Kumulus Vape (ALVAP) Q2 2024 TU earnings summary

Executive summary

• Consolidated revenue for H1 2024 reached €30.1M, representing 43% of the revised annual target and aligning with internal forecasts.

• The business demonstrated resilience and margin improvement despite a challenging economic environment.

• Expansion of the retail network and optimization of logistics contributed to performance.

Financial highlights

• Revenue for H1 2024 was €30.1M, up from €29.5M in H1 2023 (non-consolidated).

• Gross margin reached €7.2M (23.9% of revenue), up from €6.1M in H1 2023.

• EBITDA (EBE) was €1.84M (6.1% margin); operating income was €1.79M (6% margin).

• Net income stood at €1.23M (4.1% of revenue).

Outlook and guidance

• Annual revenue target revised downward from €70M to €64M to preserve profitability.

• Positive momentum expected in H2 2024, supported by seasonality, commercial initiatives, and new product launches.

• Continued focus on high-margin products, proprietary brands, and cost optimization.