Showroomprivé: reduced loss in first half 2026 but banking covenant threatened
Showroomprivé published its first half 2026 accounts on September 29, 2026, marked by an improvement in adjusted EBITDA despite declining activity.
Beyond the improvement in aggregate figures, the online event-driven sales group indicated it anticipates probable non-compliance with its banking covenant relating to 2026 annual EBITDA and plans to initiate discussions with its banks.
Adjusted EBITDA at -14.6 M€, improving by nearly 6 M€ year-on-year
Net revenue for the first half of 2026 stands at 218.1 M€, adjusted downward by 0.4 M€ compared to that published on July 23, 2026.
Gross margin reaches 77.6 M€, down 6.8 M€ compared to the first half of 2025. As a percentage of revenue, however, it improves to 35.6% versus 35.2% in the first half of 2025, a change that the group attributes to the end of significant old stock disposals in the second quarter of 2025, carried out at a margin lower than that of recent products.
Operating expenses decline to 45.5% of revenue, compared to 47.0% a year earlier. Adjusted EBITDA stands at -14.6 M€, compared to -20.5 M€ in the first half of 2025.
Net result of -23.1 M€ and cash position of 12.8 M€
After taking into account other operating income and expenses (-0.2 M€) and financial debt costs (-1.2 M€), the pre-tax result stands at -23.1 M€ for the period. The group's net result also amounts to -23.1 M€.
As of June 30, 2026, available consolidated cash reaches 12.8 M€. Cash flows generated by operations amount to -24.1 M€, compared to -14.7 M€ a year earlier, a change that the group attributes to the end of significant old stock disposals.
Investment-related flows amount to -1.6 M€, decreasing compared to the first half of 2025, in connection with lower intangible investments in anticipation of the future technology platform change.
Probable non-compliance with banking covenant: Showroomprivé seeks standstill
In early January 2026, the group concluded an agreement with its lending banks providing for the deferral of debt repayment due dates to October 2027 (10 M€) and October 2028 (30 M€). This agreement includes, for 2026, a covenant relating to the achievement of a reference adjusted EBITDA.
On the basis of slowing household consumption and available operational elements, the company anticipates probable non-compliance with this covenant relating to 2026 annual EBITDA. It indicates its intention to initiate discussions with its lending banks with a view to obtaining a standstill.
In the second half, Showroomprivé indicates it will focus its efforts on strengthening the teams and governance of its main activities (Home & Tech, Beauty, Media, Travel and International), as well as on transforming its offering, with emphasis on the Marketplace, international expansion and Social Retail Media. Publication of third quarter 2026 revenue is scheduled for October 22, 2026.
