Kakel Max (KAKEL) investor relations material

Executive summary

• Net sales for Q2 2026 increased by 1.2% year-over-year to 46,120 tkr, with H1 sales up 4.8% to 90,588 tkr.

• Operating result improved to -555 tkr from -1,165 tkr in Q2 2025; H1 operating result at -682 tkr versus -2,421 tkr last year.

• Result after tax for Q2 was -688 tkr, an improvement from -1,384 tkr year-over-year.

• Growth slowed compared to early 2026, but positive signals seen in both consumer and professional segments.

Financial highlights

• Gross margin improved as cost of goods sold decreased to 30,072 tkr from 31,616 tkr in Q2 2025.

• Cash flow from operations in Q2 was 3,021 tkr, slightly down from 3,548 tkr last year.

• Net debt reduced to 4,950 tkr from 14,539 tkr year-over-year.

• Inventory increased to 38,275 tkr from 33,630 tkr, impacting cash flow.

• Liquidity at period end was 3,116 tkr, down from 3,915 tkr.

Outlook and guidance

• Management expects continued market uncertainty and regional variation for the remainder of 2026.

• Focus remains on sales growth, improved profitability, and cash flow, with ongoing efficiency measures.

• Improved interest rate environment and household economic measures could support demand.