Notes to the
consolidated financial statements

General information and changes in accounting policies

General information about TX Group

TX Group AG, headquartered in 8004 Zurich, Werdstrasse 21, Switzerland, is a public limited company subject to Swiss law and has been listed on the SIX Swiss Exchange since 2 October 2000. TX Group is a leading media company in Switzerland with four largely self-contained segments that focus on specialised platforms/marketplaces, advertising marketing, free media and paid media. The consolidated financial statements as at 31 December 2025 cover TX Group AG as the holding company and its subsidiaries. The TX Group Board of Directors approved these consolidated financial statements on 13 March 2026 and will present them to the Annual General Meeting for approval on 10 April 2026.

Basis of preparation

The consolidated financial statements of TX Group AG have been prepared in accordance with the International Financial Reporting Standards (IFRS) and in compliance with Swiss company law. The consolidated financial statements are presented in Swiss francs (CHF), which is the functional currency of TX Group AG. The reporting period covers 12 months. Unless otherwise stated, all amounts are stated in millions of Swiss francs and rounded to one decimal place. The majority of calculations are made with a high level of numerical accuracy. It is therefore possible that rounding differences may occur. The valuations are based on historical acquisition and production costs, unless a standard or interpretation requires another measurement basis for a particular line item in the consolidated financial statements, in which case this is explicitly referenced in the accounting policies. Accounting policies that are key to understanding the statements are set out in specific notes.

Management assumptions and estimates

Preparation of the consolidated financial statements requires that management makes estimates and assumptions, subject to a certain amount of judgement. This impacts the amounts of assets, liabilities, income and expenditure stated. Such estimates and associated assumptions not only take past experiences into account, but also various other relevant factors. They are subject to risks and uncertainties. As a result, it is possible that the actual results realised may deviate from these estimates. This relates to the following items in particular:

Income taxes – capitalisation of loss carryforwards (Note 1.6)
Investment properties – defining the calculation parameters for determining fair value (Note 2.4)
Goodwill and intangible assets with an indefinite useful life – impairment testing (Note 2.6)
Leases – determining terms (Note 2.8)
Employee benefits – actuarial assumptions (Note 2.10)

Changes to accounting policies

The TX Group is applying the revised standard below, which is applicable from 1 January 2025, for the first time in the 2025 consolidated financial statements. This has no material impact on the results or the financial position of the Group.

Amendments to IAS 21 – “Lack of Exchangeability”

The new and revised standards and interpretations to be applied from 2026 have not been applied in advance. Amendments to the requirements for disclosure of equity instruments in IFRS 7 will require entities to disclose the fair value gain or loss recognised in the statement of other comprehensive income (OCI) during the period. Disclosure must be itemised by fair value gain or loss, broken down into investments disposed of or held during the period. At present, expanded disclosure of the equity instruments in the consolidated financial statements is expected.

IFRS 18 – “Presentation and Disclosure in Financial Statements”

IFRS 18 ʼPresentation and Disclosure in Financial Statementsʼ replaces IAS 1 as of 1 January 2027 and will introduce new requirements aimed at increasing the comparability of the financial performance of similar entities and supplying more relevant information to users of financial statements. IFRS 18 will not affect the recognition or measurement of items in the financial statements, but will have a considerable impact on reporting.

TX Group evaluated the future impact of the new standard on the consolidated financial statements. According to the first preliminary assessment, the following potential changes can be expected:

The re-allocation of income and expense items to the planned new categories in the consolidated income statement will result in changes in the calculation and presentation of the operating result. The significant change will be the new presentation of the share of net result of associates/joint ventures outside operating income/(loss). In addition, results from the sale of consolidated investments will now be reported within operating income/(loss). However, this is not expected to impact the Groupʼs annual result.
In future, goodwill will be disclosed as a separate item in the balance sheet.
The calculation of the cash flow statement will now start with operating income (instead of income after tax, as previously). There will also be changes to the allocation of interest and dividends paid and received.