Key Points
- H1 2026 revenue fell 8.3% to €25.5 million, with B2B distribution revenue down 11% to €21.6 million.
- B2C revenue rose 5.6% to €2.4 million, while store-network revenue increased 17.8% to €1.5 million.
- Commercial margin rose to 26.3% from 21.7%; gross operating surplus, or EBE, increased 29.4% to €1.9 million and net profit rose 24.1% to €0.8 million.
- Kumulus Vape attributed the profitability improvement to catalog optimization, logistics restructuring and the ramp-up of Labster, and plans to continue expanding production and the Cigaverte franchise network in the second half.
2Firsts
September 17, 2026
According to Kumulus Vape’s half-year results released on September 16, 2026, the French vaping company reported consolidated revenue of €25.5 million for the first half of the year, down 8.3% year over year. Revenue from its core B2B distribution business declined 11%, while B2C and store-network sales continued to grow. Commercial margin increased to 26.3% from 21.7%, and net profit rose 24.1% to €0.8 million.
B2B Declines as B2C and Store Network Grow
Kumulus Vape’s B2B distribution revenue fell 11% to €21.6 million in the first half, accounting for about 85% of group revenue.
The company cited weaker consumer spending choices and increased price competition in the market as factors weighing on its distribution business.
Consumer-facing channels moved in the opposite direction. B2C revenue reached €2.4 million, up 5.6%, while revenue from the store network increased 17.8% to €1.5 million.
B2B remains Kumulus Vape’s dominant revenue source, meaning growth in direct consumer channels was not sufficient to offset the decline in distribution revenue.
Commercial Margin Expands by 4.6 Percentage Points
Commercial gross profit reached €6.7 million in the first half, up 11.3%, representing 26.3% of revenue compared with 21.7% a year earlier.
Operating profitability also improved. Gross operating surplus, or EBE under the company’s French reporting terminology, rose 29.4% to €1.9 million. Net profit increased 24.1% to €0.8 million from about €0.6 million a year earlier.
Kumulus Vape therefore posted higher gross profit and net income despite an 8.3% decline in revenue.
The company attributed the improvement to continued catalog rationalization, logistics restructuring and the ramp-up of Labster, its in-house production unit dedicated to proprietary brands.
Labster Brings More Proprietary Production In-House
Labster began operations in January 2026 as part of Kumulus Vape’s move to bring selected proprietary-brand production in-house.
Located in the Lyon metropolitan area next to the group’s warehouses, the roughly 800-square-meter facility is equipped with automated production lines for bottling and packaging e-liquids in multiple formats and has capacity for several million units a year.
Kumulus Vape said Labster gives it greater control over production, time to market and margins for selected proprietary ranges while maintaining relationships with outside brands and suppliers.
The group currently lists 13 in-house brands, with Labster supporting proprietary ranges including Cigaverte.
In its half-year results, Kumulus Vape specifically cited Labster’s ramp-up as one of the factors behind the improvement in profitability.
Cash Rises to €6.3 Million as Debt Falls
At the end of June, Kumulus Vape reported shareholders’ equity of €17.1 million, available cash of €6.3 million and gross financial debt of €3 million.
At the end of 2025, the company had reported €5.2 million in cash and €3.5 million in financial debt.
Kumulus Vape had already been pursuing cost controls, inventory management and logistics optimization during 2025. The first-half results show those operating measures coinciding with higher margins as internal production expands.
Labster and Cigaverte Remain H2 Priorities
For the second half of 2026, Kumulus Vape said it plans to bring Labster toward full operating capacity, consolidate industrial partnerships and continue expanding the Cigaverte franchise network.
Acquired by Kumulus Vape in 2023, Cigaverte has grown to more than 60 branded stores. The group now operates across professional B2B distribution, e-commerce, physical retail and proprietary-brand production.
Kumulus Vape has not provided a specific full-year 2026 revenue or profit target.
The first-half results show continued pressure on the group’s largest B2B business alongside growth in B2C and stores, while internal production and operating changes have coincided with higher margins and profit. Labster utilization and further Cigaverte expansion will be key operating developments to watch in the second half.
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Cover Image: Kumulus Vape
