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Kamux (KAMUX) investor relations material
Kamux Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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.
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