APG SGA (APGN) H2 2025 earnings summary

Executive summary

• Advertising revenue reached CHF 327.0 million in 2025, nearly flat year-over-year, with Switzerland contributing CHF 312.9 million and Serbia CHF 14.2 million.

• Net income declined to CHF 27.1 million from CHF 30.3 million in 2024, reflecting lower operating profit and higher tax expense.

• The Board proposes a dividend of CHF 12.00 per share, up from CHF 11.00 in the prior year.

Financial highlights

• Operating income totaled CHF 332.8 million, stable compared to CHF 332.8 million in 2024.

• EBITDA decreased to CHF 43.1 million from CHF 46.2 million year-over-year.

• EBIT fell to CHF 33.2 million from CHF 36.5 million.

• Earnings per share dropped to CHF 9.03 from CHF 10.10.

• Cash and cash equivalents at year-end were CHF 53.0 million, down from CHF 56.4 million.

Outlook and guidance

• No business acquisitions or disposals occurred in 2025; the company remains focused on its core Out of Home advertising markets in Switzerland and Serbia.

• The Board expects to maintain a stable dividend policy and continue investments in digital and infrastructure projects.