Intershop Communications AG, a global provider of agentic B2B commerce solutions, reported financial results for the first half of 2026, showing a mixed performance characterized by strong growth in cloud orders and a return to positive operating income, offset by a decline in total revenues due to planned reductions in license and service revenues.
Total revenues for the six months ended June 30, 2026, were EUR 15.8 million, down 8% from EUR 17.2 million in the same period last year. The decline was driven by a 40% drop in license and maintenance revenues to EUR 2.0 million and a 14% decrease in service revenues to EUR 3.2 million, consistent with the company's partner-first strategy and focus on cloud business.
Cloud revenues, however, rose 4% to EUR 10.5 million, representing 67% of total revenues, up from 59% a year earlier. The cloud margin improved to 66% from 64%. Incoming cloud orders surged 26% to EUR 8.4 million, and new annual recurring revenue (ARR) increased 10% to EUR 1.4 million. However, net new ARR was negative EUR 0.4 million, primarily due to non-renewed contracts in the first quarter. The second quarter saw slightly positive net new ARR of EUR 0.2 million, indicating a recovery.
Gross profit rose 1% to EUR 7.7 million, with gross margin expanding five percentage points to 49%. Operating expenses decreased 11% to EUR 7.5 million, contributing to a 14% reduction in total expenses to EUR 15.6 million. As a result, EBITDA improved to EUR 1.8 million from EUR 0.7 million, and EBIT turned positive at EUR 0.1 million, compared to a loss of EUR 0.9 million a year earlier. Net loss narrowed to EUR 54 thousand, or EUR 0.00 per share, from EUR 1.1 million, or EUR 0.08 per share.
CEO Markus Dranert attributed the improved operating result to consistent cost discipline and noted early signs of increased customer investment. Incoming cloud orders rose 26%, and net new ARR turned slightly positive in the second quarter. Dranert highlighted the Spring 2026 Release, which provides AI-powered tools to help B2B companies achieve cost savings, positioning Intershop to benefit from the shift toward agentic commerce.
Cash flow from operating activities improved significantly to EUR 4.3 million, and cash and cash equivalents increased to EUR 11.1 million. Equity stood at EUR 12.0 million, with an equity ratio of 35%. Intershop confirmed its full-year 2026 forecast, expecting incoming cloud orders and net new ARR at prior-year levels, a slightly smaller revenue decline, and a balanced EBIT. The interim report is available at https://www.intershop.com/financial-reports.
