4.4Associates/joint ventures
in CHF mn | 2025 | 2024 |
As of 1 January | 776.2 | 854.2 |
Additions | 13.4 | 0.3 |
Disposals | -0.0 | -3.9 |
Dividends | -35.4 | -89.9 |
Transfers | 0.2 | -0.2 |
Share of net result | 26.7 | 25.0 |
Changes recognised directly in other comprehensive income / (loss) | -0.6 | -6.1 |
Currency translation differences | -0.1 | 0.2 |
Other capital changes | 0.1 | -3.4 |
As of 31 December | 780.3 | 776.2 |
The share of net result of associates/joint ventures increased by a total of CHF 1.7 million compared with the previous year. In the reporting year, the share of the net result at TicinOnline SA was impacted by the impairment of goodwill amounting to CHF 0.5 million. No impairments were recognised in the previous year.
In December 2025, additional shares in SMG Swiss Marketplace Group Holding AG were acquired for CHF 13.3 million. The investment will continue to be valued using the equity method.
The performance of SMG Swiss Marketplace Group Holding AG had a positive impact, with a share of net result CHF 9.5 million higher than in the previous year. In contrast, the contribution of Karriere.at to earnings fell by CHF 4.2 million. Details can be found in the table in the following section.
Share of net assets and net result of associates/joint ventures
Detailed financial information on the individual companies deemed to be material associated companies is provided below. The reported amounts relate to 100% of the shares in the companies and include the fair value adjustments at the time of acquisition, as well as any deviations caused by differences in application of accounting policies. The income statements include in particular the depreciation and amortisation to be recognised by TX Group on the intangible assets owned at the takeover date. The figures for associates/joint ventures may be based on provisional and unaudited figures, so the tables below may contain some adjustments to the final figures from the previous year.
in CHF mn | 2025 | 2024 | 2025 | 2024 |
Name | SMG Swiss Marketplace Group Holding AG | SMG Swiss Marketplace Group Holding AG | Karriere.at GmbH | Karriere.at GmbH |
Share of Group capital | 31.1% | 30.7% | 24.5% | 24.5% |
Balance sheet | ||||
Current assets | 147.0 | 116.0 | 26.5 | 35.5 |
Non-current assets | 2’753.9 | 2’792.1 | 24.6 | 25.1 |
Assets | 2’900.9 | 2’908.1 | 51.1 | 60.6 |
Current liabilities | 102.7 | 70.2 | 26.4 | 26.3 |
Non-current liabilities | 423.0 | 462.2 | 0.2 | 1.2 |
Equity | 2’375.2 | 2’375.8 | 24.6 | 33.1 |
attributable to majority shareholders | 2’381.9 | 2’382.7 | 24.6 | 33.1 |
of which attributable to TX Group AG | 741.8 | 732.0 | 12.0 | 16.2 |
attributable to non-controlling interests | -6.6 | -7.0 | - | - |
Liabilities and equity | 2’900.9 | 2’908.1 | 51.1 | 60.6 |
Income statement | ||||
Revenues | 358.8 | 316.2 | 73.1 | 83.6 |
Operating income / (loss) before depreciation and amortisation (EBITDA) | 144.9 | 130.3 | 32.0 | 43.0 |
Operating income / (loss) (EBIT) | 67.7 | 46.4 | 31.5 | 42.5 |
Income / (loss) before taxes | 62.7 | 44.0 | 31.5 | 42.8 |
Income taxes | -12.4 | -25.2 | -7.4 | -10.0 |
Net income / (loss) (EAT) | 50.3 | 18.7 | 24.1 | 32.8 |
of which attributable to TX Group | 50.0 | 18.9 | 24.1 | 32.8 |
of which attributable to non-controlling interests | 0.3 | -0.2 | - | - |
Net income / (loss) (EAT | 50.3 | 18.7 | 24.1 | 32.8 |
Other comprehensive income / (loss) | -2.9 | -1.3 | - | - |
Total comprehensive income / (loss) | 47.5 | 17.4 | 24.1 | 32.8 |
of which attributable to TX Group | 47.2 | 17.5 | 24.1 | 32.8 |
of which attributable to non-controlling interests | 0.3 | -0.2 | - | - |
Dividends received (pro-rata) | 18.4 | 70.7 | 15.9 | 17.8 |
As of the end of 2025 the other associates/joint ventures are assessed as not material on an individual basis.
The shares of TX Group in the net assets and net income of associates/joint ventures are listed on the next page:
in CHF mn | SMG Swiss Marketplace Group Holding AG | Karriere.at GmbH | Other associates | Joint ventures | Total |
Share considered in the consolidation | 31.1% | 49% 1 | n.a. | n.a. | |
2025 | |||||
Current assets | 45.8 | 13.0 | 11.7 | 5.5 | 75.9 |
Non-current assets | 857.7 | 12.0 | 29.7 | 0.7 | 900.2 |
Assets | 903.5 | 25.0 | 41.4 | 6.2 | 976.1 |
Current liabilities | 32.0 | 12.9 | 6.0 | 2.9 | 53.8 |
Non-current liabilities | 131.8 | 0.1 | 11.7 | 0.8 | 144.4 |
Equity | 739.7 | 12.0 | 23.7 | 2.4 | 777.9 |
of which attributable to TX Group | 741.8 | 12.0 | 23.7 | 2.4 | 780.0 |
of which attributable to non-controlling interests | -2.1 | - | - | - | -2.1 |
Liabilities and equity | 903.5 | 25.0 | 41.4 | 6.2 | 976.1 |
Accumulated unrecognised share of losses | - | - | - | 0.4 | 0.4 |
Carrying value of the investments in associates / joint ventures | 741.8 | 12.0 | 23.7 | 2.9 | 780.4 |
Attributable to net result of associates / joint ventures | |||||
Revenues | 111.8 | 35.8 | 25.8 | 8.2 | 181.5 |
Operating income / (loss) before depreciation and amortisation (EBITDA) | 44.9 | 15.7 | 0.2 | 0.8 | 61.6 |
Operating income / (loss) (EBIT) | 20.8 | 15.4 | -1.0 | 0.7 | 36.0 |
Income / (loss) before taxes | 19.3 | 15.5 | -1.0 | 0.8 | 34.5 |
Income taxes | -3.9 | -3.6 | -0.1 | -0.2 | -7.8 |
Net income / (loss) (EAT) | 15.4 | 11.8 | -1.1 | 0.5 | 26.7 |
Unrecognised share of losses | - | - | - | 0.2 | 0.2 |
Carrying value of the net income / (loss) of associates/joint ventures | 15.4 | 11.8 | -1.1 | 0.7 | 26.8 |
of which attributable to TX Group | 15.32 | 11.8 | -1.1 | 0.7 | 26.7 |
of which attributable to non-controlling interests | 0.1 | - | - | - | 0.1 |
Net income / (loss) (EAT) | 15.4 | 11.8 | -1.1 | 0.5 | 26.7 |
Other comprehensive income / (loss) | -0.9 | - | - | - | -0.9 |
Total comprehensive income / (loss) | 14.6 | 11.8 | -1.1 | 0.5 | 25.8 |
of which attributable to TX Group | 14.5 | 11.8 | -1.1 | 0.5 | 25.7 |
of which attributable to non-controlling interests | 0.1 | - | - | - | 0.1 |
1The values shown relate to the shares of JobCloud AG, in which TX Group in turn holds a 50% stake.
2The ownership interest increased from 30.7% to 31.1% as a result of share purchases in December 2025. The share of profit for the year was calculated on a time-weighted basis; therefore, the recognised share of profit does not correspond to the ownership interest of 31.1% as at 31 December 2025.
in CHF mn | SMG Swiss Marketplace Group Holding AG | Karriere.at GmbH | Other associates | Joint ventures | Total |
Share considered in the consolidation | 30.7% | 49% 1 | n.a. | n.a. | |
2024 | |||||
Current assets | 35.6 | 17.4 | 11.2 | 5.0 | 69.3 |
Non-current assets | 857.7 | 12.3 | 30.3 | 0.8 | 901.1 |
Assets | 893.4 | 29.7 | 41.5 | 5.8 | 970.4 |
Current liabilities | 21.6 | 12.9 | 4.9 | 2.8 | 42.1 |
Non-current liabilities | 142.0 | 0.6 | 11.5 | 0.5 | 154.5 |
Equity | 729.8 | 16.2 | 25.1 | 2.5 | 773.7 |
of which attributable to TX Group | 732.0 | 16.2 | 25.1 | 2.5 | 775.9 |
of which attributable to non-controlling interests | -2.1 | - | - | - | -2.1 |
Liabilities and equity | 893.4 | 29.7 | 41.5 | 5.8 | 970.4 |
Accumulated unrecognised share of losses | - | - | - | 0.3 | 0.3 |
Carrying value of the investments in associates / joint ventures | 732.0 | 16.2 | 25.1 | 2.8 | 776.2 |
Attributable to net result of associates / joint ventures | |||||
Revenues | 97.1 | 41.0 | 34.3 | 6.5 | 178.9 |
Operating income / (loss) before depreciation and amortisation (EBITDA) | 40.0 | 21.1 | 3.3 | 1.1 | 65.5 |
Operating income / (loss) (EBIT) | 14.2 | 20.8 | 2.3 | 0.8 | 38.2 |
Income / (loss) before taxes | 13.5 | 21.0 | 2.6 | 1.0 | 38.0 |
Income taxes | -7.8 | -4.9 | -0.3 | -0.3 | -13.3 |
Net income / (loss) (EAT) | 5.7 | 16.1 | 2.3 | 0.7 | 24.7 |
Unrecognised share of losses | - | - | - | 0.3 | 0.3 |
Carrying value of the net income / (loss) of associates/joint ventures | 5.7 | 16.1 | 2.3 | 0.9 | 25.0 |
of which attributable to TX Group | 5.8 | 16.1 | 2.3 | 0.9 | 25.1 |
of which attributable to non-controlling interests | -0.1 | - | - | - | -0.1 |
Net income / (loss) (EAT | 5.7 | 16.1 | 2.3 | 0.7 | 24.7 |
Other comprehensive income / (loss) | -0.4 | - | - | - | -0.4 |
Total comprehensive income / (loss) | 5.3 | 16.1 | 2.3 | 0.7 | 24.3 |
of which attributable to TX Group | 5.4 | 16.1 | - | - | 21.4 |
of which attributable to non-controlling interests | -0.0 | - | - | - | -0.0 |
1The values shown relate to the shares of JobCloud AG, in which TX Group in turn holds a 50% stake.
Except for VIRTUAL NETWORK S.A (30 June), all of the associates/joint ventures have a balance sheet date of 31 December under commercial law.
With the IPO on the SIX Swiss Exchange on 19 September 2025, the shares of the associate SMG Swiss Marketplace Group Holding AG were traded publicly for the first time. The closing price of the shares at the end of the financial year on 31 December 2025 was around CHF 36.35 on the SIX Swiss Exchange. The market capitalisation of the company at year-end stood at around CHF 3.57 billion. No other associates or joint ventures have publicly traded shares, therefore there are no other published share prices.
As most of the associates/joint ventures do not apply IFRS, their available financial statements have been adjusted to reflect IFRS principles, requiring estimates to be made in some cases. Adjustments may be necessary in the coming years if new information becomes available.
Details on transactions with associates/joint ventures are disclosed in Note 4.5.
Investments in associates (i.e. companies in which TX Group directly or indirectly holds between 20% and less than 50% of the voting rights without exerting control over financial and operational decisions, or less than 20% of the voting rights where a significant influence can be exercised in another way) and in joint ventures are recognised using the equity method. The Groupʼs shares in losses that exceed the historical cost are only recognised if TX Group has a legal or de facto obligation to share in further losses or to participate in any financial restructuring that is ongoing or has been initiated.
A distinction is made between joint ventures and joint operations when assessing joint arrangement companies. These companies are deemed to be joint ventures because, in all cases, TX Group exercises control over financial and operational decisions together with partners and holds rights to the companyʼs net assets, based on contractual agreements.