Swiss Marketplace Group H1 2025: Revenues up 14%, IPO Incoming?

Swiss Marketplace Group (SMG), the operating company behind marketplace businesses including ImmoScout24 and AutoScout24, has released its half-year results for 2025.

Highlights include:

• H1 2025 revenues hit $200 million, up 14.4% year-on-year
• Adjusted EBITDA was $109 million
• EBITDA margin was 54.3%
• Real Estate segment revenues were CHF 79.4 million (USD 99 million), up 12.5% year-on-year

SMG said healthy revenue growth was driven by solid performance across all segments, particularly in its automotive segment (19.1% YoY). Real Estate and General Marketplaces also demonstrated solid double-digit growth, up 12.5% and 11.2% respectively.

Christoph Tonini, CEO at SMG, said:

“We are delighted with our strong performance in the first half of the year. This success is the result of our team’s tireless efforts and our dedication to efficiency and innovation. Switzerland’s steadily growing economy and population provide fertile ground for further growth, and SMG is well positioned to both benefit from and contribute to this development. Our success in the first half of the year leaves us confident that we are firmly on track to reach our 2025 targets. Looking ahead, we remain focused on driving sustainable and profitable growth.

"We are constantly developing solutions that make our platforms more secure, more intuitive and more effective – for individuals and businesses alike. By focusing on relevance, trust and simplicity, we enable millions of people across Switzerland to find what they need faster, transact with greater confidence, and grow their businesses more successfully. This is how we deliver digital innovation—made in Switzerland, for Switzerland.”

Real Estate revenues grew 14.5% compared to H1 2024, with SMG saying growth was fueled by "enhanced monetisation efforts and successful implementation of upselling strategies in Professional Classifieds."

ARPA (Average Revenue per Agency) rose to CHF 1,991 (USD 2,482) per month, up 17.7% year-on-year. The number of agencies declined 5% to 3,871, while a revised pay-per-ad model resulted in a "significant uplift" to Average Revenue per Listing.

SMG also expanded its Tenant+ service, allowing subscribers to contact landlords up to seven days before listings go public and offering landlords access to credit-checked tenant profiles.

SMG remains a private company for now, but flotation talks have accelerated in the past month, with Bloomberg reporting that sources close to the company believe preparations for a $1.2 billion flotation are underway at a valuation of over $5 billion.

SMG investor TX Group's interim report also suggested that SMG is expected to float this year, with an IPO expected as soon as September 2025.

Regarding SMG, Dr Pietro Supino, Chairman of the Board of Directors at TX Group, said, "The planned preparations for the IPO that have been in mind ever since the joint venture was established were driven ahead."