Business Units Performance

Real Estate

Real Estate delivered further growth in the reporting period, supported by its resilient market position and unmatched reach. While active inventory declined by a single-digit percentage, platform engagement remained healthy, as reflected in year-on-year growth in both traffic and leads. This underlines the continued relevance of the marketplace for both property seekers and professional customers in a supply-constrained market environment.

Professional classified revenue increased by 9.7%, driven by growth of ARPA and the first net increase in agents in three years. Adoption of the new Flex offer, a hybrid subscription package designed to re-engage smaller agents, and customer win-backs exceeded expectations. In parallel, the relaunch of the core packages contributed to improved monetisation and upselling customers into higher tiers.

ARPA increased by 5.4% in the first half of 2026 year-on-year, in part due to the impact of the Flex customers. Excluding the temporary mix effect from Flex customers, which have a significantly lower ARPA than core package customers, ARPA growth remained double-digit year-on-year, driven by continued value delivery, extensive adoption of the new packages, and deeper engagement with the core customer base.

Other classified revenue grew by 19.1% following healthy momentum in seeker products. Seeker subscriptions gained further traction, growing by 190% year-on-year, underlining the successful scaling of the business model. Strong growth in Flatfox subscriptions led to a 6.7% increase in services and other operating revenue.

There was also further improvement in profitability, with the Adjusted EBITDA margin widening by 3.2 percentage points year-on-year to 62.9% as a result of continued operating leverage and the scalability of the Real Estate business model.

Automotive

Automotive achieved solid revenue growth of 12.2% in the first half of 2026, thanks to a strong professional classified business and continued progress in value capture. While the Automotive market in Switzerland shows continued softness with stagnating new car registrations, demand and supply on the platform remained broadly stable.

Professional classified revenue increased by 14.4%, supported by a 13.8% increase in ARPD and a slight increase in the dealer base of 0.4%. The sustained improvement in ARPD is a testament to the platform’s relevance, continued value delivery through product improvements and AI-driven features, and growing adoption of premium packages.

Other classified revenue declined by 1.4% year-on-year due to a market decline in private sellers, while Automotive managed to increase its market share of private online listings.

At the same time, Automotive is increasingly catering to private sellers through the AutoScout24 Direct model and a unified listing flow, enabling seamless selling either through traditional listings or auctions facilitated by AutoScout24 Direct. AutoScout24 Direct generated CHF 0.8 million in additional transactional revenue year-on-year in its second full year of operations, with the number of cars sold increasing by 48.7% year-on-year.

Profitability also improved further, with the Adjusted EBITDA margin increasing by 0.9 percentage points to 68.4% year-on-year. Contributing factors included the scalability of the Automotive business model, solid revenue performance, and continued investment in AutoScout24 Direct.

General Marketplaces

General Marketplaces saw strong momentum in the reporting period, with revenue increasing by 13.0%, resulting from continued GMV growth of 13.1% to CHF 309.1 million.

This robust performance was seen in a broad range of key marketplace indicators, with growth in visiting accounts, unique buyer and seller numbers, inventory, and average selling prices. Transactional revenue increased by 11.9%, driven by higher GMV and assisted by market tailwinds in selected categories such as coins and collectables, efficient marketing execution, and product improvements including AI-enabled features. The rollout of Ricardo Plus helped expand marketplace trust and improve monetisation, while targeted seller discounts supported volume expansion. Discounts aimed at boosting volume and an increase in above-cap orders had a minor impact on the take rate, which declined by 0.1 percentage points to 9.1% year-on-year.

The reported 17.2% increase in classified revenue was primarily driven by the introduction of listing fees for cars on Ricardo and the integration of the shipping flow, which further strengthened monetisation and convenience for customers across the platforms.

The Adjusted EBITDA margin improved 2.5 percentage points year-on-year to 48.8%, reflecting continued operating leverage and disciplined cost control, while ongoing targeted investments in marketing and product development support long-term GMV growth.

Other Business Units

Other Business Units, comprising Finance & Insurance and the Group’s Central Services, managed revenue growth of 1.1% year-on-year. Finance & Insurance continued to account for the majority of the business unit’s result, with product revenue growth of 1.3% year-on-year. Growth was, as expected, temporarily impacted by the evolution of the Partnerhub vehicle insurance model. The adjustments were necessary to achieve full compliance with the FINMA guidance, strengthen the platform’s regulatory foundation and position the business for scalable growth going forward. Excluding this one-time effect, Finance & Insurance revenue grew by 22.7% year-on-year due to increased traffic and improved conversion across vehicle insurance and consumer credit comparison products resulting from enhancements to the user journey and targeted sales initiatives. Intermediary transactions via the Partnerhub tool also expanded in the consumer credit segment, following the extension of SMG’s sub-broker network beyond car dealerships.

Adjusted EBITDA of the Other Business Units decreased to CHF –5.0 million in the first half of 2026 from CHF –3.7 million in the first half of 2025. This decline primarily reflects higher non-allocated corporate costs of CHF 1.0 million within Central Services, mainly due to the annualisation of recurring listing-related costs following the initial public offering (IPO) in September 2025. These include expanded financial compliance and reporting processes as well as increased governance-related expenditure. Finance & Insurance was responsible for CHF 0.3 million of the decline in Adjusted EBITDA, driven by additional sales costs and higher sales commissions.