Kakel Max (KAKEL) Q1 2026 earnings summary

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.