Kumulus Vape (ALVAP) Q3 2026 TU earnings summary

Executive summary

• Q3 2026 consolidated revenue was €13.18m, down 10.9% YoY, as weak household consumption and intense price competition weighed on demand.

• The retail network grew 28.8% YoY, partly offsetting declines in BtoB and online BtoC.

Financial highlights

• 9M 2026 revenue totaled €38.8m, compared with €42.6m in 9M 2025.

• Q3 consolidated revenue was €13.18m versus €14.8m a year earlier, a 10.9% decline.

• H1 profitability improved, supported by operational initiatives; no amount was cited.

Outlook and guidance

• Q4 priorities include scaling Labster for own-brand products, further logistics optimization and continued Cigaverte network expansion.

• Operational investments are intended to strengthen capabilities and position the business to benefit when market conditions improve.