| Disclosure of debt and debt facilities |
The CHF equivalents of the components of third-party debt are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 31 December 2025 | | Principal Amount | | | Weighted Average Interest Rate (%)7 | | Unused Borrowing Capacity | | 31 December | | | | | CHF in millions | | | | 2025 | | 2024 | Sunrise holding bank facility | | 6.07% | | 485.7 | | 1,547.2 | | 2,239.0 | Sunrise holding SPE notes | | 4.60% | | — | | 2,143.3 | | 1,468.8 | Sunrise holding senior note | | 3.88% | | — | | 268.0 | | 629.3 | Vendor financing | | 1.96% | | — | | 387.2 | | 350.0 | Total third-party debt before deferred financing costs, discounts, premiums and accrued interest | | 4.85% | | 485.7 | | 4,345.7 | | 4,687.1 |
6 Represents the weighted average interest rate in effect at 31 December 2025 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin. The interest rates presented represent stated rates and do not include the impact of derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees. Including the effects of derivative instruments, but excluding the impact of original issue premiums, discounts, deferred financing costs, vendor financing and commitment fees, the weighted average interest rate of Sunrise aggregate third-party variable- and fixed-rate indebtedness was 2.8% (2024: 3.0%) at 31 December 2025. The weighted average interest rate calculation includes principal amounts outstanding associated with all Sunrise secured and unsecured borrowings.
The following table provides a reconciliation of total third-party debt before deferred financing costs, discounts, premiums and accrued interest to total debt including interest:
| | | | | | | | | | | | | | | | | | | | | 31 December | | 31 December | CHF in millions | | | | 2025 | | 2024 | Total third-party debt before deferred financing costs, discounts, premiums and accrued interest: | | | | 4,345.7 | | 4,687.1 | Deferred financing costs, discounts and premiums, net | | | | (8.5) | | (10.3) | Total carrying amount of third-party debt | | | | 4,337.2 | | 4,676.8 | | | | | | | | Accrued interest on third-party debt | | | | 98.5 | | 57.4 | | | | | | | | Total debt including interest | | | | 4,435.7 | | 4,734.2 | | | | | | | | Current portion of debt | | | | 485.7 | | 407.4 | Non-current portion of debt | | | | 3,950.0 | | 4,326.8 |
The Sunrise holding bank facility is the senior secured credit facility of certain consolidated entities of Sunrise. The details of Sunrise borrowings under the Sunrise holding bank facility are summarised in the following tables:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year ended 31 December 2025 | Sunrise Holding Bank Facilities | | Maturity | | Interest Rate | | Facility Amount (in Borrowing Currency) | | Outstanding Principal Amount | | Unused Borrowing Capacity | | Carrying Value | | | | | | | in millions | | CHF millions | AAA | | 15 February 2032 | | Term SOFR + 2.5% | | $1,950.0 | | 1,547.2 | | — | | 1,540.5 | Revolving Facility B | | 31 March 2031 | | SARON + 2.0% | | CHF500.0 | | — | | 485.7 | | — | Total | | | | | | | | 1,547.2 | | 485.7 | | 1,540.5 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year ended 31 December 2024 | Sunrise Holding Bank Facilities | | Maturity | | Interest Rate | | Facility Amount (in Borrowing Currency) | | Outstanding Principal Amount | | Unused Borrowing Capacity | | Carrying Value | | | | | | | in millions | | CHF millions | AT | | 30 April 2028 | | Term SOFR + 2.4% | | $700.0 | | 635.4 | | — | | 633.8 | AU | | 30 April 2029 | | EURIBOR + 2.5% | | €400 | | 375.8 | | — | | 374.7 | AX | | 31 January 2029 | | Term SOFR + 3.0% | | $1,044.7 | | 948.3 | | — | | 944.0 | AY | | 31 January 2029 | | EURIBOR + 3.0% | | €297.6 | | 279.6 | | — | | 278.8 | Revolving Facility A | | 31 May 2026 | | EURIBOR + 2.5% | | €10 | | — | | 9.4 | | — | Revolving Facility B | | 30 September 2029 | | EURIBOR + 2.5% | | €720 | | — | | 652.6 | | — | Total | | | | | | | | 2,239.0 | | 662.0 | | 2,231.2 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year ended 31 December 2025 | | | | | | | | | Outstanding principal amount | | | Sunrise holding SPE notes | | Maturity | | Interest Rate | | Original Issue Amount | | Borrowing Currency | | CHF Equivalent | | Carrying Value CHF | | | | | | | in millions | 2031 Sunrise holding senior secured notes | | 15 July 2031 | | 4.88% | | $1,250.0 | | $1,230.0 | | 975.9 | | 975.5 | UPCB finance VII euro notes | | 15 June 2029 | | 3.63% | | €600.0 | | €318.1 | | 296.3 | | 295.8 | Sunrise FinCo I B.V. 4.625% 2032 (€) | | 15 May 2032 | | 4.63% | | €935.0 | | €935.0 | | 871.1 | | 870.0 | Total | | | | | | | | | | 2,143.3 | | 2,141.3 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year ended 31 December 2024 | | | | | | | | | Outstanding principal amount | | | Sunrise holding SPE notes | | Maturity | | Interest Rate | | Original Issue Amount | | Borrowing Currency | | CHF Equivalent | | Carrying Value CHF | | | | | | | in millions | 2031 Sunrise holding senior secured notes | | 15 July 2031 | | 4.88% | | $1,250.0 | | $1,230.0 | | 1,116.6 | | 1,115.9 | UPCB finance VII euro notes | | 15 June 2029 | | 3.63% | | €600.0 | | €374.9 | | 352.2 | | 351.3 | Total | | | | | | | | | | 1,468.8 | | 1,467.2 |
The details of the Sunrise holding senior notes are summarised in the following tables:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year ended 31 December 2025 | | | | | | | | | Outstanding principal amount | | | Sunrise holding senior notes | | Maturity | | Interest rate | | Original Issue Amount | | Borrowing Currency | | CHF Equivalent | | Carrying Value CHF | | | | | | | in millions | 3.875% senior notes | | 15 June 2029 | | 3.88% | | €635.0 | | €287.9 | | 268.0 | | 267.8 | Total | | | | | | | | | | 268.0 | | 267.8 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year ended 31 December 2024 | | | | | | | | | Outstanding principal amount | | | Sunrise holding senior notes | | Maturity | | Interest Rate | | Original Issue Amount | | Borrowing Currency | | CHF Equivalent | | Carrying Value CHF | | | | | | | in millions | 3.875% senior notes | | 15 June 2029 | | 3.88% | | €635.0 | | €287.9 | | 270.4 | | 269.9 | 5.5% senior notes | | 14 January 2028 | | 5.50% | | $550.0 | | $395.3 | | 358.9 | | 358.1 | Total | | | | | | | | | | 629.3 | | 628.0 |
|