Feedback: Swile shows profitability

The employee benefits specialist Swile has just announced that it has taken a decisive step forward in its activities, namely profitability. An even more important milestone for the Unicorn of the employee benefits market, whose activity was marked by losses in 2022. Swile demonstrates its resilience and, above all, demonstrates the relevance of its model.

FACTS

• Swile has just published the results of its activity, with pride. The Unicorn recorded a net profit of 8 million euros in the first half of 2024 (while Swile recorded a negative net profit, at - 31 million euros a year earlier).
• Swile also recorded an EBITDA of 23 million euros, compared to a negative EBITDA (-11 million) in the first half of 2023.
• Today, Swile reports a 25% growth in its revenues in just 18 months.
• Swile explains that this success stems in particular from its organic growth and the revenue synergies with Bimpli (thanks to which it includes SNCF in its customer portfolio).
• Swile also boasts 5.5 million users served by nearly 85,000 corporate clients worldwide. While the company currently covers 34% of the French market for dematerialization of restaurant titles, it is also present in Brazil where it plans to reach one million users by 2025 (double today).

CHALLENGES

• A reversal of situation: At the end of 2022, Swile acquired Bimpli, a subsidiary of the company that had previously entered its capital: BPCE. This ambitious bet had notably participated in the publication of poor results by the Licorne the following year. In 2023, Swile announced that it had recorded a turnover of 163 million, but also and above all an estimated loss of 64 million.
• An achievement: Swile has relied on renegotiating its supplier contracts, reducing its staff and improving its operating margin to improve its results. The company even says that it has been re-recruited, after having added 35 new people to its team.

MARKET PERSPECTIVE

• Swile achieved a highly coveted first status in October 2021 by becoming a Unicorn on the competitive restaurant stock market.
• It subsequently announced that, as of July 2023, it was approaching profitability for its activities. It was then expected to reach this stage in the third quarter of 2023, a milestone finally reached with a little bit behind its first ambitions.
• Achieving profitability today nevertheless allows Swile to confirm the relevance of its employee super-app model, which was further enriched in July 2023 with a shift by Swile towards the business travel market.