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Kakel Max (KAKEL) investor relations material
Kakel Max Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue grew by 9% year-over-year in Q1 2026, indicating continued but slower growth after a strong Q4 2025 (+41%).
Operating result improved to -126 tkr from -1,256 tkr in Q1 2025; net result after tax was -353 tkr versus -388 tkr last year.
Investments in stores and digital systems are showing positive effects, strengthening competitiveness and market share.
Market recovery is ongoing, with the company outperforming general market growth in building ceramics.
Financial highlights
Net sales reached 44,468 tkr, up from 40,855 tkr in Q1 2025.
Operating margin improved to -0.3% from -3.1% year-over-year.
Cash flow from operations was -574 tkr, down from -17 tkr in Q1 2025.
Net debt decreased to 7,881 tkr from 16,489 tkr year-over-year.
Equity ratio increased to 51.9% from 50.7% year-over-year.
Outlook and guidance
Gradual improvement in interest rates and fiscal measures are expected to support demand.
Continued investments in store network and digitalization are anticipated to enhance efficiency and profitability over time.
Positive signals for the remainder of 2026, though market uncertainty persists across segments and regions.
- Strong Q4 sales growth and improved profitability signal a positive turnaround.KAKEL
Q4 202525 Feb 2026 - Q3 2025 saw 18% sales growth, margin improvement, and a positive outlook for continued recovery.KAKEL
Q3 202514 Nov 2025 - Sales rose 13% in Q2 2025, but losses deepened as investments and weak margins persisted.KAKEL
Q2 202528 Aug 2025 - Q3 loss driven by weak sales and one-off costs, with new stores targeting recovery.KAKEL
Q3 202413 Jun 2025 - Sales fell 11% and losses widened as market weakness and one-off costs weighed on results.KAKEL
Q2 202413 Jun 2025 - Full-year net loss driven by weak sales and restructuring, with gradual recovery expected.KAKEL
Q4 20249 Jun 2025 - Sales up 17% but Q1 loss deepens; outlook improves as market stabilizes.KAKEL
Q1 20255 Jun 2025
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