2.6Goodwill and intangible assets with an indefinite useful life
in CHF mn | 2025 | 2024 |
Goodwill per segment | ||
TX Markets | 290.9 | 290.9 |
Goldbach | 154.2 | 158.1 |
20 Minuten | 142.6 | 141.1 |
Tamedia | 94.3 | 91.9 |
Group & Ventures | 24.4 | 22.7 |
Total | 706.4 | 704.7 |
Since the start of 2025, 20 Minuten and Tamedia have been marketing their titles themselves. In this context, goodwill of CHF 3.9 million from Goldbach was reallocated to 20 Minuten and Tamedia.
In addition to goodwill, intangible assets (trademarks/domains) with indefinite useful lives are found in the following segments:
in CHF mn | 2025 | 2024 |
Intangible assets with indefinite useful life per segment | ||
TX Markets | 91.0 | 91.0 |
Goldbach | 37.1 | 37.9 |
20 Minuten | 22.2 | 22.2 |
Group & Ventures | 7.9 | 7.9 |
Total | 158.1 | 159.0 |
Goodwill of CHF 290.9 million and intangible assets with indefinite useful lives of CHF 91.0 million apply to the largest cash-generating unit, JobCloud. These were tested for impairment on the basis of the value in use, the determination of which takes into account the growth rate, the discount rate, and other assumptions of the TX Markets segment.
The goodwill and intangible assets with indefinite useful lives were tested for impairment for each cash-generating unit as of 31 December 2025. The cash-generating units are determined at a level below the segments, provided they are largely independent of other assets. Their values in use were calculated using the discounted cash flow method.
The calculations on which the business plans are based refer to the values generated in the current reporting year, the budget figures for 2026 and the medium-term expectations for each of the companies. The budget figures include the latest estimates relating to changes in revenues and costs. The estimates relating to the changes in revenues take into account external market data (WEMF, Media Focus) and are based on current reader and user figures. Future changes in these numbers are forecast individually. The business plans take account of business risks with differing assessments. The business plans cover a period of three years.
The growth rates for the following years were applied as follows:
Growth rates | 2025 | 2024 |
TX Markets | 0.7% | 1.0% |
Goldbach | 0.7% | 1.0% |
20 Minuten | 0.7% | 1.0% |
Tamedia | -0.9% | -0.7% |
Group & Ventures | 0.7% | 1.0% |
In the case of cash-generating units with positive growth, it is assumed that these will achieve long-term growth rates in line with the predicted future rate of inflation. For cash-generating units with negative growth, it is assumed that the negative growth rate will slow over the long term.
The discount rates applied (WACC) are shown in the following table:
WACC before taxes | 2025 | 2024 |
TX Markets | 9.4% | 10.8% |
Goldbach | 7.2-8.3% | 8.1-10.0% |
20 Minuten | 6.5% | 8.8% |
Tamedia | 7.1% | 8.9% |
Group & Ventures | 11.6-11.9% | 12.9-13.0% |
Impairment testing as of the end of 2025 showed that no impairment was needed for any cash-generating units. The test is performed once a year and in the event of indications of a potential impairment. Additional impairment of goodwill and intangible assets with an indefinite useful life could result in future from changes in the fundamental data used for impairment testing.
Impairment of goodwill and intangible assets with an indefinite useful life could result from changes in the fundamental data used for impairment testing, such as an ongoing deterioration in the gross margin or a change in cost structure. The possible impact was investigated by means of sensitivity analyses with regard to changes considered possible for a key assumption.
For all units, the sensitivity analyses show that no reasonably possible change to the key assumptions would lead to the achievable amount being reduced to corresponding carrying amount.
The allocation of goodwill to the cash-generating units and the calculation of the achievable amount are at the discretion of the management. This includes the estimate of future expectations for the companies (cash flows), and the calculation of the discount factor and the growth rate based on historic data and current predictions.
At the time of initial consolidation, the assets and liabilities of a company – or the net assets acquired – and the contingent liabilities are measured at fair value. Any positive difference between the consideration paid and the acquired net assets calculated according to these policies is recognised as goodwill in the year of acquisition. The goodwill thus calculated is not amortised but is instead tested for impairment every year. If there is any indication of a possible goodwill impairment, its value is reassessed and, if necessary, written off as an impairment. Any negative difference between the consideration paid and the calculated net assets is recognised immediately in the income statement following a review.
In the event of the sale of consolidated companies, the difference between the sales price and other shares held, as well as transferred net assets, which could also include some remaining goodwill, is reported in the consolidated income statement as income from the sale of investments.
The position that a company or a product has within the market at the time a purchase agreement is entered into is reflected in the purchase price that is paid for this acquisition. This position is by definition not a separate component and therefore cannot be measured. It forms an integral component of the goodwill acquired.