Real estate portals are driving the surge in profits

SMG’s real estate platforms are setting the pace for the first half of 2026. The division saw revenue rise by 11.5 percent to 88.5 million Swiss francs and achieved an adjusted EBITDA margin of 62.9 percent. At the same time, the marketplace operator is reorganizing its executive leadership.

The Group’s sharp jump in earnings stems primarily from its real estate business. Homegate, ImmoScout24, and other services generated revenue of 88.5 million Swiss francs in the first half of 2026, up 11.5 percent from a year earlier. According to the half-year report, the adjusted EBITDA margin in this segment rose to 62.9 percent, placing it well above the Group’s already high level.

For the Group as a whole, SMG reported revenue of 179.8 million Swiss francs, up 11.3 percent. Adjusted EBITDA rose by 15.8 percent to 101.5 million Swiss francs, with the margin reaching 56.5 percent. At the same time, the company raised its outlook for 2026 and now expects revenue growth of 11 to 12 percent, up from the previous forecast of 10 to 12 percent. The margin target of 56 to 58 percent remained unchanged.

Real Estate Remains the Profit Anchor
For the real estate industry, the profitability of the portal business is particularly relevant. The Real Estate division is the largest business unit within the group and provides a significant portion of the operating leverage. In its 2025 annual report, SMG had already reported 164.1 million Swiss francs in revenue for this segment. This growth is continuing in the current year, even if the pace is slightly below the previous year’s rate of 12.5 percent.

This demonstrates how robust the revenue base of the major Swiss real estate portals remains, despite a more mature market. For brokers, developers, and marketers, this means one thing above all else: reach, data products, and value-added services on the major platforms remain a high-margin business that continues to expand amid competition.

Leadership Change Following a Strong First Half-Year
Alongside the financial results, SMG announced a leadership change. Christoph Tonini will step down as CEO effective December 31, 2026. Alberto Sanz de Lama will take over on January 1, 2027. At the annual general meeting in April 2027, Tonini is set to be elected chairman of the board of directors. The current chairman, Jörn Nikolay, is stepping down; until then, Vice Chairman Pietro Supino will serve as interim chairman.

For the real estate sector, this is more than just a personnel change. The group is linking strong margins, clarified annual targets, and a structured succession plan. This suggests there will be no strategic shift in the portal business and points instead toward continuity in pricing logic, product expansion, and data offerings.

Growth Slows Slightly
However, the real estate segment is not operating entirely without any signs of slowing down. Growth of 11.5 percent is below the 12.5 percent increase recorded for the full year 2025. At the same time, the General Marketplaces division actually grew slightly faster in the first half of the year, at 13 percent. For the real estate market, however, this does not change the hierarchy within the group. Real Estate remains the largest division and the key profit driver.

The next question, therefore, will not be whether the portals are growing, but rather to what extent these margins can still be expanded in an already highly dominant market. This is precisely what will determine how much additional revenue SMG can still generate from reach, software, and real estate data.