Revenues
Growth
The decline in revenue in 2025 can be attributed to a number of factors: a challenging job market for JobCloud; the ongoing decline in the “traditional“ Swiss advertising market; a difficult environment for digital advertising marketing; and declining printing revenues, in part caused by the closure of the Centre dʼImpression Lausanne SA printing centre.
The organic revenue decline is lower due to divestments in 2024 (dreifive Group, Goldbach Austria, and Heute in Austria).
Revenues by segment
The segments relative contributions to revenue remained largely stable year-on-year. The lower contribution of 20 Minuten is mainly attributable to the disposal of Heute in Austria in 2024.
Revenues by category
Among the different categories, commercialisation revenue and printing & logistics revenue lost ground in relative terms compared to the previous year.
The disproportionate decline in commercialisation revenue at Goldbach is attributable to a highly challenging second half of 2025 and the sale of Goldbach Austria in the previous year.
Printing & logistics revenue is in structural decline due to increasing digitalisation; this was further accentuated by the closure of the Centre dʼImpression Lausanne SA printing centre.
Organic growth by category
Advertising revenue
Advertising revenue for 20 Minuten and Tamedia continued to decline slightly. In contrast, Goldbach Neo OOH again recorded a slight increase in revenue.
The sale of Goldbach Austria and Heute in Austria further reduced risk in the volatile advertising market compared with the previous year.
Classifieds & services revenue
The decline in classifieds & services revenue is attributable to JobCloud. Subdued economic activity combined with low employment growth presented a challenging environment for JobCloud.
The inorganic decline is due to the disposal of dreifive Group in the previous year.
TX Ventures revenue rose slightly.
Subscriptions & single sales revenue
The continuing decline in print newspaper and magazine sales persisted in 2025 and was only partially offset by growth in digital subscriptions and price adjustments.
Commercialisation revenue
While revenue at Goldbach Media declined only slightly, digital advertising sales fell significantly compared to the previous year.
Inorganic revenue declined due to the sale of Goldbach Austria.
Printing & logistics revenue
Both the price of paper (–1.6%) and the volume of paper (–18.1%) were down year on year, leading to a drop in printing & logistics revenue. The closure of the Centre dʼImpression Lausanne SA printing centre also caused a reduction in revenue.
Other operating revenue
Other revenue was impacted by a non-recurring effect at Goldbach Media of CHF 3.3 million. In addition, income from TX Services to SMG fell by CHF 1.7 million.
Revenue was also impacted by the lack of contributions from Goldbach Austria and Heute in Austria, which were sold in the previous year.
Goldbach Neo OOH generated additional revenue of CHF 1.3 million.
Digitalisation
Digital operating revenue increased slightly compared to the previous year.
Advertising revenue: The digital share rose slightly to 50.1% (previous year: 49.5%). The non-digital share in 2025 stems from Goldbach Neo OOH, Tamedia, and 20 Minuten, and will decrease further in 2026 due to the discontinuation of the print edition of 20 Minuten.
Classifieds & Services: The high level of digitalization is attributable to the already fully digital business models of Jobcloud, Zattoo, and Doodle. The non-digital share in 2025 originates almost exclusively from Tamedia.
Subscriptions and single-copy sales (exclusively Tamedia): The share of digital revenue increased to 42.5%, compared with 40.8% in 2024.
From 2026 onward, only Tamedia and Goldbach Neo OOH will continue to generate non-digital operating revenue.
Revenues
