Half-Year Report 2025
SEIDENGASSE 20 | 8001 ZURICH | SWITZERLAND
OverviewCONSOLIDATED INTERIM INCOME STATEMENT | 3 |
CONSOLIDATED INTERIM BALANCE SHEET | 4 |
CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY | 5 |
CONSOLIDATED INTERIM CASH FLOW STATEMENT | 6 |
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS | 7 |
Half-Year Report 2025
Consolidated interim income statement
Unaudited figures
TCHF | 1st half 2025 | 1st half 2024 |
Net sales | 8'770.9 | 11'731.3 |
Other operating income | 340.8 | 32.1 |
Total sales | 9'111.7 | 11'763.4 |
Direct expenses for services rendered | -5'702.3 | -7'574.1 |
Personnel expenses | -1'339.0 | -1'175.0 |
Research and development expenses | -198.1 | -169.0 |
Other operating expenses | -1'446.0 | -1'914.6 |
EBITDA1) | 426.4 | 930.6 |
Depreciation of fixed assets | -8.6 | -6.3 |
Amortisation of intangible assets | -384.2 | -309.8 |
Operating result | 33.6 | 614.4 |
Financial income | 159.1 | 542.7 |
Financial expenses | -149.7 | -422.1 |
Ordinary result | 43.0 | 735.0 |
Income taxes | -14.0 | -139.7 |
Net result | 29.0 | 595.3 |
Basic earnings per share (in CHF) | 0.00 | 0.04 |
Diluted earnings per share (in CHF) | 0.00 | 0.04 |
1) Earnings before interest (including all financial income and expenses), taxes, depreciation and amortisation
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Half-Year Report 2025
Consolidated interim Balance Sheet
Unaudited figures
As of December 31 (TCHF) | June 30, 2025 | December 31, 2024 |
Assets | ||
Cash | 919.2 | 1'999.1 |
Securities | 1'974.1 | 1'974.1 |
Receivables from services | 196.3 | 720.6 |
Other short-term receivables | 799.2 | 303.5 |
Prepayments and accrued income | 1'654.0 | 1'134.4 |
Total current assets | 5'542.9 | 6'131.7 |
Tangible fixed assets | 34.5 | 33.1 |
Financial assets | 4'370.5 | 4'370.5 |
Intangible assets | 1'388.3 | 1'391.3 |
Total non-current assets | 5'793.3 | 5'795.0 |
Total assets | 11'336.1 | 11'926.7 |
Liabilities and Equity | ||
Short-term financial liabilities | 400.0 | 400.0 |
Payables for goods and services | 947.2 | 1'526.9 |
Other short-term liabilities | 326.5 | 163.0 |
Short-term provisions | 328.5 | 331.8 |
Accrued liabilities and deferred income | 2'892.0 | 2'691.0 |
Total current liabilities | 4'894.2 | 5'112.7 |
Long-term financial liabilities | 2'400.0 | 2'800.0 |
Long-term provisions | 21.6 | 41.8 |
Total non-current liabilities | 2'421.6 | 2'841.8 |
Total liabilities | 7'315.8 | 7'954.6 |
Share capital | 14'461.5 | 14'461.5 |
Capital reserves | 18'732.1 | 18'732.1 |
Retained earnings | -29'173.2 | -29'221.5 |
Total equity | 4'020.4 | 3'972.1 |
Total liabilities and equity | 11'336.1 | 11'926.7 |
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Half-Year Report 2025
Consolidated interim statement of changes in equity
Unaudited figures
Retained earnings | |||||||
TCHF | Share capital | Capital reserves | Currency translation effects | Goodwill offset with equity | Other retained earnings | Total retained earnings | Total equity |
Opening as per 1 Jan 2024 | 14'461.5 | 18'732.1 | -490.6 | -30'918.9 | 1'587.6 | -29'821.9 | 3'371.7 |
Group result 1st half 2024 | 0.0 | 0.0 | 0.0 | 0.0 | 595.3 | 595.3 | 595.3 |
Share-based compensation | 0.0 | 0.0 | 0.0 | 0.0 | 35.4 | 35.4 | 35.4 |
Currency translation adjustments | 0.0 | 0.0 | 62.4 | 0.0 | 0.0 | 62.4 | 62.4 |
Closing as per 30 June 2024 | 14'461.5 | 18'732.1 | -428.2 | -30'918.9 | 2'218.3 | -29'128.8 | 4'064.8 |
Opening as per 1 Jan 2025 | 14'461.5 | 18'732.1 | -465.3 | -30'918.9 | 2'162.8 | -29'221.5 | 3'972.1 |
Group result 1st half 2025 | 0.0 | 0.0 | 0.0 | 0.0 | 29.0 | 29.0 | 29.0 |
Share-based compensation | 0.0 | 0.0 | 0.0 | 0.0 | 22.5 | 22.5 | 22.5 |
Currency translation adjustments | 0.0 | 0.0 | -3.2 | 0.0 | 0.0 | -3.2 | -3.2 |
Closing as per 30 June 2025 | 14'461.5 | 18'732.1 | -468.5 | -30'918.9 | 2'214.3 | -29'173.2 | 4'020.4 |
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Half-Year Report 2025
Consolidated interim cash flow statement
Unaudited figures
in TCHF | 1st half 2025 | 1st half 2024 |
Operating Activities | ||
Net result | 29.0 | 595.3 |
Depreciation of tangible fixed assets | 8.6 | 6.3 |
Amortisation of intangible assets | 384.2 | 309.8 |
Other non-cash items | 2.2 | 209.6 |
Operating cash flow before change in operating working capital | 423.9 | 1'121.0 |
Decrease/increase of receivables from services | 524.2 | -1'809.6 |
Increase of other receivables and prepayments and accrued income | -1'015.3 | -763.2 |
Decrease/increase of payables for goods and services | -579.7 | 1'119.4 |
Increase/decrease of other short-term liabilities and accrued liabilities and deferred income | 367.0 | -295.9 |
Operating cash flow | -279.8 | -628.2 |
Investing Activities | ||
Outflows for investment (purchase) of tangible fixed assets | -9.9 | -14.5 |
Outflows for investment (purchase) of intangible assets | -381.2 | -399.6 |
Outflows for investment (purchase) of financial assets | 0.0 | -492.5 |
Inflows for divestment (selling) of financial assets | 0.0 | 1'389.3 |
Cash outflow/inflow from investing activities | -391.1 | 482.7 |
Financing Activities | ||
Repayment of short-term financial liabilities | -400.0 | -543.1 |
Repayment of long-term financial liabilities | 0.0 | -429.1 |
Cash outflow from financing activities | -400.0 | -972.2 |
Net change in net cash | -1'070.9 | -1'117.7 |
Opening balance of cash 1 January | 1'999.1 | 3'029.2 |
Currency translation effects | -9.0 | 56.5 |
Closing balance of cash as of 30 June | 919.2 | 1'968.0 |
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Half-Year Report 2025
Notes to the consolidated interim financial statements
Unaudited figures
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Basis of preparation and significant accounting policies
ASMALLWORLD AG is the Group's parent company, a limited company under Swiss law, which is registered and domiciled in Zurich, Switzerland. ASMALLWORLD AG (ASWN) is listed on SIX Swiss Exchange.
These unaudited consolidated interim financial statements comprise the unaudited half-year results of ASMALLWORLD AG and its subsidiaries for the reporting period ended 30 June 2025 (HY1) and have been prepared in compliance with Swiss GAAP FER 31 "Additional accounting and reporting recommendations for listed companies", section "interim reporting". This half-year report does not include all the information and disclosures presented in the annual consolidated financial statements and should therefore be read in conjunction with the consolidated financial statements compiled for the financial year ending 31 December 2024 as they represent an update of the last complete set of financial statements.
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Deviation from consistently applied accounting principles
Reclassification Cash-Flow Statement:
When an entity holds cash and cash equivalents denominated in foreign currencies, fluctuations in exchange rates impact their carrying value when translated into the functional currency. Swiss GAAP FER does not explicitly prescribe the presentation of such foreign exchange movements in the cash-flow statement. However, these effects should be reported separately from cash flows arising from operating, investing, and financing activities. Instead, they should be presented as a reconciling item between the opening and closing balances of cash and cash equivalents for the period. This approach aligns with the guidance provided by SIX Exchange Regulation in its Circular No. 2 on Financial Reporting. Consequently, currency translation effects have been reclassified from the net change in cash to a separate reconciling item in the movement of cash.
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Definition of alternative performance measures (APM)
APM are financial measures not clearly defined or specified in the applicable recognized accounting standard. Where relevant for the reader, specific subtotals were added, which can be found directly in the tables.
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Change in scope of consolidation
There was no change in scope of consolidation, either in the first half-year of 2025, nor in the first half-year of 2024.
.
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Half-Year Report 2025
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Foreign currency translation
The interim financial statements of the Group companies that use EUR as their functional currency were translated into CHF (the presentation currency of ASMALLWORLD Group) as follows:
Closing rate
30 June 2025
Average rate
HY1 2025
Closing rate 30 June 2024
Average rate HY1 2024
1 EUR
0.9351
0.9502
0.9630
0.9671
The resulting translation differences are taken directly to the consolidated shareholders' equity.
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Segment information
Top management level steers the business with two operating segments (following the legal entity structure):
Segment "Subscriptions": Consists of legal entities ASMALLWORLD AG (excluding Partnership and non-event related sponsoring income), The World's Finest Clubs AG, First Class & More FZE (memberships) and First Class & More International AG (memberships)
Segment "Services": Consists of the legal entities ASW Events AG, ASW Travel AG, ASW Hospitality AG, First
Class & More FZE (service business) and First Class & More International AG (service business)
TCHF
1st half 2025
1st half 2024
Net revenues by segment
Subscriptions
7'028.5
7'654.2
Services
1'742.4
4'077.1
Net sales
8'770.9
11'731.3
EBITDA result by segment
Subscriptions
328.9
337.1
Services
97.5
593.5
EBITDA1)
426.4
930.6
1) Earnings before interest (including all financial income and expenses), taxes, depreciation and amortisation
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Seasonality
No significant seasonal effects are anticipated for either business segment in the second half of the year. In August 2025, the Group introduced a new membership tier, which includes an offering with a newly onboarded airline partner. Management anticipates that this initiative will support continued growth in both revenue and profitability over the coming periods.
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Half-Year Report 2025
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Balance sheet
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Cash
The Group's cash position declined by TCHF 1'080 during the reporting period. This reduction was primarily driven by the repayment of financial liabilities and timing-related changes in net working capital as of the reporting date. For further information, please refer to the consolidated interim cash flow statement on page 6 and the accompanying notes to the relevant balance sheet items.
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Receivables from services
The decrease in receivables from services compared to year-end 2024 is primarily attributable to the settlement of outstanding balances in connection with the resolution of the dispute with MAG of Life.
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Prepayments and accrued income
Prepaid expenses primarily relate to advance payments for future travel arrangements and Emirates Skywards Miles. In addition, the balance includes event-related prepayments for activities scheduled to take place in the second half of the year.
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Intangible Assets
During the reporting period, ASMALLWORLD capitalized development costs of TCHF 381 (prior-year period: TCHF 400) related to its web platforms and mobile applications. The higher capitalization in 2024 was mainly attributable to the implementation of a revised membership model and the rollout of a refreshed brand identity. In contrast, activities in 2025 focused on ongoing maintenance and incremental enhancements, resulting in lower capitalized development costs.
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Payables from goods and services
The high sales volume of Prestige and Signature Memberships led to an above-average outstanding balance from suppliers for air miles as of December 31, 2024. This balance has normalized by June 30, 2025, reflecting a decrease in accrued supplier liabilities in line with lower air mile purchases during the first half of the year.
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Long-term financial liabilities / short-term financial liabilities
In 2022, ASMALLWORLD AG acquired a 10% stake in Global Hotel Alliance (GHA) for USD 4.5 million. The acquisition was financed with a long-term bank loan in the amount of CHF 4 Mio. Repayments are due in March every year. As a result, short-term financial liabilities in the amount of TCHF 400 were amortised. At the same time, TCHF 400 were reclassified from long-term to short-term financial liabilities.
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Equity
The increase in equity was mainly due to the positive net result for the first half of the year 2025. Please also refer to the consolidated interim statement of changes in equity on page 5.
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Half-Year Report 2025
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Cash
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Income statement
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Total sales
Total sales decreased by TCHF 2'652 (-23%) compared to the prior-year period. The prior-year period benefited from significant one-off revenues generated through low-margin event and travel-related activities, resulting in an elevated comparative base. The additional decline was driven by reduced demand in the period for one specific air miles-related product, likely influenced by uncertainty surrounding changes to one airline partner's loyalty program. Moreover, a one-time gain related to the resolution of the dispute with MAG of Life had a positive effect on both sales and profitability in the prior year, further amplifying the comparative difference year-over-year.
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Other operating income
As of the reporting date, ASMALLWORLD AG has recognized revenue of TCHF 300 in connection with the sale of a hospitality project. The underlying contract includes a reimbursement clause that could trigger partial or full repayment if certain contractual conditions are not fulfilled. As of the reporting date, all contractual obligations have been met, and management considers the likelihood of any repayment - which would result in an impairment of the related receivable - to be remote.
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Direct expenses
Direct expenses decreased by TCHF 1'872 (-25%) which is in line with the decrease in net sales.
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Other operating expenses
The decrease in other operating expenses was primarily attributable to lower legal costs following the resolution of the dispute with MAG of Life.
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Income taxes
The reduction in income tax expense is primarily attributable to lower deferred tax expenses and the release of a tax provision related to First Class & More GmbH in Germany. In 2024, the First Class & More subgroup underwent a restructuring. As part of this process, First Class & More International GmbH (Starnberg, Germany) divested its participation in First Class & More FZE to ASMALLWORLD AG. Following the divestiture, First Class & More International GmbH entered liquidation and was deconsolidated from the Group as of September 30, 2024.
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Total sales
- Events occurring after the balance sheet date
No significant events occurred after the balance sheet date of 30 June 2025. Events after the balance sheet date were considered until August 20, 2025. On this date, the half-year report 2025 was approved by the Board of Directors of ASMALLWORLD AG.
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