KUMULUS VAPE: A solid first half – 09/22/2022 at 17:40

Corbas, September 22, 2022

A solid first half

Turnover up by more than 50%

EBITDA: +8%

Net income: +15.1%

Good visibility in the second half

Confirmation of the target of €45 million in turnover

Further improvement in results and appreciation of margins

Kumulus Vape (ISIN: FR0013419876 – Mnemonic: ALVAP), an e-tailer specializing in the sale of electronic cigarettes and related products (equipment, e-liquid and accessories), grouped under the term “vape”, announces today the publication of its half-year results. The accounts were approved during a Board of Directors meeting on September 21, 2022.

in K€ (unaudited) H1 2022 H1 2021 Change

Turnover 24,870 16,458 51.1%

Gross margin 4,287 3,421 25.3%

EBITDA 1,370 1,268 8%

As a % of turnover 5.5% 7.7%

Whose

Staff costs 1,222,970 26.0%

Other purchases and external charges 1,586 1,172 35.4%

Operating income 1,265 1,189 6.4%

Net income 917,797 15.1%

Rémi Baert, CEO and founder of Kumulus Vape, comments on the publication: “Despite a general context that is still clearly degraded, we are once again managing to post results in line with our mid-year ambitions. This is further proof of the resilience of our business model, but also of our agility, which allows us to make the best decisions at the right time. For the second part of the exercise, our visibility is good. During the first half of the year, we voluntarily anticipated our purchases of goods in large volumes, while pursuing our policy of investments intended to improve our productivity. This should enable us to secure our growth and achieve our objective of €45 million in turnover. This new course should be accompanied by a further increase in our results as well as a solid appreciation of our margins. Month after month, we continue to move forward and strengthen our influence among the leading players in the vape industry in France. »

Strong increase in turnover: +51.1%

For the first half of 2022, Kumulus Vape’s sales amounted to €24.9 million, up 51.1% compared to the same period last year. This growth is entirely organic. In this semester alone, the turnover achieved represents nearly 72% of that achieved over the whole of 2021, illustrating the continuation of a solid growth trajectory. As a reminder, the company had already achieved a 76% increase in its turnover in the first half of 2021.

Sales made to specialized retailers (BtoB) remain at the heart of this renewed performance, with an increase of almost 57% in turnover, to €22.2 million. Online sales to individuals (BtoC) confirmed their positive momentum, with turnover amounting to €2.6 million, up 13%.

Improved results integrating the voluntary investments made to support growth

Over the half-year, gross margin was €4.3 million, up 25.3%. It represents 17.2% of turnover against 20.7% last year. This proportion logically reflects the change in the product mix to the benefit of the BtoB activity (89.5% of half-year revenue compared to 86.0% in the first half of 2021). It also includes a deliberate increase in product purchases of 57.1% (€21.5 million over the half-year) in order to optimize supply costs and secure the expected ramp-up of activity for the coming months.

EBITDA, up 8%, stands at €1.4 million. Over the period, operating expenses remained under control. Other purchases and external charges, up 35.3%, represent 6.4% of revenue compared to 7.1% in the first half of 2021. They include nearly €49,000 (compared to €0,000 the year past) of resorting to temporary work in order to ensure operational continuity and secure growth in a context of shortage of human resources. Staff costs amounted to 4.9% of turnover compared to 5.9% last year.

In total, operating income increased by 6.4% to €1.3 million after integrating depreciation and provisions (€222,000 compared to €145,000 in the first half of 2021).

After taking into account the financial result, impacted by the variations in the euro/dollar exchange rate, as well as the tax charge, the net result remains up by 15.1%, at 917 K€.

A financial situation under control

As of June 30, 2022, Kumulus Vape has a secure financial structure, with equity of €10.5 million, available cash of €2 million and insignificant financial debt of €184,000.

Objective of €45 million in turnover reaffirmed for the year 2022

Expected results up sharply in the second half

Building on this successful first half, Kumulus Vape confidently confirms its target of €45 million for the 2022 financial year, despite a more demanding general environment.

With supplies anticipated from the start of the year and a very good level of order intake, activity in the second half should continue to show solid growth. This anticipation is confirmed by the excellent level of activity generated during the summer and in the month of September. The increase in turnover should be accompanied by a further increase in results associated with an appreciation of margins.

Over the next few months, Kumulus Vape also intends to maintain the course in its strategy: extension of its ranges, focus on the most contributory products, new listings, optimization of the cost structure and search for acquisition opportunities.

Next meeting :

Q3 2022 revenue

November 3, 2022

About Kumulus Vape

Kumulus Vape has quickly established itself at the forefront of French vape players. Since its creation in 2012, the Company has been driven by a mission: to offer, through vaping, a safe and efficient alternative to smoked tobacco to reduce its health and environmental consequences. In this perspective, Kumulus Vape has built one of the cigarette catalogs

richest electronics on the market with more than 7,000 references available through its e-commerce platforms at

intended for individuals and specialized shops, with leading brands such as Lost Vape (wholesaler Lost Vape). In 2021, despite the exceptional context, the Company achieved a turnover of more than €34.5 million, up 53%. The Company is based in Corbas, in the Metropolis of Lyon, and today employs more than 55 people. Kumulus Vape has been listed on Euronext Growth since June 2021 (ALVAP / ISIN code: FR0013419876).

Contact

Kumulus Vape Actifin Actifin

Vincent Baudouin

Communications Director Isabelle Dray

Press relations Nicolas Lin

Financial communication

[email protected]

06 10 84 52 59 [email protected]

01 56 88 11 29 [email protected]

01 56 88 11 24

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