Shoper (SHO) Q2 2025 earnings summary

Executive summary

• Achieved record-breaking Q2 and H1 2025 with strong sales, profit growth, and record GMV, driven by organic expansion, acquisitions, and omnichannel GMV up 41% in Q2.

• Present in over 100 markets, serving 400,000+ customers globally, with robust operating cash flow exceeding SEK 200 million.

• Focused on scalable, high-margin SaaS solutions for merchants, with significant investments in R&D, product innovation, and AI.

• Net profit (adjusted) increased 24% year-over-year in Q2 and 23% in H1, with net profit margins above 21%.

• Monthly recurring revenue (MRR) reached PLN 3.7 million, up 10% year-over-year.

Financial highlights

• Q2 2025 revenue reached PLN 53.7m, up 16% year-over-year; H1 2025 revenue was PLN 105.4m, up 17%.

• Adjusted EBITDA in Q2 was PLN 19.4m (36.2% margin), and in H1 was PLN 38.0m (36.0% margin), up 24% year-over-year.

• Net profit increased 21% to PLN 19.1 million, and adjusted net profit rose 23% to PLN 22.4 million.

• Omnichannel GMV hit PLN 4.9bn in Q2 (+41% y/y) and PLN 9.0bn in H1 (+37% y/y).

• Take rate for stores improved by 0.10 p.p. year-over-year; Store Take Rate was 1.87% and Omnichannel Take Rate 1.17%.

Outlook and guidance

• Optimistic outlook for 2025, expecting continued faster growth than competitors, further EBITDA margin improvement, and strong H2 performance due to e-commerce seasonality.

• New product strategy, synergies with cyber_Folks Group, and full integration of Apilo and Sempire to support future growth.

• Plan to gradually increase subscription pricing starting 2026, following significant product improvements.