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Kakel Max (KAKEL) investor relations material
Kakel Max Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Net sales increased by 18% year-over-year to 36,672 tkr in Q3 2025, outpacing both the previous quarter and industry averages.
Net result after tax improved to -667 tkr from -2,050 tkr in Q3 2024, reflecting ongoing recovery from industry downturn.
Growth driven by investments in new flagship store, upgraded systems, and process efficiencies.
Market conditions are improving, with industry data and import statistics supporting a positive outlook.
Financial highlights
Q3 2025 net sales: 36,672 tkr (Q3 2024: 31,036 tkr); 9M 2025: 123,086 tkr (9M 2024: 106,328 tkr).
Q3 2025 net result after tax: -667 tkr (Q3 2024: -2,050 tkr); 9M 2025: -2,440 tkr (9M 2024: -2,434 tkr).
Q3 2025 EBIT: -326 tkr (Q3 2024: -1,876 tkr); EBIT margin: -0.9% (Q3 2024: -6%).
Cash flow from operations in Q3: -1,710 tkr (Q3 2024: 1,171 tkr).
Net debt at period end: 16,971 tkr (Q3 2024: 10,463 tkr); equity ratio: 52.1% (Q3 2024: 57.1%).
Outlook and guidance
Continued strong sales growth expected in Q4 2025 and into 2026, supported by industry trends and internal investments.
Lower interest rates and fiscal policy changes are anticipated to further boost demand.
Management remains confident in further improvements in both sales and profitability.
How do investments improve Q4/2026 operating result?
Detail Q3 net debt and short-term liability drivers
Explain the Q3 investing cash flow swing
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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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