High investments keep Picnic in the red

The Dutch online supermarket Picnic, which also operates in Germany and France, grew by a quarter last year but continues to incur substantial losses. “Profitability will come later,” says the retailer, which is already posting a positive operating result in its home market.

“Business model works”

Picnic generated revenue of 1.9 billion euros in 2025, a 24% increase. This represents a slight slowdown in growth compared to the 34% growth recorded a year earlier. The Dutch online supermarket generated 1 billion euros of its revenue in its home market, with the remainder coming from France and Germany. The number of customers grew by 700,000 to 3.6 million, the company reports in its recently published annual report. But Picnic is still far from turning a profit, with an operating loss of 293 million euros and a net loss of 272 million euros.