Picnic, the Netherlands-based online supermarket, has reported a significant operational achievement in its home market while maintaining an aggressive expansion strategy across Europe. The company achieved a positive EBITDA of €4 million and positive operating cash flow in the Netherlands for the first time, marking a major milestone in its path toward profitability.
The milestone comes alongside the company’s full-year 2025 results, which show a net loss of €272 million (approximately $291 million). However, the figures reflect deliberate strategic choices rather than operational struggles. The Amsterdam-founded company reported revenue growth of 24% to €1.9 billion, driven by expansion efforts across multiple markets.
Strong Growth Trajectory Amid Continued Investment
The company now serves 3.6 million customers spread across the Netherlands, Germany, and France. This customer base expansion underscores Picnic’s aggressive pursuit of market share in Western Europe’s competitive online grocery sector. The significant net loss in 2025 stems largely from substantial capital investments, including the establishment of new distribution centres in Germany.
According to co-founder Michiel Muller, “this fits within our long-term strategy; we are deliberately investing in expansion and market share, with profitability targeted for a later stage.” This statement illustrates the company’s willingness to prioritise growth over near-term financial returns, a approach that has become increasingly common among high-growth European technology companies.
European Market Expansion Strategy
Picnic’s expansion into Germany and France represents a significant bet on scaling the online grocery model beyond its successful Dutch operations. The investment in distribution infrastructure suggests the company views these markets as long-term opportunities worth considerable upfront expenditure. The positive operational results in the Netherlands provide financial validation for the model’s underlying viability, even if overall profitability remains a future target.
Founded in 2015, Picnic has built itself into a substantial player in European e-commerce grocery delivery. The achievement of positive cash flow generation in its largest market suggests that the business model can eventually reach profitability, provided market conditions and expansion efforts continue to support growth.
Broader European Context
The company’s financial trajectory reflects broader trends in the European startup ecosystem. Many high-growth companies in the logistics and consumer technology sectors have adopted similar strategies of accepting near-term losses to capture market share in fragmented European markets. However, Picnic’s ability to reach operational profitability in the Netherlands while simultaneously funding expansion elsewhere demonstrates the potential for sustainable scaling in the competitive online retail space.
The company’s results will likely attract attention from competitors and investors monitoring the viability of online grocery delivery models in Europe, particularly as operational profitability appears achievable in mature markets.