SRP Groupe (SRP) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 declined 13.4% year-over-year to €275.6 million, mainly due to lower sales in traditional French businesses.

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

• Strategic review initiated in Q1 2025, with a new plan to be presented in Q4 2025.

Financial highlights

• Gross Merchandise Value (GMV) for H1 2025 was €439.7 million, down 11.9% year-over-year.

• Net revenue fell to €275.6 million, 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.

Outlook and guidance

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

• 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 €5 million in annual savings.