Kumulus Vape: Revenue Declines 8.3% in First Half, Margins Improve
Electronic cigarette distributor Kumulus Vape published its first-half 2026 results on September 16, 2026. The particularity of this publication lies in the gap between activity volume and profitability: revenue declined 8.3%, while all margins improved, both in absolute value and as a percentage of revenue.
This divergence reflects a shift in the business model toward stricter cost management and a ramp-up of internal production, whose contribution to margin is highlighted by the group.
Revenue of €25.5 Million Driven Down by B2B Activity
Consolidated revenue stood at €25.5 million, compared to €27.8 million in the first half of 2025, representing a decline of 8.3%. The bulk of this decline stems from B2B activity, which reached €21.6 million, down 11%, due to constrained purchasing power, unfavorable consumption trade-offs, and more intense price competition.
This channel remains by far the group's largest, accounting for 84.7% of consolidated revenue. The other two channels are growing: B2C, operated via the kumulusvape.fr platform, reached €2.4 million (up 5.6%), increasing its share to 9.3% of revenue compared to 8.1% a year earlier. The retail network stood at €1.5 million, up 17.8%, representing 6% of revenue compared to 4.6% in the first half of 2025.
Gross Margin at 26.3%, EBITDA Up 29.4%
While activity declines, the profitability cascade improves at each level. Gross margin came in at €6.7 million, up 11.3%, and represents 26.3% of revenue compared to 21.7% a year earlier, a gain of 4.6 percentage points. The group attributes this improvement to catalog rationalization, logistics reorganization, and the ramp-up of Labster, its production unit dedicated to private labels.
Earnings before interest, taxes, depreciation and amortization reached €1.9 million, up 29.4%, or 7.5% of revenue compared to 5.3% in the first half of 2025. Operating income reached €1.4 million, up 16.7%, and current income before tax stood at €1.1 million, up 14.1%. Half-year net income came in at €0.76 million, or 3% of revenue, up 24.1%.
Cash Position of €6.3 Million and Second Half Supported by Labster and Geekvape
As of June 30, 2026, shareholders' equity reached €17.1 million, compared to €16.9 million at December 31, 2025. Available cash stood at €6.3 million, up from €5.2 million in the previous year, while gross financial debt was reduced to €3 million, down from €3.4 million at the end of the last fiscal year. Net inventory remained stable at €8.4 million, compared to €8.5 million at the end of 2025.
For the second half, the group is counting on Labster operating at full capacity, on strengthening its industrial partnerships, and on its position as master distributor in France for Geekvape. The rollout of the Cigaverte franchise network will continue. Kumulus Vape indicates it aims to achieve a rebound in activity while preserving the profitability gains obtained in the first six months. Third quarter 2026 revenue will be published on November 5, 2026 after market close.
