Ieva Group: Revenue Up by 32% but Losses Deepen to -€8.3M
Ieva Group, which went public on March 26, 2026, presents its first annual results as a listed company. The group shows a stark contrast: a dynamic of external growth driven by the acquisition of My Little Paris, specializing in monthly boxes and lifestyle content, and a deteriorating operational reality. On a like-for-like basis, excluding My Little Paris, the group's revenue fell by 5% in 2025, reflecting difficulties in the Services and Royalties activities. At the same time, losses deepened, and the group remains structurally unprofitable on an operational basis.
Revenue Dynamics and Operational Challenges
The consolidated revenue for 2025 stands at €25.6M, up 32% from €19.4M in 2024. However, this increase is primarily due to the integration of My Little Paris, consolidated from October 1, 2025, for only three months, representing €7.2M in revenue. On a like-for-like basis, excluding My Little Paris, revenue amounted to €18.4M, a negative evolution of 5%. This decline reflects the challenges encountered in the Services and Royalties activities, which have been affected by a deteriorating macroeconomic environment marked by persistent inflationary pressures and a contraction in household purchasing power. The Products activity showed more resilience, with growth in online sales offsetting the decline from a historic distributor who recorded a significant market share drop in France and Italy. On a pro forma basis integrating twelve months of activity from My Little Paris, the revenue for 2025 would have been €43.4M, with subscriptions representing 55% of this figure.
Financial Performance and Net Results
The adjusted EBITDA for 2025 is at -€2.0M, or -7.8% of revenue, compared to -€2.4M (-12.5%) in 2024. Although the margin rate has improved in relative terms, the indicator remains significantly negative. On a pro forma basis, the adjusted EBITDA is -€1.5M (-3.4% of revenue), highlighting that the acquisition of My Little Paris improves the group's margin profile. The group's net result for 2025 is -€8.3M, compared to -€3.6M in 2024. This deterioration is driven by the recording of non-recurring, non-monetary charges that do not impact cash flow, totaling €5.4M. These include a media campaign of €2.4M launched at the end of 2024 and continued into 2025, as well as impairments of intangible and tangible assets for €2.9M following the annual review of book values. Adjusted for these non-recurring items, the consolidated net result would be -€2.9M, still reflecting a structural operating loss.
Strategic Goals and Financial Outlook
Ieva Group aims for a positive EBITDA by the end of 2026 and a doubling of revenue by the end of 2028, setting the target at approximately €50M. To achieve this, the group relies on the development of a selective distribution network in Europe, the expansion of the Product range, and the continuation of the digital and subscription momentum. The group emphasizes the transformation of its economic model, with recurring revenues now representing 58% of the pro forma revenue, compared to a more fragmented previous structure. The group's gross cash position stood at €10.8M as of December 31, 2025, and is expected to be bolstered by the proceeds from the capital increase resulting from the March 2026 IPO. This cash position provides the financial means to fund the growth strategy, but remains contingent on the group's execution capacity in the markets and the conversion of the announced objectives.
