TX Group (TXGN) investor relations material

Executive summary

• Revenues declined 5.7% year-over-year to CHF 402.4 mn, mainly due to structural changes, portfolio streamlining, and print/advertising segment pressures.

• Adjusted EBIT surged 74% to CHF 67.1 mn (16.7% margin), driven by cost discipline, higher associate earnings, and digital transformation.

• Net income (EAT) was CHF -14.6 mn, impacted by a CHF 46.4 mn non-cash goodwill impairment at Goldbach.

• Cash flow from operating activities increased to CHF 120.4 mn, with net liquidity at CHF 252.9 mn and an equity ratio of 76.8%.

• Organisational decentralisation and leadership changes enhanced agility and autonomy in media operations.

Financial highlights

• EBITDA rose 39% year-over-year to CHF 113.4 mn, with margin up to 28.2%.

• Free cash flow before M&A increased to CHF 104.2 mn from CHF 82.1 mn.

• Net financial result declined to -1.4 mn, mainly due to revaluation of purchase price liabilities.

• Dividend and share buyback distributions totaled CHF 70.6 mn.

• Average FTEs reduced by 9.5% year-over-year, reflecting transformation and portfolio changes.

Outlook and guidance

• Continued focus on digital transformation, cost efficiency, and investment in AI and product innovation.

• Ongoing share buyback program and increased stake in SMG to support strategic positioning.

• Medium-term margin target of 8-10% for Tamedia maintained, though transformation is taking longer than expected.