Kamux (KAMUX) Q2 2026 earnings summary

Executive summary

• Revenue increased by 6.7% to EUR 219.2 million in Q2 2026, driven by strong sales growth in Sweden and Germany, while Finland remained stable; overall market contraction persisted in all operating countries.

• Gross margin declined to 9.5% (EUR 20.8 million), and adjusted EBIT fell to EUR 0.6 million, mainly due to weak diesel car demand and pricing pressure.

• 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.

• Reclaimed position as largest used car seller in Finland and maintained top 7 status in Sweden.

Financial highlights

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

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

• Inventory at the end of June was EUR 119.8 million, with turnover at 51.9 days.

• 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% 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, EUR 1.5 billion revenue, 4% adjusted EBIT margin, NPS of 60, and eNPS of 40.

• Guidance for the year maintained, with focus on inventory mix and capacity for H2.

• Strategy update expected to be communicated after Q3 results.