Profitability and
net income/(loss)

Net operating income/(loss) and margin

All net income figures are down on the previous year. In addition to the decline in revenue of CHF –34.4 million, one-off effects also had a negative impact on the result. A provision of CHF 5.3 million for the social plan was recognised at 20 Minuten, and one of CHF 4.8 million at Goldbach Neo for an onerous contract.

Despite these one-off effects, operating costs were cut by a total of CHF 20.8 million, of which CHF 10.7 million related to personnel costs. Hence more than half of the decline in revenue was offset by lower costs.

Financial result

The financial result was down from CHF 10.1 million to CHF 1.0 million. The positive financial result of the previous year was mainly due to an unexpected additional payment of CHF 4.2 million from the sale of Trendsales in October 2020 and the profit of CHF 4.0 million on the disposal of the dreifive Group.

Taxes

The effective tax rate rose from 27.0% to 47.9%. In 2025, the increase in the tax burden (as compared to the difference from the expected weighted tax rate of 26.4%) was mainly due to unrecognised deferred tax assets on tax loss carryforwards, the impact of the Swiss participation exemption and other non-taxable items as well as the tax effects on investments.