Intershop Communications AG (ISIN: DE000A254211), a global provider of agentic B2B commerce solutions, reported revenues of EUR 15.8 million for the first half of fiscal year 2026, down from EUR 17.2 million in the prior year. The company highlighted growth in its cloud business and a disciplined cost management approach that led to a slightly positive operating result (EBIT) despite lower overall revenue.
Cloud revenues rose 4% to EUR 10.5 million, representing 67% of total revenue compared to 59% a year earlier. The cloud margin improved to 66% from 64%. Incoming cloud orders surged 26% to EUR 8.4 million, up from EUR 6.7 million in the first half of 2025. Cloud annual recurring revenue (ARR) stood at EUR 19.8 million, while new ARR increased 10% to EUR 1.4 million. Net new ARR was negative at EUR -0.4 million, primarily due to a carry-over effect from non-renewed contracts in the first quarter. However, the second quarter showed slightly positive net new ARR of EUR 0.2 million, indicating a recovery.
Service revenues declined 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 due to the focus on cloud solutions. Despite the revenue mix shift, gross profit rose 1% to EUR 7.7 million, and gross margin improved five percentage points to 49%. Operating expenses decreased 11% to EUR 7.5 million, contributing to total expenses falling 14% to EUR 15.6 million.
EBITDA reached EUR 1.8 million, up from EUR 0.7 million in the prior year. EBIT turned positive at EUR 0.1 million, compared to a loss of EUR -0.9 million a year earlier. Earnings after taxes were nearly break-even at EUR -54 thousand, or EUR 0.00 per share (previous year: EUR -0.08).
Markus Dranert, CEO of Intershop, said: “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.” Dranert added that the company’s Spring 2026 Release, launched in May, helps B2B companies adopt AI and achieve cost savings through pre-integrated agents and copilots, positioning Intershop to benefit from the shift toward agentic commerce.
Equity remained stable at EUR 12.0 million, with an equity ratio of 35%. Cash flow from operating activities improved significantly to EUR 4.3 million from EUR 1.9 million, and cash and cash equivalents rose to EUR 11.1 million from EUR 8.8 million at year-end 2025.
Based on first-half performance, Intershop confirmed its full-year 2026 forecast. The company expects incoming cloud orders and net new ARR at the previous year’s level, a slightly smaller revenue decline than last year, and a balanced EBIT. The interim report for the first half of 2026 is available at https://www.intershop.com/financial-reports.
