3.4Financial risk management
The Board of Directors of TX Group AG monitors risk management at the company and approves the general risk report, which provides an aggregated view of centralised and decentralised risk, factors related to the economic environment, and potential market distortions at Group level, as well as the risks associated with the companies under its (sole) control. Risk management is broken down into risk spheres, which are dealt with either centrally within TX Group or on a decentralised basis within the businesses. The risk officers designated by the Board of Directors identify, assess and manage risks through targeted measures as part of a systematic annual process. The companies SMG and JobCloud have their own risk management systems that are independent of TX Group. The Audit Committee continues to monitor financial risk management, which addresses risks affecting the financial stability of the Group, such as liquidity, currency, interest rate, and credit risk. At least once a year, the Audit Committee assesses and reports to the Board of Directors on the financial risks affecting TX Group AG.
The greatest market-specific risks continue to lie in the ongoing structural change in the media sector. Tamediaʼs print products are declining in consumer behaviour and cannot be cushioned by further cost programmes alone in the long term. In the digital market, the major Big Tech companies dominate as competitors, both with their products and in the advertising market. Looming advertising bans, falling prices in the digital advertising market and the relocation of advertising budgets abroad are further complicating the advertising business performance of all three media companies. The emergence of services with artificial intelligence (e.g. AI chat bots, AI mode on Google) threatens to further restrict access to readers and are causing traffic sources such as Google to dry up.
Market risks
The market risks are identified for the individual media businesses (Goldbach, 20 Minuten and Tamedia) and portfolio businesses (JobCloud, Zattoo and Doodle) and managed with various measures:
Goldbach
- Political and regulatory advertising prohibitions: Political and regulatory efforts to prohibit advertising on public land or to ban advertising of specific products (e.g. tobacco, foods high in sugar) constitute a significant risk for Goldbach. In addition to the investments already made in OOH inventory, other Goldbach revenue sources (TV/radio/digital) are also at acute risk. To counter these developments, Goldbach is actively involved in political and regulatory processes in collaboration with industry associations.
- Dominance of global platforms: The digital advertising business is dominated by global platforms that can pool a large share of advertising budgets on their own platforms, thanks to highly scalable advertising solutions and continued growth in media consumption. Goldbach is responding to this development with increased pooling of digital expertise, the expansion and optimisation of programmatic marketing, particularly in the video area, and focused exploitation of new growth areas. This will boost Goldbachʼs position in the digital advertising market and its ability to develop in the face of ongoing changes in the market.
20 Minuten
- Slump in the advertising market: Economic uncertainties and the shift in media consumption towards global digital platforms, as well as distortion of the user market caused by public broadcaster digital products, are leading to a decline in the advertising market. Traditional media outlets are losing advertising income, while regulatory requirements and the increased use of ad blockers are further restricting advertising reach and addressability. 20 Minuten has been responsible for its own marketing since the start of the year, and is re-establishing direct customer contact. It is also investing in the development of new, tailor-made advertising formats that are more effective and can therefore be offered at higher prices. Since October 2025, 20 Minuten has had a new brand identity and digital product to improve user experience and increase the value of the advertising environment.
- Competition from AI: If AI is used to produce high-volume content quickly and cost-effectively, a media brand such as 20 Minuten can potentially lose market share. 20 Minuten is watching market trends closely and using AI systematically to improve both quality and efficiency and drive product innovation. It is also continuing to invest in strengthening the credibility of its brands by applying stricter journalism guidelines and fact checks and expanding its in-house journalism.
Tamedia
- Slump in the advertising market: Key customers are making increased use of digital advertising and their own channels at the expense of traditional media. Print is becoming increasingly unattractive. Tamedia has responded to this trend by taking charge of its own marketing activities and conducting an extensive analysis of customer needs as well as its products, processes and structural organisation in relation to both print and digital. At the same time, Tamedia is working on attracting new target groups (particularly new reach) and expanding its digital advertising inventory (additional AdSlots, as well as new advertising formats) to create the conditions for increased digital advertising revenues.
- Missed revenue targets in the print and digital user market: The digital transformation has given birth to an almost unlimited range of new brands, competitors and channels. Higher prices could jeopardise the delivery of printed products in certain areas. Tamedia is running loyalty schemes and delivering professional customer service in order to protect print revenues. Furthermore, Tamedia is actively involved in political processes and working closely with delivery company Presto to provide comprehensive and affordable print delivery solutions. Quality journalism remains the basis for successful coverage of the user market. Under its 2026 strategy, Tamedia completely overhauled its digital value chain. It is reorganising content creation and investing in new talent, processes and tools. The digital reader market is being restructured, with new marketing partnerships (with prominent national partners) set to increase the visibility of products and attract new target groups.
Portfolio businesses
- JobCloud operates in a cyclical market which is heavily influenced by the economic situation and employment dynamics. Economic downturns can affect sales and growth. Technological developments, particularly in the area of artificial intelligence, offer opportunities for efficiency gains and new recruitment solutions, but also harbour potential disruption risks. Despite these conditions, JobCloud remains highly profitable, with a strong market position and a broad customer base.
- Despite stable subscription revenues, Zattoo remains dependent on advertising revenues. Reliance on a small number of major customers poses a concentration risk.
- Doodle also remains dependent on the advertising market, although it now generates significantly more revenue from subscriptions. Its focus is on customer loyalty and the ongoing development of its products.
Risks are also being managed in the areas of human resources, finance, legal, and technology. To combat technical issues affecting IT systems, TX Group is investing in modernising and improving its infrastructure. At the same time, the Group is wary of potential cyber attacks that could affect its supply chain, infrastructure and printing centres. TX Group is continually updating its cybersecurity measures and cooperating with leading providers to mitigate the increased risk of cybercrime.
Currency risks
Risks relating to exchange rate fluctuations may result in particular from the purchase of paper or investments. Where considered expedient, currency risks are hedged centrally by means of cash flow hedges and are minimised accordingly.
At present, currency risks result mainly from purchases made in foreign currency related to revenues generated predominantly in CHF, as well as from investments in other companies that are managed in foreign currencies. The equivalent value of purchases in foreign currency in 2025 amounted to CHF 84.4 million (previous year: CHF 101.2 million). For the most part, the risks applied to transactions in euros. Hedging for paper purchases in 2026 was CHF 17.7 million (hedging in 2024 for paper purchases in 2025 was CHF 21.0 million). The above purchases in foreign currency do not include purchases made by foreign Goldbach Group companies, since the latterʼs purchases are not exposed to any material currency risk on account of revenues also being accrued in euros. Nothing is done to hedge the foreign currency risk associated with investments. Details of the hedges for 2025 using forward exchange transactions can be found in the sections below. Details of the system for recognising these cash flow hedges can be found in the measurement principles.
The effects on net income before taxes of a possible change of 5% in the exchange rates on the items in the balance sheet in euros, Serbian dinars, US dollars and pounds sterling amounted to CHF 0.0 million as of the end of 2025 (previous year: CHF –0.1 million).
Interest rate risks
Interest rate risk is managed centrally. Short-term interest rate risks are generally not hedged. As of the balance sheet date, there were no hedges of long-term interest rate risks.
The risk resulting from changes in market interest rates mainly relates to current and non-current financial liabilities.
The following table provides details of the items that are subject to interest rate risks and shows the impact of a possible change in interest rates on the Groupʼs net income before taxes:
2025 | 2024 | |||
in CHF mn | variable interest rate | fixed interest rate | variable interest rate | fixed interest rate |
Assets | ||||
Cash and cash equivalents | 309.0 | - | 380.3 | - |
Loan receivables | 0.7 | 151.2 | 0.9 | 156.6 |
Other financial receivables | 27.7 | - | 32.6 | 3.3 |
Liabilities | ||||
Bank liabilities and loans | - | - | - | - |
Impact on net income / (loss) before taxes of a change of +/– 0.1% | 0.3 | - | 0.4 | - |
Credit risks
Trade accounts receivable are constantly monitored using standardised processes that are also supported by external debt collection partners. Standard guidelines are used to make the necessary value adjustments. Concentration risk is minimised by the large number and broad distribution of receivables from customers across all market segments. Quantitative information on credit risk resulting from operations can be found in Note 2.1 “Net working capital” for trade accounts receivable.
The credit risk to which cash and cash equivalents and other financial assets are exposed relates to counterparty defaults, in which case the maximum risk is the carrying amount. Cash and cash equivalents are diversified across Swiss banks whose default risk as defined by current Standard & Poorʼs and Moodyʼs credit ratings. The loan to General Atlantic SC B.V. is secured by a pledge of the shares held in SMG Swiss Marketplace Group Holding AG.
Liquidity risk
The risk of not having access to sufficient liquidity to settle liabilities is covered by a liquidity plan, which is continuously updated. The liquidity plan takes both day-to-day operations and accounts receivable and liabilities into account.
In order to optimise the available financial resources, liquidity management and long-term financing are undertaken centrally. This means that capital can be procured cost-effectively and ensures that the liquidity available matches the payment obligations.
The due dates of financial liabilities are shown in the table below:
in CHF mn | not yet due / at call | up to 3 months | 4 to 12 months | 1 to 5 years | over 5 years | Total |
2025 | ||||||
Financial liabilities | 3.7 | 18.6 | 48.8 | 151.1 | 10.5 | 232.7 |
of which derivative financial instruments | - | 0.0 | 0.0 | - | - | 0.0 |
of which lease liabilities | - | 18.6 | 48.8 | 142.5 | 10.5 | 220.4 |
Trade accounts payable | 54.6 | - | - | - | - | 54.6 |
Other liabilities | 4.2 | - | - | - | - | 4.2 |
Total | 62.5 | 18.6 | 48.8 | 151.1 | 10.5 | 291.5 |
2024 | ||||||
Financial liabilities | 0.2 | 19.0 | 45.1 | 183.4 | 8.6 | 256.2 |
of which derivative financial instruments | - | 0.0 | 0.0 | - | - | 0.1 |
of which lease liabilities | - | 19.0 | 44.4 | 166.7 | 8.6 | 238.7 |
Trade accounts payable | 69.1 | - | - | - | - | 69.1 |
Other liabilities | 4.7 | - | - | - | - | 4.7 |
Total | 73.9 | 19.0 | 45.1 | 183.4 | 8.6 | 330.0 |
Forward exchange transactions
in CHF mn | 2025 | 2024 |
Contract volume | 17.7 | 21.0 |
Fair value, due | 0.1 | 0.1 |
due within 1 year | 0.1 | 0.1 |
due within 1 to 5 years | 0.0 | 0.0 |
due beyond 5 years | - | - |
Details of cash flow hedges | ||
Cash flow hedges recognised directly in other comprehensive income / (loss) | 0.1 | 0.1 |
Used for hedging as planned | -0.2 | -0.1 |
Recognised directly in the income statement | - | - |
Depending on their maturity dates, the fair values of these derivative financial instruments are reported under current or non-current financial receivables or liabilities as appropriate.
Financial instruments
Category | 31.12.2025 | 31.12.2024 | |||
|---|---|---|---|---|---|
in CHF mn | Carrying amount | Fair value | Carrying amount | Fair value | |
Cash and cash equivalents | 1 | 309.0 | 309.0 | 380.3 | 380.3 |
Current financial assets | 17.6 | 17.6 | 17.4 | 17.4 | |
of which securities | 4 | 17.5 | 17.5 | 17.3 | 17.3 |
of which forward exchange transactions | 3 | 0.1 | 0.1 | 0.1 | 0.1 |
Trade accounts receivable | 2 | 172.7 | 172.7 | 191.3 | 191.3 |
Current financial receivables | 2 | 15.2 | 15.2 | 26.0 | 26.0 |
Non-current financial assets | 224.6 | 220.1 | 208.7 | 203.9 | |
of which other investments – equity instruments | 3 | 69.1 | 69.1 | 58.5 | 58.5 |
of which other investments – non-equity instruments | 4 | 0.1 | 0.1 | 0.2 | 0.2 |
of which loans receivable | 2 | 152.6 | 148.2 | 147.0 | 142.3 |
of which other non-current financial assets – non-equity instruments | 2 | 2.7 | 2.7 | 3.0 | 3.0 |
Current financial liabilities | 3.7 | 3.7 | 0.8 | 0.8 | |
of which forward exchange transactions | 5 | 0.0 | 0.0 | 0.1 | 0.1 |
of which other current financial liabilities | 6 | 3.7 | 3.7 | 0.8 | 0.8 |
Trade accounts payable | 6 | 54.6 | 54.6 | 69.1 | 69.1 |
Other current liabilities | 6 | 4.2 | 4.2 | 4.7 | 4.7 |
Non-current financial liabilities | 8.6 | 8.6 | 16.7 | 16.7 | |
of which purchase price obligations | 7 | 8.6 | 8.6 | 16.6 | 16.6 |
of which obligations to purchase own equity instruments | 7 | - | - | 0.1 | 0.1 |
of which other non-current financial liabilities | 7 | - | - | - | - |
Categorisation of financial instruments as per IFRS 9 | |||||
Cash and cash equivalents – at amortised cost | 1 | 309.0 | 309.0 | 380.3 | 380.3 |
Loans and receivables – at amortised cost | 2 | 343.2 | 338.8 | 367.4 | 362.6 |
Financial assets – at fair value with value adjustments in other comprehensive income | 3 | 69.2 | 69.2 | 58.6 | 58.6 |
Financial assets – at fair value with value adjustments in profit or loss | 4 | 17.6 | 17.6 | 17.4 | 17.4 |
Financial liabilities – at fair value with value adjustments in other comprehensive income | 5 | 0.0 | 0.0 | 0.1 | 0.1 |
Financial liabilities – at amortised cost | 6 | 62.5 | 62.5 | 74.5 | 74.5 |
Financial liabilities – at fair value with value adjustments in profit or loss | 7 | 8.6 | 8.6 | 16.7 | 16.7 |
TX Group uses the following measurement hierarchy to determine the fair value of financial instruments:
- Level 1: Listed prices on active markets for identical assets and liabilities.
- Level 2: Fair values calculated on the basis of observable market data. Either listed prices on non-active markets or non-listed prices are used. Such market values may also be derived from prices indirectly.
- Level 3: Fair values that are not calculated on the basis of observable market data.
The forward exchange transactions included under current financial assets are the only financial instruments that are classified as Level 2 in the fair value hierarchy. As of 31 December, these amount to CHF 0.1 million net (previous year: zero) and are therefore not material, nor are they subject to further disclosure.
Level 3 in the fair value hierarchy includes equity instruments associated with other financial assets and any purchase prices due. Investments are mainly made during the start-up phase when there are no observable market prices available. A suitable alternative valuation method is therefore applied in order to determine the fair value of the investments. This can include the price paid by third parties during financing rounds, a calculation based on the discounted cash flow (DCF) method, or the market price as determined with the help of multiples. Input factors are things like contract details during the financing rounds, including the price paid by third parties, or business plans that contain the latest estimates in respect of trends for revenues and costs. As regards the most important other investment in quantitative terms, in Joveo Inc., which is recorded in the balance sheet at a value of CHF 9.8 million as of 31 December 2025, the valuation was performed on the basis of an independent appraisal during the second half of 2025. Any remaining other investments (including their sensitivity) are deemed not to be material for TX Group. The valuations of other investments are reviewed on a half-yearly basis.
The change in respect of other investments in the reporting year can be seen in the table below:
in CHF mn | 31.12.2025 | 31.12.2024 |
|---|---|---|
Other investments as of 1 January | 58.6 | 49.1 |
Additions | 11.6 | 11.2 |
Disposals | -0.2 | - |
Changes recognised directly in other comprehensive income / (loss) | -0.8 | -1.7 |
Other investments as of 31 December | 69.2 | 58.6 |
All other financial instruments valued at fair value are classified as Level 1 in the fair value hierarchy. There were no transfers between the three levels.
Forward contracts and options with financial institutions are not entered into on a speculative basis, but selectively and exclusively for the purpose of mitigating the specific foreign currency and interest rate risks associated with business transactions. Foreign currency derivatives are measured according to the settlement of the hedged items as fair value hedges or as cash flow hedges, either in conjunction with the underlying transactions or separately at fair value as of the balance sheet date.
Derivative financial instruments, such as interest rate swaps, foreign exchange transactions and certain derivative financial instruments embedded in basic agreements, are recognised in the balance sheet at fair value, either as current or non-current financial assets or liabilities. The changes in fair value are recognised in the annual results or under other comprehensive income/(loss) directly, depending on the purpose for which the respective derivative financial instrument is used.
In the case of fair value hedges, the change in fair value of the effective share (of the derivative financial instrument and the underlying transaction) is recognised immediately in the income statement. Changes in fair value of the effective share of derivative financial instruments classed as cash flow hedges and qualifying for treatment as such are recognised as other comprehensive income/(loss) until the underlying transactions can be recognised in the income statement.
Changes in the fair value of derivative financial instruments that are not considered to be accounting hedges (as understood by the definition given above) or that do not qualify as such are recognised in the income statement as components of financial income or expenses. This also applies to fair value hedges and cash flow hedges as described above as soon as such financial instruments cease to qualify as accounting hedges.
Contractual obligations to purchase the Groupʼs own equity instruments (such as put options on non-controlling interests) result in the recognition of a financial liability, which is recognised at the present value of the exercise amount in the income statement. The fair value of the financial liability is regularly reviewed and any deviation from first-time recognition is recognised in the financial result.