SRP Groupe (SRP) Q1 2026 TU earnings summary

Executive summary

• 2025 marked a challenging year with revenue down 13.5% to €559 million and GMV down 10.6% to €893 million, reflecting a tough e-commerce environment and increased competition from ultra-fast fashion platforms.

• EBITDA turned negative at -€27.7 million, despite a €14 million reduction in operating expenses, and net income was -€31 million, impacted by non-recurring items.

• The company initiated a strategic transformation, including operational reorganization, technological upgrades, and a focus on higher-value offerings.

• The sale of The Bradery stake was finalized in December 2025, contributing €32 million in income and improving liquidity.

Financial highlights

• Gross margin fell 18% to €195.3 million, with margin rate down 1.9 pts to 34.9%.

• Operating expenses decreased 5.7% to €237.7 million, but as a percentage of revenue rose to 42.5%.

• Recurring operating income dropped to -€42.5 million; operating income improved to -€27.2 million due to non-recurring gains.

• Cash flow from operations was -€0.7 million, with year-end cash at €43.5 million.

• Net inventory reduced by 29% to €52 million.

Outlook and guidance

• 2026 is positioned as a year of execution, aiming for a return to sustainable growth through a more agile and efficient business model.

• Q1 2026 showed a 5.8% decline in both GMV and revenue, but Marketplace GMV grew 45% and Travel stabilized.

• The company expects transformation initiatives to yield results in 2026, especially in IT and Commerce.