Kumulus Vape (ALVAP) H1 2025 earnings summary

Executive summary

• Revenue for the six months ended June 30, 2025, was €27.1M, with net income of €837.7K, both down year-over-year.

• The reporting period covers January 1 to June 30, 2025, and the accounts are unaudited.

• The company distributed €520K in dividends in 2025 for the prior year.

Financial highlights

• Revenue decreased by 6% year-over-year to €27.1M.

• Net income fell 37% year-over-year to €837.7K.

• Operating income (EBIT) was €1.33M, down 22% from the prior year.

• Gross margin remained stable at 20% of sales.

• Cash flow from operations was negative at -€524K, with closing cash at €3.8M.

Outlook and guidance

• No explicit forward guidance provided, but the company notes the accounts are for management purposes and not as rigorous as year-end financials.