Profitability and
net income/(loss)

Net operating income/(loss) and margin

EBITDA and EBIT improved significantly compared to the previous year, while EBIT adj. is at the 2024 level. Due to the simultaneous decline in revenues, the corresponding profit margins increased significantly. In addition to rigorous cost management, 2025 was also impacted significantly less by one-off effects. Overall, this resulted in lower costs of CHF 89.3 million. Significant one-off effects in 2025 included: social plan costs for the discontinuation of the print product at 20 Minuten announced in June 2025 (CHF –2.4 million); the provision for a marketing contract at Goldbach Neo (CHF –3.3 million); and social plan costs in connection with the focus on Goldbachʼs core business announced in November 2025 (CHF –1.2 million). The contribution to net income from associates increased by CHF +1.7 million. Performance of the two major investments differed widely, with SMG Swiss Marketplace Group Holding AG at CHF +9.5 million and karriere.at CHF –4.2 million year-on-year. In the TX Markets segment, the IPO of SMG Swiss Marketplace Group Holding AG brought additional costs.

On a normalised basis, EBIT adj. amounted to CHF 102.0 million, a decrease of –1.4% compared to the previous year. The following significant normalisations were made:

  • The normalisation of amortisations from business combinations had the largest impact, at CHF 49.3 million (previous year: CHF 49.3 million).
  • Other normalisations in 2025 were minor at CHF 2.5 million (previous year: CHF 20.3 million) and mainly included costs associated with the closure of the printing centres.
  • There was a normalisation in the amount of CHF 11.4 million (previous year: CHF 14.8 million) on the share of net results of associates/joint ventures. This resulted from pro rata amortisation and impairment losses from business combinations at SMG Swiss Marketplace Group Holding AG.

The normalised consolidated income statement contains further details on normalisations.

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EBIT adj. by segment

All core segments, comprising TX Markets, Goldbach, 20 Minuten, and Tamedia, made positive contributions to EBIT adj. Ventures also made a positive contribution (+CHF 2.3 million), while Group (CHF –14.1 million) and the impact of IAS 19 had a negative effect on earnings.

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Financial result

At CHF 5.8 million, the financial result was CHF –12.9 million below the prior-year figure of CHF 18.7 million.

This decrease is mainly attributable to the gain on disposal of CHF 4.2 million from the sale of the consolidated investments in the previous year (dreifive Group AG, DJ Digitale Medien GmbH, Ultimate Media Beteiligungs- und Management GmbH, Goldbach Austria) as well as the CHF 4.2 million profit participation from the resale of Trendsales ApS by the former buyers, recognised in the previous year. The revaluation of the purchase price due for the non-controlling interests in Neo Advertising resulted in a total positive effect of CHF 0.3 million in the current reporting year (previous year: CHF 6.3 million).

The net income effect from foreign currencies is CHF –0.1 million (previous year: CHF 0.3 million).

Taxes

The effective tax rate changed from 17.4% to 17.8%. The deviation from the expected tax rate was mainly due to the use of previously unrecognised loss carryforwards and the effects of the Swiss participation exemption and other non-taxable items. In 2025, the impact of the Swiss participation exemption and other non-taxable items was largely associated with the participation exemption on dividends from subsidiaries and associates.