Kumulus Vape: Activity Down by 5.2%, But the Company Remains Profitable
Kumulus Vape has released its 2025 results, marked by a 5.2% contraction in activity and margin compression, yet the company managed to maintain positive profitability with a net result of 1.0 million euros. The French vaping product distribution giant is strengthening its financial structure, with increased cash reserves of 5.2 million euros and reduced debt at 3.5 million euros, while preparing for a restart around new operational levers.
Revenue Decline Amidst Challenging Conditions
Kumulus Vape's revenue stood at 57.5 million euros in 2025, down by 5.2% from 60.7 million euros in 2024. This decline reflects the cumulative impact of a deteriorating macroeconomic environment, lasting political and budgetary uncertainties, and sector-specific tensions. The vaping market faced unprecedented regulatory pressure, notably with the overtaxation project included in the 2026 finance bill, which, although abandoned, maintained a climate of wait-and-see during the fourth quarter. The B2B core business reached 50.2 million euros, accounting for 87.3% of the revenue, with a limited retreat of 3.0%. The B2C segment recorded 4.7 million euros, down by 3.6%, while the network of physical stores experienced a significant drop to 2.6 million euros from 4.1 million in 2024, due to an unfavorable base effect linked to the divestments of branches in 2024.
Profit Margins Squeezed Amidst Competitive Pressures
The gross margin settled at 12.5 million euros, representing 21.7% of the revenue compared to 23.6% in 2024, reflecting an unfavorable volume effect, a channel mix impacted by the decline in retail, and competitive pricing pressure. EBITDA came in at 2.5 million euros, or 4.4% of the revenue, down by 38.1%. Operating income reached 1.9 million euros, a decline of 45.3%, while the net result was 1.0 million euros, down by 62.3%. This net result includes exceptional charges related to the closure of the historic Cigaverte headquarters in Saint-Etienne and a financial result penalized by the dollar fluctuation on supplies. Despite this deterioration, Kumulus Vape remains profitable, demonstrating the ability to preserve the fundamentals of its model.
Financial Structure Improvement and Strategic Initiatives for Growth
The financial structure has improved: available cash increased to 5.2 million euros as of December 31, 2025, compared to 4.0 million in June, while gross financial debt decreased to 3.5 million euros from 4.1 million at the end of 2024. Net inventory significantly contracted to 8.6 million euros from 10.6 million in 2024, confirming the effectiveness of logistic optimization measures. The Board of Directors will propose to the General Assembly the payment of a dividend of 0.10 euro per share. For 2026, Kumulus Vape approaches the fiscal year with the intention to return to growth. The commissioning of Labster, the Group's consumable packaging laboratory, marks the highlight of the upcoming year and opens a new chapter in terms of sovereignty over own brands and margin optimization. Continuous improvements in the logistics chain and territorial network, supported by a robust pipeline of new openings under the Cigaverte brand, further consolidate the omnichannel model.
