SMG delivers continued double-digit revenue growth and margin expansion in H1 2026

“The first half of 2026 demonstrates the continued strength of SMG’s diversified marketplace portfolio. We delivered broad-based double-digit revenue growth, further expanded profitability and strengthened our market positions by growing our customer base and advancing product innovation and AI-enabled enhancements. This performance supports our updated full-year 2026 revenue guidance and reinforces our confidence in the scalability of our business model and our ability to create long-term value”, says Christoph Tonini, CEO of SMG Swiss Marketplace Group.

Strong financial performance

In H1 2026, Group revenue rose by 11.3% year-on-year to CHF 179.8 million, with all core business units delivering double-digit revenue growth. Real Estate, Automotive and General Marketplaces increased revenue by 11.5%, 12.2% and 13.0%, respectively. This broad-based growth was supported by continued enhancements to SMG’s value propositions, disciplined strategy execution, sustained demand across platforms and the increasing integration of Artificial Intelligence (AI).

Adjusted EBITDA grew by 15.8% year-on-year to CHF 101.5 million, lifting the Adjusted EBITDA margin by 2.2 percentage points to 56.5%. Incremental revenue translated efficiently into profitability, as operating expenses remained broadly stable, reflecting the Group’s operating leverage and scalable cost structure. Profit after tax doubled year-on-year to CHF 56.4 million, supported by strong operational performance and the absence of IPO-related costs, which had weighed on the prior-year result. 

Key financials: H1 2026 

Accelerated innovation and AI adoption

Building on the foundations established across the organisation, SMG continued to embed AI, strengthening user experiences, professional customer workflows and data-driven products. Conversational search was successfully launched across all core marketplace platforms. In Real Estate, AI-powered seeker experiences, including furniture decluttering, further enhance the property search journey. In Automotive, the rollout of new AI-enabled tools such as background removal help dealers create higher-quality listings more efficiently. In General Marketplaces, Ricardo’s bulk listings feature enables users to create up to 20 listings in record time.

These initiatives reflect SMG’s ambition to drive the digitalisation of the ecosystems it serves. Within the existing investment profile, the Group is increasingly integrating AI into user and customer workflows to improve the user experience and customer productivity, while creating further opportunities for innovation and long-term value creation.

Business highlights

Real Estate

Real Estate revenue reached CHF 88.5 million, up 11.5% year-on-year, while Adjusted EBITDA margin grew by 3.2 percentage points to 62.9%. Growth was led by Professional classified revenue, which rose by 9.7%, driven by a 5.4% increase in Average Revenue per Agent (ARPA) and the first net increase in agents in three years. ARPA growth in the core customer base remained firmly double-digit, while the successful win-back of smaller agencies and adoption of the Flex offering broadened the customer base, resulting in a temporary mix effect on reported ARPA growth. Other classified revenue grew by 19.1%, driven by strong demand for seeker products, while services and other operating revenue increased by 6.7%.

Automotive

Automotive delivered revenue growth of 12.2% year-on-year to CHF 44.4 million, while further improving its Adjusted EBITDA margin to 68.4%. Professional classifieds were the key growth driver, increasing 14.4%, supported by a 13.8% increase in Average Revenue per Dealer (ARPD) and a slightly larger dealer base. Other classified revenue was down 1.4% due to lower private listing volumes, which were partially offset by targeted product and pricing initiatives. At the same time, AutoScout24 Direct continued to show early but tangible traction, with the number of cars sold increasing by 48.7% year-on-year. The offering provides private sellers with a convenient way to auction their vehicles directly to Swiss dealers, further strengthening AutoScout24’s private seller proposition.

General Marketplaces

General Marketplaces delivered a strong first half, with revenue increasing 13.0% year-on-year to CHF 42.1 million, supported by Gross Merchandise Value (GMV) growth of 13.1% to CHF 309.1 million. Performance was broad-based across key marketplace indicators, reflecting healthy dynamics on both demand and supply sides. The rollout of Ricardo Plus and targeted seller discounts supported volume expansion, while having only a minor impact on the take rate, which declined by 0.1 percentage points to 9.1%. Adjusted EBITDA margin improved by 2.5 percentage points to 48.8%, reflecting operating leverage and disciplined cost control while maintaining targeted investment in marketing and product development.

Other

The Other business segment, comprising Finance & Insurance and the Group’s Central Services, increased revenue by 1.1% year-on-year to CHF 6.0 million. Finance & Insurance revenue grew by 1.3%, with the business remaining on track to reach break-even in 2026. Underlying momentum was strong, with revenue growth of 22.7% excluding the temporary impact of the PartnerHub vehicle insurance model adjustment. This was supported by higher traffic, improved conversion and increasing intermediary transactions across products. Adjusted EBITDA, which includes the Group’s Central Services costs, decreased to CHF -5.0 million, mainly reflecting higher corporate costs following the IPO, including investments in financial compliance, reporting and governance.

Outlook

SMG narrows its 2026 revenue growth guidance upwards to 11–12% and confirms an Adjusted EBITDA margin of 56–58%. CAPEX guidance is improved and narrowed to 7.5–8.5% of revenue. The updated outlook reflects the strong performance in the first half of 2026 and current visibility for the remainder of the year.

Leadership transition

In a separate announcement published today, SMG announced a CEO succession and transition in the leadership of its Board of Directors. All announcements can be found on SMG’s Investor Relations website https://ir.swissmarketplace.group.

^[1] Adjusted earnings before interest, tax, depreciation and amortisation (Adjusted EBITDA) is defined as profit / (loss) after tax excluding income tax, financial expense, financial income, depreciation, amortisation, impairment and items not related to the Group’s revenue-generating operations.

^[2] Group Total incl. intra-group eliminations of CHF 1.2 million, related to revenue only