Kumulus Vape (ALVAP) Q3 2025 TU earnings summary

Executive summary

• Consolidated revenue for Q3 2025 reached €14.8M, stable year-over-year, reflecting resilience amid weak consumer spending.

• Year-to-date revenue as of September 30, 2025, totaled €42.6M.

• The business model remains robust despite ongoing regulatory and economic pressures.

Financial highlights

• Q3 2025 revenue was €14,790,787, nearly unchanged from Q3 2024.

• 2024 full-year revenue was €60.7M, demonstrating sustained growth.

Outlook and guidance

• Q4 2025 is expected to be dynamic, driven by Black Friday and year-end holiday sales.

• The company is preparing for regulatory changes that may impact online sales and taxation.