TX Group (TXGN) H2 2025 earnings summary

Executive summary

• Net revenues declined by 7% year-over-year to CHF 873.1 million, mainly due to divestments, a weak job market, and reduced print and advertising revenues.

• Adjusted EBIT remained stable at CHF 102 million, with margin improving to 11.7% due to cost discipline.

• EBITDA increased by 14% year-over-year to CHF 190.2 million, reflecting successful cost reduction measures.

• Major restructuring included closure of print products, divestment of non-core activities, and a shift to digital, especially at 20 Minuten.

• All core segments contributed positive free cash flow before M&A in 2025, with strong cash generation from SMG.

Financial highlights

• Free cash flow before M&A was CHF 162.6 million, down from CHF 232.2 million in the prior year due to a one-off SMG dividend.

• Equity ratio improved to 76.4%, with net liquidity at CHF 88.2 million at year-end.

• Personnel expenses declined by CHF 67 million (15%) year-over-year, driven by headcount reductions and lower provisions.

• Reported EBIT increased by CHF 19.8 million, but adjusted EBIT decreased by CHF 1.5 million due to lower normalization effects.

• Dividend of CHF 4 per share proposed for 2025, maintaining the minimum commitment.

Outlook and guidance

• Margin targets for 20 Minuten and Goldbach reaffirmed for 2026; Tamedia’s target horizon extended to 2027.

• 20 Minuten to become fully digital in 2026, with Tamedia investing in AI-driven product innovation.

• Continued investment in product innovation and AI across segments.

• Management confident in achieving margin goals and maintaining attractive dividends.