TKM Grupp (TKM1T) Q2 2025 earnings summary

Executive summary

• Revenue for Q2 2025 was €232.8m, down 1.9% year-over-year; H1 2025 revenue was €447.8m, down 2.4% year-over-year.

• Net profit for Q2 2025 was €6.6m, a 32.7% decrease year-over-year; H1 2025 net profit was €0.1m, impacted by a €2.5m negative tax effect.

• Challenging economic conditions, tax increases, and cautious consumer spending affected results, especially in the car segment.

• EBITDA for H1 2025 was €34.4m, the fourth highest on record, despite lower net profit.

• Dividend of €0.65 per share was paid, totaling €26.5m.

Financial highlights

• Gross profit margin for H1 2025 was 27.41%, up slightly from 27.29% in H1 2024.

• Operating profit for H1 2025 was €13.0m, down 31.4% year-over-year.

• Earnings per share for H1 2025 was €0.00, compared to €0.21 in H1 2024.

• Total assets at 30 June 2025 were €667.8m, a 6.9% decrease from year-end 2024.

• Staff costs rose 5.2% year-over-year, with average employees up 0.3%.

Outlook and guidance

• Economic growth in Estonia is forecast at 1.5% for 2025, with 2–3% growth expected in subsequent years.

• Inflation is expected to average 5.2–5.5% in 2025, driven by tax increases and higher food and transport prices.

• Purchasing power is expected to improve in 2026 as tax burdens ease and inflation slows.