Groupe Airwell (ALAIR) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €22.0M, down 14.4% year-over-year, mainly due to a 42.8% decline in France linked to the real estate crisis, while overseas territories and international markets grew by 147.7% and 13.0% respectively.

• Residential market accounted for 83% of sales, with heat pumps (air-to-water and air-to-air) making up the majority of product revenue.

• The company is expanding its innovative product range and service offerings, including new heat pump models, digital solutions for energy management, and platforms like Leezy.

• EBITDA and net profit were negative but aligned with expectations, with improvement anticipated in the second half.

• Operating expenses and personnel costs were reduced, with headcount down to 103 from 111.

Financial highlights

• Revenue: €22.0M (H1 2025) vs. €25.7M (H1 2024), -14.4% year-over-year.

• Gross margin: 35.0% (€7.6M), down from 38.4% (€9.9M) in H1 2024.

• Adjusted EBITDA: -€2.0M (vs. -€0.2M in H1 2024); adjusted EBIT: -€2.1M (vs. -€0.5M in H1 2024).

• Net income: -€1.8M (vs. -€0.8M in H1 2024).

• Available cash: €0.4M at June 30, 2025; gross financial debt stable at €7.2M.

Outlook and guidance

• Annual revenue is expected to grow with improved profitability versus 2024, driven by a recovery in H2 and strong international/overseas trends.

• Sequential improvement anticipated in H2, with Q3 stable or slightly up and Q4 showing strong seasonal acceleration.

• French market expected to benefit from new decree supporting high-efficiency heat pumps.

• Rigorous cost management policy to continue.