Kakel Max (KAKEL) investor relations material

Executive summary

• Q3 revenue rose 10.1% YoY to 40,390 tkr; 9M revenue increased 6.4% to 130,978 tkr, with Q3 the strongest growth quarter so far in 2026.

• Sales growth outpaced the market, with tile and floor-tile sales up 15% during the first seven months as Swedish ceramic-tile import volume grew just over 4%.

• Profitability remained below ambition: Q3 operating loss widened to 1,451 tkr and net loss to 1,755 tkr; actions target cost reduction, lower inventory capital and stronger cash flow.

Financial highlights

• Q3 net sales were 40,390 tkr vs 36,672 tkr; 9M sales were 130,978 tkr vs 123,086 tkr.

• Q3 operating loss was 1,451 tkr vs 326 tkr; 9M operating loss narrowed to 2,133 tkr from 2,747 tkr.

• Q3 net loss was 1,755 tkr vs 667 tkr; 9M net loss was 2,796 tkr vs 2,440 tkr. EPS was -0.58 kr for Q3 and -0.92 kr for 9M.

• Q3 gross margin was 30.7% vs 35.4%; 9M gross margin improved to 33.4% from 32.8%.

Outlook and guidance

• Q4 began in line with Q3’s positive sales direction; focus for the rest of 2026 and 2027 is converting growth into better profitability and strengthening cash flow.

• A cost-reduction and inventory-capital program began, with implementation during Q4 and into 2027.

• The market is expected to remain competitive, with significant variation across regions and customer segments.