Tx Group Ag · SIX:TXGN
Tx — FY2025 Earnings Presentation
42 slides from Tx's earnings presentation, March 2026
Slide 1: Slide 1
Slide 2: Annual Results 2025
Annual Results 2025
Slide 3: Agenda Annual Results 2025
Agenda Annual Results 2025 1. Welcome Urs Fehr, Head of Communications & Investor Relations 2. TX Group – Review Pietro Supino, Chairman & Publisher 3. TX Group – Financial Report 2025 Wolf-Gerrit Benkendorff, Chief Financial Officer 4. Portfolio – TX Markets, Ventures Daniel Mönch, Chief Portfolio
Slide 4: TX Group – Pietro Supino
TX Group Pietro Supino Chairman & Publisher 4
Slide 5: TX Group – Wolf-Gerrit Benkendorff
TX Group Wolf-Gerrit Benkendorff Chief Financial Officer 5
Slide 6: Group at a glance
Group at a glance CHF mn Net Revenues EBIT adj. EBIT adj. margin 873.1 102.0 11.7% PY: 941.5 PY: 103.5 PY: 11.0% FCF b. M&A Equity ratio Net liquidity* 162.6 76.4% 296.7 PY: 232.2 PY: 75.7% PY: 362.8 * Change to Net liquidity excluding lease liabilities (IFRS 16) 6
Slide 7: EBIT adj. remained stable year-on-year, while margin improved due to cost discipline
EBIT adj. remained stable year-on-year, while margin improved due to cost discipline CHF mn Net Revenue EBITDA (incl. margin) EBIT adj. (incl. margin) 957 .4 982 .5 941 .5 925 .2 873 .1 -7% 21.5% 21.8% 18.6% 17.8% 14.6% 13.4% 13.4% 10.8% 11.0% 11.7% 177 .7 211 .0 167 .5 190 .2 123 .8 +14% 128 .3 100
Slide 8: Reported revenue decline overstates the underlying organic contraction due to 2024 divestments
Reported revenue decline overstates the underlying organic contraction due to 2024 divestments In CHF mn -68.4 -49.6 (-7.3%) (-5.4%) 941.5 922.7 873.1 873.1 Organic revenue excludes businesses divested by year-end 2024 and adjusts the prior-year baseline accordingly. The sold companies are: • Goldba
Slide 9: With 20 Minuten, another TX Group company will generate exclusively digital revenue
With 20 Minuten, another TX Group company will generate exclusively digital revenue starting in 2026 Net Revenue Advertising Subscriptions & Single Sale Classifieds & Services 10% 9% 50% 50% 59% 57% Print 42% 41% 90% 91% 50% 50% 41% 43% Digital 58% 59% Tame dia 20 Minuten Goldbach Neo OOH 23% 20% 86
Slide 10: Structural cost reductions and productivity improvements provide the basis for margin targets
Structural cost reductions and productivity improvements provide the basis for achieving the margin targets -5% 398.5 383.9 361.8 -9% • Personnel costs represent the largest operating cost block (45– 47% of total cost) and therefore the primary lever for margin improvement. 3,324 3,175 • Following t
Slide 11: Improved profitability driven by structural cost discipline
Improved profitability driven by structural cost discipline in CHF mn 2025 2024 • Lower cost of materials driven by reduced Revenues 873.1 100.0% 941.5 100.0% print activities, declining paper prices, and Cost of Material and Services -131.0 -15.0% -144.0 -15.3% 2024 divestments. Personnel -371.7 -4
Slide 12: Income statement adjusted
Income statement adjusted in CHF mn 2025 2025 2024 • Compared to 2024, reported EBIT reported adjustments adjusted adjusted improved by 19.8 CHF mn.; however, Revenues 873.1 - 873.1 941.7 adjusted EBIT decreased by 1.5 CHF mn. Cost of Material and Services -131.0 - -131.0 -143.8 • This is attributab
Slide 13: Cash flow statement
Cash flow statement Cash flow from operating activities in CHF mn Beyond EBITDA development, the variance 2025 2024 reflects non-recurring effects in 2024: • net working capital impacted by provision EBITDA 190.2 167.5 for short-time work repayments Change in Net Working Capital (0.5) 18.7 • other c
Slide 14: Free Cash Flow before M&A shareholder bridge
Free Cash Flow before M&A shareholder bridge In CHF mn 190.6 -8.6 -19.4 162.6 -67.9 -38.0 56.7 Cash flow Net investments Net investments in FCF (b. M&A) Repayment of lease Dividends to Free cash flow from / (used in property, plant intangible assets (consolidated liabilities IFRS16 minority before M
Slide 15: Execution of our capital allocation strategy with share buyback and SMG purchases
Execution of our capital allocation strategy with the share buyback program and additional SMG share purchases Public Share Buyback Program Increase in SMG shareholding ● Purpose: disciplined capital ● Purpose: Strengthen TX Group’s position in deployment and return of excess liquidity Classifieds &
Slide 16: Disciplined Capital Allocation with Strong Shareholder Returns
Disciplined Capital Allocation with Strong Shareholder Returns 10% 10% Total assets decreased to 3'268 Current assets 14% Non-current assets 14% CHF mn, reflecting disciplined Current liabilities capital allocation and active cash Non-current liabilities deployment. 76% Equity 76% Reduced cash posit
Slide 17: Segments
Segments 17
Slide 18: Challenging job market in Switzerland and Austria, positive development of SMG
Challenging job market in Switzerland and Austria, positive development of SMG CHF mn TX Markets JobCloud w/o karriere.at* karriere.at 100%** SMG 100% 358.8 205.1 316.2 279.4 248.8 139.7 133.8 +13% Net Revenue 122.8 113.3 138.8 133.7 122.7 -8% 114.9 113.3 101.7 92.7 -8% 82.5 83.7 73.5 -12% 2021 2022
Slide 19: Goldbach revenue decline due to reintegration of advertising inventories
Revenue decline due to reintegration of advertising inventories to Tamedia/ 20 Minuten; one-off costs negatively affect result. CHF mn Goldbach Goldbach w/o OOH OOH 274.7 286.7 139.3 142.7 236.1 +2% -18% 152.9 148.9 155.3 147.5 191.5 174.5 93.4 -37% Net Revenue 202 1 202 2 202 3 202 4 202 5 202 1 20
Slide 20: 20 Minuten with challenges in the advertising market, Tamedia recovering
20 Minuten with challenges in the advertising market, Tamedia recovering following last year’s structural adjustments CHF mn 20 Minuten Tamedia 459.3 464.4 446.4 410.1 385.7 -6% Net Revenue 123.8 115.0 118.4 101.8 85.6 -16% 202 1 202 2 202 3 202 4 202 5 202 1 202 2 202 3 202 4 202 5 EBITDA 14.4% (in
Slide 21: TX Ventures with positive EBIT adj., Group result reflects restructuring
TX Ventures with positive EBIT adj., Group result reflects restructuring measures CHF mn Group & Ventures TX Ventures Group 185.0 180.6 159.4 159.7 148.2 -7% 120 .6 115 .9 69.4 68.6 68.8 68.7 97.3 94.4 Net Revenue 66.1 0% 85.7 -9% 202 1 202 2 202 3 202 4 202 5 202 1 202 2 202 3 202 4 202 5 2021 2022
Slide 22: Margin targets unchanged and reaffirmed; Tamedia as communicated for 2027
Margin targets unchanged and reaffirmed; Tamedia as communicated for 2027 22 Source: Strategy event covering the development of 20 Minuten, Tamedia and Goldbach, Zurich, 30. November 2023
Slide 23: Strong cash-generation from SMG; all media companies with positive cashflow
Strong cash-generation from SMG; all media companies with positive cashflow In CHF mn 2.9 104.4 10.3 3.3 2.7 5.1 18.7 4.7 1.6 -38.0 18.4 66.4 94.7 JobCloud* 45.7 56.7 SMG 18.4 TX Markets Goldbach 20 Minuten Tamedia Group & Delta TX Group Minorities TXG *inkl. TX Markets Mgmt (-3.3 MCHF) Ventures Sha
Slide 24: Operational Reporting - Portfolio
Operational Reporting - Portfolio Daniel Mönch Chief Portfolio Officer 24
Slide 25: JobCloud: Resilient profitability amid weak hiring market
JobCloud: Resilient profitability amid weak hiring market Applications Started (2025 vs. 2024) • Revenue under pressure from weak macro environment and subdued hiring activity. • EBITDA margin remained resilient due to disciplined cost management. • Strong platform engagement (+25% applications star
Slide 26: SMG Swiss Marketplace Group: Strong performance in IPO-year 2025
SMG Swiss Marketplace Group: Strong performance in IPO-year 2025 Revenue (CHF mn) • SMG was successfully IPO’d in September +44% 2025, with TX retaining its full stake. 358.8 279.4 316.2 • Operational performance in 2025 was 248.8 strong, showing broad-based growth across verticals. • Subsequent sha
Slide 27: Doodle and Zattoo returned to profitability; TX Ventures NAV per share up 29%
Doodle and Zattoo returned to profitability in 2025; TX Ventures NAV per share is up 29% since inception • Strategic reset in 2025 • New modular product • NAV per share rose to CHF under new CEO, offering to enhance B2B 128.91 (+29% since including AI-focused scalability; expanded CTV inception). pr
Slide 28: Real Estate Portfolio: Zurich, Werdareal
Real Estate Portfolio: Redevelopment across key sites A unique office space in Zurich’s business district 1. Zurich, Werdareal Office Industrial Residential Site area: 5’504m2 Lettable area: 9’900m2 at ‘Werdstrasse 21’/ ‘Stauffacherquai 8’; approx. 11’000m2 under construction at ‘Werdstrasse 25’ ● H
Slide 29: Real Estate Portfolio: Bern, Dammweg
Real Estate Portfolio: Redevelopment across key sites Well-connected office building 5min from the main station 2. Bern, Dammweg Office Industrial Residential Site area: 2’648m2 Lettable area: 4’300m2 lettable office plus 700m2 lettable retail area ● ‘Berner Zeitung’s former Headquarter and printing
Slide 30: Real Estate Portfolio: Zurich, Bubenbergstrasse
Real Estate Portfolio: Redevelopment across key sites Commercial area to be developed into residential quarter 3. Zurich, Bubenbergstrasse not before 2035 Office Industrial Residential Site area: 18’939m2 Lettable area: 28’000m2; Expected potential of residential: more than 40’000m2 realisable net l
Slide 31: Real Estate Portfolio: Bussigny, Chemin de Mochettaz
Real Estate Portfolio: Redevelopment across key sites Large light-industrial or logistic area in the west of Lausanne 4. Bussigny, Chemin de Mochettaz Office Industrial Residential Site area: 29’128m2 Lettable area: 25’000m2; Potential for more than 40’000m2 net usable space in total ● Former ‘CIL’
Slide 32: Real Estate Portfolio: Bern, Zentweg
Real Estate Portfolio: Redevelopment across key sites ‘Zentweg’ will be operated as the printing centre of TX Group 5. Bern, Zentweg Office Industrial Residential Site area: 18’550m2 Lettable area: 17’000m2; Potential for more than 30’000m2 net usable space in total ● The ‘DZB’ in Bern, located sout
Slide 33: In 2026, we expect these foundations to translate into improved performance
REAL ESTATE In 2025, we laid the foundations to navigate a more challenging market environment, including the successful IPO of SMG, the return to profitability of key assets, and preparatory work in real estate. In 2026, we expect these foundations to translate into improved performance and value c
Slide 34: Operational Reporting – Media
Operational Reporting – Media Tanja zu Waldeck Chief Operations Officer 34
Slide 35: Year 2025: Time to focus and to start investments
Year 2025: Time to focus and to start investments We divested from many activities to become leaner and more decentralized and to free up capital for investments into digital and AI: • Closing and selling 4 activities at Goldbach • Discontinuation of print at 20 Minuten and reorganization of the edi
Slide 36: Focus on core business and restructuring will help Goldbach reach margin goals
Focus on core business and restructuring of the group will help Goldbach to reach the margin goals in 2026 Goldbach Group: • Focus on core businesses: Businesses without strategic fit or sustainable profit potential were sold or closed. • Lean group: Group restructuring and sustainable reduction of
Slide 37: 20 Minuten entered the pure-digital era
20 Minuten entered the pure-digital era and builds on its strong digital news product Pure-Digital Era Goodbye Print FY 2025 Revenue (excl. print) 66.9 in CHF mn Total: 85.6 in CHF mn 37
Slide 38: Tamedia invests in product innovation for digital subscribers
Tamedia invests in product innovation to provide more value to digital subscribers AI projects: Article Buddy and Hyperlocal • Closure of Bussigny printing facility in 2025 Zurich will be closed end of 2026 • Digital subscriptions grow by 5% to nearly 200k • AI as key driver for growth: The AI team
Slide 39: In 2026 we plan to deliver our promised margins
We have done a lot of ground work in 2025 to improve short-term profitability. In 2026 we plan to deliver our promised margins at Goldbach and 20 Minuten, do our homework to deliver the margin at Tamedia in 2027 and invest more in digital product innovation and growth. 39
Slide 40: Your questions?
Your questions? 40
Slide 41: Financial Calendar
Financial Calendar FRI Annual General Meeting 10 APR | 26 Location: Six Convention Point TUE Half-year results 2026 25 AUG | 26 41
Slide 42: res
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