TX Markets
The TX Markets segment includes the strategic investments in SMG Swiss Marketplace Group (31.14%, at-equity consolidation) and the job portal JobCloud (50%, fully consolidated).
in CHF mn | 31.12.2025 | 31.12.2024 | Change |
|---|---|---|---|
Classifieds & services revenue 1 | 113.3 | 122.7 | -7.7% |
Other operating revenue 1 | - | 0.1 | n.a. |
Revenues | 113.3 | 122.8 | -7.7% |
of which organic revenues 2 | 113.3 | 122.8 | -7.7% |
Operating expense 3 | -48.3 | -52.9 | -8.6% |
Share of net result of associates / joint ventures | 27.2 | 21.9 | 24.3% |
Operating income / (loss) before depreciation and amortisation (EBITDA) | 92.2 | 91.8 | 0.4% |
Margin 4 | 81.3% | 74.7% | 6.6%p |
Depreciation and amortisation | -14.5 | -10.3 | 41.6% |
Amortisation resulting from business combinations | -7.5 | -7.5 | 0.0% |
Operating income / (loss) (EBIT) | 70.1 | 74.0 | -5.2% |
Margin 4 | 61.9% | 60.2% | 1.6%p |
Normalisation 5 | 19.0 | 22.3 | -15.0% |
Operating income / (loss) (EBIT adj.) | 89.1 | 96.3 | -7.5% |
Margin 4 | 78.6% | 78.4% | 0.2%p |
Number of employees (FTE) 6 | 272 | 292 | -6.8% |
1Includes third-party revenue and revenue vis-à-vis other TX segments.
2Includes only companies and activities that were included in the scope of consolidation for the entire reporting period 2025 and 2024. There were no changes in the TX Markets segment.
3No IAS 19 pension costs (as in segment reporting).
4The margin relates to revenues.
5Normalisation effects: Amortisation resulting from business combinations of the associate SMG (2025: 11.4 CHF mn; 2024: 14.8 CHF mn), amortisation resulting from business combinations (2025: 7.5 CHF mn; 2024: 7.5 CHF mn).
6Average number of employees, excluding employees in associates / joint ventures.
JobCloud is the leading digital company in the Swiss recruitment market, with the broadest range of job advertisements, and is owned by TX Group (50%) and Ringier (50%). The job portals and aggregators jobs.ch, jobup.ch and JobScout24, as well as the individual websites, help candidates find the most suitable position for them. The portfolio offers a variety of services for companies and jobseekers. JobCloud holds a 49% investment (at-equity consolidation) in the Austrian job platform Karriere.at, which owns 100% of the marketplace hokify and ATS eRecruiter. www.jobcloud.ch
CEO: Marco Bertoli
JobCloud defends attractive margin
- Weak economic growth and ongoing uncertainty had a negative impact on revenue growth at JobCloud AG.
- The number of new registrations increased by +47% in 2025, while the number of applications started rose by 25%.
- The margin remained attractive thanks to strict cost discipline, and JobCloud is continuing to invest in AI solutions and other strategic expansion efforts.
Applications started
TX Group AG is an anchor investor in the SMG Swiss Marketplace Group, a network of online marketplaces and one of the leading digital companies in Switzerland. SMG was created in 2021 through the merger of Scout24 Switzerland and TX Markets and has been listed on the SIX Swiss Exchange since September 2025. TX Group AG holds a 31.14% stake in SMG. The company covers the four areas of real estate, automotive, general marketplaces, and finance and insurance. The platforms are financed by various fee models, ranging from listing fees to transaction fees, commissions and various advertising formats.
In the year under review, SMG was successfully listed on the Swiss Stock Exchange and once again recorded double-digit growth and further margin gains. www.swissmarketplace.group