SRP Groupe (SRP) Trading update summary

Executive summary

• 2024 gross merchandise volume (GMV) remained stable at €999.2 million, with revenue at €646.5 million, reflecting a 0.5% and 4.5% year-over-year decline, respectively, amid a challenging e-commerce environment.

• EBITDA for 2024 was €2.3 million, but net income deteriorated to -€133.3 million due to significant non-recurring items, including goodwill impairment and tax asset write-downs.

• The Bradery, a growth driver, was sold in December 2025 after contributing positively to EBITDA and revenue.

Financial highlights

• Gross margin fell to €238.0 million (36.8% of revenue), down 8.0% year-over-year.

• Operating expenses remained stable at €252.0 million, but as a percentage of revenue increased to 39%.

• EBITDA dropped 90% year-over-year to €2.3 million; operating income before non-recurring items was -€13.9 million.

• Net cash position at year-end 2024 was €9.3 million, with available cash of €46 million.

Outlook and guidance

• 2025 GMV declined by 10.7% to €892.8 million, and revenue fell 13.6% to €558.9 million.

• Q4 2025 saw an 11.5% drop in GMV and a 16.6% drop in revenue compared to Q4 2024.

• Marketplace business volume grew by 50.4% in 2025, offsetting some declines in core segments.