Kumulus Vape: Revenue Down 10.9% in the Third Quarter, Stores Grow
Kumulus Vape published consolidated revenue of €13.2 million for the third quarter of 2026 on November 9, 2026, down 10.9% from €14.8 million a year earlier. The decline stems first from the B2B business, which accounts for 86.7% of sales and fell 12.0%, while the store network grew 28.8%.
The two movements do not carry the same weight. The increase in store sales represents €857 thousand of quarterly sales, while B2B totals €11.4 million. Over the first nine months of the fiscal year, cumulative revenue of the vaping products distributor, based in Corbas, fell to €38.8 million, compared with €42.6 million a year earlier.
B2B, 86.7% of Sales, Down 12.0% Over the Quarter
The B2B business, which directly supplies independent stores and resellers, is declining faster than the group as a whole: a 12.0% drop, compared with 10.9% for consolidated revenue. Its weight alone accounts for most of the quarterly decline.
The group attributes this decline to a lower average basket, which it presents as a sign that end customers are becoming more selective in their purchases. It also cites household consumption, which it considers durably sluggish, and price competition, which it describes as particularly intense.
These factors are not new in the issuer's communication. In its half-year results published on September 16, 2026, Kumulus Vape already listed among its risks a durably constrained consumer environment, unfavorable consumer trade-offs, and more intense price competition among distributors.
Cigaverte Stores Gain Weight, Online Sales Decline
The other two channels moved in the opposite direction. The B2C business, driven by the group's online store, fell 21.9% to €901 thousand and now represents only 6.8% of activity. It is the steepest decline of the three channels.
In contrast, the store network grew 28.8% to €857 thousand. Its share of consolidated revenue thus rose from 4.5% to 6.5% in one year, bringing it close to the level of B2C.
The group sees this as confirmation, quarter after quarter, of the growing strength of its Cigaverte banner. However, this channel remains too small to offset on its own the decline in B2B over the full quarter.
The Labster Laboratory Presented as the Main Growth Driver
For the fourth quarter, Kumulus Vape highlights three levers. The first is Labster, its bottling laboratory integrated in Corbas, whose ramp-up in serving the group's own brands makes it, according to the group, its main growth driver. Added to this are the optimization of the supply chain and the expansion of the Cigaverte network.
The group also notes that the regulatory and tax environment for vaping remains volatile. It states that it is contributing to discussions alongside the members of France Vapotage, its interprofessional federation.
Chairman and Chief Executive Officer Rémi Baert stated: “Rather than waiting for an upturn, we have undertaken in-depth work over recent months to strengthen the Group's capabilities and prepare it for the next stages of its development.”
In the third quarter, the growth of the stores thus remains dependent on a minority channel, while B2B, which accounts for most of the sales and the decline, weighs heavily. The 2026 annual revenue will be published on March 3, 2027, after market close, following a 2025 fiscal year that closed with consolidated sales of €57.5 million.
