Kamux Corporation | Half-Year Financial Report | August 12, 2025 at 09:00:00 EEST
This is a summary of Kamux Corporation's Half-Year Financial Report for January 1- June 30, 2025. The complete report is attached to this release and is also available at the company website at www.kamux.com
The figures in parentheses refer to the comparison period, i.e., the same period in the previous year, unless stated otherwise.
April-June 2025
- Revenue decreased by 18.7%, totaling EUR 205.5 million (252.6)
- Gross profit decreased by 2.9% to EUR 24.0 million (24.7), or 11.7% (9.8) of revenue
- Adjusted operating profit (EBIT) increased by 8.2% to EUR 2.9 million (2.7), or 1.4% (1.1) of revenue
- Operating profit (EBIT) decreased by 17.0% to EUR 1.7 million (2.1), or 0.8% (0.8) of revenue
- The number of cars sold decreased by 22.5% to 13,208 cars (17,037)
- Basic and diluted earnings per share were EUR 0.00 (0.00)
January-June 2025
- Revenue decreased by 11.2%, totaling EUR 438.1 million (493.4)
- Gross profit decreased by 14.2% to EUR 42.1 million (49.0), or 9.6% (9.9) of revenue
- Adjusted operating profit (EBIT) decreased by 82.4% to EUR 0.9 million (5.4), or 0.2% (1.1) of revenue
- Operating result (EBIT) decreased by 120.5% to EUR -0.9 million (4.4), or -0.2% (0.9) of revenue
- The number of cars sold decreased by 15.9% to 27,902 cars (33,174)
- Basic and diluted earnings per share were EUR -0.10 (0.03)
Key Figures
| EUR million | 4-6/2025 | 4-6/2024 | Change, % | 1-6/2025 | 1-6/2024 | Change, % | 1-12/2024 |
| Revenue | 205.5 | 252.6 | -18.7% | 438.1 | 493.4 | -11.2% | 1,010.2 |
| Gross profit | 24.0 | 24.7 | -2.9% | 42.1 | 49.0 | -14.2% | 96.8 |
| as percentage of revenue, % | 11.7% | 9.8% | 9.6% | 9.9% | 9.6% | ||
| Operating result (EBIT) | 1.7 | 2.1 | -17.0% | -0.9 | 4.4 | -120.5% | 7.9 |
| as percentage of revenue, % | 0.8% | 0.8% | -0.2% | 0.9% | 0.8% | ||
| Adjusted operating profit* | 2.9 | 2.7 | 8.2% | 0.9 | 5.4 | -82.4% | 11.6 |
| as percentage of revenue, % | 1.4% | 1.1% | 0.2% | 1.1% | 1.1% | ||
| Revenue from integrated services | 13.0 | 13.6 | -4.0% | 26.2 | 26.9 | -2.6% | 55.2 |
| as percentage of revenue, % | 6.3% | 5.4% | 6.0% | 5.5% | 5.5% | ||
| Number of cars sold | 13,208 | 17,037 | -22.5% | 27,902 | 33,174 | -15.9% | 66,548 |
| Gross profit per sold car, EUR | 1,815 | 1,449 | 25.3% | 1,509 | 1,478 | 2.1% | 1,454 |
| Net debt | 61.6 | 75.8 | -18.7% | 74.2 | |||
| Inventories | 123.3 | 140.1 | -12.0% | 131.0 | |||
| Inventory turnover, days | 54.1 | 53.1 | 2.1% | 55.4 | |||
| Capital expenditures | 2.8 | 0.6 | 404.7% | 3.9 | 1.8 | 118.8% | 4.3 |
| Average number of employees during the period | 838 | 906 | -7.5% | 904 | |||
| Return on equity (ROE), % | -0.6% | 7.8% | 4.3% | ||||
| Return on investment (ROI), % | 1.7% | 6.0% | 3.9% | ||||
| Equity ratio, % | 48.6% | 45.0% | 48.0% | ||||
| Earnings per share, basic and diluted, EUR | 0.00 | 0.00 | -46.7% | -0.10 | 0.03 | -383.6% | 0.12 |
*) Operating result adjusted for special items related to strategic planning, legal processes, own real estate operations and other items, totaling EUR 1.1 million for 4-6/2025 and EUR 1.8 million for 1-6/2025 (4-6/2024: EUR 0.6 million, 1-6/2024: EUR 1.0 million and 1-12/2024: EUR 3.6 million).
CEO Tapio Pajuharju:
"The car business remained challenging in all our operating countries in the second quarter of 2025. In Finland, the total market for used cars grew, but the growth came from consumer-to-consumer trade. In Sweden, the market declined and in Germany, sales volumes were at the same level as in the comparison period. Economic uncertainty weighed on consumer confidence in all operating countries, and demand continued to be focused on affordable combustion engine cars. Competition remained intense, and continued weak sales of new cars also kept the purchasing market tight. In Finland and Sweden, used car prices fell, while in Europe, and especially in Germany, they rose, which caused challenges in international sourcing.
At Kamux, we focused decisively on the basics and profitable business. Our main focus was on improving profitability through a selection attractive to consumers, active inventory management and pricing measures. In Finland, we succeeded in this, although the measures taken at the beginning of the year to manage inventory still weighed on profitability. In Sweden, we made progress in the right direction and improved the margin per car. In Germany, sales volume remained low, and the result for the quarter was disappointing.
Our strong focus on healthier and more profitable business weighed on our volumes significantly, and at Group level we fell short of approximately 3,800 cars compared to the comparison period. Approximately one fifth of this was due to a smaller number of showrooms in Sweden and Germany than in the comparison period.
In terms of revenue, we were behind the comparison period at Group level, as revenue decreased in all operating countries due to the lower number of cars sold. In Finland, we have systematically adjusted our inventory to focus more on lower-priced cars that are in demand. Revenue from integrated services decreased slightly due to the lower number of cars sold. Demand for Kamux Plus developed positively. Margin per car developed favorably in all operating countries, and gross profit was almost at the level of the comparison period. Gross margin developed positively in all operating countries. The Group's adjusted operating profit increased to EUR 2.9 million (EUR 2.7 million) in the second quarter, which was an important step in the right direction. Operating cash flow improved significantly during the first half of the year as a result of active inventory management and was EUR 14.3 million (EUR -14.2 million).
The Group-wide efficiency program that we started at the beginning of the year is yielding results, and our profitability is developing in the right direction. Systematic data-based pricing in purchasing and sales as well as centralized management of the car selection and inventory are already working well in Finland. We have also made progress in the right direction in Sweden, and work has been started in Germany. Enhancing the steering capabilities of the KMS system is also progressing well.
Our customer satisfaction has remained at a good level: the Group's NPS was 58 in the second quarter and 59 in Finland. This means that we are quite close to our long-term target of 60. In June, Kamux Finland responded to the Consumer and Competition Authority's enquiry regarding the feedback received by the Consumer Ombudsman and Consumer Advice in 2025 related to Kamux. We welcome any clarifications from the authority regarding the interpretation of the Consumer Protection Act, as there is still a lot of room for interpretation in the assessment of product errors. In line with our strategy, we continue to invest in improving customer experience and developing the showroom network.
I would like to thank the entire Kamux team for the good work in a challenging market. We have taken steps forward in all our markets. I also want to thank all our customers and partners, with whom our cooperation has continued to be good and constructive."
Outlook for the year 2025
Kamux expects its adjusted operating profit for 2025 to improve from the previous year.
Significant events after the reporting period
On July 2, 2025, Kamux announced that Marcus Mezödi had be appointed as Kamux Germany's Managing Director and a member of the Group Management Team. Mezödi assumed his duties at Kamux on July 2, 2025. Martin Verrelli, Kamux Germany's Managing Director and a member of the Group Management Team, left Kamux on July 1, 2025.
Financial reporting in 2025
The publication schedule for Kamux Corporation's financial reporting in 2025 is as follows:
- Interim Report for January-September 2025 November 11, 2025
News conference
News conference for investors, analysts and media will be held today, Tuesday, August 12, 2025, at Sanomatalo, Flik Studio Eliel, 1st floor, Töölönlahdenkatu 2, Helsinki at 11:00 EET. CEO Tapio Pajuharju and CFO Enel Sintonen will present the Half Year Report.
The conference can be followed as a live webcast at https://kamux.events.inderes.com/q2-2025
Participation by conference call:
You can access the teleconference by registering on the link below. After the registration you will be provided phone numbers and a conference ID to access the conference. If you wish to ask a question, please dial *5 on your telephone keypad to enter the queue.
https://palvelu.flik.fi/teleconference/?id=50051405
For more information, please contact:
Tapio Pajuharju, CEO, tel. +358 50 577 4200
Enel Sintonen, CFO, tel. +358 40 579 3457
Katariina Hietaranta, Head of Communications, Sustainability & Investor relations tel. +358 10 420 8831
Kamux Corporation
Communications
Kamux is a retail chain specialized in used cars and related integrated services. Kamux combines online shopping with an extensive showroom network to provide its customers with a great service experience anytime, anywhere. In addition to digital channels, the company has a total of 68 car showrooms in Finland, Sweden and Germany. Since its founding in Hämeenlinna, Finland, in 2003 the company has sold almost 600,000 used cars, 66,548 of which were sold in 2024. Kamux's revenue in 2024 was EUR 1,010 million and its average number of employees was 904 in terms of full-time equivalent employees. Kamux Corporation is listed on Nasdaq Helsinki Ltd. For more information, please visit www.kamux.com
