Groupe Airwell (ALAIR) H2 2025 TU earnings summary

Executive summary

• FY2025 revenue reached €42.9 million, a 15.3% decrease year-over-year, reflecting a challenging market environment and supply chain constraints.

• Mainland France saw a strong Q4 rebound (+35.6% vs Q4 2024), but full-year revenue declined 20.5%.

• Overseas territories delivered robust growth, with FY2025 revenue up 65.1% year-over-year.

• International revenue dropped 27.5% for the year, impacted by delivery delays and macroeconomic fragility.

Financial highlights

• Q4 2025 revenue was €10.7 million, down 29.2% compared to Q4 2024.

• EBITDA for FY2025 is expected to be around €4 million, a significant improvement from -€1.2 million in 2024.

• 85% of FY2025 sales were in the residential market, 15% in the commercial sector.

Outlook and guidance

• Cautious approach for 2026, with optimism for recovery in France and stabilization in the heat pump market.

• International trends are improving, with postponed orders expected to benefit Q1 2026.

• Continued focus on innovation, including the STERENN AI project and new product launches.