Kamux (KAMUX) Q3 2026 & Strategy update earnings summary

Executive summary

• Q3 revenue rose 3.3% YoY to €240.3m and car sales increased 1.5% to 15,962; adjusted EBIT fell to €1.4m from €4.3m as weak diesel demand and prices pressured margins.

• The 2027–2029 strategy refocuses on used cars in Finland and Sweden, exits Germany, and targets above-market growth, faster inventory turnover and profitable growth.

Financial highlights

• Q3 gross profit fell to €21.4m from €25.3m and gross margin to 8.9% from 10.9%; adjusted EBIT margin was 0.6% vs 1.8%.

• 9M revenue was €664.7m vs €670.8m; adjusted operating profit was €1.0m vs €5.2m, and EPS was €0.00 vs -€0.05.

• Q3 integrated-services revenue declined 3.5% to €13.2m, representing 5.5% of revenue vs 5.9%.

• Q3 operating cash flow was €18.6m vs €17.2m; 9M operating cash flow was €8.4m vs €31.5m.

Outlook and guidance

• Revised Oct. 15 FY2026 outlook: adjusted operating profit is expected to decrease YoY, versus the previous expectation of an increase.

• 2027–2029 targets: above-market unit growth, 10x inventory turnover and 3% adjusted operating profit margin by 2029.

• Strategy-period targets include NPS above 65 and eNPS above 40; Sweden is expected to achieve growth and positive adjusted EBIT.

• Germany Q4 2026 closure costs are estimated at €10.5m–€12.0m; about two-thirds of inventory had been sold.