Groupe Airwell (ALAIR) H1 2025 earnings summary

Executive summary

• First half of 2025 marked by a challenging French market, with significant decline in domestic sales due to the real estate crisis, partially offset by strong growth in overseas and international markets.

• EBITDA and EBIT in line with expectations, despite negative results, as operational costs were controlled and international activities showed resilience.

• Management anticipates a market recovery in France in the second half, supported by new regulations favoring high-efficiency heat pumps.

Financial highlights

• Revenue for H1 2025 was €22.0M, down 14.4% year-over-year from €25.7M, mainly due to a 42.8% drop in France, while DOM-TOM and international grew by 147.7% and 13% respectively.

• Gross margin decreased to 35.0% from 38.4% year-over-year, reflecting a less favorable geographic mix.

• Adjusted EBITDA was (€2.0M), down from (€0.2M) in H1 2024; adjusted EBIT was (€2.1M) versus (€0.5M) year-over-year.

• Net result was (€1.8M), compared to (€0.8M) in H1 2024.

• Cash flow from operations was (€0.9M), with improved working capital management reducing inventory levels.

Outlook and guidance

• Full-year 2025 guidance confirmed: return to revenue growth and improved profitability versus 2024.

• Second half expected to benefit from market recovery in France and continued strength in overseas and export markets.

• New government decree in France supporting high-efficiency heat pumps seen as a positive catalyst.

• Next financial update scheduled for November 10, 2025.