Airwell Group Eyes Stronger Second Half in 2025 Amid Market Challenges

Airwell’s Financial Performance in H1 2025

The Airwell Group reported consolidated revenue of €22 million for the first half of 2025, marking a 14.4% decline compared to H1 2024 (€25.7 million). This downturn was primarily driven by a sharp 42.8% drop in the French market, attributed to ongoing weakness in the real estate sector, particularly new construction. However, the DOM-TOM regions and international markets showed resilience, growing by 147.7% and 13% respectively.

Gross margin settled at €7.6 million (35% of revenue), down from €9.9 million in H1 2024. This contraction reflects geographic mix effects, including new contracts in Africa and reduced contributions from France. Operational costs remained controlled, with personnel expenses decreasing 4.5% to €4.4 million and external costs down 7.2% to €4.9 million.

Profitability and Cash Flow Challenges

Adjusted EBITDA came in at -€2.0 million, aligning with expectations but deteriorating from -€0.2 million in H1 2024. After accounting for depreciation and provisions, EBIT stood at -€2.1 million (-€0.5 million in H1 2024). Net financial results worsened to -€0.2 million, contributing to a net loss of €1.8 million after taxes.

The company’s cash position tightened, with operating cash Flow at -€0.9 million (vs. -€0.6 million in H1 2024). Positive working capital management (€1.0 million improvement) helped offset some pressure, as inventory levels normalized to €17.6 million from €23.6 million. Available cash reserves decreased to €0.4 million (from €1.9 million at end-2024), though pending subsidies of €1.9 million (including ADEME grants) provide near-term relief.

Strategic Positioning for H2 Recovery

CEO Laurent Roegel remains cautiously optimistic: "While France’s real estate crisis continues impacting our volumes, we’re seeing promising rebounds internationally and in DOM-TOM. Our SolarFrost autonomous solar chamber and Leezy industrial solutions are gaining traction."

A key catalyst emerges from France’s September 2025 decree incentivizing high-efficiency heat pumps (140%+ energy efficiency) through energy savings certificates. Airwell is well-positioned here with differentiated products already in stock. The company confirms its 2025 targets for revenue growth and improved profitability versus 2024.

Market Outlook and Product Pipeline

Airwell expects gradual improvement in Q3 before stronger Q4 seasonality. International markets (particularly Africa/Middle East and Europe) continue showing positive trends. The group will leverage innovative offerings like Leezy smart systems and Airwell Industrie solutions to capture market share.

Financial stability metrics show shareholders’ equity at €7.1 million (vs. €9.9 million at end-2024) and stable gross financial debt of €7.2 million. The next milestone comes November 10, 2025, with Q3 revenue publication.

FAQs About Airwell’s 2025 Performance

What caused Airwell’s revenue decline in H1 2025?

The 14.4% revenue drop stemmed primarily from France’s weak real estate market (-42.8%), partially offset by growth in DOM-TOM (+147.7%) and international markets (+13%).

How does Airwell plan to recover in H2?

The company anticipates improvement from France’s new heat pump regulations, seasonal demand, and innovative product launches like SolarFrost and Leezy systems.

What is Airwell’s cash position?

Available cash was €0.4 million at end-June 2025, with €1.9 million in pending subsidies expected to bolster liquidity.