SMG Swiss Marketplace Group (SMG) H2 2025 earnings summary

Executive summary

• Achieved record revenue growth of 14.1% year-over-year to CHF 332 million for FY2025, with all segments contributing positively.

• Adjusted EBITDA increased by 29.4% to CHF 180.2 million, with margin expanding to 54.3%.

• Cash conversion improved to 81.2%, supporting a proposed dividend of CHF 80.5 million (CHF 0.82 per share).

• Completed IPO in September 2025, restructuring capital and listing on the SIX Swiss Exchange.

• Continued focus on AI-driven innovation and operational efficiency across all marketplaces.

Financial highlights

• Group revenue reached CHF 332 million, up 14.1% year-over-year; like-for-like growth was 12.4%.

• Adjusted EBITDA increased to CHF 180.2 million, margin up 6.4 percentage points to 54.3%.

• Net debt/Adjusted EBITDA improved to 0.7x from 1.2x, reflecting strong deleveraging.

• Cash conversion rate rose to 81.2%, driven by higher margins and disciplined capex.

• Capex intensity declined to 10.2% of revenue, supporting higher cash generation.

Outlook and guidance

• FY2026 revenue growth guided at 10–12%, with acceleration expected in H2.

• Adjusted EBITDA margin guidance for 2026 is 56–58%, with mid-term ambition for low-to-mid 60% range.

• Capex expected to decrease to mid-single digits as a percentage of revenue.

• Continued focus on AI integration and product innovation to drive user experience and monetization.

• Implementation of IFRS 18 underway, with no material impact expected on profit after tax.