Kakel Max
Kakel Max AB is a Swedish retail and distribution group focused on tiles, ceramic wall and floor coverings, and related bathroom and interior products. The group operates through Kakel & Design and related businesses, serving customers from physical stores and a broader sales organization in Sweden.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueCeramic wall and floor tiles and related tile products sold to retail and project customers.
Complementary products used in bathroom and interior renovation projects.
In-store sales and advice through Kakel & Design locations.
Customers
Kakel Max sells primarily to Swedish consumers and renovation customers who buy tiles and related products for bathrooms, kitchens, and other interior projects. It also serves builders, installers, and smaller project buyers that need product availability, showroom support, and sourcing across a broad tile assortment.
Homeowners and consumers buying tiles and bathroom products for renovation projects.
Trades and contractors sourcing tiles and related materials for customer projects.
Customers using showrooms and design support to select products for interior projects.
Strategy
The group’s strategy centers on strengthening its store network, product assortment, and customer-facing sales capability so it is positioned to benefit when the Swedish renovation market improves. It also emphasizes maintaining sourcing flexibility and operational readiness across its retail locations, which supports availability and service in a fragmented tile market.
Physical presence is central to tile sales and customer advice.
Tiles are imported and supply disruptions can affect availability and margins.
Demand is tied to Swedish construction, renovation, and consumer confidence.
Geography
Kakel Max is a Sweden-focused business, with revenue and operations centered in the Swedish market. Its store footprint and leasing exposure are concentrated in Swedish cities such as Gävle, Uppsala, Täby, Årsta, Västerås, Värmdö, and Eskilstuna, which makes local housing and renovation activity important to demand.
Risks
Kakel Max is exposed to cyclical demand in Swedish construction and renovation markets, so housing activity, consumer confidence, and policy support such as ROT deductions can materially affect sales. Because it imports a large share of its products, currency movements, supplier concentration, logistics disruptions, and store lease commitments are also important business risks.
- Cyclical Swedish renovation and housing demandImpact: HighLikelihood: High
Tile sales depend on consumer renovation activity and new construction.
Exposure: Revenue and store traffic
- Foreign exchange exposure on imported goodsImpact: HighLikelihood: Medium
The company imports tiles and related products, making euro movements important.
Exposure: Cost of goods sold
- Policy dependence on ROT and construction activityImpact: MediumLikelihood: Medium
Demand is partly linked to government incentives and new-build trends.
Exposure: Customer demand
- Lease and fixed-cost exposure from store networkImpact: MediumLikelihood: Medium
Retail locations require ongoing lease commitments regardless of sales swings.
Exposure: Operating leverage
- Supplier and logistics disruptionImpact: MediumLikelihood: Low
Unique products or integrated logistics partners can create supply bottlenecks.
Exposure: Product availability
Accounting
Judgemental itemsThe company discloses annual impairment testing using cash flow, margin, and discount-rate assumptions.
Impact: Can materially affect reported equity and earnings if assumptions weaken
Store leases create right-of-use assets, lease liabilities, depreciation, and interest expense.
Impact: Affects leverage, EBITDA-style metrics, and net profit
Quarterly revenue and profitability can vary with renovation activity and weather-related demand patterns.
Impact: Makes interim results less directly comparable
Imported tile assortments and supplier relationships can create valuation and obsolescence considerations.
Impact: Can affect gross margin and working capital
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Last updated: 24/09/2026