Cabasse (ALCAB) H1 2025 TU earnings summary

Executive summary

• Revenue for H1 2025 was €2.5M, a 30% decrease year-over-year due to slower international demand and high distributor inventories.

• Retail sales, excluding OEM, declined by 14% compared to H1 2024, reflecting broader high-end audio market trends.

• OEM activity was significantly lower (€169K in H1 2025 vs. €872K in H1 2024), with expectations of a rebound next year as a new luxury partnership product is developed.

Outlook and guidance

• Return to growth in H2 2025 depends on consumer demand recovery and distributor inventory management.

• Two new Luxury Wireless Audio products launched in H1 2025 will be commercialized in H2 2025.

• Ongoing partnership with a major luxury brand, with a second co-developed product expected for 2026.

Significant events and developments

• Appointment of Romain Vet as Director of Business Development and International Expansion effective July 1, 2025.

• Launch of LA SPHERE EVO and THE PEARL THEATER 5.1, expanding the product portfolio.