Kumulus Vape Records Revenue of 57.4 Million Euros in 2025, Down by 5.5%
The French electronic cigarette specialist announced its 2025 revenue on Wednesday, marked by a contraction in its business amid a deteriorating macroeconomic environment and sector-specific regulatory tensions. Kumulus Vape is determined to return to growth in 2026 without setting a public financial target.
Financial Performance in 2025
Kumulus Vape reported a consolidated revenue of 57.4 million euros in 2025, a decrease of 5.5% compared to the 60.8 million euros achieved in 2024. This trend reflects the cumulative impact of a deteriorated macroeconomic environment and specific tensions in the electronic cigarette sector. Political and budgetary uncertainties throughout the year have undermined household confidence, fostering a precautionary savings reflex at the expense of consumption. The vape market faced unprecedented regulatory pressure with the overtaxation project included in the 2026 finance bill, which, although abandoned by the government, maintained a climate of uncertainty throughout the fourth quarter. The continuous decline in the average price of devices and the growth of the parallel market have increased pressure on the entire industry. Nevertheless, Kumulus Vape retains its position as a leading distributor thanks to the depth of its catalog and the strengthening of its direct partnerships with key international manufacturers, ensuring full control over its strategic supplies.
Business Segments Performance
The B2B activity, the main pillar of the group, generated revenue of 50 million euros, accounting for 87% of the total activity, down by 2.8% compared to the 51.6 million euros in 2024. This decline reflects the ongoing caution of retailers and unrelenting competitive pressure. The B2C activity approached 4.7 million euros, representing 8% of the total revenue, slightly down by 4% compared to the 4.8 million euros in 2024. This controlled contraction reflects the same dynamics of constrained consumption observed across the market. The rollout of a completely redesigned new e-commerce site at the end of autumn 2025 is a lever for reconquest. The network of physical stores posted revenue of 2.6 million euros, just under 5% of the total activity. According to the press release, this development is mainly due to an unfavorable base effect related to the calendar: several store closures at the end of 2024 had generated most of their revenue in that fiscal year, while new openings at the end of 2025 only contributed for a few weeks. The fourth quarter of 2025 was marked by six new store openings, with several more scheduled for the first half of 2026.
Outlook for 2026
Kumulus Vape enters the 2026 fiscal year with a strong determination to return to growth, without setting a public financial target. Commercially, the strengthening of direct partnerships with French and international manufacturers and the ramp-up of the new B2C site offer the group immediately activatable competitiveness levers. The territorial network, supported by a robust pipeline of openings under the Cigaverte brand starting in the first half, will further consolidate the physical anchorage of the omnichannel model. The optimization of inventory management and the logistics chain continues to enhance the productivity of the entire system. The commissioning of Labster, the group's bottling laboratory for consumables, opens a new chapter in terms of sovereignty over its own brands and innovation capacity. The 2025 annual results will be presented on Thursday, April 9, 2026, after the market closes.
