Kumulus Vape (ALVAP) Q1 2025 earnings summary

Executive summary

• Consolidated revenue for Q1 2025 reached €13.9M, reflecting resilience amid sector changes.

• Revenue declined 9% year-over-year due to a challenging economic environment and evolving consumer habits.

• Strategic shift toward franchise model, with most owned stores converted to franchises.

• Management emphasizes agility and organizational adaptation to market transitions.

Financial highlights

• Q1 2025 revenue: €13.9M, down from €15.2M in Q1 2024.

• BtoB segment contributed €12.1M (87.2% of total), up in share from 83.9% last year.

• BtoC revenue was €1.1M (8%), and company-owned stores generated €580K (4.2%).

• Other activities accounted for €86K (0.6%).

Outlook and guidance

• Focus remains on profitable growth, leveraging logistics, broad product range, and expanding franchise network.

• Next financial update scheduled for July 17, 2025, covering H1 2025.