Changes in costs and
extraordinary effects

Cost of material and services

The decline in the cost of materials and third-party services is mainly due to lower paper volumes and the closure of the Centre dʼImpression de Lausanne (CIL) printing centre in Bussigny (CHF 5 million). The costs for publisher services also fell.

The decline in inorganic expenses resulted from disposals in 2024 (dreifive Group, Goldbach Austria and Heute in Austria).

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Personnel expenses

Organic personnel expenses fell significantly compared to the prior year. This is attributable to the following factors:

  • Efficiency programmes and simpli­fication of organisational structures: restructuring led to a decrease of 222 FTEs and a reduction in wage and salary costs of CHF 23.6 million.
  • In 2024, extensive restructuring was launched (primarily at Tamedia) and provisions were recognised for this purpose (net amount of CHF 19.5 million). In comparison, provisions in 2025 were significantly lower, amounting to a net total of CHF 3.4 million.
  • Pension obligations: expenses under IAS 19 decreased by CHF 5.5 million.
  • The previous year was additionally impacted by provisions for the repayment of short-time work compensation in the amount of CHF 13.0 million.

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Other operating expenses

The reduction in other operating expenses is primarily attributable to lower expenditures at Tamedia for distribution, transport and maintenance. Goldbach incurred higher costs in OOH segment in connection with an onerous contract.

The decline in inorganic expenses is the result of the disposals in 2024.

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