1.3Personnel expense
in CHF mn | 2025 | 2024 |
Salaries and wages | 296.1 | 335.8 |
Social security contributions | 54.6 | 59.0 |
Employee benefit expense from IAS 19 1 | 4.8 | 10.3 |
Other personnel expenses | 16.1 | 33.7 |
Total | 371.7 | 438.8 |
1The expense reported for IAS 19 includes the positions current employer service costs, effect of plan curtailments / settlements, past service costs, administration costs excl. employer contributions (recognised under social security) as set out in note 2.10. The impact from interest payable and the anticipated returns on plan assets are recognised under net financial result.
The decline in wages and salaries is attributable to a fall in the number of full-time employees (down around 6.7% in organic terms) and to provisions of CHF 13.0 million formed in 2024 in response to claims for repayment of short-time work compensation. Following an audit, Seco asserted claims for repayment of short-time work compensation from individual companies in the TX Group. Appeals have been lodged against these repayment claims; the proceedings are currently pending before the Federal Administrative Court.
The decrease in other personnel expenses primarily relates to exceptional costs incurred in 2024 based on the restructuring of the Tamedia business area (closure of printing centres and reorganisation of editorial offices).
In addition, the change in the scope of consolidation resulted in an effect of CHF –8.8 million compared to the previous year.
Board of Directors and Executive Management compensation
The compensation shown corresponds to the expenditure recognised in the income statement during the reporting year (irrespective of the dates on which these were paid). The active members of the Board of Directors and Executive Management also include those individuals who completed their period of tenure during the year.
in CHF 000 | Board of Directors 1 | Executive Management | Total |
2025 | |||
Number of members as of balance sheet date | 7.0 | 5.0 | 12.0 |
Annual average number of members | 7.0 2 | 5.0 3 | 12.0 |
Fees / basic salaries | 2’169 | 2’969 | 5’138 |
Variable compensations 4 | – | 1’229 | 1’229 |
Employee Carry lncentive Plan | – | – | – |
Pension and social security contributions | 235 | 877 | 1’112 |
Expense reimbursements | 112 | 146 | 257 |
Non-monetary benefits | – | 13 | 13 |
Other compensation | – | – | – |
Total | 2’515 | 5’234 | 7’749 |
2024 | |||
Number of members as of balance sheet date | 7.0 | 6.0 | 13.0 |
Annual average number of members | 7.0 2 | 4.5 3 | 11.5 |
Fees / basic salaries | 2’208 | 1’693 | 3’901 |
Variable compensations 4 | – | 1’020 | 1’020 |
Share of profits for Group Management paid in shares 2024 4 | – | 59 5 | 59 |
Share of profits for Group Management paid in shares 2023 4 | – | 18 | 18 |
Share of profits for Group Management paid in shares 2022 4 | – | 38 | 38 |
Extraordinary LTI 6 | – | 1’117 | 1’117 |
Employee Carry lncentive Plan | – | – | – |
Pension and social security contributions | 233 | 576 | 810 |
Expense reimbursements | 111 | 91 | 202 |
Non-monetary benefits | – | 55 | 55 |
Other compensation | – | – | – |
Total | 2’552 | 4’667 | 7’219 |
1The Board of Directors currently comprises the full-time Chairman / publisher and non-executive members.
2The following joiners and leavers are relevant for determining the annual average number of members: – Martin Kall until 11 April 2025 – Miriam Meckel from 11 April 2025 – No changes in 2024
3The following joiners and leavers are relevant for determination of the annual average number of members: – No changes in 2025 – Sandro Macciacchini until 30. September 2024 – Ursula Nötzli until 30. September 2024 – Bernhard Brechbühl from 1. October 2024 – Christoph Marty from 1. October 2024 – Jessica Peppel-Schulz from 1. October 2024 – Tanja zu Waldeck from 1. October 2024
4As of the 2024 financial year, Group Management profit participation was replaced by the LTI for members of the executive management.
5In note 1.3 of the consolidated financial statements, share-based payments are reported based on the values recognised in profit and loss in the reporting year. For the purposes of the compensation report, however, share-based payments are considered at the time of allocation.
6Management profit participation was initially reduced for participants who have previously not taken part in the profit participation programme. The 2024 allocation was also subject to ambitious targets with targets for 2026 and 2027 respectively. Hence, the Board of Directors decided to offer an extraordinary LTI for the 2024 financial year.
Long Term Incentive (LTI)
The Long Term Incentive was set up in 2024. Members of the Executive Management and selected members of senior management in the individual areas (media, portfolio) and the companies (20 Minuten, Goldbach, Tamedia) are entitled to participate in the scheme. The purpose of the LTI is the long-term retention of employees in the companies and the promotion of sustainable corporate development.
The performance period is three years. The Board of Directors sets the performance targets for the three-year period on an annual basis. It focuses specifically on targets that are of particular importance to shareholders, who are interested in both the TX Group share price and the companyʼs dividend policy. Participants are allocated an LTI-related target amount at the beginning of every year. People who are admitted to the scheme during the year receive a pro rata allocation after completing any probationary period that may apply. After completion of the three-year performance period, the target amount is paid out, subject to the conditions of service and the extent to which the performance targets have been met. The payout factor can vary between 0% and 200%.
For 2025, the targets were set as follows:
Company | Performance targets Allocation | Floor (0% target achievement) | Cap (200% target achievement) |
Media | - Relative Total Shareholder Return (rTSR) 1 - EBIT adj. margin - Free Cash Flow before M&A shareholders | Percentile rank 0 80% of target 70% of target | Percentile rank 100 120% of target 130% of target |
Portfolio | - Relative Total Shareholder Return (rTSR) 1 - Free Cash Flow before M&A shareholders - growth targets | Percentile rank 0 80% of target 70% of target | Percentile rank 100 120% of target 130% of target |
20 Minuten | - EBIT adj. - EBIT adj. margin | 70% of target 84% of target | 130% of target 116% of target |
Goldbach | - EBIT adj. - EBIT adj. margin OOH and commercialisation | 70% of target 80 - 85% of target | 130% of target 115 - 120% of target |
Tamedia | - No allocation in 2025; Term of the allocation 2024 increased to 4 years | ||
1The rTSR is the increase in value achieved for the investor (i.e., share price performance plus dividends) in relation to the peer group. The peer group is based on the SPI Extra.
Upon termination of employment, bad leavers forfeit all entitlements under the scheme. Good leavers receive all outstanding entitlements on a pro rata basis according to the number of months elapsed relative to the performance period. During the first half of the performance period, target achievement level is assumed to be 100%, with payment occurring in the first month after the person leaves the company. If the employee leaves the company during the second half of the performance period, the actual level of target achievement is taken into account until this point. The entitlements are then paid out on the scheduled payment date.
Group Management profit participation programme
The current profit participation programme applied to the years 2021 to 2023. Members of Group Management were entitled to participate as of their second year of service. Payment was made if the profit margin (net income margin) of TX Group reached or exceeded 8.0%. A profit participation in the amount exceeding the profit margin of 8.0% was determined in each case, with 50% paid out in cash and 50% allocated in shares.
The cash amount was paid out after the publication of the consolidated financial statements of TX Group. The shares were allocated in the accounting year in which entitlement was acquired. The number of shares to be allocated was determined based on the average share price over the last 30 days before 31 December of the respective financial year. The shares were only transferred if the beneficiary had not given notice of termination of employment prior to 31 December of the third year after the accounting year in which entitlement to the share allocation was acquired.
Share-based component of Executive Management profit participation
number | 2025 | 2024 |
As of 1 January | – | 2’039 |
Entitlements of former members of Executive Management no longer considered | – | -2’039 |
Exercised | – | – |
Allocated | – | – |
As of 31 December | – | – |
of which exercisable | – | – |
in CHF / number of shares | Allocation date | Blocked until | Fair value as of grant date | Fair value as of balance sheet date | Outstanding entitlements 2025 | Outstanding entitlements 2024 |
31.12.2022 | 31.12.2025 | 149.4 | – | – | – | |
31.12.2023 | 31.12.2026 | 119.6 | – | – | – | |
31.12.2024 | 31.12.2027 | – | – | – | – |
The fair value of share-based payments is calculated on their grant date. Share-based payments were then recognised over the vesting period as personnel expense with an increase in equity. These were settled solely with treasury shares, which were bought on the market for this purpose on an ongoing basis.