Report published August 25, 2026
SMG Swiss Marketplace Group AG (SMGH): Solid H1 2026 Results & Outperform Rating by Zürcher Kantonalbank
Source and citation context
- Issuer
- Zürcher Kantonalbank
- Report date
- August 25, 2026
- Analysis as of
- Not stated in source
Authors / editors: Daniel Bürki (Equity Research Analyst)
Finvaulta summarizes Zürcher Kantonalbank's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
SMG reported strong 1H26 results that slightly beat expectations, with revenue rising 11.3% YoY to CHF 179.8 mn and adjusted EBITDA up 15.8% to CHF 101.5 mn. ZKB maintains an Outperform rating with a fair value of CHF 41.3, noting raised 2026 revenue guidance and viewing sector AI concerns as exaggerated.
Key Takeaways
- 1.SMG delivered strong 1H26 results with revenue of CHF 179.8 mn (+11.3% YoY) and adjusted EBITDA of CHF 101.5 mn (+15.8% YoY, 56.5% margin), both slightly topping consensus and ZKB estimates.
- 2.Management raised 2026 revenue growth guidance to 11–12% (up from 10–12%) and reiterated its adjusted EBITDA margin target of 56–58% as well as medium-term targets.
- 3.CEO Christoph Tonini is stepping down at year-end to become Chairman of the BoD, succeeded by Automotive head Alberto Sanz.
Table of Contents
- Outlook
- Conclusion
- Disclosures and Disclaimer
- Recording of remote business communications
- Financial analysts' statement
- Disclosure of conflict of interests
- Disclosure of further conflicts of interest
- List of all ratings of the last 12 months
- Recommendation distribution of the companies in the Swiss research universe
- Recommendations made in the last twelve months
- Fact check
- Explanation of the rating system
- Methodology
- Updates
- Citation of sources
- Competent supervisory authority
- Miscellaneous legal information
- Publications on request
- Use abroad
- Additional information for UK clients
- Additional information for U.S. Persons
- Additional information for persons in the Abu Dhabi Global Market, United Arab Emirates
Report data
1H26 Financial Results vs. Expectations Table
| Metric | Estimate | Context |
|---|---|---|
| 1H26 Revenue | 179.8 CHF mn | Group total revenue slightly above expectations (Consensus: CHF 178.0 mn) |
| 1H26 Adjusted EBITDA | 101.5 CHF mn | Adjusted EBITDA margin increased by 210 bps to 56.5% |
| 1H26 Reported Net Profit | 56.4 CHF mn | Reported net profit benefited from lower extraordinary costs of CHF 2.3 mn vs CHF 35.3 mn in 1H25 |
| 1H26 Operating Cash Flow | 92.9 CHF mn | Operating cash flow compared with CHF 81.7 mn in previous year |
| Fair Value Target | 41.3 CHF | Derived from DCF, ReROI, relative peer valuation, and SotP models |
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Swiss Number Cruncher is shown in chronological order through this edition, published on August 25, 2026.
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Authors / Editors
Reported Data Context
- 1H26 Revenue: 179.8 CHF mn (1H 2026) · Source: Zürcher Kantonalbank
- 1H26 Adjusted EBITDA: 101.5 CHF mn (1H 2026) · Source: Zürcher Kantonalbank
- 1H26 Reported Net Profit: 56.4 CHF mn (1H 2026) · Source: Zürcher Kantonalbank
- 1H26 Operating Cash Flow: 92.9 CHF mn (1H 2026) · Source: Zürcher Kantonalbank
- Fair Value Target: 41.3 CHF (12-month horizon) · Source: Zürcher Kantonalbank
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