Group Performance

Continued Double-Digit Revenue Growth

SMG delivered a successful first half of 2026, with double-digit revenue growth for the Group and all core business units, along with further improvement in the Adjusted EBITDA margin. This performance reflects the continued strength of the portfolio, disciplined execution, and the scalability of SMG’s business model.

Group revenue increased to CHF 179.8 million, representing year-on-year growth of 11.3%. This impressive performance was driven by growth in all business units and the continued execution of the Group’s product-led monetisation and growth strategy.

Key performance indicators (KPIs) developed strongly across all core business units. Real Estate recorded average revenue per agent (ARPA) and agent growth, including the successful win-back of more than 300 smaller customers, which led to a temporary mix effect due to significantly lower ARPA than core package customers. Automotive delivered continued double-digit average revenue per dealer (ARPD) growth, and General Marketplaces with ongoing gross merchandise value (GMV) growth. These trends underline the relevance of SMG’s platforms in the Swiss digital ecosystem and the ability to translate user engagement, unmatched reach, and solid customer relationships into sustainable monetisation.

SMG continued its adoption of artificial intelligence (AI) for a range of customer, user, and data use cases. Conversational search was launched across platforms, complemented by AI-powered seeker experiences such as furniture decluttering in Real Estate. The Group also created further value for sellers through data-driven insights and innovative AI features, such as background removal in Automotive, enabling more efficient listing processes and enhanced visual listing quality. In General Marketplaces, Ricardo’s bulk listings feature enables users to create up to 20 high-quality listings in record time using Ricardo AI. The increased adoption of AI is further enhancing the Group’s competitive position and driving long-term growth.

Operating Leverage Drives Margin Expansion

Adjusted EBITDA increased by 15.8% year-on-year to CHF 101.5 million following robust revenue growth and disciplined cost management. Adjusted operating expenses remained broadly stable despite this ongoing revenue growth, demonstrating the scalability and operating leverage of the Group’s platform model. As a result, the Adjusted EBITDA margin expanded by 2.2 percentage points to 56.5% year-on-year.

Adjusted personnel expense as a percentage of revenue decreased by 3.3 percentage points year-on-year, from 35.0% to 31.7%. This reduction was achieved by keeping personnel expenses largely stable, supported by increased rates of nearshoring and offshoring, disciplined resource allocation, and ongoing productivity initiatives. AI initiatives, including the increasing automation of customer service processes at Ricardo, also contributed to efficiency gains throughout the Group.

Marketing expense as a percentage of revenue remained unchanged year-on-year at 7.4%, reflecting investment in the competitive positioning of the Group’s platforms and measures that support sustainable revenue growth.

Information technology expense as a percentage of revenue declined from 5.1% in the first half of 2025 to 4.3% in the first half of 2026, following sustained optimisation and scaling of AI capabilities Group-wide.

Adjusted other operating expense as a percentage of revenue stood at 7.4% in the reporting period, with variable expense components, including cost of services, scaling in line with revenue growth.

Capital expenditure as a percentage of revenue decreased from 10.2% to 7.8% year-on-year, driven by continued revenue growth and lower absolute investment levels, resulting in improved capital efficiency.

The Group’s net debt amounted to CHF 142.4 million, while Adjusted EBITDA on a last-twelve-month basis reached CHF 194.0 million. As a result, the leverage ratio remained low at 0.7x (31 December 2025: 0.7x), despite the CHF 80.5 million dividend distribution in the reporting period.