Notes to the Condensed Consolidated Interim Financial Statements

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 Group.

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

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.

From 2026 onward, segment reporting includes a breakdown of classified revenues, consistent with the information presented to the CODM. Comparative information for the previous year has been amended accordingly.

Reconciliation of Adjusted Results

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

The reconciliation of Adjusted EBITDA less capex is presented below:

Seasonality of Operations

The Group operates in business areas where no significant seasonal or cyclical variations in sales are expected.

The personnel expense is as follows:

Personnel expense decreased compared to the previous year, primarily due to the significant fair value adjustment of the cash-settled Phantom Stock Plan (PSP) recognised in the first half of 2025 in connection with the Group’s Initial Public Offering (IPO). In addition, the remeasurement of the final PSP awards upon settlement in May 2026 resulted in a gain of CHF 1,293 thousand, recognised as a reduction in personnel expense.

Share-Based Compensation

The Group’s share-based compensation plans at the reporting date are set out below, together with an update on material changes during the reporting period:

Phantom Stock Plan

The final portion of vested phantom stock awards was settled in May 2026 in accordance with the plan terms. Prior to settlement, the related provision was remeasured using the observable market share price, resulting in a fair value gain of CHF 1,293 thousand which was recognised as a reduction in personnel expense. The remaining liability of CHF 851 thousand was subsequently settled in cash. The plan is now fully settled and no further expense will be recognised.

Profit Growth Share Plan 2.0

Following approval of the 2025 profit growth pool by the Board of Directors, 1,410,480 profit growth share units were exercised and converted into 71,405 shares granted to eligible employees. The shares were measured at a fair value of CHF 27.40 per share, based on the observable market price at the grant date. After withholding shares for social security obligations, 65,060 net shares were delivered to participants.

Fair Value Measurement and Shares

In addition, new profit growth share units were issued to eligible employees in respect of the 2026 financial year. The related service and performance period runs from 1 January to 31 December 2026, with the grant date expected in the first quarter of 2027 following approval of the profit growth pool by the Board of Directors. The related share-based compensation expense is recognised on a straight-line basis over the service period commencing on 1 January 2026.

IPO Long-Term Incentive Plan

There was no material change in the IPO Long-Term Incentive Plan (IPO LTI) during the reporting period, with the expectation of the vesting of awards according to the plan rules.

Long-Term Incentive Plan

The Long-Term Incentive Plan (LTIP) forms part of the Group’s recurring long-term incentive framework and was introduced following the IPO in 2025. The first awards were granted in April 2026 with vesting expected in March 2029. The LTIP is structured consistently in line with the IPO LTI.

Under the LTIP, eligible participants receive annual grants of performance share units (PSUs), each representing a conditional right to receive one share in the Company upon vesting. Vesting is subject to continued employment and the achievement of performance conditions based on 70% cumulative Adjusted EBIT before PPA and 30% relative total shareholder return (rTSR), measured over a three-year performance period (financial years 2026 to 2028). The LTIP is accounted for as an equity-settled share-based compensation plan. The grant-date fair value is determined using a Monte Carlo simulation and recognised as personnel expense on a straight-line basis over the vesting period.

Fair Value Measurement and Performance Share Units

Blocked Shares Plan

In April 2026, the annual grant of blocked shares was made to the Chairperson of the Board of Directors under the Blocked Shares Plan. The grant-date fair value was based on the average market share price over the 20 trading days preceding the grant date.

Fair Value Measurement and Shares

The table below presents the carrying amounts and fair values of financial instruments by category. It only includes components of the respective financial statement captions that qualify as financial instruments; accordingly, non-financial components are excluded and the amounts may not fully reconcile with the corresponding captions in the statement of financial position. Fair value information for lease liabilities is not disclosed, as they are exempt from such disclosure requirements.

Financial Covenant

The Group’s bank loan is subject to a financial covenant, the breach of which could trigger an event of default. The covenant is tested semi-annually on a rolling basis. At the reporting date, the Group’s leverage ratio was 0.7x (at 31 December 2025: 0.8x), remaining below the covenant threshold of 3.25x.

Treasury Shares

Treasury shares represent the net balance of shares purchased on the market or repurchased from plan participants, and shares sold to new participants or allocated to participants in connection with the Group’s equity-settled share-based compensation plans.

Treasury share purchases during the reporting period are consistent with the company’s long-term planning approach. The timing and volume of these purchases are based on an assessment of future share requirements and management’s view of the current market valuation, and do not indicate an acceleration or increase in annual grant volumes.

The table below summarises movements in the Group’s treasury shares during the reporting period:

Under the Management Equity Plan (MEP), participants were able to obtain loans from the Group to finance the purchase of shares. To reflect the effective cash flows in the statement of cash flow, particularly in the event of a participant’s exit from the Group or a grant of new shares, the purchase of treasury shares is presented net of loan repayments by employees, while the sale of treasury shares is presented net of loans granted to employees.

Dividends Paid

On 21 April 2026, the Annual General Meeting approved a dividend of CHF 0.82 per eligible share for the 2025 financial year (previous year: CHF 0.61). The total distribution amounted to CHF 80,469 thousand (previous year: CHF 59,985 thousand). Due to Swiss withholding tax requirements, CHF 40,234.5 thousand of the distribution was paid out of tax-exempt capital contribution reserves, with the remainder paid out of other capital reserves.

This section covers information not already disclosed in other parts of the report.

Other Assets and Other Liabilities

As the IPO was structured solely as a secondary offering, the majority of related costs were recharged to the Principal Shareholders as the economic beneficiaries of the listing. At 31 December 2025, these recharged costs were recognised in other assets, while outstanding IPO-related third-party payables were recognised in other liabilities. In the first half of 2026, receivables from the Principal Shareholders of CHF 9,693 thousand were settled and third-party payables of CHF 4,849 thousand were paid, which accounts for the decrease in other assets and other liabilities compared with 31 December 2025.

Contract Liabilities

Contract liabilities increased by CHF 4,315 thousand to CHF 8,501 thousand as of 30 June 2026 (31 December 2025: CHF 4,186 thousand). This increase is mainly due to annual invoicing of customer contracts, with the majority of advance billing falling in the first half of the year.

Current Provisions

Current provisions decreased from CHF 3,228 thousand at 31 December 2025 to CHF 610 thousand at 30 June 2026. The decrease was primarily attributable to the full settlement of the phantom stock plan, as described in Note 2, resulting in the derecognition of the related provision of CHF 2,144 thousand. The remaining reduction mainly reflects lower restructuring and other provisions.

Events after the Reporting Date

Between the reporting date and issuance of these interim financial statements, there were no significant events that might impact the Group and that would therefore require disclosure.