Editorial

Dear Shareholders
Dear Business Partners
Dear Colleagues

The 2025 financial year was once again highly challenging, from our day-to-day business to the necessary renewal of our foundations. It is pleasing that all of the Group’s companies and investments have made progress.

All our employees deserve our thanks and recognition for their achievements. The expertise, experience and passion with which they approach the challenges of our times are remarkable. This is all the more important in light of negative developments in the advertising market that unfortunately affected our media companies, along with the general uncertainty in the economy and its impact on the job market.

I would like to thank our business partners and shareholders for their continued support and their great trust in us.

The Group’s annual result consolidates the performance of our companies and subsidiaries. Their diversity is reflected in the Group’s decentralised organisational structure, introduced in autumn 2024 and taking effect in 2025.

Progress in media companies

Tanja zu Waldeck implemented the decentralisation and streamlining of central services. As Chief Operating Officer, she is responsible for the media companies Goldbach, Tamedia and 20 Minuten.

For Goldbach CEO Christoph Marty, the focus was on concentrating profitable activities – Goldbach Neo, with its out-of-home media, and the placement of TV, radio and digital advertising. As part of this strategic focus, structures were streamlined and a number of ancillary activities were divested or discontinued.

Tamedia continued its realignment under the leadership of CEO Jessica Peppel-Schulz. Along with vital work on its journalistic offering, Tamedia brought advertising sales activities back in-house and carried out the first of two planned print shop closures.

20 Minuten discontinued its printed daily newspaper. This was a bitter-sweet moment. Under the leadership of CEO Bernhard Brechbühl, the organisation systematically prepared for its digital future. This included renewing its range of digital products, establishing its own advertising marketing department and investing in the brand.

Successful portfolio

As Chief Portfolio Officer, Daniel Mönch assumed overall responsibility for marketplace activities with our investment in SMG Swiss Marketplace Group and JobCloud, as well as our properties in Zurich, Bern and Lausanne, our fintech fund, the streaming platform Zattoo and the scheduling platform Doodle.

For Swiss Marketplace Group, 2025 was an encouraging year. Business development is in line with our high expectations, and the IPO in September was a success. Nevertheless, a massive correction across the entire sector placed enormous downward pressure on the share price from late October onward. We remain confident in our positive outlook, and as the largest shareholder by far we have increased our stake to 31.14% through the purchase of 414ʼ771 shares.

JobCloud was affected by weak economic growth and ongoing geopolitical uncertainties. Yet the company succeeded in increasing both added value for its customers and intensity of use by job-seekers. In the background, the technological infrastructure of the platform was brought up to date. Through disciplined management, JobCloud succeeded in largely offsetting the decline in sales, ultimately generating a pleasing result at a very high level.

The Group further clarified the potential of its properties as planned, with prospects being developed for the three printing centres in Zurich, Bern and Bussigny and the two office sites in central Zurich and Bern. Various scenarios are conceivable for developing these properties, depending on the nature of the site (for example, renovation or conversion into housing, offices or logistics centres). These will be implemented in the coming years, potentially under new partnerships. Construction work on the new build on Werdstrasse in central Zurich began in autumn 2025, and is scheduled for completion by the end of 2028.

Our media and marketplaces are affected by rapid technological developments, particularly in the field of artificial intelligence. These new opportunities offer enormous potential – from improving product quality and user experience to increasing sales and efficiency. The rapid pace of these enormous changes also gives rise to uncertainty. We are actively using the new opportunities to protect and develop our business. This also applies to our journalism. Parts of the value creation process are being automated, but in our business, at the end of the day it is people who take editorial responsibility and create the decisive added value.

Quality in the media

Our primary concern is the quality of our media and the integrity of our offering – because credibility is our capital. Tamedia’s new quality monitoring system reflects these priorities.

Changes to the Board of Directors

After six years on the Board of Directors, Pascale Bruderer decided to focus on her own projects. She has contributed a great deal to the development of TX Group with her expertise, her knowledge of Switzerland and her entrepreneurial spirit. On behalf of all my colleagues, I would like to thank her for the fruitful collaboration and wish her every success with the promising Stablecoin project. I look forward to continuing our productive dialogue.

Christian Osterland (DE/1991) will be proposed for election to the Board of Directors of TX Group AG. He has a proven track record in classifieds and marketplaces and has been with General Atlantic, a global financial investor with a focus on growth capital, since 2015. He previously worked in the Investment Banking division of J.P. Morgan in London. Christian Osterland completed his studies in Management and Technology at TUM, Munich.

Dr Pietro Supino

Publisher & Chairman of the Board