Cash flow
in CHF mn | 30.06.2026 | 30.06.2025 | Change |
|---|---|---|---|
Net income / (loss) (EAT) | -14.6 | 4.2 | n.a. |
Cash flow from / (used in) operating activities | 120.4 | 97.6 | 23.3% |
Cash flow from / (used in) investing activities | -32.4 | -18.1 | 79.3% |
of which investments in property, plant and equipment and intangible assets | -16.2 | -15.6 | 3.9% |
Cash flow after investing activities (FCF) | 87.9 | 79.5 | 10.5% |
of which cash flow after investing activities in property, plant and equipment and intangible assets (FCF b. M&A) | 104.2 | 82.1 | 27.0% |
Cash flow from / (used in) financing activities | -126.8 | -137.3 | -7.6% |
Change in cash and cash equivalents | -38.9 | -57.9 | -32.8% |
Cash flow from operating activities increased by CHF 22.7 million compared with the prior-year period to CHF 120.4 million and thus remained positive despite the net result after tax of CHF –14.6 million. The difference between the net result and operating cash flow was primarily attributable to non-cash effects. These increased compared with the prior-year period, mainly due to the CHF 46.4 million impairment of goodwill relating to the cash-generating unit Goldbach (excl. Goldbach Neo OOH). The decrease in income tax payments from CHF 12.0 million to CHF 3.7 million also had a positive impact on cash flow. In contrast, the change in net working capital had a negative effect of CHF 9.3 million on operating cash flow, following a positive effect of CHF 3.4 million in the previous year. Dividends from associates/joint ventures remained stable at CHF 35.4 million (previous year: CHF 35.2 million).
The cash flow used in investing activities resulted in a cash outflow of CHF -32.4 million, which was CHF 14.4 million higher than in the previous year. This change is mainly attributable to investments in investment properties, in particular new construction on the Werdareal site in Zurich (CHF –6.0 million), the purchase of additional shares in SMG Swiss Marketplace Group Holding AG (CHF –6.9 million) and higher investments in other financial assets (CHF –6.9 million), in particular various fintechs.
Cash flow used in financing activities reduced by CHF 10.5 million to CHF -126.8 million. The main driver of this change compared with the prior-year period was the CHF 11.5 million decrease in dividends to shareholders of the TX Group and shareholders with non-controlling interests.