Kumulus Vape (ALVAP) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 was €25.5M, down 8.3% year-over-year due to a challenging economic and geopolitical environment impacting B2B sales.

• Despite lower sales, all profitability metrics improved, with EBITDA up 29.4% and net income up 24.1% year-over-year.

• B2C and retail network segments grew, offsetting some B2B decline, supported by a revamped e-commerce platform and expanded franchise network.

Financial highlights

• Gross margin rose 11.3% to €6.7M, representing 26.3% of revenue, up 4.6 points year-over-year.

• EBITDA reached €1.9M (7.5% margin), up from €1.5M (5.3%) in H1 2025.

• Operating income increased 16.7% to €1.4M (5.6% margin).

• Net income was €0.76M (3% margin), up 24.1% year-over-year.

Outlook and guidance

• H2 2026 expected to benefit from full-scale production at Labster, supporting margin strategy and own-brand growth.

• Strengthened industrial partnerships and continued franchise expansion to drive activity rebound and maintain profitability gains.

• Favorable seasonality in H2 anticipated to support revenue recovery.