SRP Groupe (SRP) Q4 2025 earnings summary

Executive summary

• 2025 marked a year of deliberate transformation, focusing on business quality, financial discipline, and governance, with a shift toward a more efficient and value-driven model.

• GMV fell 10.6% to €893M and revenue declined 13.5% to €559M year-over-year, reflecting market headwinds and increased competition.

• EBITDA was -€27.7M and net income improved to -€31M, benefiting from cost controls, asset sales, and the absence of goodwill impairment.

• Strategic transformation included optimizing offer selection, improving customer experience, accelerating retail media, and executing selective M&A such as the sale of The Bradery.

• Q1 2026 revenue and GMV both declined 5.8% year-over-year, but Marketplace GMV grew 45%.

Financial highlights

• Gross margin dropped 18% to €195.3M; margin rate fell to 34.9% from 36.8%.

• Operating expenses decreased by 5.7% to €238M, driven by strict cost control and logistics savings.

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

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

• Operating income was -€43M, impacted by lower volumes and transformation efforts.

Outlook and guidance

• The company is transitioning to a hybrid commerce and media model, aiming for multi-source revenues and increased audience monetization.

• 2026 will focus on international expansion (especially Italy), retail media acceleration, and leadership in the beauty segment.

• Transformation initiatives include operational reorganization and a leaner, more agile business model.

• 2026 is positioned as a year of execution, aiming for a return to sustainable growth and improved profitability.