TX Group (TXGN) H1 2025 earnings summary

Executive summary

• Revenue declined 7–7.5% year-over-year to CHF 426.6 mn, mainly due to market headwinds, divestments, and lower print and advertising revenues.

• Adjusted EBIT dropped 32% to CHF 38.5 mn, with margin falling to 9.0% from 12.3% last year.

• Net income (EAT) was CHF 4.2 mn, a significant decrease from CHF 24.5 mn in the prior year.

• Transformation efforts focus on digitalisation, cost alignment, and decentralisation, with non-strategic activities under review.

• A public share buyback program was announced, aiming to return excess cash to shareholders and enhance value.

Financial highlights

• EBITDA decreased 15% year-over-year to CHF 81.8 mn; adjusted EBITDA was CHF 87.7 mn.

• Free cash flow before M&A remained stable at CHF 82.1 mn, supported by an ordinary dividend from SMG.

• Net liquidity declined to CHF 90.8 mn from CHF 137.1 mn at end-2024, mainly due to dividend payments and treasury share acquisitions.

• Equity ratio remained high and stable at 75.8%.

• Extraordinary financial results in the prior year led to a significant decline in 2025 financial result.

Outlook and guidance

• Margin goals for 20 Minuten and Goldbach are targeted for next year, with Tamedia expected to reach its margin goal in 2027.

• Transformation and digital strategies are expected to show positive margin effects in 2026 and 2027.

• SMG IPO preparations continue, but no decision or timing has been set.

• Ongoing focus on digital growth, cost discipline, and efficiency improvements.

• Print operations are being consolidated, with closures planned and digital offerings prioritized.