Report published August 25, 2026
TX Group AG (TXGN): Adjusted EBIT Above Expectations Driven by Restructuring Gains – ZKB Research
Source and citation context
- Issuer
- Zürcher Kantonalbank
- Report date
- August 25, 2026
- Analysis as of
- Not stated in source
Authors / editors: Daniel Bürki (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.
TX Group delivered 1H26 adjusted EBIT of CHF 67.1 mn (+74.3% YoY), beating expectations behind strong margin improvements from restructuring across 20 Minuten and Out-of-Home. ZKB maintains an Outperform rating with a sum-of-the-parts fair value of CHF 203.5 per share.
Key Takeaways
- 1.TX Group reported 1H26 adjusted EBIT of CHF 67.1 mn (+74.3% YoY), significantly beating ZKB's CHF 55.3 mn estimate, driven by restructuring across 20 Minuten, Goldbach, and Out-of-Home.
- 2.Revenue reached CHF 402.4 mn (-5.7% YoY), coming in slightly below ZKB's CHF 411.1 mn estimate due to declines at 20 Minuten, Goldbach stand-alone, and Tamedia.
- 3.Reported EBIT registered a loss of CHF -9.9 mn due to a CHF 46.4 mn impairment at Goldbach, leading to a reported net loss of CHF -25.4 mn, though adjusted net profit reached CHF 62.0 mn.
Table of Contents
- Outlook
- Conclusion
- Disclosures and Disclaimer
Report data
TX Group 1H26 Results vs. 1H25 and Estimates
| Metric | Estimate | Context |
|---|---|---|
| Revenue | 402.4 CHF mn | TX Group 1H26 revenue compared to CHF 426.6 mn in 1H25 and CHF 411.1 mn ZKB estimate. |
| Adjusted EBIT | 67.1 CHF mn | TX Group 1H26 adjusted EBIT compared to CHF 38.5 mn in 1H25 and CHF 55.3 mn ZKB estimate. |
| EBITDA | 113.4 CHF mn | TX Group 1H26 EBITDA with margin improving 900 bps to 28.2%. |
| Goldbach Impairment | 46.4 CHF mn | Impairment charge at Goldbach resulting in reported EBIT loss of CHF -9.9 mn. |
| Operating Cash Flow | 120.4 CHF mn | Operating cash flow compared to CHF 97.6 mn in the previous year period. |
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Authors / Editors
Reported Data Context
- Revenue: 402.4 CHF mn (1H26) · Source: Zürcher Kantonalbank
- Adjusted EBIT: 67.1 CHF mn (1H26) · Source: Zürcher Kantonalbank
- EBITDA: 113.4 CHF mn (1H26) · Source: Zürcher Kantonalbank
- Goldbach Impairment: 46.4 CHF mn (1H26) · Source: Zürcher Kantonalbank
- Operating Cash Flow: 120.4 CHF mn (1H26) · Source: Zürcher Kantonalbank
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