Vente-unique.com: Revenue Up 15.3% in H1, Gross Margin at 60.9%
Despite a contracting European furniture market, Vente-unique.com continues its commercial acceleration in the first half of the 2025-2026 fiscal year (October 2025 to March 2026). The group reports consolidated revenue of €112.8M, up 15.3%, and has managed to expand its gross margin by 1.9 points to 60.9%. However, this performance masks a more nuanced reality: non-recurring costs related to the commissioning of the second logistics site and the integration of the Habitat brand are limiting the growth of operating income, forcing the group to demonstrate that its current investments will materialize into sustainable profitability.
Revenue and Gross Margins Increase Despite Tough Conditions
The overall business volume (including the marketplace) reached €159.7M, up 20.9%. Consolidated revenue stands at €112.8M, up 15.3%, with a notable acceleration between the first quarter (+11.7%) and the second quarter (+18.9%). This momentum is observed while the European furniture market is experiencing structural pressures, positioning Vente-unique.com as a beneficiary of sector consolidation and the growth of e-commerce. The gross margin has progressed to 60.9% (59.0% in the first half of 2024-2025), an increase of 1.9 points attributed by the group to the improvement of its value proposition, the enhancement of customer experience through artificial intelligence, and the commissions generated by the marketplace. Internationally, sales now account for 54% (+3 points year-on-year) and show growth exceeding 20% compared to the first half of 2024-2025.
Operating Income Hindered by Integration and Expansion Costs
Despite the increase in gross margins, the current operating income reached €6.9M, up only 3.5% year-on-year. This moderate pace reflects the impact of major investments made during the semester: commissioning of the second logistics site in Moulins (capacity increased by 75%) with non-recurring costs estimated at about 1 EBITDA margin point, acquisition of the Habitat brand for €11M (€5M paid during the semester), and accelerated international deployment. The adjusted EBITDA margin stands at 10.8% (10.4% in the first half of 2024-2025), remaining higher than that of the previous second semester (9.5%), suggesting that the group maintains control of its operational costs despite significant expansion. The net result for the semester is €5.0M, up 2.5% compared to the first half of 2024-2025.
Accelerated European Expansion and New Revenue Stream
Vente-unique.com continues its aggressive geographical expansion. Following openings in Scandinavia (Denmark, Norway, Sweden) and the UK and Ireland (April 2026), the group plans launches in Finland, Czech Republic, Slovakia, and Hungary in the coming months. Concurrently, it has launched a retail media offering for sellers, marking the emergence of a new complementary revenue stream. The gross cash position reached €31.1M (net cash of €24.8M after financial debts of €6.3M), providing investment capacity. The group is also bolstering its inventory (+€7.8M) to improve product availability. In this context, Vente-unique.com anticipates a dynamic third quarter and reaffirms its confidence in its ability to achieve another year of profitable growth.
