SRP Groupe (SRP) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 declined 13.4% year-over-year to €275.6M, mainly due to lower sales in traditional French businesses and a challenging consumer environment.

• EBITDA turned negative at -€18.2M, impacted by lower sales and transformation costs, while cash position remained stable at €45.7M.

• Strategic actions included accelerated stock reduction, a new logistics hub, and a strategic review to adapt to market shifts, with a new plan to be presented in Q4 2025.

• The group completed the sale of its 52.75% stake in The Bradery for €22M and signed a conciliation protocol with banks to extend debt maturities.

• Growth drivers such as Marketplace (+33.7% GMV) and The Bradery (+15.4% GMV) showed strong performance, partially offsetting declines.

Financial highlights

• Gross margin fell to 34.4% from 38.3% year-over-year, mainly due to old stock sales and a shift in sales mix.

• Net revenue fell to €275.6M, a 13.4% decrease compared to H1 2024.

• Q2 2025 showed sequential improvement: GMV up 6.3% and net revenue up 16.2% from Q1 2025.

• EBITDA margin dropped to -6.6% from 0.5% in H1 2024.

• Cash flow from operations was -€13.9M, with €17.7M inflow from financing activities due to a €20M credit line draw.

Outlook and guidance

• The group expects continued operational challenges and is implementing a new strategic plan for 2026, focusing on cost control, stock optimization, and digital transformation.

• No dividend distribution is planned until full debt repayment.

• Strategic review to accelerate, with a new plan expected by end of 2025, aiming for deeper cost savings.

• Focus on cost control and logistics rationalization, targeting €5M in annual savings.

• No recovery observed in Q2 2025; visibility for H2 2025 remains limited.