Intershop Communications AG, a global provider of agentic B2B commerce solutions for manufacturers, wholesalers, and holding companies, published its financial results for the first half of 2026, highlighting a solid performance in its cloud business and improved profitability despite a revenue decline. The company reported revenues of EUR 15.8 million, down from EUR 17.2 million in the prior year, as business performance was shaped by growth in cloud revenues and the planned decline in license, maintenance, and service revenues.
Cloud revenues rose by 4% to EUR 10.5 million, increasing their share of total revenues to 67% from 59% a year earlier. The cloud margin improved to 66%, up two percentage points. Incoming cloud orders surged 26% to EUR 8.4 million, signaling early signs of increased customer investment. Cloud ARR (annual recurring revenues) stood at EUR 19.8 million, while new ARR grew 10% to EUR 1.4 million. Net new ARR was negative at EUR -0.4 million for the half, primarily due to a carry-over effect from non-renewed contracts in the first quarter, but the second quarter saw slightly positive net new ARR of EUR 0.2 million.
Service revenues declined 14% to EUR 3.2 million as a result of the partner-first strategy, though the service margin improved after the successful acceptance of a major project. License and maintenance revenues fell 40% to EUR 2.0 million, in line with the company's focus on cloud. Overall, gross profit rose 1% to EUR 7.7 million, and gross margin increased five percentage points to 49%. Operating expenses and income decreased 11% to EUR 7.5 million, and total expenses (including cost of revenues) fell 14% to EUR 15.6 million.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) improved to EUR 1.8 million from EUR 0.7 million. Earnings before interest and taxes (EBIT) turned positive at EUR 0.1 million, compared to a loss of EUR -0.9 million in the prior year. Earnings after taxes were nearly break-even at EUR -54 thousand, resulting in earnings per share of EUR 0.00.
Markus Dranert, CEO of Intershop, attributed the results to consistent cost discipline and early signs of recovery in customer investment. “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 said. He also highlighted the Spring 2026 Release launched in May, which enables B2B companies to leverage AI and achieve cost savings through pre-integrated agents and copilots, positioning Intershop to benefit from the shift toward agentic commerce.
The company's financial position remains strong. Equity stood at EUR 12.0 million, unchanged from year-end 2025, with an equity ratio of 35%. Cash flow from operating activities improved significantly to EUR 4.3 million from EUR 1.9 million. Cash and cash equivalents increased by EUR 2.3 million to EUR 11.1 million. Based on first-half performance, Intershop confirmed its full-year 2026 forecast, expecting incoming cloud orders and net new ARR at the prior year's level, a slight revenue decline, and a balanced EBIT. The interim report is available at https://www.intershop.com/financial-reports.
