The 2025 financial year concluded in a particularly challenging environment for the vaping industry as a whole. Despite these headwinds, Kumulus Vape demonstrates the resilience of its business model by reporting positive annual results and a strengthened financial position.
Consolidated revenue came in at €57.5 million, against a backdrop of consumer caution, regulatory uncertainty surrounding a proposed tax hike, and mounting pressure from the illicit market. In this environment, the Group opted for discipline: cost control, logistics optimisation and deleveraging. Net income remained positive at €1.0 million, cash reserves rose to €5.2 million and financial debt was brought down to €3.5 million. Inventories, reduced to €8.6 million from €10.6 million a year earlier, reflect rigorous working capital management.
More importantly, Kumulus Vape leveraged this demanding year to accelerate its transformation. The commissioning of Labster, our consumables packaging facility, marks a significant milestone: this new asset gives us greater control over our proprietary brands, opens up margin optimisation opportunities and strengthens our product innovation capabilities. Meanwhile, the Cigaverte retail network continues to expand, with six new store openings in the fourth quarter of 2025 and a robust pipeline for the first half of 2026.
As Rémi Baert, our founder and CEO, puts it: “2025 was the most demanding year since our IPO, but we come out of it standing and determined. Kumulus Vape has the fundamentals and the ambition to bounce back.”
With these solid foundations and new growth drivers in place, the Group enters 2026 with confidence and determination.