Signs of Stabilization Amid a Challenging Market Environment

Press Release

Artnet AG Reports Half-Year 2025 Results: Signs of Stabilization Amid a Challenging Market Environment

Berlin, August 20, 2025 – Artnet AG, the leading digital platform for data, marketplace, and media in the global art market, today announced its results for the first half of 2025. Despite ongoing economic headwinds, the company maintained its position as a vital infrastructure for collectors, galleries, and institutions, while advancing key strategic initiatives.

In the first half of 2025, Artnet generated revenues of EUR 9.84 million, representing a 12 percent decline compared to the prior-year period. Operating earnings (EBIT) came in at –1.3 million EUR, compared to –0.73 million in H1 2024. Operating cash flow improved significantly to EUR 1.30 million (H1 2024: EUR 0.21 million). As of June 30, 2025, liquidity stood at USD 0.07 per share.

Segment Performance

The marketplace business proved resilient, generating revenues of EUR 3.90 million, just 2.8 percent lower year-over-year. Private Sales were a standout, rising 78 percent. Auction highlights included works by Sam Francis (USD 400,000), Cindy Sherman (USD 250,000), and Keith Haring (USD 212,000).

The data segment posted revenues of EUR 2.92 million, down 10 percent due to technical issues with recurring payment systems, which have since been resolved. The media segment recorded the steepest decline, with revenues down 24 percent to EUR 3.03 million. Nevertheless, Artnet News remains the most widely read art publication globally, with more than 25 million pageviews, and continues to strengthen long-term partnerships with leading luxury brands such as Chanel, Cartier, and Range Rover.

Strategic Highlights

Artnet welcomed more than 13 million new users in the first half of the year, particularly across its core markets in the US, UK, Germany, Canada, and France. Key technology milestones included the launch of the Discovery Page, enabling more intuitive searches across the marketplace and price database, and progress on the AI-powered Chatbot, scheduled for release in the second half of 2025. The company also successfully transitioned its global payment infrastructure to Stripe.

Outlook

Management reaffirms its revenue guidance of EUR 20 to 24 million for the full year 2025, with an expected operating result of approximately –EUR 1.3 million. “We are confident that our diversified business model, combined with a strong focus on technology, innovation, and efficiency, provides the foundation for long-term, sustainable growth,” said CEO Jacob Pabst.

Subsequent Report

Following the reporting period, Leonardo Art Holdings GmbH published a voluntary takeover and delisting offer on July 8, 2025, amounting to EUR 11.25 per share. By the end of the acceptance period on August 5, 2025, Leonardo Art Holdings GmbH held approximately 97.17% of the total share capital of artnet AG. Furthermore, the Frankfurt Stock Exchange has confirmed the delisting of artnet as of August 22, 2025. Shareholders of artnet AG may still accept the takeover and delisting offer until August 22, 2025, at 24:00 (local time Frankfurt am Main).

To further strengthen liquidity, artnet also took out a loan of USD 2 million on July 16.

Investor Relations Contact

Sophie Neuendorf
Vice President, Investor Relations
Artnet AG
E-Mail: sneuendorf@artnet.com
Web: www.artnet.de/investor-relations