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Analyses on Hamat (4)
- March 31, 2026March 31, 2026
- Follow-up
Hamat 2025: How Much the Real Estate Cushion Is Worth and How Much of It Is Actually Accessible
Hamat has a real real-estate cushion, but most of the support still sits in gross fair value and in a longer planning path rather than in cash that is immediately accessible to shareholders.

- Follow-up
Hamat 2025: Where EBITDA Goes Before It Becomes Cash
In Hamat’s 2025, reported EBITDA looks strong, but real cash flexibility remains far narrower because almost one-third of EBITDA is an IFRS 16 lease effect and the remaining path is then absorbed by tax, interest, leases, debt paydown, and dividends.

- Follow-up
Hamat 2025: What Really Happened in Kitchens After the KLÖSS Exit
The kitchens segment went through a harsh customer-mix reset in 2025: private retail filled part of the hole, but Formex still has not proved it can replace KLÖSS with similar economics.

Hamat 2025: Retail Rebounded, but Kitchens and Cash Still Need to Prove Themselves
Hamat exited 2025 with a clear operating recovery in retail and wholesale, but kitchens still have not proved a stable earnings model and cash flexibility remains tight even in a stronger year.














