Kumulus Vape Reports a Decline in Revenue Amid Market Pressures
Kumulus Vape recorded a consolidated revenue of 12.9 million euros in the first quarter of 2026, a decrease of 7.3% year-on-year. This limited decline reflects the ongoing structural pressures in the electronic cigarette market. However, the group shows a noticeable deceleration in its contraction compared to the previous year, while its Cigaverte network of stores records dynamic growth, outlining a rebalancing strategy in response to market changes.
A Contained Decline in a Context of Accelerated Market Structuring
The revenue for the first quarter of 2026 amounted to 12.9 million euros compared to 13.9 million euros in the same quarter of 2025, a limited decline of 7.3%. This decrease occurs in an environment characterized by profound changes: structural adjustment of demand towards simpler devices, contraction of the average basket size, and continued caution among consumers and distributors. However, the group notes a noticeable deceleration in its contraction compared to last year, suggesting a relative stabilization after periods of more pronounced declines. The B2B segment remains the pillar of the group with 11 million euros in revenue, representing 85.6% of consolidated activity. The direct-to-consumer channel reported 1.1 million euros, stable compared to the first quarter of 2025.
Cigaverte Stores, the Primary Growth Engine for the Group
The Cigaverte store network generated 735,000 euros in revenue for the quarter, up 26.9% year-on-year and now accounts for 5.7% of consolidated activity. This growth reflects the initial effects of the structuring strategy initiated since the network's acquisition and mirrors the group's increasing organizational maturity, with a proven coordination between company-owned stores and the development of franchised partners. This dynamism contrasts with the overall decline and serves as a potential counterbalance to the contraction of the traditional B2B segment. It also reveals that the group has at least one growth-capable channel in a demanding macroeconomic environment.
