Looking back
In 2025, we continued to build on our efforts and investments from 2024. We achieved a record revenue of € 2,563 million, an increase of 4.2% compared to 2024. We outperformed the market in all 3 countries, increasing our consumer electronics market share in the Netherlands and Belgium by 1.5%, and an impressive 28.6% in Germany (GfK 2025).
In Germany, we made investments that resulted in an acceleration of our growth, with our revenue reaching € 307 million. Our record revenues are the result of strongly focusing on NPS, leading to new and recurring customers, which is our basis for future growth and profitability. We opened new stores in Hamburg, Münster, and Hannover, and increased our delivery area by opening depots in Langenhagen, Hamburg, Tamm, and Berlin. This allows us to make over 40 million German customers happy with our own delivery and installation services.
We opened new stores not just in Germany, but also in Belgium, in Antwerp, and in the Netherlands, in Alkmaar and Middelburg. As a result, we had a total of 38 stores by the end of 2025. With an increasing number of stores, more and more emphasis gets placed on operational processes. We achieved an incredible NPS of 72. This was made possible through our focus on improving the quality and efficiency of all our processes, such as our first time right. For example by further automating and mechanizing our operational processes. While we realized strong growth, we invested more extensively, mostly in Germany. We expect our profitability to grow even further, which can only be achieved through more investment. As a result, our EBITDA(*) was € 86.5 million compared to € 97.8 million in 2024 (-11.6%).
We achieved an all-time high in services revenue of € 55.0 million (2024: € 44.8 million). Among other things, this consists of our White Goods as a Service, which allows customers to take out a subscription and benefit from energy-efficient white goods at a fixed monthly rate. Other increasingly significant service revenues are our insurances and installation services. Together, these propositions create a growing base of recurring revenue, making our earnings base more stable and predictable over time and supporting higher profitability.
With Coolblue Energy, we expanded our Free Washing proposition to now also offer Free Drying. Between the hours of 12:00 and 15:00, all Coolblue Energy customers can now always wash and dry their laundry for free, if they have appliances that support this.
We invested € 88.1 million in both tangible and intangible assets (excluding right-of-use assets). A significant part of this was directed towards further mechanization of our Package Park in Tilburg, making our warehouse even more efficient and ready to support our future growth. We also invested in the development of new store concepts. Based on research, insights, and data, such as assortment performance, a deep dive into returns data, and input from our digital experts, we improved store concepts like televisions, washing & drying, and fridges. Not only do these concepts now better support the customer journey, but they also allow us to build concepts at vendor-brand level. The fresh concepts are implemented in every new store we open.
Our working capital (**) of € -/- 270.9 million at the end of 2025 is in line with last year (2024: € -/- 262.1 million). We financed our growth by reinvesting our profits and optimizing our working capital. The receivable from the shareholder Mondhoekie B.V. is available on demand up to the unused amount of credit facility. Mondhoekie B.V. has credit facilities in place available until 2029 after exercising the two extension options. The last extension agreement was signed after the balance sheet date. This consists of a € 100 million Revolving Credit Facility, a € 50 million committed ancillary facility, and a € 50 million uncommitted ancillary facility. In August 2024, we signed a subordinated shareholder loan agreement with HAL Investments B.V. and Sourire B.V. for a total facility of € 100 million, available on demand. This loan serves as additional financing to support our growth in Germany and was not drawn as at 31 December 2025.
Adding the net result for 2025 to equity results in a solvability (***) of 21% (2024: 23%), while the current ratio (****) remained stable at 1.0 (2024: 1.0).
- (*) EBITDA = Operating profit + Depreciation and Amortization
- (**) Working capital = Inventory + Receivables -/- Receivable from shareholder -/- Trade and other payables
- (***) Solvability = Equity / (Equity + Liabilities)
- (****) Current Ratio = Short term liabilities / current assets
Looking ahead
With our efforts from 2025, we are confident that we can make 2026 the absolute best Coolblue year ever. We will accelerate our growth in Germany even more. In our stores, we will continue to build on the best customer journeys by opening 10 new stores and implementing new and improved store concepts. Lastly, we will realize larger and smaller improvements, making our online and offline services a little bit better every day.
Accelerated growth in Germany
In 2026, we will open new stores and depots throughout Germany. This will support our growth and market presence, allowing us to slowly start doing Alles für ein Lächeln for the whole of Germany. We will open stores in Berlin, Leipzig, and Dresden. Because of our constant focus on customer satisfaction, we see German customers return more and more often. As a result, our growth does not just come from our expansion further into Germany, but also from existing customers who happily make use of our services again. This steady basis, in turn, paves the way for further expansion into Germany.
New store concepts
By building on insights and recently proven store concepts, we will launch new concepts for existing product worlds, such as Gaming and Coolblue Energy, and build a new concept for our newly added product category LEGO®. The concepts will be implemented where relevant in the stores we will open in 2026, and be installed retroactively in existing stores.
Incremental improvement
In 2026, we will reap the fruits of our 2025 efforts. At our Package Park in Tilburg, further mechanisation will make our warehouse even more efficient and prepare us to accelerate our growth, especially in Germany. We will also benefit from improvements to our website, making it easier for customers to find the best product for them and resulting in for example an even easier checkout experience. Lastly, we will expand our Free Washing and Drying services to more brands and explore additional opportunities within the energy market.
