Kakel Max (KAKEL) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw a 41% year-over-year increase in net sales to 52,298 tkr, with net income improving to 1,029 tkr from -3,079 tkr in Q4 2024.

• Full-year 2025 net sales rose 22% to 175,384 tkr, with net loss after tax narrowing to -1,411 tkr from -5,513 tkr in 2024.

• Operational investments included a new showroom in Årsta and upgrades to POS and administrative systems.

Financial highlights

• Q4 operating income was 635 tkr (up from -2,787 tkr), with an operating margin of 1.2% (vs. -7.5%).

• Full-year operating income was -2,112 tkr (vs. -4,554 tkr), with an operating margin of -1.2% (vs. -3.2%).

• Cash flow from operations in Q4 was 10,022 tkr (vs. 3,341 tkr), ending cash at 6,717 tkr.

• Net debt decreased to 6,475 tkr from 14,539 tkr year-over-year.

Outlook and guidance

• Management expects improved conditions for 2026 due to lower interest rates and supportive fiscal policy.

• Investments in infrastructure and competence are anticipated to yield returns and added value in 2026.