Kakel Max (KAKEL) Q2 2025 earnings summary

Executive summary

• Net sales increased by 13% year-over-year to 45,559 tkr in Q2 2025, despite a challenging market.

• Net result after tax was -1,384 tkr, a decline from -490 tkr in Q2 2024.

• Ongoing investments in stores and systems are expected to position the group for future market recovery.

• Market stabilization and positive sales trends are observed in both professional and consumer segments.

Financial highlights

• Q2 2025 net sales: 45,559 tkr (Q2 2024: 40,276 tkr); H1 2025: 86,414 tkr (H1 2024: 75,293 tkr).

• Q2 2025 net result after tax: -1,384 tkr (Q2 2024: -490 tkr); H1 2025: -1,773 tkr (H1 2024: -385 tkr).

• Operating result Q2 2025: -1,165 tkr (Q2 2024: -253 tkr); margin -2.6% (Q2 2024: -0.6%).

• Cash flow from operations Q2 2025: 3,548 tkr (Q2 2024: 2,643 tkr).

• Net debt at period end: 14,208 tkr (Q2 2024: 7,239 tkr).

Outlook and guidance

• Market shows signs of stabilization and potential for growth in the second half of 2025.

• Renovation market expected to outperform new construction, benefiting the group.

• Anticipation of improved results in H2 2025, supported by higher ROT tax deductions and macroeconomic factors.