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SRP Groupe — Earnings Release 2025
Apr 29, 2026
1661_rns_2026-04-29_87b0b423-925e-43b4-9c5f-fbe7f739c6aa.pdf
Earnings Release
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SHOWROOM GROUP
PRESS RELEASE
April 29, 2026
SHOWROOMPRIVÉ RELEASES ITS 2025 ANNUAL RESULTS AND ANNOUNCES ITS Q1 2026 REVENUE
- 2025 consolidated results approved by the Board of Directors:
- 2025 Gross Merchandise Volume (GMV¹) reached €893 million, down -10.6%; 2025 revenue stood at €559 million (down -13.5% compared to 2024)
- EBITDA² is negative at -€27.7 million (-5% of revenue) due to the decline in business activity, despite a €14 million reduction in operating expenses
- Net Income stands at -€31 million after incorporating non-recurring items
-
Net inventory was reduced to €52 million at the end of 2025, a decrease of -29% compared to the end of 2024
-
Q1 2026 Revenue
- Decline in Q1 2026 gross merchandise volume (GMV) of -5.8% and revenue of -5.8%
- Strong growth in the Marketplace with a 45% increase in business volume, confirming its key role in the Group’s development
- Relative increase in average order value (+2.6%) and stabilization of the Travel division (+1%)
La Plaine Saint Denis, France, April 29, 2026, 5:45 p.m. CEST – Showroomprivé (SRP Group), a European group specializing in flash sales, has released its results for the fiscal year ended December 31, 2025, as well as its Q1 2026 revenue, as approved by the Board of Directors today.
Note: The results for 2025 include The Bradery from January 1, 2025, through December 19, 2025, the date of the sale of the Company’s stake.
David Dayan, Chairman and CEO of Showroomprivé, stated: “The 2025 fiscal year was a challenging one for Showroomprivé. In a changing market, we made a determined choice to anticipate and adapt our model to remain in control of our destiny. We have therefore embarked on a profound transformation: refocusing on higher-value offerings, ramping up our growth drivers, overhauling our sales organization, and accelerating our efforts in data, technology, and AI. Our 2025 results reflect this transition phase.
Facing a rapidly changing market, we are accelerating Showroomprivé’s transformation toward a more profitable media commerce model. 2026 will be a year of execution with a simple priority: returning to healthy and sustainable growth, building on a mixed but encouraging first quarter, by creating a model that is more agile, more efficient, and better aligned with our customers’ expectations.”
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2025 ANNUAL RESULTS ANNOUNCEMENT
2025 Key Figures³
| (€ million) | 2024 | 2025 | Change (%) |
|---|---|---|---|
| GMV | 999.2 | 892.8 | -10.65% |
| Net revenue | 646.5 | 559.0 | -13.54% |
| Total Internet revenue | 636.8 | 547.3 | -14.05% |
| Of which International | 142.2 | 118.2 | -16.88% |
| Gross Margin | 238.0 | 195.3 | -17.96% |
| Gross margin as a % of revenue | 36.8% | 34.9% | -1.89 pt |
| Operating expenses | 252.0 | 237.7 | -5.65% |
| As a % of revenue | 39.0% | 42.5% | +3.56 pts |
| EBITDA | 2.3 | -27.7 | na |
| Recurring operating income | -13.9 | -42.5 | na |
| Other operating income and expenses | -109.1 | 15.3 | na |
| Operating income | -123.0 | -27.2 | na |
| Cost of debt | -2.1 | -1.8 | na |
| Pre-tax income | -124.2 | -28.7 | na |
| Income taxes | -9.1 | -2.2 | na |
| Net income | -133.3 | -30.9 | na |
As the Group’s majority stake in The Bradery was sold to its founders on December 19, 2025, The Bradery’s 2025 income statement was consolidated by the Group only for the period from January 1, 2025, to December 19, 2025.
- In 2025, Showroomprivé’s gross merchandise volume (GMV) stood at €892.8 million, down -10.65% compared to fiscal year 2024, in an e-commerce market marked by increased competition due to the growth of ultra-fast fashion platforms in France. Revenue for 2025 came in at €559.0 million, down --13.5%, as the positive momentum of growth drivers was not sufficient to offset the decline in traffic.
- As in previous quarters, performance varied across the core event-driven business - which suffered from a deteriorating environment and a challenging market in the Fashion / Home / Beauty (-17%), and the growth drivers - such as the Marketplace and Media-which outperformed and continue to grow, now accounting for over 23% of the Group’s total revenue.
- In this context, Showroomprivé initiated a strategic review of its operations in April 2025 to adapt its business model to evolving customer expectations and the new competitive landscape. The Group subsequently decided to implement several transformation initiatives:
- An operational reorganization project was announced in November 2025, centered on five key priorities identified as part of the Group’s new strategy:
- strengthening relationships with partner brands,
- building a global Showroomprivé platform,
- regain customer appeal,
³ The Board of Directors of SRP Group met and approved the consolidated financial statements for the 2025 fiscal year. The audit procedures for the consolidated financial statements have been completed. The audit report will be issued after the completion of the specific verifications required by legal and regulatory provisions.
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- embark on a technological transformation,
- defining a leaner and more agile model to restore profitability.
In total, this reorganization plan could result in up to 121 job cuts for economic reasons during the second quarter of 2026, including 80 in La Plaine Saint-Denis, 23 in Roubaix, and 18 in Les Sables-d'Olonne.
- The Group’s decision to sell its majority stake in The Bradery to its two founders - finalized in December 2025 for €22 million - enabled the Group to receive a €1 million dividend in 2025 and an initial payment of €19 million at the end of 2025; In addition, €3 million is to be received in three equal installments at the end of 2027, 2028, and 2029;
-
The renegotiation of its €40 million bank debt, the repayment of which was extended by two years under a conciliation agreement signed on January 8, 2026: €10 million at the end of 2027, and €30 million at the end of 2028.
-
At the same time, the Group continued its cost-control measures, with strict management of its marketing budget and overhead costs; EBITDA stood at -€27.7 million in 2025. After depreciation, amortization, and provisions, operating income before non-recurring expenses stood at -€42.5 million.
- Other operating income and expenses now total +€15.3 million, driven by:
- income of +€32.0 million from the sale of SYMMETRIC (The Bradery) on December 19, 2025;
- an expense of -€4.2 million related to the historical amortization of costs associated with Showroomprivé’s acquisition of the 47% stake held by the founders of Symmetric (The Bradery);
-
costs related to strategic restructuring, the rescheduling of our bank debt, and projected expenses for the voluntary redundancy plan (external consulting, support costs): -€13.0 million.
-
The cost of financial debt remained broadly stable at -€1.8 million. The Group recorded a tax expense of -€2.2 million.
- After taking these items into account, the Group’s net income amounts to -€30.9 million.
- Cash flow from operating activities amounted to -€0.7 million in 2025 compared to +€14.2 million in 2024, with the impact of lower earnings offset by the positive impact of changes in working capital requirements (primarily due to a decrease in inventory). Taking into account capital expenditures (-€8.8 million in new fixed assets and -€10 million deposited in an escrow account for the performance of a guarantee agreement) and the increase in financial debt (€20 million drawn from the short-term RCF facility during Q1 2025), the change in cash and cash equivalents amounted to -€2.6 million for the fiscal year, bringing available cash to €43.5 million.
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REPORT ON REVENUE FOR THE FIRST QUARTER OF 2026
Revenue Breakdown
| (€ million) | Q1 2025 | Q1 2025 | Q1 2026 | Change 26/25 as a % |
|---|---|---|---|---|
| Including The Bradery | Excluding The Bradery (Pro forma) | Excluding The Bradery | Excluding The Bradery | |
| Gross Merchandise Value (GMV) | 211.9 | 190.2 | 179.2 | -5.80% |
| Internet Revenue, France | 99.2 | 83.4 | 75.7 | -9.29% |
| International Internet Revenue | 26.3 | 26.3 | 28.0 | +6.41% |
| Total Internet Revenue | 125.5 | 109.8 | 103.7 | -5.52% |
| Other income | 2.0 | 2.0 | 1.6 | -20.40% |
| Net revenue | 127.5 | 111.7 | 105.3 | -5.78% |
Showroomprivé generated a gross merchandise value (GMV) of €179.2 million in the first three months of its 2026 fiscal year, down -5.8% compared to the same period in 2025. Revenue was also down -5.8% compared to 2025.
Among flash sale platforms, Showroomprivé consolidated its market share at 14.5% in the first quarter⁴. The flash sale market remains under increasing pressure due to the arrival of new players and changing consumer habits as shoppers seek to preserve their purchasing power. International low-price platforms are strengthening their position and intensifying competition. At the same time, the second-hand market continues to grow and capture market share, further transforming purchasing behavior, particularly in fashion.
Across its core businesses, the Group saw an overall decline in GMV during the first quarter:
- The Fashion division, with a -2% decline in GMV, is showing a marked improvement compared to the 2025 trend (-18%), driven by strong performance in Footwear (+52%) and a rebound in Women's Ready-to-Wear (+12%) but continues to decline in certain sectors such as Jewelry (-42%) and Sports (-9%), as well as in Italy (-13%). In response to this situation, the Group is continuing its efforts by relying on strengthened and renewed sales teams.
- The Home division has been hit hard, with a -22% decline; home appliances and furniture have suffered the steepest drops, penalized by the rise of refurbished goods, the decline in new housing, and low-cost platforms.
- With a -36% decline over the period, the Beauty division recorded the sharpest drop in activity.
SRP Services The Media division (SRP Services) is down -14%, following a year of strong growth in 2025 (+18%) despite continued active marketing of available media space.
Beauté Privée: the migration to Shopify in July 2025 created operational challenges (difficulties reconnecting former customers, management KPIs still under development); initiatives launched in the IT and Commerce divisions are taking longer than expected and should yield results in 2026.
Across its growth drivers, the Group posted mixed results.
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The Marketplace (GMV +45.2% compared to 2025) has continued to grow; since the 2024 launches in Belgium, Portugal, and Spain, these countries continue to contribute to growth in 2026.
The Travel & Leisure division has stabilized at +1%, ending the downward trend of 2025 (-16%), with a limited impact from the Iranian conflict, as our offerings are focused exclusively on European medium-haul routes.
Key Performance Indicators
| Q1 2025 | Q1 2025 | Q1 2026 | Var 26/25 % | |
|---|---|---|---|---|
| Including The Bradery | Excluding The Bradery (Pro forma) | Excluding The Bradery | Excluding The Bradery | |
| Gross Merchandise Value (GMV) (millions of €) | 211.9 | 190.2 | 179.2 | -5.8% |
| New buyers* (in millions) | 0.21 | 0.17 | 0.16 | -5.9% |
| Buyers** (in millions) | 1.26 | 1.13 | 1.04 | -8.0% |
| of which loyal shoppers*** | 1.06 | 0.96 | 0.84 | -12.3% |
| As a % of total buyers | 84% | 85% | 81% | -4 pts |
| Number of orders (in millions) | 2.3 | 2.1 | 1.9 | -8.5% |
| GMV per buyer (€) | 168 | 168 | 172 | +2.4% |
| Average number of orders per buyer | 1.8 | 1.8 | 1.8 | -0.6% |
| Average order value (€) | 94.0 | 91.6 | 94.3 | +2.9% |
- Members who placed their first order during the period
** Members who placed at least one order during the period
*** Members who placed at least one order during the period and at least one order in previous years
The Group attracted 163,000 new first-time buyers in the first quarter of 2026. The repeat buyer rate declined to 81%. The number of orders fell by -8.5%, a decline partially offset by a +2.9% increase in average order value.
SHAREHOLDER RELATIONS
With a view to fostering closer ties with its individual shareholders, Showroomprivé announces the launch of a Shareholder Advisory Committee. The Committee's objective will be to contribute to constructive shareholder dialogue between the Group's Executive Management and its individual shareholders and to encourage regular, in-depth, and high-quality exchanges. The Committee's operating procedures will be specified shortly.
In addition, a webinar presenting the 2025 annual results will be held on Wednesday, May 6, 2026, at 6:00 p.m. Click-here to sign up (webinar in French only).
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UPCOMING UPDATES
Publication of 2026 first half revenue: July 23, 2026
Publication of 2026 half-year results: September 24, 2026
FORWARD-LOOKING STATEMENTS
This press release contains only summary information and is not intended to be comprehensive.
This press release may contain forward-looking information and statements regarding the Group and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives, and expectations regarding future operations, future products and services, and statements regarding future performance. Forward-looking statements can be identified by the words "believe," "anticipate," "target," or similar expressions. Although the Group believes that the expectations reflected in such forward-looking statements are reasonable, investors and shareholders of the Group are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond the Group's control, which could result in actual results and events differing significantly and adversely from those communicated, implied, or indicated by such forward-looking information and statements. These risks and uncertainties include those described or identified in the documents filed or to be filed with the Autorité des marchés financiers by the Group (in particular those detailed in Chapter 3 of the Company's reference document). The Group undertakes no obligation to publish updates to forward-looking information, whether as a result of new information, future events, or any other factor.
ABOUT SHOWROOMPRIVÉ
Showroomprivé is a leading European player in online flash sales, known for its innovation and specialization in fashion. Showroomprivé offers a daily selection of over 3,000 partner brands via its mobile apps and website in France and six other countries. Since its founding in 2006, the company has experienced rapid growth.
Listed on the Euronext Paris market (ticker: SRP), Showroomprivé generated a gross merchandise volume (GMV) of nearly €900 million in 2025, and net revenue of €560 million. The Group is led by David Dayan, its founder, and employs over 1,100 people.
For more information: http://showroomprivegroup.com
CONTACTS
Showroomprivé
Benoît Jacheet, Group CFO
[email protected]
Anthony Alfont
[email protected]
NewCap
Financial Communications
Thomas Grojean
Financial Media Relations
Gaelle Fromaigeat, Nicolas Merigeau
[email protected]
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APPENDICES – 2025 FINANCIAL DATA
INCOME STATEMENT
| (in thousands of €) | 2024 | 2025 | Change |
|---|---|---|---|
| Net revenue | 646,456 | 558,951 | -13.54% |
| Cost of goods | -408,431 | -363,685 | -10.96% |
| Gross margin | 238,025 | 195,266 | -17.96% |
| Gross margin as a % of revenue | 36.80% | 34.90% | -1.9 pts |
| Marketing¹ | -27,776 | -25,608 | -7.81% |
| as a % of revenue | 4.30% | 4.60% | +0.3 Pts |
| Logistics and order processing | -148,729 | -132,630 | -10.82% |
| as a % of revenue | 23.00% | 23.70% | +0.7 Pts |
| General and administrative expenses | -75,454 | -79,495 | 5.36% |
| as a % of revenue | 11.70% | 14.20% | +2.5 Pts |
| Total operating expenses | -251,959 | -237,733 | -5.65% |
| as a % of revenue | 39.00% | 42.50% | +3.5 Pts |
| Recurring operating income | -13,934 | -42,467 | |
| --- | --- | --- | |
| Other operating income and expenses | (109,109) | 15,314 | |
| Operating income | -123,043 | -27,153 | |
| Cost of debt | -2,083 | -1,829 | |
| Other financial income and expenses | 959 | 261 | |
| Income before tax | -124,167 | -28,721 | |
| Income taxes | -9,122 | -2,215 | |
| Net income | (133,289) | -30,936 | |
| EBITDA * | 2,274 | -27,706 | |
| EBITDA as a percentage of revenue | 0.40% | -5.00% |
- The Bradery's contribution to 2025 Group EBITDA amounts to €6,443,000
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PERFORMANCE INDICATORS
| PERFORMANCE INDICATORS | 2024 | 2025 | Change 25/24 in % |
|---|---|---|---|
| CUSTOMER INDICATORS | |||
| New buyers (in thousands) | 1,032 | 1,012 | -2.0% |
| France | 817 | 795 | -2.7% |
| International | 216 | 217 | 0.7% |
| Buyers (in thousands) | 3,623 | 3,567 | -1.6% |
| France | 2,933 | 2,877 | -1.9% |
| International | 690 | 690 | -0.1% |
| GMV per buyer (€) | 556 | 473 | -14.9% |
| France | 274 | 211 | -23.0% |
| International | 282 | 262 | -7.1% |
| ORDERS | |||
| Number of orders (in thousands) | 12,072 | 9,528 | -21.1% |
| France | 9,148 | 7,204 | -21.2% |
| International | 2,924 | 2,325 | -20.5% |
| Average number of orders per buyer | 3.3 | 2.7 | -19.8% |
| France | 3.1 | 2.5 | -19.7% |
| International | 4.2 | 3.4 | -20.4% |
| Basket size (€) | 82.8 | 93.7 | 13.2% |
| France | 88.0 | 84.4 | -4.1% |
| International | 66.5 | 77.6 | 16.7% |
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BALANCE SHEET
| (thousands of €) | 12/31/2024 | 12/31/2025 |
|---|---|---|
| NON-CURRENT ASSETS | ||
| Goodwill | 44,812 | 34,040 |
| Other intangible assets | 54,477 | 45,739 |
| Property, plant, and equipment | 40,801 | 35,004 |
| Other non-current assets | 3,729 | 4,123 |
| Total non-current assets | 143,819 | 118,906 |
| CURRENT ASSETS | ||
| Inventories and work in progress | 72,275 | 51,569 |
| Trade receivables and related accounts | 29,095 | 31,595 |
| Tax receivables | 453 | 278 |
| Other current operating assets | 27,793 | 25,653 |
| Other current financial assets | - | 12,171 |
| Cash and cash equivalents | 46,043 | 43,455 |
| Total current assets | 175,659 | 164,722 |
| Total assets | 319,478 | 283,627 |
| Total equity | 69,240 | 36,765 |
| --- | --- | --- |
| Loans and financial liabilities | 23,945 | 49,517 |
| Liabilities to employees | 1,078 | 1,102 |
| Other provisions | 170 | 581 |
| Deferred taxes | 4,419 | 2,952 |
| Other long-term liabilities | 9,639 | 6,426 |
| Total non-current liabilities | 39,251 | 60,578 |
| Bank loans and overdrafts (< 1 year) | 12,832 | 5,953 |
| Accounts payable and related accounts | 132,804 | 123,654 |
| Other current liabilities | 65,349 | 56,676 |
| Total current liabilities | 210,985 | 186,283 |
| Total liabilities | 250,236 | 246,862 |
| Total liabilities and equity | 319,478 | 283,627 |
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CASH FLOWS
| (thousands of €) | 2024 | 2025 |
|---|---|---|
| Consolidated net income | -133,289 | (30,936) |
| Adjustments and other | 100,708 | 22,124 |
| Cash flow from operations | -32,581 | -8,812 |
| Elimination of tax expense (income) | 9,122 | 2,214 |
| Elimination of net financial debt expense | 2,083 | 1,769 |
| Cash flow from operating activities before income tax | 14,552 | 1,907 |
| Taxes paid | -314 | -2,625 |
| Cash flow from operating activities | 14,238 | -718 |
| Impact of changes in scope | -20 | -79 |
| Acquisition of property, plant, and equipment and intangible assets | -22,852 | -8,850 |
| Acquisition (disposal) of financial assets | - | - |
| Change in loans and advances granted | 144 | -10,117 |
| Disposal of tangible and intangible assets | - | 67 |
| Other cash flows from investing activities | 45 | 212 |
| Cash flows from investing activities | -22,683 | -18,767 |
| Capital increase | - | - |
| Net sale (purchase) of treasury shares | -174 | 49 |
| Issuance of debt | - | 22,466 |
| Repayment of debt | -13,911 | -2,819 |
| Net interest paid and other | -2,028 | -2,770 |
| Cash flows from financing activities | -16,112 | 16,927 |
| Impact of exchange rate fluctuations | 26 | -29 |
| Change in cash and cash equivalents | -24,531 | -2,587 |
| Cash and cash equivalents at beginning of period | 70,574 | 46,043 |
| Closing cash balance | 46,043 | 43,455 |
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EBITDA RECONCILIATION
| (thousands of €) | 2024 | 2025 |
|---|---|---|
| Net income | -133,289 | -30,936 |
| Amortization of intangible assets recognized upon a business combination | 459 | 501 |
| Depreciation and impairment of fixed assets | 100,849 | 14,260 |
| Of which impairment of consolidated goodwill | 85,100 | 0 |
| Of which amortization in logistics and order processing | 4,959 | 3,529 |
| Of which depreciation in general and administrative expenses | 10,790 | 10,731 |
| Other financial income and expenses | 23,050 | -15,575 |
| Cost of debt | 2,083 | 1,829 |
| Income tax | 9,122 | 2,215 |
| EBITDA * | 2,274 | -27,706 |
- The Bradery's contribution to 2025 Group EBITDA amounts to €6,443,000
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RECONCILIATION OF GMV
| (thousands of €) | 2024 | 2025 |
|---|---|---|
| Gross Internet Sales | 965,310 | 853,204 |
| VAT | -158,695 | -148,595 |
| Impact on revenue recognition | -194,007 | -184,216 |
| Non-Internet Sales & Other | 33,851 | 39,546 |
| IFRS Net Revenue | 646,459 | 558,951 |
| (thousands of €) | 2024 | 2025 |
| Gross online sales | 965,310 | 853,204 |
| Other services and other revenue | 33,851 | 39,546 |
| Gross Merchandise Volume | 999,161 | 892,750 |
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