Groupe Airwell (ALAIR) H1 2025 TU earnings summary

Executive summary

• H1 2025 revenue reached €22.0 million, down 14.4% year-over-year, with sequential improvement in Q2 versus Q1 2025.

• Q2 2025 revenue was €13.2 million, a 4.0% decline year-over-year but a 51% increase sequentially from Q1 2025.

• Strong growth in Overseas Territories (+148% year-over-year) and International (+13% year-over-year) offset by continued weakness in mainland France.

Financial highlights

• Mainland France revenue fell 42.8% year-over-year in H1 2025 to €9.1 million.

• Overseas Territories revenue surged to €3.5 million, up 147.7% year-over-year.

• International revenue increased to €9.4 million, up 13.0% year-over-year, with Morocco as the leading contributor.

• 83% of sales were in the residential market, 17% in the commercial sector.

• EBITDA expected to be around -€2 million for H1 2025 due to lower business activity.

Outlook and guidance

• FY25 guidance reaffirmed: targeting a return to annual revenue growth and improved profitability versus 2024.

• Stronger performance expected in H2 2025, driven by export momentum in Africa/Middle East, Europe, and French overseas territories.

• Recovery in France anticipated, but uncertainties remain regarding incentive programs.

• Continued focus on innovative offerings (Leezy and Airwell Industrie) to support growth.