Intershop Communications AG, a global provider of B2B commerce solutions, generated total revenues of EUR 33.3 million in the financial year 2025, down from EUR 38.8 million in 2024. While service revenues and license and maintenance revenues declined, revenues from the strategically important cloud business remained steady at EUR 20.5 million, matching the previous year's level. The share of cloud revenues in total revenues increased to 62% from 53% in 2024, underscoring the company's strategic focus on this segment.
Incoming cloud orders rose by 9% year-on-year to EUR 21.7 million, driven primarily by new contracts signed in the fourth quarter of 2025. Cloud ARR (annual recurring revenues) remained steady at EUR 20.1 million as of the reporting date, unchanged from the prior year. Net new ARR (before currency effects) came to EUR 0.6 million, down from EUR 2.7 million in 2024, due to expiring customer contracts. After currency effects, net new ARR was EUR 24 thousand. The cloud margin remained stable at 65%.
Earnings before interest and taxes (EBIT) were EUR -2.8 million in 2025, compared to EUR 0.1 million in 2024, mainly reflecting the impact of a complex major project in the service segment that required significant resources, as well as expenses to support the sustainable reduction of the company's cost base. The project's acceptance was completed in early February 2026, marking an important operational milestone. Additionally, the partner-first strategy launched in 2024 began to have an impact, as the implementation of new projects was increasingly transferred to the partner network.
License and maintenance revenues decreased to EUR 6.4 million in the reporting year from EUR 9.4 million in 2024, while service revenues dropped by 29% to EUR 6.3 million from EUR 8.9 million. Gross profit decreased to EUR 14.7 million for the reporting period from EUR 17.7 million in 2024, with the gross margin slipping by two percentage points to 44%. Operating expenses and income were down slightly by 1% to EUR 17.5 million, while R&D expenses rose by 8% to EUR 7.2 million. Sales and marketing expenses declined 15% to EUR 6.3 million, and general administrative expenses decreased by 4% to EUR 3.2 million.
Other operating expenses rose to EUR 1.3 million from EUR 0.8 million in 2024 and included one-time expenses for personnel reduction measures totaling EUR 0.9 million, which are expected to drive efficiency improvements in the medium term and further stabilize Intershop's cost base. Earnings before interest, taxes, depreciation and amortization (EBITDA) decreased from EUR 3.3 million to EUR 0.5 million. Earnings after taxes were EUR -3.2 million, corresponding to earnings per share of EUR -0.21.
As of 31 December 2025, Intershop Group's total assets amounted to EUR 33.3 million, compared to EUR 37.4 million at the end of 2024. The equity ratio rose significantly to 36% from 29%, mainly due to a capital increase through a rights issue, which raised subscribed capital by EUR 4.4 million to EUR 19.0 million. Cash and cash equivalents stood at EUR 8.8 million as of the balance sheet date, slightly up from EUR 8.7 million in 2024. Cash flow from operating activities was EUR -0.3 million, down from EUR 2.1 million the previous year. As of 31 December 2025, Intershop employed a total of 224 people worldwide, down from 261 people in 2024.
The Supervisory Board extended the contract of CEO Markus Dranert, originally running through November 2026, until 31 March 2029. Dranert has served as CEO since September 2025, having previously been COO. Frank Fischer, Chairman of the Supervisory Board, stated that the extension focuses on continuity and a long-term strategic perspective, with Dranert playing a key role in driving the company's technology toward an agentic B2B commerce platform.
For the financial year 2026, Intershop expects incoming cloud orders and net new ARR to remain at the previous year's level. In terms of revenues, a slightly lower percentage decline is forecast compared to the previous year. Thanks to its improved cost base, Intershop expects a balanced operating result (EBIT). The full consolidated financial statements will be published in mid-March 2026. All financials in this press release are provisional, pending completion of the statutory audit. Further details can be found on the company's website at https://www.intershop.de.
