Kamux (KAMUX) investor relations material

Executive summary

• Adjusted operating profit rose 8.2% to EUR 2.9 million in Q2 despite an 18.7% revenue decline, driven by a 22.5% drop in cars sold and a focus on profitability over volume.

• Gross profit per car increased 25% to EUR 1,815, and operating cash flow improved to EUR 14.3 million due to lower inventory.

• Market conditions were flat or negative, with consumer-to-consumer sales driving slight growth in Finland and Sweden, while economic uncertainty and competition persisted.

• Finland achieved a turnaround in profitability, Sweden showed improvement but remained negative, and Germany is undergoing a strategic restart.

• Customer satisfaction remained strong with a group-level NPS of 58.

Financial highlights

• Q2 2025 revenue was EUR 205.5 million, down 18.7% year-over-year; adjusted EBIT margin improved to 1.4% from 1.1%.

• Gross profit per car increased by 25% year-over-year; gross margin rose to 11.7% from 9.8%.

• Operating cash flow for H1 was EUR 14.3 million, up EUR 28 million from the previous year.

• Return on equity (ROE) was -0.6% (7.8% in Q2 2024); equity ratio improved to 48.6% (45.0%).

• Revenue from integrated services was EUR 13.0 million, 6.3% of total revenue (up from 5.4%).

Outlook and guidance

• Adjusted operating profit for 2025 is expected to improve from the previous year.

• Long-term targets include 100,000 cars sold, EUR 1.5 billion revenue, 4% adjusted EBIT margin, NPS 60, and eNPS 40.

• Confidence in full-year guidance is based on simulations of volume, gross profit per car, integrated services penetration, and operational cost management.

• Dividend of up to EUR 0.07 per share authorized, subject to board approval.

• Expect continued pressure on top line and volumes in H2, but profitability per car is set to improve.