Intershop Communications AG, a global provider of agentic B2B commerce solutions, reported a slightly positive operating result (EBIT) of EUR 0.1 million for the first half of 2026, despite a revenue decline to EUR 15.8 million from EUR 17.2 million in the prior year. The company attributed its performance to consistent cost-cutting measures and growth in its cloud business, which saw revenues rise 4% to EUR 10.5 million, representing 67% of total revenues, up from 59% a year earlier.
Incoming cloud orders surged 26% to EUR 8.4 million, compared with EUR 6.7 million in the first half of 2025. Cloud annual recurring revenues (ARR) stood at EUR 19.8 million, while new ARR increased 10% to EUR 1.4 million. However, net new ARR was negative at EUR -0.4 million, primarily due to non-renewed customer contracts in the first quarter. The second quarter saw a slight recovery, with net new ARR of EUR 0.2 million. The cloud margin improved by two percentage points to 66%.
As part of its partner-first strategy, service revenues declined 14% to EUR 3.2 million, though the service margin improved following successful project acceptance. License and maintenance revenues fell 40% to EUR 2.0 million, as expected due to the focus on cloud. 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 an EBITDA of EUR 1.8 million, up from EUR 0.7 million in the prior year.
Cash flow from operating activities improved significantly to EUR 4.3 million, and cash and cash equivalents increased to EUR 11.1 million as of June 30, 2026. The equity ratio remained stable at 35%.
CEO Markus Dranert stated, '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.' He added that the 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 market shift toward agentic commerce.
Based on the first-half performance, Intershop confirmed its 2026 forecast, expecting incoming cloud orders and net new ARR at the previous year's level, a slightly smaller revenue decline, and a balanced EBIT. The interim report is available at https://www.intershop.com/financial-reports.
