Notes to the interim
consolidated financial statements
General information and changes to accounting policies
General information about TX Group
TX Group AG, headquartered in 8004 Zurich, Werdstrasse 21, Switzerland, is a public limited company subject to Swiss law and has been listed on the SIX Swiss Exchange since 2 October 2000. TX Group is a leading media company in Switzerland with four largely self-contained segments that focus on specialised platforms/marketplaces, advertising marketing, free media and paid media. The unaudited interim consolidated financial statements as of 30 June 2026 cover TX Group AG as the holding company and its subsidiaries. The TX Group Board of Directors approved these interim consolidated financial statements on 21 August 2026.
Basis of preparation
The unaudited interim consolidated financial statements of TX Group as of 30 June 2026 have been prepared in accordance with the International Accounting Standard (IAS) 34 “Interim Financial Reporting” and should be read in conjunction with the consolidated financial statements for the financial year ending on 31 December 2025. The same accounting policies were applied as in the consolidated financial statements for 2025. Amendments to accounting policies, applicable from 1 January 2026, have also been considered. Unless otherwise stated, all amounts are stated in millions of Swiss francs and rounded to one decimal place. The majority of calculations are made with a high level of numerical accuracy. It is therefore possible that rounding differences may occur.
Management assumptions and estimates
Preparation of the interim consolidated financial statements requires that management make estimates and assumptions, subject to a certain amount of judgement. They are subject to risks and uncertainties. As a result, it is possible that the actual results realised may deviate from these estimates.
Changes to accounting policies
TX Group adopted the new or revised standards and interpretations that are applicable as of 1 January 2026 for the first time in the interim consolidated financial statements 2026. They have no material impact on the results or the financial position of the Group. The new and revised standards and interpretations to be applied from 2027 have not been applied in advance.
- IFRS 7 – Financial Instruments: Disclosures/IFRS 9 – Financial Instruments
Amendments to the requirements for disclosure of equity instruments in IFRS 7 now require entities to disclose the fair value gain or loss recognised in the statement of other comprehensive income (OCI) during the period. Disclosure must be itemised by fair value gain or loss, broken down into investments disposed of or held during the period.
- IFRS 18 – Presentation and Disclosure in Financial Statements
IFRS 18 “Presentation and Disclosure in Financial Statements” will replace IAS 1 from 1 January 2027, entailing new requirements to help improve comparability between similar companies regarding financial performance and provide end users with more relevant information. IFRS 18 will not affect the recognition or valuation of items in financial statements, but will have a significant impact on how these items are presented.
TX Group is currently evaluating what effect the new standard will have on the consolidated financial statements. Based on an initial preliminary assessment, the following potential changes can be expected:
- The re-allocation of income and expense items to the planned new categories in the consolidated income statement will result in changes in the calculation and presentation of the operating result. The new disclosure of the share of net income from associates/joint ventures separate to the operating result will represent a significant change. However, this is not expected to have any impact on the Groupʼs annual results.
- In future, goodwill must be reported as a separate item in the balance sheet.
- Operating income will replace net income/(loss) after taxes as the starting point for reporting the statement of cash flows. There will also be changes to the allocation of interest and dividends paid and received.
A separate section explaining and setting out the principles for determining management-defined performance measures (MPMs) must now be integrated into the Notes. Otherwise, the Group initially does not expect any significant changes to the Notes, as the requirement of disclosing important information remains unchanged. However, the new principles of aggregation and disaggregation may change the way information is grouped.
Segment information
A decentralised organisational structure comprising four largely self-contained segments exists under the umbrella of TX Group. All investments in specialised platforms and marketplaces are integrated in the TX Markets segment, while advertising marketing is incorporated in the Goldbach segment. The 20 Minuten segment includes free media in Switzerland and abroad, while paid media will operate under the Tamedia name in the future. The Groupʼs ventures and services are grouped within the Group & Ventures segment. Revenues in the consolidated income statement correspond to revenues (after eliminations and IAS 19 reconciliation) in segment reporting.
All material revenues are earned in Switzerland and all material non-current asset items are located in Switzerland.
in CHF mn | TX Markets | Goldbach | 20 Minuten | Tamedia | Group & Ventures | Eliminations and reconciliation IAS 19 | Total |
|---|---|---|---|---|---|---|---|
As of 30 June 2026 | |||||||
Advertising revenue | - | 74.6 | 30.8 | 35.9 | 2.7 | - | 144.0 |
Classifieds & services revenue | 54.7 | 1.1 | 0.7 | 14.3 | 30.7 | - | 101.6 |
Commercialisation revenue | - | 25.1 | 0.2 | 0.5 | - | - | 25.7 |
Subscriptions & single sales revenue | - | - | - | 102.8 | - | - | 102.8 |
Printing & logistics revenue | - | - | - | 20.4 | - | - | 20.4 |
Other operating revenue | 0.0 | 3.4 | 0.8 | 1.0 | 2.0 | - | 7.1 |
Other income | 0.0 | 0.4 | - | - | 0.5 | - | 0.9 |
Revenue intersegment | 0.1 | 2.7 | 0.5 | 0.3 | 25.8 | -29.4 | - |
Revenues | 54.8 | 107.4 | 33.0 | 175.1 | 61.7 | -29.4 | 402.4 |
Operating expense 1 | -24.2 | -61.5 | -21.3 | -170.6 | -59.0 | 26.4 | -310.1 |
Share of net result of associates / joint ventures | 21.1 | -0.0 | 0.3 | 0.2 | -0.4 | - | 21.1 |
Operating income / (loss) before depreciation and amortisation (EBITDA) | 51.7 | 45.8 | 12.0 | 4.7 | 2.3 | -3.0 | 113.4 |
Margin 2 | 94.4% | 42.7% | 36.3% | 2.7% | 3.8% | 28.2% | |
Depreciation and amortisation | -8.7 | -32.9 | -0.3 | -0.8 | -10.2 | - | -52.9 |
Amortisation resulting from business combinations | -3.8 | -9.2 | -1.0 | -9.1 | -1.0 | - | -24.0 |
Impairment | - | -46.4 | - | - | - | - | -46.4 |
Operating income / (loss) (EBIT) | 39.2 | -42.7 | 10.7 | -5.2 | -8.9 | -3.0 | -9.9 |
Margin 2 | 71.6% | -39.7% | 32.4% | -2.9% | -14.5% | -2.5% | |
Number of employees (FTE) 3 | 276 | 459 | 216 | 1’224 | 557 | - | 2’733 |
in CHF mn | TX Markets | Goldbach | 20 Minuten | Tamedia | Group & Ventures | Eliminations and reconciliation IAS 19 | Total |
|---|---|---|---|---|---|---|---|
As of 30 June 2025 | |||||||
Advertising revenue | - | 71.8 | 36.1 | 37.1 | 4.1 | - | 149.1 |
Classifieds & services revenue | 56.8 | 1.2 | 1.4 | 15.0 | 29.7 | - | 104.2 |
Commercialisation revenue | - | 30.7 | 0.1 | 0.5 | - | - | 31.3 |
Subscriptions & single sales revenue | - | - | - | 106.6 | - | - | 106.6 |
Printing & logistics revenue | - | - | - | 24.8 | - | - | 24.8 |
Other operating revenue | - | 5.1 | 0.9 | 1.4 | 3.2 | - | 10.6 |
Other income | - | 0.0 | - | 0.0 | 0.0 | - | 0.0 |
Revenue intersegment | 0.0 | 3.9 | 0.3 | 6.2 | 38.1 | -48.5 | - |
Revenues | 56.9 | 112.8 | 38.8 | 191.5 | 75.1 | -48.5 | 426.6 |
Operating expense 1 | -24.5 | -80.9 | -44.1 | -186.0 | -69.3 | 47.3 | -357.4 |
Share of net result of associates / joint ventures | 12.4 | 0.0 | 0.5 | -0.0 | -0.2 | - | 12.6 |
Operating income / (loss) before depreciation and amortisation (EBITDA) | 44.7 | 31.9 | -4.8 | 5.5 | 5.6 | -1.2 | 81.8 |
Margin 2 | 78.6% | 28.3% | -12.2% | 2.9% | 7.4% | 19.2% | |
Depreciation and amortisation | -6.9 | -31.2 | -0.3 | -0.4 | -11.6 | - | -50.4 |
Amortisation resulting from business combinations | -3.8 | -9.8 | -1.0 | -9.1 | -0.8 | - | -24.4 |
Operating income / (loss) (EBIT) | 34.1 | -9.1 | -6.0 | -4.0 | -6.9 | -1.2 | 7.0 |
Margin 2 | 60.0% | -8.0% | -15.5% | -2.1% | -9.1% | 1.6% | |
Number of employees (FTE) 3 | 276 | 524 | 250 | 1’268 | 702 | - | 3’019 |
1The employee benefit expense from IAS 19 is not part of the individual segments and is presented together with the eliminations.
2The margin relates to revenues.
3Average number of employees, excluding employees in associates / joint ventures.
Financial instruments
Category | 30.06.2026 | 31.12.2025 | |||
|---|---|---|---|---|---|
in CHF mn | Carrying amount | Fair value | Carrying amount | Fair value | |
Cash and cash equivalents | 1 | 270.1 | 270.1 | 309.0 | 309.0 |
Current financial assets | 17.6 | 17.6 | 17.6 | 17.6 | |
of which securities | 4 | 17.5 | 17.5 | 17.5 | 17.5 |
of which forward exchange transactions | 3 | 0.1 | 0.1 | 0.1 | 0.1 |
Trade accounts receivable | 2 | 137.4 | 137.4 | 172.7 | 172.7 |
Current financial receivables | 2 | 18.5 | 18.5 | 15.2 | 15.2 |
Non-current financial assets | 232.7 | 228.9 | 224.6 | 220.1 | |
of which other investments – equity instruments | 3 | 82.2 | 82.2 | 69.1 | 69.1 |
of which other investments – non-equity instruments | 4 | 0.1 | 0.1 | 0.1 | 0.1 |
of which loans receivable | 2 | 147.5 | 143.8 | 152.6 | 148.2 |
of which other non-current financial assets – non-equity instruments | 2 | 2.8 | 2.8 | 2.7 | 2.7 |
Current financial liabilities | 7.8 | 7.8 | 3.7 | 3.7 | |
of which forward exchange transactions | 5 | 0.0 | 0.0 | 0.0 | 0.0 |
of which other current financial liabilities | 6 | 7.8 | 7.8 | 3.7 | 3.7 |
Trade accounts payable | 6 | 39.5 | 39.5 | 54.6 | 54.6 |
Other current liabilities | 6 | 10.8 | 10.8 | 4.2 | 4.2 |
Non-current financial liabilities | 9.4 | 9.4 | 8.6 | 8.6 | |
of which purchase price obligations | 7 | 9.4 | 9.4 | 8.6 | 8.6 |
of which obligations to purchase own equity instruments | 7 | - | - | - | - |
of which other non-current financial liabilities | 7 | - | - | - | - |
Categorisation of financial instruments as per IFRS 9 | |||||
Cash and cash equivalents – at amortised cost | 1 | 270.1 | 270.1 | 309.0 | 309.0 |
Loans and receivables – at amortised cost | 2 | 306.3 | 302.6 | 343.2 | 338.8 |
Financial assets – at fair value with value adjustments in other comprehensive income | 3 | 82.3 | 82.3 | 69.2 | 69.2 |
Financial assets – at fair value with value adjustments in profit or loss | 4 | 17.6 | 17.6 | 17.6 | 17.6 |
Financial liabilities – at fair value with value adjustments in other comprehensive income | 5 | 0.0 | 0.0 | 0.0 | 0.0 |
Financial liabilities – at amortised cost | 6 | 58.1 | 58.1 | 62.5 | 62.5 |
Financial liabilities – at fair value with value adjustments in profit or loss | 7 | 9.4 | 9.4 | 8.6 | 8.6 |
TX Group uses the following measurement hierarchy to determine the fair value of financial instruments:
- Level 1: Listed prices on active markets for identical assets and liabilities.
- Level 2: Fair values calculated on the basis of observable market data. Either listed prices on non-active markets or non-listed prices are used. Such market values may also be derived from prices indirectly.
- Level 3: Fair values that are not calculated on the basis of observable market data.
The forward exchange transactions included under current financial assets and financial liabilities are the only financial instruments that are classified as Level 2 in the fair value hierarchy. As of 30 June, these amount to CHF 0.1 million (end of previous year: zero) and are therefore not material, nor subject to further disclosure.
Level 3 of the fair value hierarchy primarily includes equity instruments classified as other financial assets as well as any purchase price obligations. Investments are mainly made during the start-up phase when no observable market prices are available. A suitable alternative valuation method is therefore applied in order to determine the fair value of the investments. This can include the price paid by third parties during financing rounds, a calculation based on the discounted cash flow (DCF) method, or the market price as determined with the help of multiples. Input factors include contract details during the financing rounds, including the price paid by third parties, or business plans that contain the latest estimates in respect of trends for revenues and costs. As regards the most important other investment in quantitative terms, in Joveo Inc., which is recorded in the balance sheet at a value of CHF 9.8 million as of 30 June, the valuation was performed on the basis of an independent appraisal during the second half of 2025. Any remaining other investments (including their sensitivity) are deemed not to be material for TX Group. The valuations of other investments are reviewed on a half-yearly basis.
The change in respect of other investments in the reporting year can be seen in the table below.
in CHF mn | 30.06.2026 | 31.12.2025 |
|---|---|---|
Other investments as of 1 January | 69.2 | 58.6 |
Additions | 10.9 | 11.6 |
Disposals | - | -0.2 |
Changes recognised directly in other comprehensive income / (loss) | 2.3 | -0.8 |
of which gain/(loss) from investments held at the reporting date | 2.3 | -0.7 |
of which gain/(loss) from investments disposed of during the financial year | - | -0.1 |
Other investments as of 30 June / 31 December | 82.4 | 69.2 |
Other investments – equity instruments at fair value through other comprehensive income/(loss)
There were no FVOCI equity instruments sold in the current reporting period, nor dividends paid.
in CHF mn | 30.06.2026 | 31.12.2025 |
|---|---|---|
Fair value as of 30 June / 31 December | 82.2 | 69.1 |
OCI gain/(loss) from investments held at the reporting date | 2.3 | -0.7 |
OCI gain/(loss) from investments disposed during the financial year | - | -0.3 |
OCI gain/(loss) recognised during the financial year | 2.3 | -1.0 |
All other financial instruments valued at fair value are classified as Level 1 in the fair value hierarchy. There were no transfers between the three levels.
Impairment
The core business of mediation and marketing declined in the first half of 2026 in the linear television sector and could only be partially offset by growth in digital video formats. As a result, lower future cash flows are expected for the Goldbach cash-generating unit (excluding Goldbach Neo OOH AG).
Due to these developments, the goodwill and intangible assets with indefinite useful lives of the Goldbach cash-generating unit (excluding Goldbach Neo OOH AG) were tested for impairment. The impairment test was based on value in use, taking into account the growth rate, discount rate and other assumptions. The values in use were calculated using the “Discounted Cash Flow” method and are based on the results achieved in the current reporting year and medium-term expectations. The latest estimates regarding the development of operating revenue and costs were also taken into account. In light of current developments and the uncertainty surrounding the longer-term market prospects for linear television, estimates of future cash flows were reduced and, as a result, the growth forecast was lowered from 0.7% to –0.8%. By contrast, the decrease in the pre-tax discount rate from 6.9% to 6.2% had a positive impact on the valuation. The impairment test resulted in a recoverable amount of CHF 203.7 million and identified an impairment loss of CHF 46.4 million for Goldbach (excluding Goldbach Neo OOH AG), which had a corresponding negative impact on TX Group’s half-year result.
The simultaneous impairment testing of the other cash-generating units did not indicate any need for impairment at this time. The impairment test is performed annually and whenever there are indications of a possible impairment. Changes in the underlying assumptions used for impairment testing could result in additional impairment losses on goodwill and intangible assets with indefinite useful lives in the future.
Changes to the group of consolidated companies
The first half of 2026 saw the following changes to the group of consolidated companies.
Mergers and transfers
To simplify the Group structure, the following mergers were completed in the reporting period, effective 1 January 2026:
- The investment CIL Centre d’Impression Lausanne SA was sold by Tamedia Publications romandes SA to Tamedia Espace AG and transferred with effect as of 1 January 2026 through a merger with DZB Druckzentrum Bern AG.
- With the closing as of 1 April 2026, TX Group AG sold 100% of its shares in TX SERVICES, UNIPESSOAL LDA in Portugal to JobCloud AG.
Acquisition of consolidated companies
TX Group increased its stake in 20 minuti Ticino SA, based in Savosa, from 50.0% to 100.0% with a share purchase agreement dated 12 May 2026. 20 minuti Ticino SA was previously recorded as an associate using the equity method. The company ceased operations as of the end of 2025 and has been in liquidation since 4 July 2025. As a result, the full amount of the previously held shares has been written off. The purchase price for the remaining 50.0% stake was CHF 1. The assets acquired, the liabilities, the revenues recognised since acquisition date, and the net income are not material. No material costs were incurred in connection with the transaction. The investment in 20 minuti Ticino SA was subsequently merged into TX Group AG with effect as of 1 January 2026. The transaction generated income of CHF 0.5 million, which is recorded in the financial result.
Sale of consolidated companies
On 5 January 2026, Goldbach Group AG sold its 100% stake in Goldvertise Media GmbH to High View GmbH. Due to deconsolidation, assets of CHF 3.9 million (CHF 0.4 million of which were cash and cash equivalents) and liabilities of CHF 5.5 million were derecognised. The sale price was CHF 0.1 million, which was paid in cash. At closing, there were still loan receivables from Goldvertise Media GmbH in the amount of CHF 2.5 million. These have since been repaid in the amount of CHF 2.3 million. No material costs were incurred in connection with the transaction. A profit of CHF 1.0 million arising from the sale of the investment is recognised in the financial result.
Events after the balance sheet date
No events after the balance sheet date are known.