Kumulus Vape (ALVAP) H2 2025 earnings summary

Executive summary

• Net income reached €1.0M for 2025, maintaining profitability despite a challenging environment.

• Revenue declined 5.2% year-over-year to €57.5M, reflecting macroeconomic and sector-specific pressures.

• Cash position strengthened to €5.2M, while financial debt reduced to €3.5M.

• The group demonstrated resilience, preserving its business fundamentals and preparing for future growth.

Financial highlights

• Revenue: €57.5M in 2025, down 5.2% from €60.7M in 2024.

• Gross margin: €12.5M (21.7% of revenue), down from €14.3M (23.6%).

• EBITDA: €2.5M (4.4% of revenue), down 38.1% year-over-year.

• Operating income: €2.0M (3.4% of revenue), down 45.3%.

• Net income: €1.0M (1.7% of revenue), down 62.3%.

Outlook and guidance

• No public quantitative targets for 2026, but focus on returning to growth.

• Launch of Labster, a new in-house consumables lab, to drive margin optimization and product innovation.

• Continued expansion of the retail network and digital tools to support omnichannel strategy.