Swiss Marketplace Group reported first-half 2026 revenue of CHF 179.8 million, an 11.3% increase from the prior-year period, as adjusted EBITDA climbed 15.8% to CHF 101.5 million. The company’s adjusted EBITDA margin expanded to 56.5%, up 2.2 percentage points from 54.3% in H1 2025, reflecting a 75.8% drop-through rate.
Shares of SMG rose 7.99% to $32.45 after the presentation. Earnings per share more than doubled to CHF 0.57 from CHF 0.29 in the same period last year, while the leverage ratio remained at 0.7 times last-twelve-month adjusted EBITDA. Adjusted operating expenses edged up to CHF 91 million, though they declined as a percentage of revenue to 50.9% from 54.6%. Personnel costs increased by CHF 0.5 million to CHF 57 million but fell to 31.7% of revenue from 35.0%. Capital expenditure fell to 7.8% of revenue, down from 10.2%.
The real estate segment, which accounted for 49% of total revenue, posted an 11.5% year-over-year increase to CHF 88.5 million. The agent base grew for the first time in three years, reaching 4,027 agents, while average revenue per agent rose 5.4% to CHF 2,098. Adjusted EBITDA margin in the segment expanded by 3.2 percentage points to 62.9%. ImmoScout24 maintained 92% aided brand awareness and attracted approximately 18.8 million monthly visits.
The automotive segment reported a 12.2% revenue increase, with average revenue per dealer up 13.8% to CHF 838. The dealer base remained stable at 6,789, and AutoScout Direct sold 48.7% more cars year-over-year. Adjusted EBITDA margin in the segment rose 0.9 percentage points to 68.4%, while AutoScout24 held 86% brand awareness with 15.5 million monthly visits.
The general marketplace segment, representing 23% of revenue, saw gross merchandise value increase 13.0% to CHF 309 million. The Ricardo Plus subscription program achieved over 65% adoption among eligible users, and the platform’s adjusted EBITDA margin expanded by 2.5 percentage points to 48.8%. Ricardo maintained 98% brand awareness with 50.4 million monthly visits.
Management reaffirmed full-year 2026 guidance, narrowing revenue growth to 11–12% and maintaining adjusted EBITDA margin guidance of 56–58%. Capital expenditure guidance was improved to 7.5–8.5% of revenue. Mid-term targets indicate revenue growth decelerating toward the low 10% range, adjusted EBITDA margin rising into the low-to-mid 60% range, and CapEx declining to mid-single digits as a percentage of revenue.
CEO Christoph Tonini stated that sustainable double-digit growth and expanding margins through operating leverage remain the cornerstones of the equity story, while CFO Boris Gussen highlighted clear operating leverage in the business model.
