Reported Earnings • May 24
First quarter 2026 earnings released: kr0.12 loss per share (vs kr0.13 loss in 1Q 2025) First quarter 2026 results: kr0.12 loss per share (improved from kr0.13 loss in 1Q 2025). Revenue: kr45.0m (up 10.0% from 1Q 2025). Net loss: kr353.0k (loss narrowed 9.0% from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Announcement • Apr 18
Kakel Max AB (publ), Annual General Meeting, May 20, 2026 Kakel Max AB (publ), Annual General Meeting, May 20, 2026, at 14:00 W. Europe Standard Time. Location: landahl advokatbyra ab, radmansgatan 40, 4th floor, stockholm Sweden Reported Earnings • Mar 02
Full year 2025 earnings released: kr0.46 loss per share (vs kr1.81 loss in FY 2024) Full year 2025 results: kr0.46 loss per share (improved from kr1.81 loss in FY 2024). Revenue: kr177.7m (up 24% from FY 2024). Net loss: kr1.41m (loss narrowed 74% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 18
Third quarter 2025 earnings released: kr0.22 loss per share (vs kr0.68 loss in 3Q 2024) Third quarter 2025 results: kr0.22 loss per share (improved from kr0.68 loss in 3Q 2024). Revenue: kr37.3m (up 20% from 3Q 2024). Net loss: kr667.0k (loss narrowed 68% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 03
Second quarter 2025 earnings released: kr0.46 loss per share (vs kr0.16 loss in 2Q 2024) Second quarter 2025 results: kr0.46 loss per share (further deteriorated from kr0.16 loss in 2Q 2024). Revenue: kr46.3m (up 15% from 2Q 2024). Net loss: kr1.38m (loss widened 182% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Reported Earnings • May 22
First quarter 2025 earnings released: kr0.13 loss per share (vs kr0.035 profit in 1Q 2024) First quarter 2025 results: kr0.13 loss per share (down from kr0.035 profit in 1Q 2024). Revenue: kr41.6m (up 19% from 1Q 2024). Net loss: kr388.0k (down 470% from profit in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Announcement • Apr 23
Kakel Max AB (publ), Annual General Meeting, May 22, 2025 Kakel Max AB (publ), Annual General Meeting, May 22, 2025, at 14:00 W. Europe Standard Time. Location: at landahl advokatbyra ab, radmansgatan 40,4th floor, stockholm Sweden Reported Earnings • Nov 18
Third quarter 2024 earnings released: kr0.67 loss per share (vs kr0.13 profit in 3Q 2023) Third quarter 2024 results: kr0.67 loss per share (down from kr0.13 profit in 3Q 2023). Revenue: kr31.9m (down 4.3% from 3Q 2023). Net loss: kr2.05m (down kr2.44m from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. New Risk • Sep 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 8.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 25% per year over the past 5 years. Market cap is less than US$10m (kr37.1m market cap, or US$3.60m). Minor Risk Share price has been volatile over the past 3 months (8.4% average weekly change). Reported Earnings • Aug 29
Second quarter 2024 earnings released: kr0.16 loss per share (vs kr0.054 loss in 2Q 2023) Second quarter 2024 results: kr0.16 loss per share (further deteriorated from kr0.054 loss in 2Q 2023). Revenue: kr41.0m (down 5.1% from 2Q 2023). Net loss: kr490.0k (loss widened 201% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Reported Earnings • May 23
First quarter 2024 earnings released: EPS: kr0.03 (vs kr0.56 in 1Q 2023) First quarter 2024 results: EPS: kr0.03 (down from kr0.56 in 1Q 2023). Revenue: kr35.6m (down 14% from 1Q 2023). Net income: kr105.0k (down 94% from 1Q 2023). Profit margin: 0.3% (down from 4.1% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: kr0.28 (vs kr1.76 in FY 2022) Full year 2023 results: EPS: kr0.28 (down from kr1.76 in FY 2022). Revenue: kr158.0m (down 10% from FY 2022). Net income: kr848.0k (down 84% from FY 2022). Profit margin: 0.5% (down from 3.0% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: kr0.13 (vs kr0.65 in 3Q 2022) Third quarter 2023 results: EPS: kr0.13 (down from kr0.65 in 3Q 2022). Revenue: kr34.2m (down 15% from 3Q 2022). Net income: kr390.0k (down 80% from 3Q 2022). Profit margin: 1.1% (down from 4.9% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 18% per year. New Risk • Nov 19
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.6% Last year net profit margin: 2.4% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 4.3% per year over the past 5 years. Market cap is less than US$10m (kr41.0m market cap, or US$3.90m). Minor Risk Profit margins are more than 30% lower than last year (1.6% net profit margin). Reported Earnings • Aug 30
Second quarter 2023 earnings released: kr0.05 loss per share (vs kr0.41 profit in 2Q 2022) Second quarter 2023 results: kr0.05 loss per share (down from kr0.41 profit in 2Q 2022). Revenue: kr43.8m (down 11% from 2Q 2022). Net loss: kr163.0k (down 113% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • May 30
First quarter 2023 earnings released: EPS: kr0.56 (vs kr0.45 in 1Q 2022) First quarter 2023 results: EPS: kr0.56 (up from kr0.45 in 1Q 2022). Revenue: kr42.1m (up 1.4% from 1Q 2022). Net income: kr1.69m (up 25% from 1Q 2022). Profit margin: 4.0% (up from 3.3% in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Reported Earnings • Feb 25
Full year 2022 earnings released: EPS: kr1.76 (vs kr0.46 in FY 2021) Full year 2022 results: EPS: kr1.76 (up from kr0.46 in FY 2021). Revenue: kr178.9m (up 18% from FY 2021). Net income: kr5.36m (up 286% from FY 2021). Profit margin: 3.0% (up from 0.9% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Reported Earnings • Dec 02
Third quarter 2022 earnings released: EPS: kr0.65 (vs kr0.22 in 3Q 2021) Third quarter 2022 results: EPS: kr0.65 (up from kr0.22 in 3Q 2021). Revenue: kr41.0m (up 21% from 3Q 2021). Net income: kr1.99m (up 200% from 3Q 2021). Profit margin: 4.8% (up from 2.0% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Chairman of the Board Maria Wideroth was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 02
Second quarter 2022 earnings released: EPS: kr0.41 (vs kr0.45 in 2Q 2021) Second quarter 2022 results: EPS: kr0.41 (down from kr0.45 in 2Q 2021). Revenue: kr49.9m (up 19% from 2Q 2021). Net income: kr1.23m (down 10% from 2Q 2021). Profit margin: 2.5% (down from 3.3% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Reported Earnings • May 27
First quarter 2022 earnings released: EPS: kr0.45 (vs kr0.068 loss in 1Q 2021) First quarter 2022 results: EPS: kr0.45 (up from kr0.068 loss in 1Q 2021). Revenue: kr42.2m (up 25% from 1Q 2021). Net income: kr1.36m (up kr1.56m from 1Q 2021). Profit margin: 3.2% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 25
Investor sentiment improved over the past week After last week's 21% share price gain to kr23.40, the stock trades at a trailing P/E ratio of 51.2x. Average trailing P/E is 20x in the Trade Distributors industry in Sweden. Total returns to shareholders of 73% over the past three years. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Chairman of the Board Maria Wideroth was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 28
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: kr0.46 (down from kr2.46 in FY 2020). Revenue: kr153.7m (up 8.1% from FY 2020). Net income: kr1.39m (down 81% from FY 2020). Profit margin: 0.9% (down from 5.3% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Reported Earnings • Dec 02
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: kr0.22 (down from kr1.24 in 3Q 2020). Revenue: kr34.4m (up 25% from 3Q 2020). Net income: kr663.0k (down 82% from 3Q 2020). Profit margin: 1.9% (down from 14% in 3Q 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Sep 03
Second quarter 2021 earnings released The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: kr42.8m (up 9.6% from 2Q 2020). Net income: kr1.37m (down 37% from 2Q 2020). Profit margin: 3.2% (down from 5.6% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 30
First quarter 2021 earnings released: kr0.07 loss per share (vs kr0.87 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: kr34.6m (down 17% from 1Q 2020). Net loss: kr208.0k (down 108% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improved over the past week After last week's 17% share price gain to kr22.20, the stock is trading at a trailing P/E ratio of 9x, up from the previous P/E ratio of 7.7x. This compares to an average P/E of 28x in the Trade Distributors industry in Sweden. Total returns to shareholders over the past three years are 26%. Is New 90 Day High Low • Mar 05
New 90-day low: kr19.00 The company is down 24% from its price of kr25.00 on 04 December 2020. The Swedish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Trade Distributors industry, which is up 22% over the same period. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 19% share price decline to kr19.90, the stock is trading at a trailing P/E ratio of 6.2x, down from the previous P/E ratio of 7.6x. This compares to an average P/E of 27x in the Trade Distributors industry in Sweden. Total returns to shareholders over the past three years are 22%. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improved over the past week After last week's 18% share price gain to kr22.60, the stock is trading at a trailing P/E ratio of 7x, up from the previous P/E ratio of 5.9x. This compares to an average P/E of 27x in the Trade Distributors industry in Sweden. Total returns to shareholders over the past three years are 39%. Is New 90 Day High Low • Jan 22
New 90-day low: kr20.60 The company is down 26% from its price of kr28.00 on 23 October 2020. The Swedish market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Trade Distributors industry, which is up 17% over the same period. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment deteriorated over the past week After last week's 25% share price decline to kr20.80, the stock is trading at a trailing P/E ratio of 6.4x, down from the previous P/E ratio of 8.6x. This compares to an average P/E of 24x in the Trade Distributors industry in Sweden. Total returns to shareholders over the past three years are 4.0%. Reported Earnings • Nov 28
Third quarter 2020 earnings released: EPS kr1.24 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: kr31.1m (down 9.1% from 3Q 2019). Net income: kr3.77m (up 177% from 3Q 2019). Profit margin: 12% (up from 4.0% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 12
Market bids up stock over the past week After last week's 17% share price gain to kr29.20, the stock is trading at a trailing P/E ratio of 12x, up from the previous P/E ratio of 10.3x. This compares to an average P/E of 23x in the Trade Distributors industry in Sweden. Total returns to shareholders over the past three years are 80%. Is New 90 Day High Low • Oct 09
New 90-day high: kr28.20 The company is up 96% from its price of kr14.40 on 10 July 2020. The Swedish market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 21% over the same period. Is New 90 Day High Low • Sep 24
New 90-day high: kr24.00 The company is up 75% from its price of kr13.70 on 26 June 2020. The Swedish market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 22% over the same period. 
