French heat pump growth limits Airwell first-half revenue decline

France – Airwell Group reported unaudited first-half revenue of €21.1 million, down 4% from €22 million a year earlier, as strong growth in French air-to-water heat pump sales partly offset weaker international trading. Revenue in mainland France increased by 10.7% to €10.1 million, supported by a 131% year-on-year rise in air-to-water heat pump sales.

French sales support performance

Airwell said the increase in air-to-water heat pump sales was supported by orders secured at the beginning of the year.

Revenue from the French overseas territories remained stable at €3.5 million, while international sales fell by 19.7% to €7.5 million. Export activity began to recover during the period as air-to-air heat pump sales resumed following the rebuilding of the group’s stock levels.

Residential applications accounted for 89% of group revenue, with the non-residential market representing the remaining 11%.

Revenue growth expected to return

Airwell expects the momentum in French air-to-water heat pump sales to continue during the second half of 2026. The company also anticipates that periods of high temperatures across Europe will support demand for air-to-air systems in France and international markets.

On this basis, the group expects full-year revenue to return to growth. Airwell also anticipates an improvement in its first-half adjusted EBITDA, supported by cost reductions, maintained margins and the higher contribution from French sales.

STERENN AI moves towards pilot installation

Airwell is also continuing the development of STERENN AI, its premium indoor heat pump system.

The first prototype is ready and is scheduled to be installed as part of a pilot project in late August or early September 2026. The ADEME-supported system is currently expected to reach the market in 2027.