Kumulus Vape (ALVAP) Q2 2025 TU earnings summary

Executive summary

• Consolidated revenue for H1 2025 reached €27.8M, down 7.6% year-over-year due to a challenging macroeconomic environment.

• Annual revenue guidance revised to €58–60M, reflecting H1 performance and current market trends.

• Strategic shift from company-owned stores to franchises aims to optimize resources and expand national presence.

Financial highlights

• H1 2025 revenue: €27.8M vs. €30.1M in H1 2024, a 7.6% decrease.

• B2B revenue: €24.4M, down 4.3% year-over-year.

• B2C revenue: €2.2M, down 7% year-over-year.

• Retail network revenue: €1.17M, down 46.8% year-over-year due to franchise conversion.

Outlook and guidance

• Annual revenue target adjusted from €62M to €58–60M, aligned with H1 results and market conditions.

• Confidence in H2 growth driven by franchise network expansion, product range enrichment, and ongoing innovation.