Investments

Total investments amounted to CHF 59.2 million in the 2025 financial year (previous year: CHF 46.4 million). Most of the CHF 8.9 million invested in property, plant and equipment was spent on investments in technical equipment and machinery (CHF 3.9 million, the majority on advertising inventory from the out-of-home business), and on investments in relation to the printing centre in Bern (CHF 3.1 million). Investments in investment properties amounted to CHF 3.8 million and related to the new construction on the Werdareal site in Zurich. CHF 19.4 million was invested in intangible assets (previous year: CHF 16.9 million). In particular, these investments related to software and the recognition of own work capitalised at JobCloud. Investments in consolidated companies and associates/joint ventures amounted to CHF 16.0 million (previous year: CHF 0.6 million), with the increase primarily attributable to the purchase of additional shares in SMG Swiss Marketplace Group Holding AG in the amount of CHF 13.3 million. CHF 11.2 million (previous year: CHF 11.2 million) was invested in other financial assets, primarily investments in various fintechs.