Intershop Communications AG, a global provider of agentic B2B commerce solutions, reported a slightly positive operating result (EBIT) of EUR 0.1 million for the first half of 2026, a significant improvement from the EUR -0.9 million loss in the prior year, according to its interim financial report released today. The company attributed the turnaround to consistent cost-cutting measures that reduced total expenses by 14% to EUR 15.6 million, even as total revenues declined 8% to EUR 15.8 million.
The cloud business continued to be a bright spot. Cloud revenues rose 4% to EUR 10.5 million, increasing their share of total revenues to 67% from 59% a year earlier. Cloud margin improved to 66% from 64%. More notably, incoming cloud orders surged 26% to EUR 8.4 million, up from EUR 6.7 million in the first half of 2025. Cloud annual recurring revenues (ARR) stood at EUR 19.8 million, while new ARR grew 10% to EUR 1.4 million. However, net new ARR was negative EUR 0.4 million due to non-renewed contracts in the first quarter, though the second quarter saw slightly positive net new ARR of EUR 0.2 million.
Markus Dranert, CEO of Intershop Communications AG, commented: "Our consistent cost discipline paid off in the first half of 2026, and we are on track to meet our full-year target for the operating result. There are early signs that customers are more willing to invest: Incoming cloud orders rose by 26% to EUR 8.4 million. Net new ARR were also slightly positive again in the second quarter, as announced. This means that the recovery is becoming more substantial, even though new customer business remains subdued given the persistently challenging macroeconomic market environment."
Service revenues declined 14% to EUR 3.2 million as expected under the partner-first strategy, while license and maintenance revenues fell 40% to EUR 2.0 million due to the focus on cloud. Gross profit increased 1% to EUR 7.7 million, with gross margin improving to 49% from 44%. Operating expenses decreased 11% to EUR 7.5 million. EBITDA rose to EUR 1.8 million from EUR 0.7 million, and earnings after taxes were nearly break-even at EUR -54 thousand.
The company's cash flow from operating activities improved significantly to EUR 4.3 million from EUR 1.9 million, and cash and cash equivalents increased to EUR 11.1 million as of June 30, 2026, up from EUR 8.8 million at year-end 2025. Equity remained stable at EUR 12.0 million, with an equity ratio of 35%.
Intershop confirmed its full-year 2026 forecast, expecting incoming cloud orders and net new ARR at the previous year's level, slightly lower total revenues, and a balanced EBIT. The company highlighted the launch of its Spring 2026 Release in May, which integrates AI agents and copilots for B2B customers, aiming to capitalize on the shift toward agentic commerce.
The interim report for the first half of 2026 is available at https://www.intershop.com/financial-reports.
