Kakel Max
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Kakel Max (KAKEL) investor relations material

Kakel Max Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary25 Feb, 2026

Executive summary

  • Q4 2025 saw a 41% year-over-year increase in net sales to 52,298 tkr, with net income improving to 1,029 tkr from -3,079 tkr in Q4 2024.

  • Full-year 2025 net sales rose 22% to 175,384 tkr, with net loss after tax narrowing to -1,411 tkr from -5,513 tkr in 2024.

  • Operational investments included a new showroom in Årsta and upgrades to POS and administrative systems.

Financial highlights

  • Q4 operating income was 635 tkr (up from -2,787 tkr), with an operating margin of 1.2% (vs. -7.5%).

  • Full-year operating income was -2,112 tkr (vs. -4,554 tkr), with an operating margin of -1.2% (vs. -3.2%).

  • Cash flow from operations in Q4 was 10,022 tkr (vs. 3,341 tkr), ending cash at 6,717 tkr.

  • Net debt decreased to 6,475 tkr from 14,539 tkr year-over-year.

Outlook and guidance

  • Management expects improved conditions for 2026 due to lower interest rates and supportive fiscal policy.

  • Investments in infrastructure and competence are anticipated to yield returns and added value in 2026.

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Frequently asked questions

Kakel Max AB is a Swedish company specializing in the distribution and marketing of home ceramics. It offers a range of products including tiles, natural stones, and bathroom accessories. The company's products are sold through various channels, including its own network of stores, project customers, and retailers. The company is headquartered in Östervåla, Sweden, and its shares are listed on the Nasdaq Stockholm.

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