Letter to Shareholders

For SMG, 2025 was a milestone year. We became a listed company on SIX Swiss Exchange and kept our focus on product innovation and customer value. We delivered growth and stronger profitability through disciplined execution and commitment to product performance.

Throughout the Group we made our platforms easier, more secure and more efficient for users and customers. In Real Estate we enhanced personalisation and mobile, deepened engagement, and prepared the business to scale AI across the value chain. In Automotive we improved discovery and listing quality, integrated the C2B auction business model, gave dealers better insights and clearer upgrade paths, and used AI to support decisions and simplify workflows. In General Marketplaces we increased marketplace liquidity and trust, strengthened payments and logistics, and connected Ricardo and the classifieds brands more closely for a seamless user experience.

We boosted platform security with more secure login, better fraud prevention, and targeted privacy training. Artificial intelligence is changing how people discover and use marketplaces; LLM- driven search is emerging as a new source of traffic. We are optimising for LLM while leveraging AI so we can continue to provide an unbeatable user experience on our own platforms. With re-platforming complete, our platforms are cloud-based and ready to scale and adopt new AI capabilities.

Switzerland’s stable, affluent environment supports our core verticals in Real Estate, Automotive, and General Marketplaces. As a listed company we operate with clear governance and consistent communication, and we are building long-term relationships with investors based on substance and reliability.

Looking ahead, we plan to scale proven products, deepen the links across our business units to build a stronger digital ecosystem, and maintain high standards of discipline and transparency throughout the Company. Our aim is simple: to create long-term value by making our platforms more useful, more trusted, and easier to use every day.

Thank you to our employees for their energy and commitment, to our customers and partners for their collaboration, and to our shareholders for their trust.

Jörn Nikolay

Chairperson of the Board of Directors

Christoph Tonini

Chief Executive Officer