Goldbach
Goldbach markets and brokers advertising across the following areas: TV, OOH, radio, and online. The advertising inventories mainly come from private TV channels/(networks), radio stations, owners of outdoor advertising spaces or providers of sites for outdoor advertising spaces, and websites (online publishers). www.goldbach.com
in CHF mn | 31.12.2025 | 31.12.2024 | Change |
|---|---|---|---|
Advertising revenue 1 | 153.0 | 153.9 | -0.6% |
Classifieds & services revenue 1 | 0.9 | 4.7 | -81.2% |
Commercialisation revenue 1 | 73.6 | 119.7 | -38.5% |
Other operating revenue 1 | 8.6 | 8.4 | 2.0% |
Other income 1 | 0.1 | 0.0 | 87.8% |
Revenues | 236.1 | 286.7 | -17.7% |
of which organic revenues 2 | 236.1 | 242.5 | -2.6% |
Operating expense 3 | -158.9 | -201.2 | -21.0% |
Share of net result of associates / joint ventures | 0.1 | 0.1 | -40.7% |
Operating income / (loss) before depreciation and amortisation (EBITDA) | 77.3 | 85.7 | -9.8% |
Margin 4 | 32.7% | 29.9% | 2.9%p |
Depreciation and amortisation | -61.9 | -62.4 | -0.8% |
Amortisation resulting from business combinations | -19.9 | -19.5 | 2.0% |
Operating income / (loss) (EBIT) | -4.5 | 3.8 | n.a. |
Margin 4 | -1.9% | 1.3% | -3.2%p |
Normalisation 5 | 19.9 | 19.7 | 0.9% |
Operating income / (loss) (EBIT adj.) | 15.4 | 23.5 | -34.5% |
Margin 4 | 6.5% | 8.2% | -1.7%p |
Number of employees (FTE) 6 | 535 | 761 | -29.6% |
1Includes third-party revenue and revenue vis-à-vis other TX segments.
2Includes only companies and activities that were included in the scope of consolidation for the entire reporting period 2025 and 2024. In the Goldbach segment, the contributions of dreifive Group and Goldbach Austria Group and also of Tamedia Advertising (formerly Goldbach Premium Publishing) and Goldbach Regional, both of which were transferred to Tamedia on 1 January 2025, were excluded in the prior period.
3No IAS 19 pension costs (as in segment reporting).
4The margin relates to revenues.
5Normalisation effects: Amortisation resulting from business combinations (2025: 19.9 CHF mn; 2024: 19.5 CHF mn), Correction of deferred revenue from initial consolidation of Clear Channel Switzerland (2024: 0.2 CHF mn).
6Average number of employees, excluding employees in associates / joint ventures.
CEO: Christoph Marty
Goldbach relies on three strong business divisions
- In 2025, Goldbach focused on the three profitable pillars of TV, digital/radio and OOH. Following the reintegration of the Tamedia and 20 Minuten advertising inventories, in 2025 Goldbach re-evaluated its non-core business.
- Regional marketing and the technology provider AdUnit were closed or sold, leading to personnel reductions in the central functions.
- The DSP Splicky in Berlin was sold to Adform, while Munichʼs Goldvertise, which specialises in digital and CTV marketing, was sold to High View.
- The core business of brokerage and marketing performed well in the first half of 2025. This trend stalled in the second half of the year and the fourth quarter came under considerable pressure, as it did in 2024. In linear TV, Goldbach is facing a structural decline, which it is offsetting with advertising on time-shift TV. Replay ads performed very well in 2025, with revenues doubling once again.
- The Digital Out of Home market in Switzerland has more than tripled over the past decade due to the stock of advertising space and remains a clear growth driver within outdoor advertising despite regulatory restrictions. This was one of the reasons why Goldbach Neo, with a growth of 2.5%, developed more strongly than the forecasted market.1
- The overall result, with 15.3 million CHF EBIT adj., is significantly below expectations and also behind the previous year. Contributing factors include a provision made by Goldbach Neo for a marketing contract in the first half of the year, restructuring costs in connection with staff reductions in the Goldbach Group, advertising market developments in Goldbach Audience and Media, and the negative performance of Goldbach Regional, which was closed at year-end.
Focus of the organisation
Since 2023, Goldbach has increasingly focused on the three pillars of TV, OOH and Digital/Radio. Activities not belonging to the core business have been divested or restructured.
Goldbach Group:
