Vinted Group delivered €1.1 billion in revenue for 2025, a 38% increase from €813 million in 2024, with gross merchandise value rising 47% to €10.8 billion. Net profit fell 19% to €62 million as the company accelerated investments in category expansion, German market turnaround, new European launches, and its shipping and payments infrastructure. Adjusted EBITDA was €151 million, down 5%.
The Lithuania-based C2C second-hand marketplace, founded in 2008, continued executing its strategy to make second-hand the default choice by building a vertically integrated ecosystem around its core platform. In 2025 it expanded marketplace categories beyond fashion into sports equipment and collectibles, strengthened performance in Germany through targeted product improvements, and entered Latvia, Estonia, and Slovenia. It now operates in 26 countries.
Vinted also advanced its in-house logistics arm, Vinted Go, launching carrier services in Spain and Portugal and opening a new sortation centre in France. Vinted Go now operates in five markets. On the payments side, Vinted Pay progressed onboarding for its wallet solution, aimed at lowering long-term transaction costs and reducing external dependencies.
Free cash flow rose 36% to €137 million, demonstrating operational cash generation even as accounting profit declined due to higher investment spending.
CEO Thomas Plantenga outlined the underlying rationale:
“To make second-hand first choice, we know what we need to do: we need to be the most cost-efficient, be the most reliable and easy to use. Therefore we need to build an ecosystem for C2C second-hand trade, that maximises value to members at the lowest possible cost. We do this by investing in technology to have long-term scalable impact.”
He added that when executed well, the marketplace improves with each additional member through faster selling, easier buying, and seamless delivery and payments.
For investment analysis, the 2025 results show clear separation between top-line momentum and short-term margin impact. Revenue and GMV growth rates of 38% and 47% reflect network effects and broader category appeal in a cost-conscious European consumer environment. The profit reduction stems from deliberate capital allocation: improving the German proposition at positive ROI, rolling out new markets, and scaling proprietary shipping and payments infrastructure.
Key 2025 metrics versus 2024:
The emphasis on cost efficiency is strategic. Lower transaction and logistics costs expand the addressable market for lower-value items, increasing overall volume and compounding network value over time. Vinted Go’s expansion and testing of external delivery services, together with Vinted Pay’s wallet, represent infrastructure bets that should improve unit economics as scale increases.
Germany’s turnaround is noteworthy. After previous challenges, focused execution delivered high growth, allowing increased investment at attractive returns. This market-specific progress reduces geographic concentration risk within Europe.
No updated valuation or IPO information was provided in the April 9, 2026 release. Earlier reports from late 2025 referenced exploration of a secondary share sale potentially at €8 billion, following a €5 billion valuation in the October 2024 round. At €1.1 billion revenue, that would imply roughly 7.3x trailing sales — a premium justified by growth rates and ecosystem control, but dependent on sustained execution and eventual margin recovery.
Risk considerations include the pace of investment versus efficiency gains, competitive intensity in second-hand (particularly as larger retailers expand resale), and potential macro pressures on consumer spending. Geopolitical factors affecting energy prices could influence disposable income, though Vinted positions its model as resilient: members can both monetize unwanted items and access lower-cost alternatives.
The company maintains a disciplined approach — investing where it sees scalable, long-term impact on member value while preserving strong cash generation. Free cash flow growth to €137 million provides flexibility for further infrastructure build-out or potential shareholder returns.
From a capital allocation perspective, Vinted demonstrates a classic high-growth marketplace profile: revenue and volume acceleration funded by reinvestment, with improving cash metrics signaling operational leverage potential. The next 12–24 months will test whether category broadening, logistics verticalization, and US testing (mentioned in prior context but not detailed here) translate into accelerated profitable growth or require additional capital.
The 2025 numbers supply concrete evidence of momentum in the European circular consumption shift. Execution on cost per transaction and reliability will determine the durability of this trajectory and the appropriate valuation multiple for private or eventual public investors.
The Lithuania-based C2C second-hand marketplace, founded in 2008, continued executing its strategy to make second-hand the default choice by building a vertically integrated ecosystem around its core platform. In 2025 it expanded marketplace categories beyond fashion into sports equipment and collectibles, strengthened performance in Germany through targeted product improvements, and entered Latvia, Estonia, and Slovenia. It now operates in 26 countries.
Vinted also advanced its in-house logistics arm, Vinted Go, launching carrier services in Spain and Portugal and opening a new sortation centre in France. Vinted Go now operates in five markets. On the payments side, Vinted Pay progressed onboarding for its wallet solution, aimed at lowering long-term transaction costs and reducing external dependencies.
Free cash flow rose 36% to €137 million, demonstrating operational cash generation even as accounting profit declined due to higher investment spending.
CEO Thomas Plantenga outlined the underlying rationale:
“To make second-hand first choice, we know what we need to do: we need to be the most cost-efficient, be the most reliable and easy to use. Therefore we need to build an ecosystem for C2C second-hand trade, that maximises value to members at the lowest possible cost. We do this by investing in technology to have long-term scalable impact.”
He added that when executed well, the marketplace improves with each additional member through faster selling, easier buying, and seamless delivery and payments.
For investment analysis, the 2025 results show clear separation between top-line momentum and short-term margin impact. Revenue and GMV growth rates of 38% and 47% reflect network effects and broader category appeal in a cost-conscious European consumer environment. The profit reduction stems from deliberate capital allocation: improving the German proposition at positive ROI, rolling out new markets, and scaling proprietary shipping and payments infrastructure.
Key 2025 metrics versus 2024:
- GMV: €10.8bn (+47%; 2024: €7.3bn)
- Revenue: €1.1bn (+38%; 2024: €813m)
- Adjusted EBITDA: €151m (-5%; 2024: €159m)
- Net profit: €62m (-19%; 2024: €77m)
- Free cash flow: €137m (+36%)
The emphasis on cost efficiency is strategic. Lower transaction and logistics costs expand the addressable market for lower-value items, increasing overall volume and compounding network value over time. Vinted Go’s expansion and testing of external delivery services, together with Vinted Pay’s wallet, represent infrastructure bets that should improve unit economics as scale increases.
Germany’s turnaround is noteworthy. After previous challenges, focused execution delivered high growth, allowing increased investment at attractive returns. This market-specific progress reduces geographic concentration risk within Europe.
No updated valuation or IPO information was provided in the April 9, 2026 release. Earlier reports from late 2025 referenced exploration of a secondary share sale potentially at €8 billion, following a €5 billion valuation in the October 2024 round. At €1.1 billion revenue, that would imply roughly 7.3x trailing sales — a premium justified by growth rates and ecosystem control, but dependent on sustained execution and eventual margin recovery.
Risk considerations include the pace of investment versus efficiency gains, competitive intensity in second-hand (particularly as larger retailers expand resale), and potential macro pressures on consumer spending. Geopolitical factors affecting energy prices could influence disposable income, though Vinted positions its model as resilient: members can both monetize unwanted items and access lower-cost alternatives.
The company maintains a disciplined approach — investing where it sees scalable, long-term impact on member value while preserving strong cash generation. Free cash flow growth to €137 million provides flexibility for further infrastructure build-out or potential shareholder returns.
From a capital allocation perspective, Vinted demonstrates a classic high-growth marketplace profile: revenue and volume acceleration funded by reinvestment, with improving cash metrics signaling operational leverage potential. The next 12–24 months will test whether category broadening, logistics verticalization, and US testing (mentioned in prior context but not detailed here) translate into accelerated profitable growth or require additional capital.
The 2025 numbers supply concrete evidence of momentum in the European circular consumption shift. Execution on cost per transaction and reliability will determine the durability of this trajectory and the appropriate valuation multiple for private or eventual public investors.