Q3-2025 Icecat: AI Improves Efficiency, Usage Grows by 43%

The revenues of Icecat N.V. (ISIN: NL0012751226) have increased by 1% during the third quarter (Q3) 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 year-to-date (till Q3) a bit faster, by 4%, so the trend is towards gradual growth recovery.

The gross profit increased over the same period by 1%. Given that the operating expenses decreased by 1%, the EBITDA could increase by 5%. Especially, the 12% lower personnel expenses contributed to this. The profits (EBT) increased by 5% over this period, driven by both the improved EBITDA and higher interest. The profitability (EBT/net turnover) improved to 26% (from 25%). 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 strife for higher growth levels.

AI transformation

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 actively experimenting with Agentic Commerce. We expect that the interest in our MCP data services, will strongly contribute to the relevance of Icecat in the AI age.

Application of AI and other automation projects, will continue to improve Icecat’s efficiency, productivity and relevance for commerce.

Usage Growth by 43%

Content usage trends (annualized) continue to be good:

• the Monthly Active Users (MAU) of content increased by 18%
• the MAU of brand type users increased by 43%
• product data-sheet production increased by 84%
  This shows that Icecat continues to have a solid basis for future growth and efficiency gains.

See the full Q3-2025 report.