Kumulus Vape (ALVAP) H2 2024 earnings summary

Executive summary

• Net income surged 41% year-over-year to €2.6M, with EBITDA up 15.3% to €4.1M, despite a 3% revenue decline to €60.7M in 2024.

• Strong operational performance and margin improvement reflect effective cost control and strategic focus.

Financial highlights

• Revenue decreased 3% year-over-year to €60.7M, with B2B down 3% and B2C down 8%.

• Gross margin rose 2.7% to €14.3M, representing 23.7% of revenue.

• Operating income increased 24.7% to €3.6M; net income up 41% to €2.6M.

• EBITDA margin improved to 6.8% of revenue.

Outlook and guidance

• 2025 revenue target maintained at €62M, driven by distribution partnerships, enhanced customer experience, and franchise network expansion.