AUS DER REDAKTION - NZZ wächst im Kerngeschäft – Nachfolge von Chefredaktor Eric Gujer eingeleitet

NZZ has seen an increase in its operating profit in the first half of 2026. Eric Gujer, the editor-in-chief, is stepping down at the end of January 2027 but remains with the company. The company has performed well in a context of geopolitical uncertainty, with its core business and profitability growing. The results demonstrate that the strategy has proven effective.

NZZ.ch needs JavaScript for important functions, which your browser or ad blocker is currently blocking. In the reader market, revenue rose by 7 percent to 49.7 million Swiss francs due to the success of the premium offering "NZZ Pro" and growth in Germany compared to the previous year. Digital advertising revenue increased by 8 percent to 26 million francs.

Overall, operating revenue decreased by 7 percent to 109 million francs compared to the previous year, mainly due to the sale of the Zurich Film Festival and the Architonic business unit, as well as IT disentanglement with CH Media. This was compounded by the ongoing structural decline in print publishing. Combined with reduced operating expenses and the contribution from APG|SGA, the adjusted operating result (adjusted EBIT) increased by 3 percent to 5.1 million francs, with the adjusted EBIT margin improving from 4.3 to 4.7 percent.

The adjusted consolidated result after income taxes stands at -1.2 million francs, a negative outcome due to the goodwill return from the sale of the remaining CH Media stake exceeding the realized book profit. This is a one-time accounting effect and does not affect liquidity. Eric Gujer has been with NZZ for forty years and shaped it as editor-in-chief and member of the management board for twelve years.

As of February 1, 2027, he will relinquish this role. As editor-in-chief of Germany, he will continue to focus on the major lines of German and international politics and strengthen NZZ's public presence in Germany. Additionally, he will lead the "NZZ Podium" series and remain responsible for the public affairs program "NZZ Standpunktes."

Isabelle Welton, the president of the NZZ board of directors, states, "Eric Gujer is one of the most significant public voices in the German-speaking area. Under his leadership, NZZ has solidified its position as a leading quality medium in Switzerland and expanded its public reach beyond national borders. At the same time, he has sharpened NZZ's public profile and successfully developed it through a period of profound changes.

The board of directors thanks Eric Gujer for his exceptional contributions to NZZ. We are delighted that he remains with the company." The succession process has begun, with the goal of internally filling the position of editor-in-chief or editor-in-chief and considering external candidates. The selection will be made by the board of directors and is expected in the fourth quarter of 2026.

In the fiscal year 2025, NZZ achieved a net operating result of 12.7 million francs. The remaining 35-percent stake in CH Media is being sold, and the share in the advertising company APG is being increased. The use of generative artificial intelligence is rapidly increasing and deeply transforming the media landscape. This requires and is transforming NZZ.

As the management explained to shareholders at their annual general meeting this year, the company is adapting to these changes.