residential multiple dwelling unit or commercial unit may contain one or more RGUs. For example, if a residential customer subscribed to Sunrise’s broadband internet service or enhanced TV service, the customer would constitute two RGUs. RGUs generally are counted on a unique premises basis such that a given premise does not count as more than one RGU for any given service. However, if an individual receives one of Sunrise’s services in two premises (e.g., a primary home and a vacation home), that individual will count as two RGUs for that service. Each bundled internet or enhanced TV service is counted as a separate RGU regardless of the nature of any bundling discount or promotion. Non-paying subscribers are counted as subscribers during their free promotional service period. Some of these subscribers may choose to disconnect after their free service period. Services offered without charge on a long-term basis (e.g., certain preferred subscribers) generally are not counted as RGUs. Free services provided to Sunrise employees generally are counted as RGUs. (2) Business customer and wholesale fixed relationships and Fixed RGUs include customers who receive fixed services that are the same or similar to mass marketed product offered to residential customers. This includes customers who receive discounted services pursuant to a program Sunrise has in place with their employer, small or home office (“SOHO”) customers and small or medium enterprise (“SME”) customers (generally defined as businesses with 99 or fewer employees) and does not include services provided to large enterprises (generally defined as businesses with 100 or more employees) or wholesale services. (3) Business customer and wholesale Mobile RGUs represent the number of active SIM cards in service that are provided to business and wholesale customers, including customers who receive discounted services pursuant to a program Sunrise has in place with their employer, SOHO, SME and large enterprise customers, as well as to customers who subscribed for mobile services delivered over Sunrise’s networks through a branded reseller with whom Sunrise contracts, and excluding customers who subscribed for mobile services delivered over Sunrise’s networks through a MVNO with whom Sunrise contracts, as well as other wholesale customers. 122 Operational KPIs – ARPU Residential Transaction overview Financial Operational Glossary ARPU (Residential) 2021 2022 Q123 Q232 2023H1 Q323 Q423 2023H2 2023 Q124 Q224 2024 H1 Subscription Revenue CHFm 1,956 1,934 469 468 937 486 474 959 1,896 460 459 919 Fixed CHFm 1,125 1,080 263 260 522 263 258 521 1,043 253 250 502 Mobile CHFm 832 855 206 209 415 223 215 438 853 207 209 416 Endbase Fixed - Customer Relationships # 1,429,995 1,412,276 1,436,027 1,426,348 1,426,348 1,416,509 1,401,508 1,401,508 1,401,508 1,399,307 1,394,952 1,394,952 Mobile - RGUs # 2,157,105 2,256,483 2,271,034 2,285,477 2,285,477 2,306,325 2,298,181 2,298,181 2,298,181 2,305,657 2,322,469 2,322,469 Average Base Fixed - Customer Relationships # 1,424,152 1,431,188 1,419,312 1,421,429 1,409,009 1,413,928 1,400,408 1,397,130 1,398,230 Mobile - RGUs # 2,263,759 2,278,256 2,270,980 2,295,901 2,302,253 2,291,829 2,301,919 2,314,063 2,310,325 ARPU Average Revenue Per Unit (“ARPU”) is the average subscription revenue per average fixed customer relationship or mobile subscriber, as applicable. Fixed CHF ARPU per fixed customer relationship is calculated by dividing the average subscription revenue from residential fixed services by the average of the opening and ending balance of fixed customer relationships for the period. 61.4 60.4 61.3 61.6 61.1 61.4 60.1 59.6 59.9 Mobile CHF ARPU per mobile subscriber is calculated by dividing the average mobile subscription revenue (including interconnect revenue but excluding handset sales and late fees) by the average of the opening and ending balance of mobile subscribers in service for the period. 30.3 30.6 30.4 32.4 31.1 31.9 30.0 30.1 30.0 123 MVNO Mobile Virtual Network Operator NPS Net Promoter Score QoE Quality of Earnings RB Rebased RGU Revenue Generating Unit SaaS Software as a Service SASE Secure Access Service Edge SCiON Scalability, Control, and Isolation on Next-generation Network SDL Supplementary Downlink SD WAN Software-defined Wide Area Network SME Small and Medium-sized Enterprises SoW Share of Wallet TB Terabyte TDD Time Division Duplexing WaaS Workspace as a Service WHS Wholesale XGS-PON IT 10 Gigabit Symmetric Passive Optical Network 5G SA MPN 5G Standalone Mobile Private Network ARPU Average Revenue Per User B2B Business to Business B2C Business to Customer BBCS-F/C Broadband Connectivity Service (fibre/copper) BizDevSecOps Business, Development, Security and Operations CAGR Compounded Annual Growth Rate CCaaS Customer Care as a Service CDP Carbon Disclosure Project CoD Cost of Debt CPE Customer Premises Equipment CPI Consumer Price Index CtC Cost-to-capture DaaS Device as a Service DDOS Distributed Denial of Service DOCSIS Data Over Cable Service Interface Specification DPS Dividend Per Share DSL Digital Subscriber Line ESG Environmental, Social and Governance FDD Frequency Division Duplexing FinCo Financial Company FMC Fixed Mobile Convergence FTTH Fibre to the Home FTE Full-time Equivalent FWA Fixed Wireless Access GAAP Generally Accepted Accounting Principles Gbps Gigabit per second GDP Gross Domestic Product GHG Greenhouse Gas HFC Hybrid Fibre Coaxial IaaS Infrastructure as a Service ICT Information and Communication Technology IFRS International Financial Reporting Standards IoT Internet of Things IRU (ALO) Indefeasible Right of Use (access line optical) ISO International Organization for Standardization KPI Key Performance Indicator MBB Mobile Broadband Mbps Megabit per second MDR Managed Detection and Response Mhz Megahertz ML Machine Learning MNO Mobile Network Operator MSA Master Services Agreement Glossary Transaction overview Financial Operational Glossary
