Group & Ventures
The Group & Ventures segment encompasses TX Groupʼs controlling interests in Doodle AG (99.9%) and Zattoo AG (59.4%), as well as interests in the fintech space. Group & Ventures also includes the TX Groupʼs real estate portfolio and central services departments. www.tx.group
in CHF mn | 31.12.2025 | 31.12.2024 | Change |
|---|---|---|---|
Advertising revenue 1 | 8.7 | 9.6 | -10.2% |
Classifieds & services revenue 1 | 59.7 | 59.0 | 1.2% |
Other operating revenue 1 | 79.1 | 90.7 | -12.8% |
Other income 1 | 0.6 | 0.3 | 114.7% |
Revenues | 148.2 | 159.7 | -7.2% |
of which organic revenues 2 | 148.2 | 159.7 | -7.2% |
Operating expense 3 | -135.7 | -151.8 | -10.6% |
Share of net result of associates / joint ventures | -0.5 | 0.2 | n.a. |
Operating income / (loss) before depreciation and amortisation (EBITDA) | 12.0 | 8.1 | 49.3% |
Margin 4 | 8.1% | 5.0% | 3.1%p |
Depreciation and amortisation | -23.8 | -24.5 | -2.9% |
Amortisation resulting from business combinations | -1.8 | -1.6 | 13.2% |
Operating income / (loss) (EBIT) | -13.6 | -18.0 | -24.8% |
Margin 4 | -9.2% | -11.3% | 2.1%p |
Normalisation 5 | 1.8 | 1.6 | 13.2% |
Operating income / (loss) (EBIT adj.) | -11.8 | -16.4 | -28.4% |
Margin 4 | -7.9% | -10.3% | 2.4%p |
Number of employees (FTE) 6 | 667 | 773 | -13.7% |
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. There were no material changes in the Group & Ventures segment.
3No IAS 19 pension costs (as in segment reporting).
4The margin relates to revenues.
5Normalisation effects: Amortisation resulting from business combinations (2025: 1.8 CHF mn; 2024: 1.6 CHF mn).
6Average number of employees, excluding employees in associates / joint ventures.
COO: Tanja zu Waldeck
Group Services
- In 2025, the Group advanced its decentralisation efforts. It decentralised business-related services (such as controlling and HR), while scrutinising and streamlining other services. This bolstered the corporate responsibility of the media companies and significantly reduced the Groupʼs costs.
CPO: Daniel Mönch
Real estate
- Since autumn 2024, the CPO has led the development of real estate owned by TX Group AG as an independent strategic division alongside investments and ventures. The Group is also looking at potential partnerships in its further development efforts.
- Individual property strategies are being prepared 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 location and nature of the site (for example, they could be renovated or converted into housing, offices or logistics centres). This will take place over the coming years in various projects. Construction work on the high-quality new build on Werdstrasse in central Zurich began in autumn 2025. We expect the new building to be ready for hand-over to the future tenants in early 2029.
TX Ventures
- The NAV per unit of TX Ventures Fintage Fund I rose to CHF 128.91 as at June 30, 2025 (+28.9% vs. launch), a further increase.
- In the second half of the year, the fund undertook new investments in Zefir and Predicti. French proptech company Zefir is developing a new type of marketplace in France that aims to revolutionise the process of buying and selling real estate with the help of artificial intelligence. Danish fintech company Predicti offers a software solution for the financial sector that uses AI to help generate relevant sales impetus. There were also several financing rounds for existing portfolio companies, in part led by prestigious international venture capital investors.
- By the end of 2025, the fund had invested a total of CHF 64.8 million in 24 start-ups. www.tx.ventures
Doodle and Zattoo
- In 2025, major changes were on the agenda at Doodle. New CEO Christian Fielitz, a proven SaaS expert, took up his position in April 2025 and progressively advanced his C-level teamʼs capacities in the areas of artificial intelligence, product and growth.
- This resulted in a new product vision and the launch of the Doodle Time Institute. This laid the foundation for the development of a completely revised scheduling solution in 2026.
- Doodle reported a slight decline in revenue, primarily due to a drop in advertising revenues and unfavourable exchange rates. By contrast, EBITDA increased significantly in 2025. www.doodle.com
- For Zattoo, 2025 offered a mixed picture. Fierce competition in Germany led to a slight decline in revenue, particularly in the advertising business. In the direct customer business in Switzerland, on the other hand, continued robust development resulted in modest growth.
- In the B2B segment, Zattoo secured prestigious new customers (such as Digitec Galaxus) and retained one of its biggest customers.
- Sales increased overall in 2025, with a rise in efficiency pushing the EBITDA significantly higher than in the previous year. www.zattoo.com