Slides
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SMG Swiss Marketplace Group Half-Year 2026 Results
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Disclaimer Forward-Looking Statements The information provided in this presentation include statements that are or may be deemed to be “forward-looking statements”. Forward-looking statements are qualified in their entirety as there are certain factors that could cause results to differ materially from those anticipated. Forward-looking statements are not statements of historical fact and may be identified by forward-looking terminology, including words “outlook”, “guidance”, “believes”, “plans”, “anticipates”, “expects”, “estimates”, “may”, “will”, “should”, or in each case, their negative or other variations, or comparable terminology, or by discussions of “strategy”, “plans”, “objectives”, “goals”, “future events” or “intentions”. Investors are cautioned that all forward-looking statements involve risks and uncertainty because they are related to future events and circumstances. Forward-looking statements are not guarantees of future performance and the financial position of results of operations of SMG (“the Group”), and the development of the markets and the industries in which members of the Group operate, may differ materially from those described in, or suggested by, the forward-looking statements, including the timing and strength of its product, service or technology offerings; and to continue to obtain sufficient financing to meet its liquidity needs; difficulty to maintain relationships with employees, customers and other business partners; and changes in the political, social and regulatory framework in which SMG operates, or in economic or technological trends or conditions, including currency fluctuations, inflation and consumer confidence. No Investment, Legal, Tax or Other Advice This presentation provides information “as is” and “as available”. It should not be considered investment, legal, tax, or any other professional advice, nor should it form the basis for making investment or other decisions. SMG provides no representation or warranty regarding the accuracy, completeness or reliability of this information. Unless expressly required by law, SMG is under no obligation and does not plan to update, review, or correct this information in the future, whether due to new information, future events, or for any other reason. Past performance is not indicative of future price development. SMG explicitly disclaims all liability for any damages resulting from the access, use, or reliance upon this information. No Offer and No Solicitation The information provided in this presentation does not constitute an offer of or solicitation for the purchase or disposal of, trading or any transaction in any Group securities. Investors must not rely on this information for investment decisions. 2
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Christoph Tonini Chief Executive Officer Boris Gussen Chief Financial Officer Speakers 3
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Leadership Transition: Planned CEO and Chairman Succession 4 Alberto Sanz de Lama appointed CEO on 1 January 2027 ● Member of SMG’s Executive Leadership Team since 2023 ● 20 years of leadership experience across technology and digital marketplaces ● Deep understanding of SMG’s businesses, markets and strategy Jörn Nikolay steps down as chairman, remains Board member Pietro Supino Chairman ad interim Alberto Sanz de Lama appointed CEO Christoph Tonini steps down as CEO Christoph Tonini proposed for election as Chairman Jörn Nikolay leaves the Board Immediate effect 01. January 2027 AGM (April 2027)
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Key Highlights: Continued Strong Execution and Margin Expansion 1 2 3 4 5 Group revenue +11.3% YoY to CHF 179.8m, growth across all core verticals Adj. EBITDA +15.8% YoY to CHF 101.5m, Adj. EBITDA margin expansion to 56.5%; cost ratios in line with expectations First net agent growth in three years while maintaining double-digit ARPA growth in the core base LLM traffic below 1%; conversational search and AI features live; ongoing roll-out within normal CAPEX envelope FY 2026 guidance: 11–12% YoY revenue growth, 56–58% adjusted EBITDA margin and 7.5-8.5% CAPEX ratio Broad-based double-digit growth Operating leverage visible RE base broadened, core ARPA intact AI strengthening SMG’s moats FY revenue guidance narrowed upward 5
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Operational Highlights: Continued Execution of Product-Led Monetisation and Growth Strategy •Successful package relaunch driving +13.7% ARPA growth in core packages and higher adoption of premium tiers •Expanding customer base Strong flex adoption and first net expansion of the agent base in three years •190% growth in seeker subscribers Subscriber base continues to expand, demonstrating the attractiveness of our offering Significant product uplift AI Studio, time-to-market feature, listing improvements and a unified private seller journey Continued value capture Successful value capture with 13.8% ARPD increase and continued premium package adoption Strong marketplace momentum and broad-based user engagement resulting in +13.1% GMV growth YoY and strong performance 6
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Clear demand-side leader with significant traffic advantage and trusted brand Deeply Rooted in Swiss Digital Ecosystem With Unmatched Reach and Superior Recognition 7 Notes: 1 ImmoScout24, AutoScout24, Ricardo; 2 HY’26 monthly average visits on web and mobile browser-only (sourced with Similarweb) on ImmoScout24, Homegate, Flatfox, Acheter-Louer versus Newhome. 3 HY’26 monthly average visits on web and mobile browser-only (sourced with Similarweb) on AutoScout24 versus Autolina; 4 FY’25 monthly average visits on web and mobile browser-only (sourced with semrush) on Ricardo, Tutti, Anibis versus Facebook Marketplace (traffic originating from Switzerland); 5 last 12 months (July’25-June’26) Attractive Macro Fundamentals | Stable and Resilient | High Asset Values | Undermonetised Swiss Market Advantage ~4000 agents ~6800 car dealers >500k ~6.1m listings ~8x vs. #22 ~26x vs. #23 ~20x #24 92% aided brand awareness1 86% aided brand awareness1 98% aided brand awareness1 ~204k listings ~115k listings private sellers5 > 10k professional sellers5 ~18.8m monthly visits ~15.5m monthly visits ~50.4m monthly visits + Clear supply-side leader in fragmented markets
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● Automated seller experiences ● Advanced seller tooling ● Agentic workflows ● Driving digital adoption ● Real-time context and intent data, personalised recommendations ● Valuation, pricing, liquidity and competitive intelligence ● Trust and safety capabilities across platforms Scaling AI to Enhance Search, Workflows and Marketplace Intelligence ● Conversational search ● AI-powered seeker experiences ● Personalised, assisted journeys and decision support Better discovery for users Demand moat: Trusted popular brands Better intelligence from proprietary marketplace data Data moat: Unique inventory and data Better workflows for customers, deeper integration Supply moat: Clear market leadership 8
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Deployment of AI Across Customer, User and Data Use Cases Improves Discovery, Workflows and Trust AI search and discovery Better data and proprietary intelligence Easier listing and deeper workflow integration New Optimiser Pro with expected time to market New recommendation engine driving conversions B2B package performance prediction, to promote upsell LLM-supported tagging boosting discoverability Expanded anti-fraud measures limiting off-platform transactions Bulk listings: Create multiple listings in record time AI replies: Save time while working with Flatfox AI Studio: Higher quality listings faster PPA Chatbot: Augmented listing process AI search: Live on all core platforms Decluttering and staging: Instantly clearing spaces 9
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Double-Digit Group Revenue Growth and Operating Leverage Resulting in Continued Margin Improvements Group Revenue Evolution (CHF m) 11.3%14.4%1YoY Growth (%) Group Adjusted EBITDA Evolution 56.5%54.3%Adjusted EBITDA Margin (%) 15.8%34.3%YoY Growth (%) (CHF m) 10 Group revenues increased 11.3% YoY to CHF 180m. Double-digit growth in all core segments. Strong revenue growth and operating leverage drove a 2.2pp expansion in Adj. EBITDA margin to 56.5%, resulting in a drop-through rate of 75.8%. EPS CHF 0.57 vs CHF 0.29 in H1 20252 Leverage ratio 0.7x last-twelve-month Adjusted EBITDA Notes: 1 Includes 2.3pp growth rate contribution from M&A and Ricardo shipping labels revenue 2 Previous year’s figures restated to reflect the effect of the pre-IPO restructuring
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Real Estate: Broader Customer Base and Increasing Profitability Supply-constrained market Real estate prices +4%, decreasing inventory, traffic and leads increasing First net agent additions in three years Growing agent base and successful win-back of smaller customers with Flex adoption ahead of plan (>300 cust. in June) Strong core ARPA, temporary mix-effect Successful package rollout and 13.7% ARPA growth in core packages excluding Flex; reported ARPA growth of 5.4% reflects the lower-ARPA Flex customer mix, with the effect expected to gradually normalise from 2027 Strong private business momentum Other classifieds growing 19.1% as seeker subscriptions continue to scale with further growth runway ahead Margin expansion continues +3.2pp margin increase from strong operating leverage 11 Real Estate 49% of H1’26 Revenue1 ARPA (CHF) 1,991 2,098 Adjusted EBITDA (CHF m) Agents (#) 3,871 4,027 YoY Growth (%) 12.5% 11.5% YoY Growth (%) 34.7% 17.5% Adjusted EBITDA Margin Revenue (CHF m) 59.7% 62.9% Notes: 1 HY'26 Group Revenue consists of Real Estate, Automotive, General Marketplace and Other (incl. Finance & Insurance)
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Automotive: Maintained Growth Momentum Driven by Continued Strength in Professional Classifieds Professional classifieds remain resilient Softer car market with stable supply but slightly weaker demand Continued ARPD-growth momentum +13.8% ARPD uplift reflects successful pricing execution and continued premium package adoption Monetisation offsets softer private market Product and pricing initiatives mitigate softer listing volumes C2B gaining momentum Sold cars +48.7% year-on-year; transactional revenues emerging as a meaningful growth driver (10.2% of total private revenue) Scalable model driving margin Scalability continues to translate into higher profitability with a 0.9pp increase in the Adj. EBITDA margin 12 Automotive 25% of H1’26 Revenue1 ARPD (CHF) 736 838 YoY Growth (%) 19.1% 12.2% YoY Growth (%) 32.8% 13.6% Revenue (CHF m) Adjusted EBITDA (CHF m) Dealers (#) 6,761 6,789 Adjusted EBITDA Margin 67.5% 68.4% Notes: 1 HY'26 Group Revenue consists of Real Estate, Automotive, General Marketplace and Other (incl. Finance & Insurance)
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General Marketplaces: Commercial Execution, Market Tailwinds and AI-Led Product Innovation Drive GMV Increase Strong performance across all key metrics Healthy marketplace momentum with YoY increase in visiting accounts, unique buyers, unique sellers and posted articles Continued GMV growth Market tailwinds (coins, collectables), product improvements (AI, more transactions closing on-platform) and efficient marketing drive additional GMV growth Ricardo Plus and discounts roll-out >65% eligible users onboarded; volume expansion and take-rate impact balanced Free classifieds evolution Implemented listing fees for cars and integrated shipping flow Growing margin Disciplined cost control translates into higher Adj. EBITDA with a 2.5pp margin improvement 13 General Marketplace 23% of H1’26 Revenue1 GMV (CHF m) 273 309 YoY Growth (%) 11.2%2 13.0% 25.6% 19.2% Adjusted EBITDA (CHF m) Take Rate (%) 9.2% 9.1% Revenue (CHF m) YoY Growth (%) Adjusted EBITDA Margin 46.3% 48.8% Notes: 1 HY'26 Group Revenue consists of Real Estate, Automotive, General Marketplace and Other (incl. Finance & Insurance); 2 Includes 6.4pp growth rate contribution from Ricardo shipping label revenues
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Cost Ratios Develop in Line With Expectations and Aligned With the Dynamics of Our Operating Leverage and Scalable Model Adjusted Operating Expense (CHF m) 14 Cost base broadly stable while revenue growth continues to scale. Adjusted Personnel Expense (CHF m) Capex Breakdown (CHF m) Revenue (%)Revenue (%)Revenue (%) Clear operating leverage inherent in our business model. Ability to grow with contained investment needs. 54.6% 50.9% 35.0% 31.7% 10.2% 7.8%
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FY Revenue Guidance Narrowed to Upper End of The Range 15 FY 2026 Prior Guidance Group Revenue Growth (%) FY 2026 Updated Guidance 10-12% 11-12% 56-58% Growth decelerating from low-to-mid teens to low 10% area Mid-Term Guidance 56-58% Increasing from mid 50%s to low-to-mid 60%s 8-9% 7.5-8.5% Decreasing to mid-single digit as % of revenue Strong H1 execution and good H2 visibility support a revised FY 2026 revenue guidance of 11–12% and underpin continued progress towards our mid-term commitments HY 2026 Actuals 11.3% 56.5% 7.8%Capex (CHF m) Group Adjusted EBITDA Margin (%)
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Key Takeaways 1 Leadership Transition with planned succession of Group CEO and Chairman of the Board. 4 Strategy execution on track: AI adoption strengthens SMG’s competitive position. Narrowed guidance and reiterated commitment towards achieving mid-term targets. 3 Revenue growth combined with operating leverage and disciplined cost base supporting further adjusted EBITDA margin expansion to 56.5% (220 bps YoY). 16 2 Broad-based double-digit growth with group revenue growing +11.3% YoY to CHF 179.8m.
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Q&A Christoph Tonini Chief Executive Officer Boris Gussen Chief Financial Officer 17
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Appendix 18
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19 Reconciliation of IFRS Expense to Adjusted Expense 2 (CHF m) HY 2025A HY 2026A HY 2025A HY 2026A HY 2025A HY 2026A HY 2025A HY 2026A HY 2025A HY 2026A IFRS expense 76.6 59.2 12.0 13.4 8.2 7.7 14.3 13.4 111.1 93.7 Adjustments related to: (20.1) (2.2) - - - - (2.8) (0.1) (22.9) (2.3) Share-based compensation (18.6) (0.8) - - - - (0.8) (0.1) (19.4) (0.9) Mergers and acquisitions (0.5) - - - - - - - (0.5) - Reorganisations (0.3) (0.3) - - - - - - (0.3) (0.3) Preparation of the initial public offering (0.1) - - - - - (2.0) - (2.1) - Selected IAS 19 pension components (0.6) (1.1) - - - - - - (0.6) (1.1) Adjusted expense 56.5 57.0 12.0 13.4 8.2 7.7 11.5 13.3 88.2 91.4 Adjusted Marketing Expense Adjusted Personnel Expense Adjusted Information Technology Expense Adjusted Other Operating Expense Adjusted Operating Expense
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20 Reconciliation of IFRS Profit after Tax to Adjusted EBITDA 2 (CHF m) FY 2024A FY 2025A Profit after tax 28.2 56.4 Income tax 6.2 12.6 Profit before tax 34.4 69.0 Financial expense 3.3 1.8 Financial income (0.2) (0.2) Profit before financial income / expense and tax 37.5 70.6 Depreciation, amortisation and impairment 27.2 28.6 Adjustments related to 22.9 2.3 - Share-based compensation1 19.4 0.9 - Mergers and acquisitions2 0.5 - - Reorganisations3 0.3 0.3 - Preparation of the initial public offering4 2.1 - - Selected IAS 19 pension components5 0.6 1.1 Adjusted EBITDA 87.6 101.5 Adjusted EBITDA margin in % 54.3% 56.5% HY 2025A HY 2026A Notes: 1 Expenses for share-based compensation recognised under IFRS 2 Share-based Payment and related external administration and advisory services. 2 Expenses related to mergers, acquisitions (including transactions within the scope of IFRS 3 Business Combinations or the acquisition of a group of assets) and divestments, recognised in the statement of profit or loss. 3 Restructuring or reorganisation expenses under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. 4 Expenses related to the preparation of the initial public offering (IPO). 5 Selected IAS 19 components based on IAS 19 Employee Benefits, which represent the difference between the pension expenses recognised under IAS 19 (comprising current and past service costs, administrative expenses, and settlement gains/losses) and the actual employer contributions paid during the same period.