New Street Research - Sunrise (Neutral, TP: CHF43, +5%) Q3 25: OK numbers, but negative comments on fixed revenue outlook a concern

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New Street Research

Russell Waller

EUR 8653.00 For Business Accounts Only

Sunrise (Neutral, TP: CHF43, +5%) Q3 25: OK numbers, but negative comments on fixed revenue outlook a concern

Sunrise has reported a mixed set of results – numbers are in-line but the commentary on the call around fixed revenue outlook was a bit worrying, with Sunrise suggesting that the weakness would persist into 2026. Sunrise did add that it was confident the trajectory would stabilise in 2026, and that FCF outlook was not under threat due to OpEx and CapEx opportunities.

11/11/2025 1 EN

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New Street Research

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Russell Waller

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Sunrise (Neutral, TP: CHF43, +5%) Q3 25: OK numbers, but negative comments on fixed revenue outlook a concern

United Internet/ 1&1 3Q25: 1&1 solid; AdTech business evaporates

Vodafone (Buy, 120p, +30%) H1 26 - Multiple re-rating in play

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