Notes to the
annual financial statements
TX Group AG, Zurich, is the parent company of the TX Group. The direct and indirect investments held by TX Group AG are shown in Note 4.2 to the consolidated financial statements. TX Group AG does not prepare financial statements in accordance with a recognised standard, a statement of cash flows, or additional disclosures for larger entities, as it prepares consolidated financial statements in accordance with IFRS.
The following overview shows the most significant products and services managed directly by the parent company by business area:
Advertising and Free Media
- 20 Minuten
- 20 minutes
Shared Services
- Corporate Services
- Real Estate Management
- Technology/Group IT
- Management TX Ventures
These annual financial statements of TX Group AG, Zurich, were prepared in compliance with the Swiss Code of Obligations (CO). The following significant principles were applied in the annual financial statements:
Cash and cash equivalents
Cash and cash equivalents include cash on hand, postal and bank account balances, and time deposits with an original term of around three months, which are measured at nominal value.
Trade accounts receivable
Trade accounts receivable are recognised at their nominal value. Provision is made for the credit risk using any specific value adjustments and the general value adjustments permitted under tax law.
Financial assets
Current financial assets are measured at market price, and non-current financial assets are measured individually at cost less value adjustments. Loans are measured individually at their nominal value less value adjustments. Impairment testing is performed as of the balance sheet date in each case.
Investments
Investments are measured individually at cost less value adjustments.
Property, plant and equipment and intangible assets
Property, plant and equipment and intangible assets are capitalised at cost and are depreciated/amortised indirectly. The straight-line method is used for depreciation and amortisation. Any immediate depreciation and amortisation within the limits permitted under tax law is carried out at the discretion of the company. The minimum capitalisation limit is CHF 5ʼ000. Small acquisitions and investments that do not reach this amount are recognised directly as an expense.
Revenue recognition
Revenue from goods is recognised when the risks and rewards of ownership of the goods sold have been transferred to the buyer. Revenue from services is recognised at the time the service is rendered and is accrued at the end of the year if the revenue is invoiced in another period.
Barter transactions
Services rendered in barter transactions are recognised in revenues. Services received in barter transactions are recognised under other operating expense.
Forward exchange transactions
Forward exchange transactions are entered into to hedge the currency risk of the purchase of newsprint and magazine paper in a foreign currency. Negative market values of forward exchange transactions are recognised as current or non-current liabilities. Changes in measurement are disclosed in financial income.
The average number of employees is more than 250 full-time positions for the period from 1 January to 31 December 2025 and for the equivalent period of the previous year.
2025 | |||
in CHF mn | Investments | Third party | Total |
Assets | |||
Trade accounts receivable | 0.3 | 9.8 | 10.0 |
Other current receivables | 42.1 | 3.6 | 45.8 |
Accrued income and prepaid expenses | 4.1 | 9.1 | 13.2 |
Current financial assets | – | 17.5 | 17.5 |
Non-current financial assets | 126.2 | 207.3 | 333.5 |
Liabilities and equity | |||
Trade accounts payable | 0.5 | 4.1 | 4.6 |
Current interest-bearing liabilities | 18.5 | 0.0 | 18.5 |
Other current liabilities | 69.7 | 6.2 | 75.9 |
Deferred revenues and accrued liabilities | 0.6 | 14.3 | 14.9 |
Non-current interest-bearing liabilities | 99.0 | – | 99.0 |
2024 | |||
Assets | |||
Trade accounts receivable | 0.2 | 0.9 | 1.1 |
Other current receivables | 49.4 | 4.2 | 53.6 |
Accrued income and prepaid expenses | 0.2 | 15.1 | 15.3 |
Current financial assets | 1.2 | 27.1 | 28.3 |
Non-current financial assets | 113.5 | 187.4 | 300.9 |
Liabilities and equity | |||
Trade accounts payable | 0.4 | 3.3 | 3.7 |
Current interest-bearing liabilities | 23.7 | – | 23.7 |
Other current liabilities | 85.1 | 5.8 | 90.8 |
Deferred revenues and accrued liabilities | 1.3 | 11.5 | 12.7 |
Non-current interest-bearing liabilities | 94.0 | 0.3 | 94.3 |
Current financial assets
in CHF mn | 2025 | 2024 |
Money market funds | 17.5 | 17.3 |
Loans to subsidiaries | – | 1.2 |
Loans to third parties | – | 9.8 |
Total current financial assets | 17.5 | 28.3 |
Non-current financial assets
in CHF mn | 2025 | 2024 |
Loans to subsidiaries | 126.2 | 113.5 |
Loans to third parties | 151.1 | 142.2 |
Total loans | 277.3 | 255.7 |
Shares in other investments | 56.2 | 45.2 |
Rental deposits | 0.0 | 0.0 |
Total other financial assets | 56.2 | 45.2 |
Total non-current financial assets | 333.5 | 300.9 |
Property, plant and equipment
in CHF mn | 2025 | 2024 |
Fixtures and fittings | 2.5 | 3.0 |
IT equipment | 2.8 | 4.4 |
Plant and machinery | 7.3 | 10.0 |
Other movable property, plant and equipment | 1.8 | 4.6 |
Total movable property, plant and equipment | 14.4 | 22.1 |
Buildings | 37.4 | 43.3 |
Land | 45.7 | 56.1 |
Installations and building fixtures | 16.4 | 19.3 |
Tenant fittings | 0.1 | 0.2 |
Investment property | 19.8 | – |
Total immovable property, plant and equipment | 119.5 | 118.9 |
Total property, plant and equipment | 133.9 | 141.0 |
Current interest-bearing liabilities
in CHF mn | 2025 | 2024 |
Current account liabilities | 0.0 | 0.1 |
Other current interest-bearing liabilities | 18.5 | 23.5 |
Total current interest-bearing liabilities | 18.5 | 23.7 |
Deferred revenues and accrued liabilities
in CHF mn | 2025 | 2024 |
Personnel | 3.7 | 7.2 |
Direct taxes | - | - |
Other deferred revenues and accrued liabilities | 11.2 | 5.5 |
Total deferred revenues and accrued liabilities | 14.9 | 12.7 |
Non-current interest-bearing liabilities
in CHF mn | 2025 | 2024 |
Loans | 99.0 | 94.0 |
Other non-current interest-bearing liabilities | – | 0.3 |
Total non-current interest-bearing liabilities | 99.0 | 94.3 |
Voluntary retained earnings
in CHF mn | 2025 | 2024 |
Balance as of 1 January | 1’340.8 | 1’324.9 |
Withdrawal / Allocation from appropriation of net income | 26.7 | 16.0 |
Balance as of 31 December | 1’367.5 | 1’340.8 |
Other operating revenue and other income
in CHF mn | 2025 | 2024 |
Management fees | 38.5 | 46.5 |
Revenue from real estate | 20.8 | 22.4 |
Change in provisions for doubtful accounts | -0.7 | 0.6 |
Other operating revenue | 5.0 | 4.4 |
Total other operating revenue and other income | 63.6 | 74.0 |
Other operating expense
in CHF mn | 2025 | 2024 |
Distribution and sales expenses | -9.6 | -11.0 |
Advertising and PR expenses | -7.3 | -6.2 |
Rent, lease payments and licenses | -4.6 | -4.1 |
Management fees | -8.6 | -18.3 |
Other operating expenses | -21.3 | -18.6 |
Total other operating expense | -51.5 | -58.1 |
Financial result
in CHF mn | 2025 | 2024 |
Interest income | 9.7 | 14.7 |
Revenue from investments | 57.4 | 136.4 |
Gain from sale of investments | 0.0 | 14.4 |
Reversal of value adjustments of investments | 5.2 | 11.7 |
Other financial income | 1.3 | 6.0 |
Total financial income | 73.6 | 183.1 |
Interest expense | -1.5 | -3.5 |
Impairment on financial assets | -0.4 | -3.0 |
Other financial expenses | -1.4 | -4.0 |
Total financial expense | -3.3 | -10.5 |
Total financial result | 70.2 | 172.6 |
in CHF mn | 2025 | 2024 |
Material net reversal of hidden reserves | 2.5 | 3.1 |
The direct and indirect investments held by TX Group AG are disclosed in Note 4.2 to the consolidated financial statements.
Investments and loans were tested for impairment as at 31 December 2025. Their values in use were calculated using the discounted cash flow (DCF) method, and the calculation did not lead to a value adjustment for loans (previous year: CHF 0.4 million). For the investments, the analysis led to a reversal of value allowances of CHF 5.2 million (previous year: CHF 11.7 million) and a new value adjustment of CHF 8.1 million (previous year: CHF 91.8 million).
2025 | 2024 | |||
number | in CHF 000 | number | in CHF 000 | |
Balance as of 1 January | 4’001 | 455 | 8’787 | 906 |
Acquisition of treasury shares | 324’650 | 53’352 | 146 | 18 |
Sale of treasury shares | -1’849 | -203 | -4’932 | -469 |
Balance as of 31 December | 326’802 | 53’604 | 4’001 | 455 |
On 24 January 2025 TX Group AG acquired 200ʼ000 TX Group AG shares (1.89% of the capital and voting rights) from Ellermann Pyrit GmbH, a member of the shareholder pool, at a price of CHF 150 per share (in total: CHF 30.0 million). The shares will not be cancelled, but used to facilitate strategic flexibility and serve future purposes in the interests of the company. As announced in the press release dated 25 September 2025, TX Group AG will repurchase up to 662ʼ500 registered shares with a nominal value of CHF 10 each over a maximum period of three years, representing up to 6.25% of the share capital entered in the commercial register. The aim of the buyback is to ensure efficient use of capital and a return of funds to shareholders. Shares will be bought back at market price on a second trading line for the purpose of cancelling the shares. The repurchased shares will be cancelled by means of a capital reduction. Under the share buyback programme, 124ʼ650 additional treasury shares were purchased in the 2025 financial year. As of the reporting date, 326ʼ802 treasury shares are held.
Treasury shares were sold in connection with the profit participation programme for the Executive Management (see Note 3.2 to the consolidated financial statements).
in CHF mn | 2025 | 2024 |
Liabilities from leases equivalent to purchase agreements | 0.0 | 0.0 |
Liabilities from fixed rental contracts | 8.6 | 9.3 |
in CHF mn | 2025 | 2024 |
Liabilities to employee benefit funds | 0.0 | – |
in CHF mn | 2025 | 2024 |
Subordinated claims in favor of investments | 33.6 | 20.8 |
Subordinated claims in favor of third parties | 1.1 | 0.8 |
in CHF mn | 2025 | 2024 |
Securities | – | – |
TX Group AG, Zurich, has formed a VAT group with other Swiss group companies since 1 January 2017. The companies in this group are all jointly and severally liable for the VAT debts of the other members of the group.
As of the balance sheet date, there are guarantee obligations to the benefit of related parties and third parties totalling CHF 17.9 million (previous year: CHF 17.6 million). There are no further guarantee obligations.
TX Group AG has promised liquidity support from the Groupʼs in-house banking for three of its subsidiaries, which may result in financial liabilities in the event that they call on the support.
2025 | 2024 | |||
number | in CHF 000 | number | in CHF 000 | |
Shares allocated during financial year to members of the Executive Management | 1’849 | 203 | 4’932 | 469 |
The shares allocated are recognised at fair value as of the respective balance sheet date.
The disclosure of compensation in accordance with the Ordinance against Excessive Remuneration in Listed Companies Limited by Shares can be found in the Compensation Report. Information on the shareholdings of the Board of Directors and the shareholdings of the Executive Management is also disclosed below in accordance with the terms of the Swiss Code of Obligations, Art. 663(c).
Board of Directors
2025 | 2024 | |||
number | Shares owned | Total shares owned including those held by related parties 1 | Shares owned | Total shares owned including those held by related parties 1 |
Pietro Supino | 33’338 | 1’439’160 | 33’338 | 1’439’160 |
Martin Kall | – | – | – | – |
Pascale Bruderer | – | – | – | – |
Stephanie Caspar | – | – | – | – |
Claudia Coninx-Kaczynski | 393’508 | 1’264’867 | 393’533 | 1’264’867 |
Miriam Meckel | – | – | – | – |
Sverre Munck | – | – | – | – |
Konstantin Richter | 28’229 | 738’295 | 28’229 | 737’795 |
1Including rights of usufruct and benefits.
Executive Management
2025 | 2024 | |||
Number of shares | Shares owned | Total shares owned including those held by related parties | Shares owned | Total shares owned including those held by related parties |
Bernhard Brechbühl | – | – | – | – |
Sandro Macciacchini | – | – | 2’248 | 2’248 |
Christoph Marty | – | – | – | – |
Daniel Mönch | 100 | 100 | 100 | 100 |
Ursula Nötzli | – | – | – | 400 |
Jessica Peppel-Schulz | – | – | – | – |
Tanja zu Waldeck | – | – | – | – |
Name | 2025 1 | 2024 1 | 2023 1 |
Dr. Severin Coninx, Bern | 13.20% 2 | 13.20% | 13.20% |
Rena Maya Coninx Supino, Zurich | 12.95% | 12.95% | 12.95% |
Dr. Hans Heinrich Coninx, Küsnacht | 11.93% 3 | 11.93% 3 | 11.93% 3 |
Fabia Schulthess, Zurich | 5.53% | 5.53% | 5.53% |
Andreas Schulthess, Wettswil | 5.53% | 5.53% | 5.53% |
Ellermann Lawena Stiftung, FL-Vaduz | 6.87% | 6.87% | 6.87% |
Ellermann Pyrit GmbH, D-Stuttgart | 1.94% | 3.82% | 3.94% |
Ellermann Rappenstein Stiftung, FL-Vaduz | 5.86% | 5.86% | 5.86% |
Other members of the shareholders' agreement | 3.05% 4 | 3.05% 4 | 3.05% 4 |
Total members of the shareholders' agreement | 66.84% | 68.73% | 68.84% |
Regula Hauser-Coninx, Weggis | 4.63% | 4.63% | 4.63% |
Tweedy Browne Company LLC | 3.56% | 3.77% | 4.59% |
Epicea AG, Bern | 3.25% | 3.25% | 3.25% |
Medien- und Unternehmungsförderungsstiftung FERS, Bern | 0.69% | 0.69% | 0.69% |
Medien- und Unternehmensförderungsstiftung FERS | 3.94% | 3.94% | 3.94% |
Lugard Road Capital Master Fund LP, Grand Cayman, KY | 3.04% | 3.74% | 0.00% |
1The disclosures as of 31 December relate to the 10.6 million registered shares issued.
2Dr. Severin Coninx deceased on 22 January 2026. The information on the holdings corresponds to the ownership structure as at 31 December 2025.
3Of which rights to usufruct in relation to 393,234 registered shares in the name of Martin Coninx (Männedorf), rights of usufruct in relation to 393,233 registered shares in the name of Claudia Isabella Coninx-Kaczynski (Zollikon) and rights of usufruct in relation to 393,233 registered shares in the name of Christoph Coninx (Oetwil an der Limmat).
4The other members of the shareholders' agreement are: – Beatrice Calcagni – Isabella Calcagni – Pietro Calcagni – Prof. Dr. Anna Coninx Mona – Erbengemeinschaft Annette Coninx Kull – Caspar Coninx – Christoph Coninx – Claudia Isabella Coninx-Kaczynski – Franziska Nicolasina Coninx – Lorenz Coninx – Martin Coninx – Philipp Coninx – Salome Coninx – Jessica Natalja Kaczynski – Luca Kaczynski – Tatjana Kaczynski – Antonia Kaestner – Casper Kaestner – Clara Kaestner – Dr. Franziska Kaestner-Richter – Moritz Kaestner – Antje Landshoff-Ellermann – Saskia Landshoff – Hanna Marti – Konstantin Richter – Sabine Richter-Ellermann – Matteo Schulthess – Dr. Anna P. Supino Calcagni – Dr. Pietro Supino
See Note 4.7 to the consolidated financial statements.