Groupe Airwell (ALAIR) H1 2026 earnings summary

Executive summary

• H1 2026 revenue reached €21.1 million, slightly down from €22.0 million in H1 2025, supported by a rebound in France and continued momentum across Europe, with stable gross margin at 34.1% due to product mix.

• Adjusted EBITDA improved to -€1.3 million from -€2.0 million year-over-year, reflecting cost-cutting and stable staff costs.

• Net income was -€1.9 million, broadly in line with the prior year.

• Strong order intake in France and Europe, especially for air-to-water heat pumps, supports a positive outlook.

• The company confirms its 2026 outlook for a return to revenue growth and further improvement in adjusted EBITDA.

Financial highlights

• Gross margin was 34.1% in H1 2026, slightly down from 35.0% in H1 2025, due to product mix.

• Gross profit for H1 2026 was €7.2 million, down from €7.6 million in H1 2025.

• Operating expenses decreased by 10.4% to €8.4 million, mainly due to a 20% reduction in purchases and external expenses.

• Net cash flow from operating activities was positive at €1.0 million, driven by a €2.4 million improvement in working capital.

• Gross financial debt reduced to €7.1 million from €8.1 million at year-end 2025.

Outlook and guidance

• 2026 guidance reaffirmed: return to annual revenue growth and further improvement in adjusted EBITDA over 2025.

• H2 expected to see continued cost optimization and stronger performance, with focus on European markets.

• Strong order intake in France and Europe, with a balanced backlog between air-to-water and air-to-air heat pumps, supports a positive outlook.