SRP Groupe (SRP) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 was €218.1M, down 20.9% year-over-year, with GMV at €367.0M, down 16.5%.

• Adjusted EBITDA improved to -€14.6M from -€18.2M in H1 2025, despite continued negative results.

• Net income loss narrowed by €9M year-over-year to -€23.1M.

• Cash position at June 30, 2026, was €12.8M, down from €43.5M at year-end 2025.

• The group anticipates probable non-compliance with its year-end 2026 EBITDA covenant and is seeking a standstill with banks.

Financial highlights

• Gross margin was €77.6M (35.6% of revenue), up 1.2 pts in percentage but down €17M in value year-over-year.

• Operating expenses were €99.3M (45.5% of revenue), down 17.9% year-over-year.

• Net loss for H1 2026 was €23.1M, an improvement from €30.3M in H1 2025.

• Operating cash flow was -€24.1M, with total cash outflow of -€30.6M for the period.

• Adjusted EBITDA margin improved to -6.7% from -8.6%.

Outlook and guidance

• The group expects to continue cost reduction and operational transformation, focusing on Marketplace, international, and core categories.

• Management is prioritizing negotiations with banks to address covenant breaches and maintain liquidity.

• The company believes it can meet its cash needs for the next 12 months, subject to successful bank negotiations.

• Business remains fragile but shows signs of improvement; focus will be on strengthening teams and governance in core business areas.

• Continued transformation of product offerings and customer experience, with emphasis on Marketplace, international, and Social Retail Media.