IEVA Group reported first-half 2026 revenue of €21.8 million, up 145.4% from €8.9 million a year earlier. The figure is impressive and arithmetically correct. It is also dominated by the consolidation of My Little Paris, acquired into the reporting perimeter from October 2025.
On a like-for-like basis, IEVA said organic growth was 3.9%. That is the more useful measure of current trading. The acquisition has made the group much larger and has transformed its revenue mix, but the underlying brands and services are growing at a far more ordinary rate.
Subscriptions have changed the shape of the group
Subscription revenue reached €12.3 million in the half, compared with €0.2 million a year earlier. My Little Paris accounts for most of that change. Products generated €4.3 million, up 11.9%, while services rose 1.3% to €4.2 million. Royalties slipped slightly.
Recurring subscription revenue can improve visibility and create regular customer contact. It is not automatically high quality. Churn, acquisition costs, fulfilment and the margin on each box or service determine its value. IEVA now needs to disclose enough operating information for investors to distinguish durable subscriptions from promotional volume.
The acquisition also creates a distribution asset. My Little Paris has an audience and a direct relationship with consumers. IEVA owns personalised skincare and beauty brands that need efficient customer acquisition. Used carefully, the media and subscription business can reduce dependence on paid advertising and test products with a defined audience. Used carelessly, it can erode trust by turning editorial attention into a captive sales channel.
Retail expansion provides a second growth route
IOMA products have been rolled out across 368 Douglas stores in Italy. IEVA said this helped European revenue rise to 15% of the group total from 9% a year earlier. France still represented 75% of sales, down from 84%.
Selective retail gives a technology-led skincare brand physical visibility and access to customers who may want advice before buying. It also introduces retailer margins, inventory risk and demands for promotional support. Sell-through matters more than the number of stores carrying the range. A rapid rollout followed by discounting or returns would be expensive evidence of weak demand.
The portfolio model can work if each asset contributes something distinct: diagnostics, products, subscriptions, audience or distribution. The danger is accumulating brands whose systems, teams and customer propositions never integrate. Corporate complexity then consumes the savings promised by shared data and marketing.
Positive EBITDA is the immediate promise
IEVA confirmed its objective of positive EBITDA for 2026, a commitment made around its March listing on Euronext Growth. Revenue growth created by an acquisition does not guarantee that target. Integration costs, retail launch spending and subscription fulfilment can absorb gross profit quickly.
Management should be judged on organic growth, retention, product sell-through and cash conversion alongside the headline revenue figure. The group also needs to show how much growth comes from cross-selling between businesses rather than simply adding their turnover together.
IEVA now has a more interesting platform than it did a year ago. It has recurring revenue, physical products, services and a wider European footprint. The price of that potential is a harder management task. The second half must show that My Little Paris is an operating advantage and not merely the reason the comparison looks spectacular.
