.Following the successful sale of the German business at the end of 2025, the acquisition of AK Group Ltd (comprising the e-commerce platform Apfelkiste.ch and the retail branding specialist MAREIN) enabled mobilezone to position the company even more firmly as a specialist in telecommunications and mobile lifestyle products in the first half of 2026.
The acquisition is a consistent continuation of mobilezone's strategy of specifically expanding its recurring revenue, as well as its profitable e-commerce business, thereby more than offsetting the modest structural shift in the point-of-sale (POS) business. Since the acquisition was completed on 1 June 2026, initial joint initiatives (for example, Apfelkiste products sold in mobilezone shops) have already been successfully implemented. The progress made in the integration to date confirms mobilezone's expectation of realising the announced synergies at EBITDA level in the mid-single-digit million range from 2027 onwards.
The Mobile Virtual Network Operator (MVNO) business developed very positively: the number of active postpaid subscriptions rose from 219,900 at the end of 2025 to 243,100 as at 30 June 2026, an increase of 10.6%. The B2B business and the strategically important second life business also developed positively. Contract brokerage in the POS channel was noticeably below the prior-year level. Overall, mobilezone generated an adjusted EBITDA of CHF 19.6 million in the reporting period, CHF 0.5 million above the previous year's half-year record of CHF 19.1 million. The contribution of AK Group remains modest, as it was consolidated for one month only.
Markus Bernhard, Executive Delegate of the Board of Directors, said: “Alongside the development of our MVNO business, the highlight of the first half of the year was the acquisition of Apfelkiste and MAREIN. The companies are an excellent complement to our existing business and enable us to offer customers the best products in telecommunications and mobile lifestyle across all channels. The successful implementation of our first joint sales initiatives gives us confidence that we will achieve the expected EBITDA synergies in the mid-single-digit millions range by 2027."
Results
Following the sale of the German business, all key figures relate exclusively to the continuing operations in Switzerland. The prior-year figures have been adjusted accordingly to ensure comparability. The adjusted figures reflect the operating performance excluding one-off special effects.
- Net sales rose by 4.2% to CHF 127.2 million (previous year: CHF 122.0 million). The sales contribution of AK Group Ltd for June 2026 amounted to CHF 8.8 million.
- Gross profit rose by 8.8% to CHF 61.2 million (previous year: CHF 56.2 million), with the margin rising from 46.1% to 48.1%. This mainly reflects the growing significance of the MVNO business.
- Adjusted EBITDA reached a new half-year record of CHF 19.6 million (margin 15.4%), CHF 0.5 million above the previous year (CHF 19.1 million, 15.7%).
- Adjusted EBIT amounted to CHF 15.7 million (margin 12.3%; previous year: CHF 15.7 million, 12.8%). The slight decline in margin is mainly attributable to additional amortisation of CHF 0.5 million on the intangible assets identified in the purchase price allocation of AK Group (customer relationships, brand and technology).
- Adjusted net income amounted to CHF 12.8 million (previous year: CHF 13.8 million).
- Net cash flow from operating activities amounted to CHF 12.6 million (previous year: CHF 10.8 million).
- The number of shops was 124 (31.12.2025: 125).
- MVNO net sales of TalkTalk and Digital Republic rose by 9.8% to CHF 24.1 million (previous year: CHF 22.0 million).
- The refurbished device specialist brand jusit increased the number of devices sold in the first half of the year by 19.8% to 12,700 units (previous year: 10,600).
- The number of employees rose to 711 full-time equivalents as of 30 June 2026 (31.12.2025: 616), mainly driven by the transfer of around 90 employees in connection with the acquisition of Apfelkiste.ch and MAREIN.
- As of 30 June 2026, net debt amounted to CHF 148.0 million (31.12.2025: net cash position of CHF 66.5 million), reflecting the financing of the completed acquisition. This results in a net debt ratio (net debt divided by annualised pro forma EBITDA) of 2.3.
- Consolidated shareholders' equity without offsetting of goodwill amounted to CHF 71.0 million (31.12.2025: CHF 103.0 million). The reduction is attributable to the dividend payment of around CHF 38.8 million made in April.
- The share price stood at CHF 13.72 on 12 August 2026 (31.12.2025: CHF 13.28). With an average dividend yield of 6.6% over five years, mobilezone ranks among the best performers in the SPI index of the Swiss stock exchange SIX.
Acquisition of Apfelkiste – completion and first joint sales initiatives
On 1 June 2026, mobilezone completed the acquisition of AK Group Ltd announced on 19 March 2026. On closing, mobilezone took over the e-commerce platform Apfelkiste.ch and the retail branding specialist MAREIN. In 2025, AK Group Ltd generated net sales of more than CHF 100 million and EBITDA of around CHF 20 million. The transaction strengthens mobilezone's position in e-commerce and opens up significant synergy potential in the mid-single-digit million range with the Retail, MVNO, Second Life and B2B business areas from 2027 onwards. This improves mobilezone's growth and margin profile for the coming years.
In connection with the closing, JULE Investment Management Ltd, which is controlled by Apfelkiste.ch founder Pierre Droigk, acquired the shareholding of Haubrich SE. Pierre Droigk is therefore, with 5.18% of the share capital, the largest single shareholder of mobilezone holding ltd. As already communicated, he will be proposed for election to the Board of Directors at the 2027 General Meeting and will actively help shape the strategic development of the Group.
Encouraging growth momentum in the MVNO segment
The MVNO segment again developed very encouragingly in the first half of 2026 and forms the heart of mobilezone's strategy geared towards recurring revenue. The number of active postpaid subscriptions of the two brands TalkTalk and Digital Republic rose from 219,900 as of 31 December 2025 to 243,100 as of 30 June 2026, an increase of 23,200 postpaid subscriptions, or around 10.6%, within six months. This development shows that the strategic focus on recurring, predictable income is taking effect and is creating a continuously growing revenue stream. MVNO net sales accordingly also rose by 9.8% to CHF 24.1 million (previous year: CHF 22.0 million).
The roaming upgrade of the «Flat Mobile» product family at Digital Republic, the price adjustments at TalkTalk effective since 1 May 2026, and active measures for the early identification, prevention and reduction of customer attrition (churn management) all contributed to this strong performance.
Growth in second life and refurbishing of smartphones
The second life business, which comprises the repair and refurbishment of smartphones, continues to develop dynamically. The refurbished device specialist brand jusit increased the number of devices sold in the first half of the year by 19.8% to 12,700 units (previous year: 10,600). This development confirms the continued strong demand for high-quality, certified devices and underlines the growing importance of sustainable device life cycles. For the second half of the year, mobilezone expects the positive trend to continue, with a further increase in jusit sales compared with the previous year.
Point of sale (POS) and B2B
The point-of-sale business with 124 shops was characterised by subdued demand in the first half of the year. As a result, sales volumes in contracts and accessories, as well as profitability, were noticeably below the prior-year level. By contrast, the extension of the product range to include Apfelkiste products developed positively, underlining the potential for Apfelkiste in the physical sales channel and for the mobilezone Group. The business with corporate customers (B2B) also continued to perform well. Thanks to the acquisition of new customers and growth with existing customers, the recurring revenue business, fleet management and device as a service developed well.
Change in the Management Board
Lars Keller, COO since 1 November 2025 and a member of the Management Board since 1 January 2026, has decided to leave the company by 30 November 2026. The Board of Directors and the Management Board thank Lars Keller for his contribution to the operational development of mobilezone and wish him all the best for the future. Going forward, the Management Board of the mobilezone Group will consist of CEO Roger Wassmer and CFO Bernhard Mächler.
Financial guidance
mobilezone confirms the financial outlook for the full year 2026 published on 1 June 2026. Based on the full consolidation of Apfelkiste and MAREIN since the beginning of June 2026, mobilezone expects Group EBITDA of CHF 50–57 million for the 2026 financial year. For the MVNO segment, mobilezone expects its customer base to grow to around 260,000 postpaid subscriptions, corresponding to annual growth of around 18.2%. The target for the customer base has been raised from 250,000 postpaid subscriptions communicated on 6 March 2026 to 260,000 postpaid subscriptions. For the 2028 financial year, mobilezone confirms the ambition of its medium-term EBITDA target of CHF 70 million.
Thanks to sustainably solid cash generation, a net debt ratio (net debt/annualised pro forma EBITDA) of below 2 is targeted as of 31 December 2026. The attractive dividend policy is to be continued. Through to 2028 (distribution in 2029), mobilezone plans to distribute at least CHF 0.90 per share.
The half-year report 2026 with the detailed financial statements in accordance with Swiss GAAP is now available at https://www.mobilezoneholding.ch/en/investors-1/reports-and-presentations.html.
A video conference for investors, analysts and media representatives will take place today, 14 August 2026, at 9.15 am. The online conference will be held in German and participation is possible via the following link.
