Schweizerische Radio- Und Fernsehgesellschaft: Enavant Toute!

UBS maintains its AA- Stable rating for Swiss national broadcaster SRG despite lackluster 2025 results and increasing net leverage. The analyst favors other AA-rated bonds over SRG's 2032 issue due to ongoing restructuring uncertainty.

Key Takeaways

• 1.SRG reported lackluster 2025 results with stable revenue but declining profitability and negative free cash flow.
• 2.UBS maintains a AA- rating with a Stable outlook on SRG, citing government support and market leadership against cost-saving uncertainties.
• 3.The company's 2032 bond trades at a wider spread than peers due to restructuring concerns; UBS expresses a preference for other AA CHF corporate bonds.

Table of Contents

• Issuer credit view
• Schweizerische Radio- und Fernsehgesellschaft
• CIO credit risk flags
• Investment case
• Issuer description
• A lackluster outcome in 2025 with continued emphasis on cost savings
• UBS CIO risk views
• UBS CIO valuation views
• Sell recommendations
• For Credit Suisse clients
• Issuer valuation views
• Required Disclosures
• Risk Information

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