Editorial by the
Chairman of the Board of Directors
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Dear Shareholders
Dear Business Partners
Dear Colleagues
The results for the first half of 2025 were shaped by challenges on the market side and rigorous pursuit of our transformation. Our core business is moving backwards. This is forcing us to adapt to reality. At the same time we are attempting to develop into new growth areas. The focus is on digitalisation and opportunities to invest in our existing business.
The ongoing changes media industry have strengthened our firm belief that we must drive ahead the decentralisation of our organisation. We are strengthening entrepreneurship in the units with higher agility and more individual responsibility – in a dynamic environment this will be the key to a successful future.
Tamedia has rigorously implemented the initiated transformation. The fundamental journalistic performance remains of high quality and is supplemented with new added values. The impact on peopleʼs willingness to pay for quality media is positive. As planned, capacity is being brought into line with volume, increasing production efficiency. The Bussigny site shut down at the end of March and closure of the Zurich printing centre is scheduled for the end of 2026. From 2027, Bern will be operated as a printing center of Tamedia with a long-term perspective. It is encouraging that Tamedia was able to increase the total visits on the websites of its core brands by nearly five per cent in the first half of 2025.
In June 20 Minuten announced that the printed daily newspaper will be discontinued at the end of the year. This was a difficult decision, but a step that was predictable. In view of the accelerated changes in the media industry, this measure has largely met with understanding, as it supports the successful long-term positioning of 20 Minuten. Uniquely by international standards, 20 Minuten already has a sustainably successful digital business model.
Goldbach also encountered challenges in the first half of 2025 in marketing advertising on digital platforms. The company has reviewed its organisational structure and divisions and is now focused on the two core business areas: TV and radio advertising, and out-of-home advertising. These offer attractive long-term cash flows and reported solid results in the first half of 2025.
The future of media is digital. Therefore, we are further accelerating the alignment towards this offer. We are aware that the overall offering on digital channels is much larger and the competition for both content and advertising is significantly stronger than in the past. This in turn is putting pressure on revenues. Therefore we need to bring costs permanently into line with revenues to ensure sustainable viability.
On the portfolio side, the focus is still on the marketplace business and digital recruiting. Our two core investments, SMG and JobCloud, emphasise our position as a major player in these markets. The performance at SMG has been very encouraging and the planned preparations for the IPO that has been in mind ever since the joint venture was established were driven ahead. Although the business at JobCloud in Switzerland and our investment in Austria is doing well, there are noticeable changes on the labour market. This is more the case in Austria than in Switzerland. At the same time there are opportunities to extend the value added for recruiters and job seekers and boost our strong market position. Our long-term outlook for digital recruiting is therefore still positive.
Together with the half-year figures, we are announcing a share buyback programme. This will increase net asset value per share. It has been empirically proven that such a program leads to a concentration of profits and has a positive impact on share price performance. The share buyback programme is a sign we have confidence in the potential of our Group and consider our shares as an attractive investment.
The world, and the world of media in particular, is changing rapidly. Thanks to the highly experienced and competent employees we have in all our companies and divisions we are confident will be able to overcome the challenges that lie ahead and create new value. For that, I would like to thank our employees, management, and business partners. Also, I would like to extend my gratitude to our shareholders for their loyalty and trust that they continuously place in us.
Dr Pietro Supino
Chairman of the Board of Directors & Publisher