Slides
Page 2
Half-Year Results 2026
Page 3
Agenda Half-Year Results 2026 Welcome Urs Fehr, Head of Communications & Investor Relations TX Group – Review Pietro Supino, Chairman &Publisher TX Group – Half-Year Financial Results 2026 Wolf-Gerrit Benkendorff, Chief Financial Officer Q&A 3
Page 4
TX Group Pietro Supino 4 Chairman & Publisher
Page 5
TX Group Wolf-Gerrit Benkendorff 5 Chief Financial Officer
Page 6
Group at a glance 6 CHF mn
Page 7
7 CHF mn Cost discipline and stronger associate earnings drive profitability H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 445.7 460.5 461.0 426.6 402.4 -6% • Significant increase in EBITDA driven by operating expenses reduction of 47.4 CHF mn: o Lower personnel expenses 20.1 CHF mn (thereof 5.3 CHF mn attributable to one off social plan provision in 2025). o Other operating expensesreduced by 19.0 CHF mn (thereof 4.8 CHF mn attributable to aone- off provision in 2025 for onerous contracts at Goldbach). o Lower cost of materials and services that go in line with reduced print activity and printed media sales. o The organic reduction in operating expenses was slightly lower at 42.8 CHF mn (32.7 CHF mn excluding one-offs). • 8.5 CHF mn higher contribution from associates and joint ventures entirely from SMG (9.1 CHFmn). • Tamediawith declining print subscription and single sales revenue of 10.9 CHFmn. In addition, lower print and logistics revenuedue to the closing of the printing center Lausanne amounting to 4.0 CHFmn. • 20 Minuten’s print exit resulted in 9.7 CHF mn lower print revenues, partly offset by strong growth in digital advertising revenues. • Goldbach revenue declined by 4.3 CHF mn due to the sale of Splicky, Goldvertiseand AdUnit. • Most of the EBITDA improvem ent translated into adjusted operating profit despite slightly higher depreciation and amortisation. • D&A increased slightly by 2.6 CHFmn, mainly due to IFRS 16 (Goldbach Neo OOH) and intangibleasset depreciation. • Adjustments totaling +76.9 CHFmn were made: o +29.7 CHF mn for the amortization from b usiness comb inations from the fully consolidated companies and SMG. o +0.9 CHF mn costs associated with the closure of the printing center. o +46.4 CHF mn for the im pairment of goodwill of the cash-generating unit Goldbach (excl. Goldbach Neo OOH). EBITDA (incl. margin) 13.8% H1 2022 18.8% H1 2023 20.8% H1 2024 19.2% H1 2025 28.2% H1 2026 61.5 86.7 95.8 81.8 113.4 +39% EBIT adj. (incl. margin) 9.1% H1 2022 11.8% H1 2023 12.3% H1 2024 9.0% H1 2025 16.7% H1 2026 40.6 54.3 56.5 38.5 67.1 +74% Net Revenue
Page 8
Digital revenue mix strengthens as 20 Minuten completes its print exit 8 43% 57% H1 2025 40% 60% H1 2026 Print Digital 54% 46% 48% 52% 58% 42% 57% 43% 9% 91% 8% 92% 83% 17% 78% 22% 21% 79% 0% 100%65% 35% 61% 39% Net Revenue Advertising Subscriptions & Single Sale Classifieds & Services Tamedia20 MinutenGoldbach Neo OOH Remaining revenue categories are allocated as follows: Comm ercialisation — 98% digital; Print & Logistics — 100% print. Other revenue is excluded from the m ix calculation.
Page 9
99 • Strong cost discipline supported significant margin expansion, with operating expenses reduced by 47.4 CHF mn. • Underlying structural savings amounted to 32.7 CHF mn, complemented by 10.1 CHF mn from prior-year one-offs and 4.6 CHF mn from portfolio optimisation . • Share of net result from associates/JV rose by 8.5 CHF mn, entirely driven by SMG (9.1 CHF mn), while karriere.at remained slightly below PY. • A non-cash goodwill impairment of CHF 46.4 mn was recognised for Goldbach excluding OOH, resulting in reported EBIT of –9.9 CHF mn and EAT of –14.6 CHF mn. • The net financial result declined to -1.4 CHF mn, mainly due to the 5.2 CHF mn revaluation of the NEO ADVERTISING SA purchase price liability, partly offset by the 1.0 CHF mn Goldvertise disposal gain. Strong operating performance offset by 46.4 CHF mn goodwill impairment
Page 10
10 10 Adjusted EBIT increases to 67.1 CHF mn, reflecting strong underlying performance • In total +0.9 CHF mn costs associated with the closure of the printing centers were adjusted (other operating expenses +0.3 CHF mn and +0.6 CHF mn depreciation). • The +5.7 CHF mn adjustment in the share of net result from associates/JV relates to the proportionate PPA depreciation of Swiss Marketplace Group AG. • The PPA amortization of +24.0 CHF mn is fully adjusted. • The +46.4 CHF mn impairment of goodwill of the cash-generating unit Goldbach (excl. Goldbach Neo OOH) was adjusted. • The net financial result is adjusted for the 5.2 CHF mn NEO ADVERTISING SA purchase price revaluation and other one -off effects related to Goldvertise , Splicky and 20 minuti Ticino (net gain: 1.2 CHF mn). • Income tax effects on these special items are adjusted accordingly.
Page 11
1111 • Cash Flow from Operating Activities: o Higher EBITDA and lower income tax payments more than offset the negative working capital impact of 9.3 CHF mn. o Dividends from associates and JV remained stable at 35.4 CHF mn (PY: 35.2 CHF mn). • Cash Flow from Investing Activities: o Higher cash outflow was mainly driven by 6.0 CHF mn invested in the Werdareal redevelopment project and 6.9 CHF mn for the purchase of additional SMG shares. o A further 6.9 CHF mn was invested in financial assets, primarily fintech investments, while capital expenditure on PP&E and intangible assets remained broadly stable at 16.2 CHF mn. • Cash Flow from Financing Activities: o Cash outflow from financing activities improved by 10.5 CHF mn to 126.8 CHF mn, mainly reflecting 11.5 CHF mn lower dividend distributions to TX Group shareholders and minority interests. o Share repurchase cash outflows remained broadly stable at around 30 CHF mn, but related to different types of share buybacks. Operating cash flow supports strategic capital allocation
Page 12
Strong progress on capital allocation: Around 50% of the share buyback program completed Public Share Buyback Program ● Purpose: disciplined capital deployment and return of excess liquidity to shareholders; repurchased shares will be cancelled. ● Launched in September 2025; three-year duration; authorized volume of up to 662’500 shares (6.25% of the share capital) ● As of 30 June 2026: ○ 326'621 shares repurchased (3.1% of the share capital), thereof201'971 shares in H1 2026. ○ Total repurchase value 52.8 CHFmn, thereof 29.5 CHF mn in H1 2026. 12 Increase in SMG shareholding ● Purpose: Strengthen TX Group’s position in Classifieds & Marketplaces ● Purchase of an additional 250'000 SMG shares in 2026. ● TX Group now holds a 31.4% stake in SMG
Page 13
TX Group AG Strong financial flexibility despite 71 CHF mn returned to TX Group shareholders 13 568 2.700 2025 458 315 2.496 (76%) 2025 506 2.609 2026 430 293 2.393 (77%) 2026 3.268 3.268 3.115 3.115 Current assets Non-current assets Current liabilities Non-current liabilities Equity CHF mn • Cash and net liquidity declined primarily due to shareholder distributions and share buybacks, while TX Group maintained a strong balance sheet with an equity ratio of 77% and net liquidity of 252.9 CHF mn (excluding leases). • The reduction in cash was mainly driven by 70.6 CHF mn returned to TX Group shareholders (40.6 CHF mn dividend; 30.0 CHF mn share buyback) and 20.7 CHF mn of minority distributions. • In addition, the non -cash goodwill impairment of 46.4 CHF mn reduced equity.
Page 14
Segments 14
Page 15
1515 EBIT adj. TX Mar kets of 48.7 C HF mn comprises: EBIT adj. JobCloud 21.9 C HF mn; Income karriere.at attrib utab le t o TX Group 6.2 CHF mn; Income SMG attrib utab le t o TX Group 14.9 C HF mn (adjusted: 20.6 C HF mn). *JobCloud as of this year is the JobCloud Group and not only the JobCloud AG. Comparable figur es have b een adjusted ac cordingly. ** karr iere.at Figures were translated from EUR to CHF. H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 71.2 70.4 63.0 56.9 54.8 -4% Net Revenue TX Markets 65.7% H1 2022 74.8% H1 2023 73.7% H1 2024 78.6% H1 2025 94.4% H1 2026 46.8 52.6 46.4 44.7 51.7 +16% EBITDA (incl. margin) EBIT adj. (incl. margin) H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 70.7 70.3 63.0 56.9 54.8 -4% JobCloud w/o karriere.at* 61.9% H1 2022 57.7% H1 2023 57.3% H1 2024 56.9% H1 2025 55.9% H1 2026 43.7 40.6 36.1 32.3 30.7 -5% 57.6% H1 2022 51.9% H1 2023 49.5% H1 2024 44.8% H1 2025 40.0% H1 2026 40.7 36.5 31.1 25.5 21.9 -14% H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 53.3 49.8 42.1 37.9 34.1 -10% karriere.at 100%** H1 2023 H1 2024 H1 2025 H1 2026 134.5 152.2 175.8 192.9 +10% SMG 100% 64.9% H1 2022 55.6% H1 2023 52.3% H1 2024 46.2% H1 2025 48.8% H1 2026 34.6 27.7 22.0 17.5 16.6 -5% 63.8% H1 2022 54.7% H1 2023 51.7% H1 2024 45.6% H1 2025 48.2% H1 2026 34.0 27.3 21.8 17.3 16.4 -5% 35.3% H1 2023 37.7% H1 2024 36.8% H1 2025 51.4% H1 2026 47.5 57.4 64.7 99.2 +53% 29.3% H1 2023 29.5% H1 2024 27.9% H1 2025 43.6% H1 2026 39.4 45.0 49.1 84.2 71% Strong SMG contribution more than offsets continued JobCloud headwinds CHF mn 75.6% H1 2022 78.9% H1 2023 78.5% H1 2024 76.5% H1 2025 88.8% H1 2026 53.8 55.5 49.4 43.5 48.7 +12%
Page 16
1616 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 83.6 109.7 134.0 112.8 107.4 -5% Net Revenue Goldbach 17.8% H1 2022 19.7% H1 2023 28.6% H1 2024 28.3% H1 2025 42.7% H1 2026 14.9 21.6 38.3 31.9 45.8 +43% 1.1% H1 2022 -0.5% H1 2023 5.3% H1 2024 0.6% H1 2025 12.0% H1 2026 0.9 -0.6 7.2 0.7 12.9 EBITDA (incl. margin) EBIT adj. (incl. margin) H1 2024 H1 2025 H1 2026 67.4 68.5 72.4 +6% 47.9% 32.3 H1 2024 44.4% 30.4 H1 2025 58.0% 42.0 H1 2026 +38% H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 65.5 64.2 66.6 44.3 35.0 -21% Goldbach w/o OOH 11.2% H1 2022 4.1% H1 2023 9.0% H1 2024 3.4% H1 2025 10.9% H1 2026 7.3 2.6 6.0 1.5 3.8 +153% 8.6% H1 2022 1.2% H1 2023 6.4% H1 2024 0.3% H1 2025 7.7% H1 2026 5.7 0.8 4.3 0.1 2.7 OOH Portfolio streamlining and a lower cost base drive a strong earnings rebound CHF mn 4.3% 2.9 H1 2024 0.8% 0.6 H1 2025 14.1% 10.2 H1 2026 N/A N/A N/A
Page 17
1717 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 227.7 222.7 203.3 191.5 175.1 -9% Tamedia -0.3% H1 2022 2.9% H1 2023 2.6% H1 2024 2.9% H1 2025 2.7% H1 2026 -0.7 6.4 5.3 5.5 4.7 -15% 0.3% H1 2022 2.7% H1 2023 2.6% H1 2024 3.4% H1 2025 2.7% H1 2026 0.7 6.1 5.4 6.6 4.8 -27% H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 50.6 52.0 49.2 38.8 33.0 -15% Net Revenue 20 Minuten 5.8% H1 2022 5.1% H1 2023 6.4% H1 2024 -12.2% H1 2025 36.3% H1 2026 2.9 2.6 3.2 -4.8 12.0 N/A 4.9% H1 2022 4.2% H1 2023 5.1% H1 2024 -12.9% H1 2025 35.4% H1 2026 2.5 2.2 2.5 -5.0 11.7 N/A EBITDA (incl. margin) EBIT adj. (incl. margin) CHF mn 20 Minuten turns around sharply, while Tamedia’s revenue pressure extends the path to its 8–10% margin target * ex cludes barter transac tions (ex change of advert ising for goods or services), as these have no im pact on earnings. 25.3 30.3 +20%Digital advertising net revenue*
Page 18
1818 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 92.2 79.4 79.4 75.1 61.7 -18%Net Revenue Group & Ventures 1.8% H1 2022 3.4% H1 2023 3.7% H1 2024 7.4% H1 2025 3.8% H1 2026 1.7 2.7 2.9 5.6 2.3 -58% EBITDA (incl. margin) EBIT adj. (incl. margin) H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 34.8 32.7 33.9 33.8 33.9 0% TX Ventures H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 59.2 48.7 47.4 44.5 30.5 -32% Group 9.0% H1 2022 10.9% H1 2023 12.7% H1 2024 10.9% H1 2025 5.1% H1 2026 5.3 5.3 6.0 4.9 1.5 -68% -13.9% H1 2022 -12.5% H1 2023 -8.0% H1 2024 -13.3% H1 2025 -24.5% H1 2026 -8.2 -6.1 -3.8 -5.9 -7.5 -26% CHF mn Decentralisation completed, with lower intercompany revenues largely offset by a structurally lower central cost base -10.2% H1 2022 -8.0% H1 2023 -9.0% H1 2024 2.1% H1 2025 2.3% H1 2026 -3.6 -2.6 -3.1 0.7 0.8 +13% -14.4% H1 2022 -12.0% H1 2023 -9.7% H1 2024 -8.1% H1 2025 -12.8% H1 2026 -13.3 -9.5 -7.7 -6.1 -7.9 -30% -14.1% H1 2022 -10.7% H1 2023 -11.4% H1 2024 -0.5% H1 2025 -1.3% H1 2026 -4.9 -3.5 -3.9 -0.2 -0.4 -181%
Page 19
LinkedIn Instagram tx.group