Groupe Airwell (ALAIR) Q2 2026 TU earnings summary

Executive summary

• H1 2026 revenue reached €21.1 million, down 4.0% year-over-year from €22.0 million in H1 2025, with strong sales momentum in France nearly offsetting international declines.

• 89% of sales were in the residential market, with 11% in the commercial sector.

Financial highlights

• Mainland France revenue grew 10.7% year-over-year to €10.1 million, driven by a 131% increase in air-to-water heat pump sales.

• Overseas territories revenue remained stable at €3.5 million.

• International revenue declined 19.7% to €7.5 million, but showed signs of recovery in air-to-air heat pump sales.

Outlook and guidance

• Growth is expected to resume in H2 2026, with continued strong demand for air-to-water heat pumps in France and increased air-to-air heat pump sales due to European heat waves.

• FY26 revenue is expected to return to growth, with adjusted EBITDA improvement anticipated as early as H1, supported by cost optimization and a favorable geographic mix.