TKM Grupp's profit growth turned negative again in the second quarter of 2026, despite positive signs in the first quarter.

Revenue trends across business segments in the second quarter of 2026 were very similar to those in the first quarter. The car trade segment remained the main growth driver, with revenue increasing by 69% YoY, while the supermarkets segment had the largest negative impact on overall performance, with revenue declining by 6% YoY. Overall, the Group's revenue grew by 10% YoY in the second quarter.

Results by segments, 2026 Q2

However, profit failed to keep pace with revenue growth in the second quarter. Operating profit declined by 2% and net profit fell by 7% compared with the same period last year. Although operating expenses grew more slowly than revenue during the quarter, margins came under pressure as the cost of merchandise increased by 12% YoY.

Despite the weaker second quarter, profit performance for the first half of 2026 remained positive. During the first six months of the year, the company generated operating profit of €13.7M, up 5% from the same period a year earlier. In the first half of last year, the company reported almost no net profit, whereas this year net profit reached €1.4M. Nevertheless, even this level of first-half net profit remains relatively weak when viewed in the context of the company's historical performance.

Operating profit

Free cash flow over the last 12 months remained negative due to CAPEX made in the first quarter. In the second quarter, funds from operations declined by 7% YoY, while higher working capital requirements placed additional pressure on cash flows.

Free cash flow