TKM Grupp
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TKM Grupp (TKM1T) investor relations material

TKM Grupp Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary16 Jan, 2026

Executive summary

  • Sales revenue for 2025 was €919.6 million, down 2.6% year-over-year, with Q4 revenue at €239.2 million, a 6.8% decrease from Q4 2024.

  • Net profit for 2025 was €17.5 million, a 36.2% decline year-over-year; Q4 net profit was €9.3 million, down 11.3% from Q4 2024.

  • All business segments were profitable in Q4, but only the department stores segment posted a slight annual loss.

  • The car segment was most affected by the new Estonian motor vehicle tax, with car sales in Estonia dropping 48.6% for the year.

  • Cost control and internal efficiency measures helped maintain profitability despite declining sales volumes.

Financial highlights

  • EBITDA for 2025 was €77.4 million, down 14.7% year-over-year; Q4 EBITDA was €21.6 million, a 23.3% decrease.

  • Operating profit for 2025 was €34.9 million, down 26.6% year-over-year; Q4 operating profit was €11.0 million, down 33.6%.

  • Earnings per share for 2025 were €0.43, compared to €0.67 in 2024.

  • Gross profit margin for 2025 was 27.69%, up from 27.50% in 2024.

  • Total assets at year-end were €698.0 million, a 1.3% decrease from 2024.

Outlook and guidance

  • Economic growth in Estonia is expected to accelerate to 3.6% in 2026, with improved consumer purchasing power due to tax changes and lower inflation.

  • The car market recovery is uncertain due to ongoing debate about the motor vehicle tax; postponement of purchases may continue in 2026.

  • New store openings and expansions are planned for 2026, including a new Selver in Pärnu and Laulasmaa Selver expansion.

Car segment growth strategy for 2026
Recurring profit drivers for 2026
Retail segments' adaptation to consumer caution
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Frequently asked questions

TKM Grupp AS, previously known as Tallinna Kaubamaja Grupp AS, operates a diverse range of businesses primarily in Estonia, Latvia, and Lithuania. The company’s operations are structured into several key segments, including supermarkets, department stores, car trade, security services, and real estate. Under the supermarket segment, it manages the Selver and Delice chains, as well as the e-Selver online store. The department store segment includes a variety of retail products, from fashion to household items. The car trade division sells a range of vehicles under brands like KIA, Opel, and Cadillac. Additionally, TKM Grupp is involved in providing security services, financial products, and real estate management, including leasing commercial spaces. The company is headquartered in Tallinn, Estonia, and its shares are listed on the Nasdaq Tallinn.

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