Kumulus Vape, the first publicly listed e-cigarette company in Europe, has reported a challenging first half of 2026, with overall revenue declining year-on-year amid a changing French vaping market. However, the company’s offline retail channel delivered strong growth, highlighting the increasing importance of physical stores in the European e-cigarette industry.
According to operating data released by Kumulus Vape and reports from European financial media outlets, the company’s revenue decreased by 7.8% year-on-year in the first half of 2026. Despite the decline, Kumulus Vape said it maintained operational stability by diversifying its sales channels, strengthening its retail network, and improving its customer service capabilities.
Europe’s First Listed Vape Company Faces a Changing Market Environment
Founded in France, Kumulus Vape became Europe’s first publicly listed e-cigarette company when it was listed on Euronext Access Paris in 2019. The company later transferred to the Euronext Growth Paris market in 2021, becoming one of the most closely watched companies in Europe’s vaping sector.
Because of its position in the European capital market, Kumulus Vape’s financial performance is often viewed as an indicator of broader trends affecting the regional e-cigarette industry.
The company said the first half of 2026 remained difficult, with the market undergoing a period of structural adjustment. Changes in consumer behavior, increasing regulatory requirements, and intensified competition have created new challenges for vaping companies operating across Europe.
Rather than attributing the revenue decline to a single factor, Kumulus Vape emphasized that the company is responding through strategic adjustments, including channel expansion and business diversification.
Revenue Declines as Market Competition Intensifies
Kumulus Vape reported that its overall revenue fell 7.8% compared with the same period last year.
The decline reflects a broader transformation taking place across the European vaping market. After years of rapid expansion, the industry is entering a more mature phase where companies are increasingly focused on:
- Operational efficiency
- Regulatory compliance
- Retail network development
- Customer retention
- Brand differentiation
For many European vape companies, growth is becoming less dependent on expanding the consumer base and more dependent on building stronger business models and improving long-term competitiveness.
Physical Store Sales Become a Major Growth Driver
While overall revenue declined, Kumulus Vape’s offline retail business delivered strong results.
According to company data, sales through physical stores increased by 41.5% year-on-year during the first half of 2026, becoming a key factor in reducing pressure from other parts of the business.
The strong performance of brick-and-mortar stores highlights the continued importance of professional vape shops in the French and wider European markets.
Compared with purely online sales channels, physical stores provide several advantages, including:
- Personalized product recommendations
- Consumer education
- Technical support
- After-sales service
- Stronger customer relationships
As regulations become more complex and consumers demand more guidance, specialized retail stores are becoming an increasingly valuable part of the vaping ecosystem.
Multi-Channel Strategy Becomes Essential for Growth
To adapt to market changes, Kumulus Vape continues to expand its multi-channel business strategy.
The company operates across several areas, including:
- Physical retail stores
- Online sales platforms
- Professional customer services
- Distribution networks
By developing multiple sales channels, Kumulus Vape aims to reduce dependence on a single business model and create a more resilient operation.
The company’s strategy reflects a wider trend across the European vaping industry, where businesses are moving away from simple product sales toward integrated retail experiences combining products, services, and customer engagement.
French and European Vape Markets Enter a New Adjustment Phase
The performance of Kumulus Vape reflects broader changes affecting the French and European e-cigarette markets.
In recent years, the industry has faced multiple pressures, including:
- Stricter regulatory oversight
- Changing consumer preferences
- Increased competition
- Higher compliance requirements
European regulators continue to strengthen rules surrounding vaping products, requiring companies to pay closer attention to product standards, marketing practices, and supply chain management.
For retailers and manufacturers, relying on a single sales channel has become increasingly risky. A diversified approach combining online platforms, physical stores, and customer services is becoming a critical strategy for sustainable growth.
Future Competition Will Focus on Operations, Not Just Products
As the European vaping industry matures, competition is shifting from rapid market expansion toward refined business operations.
Future success will likely depend not only on product innovation but also on companies’ ability to:
- Build efficient retail networks
- Improve supply chain management
- Maintain customer loyalty
- Adapt quickly to regulatory changes
For listed vaping companies such as Kumulus Vape, strong distribution capabilities and sustainable business models will become increasingly important indicators of long-term value.
Conclusion
Kumulus Vape’s first-half 2026 performance highlights the transformation underway in the European e-cigarette market. Although the company experienced a 7.8% revenue decline, its 41.5% growth in physical store sales demonstrates that offline retail remains a powerful growth engine.
The French vaping market is moving from a high-growth expansion phase into a more mature and competitive stage. Companies that can successfully combine compliance, retail strength, customer service, and multi-channel operations will be better positioned to succeed in the next phase of the industry’s development.