Group Performance
Strong Revenue Growth throughout all Business Units
The Group’s revenue increased to CHF 332.0 million, representing year-on-year growth of 14.1%. This performance reflects resilient demand across all business units, continuous enhancements to our customer value propositions and pricing strategies, the tangible impact of innovation initiatives, and the selective scaling of new revenue streams while unlocking group-wide synergies.
Revenue
in CHF million, growth in %
Revenue by Segment
in CHF million, growth in %
Revenue Distribution by Segment 2025
in % of Group revenue
Revenue Distribution by Segment 2024
in % of Group revenue
Real Estate remained the cornerstone of our revenue base, generating CHF 164.1 million and accounting for 49.4% of total revenue. Revenue growth of CHF 18.3 million (+12.5%) was driven by the successful scaling of new value-added services, continued momentum in business customer monetisation initiatives, improved conversion in private listings, and strong market adoption of TenantPlus+, which delivered a meaningful incremental contribution. In addition, service products offered by Flatfox and Casasoft continued to scale successfully and contributed materially to the positive revenue development.
Automotive generated CHF 81.7 million in revenue in 2025, accounting for 24.6% of total Group revenue and further increasing its overall contribution. Revenue grew by CHF 11.5 million (+16.4%) year-on-year, reflecting strong product momentum and continued demand across the dealer base. Growth in pay-per-ad products and AutoScout Direct supported this performance, alongside targeted upgrade and upsell initiatives and improved dealer retention.
General Marketplaces generated revenue of CHF 75.7 million, representing 22.8% of total revenue. Revenue growth of CHF 10.3 million (+15.8%) was driven by the rollout of new product capabilities such as Ricardo AI and MoneyGuard, which enhanced user experience and increased engagement across platforms. Close cross-functional collaboration further accelerated product development and unlocked additional commercial synergies. In addition, revenue was positively impacted by revised contractual terms with the parcel provider for shipping labels and the related accounting treatment. On a like-for-like basis, revenue increased by 9.1% year-on-year.
Other, comprising the Finance & Insurance business unit and the Group’s Central Services, generated revenue of CHF 11.6 million, representing 3.2% of total revenue and an increase of 9.3% year-on-year. Growth was supported by continued development and integration of insurance and financing solutions across the Group’s ecosystem, as well as the first full-year contribution from moneyland.ch AG. Excluding this inorganic effect, like-for-like revenue growth amounted to 2.3% in 2025.
Adjusted EBITDA Margin Expansion Driven by Operational Efficiency
Adjusted EBITDA increased by 29.4% year-on-year to CHF 180.2 million, supported by operating leverage and continued improvements in cost efficiency. As a result, the Adjusted EBITDA margin expanded by 6.4 percentage points year-on-year to 54.3%, underscoring the scalable nature of the Group’s business model.
Adjusted EBITDA
in CHF million, margin in %
Adjusted EBITDA by Segment
in CHF million, margin in %
Focused Capital Expenditure with Financial Discipline
Capital expenditure increased year-on-year by 5.0% to CHF 33.9 million. The capital expenditure ratio, expressed as a percentage of total revenue, declined from 11.1% in 2024 to 10.2% in 2025.
Capital Expenditure
in CHF million, capex in % of revenue
The increase in absolute capital expenditure was primarily driven by higher investment in the development and acquisition of intangible assets, which rose from CHF 30.3 million to CHF 33.0 million. This increase was mainly attributable to acquisitions of intangible assets from CARAUKTION AG (CHF 3.2 million) and immoverkauf24 GmbH (CHF 0.6 million), as well as a payment of CHF 0.8 million for a perpetual FinanceScout24 brand licence.
Excluding these items, capital expenditure as a percentage of revenue would have declined to 8.8%, representing a year-on-year improvement of 2.3 percentage points, or CHF 3.0 million. This reduction primarily reflects the completion of re-platforming initiatives. Investment in property, plant, and equipment decreased from CHF 2.0 million to CHF 0.9 million, reflecting tighter hardware portfolio management and fewer facilities-related additions.
Robust Capital Structure with a Low Leverage
Leverage Ratio
Net debt/Adjusted EBITDA
The Group’s financial position strengthened during the reporting period. Net debt declined to CHF 133.4 million, while Adjusted EBITDA increased to CHF 180.2 million, reducing the leverage ratio to 0.7x.
This improvement enhances the resilience of the Group’s balance sheet and provides a solid foundation to support future growth.