Kumulus Vape: Semi-Annual Revenue Down 7.8%, Store Sales Up 41.5%
Kumulus Vape posted a semi-annual revenue of €25.6 million, a decline of 7.8% year-over-year, reflecting a persistently tense vape market. However, this overall decline masks a contrasting dynamic: while the B2B activity, the primary revenue source, loses ground (-11%), the two proximity channels (stores and e-commerce) have significantly accelerated, indicating a redistribution of growth sources within the group.
Revenue Decline, Driven by B2B Distribution
The consolidated revenue for the first half of 2026 stands at €25.6 million, down 7.8% from €27.8 million in the first half of 2025. This contraction primarily reflects a market weakened by constrained purchasing power and increased price competition among distributors. The B2B activity, which accounts for 84.8% of the group's revenue, recorded €21.7 million compared to €24.4 million a year earlier, a decline of 11%. This gap reveals the group's focus on a single channel: consumption arbitrages and sectoral price pressures directly impact a revenue base that is not very diversified. The release emphasizes that this decline primarily reflects an uncertain economic and geopolitical context, without affecting the partnerships established with major reference brands.
Stores and E-commerce Accelerating
Where B2B distribution erodes, two channels display an opposite dynamic. The network of stores marks the best performance of the semester, with a revenue of €1.66 million, an increase of 41.5% compared to €1.17 million in the first half of 2025. This acceleration is largely explained by the full-year contribution of four branches opened in 2025, now fully operational, which increases the relative weight of this channel to 6.5% of consolidated revenue, from 4.2% a year earlier. Meanwhile, e-commerce activity grows by 1.9%, moving from €2.2 million to €2.24 million. Although modest in volume, this growth consolidates this channel in a generally declining environment, with its share climbing to 8.8% of revenue, from 7.9% a year earlier. The group attributes this performance to the quality of the shopping experience and the depth of the catalog.
Lab and Franchise Network for the Second Half
Kumulus Vape anticipates a different dynamic in the second half, supported by the full ramp-up of its bottling laboratory Labster, now fully operational. This production tool should allow the expansion of the group's own brand offerings and reduce its dependency on third-party distribution. Furthermore, the evolution of distribution channels opens new growth relays that the group intends to seize. The group will continue to optimize its logistics chain and the deployment of its Cigaverte franchise network, in order to strengthen its territorial coverage. Rémi Baert, CEO, confirms this strategy: the group has been "methodically advancing on many concrete projects for several months to adapt our group to market evolutions." The goal remains to convert these levers into profitable growth, without specifying the expected figures.
