Cyclical Swedish renovation and housing demand
Tile sales depend on consumer renovation activity and new construction.
- Scope
- Revenue and store traffic
- Materiality
- high
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.
| % | |
|---|---|
| Tiles and klinker | 75% Ceramic wall and floor tiles and related tile products sold to retail and project customers. |
| Bathroom and interior products | 15% Complementary products used in bathroom and interior renovation projects. |
| Retail showroom sales | 10% In-store sales and advice through Kakel & Design locations. |
Kakel Max sells primarily to Swedish consumers and renovation customers who buy tiles and related products for...
- Private renovation customersprimary
Homeowners and consumers buying tiles and bathroom products for renovation projects.
- Professional installers and builderssecondary
Trades and contractors sourcing tiles and related materials for customer projects.
- Small project and design customerssecondary
Customers using showrooms and design support to select products for interior projects.
Kakel Max is a Sweden-focused business, with revenue and operations centered in the Swedish market...
- •Revenue is concentrated in Sweden
- •Store and lease footprint is in Swedish cities
- •Demand tracks Swedish renovation and housing activity
- •Imported products create euro exposure
- •Local showroom presence supports regional sales
The group’s strategy centers on strengthening its store network, product assortment, and customer-facing sales...
01
Strengthen the store and showroom networkshort-term
Physical presence is central to tile sales and customer advice.
02
Improve sourcing and supply flexibilityshort-term
Tiles are imported and supply disruptions can affect availability and margins.
03
Capture a market recovery in renovation and housingmedium-term
Demand is tied to Swedish construction, renovation, and consumer confidence.
Kakel Max is exposed to cyclical demand in Swedish construction and renovation markets, so housing activity, consumer...
Foreign exchange exposure on imported goods
The company imports tiles and related products, making euro movements important.
- Scope
- Cost of goods sold
- Materiality
- high
Supplier and logistics disruption
Unique products or integrated logistics partners can create supply bottlenecks.
- Scope
- Product availability
- Materiality
- medium
Policy dependence on ROT and construction activity
Demand is partly linked to government incentives and new-build trends.
- Scope
- Customer demand
- Materiality
- medium
Lease and fixed-cost exposure from store network
Retail locations require ongoing lease commitments regardless of sales swings.
- Scope
- Operating leverage
- Materiality
- medium
Goodwill impairment testing
Can materially affect reported equity and earnings if assumptions weaken
IFRS 16
IFRS 16 lease accounting
Affects leverage, EBITDA-style metrics, and net profit
Seasonality in retail sales
Makes interim results less directly comparable
Inventory and sourcing-related estimates
Can affect gross margin and working capital
: 11/08/2026