The revenues of Icecat N.V. (ISIN: NL0012751226) increased slightly during the second half (H2) of 2025 compared to the same period last year. The growth is still somewhat slowing down, whereby global uncertainties because of the tariff war likely played a large role. The order intake is growing over 2025 a bit faster, by 4%, so the trend is towards growth recovery.
The EBITDA increased over the same period by 4%. Given that the cost of sales and operating expenses decreased. The profits (EBT) increased by 4% over this period, driven by the improved EBITDA. The profitability (EBT/net turnover) improved slightly to 20%. These earnings contribute to the already very solid cash position.
In conclusion, all key financial metrics of Icecat continued to show solid progress although we continue to strife for higher growth levels.
“We aim to continue our financial progress, and accelerate revenue growth through innovation. Application of AI and other automation projects, will continue to improve our efficiency, productivity and relevance for commerce.” says Martijn Hoogeveen, CEO. “We are in the middle of a full transformation to an AI-first company, and delivered the first AI solutions to corporate clients and AI agents. Among others, we introduced in September an MCP service for AI agents, which was well-received by our clients which are experimenting on a daily basis with Agentic Commerce”.
Icecat aims to add AI features to all its software and data services, and expects it to strongly contribute to the relevance of Icecat in the AI age.
Content usage trends (annualized) continue to be good:
These trends show that Icecat continues to have a solid basis for future growth and efficiency gains.
Full report on H2 2025
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