Back Market closed 2025 with gross merchandise value of approximately € 3.2 billion, reflecting 32% year on year growth. According to chief executive Thibaud Hugue de Larauze, the performance highlights not only scale but also the resilience of a business model increasingly aligned with shifting buyer behaviour across global electronics markets. Beyond headline growth, Back Market’s results underline the maturation of refurbished electronics as a mainstream commercial segment. The company achieved global profitability during the period, supported by an EBITDA margin of around 35% in France, its historical core market. This level of profitability positions recommerce platforms closer to established retail benchmarks, reducing long held concerns around margin volatility and operational complexity.
European market leadership
Europe continues to act as the reference region for refurbished electronics adoption. Longer smartphone replacement cycles, combined with greater acceptance of previous generation devices, have created favourable conditions for recommerce scale. Markets including Germany, the United Kingdom and Spain delivered double digit GMV growth, reinforcing Europe’s role as both a demand and operational blueprint for circular electronics models.
Smartphone lifecycle extension
Smartphones remain central to Back Market’s proposition, particularly as consumers reassess upgrade cycles for devices such as the Apple iPhone. Replacement intervals are extending as buyers prioritise functional longevity over launch dates. This shift supports higher residual values, more predictable grading outcomes, and improved planning for refurbishment supply chains across Europe.
Category diversification impact
A notable development in 2025 was the continued expansion beyond smartphones. Nearly 40% of GMV now comes from categories including tablets, PCs, gaming hardware and household electronics. This diversification reduces dependency on a single device class while strengthening Back Market’s relevance across broader electronics lifecycle management.
United States acceleration phase
The United States entered a clear acceleration phase during the year. Test markets recorded growth rates around 40% above local market averages, indicating rising acceptance of refurbished electronics. Importantly, one in two Gen Z consumers in the United States is now considering a refurbished smartphone for their next purchase, signalling long term demand potential rather than short term price sensitivity.
Changing consumer value perception
These results reflect a deeper shift in how progress is defined within consumer electronics. Purchasing better no longer implies purchasing new. Value is increasingly measured through intelligent use of existing assets, extended device lifespans, and software support that prevents premature obsolescence of otherwise functional hardware.
Strategic relevance for circular economy
For the global secondary mobile market, Back Market’s trajectory confirms that circular economy principles can scale profitably. As regulatory pressure, sustainability targets and cost optimisation converge, platforms capable of managing refurbishment quality, grading consistency and cross category flows are becoming strategically significant infrastructure within the electronics ecosystem.
Market
Trade-in
Repair
Refurbishing
