Automotive

Platform Innovation and Development

In the reporting year, Automotive implemented a number of platform innovations aimed at improving the usability, relevance, and reliability of the marketplace for its users. Developments included the introduction of recommender models that support the AI Visibility Booster, enhancements to analytical dashboards, improved dealer segmentation within customer systems, and expanded data integration capabilities. These measures improved the consistency and relevance of content shown to users and supported more structured, data-driven interactions across the platform.

Automotive also focused on improving data quality, catalogue consistency, and system integration. Initiatives such as the synchronisation of vehicle equipment data in the Auto-i catalogue, the facilitation of battery certificates via DMS APIs, cross-listing capabilities from General Marketplaces to AutoScout24, and the enhancement of inventory foundations for professional and private sellers resulted in greater accuracy and comparability in listings. Buyers benefited from improved transparency and reliability of vehicle information, while sellers experienced more straightforward listing creation and management.

Further initiatives focused on helping professional sellers manage their listings and respond to market conditions. Enhancements included the provision of additional market information, such as average listing duration indicators, improved guidance in listing creation, and refinements to lead analytics. The introduction of OptimiserPro provided professional sellers with additional tools for assessing market conditions and making pricing decisions. Together, these developments contributed to a more structured, informed sales process.

Innovation in the area of demand focused on improving the clarity and completeness of information available to buyers. Enriched listing formats, including video content, PDF uploads, and battery certificates, provided users with more comprehensive vehicle information. Improvements to the leasing experience and experimentation with AI-supported search and discovery helped users find relevant vehicles more efficiently and make more informed decisions.

Within the mobile applications, developments concentrated on improving discoverability, usability, and overall user experience. Initiatives included AI-supported recommendations, experimentation with semantic search, targeted activation measures for new users, and continuous user interface and performance improvements. These measures contributed to a more consistent experience across platforms and led to sustained user satisfaction.

In the area of private sellers, innovation activities focused on simplifying selling journeys and reducing fragmentation between consumer-to-consumer (C2C) and C2B processes. Progress towards a unified listing and valuation flow improved guidance and consistency during the listing process. For professional sellers, developments centred on portfolio differentiation and listing presentation, including enhancements to premium offerings, background replacement functionality, and clearer package structures. These initiatives enabled more consistent presentation standards and improved comparability for buyers.

Finally, Automotive delivered platform-wide improvements in security, compliance, and operational stability. Key initiatives included the rollout of multi-factor authentication and passkeys, the introduction of automated fraud detection mechanisms, improvements in infrastructure transparency, AI-driven internal workflows, and the completion of the Automotive marketplace re-platforming. These measures boosted data protection, reduced exposure to fraudulent activity, and improved overall system reliability.

With the completion of the re-platforming, Automotive entered 2026 with a fully cloud-native platform, providing a stable and scalable technical foundation for future product development.

Capital expenditure increased year-on-year by CHF 3.1 million to CHF 8.3 million, or 59.7%.

Capital Expenditure

in CHF million, capex in % of revenue

The increase in capital expenditure was mainly driven by the acquisition of intangible assets related to the C2B business segment from CARAUKTION AG, including the associated C2B auction platform, amounting to CHF 3.2 million.

Excluding this acquisition, capital expenditure as a percentage of revenue would have declined to 6.1%, representing a year-on-year improvement of 1.2 percentage points, or CHF 0.1 million, underscoring the business unit’s strong operating leverage.

Business Performance

In 2025, the Automotive business unit increased revenue by CHF 11.5 million to CHF 81.7 million, representing year-on-year growth of 16.4%.

This strong performance resulted from ongoing product innovation which delivered increased value to dealers and private listers. Key revenue drivers included value-based monetisation in professional classifieds, increased upselling to premium packages, longer duration of private listings, and the continued growth of transactional revenue streams.

Revenue Development by Revenue Stream

in CHF million, growth in %

Adjusted EBITDA

in CHF million, margin in %

The Adjusted EBITDA margin improved significantly to 66.5%, reflecting the scalable nature of the business model, which allows incremental revenue to convert at a high contribution margin.

Streamlined marketing and customer service operations and the integration of CRM support activities brought further efficiencies, enabling targeted investments in the second half of 2025 to support the further growth of the transactional business.

Professional Classified Revenue

Subscription-based professional classifieds give dealers greater visibility, allow for more efficient inventory management, and improve sales performance. In 2025, revenue increased by 17.3% to CHF 62.5 million, driven by higher take rates of premium packages and the successful implementation of new packages, delivering enhanced value to customers.

Dealer numbers and average revenue per dealer (ARPD) are the key drivers of revenue growth of professional classifieds. The dealer base for Automotive increased by 0.9% year-on-year to 6,797 dealers as of 31 December 2025. At the same time, the average monthly revenue per dealer reached CHF 768, representing a 15.8% increase compared with 2024.

Monthly Average Number of Dealers

in numbers, growth in %

Monthly Average Revenue per Dealer

in CHF per month, growth in %

ARPD growth was driven by a combination of product enhancements, improved subscription offerings, and targeted pricing measures. Product value increased through multiple platform improvements, including refreshed dealer branding with an upgraded seller presentation page, an enhanced dealer cockpit featuring new insights, and an improved OptimiserPro algorithm that expanded listings coverage. Further value came from the expansion of electric vehicle information on product detail pages and a boost in platform security through MFA.

Automotive further enhanced subscription value with the launch of a new premium package, offering increased visibility and additional features. The business unit successfully monetised these upgrades during its June 2025 pricing event and accelerated adoption through a dedicated upselling campaign, leveraging the newly introduced package and feature set to further increase take rate potential.

Amid a declining online advertising market, Automotive succeeded in increasing revenues slightly, supported by strong brand positioning and sustained customer demand. High customer retention enabled the effective leveraging of product improvements, pricing initiatives, and increased adoption of premium packages, resulting in solid ARPD growth.

Other Classified Revenue

SMG’s flexible, usage-based automotive products simplify access to the marketplace for private sellers and smaller dealers with occasional listing needs. It includes listings sold under a pay-per-ad model; key operational metrics for this revenue stream are the number of pay-per-ad listings and the average revenue per listing.

In 2025, other classifieds revenue increased by 11.7% compared with 2024, driven by the launch of a new insertion flow. The number of pay-per-ad listings increased steadily from 2024 to 2025, resulting in an average year-on-year increase of 20.1%. Following the introduction of a vehicle value-differentiated pricing model and listing flow enhancements in 2024, with full-year impact in 2025, average revenue per listing increased from CHF 144 in 2024 to CHF 172 in 2025.

Monthly Average Pay-Per-Ad Listings

in numbers, growth in %

Monthly Average Revenue per Listing

in CHF, growth in %

Transactional Revenue

SMG’s transaction-based products facilitate vehicle sales through digital auction platforms, simplifying the sales process between private sellers and professional buyers. The auction-based C2B product, launched in August 2024 in cooperation with CARAUKTION AG, was fully acquired in September 2025, with operational and technical integration into the Automotive environment completed in December 2025. This will enable seamless fusion with the Automotive ecosystem and faster scaling of the business in the months ahead.

This transaction-based business model, AutoScout24 Direct, opened up a new revenue stream within the used-car automotive ecosystem. The technical capabilities acquired in the process can also be leveraged to create additional value for private sellers and professional dealers in the near future.