Groupe Airwell (ALAIR) H1 2026 earnings summary

Executive summary

• H1 2026 revenue reached €21.1 million, nearly matching H1 2025, supported by a rebound in France and continued momentum across Europe.

• Adjusted EBITDA improved to (€1.3) million from (€2.0) million year-over-year, reflecting cost-cutting and stable margins.

• 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.

• Net income for H1 2026 was (€1.9) million, compared to (€1.8) million in H1 2025.

• Current operating expenses decreased by 10.4% year-over-year, mainly from reduced marketing and external costs.

• Net cash flows from operating activities were positive at €1.0 million, aided by a €2.4 million improvement in working capital.

Outlook and guidance

• The company reaffirms its goal of returning to revenue growth in 2026 and expects continued improvement in adjusted EBITDA compared to 2025.

• 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.