Kamux (KAMUX) Q4 2024 earnings summary

Executive summary

• Revenue for Q4 2024 decreased by 2.0% to EUR 236.7 million, with modest growth in Finland offset by declines in Sweden and Germany; full-year revenue grew slightly by 0.8% to EUR 1,010.2 million.

• Profitability declined sharply, with Q4 adjusted operating profit down 87.8% to EUR 0.7 million and full-year adjusted EBIT at EUR 11.6 million (1.1% of revenue), mainly due to squeezed margins and higher inventory values.

• Gross profit per car sold declined by 15% year-over-year, and the number of cars sold fell 9.0% in Q4 and 2.5% for the year.

• Management team strengthened with several key hires, including a new COO and Chief People Officer, and Kamux acquired Webcars Logistics AB in Sweden to improve purchasing.

• Store network optimized with openings, closures, and relocations across all markets, resulting in a net decrease in total showrooms.

Financial highlights

• Q4 revenue: EUR 236.7 million (-2.0% year-over-year); full-year revenue: EUR 1,010.2 million (+0.8%).

• Q4 gross profit: EUR 20.2 million (-22.6%); full-year gross profit: EUR 96.8 million (-5.6%).

• Q4 adjusted operating profit: EUR 0.7 million (-87.8%); full-year adjusted operating profit: EUR 11.6 million (-35.8%).

• EPS for 2024 was EUR 0.12, down from EUR 0.24 in 2023.

• Cash flow from operating activities for the year was EUR 2.7 million, down from EUR 25.2 million, as more capital was tied up in inventory.

Outlook and guidance

• Adjusted operating profit for 2025 is expected to improve from 2024, with visible improvements anticipated as inventory and product mix are corrected.

• Guidance for 2025 is for the full year, with earnings growth likely weighted toward the second half.

• The Board proposes a maximum dividend of EUR 0.07 per share for 2024, to be paid in one instalment in autumn 2025.