Intershop publishes figures for the first half of 2025

• Cloud segment held back by weak new customer business
• Resource-intensive major projects burden service business
• Full-year forecast reduced
• Measures initiated to improve results

Jena, July 23, 2025 – Intershop Communications AG (ISIN: DE000A254211), a global provider of B2B commerce solutions for the upper midmarket in the manufacturing and wholesale sectors, generated revenues of EUR 17.2 million in the first half of the financial year 2025 (previous year: EUR 19.0 million). Business development was characterized by a challenging new customer business in the context of a demanding macroeconomic market environment and significantly from an ongoing resource-intensive major project.

Revenue in the cloud business fell slightly by 1% to EUR 10.1 million (previous year: EUR 10.3 million). However, the share of cloud revenue in total revenue increased by 5 percentage points to 59% (previous year: 54%); the cloud margin fell slightly to 64% (previous year: 66%). Incoming cloud orders recorded a significant decline of 41% to EUR 6.7 million (previous year: EUR 11.4 million). The downward trend is primarily due to the weak sales momentum in new customer business as a result of the persistently challenging macroeconomic environment. ARR (annual recurring revenues) in the cloud business increased by 6% to EUR 20.1 million (previous year: EUR 19.0 million). Net new ARR declined as a result of the low number of new contracts, an expiring major customer contract and high negative currency effects and, at EUR 48 thousand in the first half of 2025, was significantly below the previous year's level (previous year: EUR 1.7 million). Adjusted for currency effects, net new ARR amounted to EUR 0.6 million.

Service revenues fell short of expectations with a decline of 27% to EUR 3.7 million (previous year: EUR 5.1 million). This is due to the planned transfer of new projects to the Intershop partner network and the longer than expected commitment of resources, particularly in a complex major project. License and maintenance revenues fell by 8% to EUR 3.4 million in the reporting period (previous year: EUR 3.7 million) according to our expectation.

Gross profit on revenues fell by 10% to EUR 7.6 million compared to the same period last year. At 44%, the gross margin remained at the previous year's level. Operating expenses and income decreased by 5% to EUR 8.5 million (previous year: EUR 8.9 million). R&D expenses increased by 16% to EUR 3.6 million (previous year: EUR 3.1 million) as a result of increased investment in the Intershop platform and in AI developments. Sales and marketing expenses decreased by 22% to EUR 3.1 million. At EUR 1.6 million, general administrative expenses remained at the previous year's level.

Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR 0.7 million in the reporting period (previous year: EUR 1.1 million). The operating result (EBIT) amounted to EUR -0.9 million in the first half of 2025 (previous year: EUR -0.4 million). The decisive factor was the second quarter, in which Intershop recorded an operating result of EUR -1.0 million, after generating a slightly positive EBIT in the first quarter. Earnings after taxes amounted to -1.1 million euros (previous year: -0.7 million euros).

Markus Klahn, CEO of Intershop Communications AG: "After a positive start to the 2025 financial year, we faced considerable challenges in the second quarter. The continued noticeable reluctance to invest has had a significant impact on our new customer business. Added to this were unexpected additional costs in a resource-intensive major project. This had a significant impact on our earnings in the first half of the year. At the same time, however, we are also seeing clear progress in key future areas: With the Spring 2025 release of our AI-supported B2B commerce platform, we have introduced innovations that offer our customers real added value in terms of efficiency and automation. We are facing the challenges described above with cost-saving measures, operational discipline and the further expansion of our AI initiatives."

Equity capital amounted to EUR 9.7 million as at the interim balance sheet date (December 31, 2024: EUR 11.0 million). At 26%, the equity ratio was slightly below the figure at the end of 2024 (December 31, 2024: 29%). Cash flow from operating activities improved significantly in the first half of 2025 and amounted to EUR 1.9 million (previous year: EUR -0.7 million). This was mainly due to the reduction in trade receivables in the reporting period. Cash and cash equivalents increased to EUR 10.4 million as at the interim reporting date (December 31, 2024: EUR 8.7 million).

In July 2025, Intershop Communications AG reduced its forecast for the full year. Intershop now expects a revenue decline of 10% to 15% (previously: revenue decline of 5% to 10%) and a negative operating result (EBIT) in the low single-digit million euro range (previously: slightly positive EBIT). A slight decrease is now also expected for incoming cloud orders compared to 2024 (previously: slight increase); net new ARR is expected to be between EUR 1.0 million and EUR 2.0 million (previously: slight increase compared to the previous year's figure of EUR 2.7 million).

The half-year report of Intershop Communications AG is available at https://www.intershop.com/en/financial-reports. 
 

Contact:
Investor Relations
T: +49-3641-50-1000
ir@intershop.de