SRP Groupe (SRP) Q3 2025 earnings summary

Executive summary

• Revenue declined 12% and gross merchandise volume (GMV) fell 10% year-over-year for the first nine months of 2025, with a more moderate 9% revenue and 7% GMV drop in Q3.

• Marketplace GMV surged 43% in Q3, offsetting declines in traditional segments.

• The Bradery, a premium event sales platform, posted strong growth and is set for divestment.

Financial highlights

• GMV for the first nine months: €630.5M, down 10.3% year-over-year; Q3 GMV: €190.8M, down 6.6%.

• Net revenue for the first nine months: €392.3M, down 12.2% year-over-year; Q3 net revenue: €116.7M, down 9.3%.

• Average basket size increased 13.9% to €94.4, partially offsetting a 21.2% drop in order volume.

Outlook and guidance

• Q3 showed a less pronounced decline, with commercial momentum rebuilding through team strengthening and marketing initiatives.

• Focus remains on revitalizing core business, cost control, and inventory optimization.

• Migration of showroomprive.com to Shopify is a key strategic project for 2026.