Kumulus Vape (ALVAP) Q2 2026 TU earnings summary

Executive summary

• Consolidated revenue for H1 2026 was €25.6M, down 7.8% year-over-year from €27.8M, reflecting a constrained consumer environment and market pressure.

• Diversification of sales channels, especially digital and retail boutiques, helped mitigate the decline in distribution activity.

Financial highlights

• B2B revenue for H1 2026 was €21.7M, down 11% from €24.4M in H1 2025, representing 84.8% of total revenue.

• B2C e-commerce revenue grew 1.9% year-over-year to €2.24M, now 8.8% of total revenue.

• Retail boutique revenue surged 41.5% year-over-year to €1.66M, now 6.5% of total revenue.

Outlook and guidance

• Second half expected to benefit from full-scale operation of Labster, the in-house bottling lab for proprietary brands.

• Expansion of distribution channels and franchise network (Cigaverte) targeted for growth and improved territorial coverage.

• Continued focus on logistics optimization and adapting to evolving market trends.