APG|SGA SA, Switzerland's leading out-of-home media company, published its Letter to Shareholders and Annual Report 2025 on March 12, 2026, delivering a picture of operational stability undermined by lower margins, declining Serbian revenues, and a sweeping governance overhaul tied to NZZ's bid to become the dominant shareholder.

Advertising revenue for the full year 2025 came in at CHF 327.0 million, virtually unchanged from CHF 326.9 million in 2024 - a flat 0.0% movement that masked diverging performances between the Swiss domestic market and the company's sole international operation. The result was published as an ad hoc announcement pursuant to Article 53 of the Swiss Listing Rules and confirmed findings already partially foreshadowed by the mixed first-half 2025 results released in July.

Switzerland holds, Serbia slides

Within Switzerland, advertising revenues reached CHF 312.9 million, a rise of 0.3% year-on-year. That modest gain looks more significant when placed against the backdrop of a broader Swiss advertising market that contracted. According to Media Focus statistics cited in the shareholder letter, gross spend in traditional media across Switzerland declined by 1.7% compared with 2024. APG|SGA's net revenues therefore moved in the opposite direction to the overall market, which the company attributed to the strength of Digital Out of Home as a medium and its own expanding service portfolio.

Performance was not uniform across categories. According to the shareholder letter, APG|SGA recorded positive revenue development in retail, finance, insurance, and services during 2025. Transport - particularly automotive - and house and garden were weaker. Political advertising, which captures spending on elections and referendums, declined sharply. That category is inherently cyclical, fluctuating with the Swiss referendum calendar, and its absence weighed on headline figures particularly in the first half of the year.

Serbia told a different story. APG|SGA's only international operation, run through its subsidiary Alma Quattro, generated CHF 14.2 million in advertising revenue for the year, a fall of 6.5% from CHF 15.2 million in 2024. In local currency terms the decline was somewhat shallower at 4.9%, implying that currency movements amplified the reported drop. According to the shareholder letter, the operation had a stable first half but deteriorated in the second as political unrest intensified. Serbia contributed 4.3% of group sales in 2025, down from 4.6% a year earlier. The legal proceedings that APG|SGA brought against the Serbian state at the International Centre for Settlement of Investment Disputes (ICSID) in Washington, D.C. - relating to alleged infringement of the investment protection agreement between Switzerland and Serbia - continued as planned. A decision is expected in 2026.

Margins compress despite cost discipline

The income statement reveals how cost lines behaved as revenues stagnated. Fees and commissions, the largest cost category at CHF 196.4 million, rose by 0.5% relative to advertising revenues, a slight increase driven by the contractual mix. Personnel expenses fell by 1.4% to CHF 57.7 million, reflecting a lower headcount and reduced variable compensation. Operating and administrative costs declined by 2.7% to CHF 31.9 million, with lower consulting, marketing, and energy expenses contributing to that improvement.

Despite these cost reductions, EBITDA fell 6.6% to CHF 43.1 million from CHF 46.2 million a year earlier. The EBITDA margin contracted from 13.9% to 13.1% of operating income. The previous year, however, included CHF 2.9 million from the sale of a property - a non-recurring item that inflated the 2024 base. Adjusted for that effect, EBITDA declined by just 0.4% and the EBITDA margin was exactly flat at 13.1%.

EBIT reached CHF 33.2 million, down 9.0% from CHF 36.5 million, producing an EBIT margin of 10.1% against 11.0% in 2024. Depreciation of tangible assets rose 3.6% to CHF 8.2 million, partly reflecting digital infrastructure investment in prior periods now flowing through the income statement. Amortization of goodwill held steady at CHF 0.7 million. The financial result was a modest CHF 38,000 positive contribution, sharply down from CHF 521,000 in 2024.

Consolidated net income fell 10.6% to CHF 27.1 million from CHF 30.3 million. Basic and diluted earnings per sharedropped correspondingly from CHF 10.10 to CHF 9.03. On an adjusted basis - stripping out the 2024 property sale - net income declined by only 2.4% and earnings per share would have been CHF 9.25.

Cash flow and balance sheet

Operating cash flow improved by 1.3% to CHF 41.5 million, up from CHF 41.0 million in 2024, a result that offers some reassurance about underlying cash generation. The movement in working capital was favorable: trade receivables fell, reducing the cash tied up in the business. Free cash flow - defined as operating cash flow minus net cash used in investing activities - fell to CHF 32.4 million from CHF 37.3 million, a decline of 13.2%. The difference was driven by a significant increase in net cash used in investing activities, which rose to CHF 9.1 million from CHF 3.6 million, as the company no longer benefited from the CHF 3.9 million property disposal proceeds that had boosted the 2024 figure.

Capital expenditure in property, plant, and equipment totaled CHF 9.1 million, of which CHF 5.4 million went to advertising panel investments and CHF 3.0 million to other items - both slightly down from the prior year. Investment in intangible assets was CHF 0.4 million.

The balance sheet contracted. The balance sheet total fell by CHF 11.8 million to CHF 181.4 million at December 31, 2025, from CHF 193.2 million a year earlier. Lower inventories, a reduction in trade receivables, and a decline in cash all contributed. The net cash position at year-end stood at CHF 53.0 million, CHF 3.4 million below the prior year-end figure. Equity totaled CHF 72.9 million, an equity ratio of 40.2%. Distributions to shareholders during the year consumed CHF 36.0 million, a figure that reflects the 100% profit payout policy.

Digital portfolio and partner market

APG|SGA manages 145,681 analog and digital advertising spaces across Switzerland and Serbia, serving 9,328 active advertising customers and executing 32,760 campaigns in the period. The company maintains 6,903 contracts and partnerships and employs 516 people.

The Partner Market segment extended several important agreements during 2025, most notably renewing its contract with the Real Estate Services division of Swiss Federal Railways (SBB) through to the end of 2030. That agreement covers all analog and digital third-party advertising in every railway station in Switzerland - a strategically significant holding. APG|SGA had already secured a five-year transport advertising contract from the Zurich Transport Network (ZVV) in September 2024, covering more than 500 vehicles and over 6,000 interior spaces. These contract renewals reflect the company's role as a long-term infrastructure partner for Swiss public institutions.

According to the shareholder letter, APG|SGA continued to see positive revenue growth in digital advertising mediaduring 2025. That growth stems from two factors: an expanding digital portfolio offering advertisers more screen locations, and growing client appreciation of the short-term booking options, flexibility, and programmatic capabilities that Digital Out of Home provides. Swiss cities Olten and Solothurn received 32 new digital screens in November 2025, including emergency override functionality - illustrating how APG|SGA's digital infrastructure investments extend beyond commercial advertising into public service applications. Those deployments are part of a broader pattern: the company had strengthened its advertising presence in St Gallen with digital panels and F200 backlit spaces earlier in 2025.

The broader European DOOH market context matters here. Adform acquired Splicky, the programmatic DOOH arm of Goldbach Group, in December 2025, signaling continued consolidation in the DACH region's outdoor ad technology stack. Digital out-of-home represents 41% of the $52 billion global OOH market in 2025, with programmatic capabilities expanding rapidly - a structural tailwind that supports APG|SGA's digital-first investment strategy.

Sustainability and governance

APG|SGA's 22nd Sustainability Report, published in June 2025, confirmed the company is on track to meet its climate targets. The report includes a Group-wide net-zero roadmap for 2045, validated by the Science Based Targets initiative (SBTi). The company received a CDP Score of "A" for Climate in the reporting period, an achievement displayed prominently in the annual summary figures.

Governance changes dominated much of 2025 and early 2026. At the Annual General Meeting on April 24, 2025, all members standing for re-election were confirmed, and Dr. Felix Graf, CEO of NZZ, was newly elected to the Board of Directors. That appointment came as NZZ deepened its strategic commitment to APG|SGA. NZZ had moved to acquire a 45% stake in APG|SGA at CHF 220 per share in December 2025, seeking to acquire the shares held by JCDecaux SE and Pargesa Asset Management S.A. JCDecaux had initially reshaped its stake in June 2024, selling a 13.56% holding to NZZand setting in motion the ownership transition now nearing its conclusion.

The Extraordinary General Meeting of APG|SGA SA on January 23, 2026, approved NZZ's proposal to include a selective opting-up provision in the Articles of Association. That provision exempts NZZ from the mandatory tender offer requirement when exceeding the 33⅓% voting rights threshold, provided the stake stays below 49% of voting rights. According to the shareholder letter, this fulfills one of the prerequisites for NZZ's aim to raise its stake from 25% to 45%.

Separately, Dr. Daniel Hofer, who has served as Chair of the Board of Directors for 12 of his 16 years with the company, has decided not to stand for re-election at the next Annual General Meeting on April 23, 2026, in Geneva. The Board will propose Dr. Felix Graf as his successor. Xavier Le Clef, CEO of the CNP Group to which Pargesa Asset Management S.A. belongs, will also not stand for re-election. Dr. Maya Bundt is to be appointed Vice Chair, subject to re-election, and will also take on the new role of Lead Independent Director once NZZ's increased stake is finalized. Corine Blesi, Managing Director of NZZ Connect, will be proposed as a new member. The Board is expected to consist of six members going forward.

Within management, Beat Holenstein, Head of Marketing and Partner Market and member of the Executive Board, will end his career at APG|SGA on September 30, 2026, under a longer-term succession plan. Nico Benz-Müller assumed responsibility for the Partner Market division from January 1, 2026, in addition to his existing role as CFO. The search for a successor in the Marketing division is ongoing.

Dividend and outlook

The Board of Directors intends to propose a dividend of CHF 12 per share for the financial year 2025 at the Annual General Meeting on April 23, 2026. That figure represents 100% of Group net profit distributed to shareholders - the policy the company has been pursuing for the 2025 and 2026 financial years. At CHF 9.03 earnings per share, the CHF 12 distribution implies a payout ratio above 100%, funded from the company's strong cash position. Total dividends paid during 2025 reached CHF 36.0 million.

According to the shareholder letter, "the unpredictable geopolitical and economic situation in the advertising market continues to restrict planning and booking behavior to a short-term horizon." Despite this uncertainty, management pointed to the company's growing digital range, smart tools, and agile internal processes as factors that will allow APG|SGA to meet client demand for flexibility. The half-year results announcement in July 2025 will be the next scheduled financial disclosure, due on Friday, July 24, 2026.

For marketing professionals, these results confirm that out-of-home advertising demonstrated relative resilience compared with the overall Swiss traditional media market in 2025. The ongoing shift toward digital formats within APG|SGA's own network - and the programmatic buying capabilities that accompany them - reinforces the trajectory visible across European DOOH markets. The NZZ shareholder transition, now in its final legal stages, will shape APG|SGA's strategic direction at a moment when the outdoor advertising sector is increasingly defined by its digital and data-driven capabilities.

Timeline

  • June 2024: JCDecaux sells a 13.56% stake in APG|SGA to NZZ, making NZZ the largest shareholder at 25%
  • September 25, 2024: ZVV awards APG|SGA a five-year transport advertising contract covering 500+ vehicles and 6,000+ interior advertising spaces in Zurich
  • April 24, 2025: APG|SGA Annual General Meeting confirms all re-election candidates and newly elects Dr. Felix Graf (CEO of NZZ) to the Board of Directors
  • June 2025: APG|SGA publishes its 22nd Sustainability Report, including a net-zero roadmap for 2045 validated by SBTi
  • July 25, 2025: APG|SGA releases H1 2025 results showing CHF 148.2 million advertising revenue, down 1.5%, with EBITDA up 3.6%
  • November 12, 2025: APG|SGA deploys 32 digital screens across Olten and Solothurn with emergency override capabilities
  • December 11, 2025: Swiss Takeover Board confirms validity of NZZ's opting-up provision
  • December 14, 2025: NZZ announces intention to acquire 45% stake in APG|SGA at CHF 220 per share, implying a total company valuation of CHF 660 million
  • December 18, 2025: Adform announces acquisition of Splicky from Goldbach Group, reshaping programmatic DOOH in the DACH region
  • January 23, 2026: APG|SGA Extraordinary General Meeting approves NZZ's selective opting-up provision amendment to Articles of Association
  • March 12, 2026: APG|SGA publishes Letter to Shareholders and Annual Report 2025 with full-year financial results
  • April 23, 2026: Annual General Meeting scheduled in Geneva; Dr. Felix Graf to be proposed as Chair; CHF 12 dividend per share to be voted on
  • July 24, 2026: Semi-annual results 2026 to be announced
  • September 30, 2026: Beat Holenstein, Head of Marketing and Partner Market, to depart APG|SGA

Summary

Who: APG|SGA SA, Switzerland's leading out-of-home media company listed on the SIX Swiss Exchange, led by Chair Dr. Daniel Hofer and CEO Markus Ehrle. The announcement also involves NZZ (Neue Zürcher Zeitung) as the incoming majority shareholder, and departing shareholders JCDecaux SE and Pargesa Asset Management S.A.

What: Publication of the full-year 2025 financial results and Letter to Shareholders, showing flat advertising revenue of CHF 327.0 million, a 10.6% decline in consolidated net income to CHF 27.1 million, a contracting EBITDA margin of 13.1%, and a proposed dividend of CHF 12 per share representing 100% of Group profit. The results also confirmed the governance transition linked to NZZ's planned increase of its stake from 25% to 45%.

When: The Letter to Shareholders and Annual Report 2025 were published on March 12, 2026. The financial results cover the fiscal year ending December 31, 2025. The next key dates are the Annual General Meeting on April 23, 2026, and the semi-annual results announcement on July 24, 2026.

Where: APG|SGA is headquartered in Geneva, Switzerland, and operates 145,681 advertising spaces primarily in Switzerland (95.7% of revenue) and Serbia (4.3% of revenue) through its subsidiary Alma Quattro. The ICSID legal proceedings against the Serbian state are conducted in Washington, D.C.

Why: The results matter because they document how Swiss out-of-home advertising held its ground - and slightly outperformed - a declining traditional media market in 2025, while higher depreciation charges from digital infrastructure investment and the absence of a 2024 property sale compressed margins. The ongoing NZZ ownership transition is reshaping the governance and strategic direction of the company at a pivotal moment for the European DOOH sector, with programmatic capabilities and digital portfolio expansion increasingly central to competitive positioning.

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