# Kakel Max

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/en/companies/kakelmax).

## Overview

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.

## Products & services

• Ceramic wall and floor tiles
• Klinker and other tile products
• Bathroom and interior design products
• Store-based tile retail and showroom sales
• Product sourcing and distribution

- **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.

- Ceramic wall and floor tiles
- Klinker and other tile products
- Bathroom and interior design products
- Store-based tile retail and showroom sales
- Product sourcing and distribution

## 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.

- **Private renovation customers** (primary) — Homeowners and consumers buying tiles and bathroom products for renovation projects.
- **Professional installers and builders** (secondary) — Trades and contractors sourcing tiles and related materials for customer projects.
- **Small project and design customers** (secondary) — Customers using showrooms and design support to select products for interior projects.

- Homeowners renovating bathrooms and interiors
- Consumers buying tiles through retail stores
- Builders and installers needing tile supply
- Small project customers seeking showroom advice
- Buyers looking for imported tile assortments

## 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.

- **Sweden** (100%) — Reports state all revenue is attributable to Sweden.

- 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

## 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.

- **Strengthen the store and showroom network** (short-term) — Physical presence is central to tile sales and customer advice.
- **Improve sourcing and supply flexibility** (short-term) — Tiles are imported and supply disruptions can affect availability and margins.
- **Capture a market recovery in renovation and housing** (medium-term) — Demand is tied to Swedish construction, renovation, and consumer confidence.

- Invest in stores and customer-facing capabilities
- Broaden assortment to capture renovation demand
- Maintain sourcing flexibility across suppliers
- Use showroom presence to support conversion
- Position for a housing and renovation recovery

## 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 demand** [high] — Tile sales depend on consumer renovation activity and new construction.
- **Foreign exchange exposure on imported goods** [high] — The company imports tiles and related products, making euro movements important.
- **Supplier and logistics disruption** [medium] — Unique products or integrated logistics partners can create supply bottlenecks.
- **Policy dependence on ROT and construction activity** [medium] — Demand is partly linked to government incentives and new-build trends.
- **Lease and fixed-cost exposure from store network** [medium] — Retail locations require ongoing lease commitments regardless of sales swings.

- Swedish housing and renovation demand is cyclical
- Euro/SEK moves affect imported product costs
- Supplier or logistics disruptions can interrupt supply
- ROT policy and new-build activity influence demand
- Store leases create fixed-cost exposure

## Accounting

The most important accounting judgments are goodwill impairment testing, lease accounting, and estimates tied to store-related right-of-use assets. Because the group has seasonal retail demand and a store-based cost structure, revenue and operating results can vary materially across quarters, while lease liabilities and depreciation affect reported leverage and earnings.

- **Goodwill impairment testing** — Can materially affect reported equity and earnings if assumptions weaken
- **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

- Goodwill impairment depends on cash flow and discount-rate assumptions
- IFRS 16 lease accounting affects debt, depreciation, and interest
- Seasonality makes quarterly comparisons less comparable
- Store leases drive right-of-use assets and lease liabilities
- Estimates for impairment and useful lives can move earnings

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*Last updated: 2026-08-11T04:04:53.662147+00:00*