H1 2025: Icecat Continues Financial Optimization through AI

The revenues of Icecat N.V. (ISIN: NL0012751226) have increased by 2% during the first six months (H1) of 2025 compared to the same period last year. The growth is somewhat slowing down, whereby global uncertainties due to the tariff war likely play a significant role.

The gross profit increased over the same period by 4%. As the operating expenses increased by only 2%, the EBITDA could increase by 15% due to cost optimizations. The profits (EBT) increased by 18% for this period, driven by improved EBITDA and higher interest. The profitability (EBT/net turnover) improved to 27% (from 23%). These earnings contribute to the already excellent cash position.

In conclusion, all key financial metrics of Icecat continued to show solid progress, although we strive for higher growth levels.

Outlook

We aim to continue our financial progress and accelerate revenue growth. At the same time, we are in the middle of a complete transformation to an AI-first company and have sold the first AI solutions to corporate clients. AI innovations contribute to streamlining our organization.

Investments

During H1 2025, we finalized the 3 million euro investment in Orange Quantum Systems. Further, we continued to scan, evaluate, and discuss new investment opportunities.

Board

All board members remained in their current positions during the first half of 2025. There were no changes to the board’s composition, ensuring continuity and stability in leadership throughout the reporting period.

Organization

The merger of Iceshop BV and Icecat Syndy BV into Icecat Commerce BV is in effect. This creates business substance regarding our ecommerce and PIM solutions in the market, helps to unify our platforms, strengthens our leading Icecat brand, and simplifies our internal administrative processes. Icecat Commerce continued to attract leads with its free-trial PIM, which also supports AI features.

DRs

For its employee incentive plan, Icecat’s balance of purchased Depository Receipts of Icecat shares via NPEX as of June 30, 2025: 186,117 (March 30, 2025: 185,217 DRs). We expect to continue regularly purchasing DRs during 2025 as part of our employee stock incentive plan. As much as possible, outside closed windows.

See the full H1-2025 report (pdf)