Normalised
consolidated income statement
31.12.2025 | 31.12.2024 | ||||||
|---|---|---|---|---|---|---|---|
in CHF mn | Comment | Income statement | One-off effects | Normalised income statement | Income statement | One-off effects | Normalised income statement |
Advertising revenue | 1 | 316.4 | - | 316.4 | 336.4 | 0.2 | 336.7 |
Classifieds & services revenue | 208.3 | - | 208.3 | 221.6 | - | 221.6 | |
Commercialisation revenue | 70.6 | - | 70.6 | 81.5 | - | 81.5 | |
Subscriptions & single sales revenue | 212.0 | - | 212.0 | 221.7 | - | 221.7 | |
Printing & logistics revenue | 48.8 | - | 48.8 | 59.0 | - | 59.0 | |
Other operating revenue | 16.0 | - | 16.0 | 20.5 | - | 20.5 | |
Other income | 1.1 | - | 1.1 | 0.8 | - | 0.8 | |
Revenues | 873.1 | - | 873.1 | 941.5 | 0.2 | 941.7 | |
Cost of material and services | 2 | -131.0 | - | -131.0 | -144.0 | 0.2 | -143.8 |
Personnel expense | 2 | -371.7 | 0.1 | -371.6 | -438.8 | 12.8 | -426.0 |
Other operating expense | 2 | -207.0 | 0.4 | -206.6 | -216.2 | 5.7 | -210.5 |
Share of net result of associates / joint ventures | 3 | 26.7 | 11.4 | 38.2 | 25.0 | 14.8 | 39.8 |
Operating income / (loss) before depreciation and amortisation (EBITDA) | 190.2 | 12.0 | 202.1 | 167.5 | 33.7 | 201.2 | |
Depreciation and amortisation | 4 | -102.1 | 1.9 | -100.1 | -99.2 | 1.4 | -97.8 |
Amortisation resulting from business combinations | 5 | -49.3 | 49.3 | - | -49.3 | 49.3 | - |
Operating income / (loss) (EBIT) | 38.8 | 63.2 | 102.0 | 19.0 | 84.5 | 103.5 | |
Financial income | 6 | 13.8 | -0.8 | 13.0 | 40.9 | -23.8 | 17.2 |
Financial expense | 7 | -8.1 | 0.7 | -7.4 | -22.3 | 12.2 | -10.0 |
Net income / (loss) before taxes (EBT) | 44.5 | 63.1 | 107.6 | 37.7 | 72.9 | 110.6 | |
Income taxes | 8 | -7.9 | -9.5 | -17.4 | -6.6 | -8.7 | -15.3 |
Net income / (loss) (EAT) | 36.6 | 53.6 | 90.2 | 31.1 | 64.2 | 95.4 |
1The 2024 normalisation relates to the correction of deferred revenue for Clear Channel Switzerland of 0.2 CHF mn (Goldbach segment). Deferred revenue was adjusted to its fair value as part of the initial consolidation.
2The normalisation relates to costs already incurred and provisions for the closure of printing centers totalling 0.5 CHF mn (2024: 18.7 CHF mn) in Tamedia segment.
3The 2025 normalisation relates to the share of amortisation resulting from business combinations of the associate SMG Swiss Marketplace Group Holding AG in the amount of 11.4 CHF mn (2024: 14.8 CHF mn, after deferred taxes, TX Markets).
4The 2025 normalisation includes the increased depreciation of 1.9 CHF mn resulting from the shortened useful lives in connection with the closure of the printing centers in the Tamedia segment (2024: 1.4 CHF mn).
5Amortisation from business combinations are normalised in full.
6The 2025 normalisation relates to the liquidation of the Zattoo Inc. of 0.2 CHF mn (Group & Ventures) and to the gain on disposal of Splicky GmbH amounting to 0.6 CHF mn (Goldbach). In 2024 the normalisation relates to the gain on disposal of DJ Digitale Medien GmbH of 8.1 CHF mn (20 Minuten) and of dreifive Group of 4.0 CHF mn (Goldbach), the earn-out from the resale of Trendsales ApS by the former buyers of 4.2 CHF mn (Group & Ventures) and the revaluation of the purchase price liability from the acquisition of the minority interests in NEO ADVERTISING SA of 7.5 CHF mn (Goldbach).
7The 2025 normalisation includes the reduction in the purchase price claim from the sale of Goldbach Austria of 0.4 CHF mn (Goldbach). Furthermore, the revaluation of the purchase price liability from the acquisition of the minority interests in NEO ADVERTISING AG of 0.3 CHF mn including the compounding of interest (compounding effect 2024: 1.1 CHF mn) in the Goldbach segment was normalised. The 2024 normalisation includes also the loss on disposal from Ultimate Media Beteiligungs- und Management GmbH of 5.7 CHF mn (20 Minuten) and from Goldbach Austria of 2.2 CHF mn (Goldbach), the effect of the increase to 100% in shares in hokify GmbH by Karriere.at GmbH of 2.9 CHF mn (TX Markets) and the dilutive effect of a capital increase and therefore a reduction in shareholdings due to employee shareholding programmes at SMG Swiss Marketplace Group Holding AG of 0.4 CHF mn (TX Markets).
8The tax effects associated with one-off effects are normalised accordingly.