Kamux (KAMUX) Q2 2026 earnings summary

Executive summary

• Revenue increased by 6.7% year-over-year to EUR 219.2 million in Q2 2026, driven by an 8.3% rise in cars sold, with growth in Sweden and Germany, despite overall market contraction.

• Gross margin and adjusted EBIT declined due to lower diesel car demand and pricing pressure, with adjusted EBIT falling to EUR 0.6 million.

• Significant shift in demand from diesel to electric and hybrid vehicles, especially in Finland and Sweden, accelerated by higher fuel prices.

• Customer satisfaction remained high, with group NPS at 66 for the quarter.

• Company reclaimed position as largest used car seller in Finland and increased market share in Sweden.

Financial highlights

• Gross profit decreased by 13.3% to EUR 20.8 million, with gross margin falling to 9.5% from 11.7% year-over-year.

• Cash flow from operating activities for H1 was EUR -10.2 million, reflecting seasonal inventory build-up.

• Net debt reduced to EUR 49.5 million from EUR 61.6 million; cash balance at EUR 8.8 million, with EUR 15 million in unused credit facilities.

• Equity ratio improved to 49.9% from 48.6%.

• Inventory turnover improved to 51.9 days from 54.1 days year-over-year.

Outlook and guidance

• Adjusted operating profit for 2026 is expected to increase from the previous year; long-term targets include 100,000 cars sold annually, EUR 1.5 billion revenue, 4% adjusted EBIT margin, NPS of 60, and eNPS of 40.

• Guidance for improving adjusted EBIT in 2023 maintained, with focus on inventory mix and capacity for H2.

• Strategy update and potential target revisions expected to be communicated after Q3 results.