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Groupe Airwell (ALAIR) investor relations material
Groupe Airwell H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
H1 2026 revenue reached €21.1 million, slightly down from €22.0 million in H1 2025, supported by a rebound in France and continued momentum across Europe, with stable gross margin at 34.1% due to product mix.
Adjusted EBITDA improved to -€1.3 million from -€2.0 million year-over-year, reflecting cost-cutting and stable staff costs.
Net income was -€1.9 million, broadly in line with the prior year.
Strong order intake in France and Europe, especially for air-to-water heat pumps, supports a positive outlook.
The company confirms its 2026 outlook for a return to revenue growth and further improvement in adjusted EBITDA.
Financial highlights
Gross margin was 34.1% in H1 2026, slightly down from 35.0% in H1 2025, due to product mix.
Gross profit for H1 2026 was €7.2 million, down from €7.6 million in H1 2025.
Operating expenses decreased by 10.4% to €8.4 million, mainly due to a 20% reduction in purchases and external expenses.
Net cash flow from operating activities was positive at €1.0 million, driven by a €2.4 million improvement in working capital.
Gross financial debt reduced to €7.1 million from €8.1 million at year-end 2025.
Outlook and guidance
2026 guidance reaffirmed: return to annual revenue growth and further improvement in adjusted EBITDA over 2025.
H2 expected to see continued cost optimization and stronger performance, with focus on European markets.
Strong order intake in France and Europe, with a balanced backlog between air-to-water and air-to-air heat pumps, supports a positive outlook.
- H1 2026 revenue declined 4% year-over-year, but growth is expected to resume in H2.ALAIR
Q2 2026 TU - 2025 revenue dropped 15.3% to €42.9M, but a growing order backlog signals recovery ahead.ALAIR
H2 2025 - Revenue fell 15.3% to €42.9M in FY2025, but EBITDA is set to recover to €4M.ALAIR
H2 2025 TU - Nine-month revenue declined 12.5% year-over-year, with Q4 growth and profitability targeted.ALAIR
Q3 2025 TU - Revenue dropped 14.4% as France declined, but overseas growth and H2 recovery are expected.ALAIR
H1 2025 - Q2 2025 revenue rebounded 51% sequentially, with strong export growth offsetting French weakness.ALAIR
H1 2025 TU - Integrated eco-thermal solutions and digital services drive future growth amid market headwinds.ALAIR
Investor Presentation - Expanding innovative, connected energy solutions and services to drive growth despite market headwinds.ALAIR
Investor Presentation - Revenue dropped 20.8% as investments rose, but gross margin improved by 7 points.ALAIR
H1 2024
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