Intershop Communications AG (ISIN: DE000A254211), 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. The company achieved this despite a revenue decline of 8% to EUR 15.8 million, as cost-cutting measures and a growing cloud business offset lower license, maintenance, and service revenues.
Cloud revenues rose 4% to EUR 10.5 million, now representing 67% of total revenues, up from 59% a year earlier. The cloud margin improved to 66%. Incoming cloud orders jumped 26% to EUR 8.4 million, signaling stronger customer demand. However, cloud annual recurring revenues (ARR) dipped slightly to EUR 19.8 million from EUR 20.1 million, and net new ARR was negative at EUR -0.4 million due to non-renewed contracts in the first quarter. The second quarter saw a recovery with slightly positive net new ARR of EUR 0.2 million.
Service revenues fell 14% to EUR 3.2 million as the company continued its partner-first strategy, while license and maintenance revenues dropped 40% to EUR 2.0 million. Gross profit improved 1% to EUR 7.7 million, and the gross margin rose five percentage points to 49%. Operating expenses decreased 11% to EUR 7.5 million, contributing to a 14% reduction in total expenses to EUR 15.6 million.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) more than doubled to EUR 1.8 million. Cash flow from operating activities improved significantly to EUR 4.3 million, and cash and cash equivalents rose to EUR 11.1 million from EUR 8.8 million at year-end 2025. The equity ratio remained stable at 35%.
CEO Markus Dranert 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.”
Intershop confirmed its full-year 2026 forecast, expecting incoming cloud orders and net new ARR at the previous year’s level, with revenues projected to decline by a slightly smaller percentage than in 2025. The company anticipates a balanced operating result (EBIT) for the year.
The interim report for the first half of 2026 is available at https://www.intershop.com/financial-reports.
