Sunrise’s astonishing annual figures in 2022….

A 43 million Sunrise logo!

Wednesday evening, discovering the increase in the number of mobile subscribers in the results of Liberty Global, I expected sparks the next day. On Thursday, when I read Sunrise’s press release, I see that Sunrise claims to have gained market share, but is stagnating in terms of turnover…

In any case, Sunrise immediately announces the color in its press release, referring to the merger of UPC and Sunrise: “the company is thus on the right track to achieve synergies on an annualized basis of an amount around 325 million francs by 2025”. For those who still doubt the financial orientation of all these gestures…

Spectacular progress…

Further on, we are confirmed “the continuation of the commercial dynamic: net increase of +51,600 Mobile Postpaid subscriptions1), +9,200 broadband Internet subscriptions and +2,000 TV subscriptions in the 4th quarter of 2022”, according to this press release . But what impact on the numbers?

“Over the full fiscal year 2022, Sunrise recorded a total net increase of +217,600 Mobile Postpaid Revenue Generating Unit (RGU), +19,100 Broadband RGU and +8,700 TV (Enhanced Video) RGU, for a total of approximately 5.2 million subscriptions (RGU Mobile, Broadband and TV) at the end of Q4 2022.”

… which deflates a little…

Turnover decreased in the fourth quarter compared to the same period of the previous year (-2.2% on an adjusted basis) and reached 773.8 million francs, while for the entire l in fiscal 2022 it remained stable compared to the previous year, at 3.035.2 billion, which is in line with the annual forecast.

My comment? How can you earn so many revenue generating units (money pumps) and show a stable turnover. Probably Sunrise UPC keeps its customers and wins new ones by cutting prices. Otherwise, you should know that when you leave Sunrise, you find that your old subscriptions remain in your customer area under the “Sunrise Libero” leble… RGU or not?

Xavier Studer

3 months
as of December 31, 2022
Full year 2022
as of December 31, 2022
In millions of CHF, except percentages on an adjusted basis in %2) on an adjusted basis in %2)
Turnover 773,8 (2,2)% 3035,2 0,0%
324,0 2,6% 1246,6 3,3%
  • Fixed network private customers
301,1 (5,1%) 1219,5 (4,8%)
148,7 (5,7%) 569,1 4,0%
Adjusted EBITDA by segment 247,9 (8,1%) 1085,0 (0,3%)
Adjusted EBITDA excluding P&E additions 75,0 (15,1%) 535,7 1,0%

Sunrise’s detailed financial results are available in UPC Holding’s Q4 2022 Fixed Income Release.

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