Kumulus Vape: Half-year results for 2025 are mixed, but optimistic

Kumulus Vape announced revenue of €27.8 million for the first half of 2025, down 7.6% from 2024. The B2B model showed its resilience with €24.3 million, increasing its share to 87.3% of total revenue. The B2C segment, down 24%, suffered the consequences of the sale of branches.

Profitability was impacted, with a sales margin of 21.6% compared to 23.5% a year earlier. Operating profit shrank by 24%. Despite this, the company maintained positive profitability thanks to the strength of its B2B business and strict financial discipline.

Financially, shareholders' equity stands at €16.6 million and available cash stands at €4 million. The debt reduction to €3.8 million underscores a debt reduction effort. Kumulus Vape remains optimistic, targeting annual revenue of €58 million.