Airwell Group: stable revenue of €21.1m and reduced losses in first half 2026
Airwell Group, a French heat pump manufacturer based in Montigny-le-Bretonneux, published first half 2026 results marked by stable revenue and a reduction in operating losses.
While the group remains in negative territory in terms of EBITDA and net profit, cost reduction and a recovery in activity in France represent the main drivers of the improvement shown during the period.
Revenue of €21.1m and a decline in operating expenses
In the first half of 2026, Airwell Group achieved consolidated revenue of €21.1m, a level close to that of 30 June 2025, supported by a recovery in French sales. Gross margin stands at €7.2m compared to €7.6m a year earlier, representing a margin rate of 34.1%, linked to the product mix and the share of air/water heat pump sales.
The group implemented cost reduction measures during the period. Current operating expenses fell by 10.4%, declining from €9.3m on 30 June 2025 to €8.4m on 30 June 2026. This decline stems from purchases and external charges, reduced from €4.9m to €3.9m (a decrease of 20.0%), mainly affecting marketing expenses (approximately €600k). Personnel expenses remained stable at €4.4m.
EBITDA and net profit still negative but losses reducing
Adjusted EBITDA came in at (€1.3m) in the first half of 2026 compared to (€2.0m) a year earlier. After depreciation and provisions, adjusted EBIT stands at (€1.5m) compared to (€2.1m) in 2025. After taking into account a financial result of (€0.3m) and a tax charge of €0.1m, net profit amounts to (€1.9m).
Equity stands at €1.6m on 30 June 2026 compared to €3.5m on 31 December 2025, after integration of the half-year result. Gross financial debt amounts to €7.1m on 30 June 2026 compared to €8.1m on 31 December 2025, while available cash remains stable at €0.2m.
The group also completed the repayment of a €300k bond loan through the issuance of 294,285 new shares at a unit price of €1.05, an operation confirmed by the board of directors on 22 September 2026.
2026 outlook confirmed: return to revenue growth targeted
The group reports observing positive commercial momentum in France and more broadly in Europe. It recorded record order levels in France during June and July for air/water heat pumps, and reports a balanced distribution of the order book at the end of June between air/water and air/air units.
The two European subsidiaries opened last year, in Germany and Italy, recorded an increase in sales during the summer. On exports, the group is prioritizing European markets offering better margin levels, while overseas territories should maintain levels comparable to those of the previous year in the second half.
Airwell Group confirms its ambitions for 2026, namely a return to growth in annual revenue coupled with an improvement in adjusted EBITDA compared to 2025. The group specifies that additional financing is being negotiated and that its ability to pursue new commercial projects remains linked to its financing conditions.
