Kakel Max (KAKEL) Q3 2025 earnings summary

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.