Groupe Airwell (ALAIR) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was €42.9M, down 15.3% year-over-year amid a challenging heat pump market and supplier financing constraints.

• Adjusted EBITDA was €(3.9)M, in line with forecasts, reflecting the impact of lower sales and cost reduction efforts.

• Net income for 2025 was €(5.3)M, compared to €(1.7)M in 2024, with a significant decline due to market weakness.

• Order backlog in France is rising, supported by positive government signals and expected market rebound.

Financial highlights

• Gross margin for 2025 was €14.6M (34.0%), down from €18.2M (35.9%) in 2024, mainly due to a lower French contribution.

• Operating expenses decreased by 7.3% to €18.3M, with personnel expenses down 3.5% and headcount reduced to 115.

• Net cash flow from operating activities was €(0.7)M, reflecting improved working capital management.

• Gross financial debt increased to €8.1M, while available cash at year-end was €0.2M.

Outlook and guidance

• 2026 outlook is cautious but optimistic, with normalization of supply chain and growing order backlog in France.

• Commercial recovery in France and positive trends in overseas territories expected to drive gradual improvement.

• New product launches, including the STERENN IA project and geothermal innovations, are planned.