-- Gross Merchandise Value (GMV)(1) of EUR77.0 million, down 7.7% compared
with H1 2025
-- Adjusted revenue of EUR56.8 million, down 4.6% compared with H1 2025
-- Third-Party Services GMV up 7.4% compared with H1 2025
-- Adjusted EBITDA(2) of -EUR0.6 million, compared with +EUR1.3 million in
H1 2025
-- Operating income $(EBIT)$ of -EUR1.4 million, compared with +EUR0.1
million in H1 2025
-- Positive free cash flow of +EUR2.3 million over the last 12 months
-- Net debt of EUR4.3 million, down 37.1% over the last 12 months
-- Inventory allocated to online activities down 10.9% in gross value and
8.5% in volume over the last 12 months
GRENOBLE, France--(BUSINESS WIRE)--September 28, 2026--
Regulatory News:
Spartoo (ISIN: FR00140043Y1 -- ticker: ALSPT), one of the leading online retailers of fashion items in Europe, today announced its half-year results for the period ended June 30, 2026, as approved by the Board of Directors on September 24, 2026. The half-year financial report will be published and made available to the public in October 2026.
In H1 2026, GMV amounted to EUR77.0 million, down 7.7% compared with H1 2025. Revenue reached EUR57.0 million, compared with EUR59.9 million a year earlier. Excluding exceptional inventory clearance sales, adjusted revenue stood at EUR56.8 million, down 4.6%.
Operating profitability declined during the period, with adjusted EBITDA of -EUR0.6 million. Nevertheless, the Company improved its free cash flow through a reduction in working capital requirements and controlled investments. Net debt remained stable compared with the end of December 2025, at EUR4.3 million.
Boris Saragaglia, co-founder, Chairman and Chief Executive Officer of Spartoo, stated: "The first half of 2026 was marked by a decline in our activity and gross margin, which weighed on our operating profitability. Rising oil prices and underlying inflation during the half-year put significant pressure on purchasing power. In this demanding environment, we maintained rigorous control over our inventory and investments. This discipline enabled us to generate positive free cash flow and reduce our net debt over the last 12 months. Our Third-Party Services continued to grow, while our physical retail network developed through store-in-store corners. Generating free cash flow remains our priority in an economic environment that is unfavorable to consumer spending."
BtoC activity, online & offline
In 2026, Spartoo continued to offer a wide selection of footwear, clothing, bags and accessories, with more than 9,000 brands and more than 1.5 million items available in over 30 European countries.
In H1 2026, BtoC GMV amounted to EUR67.0 million, down 9.8% compared with H1 2025. International GMV reached EUR30.0 million, down 13.0%, and represented 44.8% of BtoC activity.
The average basket net of returns including VAT stood at EUR90, compared with EUR91 in H1 2025. The active customer base amounted to 1.3 million, and returning customers accounted for more than 42% of online GMV. The customer recommendation score rose to 90/100, compared with 89/100 a year earlier.
The physical retail network comprised 65 points of sale as of June 30, 2026, including 62 store-in-store corners in department stores and three affiliates. Offline activity grew on a like-for-like basis during the half-year. Spartoo continued to develop its asset-light omnichannel model, focused on corners and affiliates.
The inventory optimization policy resulted in a 9.4% decrease in consolidated gross inventory compared with December 31, 2025, to EUR46.2 million, a reduction of EUR4.8 million. Inventory allocated to online activities fell by 10.3% in gross value and 7.1% in volume over the same period. Consolidated net inventory stood at EUR42.3 million, compared with EUR45.8 million at the end of December 2025.
Third-Party Services
TooPost: activity continued to grow in H1 2026
Third-Party Services GMV reached EUR10.3 million, up 7.4% compared with H1 2025.
TooPost's freight forwarding activity welcomed 12 new clients during the period and had 134 clients as of June 30, 2026, compared with 141 at the end of December 2025.
Financial results: decline in gross margin and operating profitability
Gross margin(3) stood at EUR21.4 million, representing 37.7% of adjusted revenue, compared with EUR23.9 million and 40.2% in H1 2025.
Despite persistent cost pressures, the Group contained adjusted EBITDA at -EUR0.6 million, or -1% of revenue. This reflects its cost-control measures: allocating marketing investments selectively according to their profitability, optimizing logistics expenses, streamlining fixed costs and keeping the cost of acquiring new customers stable at EUR10.4.
Operating income (EBIT) stood at -EUR1.4 million, compared with +EUR0.1 million in H1 2025. It notably includes a EUR0.5 million charge related to an exceptional inventory clearance operation.
The financial result improved to -EUR0.1 million, compared with -EUR0.5 million in the comparative period. The consolidated net result stood at -EUR1.6 million, compared with -EUR0.9 million in H1 2025.
Simplified
income
statement 30/06/2026
(French GAAP / 12 months
EUR million) 30/06/2026 30/06/2025 Change (**)
Gross Merchandise
Value (GMV)(1),
including VAT 77.0 83.4 -7.7% 164.8
----------------- ---------- ---------- ------ ----------
BtoC 67.0 74.2 -9.8% 142.4
----------------- ---------- ---------- ------ ----------
Third-Party
Services 10.3 9.6 7.4% 22.4
----------------- ---------- ---------- ------ ----------
France 47.0 48.9 -4.0% 101.0
----------------- ---------- ---------- ------ ----------
International 30.0 34.5 -13.0% 63.8
----------------- ---------- ---------- ------ ----------
Revenue (before
tax) 57.0 59.9 -4.8% 119.6
----------------- ---------- ---------- ------ ----------
Adjusted revenue
(before tax)
(*) 56.8 59.6 -4.6% 119.4
----------------- ---------- ---------- ------ ----------
Gross margin (*) 21.4 23.9 -10.6% 45.5
----------------- ---------- ---------- ------ ----------
In % 37.7% 40.2% -2.5pt 38.1%
----------------- ---------- ---------- ------ ----------
Adjusted
EBITDA(2) -0.6 1.3 n.a 0.4
----------------- ---------- ---------- ------ ----------
In % -1.0% 2.2% n.a 0.3%
----------------- ---------- ---------- ------ ----------
Operating income
(EBIT) -1.4 0.1 n.a -1.7
----------------- ---------- ---------- ------ ----------
In % -2.5% +0.2% n.a -1.5%
----------------- ---------- ---------- ------ ----------
Consolidated net
result -1.6 -0.9 n.a -2.2
----------------- ---------- ---------- ------ ----------
In % -2.8% -1.5% n.a -1.8%
----------------- ---------- ---------- ------ ----------
Earnings per
share (in EUR) -0.09 -0.05 n.a n.a.
----------------- ---------- ---------- ------ ----------
Number of shares as of June 30, 2026: 18,327,963.
(*) Excluding the clearance of the remaining André products in 2025 (EUR0.3 million in revenue and -EUR0.9 million in gross margin) and exceptional inventory clearance in 2026 (EUR0.2 million in revenue and -EUR1.3 million in gross margin).
(**) From July 1, 2025, to June 30, 2026.
Cash flow and financial position
The Group generated operating cash flow, excluding significant non-recurring items, of +EUR0.1 million in H1 2026, compared with -EUR1.1 million in H1 2025.
Gross cash flow, excluding significant non-recurring items, stood at -EUR1.0 million, compared with +EUR1.0 million a year earlier. The reduction in working capital requirements made a positive contribution of +EUR1.1 million to cash flow, compared with a EUR2.1 million cash outflow in H1 2025.
Cash used in investing activities remained limited to EUR0.2 million during the half-year. Free cash flow therefore stood at -EUR0.2 million, compared with -EUR1.4 million in H1 2025, an improvement of EUR1.3 million.
Over the 12 months from July 1, 2025, to June 30, 2026, operating cash flow reached +EUR2.6 million and free cash flow reached +EUR2.3 million.
As of June 30, 2026, the Group's cash position amounted to EUR8.4 million, compared with EUR10.5 million as of December 31, 2025, and EUR10.7 million as of June 30, 2025.
Borrowings and financial liabilities stood at EUR12.7 million, compared with EUR14.8 million at the end of December 2025 and EUR17.6 million a year earlier. Net debt stood at EUR4.3 million, stable compared with December 31, 2025, and down EUR2.5 million, or 37.1%, compared with June 30, 2025.
The Group's net debt-to-equity ratio (gearing) stood at 16.1%, compared with 23.8% as of June 30, 2025.
Simplified
cash-flow 30/06/2026 12
statement 30/06/2026 30/06/2025 months (***)
------------------- ---------- ---------- -------------------
Gross cash flow (*) -1.0 1.0 -0.3
--------------------- ---------- ---------- -------------------
Operating cash flow
(*) 0.1 -1.1 2.6
--------------------- ---------- ---------- -------------------
Cash flow from
investing
activities -0.2 -0.3 -0.4
--------------------- ---------- ---------- -------------------
Free cash flow -0.2 -1.4 2.3
--------------------- ---------- ---------- -------------------
Significant
non-recurring items
(**) 0.2 0.0 0.2
--------------------- ---------- ---------- -------------------
Cash flow from
financing
activities -2.0 -3.3 -4.9
--------------------- ---------- ---------- -------------------
Net increase /
decrease in cash -2.0 -4.7 -2.4
--------------------- ---------- ---------- -------------------
Opening cash position 10.5 15.3 10.7
--------------------- ---------- ---------- -------------------
Closing cash position 8.4 10.7 8.4
--------------------- ---------- ---------- -------------------
Borrowings and
financial
liabilities 12.7 17.6 12.7
--------------------- ---------- ---------- -------------------
Net debt 4.3 6.8 4.3
--------------------- ---------- ---------- -------------------
(*) Excluding significant non-recurring items.
(**) André product inventory clearance operations (2025) and exceptional inventory clearance (2026).
(***) From July 1, 2025, to June 30, 2026.
Key Performance Indicators: Online activities / KPIs 30/06/2026 30/06/2025 Change --------------------------------- ---------- ---------- ------- Active customer base (000) 1 298 1 417 -8.4% ----------------------------------- ---------- ---------- ------- Cost of acquiring new customers 10.4 EUR 10.4 EUR +0.0% ----------------------------------- ---------- ---------- ------- % of GMV from returning customers >42% >43% --------------------------------- ---------- ---------- ------- Average basket net of returns including VAT 90 EUR 91 EUR -1.1% ----------------------------------- ---------- ---------- ------- % of GMV from own brands 8.2% 8.8% -0.6 pt ----------------------------------- ---------- ---------- ------- Customer recommendation score (/100) 90% 89% + 1 pt ----------------------------------- ---------- ---------- -------
APPENDICES
Definitions
1. Gross Merchandise Value (GMV): Total sales of products including VAT and services, net of returns.
2. Adjusted EBITDA: EBITDA adjusted for the company value-added tax (CVAE), financial discounts (additional discounts linked to cash payment) and non-recurring items with a significant impact on EBITDA.
Reconciliation of adjusted EBITDA and
operating income EUR million 30/06/2026 30/06/2025
-------------------------------------------- ---------- ----------
Adjusted EBITDA -0.6 1.3
---------------------------------------------- ---------- ----------
Company value-added tax and financial
discounts -0.1 0.0
---------------------------------------------- ---------- ----------
Non-recurring items with a significant impact
on the interpretation of EBITDA, including
effects from the deconsolidation or disposal
of a subsidiary (*) -1.3 -0.9
---------------------------------------------- ---------- ----------
EBITDA -1.9 0.3
---------------------------------------------- ---------- ----------
Depreciation, amortization and provisions, net
of reversals 0.5 -0.2
---------------------------------------------- ---------- ----------
Operating income (EBIT) -1.4 0.1
---------------------------------------------- ---------- ----------
(*) Clearance of André products with a
gross margin impact of -EUR0.9 million in
2025 and exceptional inventory clearance with
a gross margin impact of -EUR1.3 million in
2026.
----------
3. Gross margin: Gross profit less the cost of services sold as part of the Third-Party Services activity.
4. Active customer base: Number of customers with an order shipped, net of exchanges, during the last 12 months in online activities.
5. Cost of acquiring new customers: Marketing expenditure divided by the number of new customers.
6. Average basket net of returns including VAT: Online GMV including VAT divided by the number of orders shipped, net of exchanges and returns, in online activities.
7. Customer recommendation score (/100): Score given by customers after placing an order in response to the question: "How likely are you to recommend Spartoo to your friends and family?"
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About Spartoo
With more than 9,000 brands and more than 1.5 million items, Spartoo offers one of the widest selections of fashion items (footwear, ready-to-wear, bags) in more than 30 countries in Europe, thanks to its team of more than 300 employees of nearly 30 different nationalities. In 2025, the Group generated GMV (Gross Merchandise Value) of EUR171.2 million, nearly 40% of which came from international markets. With an integrated logistics platform and after-sales service, Spartoo stands out for its customer-centric approach, reflected in a very high level of customer satisfaction. Its strategy draws on the strong synergies between online sales and the benefits of physical stores, which support customer loyalty and brand awareness. Building on its e-commerce expertise, Spartoo has also developed a comprehensive range of services for businesses.
Visit the Group's websites:
www.spartoo.com
www.spartoo-finance.com
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CONTACT: Spartoo
+33 4 58 00 16 84
investors@spartoo.com
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Louis-Victor Delouvrier
Jérémy Digel
Investor Relations
newcap@spartoo.com
+33 1 44 71 94 94
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Nicolas Mérigeau
Media Relations
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