1 Segment Reporting

The Group consists of four independently managed business units: Real Estate, Automotive, General Marketplaces, and Finance & Insurance. These units are defined according to their underlying markets and the specific characteristics of the marketplaces in which the Group operates. The Group’s Central Services unit provides corporate functions that support the entire organisation.

The reportable segments are Real Estate, Automotive, and General Marketplaces. The business unit Finance & Insurance and the Group’s Central Services are disclosed under Other.

Real Estate (RE) provides digital platforms and services for renting, selling, and managing property. The primary sources of income are subscriptions and listing revenues. Business customers typically generate revenue through package models, with the right to publish a set number of listings over a specified period. Both business and private customers may purchase additional individual listings. Further revenue comes from value-added services designed to increase the visibility and performance of listings. In addition, revenue also comes from software licenses, including subscription-based CRM solutions and digital real estate valuation tools.

Automotive (AU) operates digital marketplaces for new and used vehicles and motorbikes. Revenue is primarily generated through subscriptions for business customers, who can choose from a range of tailored packages aligned with their commercial needs. Further revenue comes from individual listings, predominantly from one-time vehicle sales by private customers, and advertising space on the platforms.

General Marketplaces (GM) operates digital marketplaces that facilitate transactions between buyers and sellers across a broad range of new and used goods and services. The primary revenue source is success fees, which represent a percentage of the underlying transaction value. Additional revenue comes from advertising space on the websites and within the mobile applications.

Other comprises the non-reportable segment of Finance & Insurance as well as the Group’s Central Service functions.

The operating segments are aligned with the Group’s management structure and internal reporting to the Chief Operating Decision Maker (CODM), identified as the Executive Leadership Team (ELT). The ELT monitors the operating results of each business unit individually to facilitate decisions regarding resource allocation and performance assessment. Eliminations are presented separately and include reconciling items related to intersegment revenues. Transactions between operating segments are conducted on an arm’s-length basis, comparable to transactions with third parties. All material revenues are generated in Switzerland and all significant non-current assets are located in Switzerland.

Under IFRS Accounting Standards, segment reporting reflects the internal organisation and management‘s approach to evaluating performance. Any changes in the Group’s management structure, reporting lines, or internal allocation methods may result in adjustments to segment reporting to ensure alignment with the way financial information is reviewed by the CODM.

Over the course of 2025, the Group updated its revenue segmentation structure to more closely align with the underlying business models and enhance transparency for external stakeholders. The revised segmentation consolidates all classifieds and related products under their respective revenue streams, while providing a clearer distinction for non-classifieds, such as third-party advertising and other services. Management believes this refinement also improves comparability with industry peers.

The table below sets out the reclassification of the affected revenue streams and segments for 2024. Non-affected segments and streams are summarised under reconciliation items. Total Group revenue remains unchanged.

Reconciliation of Adjusted Results

The reconciliation of Adjusted EBITDA to the result according IFRS Accounting Standards is as follows:

The reconciliation of Adjusted EBITDA less capex is presented below:

Contract Liabilities

Contract liabilities reflect the Group’s obligation to provide services to its customers for which consideration has been received. As at 31 December 2025, contract liabilities amounted to CHF 4,186 thousand (previous year: CHF 4,393 thousand). Contract liabilities outstanding at the beginning of the respective reporting period were fully recognised as revenue within the subsequent financial year, with no remaining contract liabilities carried forward.